N-Q 1 d461940dnq.htm N-Q N-Q

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-Q

 

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDING 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

Haborside 5

185 Hudson Street, Suite 3300

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: August 31, 2017

 

 

 

Item 1. Schedule of Investments.

 

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS - August 31, 2017 - (unaudited)

 

Security Description

    Shares/
Principal
Amount(6)		      Value
(Note 1)		  

COMMON STOCKS - 64.6%

      

Advertising Agencies - 0.3%

      

Interpublic Group of Cos., Inc.

      433      $ 8,721  

Omnicom Group, Inc.#

      6,942        502,462  
     

 

 

  
        511,183  
     

 

 

  

Aerospace/Defense - 0.6%

      

Aerovironment, Inc.†#

      1,604        78,628  

Boeing Co.

      3,099        742,706  

Cubic Corp.

      1,748        75,077  

National Presto Industries, Inc.

      99        9,861  

Northrop Grumman Corp.

      434        118,139  

Spirit AeroSystems Holdings, Inc., Class A

      18        1,341  
     

 

 

  
        1,025,752  
     

 

 

  

Aerospace/Defense-Equipment - 0.3%

      

AAR Corp.

      2,145        77,349  

Aerojet Rocketdyne Holdings, Inc.†

      1,525        45,186  

Harris Corp.

      58        7,128  

Kaman Corp.

      2,056        100,826  

Moog, Inc., Class A†

      2,129        163,422  

Triumph Group, Inc.#

      3,569        93,864  

United Technologies Corp.

      183        21,909  
     

 

 

  
        509,684  
     

 

 

  

Agricultural Chemicals - 0.0%

      

Monsanto Co.

      73        8,556  
     

 

 

  

Agricultural Operations - 0.1%

      

Andersons, Inc.

      1,830        58,286  

Archer-Daniels-Midland Co.

      3,207        132,513  
     

 

 

  
        190,799  
     

 

 

  

Airlines - 0.2%

      

Alaska Air Group, Inc.

      53        3,957  

Allegiant Travel Co.

      269        31,742  

American Airlines Group, Inc.#

      254        11,364  

Copa Holdings SA, Class A

      354        43,921  

Delta Air Lines, Inc.

      146        6,890  

Hawaiian Holdings, Inc.†

      1,097        47,006  

SkyWest, Inc.

      3,344        116,037  

Southwest Airlines Co.

      93        4,849  

United Continental Holdings, Inc.†

      8        495  
     

 

 

  
        266,261  
     

 

 

  

Airport Development/Maintenance - 0.1%

      

Aena SA*

      129        25,216  

Aeroports de Paris

      307        54,786  

Auckland International Airport, Ltd.

      1,045        5,096  

BBA Aviation PLC

      902        3,522  

Beijing Capital International Airport Co., Ltd.

      4,000        6,471  

Enav SpA*

      467        2,068  

Flughafen Zurich AG

      27        6,617  

Fraport AG Frankfurt Airport Services Worldwide

      667        65,832  

Grupo Aeroportuario del Centro Norte SAB de CV ADR

      43        2,080  

Grupo Aeroportuario del Pacifico SAB de CV ADR#

      49        5,417  

Grupo Aeroportuario del Sureste SAB de CV ADR

      26        5,295  

Sydney Airport

      1,929        11,364  
     

 

 

  
        193,764  
     

 

 

  

Apparel Manufacturers - 0.0%

      

Hermes International

      103        54,526  

Oxford Industries, Inc.

      300        17,343  

Ralph Lauren Corp.

      26        2,285  
     

 

 

  
        74,154  
     

 

 

  

Appliances - 0.0%

      

iRobot Corp.†#

      561        53,531  
     

 

 

  

Applications Software - 0.4%

      

Citrix Systems, Inc.†

      1,428        111,684  

Ebix, Inc.#

      445        25,677  

Intuit, Inc.

      51        7,214  

Microsoft Corp.

      5,769        431,348  

Progress Software Corp.

      2,192        73,607  
     

 

 

  
        649,530  
     

 

 

  

Athletic Equipment - 0.0%

      

Nautilus, Inc.†

      614        10,039  

Vista Outdoor, Inc.†

      3,169        64,964  
     

 

 

  
        75,003  
     

 

 

  

Audio/Video Products - 0.2%

      

Daktronics, Inc.

      801        7,714  

Sony Corp.

      6,800        268,997  

Universal Electronics, Inc.†#

      724        42,390  
     

 

 

  
        319,101  
     

 

 

  

Auto Repair Centers - 0.0%

      

Monro, Inc.#

      1,409        67,209  
     

 

 

  

Auto-Cars/Light Trucks - 0.6%

      

Ford Motor Co.

      4,561        50,308  

General Motors Co.

      3,089        112,872  

Subaru Corp.

      3,500        123,003  

Suzuki Motor Corp.

      6,000        302,280  

Toyota Motor Corp.

      5,500        310,518  
     

 

 

  
        898,981  
     

 

 

  

Auto-Heavy Duty Trucks - 0.2%

      

Isuzu Motors, Ltd.

      26,300        345,346  

PACCAR, Inc.

      214        14,194  
     

 

 

  
        359,540  
     

 

 

  

Auto-Truck Trailers - 0.1%

      

Wabash National Corp.

      3,747        78,762  
     

 

 

  

Auto/Truck Parts & Equipment-Original - 0.5%

      

Allison Transmission Holdings, Inc.

      4,300        149,339  

American Axle & Manufacturing Holdings, Inc.†

      5,450        79,625  

BorgWarner, Inc.

      146        6,776  

Cooper-Standard Holding, Inc.†

      940        94,545  

Delphi Automotive PLC

      40        3,856  

Gentherm, Inc.†

      2,539        79,090  

Koito Manufacturing Co., Ltd.

      4,900        307,203  

Lear Corp.

      349        52,189  

Superior Industries International, Inc.

      1,932        28,304  

Titan International, Inc.

      965        8,280  

Visteon Corp.†

      182        21,010  
     

 

 

  
        830,217  
     

 

 

  

Auto/Truck Parts & Equipment-Replacement - 0.1%

      

Dorman Products, Inc.†

      617        40,981  

Motorcar Parts of America, Inc.†

      1,499        39,379  

Standard Motor Products, Inc.

      1,518        66,944  
     

 

 

  
        147,304  
     

 

 

  

B2B/E-Commerce - 0.0%

      

ePlus, Inc.†

      263        22,013  
     

 

 

  

Banks-Commercial - 5.5%

      

Agricultural Bank of China, Ltd.

      104,000        49,079  

Ameris Bancorp

      1,249        55,018  

Associated Banc-Corp.

      2,001        43,822  

BancorpSouth, Inc.

      1,110        32,245  

Bank Central Asia Tbk PT

      596,100        845,813  

Bank Danamon Indonesia Tbk PT

      233,800        95,437  

Bank Mandiri Persero Tbk PT

      489,300        481,311  

Bank Negara Indonesia Persero Tbk PT

      391,500        215,883  

Bank of Hawaii Corp.#

      566        44,222  

Bank of Montreal

      5,595        401,496  

Bank of the Ozarks

      1,216        52,239  

Bank Rakyat Indonesia Persero Tbk PT

      661,800        751,629  

Banner Corp.

      881        48,561  

Barclays Africa Group, Ltd.#

      4,900        55,932  

BB&T Corp.

      12,390        571,055  

Canadian Imperial Bank of Commerce

      429        36,019  

Cathay General Bancorp, Class B

      992        34,988  

Central Pacific Financial Corp.

      1,016        29,464  

Chemical Financial Corp.

      958        43,503  

Chongqing Rural Commercial Bank Co., Ltd.

      24,000        16,783  

CIT Group, Inc.

      1,353        60,682  

City Holding Co.

      517        32,742  

Columbia Banking System, Inc.

      1,970        73,225  

Commerce Bancshares, Inc.#

      1,143        62,854  

Community Bank System, Inc.#

      2,813        144,757  

Cullen/Frost Bankers, Inc.

      2,275        191,555  

Customers Bancorp, Inc.†

      2,983        84,061  

CVB Financial Corp.

      3,456        71,539  

East West Bancorp, Inc.

      5,073        280,892  

Fidelity Southern Corp.

      709        15,499  

First BanCorp†

      5,779        32,825  

First Commonwealth Financial Corp.

      2,938        37,048  

First Financial Bancorp

      5,687        136,204  

First Financial Bankshares, Inc.

      2,241        89,752  

First Horizon National Corp.#

      3,065        52,749  

First Midwest Bancorp, Inc.

      2,734        57,633  

FirstRand, Ltd.#

      10,811        46,195  

FNB Corp.

      4,261        54,072  

Fulton Financial Corp.

      2,307        40,257  

Glacier Bancorp, Inc.

      2,582        85,748  

Great Western Bancorp, Inc.

      3,331        119,650  

Hancock Holding Co.

      1,110        48,784  

Hanmi Financial Corp.

      1,085        28,970  

Home BancShares, Inc.

      1,717        40,023  

HomeStreet, Inc.†

      853        21,538  

Hope Bancorp, Inc.

      4,281        69,095  

Independent Bank Corp.

      920        63,756  

International Bancshares Corp.

      766        27,538  

LegacyTexas Financial Group, Inc.

      1,414        50,890  

M&T Bank Corp.

      2,098        310,210  

MB Financial, Inc.

      948        37,702  

NBT Bancorp, Inc.

      1,453        47,702  

OFG Bancorp

      4,201        36,549  

Old National Bancorp

      11,500        188,025  

Opus Bank

      611        13,686  

PacWest Bancorp

      1,580        71,337  

Pinnacle Financial Partners, Inc.

      637        39,621  

Popular, Inc.

      3,500        139,685  

Prosperity Bancshares, Inc.

      923        55,149  

Regions Financial Corp.

      17,593        248,237  

S&T Bancorp, Inc.

      1,177        42,301  

ServisFirst Bancshares, Inc.

      1,501        51,199  

Signature Bank†

      715        91,763  

Simmons First National Corp., Class A

      1,009        52,670  

Southside Bancshares, Inc.

      2,698        88,144  

Sumitomo Mitsui Financial Group, Inc.

      6,500        242,192  

SVB Financial Group†

      700        118,538  

Synovus Financial Corp.

      1,593        67,097  

TCF Financial Corp.

      2,278        35,377  

Texas Capital Bancshares, Inc.†

      1,025        76,106  

Tompkins Financial Corp.#

      409        31,051  

TrustCo Bank Corp.

      11,281        89,120  

Trustmark Corp.

      890        26,362  

UMB Financial Corp.

      1,523        102,224  

Umpqua Holdings Corp.

      2,915        51,012  

United Bankshares, Inc.

      3,149        105,649  

United Community Banks, Inc.

      2,408        62,873  

Valley National Bancorp

      3,457        38,684  

Webster Financial Corp.

      1,212        56,576  

Westamerica Bancorporation

      2,081        107,276  

Wintrust Financial Corp.

      1,614        117,515  

Zions Bancorporation

      2,651        115,743  
     

 

 

  
     8,982,407  
     

 

 

  

Banks-Fiduciary - 1.1%

      

Bank of New York Mellon Corp.

      13,348        697,833  

Boston Private Financial Holdings, Inc.

      8,616        126,655  

Citizens Financial Group, Inc.

      6,550        217,002  

Northern Trust Corp.

      2,780        246,030  

State Street Corp.

      4,655        430,541  
     

 

 

  
     1,718,061  
     

 

 

  

Banks-Mortgage - 0.0%

      

Walker & Dunlop, Inc.†

      934        45,009  
     

 

 

  

Banks-Super Regional - 3.2%

      

Comerica, Inc.

      4,697        320,570  

Fifth Third Bancorp

      11,593        302,925  

Huntington Bancshares, Inc.

      14,244        179,332  

KeyCorp

      14,194        244,279  

National Bank Holdings Corp., Class A

      885        28,480  

PNC Financial Services Group, Inc.

      6,327        793,469  

SunTrust Banks, Inc.

      9,132        503,173  

US Bancorp

      20,648        1,058,210  

Wells Fargo & Co.

      34,375        1,755,531  
     

 

 

  
     5,185,969  
     

 

 

  

Batteries/Battery Systems - 0.1%

      

W-Scope Corp.#

      5,700        121,395  
     

 

 

  

Beverages-Non-alcoholic - 0.2%

      

Coca-Cola Bottling Co. Consolidated

      93        19,864  

Coca-Cola Co.

      1,987        90,508  

Dr Pepper Snapple Group, Inc.#

      862        78,485  

PepsiCo, Inc.

      596        68,975  
     

 

 

  
        257,832  
     

 

 

  

Beverages-Wine/Spirits - 0.0%

      

Brown-Forman Corp., Class B

      185        9,812  
     

 

 

  

Bicycle Manufacturing - 0.0%

      

Fox Factory Holding Corp.†

      708        28,320  
     

 

 

  

Brewery - 0.1%

      

Asahi Group Holdings, Ltd.

      4,500        196,255  
     

 

 

  

Broadcast Services/Program - 0.1%

      

Discovery Communications, Inc., Class A†#

      96        2,132  

Discovery Communications, Inc., Class C†

      239        5,021  

Scripps Networks Interactive, Inc., Class A

      1,521        130,274  

TiVo Corp.

      3,716        68,003  

World Wrestling Entertainment, Inc., Class A

      768        16,742  
     

 

 

  
        222,172  
     

 

 

  

Building & Construction Products-Misc. - 0.2%

      

Gibraltar Industries, Inc.†

      631        18,457  

Nichias Corp.

      10,000        117,354  

Owens Corning

      886        65,679  

Patrick Industries, Inc.†

      326        24,124  

Quanex Building Products Corp.#

      688        13,485  

Simpson Manufacturing Co., Inc.

      828        36,250  

Trex Co., Inc.†

      601        45,676  
     

 

 

  
        321,025  
     

 

 

  

Building & Construction-Misc. - 0.3%

      

Aegion Corp.†

      2,829        61,304  

Comfort Systems USA, Inc.

      2,373        80,801  

MYR Group, Inc.†

      1,566        40,419  

Obayashi Corp.

      4,800        56,718  

Penta-Ocean Construction Co., Ltd.

      21,800        131,092  

Taisei Corp.

      11,000        110,532  

TopBuild Corp.†

      1,243        73,772  
     

 

 

  
        554,638  
     

 

 

  

Building Products-Air & Heating - 0.2%

      

AAON, Inc.

      807        26,308  

Daikin Industries, Ltd.

      2,200        220,449  
     

 

 

  
     246,757  
     

 

 

  

Building Products-Cement - 0.2%

      

Indocement Tunggal Prakarsa Tbk PT

      78,400        116,238  

PT Semen Indonesia Persero Tbk

      158,700        124,529  

US Concrete, Inc.†#

      298        23,855  
     

 

 

  
        264,622  
     

 

 

  

Building Products-Doors & Windows - 0.0%

      

Apogee Enterprises, Inc.#

      588        25,696  

Griffon Corp.

      623        11,557  

PGT Innovations , Inc.†

      987        13,028  
     

 

 

  
        50,281  
     

 

 

  

Building Products-Wood - 0.1%

      

Boise Cascade Co.†

      2,658        79,740  

Masco Corp.

      262        9,634  

Universal Forest Products, Inc.

      420        36,628  
     

 

 

  
        126,002  
     

 

 

  

Building-Heavy Construction - 0.1%

      

Hopewell Highway Infrastructure, Ltd.

      2,500        1,536  

Orion Group Holdings, Inc.†

      554        3,346  

Vinci SA

      1,211        111,609  

Waskita Karya Persero Tbk PT

      255,000        42,489  
     

 

 

  
        158,980  
     

 

 

  

Building-Maintenance & Services - 0.1%

      

ABM Industries, Inc.

      3,422        152,039  
     

 

 

  

Building-Mobile Home/Manufactured Housing - 0.1%

      

Cavco Industries, Inc.†

      535        71,984  

Winnebago Industries, Inc.

      530        19,160  
     

 

 

  
     91,144  
     

 

 

  

Building-Residential/Commercial - 0.4%

      

Iida Group Holdings Co., Ltd.

      5,900        100,484  

Installed Building Products, Inc.†

      401        23,138  

LGI Homes, Inc.†#

      346        14,719  

M/I Homes, Inc.†

      495        12,177  

MDC Holdings, Inc.#

      2,401        75,031  

Meritage Homes Corp.†

      2,336        95,075  

Sekisui Chemical Co., Ltd.

      13,700        255,981  

William Lyon Homes, Class A†

      472        11,323  
     

 

 

  
     587,928  
     

 

 

  

Cable/Satellite TV - 0.0%

      

Comcast Corp., Class A

      1,701        69,078  
     

 

 

  

Casino Hotels - 0.1%

      

Boyd Gaming Corp.

      5,102        134,897  

Las Vegas Sands Corp.

      79        4,915  

Monarch Casino & Resort, Inc.†

      220        7,825  
     

 

 

  
     147,637  
     

 

 

  

Casino Services - 0.0%

      

Scientific Games Corp., Class A†#

      1,053        37,066  
     

 

 

  

Cellular Telecom - 0.2%

      

ATN International, Inc.

      213        12,901  

NTT DOCOMO, Inc.

      7,000        162,787  

Sprint Corp.†

      6,772        55,869  

T-Mobile US, Inc.†

      546        35,332  
     

 

 

  
     266,889  
     

 

 

  

Chemicals-Diversified - 0.4%

      

Aceto Corp.

      601        6,377  

AdvanSix, Inc.†

      1,821        58,145  

Dow Chemical Co.

      4,780        318,587  

E.I. du Pont de Nemours & Co.

      229        19,220  

Innophos Holdings, Inc.

      1,250        57,075  

Innospec, Inc.

      493        27,361  

Koppers Holdings, Inc.†

      1,446        56,683  

LyondellBasell Industries NV, Class A

      1,933        175,110  
     

 

 

  
     718,558  
     

 

 

  

Chemicals-Fibers - 0.0%

      

Rayonier Advanced Materials, Inc.

      2,580        35,398  
     

 

 

  

Chemicals-Other - 0.0%

      

American Vanguard Corp.

      523        10,591  
     

 

 

  

Chemicals-Plastics - 0.0%

      

A. Schulman, Inc.

      2,013        61,195  
     

 

 

  

Chemicals-Specialty - 0.8%

      

Albemarle Corp.#

      120        13,951  

Balchem Corp.

      652        48,874  

Calgon Carbon Corp.

      3,766        45,945  

Chemours Co.

      3,044        149,369  

H.B. Fuller Co.

      3,279        164,573  

Hawkins, Inc.

      1,026        36,577  

Ingevity Corp.†

      861        54,217  

Kraton Corp.†

      622        20,420  

Quaker Chemical Corp.

      503        70,028  

Shin-Etsu Chemical Co., Ltd.

      4,000        354,481  

Stepan Co.

      1,057        81,769  

Toray Industries, Inc.

      24,800        236,513  
     

 

 

  
     1,276,717  
     

 

 

  

Circuit Boards - 0.0%

      

Park Electrochemical Corp.

      2,040        37,046  

TTM Technologies, Inc.†

      1,706        24,294  
     

 

 

  
     61,340  
     

 

 

  

Coal - 0.0%

      

Cloud Peak Energy, Inc.†

      1,499        4,707  

CONSOL Energy, Inc.†

      2,005        29,173  

SunCoke Energy, Inc.†

      4,046        37,708  
     

 

 

  
     71,588  
     

 

 

  

Commercial Services - 0.2%

      

Healthcare Services Group, Inc.

      1,492        76,390  

HMS Holdings Corp.†

      3,178        56,314  

Live Nation Entertainment, Inc.†

      622        24,855  

Macquarie Infrastructure Corp.

      71        5,288  

Medifast, Inc.

      224        12,683  

Nielsen Holdings PLC

      188        7,304  

Nutrisystem, Inc.

      611        33,177  

Qube Holdings, Ltd.#

      1,378        2,778  

Team, Inc.†#

      2,087        25,775  
     

 

 

  
     244,564  
     

 

 

  

Commercial Services-Finance - 0.3%

      

Cardtronics PLC, Class A†

      933        24,239  

Green Dot Corp., Class A†

      2,405        115,873  

H&R Block, Inc.

      105        2,808  

LendingTree, Inc.†

      247        57,045  

PayPal Holdings, Inc.†

      819        50,516  

S&P Global, Inc.

      71        10,957  

Western Union Co.

      8,604        162,788  
     

 

 

  
     424,226  
     

 

 

  

Communications Software - 0.0%

      

Digi International, Inc.†

      530        4,876  
     

 

 

  

Computer Data Security - 0.0%

      

Fortinet, Inc.†

      990        37,818  

Qualys, Inc.†

      613        29,117  
     

 

 

  
     66,935  
     

 

 

  

Computer Graphics - 0.0%

      

Monotype Imaging Holdings, Inc.

      836        15,257  
     

 

 

  

Computer Services - 0.8%

      

Accenture PLC, Class A

      1,133        148,151  

Barracuda Networks, Inc.†

      584        14,139  

CACI International, Inc., Class A†

      1,617        209,886  

Cognizant Technology Solutions Corp., Class A

      44        3,114  

Engility Holdings, Inc.†

      353        10,968  

ExlService Holdings, Inc.†

      689        38,777  

Insight Enterprises, Inc.†

      2,402        96,272  

International Business Machines Corp.

      1,823        260,744  

SCSK Corp.#

      6,900        299,291  

Sykes Enterprises, Inc.†

      2,357        62,837  

TeleTech Holdings, Inc.

      310        12,307  

Virtusa Corp.†#

      2,147        77,979  
     

 

 

  
     1,234,465  
     

 

 

  

Computers - 0.7%

      

Apple, Inc.

      5,077        832,628  

HP, Inc.

      16,268        310,393  
     

 

 

  
     1,143,021  
     

 

 

  

Computers-Integrated Systems - 0.3%

      

Agilysys, Inc.†

      302        3,108  

Cray, Inc.†

      3,273        61,696  

Fujitsu, Ltd.

      18,000        134,420  

Mercury Systems, Inc.†

      981        47,333  

MTS Systems Corp.#

      1,111        53,772  

Otsuka Corp.

      2,400        159,141  

Super Micro Computer, Inc.†

      758        20,182  
     

 

 

  
     479,652  
     

 

 

  

Computers-Memory Devices - 0.1%

      

NetApp, Inc.

      3,199        123,673  

Western Digital Corp.

      9        795  
     

 

 

  
     124,468  
     

 

 

  

Computers-Other - 0.0%

      

Lumentum Holdings, Inc.†#

      1,138        64,695  
     

 

 

  

Computers-Periphery Equipment - 0.1%

      

Electronics For Imaging, Inc.†

      1,723        61,270  

Ferrotec Holdings Corp.

      3,100        48,341  
     

 

 

  
     109,611  
     

 

 

  

Consulting Services - 0.0%

      

Forrester Research, Inc.

      195        7,946  

FTI Consulting, Inc.†

      845        28,654  

Navigant Consulting, Inc.†

      944        14,472  
     

 

 

  
     51,072  
     

 

 

  

Consumer Products-Misc. - 0.2%

      

Central Garden & Pet Co.†

      1,418        49,985  

Central Garden & Pet Co., Class A†

      678        23,113  

Clorox Co.

      182        25,212  

Kimberly-Clark Corp.

      1,936        238,689  

Spectrum Brands Holdings, Inc.#

      131        14,405  

WD-40 Co.#

      288        31,378  
     

 

 

  
     382,782  
     

 

 

  

Containers-Metal/Glass - 0.0%

      

Crown Holdings, Inc.†

      765        45,158  
     

 

 

  

Containers-Paper/Plastic - 0.1%

      

KapStone Paper and Packaging Corp.

      5,672        126,883  

Multi-Color Corp.

      264        21,067  

WestRock Co.

      166        9,447  
     

 

 

  
     157,397  
     

 

 

  

Cosmetics & Toiletries - 0.7%

 

Colgate-Palmolive Co.

      260        18,626  

Inter Parfums, Inc.

      1,257        49,589  

Kao Corp.

      2,500        156,219  

Pola Orbis Holdings, Inc.

      8,300        267,105  

Procter & Gamble Co.

      6,159        568,291  
     

 

 

  
     1,059,830  
     

 

 

  

Cruise Lines - 0.2%

      

Carnival Corp.

      3,444        239,289  

Carnival PLC

      704        48,971  

Royal Caribbean Cruises, Ltd.

      249        30,990  
     

 

 

  
     319,250  
     

 

 

  

Data Processing/Management - 0.1%

      

CSG Systems International, Inc.

      691        26,748  

Fidelity National Information Services, Inc.

      214        19,885  

First Data Corp., Class A†#

      3,331        61,324  
     

 

 

  
     107,957  
     

 

 

  

Dental Supplies & Equipment - 0.0%

      

Lifco AB

      750        24,559  
     

 

 

  

Diagnostic Equipment - 0.1%

      

BioTelemetry, Inc.†

      603        22,402  

Danaher Corp.

      222        18,519  

Lonza Group AG

      158        40,043  

Repligen Corp.†

      754        32,927  
     

 

 

  
     113,891  
     

 

 

  

Diagnostic Kits - 0.0%

      

IDEXX Laboratories, Inc.†

      213        33,106  

Meridian Bioscience, Inc.

      843        11,718  

OraSure Technologies, Inc.†

      1,154        23,553  
     

 

 

  
     68,377  
     

 

 

  

Dialysis Centers - 0.1%

      

Fresenius SE & Co. KGaA

      2,179        184,443  
     

 

 

  

Disposable Medical Products - 0.1%

      

ICU Medical, Inc.†

      550        95,893  

Merit Medical Systems, Inc.†

      1,021        42,167  
     

 

 

  
     138,060  
     

 

 

  

Distribution/Wholesale - 0.4%

      

Ai Holdings Corp.

      6,500        165,041  

AKR Corporindo Tbk PT

      90,400        45,874  

Anixter International, Inc.†

      1,845        136,161  

Core-Mark Holding Co., Inc.

      3,049        82,506  

Essendant, Inc.

      3,781        44,843  

Fossil Group, Inc.†#

      3,601        29,852  

G-III Apparel Group, Ltd.†#

      3,069        84,397  

ScanSource, Inc.†

      1,822        71,514  

Veritiv Corp.†

      225        6,300  

WW Grainger, Inc.#

      102        16,582  
     

 

 

  
     683,070  
     

 

 

  

Diversified Banking Institutions - 5.5%

      

Banco Santander SA

      753        4,901  

Bank of America Corp.

      81,489        1,946,772  

Citigroup, Inc.

      33,443        2,275,127  

Credit Agricole SA

      2,743        48,405  

Goldman Sachs Group, Inc.

      4,787        1,071,043  

JPMorgan Chase & Co.

      26,472        2,406,040  

Mitsubishi UFJ Financial Group, Inc.

      50,900        310,213  

Morgan Stanley

      18,883        859,177  
     

 

 

  
     8,921,678  
     

 

 

  

Diversified Manufacturing Operations - 0.8%

      

3M Co.

      26        5,312  

Actuant Corp., Class A

      3,609        86,797  

AZZ, Inc.

      532        26,015  

Barnes Group, Inc.

      2,150        134,418  

Eaton Corp. PLC

      754        54,107  

EnPro Industries, Inc.

      1,352        95,275  

Fabrinet†

      763        29,635  

Federal Signal Corp.

      3,539        66,144  

General Electric Co.

      15,706        385,582  

Harsco Corp.†

      4,324        73,940  

Illinois Tool Works, Inc.

      1,165        160,199  

Ingersoll-Rand PLC

      99        8,454  

LSB Industries, Inc.†#

      409        2,495  

Lydall, Inc.†

      344        16,168  

Raven Industries, Inc.

      2,023        56,644  

Standex International Corp.

      255        24,340  

Textron, Inc.

      307        15,071  

Tredegar Corp.

      2,193        35,746  
     

 

 

  
     1,276,342  
     

 

 

  

Diversified Minerals - 0.2%

      

Sumitomo Metal Mining Co., Ltd.

      15,000        259,032  

US Silica Holdings, Inc.#

      1,492        40,597  
     

 

 

  
     299,629  
     

 

 

  

Diversified Operations - 0.3%

      

Ackermans & van Haaren NV

      340        57,176  

Alfa SAB de CV, Class A

      74,300        103,892  

China Merchants Port Holdings Co., Ltd.

      2,000        6,564  

Leucadia National Corp.

      13,371        316,625  

Wendel SA

      420        66,603  
     

 

 

  
     550,860  
     

 

 

  

Diversified Operations/Commercial Services - 0.0%

      

Viad Corp.

      1,342        73,743  
     

 

 

  

Drug Delivery Systems - 0.1%

      

Depomed, Inc.†#

      1,243        7,558  

Nektar Therapeutics†#

      6,280        132,068  
     

 

 

  
     139,626  
     

 

 

  

E-Commerce/Products - 0.3%

      

Amazon.com, Inc.†

      353        346,152  

FTD Cos., Inc.†

      1,585        21,223  

Rocket Internet SE†*

      1,130        25,966  

Shutterfly, Inc.†

      690        31,450  
     

 

 

  
     424,791  
     

 

 

  

E-Commerce/Service - 0.2%

      

Autohome, Inc. ADR†

      675        43,382  

Expedia, Inc.

      36        5,341  

IAC/InterActiveCorp†

      550        62,430  

Priceline Group, Inc.†

      102        188,912  

Stamps.com, Inc.†

      322        61,583  
     

 

 

  
     361,648  
     

 

 

  

E-Marketing/Info - 0.0%

      

Liquidity Services, Inc.†

      490        2,793  

New Media Investment Group, Inc.

      3,903        53,822  

QuinStreet, Inc.†

      716        3,831  
     

 

 

  
     60,446  
     

 

 

  

E-Services/Consulting - 0.1%

      

Perficient, Inc.†

      2,682        49,081  

SMS Co., Ltd.#

      4,700        152,268  
     

 

 

  
     201,349  
     

 

 

  

Electric Products-Misc. - 0.4%

      

Casio Computer Co., Ltd.#

      11,300        160,085  

Emerson Electric Co.

      2,828        166,965  

Littelfuse, Inc.

      186        34,626  

Nidec Corp.

      2,500        284,003  
     

 

 

  
     645,679  
     

 

 

  

Electric-Distribution - 0.1%

      

CenterPoint Energy, Inc.

      174        5,154  

Innogy SE*

      1,534        67,607  

PPL Corp.

      1,293        50,737  

Spark Infrastructure Group

      16,672        35,835  
     

 

 

  
     159,333  
     

 

 

  

Electric-Generation - 0.0%

      

Engie SA

      2,103        35,116  
     

 

 

  

Electric-Integrated - 1.4%

      

AES Corp.

      14,149        156,205  

ALLETE, Inc.

      3,251        251,400  

Ameren Corp.

      422        25,316  

American Electric Power Co., Inc.

      427        31,440  

Avangrid, Inc.#

      1,342        65,516  

Avista Corp.#

      3,925        201,745  

Chubu Electric Power Co., Inc.

      9,600        125,726  

CLP Holdings, Ltd.

      2,000        21,158  

Consolidated Edison, Inc.#

      265        22,332  

CPFL Energia SA ADR#

      440        7,546  

Dominion Energy, Inc.

      543        42,772  

DTE Energy Co.

      156        17,522  

Duke Energy Corp.

      606        52,904  

E.ON SE

      1,901        21,497  

Edison International

      283        22,691  

El Paso Electric Co.

      2,894        160,762  

Enel Americas SA ADR

      996        10,697  

Enel SpA

      8,710        52,713  

Entergy Corp.

      3,298        261,103  

Eversource Energy#

      387        24,381  

Exelon Corp.

      821        31,091  

FirstEnergy Corp.#

      6,543        213,171  

Hera SpA

      6,064        19,397  

Iberdrola SA

      5,413        44,225  

MDU Resources Group, Inc.

      2,914        78,795  

NextEra Energy, Inc.

      402        60,505  

PG&E Corp.

      1,111        78,192  

Public Service Enterprise Group, Inc.

      445        20,844  

Southern Co.

      856        41,311  

SSE PLC

      868        15,989  

WEC Energy Group, Inc.#

      274        17,870  

Xcel Energy, Inc.

      440        21,780  
     

 

 

  
        2,218,596  
     

 

 

  

Electric-Transmission - 0.1%

      

Red Electrica Corp. SA

      1,743        39,155  

REN - Redes Energeticas Nacionais SGPS SA

      4,258        13,994  

Terna Rete Elettrica Nazionale SpA

      19,531        115,328  
     

 

 

  
        168,477  
     

 

 

  

Electronic Components-Misc. - 1.0%

      

Bel Fuse, Inc., Class B

      175        4,463  

Benchmark Electronics, Inc.†

      3,437        111,702  

Corning, Inc.

      9,796        281,733  

CTS Corp.

      2,319        52,178  

Garmin, Ltd.#

      162        8,343  

Hoya Corp.

      2,600        149,777  

Methode Electronics, Inc.

      752        30,757  

MinebeaMitsumi, Inc.

      19,400        319,990  

Omron Corp.

      3,700        186,122  

OSI Systems, Inc.†

      1,056        87,711  

Plexus Corp.†

      2,301        119,836  

Rogers Corp.†

      822        97,448  

Sanmina Corp.†

      4,814        180,284  
     

 

 

  
        1,630,344  
     

 

 

  

Electronic Components-Semiconductors - 0.6%

      

Broadcom, Ltd.

      502        126,539  

CEVA, Inc.†

      429        17,396  

Diodes, Inc.†

      2,867        80,677  

DSP Group, Inc.†

      442        5,260  

Intel Corp.

      3,006        105,420  

Kopin Corp.†#

      1,216        4,888  

Megachips Corp.#

      5,200        172,569  

Microchip Technology, Inc.#

      31        2,691  

Micron Technology, Inc.†

      124        3,964  

Rambus, Inc.†

      2,284        29,624  

Semtech Corp.†

      3,031        113,966  

Skyworks Solutions, Inc.

      584        61,530  

Texas Instruments, Inc.

      2,314        191,646  

Xperi Corp.

      1,011        27,550  
     

 

 

  
        943,720  
     

 

 

  

Electronic Forms - 0.2%

      

Adobe Systems, Inc.†

      1,880        291,701  
     

 

 

  

Electronic Measurement Instruments - 0.3%

      

Badger Meter, Inc.

      595        27,310  

ESCO Technologies, Inc.

      528        28,750  

FARO Technologies, Inc.†

      1,290        44,440  

Itron, Inc.†

      688        49,949  

Keyence Corp.

      400        208,761  

Trimble, Inc.†

      289        11,179  

Yokogawa Electric Corp.

      8,700        136,004  
     

 

 

  
        506,393  
     

 

 

  

Energy-Alternate Sources - 0.1%

      

FutureFuel Corp.

      455        6,133  

Green Plains, Inc.

      2,379        44,130  

REX American Resources Corp.†#

      421        36,467  

SolarEdge Technologies, Inc.†

      582        15,569  
     

 

 

  
        102,299  
     

 

 

  

Engineering/R&D Services - 0.1%

      

AECOM†

      1,252        41,942  

Exponent, Inc.

      529        36,025  

Jacobs Engineering Group, Inc.

      212        11,552  
     

 

 

  
        89,519  
     

 

 

  

Engines-Internal Combustion - 0.1%

      

Briggs & Stratton Corp.

      3,154        66,045  

Cummins, Inc.

      1,029        164,002  
     

 

 

  
        230,047  
     

 

 

  

Enterprise Software/Service - 0.2%

      

Donnelley Financial Solutions, Inc.†

      2,228        47,702  

LivePerson, Inc.†

      1,073        14,378  

ManTech International Corp., Class A

      1,933        77,745  

MicroStrategy, Inc., Class A†

      426        54,954  

Omnicell, Inc.†

      760        38,988  

Oracle Corp.

      552        27,782  

SPS Commerce, Inc.†

      343        20,896  
     

 

 

  
        282,445  
     

 

 

  

Entertainment Software - 0.2%

      

Activision Blizzard, Inc.

      1,502        98,471  

Capcom Co., Ltd.

      8,900        222,388  

DeNA Co., Ltd.

      500        10,709  

Electronic Arts, Inc.†

      73        8,870  

Take-Two Interactive Software, Inc.†

      489        47,819  
     

 

 

  
        388,257  
     

 

 

  

Environmental Consulting & Engineering - 0.0%

      

Tetra Tech, Inc.

      1,735        73,911  
     

 

 

  

Finance-Consumer Loans - 0.2%

      

Capitec Bank Holdings, Ltd.

      3,081        213,325  

Encore Capital Group, Inc.†

      1,685        67,990  

Enova International, Inc.†

      468        5,569  

PRA Group, Inc.†#

      3,013        87,076  

World Acceptance Corp.†

      119        8,904  
     

 

 

  
        382,864  
     

 

 

  

Finance-Credit Card - 0.3%

      

American Express Co.

      35        3,014  

Discover Financial Services

      2,346        138,297  

MasterCard, Inc., Class A

      353        47,055  

Visa, Inc., Class A#

      2,624        271,636  
     

 

 

  
        460,002  
     

 

 

  

Finance-Investment Banker/Broker - 0.4%

      

Brait SE†

      8,454        37,411  

Charles Schwab Corp.

      227        9,057  

E*TRADE Financial Corp.†

      3,732        153,049  

Evercore, Inc., Class A

      839        63,302  

Greenhill & Co., Inc.#

      549        8,262  

Interactive Brokers Group, Inc., Class A#

      3,798        159,250  

INTL. FCStone, Inc.†

      1,240        44,008  

Investment Technology Group, Inc.

      2,420        48,618  

Piper Jaffray Cos.

      839        46,523  
     

 

 

  
        569,480  
     

 

 

  

Finance-Mortgage Loan/Banker - 0.1%

      

Zenkoku Hosho Co., Ltd.

      4,500        183,043  
     

 

 

  

Finance-Other Services - 0.1%

      

Intercontinental Exchange, Inc.

      65        4,204  

Nasdaq, Inc.

      616        46,434  

WageWorks, Inc.†

      1,214        71,565  
     

 

 

  
        122,203  
     

 

 

  

Firearms & Ammunition - 0.0%

      

Axon Enterprise, Inc.†#

      1,053        22,861  

Sturm Ruger & Co., Inc.

      1,083        49,601  
     

 

 

  
        72,462  
     

 

 

  

Food-Canned - 0.1%

      

Bob Evans Farms, Inc.

      1,328        91,340  

Seneca Foods Corp., Class A†

      125        3,725  
     

 

 

  
        95,065  
     

 

 

  

Food-Confectionery - 0.1%

      

J.M. Smucker Co.

      73        7,647  

Morinaga & Co., Ltd.

      2,100        120,559  
     

 

 

  
        128,206  
     

 

 

  

Food-Dairy Products - 0.0%

      

Morinaga Milk Industry Co., Ltd.

      5,000        39,488  
     

 

 

  

Food-Meat Products - 0.0%

      

Tyson Foods, Inc., Class A

      102        6,457  
     

 

 

  

Food-Misc./Diversified - 1.1%

 

Ajinomoto Co., Inc.

      8,500        168,059  

B&G Foods, Inc.#

      1,359        41,449  

Cal-Maine Foods, Inc.†#

      1,890        68,890  

Campbell Soup Co.

      2,148        99,238  

Conagra Brands, Inc.

      15,178        492,678  

Darling Ingredients, Inc.†

      10,767        187,346  

General Mills, Inc.

      7,333        390,556  

Indofood CBP Sukses Makmur Tbk PT

      114,700        75,029  

Indofood Sukses Makmur Tbk PT

      215,000        135,235  

J&J Snack Foods Corp.

      306        39,012  

John B. Sanfilippo & Son, Inc.#

      173        10,736  

Kellogg Co.#

      231        15,121  

Mondelez International, Inc., Class A

      45        1,830  
     

 

 

  
     1,725,179  
     

 

 

  

Food-Retail - 0.1%

      

Kroger Co.

      370        8,092  

Seven & i Holdings Co., Ltd.

      2,700        107,340  

SUPERVALU, Inc.†

      2,714        54,253  
     

 

 

  
     169,685  
     

 

 

  

Food-Wholesale/Distribution - 0.0%

      

Calavo Growers, Inc.#

      308        20,683  

SpartanNash Co.

      755        18,603  

Sysco Corp.

      245        12,904  
     

 

 

  
     52,190  
     

 

 

  

Footwear & Related Apparel - 0.2%

      

Crocs, Inc.†

      6,553        58,518  

Iconix Brand Group, Inc.†

      1,139        6,367  

Steven Madden, Ltd.†

      2,475        104,940  

Wolverine World Wide, Inc.

      6,427        169,030  
     

 

 

  
     338,855  
     

 

 

  

Forestry - 0.0%

      

Deltic Timber Corp.

      212        16,544  
     

 

 

  

Funeral Services & Related Items - 0.0%

      

Matthews International Corp., Class A

      658        39,644  
     

 

 

  

Garden Products - 0.3%

      

Toro Co.

      7,149        440,950  
     

 

 

  

Gas-Distribution - 0.4%

      

Centrica PLC

      4,818        12,455  

Enagas SA

      603        17,775  

Hong Kong & China Gas Co., Ltd.

      12,100        22,886  

Italgas SpA

      7,904        44,708  

National Grid PLC

      2,962        37,310  

Northwest Natural Gas Co.

      1,996        132,335  

Sempra Energy

      216        25,473  

South Jersey Industries, Inc.#

      1,625        58,305  

Spire, Inc.

      3,060        234,090  
     

 

 

  
     585,337  
     

 

 

  

Gas-Transportation - 0.1%

      

Snam SpA

      17,056        83,059  
     

 

 

  

Golf - 0.0%

      

Callaway Golf Co.

      1,874        26,124  
     

 

 

  

Hazardous Waste Disposal - 0.0%

      

US Ecology, Inc.#

      436        22,410  
     

 

 

  

Health Care Cost Containment - 0.1%

      

CorVel Corp.†

      195        10,120  

HealthEquity, Inc.†#

      1,789        76,516  
     

 

 

  
     86,636  
     

 

 

  

Home Decoration Products - 0.0%

      

Newell Brands, Inc.

      202        9,753  
     

 

 

  

Home Furnishings - 0.1%

      

American Woodmark Corp.†

      279        23,101  

Ethan Allen Interiors, Inc.#

      1,887        55,195  

Select Comfort Corp.†

      852        25,160  
     

 

 

  
     103,456  
     

 

 

  

Hotels/Motels - 0.2%

      

Belmond, Ltd., Class A†

      1,693        21,586  

Hilton Worldwide Holdings, Inc.

      2,763        177,744  

ILG, Inc.

      5,078        134,059  

Marcus Corp.

      381        9,487  
     

 

 

  
     342,876  
     

 

 

  

Human Resources - 0.4%

      

AMN Healthcare Services, Inc.†

      979        36,566  

CDI Corp.†

      276        2,263  

Cross Country Healthcare, Inc.†

      633        7,837  

Heidrick & Struggles International, Inc.

      374        6,825  

Insperity, Inc.

      383        30,755  

Kelly Services, Inc., Class A

      2,201        47,608  

Korn/Ferry International

      3,485        116,120  

ManpowerGroup, Inc.

      249        27,766  

On Assignment, Inc.†

      1,827        87,148  

Recruit Holdings Co., Ltd.

      12,200        243,427  

Resources Connection, Inc.

      592        7,548  

TrueBlue, Inc.†

      2,713        55,481  
     

 

 

  
     669,344  
     

 

 

  

Identification Systems - 0.0%

      

Brady Corp., Class A

      2,099        70,002  
     

 

 

  

Import/Export - 0.2%

      

ITOCHU Corp.

      10,700        175,142  

Mitsui & Co., Ltd.

      12,500        187,620  
     

 

 

  
     362,762  
     

 

 

  

Industrial Automated/Robotic - 0.1%

      

Yaskawa Electric Corp.

      7,100        215,591  
     

 

 

  

Instruments-Controls - 0.2%

      

Honeywell International, Inc.

      1,346        186,112  

Watts Water Technologies, Inc., Class A

      1,413        87,182  
     

 

 

  
     273,294  
     

 

 

  

Insurance Brokers - 0.0%

      

Aon PLC

      246        34,233  

Arthur J. Gallagher & Co.

      104        6,022  

eHealth, Inc.†

      335        8,134  
     

 

 

  
     48,389  
     

 

 

  

Insurance-Life/Health - 0.4%

      

Aflac, Inc.

      2,257        186,315  

American Equity Investment Life Holding Co.

      6,321        175,471  

Dai-ichi Life Holdings, Inc.

      10,600        171,177  

Principal Financial Group, Inc.

      1,904        119,038  

Prudential Financial, Inc.

      121        12,352  
     

 

 

  
     664,353  
     

 

 

  

Insurance-Multi-line - 0.7%

      

Allianz SE

      1,510        323,114  

Allstate Corp.

      2,525        228,513  

Chubb, Ltd.

      950        134,349  

Cincinnati Financial Corp.

      1,732        133,087  

Horace Mann Educators Corp.

      2,754        96,803  

Loews Corp.

      1,924        89,620  

United Fire Group, Inc.

      1,418        59,641  
     

 

 

  
     1,065,127  
     

 

 

  

Insurance-Property/Casualty - 0.9%

      

AMERISAFE, Inc.

      384        20,659  

Employers Holdings, Inc.

      2,090        88,094  

Fosun International, Ltd.

      48,500        84,218  

HCI Group, Inc.#

      163        6,355  

Infinity Property & Casualty Corp.

      961        85,000  

MS&AD Insurance Group Holdings, Inc.

      10,100        334,269  

Navigators Group, Inc.

      1,610        89,838  

ProAssurance Corp.

      2,866        152,614  

Progressive Corp.

      673        31,281  

RLI Corp.#

      1,681        89,967  

Safety Insurance Group, Inc.

      1,126        80,396  

Selective Insurance Group, Inc.

      3,580        180,432  

Stewart Information Services Corp.

      1,664        60,037  

Tokio Marine Holdings, Inc.

      4,900        196,116  

United Insurance Holdings Corp.

      359        5,651  

Universal Insurance Holdings, Inc.

      651        13,964  
     

 

 

  
     1,518,891  
     

 

 

  

Insurance-Reinsurance - 0.2%

      

Aspen Insurance Holdings, Ltd.

      836        37,787  

Berkshire Hathaway, Inc., Class B†

      564        102,174  

Maiden Holdings, Ltd.

      5,860        42,485  

Muenchener Rueckversicherungs-Gesellschaft AG

      452        93,319  

Swiss Re AG

      315        28,546  
     

 

 

  
     304,311  
     

 

 

  

Internet Connectivity Services - 0.0%

 

Cogent Communications Holdings, Inc.#

      837        39,004  
     

 

 

  

Internet Content-Entertainment - 0.4%

      

Facebook, Inc., Class A†

      3,630        624,251  

Shutterstock, Inc.†

      379        12,727  
     

 

 

  
     636,978  
     

 

 

  

Internet Content-Information/News - 0.0%

      

DHI Group, Inc.†

      1,010        1,970  

HealthStream, Inc.†

      510        11,980  

M3, Inc.

      1,600        41,789  

XO Group, Inc.†

      486        9,049  
     

 

 

  
     64,788  
     

 

 

  

Internet Infrastructure Software - 0.0%

      

F5 Networks, Inc.†

      341        40,709  
     

 

 

  

Internet Security - 0.0%

      

VASCO Data Security International, Inc.†

      602        7,555  
     

 

 

  

Internet Telephone - 0.0%

      

8x8, Inc.†

      1,873        26,503  
     

 

 

  

Investment Companies - 0.3%

      

Apollo Investment Corp.

      2,630        15,517  

Ares Capital Corp.#

      3,990        64,079  

BlackRock Capital Investment Corp.

      2,230        15,878  

China Merchants China Direct Investments, Ltd.

      10,000        16,213  

Fifth Street Finance Corp.

      3,940        21,276  

FS Investment Corp.

      6,080        48,944  

Goldman Sachs BDC, Inc.

      760        16,644  

Golub Capital BDC, Inc.

      1,270        23,609  

Main Street Capital Corp.#

      1,597        62,586  

Medley Capital Corp.#

      2,050        12,321  

Melrose Industries PLC

      18,690        53,197  

New Mountain Finance Corp.

      1,550        21,855  

PennantPark Investment Corp.

      2,830        21,253  

Prospect Capital Corp.#

      6,944        45,483  

Solar Capital, Ltd.

      1,560        33,337  

Triangle Capital Corp.#

      770        10,626  

Zeder Investments, Ltd.

      55,260        26,984  
     

 

 

  
     509,802  
     

 

 

  

Investment Management/Advisor Services - 0.3%

      

Ameriprise Financial, Inc.

      1,398        193,637  

Financial Engines, Inc.

      1,183        39,098  

Partners Group Holding AG

      160        103,849  

Virtus Investment Partners, Inc.

      132        13,992  

Waddell & Reed Financial, Inc., Class A#

      5,401        100,513  

WisdomTree Investments, Inc.#

      5,827        53,433  
     

 

 

  
     504,522  
     

 

 

  

Lasers-System/Components - 0.1%

      

Applied Optoelectronics, Inc.†#

      866        51,198  

Electro Scientific Industries, Inc.†

      665        8,193  

II-VI, Inc.†

      1,123        40,259  
     

 

 

  
     99,650  
     

 

 

  

Linen Supply & Related Items - 0.1%

      

UniFirst Corp.

      849        121,916  
     

 

 

  

Machinery-Construction & Mining - 0.5%

      

Astec Industries, Inc.

      382        18,978  

Caterpillar, Inc.

      2,387        280,449  

Komatsu, Ltd.

      7,500        203,485  

United Tractors Tbk PT

      105,800        240,441  
     

 

 

  
     743,353  
     

 

 

  

Machinery-Electrical - 0.3%

      

Disco Corp.

      1,200        216,893  

Franklin Electric Co., Inc.

      1,894        73,014  

Fuji Electric Co., Ltd.

      50,000        276,372  
     

 

 

  
     566,279  
     

 

 

  

Machinery-Farming - 0.1%

      

Alamo Group, Inc.

      190        17,434  

Kubota Corp.

      8,000        139,273  

Lindsay Corp.#

      778        67,352  
     

 

 

  
     224,059  
     

 

 

  

Machinery-General Industrial - 0.2%

      

Albany International Corp., Class A

      1,375        73,700  

Applied Industrial Technologies, Inc.

      1,944        110,808  

Chart Industries, Inc.†

      2,010        67,817  

DXP Enterprises, Inc.†

      1,160        31,424  

Obara Group, Inc.

      1,100        61,038  

Tennant Co.

      909        55,404  
     

 

 

  
     400,191  
     

 

 

  

Machinery-Pumps - 0.1%

      

SPX FLOW, Inc.†

      2,816        94,252  
     

 

 

  

Medical Imaging Systems - 0.0%

      

Analogic Corp.

      670        47,938  

Lantheus Holdings, Inc.†

      590        10,325  
     

 

 

  
     58,263  
     

 

 

  

Medical Information Systems - 0.1%

      

Cerner Corp.†

      53        3,592  

Computer Programs & Systems, Inc.

      1,304        39,251  

Quality Systems, Inc.†

      2,988        47,061  
     

 

 

  
     89,904  
     

 

 

  

Medical Instruments - 0.7%

      

Abaxis, Inc.#

      1,152        53,246  

AngioDynamics, Inc.†

      2,681        45,657  

CONMED Corp.

      1,528        75,789  

CryoLife, Inc.†

      544        11,315  

Integra LifeSciences Holdings Corp.†

      1,958        99,838  

Intuitive Surgical, Inc.†

      274        275,280  

Medtronic PLC

      135        10,884  

Natus Medical, Inc.†

      677        22,747  

Shimadzu Corp.

      13,900        256,967  

Topcon Corp.

      12,300        217,766  
     

 

 

  
     1,069,489  
     

 

 

  

Medical Labs & Testing Services - 0.1%

      

PeptiDream, Inc.†

      4,000        139,974  
     

 

 

  

Medical Products - 0.5%

      

Baxter International, Inc.

      3,997        247,974  

Becton Dickinson and Co.

      9        1,795  

Cantel Medical Corp.

      742        60,288  

Cooper Cos., Inc.

      15        3,762  

CYBERDYNE, Inc.†#

      4,900        64,495  

Haemonetics Corp.†

      2,529        108,798  

Integer Holdings Corp.†

      2,011        92,405  

Invacare Corp.#

      2,986        40,311  

LeMaitre Vascular, Inc.

      252        9,173  

Luminex Corp.

      798        15,425  

MiMedx Group, Inc.†#

      2,086        33,939  

Orthofix International NV†

      361        17,765  

Surmodics, Inc.†

      265        6,890  

Varian Medical Systems, Inc.†

      480        51,000  
     

 

 

  
     754,020  
     

 

 

  

Medical-Biomedical/Gene - 0.8%

      

Acorda Therapeutics, Inc.†

      3,551        73,861  

Alexion Pharmaceuticals, Inc.†

      125        17,801  

AMAG Pharmaceuticals, Inc.†#

      700        11,690  

Amgen, Inc.

      2,094        372,250  

ANI Pharmaceuticals, Inc.†

      160        7,680  

Biogen, Inc.†

      19        6,015  

Cambrex Corp.†

      1,190        61,999  

Celgene Corp.†

      1,163        161,576  

Cytokinetics, Inc.†

      923        13,707  

Emergent BioSolutions, Inc.†

      1,866        69,658  

Innoviva, Inc.†

      1,550        21,762  

Ligand Pharmaceuticals, Inc.†#

      389        50,130  

Medicines Co.†#

      3,496        128,268  

Momenta Pharmaceuticals, Inc.†#

      1,333        22,461  

Myriad Genetics, Inc.†#

      4,983        151,932  

Spectrum Pharmaceuticals, Inc.†

      6,232        60,824  
     

 

 

  
     1,231,614  
     

 

 

  

Medical-Drugs - 1.3%

      

AbbVie, Inc.

      807        60,767  

Allergan PLC

      69        15,834  

Bayer AG

      25        3,202  

CSPC Pharmaceutical Group, Ltd.

      26,000        40,627  

Eagle Pharmaceuticals, Inc.†#

      156        8,511  

Eli Lilly & Co.

      1,391        113,074  

Enanta Pharmaceuticals, Inc.†

      277        11,872  

Johnson & Johnson

      2,494        330,131  

Kalbe Farma Tbk PT

      1,090,300        139,752  

Lannett Co., Inc.†#

      2,278        39,979  

Merck & Co., Inc.

      7,634        487,507  

Pfizer, Inc.

      8,079        274,040  

PharMerica Corp.†

      2,246        66,032  

Progenics Pharmaceuticals, Inc.†

      1,402        9,436  

SciClone Pharmaceuticals, Inc.†

      1,033        11,363  

Shionogi & Co., Ltd.

      7,100        374,792  

Sucampo Pharmaceuticals, Inc., Class A†#

      501        5,887  

Supernus Pharmaceuticals, Inc.†

      1,028        47,082  
     

 

 

  
     2,039,888  
     

 

 

  

Medical-Generic Drugs - 0.1%

      

Amphastar Pharmaceuticals, Inc.†

      712        11,399  

Impax Laboratories, Inc.†

      5,762        124,747  
     

 

 

  
     136,146  
     

 

 

  

Medical-HMO - 0.9%

      

Anthem, Inc.

      543        106,450  

Centene Corp.†

      678        60,240  

Cigna Corp.

      1,325        241,229  

Humana, Inc.

      41        10,562  

Magellan Health, Inc.†

      1,611        130,330  

Tivity Health, Inc.†

      2,023        79,302  

UnitedHealth Group, Inc.

      1,503        298,947  

WellCare Health Plans, Inc.†

      3,010        525,787  
     

 

 

  
     1,452,847  
     

 

 

  

Medical-Hospitals - 0.1%

      

Community Health Systems, Inc.†#

      8,803        67,255  

HCA Healthcare, Inc.†

      77        6,057  

Quorum Health Corp.†

      603        2,641  

Select Medical Holdings Corp.†

      7,125        132,525  
     

 

 

  
     208,478  
     

 

 

  

Medical-Nursing Homes - 0.0%

      

Ensign Group, Inc.

      952        19,554  

Kindred Healthcare, Inc.

      6,361        51,524  
     

 

 

  
     71,078  
     

 

 

  

Medical-Outpatient/Home Medical - 0.2%

      

Almost Family, Inc.†

      895        43,586  

Amedisys, Inc.†

      1,753        91,577  

Chemed Corp.#

      569        112,258  

LHC Group, Inc.†

      1,001        65,315  

Providence Service Corp.†

      908        47,062  
     

 

 

  
     359,798  
     

 

 

  

Medical-Wholesale Drug Distribution - 0.0%

      

AmerisourceBergen Corp.

      17        1,364  

McKesson Corp.

      190        28,369  
     

 

 

  
     29,733  
     

 

 

  

Metal Processors & Fabrication - 0.1%

      

CIRCOR International, Inc.

      1,061        50,949  

Haynes International, Inc.

      1,005        30,703  

Mueller Industries, Inc.

      3,800        113,354  
     

 

 

  
     195,006  
     

 

 

  

Metal Products-Distribution - 0.1%

      

MISUMI Group, Inc.

      3,700        95,339  

Olympic Steel, Inc.

      181        3,303  
     

 

 

  
     98,642  
     

 

 

  

Metal-Aluminum - 0.1%

      

Century Aluminum Co.†#

      3,384        66,056  

Kaiser Aluminum Corp.

      901        86,784  
     

 

 

  
     152,840  
     

 

 

  

Metal-Copper - 0.0%

      

Freeport-McMoRan, Inc.†

      985        14,558  
     

 

 

  

Miscellaneous Manufacturing - 0.1%

      

Hillenbrand, Inc.

      1,288        46,046  

John Bean Technologies Corp.

      647        57,389  
     

 

 

  
     103,435  
     

 

 

  

Motorcycle/Motor Scooter - 0.0%

      

Harley-Davidson, Inc.#

      106        4,983  
     

 

 

  

Multimedia - 0.3%

      

E.W. Scripps Co., Class A†

      3,746        66,978  

Media Nusantara Citra Tbk PT

      257,800        28,819  

Twenty-First Century Fox, Inc., Class A

      504        13,905  

Twenty-First Century Fox, Inc., Class B

      2,115        57,317  

Walt Disney Co.

      2,874        290,849  
     

 

 

  
     457,868  
     

 

 

  

Networking Products - 0.1%

      

Black Box Corp.

      299        897  

Cisco Systems, Inc.

      3,189        102,718  

Gigamon, Inc.†#

      639        27,445  

NETGEAR, Inc.†

      1,274        61,152  
     

 

 

  
     192,212  
     

 

 

  

Non-Ferrous Metals - 0.0%

      

Materion Corp.

      1,561        59,630  
     

 

 

  

Non-Hazardous Waste Disposal - 0.1%

      

Republic Services, Inc.

      1,743        113,713  

Waste Management, Inc.

      96        7,403  
     

 

 

  
     121,116  
     

 

 

  

Office Furnishings-Original - 0.0%

      

Interface, Inc.

      3,836        72,884  
     

 

 

  

Office Supplies & Forms - 0.0%

      

Avery Dennison Corp.

      317        29,880  
     

 

 

  

Oil & Gas Drilling - 0.1%

      

Atwood Oceanics, Inc.†#

      5,739        37,705  

Noble Corp. PLC†#

      14,187        46,250  
     

 

 

  
     83,955  
     

 

 

  

Oil Companies-Exploration & Production - 0.4%

      

Anadarko Petroleum Corp.

      133        5,444  

Bill Barrett Corp.†

      1,524        4,557  

Cabot Oil & Gas Corp.#

      199        5,085  

Carrizo Oil & Gas, Inc.†#

      3,044        40,911  

ConocoPhillips

      5,809        253,621  

Contango Oil & Gas Co.†

      460        2,111  

Denbury Resources, Inc.†#

      7,954        8,431  

Devon Energy Corp.

      2,940        92,316  

EOG Resources, Inc.

      403        34,251  

Kunlun Energy Co., Ltd.#

      6,000        5,821  

PDC Energy, Inc.†

      2,078        81,728  

Southwestern Energy Co.†

      6,372        34,727  

SRC Energy, Inc.†#

      9,294        73,330  

Unit Corp.†

      2,908        46,295  
     

 

 

  
     688,628  
     

 

 

  

Oil Companies-Integrated - 0.6%

      

Chevron Corp.

      1,920        206,630  

China Petroleum & Chemical Corp.

      226,000        172,622  

Exxon Mobil Corp.

      7,039        537,287  
     

 

 

  
     916,539  
     

 

 

  

Oil Field Machinery & Equipment - 0.0%

      

Exterran Corp.†

      2,248        62,360  

Flotek Industries, Inc.†

      1,086        5,625  

Gulf Island Fabrication, Inc.

      273        3,058  
     

 

 

  
     71,043  
     

 

 

  

Oil Refining & Marketing - 0.1%

      

Marathon Petroleum Corp.

      185        9,703  

Ultrapar Participacoes SA ADR#

      466        10,849  

Valero Energy Corp.

      1,453        98,949  
     

 

 

  
     119,501  
     

 

 

  

Oil-Field Services - 0.3%

      

Archrock, Inc.

      4,130        42,126  

Baker Hughes, a GE Company

      2,019        68,444  

Bristow Group, Inc.#

      640        5,274  

CARBO Ceramics, Inc.†#

      1,913        12,549  

Era Group, Inc.†

      395        3,480  

Halliburton Co.

      506        19,719  

Helix Energy Solutions Group, Inc.†

      7,650        47,966  

Matrix Service Co.†

      3,656        43,324  

McDermott International, Inc.†

      12,308        75,571  

Newpark Resources, Inc.†

      6,087        49,000  

Pioneer Energy Services Corp.†

      1,543        2,623  

SEACOR Holdings, Inc.†

      1,112        42,667  

Tesco Corp.†

      933        4,105  

TETRA Technologies, Inc.†

      2,316        4,771  
     

 

 

  
     421,619  
     

 

 

  

Paper & Related Products - 0.1%

 

Clearwater Paper Corp.†

      1,229        57,149  

Neenah Paper, Inc.

      343        26,497  

P.H. Glatfelter Co.

      3,122        54,073  

Schweitzer-Mauduit International, Inc.

      2,152        81,625  
     

 

 

  
     219,344  
     

 

 

  

Pastoral & Agricultural - 0.0%

      

Schouw & Co AB

      300        31,468  
     

 

 

  

Pharmacy Services - 0.0%

      

Diplomat Pharmacy, Inc.†

      3,305        55,359  

Express Scripts Holding Co.†

      265        16,647  
     

 

 

  
     72,006  
     

 

 

  

Physical Therapy/Rehabilitation Centers - 0.0%

      

U.S. Physical Therapy, Inc.

      250        14,975  
     

 

 

  

Pipelines - 0.2%

      

AltaGas, Ltd.

      216        4,790  

Cheniere Energy, Inc.†#

      202        8,644  

Enbridge, Inc.

      1,411        56,406  

Inter Pipeline, Ltd.

      321        5,879  

Kinder Morgan, Inc.

      3,556        68,737  

ONEOK, Inc.

      439        23,776  

Pembina Pipeline Corp.

      341        10,991  

Targa Resources Corp.

      187        8,335  

TransCanada Corp.

      751        38,135  

Veresen, Inc.

      271        3,817  

Williams Cos., Inc.

      1,836        54,584  
     

 

 

  
     284,094  
     

 

 

  

Poultry - 0.1%

      

Sanderson Farms, Inc.

      1,297        191,333  
     

 

 

  

Power Converter/Supply Equipment - 0.1%

      

Advanced Energy Industries, Inc.†

      813        59,788  

Powell Industries, Inc.

      171        4,868  

SPX Corp.†

      2,845        68,565  

Vicor Corp.†

      322        6,263  
     

 

 

  
     139,484  
     

 

 

  

Printing-Commercial - 0.1%

      

LSC Communications, Inc.

      2,316        37,311  

RR Donnelley & Sons Co.#

      5,534        51,079  
     

 

 

  
     88,390  
     

 

 

  

Private Equity - 0.3%

      

3i Group PLC

      8,240        103,349  

Alaris Royalty Corp.#

      1,310        21,820  

Allied Minds PLC†

      9,480        15,300  

Altamir

      1,060        19,146  

AURELIUS Equity Opportunities SE & Co. KGaA#

      560        33,212  

Bure Equity AB

      960        11,631  

Deutsche Beteiligungs AG

      520        25,642  

Eurazeo SA

      760        62,882  

Gimv NV

      260        15,542  

Onex Corp.

      1,230        98,351  

Ratos AB, Class B

      6,710        31,415  
     

 

 

  
     438,290  
     

 

 

  

Protection/Safety - 0.0%

      

Landauer, Inc.

      193        11,976  
     

 

 

  

Public Thoroughfares - 0.3%

      

Abertis Infraestructuras SA

      4,348        88,047  

ASTM SpA

      255        6,432  

Atlantia SpA

      4,521        145,637  

Groupe Eurotunnel SE

      476        5,676  

Jasa Marga Persero Tbk PT

      402,900        176,019  

Jiangsu Expressway Co., Ltd., Class H

      4,000        6,143  

Macquarie Atlas Roads Group

      5,183        23,514  

Shenzhen Expressway Co., Ltd.

      2,000        1,953  

Shenzhen International Holdings, Ltd.

      2,000        3,683  

Societa Iniziative Autostradali e Servizi SpA

      779        11,642  

Transurban Group

      8,489        82,179  

Zhejiang Expressway Co., Ltd.

      4,000        5,005  
     

 

 

  
     555,930  
     

 

 

  

Publishing-Books - 0.0%

      

Scholastic Corp.

      1,913        75,430  
     

 

 

  

Publishing-Newspapers - 0.1%

      

Gannett Co., Inc.

      9,424        80,010  
     

 

 

  

Publishing-Periodicals - 0.1%

      

Time, Inc.

      6,385        83,963  
     

 

 

  

Racetracks - 0.1%

      

Penn National Gaming, Inc.†#

      5,193        115,233  
     

 

 

  

Real Estate Investment Trusts - 1.4%

      

Acadia Realty Trust#

      3,330        95,538  

Agree Realty Corp.

      567        28,418  

American Assets Trust, Inc.

      848        34,446  

Apollo Commercial Real Estate Finance, Inc.#

      1,928        34,877  

Armada Hoffler Properties, Inc.#

      918        12,274  

Boston Properties, Inc.

      100        12,060  

Brixmor Property Group, Inc.

      1,769        33,116  

Capstead Mtg. Corp.

      7,915        76,538  

CareTrust REIT, Inc.#

      1,483        28,607  

CBL & Associates Properties, Inc.#

      8,797        70,376  

Cedar Realty Trust, Inc.

      1,521        7,666  

Chatham Lodging Trust#

      784        15,899  

Chesapeake Lodging Trust

      4,466        114,285  

DiamondRock Hospitality Co.

      8,943        98,284  

EastGroup Properties, Inc.

      1,661        147,596  

Four Corners Property Trust, Inc.

      1,227        31,178  

Franklin Street Properties Corp.#

      8,261        82,362  

Getty Realty Corp.

      644        17,749  

Government Properties Income Trust#

      5,693        105,605  

HCP, Inc.

      4,625        137,871  

Hersha Hospitality Trust#

      834        15,462  

Hospitality Properties Trust

      4,214        115,295  

Host Hotels & Resorts, Inc.

      1,113        20,168  

Independence Realty Trust, Inc.

      1,213        12,482  

Kite Realty Group Trust

      5,851        117,722  

Lexington Realty Trust

      12,514        123,388  

LTC Properties, Inc.

      809        39,342  

National Storage Affiliates Trust

      887        19,798  

Parkway, Inc.

      853        19,585  

Pennsylvania Real Estate Investment Trust

      3,747        37,582  

PS Business Parks, Inc.

      400        54,044  

Public Storage

      76        15,606  

Ramco-Gershenson Properties Trust

      1,622        21,329  

Retail Opportunity Investments Corp.#

      2,244        44,521  

Sabra Health Care REIT, Inc.

      3,256        71,144  

Saul Centers, Inc.

      236        14,302  

Simon Property Group, Inc.

      1,765        276,840  

Summit Hotel Properties, Inc.

      2,131        31,624  

Universal Health Realty Income Trust

      250        18,927  

Urstadt Biddle Properties, Inc., Class A

      2,677        55,360  
     

 

 

  
     2,309,266  
     

 

 

  

Real Estate Management/Services - 0.1%

      

CBRE Group, Inc., Class A†

      416        15,009  

Daikyo, Inc.

      61,000        119,414  

HFF, Inc., Class A

      726        27,683  

RE/MAX Holdings, Inc., Class A

      1,269        77,726  
     

 

 

  
     239,832  
     

 

 

  

Real Estate Operations & Development - 0.3%

      

China Vanke Co., Ltd.

      5,400        16,189  

Forestar Group, Inc.†

      661        11,369  

Mitsui Fudosan Co., Ltd.

      8,000        173,459  

NTT Urban Development Corp.

      11,700        113,547  

Pakuwon Jati Tbk PT

      1,209,400        60,890  

Tokyo Tatemono Co., Ltd.

      7,600        93,908  
     

 

 

  
     469,362  
     

 

 

  

Recreational Vehicles - 0.0%

      

LCI Industries

      509        50,289  
     

 

 

  

Rental Auto/Equipment - 0.1%

      

Rent-A-Center, Inc.#

      4,236        51,256  

United Rentals, Inc.†

      533        62,926  
     

 

 

  
     114,182  
     

 

 

  

Research & Development - 0.0%

      

Albany Molecular Research, Inc.†

      445        9,674  
     

 

 

  

Resort/Theme Parks - 0.1%

 

Marriott Vacations Worldwide Corp.

      1,150        133,814  
     

 

 

  

Respiratory Products - 0.0%

      

Inogen, Inc.†

      332        31,806  
     

 

 

  

Retail-Apparel/Shoe - 0.5%

      

Abercrombie & Fitch Co., Class A#

      5,403        68,834  

Ascena Retail Group, Inc.†

      15,360        31,335  

Buckle, Inc.#

      2,198        31,102  

Burlington Stores, Inc.†

      200        17,426  

Caleres, Inc.

      3,003        81,021  

Cato Corp., Class A

      2,104        27,689  

Chico’s FAS, Inc.#

      2,596        19,937  

Children’s Place, Inc.#

      361        38,320  

DSW, Inc., Class A

      3,342        61,927  

Express, Inc.†

      6,806        43,354  

Finish Line, Inc., Class A#

      3,212        26,756  

Francesca’s Holdings Corp.†

      732        5,314  

Gap, Inc.

      1,428        33,729  

Genesco, Inc.†

      1,356        28,679  

Guess?, Inc.

      4,058        63,224  

PVH Corp.

      73        9,190  

Ross Stores, Inc.

      3,760        219,772  

Shoe Carnival, Inc.

      248        4,985  

Tailored Brands, Inc.#

      3,296        38,959  

Vera Bradley, Inc.†

      377        3,408  
     

 

 

  
     854,961  
     

 

 

  

Retail-Auto Parts - 0.0%

      

AutoZone, Inc.†

      8        4,228  

Genuine Parts Co.

      286        23,689  
     

 

 

  
     27,917  
     

 

 

  

Retail-Automobile - 0.7%

      

Asbury Automotive Group, Inc.†

      1,197        64,458  

Astra International Tbk PT

      1,166,700        689,548  

Group 1 Automotive, Inc.

      1,278        76,706  

IDOM, Inc.#

      10,400        67,951  

Lithia Motors, Inc., Class A#

      1,523        164,484  

Sonic Automotive, Inc., Class A

      527        9,539  
     

 

 

  
     1,072,686  
     

 

 

  

Retail-Bookstores - 0.0%

      

Barnes & Noble Education, Inc.†

      769        3,984  

Barnes & Noble, Inc.

      1,103        8,548  
     

 

 

  
     12,532  
     

 

 

  

Retail-Building Products - 0.2%

      

Home Depot, Inc.

      1,027        153,916  

Lowe’s Cos., Inc.

      1,303        96,279  

Lumber Liquidators Holdings, Inc.†

      2,008        75,360  

Tile Shop Holdings, Inc.

      659        9,918  
     

 

 

  
     335,473  
     

 

 

  

Retail-Consumer Electronics - 0.3%

      

Best Buy Co., Inc.#

      8,939        485,030  
     

 

 

  

Retail-Discount - 0.4%

      

Dollar Tree, Inc.†

      749        59,650  

Fred’s, Inc., Class A#

      714        4,227  

Ollie’s Bargain Outlet Holdings, Inc.†#

      987        41,306  

Target Corp.

      723        39,425  

Wal-Mart Stores, Inc.

      7,377        575,923  
     

 

 

  
     720,531  
     

 

 

  

Retail-Drug Store - 0.4%

      

CVS Health Corp.

      2,560        197,990  

Sundrug Co., Ltd.

      9,500        395,556  

Walgreens Boots Alliance, Inc.

      1,000        81,500  
     

 

 

  
     675,046  
     

 

 

  

Retail-Hair Salons - 0.0%

      

Regis Corp.†

      703        9,336  
     

 

 

  

Retail-Home Furnishings - 0.3%

      

Haverty Furniture Cos., Inc.

      1,755        41,155  

Kirkland’s, Inc.†

      293        3,378  

La-Z-Boy, Inc.

      3,125        74,531  

Nitori Holdings Co., Ltd.

      1,500        232,022  

RH†#

      1,916        89,650  
     

 

 

  
     440,736  
     

 

 

  

Retail-Jewelry - 0.0%

      

Movado Group, Inc.#

      307        8,519  
     

 

 

  

Retail-Leisure Products - 0.0%

      

MarineMax, Inc.†

      486        7,849  
     

 

 

  

Retail-Major Department Stores - 0.2%

      

J.C. Penney Co., Inc.†#

      20,084        77,725  

Matahari Department Store Tbk PT

      114,000        85,479  

Nordstrom, Inc.#

      60        2,677  

TJX Cos., Inc.

      2,263        163,615  
     

 

 

  
     329,496  
     

 

 

  

Retail-Misc./Diversified - 0.1%

      

FirstCash, Inc.

      3,172        186,197  

Five Below, Inc.†

      1,127        53,611  
     

 

 

  
     239,808  
     

 

 

  

Retail-Office Supplies - 0.0%

      

Staples, Inc.

      1,458        14,893  
     

 

 

  

Retail-Pawn Shops - 0.0%

      

EZCORP, Inc., Class A†

      973        8,806  
     

 

 

  

Retail-Pet Food & Supplies - 0.0%

      

PetMed Express, Inc.#

      410        14,871  
     

 

 

  

Retail-Regional Department Stores - 0.0%

      

Kohl’s Corp.#

      44        1,750  

Macy’s, Inc.

      969        20,126  
     

 

 

  
     21,876  
     

 

 

  

Retail-Restaurants - 0.2%

      

Biglari Holdings, Inc.†

      20        5,955  

BJ’s Restaurants, Inc.†

      1,352        40,695  

Chuy’s Holdings, Inc.†

      337        6,336  

Darden Restaurants, Inc.

      606        49,747  

Dave & Buster’s Entertainment, Inc.†

      766        44,780  

DineEquity, Inc.#

      861        34,225  

El Pollo Loco Holdings, Inc.†

      430        4,881  

Fiesta Restaurant Group, Inc.†

      2,212        38,489  

Red Robin Gourmet Burgers, Inc.†

      907        51,699  

Ruby Tuesday, Inc.†

      1,210        2,602  

Ruth’s Hospitality Group, Inc.

      594        11,613  

Shake Shack, Inc., Class A†#

      370        11,440  

Sonic Corp.#

      847        19,828  

Wingstop, Inc.#

      579        18,765  

Yum! Brands, Inc.

      9        691  
     

 

 

  
     341,746  
     

 

 

  

Retail-Sporting Goods - 0.0%

      

Big 5 Sporting Goods Corp.#

      359        2,746  

Hibbett Sports, Inc.†

      415        5,105  

Zumiez, Inc.†

      353        4,395  
     

 

 

  
     12,246  
     

 

 

  

Retail-Vitamins & Nutrition Supplements - 0.0%

      

Vitamin Shoppe, Inc.†

      2,452        13,118  
     

 

 

  

Retirement/Aged Care - 0.0%

      

Brookdale Senior Living, Inc.†

      4,165        50,521  
     

 

 

  

Rubber/Plastic Products - 0.1%

      

Myers Industries, Inc.

      2,362        44,406  

Proto Labs, Inc.†#

      498        35,756  
     

 

 

  
     80,162  
     

 

 

  

Satellite Telecom - 0.1%

      

Eutelsat Communications SA

      2,393        69,570  

Iridium Communications, Inc.†#

      5,505        61,105  

SES SA FDR

      2,588        59,228  
     

 

 

  
     189,903  
     

 

 

  

Savings & Loans/Thrifts - 0.6%

      

Astoria Financial Corp.

      7,559        148,081  

Banc of California, Inc.#

      3,648        67,670  

Bank Mutual Corp.

      1,372        12,554  

BofI Holding, Inc.†#

      1,973        52,304  

Brookline Bancorp, Inc.

      2,468        35,416  

Dime Community Bancshares, Inc.

      1,026        19,443  

New York Community Bancorp, Inc.#

      6,429        77,469  

Northfield Bancorp, Inc.

      1,503        24,213  

Northwest Bancshares, Inc.

      7,946        122,607  

Oritani Financial Corp.

      1,275        20,464  

People’s United Financial, Inc.

      4,517        75,434  

Provident Financial Services, Inc.

      5,330        132,450  

Sterling Bancorp#

      7,043        158,115  

Washington Federal, Inc.

      1,166        36,438  
     

 

 

  
     982,658  
     

 

 

  

Schools - 0.1%

      

American Public Education, Inc.†

      1,798        33,173  

Capella Education Co.

      231        15,558  

Career Education Corp.†

      4,105        39,449  

Strayer Education, Inc.

      774        61,928  
     

 

 

  
     150,108  
     

 

 

  

Security Services - 0.1%

      

Brink’s Co.

      2,911        228,368  
     

 

 

  

Seismic Data Collection - 0.0%

      

Geospace Technologies Corp.†

      268        4,044  
     

 

 

  

Semiconductor Components-Integrated Circuits - 0.1%

      

Marvell Technology Group, Ltd.

      447        8,006  

Maxim Integrated Products, Inc.

      435        20,297  

MaxLinear, Inc.†

      1,046        22,594  

NXP Semiconductors NV†

      810        91,497  

Power Integrations, Inc.

      607        44,220  
     

 

 

  
     186,614  
     

 

 

  

Semiconductor Equipment - 0.3%

      

Applied Materials, Inc.

      421        18,995  

Brooks Automation, Inc.

      3,469        90,437  

Cabot Microelectronics Corp.

      516        36,956  

Cohu, Inc.

      508        9,530  

KLA-Tencor Corp.

      135        12,648  

Kulicke & Soffa Industries, Inc.†

      3,624        68,965  

Lam Research Corp.

      126        20,913  

MKS Instruments, Inc.

      1,106        91,079  

Nanometrics, Inc.†

      504        12,998  

Rudolph Technologies, Inc.†

      628        13,942  

Veeco Instruments, Inc.†

      2,494        47,137  
     

 

 

  
     423,600  
     

 

 

  

Soap & Cleaning Preparation - 0.2%

      

Unilever Indonesia Tbk PT

      76,100        288,221  
     

 

 

  

Steel Pipe & Tube - 0.0%

      

TimkenSteel Corp.†#

      2,929        43,437  
     

 

 

  

Steel-Producers - 0.4%

      

AK Steel Holding Corp.†

      13,158        73,685  

JFE Holdings, Inc.

      11,300        223,748  

Nucor Corp.

      1,848        101,843  

Steel Dynamics, Inc.

      6,609        227,680  
     

 

 

  
     626,956  
     

 

 

  

Storage/Warehousing - 0.0%

      

Mobile Mini, Inc.

      1,914        57,898  

Westshore Terminals Investment Corp.

      63        1,274  
     

 

 

  
     59,172  
     

 

 

  

Telecom Equipment-Fiber Optics - 0.1%

      

Harmonic, Inc.†#

      1,608        5,226  

Oclaro, Inc.†#

      2,539        21,353  

Viavi Solutions, Inc.†

      15,542        156,042  
     

 

 

  
     182,621  
     

 

 

  

Telecom Services - 0.9%

      

China Telecom Corp., Ltd.

      530,000        273,289  

Consolidated Communications Holdings, Inc.

      2,834        52,287  

Lumos Networks Corp.†

      2,396        43,080  

Spok Holdings, Inc.

      2,319        38,843  

Telekomunikasi Indonesia Persero Tbk PT

      2,487,100        875,978  

Tower Bersama Infrastructure Tbk PT

      115,900        55,892  

Vonage Holdings Corp.†

      3,995        33,159  

XL Axiata Tbk PT†

      192,700        52,017  
     

 

 

  
     1,424,545  
     

 

 

  

Telecommunication Equipment - 0.1%

      

ADTRAN, Inc.

      3,134        69,262  

Comtech Telecommunications Corp.

      470        9,198  

Juniper Networks, Inc.

      132        3,660  

Nortel Networks Corp.(1)(2)†

      62        0  
     

 

 

  
     82,120  
     

 

 

  

Telephone-Integrated - 0.9%

      

AT&T, Inc.

      12,724        476,641  

BT Group PLC

      56,537        213,886  

CenturyLink, Inc.#

      1,168        23,033  

Cincinnati Bell, Inc.†

      841        17,703  

General Communication, Inc., Class A†

      1,756        75,736  

Nippon Telegraph & Telephone Corp.

      3,900        194,268  

SoftBank Group Corp.

      4,200        341,790  

Verizon Communications, Inc.

      3,113        149,331  
     

 

 

  
     1,492,388  
     

 

 

  

Television - 0.0%

      

ION Media Networks, Inc.(1)(2)†

      18        13,365  

Surya Citra Media Tbk PT

      290,400        48,175  
     

 

 

  
     61,540  
     

 

 

  

Textile-Apparel - 0.0%

      

Perry Ellis International, Inc.†

      245        5,348  

Unifi, Inc.†

      306        9,511  
     

 

 

  
     14,859  
     

 

 

  

Textile-Products - 0.1%

      

Toyobo Co., Ltd.

      49,000        88,811  
     

 

 

  

Therapeutics - 0.0%

      

Anika Therapeutics, Inc.†#

      293        15,734  
     

 

 

  

Tobacco - 0.5%

      

Altria Group, Inc.

      6,531        414,065  

Gudang Garam Tbk PT

      24,200        125,568  

Hanjaya Mandala Sampoerna Tbk PT

      485,100        132,215  

Philip Morris International, Inc.

      741        86,645  

Universal Corp.

      1,623        92,836  
     

 

 

  
     851,329  
     

 

 

  

Tools-Hand Held - 0.0%

      

Snap-on, Inc.#

      108        15,938  
     

 

 

  

Toys - 0.3%

      

Bandai Namco Holdings, Inc.

      5,500        184,645  

Hasbro, Inc.

      280        27,510  

Tomy Co., Ltd.

      19,000        254,070  
     

 

 

  
     466,225  
     

 

 

  

Transactional Software - 0.3%

      

Amadeus IT Group SA

      5,874        364,423  

Bottomline Technologies de, Inc.†

      1,850        56,074  

Synchronoss Technologies, Inc.†

      861        14,456  
     

 

 

  
     434,953  
     

 

 

  

Transport-Air Freight - 0.1%

      

Atlas Air Worldwide Holdings, Inc.†

      1,623        108,416  
     

 

 

  

Transport-Equipment & Leasing - 0.1%

      

Greenbrier Cos., Inc.

      1,818        77,992  
     

 

 

  

Transport-Rail - 0.4%

      

Central Japan Railway Co.

      1,900        322,718  

CSX Corp.

      21        1,054  

Genesee & Wyoming, Inc., Class A†

      213        14,604  

Norfolk Southern Corp.

      573        69,058  

Union Pacific Corp.

      1,813        190,909  
     

 

 

  
     598,343  
     

 

 

  

Transport-Services - 0.1%

      

Echo Global Logistics, Inc.†

      2,471        37,559  

Hub Group, Inc., Class A†

      2,300        88,435  

Matson, Inc.

      2,431        62,720  
     

 

 

  
     188,714  
     

 

 

  

Transport-Truck - 0.2%

      

ArcBest Corp.

      480        14,256  

Forward Air Corp.

      618        32,117  

Heartland Express, Inc.

      865        19,177  

JB Hunt Transport Services, Inc.

      75        7,417  

Marten Transport, Ltd.

      3,439        58,979  

Old Dominion Freight Line, Inc.

      130        12,987  

Roadrunner Transportation Systems, Inc.†

      5,769        43,094  

Saia, Inc.†

      1,641        92,799  
     

 

 

  
     280,826  
     

 

 

  

Travel Services - 0.1%

      

HIS Co., Ltd.

      6,200        207,853  
     

 

 

  

Venture Capital - 0.1%

      

Hercules Capital, Inc.#

      2,680        32,696  

IP Group PLC†

      18,590        27,770  

Jafco Co., Ltd.

      1,000        45,961  

Safeguard Scientifics, Inc.†

      1,970        24,034  
     

 

 

  
     130,461  
     

 

 

  

Veterinary Diagnostics - 0.1%

 

Heska Corp.†

      127        12,919  

Neogen Corp.†

      779        53,673  

Phibro Animal Health Corp., Class A

      374        13,277  
     

 

 

  
     79,869  
     

 

 

  

Vitamins & Nutrition Products - 0.0%

      

Herbalife, Ltd.†

      40        2,760  
     

 

 

  

Warehousing & Harbor Transportation Services - 0.0%

      

COSCO SHIPPING Ports, Ltd.

      2,000        2,365  

Hamburger Hafen und Logistik AG

      65        2,071  
     

 

 

  
     4,436  
     

 

 

  

Water - 0.2%

      

American States Water Co.

      749        36,926  

American Water Works Co., Inc.

      155        12,540  

California Water Service Group

      2,546        95,348  

Guangdong Investment, Ltd.

      6,000        8,874  

Pennon Group PLC

      4,899        51,407  

United Utilities Group PLC

      3,948        46,436  
     

 

 

  
     251,531  
     

 

 

  

Web Hosting/Design - 0.0%

      

NIC, Inc.

      1,243        20,323  
     

 

 

  

Web Portals/ISP - 0.5%

      

Alphabet, Inc., Class A†

      273        260,780  

Alphabet, Inc., Class C†

      421        395,458  

Blucora, Inc.†

      2,730        62,244  

GMO Internet, Inc.

      9,200        119,491  
     

 

 

  
     837,973  
     

 

 

  

Wire & Cable Products - 0.1%

      

Encore Wire Corp.

      1,567        67,224  

General Cable Corp.

      3,439        58,291  

Insteel Industries, Inc.#

      350        8,775  
     

 

 

  
     134,290  
     

 

 

  

Wireless Equipment - 0.0%

      

CalAmp Corp.†

      706        13,089  

Motorola Solutions, Inc.

      35        3,084  
     

 

 

  
     16,173  
     

 

 

  

X-Ray Equipment - 0.0%

      

Varex Imaging Corp.†

      749        22,867  
     

 

 

  

Total Common Stocks

      

(cost $100,477,134)

 

      105,316,059  
     

 

 

  

EXCHANGE-TRADED FUNDS - 8.7%

      

iShares Core S&P Small-Cap ETF

      4,093        282,703  

iShares MSCI Indonesia ETF#

      14,766        396,910  

iShares Russell 1000 Growth ETF#

      515        63,814  

iShares Russell 1000 Value ETF

      1,696        196,380  

PowerShares Senior Loan Portfolio

      313,366        7,251,289  

SPDR S&P 500 ETF Trust, Series 1

      443        109,638  

SPDR Blackstone/GSO Senior Loan ETF

      124,600        5,906,040  
     

 

 

  

Total Exchange-Traded Funds

      

(cost $14,179,932)

 

      14,206,774  
     

 

 

  

PREFERRED SECURITIES/CAPITAL SECURITIES - 0.0%

      

Finance-Investment Banker/Broker - 0.0%

      

Lehman Brothers Holdings Capital Trust VII
Escrow Security
0.00%†(1)(2)
(cost $0)

      45,000        4  
     

 

 

  

RIGHTS - 0.0%

      

Fosun International, Ltd.†
Expires 09/07/2017
(strike price HKD 8.97)
(cost $0)

      31        —    
     

 

 

  

ASSET BACKED SECURITIES - 4.8%

      

Diversified Financial Services - 4.8%

      

American Express Credit Account Master Trust
Series 2017-1, Class A
1.93% due 09/15/2022

      1,000,000        1,006,456  

BMW Vehicle Lease Trust
Series 2016-2, Class A3
1.43% due 09/20/2019

      1,400,000        1,397,626  

Capital One Multi-Asset Execution Trust
Series 2016-A6, Class A6
1.82% due 09/15/2022

      1,000,000        1,003,662  

Citibank Credit Card Issuance Trust
Series 2017-A2, Class A2
1.74% due 01/19/2021

      1,000,000        1,002,802  

Discover Card Execution Note Trust
Series 2015-A4, Class A4
2.19% due 04/17/2023

      1,400,000        1,418,465  

Hyundai Auto Receivables Trust
Series 2017-B, ClassA3
1.77% due 01/18/2022(1)

      1,000,000        999,827  

Nissan Auto Receivables Owner Trust
Series 2017-A, Class A3
1.74% due 08/16/2021

      1,000,000        1,002,672  
     

 

 

  

Total Asset Backed Securities

      

(cost $7,818,128)

 

      7,831,510  
     

 

 

  

U.S. CORPORATE BONDS & NOTES - 6.1%

      

Auto-Cars/Light Trucks - 0.8%

      

Ford Motor Credit Co. LLC FRS
Senior Notes
2.24% (3ML+0.93%)
due 11/04/2019

      1,270,000        1,278,493  
     

 

 

  

Computers - 0.8%

      

Apple, Inc. FRS
Senior Notes
1.39% (3ML+0.08%)
due 02/08/2019

      1,290,000        1,290,029  
     

 

 

  

Diversified Banking Institutions - 3.1%

      

Citigroup, Inc. FRS
Senior Notes
2.19% (3ML+0.88%)
due 07/30/2018

      1,285,000        1,291,688  

Goldman Sachs Group, Inc. FRS
Senior Notes
2.42% (3ML+1.10%)
due 11/15/2018

      1,280,000        1,291,727  

JPMorgan Chase & Co. FRS
Senior Notes
2.21% (3ML+0.90%)
due 04/25/2023

      1,100,000        1,102,345  

Morgan Stanley FRS
Senior Notes
2.04% (3ML+0.74%)
due 01/05/2018

      1,290,000        1,292,551  
     

 

 

  
     4,978,311  
     

 

 

  

Finance-Credit Card - 0.8%

      

American Express Credit Corp. FRS
Senior Notes
1.64% (3ML+0.33%)
due 05/03/2019

      1,290,000        1,292,862  
     

 

 

  

Finance-Investment Banker/Broker - 0.0%

      

Lehman Brothers Holdings, Inc.
Escrow Notes
5.50% due 04/04/2016†

      44,000        2,640  

Lehman Brothers Holdings, Inc.
Escrow Notes
6.75% due 12/28/2017†(1)(2)

      71,000        7  

Lehman Brothers Holdings, Inc.
Escrow Notes
7.50% due 05/11/2038†(1)(2)

      69,000        7  
     

 

 

  
     2,654  
     

 

 

  

Telephone-Integrated - 0.6%

      

AT&T, Inc. FRS
Senior Notes
2.25% (3ML+0.95%)
due 07/15/2021

      1,000,000        1,010,198  
     

 

 

  

Total U.S. Corporate Bonds & Notes

      

(cost $9,857,485)

 

      9,852,547  
     

 

 

  

FOREIGN CORPORATE BONDS & NOTES - 1.8%

        

Diversified Manufacturing Operations - 0.8%

        

Siemens Financieringsmaatschappij NV FRS
Company Guar. Notes
1.56% (3ML+0.32%)
due 09/13/2019*

         1,290,000       1,294,434  
       

 

 

  

Oil Companies-Integrated - 0.2%

        

Shell International Finance BV FRS
Company Guar. Notes
1.67% (3ML+0.45%)
due 05/11/2020

         311,000       313,501  
       

 

 

  

Soap & Cleaning Preparation - 0.8%

        

Reckitt Benckiser Treasury Services PLC FRS
Company Guar. Notes
1.86% (3ML+0.56%)
due 06/24/2022*

         1,295,000       1,295,069  
       

 

 

  

Total Foreign Corporate Bonds & Notes

        

(cost $2,906,182)

           2,903,004  
       

 

 

  

FOREIGN GOVERNMENT OBLIGATIONS - 5.1%

        

Sovereign - 5.1%

        

Oriental Republic of Uruguay
Senior Notes
9.88% due 06/20/2022*

      UYU        8,000,000       294,326  

Republic of Argentina
Senior Notes
6.88% due 04/22/2021

         980,000       1,065,260  

Republic of Argentina
Senior Notes
6.88% due 01/26/2027

         790,000       851,225  

Republic of Argentina
Senior Notes
7.13% due 07/06/2036

         200,000       209,600  

Republic of Argentina
Senior Notes
7.50% due 04/22/2026#

         830,000       927,940  

Republic of Argentina
Senior Notes
8.28% due 12/31/2033

         98,143       113,600  

Republic of Indonesia
Senior Notes
4.75% due 01/08/2026

         375,000       409,825  

Republic of Indonesia
Senior Notes
4.88% due 05/05/2021

         1,225,000       1,319,977  

Republic of Indonesia
Senior Notes
6.63% due 02/17/2037

         590,000       753,925  

Republic of Peru
Senior Notes
7.35% due 07/21/2025

         1,360,000       1,793,840  

Republic of Peru
Senior Notes
8.75% due 11/21/2033

         400,000       631,000  
       

 

 

  

Total Foreign Government Obligations

        

(cost $8,302,513)

           8,370,518  
       

 

 

  

Total Long-Term Investment Securities

        

(cost $143,541,374)

           148,480,416  
       

 

 

  

SHORT-TERM INVESTMENT SECURITIES - 10.2%

        

Registered Investment Companies - 1.5%

        

State Street Navigator Securities Lending Government Money Market Portfolio
1.01%(3)(4)

         2,378,953       2,378,953  
       

 

 

  

Time Deposits - 7.2%

        

Euro Time Deposit with State Street Bank and Trust Co.
0.12% due 09/01/2017

         11,762,000       11,762,000  
       

 

 

  

U.S. Government Treasuries - 1.5%

        

United States Treasury Bills

        

0.88% due 12/07/2017(5)

         2,070,000       2,064,556  

0.96% due 12/07/2017(5)

         5,000       4,987  

0.99% due 12/07/2017(5)

         350,000       349,079  
       

 

 

  
          2,418,622  
       

 

 

  

Total Short-Term Investment Securities

        

(cost $16,560,129)

           16,559,575  
       

 

 

  

TOTAL INVESTMENTS

        

(cost $160,101,503)

         101.3 %      165,039,991  

Liabilities in excess of other assets

         (1.3 )      (2,080,309 ) 
     

 

 

    

 

 

  

NET ASSETS

         100.0 %    $ 162,959,682  
     

 

 

    

 

 

  

 

# 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 August 31, 2017, the aggregate value of these securities was $3,004,686 representing 1.8% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid.
(1) Security classified as Level 3 (see Note 1).
(2) Illiquid security. At August 31, 2017, the aggregate value of these securities was $13,383 representing 0.0% of net assets.
(3) The rate shown is the 7-day yield as of August 31, 2017.
(4) At August 31, 2017, the Fund had loaned securities with a total value of $7,710,454. This was secured by collateral of $2,378,953 which was received in cash and subsequently invested in short-term investments currently valued at $2,378,953 as reported in the Portfolio of Investments. Additional collateral of $5,505,625 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
August 31, 2017		  

Federal Home Loan Mtg. Corp.

    2.50% to 4.50%    08/01/2027 to 01/01/2047    $ 561,299  

Federal National Mtg. Assoc.

    2.50% to 4.40%    10/25/2029 to 11/01/2046      480,519  

Government National Mtg. Assoc.

    2.50% to 3.50%    01/20/2043 to 05/16/2053      908,889  

United States Treasury Bills

    0.00%    09/07/2017 to 07/19/2018      140,104  

United States Treasury Notes/Bonds

    zero coupon to 8.00%    09/30/2017 to 05/15/2047      3,414,814  

 

(5) The security or a portion was pledged as collateral to cover margin requirements for open future contracts.
(6) Denominated in United States dollars unless otherwise indicated.

ADR - American Depositary Receipt

FDR - Fiduciary Depositary Receipt

FRS - Floating Rate Security

UYU - Uruguayan Peso

The rates shown on the FRS is the current interest rates as of August 31, 2017, and unless noted otherwise, the dates shown are the original maturity date.

Index Legend

3ML - 3 Month USD LIBOR

Futures Contracts

 

 

Number
of
Contracts		    Type                            Description                         Expiration Month     

Notional

Basis*

     

Notional

Value*

      Unrealized
Appreciation
(Depreciation)		  

 

  

15

      Long        Russell 2000 Mini Index      September 2017        1,062,897        1,053,300      $ (9,597 ) 

684

      Long        SGX Nifty 50 Index      September 2017        13,501,785        13,595,184        93,399  

25

      Long        TOPIX Index      September 2017        3,622,784        3,693,339        70,555  

31

      Short        mini MSCI EAFE Index      September 2017        2,922,883        2,998,940        (76,057 ) 

22

      Short        mini MSCI Emerging Markets Index      September 2017        1,104,934        1,194,820        (89,886 ) 

98

      Short        Russell 1000 Growth Index      September 2017        5,888,025        6,091,680        (203,655 ) 

85

      Short        S&P 500 E-Mini Index      September 2017        10,344,031        10,497,925        (153,894 ) 
                   

 

 

  
                    $ (369,135 ) 
                   

 

 

  

 

* Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract.

Forward Foreign Currency Contracts

 

                             Delivery      Unrealized      Unrealized  

Counterparty

    Contract to Deliver      In Exchange For      Date      Appreciation      Depreciation  

Morgan Stanley Capital Services, Inc.

    JPY      2,062,280,000      USD      1,879,009        12/20/2017      $ —        $ 6,911  
                 

 

 

     

 

 

  

 

JPY - Japanese Yen

USD - United States Dollar

The following is a summary of the inputs used to value the Fund’s net assets as of August 31, 2017 (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:

        

Telecommunications Equipment

   $ 82,120     $ —       $ 0     $ 82,120  

Television

     48,175       —         13,365       61,540  

Other Industries

     79,149,202       26,023,197 #      —         105,172,399  

Exchange-Traded Funds

     14,206,774       —         —         14,206,774  

Preferred Securities/Capital Securities

     —         —         4       4  

Rights

     —         —         —         —    

Asset Backed Securities

     —         6,831,683       999,827       7,831,510  

U.S. Corporate Bonds & Notes:

        

Finance-Investment Banker/Broker

       2,640       14       2,654  

Other Industries

     —         9,849,893       —         9,849,893  

Foreign Corporate Bonds & Notes

     —         2,903,004       —         2,903,004  

Foreign Government Obligations

     —         8,370,518       —         8,370,518  

Short-Term Investment Securities:

        

Registered Investment Companies

     2,378,953       —         —         2,378,953  

Other Short-Term Investment Securities

     —         14,180,622       —         14,180,622  
 

 

 

    

 

 

    

 

 

    

 

 

  

Total Investments at Value

   $ 95,865,224     $ 68,161,557     $ 1,013,210     $ 165,039,991  
 

 

 

    

 

 

    

 

 

    

 

 

  

Other Financial Instruments:†

        

Futures Contracts

   $ 93,399     $ 70,555     $ —       $ 163,954  
 

 

 

    

 

 

    

 

 

    

 

 

  
LIABILITIES:        
Other Financial Instruments:†        

Futures Contracts

   $ 533,089     $ —       $ —       $ 533,089  

Forward Foreign Currency Contracts

     —         6,911       —         6,911  
 

 

 

    

 

 

    

 

 

    

 

 

  

Total Other Financial Instruments

   $ 533,089     $ 6,911     $ —       $ 540,000  
 

 

 

    

 

 

    

 

 

    

 

 

  

 

* 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.
# Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 1).

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities currently valued at $24,330,584 were transferred from Level 1 to Level 2 due to foreign equity securities whose values were 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 Portfolio of Investments

VALIC Company I Blue Chip Growth Fund

PORTFOLIO OF INVESTMENTS - August 31, 2017 - (unaudited)

 

Security Description

    Shares      Value
(Note 1)		  

COMMON STOCKS - 99.6%

      

Aerospace/Defense - 2.8%

      

Boeing Co.

      68,700      $ 16,464,642  

Northrop Grumman Corp.

      5,300        1,442,713  

Raytheon Co.

      1,300        236,613  

Rockwell Collins, Inc.

      13,300        1,742,965  
     

 

 

  
        19,886,933  
     

 

 

  

Aerospace/Defense-Equipment - 0.1%

      

Harris Corp.

      3,100        380,990  
     

 

 

  

Airlines - 2.2%

      

Alaska Air Group, Inc.

      60,500        4,516,930  

American Airlines Group, Inc.

      228,600        10,227,564  

Delta Air Lines, Inc.

      2,500        117,975  

United Continental Holdings, Inc.†#

      16,300        1,009,948  
     

 

 

  
        15,872,417  
     

 

 

  

Applications Software - 8.5%

      

Intuit, Inc.

      35,300        4,993,185  

Microsoft Corp.

      371,700        27,792,009  

Red Hat, Inc.†

      50,000        5,375,000  

salesforce.com, Inc.†

      127,600        12,184,524  

ServiceNow, Inc.†

      86,800        10,085,292  
     

 

 

  
        60,430,010  
     

 

 

  

Auto-Cars/Light Trucks - 1.1%

      

Ferrari NV

      19,000        2,175,310  

Tesla, Inc.†#

      16,406        5,838,895  
     

 

 

  
        8,014,205  
     

 

 

  

Auto/Truck Parts & Equipment-Original - 0.3%

      

Delphi Automotive PLC

      23,400        2,255,760  
     

 

 

  

Banks-Commercial - 0.4%

      

First Republic Bank

      30,311        2,941,683  
     

 

 

  

Banks-Fiduciary - 1.1%

      

Bank of New York Mellon Corp.

      13,100        684,868  

Citizens Financial Group, Inc.

      11,138        369,002  

State Street Corp.

      75,800        7,010,742  
     

 

 

  
        8,064,612  
     

 

 

  

Beverages-Non-alcoholic - 0.1%

      

Monster Beverage Corp.†

      7,800        435,396  
     

 

 

  

Beverages-Wine/Spirits - 0.2%

      

Constellation Brands, Inc., Class A

      6,400        1,280,640  
     

 

 

  

Cable/Satellite TV - 0.1%

      

Charter Communications, Inc., Class A†

      303        120,758  

Comcast Corp., Class A

      8,200        333,002  
     

 

 

  
        453,760  
     

 

 

  

Casino Hotels - 0.3%

      

MGM Resorts International

      61,800        2,036,928  
     

 

 

  

Chemicals-Diversified - 0.0%

      

E.I. du Pont de Nemours & Co.

      600        50,358  
     

 

 

  

Coatings/Paint - 0.3%

      

Sherwin-Williams Co.

      5,900        2,001,693  
     

 

 

  

Commercial Services - 0.1%

      

Cintas Corp.

      5,400        729,054  
     

 

 

  

Commercial Services-Finance - 2.5%

      

Equifax, Inc.

      15,500        2,208,285  

FleetCor Technologies, Inc.†

      2,300        330,671  

Global Payments, Inc.

      33,400        3,189,366  

IHS Markit, Ltd.†

      25,816        1,209,221  

PayPal Holdings, Inc.†

      143,600        8,857,248  

S&P Global, Inc.

      11,400        1,759,362  

Vantiv, Inc., Class A†

      6,900        487,761  
     

 

 

  
        18,041,914  
     

 

 

  

Computers - 1.9%

      

Apple, Inc.

      81,100        13,300,400  
     

 

 

  

Containers-Metal/Glass - 0.2%

      

Ball Corp.#

      43,654        1,745,723  
     

 

 

  

Cruise Lines - 0.6%

      

Norwegian Cruise Line Holdings, Ltd.†

      800        47,568  

Royal Caribbean Cruises, Ltd.

      31,200        3,883,152  
     

 

 

  
        3,930,720  
     

 

 

  

Data Processing/Management - 1.5%

      

Fidelity National Information Services, Inc.

      42,300        3,930,516  

Fiserv, Inc.†

      52,800        6,531,888  
     

 

 

  
        10,462,404  
     

 

 

  

Diagnostic Equipment - 2.3%

      

Danaher Corp.

      102,480        8,548,882  

Thermo Fisher Scientific, Inc.

      39,966        7,479,237  
     

 

 

  
        16,028,119  
     

 

 

  

Diversified Banking Institutions - 3.0%

      

Citigroup, Inc.

      27,200        1,850,416  

JPMorgan Chase & Co.

      49,400        4,489,966  

Morgan Stanley

      334,700        15,228,850  
     

 

 

  
        21,569,232  
     

 

 

  

Diversified Manufacturing Operations - 0.0%

      

Textron, Inc.

      1,400        68,726  
     

 

 

  

E-Commerce/Products - 11.8%

      

Alibaba Group Holding, Ltd. ADR†#

      157,321        27,018,309  

Amazon.com, Inc.†

      58,100        56,972,860  
     

 

 

  
        83,991,169  
     

 

 

  

E-Commerce/Services - 4.7%

      

Ctrip.com International, Ltd. ADR†#

      68,680        3,533,586  

Priceline Group, Inc.†

      16,120        29,855,530  
     

 

 

  
        33,389,116  
     

 

 

  

Electric-Integrated - 0.2%

      

NextEra Energy, Inc.

      7,800        1,173,978  
     

 

 

  

Electronic Components-Semiconductors - 1.6%

      

Broadcom, Ltd.

      28,500        7,183,995  

Microchip Technology, Inc.#

      30,800        2,673,440  

Xilinx, Inc.#

      23,500        1,552,410  
     

 

 

  
        11,409,845  
     

 

 

  

Electronic Measurement Instruments - 0.7%

      

Agilent Technologies, Inc.

      5,300        343,016  

Fortive Corp.

      68,990        4,482,280  
     

 

 

  
        4,825,296  
     

 

 

  

Enterprise Software/Service - 0.5%

      

Workday, Inc., Class A†#

      32,700        3,586,863  
     

 

 

  

Entertainment Software - 1.0%

      

Activision Blizzard, Inc.

      17,500        1,147,300  

Electronic Arts, Inc.†

      49,300        5,989,950  
     

 

 

  
        7,137,250  
     

 

 

  

Finance-Credit Card - 5.8%

      

MasterCard, Inc., Class A

      136,200        18,155,460  

Visa, Inc., Class A#

      223,200        23,105,664  
     

 

 

  
        41,261,124  
     

 

 

  

Finance-Investment Banker/Broker - 1.7%

      

Charles Schwab Corp.

      82,600        3,295,740  

TD Ameritrade Holding Corp.

      204,100        8,841,612  
     

 

 

  
        12,137,352  
     

 

 

  

Finance-Other Services - 1.2%

      

CME Group, Inc.

      1,959        246,442  

Intercontinental Exchange, Inc.

      124,100        8,025,547  
     

 

 

  
        8,271,989  
     

 

 

  

Hotels/Motels - 1.2%

      

Hilton Worldwide Holdings, Inc.

      34,953        2,248,527  

Marriott International, Inc., Class A

      57,790        5,985,888  
     

 

 

  
        8,234,415  
     

 

 

  

Instruments-Controls - 0.6%

      

Honeywell International, Inc.

      30,500        4,217,235  
     

 

 

  

Insurance Brokers - 0.7%

      

Marsh & McLennan Cos., Inc.

      23,000        1,795,840  

Willis Towers Watson PLC

      21,000        3,117,870  
     

 

 

  
        4,913,710  
     

 

 

  

Insurance-Multi-line - 0.0%

      

Chubb, Ltd.

      900        127,278  
     

 

 

  

Insurance-Property/Casualty - 0.1%

      

Progressive Corp.

      18,800        873,824  
     

 

 

  

Internet Application Software - 2.1%

      

Tencent Holdings, Ltd.

      354,300        15,054,724  
     

 

 

  

Internet Content-Entertainment - 6.6%

      

Facebook, Inc., Class A†

      232,241        39,938,485  

Netflix, Inc.†

      41,300        7,215,523  
     

 

 

  
        47,154,008  
     

 

 

  

Internet Security - 0.1%

      

Symantec Corp.

      21,900        656,562  
     

 

 

  

Investment Management/Advisor Services - 0.0%

      

Ameriprise Financial, Inc.

      940        130,199  
     

 

 

  

Machinery-General Industrial - 0.5%

      

Roper Technologies, Inc.

      15,100        3,482,966  
     

 

 

  

Medical Instruments - 1.5%

      

Intuitive Surgical, Inc.†

      10,400        10,448,568  
     

 

 

  

Medical Products - 2.7%

      

Becton Dickinson and Co.

      45,548        9,084,093  

Stryker Corp.

      72,100        10,192,777  
     

 

 

  
        19,276,870  
     

 

 

  

Medical-Biomedical/Gene - 5.1%

      

Alexion Pharmaceuticals, Inc.†

      72,845        10,373,856  

Biogen, Inc.†

      21,600        6,837,696  

Celgene Corp.†

      53,200        7,391,076  

Illumina, Inc.†

      1,573        321,616  

Regeneron Pharmaceuticals, Inc.†

      300        149,070  

Vertex Pharmaceuticals, Inc.†

      69,600        11,173,584  
     

 

 

  
        36,246,898  
     

 

 

  

Medical-Drugs - 0.3%

      

Allergan PLC

      3,651        837,831  

Merck & Co., Inc.

      4,600        293,756  

Shire PLC ADR

      586        87,543  

Zoetis, Inc.

      15,600        978,120  
     

 

 

  
        2,197,250  
     

 

 

  

Medical-HMO - 5.5%

      

Aetna, Inc.

      41,977        6,619,773  

Cigna Corp.

      38,037        6,925,016  

Humana, Inc.

      26,200        6,749,644  

UnitedHealth Group, Inc.

      95,600        19,014,840  
     

 

 

  
        39,309,273  
     

 

 

  

Real Estate Investment Trusts - 2.1%

      

American Tower Corp.

      84,100        12,451,005  

Equinix, Inc.

      4,856        2,274,599  

SBA Communications Corp.†

      2,600        399,230  
     

 

 

  
        15,124,834  
     

 

 

  

Retail-Apparel/Shoe - 0.5%

      

Coach, Inc.

      9,100        379,470  

Ross Stores, Inc.

      56,700        3,314,115  
     

 

 

  
        3,693,585  
     

 

 

  

Retail-Auto Parts - 0.1%

      

O’Reilly Automotive, Inc.†

      5,020        984,573  
     

 

 

  

Retail-Building Products - 1.0%

      

Home Depot, Inc.

      45,800        6,864,046  

Lowe’s Cos., Inc.

      1,900        140,391  
     

 

 

  
        7,004,437  
     

 

 

  

Retail-Discount - 0.2%

      

Costco Wholesale Corp.

      900        141,066  

Dollar General Corp.

      18,200        1,320,592  
     

 

 

  
        1,461,658  
     

 

 

  

Retail-Drug Store - 0.2%

      

Walgreens Boots Alliance, Inc.

      20,155        1,642,632  
     

 

 

  

Retail-Restaurants - 1.5%

      

McDonald’s Corp.

      20,800        3,327,376  

Starbucks Corp.

      18,300        1,003,938  

Yum! Brands, Inc.

      84,800        6,514,336  
     

 

 

  
        10,845,650  
     

 

 

  

Semiconductor Components-Integrated Circuits - 0.2%

      

Analog Devices, Inc.

      13,700        1,146,279  
     

 

 

  

Semiconductor Equipment - 0.2%

      

KLA-Tencor Corp.

      6,200        580,878  

Lam Research Corp.

      4,500        746,910  
     

 

 

  
        1,327,788  
     

 

 

  

Tobacco - 1.2%

      

Philip Morris International, Inc.

      72,000        8,418,960  
     

 

 

  

Tools-Hand Held - 0.2%

      

Stanley Black & Decker, Inc.

      11,300        1,627,200  
     

 

 

  

Transport-Rail - 0.2%

      

Canadian Pacific Railway, Ltd.

      7,000        1,089,200  

CSX Corp.

      1,800       90,360  

Union Pacific Corp.

      400       42,120  
    

 

 

  
       1,221,680  
    

 

 

  

Transport-Services - 0.0%

     

FedEx Corp.

      1,200       257,256  
    

 

 

  

Web Portals/ISP - 6.2%

     

Alphabet, Inc., Class A†

      15,000       14,328,600  

Alphabet, Inc., Class C†

      31,384       29,479,933  
    

 

 

  
       43,808,533  
    

 

 

  

Total Long-Term Investment Securities

     

(cost $408,659,289)

        708,054,504  
    

 

 

  

SHORT-TERM INVESTMENT SECURITIES - 0.8%

     

Registered Investment Companies - 0.8%

     

State Street Institutional U.S. Government Money Market Fund, Premier Class
0.93%(1)

      500,501       500,501  

T. Rowe Price Government Reserve Fund
1.04%(1)

      5,127,684       5,127,684  
    

 

 

  

Total Short-Term Investment Securities

     

(cost $5,628,185)

        5,628,185  
    

 

 

  

TOTAL INVESTMENTS

     

(cost $414,287,474)

      100.4 %      713,682,689  

Liabilities in excess of other assets

      (0.4 )      (2,569,286 ) 
  

 

 

    

 

 

  

NET ASSETS

      100.0 %    $ 711,113,403  
  

 

 

    

 

 

  

 

† Non-income producing security
# The security or a portion thereof is out on loan.

At August 31, 2017, the Fund had loaned securities with a total value of $34,140,954. This was secured by collateral of $34,868,049 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
August 31, 2017		  

Federal Home Loan Mtg. Corp.

    2.50% to 4.50%      08/01/2027 to 01/01/2047      $ 550,667  

Federal National Mtg. Assoc.

    2.63% to 4.25%      10/25/2029 to 11/01/2046        452,483  

Government National Mtg. Assoc.

    2.50% to 3.50%      01/20/2043 to 05/16/2053        945,321  

United States Treasury Bills

    0.00%      09/07/2017 to 03/01/2018        713,600  

United States Treasury Notes/Bonds

    zero coupon to 6.13%      09/30/2017 to 02/15/2047        32,205,978  

 

(1) The rate shown is the 7-day yield as of August 31, 2017.

ADR - American Depositary Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of August 31, 2017 (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

    $ 692,999,780      $ 15,054,724 **    $ —        $ 708,054,504  

Short-Term Investment Securities

      5,628,185        —         —          5,628,185  
  

 

 

     

 

 

    

 

 

     

 

 

  

Total Investments at Value

    $ 698,627,965      $ 15,054,724     $ —        $ 713,682,689  
  

 

 

     

 

 

    

 

 

     

 

 

  

 

* For a detailed presentation of investments, please refer to the Portfolio of Investments.
** Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 1).

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities currently valued at $15,054,724 were transferred from Level 1 to Level 2 due to foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.

See Notes to Portfolio of Investments

VALIC Company I Broad Cap Value Income Fund

PORTFOLIO OF INVESTMENTS - August 31, 2017 - (unaudited)

 

Security Description

    Shares/
Principal
Amount		      Value
(Note 1)		  

COMMON STOCKS - 99.6%

      

Aerospace/Defense - 2.7%

      

General Dynamics Corp.

      3,000      $ 604,050  

Spirit AeroSystems Holdings, Inc., Class A

      12,900        961,050  
     

 

 

  
        1,565,100  
     

 

 

  

Aerospace/Defense-Equipment - 1.6%

      

United Technologies Corp.

      7,490        896,703  
     

 

 

  

Apparel Manufacturers - 1.2%

      

Hanesbrands, Inc.#

      27,300        662,298  
     

 

 

  

Applications Software - 1.5%

      

Microsoft Corp.

      11,635        869,949  
     

 

 

  

Banks-Fiduciary - 1.6%

      

State Street Corp.

      10,210        944,323  
     

 

 

  

Banks-Super Regional - 5.2%

      

Capital One Financial Corp.

      8,225        654,793  

KeyCorp

      43,900        755,519  

PNC Financial Services Group, Inc.

      4,625        580,021  

Wells Fargo & Co.

      19,745        1,008,377  
     

 

 

  
        2,998,710  
     

 

 

  

Beverages-Non-alcoholic - 1.5%

      

Coca-Cola European Partners PLC

      20,600        885,800  
     

 

 

  

Building & Construction Products-Misc. - 1.6%

      

Owens Corning

      12,200        904,386  
     

 

 

  

Building Products-Air & Heating - 1.4%

      

Johnson Controls International PLC

      20,343        805,379  
     

 

 

  

Building Products-Cement - 0.8%

      

CRH PLC ADR

      12,400        432,884  
     

 

 

  

Chemicals-Diversified - 4.1%

      

Celanese Corp., Series A

      8,900        863,478  

E.I. du Pont de Nemours & Co.

      11,400        956,802  

LyondellBasell Industries NV, Class A

      5,900        534,481  
     

 

 

  
        2,354,761  
     

 

 

  

Chemicals-Specialty - 0.7%

      

Versum Materials, Inc.

      10,600        391,458  
     

 

 

  

Commercial Services - 0.9%

      

Nielsen Holdings PLC

      13,300        516,705  
     

 

 

  

Computers - 2.4%

      

Apple, Inc.

      6,500        1,066,000  

Hewlett Packard Enterprise Co.

      16,500        297,990  
     

 

 

  
        1,363,990  
     

 

 

  

Cruise Lines - 4.5%

      

Carnival Corp.

      13,200        917,136  

Norwegian Cruise Line Holdings, Ltd.†

      12,600        749,196  

Royal Caribbean Cruises, Ltd.

      7,600        945,896  
     

 

 

  
        2,612,228  
     

 

 

  

Diversified Banking Institutions - 7.3%

      

Bank of America Corp.

      54,926        1,312,182  

Citigroup, Inc.

      23,010        1,565,370  

JPMorgan Chase & Co.

      14,805        1,345,627  
     

 

 

  
        4,223,179  
     

 

 

  

Diversified Manufacturing Operations - 0.4%

      

General Electric Co.

      9,300        228,315  
     

 

 

  

Diversified Minerals - 0.3%

      

Fairmount Santrol Holdings, Inc.†#

      52,300        160,038  
     

 

 

  

Electronic Components-Semiconductors - 3.2%

      

Microchip Technology, Inc.#

      11,900        1,032,920  

Texas Instruments, Inc.

      9,920        821,574  
     

 

 

  
        1,854,494  
     

 

 

  

Enterprise Software/Service - 1.7%

      

Oracle Corp.

      19,300        971,369  
     

 

 

  

Finance-Consumer Loans - 2.8%

      

Navient Corp.

      40,605        535,986  

SLM Corp.†

      107,005        1,088,241  
     

 

 

  
        1,624,227  
     

 

 

  

Finance-Credit Card - 2.7%

      

American Express Co.

      11,955        1,029,325  

Discover Financial Services

      9,400        554,130  
     

 

 

  
        1,583,455  
     

 

 

  

Finance-Investment Banker/Broker - 1.3%

      

E*TRADE Financial Corp.†

      18,500        758,685  
     

 

 

  

Finance-Mortgage Loan/Banker - 1.3%

      

FNF Group

      15,800        762,192  
     

 

 

  

Home Decoration Products - 1.3%

      

Newell Brands, Inc.

      16,100        777,308  
     

 

 

  

Industrial Gases - 1.6%

      

Air Products & Chemicals, Inc.

      6,200        901,294  
     

 

 

  

Instruments-Controls - 1.0%

      

Honeywell International, Inc.

      4,200        580,734  
     

 

 

  

Insurance Brokers - 0.9%

      

Willis Towers Watson PLC

      3,600        534,492  
     

 

 

  

Insurance-Property/Casualty - 1.0%

      

XL Group, Ltd.

      13,900        569,344  
     

 

 

  

Insurance-Reinsurance - 1.6%

      

Berkshire Hathaway, Inc., Class B†

      5,000        905,800  
     

 

 

  

Medical Instruments - 1.6%

      

Medtronic PLC

      11,130        897,301  
     

 

 

  

Medical-Drugs - 6.6%

      

Bayer AG ADR

      4,900        628,131  

Johnson & Johnson

      5,685        752,523  

Merck & Co., Inc.

      13,400        855,724  

Pfizer, Inc.

      25,841        876,527  

Sanofi ADR

      14,000        683,760  
     

 

 

  
        3,796,665  
     

 

 

  

Medical-Generic Drugs - 0.5%

      

Teva Pharmaceutical Industries, Ltd. ADR

      18,800        298,168  
     

 

 

  

Medical-HMO - 5.6%

      

Anthem, Inc.

      5,815        1,139,973  

Cigna Corp.

      5,000        910,300  

UnitedHealth Group, Inc.

      5,820        1,157,598  
     

 

 

  
        3,207,871  
     

 

 

  

Medical-Wholesale Drug Distribution - 1.3%

      

Cardinal Health, Inc.

      11,100        748,806  
     

 

 

  

Multimedia - 1.5%

      

Twenty-First Century Fox, Inc., Class A

      30,700        847,013  
     

 

 

  

Oil Companies-Exploration & Production - 4.6%

      

ConocoPhillips

      18,065        788,718  

Hess Corp.

      16,800        653,520  

Kosmos Energy, Ltd.†#

      71,297        501,931  

Occidental Petroleum Corp.

      11,765       702,370  
    

 

 

  
       2,646,539  
    

 

 

  

Oil Companies-Integrated - 3.0%

     

BP PLC ADR

      24,135       838,208  

Chevron Corp.

      8,200       882,484  
    

 

 

  
       1,720,692  
    

 

 

  

Oil Refining & Marketing - 1.5%

     

Phillips 66

      10,000       838,100  
    

 

 

  

Pharmacy Services - 1.3%

     

Express Scripts Holding Co.†

      11,600       728,712  
    

 

 

  

Retail-Building Products - 1.5%

     

Lowe’s Cos., Inc.

      12,000       886,680  
    

 

 

  

Retail-Discount - 1.3%

     

Dollar General Corp.

      10,200       740,112  
    

 

 

  

Retail-Drug Store - 1.4%

     

CVS Health Corp.

      10,200       788,868  
    

 

 

  

Savings & Loans/Thrifts - 1.0%

     

New York Community Bancorp, Inc.#

      49,400       595,270  
    

 

 

  

Semiconductor Components-Integrated Circuits - 1.5%

     

QUALCOMM, Inc.

      16,600       867,682  
    

 

 

  

Telephone-Integrated - 1.0%

     

Verizon Communications, Inc.

      12,538       601,448  
    

 

 

  

Tobacco - 2.8%

     

Altria Group, Inc.

      13,070       828,638  

Philip Morris International, Inc.

      6,700       783,431  
    

 

 

  
       1,612,069  
    

 

 

  

Tools-Hand Held - 1.5%

     

Stanley Black & Decker, Inc.

      6,160       887,040  
    

 

 

  

Total Long-Term Investment Securities

     

(cost $43,521,943)

        57,348,636  
    

 

 

  

SHORT-TERM INVESTMENT SECURITIES - 1.7%

     

Registered Investment Companies - 1.2%

     

State Street Navigator Securities Lending Government Money Market Portfolio
0.72%(1)(2)

      675,675       675,675  
    

 

 

  

Time Deposits - 0.5%

     

Euro Time Deposit with State Street Bank and Trust Co.
0.12% due 09/01/17

    $ 317,000       317,000  
    

 

 

  

Total Short-Term Investment Securities

     

(cost $992,675)

        992,675  
    

 

 

  

TOTAL INVESTMENTS

     

(cost $44,514,618)

      101.3 %      58,341,311  

Liabilities in excess of other assets

      (1.3 )      (746,532 ) 
  

 

 

    

 

 

  

NET ASSETS

      100.0 %    $ 57,594,779  
  

 

 

    

 

 

  

 

# The security or a portion thereof is out on loan.
† Non-income producing security

ADR - American Depositary Receipt

 

(1) At August 31, 2017, the Fund had loaned securities with a total value of $2,952,457. This was secured by collateral of $675,675, which was received in cash and subsequently invested in short-term investments currently valued at $675,675 as reported in the Portfolio of Investments. Additional collateral of $2,315,402 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
August 31, 2017		  

Federal Home Loan Mtg. Corp.

    2.50% to 4.50%      08/01/2027 to 01/01/2047      $ 269,910  

Federal National Mtg. Assoc.

    2.63% to 4.25%      10/25/2029 to 11/01/2046        221,785  

Government National Mtg. Assoc.

    2.50% to 3.50%      01/20/2043 to 05/16/2053        463,350  

United States Treasury Bills

    0.00%      09/07/2017 to 03/01/2018        81,414  

United States Treasury Notes/Bonds

    zero coupon to 5.50%      09/30/2017 to 02/15/2047        1,278,943  

 

(2) The rate shown is the 7-day yield as of August 31, 2017.

The following is a summary of the inputs used to value the Fund’s net assets as of August 31, 2017 (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

    $ 57,348,636      $ —        $ —        $ 57,348,636  

Short-Term Investment Securities:

            

Registered Investment Companies

      675,675        —          —          675,675  

Time Deposits

      —          317,000        —          317,000  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments at Value

    $ 58,024,311      $ 317,000      $ —        $ 58,341,311  
  

 

 

     

 

 

     

 

 

     

 

 

  

* 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 Portfolio of Investments

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS - August 31, 2017 - (unaudited)

 

Security Description

    Principal
Amount/
Shares		      Value
(Note 1)		  

ASSET BACKED SECURITIES - 3.8%

      

Diversified Financial Services - 3.8%

      

Avis Budget Rental Car Funding AESOP LLC
Series 2015-1A, Class A
2.50% due 07/20/2021*

      $100,000      $ 100,376  

BMW Vehicle Lease Trust
Series 2017-1, Class A3
1.98% due 05/20/2020

      200,000        201,004  

Capital One Multi-Asset Execution Trust
Series 2016-A4, Class A4
1.33% due 06/15/2022

      110,000        109,448  

CarMax Auto Owner Trust
Series 2016-4, ClassA4
1.60% due 06/15/2022

      230,000        228,249  

CGGS Commercial Mtg. Trust
Series 2016-RNDA, Class AFX
2.76% due 02/10/2033*(1)

      173,561        174,380  

Chase Mtg. Trust VRS
Series 2016-2, Class M2
3.75% due 12/25/2045*(2)(10)

      296,776        305,889  

Citibank Credit Card Issuance Trust
Series 2017-A3, Class A3
1.92% due 04/07/2022

      115,000        115,612  

Citibank Credit Card Issuance Trust
Series 2014-A6, Class A6
2.15% due 07/15/2021

      128,000        129,220  

Citibank Credit Card Issuance Trust
Series 2014-A1, Class A1
2.88% due 01/23/2023

      333,000        344,413  

Citigroup Commercial Mtg. Trust
Series 2016-SMPL, Class A
2.23% due 09/10/2031*(1)

      100,000        99,711  

Citigroup Commercial Mtg. Trust
Series 2014-GC23, Class A2
2.85% due 07/10/2047(1)

      375,331        380,479  

COMM Mtg. Trust*(1)
Series 2016-787S, Class A
3.55% due 02/10/2036

      313,000        327,160  

COMM Mtg. Trust VRS
Series 2016-787S, Class B
3.96% due 02/10/2036*(1)(10)

      125,000        131,572  

CSAIL Commercial Mtg. Trust
Series 2017-C8, Class A2
2.99% due 06/15/2050

      1,764,000        1,821,406  

CSAIL Commercial Mtg. Trust
Series 2016-C7, Class A5
3.50% due 11/15/2049(1)

      500,000        521,226  

CSMC Trust
Series 2015-GLPA, Class A
3.88% due 11/15/2037*(1)

      467,000        500,579  

Ford Credit Auto Owner Trust
Series 2016-C, Class B
1.73% due 03/15/2022

      125,000        124,191  

Ford Credit Auto Owner Trust
Series 2014-C,Class B
1.97% due 04/15/2020

      287,000        287,743  

Ford Credit Auto Owner Trust
Series 2015-2, Class A
2.44% due 01/15/2027*

      250,000        253,876  

GM Financial Automobile Leasing Trust
Series 2017-2, Class A4
2.18% due 06/21/2021

      150,000        150,126  

GS Mtg. Securities Trust
Series 2015-GC28, Class A2
2.90% due 02/10/2048(1)

      240,000        244,679  

Honda Auto Receivables Owner Trust
Series 2016-2, Class A4
1.62% due 08/15/2022

      112,000        111,837  

Hudson Yards Mtg. Trust
Series 2016-10HY, Class A
2.84% due 08/10/2038*(1)

      520,000        513,167  

Morgan Stanley Bank of America Merrill Lynch Trust
Series 2015-C23, Class A2
2.98% due 07/15/2050(1)

      390,000        400,239  

Morgan Stanley Capital Barclays Bank Trust
Series 2016-MART, Class A
2.20% due 09/13/2031*(1)

      34,000        33,963  

MSDB Trust VRS
Series 2017-712F, Class A
3.43% due 07/11/2039*(10)

      790,000        811,767  

Nissan Auto Receivables Owner Trust
Series 2016-C, Class A3
1.18% due 01/15/2021

      500,000        497,109  

Synchrony Credit Card Master Note Trust
Series 2016-1, Class A
2.04% due 03/15/2022

      100,000        100,600  

Synchrony Credit Card Master Note Trust
Series 2016-2, Class A
2.21% due 05/15/2024

      100,000        100,759  
     

 

 

  

Total Asset Backed Securities

      

(cost $9,083,554)

         9,120,780  
     

 

 

  

U.S. CORPORATE BONDS & NOTES - 24.7%

      

Advertising Agencies - 0.1%

      

Interpublic Group of Cos., Inc.
Senior Notes
4.20% due 04/15/2024

      116,000        123,039  

Omnicom Group, Inc.
Company Guar. Notes
3.60% due 04/15/2026

      106,000        107,855  
     

 

 

  
        230,894  
     

 

 

  

Aerospace/Defense-Equipment - 0.2%

      

United Technologies Corp.
Senior Notes
1.90% due 05/04/2020

      213,000        213,094  

United Technologies Corp.
Senior Notes
4.05% due 05/04/2047#

      155,000        157,362  
     

 

 

  
        370,456  
     

 

 

  

Agricultural Chemicals - 0.0%

      

Mosaic Co.
Senior Notes
4.88% due 11/15/2041

      82,000        77,570  
     

 

 

  

Airlines - 0.1%

 

Delta Air Lines, Inc.
Senior Notes
2.88% due 03/13/2020

      206,000        209,307  
     

 

 

  

Appliances - 0.1%

 

Whirlpool Corp.
Senior Notes
4.50% due 06/01/2046

      123,000        130,314  
     

 

 

  

Applications Software - 0.1%

 

Microsoft Corp.
Senior Notes
4.10% due 02/06/2037#

      148,000        161,722  
     

 

 

  

Auto-Cars/Light Trucks - 1.2%

 

American Honda Finance Corp.
Senior Notes
1.20% due 07/12/2019

      260,000        257,778  

BMW US Capital LLC
Company Guar. Notes
1.50% due 04/11/2019*

      188,000        187,561  

Daimler Finance North America LLC
Company Guar. Notes
2.00% due 07/06/2021*

      192,000        189,669  

Daimler Finance North America LLC
Company Guar. Notes
2.30% due 01/06/2020*

      253,000        254,354  

Daimler Finance North America LLC
Company Guar. Notes
2.45% due 05/18/2020*

      413,000        416,658  

Ford Motor Co.
Senior Notes
5.29% due 12/08/2046#

      160,000        164,268  

Ford Motor Credit Co. LLC
Senior Notes
2.02% due 05/03/2019#

      274,000        273,890  

General Motors Co.
Senior Notes
5.15% due 04/01/2038

      119,000        120,441  

Nissan Motor Acceptance Corp.
Senior Notes
2.65% due 07/13/2022*

      333,000        336,466  

Toyota Motor Credit Corp.
Senior Notes
1.70% due 01/09/2019

      407,000        407,841  

Toyota Motor Credit Corp.
Senior Notes
2.00% due 10/24/2018

      154,000        154,909  
     

 

 

  
        2,763,835  
     

 

 

  

Auto-Heavy Duty Trucks - 0.1%

 

PACCAR Financial Corp.
Senior Notes
2.20% due 09/15/2019

      308,000        310,709  
     

 

 

  

Auto/Truck Parts & Equipment-Original - 0.0%

 

Lear Corp.
Senior Notes
3.80% due 09/15/2027

      100,000        100,227  
     

 

 

  

Banks-Commercial - 1.6%

 

BankUnited, Inc.
Senior Notes
4.88% due 11/17/2025

      435,000        456,366  

Fifth Third Bank
Senior Notes
1.63% due 09/27/2019

      207,000        206,128  

First Horizon National Corp.
Senior Notes
3.50% due 12/15/2020

      541,000        558,656  

First Tennessee Bank NA
Senior Notes
2.95% due 12/01/2019

      258,000        261,315  

PNC Bank NA
Senior Notes
2.00% due 05/19/2020

      288,000        289,205  

Regions Financial Corp.
Senior Notes
2.75% due 08/14/2022

      304,000        306,014  

Regions Financial Corp.
Sub. Notes
7.38% due 12/10/2037

      869,000        1,185,691  

Santander Holdings USA, Inc.
Senior Notes
3.70% due 03/28/2022*

      287,000        292,647  

Santander Holdings USA, Inc.
Senior Notes
4.40% due 07/13/2027*#

      144,000        148,295  
     

 

 

  
        3,704,317  
     

 

 

  

Banks-Fiduciary - 0.3%

 

Bank of New York Mellon Corp.
Senior Notes
2.66% due 05/16/2023

      135,000        136,383  

Citizens Financial Group, Inc.
Sub. Notes
4.15% due 09/28/2022*

      540,000        568,779  
     

 

 

  
        705,162  
     

 

 

  

Banks-Super Regional - 0.9%

 

Capital One Financial Corp.
Sub. Notes
4.20% due 10/29/2025

      199,000        205,280  

Huntington National Bank
Senior Notes
2.38% due 03/10/2020

      254,000        256,382  

Wells Fargo & Co
Sub. Notes
4.75% due 12/07/2046

      335,000        363,865  

Wells Fargo & Co.
Senior Notes
2.63% due 07/22/2022

      693,000        697,914  

Wells Fargo & Co.
Senior Notes
3.07% due 01/24/2023#

      591,000        604,010  

Wells Fargo & Co.
Sub. Notes
4.40% due 06/14/2046

      33,000        34,239  

Wells Fargo & Co.
Sub. Notes
4.90% due 11/17/2045

      41,000        45,248  
     

 

 

  
        2,206,938  
     

 

 

  

Brewery - 0.4%

 

Anheuser-Busch InBev Finance, Inc.
Company Guar. Notes
1.90% due 02/01/2019

      140,000        140,341  

Anheuser-Busch InBev Finance, Inc.
Company Guar. Notes
2.65% due 02/01/2021

      263,000        268,343  

Anheuser-Busch InBev Finance, Inc.
Company Guar. Notes
3.65% due 02/01/2026

      123,000        127,934  

Anheuser-Busch InBev Finance, Inc.
Company Guar. Notes
4.70% due 02/01/2036

      277,000        308,394  

Anheuser-Busch InBev Finance, Inc.
Company Guar. Notes
4.90% due 02/01/2046

      140,000        159,603  
     

 

 

  
        1,004,615  
     

 

 

  

Building & Construction Products-Misc. - 0.2%

 

Owens Corning
Company Guar. Notes
4.30% due 07/15/2047

      401,000        389,331  
     

 

 

  

Building Products-Air & Heating - 0.0%

 

Lennox International, Inc.
Company Guar. Notes
3.00% due 11/15/2023

      116,000        117,405  
     

 

 

  

Building Products-Wood - 0.1%

 

Masco Corp.
Senior Notes
4.50% due 05/15/2047

      147,000        149,989  
     

 

 

  

Building-Residential/Commercial - 0.0%

 

Toll Brothers Finance Corp.
Company Guar. Notes
4.88% due 03/15/2027

      106,000        108,915  
     

 

 

  

Cable/Satellite TV - 0.3%

 

Charter Communications Operating LLC/Charter Communications Operating Capital
Senior Sec. Notes
3.75% due 02/15/2028*

      456,000        445,464  

Charter Communications Operating LLC/Charter Communications Operating Capital
Senior Sec. Notes
5.38% due 05/01/2047*

      90,000        91,918  

Charter Communications Operating LLC/Charter Communications Operating Capital
Senior Sec. Notes
6.38% due 10/23/2035

      170,000        194,569  

Charter Communications Operating LLC/Charter Communications Operating Capital
Senior Sec. Notes
6.48% due 10/23/2045

      44,000        50,549  
     

 

 

  
        782,500  
     

 

 

  

Chemicals-Specialty - 0.1%

 

Lubrizol Corp.
Company Guar. Notes
6.50% due 10/01/2034

      179,000        240,864  
     

 

 

  

Coatings/Paint - 0.3%

 

RPM International, Inc.
Senior Notes
3.75% due 03/15/2027

      89,000        91,460  

Sherwin-Williams Co.
Senior Notes
2.25% due 05/15/2020

      292,000        293,427  

Sherwin-Williams Co.
Senior Notes
2.75% due 06/01/2022#

      232,000        233,761  

Sherwin-Williams Co.
Senior Notes
4.50% due 06/01/2047#

      77,000        81,026  
     

 

 

  
        699,674  
     

 

 

  

Commercial Services - 0.1%

 

Ecolab, Inc.
Senior Notes
2.38% due 08/10/2022

      290,000        291,721  
     

 

 

  

Commercial Services-Finance - 0.0%

 

Automatic Data Processing, Inc.
Senior Notes
2.25% due 09/15/2020

      113,000        114,544  
     

 

 

  

Computers - 0.7%

 

Apple, Inc.
Senior Notes
2.85% due 05/06/2021

      238,000        245,870  

Apple, Inc.
Senior Notes
2.85% due 02/23/2023

      211,000        216,884  

Diamond 1 Finance Corp./Diamond 2 Finance Corp.
Senior Sec. Notes
8.10% due 07/15/2036*

      510,000        642,010  

Diamond 1 Finance Corp./Diamond 2 Finance Corp.
Senior Sec. Notes
8.35% due 07/15/2046*

      161,000        207,711  

Hewlett Packard Enterprise Co.
Senior Notes
6.20% due 10/15/2035

      382,000        412,080  
     

 

 

  
        1,724,555  
     

 

 

  

Containers-Paper/Plastic - 0.1%

 

WestRock Co.
Company Guar. Notes
3.38% due 09/15/2027*#

      205,000        206,230  
     

 

 

  

Cosmetics & Toiletries - 0.1%

 

Procter & Gamble Co.
Senior Notes
1.70% due 11/03/2021

      133,000        132,306  
     

 

 

  

Data Processing/Management - 0.0%

 

Fidelity National Information Services, Inc.
Senior Notes
4.50% due 08/15/2046

      96,000        100,248  
     

 

 

  

Diversified Banking Institutions - 3.8%

 

Bank of America Corp.
Senior Notes
2.37% due 07/21/2021

      194,000        194,522  

Bank of America Corp.
Senior Notes
3.59% due 07/21/2028#

      194,000        196,287  

Bank of America Corp.
Sub. Notes
4.18% due 11/25/2027#

      1,007,000        1,042,814  

Bank of America Corp.
Sub. Notes
6.11% due 01/29/2037

      334,000        416,429  

Citigroup, Inc.
Senior Notes
2.88% due 07/24/2023

      304,000        305,218  

Citigroup, Inc.
Senior Notes
3.67% due 07/24/2028

      171,000        173,630  

Citigroup, Inc.
Sub. Notes
4.40% due 06/10/2025

      844,000        892,496  

Citigroup, Inc.
Sub. Notes
4.45% due 09/29/2027

      278,000        294,579  

Citigroup, Inc.
Sub. Notes
6.00% due 10/31/2033

      131,000        159,696  

Goldman Sachs Group, Inc.
Senior Notes
2.91% due 06/05/2023

      295,000        295,790  

Goldman Sachs Group, Inc.
Senior Notes
3.63% due 01/22/2023

      51,000        53,010  

Goldman Sachs Group, Inc.
Senior Notes
6.13% due 02/15/2033

      308,000        388,089  

Goldman Sachs Group, Inc.
Sub. Notes
6.75% due 10/01/2037

      459,000        605,376  

JPMorgan Chase & Co.
Senior Notes
2.20% due 10/22/2019#

      367,000        370,485  

JPMorgan Chase & Co.
Senior Notes
2.75% due 06/23/2020

      673,000        687,012  

JPMorgan Chase & Co.
Senior Notes
3.20% due 01/25/2023

      410,000        421,836  

JPMorgan Chase & Co.
Senior Notes
3.88% due 07/24/2038

      573,000        579,184  

Morgan Stanley
Senior Notes
2.75% due 05/19/2022

      530,000        534,445  

Morgan Stanley
Senior Notes
3.59% due 07/22/2028

      186,000        188,481  

Morgan Stanley
Senior Notes
3.97% due 07/22/2038

      143,000        144,722  

Morgan Stanley
Sub. Notes
4.10% due 05/22/2023

      528,000        554,667  

Morgan Stanley
Sub. Notes
5.00% due 11/24/2025

      422,000        464,469  
     

 

 

  
        8,963,237  
     

 

 

  

Diversified Financial Services - 0.2%

 

USAA Capital Corp.
Senior Notes
2.13% due 06/03/2019*

      359,000        360,521  
     

 

 

  

Diversified Manufacturing Operations - 0.2%

 

Illinois Tool Works, Inc.
Senior Notes
2.65% due 11/15/2026

      184,000        182,370  

Textron, Inc.
Senior Notes
4.00% due 03/15/2026

      186,000        195,757  
     

 

 

  
        378,127  
     

 

 

  

E-Commerce/Products - 0.1%

 

Amazon.com, Inc.
Senior Notes
3.88% due 08/22/2037*

      198,000        204,200  
     

 

 

  

Electric-Generation - 0.2%

 

Basin Electric Power Cooperative
1st Mtg. Notes
4.75% due 04/26/2047*

      451,000        493,588  
     

 

 

  

Electric-Integrated - 1.3%

 

Dominion Energy, Inc.
Junior Sub. Notes
2.58% due 07/01/2020

      136,000        137,301  

Dominion Resources, Inc.
Junior Sub. Notes
2.96% due 07/01/2019

      87,000        88,344  

Dominion Resources, Inc.
Senior Notes
5.25% due 08/01/2033

      300,000        348,393  

Duke Energy Progress LLC
1st Mtg. Notes
2.80% due 05/15/2022

      190,000        195,257  

Exelon Corp.
Junior Sub. Notes
3.50% due 06/01/2022

      267,000        276,772  

Exelon Generation Co. LLC
Senior Notes
2.95% due 01/15/2020

      165,000        168,040  

FirstEnergy Corp.
Senior Notes
3.90% due 07/15/2027

      288,000        294,225  

FirstEnergy Corp.
Senior Notes
4.85% due 07/15/2047

      148,000        154,466  

FirstEnergy Corp.
Senior Notes
7.38% due 11/15/2031

      376,000        507,685  

Georgia Power Co.
Senior Notes
2.00% due 09/08/2020

      177,000        177,379  

Massachusetts Electric Co.
Notes
4.00% due 08/15/2046*

      324,000        336,647  

Pacific Gas & Electric Co.
Senior Notes
4.00% due 12/01/2046#

      197,000        207,587  

South Carolina Electric & Gas Co.
1st Mtg. Bonds
5.10% due 06/01/2065

      134,000        161,261  
     

 

 

  
        3,053,357  
     

 

 

  

Electronic Components-Misc. - 0.1%

 

Corning, Inc.
Senior Notes
1.50% due 05/08/2018

      147,000        146,871  
     

 

 

  

Electronic Components-Semiconductors - 0.3%

 

Intel Corp.
Senior Notes
1.35% due 12/15/2017

      107,000        106,996  

Intel Corp.
Senior Notes
2.35% due 05/11/2022

      580,000        586,366  
     

 

 

  
        693,362  
     

 

 

  

Enterprise Software/Service - 0.3%

 

Oracle Corp.
Senior Notes
1.90% due 09/15/2021

      635,000        633,407  

Oracle Corp.
Senior Notes
3.85% due 07/15/2036#

      94,000        97,867  

Oracle Corp.
Senior Notes
3.90% due 05/15/2035

      75,000        78,406  
     

 

 

  
        809,680  
     

 

 

  

Finance-Credit Card - 0.3%

 

American Express Co.
Senior Notes
2.50% due 08/01/2022

      656,000        659,084  
     

 

 

  

Finance-Investment Banker/Broker - 0.1%

 

E*TRADE Financial Corp.
Senior Notes
3.80% due 08/24/2027

      71,000        72,307  

Lehman Brothers Holdings, Inc.
Escrow Notes
5.50% due 04/04/2016†

      89,000        5,340  

Lehman Brothers Holdings, Inc.
Escrow Notes
6.75% due 12/28/2017(8)(9)†

      87,000        9  

Lehman Brothers Holdings, Inc.
Escrow Notes
7.50% due 05/11/2038(8)(9)†

      112,000        11  

TD Ameritrade Holding Corp.
Senior Notes
2.95% due 04/01/2022

      162,000        166,026  
     

 

 

  
        243,693  
     

 

 

  

Finance-Leasing Companies - 0.1%

 

International Lease Finance Corp.
Senior Notes
5.88% due 08/15/2022

      143,000        161,706  

Washington Prime Group LP
Senior Notes
5.95% due 08/15/2024

      135,000        138,140  
     

 

 

  
        299,846  
     

 

 

  

Finance-Other Services - 0.3%

 

National Rural Utilities Cooperative Finance Corp.
Collateral Trust Bonds
2.00% due 01/27/2020

      247,000        248,509  

National Rural Utilities Cooperative Finance Corp.
Collateral Trust Bonds
2.30% due 11/01/2020

      105,000        105,922  

National Rural Utilities Cooperative Finance Corp.
Senior Notes
2.30% due 09/15/2022

      192,000        192,472  

National Rural Utilities Cooperative Finance Corp.
Collateral Trust Notes
2.40% due 04/25/2022

      146,000        147,763  
     

 

 

  
        694,666  
     

 

 

  

Food-Meat Products - 0.0%

 

Smithfield Foods, Inc.
Company Guar. Notes
4.25% due 02/01/2027*

      74,000        77,732  
     

 

 

  

Food-Misc./Diversified - 0.1%

 

Kraft Heinz Foods Co.
Sec. Notes
4.88% due 02/15/2025*

      254,000        272,876  
     

 

 

  

Food-Retail - 0.1%

 

Kroger Co.
Senior Notes
4.65% due 01/15/2048

      291,000        287,302  
     

 

 

  

Gas-Distribution - 0.2%

 

Dominion Gas Holdings LLC
Senior Notes
4.80% due 11/01/2043

      100,000        109,513  

NiSource Finance Corp.
Company Guar. Notes
3.49% due 05/15/2027

      196,000        200,550  

NiSource Finance Corp.
Company Guar. Notes
4.38% due 05/15/2047

      94,000        100,174  

Sempra Energy
Senior Notes
3.25% due 06/15/2027

      76,000        75,811  
     

 

 

  
        486,048  
     

 

 

  

Industrial Gases - 0.0%

 

Airgas, Inc.
Company Guar. Notes
3.05% due 08/01/2020

      77,000        79,068  
     

 

 

  

Insurance-Life/Health - 0.3%

 

Aflac, Inc.
Senior Notes
4.00% due 10/15/2046

      121,000        122,861  

Brighthouse Financial, Inc.
Senior Notes
4.70% due 06/22/2047*

      350,000        344,385  

Pacific LifeCorp
Senior Notes
6.00% due 02/10/2020*

      170,000        184,583  
     

 

 

  
        651,829  
     

 

 

  

Insurance-Multi-line - 0.4%

 

Assurant, Inc.
Senior Notes
6.75% due 02/15/2034

      165,000        208,429  

MetLife, Inc.
Senior Notes
4.60% due 05/13/2046

      121,000        134,084  

Metropolitan Life Global Funding I
Sec. Notes
2.30% due 04/10/2019*

      717,000        723,701  
     

 

 

  
        1,066,214  
     

 

 

  

Insurance-Mutual - 0.2%

 

Massachusetts Mutual Life Insurance Co.
Sub. Notes
4.50% due 04/15/2065*

      102,000        106,718  

Massachusetts Mutual Life Insurance Co.
Sub. Notes
4.90% due 04/01/2077*

      46,000        50,922  

MassMutual Global Funding II
Senior Sec. Notes
2.50% due 10/17/2022*

      162,000        163,032  

New York Life Global Funding
Sec. Notes
2.10% due 01/02/2019*

      264,000        265,902  
     

 

 

  
        586,574  
     

 

 

  

Insurance-Reinsurance - 0.1%

 

Berkshire Hathaway, Inc.
Senior Notes
1.15% due 08/15/2018

      171,000        170,499  
     

 

 

  

Machinery-Construction & Mining - 0.1%

 

Caterpillar Financial Services Corp.
Senior Notes
3.30% due 06/09/2024#

      290,000        302,319  
     

 

 

  

Machinery-General Industrial - 0.0%

 

Roper Technologies, Inc.
Senior Notes
3.80% due 12/15/2026

      65,000        67,718  
     

 

 

  

Medical Labs & Testing Services - 0.6%

 

Laboratory Corp. of America Holdings
Senior Notes
3.20% due 02/01/2022

      65,000        66,802  

Laboratory Corp of America Holdings
Senior Notes
3.25% due 09/01/2024

      121,000        122,558  

Roche Holdings, Inc.
Company Guar. Notes
1.75% due 01/28/2022*#

      404,000        396,633  

Roche Holdings, Inc.
Company Guar. Notes
2.25% due 09/30/2019*

      548,000        552,927  

Roche Holdings, Inc.
Company Guar. Notes
2.88% due 09/29/2021*

      268,000        276,210  
     

 

 

  
        1,415,130  
     

 

 

  

Medical Products - 0.2%

 

Becton Dickinson and Co.
Senior Notes
3.70% due 06/06/2027

      480,000        485,971  
     

 

 

  

Medical-Biomedical/Gene - 0.3%

 

Amgen, Inc.
Senior Notes
2.65% due 05/11/2022

      247,000        248,977  

Baxalta, Inc.
Company Guar. Notes
3.60% due 06/23/2022

      198,000        205,712  

Celgene Corp.
Senior Notes
3.63% due 05/15/2024

      175,000        182,777  
     

 

 

  
        637,466  
     

 

 

  

Medical-Drugs - 0.0%

 

Johnson & Johnson
Senior Notes
3.63% due 03/03/2037

      76,000        79,479  
     

 

 

  

Medical-Generic Drugs - 0.1%

 

Actavis, Inc.
Company Guar. Notes
3.25% due 10/01/2022

      264,000        271,191  
     

 

 

  

Medical-HMO - 0.2%

 

UnitedHealth Group, Inc.
Senior Notes
1.40% due 12/15/2017

      211,000        210,977  

UnitedHealth Group, Inc.
Senior Notes
2.13% due 03/15/2021

      180,000        180,806  

UnitedHealth Group, Inc.
Senior Notes
3.35% due 07/15/2022

      140,000        147,073  
     

 

 

  
        538,856  
     

 

 

  

Metal-Diversified - 0.1%

 

Glencore Funding LLC
Company Guar. Notes
4.00% due 03/27/2027*

      205,000        207,585  
     

 

 

  

Multimedia - 0.2%

 

Time Warner, Inc.
Company Guar. Notes
4.85% due 07/15/2045

      120,000        121,061  

Viacom, Inc.
Senior Notes
5.25% due 04/01/2044

      316,000        305,528  

Walt Disney Co.
Senior Notes
1.65% due 01/08/2019

      89,000        89,191  
     

 

 

  
        515,780  
     

 

 

  

Networking Products - 0.4%

 

Cisco Systems, Inc.
Senior Notes
2.13% due 03/01/2019

      486,000        489,966  

Cisco Systems, Inc.
Senior Notes
2.20% due 02/28/2021

      444,000        448,734  
     

 

 

  
        938,700  
     

 

 

  

Oil Companies-Exploration & Production - 1.0%

 

Anadarko Petroleum Corp.
Senior Notes
6.45% due 09/15/2036

      377,000        440,740  

Cimarex Energy Co.
Senior Notes
3.90% due 05/15/2027

      106,000        107,604  

Concho Resources, Inc.
Company Guar. Notes
4.38% due 01/15/2025

      65,000        67,600  

Devon Energy Corp.
Senior Notes
5.00% due 06/15/2045

      99,000        100,435  

Devon Energy Corp.
Senior Notes
5.60% due 07/15/2041

      99,000        105,681  

Hess Corp.
Senior Notes
4.30% due 04/01/2027#

      118,000        115,701  

Hess Corp.
Senior Notes
5.60% due 02/15/2041

      234,000        228,568  

Marathon Oil Corp.
Senior Notes
4.40% due 07/15/2027#

      291,000        294,396  

Marathon Oil Corp.
Senior Notes
6.60% due 10/01/2037#

      267,000        294,757  

Noble Energy, Inc.
Senior Notes
3.85% due 01/15/2028#

      259,000        259,705  

Noble Energy, Inc.
Senior Notes
4.95% due 08/15/2047

      151,000        151,925  

Noble Energy, Inc.
Senior Notes
5.05% due 11/15/2044

      92,000        93,052  
     

 

 

  
        2,260,164  
     

 

 

  

Oil Companies-Integrated - 0.4%

 

Chevron Corp.
Senior Notes
1.96% due 03/03/2020

      146,000        146,984  

Chevron Corp.
Senior Bonds
1.99% due 03/03/2020#

      455,000        459,472  

Chevron Corp.
Senior Notes
2.50% due 03/03/2022

      126,000        128,315  

Exxon Mobil Corp.
Senior Notes
1.31% due 03/06/2018

      152,000        151,952  
     

 

 

  
        886,723  
     

 

 

  

Oil-Field Services - 0.0%

 

Halliburton Co.
Senior Notes
4.85% due 11/15/2035

      73,000        79,176  
     

 

 

  

Paper & Related Products - 0.7%

 

Domtar Corp.
Company Guar. Notes
6.75% due 02/15/2044

      260,000        291,756  

Georgia-Pacific LLC
Senior Notes
3.60% due 03/01/2025*

      487,000        507,703  

Georgia-Pacific LLC
Senior Notes
3.73% due 07/15/2023*#

      368,000        391,460  

Georgia-Pacific LLC
Company Guar. Notes
5.40% due 11/01/2020*

      235,000        258,553  

International Paper Co.
Senior Notes
4.40% due 08/15/2047

      50,000        50,834  

International Paper Co.
Senior Notes
5.00% due 09/15/2035

      106,000        118,540  
     

 

 

  
        1,618,846  
     

 

 

  

Pharmacy Services - 0.1%

 

Express Scripts Holding Co.
Company Guar. Notes
3.00% due 07/15/2023

      97,000        97,665  

Express Scripts Holding Co.
Company Guar. Notes
4.80% due 07/15/2046#

      147,000        154,701  
     

 

 

  
        252,366  
     

 

 

  

Pipelines - 1.2%

 

Columbia Pipeline Group, Inc.
Company Guar. Notes
2.45% due 06/01/2018

      59,000        59,207  

Enable Midstream Partners LP
Senior Notes
5.00% due 05/15/2044

      247,000        238,452  

Enbridge Energy Partners LP
Senior Notes
7.38% due 10/15/2045

      151,000        195,659  

Energy Transfer Partners LP
Senior Notes
4.90% due 03/15/2035

      98,000        97,110  

Energy Transfer Partners LP
Senior Notes
6.05% due 06/01/2041

      29,000        31,024  

Energy Transfer Partners LP
Senior Notes
6.63% due 10/15/2036

      341,000        389,423  

EnLink Midstream Partners LP
Senior Notes
4.85% due 07/15/2026

      170,000        177,962  

EnLink Midstream Partners LP
Senior Notes
5.05% due 04/01/2045

      179,000        169,527  

Kinder Morgan Energy Partners LP
Company Guar. Notes
4.70% due 11/01/2042

      120,000        113,204  

Kinder Morgan Energy Partners LP
Company Guar. Notes
5.63% due 09/01/2041

      81,000        83,525  

ONEOK, Inc.
Company Guar. Notes
4.00% due 07/13/2027

      236,000        238,768  

Phillips 66 Partners LP
Senior Notes
4.90% due 10/01/2046

      78,000        78,817  

Sabine Pass Liquefaction LLC
Senior Sec. Notes
5.00% due 03/15/2027

      144,000        152,785  

Western Gas Partners LP
Senior Notes
4.65% due 07/01/2026

      183,000        190,302  

Williams Partners LP
Senior Notes
3.75% due 06/15/2027

      160,000        160,081  

Williams Partners LP
Senior Notes
5.10% due 09/15/2045

      354,000        370,026  
     

 

 

  
        2,745,872  
     

 

 

  

Power Converter/Supply Equipment - 0.2%

 

Hubbell, Inc.
Senior Notes
3.15% due 08/15/2027

      250,000        252,705  

Hubbell, Inc.
Senior Notes
3.35% due 03/01/2026

      161,000        164,934  
     

 

 

  
        417,639  
     

 

 

  

Real Estate Investment Trusts - 0.1%

 

Simon Property Group LP
Senior Notes
4.25% due 11/30/2046

      123,000        128,007  
     

 

 

  

Retail-Apparel/Shoe - 0.0%

 

Coach, Inc.
Senior Notes
3.00% due 07/15/2022#

      118,000        117,964  
     

 

 

  

Retail-Auto Parts - 0.1%

 

O’Reilly Automotive, Inc.
Senior Notes
3.60% due 09/01/2027

      171,000        171,652  
     

 

 

  

Retail-Discount - 0.1%

 

Costco Wholesale Corp.
Senior Notes
2.25% due 02/15/2022

      281,000        283,569  
     

 

 

  

Retail-Drug Store - 0.2%

 

CVS Pass-Through Trust
Pass-Through Certs.
4.70% due 01/10/2036*

      123,126        131,449  

CVS Pass-Through Trust
Pass-Through Certs.
5.77% due 01/10/2033*

      130,054        148,509  

CVS Pass-Through Trust
Pass-Through Certs.
5.93% due 01/10/2034*

      128,021        148,947  
     

 

 

  
        428,905  
     

 

 

  

Savings & Loans/Thrifts - 0.8%

 

Astoria Financial Corp.
Senior Notes
3.50% due 06/08/2020

      211,000        213,826  

First Niagara Financial Group, Inc.
Senior Notes
6.75% due 03/19/2020

      1,037,000        1,153,082  

First Niagara Financial Group, Inc.
Sub. Notes
7.25% due 12/15/2021

      400,000        473,992  
     

 

 

  
        1,840,900  
     

 

 

  

Semiconductor Components-Integrated Circuits - 0.1%

 

QUALCOMM, Inc.
Senior Notes
2.10% due 05/20/2020

      218,000        219,614  

QUALCOMM, Inc.
Senior Notes
4.30% due 05/20/2047

      101,000        104,404  
     

 

 

  
        324,018  
     

 

 

  

Semiconductor Equipment - 0.1%

 

Applied Materials, Inc.
Senior Notes
4.35% due 04/01/2047

      129,000        138,317  
     

 

 

  

Telephone-Integrated - 1.4%

 

AT&T, Inc.
Senior Notes
2.85% due 02/14/2023

      178,000        177,517  

AT&T, Inc.
Senior Notes
3.00% due 06/30/2022

      481,000        486,332  

AT&T, Inc.
Senior Notes
4.35% due 06/15/2045

      254,000        230,428  

AT&T, Inc.
Senior Notes
4.50% due 05/15/2035

      333,000        326,109  

AT&T, Inc.
Senior Notes
4.75% due 05/15/2046

      100,000        95,847  

AT&T, Inc.
Senior Notes
4.90% due 08/14/2037

      528,000        533,405  

AT&T, Inc.
Senior Notes
5.30% due 08/14/2058

      443,000        449,899  

Verizon Communications, Inc.
Senior Notes
3.38% due 02/15/2025*

      161,000        161,684  

Verizon Communications, Inc.
Senior Notes
4.40% due 11/01/2034

      96,000        96,137  

Verizon Communications, Inc.
Senior Notes
4.67% due 03/15/2055

      394,000        366,172  

Verizon Communications, Inc.
Senior Notes
5.25% due 03/16/2037

      370,000        399,150  
     

 

 

  
        3,322,680  
     

 

 

  

Transport-Equipment & Leasing - 0.1%

 

GATX Corp.
Senior Notes
3.25% due 09/15/2026#

      82,000        81,346  

GATX Corp.
Senior Notes
3.85% due 03/30/2027

      137,000        141,970  
     

 

 

  
        223,316  
     

 

 

  

Transport-Services - 0.1%

 

United Parcel Service, Inc.
Senior Notes
2.35% due 05/16/2022

      256,000        259,548  
     

 

 

  

Trucking/Leasing - 0.0%

 

Penske Truck Leasing Co. LP/PTL Finance Corp.
Senior Notes
3.38% due 02/01/2022*

      87,000        90,146  
     

 

 

  

Total U.S. Corporate Bonds & Notes

 

   

(cost $57,197,479)

 

      58,762,725  
     

 

 

  

FOREIGN CORPORATE BONDS & NOTES - 6.6%

 

Aerospace/Defense-Equipment - 0.1%

 

EADS Finance BV
Company Guar. Notes
2.70% due 04/17/2023*

      207,000        210,630  
     

 

 

  

Auto-Cars/Light Trucks - 0.1%

 

Hyundai Capital Services, Inc.
Senior Notes
3.00% due 08/29/2022*#

      239,000        238,601  
     

 

 

  

Banks-Commercial - 1.5%

 

Australia & New Zealand Banking Group, Ltd.
Senior Notes
1.60% due 07/15/2019

      253,000        252,216  

BPCE SA
Company Guar. Notes
3.00% due 05/22/2022*

      263,000        265,309  

Credit Suisse AG
Senior Notes
3.00% due 10/29/2021

      705,000        723,919  

DBS Group Holdings, Ltd.
Senior Notes
2.25% due 07/16/2019*

      336,000        337,317  

Dexia Credit Local SA
Government Guar. Notes
2.25% due 02/18/2020*

      324,000        326,056  

Mizuho Bank, Ltd.
Company Guar. Notes
2.15% due 10/20/2018*

      215,000        215,890  

Mizuho Bank, Ltd.
Company Guar. Notes
2.45% due 04/16/2019*

      733,000        738,520  

National Bank of Canada
Bank Guar. Notes
2.10% due 12/14/2018

      253,000        253,869  

Toronto-Dominion Bank
Senior Notes
1.80% due 07/13/2021#

      261,000        258,822  

Westpac Banking Corp.
Sub. Notes
4.32% due 11/23/2031

      125,000        129,860  
     

 

 

  
        3,501,778  
     

 

 

  

Beverages-Non-alcoholic - 0.1%

 

Coca-Cola Femsa SAB de CV
Company Guar. Notes
2.38% due 11/26/2018

      176,000        177,205  
     

 

 

  

Beverages-Wine/Spirits - 0.1%

 

Diageo Capital PLC
Company Guar. Notes
5.75% due 10/23/2017

      325,000        326,883  
     

 

 

  

Chemicals-Diversified - 0.1%

 

LYB International Finance II BV
Company Guar. Notes
3.50% due 03/02/2027

      198,000        198,586  
     

 

 

  

Diversified Banking Institutions - 1.6%

 

Barclays PLC
Senior Notes
4.95% due 01/10/2047

      208,000        228,085  

BNP Paribas SA
Senior Notes
3.80% due 01/10/2024*

      276,000        287,220  

Credit Agricole SA
Senior Notes
4.13% due 01/10/2027*

      262,000        276,326  

Credit Suisse Group AG
Senior Notes
4.28% due 01/09/2028*

      410,000        430,283  

HSBC Holdings PLC
Senior Notes
3.26% due 03/13/2023

      224,000        229,868  

HSBC Holdings PLC
Senior Notes
4.04% due 03/13/2028

      201,000        211,505  

Lloyds Banking Group PLC
Sub. Notes
4.58% due 12/10/2025

      262,000        275,975  

Mitsubishi UFJ Financial Group, Inc.
Senior Notes
2.67% due 07/25/2022

      244,000        245,697  

Mizuho Financial Group, Inc.
Senior Notes
2.27% due 09/13/2021

      208,000        206,250  

Royal Bank of Scotland Group PLC
Senior Notes
3.50% due 05/15/2023

      200,000        202,163  

Royal Bank of Scotland Group PLC
Senior Notes
3.88% due 09/12/2023

      201,000        205,771  

UBS AG
Senior Notes
2.20% due 06/08/2020*

      210,000        210,906  

UBS Group Funding Switzerland AG
Company Guar. Notes
3.49% due 05/23/2023*

      200,000        205,800  

UBS Group Funding Switzerland AG
Company Guar. Notes
4.25% due 03/23/2028*

      208,000        220,735  

UniCredit SpA
Sub. Notes
5.86% due 06/19/2032*#

      312,000        326,779  
     

 

 

  
        3,763,363  
     

 

 

  

Diversified Financial Services - 0.1%

 

GE Capital International Funding Co. ULC
Company Guar. Notes
4.42% due 11/15/2035

      249,000        271,345  
     

 

 

  

Diversified Manufacturing Operations - 0.1%

 

Siemens Financieringsmaatschappij NV
Company Guar. Notes
2.20% due 03/16/2020*#

      398,000        402,737  
     

 

 

  

Electric-Generation - 0.1%

 

Electricite de France SA
Senior Notes
6.00% due 01/22/2114*

      122,000        139,203  
     

 

 

  

Electric-Integrated - 0.5%

 

EDP Finance BV
Senior Notes
3.63% due 07/15/2024*

      393,000        398,184  

Enel Finance International NV
Company Guar. Notes
3.63% due 05/25/2027*

      416,000        421,159  

Enel Finance International NV
Company Guar. Notes
4.75% due 05/25/2047*

      400,000        429,188  
     

 

 

  
        1,248,531  
     

 

 

  

Electronic Connectors - 0.0%

 

Tyco Electronics Group SA
Company Guar. Notes
3.13% due 08/15/2027

      100,000        100,834  
     

 

 

  

Gold Mining - 0.2%

 

Goldcorp, Inc.
Senior Notes
5.45% due 06/09/2044

      111,000        125,371  

Kinross Gold Corp.
Company Guar. Notes
4.50% due 07/15/2027*

      280,000        280,000  
     

 

 

  
        405,371  
     

 

 

  

Insurance-Life/Health - 0.1%

 

Manulife Financial Corp.
Sub. Notes
4.06% due 02/24/2032

      144,000        146,583  
     

 

 

  

Insurance-Multi-line - 0.1%

 

XLIT, Ltd.
Company Guar. Notes
4.45% due 03/31/2025

      124,000        130,121  

XLIT, Ltd.
Company Guar. Notes
5.50% due 03/31/2045

      140,000        153,474  
     

 

 

  
        283,595  
     

 

 

  

Insurance-Property/Casualty - 0.0%

 

Enstar Group, Ltd.
Senior Notes
4.50% due 03/10/2022

      97,000        101,083  
     

 

 

  

Medical-Drugs - 0.1%

 

Teva Pharmaceutical Finance Netherlands III BV
Company Guar. Notes
3.15% due 10/01/2026#

      150,000        137,962  
     

 

 

  

Metal-Diversified - 0.1%

 

Rio Tinto Finance USA, Ltd.
Company Guar. Notes
3.75% due 06/15/2025#

      196,000        208,791  
     

 

 

  

Metal-Iron - 0.1%

 

Vale Overseas, Ltd.
Company Guar. Notes
6.25% due 08/10/2026

      207,000        235,152  
     

 

 

  

Oil Companies-Exploration & Production - 0.0%

 

Canadian Natural Resources, Ltd.
Senior Notes
3.85% due 06/01/2027

      100,000        100,051  
     

 

 

  
     

Oil Companies-Integrated - 0.7%

 

BP Capital Markets PLC
Company Guar. Notes
3.25% due 05/06/2022

      335,000        348,744  

Petroleos Mexicanos
Company Guar. Notes
5.50% due 06/27/2044

      22,000        20,702  

Petroleos Mexicanos
Company Guar. Notes
6.75% due 09/21/2047#

      318,000        341,882  

Petroleos Mexicanos
Company Guar. Notes
6.75% due 09/21/2047*#

      278,000        297,334  

Shell International Finance BV
Company Guar. Notes
1.25% due 11/10/2017

      180,000        180,000  

Shell International Finance BV
Company Guar. Notes
2.13% due 05/11/2020

      199,000        201,098  

Shell International Finance BV
Company Guar. Notes
2.25% due 11/10/2020

      209,000        211,406  
     

 

 

  
        1,601,166  
     

 

 

  

Soap & Cleaning Preparation - 0.1%

 

Reckitt Benckiser Treasury Services PLC
Company Guar. Notes
2.75% due 06/26/2024*

      208,000        208,899  
     

 

 

  

SupraNational Banks - 0.3%

 

European Investment Bank
Senior Notes
1.63% due 08/14/2020

      498,000        498,033  

North American Development Bank
Senior Notes
2.30% due 10/10/2018

      257,000        258,616  
     

 

 

  
        756,649  
     

 

 

  

Telephone-Integrated - 0.3%

 

Telecom Italia Capital SA
Company Guar. Notes
7.72% due 06/04/2038

      252,000        323,770  

Telefonica Emisiones SAU
Company Guar. Notes
4.10% due 03/08/2027

      151,000        157,769  

Telefonica Emisiones SAU
Company Guar. Notes
5.21% due 03/08/2047

      204,000        226,975  
     

 

 

  
        708,514  
     

 

 

  

Transport-Rail - 0.1%

 

Canadian Pacific Railway Co.
Senior Notes
6.13% due 09/15/2115

      140,000        178,991  
     

 

 

  

Total Foreign Corporate Bonds & Notes

      

(cost $15,209,063)

 

      15,652,503  
     

 

 

  

U.S. GOVERNMENT AGENCIES - 37.5%

 

Federal Home Loan Bank - 0.2%

 

Federal Home Loan Bank
5.50% due 07/15/2036

      250,000        343,139  
     

 

 

  

Federal Home Loan Mtg. Corp. - 14.2%

 

2.50% due 01/01/2028

      255,810        261,109  

2.50% due 04/01/2028

      641,537        654,633  

2.50% due 03/01/2031

      802,453        814,121  

2.50% due September 15 TBA

     750,000        760,459  

3.00% due 08/01/2027

      423,716        438,030  

3.00% due 10/01/2042

      542,188        552,443  

3.00% due 11/01/2042

      669,773        680,947  

3.00% due 04/01/2043

      747,688        759,865  

3.00% due 05/01/2043

      964,841        983,093  

3.00% due 08/01/2043

      708,013        718,932  

3.00% due 07/01/2045

      952,119        963,361  

3.00% due 10/01/2045

      470,152        475,759  

3.00% due 05/01/2046

      321,337        325,197  

3.00% due 08/01/2046

      2,795,987        2,829,582  

3.00% due September 30 TBA

      2,963,000        2,995,983  

3.50% due 11/01/2041

      659,902        687,167  

3.50% due 03/01/2042

      214,378        223,256  

3.50% due 04/01/2042

      1,168,541        1,216,930  

3.50% due 06/01/2042

      1,556,736        1,621,215  

3.50% due 08/01/2042

      291,656        304,432  

3.50% due 03/01/2045

      1,080,229        1,120,295  

3.50% due 07/01/2045

      1,304,979        1,357,670  

3.50% due 08/01/2045

      780,107        812,796  

3.50% due 11/01/2045

      511,972        530,961  

3.50% due 12/01/2046

      956,444        991,918  

4.00% due 09/01/2040

      340,034        360,654  

4.00% due 10/01/2045

      995,419        1,052,356  

4.00% due 11/01/2045

      1,157,572        1,223,785  

4.50% due 04/01/2044

      196,956        211,502  

4.50% due 09/01/2044

      1,566,307        1,682,487  

4.50% due 03/01/2046

      324,642        348,674  

5.00% due 10/01/2033

      732        801  

5.00% due 06/01/2039

      405,283        444,611  

5.00% due 11/01/2043

      565,806        618,686  

5.50% due 11/01/2018

      8,039        8,126  

5.50% due 02/01/2035

      100,339        110,210  

6.00% due 10/01/2033

      99,990        112,197  

6.00% due 03/01/2040

      718        812  

6.50% due 02/01/2035

      2,902        3,215  

6.50% due 01/01/2036

      16,468        18,248  

6.75% due 09/15/2029

      500,000        717,008  

6.75% due 03/15/2031

      250,000        368,026  

Federal Home Loan Mtg. Corp. FRS
2.91% (6 ML+1.53%)
due 02/01/2037

      65,343        67,574  

Federal Home Loan Mtg. Corp. FRS
3.57% (12 ML+1.89%)
due 11/01/2037

      530,969        561,090  

Federal Home Loan Mtg. Corp.
REMIC FRS
Series 3572, Class JS
5.57% (6.80%-1 ML)
due 09/15/2039(2)(3)(4)

      293,548        41,073  

Federal Home Loan Mtg. Corp.
Structured Agency Credit Risk FRS
Series 2017-HQA1, Class M1
2.43% (1 ML+1.20%)
due 08/25/2029(2)

      865,903        873,134  

Federal Home Loan Mtg. Corp.
Structured Agency Credit Risk FRS
Series 2015-DNA1, Class M2
3.08% (1 ML+1.85%)
due 10/25/2027

      300,000        306,986  

Federal Home Loan Mtg. Corp.
Structured Agency Credit Risk FRS
Series 2014-DN1, Class M2
3.43% (1 ML+2.20%)
due 02/25/2024(2)

      464,890        480,332  

Federal Home Loan Mtg. Corp.
Structured Agency Credit Risk FRS
Series 2014-HQ2, Class M2
3.43% (1 ML+2.20%)
due 09/25/2024(2)

      630,000        649,286  

Federal Home Loan Mtg. Corp.
Structured Agency Credit Risk FRS
Series 2014-HQ3, Class M2
3.88% (1 ML+2.65%)
due 10/25/2024(2)

      73,499        73,860  

Federal Home Loan Mtg. Corp.
Structured Agency Credit Risk FRS
Series 2016-HQA1, Class M2
3.98% (1 ML+2.75%)
due 09/25/2028(2)

      409,000        423,151  
     

 

 

  
        33,838,038  
     

 

 

  

Federal National Mtg. Assoc. - 19.6%

 

2.50% due 09/01/2027

      68,730        70,143  

2.50% due 04/01/2028

      367,385        374,821  

2.50% due 01/01/2032

      826,653        839,037  

3.00% due 10/01/2027

      103,235        106,726  

3.00% due 12/01/2027

      796,543        824,108  

3.00% due 01/01/2028

      724,311        749,725  

3.00% due 10/01/2030

      615,488        636,669  

3.00% due 07/01/2032

      393,207        406,224  

3.00% due 10/01/2032

      1,700,000        1,756,277  

3.00% due 03/01/2042

      762,068        774,933  

3.00% due 12/01/2042

      782,666        796,077  

3.00% due 02/01/2045

      661,065        669,782  

3.00% due 06/01/2045

      824,821        838,984  

3.00% due 09/01/2046

      107,187        108,484  

3.00% due September 30 TBA

     1,200,000        1,213,828  

3.50% due 08/01/2026

      174,539        182,214  

3.50% due 09/01/2026

      50,072        52,369  

3.50% due 08/01/2027

      58,361        60,926  

3.50% due 10/01/2028

      531,062        556,347  

3.50% due 12/01/2041

      467,022        487,316  

3.50% due 08/01/2042

      1,358,859        1,411,238  

3.50% due 07/01/2045

      549,887        570,132  

3.50% due 08/01/2045

      596,245        619,927  

3.50% due 09/01/2045

      528,000        547,438  

3.50% due 10/01/2045

      756,724        787,819  

3.50% due 11/01/2045

      393,713        408,208  

3.50% due 12/01/2045

      2,832,538        2,936,820  

3.50% due 02/01/2046

      856,386        887,914  

3.50% due 03/01/2046

      456,362        473,164  

3.50% due 07/01/2046

      1,983,027        2,064,850  

3.50% due September 15 TBA

      1,047,000        1,092,929  

3.50% due September 30 TBA

      1,485,000        1,538,657  

4.00% due 07/01/2040

      211,185        226,710  

4.00% due 10/01/2040

      89,300        94,754  

4.00% due 12/01/2040

      1,220,905        1,295,770  

4.00% due 10/01/2041

      548,164        581,599  

4.00% due 11/01/2041

      579,316        614,643  

4.00% due 01/01/2043

      668,864        715,844  

4.00% due 10/01/2043

      849,117        906,448  

4.00% due 10/01/2044

      1,225,347        1,295,827  

4.00% due 02/01/2045

      1,403,429        1,496,751  

4.00% due 06/01/2046

      419,100        442,917  

4.00% due 01/01/2047

      816,174        862,677  

4.00% due September 30 TBA

      1,435,000        1,516,279  

4.50% due 11/01/2022

      91,399        94,252  

4.50% due 10/01/2024

      242,532        255,695  

4.50% due 11/01/2040

      186,473        201,853  

4.50% due 12/01/2040

      367,930        399,023  

4.50% due 05/01/2041

      264,803        287,004  

4.50% due 08/01/2045

      2,700,393        2,971,798  

4.50% due 04/01/2047

      959,720        1,032,666  

4.50% due September 30 TBA

     1,207,000        1,298,468  

5.00% due 10/01/2033

      2,933        3,236  

5.00% due 03/01/2034

      50,607        55,821  

5.00% due 05/01/2040

      116,079        127,109  

5.00% due 06/01/2040

      69,241        75,713  

5.00% due 02/01/2045

      386,160        427,510  

5.50% due 12/01/2029

      80,624        89,084  

5.50% due 04/01/2033

      66,898        74,791  

5.50% due 12/01/2033

      53,563        59,787  

5.50% due 07/01/2037

      307,150        340,580  

5.50% due 08/01/2037

      227,253        253,589  

5.50% due 06/01/2038

      30,422        33,917  

6.00% due 11/01/2017

      3        3  

6.00% due 12/01/2020

      4,070        4,206  

6.00% due 12/01/2036

      423,412        480,682  

6.00% due 11/01/2038

      118,617        134,214  

6.00% due 06/01/2040

      88,715        100,480  

6.50% due 10/01/2037

      34,976        39,312  

Federal National Mtg. Assoc. FRS
2.91% (6 ML+1.54%)
due 09/01/2035

      420,778        435,563  

Federal National Mtg. Assoc. FRS
3.02% (1 Yr USTYCR+2.19%)
due 10/01/2035

      509,134        536,320  

Federal National Mtg. Assoc. FRS
3.08% (12 ML+1.82%)
due 10/01/2040

      111,101        116,691  

Federal National Mtg. Assoc. FRS
3.15% (1 Yr USTYCR+2.26%)
due 11/01/2036

      201,796        212,636  

Federal National Mtg. Assoc. FRS
3.19% (12 ML+1.57%)
due 05/01/2037

      97,415        101,871  

Federal National Mtg. Assoc. FRS
3.26% (12 ML+1.83%)
due 10/01/2040

      256,949        269,472  

Federal National Mtg. Assoc. FRS
3.34% (12 ML+1.77%)
due 05/01/2040

      496,812        521,075  

Federal National Mtg. Assoc. FRS
3.36% (12 ML+1.66%)
due 07/01/2039

      348,769        366,872  

Federal National Mtg. Assoc. FRS
3.55% (12 ML+1.91%)
due 08/01/2035

      259,259        275,863  
     

 

 

  
        46,571,461  
     

 

 

  

Government National Mtg. Assoc. - 3.4%

 

3.00% due 02/20/2045

      660,780        675,100  

3.00% due 05/20/2045

      510,914        521,977  

3.00% due 07/20/2045

      82,942        84,737  

3.00% due 11/20/2045

      1,674,583        1,710,842  

3.00% due 12/20/2045

      786,109        803,130  

3.50% due 03/20/2045

      466,963        487,662  

3.50% due 04/20/2045

      896,747        936,496  

3.50% due 07/20/2045

      191,197        199,673  

4.00% due 07/20/2045

      278,300        295,246  

4.00% due 10/20/2045

      121,794        129,005  

3.00% due September 30 TBA

      2,227,000        2,273,193  
     

 

 

  
        8,117,061  
     

 

 

  

Tennessee Valley Authority - 0.1%

 

1.75% due 10/15/2018

      143,000        143,701  
     

 

 

  

Total U.S. Government Agencies

      

(cost $88,857,565)

 

      89,013,400  
     

 

 

  

U.S. GOVERNMENT TREASURIES - 21.3%

 

United States Treasury Bonds - 6.0%

 

2.25% due 08/15/2046

      450,000        406,441  

2.75% due 11/15/2042

      423,000        428,139  

2.88% due 08/15/2045

      57,000        58,746  

2.88% due 11/15/2046

      748,000        770,323  

3.00% due 05/15/2045

      1,500,000        1,584,551  

3.00% due 11/15/2045

      2,800,000        2,955,750  

3.00% due 02/15/2047

      86,000        90,807  

3.00% due 05/15/2047

      1,500,000        1,584,609  

3.13% due 11/15/2041

      1,278,000        1,386,430  

3.13% due 02/15/2042

      408,000        442,489  

3.63% due 02/15/2044

      700,000        824,797  

3.88% due 08/15/2040

      174,000        211,913  

4.25% due 05/15/2039

      267,000        341,979  

4.38% due 11/15/2039

      934,000        1,217,119  

4.50% due 02/15/2036#

      200,000        263,227  

4.75% due 02/15/2037

      587,000        797,953  

5.00% due 05/15/2037

      159,000        222,407  

5.25% due 11/15/2028

      404,000        527,867  

8.13% due 08/15/2019

      92,000        104,021  
     

 

 

  
        14,219,568  
     

 

 

  

United States Treasury Notes - 15.3%

 

0.75% due 10/31/2018

      1,635,000        1,625,164  

0.88% due 01/15/2018

      600,000        599,456  

1.13% due 02/28/2021

      160,000        157,806  

1.13% due 07/31/2021

      908,000        891,933  

1.25% due 11/30/2018

      7,911,000        7,908,219  

1.38% due 07/31/2018

      809,000        809,822  

1.38% due 02/28/2019

      510,000        510,598  

1.38% due 01/31/2020

      996,000        996,195  

1.63% due 08/15/2022

      2,390,000        2,380,757  

1.63% due 08/31/2022

      2,000,000        1,992,032  

1.63% due 05/15/2026

      427,000        411,488  

1.75% due 09/30/2022

      5,287,000        5,289,891  

2.00% due 02/15/2025

      1,800,000        1,800,562  

2.00% due 11/15/2026

      3,840,000        3,804,600  

2.13% due 07/31/2024

      2,082,000        2,106,642  

2.25% due 11/15/2024

      620,000        631,770  

2.50% due 05/15/2024

      3,000,000        3,109,102  

3.13% due 05/15/2019

      11,000        11,334  

3.63% due 08/15/2019

      27,000        28,193  

4.00% due 08/15/2018

      1,403,000        1,439,610  
     

 

 

  
        36,505,174  
     

 

 

  

Total U.S. Government Treasuries

      

(cost $49,578,443)

 

      50,724,742  
     

 

 

  

FOREIGN GOVERNMENT OBLIGATIONS - 0.3%

 

Sovereign - 0.3%

 

United Mexican States
Senior Notes
3.50% due 01/21/2021#

      159,000        167,030  

United Mexican States
Senior Notes
4.15% due 03/28/2027

      205,000        216,992  

United Mexican States
Senior Notes
4.35% due 01/15/2047#

      215,000        211,560  

United Mexican States
Senior Bonds
4.75% due 03/08/2044

      26,000        27,170  
     

 

 

  

Total Foreign Government Obligations

 

(cost $603,103)

 

      622,752  
     

 

 

  

PREFERRED SECURITIES - 0.2%

 

Electric-Distribution - 0.1%

 

Entergy Louisiana LLC
4.70%

      7,100        177,003  
     

 

 

  

Telecom Services - 0.1%

 

Qwest Corp.
6.13%

      8,425        211,804  
     

 

 

  

Total Preferred Securities

      

(cost $388,087)

 

      388,807  
     

 

 

  

PREFERRED SECURITIES/CAPITAL SECURITIES - 1.7%

 

Banks-Commercial - 0.1%

 

Rabobank Nederland
11.00% due 06/30/2019*(5)

      196,000        224,910  
     

 

 

  

Banks-Super Regional - 0.2%

 

SunTrust Banks, Inc.
5.05% due 06/15/2022#(5)

      376,000        381,992  

Wells Fargo Capital X
5.95% due 12/01/2086

      89,000        100,793  
     

 

 

  
        482,785  
     

 

 

  

Diversified Banking Institutions - 0.3%

 

HSBC Holdings PLC
6.00% due 05/22/2027(5)

      351,000        369,077  

JPMorgan Chase & Co.
Series U
6.13% due 04/30/2024(5)

      271,000        297,761  
     

 

 

  
        666,838  
     

 

 

  

Electric-Integrated - 0.1%

 

Dominion Resources, Inc.
5.75% due 10/01/2054

      142,000        153,005  

Southern Co.
Series B
5.50% due 03/15/2057

      155,000        164,165  
     

 

 

  
        317,170  
     

 

 

  

Finance-Investment Banker/Broker - 0.0%

 

Lehman Brothers Holdings Capital Trust VII
Escrow Security
0.00%†(8)(9)

      78,000        8  
     

 

 

  

Finance-Other Services - 0.1%

 

National Rural Utilities Cooperative Finance Corp.
4.75% due 04/30/2043

      199,000        206,709  
     

 

 

  

Insurance-Life/Health - 0.2%

 

Prudential Financial, Inc.
5.38% due 05/15/2045#

      86,000        92,235  

Prudential Financial, Inc.
5.63% due 06/15/2043

      260,000        281,450  
     

 

 

  
        373,685  
     

 

 

  

Insurance-Multi-line - 0.1%

 

MetLife, Inc.
6.40% due 12/15/2066

      261,000        300,802  
     

 

 

  

Pipelines - 0.4%

 

Enbridge, Inc.
5.50% due 07/15/2077

      513,000        514,924  

Enterprise Products Operating LLC
Company Guar. Notes
4.88% due 08/16/2077#

      159,000        159,111  

Enterprise Products Operating LLC
Company Guar. Notes
5.25% due 08/16/2077

      140,000        140,105  

TransCanada Trust
5.30% due 03/15/2077#

      141,000        145,258  

TransCanada Trust
5.63% due 05/20/2075

      108,000        114,480  
     

 

 

  
        1,073,878  
     

 

 

  

Tools-Hand Held - 0.2%

 

Stanley Black & Decker, Inc.
5.75% due 12/15/2053#

      396,000        413,820  
     

 

 

  

Total Preferred Securities/Capital Securities

      

(cost $3,879,898)

 

      4,060,605  
     

 

 

  

Total Long-Term Investment Securities

      

(cost $224,797,192)

 

      228,346,314  
     

 

 

  

SHORT-TERM INVESTMENT SECURITIES - 11.6%

 

Registered Investment Companies - 1.8%

 

State Street Navigator Securities Lending Government Money Market Portfolio
1.01%(6)(7)

      4,269,376       4,269,376  
    

 

 

  

Time Deposits - 9.8%

     

Euro Time Deposit with State Street Bank and Trust Co.
0.12% due 09/01/2017

      23,353,000       23,353,000  
    

 

 

  

Total Short-Term Investment Securities

     

(cost $27,622,376)

        27,622,376  
    

 

 

  

TOTAL INVESTMENTS

     

(cost $252,419,568)

      107.7 %      255,968,690  

Liabilities in excess of other assets

      (7.7 )      (18,338,834 ) 
  

 

 

    

 

 

  

NET ASSETS

      100.0 %    $ 237,629,856  
  

 

 

    

 

 

  

 

* 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 August 31, 2017, the aggregate value of these securities was $21,188,801 representing 8.9% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid.
# The security or a portion thereof is out on loan.
† Non-income producing security
(1) Commercial Mortgage Backed Security
(2) Collateralized Mortgage Obligation
(3) Interest Only
(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 August 31, 2017.
(5) Perpetual maturity - maturity date reflects the next call date.
(6) The rate shown is the 7-day yield as of August 31, 2017.
(7) At August 31, 2017, the Fund had loaned securities with a total value of $10,021,713. This was secured by collateral of $4,269,376, which was received in cash and subsequently invested in short-term investments currently valued at $4,269,376 as reported in the Portfolio of Investments. Additional collateral of $5,950,710 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
August 31, 2017		  

Federal Home Loan Mtg. Corp.

    1.50% to 30.38%    05/15/2018 to 04/15/2046    $ 189,195  

Federal National Mtg. Assoc.

    1.73% to 23.66%    07/25/2019 to 06/25/2046      61,508  

Government National Mtg. Assoc.

    1.58% to 11.94%    12/16/2024 to 04/16/2050      25,585  

United States Treasury Bills

    0.00%    01/04/2018 to 01/04/2018      3,453  

United States Treasury Notes/Bonds

    0.13% to 8.13%    09/30/2017 to 05/15/2046      5,670,969  

 

(8) Security classified as Level 3 (see Note 1).
(9) Illiquid security. At August 31, 2017, the aggregate value of these securities was $28 representing 0.0% of net assets.
(10) Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.

ADR - American Depositary Receipt

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 August 31, 2017, and unless noted otherwise, the dates shown are the original maturity date.

Index Legend

1 ML - 1 Month USD LIBOR

6 ML - 6 Month USD LIBOR

12 ML - 12 Month USD LIBOR

1 Yr USTYCR - 1 Year US Treasury Yield Curve Rate

The following is a summary of the inputs used to value the Fund’s net assets as of August 31, 2017 (see Note 1):

 

     Level 1 - Unadjusted
Quoted Prices		      Level 2 - Other
Observable Inputs		      Level 3 - Significant
Unobservable  Inputs		      Total  

ASSETS:

            

Investments at Value:*

            

Asset Backed Securities

    $ —        $ 9,120,780      $ —        $ 9,120,780  

U.S Corporate Bonds & Notes:

            

Finance-Investment Banker/Broker

         243,673        20        243,693  

Other Industries

      —          58,519,032        —          58,519,032  

Foreign Corporate Bonds & Notes

      —          15,652,503        —          15,652,503  

U.S. Governement Agencies

      —          89,013,400        —          89,013,400  

U.S. Governement Treasuries

      —          50,724,742        —          50,724,742  

Foreign Government Obligations

      —          622,752        —          622,752  

Preferred Securities

      388,807        —          —          388,807  

Preferred Securities/Capital Securities:

            

Finance-Investment Banker/Broker

      —          —          8        8  

Other Industries

      —          4,060,597        —          4,060,597  

Short-Term Investment Securities:

            

Registered Investment Companies

      4,269,376        —          —          4,269,376  

Time Deposits

      —          23,353,000        —          23,353,000  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments at Value

    $ 4,658,183      $ 251,310,479      $ 28      $ 255,968,690  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

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

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

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

See Notes to Portfolio of Investments

VALIC Company I Core Equity Fund

PORTFOLIO OF INVESTMENTS - August 31, 2017 - (unaudited)

 

Security Description

    Shares/
Principal
Amount		      Value
(Note 1)		  

COMMON STOCKS - 98.5%

      

Advertising Agencies - 0.4%

      

Interpublic Group of Cos., Inc.

      42,321      $ 852,345  

Omnicom Group, Inc.#

      3,404        246,381  
     

 

 

  
        1,098,726  
     

 

 

  

Airlines - 1.1%

      

Delta Air Lines, Inc.

      58,501        2,760,662  
     

 

 

  

Applications Software - 3.0%

      

Microsoft Corp.

      96,647        7,226,296  
     

 

 

  

Auto/Truck Parts & Equipment-Original - 1.2%

      

Lear Corp.

      15,041        2,249,231  

WABCO Holdings, Inc.†

      5,261        755,585  
     

 

 

  
        3,004,816  
     

 

 

  

Banks-Commercial - 0.7%

      

Regions Financial Corp.

      123,670        1,744,984  
     

 

 

  

Banks-Super Regional - 3.0%

      

Capital One Financial Corp.

      12,150        967,262  

SunTrust Banks, Inc.

      52,790        2,908,729  

US Bancorp

      70,016        3,588,320  
     

 

 

  
        7,464,311  
     

 

 

  

Batteries/Battery Systems - 0.2%

      

Energizer Holdings, Inc.

      9,668        426,842  
     

 

 

  

Beverages-Non-alcoholic - 0.1%

      

PepsiCo, Inc.

      1,921        222,317  
     

 

 

  

Building-Residential/Commercial - 1.8%

      

D.R. Horton, Inc.

      75,835        2,741,435  

Lennar Corp., Class A

      14,617        756,576  

NVR, Inc.†

      342        930,531  
     

 

 

  
        4,428,542  
     

 

 

  

Cable/Satellite TV - 2.7%

      

Comcast Corp., Class A

      160,301        6,509,824  
     

 

 

  

Cellular Telecom - 0.0%

      

United States Cellular Corp.†

      2,997        115,924  
     

 

 

  

Chemicals-Diversified - 1.9%

      

Akzo Nobel NV ADR

      15,803        480,095  

Dow Chemical Co.

      64,371        4,290,327  
     

 

 

  
        4,770,422  
     

 

 

  

Commercial Services - 0.4%

      

Nielsen Holdings PLC

      25,000        971,250  
     

 

 

  

Computer Services - 2.6%

      

Amdocs, Ltd.

      24,100        1,561,439  

Cognizant Technology Solutions Corp., Class A

      45,336        3,208,429  

Dell Technologies, Inc., Class V†

      22,450        1,682,178  
     

 

 

  
        6,452,046  
     

 

 

  

Computers - 4.5%

      

Apple, Inc.

      67,519        11,073,116  
     

 

 

  

Containers-Metal/Glass - 0.2%

      

Crown Holdings, Inc.†

      4,568        269,649  

Owens-Illinois, Inc.†

      11,980        295,187  
     

 

 

  
        564,836  
     

 

 

  

Containers-Paper/Plastic - 1.0%

      

Bemis Co., Inc.

      3,385        144,235  

Graphic Packaging Holding Co.

      12,610        164,560  

Packaging Corp. of America

      19,043        2,140,624  
     

 

 

  
        2,449,419  
     

 

 

  

Cosmetics & Toiletries - 0.1%

      

Unilever NV

      3,066        182,427  
     

 

 

  

Cruise Lines - 1.2%

      

Carnival Corp.

      41,531        2,885,574  
     

 

 

  

Diversified Banking Institutions - 10.4%

      

Bank of America Corp.

      271,317        6,481,763  

Citigroup, Inc.

      68,978        4,692,574  

Goldman Sachs Group, Inc.

      14,545        3,254,298  

JPMorgan Chase & Co.

      109,543        9,956,363  

Morgan Stanley

      26,090        1,187,095  
     

 

 

  
        25,572,093  
     

 

 

  

E-Commerce/Products - 0.3%

      

eBay, Inc.†

      16,960        612,765  
     

 

 

  

E-Services/Consulting - 0.7%

      

CDW Corp.

      25,651        1,626,786  
     

 

 

  

Electric-Integrated - 3.3%

      

AES Corp.

      153,340        1,692,874  

Exelon Corp.

      50,920        1,928,340  

FirstEnergy Corp.#

      101,675        3,312,572  

PG&E Corp.

      3,440        242,107  

Public Service Enterprise Group, Inc.

      21,245        995,116  
     

 

 

  
        8,171,009  
     

 

 

  

Electronic Components-Misc. - 1.0%

      

Flex, Ltd.†

      110,099        1,791,311  

Koninklijke Philips NV

      16,591        630,292  
     

 

 

  
        2,421,603  
     

 

 

  

Electronic Components-Semiconductors - 0.3%

      

Qorvo, Inc.†#

      9,963        729,491  
     

 

 

  

Electronic Measurement Instruments - 0.6%

      

Fortive Corp.

      22,448        1,458,447  
     

 

 

  

Engineering/R&D Services - 0.3%

      

EMCOR Group, Inc.

      9,353        617,672  
     

 

 

  

Enterprise Software/Service - 1.6%

      

Oracle Corp.

      79,292        3,990,766  
     

 

 

  

Entertainment Software - 1.3%

      

Activision Blizzard, Inc.

      46,931        3,076,796  
     

 

 

  

Finance-Consumer Loans - 0.9%

      

SLM Corp.†

      214,564        2,182,116  
     

 

 

  

Finance-Credit Card - 0.2%

      

Discover Financial Services

      10,310        607,775  
     

 

 

  

Finance-Investment Banker/Broker - 0.2%

      

E*TRADE Financial Corp.†

      9,520        390,415  
     

 

 

  

Finance-Other Services - 0.5%

      

Nasdaq, Inc.

      15,527        1,170,425  
     

 

 

  

Food-Confectionery - 0.2%

      

J.M. Smucker Co.

      3,830        401,231  
     

 

 

  

Food-Meat Products - 0.1%

      

Tyson Foods, Inc., Class A

      5,225        330,743  
     

 

 

  

Food-Misc./Diversified - 0.6%

      

General Mills, Inc.

      14,800        788,248  

Kellogg Co.

      5,470        358,066  

Mondelez International, Inc., Class A

      6,177        251,157  
     

 

 

  
        1,397,471  
     

 

 

  

Food-Retail - 0.4%

      

Kroger Co.

      48,696        1,064,982  
     

 

 

  

Home Decoration Products - 0.3%

      

Newell Brands, Inc.

      14,060        678,817  
     

 

 

  

Human Resources - 0.5%

      

Robert Half International, Inc.

      26,134        1,183,870  
     

 

 

  

Independent Power Producers - 0.0%

      

Dynegy, Inc.†

      1,109        10,447  
     

 

 

  

Instruments-Controls - 0.1%

      

Honeywell International, Inc.

      1,623        224,412  
     

 

 

  

Insurance-Life/Health - 0.4%

      

Lincoln National Corp.

      8,937        606,465  

Prudential Financial, Inc.

      4,692        478,959  
     

 

 

  
        1,085,424  
     

 

 

  

Insurance-Multi-line - 0.8%

      

Hartford Financial Services Group, Inc.

      36,996        2,000,374  
     

 

 

  

Insurance-Property/Casualty - 0.2%

      

XL Group, Ltd.

      12,290        503,398  
     

 

 

  

Machinery-Electrical - 0.3%

      

ABB, Ltd. ADR

      27,380        634,668  
     

 

 

  

Medical Instruments - 0.3%

      

Medtronic PLC

      8,152        657,214  
     

 

 

  

Medical Labs & Testing Services - 0.6%

      

Laboratory Corp. of America Holdings†

      9,078        1,424,066  
     

 

 

  

Medical Products - 2.5%

      

Baxter International, Inc.

      67,499        4,187,638  

Zimmer Biomet Holdings, Inc.

      17,921        2,047,833  
     

 

 

  
        6,235,471  
     

 

 

  

Medical-Biomedical/Gene - 4.2%

      

Biogen, Inc.†

      12,876        4,076,027  

Gilead Sciences, Inc.

      73,689        6,168,506  
     

 

 

  
        10,244,533  
     

 

 

  

Medical-Drugs - 4.5%

      

Merck & Co., Inc.

      24,029        1,534,492  

Novartis AG ADR

      18,330        1,545,036  

Pfizer, Inc.

      236,614        8,025,947  
     

 

 

  
        11,105,475  
     

 

 

  

Medical-HMO - 4.5%

      

Aetna, Inc.

      2,029        319,973  

Anthem, Inc.

      4,225        828,269  

Centene Corp.†

      21,862        1,942,439  

Humana, Inc.

      15,551        4,006,248  

UnitedHealth Group, Inc.

      20,132        4,004,255  
     

 

 

  
        11,101,184  
     

 

 

  

Medical-Wholesale Drug Distribution - 0.3%

      

McKesson Corp.

      4,300        642,033  
     

 

 

  

Metal-Diversified - 0.8%

      

Rio Tinto PLC ADR

      37,703        1,850,463  
     

 

 

  

Networking Products - 2.7%

      

Cisco Systems, Inc.

      207,454        6,682,093  
     

 

 

  

Office Supplies & Forms - 0.5%

      

Avery Dennison Corp.

      13,777        1,298,620  
     

 

 

  

Oil Companies-Exploration & Production - 1.5%

      

ConocoPhillips

      33,010        1,441,217  

Devon Energy Corp.

      43,677        1,371,458  

Marathon Oil Corp.

      77,596        862,867  
     

 

 

  
        3,675,542  
     

 

 

  

Oil Companies-Integrated - 4.6%

      

BP PLC ADR#

      49,997        1,736,396  

Chevron Corp.

      31,965        3,440,073  

Royal Dutch Shell PLC, Class A ADR

      17,560        968,961  

Statoil ASA ADR#

      29,741        560,618  

Suncor Energy, Inc.

      111,763        3,501,535  

TOTAL SA ADR

      21,531        1,120,473  
     

 

 

  
        11,328,056  
     

 

 

  

Oil Refining & Marketing - 0.8%

      

Marathon Petroleum Corp.

      11,774        617,546  

Valero Energy Corp.

      17,917        1,220,148  
     

 

 

  
        1,837,694  
     

 

 

  

Real Estate Investment Trusts - 0.1%

      

Brixmor Property Group, Inc.

      7,369        137,948  
     

 

 

  

Retail-Apparel/Shoe - 0.7%

      

Urban Outfitters, Inc.†#

      79,435        1,623,651  
     

 

 

  

Retail-Building Products - 2.9%

      

Home Depot, Inc.

      25,011        3,748,398  

Lowe’s Cos., Inc.

      45,222        3,341,454  
     

 

 

  
        7,089,852  
     

 

 

  

Retail-Discount - 1.4%

      

Dollar General Corp.

      7,793        565,460  

Wal-Mart Stores, Inc.

      36,353        2,838,079  
     

 

 

  
        3,403,539  
     

 

 

  

Retail-Drug Store - 2.8%

      

CVS Health Corp.

      36,197        2,799,476  

Walgreens Boots Alliance, Inc.

      48,591        3,960,166  
     

 

 

  
        6,759,642  
     

 

 

  

Rubber-Tires - 0.8%

      

Goodyear Tire & Rubber Co.

      65,507        1,984,862  
     

 

 

  

Semiconductor Components-Integrated Circuits - 1.0%

      

NXP Semiconductors NV†

      2,160        243,993  

QUALCOMM, Inc.

      44,144        2,307,407  
     

 

 

  
        2,551,400  
     

 

 

  

Semiconductor Equipment - 0.4%

      

Lam Research Corp.

      5,759        955,879  
     

 

 

  

Steel-Producers - 0.1%

      

Reliance Steel & Aluminum Co.

      4,903        355,075  
     

 

 

  

Telephone-Integrated - 1.3%

      

AT&T, Inc.

      9,180        343,883  

Telephone & Data Systems, Inc.

      40,709        1,193,181  

Verizon Communications, Inc.

      32,032        1,536,575  
     

 

 

  
        3,073,639  
     

 

 

  

Tobacco - 1.7%

     

Altria Group, Inc.

      59,291       3,759,050  

Philip Morris International, Inc.

      2,980       348,451  
    

 

 

  
       4,107,501  
    

 

 

  

Tools-Hand Held - 1.1%

     

Stanley Black & Decker, Inc.

      18,842       2,713,248  
    

 

 

  

Transport-Rail - 1.6%

     

Norfolk Southern Corp.

      32,032       3,860,497  
    

 

 

  

Web Portals/ISP - 3.1%

     

Alphabet, Inc., Class A†

      3,976       3,798,034  

Alphabet, Inc., Class C†

      4,048       3,802,408  
    

 

 

  
       7,600,442  
    

 

 

  

X-Ray Equipment - 0.1%

     

Hologic, Inc.†

      7,224       278,846  
    

 

 

  

Total Long-Term Investment Securities
(cost $186,384,675)

        241,074,795  
    

 

 

  

SHORT-TERM INVESTMENT SECURITIES - 0.5%

     

Registered Investment Companies - 0.5%

     

State Street Navigator Securities Lending Government Money Market Portfolio
1.01%(1)(2)
(cost $1,294,732)

      1,294,732       1,294,732  
    

 

 

  

REPURCHASE AGREEMENTS - 1.2%

     

Agreement with Fixed Income Clearing Corp., bearing interest at 0.12%, dated 08/31/2017, to be repurchased 09/01/2017 in the amount $2,998,010 collateralized by $2,535,000 of United States Treasury Bonds, bearing interest at 3.75% due 11/15/2043 and having an approximate value of $3,061,765
(cost $2,998,000)

      2,998,000       2,998,000  
    

 

 

  

TOTAL INVESTMENTS
(cost $190,677,407)

      100.2 %      245,367,527  

Liabilities in excess of other assets

      (0.2 )      (471,321 ) 
  

 

 

    

 

 

  

NET ASSETS

      100.0 %    $ 244,896,206  
  

 

 

    

 

 

  

 

# The security or a portion thereof is out on loan.
† Non-income producing security
(1) The rate shown is the 7-day yield as of August 31, 2017.
(2) At August 31, 2017, the Fund had loaned securities with a total value of $8,193,184. This was secured by collateral of $1,294,732 which was received in cash and subsequently invested in short-term investments currently valued at $1,294,732 as reported in the Portfolio of Investments. Additional collateral of $7,113,872 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
August 31, 2017		  

Federal Home Loan Mtg. Corp.

    2.50% to 4.50%    08/01/2027 to 01/01/2047    $ 1,024,217  

Federal National Mtg. Assoc.

    2.63% to 4.25%    10/25/2029 to 11/01/2046      841,598  

Government National Mtg. Assoc.

    2.50% to 3.50%    01/20/2043 to 05/16/2053      1,758,256  

United States Treasury Bills

    0.00%    09/14/2017 to 03/01/2018      50,224  

United States Treasury Notes/Bonds

    0.13% to 8.13%    09/30/2017 to 05/15/2046      3,439,577  

ADR - American Depositary Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of August 31, 2017 (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

    $ 241,074,795      $ —        $ —        $ 241,074,795  

Short-Term Investment Securities:

            

Registered Investment Companies

      1,294,732        —          —          1,294,732  

Repurchase Agreements

      —          2,998,000        —          2,998,000  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments at Value

    $ 242,369,527      $ 2,998,000      $ —        $ 245,367,527  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

* 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 Portfolio of Investments

VALIC Company I Dividend Value Fund

PORTFOLIO OF INVESTMENTS - August 31, 2017 - (unaudited)

 

Security Description

    Shares/
Principal
Amount		      Value
(Note 1)		  

COMMON STOCKS - 96.3%

      

Advertising Agencies - 1.1%

      

Omnicom Group, Inc.#

      111,207      $ 8,049,163  
     

 

 

  

Advertising Services - 0.4%

      

Publicis Groupe SA

      44,750        3,023,037  
     

 

 

  

Aerospace/Defense - 3.9%

      

Boeing Co.

      68,365        16,384,356  

Lockheed Martin Corp.

      19,370        5,915,404  

Northrop Grumman Corp.

      25,735        7,005,325  
     

 

 

  
     29,305,085  
     

 

 

  

Applications Software - 1.3%

      

Microsoft Corp.

      129,035        9,647,947  
     

 

 

  

Banks-Super Regional - 3.2%

      

KeyCorp

      140,740        2,422,136  

SunTrust Banks, Inc.

      79,223        4,365,187  

US Bancorp

      126,060        6,460,575  

Wells Fargo & Co.

      217,705        11,118,194  
     

 

 

  
     24,366,092  
     

 

 

  

Beverages-Non-alcoholic - 1.9%

      

Coca-Cola Co.

      284,996        12,981,568  

Dr Pepper Snapple Group, Inc.

      14,233        1,295,914  
     

 

 

  
     14,277,482  
     

 

 

  

Beverages-Wine/Spirits - 0.6%

      

Diageo PLC

      145,375        4,870,044  
     

 

 

  

Building Products-Cement - 0.0%

      

CRH PLC

      7,681        269,440  
     

 

 

  

Cable/Satellite TV - 1.0%

      

Comcast Corp., Class A

      195,090        7,922,605  
     

 

 

  

Cellular Telecom - 0.3%

      

SK Telecom Co., Ltd. ADR

      96,710        2,445,796  
     

 

 

  

Chemicals-Diversified - 2.9%

      

Dow Chemical Co.

      168,985        11,262,850  

LyondellBasell Industries NV, Class A

      114,228        10,347,915  
     

 

 

  
     21,610,765  
     

 

 

  

Commercial Services - 0.3%

      

Nielsen Holdings PLC

      61,890        2,404,426  
     

 

 

  

Commercial Services-Finance - 0.5%

      

Experian PLC

      175,510        3,525,132  
     

 

 

  

Computer Services - 1.1%

      

International Business Machines Corp.

      59,015        8,440,915  
     

 

 

  

Computer Software - 0.2%

      

Constellation Software, Inc.

      2,360        1,312,264  
     

 

 

  

Computers - 1.7%

      

HP, Inc.

      602,442        11,494,593  

Lenovo Group, Ltd.

      3,122,000        1,708,140  
     

 

 

  
     13,202,733  
     

 

 

  

Cosmetics & Toiletries - 1.2%

      

Procter & Gamble Co.

      49,515        4,568,749  

Unilever NV

      81,575        4,853,713  
     

 

 

  
        9,422,462  

Diversified Banking Institutions - 8.6%

      

Bank of America Corp.

      676,300        16,156,807  

Citigroup, Inc.

      250,240        17,023,827  

Goldman Sachs Group, Inc.

      25,680        5,745,643  

JPMorgan Chase & Co.

      200,805        18,251,167  

Morgan Stanley

      169,480        7,711,340  
     

 

 

  
     64,888,784  
     

 

 

  

Diversified Manufacturing Operations - 1.8%

      

3M Co.

      15,845        3,237,450  

General Electric Co.

      363,085        8,913,737  

Pentair PLC#

      27,187        1,686,953  
     

 

 

  
     13,838,140  
     

 

 

  

Electric Products-Misc. - 1.4%

      

Emerson Electric Co.#

      182,647        10,783,479  
     

 

 

  

Electric-Integrated - 3.2%

      

Exelon Corp.

      67,080        2,540,320  

FirstEnergy Corp.#

      130,880        4,264,070  

NextEra Energy, Inc.

      48,170        7,250,067  

PG&E Corp.

      74,500        5,243,310  

Public Service Enterprise Group, Inc.

      108,153        5,065,886  
     

 

 

  
     24,363,653  
     

 

 

  

Electronic Components-Misc. - 1.0%

      

Koninklijke Philips NV

      199,750        7,573,596  
     

 

 

  

Electronic Components-Semiconductors - 0.8%

      

Samsung Electronics Co., Ltd. GDR

      6,243        6,443,409  
     

 

 

  

Engines-Internal Combustion - 1.5%

      

Cummins, Inc.

      72,360        11,532,737  
     

 

 

  

Enterprise Software/Service - 1.8%

      

Oracle Corp.

      266,930        13,434,587  
     

 

 

  

Food-Misc./Diversified - 1.7%

      

General Mills, Inc.

      201,216        10,716,764  

Kellogg Co.#

      27,760        1,817,170  

Mondelez International, Inc., Class A

      7,658        311,374  
     

 

 

  
     12,845,308  
     

 

 

  

Food-Retail - 0.4%

      

Kroger Co.

      150,780        3,297,559  
     

 

 

  

Industrial Gases - 0.2%

      

Praxair, Inc.#

      9,925        1,305,535  
     

 

 

  

Instruments-Controls - 0.8%

      

Honeywell International, Inc.

      44,865        6,203,484  
     

 

 

  

Insurance Brokers - 0.5%

      

Marsh & McLennan Cos., Inc.

      45,060        3,518,285  
     

 

 

  

Insurance-Life/Health - 1.1%

      

Brighthouse Financial, Inc.†

      10,700        610,665  

Prudential Financial, Inc.

      76,230        7,781,558  
     

 

 

  
     8,392,223  
     

 

 

  

Insurance-Multi-line - 1.5%

      

MetLife, Inc.

      239,583        11,219,672  
     

 

 

  

Insurance-Property/Casualty - 0.6%

      

Travelers Cos., Inc.

      34,980        4,238,876  
     

 

 

  

Investment Management/Advisor Services - 0.3%

      

Invesco, Ltd.

      63,531        2,082,546  
     

 

 

  

Machinery-Construction & Mining - 1.6%

      

Caterpillar, Inc.#

      104,942        12,329,636  
     

 

 

  

Medical Labs & Testing Services - 0.4%

      

Quest Diagnostics, Inc.

      28,155        3,050,594  
     

 

 

  

Medical Products - 0.7%

      

Becton Dickinson and Co.

      15,780        3,147,163  

Smith & Nephew PLC

      104,574        1,890,325  
     

 

 

  
        5,037,488  
     

 

 

  

Medical-Biomedical/Gene - 1.4%

      

Gilead Sciences, Inc.

      125,455        10,501,838  
     

 

 

  

Medical-Drugs - 7.4%

      

AbbVie, Inc.#

      151,685        11,421,880  

AstraZeneca PLC

      134,340        7,895,891  

Johnson & Johnson

      19,465        2,576,582  

Merck & Co., Inc.

      143,805        9,183,387  

Pfizer, Inc.

      743,917        25,233,665  
     

 

 

  
        56,311,405  
     

 

 

  

Medical-HMO - 3.4%

      

Aetna, Inc.

      61,603        9,714,793  

Anthem, Inc.

      56,387        11,054,107  

UnitedHealth Group, Inc.

      24,293        4,831,878  
     

 

 

  
        25,600,778  
     

 

 

  

Medical-Wholesale Drug Distribution - 0.6%

      

Cardinal Health, Inc.

      12,550        846,623  

McKesson Corp.

      24,210        3,614,795  
     

 

 

  
        4,461,418  
     

 

 

  

Networking Products - 1.3%

      

Cisco Systems, Inc.

      301,898        9,724,135  
     

 

 

  

Oil Companies-Exploration & Production - 1.7%

      

Hess Corp.

      98,915        3,847,793  

Marathon Oil Corp.

      245,815        2,733,463  

Occidental Petroleum Corp.

      107,331        6,407,661  
     

 

 

  
        12,988,917  
     

 

 

  

Oil Companies-Integrated - 6.1%

      

Chevron Corp.

      152,312        16,391,817  

Exxon Mobil Corp.

      113,757        8,683,072  

Royal Dutch Shell PLC, Class A ADR

      102,148        5,636,527  

Suncor Energy, Inc.

      269,546        8,444,876  

TOTAL SA ADR

      126,831        6,600,285  
     

 

 

  
        45,756,577  
     

 

 

  

Oil Refining & Marketing - 1.8%

      

Marathon Petroleum Corp.

      66,130        3,468,519  

Valero Energy Corp.#

      144,844        9,863,876  
     

 

 

  
        13,332,395  
     

 

 

  

Oil-Field Services - 0.2%

      

Halliburton Co.

      42,090        1,640,247  
     

 

 

  

Paper & Related Products - 0.3%

      

International Paper Co.#

      38,070        2,050,831  
     

 

 

  

Pipelines - 0.2%

      

Enbridge, Inc.

      45,116        1,804,189  
     

 

 

  

Real Estate Investment Trusts - 0.2%

      

Weyerhaeuser Co.

      42,299        1,379,370  
     

 

 

  

Retail-Apparel/Shoe - 1.6%

      

Gap, Inc.#

      307,114        7,254,033  

L Brands, Inc.#

      125,541        4,547,095  
     

 

 

  
        11,801,128  
     

 

 

  

Retail-Building Products - 0.4%

      

Home Depot, Inc.

      21,559        3,231,047  
     

 

 

  

Retail-Consumer Electronics - 1.5%

      

Best Buy Co., Inc.#

      214,786        11,654,288  
     

 

 

  

Retail-Discount - 0.4%

      

Dollar General Corp.#

      38,301        2,779,121  
     

 

 

  

Retail-Regional Department Stores - 1.5%

      

Kohl’s Corp.#

      173,771        6,912,610  

Macy’s, Inc.#

      222,802        4,627,598  
     

 

 

  
        11,540,208  
     

 

 

  

Retail-Restaurants - 3.1%

      

Darden Restaurants, Inc.

      130,888        10,744,596  

McDonald’s Corp.

      79,083        12,650,907  
     

 

 

  
        23,395,503  
     

 

 

  

Semiconductor Components-Integrated Circuits - 1.4%

      

QUALCOMM, Inc.

      70,990        3,710,647  

Taiwan Semiconductor Manufacturing Co., Ltd. ADR

      176,683        6,531,971  
     

 

 

  
        10,242,618  
     

 

 

  

Semiconductor Equipment - 1.6%

      

KLA-Tencor Corp.

      126,814        11,881,204  
     

 

 

  

Telecom Services - 0.2%

      

BCE, Inc.

      24,520        1,166,171  
     

 

 

  

Telephone-Integrated - 4.0%

      

AT&T, Inc.#

      232,711        8,717,354  

CenturyLink, Inc.#

      333,833        6,583,187  

Verizon Communications, Inc.

      308,335        14,790,830  
     

 

 

  
        30,091,371  
     

 

 

  

Tobacco - 3.2%

      

Altria Group, Inc.

      174,619        11,070,845  

Philip Morris International, Inc.

      111,368        13,022,260  
     

 

 

  
        24,093,105  
     

 

 

  

Toys - 0.2%

      

Mattel, Inc.#

      109,431        1,774,971  
     

 

 

  

Transport-Rail - 0.3%

      

Union Pacific Corp.

      22,717        2,392,100  
     

 

 

  

Transport-Services - 0.3%

      

United Parcel Service, Inc., Class B

      21,179        2,422,030  
     

 

 

  

Wireless Equipment - 0.5%

      

Motorola Solutions, Inc.#

      40,330        3,553,880  
     

 

 

  

Total Long-Term Investment Securities

      

(cost $630,068,795)

         728,045,824  
     

 

 

  

SHORT-TERM INVESTMENT SECURITIES - 3.7%

      

Registered Investment Companies - 0.7%

      

State Street Navigator Securities Lending Government Money Market Portfolio
1.01%(1)(2)

      5,015,712        5,015,712  
     

 

 

  

Time Deposits - 3.0%

      

Euro Time Deposit with State Street Bank and Trust Co.
0.12% due 09/01/2017

    $ 22,867,000        22,867,000  
     

 

 

  

Total Short-Term Investment Securities

      

(cost $27,882,712)

         27,882,712  
     

 

 

  

REPURCHASE AGREEMENTS - 0.3%

     

Agreement with Fixed Income Clearing Corp., bearing interest at 0.12%, dated 08/31/2017, to be repurchased 09/01/2017 in the amount of $2,396,008 collateralized by $2,455,000 of United States Treasury Bonds, bearing interest at 0.75% due 02/15/2045 and having an approximate value of $2,448,254

     

(cost $2,396,000)

      2,396,000       2,396,000  
    

 

 

  

TOTAL INVESTMENTS

     

(cost $660,347,507)

      100.3 %      758,324,536  

Liabilities in excess of other assets

      (0.3 )      (2,523,735 ) 
  

 

 

    

 

 

  

NET ASSETS

      100.0 %    $ 755,800,801  
  

 

 

    

 

 

  

 

# The security or a portion thereof is out on loan.
† Non-income producing security
(1) At August 31, 2017, the Fund had loaned securities with a total value of $64,897,989. This was secured by collateral of $5,015,712, which was received in cash and subsequently invested in short-term investments currently valued at $5,015,712 as reported in the Portfolio of Investments. Additional collateral of $61,857,711 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
August 31, 2017		  

Federal Home Loan Mtg. Corp.

    2.50% to 4.50%      08/01/2027 to 01/01/2047      $ 9,158,119  

Federal National Mtg. Assoc.

    2.63% to 4.25%      10/25/2029 to 11/01/2046        7,525,219  

Government National Mtg. Assoc.

    2.50% to 3.50%      01/20/2043 to 05/16/2053        15,721,589  

United States Treasury Bills

    0.00%      09/07/2017 to 03/01/2018        556,510  

United States Treasury Notes/Bonds

    zero coupon to 5.50%      09/30/2017 to 02/15/2047        28,896,274  

 

(2) The rate shown is the 7-day yield as of August 31, 2017.

 

ADR - American Depositary Receipt
GDR - Global Depositary Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of August 31, 2017 (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

    $ 690,846,810      $ 37,199,014 **    $ —        $ 728,045,824  

Short-Term Investment Securities:

           

Registered Investment Companies

      5,015,712        —         —          5,015,712  

Time Deposits

      —          22,867,000       —          22,867,000  

Repurchase Agreements

      —          2,396,000       —          2,396,000  
  

 

 

     

 

 

    

 

 

     

 

 

  

Total Investments at Value

    $ 695,862,522      $ 62,462,014     $ —        $ 758,324,536  
  

 

 

     

 

 

    

 

 

     

 

 

  

 

* For a detailed presentation of investments, please refer to the Portfolio of Investments.
** Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board

(see Note 1).

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities currently valued at $36,929,574 were transferred from Level 1 to Level 2 due to foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.

See Notes to Portfolio of Investments

VALIC Company I Dynamic Allocation Fund

PORTFOLIO OF INVESTMENTS - August 31, 2017 - (unaudited)

 

Security Description

    Shares/
Principal
Amount		     Value
(Note 1)		  

AFFILIATED REGISTERED INVESTMENT COMPANIES (1)@ - 81.7%

     

Domestic Equity Investment Companies - 49.8%

     

VALIC Co. I Blue Chip Growth Fund

      543,267     $ 9,990,672  

VALIC Co. I Broad Cap Value Income Fund

      595,942       9,660,220  

VALIC Co. I Dividend Value Fund

      769,624       9,489,467  

VALIC Co. I Growth & Income Fund

      198,648       4,229,225  

VALIC Co. I Growth Fund

      707,793       11,076,961  

VALIC Co. I Large Cap Core Fund

      690,060       8,122,006  

VALIC Co. I Large Capital Growth Fund

      605,332       8,450,441  

VALIC Co. I Mid Cap Index Fund

      154,032       4,106,488  

VALIC Co. I Stock Index Fund

      812,513       30,485,479  

VALIC Co. I Value Fund

      579,888       9,684,125  

VALIC Co. II Capital Appreciation Fund

      441,566       7,307,920  

VALIC Co. II Mid Cap Growth Fund

      212,341       2,136,148  

VALIC Co. II Mid Cap Value Fund

      88,899       1,887,332  

VALIC Co. II Small Cap Growth Fund

      266,339       4,522,429  

VALIC Co. II Small Cap Value Fund

      241,236       3,490,691  
    

 

 

  

Total Domestic Equity Investment Companies

(cost $113,284,544)

        124,639,604  
    

 

 

  

Domestic Fixed Income Investment Companies - 19.8%

     

VALIC Co. I Capital Conservation Fund

      1,602,809       15,963,976  

VALIC Co. I Government Securities Fund

      734,039       7,868,895  

VALIC Co. I Inflation Protected Fund

      284,954       3,194,333  

VALIC Co. II Core Bond Fund

      1,309,859       14,604,928  

VALIC Co. II High Yield Bond Fund

      377,673       2,926,966  

VALIC Co. II Strategic Bond Fund

      439,280       4,999,008  
    

 

 

  

Total Domestic Fixed Income Investment Companies

(cost $49,068,406)

        49,558,106  
    

 

 

  

International Equity Investment Companies - 11.7%

     

VALIC Co. I Emerging Economies Fund

      399,273       3,597,453  

VALIC Co. I Foreign Value Fund

      854,759       9,051,896  

VALIC Co. I Global Real Estate Fund

      256,546       2,019,017  

VALIC Co. I International Equities Index Fund

      719,716       5,203,548  

VALIC Co. I International Growth Fund

      691,629       9,364,653  
    

 

 

  

Total International Equity Investment Companies

(cost $27,421,178)

        29,236,567  
    

 

 

  

International Fixed Income Investment Companies - 0.4%

     

VALIC Co. I International Government Bond Fund

(cost $1,058,613)

      90,233       1,090,919  
    

 

 

  

Total Affiliated Registered Investment Companies

(cost $190,832,741)

        204,525,196  
    

 

 

  

U.S. GOVERNMENT TREASURIES - 14.3%

     

United States Treasury Bonds - 1.2%

     

2.25% due 08/15/2027

      1,926,000       1,947,818  

6.00% due 02/15/2026

      318,000       416,468  

6.63% due 02/15/2027

      125,000       173,706  

6.75% due 08/15/2026

      140,000       193,933  

6.88% due 08/15/2025

      42,500       57,833  

7.63% due 02/15/2025

      120,000       167,456  
    

 

 

  
       2,957,214  
    

 

 

  

United States Treasury Notes - 13.1%

     

1.50% due 08/15/2026

      3,130,000       2,978,514  

1.63% due 02/15/2026

      4,124,000       3,982,882  

1.63% due 05/15/2026#

      2,791,000       2,689,608  

2.00% due 02/15/2025

      3,702,500       3,703,657  

2.00% due 08/15/2025#

      3,090,000       3,082,999  

2.00% due 11/15/2026

      2,938,600       2,911,510  

2.13% due 05/15/2025#

      3,450,000       3,478,031  

2.25% due 11/15/2024

      2,123,800       2,164,119  

2.25% due 11/15/2025

      2,884,500       2,929,007  

2.25% due 02/15/2027

      3,744,000       3,785,535  

2.38% due 05/15/2027

      1,080,000       1,103,414  
    

 

 

  
       32,809,276  
    

 

 

  

Total U.S. Government Treasuries

(cost $35,524,268)

        35,766,490  
    

 

 

  

OPTIONS PURCHASED - 0.4%

     

Options-Purchased(2)

(cost $1,332,629)

      72,000       932,559  
    

 

 

  

Total Long-Term Investment Securities

(cost $227,689,638)

        241,224,245  
    

 

 

  

SHORT-TERM INVESTMENT SECURITIES - 3.8%

     

Registered Investment Companies - 3.8%

     

AllianceBernstein Government STIF Portfolio
0.42%(3)

(cost $9,651,768)

      9,651,768       9,651,768  
    

 

 

  

TOTAL INVESTMENTS

(cost $237,341,406)

      100.2 %      250,876,013  

Liabilities in excess of other assets

      (0.2 )      (486,683 ) 
  

 

 

    

 

 

  

NET ASSETS

      100.0 %    $ 250,389,330  
  

 

 

    

 

 

  

 

@ 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
# The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts.
(1) See Note 3
(2) Options - Purchased

Over the Counter Purchased Put Options

 

 

Issue

    Counter Party      Expiration
Month		      Strike Price      No. of
Contracts		      Notional
Amount*		      Premiums
Paid		      Value at
August 31, 2017		      Unrealized
Appreciation
(Depreciation)		  

S&P 500 Index

      Citibank NA        November 2017      $ 2,275        9,000      $ 22,244,850      $ 228,600      $ 116,570      $ (112,030 ) 

S&P 500 Index

      Goldman Sachs International        November 2017      $ 2,275        26,000        64,262,900        442,579        336,758        (105,821 ) 

S&P 500 Index

      Morgan Stanley & Co.        November 2017      $ 2,275        2,000        4,943,300        33,200        25,904        (7,296 ) 

S&P 500 Index

      UBS AG        November 2017      $ 2,275        35,000        86,507,750        628,250        453,327        (174,923 ) 
           

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
              72,000      $ 177,958,800      $ 1,332,629      $ 932,559      $ (400,070 ) 
           

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

 

* Notional amount is calculated by multiplying the number of contracts by the multiplier by the market value of the underlying security or index.
(3) The rate shown is the 7-day yield as of August 31, 2017.

STIF - Short Term Investment Fund

Over the Counter Written Call Options

 

 

Issue

    Counter Party      Expiration
Month		      Strike Price      No. of
Contracts		      Notional
Amount*		      Premiums
Received		      Value at
August 31, 2017		      Unrealized
Appreciation
(Depreciation)		  

S&P 500 Index

      Citibank NA        November 2017      $ 2,575        9,000      $ 22,244,850      $ 23,715      $ 37,925      $ (14,210 ) 

S&P 500 Index

      Goldman Sachs International        November 2017      $ 2,575        26,000        64,262,900        224,000        109,561        114,439  

S&P 500 Index

      Morgan Stanley & Co.        November 2017      $ 2,575        2,000        4,943,300        9,000        8,428        572  

S&P 500 Index

      UBS AG        November 2017      $ 2,575        35,000        86,507,750        175,788        147,487        28,301  
           

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
              72,000      $ 177,958,800      $ 432,503      $ 303,401      $ 129,102  
           

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

 

* Notional amount is calculated by multiplying the number of contracts by the multiplier by the market value of the underlying security or index.

Futures Contracts

 

 

Number of
Contracts

   

Type

   

Description

    Expiration Month      Notional
Basis#		      Notional
Value#		      Unrealized Appreciation
(Depreciation) 		  

1,100

    Long    S&P 500 E-Mini Index      September 2017      $ 134,942,971      $ 135,855,500      $ 912,529  
                 

 

 

  

 

# Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract.

The following is a summary of the inputs used to value the Fund’s net assets as of August 31, 2017 (see Note 1):

 

     Level 1 - Unadjusted
Quoted Prices 		     Level 2 - Other
Observable  Inputs		      Level 3 - Significant
Unobservable Inputs		      Total  

ASSETS:

            

Investments at Value:*

            

Affiliated Registered Investment Companies

    $ 204,525,196      $ —        $  —        $ 204,525,196  

U.S. Government Treasuries

      —          35,766,490        —          35,766,490  

Options Purchased

      —          932,559        —          932,559  

Short-Term Investment Securities

      9,651,768        —          —          9,651,768  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments at Value

    $ 214,176,964      $ 36,699,049      $ —        $ 250,876,013  
  

 

 

     

 

 

     

 

 

     

 

 

  

Other Financial Instruments:†

            

Over the Counter Written Call Options

    $ —        $ 143,312      $ —        $ 143,312  

Futures Contracts

      912,529        —          —          912,529  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Other Financial Instruments

    $ 912,529      $ 143,312      $ —        $ 1,055,841  
  

 

 

     

 

 

     

 

 

     

 

 

  

LIABILITIES:

            

Other Financial Instruments:†

            

Over the Counter Written Call Options

    $ —        $ 14,210      $ —        $ 14,210  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

* 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 Portfolio of Investments

VALIC Company I Emerging Economies Fund

PORTFOLIO OF INVESTMENTS - August 31, 2017 - (unaudited)

 

Security Description

    Shares      Value
(Note 1)		  

COMMON STOCKS - 98.3%

      

Bermuda - 1.2%

      

Haier Electronics Group Co., Ltd.

      841,000      $ 2,249,200  

Nine Dragons Paper Holdings, Ltd.

      2,920,000        4,896,061  

Sihuan Pharmaceutical Holdings Group, Ltd.

      4,998,000        1,930,794  
     

 

 

  
        9,076,055  
     

 

 

  

Brazil - 8.9%

      

Banco do Brasil SA

      880,263        8,584,931  

Braskem SA, Class A (Preference Shares)

      246,203        2,980,700  

Cia de Saneamento de Minas Gerais-COPASA

      93,570        1,281,447  

Cia. de Saneamento do Parana (Preference Shares)

      273,086        905,703  

EDP - Energias do Brasil SA

      680,064        3,292,462  

Fibria Celulose SA

      193,785        2,572,637  

Itau Unibanco Holding SA ADR

      1,097,593        14,016,263  

Kroton Educacional SA

      1,614,878        9,218,787  

M. Dias Branco SA

      115,419        1,800,299  

Metalurgica Gerdau SA (Preference Shares)†

      2,884,025        5,185,629  

MRV Engenharia e Participacoes SA

      992,979        4,255,376  

Transmissora Alianca de Energia Eletrica SA

      305,548        2,183,976  

Vale SA ADR

      1,154,374        12,778,920  
     

 

 

  
        69,057,130  
     

 

 

  

Cayman Islands - 15.5%

      

AAC Technologies Holdings, Inc.

      709,000        13,024,067  

Alibaba Group Holding, Ltd. ADR†#

      112,252        19,278,158  

Geely Automobile Holdings, Ltd.

      2,142,000        5,274,720  

General Interface Solution Holding, Ltd.

      680,000        8,242,753  

IGG, Inc.#

      3,580,000        5,683,087  

Jiangnan Group, Ltd.#

      4,746,000        322,438  

Kingboard Chemical Holdings, Ltd.

      434,500        2,377,904  

Kingboard Laminates Holdings, Ltd.

      1,479,500        2,512,322  

Lee & Man Paper Manufacturing, Ltd.

      2,111,000        2,464,726  

NetEase, Inc. ADR

      38,320        10,570,189  

Tencent Holdings, Ltd.

      784,200        33,321,802  

Tongda Group Holdings, Ltd.#

      12,700,000        3,522,902  

WH Group, Ltd.*

      6,347,000        6,636,533  

Xinyi Glass Holdings, Ltd.

      2,280,000        2,272,816  

Xinyi Solar Holdings, Ltd.#

      3,858,000        1,314,252  

Zhen Ding Technology Holding, Ltd.

      929,000        2,159,267  

Zhongsheng Group Holdings, Ltd.

      317,000        689,487  
     

 

 

  
        119,667,423  
     

 

 

  

China - 12.1%

      

Anhui Conch Cement Co., Ltd.

      1,035,000        3,864,488  

China Construction Bank Corp.

      19,485,000        17,092,750  

China Merchants Bank Co., Ltd.

      2,900,000        10,989,809  

China Vanke Co., Ltd.

      777,800        2,331,740  

Guangzhou Automobile Group Co., Ltd.

      3,452,000        6,838,936  

Huadian Power International Corp., Ltd.

      5,720,000        2,347,314  

Huaneng Power International, Inc.

      3,866,000        2,526,901  

Industrial & Commercial Bank of China, Ltd.

      17,406,000        13,091,774  

PICC Property & Casualty Co., Ltd.

      3,786,000        7,139,845  

Ping An Insurance Group Co. of China, Ltd.

      1,753,000        13,933,883  

Shenzhen Expressway Co., Ltd.

      2,144,000        2,093,249  

Sinopharm Group Co., Ltd.

      1,138,000        5,142,550  

TravelSky Technology, Ltd.

      1,139,000        3,127,437  

Zhejiang Expressway Co., Ltd.

      2,460,000        3,078,305  
     

 

 

  
        93,598,981  
     

 

 

  

Cyprus - 0.2%

      

Ros Agro PLC GDR

      127,698        1,532,376  
     

 

 

  

Hong Kong - 0.6%

      

BYD Electronic International Co., Ltd.#

      741,500        2,062,995  

China Power International Development, Ltd.#

      6,786,000        2,322,591  
     

 

 

  
        4,385,586  
     

 

 

  

Hungary - 1.6%

      

MOL Hungarian Oil & Gas PLC

      47,688        4,423,807  

OTP Bank PLC

      190,975        7,768,028  
     

 

 

  
        12,191,835  
     

 

 

  

India - 4.1%

      

Apollo Tyres, Ltd.

      210,014        833,029  

Hindustan Petroleum Corp., Ltd.

      598,635        4,571,945  

Housing Development Finance Corp., Ltd.

      472,541        13,149,113  

Oil & Natural Gas Corp., Ltd.

      2,168,957        5,311,437  

Rural Electrification Corp., Ltd.

      1,053,379        2,782,591  

Vedanta, Ltd.

      969,279        4,692,748  
     

 

 

  
        31,340,863  
     

 

 

  

Indonesia - 1.3%

      

Bank Negara Indonesia Persero Tbk PT

      7,252,200        3,999,050  

Bank Rakyat Indonesia Persero Tbk PT

      5,313,600        6,034,837  
     

 

 

  
        10,033,887  
     

 

 

  

Malaysia - 2.0%

      

AirAsia Bhd

      4,856,300        3,785,949  

CIMB Group Holdings Bhd

      3,286,700        5,453,413  

Genting Bhd

      531,800        1,206,965  

Malayan Banking Bhd

      2,332,600        5,171,297  
     

 

 

  
        15,617,624  
     

 

 

  

Netherlands - 0.3%

      

X5 Retail Group NV GDR†

      60,185        2,455,548  
     

 

 

  

Panama - 1.0%

      

Copa Holdings SA, Class A

      59,712        7,408,468  
     

 

 

  

Poland - 1.5%

      

KGHM Polska Miedz SA

      121,995        4,316,943  

Polski Koncern Naftowy Orlen SA

      218,422        7,215,730  
     

 

 

  
        11,532,673  
     

 

 

  

Russia - 5.9%

      

Aeroflot PJSC

      625,221        2,096,465  

Alrosa PJSC

      3,740,131        5,206,715  

Magnitogorsk Iron & Steel OJSC†

      2,698,244       1,880,468  

MMC Norilsk Nickel PJSC ADR

      491,524       8,252,688  

Mobile TeleSystems PJSC ADR#

      356,861       3,565,041  

Moscow Exchange MICEX-RTS PJSC

      626,424       1,136,106  

RusHydro PJSC

      126,954,096       1,809,096  

Sberbank of Russia PJSC ADR

      968,894       13,147,892  

Severstal PJSC GDR

      140,024       2,213,779  

Surgutneftegas OJSC (Preference Shares)†

      6,354,083       3,140,620  

Tatneft PJSC ADR#

      87,616       3,419,653  
    

 

 

  
       45,868,523  
    

 

 

  

South Africa - 2.8%

     

Barloworld, Ltd.

      231,540       2,289,182  

Imperial Holdings, Ltd.#

      155,320       2,492,635  

Naspers, Ltd., Class N

      17,928       4,041,938  

Nedbank Group, Ltd.#

      132,291       2,237,331  

Sappi, Ltd.

      191,195       1,283,019  

Standard Bank Group, Ltd.

      695,864       8,963,607  
    

 

 

  
       21,307,712  
    

 

 

  

South Korea - 19.1%

     

Hana Financial Group, Inc.

      212,638       9,236,035  

Hankook Tire Co., Ltd.

      235       12,292  

Hyosung Corp.

      44,652       6,304,333  

Hyundai Engineering & Construction Co., Ltd.

      76,833       2,766,457  

Hyundai Marine & Fire Insurance Co., Ltd.

      91,553       3,748,935  

Industrial Bank of Korea

      393,928       5,239,294  

Korea Electric Power Corp.

      185,181       7,081,513  

KT&G Corp.

      77,954       7,912,525  

LG Chem, Ltd.

      7,570       2,541,020  

LG Uplus Corp.

      391,304       4,794,976  

NCSoft Corp.

      19,176       6,558,690  

POSCO

      33,746       10,244,482  

S-Oil Corp.

      58,168       6,484,269  

Samsung Electronics Co., Ltd.

      20,737       42,820,983  

SFA Engineering Corp.

      45,184       1,526,837  

Shinhan Financial Group Co., Ltd.

      215,691       9,935,549  

SK Hynix, Inc.

      180,697       11,117,955  

SK Innovation Co., Ltd.

      54,774       9,165,967  
    

 

 

  
       147,492,112  
    

 

 

  

Taiwan - 11.7%

     

Accton Technology Corp.

      811,000       2,130,734  

Catcher Technology Co., Ltd.

      434,000       5,545,571  

Coretronic Corp.

      889,800       1,083,493  

CTBC Financial Holding Co., Ltd.

      11,813,000       7,655,899  

Elite Material Co., Ltd.

      702,000       3,550,168  

FLEXium Interconnect, Inc.

      1,130,071       5,024,249  

Fubon Financial Holding Co., Ltd.

      4,839,000       7,799,800  

Grape King Bio, Ltd.

      317,000       1,932,169  

Largan Precision Co., Ltd.

      54,000       10,464,763  

Merry Electronics Co., Ltd.

      578,000       4,586,373  

Pegatron Corp.

      1,300,000       4,111,487  

Phison Electronics Corp.

      146,000       1,978,452  

St. Shine Optical Co., Ltd.

      81,000       1,851,278  

Taiwan Semiconductor Manufacturing Co., Ltd. ADR

      884,054       32,683,477  
    

 

 

  
       90,397,913  
    

 

 

  

Thailand - 3.6%

     

Kiatnakin Bank PCL

      1,368,200       2,894,626  

Krung Thai Bank PCL

      12,203,600       6,872,679  

PTT PCL

      746,400       8,968,938  

Star Petroleum Refining PCL

      5,580,700       2,806,737  

Thai Oil PCL

      1,344,200       3,815,415  

Tisco Financial Group PCL

      1,057,600       2,380,834  
    

 

 

  
       27,739,229  
    

 

 

  

Turkey - 4.9%

     

Akbank Turk AS

      2,132,908       6,400,591  

Emlak Konut Gayrimenkul Yatirim Ortakligi AS†

      5,346,851       4,558,706  

Eregli Demir ve Celik Fabrikalari TAS

      1,964,057       4,681,900  

Petkim Petrokimya Holding AS

      2,573,090       4,653,883  

Tekfen Holding AS

      818,557       3,039,816  

Tupras Turkiye Petrol Rafinerileri AS

      247,089       8,403,036  

Turkiye Halk Bankasi AS

      1,344,333       5,778,862  
    

 

 

  
       37,516,794  
    

 

 

  

Total Long-Term Investment Securities

     

(cost $559,079,650)

        758,220,732  
    

 

 

  

SHORT-TERM INVESTMENT SECURITIES - 3.1%

     

Registered Investment Companies - 1.5%

     

State Street Navigator Securities Lending Government Money Market Portfolio
1.01%(1)(2)

      11,345,829       11,345,829  
    

 

 

  

Time Deposits - 1.6%

     

Euro Time Deposit with State Street Bank and Trust Co.
0.12% due 09/01/2017

      12,640,000       12,640,000  
    

 

 

  

Total Short-Term Investment Securities

     

(cost $23,985,829)

        23,985,829  
    

 

 

  

TOTAL INVESTMENTS -

     

(cost $583,065,479)

      101.4 %      782,206,561  

Liabilities in excess of other assets

      (1.4 )      (10,561,089 ) 
  

 

 

    

 

 

  

NET ASSETS —

      100.0 %    $ 771,645,472  
  

 

 

    

 

 

  

 

† 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 August 31, 2017, the aggregate value of these securities was $6,636,533 representing 0.9% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid.

(1) At August 31, 2017, the Fund had loaned securities with a total value of $35,297,424. This was secured by collateral of $11,345,829, which was received in cash and subsequently invested in short-term investments currently valued at $11,345,829 as reported in the Portfolio of Investments. Additional collateral of $25,213,264 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
August 31, 2017		  

United States Treasury Bills

    0.00%     09/14/2017 to 07/19/2018      $ 440,176  

United States Treasury Notes/Bonds

    0.13% to 8.13%     09/30/2017 to 11/15/2046        24,773,088  

 

(2) The rate shown in the 7-day yield as of August 31, 2017.

ADR - American Depositary Receipt

GDR - Global Depositary Receipt

Industry Allocation*

   

Banks-Commercial

      18.0 % 

Electronic Components-Semiconductors

      7.3  

Oil Refining & Marketing

      4.9  

Diversified Financial Services

      4.8  

Internet Application Software

      4.3  

Semiconductor Components-Integrated Circuits

      4.2  

Electronic Components-Misc.

      3.2  

Steel-Producers

      3.1  

Oil Companies-Integrated

      2.5  

E-Commerce/Products

      2.5  

Entertainment Software

      2.1  

Insurance-Multi-line

      1.8  

Airlines

      1.8  

Finance-Mortgage Loan/Banker

      1.7  

Metal-Iron

      1.7  

Metal-Diversified

      1.7  

Time Deposits

      1.6  

Auto-Cars/Light Trucks

      1.6  

Electric-Integrated

      1.5  

Registered Investment Companies

      1.5  

Insurance-Property/Casualty

      1.4  

Photo Equipment & Supplies

      1.4  

Oil Companies-Exploration & Production

      1.3  

Schools

      1.2  

Cellular Telecom

      1.1  

Computers-Other

      1.1  

Tobacco

      1.0  

Diversified Operations

      1.0  

Circuit Boards

      1.0  

Electric-Generation

      0.9  

Real Estate Operations & Development

      0.9  

Food-Meat Products

      0.9  

Internet Content-Entertainment

      0.9  

Metal Products-Distribution

      0.8  

Paper & Related Products

      0.8  

Metal Processors & Fabrication

      0.7  

Petrochemicals

      0.7  

Banks-Special Purpose

      0.7  

Diamonds/Precious Stones

      0.7  

Public Thoroughfares

      0.7  

Medical-Wholesale Drug Distribution

      0.7  

Diversified Minerals

      0.6  

Chemicals-Diversified

      0.6  

Industrial Audio & Video Products

      0.6  

Building-Residential/Commercial

      0.5  

Multimedia

      0.5  

Building Products-Cement

      0.5  

Applications Software

      0.4  

Finance-Commercial

      0.4  

Building-Heavy Construction

      0.4  

Forestry

      0.3  

Chemicals-Specialty

      0.3  

Containers-Paper/Plastic

      0.3  

Food-Retail

      0.3  

Chemicals-Other

      0.3  

Building Products-Doors & Windows

      0.3  

Appliances

      0.3  

Water

      0.3  

Electric-Transmission

      0.3  

Networking Products

      0.3  

Telecommunication Equipment

      0.3  

Medical-Drugs

      0.3  

Beverages-Non-alcoholic

      0.2  

Optical Supplies

      0.2  

Food-Confectionery

      0.2  

Food-Misc./Diversified

      0.2  

Industrial Automated/Robotic

      0.2  

Energy-Alternate Sources

      0.2  

Casino Hotels

      0.1  

Finance-Other Services

      0.1  

Rubber-Tires

      0.1  

Retail-Automobile

      0.1  
  

 

 

  
     101.4 % 
  

 

 

  

 

* Calculated as a percentage of net assets

The following is a summary of the inputs used to value the Fund’s net assets as of August 31, 2017 (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:

           

Russia

    $ 30,599,053      $ 15,269,470     $ —        $ 45,868,523  

Other Countries

      170,724,575        541,627,634 **      —          712,352,209  

Short-Term Investment Securities:

           

Registered Investment Companies

      11,345,829        —         —          11,345,829  

Time Deposits

      —          12,640,000       —          12,640,000  
  

 

 

     

 

 

    

 

 

     

 

 

  

Total Investments at Value

    $ 212,669,457      $ 569,537,104     $ —        $ 782,206,561  
  

 

 

     

 

 

    

 

 

     

 

 

  

 

* For a detailed presentation of investments, please refer to the Portfolio of Investments.
** Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 1).

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities currently valued at $492,811,870 were transferred from Level 1 to Level 2 due to foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.

See Notes to Portfolio of Investments

VALIC Company I Foreign Value Fund

PORTFOLIO OF INVESTMENTS - August 31, 2017 - (unaudited)

 

Security Description

    Shares/
Principal
Amount		      Value
(Note 1)		  

COMMON STOCKS - 96.7%

 

Bermuda - 1.0%

 

Haier Electronics Group Co., Ltd.

      2,049,400      $ 5,480,987  

Kunlun Energy Co., Ltd.#

      3,448,000        3,345,127  
     

 

 

  
        8,826,114  
     

 

 

  

Canada - 9.0%

 

Alamos Gold, Inc., Class A

      1,265,040        10,537,783  

Barrick Gold Corp.#

      664,610        11,956,334  

Cenovus Energy, Inc.#

      838,164        6,557,648  

Eldorado Gold Corp.

      2,359,900        4,856,811  

Ensign Energy Services, Inc.

      718,600        3,631,124  

Husky Energy, Inc.†

      527,900        6,176,271  

Precision Drilling Corp.†

      159,600        405,151  

Suncor Energy, Inc.

      240,100        7,523,614  

Tahoe Resources, Inc.#

      722,800        3,449,760  

Wheaton Precious Metals Corp.#

      1,091,000        22,663,095  
     

 

 

  
        77,757,591  
     

 

 

  

Cayman Islands - 4.7%

 

Baidu, Inc. ADR†

      106,370        24,257,679  

CK Hutchison Holdings, Ltd.

      1,034,000        13,562,383  

Value Partners Group, Ltd.#

      3,554,500        3,084,426  
     

 

 

  
        40,904,488  
     

 

 

  

China - 4.8%

 

China Life Insurance Co., Ltd., Class H

      2,257,000        7,279,355  

China Telecom Corp., Ltd. Class H

      25,815,823        13,311,675  

Shanghai Pharmaceuticals Holding Co., Ltd. Class H

      2,852,500        7,025,086  

Sinopec Engineering Group Co., Ltd.

      5,880,000        5,305,177  

Sinopharm Group Co., Ltd. Class H

      1,816,400        8,208,197  
     

 

 

  
        41,129,490  
     

 

 

  

France - 5.9%

 

AXA SA

      372,232        10,809,644  

BNP Paribas SA

      224,170        17,075,053  

Cie Generale des Etablissements Michelin

      45,062        6,148,139  

Sanofi

      73,436        7,170,222  

TOTAL SA#

      179,620        9,293,729  
     

 

 

  
        50,496,787  
     

 

 

  

Germany - 6.8%

 

Bayer AG

      86,373        11,061,995  

Gerresheimer AG

      78,750        6,209,295  

Innogy SE*

      216,010        9,520,084  

Merck KGaA

      77,902        8,562,958  

MorphoSys AG†#

      111,080        7,946,546  

Siemens AG

      69,145        9,041,001  

Telefonica Deutschland Holding AG#

      1,236,580        6,694,525  
     

 

 

  
        59,036,404  
     

 

 

  

Hong Kong - 1.1%

 

China Mobile, Ltd.

      917,000        9,723,009  
     

 

 

  

India - 0.9%

 

Hero MotoCorp, Ltd.

      81,301        5,076,546  

Jain Irrigation Systems, Ltd.

      1,609,577        2,481,931  
     

 

 

  
        7,558,477  
     

 

 

  

Israel - 1.2%

 

Teva Pharmaceutical Industries, Ltd. ADR

      661,319        10,488,519  
     

 

 

  

Italy - 1.6%

 

Eni SpA

      904,304        14,184,001  
     

 

 

  

Japan - 11.0%

 

Astellas Pharma, Inc.

      753,600        9,491,016  

Inpex Corp.

      706,000        6,776,543  

Kirin Holdings Co., Ltd.

      361,300        8,220,149  

Nissan Motor Co., Ltd.

      794,400        7,913,271  

Ryohin Keikaku Co., Ltd.

      21,500        5,972,207  

SoftBank Group Corp.

      309,600        25,194,817  

Sumitomo Metal Mining Co., Ltd.

      537,000        9,273,344  

Sumitomo Rubber Industries, Ltd.

      472,700        7,857,043  

Suntory Beverage & Food, Ltd.

      186,800        8,641,316  

Taiheiyo Cement Corp.

      1,553,800        6,007,212  
     

 

 

  
        95,346,918  
     

 

 

  

Jersey - 0.5%

 

Shire PLC

      80,726        4,018,801  
     

 

 

  

Luxembourg - 1.3%

 

SES SA FDR

      285,330        6,529,910  

Tenaris SA#

      375,623        5,002,718  
     

 

 

  
        11,532,628  
     

 

 

  

Netherlands - 6.1%

 

Aegon NV

      2,792,223        15,960,271  

Flow Traders#*

      123,492        3,352,365  

ING Groep NV CVA

      390,735        6,941,794  

QIAGEN NV#

      367,644        11,798,112  

SBM Offshore NV#

      921,270        14,750,117  
     

 

 

  
        52,802,659  
     

 

 

  

New Zealand - 0.7%

 

Sky Network Television, Ltd.#

      2,839,200        5,791,517  
     

 

 

  

Norway - 1.8%

 

Telenor ASA

      430,178        8,713,279  

Yara International ASA

      156,500        6,402,006  
     

 

 

  
        15,115,285  
     

 

 

  

Singapore - 2.3%

 

Singapore Telecommunications, Ltd.

      3,779,000        10,352,760  

Singapore Telecommunications, Ltd. ADR

      4,600        125,580  

United Overseas Bank, Ltd.

      517,800        9,193,262  
     

 

 

  
        19,671,602  
     

 

 

  

South Korea - 10.4%

 

Dongbu Insurance Co., Ltd.

      19,400        1,296,906  

Hana Financial Group, Inc.

      310,212        13,474,208  

Hyundai Mobis Co., Ltd.

      45,365        9,492,366  

Hyundai Motor Co.

      50,107        6,246,556  

KB Financial Group, Inc.

      276,610        13,592,381  

Korea Investment Holdings Co., Ltd.

      96,090        5,586,002  

Posco Daewoo Corp.

      327,925        6,156,674  

Samsung Electronics Co., Ltd.

      16,289        33,636,061  
     

 

 

  
        89,481,154  
     

 

 

  

Spain - 0.0%

     

Telefonica SA ADR

      859       9,251  
    

 

 

  

Sweden - 0.5%

     

Getinge AB, Class B

      239,574       4,460,217  
    

 

 

  

Switzerland - 4.1%

     

GAM Holding AG

      372,060       5,730,137  

Roche Holding AG#

      75,110       19,144,158  

UBS Group AG

      621,650       10,254,233  
    

 

 

  
       35,128,528  
    

 

 

  

Taiwan - 2.5%

     

Catcher Technology Co., Ltd.

      522,400       6,675,130  

Quanta Computer, Inc.

      3,061,000       6,977,827  

Taiwan Semiconductor Manufacturing Co., Ltd.

      1,042,000       7,501,163  
    

 

 

  
       21,154,120  
    

 

 

  

Thailand - 1.7%

     

Bangkok Bank PCL

      243,400       1,372,661  

Bangkok Bank PCL NVDR

      1,195,200       6,643,842  

Kasikornbank PCL

      206,100       1,309,141  

PTT Exploration & Production PCL

      2,070,900       5,457,122  
    

 

 

  
       14,782,766  
    

 

 

  

United Kingdom - 16.8%

     

Aviva PLC

      889,501       6,014,136  

BAE Systems PLC

      1,415,310       11,112,530  

Barclays PLC#

      3,038,750       7,514,249  

BP PLC

      3,803,252       21,964,992  

BP PLC ADR#

      180       6,251  

Capita PLC

      739,175       6,196,658  

Cobham PLC

      2,747,809       4,880,173  

HSBC Holdings PLC

      1,375,210       13,364,672  

Johnson Matthey PLC

      154,621       5,522,957  

Kingfisher PLC

      2,316,340       8,959,763  

Rolls-Royce Holdings PLC

      327,700       3,870,131  

Royal Dutch Shell PLC, Class B

      712,115       19,902,130  

SIG PLC

      3,359,596       7,734,046  

Standard Chartered PLC†

      1,964,668       19,547,163  

Travis Perkins PLC

      281,051       5,468,097  

Vodafone Group PLC

      957,821       2,739,805  
    

 

 

  
       144,797,753  
    

 

 

  

Total Common Stocks

     

(cost $764,378,102)

        834,198,079  
    

 

 

  

RIGHTS - 0.0%

     

Sweden - 0.0%

     

Getinge AB† Expires 09/14/2017 (strike price SEK 127)
(cost $0)

      239,574       88,644  
    

 

 

  

Total Long-Term Investment Securities

     

(cost $764,378,102)

        834,286,723  
    

 

 

  

SHORT-TERM INVESTMENT SECURITIES - 5.5%

     

Registered Investment Companies - 3.3%

     

State Street Navigator Securities Lending Government Money Market Portfolio
1.01%(1)(2)

      28,435,220       28,435,220  
    

 

 

  

Time Deposits - 0.5%

     

Euro Time Deposit with State Street Bank and Trust Co.
0.12% due 09/01/2017

    $ 3,833,000       3,833,000  
    

 

 

  

U.S. Government Agencies - 1.7%

     

Federal Home Loan Bank Disc. Notes
0.91% due 09/01/2017

      14,900,000       14,900,000  
    

 

 

  

Total Short-Term Investment Securities

     

(cost $47,168,220)

        47,168,220  
    

 

 

  

TOTAL INVESTMENTS

     

(cost $811,546,322)

      102.2 %      881,454,943  

Liabilities in excess of other assets

      (2.2 )      (18,639,192 ) 
  

 

 

    

 

 

  

NET ASSETS

      100.0 %    $ 862,815,751  
  

 

 

    

 

 

  

 

# 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 August 31, 2017, the aggregate value of these securities was $12,872,449 representing 1.5% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid.
(1) At August 31, 2017, the Fund had loaned securities with a total value of $59,789,764. This was secured by collateral of $28,435,220, which was received in cash and subsequently invested in short-term investments currently valued at $28,435,220 as reported in the Portfolio of Investments. Additional collateral of $33,204,152 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
August  31, 2017		  

Federal Home Loan Mtg. Corp.

    2.50% to 4.00%   11/15/2028 to 01/01/2047    $ 2,308,747  

Federal National Mtg. Assoc.

    2.50% to 4.40%   10/25/2029 to 11/01/2046      2,739,167  

Government National Mtg. Assoc.

    2.50% to 3.50%   06/20/2045 to 11/20/2046      1,577,549  

United States Treasury Bills

    0.00%   09/14/2017 to 12/07/2017      925,524  

United States Treasury Notes/Bonds

    0.13% to 8.00%   10/15/2017 to 11/15/2046      25,653,165  

 

(2) The rate shown is the 7-day yield as of August 31, 2017.

ADR - American Depositary Receipt

CVA - Certification Van Aandelen (Dutch Cert.)

FDR - Fiduciary Depositary Receipt

NVDR - Non-Voting Depositary Receipt

SEK - Swedish Krona

Industry Allocation*   

Oil Companies-Integrated

      9.9 % 

Medical-Drugs

      6.9  

Diversified Banking Institutions

      5.7  

Banks-Commercial

      5.3  

Electronic Components-Semiconductors

      3.9  

Telecom Services

      3.7  

Telephone-Integrated

      3.7  

Registered Investment Companies

      3.3  

Gold Mining

      3.2  

Diversified Financial Services

      3.2  

Insurance-Multi-line

      3.1  

Precious Metals

      3.0  

Web Portals/ISP

      2.8  

Oil-Field Services

      2.3  

Oil Companies-Exploration & Production

      1.8  

Aerospace/Defense

      1.8  

U.S. Government Agencies

      1.7  

Auto-Cars/Light Trucks

      1.6  

Rubber-Tires

      1.6  

Diversified Operations

      1.6  

Insurance-Life/Health

      1.6  

Distribution/Wholesale

      1.5  

Cellular Telecom

      1.4  

Diagnostic Kits

      1.4  

Medical-Generic Drugs

      1.2  

Electric-Distribution

      1.1  

Auto/Truck Parts & Equipment-Original

      1.1  

Diversified Minerals

      1.1  

Diversified Manufacturing Operations

      1.0  

Retail-Building Products

      1.0  

Finance-Investment Banker/Broker

      1.0  

Investment Management/Advisor Services

      1.0  

Beverages-Non-alcoholic

      1.0  

Medical-Wholesale Drug Distribution

      1.0  

Brewery

      0.9  

Medical-Biomedical/Gene

      0.9  

Semiconductor Components-Integrated Circuits

      0.9  

Retail-Drug Store

      0.8  

Computers

      0.8  

Metal Processors & Fabrication

      0.8  

Agricultural Chemicals

      0.8  

Satellite Telecom

      0.7  

Containers-Metal/Glass

      0.7  

Human Resources

      0.7  

Import/Export

      0.7  

Building Products-Cement

      0.7  

Retail-Misc./Diversified

      0.7  

Cable/Satellite TV

      0.7  

Chemicals-Diversified

      0.6  

Appliances

      0.6  

Motorcycle/Motor Scooter

      0.6  

Steel Pipe & Tube

      0.6  

Aerospace/Defense-Equipment

      0.6  

Medical Instruments

      0.5  

Time Deposits

      0.5  

Oil & Gas Drilling

      0.4  

Rubber/Plastic Products

      0.3  

Insurance-Property/Casualty

      0.2  
  

 

 

  
     102.2 % 
  

 

 

  

 

* Calculated as a percentage of net assets

The following is a summary of the inputs used to value the Fund’s net assets as of August 31, 2017 (see Note1):

 

     Level 1 - Unadjusted
Quoted  Prices		      Level 2 - Other
Observable Inputs		     Level 3 - Significant
Unobservable Inputs		      Total  

ASSETS:

           

Investments at Value:*

           

Common Stocks

    $ 118,101,993      $ 716,096,086 **    $ —        $ 834,198,079  

Rights

      88,644        —         —          88,644  

Short-Term Investment Securities:

           

Registered Investment Companies

      28,435,220        —         —          28,435,220  

Time Deposits

      —          3,833,000       —          3,833,000  

U.S. Government Agencies

      —          14,900,000       —          14,900,000  
  

 

 

     

 

 

    

 

 

     

 

 

  

Total Investments at Value

    $ 146,625,857      $ 734,829,086     $ —        $ 881,454,943  
  

 

 

     

 

 

    

 

 

     

 

 

  

 

* For a detailed presentation of investments, please refer to the Portfolio of Investments.
** Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 1).

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities currently valued at $680,347,426 were transferred from Level 1 to Level 2 due to foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.

See Notes to Portfolio of Investments

VALIC Company I Global Real Estate Fund

PORTFOLIO OF INVESTMENTS - August 31, 2017 - (unaudited)

 

Security Description

    Shares      Value
(Note 1)		  

COMMON STOCKS - 97.9%

      

Australia - 6.2%

      

BGP Holdings PLC†(1)(2)

      479,213      $ 7,962  

GPT Group

      1,901,065        7,596,811  

Mirvac Group

      3,482,504        6,460,334  

Scentre Group

      2,118,038        6,530,012  

Shopping Centres Australasia Property Group

      2,204,709        3,913,198  
     

 

 

  
        24,508,317  
     

 

 

  

Bermuda - 1.8%

      

Hongkong Land Holdings, Ltd. (OTC)

      1,700        12,172  

Hongkong Land Holdings, Ltd. (SGX)

      988,600        7,330,932  
     

 

 

  
        7,343,104  
     

 

 

  

Canada - 2.9%

      

Allied Properties Real Estate Investment Trust

      81,618        2,530,076  

Canadian Real Estate Investment Trust

      85,928        3,164,628  

Chartwell Retirement Residences

      223,896        2,637,446  

RioCan Real Estate Investment Trust

      170,754        3,254,410  
     

 

 

  
        11,586,560  
     

 

 

  

Cayman Islands - 2.7%

      

Cheung Kong Property Holdings, Ltd.

      1,235,500        10,877,335  
     

 

 

  

France - 5.9%

      

Fonciere Des Regions

      51,416        5,086,915  

Klepierre

      201,718        8,128,597  

Unibail-Rodamco SE (Euronext Amsterdam)

      25,927        6,600,824  

Unibail-Rodamco SE (Euronext Paris)

      14,333        3,643,746  
     

 

 

  
        23,460,082  
     

 

 

  

Germany - 3.4%

      

Vonovia SE

      324,849        13,731,338  
     

 

 

  

Hong Kong - 5.6%

      

I-CABLE Communications, Ltd.†

      171,701        6,050  

Link REIT

      702,500        5,811,761  

Sun Hung Kai Properties, Ltd.

      774,504        12,932,713  

Wharf Holdings, Ltd.

      351,000        3,352,756  
     

 

 

  
        22,103,280  
     

 

 

  

Ireland - 0.8%

      

Green REIT PLC

      1,922,684        3,296,042  
     

 

 

  

Japan - 11.5%

      

Daiwa House REIT Investment Corp.

      1,219        2,981,442  

Kenedix Retail REIT Corp.

      1,339        2,952,901  

Mitsubishi Estate Co., Ltd.

      214,500        3,701,626  

Mitsui Fudosan Co., Ltd.

      472,100        10,236,262  

Nippon Building Fund, Inc.

      1,233        6,565,007  

Nomura Real Estate Master Fund, Inc.

      4,726        6,245,089  

Orix JREIT, Inc.

      3,821        5,520,074  

Sumitomo Realty & Development Co., Ltd.

      248,000        7,522,743  
     

 

 

  
        45,725,144  
     

 

 

  

Norway - 0.6%

      

Entra ASA*

      155,393        2,213,762  
     

 

 

  

Singapore - 2.6%

      

Ascendas Real Estate Investment Trust

      1,497,900        2,942,233  

City Developments, Ltd.

      499,500        4,321,379  

Mapletree Commercial Trust

      2,809,000        3,180,388  
     

 

 

  
        10,444,000  
     

 

 

  

Spain - 1.3%

      

Merlin Properties Socimi SA

      378,708        5,219,156  
     

 

 

  

Sweden - 0.9%

      

Castellum AB

      221,541        3,469,995  
     

 

 

  

Switzerland - 0.8%

      

PSP Swiss Property AG

      36,402        3,341,586  
     

 

 

  

United Kingdom - 4.8%

      

Big Yellow Group PLC

      312,861        3,270,874  

British Land Co. PLC

      330,177        2,609,718  

Derwent London PLC

      64,521        2,322,579  

Hammerson PLC

      603,892        4,378,900  

Tritax Big Box REIT PLC

      1,546,540        2,856,772  

UNITE Group PLC

      400,583        3,590,159  
     

 

 

  
        19,029,002  
     

 

 

  

United States - 46.1%

      

Acadia Realty Trust#

      40,641        1,165,990  

American Campus Communities, Inc.

      43,163        2,054,127  

American Homes 4 Rent, Class A

      132,434        2,934,737  

American Tower Corp.

      92,957        13,762,284  

Apple Hospitality REIT, Inc.

      121,338        2,205,925  

AvalonBay Communities, Inc.#

      23,955        4,497,072  

Boston Properties, Inc.

      57,193        6,897,476  

Brandywine Realty Trust

      97,173        1,669,432  

Brixmor Property Group, Inc.

      122,574        2,294,585  

Brookdale Senior Living, Inc.†

      69,719        845,691  

Cousins Properties, Inc.

      303,169        2,834,630  

Crown Castle International Corp.

      75,547        8,192,317  

CyrusOne, Inc.

      41,599        2,621,985  

Digital Realty Trust, Inc.#

      12,689        1,501,616  

EastGroup Properties, Inc.

      7,909        702,794  

Education Realty Trust, Inc.

      9,861        381,029  

Equinix, Inc.

      17,105        8,012,153  

Equity Residential

      123,820        8,314,513  

Essex Property Trust, Inc.

      19,345        5,145,190  

Extra Space Storage, Inc.#

      25,585        1,986,164  

Federal Realty Investment Trust#

      20,303        2,577,060  

GGP, Inc.#

      144,506        2,998,500  

HCP, Inc.

      102,435        3,053,587  

Healthcare Realty Trust, Inc.

      109,463        3,642,929  

Host Hotels & Resorts, Inc.

      161,029        2,917,846  

Hudson Pacific Properties, Inc.

      142,296        4,695,768  

Invitation Homes, Inc.

      85,771        1,984,741  

JBG SMITH Properties†

      22,364        731,974  

Kimco Realty Corp.#

      105,549        2,070,871  

Lamar Advertising Co., Class A

      21,708        1,444,884  

Liberty Property Trust

      91,325        3,890,445  

Macerich Co.

      66,274        3,497,279  

Mid-America Apartment Communities, Inc.

      11,858        1,262,403  

National Health Investors, Inc.#

      18,695        1,498,965  

National Retail Properties, Inc.

      9,121        381,531  

Paramount Group, Inc.

      88,511       1,396,704  

Pebblebrook Hotel Trust#

      64,944       2,181,469  

Physicians Realty Trust

      37,655       705,278  

Prologis, Inc.

      129,070       8,177,875  

Public Storage

      35,362       7,261,233  

QTS Realty Trust, Inc., Class A

      43,303       2,346,157  

Realty Income Corp.

      41,595       2,394,208  

Regency Centers Corp.#

      17,106       1,100,258  

Retail Opportunity Investments Corp.#

      44,973       892,264  

RLJ Lodging Trust

      32,934       664,608  

SBA Communications Corp.†

      31,984       4,911,143  

Simon Property Group, Inc.#

      64,828       10,168,272  

SL Green Realty Corp.

      4,006       386,098  

Sun Communities, Inc.

      39,430       3,560,923  

Terreno Realty Corp.

      27,677       1,003,291  

Ventas, Inc.

      30,374       2,078,797  

Vornado Realty Trust

      59,085       4,401,242  

Washington Real Estate Investment Trust#

      65,235       2,143,622  

Weingarten Realty Investors

      4,312       138,156  

Welltower, Inc.

      79,701       5,835,707  

Weyerhaeuser Co.

      218,732       7,132,851  
    

 

 

  
       183,548,649  
    

 

 

  

Total Long-Term Investment Securities

     

(cost $366,482,003)

        389,897,352  
    

 

 

  

SHORT-TERM INVESTMENT SECURITIES - 1.8%

     

Registered Investment Companies - 1.3%

     

State Street Institutional U.S. Government Money Market Fund, Administration Class
0.68%(3)

      4,995,475       4,995,475  

State Street Navigator Securities Lending Government Money Market Portfolio
1.01%(3)(4)

      34,918       34,918  
    

 

 

  
       5,030,393  
    

 

 

  

Time Deposits - 0.5%

     

Euro Time Deposit with State Street Bank and Trust Co.
0.12% due 09/01/2017

      2,043,000       2,043,000  
    

 

 

  

Total Short-Term Investment Securities

     

(cost $7,073,393)

        7,073,393  
    

 

 

  

TOTAL INVESTMENTS -

     

(cost $373,555,396)

      99.7 %      396,970,745  

Other assets less liabilities

      0.3       1,227,386  
  

 

 

    

 

 

  

NET ASSETS -

      100.0 %    $ 398,198,131  
  

 

 

    

 

 

  

 

† 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 August 31, 2017, the aggregate value of these securities was $2,213,762 representing 0.6% 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 1).
(1) Illiquid security. At August 31, 2017, the aggregate value of these securities was $7,962 representing 0.0% of net assets.
(2) Security classified as Level 3 (see Note 1).
(3) The rate shown is the 7-day yield as of August 31, 2017.
(4) At August 31, 2017, the Fund had loaned securities with a total value of $22,867,171. This was secured by collateral of $34,918, which was received in cash and subsequently invested in short-term investments currently valued at $34,918 as reported in the Portfolio of Investments. Additional collateral of $23,328,954 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
August 31, 2017		  

Federal Home Loan Mtg. Corp.

    2.50% to 4.50%      08/01/2027 to 01/01/2047      $ 3,085,846  

Federal National Mtg. Assoc.

    2.63% to 4.25%      10/25/2029 to 11/01/2046        2,535,637  

Government National Mtg. Assoc.

    2.50% to 3.50%      01/20/2043 to 05/16/2053        5,297,420  

United States Treasury Bills

    0.00%      09/07/2017 to 03/01/2018        570,219  

United States Treasury Notes/Bonds

    zero coupon to 5.38%      10/15/2017 to 08/15/2046        11,839,832  

OTC - Over the Counter

SGX - Singapore Exchange

Euronext Paris - Euronext Stock Exchange, Paris

Euronext Amsterdam - Euronext Stock Exchange, Amsterdam

 

Industry Allocation*   

Real Estate Investment Trusts

      76.2 % 

Real Estate Operations & Development

      13.0  

Real Estate Management/Services

      6.6  

Registered Investment Companies

      1.3  

Hotels/Motels

      1.1  

Diversified Operations

      0.8  

Time Deposits

      0.5  

Retirement/Aged Care

      0.2  
  

 

 

  
     99.7%  
  

 

 

  

 

* Calculated as a percentage of net assets

The following is a summary of the inputs used to value the Fund’s net assets as of August 31, 2017 (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:

           

Australia

    $ 24,500,355      $ —       $ 7,962      $ 24,508,317  

Other Countries

      174,290,772        191,098,263 **      —          365,389,035  

Short-Term Investment Companies:

           

Registered Investment Companies

      5,030,393        —         —          5,030,393  

Time Deposits

      —          2,043,000       —          2,043,000  
  

 

 

     

 

 

    

 

 

     

 

 

  

Total Investments at Value

   $ 203,821,520      $ 193,141,263     $ 7,962      $ 396,970,745  
  

 

 

     

 

 

    

 

 

     

 

 

  

 

* For a detailed presentation of investments, please refer to the Portfolio of Investments.
** Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 1).

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities currently valued at $174,194,433 were transferred from Level 1 to Level 2 due to foreign equity securities whose values were 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

VALIC Company I Global Social Awareness Fund

PORTFOLIO OF INVESTMENTS - August 31, 2017 - (unaudited)

 

Security Description

    Shares/
Principal
Amount		      Value
(Note 1)		  

COMMON STOCKS - 93.8%

 

Australia - 2.1%

 

Amcor, Ltd.

      22,626      $ 290,785  

APA Group

      49,311        348,496  

ASX, Ltd.

      15,070        655,935  

BGP Holdings PLC(1)(2)

      60,919        1,012  

Computershare, Ltd.

      26,169        292,836  

CSL, Ltd.

      7,914        809,435  

Dexus

      63,132        482,033  

Fortescue Metals Group, Ltd.

      69,960        334,827  

Goodman Group

      33,750        222,812  

GPT Group

      103,827        414,901  

Insurance Australia Group, Ltd.

      93,362        476,628  

QBE Insurance Group, Ltd.

      23,435        195,807  

Ramsay Health Care, Ltd.

      6,273        341,221  

Santos, Ltd.†

      117,251        352,524  

Scentre Group

      70,481        217,296  

Sonic Healthcare, Ltd.

      11,410        198,960  

South32, Ltd.

      154,813        360,160  

Stockland

      80,658        284,452  

Sydney Airport

      38,727        228,146  

Transurban Group

      93,111        901,376  

Vicinity Centres

      94,165        196,406  

Wesfarmers, Ltd.

      11,407        386,883  

Westfield Corp.

      35,582        211,041  

Woodside Petroleum, Ltd.

      15,244        351,035  

Woolworths, Ltd.

      11,583        239,657  
     

 

 

  
        8,794,664  
     

 

 

  

Austria - 0.2%

 

Erste Group Bank AG

      7,963        337,050  

OMV AG

      6,429        369,662  

voestalpine AG

      5,591        290,444  
     

 

 

  
        997,156  
     

 

 

  

Belgium - 0.6%

 

Ageas

      5,216        242,385  

Groupe Bruxelles Lambert SA

      5,139        523,408  

KBC Group NV

      3,665        301,401  

Proximus SADP

      11,201        394,753  

UCB SA

      8,212        566,207  

Umicore SA

      6,908        516,356  
     

 

 

  
        2,544,510  
     

 

 

  

Bermuda - 1.3%

 

Arch Capital Group, Ltd.†

      5,140        500,328  

Axis Capital Holdings, Ltd.

      3,374        203,250  

Everest Re Group, Ltd.

      2,701        681,948  

Hongkong Land Holdings, Ltd.

     29,900        221,723  

IHS Markit, Ltd.†

      14,311        670,327  

Invesco, Ltd.

      12,366        405,357  

Jardine Matheson Holdings, Ltd.

      4,000        262,877  

Li & Fung, Ltd.

      380,000        171,453  

Norwegian Cruise Line Holdings, Ltd.†

      5,016        298,251  

NWS Holdings, Ltd.

      120,000        231,166  

RenaissanceRe Holdings, Ltd.

      5,045        702,062  

Shangri-La Asia, Ltd.

      344,000        576,140  

XL Group, Ltd.

      10,099        413,655  
     

 

 

  
        5,338,537  
     

 

 

  

Canada - 3.5%

 

Agnico Eagle Mines, Ltd.#

      5,318        272,597  

Alimentation Couche-Tard, Inc., Class B

      4,191        200,128  

AltaGas, Ltd.

      7,389        163,845  

ARC Resources, Ltd.

      19,368        254,363  

Bank of Montreal

      7,598        545,231  

BCE, Inc.

      9,210        438,392  

Brookfield Asset Management, Inc., Class A

      14,200        561,632  

Cameco Corp.

      16,563        166,061  

Canadian Imperial Bank of Commerce

      2,567        215,659  

Canadian National Railway Co.

      7,893        639,783  

Canadian Tire Corp., Ltd., Class A

      2,465        291,753  

CGI Group, Inc., Class A†

      5,081        258,495  

CI Financial Corp.

      13,200        288,999  

Crescent Point Energy Corp.

      13,896        95,366  

Empire Co., Ltd., Class A

      16,200        272,303  

Encana Corp.

      22,021        205,441  

Fairfax Financial Holdings, Ltd.

      849        441,296  

First Capital Realty, Inc.

      29,984        487,188  

Fortis, Inc.

      8,562        313,272  

Franco-Nevada Corp.

      2,469        201,988  

Great-West Lifeco, Inc.

      22,215        615,349  

IGM Financial, Inc.

      10,180        333,342  

Industrial Alliance Insurance & Financial Services, Inc.

      5,774        247,791  

Intact Financial Corp.

      8,048        663,432  

Keyera Corp.

      8,694        252,309  

Manulife Financial Corp.

      31,548        619,718  

Metro, Inc., Class A

      9,254        305,465  

National Bank of Canada

      5,260        242,118  

Onex Corp.

      3,661        292,733  

Open Text Corp.

      6,092        196,017  

Pembina Pipeline Corp.

      10,586        341,210  

Power Corp. of Canada

      15,066        368,220  

Power Financial Corp.

      11,025        297,620  

RioCan Real Estate Investment Trust

      7,948        151,481  

Rogers Communications, Inc., Class B

      5,695        297,303  

Saputo, Inc.

      6,025        203,415  

Shaw Communications, Inc., Class B

      29,396        655,834  

Sun Life Financial, Inc.

      8,746        335,832  

Suncor Energy, Inc.

      12,839        402,314  

Thomson Reuters Corp.

      14,735        673,769  

Tourmaline Oil Corp.†

      6,974        136,045  

Trisura Group, Ltd.†

      83        1,628  

Turquoise Hill Resources, Ltd.†

      54,175        182,644  

Valeant Pharmaceuticals International, Inc.†

      4,200        56,471  

Vermilion Energy, Inc.

      5,604        182,649  

Waste Connections, Inc.

      3,708        247,287  

Wheaton Precious Metals Corp.

      7,836        162,775  

Yamana Gold, Inc.

      37,744        111,532  
     

 

 

  
        14,890,095  
     

 

 

  

Cayman Islands - 0.4%

 

ASM Pacific Technology, Ltd.

      24,900        310,822  

Cheung Kong Property Holdings, Ltd.

      30,808        271,234  

CK Hutchison Holdings, Ltd.

      49,808        653,303  

WH Group, Ltd.*

      232,000        242,583  
     

 

 

  
        1,477,942  
     

 

 

  

Curacao - 0.3%

 

Schlumberger, Ltd.

      19,117        1,214,121  
     

 

 

  

Denmark - 1.0%

 

Chr. Hansen Holding A/S

      3,663        315,270  

Danske Bank A/S

      6,869        267,086  

DSV A/S

      8,768        621,978  

Genmab A/S†

      1,023        238,900  

Novo Nordisk A/S, Class B

      24,237        1,157,115  

Novozymes A/S, Class B

      7,595        386,465  

Pandora A/S

      1,457        154,880  

TDC A/S

      41,179        245,410  

Tryg A/S

      10,121        233,994  

Vestas Wind Systems A/S

      2,688        244,883  

William Demant Holding A/S†

      9,330        247,007  
     

 

 

  
        4,112,988  
     

 

 

  

Finland - 0.6%

 

Elisa Oyj

      8,794        384,359  

Kone Oyj, Class B

      3,953        214,552  

Metso Oyj

      7,856        260,559  

Nokia OYJ

      74,983        464,232  

Nokian Renkaat Oyj

      5,042        213,251  

Orion Oyj, Class B

      5,436        257,512  

Sampo Oyj, Class A

      11,249        594,014  

UPM-Kymmene Oyj

      10,130        263,731  
     

 

 

  
        2,652,210  
     

 

 

  

France - 3.3%

 

Accor SA

      4,597        213,139  

Aeroports de Paris

      2,815        502,352  

Air Liquide SA

      4,183        511,378  

Arkema SA

      2,361        256,910  

Atos SE

      2,660        410,927  

AXA SA

      24,468        710,552  

Bureau Veritas SA

      12,706        302,519  

Capgemini SE

      2,743        304,476  

Casino Guichard Perrachon SA

      3,259        185,431  

Cie de Saint-Gobain

      5,254        288,365  

CNP Assurances

      12,364        287,235  

Credit Agricole SA

      21,290        375,695  

Danone SA

      8,969        706,969  

Dassault Systemes SE

      5,876        579,301  

Essilor International SA

      5,692        719,537  

Eutelsat Communications SA

      9,358        272,060  

Fonciere Des Regions

      2,037        201,534  

Gecina SA

      2,109        328,632  

ICADE

      2,531        224,953  

Iliad SA

      890        229,979  

Imerys SA

      2,842        250,100  

Kering

      1,881        706,539  

Klepierre

      8,921        359,488  

L’Oreal SA

      5,556        1,174,566  

Lagardere SCA

      9,463        304,280  

Legrand SA

      5,384        377,510  

Schneider Electric SE

      4,708        380,001  

SCOR SE

      8,324        349,058  

Societe BIC SA

      1,493        179,522  

Sodexo SA

      5,101        595,679  

Unibail-Rodamco SE

     1,363        347,010  

Veolia Environnement SA

      10,211        239,698  

Vivendi SA

      16,981        390,033  

Wendel SA

      1,751        277,672  

Zodiac Aerospace

      7,756        224,425  
     

 

 

  
        13,767,525  
     

 

 

  

Germany - 2.4%

 

Allianz SE

      5,828        1,247,093  

Beiersdorf AG

      7,692        821,387  

Brenntag AG

      5,411        287,229  

Continental AG

      1,377        310,695  

Deutsche Wohnen SE

      5,229        222,105  

Fraport AG Frankfurt Airport Services Worldwide

      3,354        331,038  

Fresenius SE & Co. KGaA

      4,930        417,304  

FUCHS PETROLUB SE (Preference Shares)

      5,308        295,354  

Hannover Rueck SE

      2,979        361,195  

Henkel AG & Co. KGaA

      1,677        202,990  

Henkel AG & Co. KGaA (Preference Shares)

      3,268        438,000  

Infineon Technologies AG

      13,282        306,392  

LANXESS AG

      4,176        311,747  

Linde AG

      1,471        282,085  

Merck KGaA

      5,817        639,402  

Muenchener Rueckversicherungs-Gesellschaft AG

      3,369        695,554  

SAP SE

      14,724        1,544,375  

Symrise AG

      4,994        365,093  

Telefonica Deutschland Holding AG

      42,775        231,573  

TUI AG

      19,530        330,567  

Vonovia SE

      9,834        415,682  
     

 

 

  
        10,056,860  
     

 

 

  

Hong Kong - 1.5%

 

AIA Group, Ltd.

      174,800        1,342,349  

Bank of East Asia, Ltd.

      76,000        348,502  

BOC Hong Kong Holdings, Ltd.

      61,000        311,608  

Hang Lung Properties, Ltd.

      92,000        224,184  

Hang Seng Bank, Ltd.

      17,700        408,143  

Henderson Land Development Co., Ltd.

      37,607        233,999  

HKT Trust & HKT, Ltd.

      123,000        159,091  

Hong Kong & China Gas Co., Ltd.

      407,479        770,716  

Hong Kong Exchanges & Clearing, Ltd.

      15,800        431,738  

Link REIT

      62,500        517,060  

PCCW, Ltd.

      360,000        200,853  

Power Assets Holdings, Ltd.

      20,000        176,797  

Sun Hung Kai Properties, Ltd.

      15,000        250,471  

Swire Pacific, Ltd., Class A

      16,500        168,184  

Swire Properties, Ltd.

      113,600        393,961  

Techtronic Industries Co., Ltd.

      43,500        225,184  
     

 

 

  
        6,162,840  
     

 

 

  

Ireland - 1.1%

 

Accenture PLC, Class A

      8,675        1,134,343  

Alkermes PLC†

      4,103        208,351  

CRH PLC

      8,730        305,229  

DCC PLC

      4,121        375,581  

Jazz Pharmaceuticals PLC†#

      1,834        273,926  

Johnson Controls International PLC

      14,883        589,218  

Kerry Group PLC, Class A (ISE)

      6,361        592,223  

Pentair PLC

      4,813        298,647  

Perrigo Co. PLC#

      5,230        412,961  

Weatherford International PLC†#

      47,110        180,431  

Willis Towers Watson PLC

      3,025        449,122  
     

 

 

  
        4,820,032  
     

 

 

  

Israel - 0.1%

 

Check Point Software Technologies, Ltd.†

      2,287        255,847  

NICE, Ltd.

      4,159        324,216  
     

 

 

  
        580,063  
     

 

 

  

Italy - 0.7%

 

Assicurazioni Generali SpA

      34,830        624,463  

Atlantia SpA

      7,576        244,049  

Intesa Sanpaolo SpA

      146,572        495,519  

Italgas SpA

      12,326        69,720  

Luxottica Group SpA

      3,520        202,878  

Snam SpA

      61,634        300,143  

Terna Rete Elettrica Nazionale SpA

      60,973        360,037  

UniCredit SpA†

      8,344        170,213  

Unione di Banche Italiane SpA

      64,284        297,407  
     

 

 

  
        2,764,429  
     

 

 

  

Japan - 9.7%

 

Aeon Co., Ltd.

      14,600        215,603  

AEON Financial Service Co., Ltd.

      8,700        184,851  

Aisin Seiki Co., Ltd.

      8,300        418,472  

Ajinomoto Co., Inc.

      11,000        217,488  

Amada Holdings Co., Ltd.

      18,000        198,070  

Aozora Bank, Ltd.

      52,000        197,079  

Astellas Pharma, Inc.

      32,800        413,091  

Bridgestone Corp.

      7,800        335,372  

Canon, Inc.

      17,600        617,482  

Central Japan Railway Co.

      1,900        322,718  

Chiba Bank, Ltd.

      79,000        530,515  

Chubu Electric Power Co., Inc.

      12,500        163,706  

Chugai Pharmaceutical Co., Ltd.

      5,000        203,701  

Concordia Financial Group, Ltd.

      45,800        219,690  

Dai Nippon Printing Co., Ltd.

      16,000        189,317  

Dai-ichi Life Holdings, Inc.

      16,600        268,069  

Daiichi Sankyo Co., Ltd.

      15,200        359,821  

Daikin Industries, Ltd.

      2,200        220,449  

Daito Trust Construction Co., Ltd.

      1,300        231,115  

Daiwa House Industry Co., Ltd.

      9,500        333,040  

Denso Corp.

      13,700        666,489  

Dentsu, Inc.

      3,800        159,387  

East Japan Railway Co.

      5,600        515,315  

Eisai Co., Ltd.

      3,900        202,251  

FANUC Corp.

      2,800        544,716  

Fuji Electric Co., Ltd.

      45,000        248,735  

FUJIFILM Holdings Corp.

      4,600        181,295  

Hankyu Hanshin Holdings, Inc.

      4,800        183,484  

Hisamitsu Pharmaceutical Co., Inc.

      3,000        145,511  

Hitachi Chemical Co., Ltd.

      9,900        268,720  

Hitachi Metals, Ltd.

      17,700        237,094  

Hitachi, Ltd.

      44,000        303,567  

Hoya Corp.

      12,800        737,363  

Idemitsu Kosan Co., Ltd.

      10,300        252,663  

Inpex Corp.

      24,600        236,123  

Isuzu Motors, Ltd.

      15,000        196,965  

JFE Holdings, Inc.

      14,000        277,210  

JTEKT Corp.

      16,100        216,098  

JXTG Holdings, Inc.

      91,800        446,487  

Kajima Corp.

      25,000        229,789  

Kao Corp.

      10,000        624,876  

KDDI Corp.

      23,700        640,400  

Keikyu Corp.

      26,000        276,685  

Keio Corp.

      31,000        258,364  

Keyence Corp.

      1,400        730,663  

Kintetsu Group Holdings Co., Ltd.

      42,000        158,706  

Komatsu, Ltd.

      10,600        287,592  

Kubota Corp.

      25,000        435,227  

Kurita Water Industries, Ltd.

      7,900        227,909  

Kyocera Corp.

      5,600        337,052  

Kyowa Hakko Kirin Co., Ltd.

      10,000        175,958  

LIXIL Group Corp.

      10,600        278,527  

Mabuchi Motor Co., Ltd.

      4,500        213,019  

Marubeni Corp.

      66,200        431,631  

McDonald’s Holdings Co. Japan, Ltd.

      6,400        284,594  

MEIJI Holdings Co., Ltd.

      1,700        135,678  

Mitsubishi Chemical Holdings Corp.

      39,800        371,368  

Mitsubishi Corp.

      16,100        373,042  

Mitsubishi Electric Corp.

      29,000        430,399  

Mitsubishi Estate Co., Ltd.

      10,000        172,570  

Mitsubishi Logistics Corp.

      14,000        169,667  

Mitsubishi Materials Corp.

      7,700        276,737  

Mitsui & Co., Ltd.

      29,600        444,284  

Mitsui Fudosan Co., Ltd.

      12,000        260,189  

MS&AD Insurance Group Holdings, Inc.

      8,100        268,077  

Murata Manufacturing Co., Ltd.

      1,600        245,782  

Nagoya Railroad Co., Ltd.

      31,000        138,891  

NGK Insulators, Ltd.

      10,000        187,212  

NGK Spark Plug Co., Ltd.

      14,200        271,523  

Nidec Corp.

      3,800        431,685  

Nikon Corp.

      13,400        221,329  

Nintendo Co., Ltd.

      1,500        504,209  

Nippon Steel & Sumitomo Metal Corp.

      12,600        301,546  

Nippon Telegraph & Telephone Corp.

      13,700        682,430  

Nissan Motor Co., Ltd.

      41,200        410,406  

Nitori Holdings Co., Ltd.

      1,400        216,554  

NOK Corp.

      10,500        237,499  

NSK, Ltd.

      45,900        546,926  

NTT Data Corp.

      18,500        200,222  

NTT DOCOMO, Inc.

      24,700        574,404  

Omron Corp.

      5,600        281,698  

Ono Pharmaceutical Co., Ltd.

      5,900        120,416  

Oracle Corp. Japan

      3,200        237,064  

Oriental Land Co., Ltd.

      4,100        308,342  

ORIX Corp.

      19,200        308,335  

Osaka Gas Co., Ltd.

      46,000        180,284  

Otsuka Holdings Co., Ltd.

      6,100        246,159  

Panasonic Corp.

      27,800        371,527  

Rakuten, Inc.

      17,000        202,662  

Resona Holdings, Inc.

      115,700        578,840  

Ryohin Keikaku Co., Ltd.

      700        194,444  

Santen Pharmaceutical Co., Ltd.

      16,600        258,079  

Secom Co., Ltd.

      4,000        297,365  

Sekisui House, Ltd.

      11,400        197,743  

Shimadzu Corp.

      13,000        240,329  

Shimano, Inc.

      1,200        162,406  

Shin-Etsu Chemical Co., Ltd.

      6,700        593,755  

Shionogi & Co., Ltd.

      4,000        211,150  

Shiseido Co., Ltd.

      7,800        324,887  

Shizuoka Bank, Ltd.

      74,000        648,398  

SMC Corp.

      700        240,743  

SoftBank Group Corp.

      12,800        1,041,646  

Sony Corp.

      12,900        510,304  

Sumitomo Chemical Co., Ltd.

      43,000        258,248  

Sumitomo Corp.

      34,800        493,694  

Sumitomo Dainippon Pharma Co., Ltd.

      10,300        141,470  

Sumitomo Mitsui Financial Group, Inc.

      14,200        529,096  

Sumitomo Mitsui Trust Holdings, Inc.

      5,800        201,213  

Suntory Beverage & Food, Ltd.

      4,900        226,673  

Sysmex Corp.

      2,700        166,887  

TDK Corp.

      3,300        221,794  

Terumo Corp.

      5,100        197,377  

Tobu Railway Co., Ltd.

      40,000        221,834  

Tohoku Electric Power Co., Inc.

      14,100        193,124  

Tokio Marine Holdings, Inc.

      10,400        416,246  

Tokyo Electron, Ltd.

      2,600        369,643  

Tokyo Gas Co., Ltd.

      46,000        244,381  

Tokyu Corp.

      13,500        196,760  

Toppan Printing Co., Ltd.

      20,000        200,581  

Toray Industries, Inc.

      28,000        267,031  

TOTO, Ltd.

      5,500        210,020  

Toyoda Gosei Co., Ltd.

      13,600        317,842  

Toyota Industries Corp.

      7,200        384,827  

Toyota Motor Corp.

      3,500        197,602  

Toyota Tsusho Corp.

      8,500        262,387  

Trend Micro, Inc.

      9,900        459,421  

Unicharm Corp.

      8,500        200,373  

West Japan Railway Co.

      4,500        327,570  

Yahoo Japan Corp.

      40,100        184,082  

Yakult Honsha Co., Ltd.

      3,400        236,273  

Yamaguchi Financial Group, Inc.

      19,000        215,428  

Yamazaki Baking Co., Ltd.

      9,000        171,007  
     

 

 

  
        40,992,203  
     

 

 

  

Jersey - 0.5%

 

Delphi Automotive PLC

      3,496        337,014  

Ferguson PLC

      4,223        251,235  

Randgold Resources, Ltd.

      3,036        311,151  

Shire PLC

      16,732        832,973  

WPP PLC

      28,561        524,158  
     

 

 

  
        2,256,531  
     

 

 

  

Liberia - 0.1%

 

Royal Caribbean Cruises, Ltd.

      2,630        327,330  
     

 

 

  

Luxembourg - 0.2%

 

RTL Group SA

      6,325        480,221  

SES SA FDR

      14,875        340,421  

Tenaris SA

      13,542        180,359  
     

 

 

  
        1,001,001  
     

 

 

  

Netherlands - 2.0%

 

Aegon NV

      70,452        402,702  

Akzo Nobel NV

      3,724        340,410  

ASML Holding NV

      3,981        620,221  

Boskalis Westminster NV

      5,238        171,291  

CNH Industrial NV

      27,566        313,566  

Core Laboratories NV#

      3,430        302,457  

EXOR NV

      4,981        320,396  

ING Groep NV

      48,736        865,843  

Koninklijke Ahold Delhaize NV

      21,039        378,675  

Koninklijke DSM NV

      3,564        270,654  

Koninklijke KPN NV

      50,803        179,750  

Koninklijke Philips NV

      22,996        871,902  

Koninklijke Vopak NV

      4,605        195,143  

LyondellBasell Industries NV, Class A

      6,634        600,974  

NN Group NV

      13,556        538,306  

QIAGEN NV

      15,177        487,047  

RELX NV

      25,248        530,818  

STMicroelectronics NV

      31,470        547,387  

Wolters Kluwer NV

      11,114        485,744  
     

 

 

  
        8,423,286  
     

 

 

  

New Zealand - 0.3%

 

Auckland International Airport, Ltd.

      69,767        340,217  

Contact Energy, Ltd.

      48,523        194,425  

Fletcher Building, Ltd.

      30,262        177,420  

Ryman Healthcare, Ltd.

      45,044        294,400  

Spark New Zealand, Ltd.

      95,487        268,498  
     

 

 

  
        1,274,960  
     

 

 

  

Norway - 0.4%

 

DNB ASA

      15,128        295,558  

Gjensidige Forsikring ASA

      23,102        404,367  

Marine Harvest ASA

      10,328        205,168  

Orkla ASA

      35,200        361,475  

Telenor ASA

      11,202        226,897  
     

 

 

  
        1,493,465  
     

 

 

  

Papua New Guinea - 0.1%

 

Oil Search, Ltd.

      36,637        195,826  
     

 

 

  

Portugal - 0.2%

 

Banco Espirito Santo SA†(1)(2)

      126,030        0  

EDP - Energias de Portugal SA

      93,029        357,230  

Galp Energia SGPS SA

      33,940        562,350  
     

 

 

  
        919,580  
     

 

 

  

Singapore - 1.0%

 

Broadcom, Ltd.

      4,530        1,141,877  

CapitaLand, Ltd.

      80,000        223,404  

City Developments, Ltd.

      29,500        255,217  

ComfortDelGro Corp., Ltd.

      159,000        269,088  

DBS Group Holdings, Ltd.

      27,000        411,349  

Jardine Cycle & Carriage, Ltd.

      9,200        271,037  

Oversea-Chinese Banking Corp., Ltd.

      106,000        874,581  

Singapore Telecommunications, Ltd.

      97,000        265,736  

StarHub, Ltd.

      112,000        215,801  

United Overseas Bank, Ltd.

      27,000        479,371  
     

 

 

  
        4,407,461  
     

 

 

  

Spain - 1.3%

 

Aena SA*

      1,353        264,473  

Amadeus IT Group SA

      6,764        419,639  

Banco Bilbao Vizcaya Argentaria SA

      92,461        818,092  

Banco de Sabadell SA

      138,750        305,392  

Banco Santander SA

      182,417        1,187,220  

Bankinter SA

      27,525        262,559  

CaixaBank SA

      80,880        418,227  

Enagas SA

      7,953        234,442  

Grifols SA

      10,560        298,756  

Red Electrica Corp. SA

      13,704        307,848  

Repsol SA

      25,496        438,121  

Telefonica SA

      60,355        651,296  
     

 

 

  
        5,606,065  
     

 

 

  

SupraNational - 0.0%

 

HK Electric Investments & HK Electric Investments, Ltd.*

      191,000        175,688  
     

 

 

  

Sweden - 1.2%

 

ASSA ABLOY AB, Class B

      30,513        660,083  

Atlas Copco AB, Class A

      11,320        444,098  

Atlas Copco AB, Class B

      7,859        280,767  

Boliden AB

      9,577        335,657  

Essity AB, Class B†

      6,725        186,833  

Getinge AB, Class B

      9,028        168,077  

Hennes & Mauritz AB, Class B

      7,515        190,294  

Hexagon AB, Class B

      5,022        246,610  

Industrivarden AB, Class C

      11,313        268,130  

Investor AB, Class B

      16,914        791,493  

Nordea Bank AB

      21,352        287,451  

Skandinaviska Enskilda Banken AB, Class A

      20,839        271,352  

Svenska Cellulosa AB SCA, Class B

      6,725        56,087  

Svenska Handelsbanken AB, Class A

      38,558        576,384  

Telefonaktiebolaget LM Ericsson, Class B

      32,965        193,768  
     

 

 

  
        4,957,084  
     

 

 

  

Switzerland - 3.0%

 

ABB, Ltd.

      28,594        662,524  

Actelion, Ltd.†

      2,230        625,016  

Aryzta AG

      5,640        177,839  

Baloise Holding AG

      1,739        277,125  

Chubb, Ltd.

      13,729        1,941,555  

Coca-Cola HBC AG

      11,386        389,585  

EMS-Chemie Holding AG

      379        259,245  

Garmin, Ltd.#

      4,306        221,759  

Geberit AG

      1,734        792,537  

Givaudan SA

      203        415,025  

Kuehne & Nagel International AG

      1,294        234,455  

Pargesa Holding SA

      6,739        546,429  

Partners Group Holding AG

      508        329,721  

Schindler Holding AG

      1,585        333,313  

Schindler Holding AG
(Participation Certificate)

      1,303        279,218  

SGS SA

      169        377,810  

Sika AG

      52        368,840  

Sonova Holding AG

      3,591        607,214  

Swatch Group AG

     670        267,754  

Swiss Life Holding AG

      909        325,596  

Swiss Prime Site AG

      12,310        1,114,248  

Swiss Re AG

      4,613        418,038  

Swisscom AG

      1,889        952,977  

Vifor Pharma AG

      1,560        157,751  

Zurich Insurance Group AG

      1,749        523,623  
     

 

 

  
        12,599,197  
     

 

 

  

United Kingdom - 5.6%

 

3i Group PLC

      53,962        676,807  

Admiral Group PLC

      14,174        354,072  

Aggreko PLC

      10,823        126,175  

Antofagasta PLC

      29,780        398,999  

Aon PLC

      3,253        452,687  

Ashtead Group PLC

      12,566        269,989  

Auto Trader Group PLC*

      37,662        172,272  

Aviva PLC

      77,931        526,911  

Berkeley Group Holdings PLC

      9,279        448,801  

British Land Co. PLC

      35,934        284,022  

BT Group PLC

      174,256        659,230  

Bunzl PLC

      33,711        1,007,363  

Burberry Group PLC

      11,844        275,557  

Capita PLC

      35,704        299,314  

Compass Group PLC

      25,390        542,077  

Croda International PLC

      4,382        217,600  

Direct Line Insurance Group PLC

      85,325        419,167  

Dixons Carphone PLC

      73,651        165,310  

Fresnillo PLC

      16,790        351,017  

GKN PLC

      50,050        206,521  

Hammerson PLC

      52,725        382,316  

Hargreaves Lansdown PLC

      10,788        195,403  

Hikma Pharmaceuticals PLC

      10,925        176,995  

Inmarsat PLC

      21,082        199,636  

InterContinental Hotels Group PLC

      7,447        372,877  

Intertek Group PLC

      10,773        712,328  

Intu Properties PLC

      104,195        335,316  

Investec PLC

      31,544        240,827  

ITV PLC

      74,244        152,326  

Johnson Matthey PLC

      5,956        212,744  

Kingfisher PLC

      40,468        156,533  

Land Securities Group PLC

      21,000        274,148  

Legal & General Group PLC

      161,043        541,654  

Liberty Global PLC LiLAC, Class C†

      5,443        140,375  

Liberty Global PLC, Class A†

      6,033        205,122  

Liberty Global PLC, Class C†

      7,042        232,597  

London Stock Exchange Group PLC

      7,068        360,856  

Marks & Spencer Group PLC

      41,696        172,482  

Mediclinic International PLC

      12,171        120,388  

Merlin Entertainments PLC*

      36,892        220,142  

Mondi PLC

      10,072        275,318  

National Grid PLC

      70,378        886,492  

NEX Group PLC

      18,206        156,053  

Next PLC

      6,024        321,836  

Nielsen Holdings PLC

      6,062        235,509  

Old Mutual PLC

      98,150        263,281  

Pearson PLC

      26,239        205,770  

Persimmon PLC

      9,136        314,277  

Provident Financial PLC

      5,712        65,313  

RELX PLC

      32,929        720,370  

Royal Mail PLC

      26,021        132,678  

RSA Insurance Group PLC

      57,944        499,518  

Sage Group PLC

      44,535        399,206  

Schroders PLC

      9,585        417,268  

Segro PLC

      54,440        378,959  

Sky PLC

      53,434        660,972  

Smith & Nephew PLC

      25,446        459,973  

Smiths Group PLC

      18,020        360,263  

SSE PLC

      33,488        616,883  

St James’s Place PLC

      33,593        501,284  

Tate & Lyle PLC

      34,732        306,851  

TechnipFMC PLC†

      6,714        172,262  

TP ICAP PLC

      14,877        94,938  

Travis Perkins PLC

      8,814        171,484  

United Utilities Group PLC

      43,128        507,271  

Weir Group PLC

      9,425        218,611  

Whitbread PLC

      4,680        227,323  

Worldpay Group PLC*

      130,782        705,652  
     

 

 

  
        23,534,571  
     

 

 

  

United States - 49.1%

 

A.O. Smith Corp.

      4,170        232,227  

AbbVie, Inc.

      20,175        1,519,177  

Activision Blizzard, Inc.

      9,737        638,358  

Acuity Brands, Inc.

      725        128,173  

Adobe Systems, Inc.†

      7,642        1,185,733  

Advance Auto Parts, Inc.

      1,590        155,661  

Affiliated Managers Group, Inc.

      2,068        365,395  

Aflac, Inc.

      9,919        818,813  

Agilent Technologies, Inc.

      8,640        559,181  

AGNC Investment Corp.

      9,173        197,586  

Air Products & Chemicals, Inc.

      5,168        751,272  

Akamai Technologies, Inc.†

      3,270        154,181  

Albemarle Corp.#

      3,348        389,238  

Alexion Pharmaceuticals, Inc.†

      3,951        562,662  

Alleghany Corp.†

      398        223,982  

Alliance Data Systems Corp.

      920        207,460  

Allstate Corp.

      13,980        1,265,190  

Alphabet, Inc., Class A†

      4,082        3,899,290  

Alphabet, Inc., Class C†

      3,801        3,570,393  

American Express Co.

      15,233        1,311,561  

American Tower Corp.

      10,755        1,592,278  

American Water Works Co., Inc.

      5,568        450,451  

Ameriprise Financial, Inc.

      4,466        618,586  

AmerisourceBergen Corp.

      4,394        352,619  

AMETEK, Inc.

      4,930        311,823  

Amgen, Inc.

      13,075        2,324,343  

Amphenol Corp., Class A

      3,249        262,974  

Anadarko Petroleum Corp.

      8,297        339,596  

Analog Devices, Inc.

      10,056        841,386  

Annaly Capital Management, Inc.

      16,295        203,688  

ANSYS, Inc.†

      4,693        604,552  

Antero Resources Corp.†#

      6,732        132,553  

Apache Corp. #

      11,520        447,437  

Applied Materials, Inc.

      9,271        418,308  

Assurant, Inc.

      5,876        556,398  

Atmos Energy Corp.

      4,547        400,318  

Autodesk, Inc.†

      3,354        383,899  

Automatic Data Processing, Inc.

      12,257        1,305,003  

AvalonBay Communities, Inc.

      1,148        215,514  

Avery Dennison Corp.

      3,669        345,840  

Baker Hughes, Inc.

      4,989        169,127  

Ball Corp. #

      6,352        254,016  

Baxter International, Inc.

      9,257        574,304  

BB&T Corp.

      10,844        499,800  

Becton Dickinson and Co.

      3,884        774,625  

Bed Bath & Beyond, Inc.#

      4,159        114,747  

Berkshire Hathaway, Inc., Class B†

      17,072        3,092,764  

Best Buy Co., Inc.

      5,850        317,421  

Biogen, Inc.†

      2,412        763,543  

BioMarin Pharmaceutical, Inc.†#

      3,122        281,573  

BlackRock, Inc.

      2,225        932,297  

Boston Properties, Inc.

      1,856        223,834  

Brixmor Property Group, Inc.

      13,251        248,059  

Broadridge Financial Solutions, Inc.

      2,802        218,920  

C.H. Robinson Worldwide, Inc.#

      4,142        292,549  

CA, Inc.

      12,878        427,292  

Cabot Oil & Gas Corp.

      10,408        265,924  

Calpine Corp.†

      12,240        179,928  

Campbell Soup Co.

      2,840        131,208  

Capital One Financial Corp.

      8,990        715,694  

Cardinal Health, Inc.

      7,721        520,859  

CarMax, Inc.†#

      3,715        249,462  

Caterpillar, Inc.

      4,114        483,354  

CBRE Group, Inc., Class A†

      6,735        242,999  

CBS Corp., Class B

      8,634        553,094  

CDW Corp.

      4,492        284,883  

Celanese Corp., Series A

      5,247        509,064  

Celgene Corp.†

      10,195        1,416,391  

Centene Corp.†

      3,324        295,337  

CenterPoint Energy, Inc.

      9,924        293,949  

CenturyLink, Inc.#

      16,446        324,315  

Cerner Corp.†

      10,843        734,939  

Charles Schwab Corp.

      16,947        676,185  

Chipotle Mexican Grill, Inc.†#

      435        137,769  

Church & Dwight Co., Inc.

      5,892        295,602  

Cimarex Energy Co.

      1,884        187,816  

Cincinnati Financial Corp.

      7,048        541,568  

Cintas Corp.#

      2,934        396,119  

Cisco Systems, Inc.

      76,377        2,460,103  

CIT Group, Inc.

      5,817        260,892  

Citizens Financial Group, Inc.

      9,141        302,841  

Citrix Systems, Inc.†

      3,998        312,684  

Clorox Co.

      10,593        1,467,448  

CME Group, Inc.

      5,673        713,663  

CMS Energy Corp.

      10,564        512,777  

Coach, Inc.

      5,861        244,404  

Cognizant Technology Solutions Corp., Class A

      8,995        636,576  

Colgate-Palmolive Co.

      16,984        1,216,734  

Comcast Corp., Class A

      72,044        2,925,707  

Comerica, Inc.

      4,468        304,941  

Concho Resources, Inc.†

      1,786        198,192  

Cooper Cos., Inc.

      1,050        263,372  

Corning, Inc.

      14,840        426,798  

Crown Castle International Corp.

      8,215        890,835  

CSX Corp.

      17,593        883,169  

D.R. Horton, Inc.

      5,759        208,188  

Danaher Corp.

      15,390        1,283,834  

Deere & Co.

      8,676        1,005,809  

DENTSPLY SIRONA, Inc.

      5,808        328,559  

Devon Energy Corp.

      11,720        368,008  

Digital Realty Trust, Inc.

      2,876        340,346  

Discover Financial Services

      7,023        414,006  

Discovery Communications, Inc., Class A†#

      14,639        325,132  

Discovery Communications, Inc., Class C†

      15,464        324,899  

DISH Network Corp., Class A†

      5,080        291,033  

Dollar Tree, Inc.†

      4,673        372,158  

Dover Corp.

      9,002        764,090  

Dr Pepper Snapple Group, Inc.

      16,163        1,471,641  

Dun & Bradstreet Corp.

      2,788        310,695  

DXC Technology Co.

      1,687        143,395  

E*TRADE Financial Corp.†

      7,743        317,540  

Eaton Vance Corp.

      7,373        350,807  

eBay, Inc.†

      16,919        611,283  

Ecolab, Inc.

      6,409        854,320  

Edgewell Personal Care Co.†

      2,539        192,812  

Edwards Lifesciences Corp.†

      4,134        469,870  

Electronic Arts, Inc.†

      4,406        535,329  

Emerson Electric Co.

      22,504        1,328,636  

EOG Resources, Inc.

      6,297        535,182  

EQT Corp.

      4,034        251,480  

Equifax, Inc.

      2,762        393,502  

Equinix, Inc.

      1,497        701,210  

Equity Residential

      4,349        292,035  

Estee Lauder Cos., Inc., Class A

      5,535        592,190  

Eversource Energy#

      9,632        606,816  

Expedia, Inc.#

      2,598        385,439  

Expeditors International of Washington, Inc.

      11,730        658,053  

Express Scripts Holding Co.†

      10,839        680,906  

Extra Space Storage, Inc.#

      3,906        303,223  

Facebook, Inc., Class A†

      26,433        4,545,683  

Fastenal Co.#

      8,190        349,467  

Federal Realty Investment Trust

      3,058        388,152  

Fidelity National Information Services, Inc.

      8,745        812,585  

Fifth Third Bancorp

      15,741        411,312  

First Republic Bank

      3,876        376,166  

Fiserv, Inc.†

      7,981        987,330  

FleetCor Technologies, Inc.†

      1,246        179,137  

Flowserve Corp.#

      4,021        157,945  

FNF Group

      9,250        446,220  

Ford Motor Co.

      46,034        507,755  

Fortive Corp.

      7,695        499,944  

Franklin Resources, Inc.

      7,712        333,390  

Gartner, Inc.†

      1,876        226,227  

General Mills, Inc.

      20,561        1,095,079  

Genuine Parts Co.

      3,093        256,193  

GGP, Inc.

      7,155        148,466  

Gilead Sciences, Inc.

      16,851        1,410,597  

Hanesbrands, Inc.#

      9,177        222,634  

Hasbro, Inc.

      5,283        519,055  

HCA Healthcare, Inc.†

      3,556        279,715  

HCP, Inc.

      7,868        234,545  

Helmerich & Payne, Inc.#

      2,696        114,149  

Hess Corp.

      6,603        256,857  

Hewlett Packard Enterprise Co.

      19,643        354,753  

Hilton Grand Vacations, Inc.†

      800        29,000  

Hilton Worldwide Holdings, Inc.

      2,668        171,632  

HollyFrontier Corp.

      7,449        233,228  

Hormel Foods Corp.#

      10,317        317,145  

Host Hotels & Resorts, Inc.

      16,843        305,195  

HP, Inc.

      24,752        472,268  

Humana, Inc.

      1,960        504,935  

Illinois Tool Works, Inc.

      2,451        337,037  

Illumina, Inc.†

      1,489        304,441  

Incyte Corp.†

      2,512        345,174  

Ingredion, Inc.

      1,834        227,086  

Intel Corp.

      67,608        2,371,013  

Intercontinental Exchange, Inc.

      16,675        1,078,372  

International Business Machines Corp.

      12,454        1,781,296  

International Flavors & Fragrances, Inc.

      4,707        644,153  

International Paper Co.

      7,172        386,356  

Interpublic Group of Cos., Inc.

      10,654        214,572  

Intuit, Inc.

      7,491        1,059,602  

Iron Mountain, Inc.

      4,511        177,824  

J.M. Smucker Co.

      1,985        207,949  

JB Hunt Transport Services, Inc.

      3,516        347,697  

JBG SMITH Properties†

      1,820        59,569  

Jones Lang LaSalle, Inc.

      2,807        342,201  

Juniper Networks, Inc.

      8,086        224,225  

Kansas City Southern

      2,001        206,963  

KeyCorp

      16,491        283,810  

Kimberly-Clark Corp.

      15,783        1,945,886  

Kinder Morgan, Inc.

      22,465        434,248  

KLA-Tencor Corp.

      9,492        889,305  

Kohl’s Corp.#

      7,846        312,114  

Kraft Heinz Co.

      7,293        588,910  

Kroger Co.

      9,558        209,033  

L Brands, Inc.#

      4,771        172,806  

Laboratory Corp. of America Holdings†

      3,264        512,024  

Lam Research Corp.

      4,219        700,270  

Lear Corp.

      2,301        344,092  

Level 3 Communications, Inc.†

      4,959        269,918  

Liberty Interactive Corp. QVC Group, Class A†

      15,276        337,905  

Liberty Media Corp. - Liberty SiriusXM, Series C†

      5,871        261,905  

Lincoln National Corp.

      4,705        319,281  

LKQ Corp.†

      10,988        380,734  

Loews Corp.

      5,566        259,264  

Lowe’s Cos., Inc.

      9,390        693,827  

M&T Bank Corp.

      3,811        563,494  

Macerich Co.

      2,125        112,136  

Macy’s, Inc.

      6,279        130,415  

Marathon Oil Corp.

      19,432        216,084  

Markel Corp.†#

      505        531,255  

Marriott International, Inc., Class A

      4,761        493,144  

Marsh & McLennan Cos., Inc.

      7,787        608,009  

Masco Corp.

      5,856        215,325  

MasterCard, Inc., Class A

      14,855        1,980,171  

Mattel, Inc.#

      12,911        209,416  

Maxim Integrated Products, Inc.

      5,112        238,526  

McCormick & Co., Inc.#

      2,150        204,530  

MEDNAX, Inc.†

      4,160        186,576  

Microchip Technology, Inc.#

      7,794        676,519  

Micron Technology, Inc.†

      15,302        489,205  

Microsoft Corp.

      105,527        7,890,254  

Mid-America Apartment Communities, Inc.

      1,694        180,343  

Monster Beverage Corp.†

      6,084        339,609  

Mosaic Co.

      6,964        139,141  

Motorola Solutions, Inc.

      5,584        492,062  

MSCI, Inc.

      2,388        273,689  

Murphy Oil Corp.#

      10,560        239,290  

Nasdaq, Inc.

      6,716        506,252  

National Oilwell Varco, Inc.#

      13,658        418,891  

Navient Corp.

      15,252        201,326  

NetApp, Inc.

      7,429        287,205  

Netflix, Inc.†

      4,682        817,992  

New York Community Bancorp, Inc.

      12,075        145,504  

Newell Brands, Inc.

      7,862        379,577  

Newfield Exploration Co.†

      4,586        119,832  

NiSource, Inc.

      13,830        371,612  

Noble Energy, Inc.

      9,481        225,363  

Nordstrom, Inc.#

      4,711        210,205  

Norfolk Southern Corp.

      4,381        527,998  

Northern Trust Corp.

      5,252        464,802  

Nucor Corp.

      9,846        542,613  

NVIDIA Corp.

      10,317        1,748,112  

O’Reilly Automotive, Inc.†

      1,151        225,746  

Occidental Petroleum Corp.

      6,941        414,378  

OGE Energy Corp.

      6,618        236,395  

Omnicom Group, Inc.#

      11,877        859,657  

ONEOK, Inc.

      7,889        427,268  

Oracle Corp.

      40,001        2,013,250  

PACCAR, Inc.

      4,720        313,078  

Palo Alto Networks, Inc.†

      1,448        192,135  

Park Hotels & Resorts, Inc.

      1,768        47,188  

Parker-Hannifin Corp.

      4,152        668,015  

Paychex, Inc.

      19,483        1,111,115  

PayPal Holdings, Inc.†

      15,885        979,787  

People’s United Financial, Inc.

      22,008        367,534  

PepsiCo, Inc.

      28,141        3,256,758  

Pioneer Natural Resources Co.

      1,932        250,484  

PNC Financial Services Group, Inc.

      10,505        1,317,432  

PPL Corp.

      31,005        1,216,636  

Priceline Group, Inc.†

      616        1,140,881  

Principal Financial Group, Inc.

      9,465        591,752  

Procter & Gamble Co.

      38,851        3,584,782  

Progressive Corp.

      24,476        1,137,644  

Prologis, Inc.

      6,021        381,491  

Prudential Financial, Inc.

      8,857        904,123  

Public Storage

      1,999        410,475  

QUALCOMM, Inc.

      21,544        1,126,105  

Quest Diagnostics, Inc.

      6,487        702,866  

Quintiles IMS Holdings, Inc.†

      2,810        269,844  

Range Resources Corp.#

      5,909        102,580  

Raymond James Financial, Inc.

      5,302        415,253  

Red Hat, Inc.†

      2,648        284,660  

Regeneron Pharmaceuticals, Inc.†

      1,040        516,776  

Regions Financial Corp.

      21,191        299,005  

Republic Services, Inc.

      6,786        442,719  

ResMed, Inc.#

      2,871        222,732  

Robert Half International, Inc.

      4,872        220,702  

Rockwell Automation, Inc.

      4,117        675,435  

Roper Technologies, Inc.

      4,838        1,115,933  

Ross Stores, Inc.

      6,969        407,338  

S&P Global, Inc.

      4,248        655,594  

salesforce.com, Inc.†

      8,590        820,259  

SBA Communications Corp.†

      5,672        870,936  

Scripps Networks Interactive, Inc., Class A

      4,556        390,221  

Sealed Air Corp.#

      3,953        175,434  

SEI Investments Co.

      4,295        251,086  

ServiceNow, Inc.†

      2,686        312,086  

Simon Property Group, Inc.

      3,310        519,174  

Snap-on, Inc.#

      2,120        312,848  

Southwest Airlines Co.

      4,588        239,218  

Southwestern Energy Co.†

      14,608        79,614  

Splunk, Inc.†#

      3,227        216,499  

Stanley Black & Decker, Inc.

      3,498        503,712  

Starbucks Corp.

      23,035        1,263,700  

Stryker Corp.

      4,534        640,972  

SunTrust Banks, Inc.

      10,302        567,640  

Synchrony Financial

      10,798        332,470  

T. Rowe Price Group, Inc.

      6,856        578,372  

TD Ameritrade Holding Corp.

      8,363        362,285  

Tesla, Inc.†#

      938        333,834  

Texas Instruments, Inc.

      11,801        977,359  

Thermo Fisher Scientific, Inc.

      8,190        1,532,677  

Tiffany & Co.

      3,930        359,202  

TJX Cos., Inc.

      13,325        963,397  

Toll Brothers, Inc.

      6,710        261,422  

Torchmark Corp.

      13,741        1,057,645  

Total System Services, Inc.

      7,477        516,810  

Tractor Supply Co.#

      1,874        111,522  

TransDigm Group, Inc.#

      831        216,608  

Travelers Cos., Inc.

      9,938        1,204,287  

Trimble, Inc.†

      10,103        390,784  

TripAdvisor, Inc.†#

      2,793        119,345  

Twenty-First Century Fox, Inc., Class B

      14,171       384,034  

UGI Corp.

      5,791       286,133  

Ulta Beauty, Inc.†

      1,451       320,686  

Union Pacific Corp.

      14,034       1,477,780  

United Parcel Service, Inc., Class B

      13,351       1,526,820  

United Rentals, Inc.†

      2,725       321,714  

United Therapeutics Corp.†

      2,180       285,144  

US Bancorp

      30,198       1,547,647  

Valero Energy Corp.

      4,416       300,730  

Vantiv, Inc., Class A†

      3,592       253,918  

Varian Medical Systems, Inc.†#

      3,147       334,369  

Ventas, Inc.

      5,335       365,127  

VeriSign, Inc.†#

      5,122       531,408  

Verisk Analytics, Inc.†

      6,616       536,227  

Vertex Pharmaceuticals, Inc.†

      4,679       751,167  

Viacom, Inc., Class B

      7,902       225,997  

Visa, Inc., Class A#

      27,304       2,826,510  

Vornado Realty Trust

      3,640       271,144  

Voya Financial, Inc.

      7,253       277,282  

Vulcan Materials Co.

      2,163       262,285  

Walgreens Boots Alliance, Inc.

      10,661       868,871  

Walt Disney Co.

      21,553       2,181,164  

Waters Corp.†

      1,325       243,111  

WEC Energy Group, Inc.#

      6,906       450,409  

Welltower, Inc.

      4,073       298,225  

Western Digital Corp.

      3,913       345,401  

Western Union Co.

      11,620       219,850  

WestRock Co.

      4,699       267,420  

Weyerhaeuser Co.

      7,956       259,445  

Whirlpool Corp.

      1,088       186,723  

WR Berkley Corp.#

      7,712       513,928  

WW Grainger, Inc.#

      1,740       282,872  

Wyndham Worldwide Corp.

      2,547       253,885  

Xerox Corp.

      5,582       180,131  

Yum! Brands, Inc.

      5,094       391,321  

Zoetis, Inc.

      6,582       412,691  
    

 

 

  
       207,080,622  
    

 

 

  

Total Common Stocks

     

(cost $327,394,423)

        395,418,842  
    

 

 

  

RIGHTS - 0.0%

     

Getinge AB†

     

Expires 09/14/2017

(strike price SEK 127)

(cost $0)

      9,028       3,340  
    

 

 

  

Total Long-Term Investment Securities

     

(cost $327,394,423)

        395,422,182  
    

 

 

  

SHORT-TERM INVESTMENT SECURITIES - 1.2%

     

Registered Investment Companies - 0.5%

     

State Street Navigator Securities Lending Government Money Market Portfolio
1.01%(3)(4)

      1,801,341       1,801,341  
    

 

 

  

U.S. Government Treasuries - 0.7%

     

United States Treasury Bills
0.97% due 09/07/2017(5)

      $2,000,000       1,999,703  

1.12% due 02/01/2018(5)

      1,000,000       995,548  
    

 

 

  
       2,995,251  
    

 

 

  

Total Short-Term Investment Securities

     

(cost $4,796,295)

        4,796,592  
    

 

 

  

REPURCHASE AGREEMENTS - 4.8%

     

Agreement with Fixed Income Clearing Corp., bearing interest at 0.12%, dated 08/31/2017, to be repurchased 09/01/2017 in the amount of $20,378,068 collateralized by $20,845,000 of U.S. Treasury Inflation Index Bonds, bearing interest at 0.75% due 02/15/2045 and having an approximate value of $20,787,718

     

(cost $20,378,000)

      20,378,000       20,378,000  
    

 

 

  

TOTAL INVESTMENTS

     

(cost $352,568,718)

      99.8 %      420,596,774  

Other assets less liabilities

      0.2       823,033  
  

 

 

    

 

 

  

NET ASSETS

      100.0 %    $ 421,419,807  
  

 

 

    

 

 

  

 

† 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 August 31, 2017, the aggregate value of these securities was $1,780,810 representing 0.4% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid.
(1) Security classified as Level 3 (See Note 1).
(2) Illiquid security. At August 31, 2017, the aggregate value of these securities was $1,012 representing 0.0% of net assets.
(3) At August 31, 2017, the Fund had loaned securities with a total value of $16,651,153. This was secured by collateral of $1,801,341, which was received in cash and subsequently invested in short-term investments currently valued at $1,801,341 as reported in the Portfolio of Investments. Additional collateral of $15,183,189 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
August 31, 2017		  

Federal Home Loan Mtg. Corp.

    2.50% to 4.50%      08/01/2027 to 01/01/2047      $ 1,778,051  

Federal National Mtg. Assoc.

    2.63% to 4.25%      10/25/2029 to 11/01/2046        1,461,023  

Government National Mtg. Assoc.

    2.50% to 3.50%      01/20/2043 to 05/16/2053        3,052,351  

United States Treasury Bills

    0.00%      09/07/2017 to 03/01/2018        410,913  

United States Treasury Notes/Bonds

    zero coupon to 8.13%      09/30/2017 to 02/15/2047        8,480,851  

 

(4) The rate shown is the 7-day yield as of August 31, 2017.
(5) The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts.

FDR - Fiduciary Depositary Receipt

ISE - Irish Stock Exchange

SEK - Swedish Krona

Futures Contracts

 

Number
of
Contracts

   

Type

   

                    Description                     

    Expiration Month      Notional
Basis*		      Notional
Value*		      Unrealized
Appreciation
(Depreciation)		  

209

    Long    S&P 500 E-Mini Index      September 2017      $ 25,448,467      $ 25,812,545      $ 364,078  
                 

 

 

  

 

* Notional basis refers to contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract.

Industry Allocation*

Repurchase Agreements

      4.8 % 

Real Estate Investment Trusts

      4.2  

Banks-Commercial

      3.6  

Applications Software

      2.7  

Insurance-Life/Health

      2.4  

Insurance-Multi-line

      2.4  

Medical-Biomedical/Gene

      2.3  

Insurance-Property/Casualty

      2.1  

Web Portals/ISP

      1.8  

Finance-Credit Card

      1.8  

Medical-Drugs

      1.7  

Cosmetics & Toiletries

      1.7  

Electronic Components-Semiconductors

      1.7  

Oil Companies-Exploration & Production

      1.6  

Insurance-Reinsurance

      1.5  

Telephone-Integrated

      1.4  

Beverages-Non-alcoholic

      1.4  

Transport-Rail

      1.3  

Internet Content-Entertainment

      1.3  

Banks-Super Regional

      1.3  

Cable/Satellite TV

      1.3  

Investment Management/Advisor Services

      1.2  

Chemicals-Diversified

      1.2  

Commercial Services-Finance

      1.1  

Computer Services

      1.1  

Multimedia

      1.1  

Food-Misc./Diversified

      1.0  

Enterprise Software/Service

      1.0  

Commercial Services

      1.0  

Medical Products

      0.9  

Finance-Other Services

      0.9  

Chemicals-Specialty

      0.9  

Auto/Truck Parts & Equipment-Original

      0.9  

Gas-Distribution

      0.9  

Data Processing/Management

      0.9  

Semiconductor Equipment

      0.9  

Real Estate Management/Services

      0.9  

Electronic Components-Misc.

      0.9  

Real Estate Operations & Development

      0.9  

Transport-Services

      0.8  

Electric-Integrated

      0.7  

Consumer Products-Misc.

      0.7  

U.S. Government Treasuries

      0.7  

Distribution/Wholesale

      0.7  

Diagnostic Equipment

      0.7  

Electric Products-Misc.

      0.7  

Diversified Manufacturing Operations

      0.7  

Hotels/Motels

      0.7  

Machinery-Electrical

      0.7  

Networking Products

      0.6  

Building & Construction Products-Misc.

      0.6  

Semiconductor Components-Integrated Circuits

      0.6  

Pipelines

      0.6  

Investment Companies

      0.5  

Electronic Measurement Instruments

      0.5  

Retail-Restaurants

      0.5  

Machinery-General Industrial

      0.5  

Oil Companies-Integrated

      0.5  

Import/Export

      0.5  

Food-Retail

      0.5  

Diversified Operations

      0.5  

Telecom Services

      0.5  

Registered Investment Companies

      0.5  

Airport Development/Maintenance

      0.5  

Oil Refining & Marketing

      0.5  

Oil-Field Services

      0.4  

Finance-Investment Banker/Broker

      0.4  

E-Commerce/Services

      0.4  

Building-Residential/Commercial

      0.4  

Machinery-Farming

      0.4  

Advertising Agencies

      0.4  

Industrial Gases

      0.4  

Electric-Distribution

      0.4  

Machinery-Construction & Mining

      0.4  

Medical Labs & Testing Services

      0.4  

Retail-Major Department Stores

      0.3  

Diversified Banking Institutions

      0.3  

Computer Aided Design

      0.3  

Insurance Brokers

      0.3  

Auto-Cars/Light Trucks

      0.3  

Steel-Producers

      0.3  

Retail-Apparel/Shoe

      0.3  

Water

      0.3  

Electronic Forms

      0.3  

Cellular Telecom

      0.3  

Consulting Services

      0.3  

Broadcast Services/Program

      0.3  

Private Equity

      0.3  

Paper & Related Products

      0.3  

Retail-Discount

      0.3  

Computers-Memory Devices

      0.3  

Toys

      0.2  

Industrial Automated/Robotic

      0.2  

Television

      0.2  

Entertainment Software

      0.2  

Public Thoroughfares

      0.2  

Food-Catering

      0.2  

Medical Instruments

      0.2  

Wireless Equipment

      0.2  

Soap & Cleaning Preparation

      0.2  

Gold Mining

      0.2  

Audio/Video Products

      0.2  

Medical-Wholesale Drug Distribution

      0.2  

Retail-Drug Store

      0.2  

Rubber-Tires

      0.2  

Retail-Building Products

      0.2  

Computers

      0.2  

Tools-Hand Held

      0.2  

Satellite Telecom

      0.2  

Building Products-Air & Heating

      0.2  

Medical-HMO

      0.2  

Retail-Jewelry

      0.2  

Banks-Fiduciary

      0.2  

Medical-Hospitals

      0.2  

Medical Information Systems

      0.2  

Containers-Paper/Plastic

      0.2  

Metal-Diversified

      0.2  

Non-Hazardous Waste Disposal

      0.2  

Electric-Transmission

      0.2  

Electronic Security Devices

      0.2  

Retail-Auto Parts

      0.2  

Cruise Lines

      0.2  

Rental Auto/Equipment

      0.2  

Building Products-Cement

      0.2  

Food-Meat Products

      0.2  

Telecommunication Equipment

      0.2  

Resorts/Theme Parks

      0.2  

Human Resources

      0.2  

Apparel Manufacturers

      0.2  

E-Commerce/Products

      0.1  

Office Automation & Equipment

      0.1  

Optical Supplies

      0.1  

Pharmacy Services

      0.1  

Internet Security

      0.1  

Finance-Consumer Loans

      0.1  

Metal-Copper

      0.1  

Metal Processors & Fabrication

      0.1  

Web Hosting/Design

      0.1  

Office Supplies & Forms

      0.1  

Savings & Loans/Thrifts

      0.1  

Auto-Heavy Duty Trucks

      0.1  

Diagnostic Kits

      0.1  

Publishing-Periodicals

      0.1  

Retail-Consumer Electronics

      0.1  

Computers-Integrated Systems

      0.1  

Finance-Mortgage Loan/Banker

      0.1  

Non-Ferrous Metals

      0.1  

Retail-Regional Department Stores

      0.1  

Food-Dairy Products

      0.1  

Transactional Software

      0.1  

Oil Field Machinery & Equipment

      0.1  

Dialysis Centers

      0.1  

Medical-Generic Drugs

      0.1  

Photo Equipment & Supplies

      0.1  

Power Converter/Supply Equipment

      0.1  

Home Decoration Products

      0.1  

Machinery-Pumps

      0.1  

Computer Software

      0.1  

Silver Mining

      0.1  

Transport-Truck

      0.1  

Retail-Catalog Shopping

      0.1  

Metal-Iron

      0.1  

Travel Services

      0.1  

Dental Supplies & Equipment

      0.1  

Retail-Perfume & Cosmetics

      0.1  

Finance-Leasing Companies

      0.1  

Gas-Transportation

      0.1  

Security Services

      0.1  

Retirement/Aged Care

      0.1  

E-Services/Consulting

      0.1  

Decision Support Software

      0.1  

Electronic Connectors

      0.1  

Radio

      0.1  

Chemicals-Plastics

      0.1  

Containers-Metal/Glass

      0.1  

Retail-Automobile

      0.1  

Energy-Alternate Sources

      0.1  

Instruments-Scientific

      0.1  

Airlines

      0.1  

Steel-Specialty

      0.1  

Building & Construction-Misc.

      0.1  

Water Treatment Systems

      0.1  

Machine Tools & Related Products

      0.1  

Aerospace/Defense-Equipment

      0.1  

Respiratory Products

      0.1  

Aerospace/Defense

      0.1  

Retail-Home Furnishings

      0.1  

Building Products-Wood

      0.1  
  

 

 

  
     99.8 % 
  

 

 

  

 

* Calculated as a percentage of net assets

The following is a summary of the inputs used to value the Fund’s net assets as of August 31, 2017 (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:

           

Australia

    $ —        $ 8,793,652 **    $ 1,012      $ 8,794,664  

Portugal

      —          919,580 **      0        919,580  

Other Countries

      237,361,939        148,342,659 **      —          385,704,598  

Rights

      3,340        —         —          3,340  

Short-Term Investment Securities:

           

Registered Investment Companies

      1,801,341        —         —          1,801,341  

U.S. Government Treasuries

      —          2,995,251       —          2,995,251  

Repurchase Agreements

      —          20,378,000       —          20,378,000  
  

 

 

     

 

 

    

 

 

     

 

 

  

Total Investments at Value

    $ 239,166,620      $ 181,429,142     $ 1,012      $ 420,596,774  
  

 

 

     

 

 

    

 

 

     

 

 

  

Other Financial Instruments:†

           

Futures Contracts

    $ 364,078      $ —       $ —        $ 364,078  
  

 

 

     

 

 

    

 

 

     

 

 

  

 

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

 

** Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board

(see Note 1).

† 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 $157,326,980 were transferred from Level 1 to Level 2 due to foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.

 

See Notes to Portfolio of Investments    

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS - August 31, 2017 (unaudited)

 

Security Description

    Shares/
Principal
Amount(4)		      Value
(Note 1)		  

COMMON STOCKS - 64.3%

 

Bermuda - 0.3%

 

Kunlun Energy Co., Ltd.#

      1,414,000      $ 1,371,812  
     

 

 

  

Canada - 1.6%

 

Alamos Gold, Inc., Class A

      266,430        2,219,362  

Husky Energy, Inc.†

      168,200        1,967,889  

Tahoe Resources, Inc.

      157,700        752,666  

Wheaton Precious Metals Corp.#

      94,700        1,967,182  
     

 

 

  
        6,907,099  
     

 

 

  

Cayman Islands - 1.5%

 

Baidu, Inc. ADR†

      15,420        3,516,531  

CK Hutchison Holdings, Ltd.

      206,000        2,701,984  
     

 

 

  
        6,218,515  
     

 

 

  

China - 2.1%

 

China Life Insurance Co., Ltd.

      853,000        2,751,125  

China Telecom Corp., Ltd.

      6,502,000        3,352,692  

Sinopharm Group Co., Ltd.

      560,800        2,534,220  
     

 

 

  
        8,638,037  
     

 

 

  

France - 4.7%

 

AXA SA

      120,613        3,502,610  

BNP Paribas SA

      58,629        4,465,777  

Cie de Saint-Gobain

      50,563        2,775,142  

Cie Generale des Etablissements Michelin

      15,450        2,107,957  

Credit Agricole SA

      80,663        1,423,424  

Sanofi

      27,802        2,714,561  

TOTAL SA

      55,110        2,851,450  
     

 

 

  
        19,840,921  
     

 

 

  

Germany - 3.2%

 

Deutsche Lufthansa AG

      59,211        1,486,311  

HeidelbergCement AG

      13,360        1,283,044  

Innogy SE*

      34,590        1,524,465  

LANXESS AG#

      46,780        3,492,224  

Merck KGaA

      31,500        3,462,468  

Siemens AG ADR

      32,997        2,163,943  
     

 

 

  
        13,412,455  
     

 

 

  

Ireland - 1.7%

 

Allergan PLC

      16,865        3,870,180  

CRH PLC

      51,831        1,812,180  

Medtronic PLC

      17,000        1,370,540  
     

 

 

  
        7,052,900  
     

 

 

  

Israel - 0.5%

 

Teva Pharmaceutical Industries, Ltd. ADR

      126,315        2,003,356  
     

 

 

  

Italy - 0.8%

 

Eni SpA

      218,658        3,429,649  
     

 

 

  

Japan - 6.2%

 

IHI Corp.†#

      499,000        1,656,138  

Inpex Corp.

      157,800        1,514,644  

Konica Minolta, Inc.

      352,500        2,821,535  

Nissan Motor Co., Ltd.

      141,600        1,410,523  

Omron Corp.

      64,000        3,219,403  

Panasonic Corp.

      288,700        3,858,263  

Ryohin Keikaku Co., Ltd.

      6,100        1,694,440  

SoftBank Group Corp.

      54,300        4,418,858  

Sumitomo Metal Mining Co., Ltd.

      101,000        1,744,149  

Suntory Beverage & Food, Ltd.

      80,300        3,714,656  
     

 

 

  
        26,052,609  
     

 

 

  

Jersey - 0.3%

 

Shire PLC

      27,562        1,372,125  
     

 

 

  

Luxembourg - 0.5%

 

SES SA FDR

      87,210        1,995,842  
     

 

 

  

Netherlands - 1.5%

 

ING Groep NV

      123,209        2,188,930  

LyondellBasell Industries NV, Class A

      24,500        2,219,455  

QIAGEN NV

      62,864        2,017,377  
     

 

 

  
        6,425,762  
     

 

 

  

Norway - 1.2%

 

Telenor ASA

      169,332        3,429,829  

Yara International ASA

      34,060        1,393,305  
     

 

 

  
        4,823,134  
     

 

 

  

Portugal - 0.6%

 

Galp Energia SGPS SA

      164,430        2,724,433  
     

 

 

  

Singapore - 0.4%

 

Singapore Telecommunications, Ltd.

      537,000        1,471,138  
     

 

 

  

South Korea - 3.2%

 

Hana Financial Group, Inc.

      66,154        2,873,431  

Hyundai Mobis Co., Ltd.

      7,998        1,673,536  

KB Financial Group, Inc. ADR

      37,228        1,828,639  

Samsung Electronics Co., Ltd.

      3,316        6,847,393  
     

 

 

  
        13,222,999  
     

 

 

  

Sweden - 0.4%

 

Getinge AB, Class B

      91,830        1,709,625  
     

 

 

  

Switzerland - 1.8%

 

Novartis AG

      15,580        1,314,017  

Roche Holding AG

      11,730        2,989,762  

UBS Group AG

      201,460        3,323,120  
     

 

 

  
        7,626,899  
     

 

 

  

Taiwan - 0.8%

 

Taiwan Semiconductor Manufacturing Co., Ltd.

      448,914        3,231,648  
     

 

 

  

Thailand - 0.7%

 

Bangkok Bank PCL NVDR

      507,900        2,823,299  
     

 

 

  

United Kingdom - 9.2%

 

Aviva PLC

      205,331        1,388,294  

BAE Systems PLC

      365,484        2,869,655  

Barclays PLC

      1,089,950        2,695,239  

BP PLC

      998,400        5,766,078  

GlaxoSmithKline PLC

      63,366        1,256,970  

HSBC Holdings PLC

      474,783        4,630,594  

Kingfisher PLC

      346,386        1,339,845  

LivaNova PLC†

      33,900        2,121,462  

Rolls-Royce Holdings PLC

      135,480        1,600,016  

Royal Dutch Shell PLC, Class B

      168,606        4,712,186  

Sky PLC

      160,680        1,987,592  

Standard Chartered PLC†

      367,722        3,658,594  

Vodafone Group PLC ADR#

      153,464        4,455,060  
     

 

 

  
        38,481,585  
     

 

 

  

United States - 21.1%

 

Allegheny Technologies, Inc.#

         62,090        1,293,335  

Alphabet, Inc., Class A†

         5,600        5,349,344  

Amgen, Inc.

         22,790        4,051,378  

Apache Corp.#

         35,060        1,361,730  

Apple, Inc.

         36,060        5,913,840  

Capital One Financial Corp.

         41,820        3,329,290  

Celgene Corp.†

         25,190        3,499,647  

Chevron Corp.

         10,640        1,145,077  

Citigroup, Inc.

         75,630        5,145,109  

Comcast Corp., Class A

         116,830        4,744,466  

CommScope Holding Co., Inc.†

         41,900        1,385,214  

ConocoPhillips

         61,460        2,683,344  

Coty, Inc., Class A#

         85,700        1,420,906  

Devon Energy Corp.

         34,200        1,073,880  

DXC Technology Co.

         21,070        1,790,950  

Eastman Chemical Co.

         18,540        1,598,148  

Eli Lilly & Co.

         37,530        3,050,814  

Gilead Sciences, Inc.

         48,550        4,064,120  

Intel Corp.

         38,700        1,357,209  

Ionis Pharmaceuticals, Inc.†#

         34,590        1,854,716  

JPMorgan Chase & Co.

         49,820        4,528,140  

Knowles Corp.†

         120,140        1,762,454  

Microsoft Corp.

         66,874        5,000,169  

Oracle Corp.

         126,760        6,379,831  

Pfizer, Inc.

         41,539        1,409,003  

Rockwell Collins, Inc.

         15,350        2,011,617  

Stanley Black & Decker, Inc.

         21,050        3,031,200  

Twenty-First Century Fox, Inc., Class A

         73,157        2,018,402  

Voya Financial, Inc.

         73,850        2,823,285  

Walgreens Boots Alliance, Inc.

         44,550        3,630,825  
        

 

 

  
           88,707,443  
        

 

 

  

Total Common Stocks

         

(cost $225,443,660)

            269,543,285  
        

 

 

  

FOREIGN GOVERNMENT OBLIGATIONS - 27.0%

 

Argentina - 1.7%

 

Republic of Argentina
Bonds
15.50% due 10/17/2026

      ARS        52,587,000        3,359,852  

Republic of Argentina
Bonds
16.00% due 10/17/2023

      ARS        16,481,000        1,004,393  

Republic of Argentina
Notes
18.20% due 10/03/2021

      ARS        40,496,000        2,575,634  

Republic of Argentina
Bonds
21.20% due 09/19/2018

      ARS        2,143,000        136,556  

Republic of Argentina FRS
Bonds
22.57% (BADLARPP+2.00%)
due 04/03/2022

      ARS        2,800,000        164,325  
        

 

 

  
           7,240,760  
        

 

 

  

Brazil - 4.8%

 

Federative Republic of Brazil
Bills
zero coupon due 07/01/2020

      BRL        1,650,000        412,408  

Federative Republic of Brazil
Bills
zero coupon due 07/01/2021

      BRL        10,680,000        2,406,969  

Federative Republic of Brazil
Series F
Notes
10.00% due 01/01/2019

      BRL        15,720,000        5,216,442  

Federative Republic of Brazil
Series F
Notes
10.00% due 01/01/2021

      BRL        4,890,000        1,621,973  

Federative Republic of Brazil
Series F
10.00% due 01/01/2023

      BRL        11,195,000        3,683,718  

Federative Republic of Brazil
Series F
Notes
10.00% due 01/01/2025

      BRL        20,730,000        6,777,670  
        

 

 

  
           20,119,180  
        

 

 

  

Colombia - 1.6%

 

Republic of Colombia
Senior Notes
4.38% due 03/21/2023

      COP        64,000,000        20,355  

Republic of Colombia
Bonds
6.00% due 04/28/2028

      COP        2,472,300,000        783,828  

Republic of Colombia
Bonds
7.50% due 08/26/2026

      COP        6,500,700,000        2,315,035  

Republic of Colombia
Senior Notes
7.75% due 04/14/2021

      COP        329,000,000        118,968  

Republic of Colombia
Bonds
7.75% due 09/18/2030

      COP        7,660,000,000        2,782,850  

Republic of Colombia
Bonds
10.00% due 07/24/2024

      COP        1,269,000,000        516,100  
        

 

 

  
           6,537,136  
        

 

 

  

Ghana - 0.6%

 

Republic of Ghana
Bonds
18.75% due 01/24/2022

      GHS        1,400,000        321,764  

Republic of Ghana
Bonds
19.00% due 11/02/2026

      GHS        4,210,000        988,205  

Republic of Ghana
Bonds
19.75% due 03/25/2024

      GHS        1,400,000        333,429  

Republic of Ghana
Senior Notes
19.75% due 03/15/2032

      GHS        4,210,000        1,001,328  

Republic of Ghana
Bonds
21.50% due 03/09/2020

      GHS        50,000        11,992  

Republic of Ghana
Bonds
24.50% due 06/21/2021

      GHS        50,000        13,102  

Republic of Ghana
Bonds
24.75% due 03/01/2021

      GHS        50,000        13,079  

Republic of Ghana
Bonds
24.75% due 07/19/2021

      GHS        50,000        13,267  
        

 

 

  
           2,696,166  
        

 

 

  

India - 2.9%

 

Republic of India
Senior Notes
6.84% due 12/19/2022

      INR        40,000,000        634,917  

Republic of India
Senior Notes
7.68% due 12/15/2023

      INR        128,000,000        2,109,763  

Republic of India
Senior Notes
8.08% due 08/02/2022

      INR        142,000,000        2,358,809  

Republic of India
Senior Notes
8.12% due 12/10/2020

      INR        380,000,000        6,236,218  

Republic of India
Senior Notes
8.20% due 02/15/2022

      INR        60,000,000        997,562  
        

 

 

  
           12,337,269  
        

 

 

  

Indonesia - 3.5%

 

Republic of Indonesia
Senior Notes
5.63% due 05/15/2023

      IDR        87,000,000        6,205  

Republic of Indonesia
Senior Notes
7.00% due 05/15/2022

      IDR        294,000,000        22,697  

Republic of Indonesia
Senior Notes
8.25% due 07/15/2021

      IDR        4,525,000,000        361,708  

Republic of Indonesia
Senior Notes
8.38% due 03/15/2024

      IDR        110,369,000,000        8,989,465  

Republic of Indonesia
Senior Notes
8.38% due 03/15/2034

      IDR        8,380,000,000        692,471  

Republic of Indonesia
Senior Notes
8.75% due 05/15/2031

      IDR        3,184,000,000        273,010  

Republic of Indonesia
Senior Notes
9.00% due 03/15/2029

      IDR        2,285,000,000        198,332  

Republic of Indonesia
Senior Bonds
10.25% due 07/15/2022

      IDR        116,000,000        10,008  

Republic of Indonesia
Senior Notes
10.50% due 08/15/2030

      IDR        260,000,000        24,708  

Republic of Indonesia
Senior Bonds
11.00% due 11/15/2020

      IDR        13,282,000,000        1,130,073  

Republic of Indonesia
Senior Bonds
11.50% due 09/15/2019

      IDR        29,607,000,000        2,442,416  

Republic of Indonesia
Senior Bonds
12.80% due 06/15/2021

      IDR        7,078,000,000        644,992  

Republic of Indonesia
Senior Bonds
12.90% due 06/15/2022

      IDR        229,000,000        21,661  
        

 

 

  
           14,817,746  
        

 

 

  

Mexico - 4.1%

 

United Mexican States
Bonds
2.50% due 12/10/2020(1)

      MXN        2,421,880        133,145  

United Mexican States
Bonds
3.50% due 12/14/2017(1)

      MXN        4,646,765        261,615  

United Mexican States
Bonds
4.00% due 06/13/2019(1)

      MXN        3,105,568        176,561  

United Mexican States
Bonds
4.75% due 06/14/2018

      MXN        131,130,000        7,213,993  

United Mexican States
Senior Notes
5.00% due 12/11/2019

      MXN        162,280,000        8,749,237  

United Mexican States
Bonds
8.50% due 12/13/2018

      MXN        14,210,000        810,656  
        

 

 

  
           17,345,207  
        

 

 

  

Philippines - 0.9%

 

Republic of the Philippines
Senior Notes
2.13% due 05/23/2018

      PHP        61,305,000        1,191,471  

Republic of the Philippines
Senior Notes
3.38% due 08/20/2020

      PHP        3,200,000        61,665  

Republic of the Philippines
Senior Notes
3.88% due 11/22/2019

      PHP        121,440,000        2,379,064  

Republic of the Philippines
Senior Notes
5.00% due 08/18/2018

      PHP        2,700,000        53,780  
        

 

 

  
           3,685,980  
        

 

 

  

Serbia - 0.1%

 

Republic of Serbia
Senior Notes
5.25% due 11/21/2017*

         270,000        271,915  
        

 

 

  

South Africa - 0.7%

 

Republic of South Africa
Senior Notes
6.25% due 03/31/2036

      ZAR        4,488,000        246,294  

Republic of South Africa
Bonds
7.00% due 02/28/2031

      ZAR        3,729,000        237,747  

Republic of South Africa
Bonds
8.00% due 01/31/2030

      ZAR        5,719,000        403,264  

Republic of South Africa
Bonds
8.25% due 03/31/2032

      ZAR        8,378,000        587,170  

Republic of South Africa
Bonds
8.50% due 01/31/2037

      ZAR        3,231,000        222,044  

Republic of South Africa
Bonds
8.88% due 02/28/2035

      ZAR        8,403,000        606,225  

Republic of South Africa
Bonds
10.50% due 12/21/2026

      ZAR        4,659,000        401,751  
        

 

 

  
           2,704,495  
        

 

 

  

South Korea - 5.9%

 

Bank of Korea
Senior Notes
1.25% due 08/02/2018

      KRW        527,000,000        466,350  

Bank of Korea
Senior Notes
1.56% due 10/02/2017

      KRW        3,146,300,000        2,791,041  

Republic of South Korea
Senior Notes
1.38% due 09/10/2021

      KRW        1,207,700,000        1,048,607  

Republic of South Korea
Senior Notes
1.50% due 06/10/2019

      KRW        9,028,000,000        7,982,726  

Republic of South Korea
Senior Notes
1.75% due 12/10/2018

      KRW        1,386,600,000        1,232,639  

Republic of South Korea
Senior Notes
1.88% due 03/10/2022

      KRW        257,000,000        227,029  

Republic of South Korea
Senior Notes
2.00% due 12/10/2017

      KRW        2,294,600,000        2,038,820  

Republic of South Korea
Senior Notes
2.00% due 03/10/2021

      KRW        7,844,590,000        6,989,185  

Republic of South Korea
Senior Bonds
3.00% due 09/10/2024

      KRW        579,100,000        541,682  

Republic of South Korea
Senior Notes
4.25% due 06/10/2021

      KRW        1,400,000,000        1,347,448  
        

 

 

  
           24,665,527  
        

 

 

  

Ukraine - 0.2%

 

Government of Ukraine VRS
Senior Bonds
0.00% due 05/31/2040*(5)

         1,520,000        893,547  
        

 

 

  

Total Foreign Government Obligations

         

(cost $108,111,960)

            113,314,928  
        

 

 

  

RIGHTS - 0.0%

 

Sweden - 0.0%

 

Getinge AB Expires 09/14/2017 (strike price SEK 127)
(cost $0)

      SEK        91,830        33,978  
        

 

 

  

Total Long-Term Investment Securities

         

(cost $333,555,620)

            382,892,191  
        

 

 

  

SHORT-TERM INVESTMENT SECURITIES - 7.6%

 

Foreign Government Obligations - 3.2%

 

Republic of Argentina
22.75% due 03/05/2018

      ARS        127,000        7,306  
        

 

 

  

United Mexican States
5.22% due 09/14/2017

      MXN        27,636,500        1,541,541  

5.32% due 11/09/2017

      MXN        27,662,000        1,526,053  

6.15% due 11/09/2017

      MXN        8,688,400        479,320  

6.20% due 11/09/2017

      MXN        4,025,100        222,056  

6.68% due 09/14/2017

      MXN        8,303,700        463,174  

6.70% due 09/14/2017

      MXN        10,040,500        560,051  

6.70% due 09/28/2017

      MXN        9,591,100        533,519  

6.70% due 10/12/2017

      MXN        10,877,300        603,393  

6.73% due 09/14/2017

      MXN        4,991,300        278,411  

6.83% due 03/01/2018

      MXN        9,574,500        516,804  

6.89% due 02/01/2018

      MXN        2,432,900        132,035  

6.91% due 09/14/2017

      MXN        4,378,700        244,240  

6.92% due 01/04/2018

      MXN        6,159,900        336,128  

6.96% due 09/07/2017

      MXN        4,880,000        272,576  

6.96% due 09/14/2017

      MXN        1,294,700        72,217  

6.97% due 09/07/2017

      MXN        2,838,400        158,541  

6.97% due 09/14/2017

      MXN        1,991,800        111,101  

6.98% due 09/14/2017

      MXN        995,500        55,528  

6.98% due 09/28/2017

      MXN        1,493,900        83,100  

7.00% due 09/28/2017

      MXN        1,991,100        110,758  

7.01% due 09/14/2017

      MXN        4,093,100        228,310  

7.01% due 10/12/2017

      MXN        3,683,500        204,334  

7.03% due 09/28/2017

      MXN        1,991,800        110,797  

7.05% due 10/12/2017

      MXN        6,139,600        340,580  

7.06% due 10/26/2017

      MXN        9,557,200        528,704  

7.07% due 11/09/2017

      MXN        1,991,100        109,845  

7.08% due 11/23/2017

      MXN        16,567,700        911,512  

7.09% due 11/09/2017

      MXN        995,500        54,920  

7.13% due 03/01/2018

      MXN        1,792,000        96,727  

7.15% due 03/01/2018

      MXN        1,991,100        107,474  

7.17% due 11/23/2017

      MXN        6,139,600        337,785  

7.19% due 12/07/2017

      MXN        14,325,700        786,000  

7.20% due 04/26/2018

      MXN        1,493,300        79,741  

7.21% due 04/26/2018

      MXN        7,367,500        393,420  

7.22% due 04/26/2018

      MXN        10,355,600        552,982  

7.23% due 04/26/2018

      MXN        8,283,400        442,329  
           13,586,006  
        

 

 

  

Total Foreign Government Obligations

         

(cost $13,073,088)

            13,593,312  
        

 

 

  

Registered Investment Companies - 0.4%

 

State Street Navigator Securities
Lending Government Money Market Portfolio
1.01%(2)(3)

         1,653,013        1,653,013  
        

 

 

  

Time Deposits - 1.2%

 

Euro Time Deposit with State Street Bank and Trust Co.
0.12% due 09/01/2017

         4,909,000        4,909,000  
        

 

 

  

U.S. Government Agencies - 2.8%

 

Federal Home Loan Bank
Disc. Notes
0.91% due 09/01/2017

      11,780,000       11,780,000  
    

 

 

  

Total Short-Term Investment Securities

     

(cost $31,415,101)

        31,935,325  
    

 

 

  

TOTAL INVESTMENTS

     

(cost $364,970,721)

      98.9 %      414,827,516  

Other assets less liabilities

      1.1       4,765,471  
  

 

 

    

 

 

  

NET ASSETS

      100.0 %    $ 419,592,987  
  

 

 

    

 

 

  

 

† 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 August 31, 2017, the aggregate value of these securities was $2,689,927 representing 0.6% 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 August 31, 2017, the Fund had loaned securities with a total value of $11,403,632. This was secured by collateral of $1,653,013, which was received in cash and subsequently invested in short-term investments currently valued at $1,653,013 as reported in the Portfolio of Investments. Additional collateral of $10,127,560 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
August 31, 2017		  

Federal Home Loan Mtg. Corp.

    2.50% to 4.50%    08/01/2027 to 01/01/2047    $ 1,012,718  

Federal National Mtg. Assoc.

    2.50% to 4.40%    10/25/2029 to 11/01/2046      970,491  

Government National Mtg. Assoc.

    2.50% to 3.50%    01/20/2043 to 05/16/2053      1,346,553  

United States Treasury Bills

    0.00%    09/07/2017 to 03/01/2018      103,742  

United States Treasury Notes/Bonds

    zero coupon to 6.13%    09/30/2017 to 05/15/2047      6,694,056  

 

(3) The rates shown is the 7-day yield as of August 31, 2017.
(4) Denominated in United States dollars unless otherwise indicated.
(5) Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.

ADR - American Depositary Receipt

ARS - Argentine Peso

BRL - Brazilian Real

COP - Columbian Peso

FDR - Fiduciary Depositary Receipt

GHS - Ghanaian Cedi

IDR - Indonesian Rupiah

INR - Indian Rupee

KRW - South Korean Won

MXN - Mexican Peso

NVDR - Non-Voting Depositary Receipt

PHP - Philippine Peso

SEK - Swedish Krona

ZAR - South African Rand

FRS - Floating Rate Security

VRS - Variable Rate Security

The rates shown on FRS and VRS are the current interest rates at August 31, 2017 and unless noted otherwise, the dates shown are the original maturity dates.

Index Legend

BADLARPP - Argentina Deposit Rates Badlar 30-35 days

Centrally Cleared Interest Rate Swap Contracts

 

           

Rates Exchanged

     Value  

Notional Amount (000’s)

    Maturity
Date		     

Payments Received by the Portfolio/Frequency

    Payments Made by the
Portfolio/Frequency		     Upfront Payments
Made (Received) by
the Portfolio		      Unrealized
Appreciation
(Depreciation)		  

USD 26,500

      03/08/2027      3 Months USD - LIBOR/Quarterly      2.46%/Semi - annually     $ —        $ (958,243 ) 

USD 11,200

      03/08/2047      3 Months USD - LIBOR/Quarterly      2.70/Semi - annually     —          (800,850 ) 
             

 

 

  
              $ (1,759,093 ) 
             

 

 

  

USD - United States Dollar

LIBOR - London Interbank Offered rate

Forward Foreign Currency Contracts

 

Counterparty

    Contract to Deliver      In Exchange For      Delivery
Date		      Unrealized
Appreciation		      Unrealized
Depreciation		  

Bank of America, N.A.

    EUR      156,097      USD      176,600        09/08/2017      $ —        $ (9,253 ) 
   EUR      156,097      USD      178,731        10/10/2017        —          (7,446 ) 
   EUR      1,007,000      USD      1,155,230        10/11/2017        —          (45,878 ) 
   EUR      2,338,208      USD      2,779,825        10/16/2017        —          (9,814 ) 
   EUR      62,961      USD      74,848        10/17/2017        —          (273 ) 
   EUR      4,259,400      USD      4,994,232        10/31/2017        —          (91,453 ) 
   EUR      214,240      USD      257,150        11/30/2017        948        —    
                 

 

 

     

 

 

  
                    948        (164,117 ) 
                 

 

 

     

 

 

  

Barclays Bank PLC

    EUR      453,000      USD      510,480        09/08/2017        —          (28,873 ) 
   EUR      188,102      USD      214,904        09/29/2017        —          (9,312 ) 
   JPY      40,123,600      USD      354,852        09/11/2017        —          (10,213 ) 
   JPY      24,850,000      USD      222,106        09/21/2017        —          (4,101 ) 
   JPY      557,000,000      USD      5,006,247        11/08/2017        —          (75,290 ) 
   JPY      78,940,000      USD      697,153        01/16/2018        —          (25,698 ) 
   JPY      116,230,000      USD      1,052,999        02/09/2018        —          (12,813 ) 
   JPY      67,630,000      USD      626,737        02/28/2018        5,888        —    
   USD      319,174      EUR      270,000        09/08/2017        2,295        —    
                 

 

 

     

 

 

  
                    8,183        (166,300 ) 
                 

 

 

     

 

 

  

Citibank N.A.

    EUR      89,576      USD      100,599        09/13/2017        —          (6,079 ) 
   EUR      1,398,276      BRL      5,260,000        10/25/2017        —          (10,330 ) 
   EUR      685,000      USD      813,482        11/03/2017        —          (4,528 ) 
   EUR      419,900      USD      495,921        11/08/2017        —          (5,644 ) 
   EUR      1,906,904      USD      2,247,664        11/14/2017        —          (30,824 ) 
   JPY      29,930,000      USD      267,268        11/14/2017        —          (5,861 ) 
   JPY      32,100,000      USD      295,925        12/08/2017        2,656        —    
   JPY      79,600,000      USD      710,838        12/12/2017        —          (16,567 ) 
   JPY      72,889,000      USD      659,372        01/25/2018        —          (8,422 ) 
   JPY      280,651,280      USD      2,543,237        01/31/2018        —          (28,936 ) 
   JPY      80,345,200      USD      729,185        02/08/2018        —          (7,526 ) 
   JPY      30,200,000      USD      271,174        02/14/2018        —          (5,836 ) 
   JPY      29,930,000      USD      276,094        02/15/2018        1,544        —    
   JPY      38,770,000      USD      354,939        06/20/2018        —          (3,201 ) 
   KRW      1,048,000,000      USD      915,106        09/20/2017        —          (14,423 ) 
   KRW      786,000,000      USD      702,727        10/16/2017        5,426        —    
   KRW      1,051,000,000      USD      928,363        11/15/2017        —          (4,304 ) 
   KRW      721,000,000      USD      637,376        11/16/2017        —          (2,454 ) 
   KRW      2,989,000,000      USD      2,631,555        02/21/2018        —          (25,649 ) 
   USD      141,502      INR      9,291,000        12/19/2017        2,033        —    
                 

 

 

     

 

 

  
                    11,659        (180,584 ) 
                 

 

 

     

 

 

  

Deutsche Bank AG

    EUR      270,463      USD      317,989        09/14/2017        —          (4,131 ) 
   EUR      133,000      USD      154,601        10/24/2017        —          (4,143 ) 
   EUR      5,690,315      USD      6,657,953        10/30/2017        —          (135,880 ) 
   EUR      1,190,000      USD      1,406,354        11/08/2017        —          (15,084 ) 
   EUR      270,464      USD      319,039        11/14/2017        —          (4,128 ) 
   EUR      3,247,000      USD      3,849,286        11/15/2017        —          (30,635 ) 
   EUR      137,755      USD      162,631        11/22/2017        —          (2,036 ) 
   EUR      122,735      USD      147,623        11/30/2017        849        —    
   INR      5,431,000      USD      83,567        09/14/2017        —          (1,298 ) 
   JPY      23,100,000      USD      203,141        09/13/2017        —          (7,053 ) 
   JPY      686,286,000      USD      6,397,505        11/21/2017        132,700        —    
   JPY      58,120,000      USD      523,189        01/24/2018        —          (9,263 ) 
   JPY      39,300,000      USD      361,982        04/13/2018        320        —    
   JPY      222,755,000      USD      2,000,557        05/16/2018        —          (53,119 ) 
   JPY      43,140,000      USD      397,765        06/19/2018        —          (721 ) 
   JPY      43,210,000      USD      394,036        06/22/2018        —          (5,164 ) 
   KRW      920,000,000      USD      825,779        12/20/2017        8,921        —    
   KRW      2,075,000,000      USD      1,856,159        02/28/2018        11,241        —    
   KRW      920,000,000      USD      828,157        05/18/2018        9,269        —    
   USD      83,631      INR      5,431,000        09/14/2017        1,233        —    
   USD      160,915      INR      10,622,000        10/25/2017        4,267        —    
   USD      1,156,685      INR      76,086,750        02/08/2018        11,601        —    
                 

 

 

     

 

 

  
                    180,401        (272,655 ) 
                 

 

 

     

 

 

  

Goldman Sachs International

    EUR      969,000      USD      1,143,430        09/18/2017        —          (10,901 ) 
   EUR      316,000      USD      371,385        10/27/2017        —          (5,838 ) 
   JPY      11,563,000      USD      102,412        01/11/2018        —          (3,439 ) 
   JPY      45,170,000      USD      416,586        02/16/2018        2,214        —    
                 

 

 

     

 

 

  
                    2,214        (20,178 ) 
                 

 

 

     

 

 

  

HSBC Bank PLC

    EUR      2,117,579      USD      2,424,745        10/10/2017        —          (100,888 ) 
   EUR      235,000      USD      277,224        11/10/2017        —          (3,509 ) 
   JPY      78,700,000      USD      715,455        10/11/2017        —          (1,633 ) 
   JPY      48,100,000      USD      443,318        12/11/2017        3,794        —    
   JPY      69,900,000      USD      639,621        12/13/2017        820        —    
   JPY      521,435,000      USD      4,712,472        01/31/2018        —          (66,488 ) 
   JPY      67,990,000      USD      610,872        02/16/2018        —          (12,842 ) 
   JPY      43,210,000      USD      402,515        06/18/2018        3,406        —    
   KRW      2,011,000,000      USD      1,798,265        09/05/2017        14,831        —    
   KRW      1,485,000,000      USD      1,295,585        09/20/2017        —          (21,542 ) 
   KRW      3,324,000,000      USD      2,969,979        09/27/2017        21,566        —    
   KRW      323,600,000      USD      283,387        10/18/2017        —          (3,700 ) 
   KRW      2,831,000,000      USD      2,524,073        10/24/2017        12,374        —    
   KRW      2,644,000,000      USD      2,357,347        11/02/2017        11,376        —    
   KRW      3,173,000,000      USD      2,797,443        11/17/2017        —          (18,375 ) 
   KRW      1,665,000,000      USD      1,489,067        11/27/2017        11,313        —    
   KRW      2,011,000,000      USD      1,786,079        12/05/2017        1,062        —    
   MXN      14,850,450      USD      834,154        09/06/2017        3,691        —    
   USD      1,785,175      KRW      2,011,000,000        09/05/2017        —          (1,741 ) 
   USD      723,565      MXN      14,850,450        09/06/2017        106,898        —    
   USD      322,335      INR      21,106,500        11/08/2017        5,346        —    
   USD      836,505      INR      53,896,000        11/16/2017        —          (569 ) 
   USD      594,909      INR      39,026,000        01/29/2018        5,039        —    
   USD      811,057      MXN      14,850,450        03/05/2018        —          (3,715 ) 
                 

 

 

     

 

 

  
                    201,516        (235,002 ) 
                 

 

 

     

 

 

  

JPMorgan Chase Bank N.A

    AUD      1,740,000      USD      1,312,099        10/27/2017        —          (70,226 ) 
   AUD      4,807,000      USD      3,543,384        11/15/2017        —          (274,560 ) 
   AUD      4,076,000      USD      3,016,240        03/13/2018        —          (216,203 ) 
   AUD      5,929,000      USD      4,450,604        03/20/2018        —          (250,896 ) 
   EUR      507,355      USD      581,467        10/13/2017        —          (23,748 ) 
   EUR      6,671,000      USD      7,643,111        10/18/2017        —          (316,661 ) 
   EUR      375,660      USD      436,228        10/24/2017        —          (12,145 ) 
   EUR      686,000      USD      809,870        11/02/2017        —          (9,293 ) 
   EUR      74,000      USD      87,899        11/24/2017        —          (568 ) 
   JPY      152,440,000      USD      1,412,148        10/20/2017        22,611        —    
   JPY      56,320,000      USD      549,992        11/14/2017        36,039        —    
   JPY      64,760,000      USD      574,007        12/13/2017        —          (17,821 ) 
   JPY      27,300,000      USD      250,421        12/18/2017        859        —    
   JPY      25,450,000      USD      226,254        01/16/2018        —          (6,790 ) 
   JPY      52,770,000      USD      474,418        01/22/2018        —          (8,965 ) 
   JPY      112,000,000      USD      1,012,919        01/25/2018        —          (13,202 ) 
   JPY      116,200,000      USD      1,055,390        02/08/2018        —          (10,084 ) 
   JPY      116,480,000      USD      1,061,698        02/09/2018        —          (6,406 ) 
   JPY      158,172,000      USD      1,464,298        02/15/2018        13,374        —    
   JPY      577,091,720      USD      5,222,077        03/22/2018        —          (82,203 ) 
   USD      300,853      INR      19,581,000        10/13/2017        4,083        —    
   USD      250,647      INR      16,267,000        10/23/2017        2,380        —    
   USD      125,975      INR      8,121,000        10/30/2017        239        —    
   USD      124,098      INR      8,121,000        11/02/2017        2,071        —    
   USD      2,166,241      INR      141,152,250        02/15/2018        —          (706 ) 
                 

 

 

     

 

 

  
                    81,656        (1,320,477 ) 
                 

 

 

     

 

 

  

Morgan Stanley and Co., Inc.

    EUR      138,000      USD      156,230        09/18/2017        —          (8,164 ) 
   EUR      118,000      USD      132,231        09/25/2017        —          (8,393 ) 
                 

 

 

     

 

 

  
                    —          (16,557 ) 
                 

 

 

     

 

 

  

Standard Chartered Bank

    EUR      686,000      USD      826,469        09/29/2017        8,763        —    
   EUR      195,111      USD      223,422        10/10/2017        —          (9,287 ) 
   EUR      3,447,257      USD      3,945,386        10/12/2017        —          (166,575 ) 
   EUR      1,210,000      USD      1,435,671        11/15/2017        —          (10,188 ) 
   EUR      1,333,312      USD      1,599,674        11/30/2017        5,211        —    
   JPY      116,210,000      USD      1,057,825        02/08/2018        —          (7,741 ) 
                 

 

 

     

 

 

  
                    13,974        (193,791 ) 
                 

 

 

     

 

 

  

UBS AG

    EUR      226,932      USD      255,599        09/06/2017        —          (14,565 ) 
   EUR      176,932      USD      199,885        09/07/2017        —          (10,764 ) 
   EUR      2,317,000      USD      2,601,875        09/20/2017        —          (158,582 ) 
   EUR      226,932      USD      269,479        10/06/2017        —          (1,126 ) 
   EUR      67,200      USD      77,355        10/18/2017        —          (2,827 ) 
   EUR      974,000      USD      1,148,502        11/17/2017        —          (15,477 ) 
   EUR      54,521      USD      64,666        11/24/2017        —          (513 ) 
   USD      269,051      EUR      226,932        09/06/2017        1,114        —    
                 

 

 

     

 

 

  
                    1,114        (203,854 ) 
                 

 

 

     

 

 

  

Net Unrealized Appreciation (Depreciation)

 

       $ 501,665      $ (2,773,515 ) 
                 

 

 

     

 

 

  

 

AUD - Australian Dollar

BRL - Brazilian Real

EUR - Euro Currency

INR - Indian Rupee

JPY - Japanese Yen

KRW - South Korean Won

MXN - Mexican Peso

USD - United States Dollar

Industry Allocation*

Sovereign

      26.2 % 

Diversified Banking Institutions

      6.2  

Oil Companies-Integrated

      5.4  

Medical-Drugs

      4.9  

Medical-Biomedical/Gene

      3.3  

Foreign Government Obligations

      3.2  

U.S. Government Agencies

      2.8  

Web Portals/ISP

      2.1  

Banks-Commercial

      2.1  

Telecom Services

      2.0  

Electronic Components-Semiconductors

      1.9  

Oil Companies-Exploration & Production

      1.9  

Chemicals-Diversified

      1.7  

Cable/Satellite TV

      1.6  

Aerospace/Defense

      1.6  

Enterprise Software/Service

      1.5  

Insurance-Multi-line

      1.5  

Computers

      1.4  

Medical Instruments

      1.2  

Applications Software

      1.2  

Electronic Components-Misc.

      1.2  

Time Deposits

      1.2  

Diversified Financial Services

      1.2  

Cellular Telecom

      1.1  

Telephone-Integrated

      1.0  

Insurance-Life/Health

      1.0  

Audio/Video Products

      0.9  

Beverages-Non-alcoholic

      0.9  

Retail-Drug Store

      0.9  

Banks-Super Regional

      0.8  

Central Bank

      0.8  

Semiconductor Components-Integrated Circuits

      0.8  

Building Products-Cement

      0.8  

Tools-Hand Held

      0.7  

Photo Equipment & Supplies

      0.7  

Building & Construction Products-Misc.

      0.7  

Diversified Operations

      0.7  

Precious Metals

      0.6  

Medical-Wholesale Drug Distribution

      0.6  

Gold Mining

      0.5  

Diversified Manufacturing Operations

      0.5  

Rubber-Tires

      0.5  

Multimedia

      0.5  

Diagnostic Kits

      0.5  

Medical-Generic Drugs

      0.5  

Satellite Telecom

      0.5  

Computer Services

      0.4  

Diversified Minerals

      0.4  

Retail-Misc./Diversified

      0.4  

Auto/Truck Parts & Equipment-Original

      0.4  

Aerospace/Defense-Equipment

      0.4  

Registered Investment Companies

      0.4  

Electric-Distribution

      0.4  

Airlines

      0.4  

Agricultural Chemicals

      0.4  

Cosmetics & Toiletries

      0.3  

Auto-Cars/Light Trucks

      0.3  

Telecommunication Equipment

      0.3  

Retail-Building Products

      0.3  

Steel-Specialty

      0.3  
  

 

 

  
     98.9 % 
  

 

 

  

 

* Calculated as a percentage of net assets

The following is a summary of the inputs used to value the Fund’s net assets as of August 31, 2017 (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

    $ 119,163,708      $ 150,379,577 **    $ —        $ 269,543,285  

Foreign Government Obligations

      —          113,314,928       —          113,314,928  

Rights

      33,978        —         —          33,978  

Short-Term Investment Securities:

           

Registered Investment Companies

      1,653,013        —         —          1,653,013  

Other Short-Term Investment Securities

      —          30,282,312       —          30,282,312  
  

 

 

     

 

 

    

 

 

     

 

 

  

Total Investments at Value

    $ 120,850,699      $ 293,976,817     $ —        $ 414,827,516  
  

 

 

     

 

 

    

 

 

     

 

 

  

Other Financial Instruments:†

           

Forward Foreign Currency Contracts

    $ —        $ 501,665     $ —        $ 501,665  
  

 

 

     

 

 

    

 

 

     

 

 

  

LIABILITIES:

           

Other Financial Instruments:†

           

Centrally Cleared Interest Rate Swap Contracts

    $ —        $ 1,759,093     $ —        $ 1,759,093  

Forward Foreign Currency Contracts

      —          2,773,515       —          2,773,515  
  

 

 

     

 

 

    

 

 

     

 

 

  

Total Other Financial Instruments

    $ —        $ 4,532,608     $ —        $ 4,532,608  
  

 

 

     

 

 

    

 

 

     

 

 

  

 

* For a detailed presentation of investments, please refer to the Portfolio of Investments.
** Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 1 ).
† 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 $149,007,451 were transferred from Level 1 to Level 2 due to foreign equity securities whose values were 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 Portfolio of Investments

VALIC Company I Government Money Market I Fund

PORTFOLIO OF INVESTMENTS - August 31, 2017 - (unaudited)

 

Security Description

    Principal
Amount		     Value
(Note 1)		  

SHORT-TERM INVESTMENT SECURITIES - 99.3%

     

U.S. Government Agencies - 56.8%

     

Federal Farm Credit Bank FRS
1.25% (USFRBPLR-3.00%)
due 11/24/2017

     $14,500,000     $ 14,505,693  

1.29% (1 ML+0.06%)

due 09/22/2017

     1,800,000       1,800,142  

Federal Home Loan Bank
0.63% due 10/26/2017

      2,135,000       2,133,513  

0.89% due 09/06/2017

      7,000,000       6,999,135  

0.92% due 09/20/2017

      5,750,000       5,747,217  

1.00% due 09/13/2017

      5,010,000       5,008,330  

1.00% due 09/18/2017

      30,000,000       29,985,833  

1.01% due 09/01/2017

      10,000,000       10,000,000  

1.01% due 09/06/2017

      4,050,000       4,049,432  

1.01% due 09/08/2017

      11,000,000       10,997,840  

1.01% due 09/18/2017

      14,000,000       13,993,349  

1.01% due 09/22/2017

      15,000,000       14,991,162  

1.01% due 10/16/2017

      10,000,000       9,987,375  

1.02% due 10/13/2017

      3,000,000       2,996,448  

1.03% due 10/11/2017

      1,700,000       1,698,056  

Federal Home Loan Bank FRS

1.20% (1 ML-0.04%)

due 10/06/2017

     18,000,000       18,000,000  

1.30% (1 ML+0.07%)

due 12/05/2017

     1,800,000       1,800,552  

1.30% (1 ML+0.07%)

due 12/07/2017

     3,655,000       3,655,978  

Federal Home Loan Mtg. Corp.
0.90% due 09/18/2017

      1,000,000       999,899  

Federal National Mtg. Assoc.
0.92% due 09/13/2017

      25,000,000       24,992,333  

Federal National Mtg. Assoc. FRS

1.24% (1 ML+0.01%)

due 09/08/2017

     1,800,000       1,800,085  

1.24% (1 ML+0.01%)

due 10/05/2017

     1,520,000       1,520,103  
    

 

 

  

Total U.S. Government Agencies
    (amortized cost $187,662,475)

        187,662,475  
    

 

 

  

U.S. Government Treasuries - 42.5%

 

United States Treasury Bills

     

0.95% due 09/28/2017

      20,000,000       19,985,825  

0.98% due 09/21/2017

      20,000,000       19,989,111  

1.05% due 10/05/2017

      25,000,000       24,975,327  

1.05% due 10/19/2017

      38,000,000       37,946,800  

1.06% due 10/05/2017

      19,000,000       18,980,943  

1.10% due 10/19/2017

      10,000,000       9,985,400  

1.14% due 10/19/2017

      5,000,000       4,992,433  

1.88% due 09/30/2017

      3,500,000       3,502,036  
    

 

 

  

Total U.S. Government Treasuries
    (amortized cost $140,357,875)

        140,357,875  
    

 

 

  

Total Short-Term Investment Securities - 99.3%
    (amortized cost $328,020,350)

        328,020,350  
    

 

 

  

REPURCHASE AGREEMENTS - 1.0%

     

Agreement with Fixed Income Clearing Corp., bearing interest at 0.12%, dated 08/31/2017, to be repurchased 09/01/2017 in the amount $3,425,011 collateralized by $2,895,000 of United States Treasury Bonds, bearing interest at 3.75% due 11/15/2043 and having an approximate value of $3,496,572
(cost $3,425,000)

      3,425,000       3,425,000  
    

 

 

  

TOTAL INVESTMENTS -
    (amortized cost $331,445,350)

      100.3 %      331,445,350  

Liabilities in excess of other assets

      (0.3 )      (1,075,850 ) 
  

 

 

    

 

 

  

NET ASSETS

      100.0 %    $ 330,369,500  
  

 

 

    

 

 

  

 

FRS - Floating Rate Security

The rates shown on FRS are the current interest rates at August 31, 2017 and unless noted otherwise, the dates shown are the original maturity dates.

Index Legend

1ML - 1 month USD LIBOR

USFRBPLR - US Federal Reserve Bank Prime Loan Rate

The following is a summary of the inputs used to value the Fund’s net assets as of August 31, 2017 (see Note 1):

 

     Level 1 - Unadjusted
Quoted Prices		      Level 2 - Other
Observable Inputs		      Level 3 - Significant
Unobservable  Inputs		      Total  

ASSETS:

            

Investments at Value:*

            

Short-Term Investment Securities:

    $  —        $ 328,020,350      $  —        $ 328,020,350  

Repurchase Agreements

      —          3,425,000        —          3,425,000  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments at Value

    $ —        $ 331,445,350      $ —        $ 331,445,350  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

* 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 Portfolio of Investments

VALIC Company I Government Securities Fund

PORTFOLIO OF INVESTMENTS - August 31, 2017 - (unaudited)

 

Security Description

    Principal
Amount/
Shares		      Value
(Note 1)		  

ASSET BACKED SECURITIES - 4.2%

      

Diversified Financial Services - 4.2%

      

BBCMS Trust
Series 2015-VFM, Class A1
2.47% due 03/10/2036*(1)

    $ 414,304      $ 408,383  

Cabela’s Credit Card Master Note Trust
Series 2016-1, Class A1
1.78% due 06/15/2022

      1,186,000        1,186,659  

COMM Mtg. Trust VRS
Series 2012-CR2, Class XA
1.84% due 08/15/2045(1)(2)(6)

      828,604        55,470  

DBUBS Mtg. Trust
Series 2011-LC2A, Class A1
3.53% due 07/10/2044*(1)

      157,561        162,087  

DT Auto Owner Trust
Series 2016-2A, Class A
1.73% due 08/15/2019*

      20,171        20,171  

Eleven Madison Mtg. Trust VRS
Series 2015-11MD, Class A
3.67% due 09/10/2035*(1)(6)

      398,000        418,745  

GS Mtg. Securities Trust
Series 2017-GS7, Class A4
3.43% due 08/10/2050(1)

      1,100,000        1,141,488  

Progress Residential Trust
Series 2015-SFR2, Class A
2.74% due 06/12/2032*

      448,453        452,856  

Progress Residential Trust
Series 2017-SFR1, Class A
2.77% due 08/17/2034*

      300,000        303,351  

Progress Residential Trust
Series 2015-SFR3, Class A
3.07% due 11/12/2032*

      696,206        710,342  

Tricon American Homes Trust
Series 2016-SFR1, Class A
2.59% due 11/17/2033*

      565,000        566,812  

UBS-BAMLL Trust
Series 2012-WRM, Class A
3.66% due 06/10/2030*(1)

      217,000        224,812  

WF-RBS Commercial Mtg. Trust
Series 2011-C3, Class A4
4.38% due 03/15/2044*(1)

      310,000        330,795  
     

 

 

  

Total Asset Backed Securities

(cost $5,931,441)

         5,981,971  
     

 

 

  

U.S. CORPORATE BONDS & NOTES - 5.8%

      

Airlines - 0.8%

      

American Airlines Pass-Through Trust
Pass-Through Certs.
Series 2016-3, Class A
3.00% due 04/15/2030

      748,000        743,826  

American Airlines Pass-Through Trust
Pass-Through Certs.
Series 2017-2, Class AA
3.35% due 04/15/2031

      327,000        330,434  
     

 

 

  
        1,074,260  
     

 

 

  

Auto-Cars/Light Trucks - 0.1%

      

American Honda Finance Corp.
Senior Notes
2.30% due 09/09/2026#

      135,000        129,315  
     

 

 

  

Brewery - 0.2%

      

Anheuser-Busch InBev Finance, Inc.
Company Guar. Notes
3.65% due 02/01/2026

      288,000        299,553  
     

 

 

  

Cable/Satellite TV - 0.1%

      

Comcast Corp.
Company Guar. Notes
5.70% due 05/15/2018

      200,000        205,830  
     

 

 

  

Chemicals-Diversified - 0.1%

      

Dow Chemical Co.
Senior Notes
8.55% due 05/15/2019

      200,000        221,883  
     

 

 

  

Computers - 0.3%

      

Apple, Inc.
Senior Notes
2.40% due 05/03/2023

      227,000        227,757  

Apple, Inc.
Senior Notes
2.85% due 05/06/2021

      151,000        155,993  
     

 

 

  
        383,750  
     

 

 

  

Cosmetics & Toiletries - 0.1%

      

Procter & Gamble Co.
Senior Notes
1.90% due 11/01/2019#

      176,000        177,205  
     

 

 

  

Diversified Banking Institutions - 0.9%

      

Citigroup, Inc.
Senior Notes
3.40% due 05/01/2026

      400,000        403,569  

Citigroup, Inc.
Senior Notes
4.50% due 01/14/2022#

      162,000        175,021  

Goldman Sachs Group, Inc.
Senior Notes
2.63% due 04/25/2021

      133,000        133,903  

Goldman Sachs Group, Inc.
Senior Notes
5.95% due 01/18/2018

      200,000        203,127  

Morgan Stanley
Senior Notes
2.50% due 04/21/2021

      319,000        321,149  
     

 

 

  
        1,236,769  
     

 

 

  

Electric-Integrated - 0.2%

      

San Diego Gas & Electric Co.
1st Mtg. Bonds
6.00% due 06/01/2026

      200,000        243,924  
     

 

 

  

Finance-Credit Card - 0.1%

      

American Express Co.
Sub. Notes
3.63% due 12/05/2024#

      104,000        108,666  
     

 

 

  

Insurance-Life/Health - 0.2%

      

Jackson National Life Global Funding
Senior Sec. Notes
1.88% due 10/15/2018*

      225,000        225,563  
     

 

 

  

Insurance-Mutual - 0.1%

      

New York Life Global Funding
Senior Sec. Notes
2.00% due 04/13/2021*#

      154,000        153,826  
     

 

 

  

Insurance-Property/Casualty - 0.1%

      

Chubb INA Holdings, Inc.
Company Guar. Notes
3.35% due 05/03/2026

      125,000        129,428  
     

 

 

  

Medical Instruments - 0.2%

      

Medtronic, Inc.
Company Guar. Notes
3.15% due 03/15/2022

      250,000        260,618  
     

 

 

  

Medical-Biomedical/Gene - 0.1%

      

Gilead Sciences, Inc.
Senior Notes
3.50% due 02/01/2025

      144,000        150,811  
     

 

 

  

Multimedia - 0.4%

      

Time Warner, Inc.
Company Guar. Notes
3.60% due 07/15/2025

      500,000        505,527  
     

 

 

  

Networking Products - 0.1%

      

Cisco Systems, Inc.
Senior Notes
4.95% due 02/15/2019

      200,000        209,518  
     

 

 

  

Oil Companies-Exploration & Production - 0.4%

      

CNOOC Finance 2015 USA LLC
Company Guar. Notes
3.50% due 05/05/2025

      402,000        412,315  

Noble Energy, Inc.
Senior Notes
3.90% due 11/15/2024#

      116,000        118,964  
     

 

 

  
        531,279  
     

 

 

  

Pipelines - 0.4%

      

Buckeye Partners LP
Senior Notes
4.88% due 02/01/2021#

      190,000        202,155  

Enterprise Products Operating LLC
Company Guar. Notes
3.70% due 02/15/2026

      127,000        131,184  

Magellan Midstream Partners LP
Senior Notes
3.20% due 03/15/2025

      137,000        135,614  

Plains All American Pipeline LP/PAA Finance Corp.
Senior Notes
2.60% due 12/15/2019

      171,000        171,072  
     

 

 

  
        640,025  
     

 

 

  

Real Estate Investment Trusts - 0.2%

      

Boston Properties LP
Senior Notes
2.75% due 10/01/2026

      240,000        230,743  
     

 

 

  

Retail-Drug Store - 0.2%

      

Walgreens Boots Alliance, Inc.
Senior Notes
3.80% due 11/18/2024

      325,000        338,484  
     

 

 

  

Semiconductor Components-Integrated Circuits - 0.3%

      

QUALCOMM, Inc.
Senior Notes
3.25% due 05/20/2027

      439,000        445,235  
     

 

 

  

Telephone-Integrated - 0.1%

      

AT&T, Inc.
Senior Notes
3.95% due 01/15/2025

      171,000        176,763  
     

 

 

  

Transport-Rail - 0.1%

      

Norfolk Southern Corp.
Senior Notes
2.90% due 02/15/2023

      89,000        90,975  

Norfolk Southern Corp.
Senior Notes
5.59% due 05/17/2025

      19,000        22,074  
     

 

 

  
        113,049  
     

 

 

  

Total U.S. Corporate Bonds & Notes

(cost $8,048,923)

         8,192,024  
     

 

 

  

FOREIGN CORPORATE BONDS & NOTES - 1.5%

      

Building Products-Air & Heating - 0.2%

      

Johnson Controls International PLC
Senior Notes
5.00% due 03/30/2020

      200,000        213,945  
     

 

 

  

Diversified Banking Institutions - 0.4%

      

Mitsubishi UFJ Financial Group, Inc.
Senior Notes
2.76% due 09/13/2026#

      217,000        211,791  

Mizuho Financial Group, Inc.
Senior Notes
2.95% due 02/28/2022

      363,000        369,112  
     

 

 

  
        580,903  
     

 

 

  

Medical-Generic Drugs - 0.1%

      

Actavis Funding SCS
Company Guar. Notes
3.45% due 03/15/2022

      126,000        130,904  
     

 

 

  

Multimedia - 0.1%

      

Thomson Reuters Corp.
Senior Notes
6.50% due 07/15/2018

      200,000        207,792  
     

 

 

  

Oil Companies-Integrated - 0.7%

      

BP Capital Markets PLC
Company Guar. Notes
2.52% due 01/15/2020#

      250,000        254,378  

Shell International Finance BV
Company Guar. Notes
2.50% due 09/12/2026#

      367,000        358,752  

Shell International Finance BV
Company Guar. Notes
3.75% due 09/12/2046

      403,000        392,402  
     

 

 

  
        1,005,532  
     

 

 

  

Total Foreign Corporate Bonds & Notes

(cost $2,138,055)

         2,139,076  
     

 

 

  

U.S. GOVERNMENT AGENCIES - 56.9%

      

Federal Farm Credit Bank - 1.1%

      

3.35% due 10/21/2025

      1,500,000        1,624,403  
     

 

 

  

Federal Home Loan Mtg. Corp. - 16.0%

      

3.50% due 06/01/2033

      1,726,578        1,814,045  

4.50% due 09/01/2019

      22,094        22,613  

4.50% due 09/01/2039

      605,180        652,422  

4.50% due 11/01/2039

      298,250        321,546  

4.50% due 02/01/2040

      417,394        450,051  

4.50% due 04/01/2040

      40,314        43,480  

4.50% due 06/01/2040

      101,717        109,670  

4.50% due 08/01/2040

      475,896        513,144  

4.50% due 03/01/2041

      1,789,009        1,928,864  

4.50% due 04/01/2041

      213,544        230,255  

4.50% due 06/01/2041

      346,749        373,958  

5.00% due 12/14/2018

      1,000,000        1,045,327  

5.00% due 10/01/2034

      23,832        25,873  

5.50% due 12/01/2036

      18,908        20,970  

6.00% due 11/01/2033

      64,655        73,241  

6.50% due 02/01/2032

      30,239        33,952  

8.00% due 02/01/2030

      1,361        1,365  

8.00% due 08/01/2030

      218        258  

8.00% due 06/01/2031

      1,497        1,654  

Federal Home Loan Mtg. Corp. FRS
3.27% (12 ML+1.81%)
due 12/01/2035

      15,997        16,863  

Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs.
Series KJ14, Class A2
2.81% due 09/25/2024(1)

      591,000        605,759  

Series K049, Class A2

3.01% due 07/25/2025(1)

      430,000        447,257  

Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs. VRS
Series K048, Class A2
3.28% due 06/25/2025(1)(6)

      1,000,000        1,059,027  

Federal Home Loan Mtg. Corp. REMIC(3)

      

Series 4150, Class GE

2.00% due 01/15/2033

      1,542,446        1,527,947  

Series 4186, Class JE

2.00% due 03/15/2033

      422,576        424,977  

Series 4594, Class GN

2.50% due 02/15/2045

      937,551        951,504  

Series 3981, Class PA

3.00% due 04/15/2031

      311,267        313,449  

Series 4097, Class YK

3.00% due 08/15/2032

      1,750,000        1,767,605  

Series 4150, Class IG

3.00% due 01/15/2033(2)

      5,000,718        494,976  

Series 4365, Class HZ

3.00% due 01/15/2040

      767,751        741,041  

Series 4057, Class WY

3.50% due 06/15/2027

      1,000,000        1,060,846  

Series 3813, Class D

4.00% due 02/15/2026

      1,000,000        1,080,114  

Series 3917, Class B

4.50% due 08/15/2026

      465,000        510,192  

Series 3927, Class AY

4.50% due 09/15/2026

      1,494,968        1,628,256  

Series 3786, Class PB

4.50% due 07/15/2040

      1,000,000        1,066,258  

Federal Home Loan Mtg. Corp. REMIC FRS
Series 4039, Class SA
5.27% (6.50% - 1ML)
due 05/15/2042(2)(4)

      606,086        106,970  

Federal Home Loan Mtg. Corp. STRIPS
Series 264, Class 30
3.00% due 07/15/2042(3)

      1,177,541        1,181,619  
     

 

 

  
        22,647,348  
     

 

 

  

Federal National Mtg. Assoc. - 34.9%

      

zero coupon due 10/09/2019

      4,250,000        4,099,930  

2.63% due 12/01/2026

      1,986,205        2,008,078  

2.81% due 04/01/2025

      800,000        822,151  

2.94% due 01/01/2026

      1,595,000        1,646,636  

3.00% due 03/01/2043

      1,249,669        1,270,448  

4.00% due 09/01/2040

      130,484        138,482  

4.00% due 10/01/2040

      140,373        148,910  

4.00% due 12/01/2040

      169,478        179,808  

4.00% due 01/01/2041

      353,096        374,695  

4.00% due 02/01/2041

      1,336,064        1,418,180  

4.00% due 03/01/2041

      2,044,856        2,169,626  

4.00% due 06/01/2042

      1,363,925        1,465,777  

5.00% due 02/01/2019

      16,469        16,861  

5.00% due 12/01/2036

      18,527        20,300  

5.50% due 12/01/2033

      26,047        29,141  

5.50% due 10/01/2034

      31,712        35,040  

6.50% due 07/01/2032

      6,954        7,964  

7.00% due 09/01/2031

      20,666        23,036  

Federal National Mtg. Assoc. FRS
2.70% (1 Yr USTYCR+2.20%)
due 11/01/2034

      16,126        17,095  

Federal National Mtg. Assoc. FRS
2.87% (6 ML+1.50%)
due 01/01/2036

      11,534        11,923  

Federal National Mtg. Assoc. FRS
2.93% (12 ML+1.30%)
due 02/01/2035

      2,091        2,163  

Federal National Mtg. Assoc. REMIC(3)

      

Series 2002-34, Class AO

zero coupon due 05/18/2032(5)

      346,034        321,402  

Series 2013-15, Class DC

2.00% due 03/25/2033

      1,120,479        1,106,294  

Series 2011-126, Class EC

2.00% due 04/25/2040

      415,142        414,450  

Series 2012-38, Class PA

2.00% due 09/25/2041

      2,587,799        2,556,800  

Series 2013-23, Class KJ

2.25% due 05/25/2042

      1,862,648        1,856,585  

Series 2012-93, Class ME

2.50% due 01/25/2042

      2,622,519        2,654,702  

Series 2013-73, Class TD

2.50% due 09/25/2042

      843,136        848,471  

Series 2017-T1, Class A

2.90% due 06/25/2027(1)

      1,127,887        1,142,047  

Series 2013-100, Class DE

3.00% due 11/25/2030

      3,097,864        3,177,554  

Series 2013-106, Class PY

3.00% due 10/25/2033

      2,900,000        2,974,613  

Series 2016-30, Class PA

3.00% due 04/25/2045

      987,862        1,017,710  

Series 2016-25, Class LA

3.00% due 07/25/2045

      677,590        702,128  

Series 2016-33, Class JA

3.00% due 07/25/2045

      684,472        707,052  

Series 2015-97, Class N

3.00% due 11/25/2045

      2,000,000        2,003,961  

Series 2016-38, Class NA

3.00% due 01/25/2046

      1,244,971        1,282,346  

Series 2016-30, Class LY

3.50% due 05/25/2036

      800,000        849,415  

Series 2012-50, Class VB

4.00% due 01/25/2029

      1,355,000        1,469,702  

Series 2012-47, Class VB

4.00% due 04/25/2031

      2,000,000        2,145,678  

Series 2004-90, Class GC

4.35% due 11/25/2034

      416,099        426,013  

Series 2010-117, Class DY

4.50% due 10/25/2025

      974,930        1,056,877  

Series 2010-134, Class MB

4.50% due 12/25/2040

      250,000        285,206  

Series 2007-116, Class PB

5.50% due 08/25/2035

      88,137        99,152  

Federal National Mtg. Assoc. STRIPS

      

Series 384, Class 23

6.00% due 08/25/2037(2)(3)

      252,770        53,766  

Federal National Mtg. Assoc. VRS
Series 2017-M3, Class A2
2.57% due 12/25/2026(1)(6)

      600,000        592,995  

Federal National Mtg. Assoc. VRS
Series 2015-M13, Class A2
2.80% due 06/25/2025(1)(6)

      515,000        522,698  

Federal National Mtg. Assoc. VRS
Series 2016-M1, Class A2
2.94% due 01/25/2026(1)(6)

      1,239,000        1,271,297  

Federal National Mtg. Assoc. VRS
Series 2017-M7, Class A2
2.96% due 02/25/2027(1)(6)

      505,000        516,611  

Federal National Mtg. Assoc. VRS
Series 2014-M13, Class A2
3.02% due 08/25/2024(1)(6)

      1,273,00        1,327,343  
     

 

 

  
        49,289,112  
     

 

 

  

Government National Mtg. Assoc. - 3.5%

      

4.50% due 03/15/2038

      36,409        38,978  

4.50% due 03/15/2039

      7,816        8,366  

4.50% due 05/15/2039

      212,512        227,886  

4.50% due 06/15/2039

      185,720        199,204  

4.50% due 07/15/2039

      314,425        337,586  

4.50% due 09/15/2039

      4,552        4,885  

4.50% due 12/15/2039

      67,181        71,910  

4.50% due 04/15/2040

      144,289        155,234  

4.50% due 06/15/2040

      364,700        391,413  

4.50% due 08/15/2040

      56,566        60,881  

5.00% due 09/15/2035

      1,893        2,080  

5.00% due 02/15/2036

      77,078        84,674  

5.00% due 05/15/2036

      6,409        6,984  

6.00% due 01/15/2032

      11,085        12,598  

6.50% due 08/15/2031

      47,896        52,680  

7.50% due 02/15/2029

      5,016        5,181  

7.50% due 07/15/2030

      303        323  

7.50% due 01/15/2031

      5,322        5,942  

Government National Mtg. Assoc. REMIC(3)

      

Series 2014-58, Class EP

4.00% due 04/20/2044

      432,000        480,586  

Series 2004-18, Class Z

4.50% due 03/16/2034

      385,159        414,276  

Series 2008-6, Class GL

4.50% due 02/20/2038

      1,000,000        1,088,565  

Series 2005-21, Class Z

5.00% due 03/20/2035

      649,303        718,343  

Series 2009-91, Class PR

5.00% due 09/20/2038

      498,165        509,975  
     

 

 

  
        4,878,550  
     

 

 

  

Resolution Funding Corp - 1.4%

      

zero coupon due 07/15/2020 STRIPS

      2,000,000        1,909,449  
     

 

 

  

Total U.S. Government Agencies

(cost $79,499,794)

         80,348,862  
     

 

 

  

U.S. GOVERNMENT TREASURIES - 26.5%

      

United States Treasury Bonds - 9.2%

      

zero coupon due 08/15/2024 STRIPS

      2,040,000        1,772,238  

2.88% due 08/15/2045

      1,000,000        1,030,625  

3.13% due 02/15/2043

      1,000,000        1,081,641  

3.75% due 08/15/2041

      5,000,000        5,991,992  

3.88% due 08/15/2040

      2,500,000        3,044,726  
     

 

 

  
        12,921,222  
     

 

 

  

United States Treasury Notes - 17.3%

      

0.75% due 04/30/2018

      5,000,000        4,984,961  

1.75% due 05/15/2023

      8,000,000        7,969,688  

2.00% due 02/15/2022

      5,000,000        5,074,414  

2.50% due 08/15/2023

      3,000,000        3,112,148  

2.63% due 08/15/2020

      3,250,000        3,361,338  
     

 

 

  
        24,502,549  
     

 

 

  

Total U.S. Government Treasuries

(cost $35,643,234)

         37,423,771  
     

 

 

  

FOREIGN GOVERNMENT OBLIGATIONS - 1.6%

      

Sovereign - 1.6%

      

Israel Government AID
Government Guar. Notes
zero coupon due 02/15/2024
(cost $2,305,106)

      2,641,000        2,296,652  
     

 

 

  

Total Long-Term Investment Securities

(cost $133,566,553)

         136,382,356  
     

 

 

  

SHORT-TERM INVESTMENT SECURITIES - 0.4%

      

Registered Investment Companies - 0.4%

      

State Street Navigator Securities Lending Government Money Market Portfolio
1.01%(7)(8)
(cost $557,128)

      557,128        557,128  
     

 

 

  

REPURCHASE AGREEMENTS - 3.3%

      

Agreement with Fixed Income Clearing Corp., bearing interest at 0.12%, dated 08/31/2017, to be repurchased 09/01/2017 in the amount $4,647,015 collateralized by $3,965,000 of United States Treasury Bonds, bearing interest at 3.75% due 11/15/1943 and having an approximate value of $4,788,915
(cost $4,647,000)

      4,647,000        4,647,000  
     

 

 

  

TOTAL INVESTMENTS

(cost $138,770,681)

      100.2 %      141,586,484  

Liabilities in excess of other assets

      (0.2 )      (267,656 ) 
  

 

 

    

 

 

  

NET ASSETS

      100.0 %    $ 141,318,828  
  

 

 

    

 

 

  

 

* 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 August 31, 2017, the aggregate value of these securities was $3,977,743 representing 2.8% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid.
# The security or a portion thereof is out on loan.
(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 August 31, 2017.
(5) Principal Only
(6) Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.
(7) At August 31, 2017, the Fund had loaned securities with a total value of $1,559,436. This was secured by collateral of $557,128, which was received in cash and subsequently invested in short-term investments currently valued at $557,128 as reported in the Portfolio of Investments. Additional collateral of $1,032,614 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
August 31, 2017		  

United States Treasury Bills

    0.00%    01/04/2018    $ 4,934  

United States Treasury Notes/Bonds

    0.13% to 8.13%    09/30/2017 to 05/15/2046      1,027,680  

 

(8) The rate shown is the 7-day yield as of August 31, 2017.

REMIC - Real Estate Mortgage Investment Conduit

STRIPS - Separate Trading of Registered Interest and Principal Securities

FRS - Floating Rate Security

VRS - Variable Rate Security

The rates shown on FRS and VRS are the current interest rates as of August 31, 2017 and unless noted otherwise, the dates shown are the original maturity dates.

Index Legend

1 ML - 1 Month USD LIBOR

6 ML - 6 Month USD LIBOR

12 ML - 12 Month USD LIBOR

1 Yr USTYCR - 1 Year US Treasury Yield Curve Rate

The following is a summary of the inputs used to value the Fund’s net assets as of August 31, 2017 (see Note 1):

 

     Level 1 - Unadjusted
Quoted Prices		      Level 2 - Other
Observable  Inputs		      Level 3 - Significant
Unobservable  Inputs		      Total  

ASSETS:

            

Investments at Value:*

            

Asset Backed Securities

    $ —        $ 5,981,971      $ —        $ 5,981,971  

U.S. Corporate Bonds & Notes

      —          8,192,024        —          8,192,024  

Foreign Corporate Bonds & Notes

      —          2,139,076        —          2,139,076  

U.S. Government Agencies

      —          80,348,862        —          80,348,862  

U.S. Government Treasuries

      —          37,423,771        —          37,423,771  

Foreign Government Obligations

      —          2,296,652        —          2,296,652  

Short-Term Investment Securities

      557,128        —          —          557,128  

Repurchase Agreements

      —          4,647,000        —          4,647,000  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments at Value

    $ 557,128      $ 141,029,356      $ —        $ 141,586,484  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

* 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 Portfolio of Investments

VALIC Company I Growth Fund

PORTFOLIO OF INVESTMENTS - August 31, 2017 - (unaudited)

 

Security Description

    Shares/
Principal
Amount		      Value
(Note 1)		  

COMMON STOCKS - 99.0%

      

Advanced Materials - 0.1%

      

Hexcel Corp.

      25,873      $ 1,391,191  
     

 

 

  

Advertising Services - 0.1%

      

Publicis Groupe SA

      8,672        585,827  
     

 

 

  

Aerospace/Defense - 2.5%

      

Boeing Co.

      90,428        21,671,975  

Lockheed Martin Corp.

      14,102        4,306,610  

Northrop Grumman Corp.

      2,659        723,806  
     

 

 

  
        26,702,391  
     

 

 

  

Aerospace/Defense-Equipment - 0.5%

      

Astronics Corp.†

      3,407        89,570  

Curtiss-Wright Corp.

      4,566        442,080  

United Technologies Corp.

      38,770        4,641,545  
     

 

 

  
        5,173,195  
     

 

 

  

Agricultural Chemicals - 0.4%

      

Monsanto Co.

      40,900        4,793,480  
     

 

 

  

Airlines - 0.6%

      

Delta Air Lines, Inc.

      104,188        4,916,632  

Ryanair Holdings PLC ADR†

      10,860        1,234,782  
     

 

 

  
        6,151,414  
     

 

 

  

Apparel Manufacturers - 0.1%

      

Under Armour, Inc., Class C†#

      44,590        673,309  
     

 

 

  

Applications Software - 3.8%

      

Citrix Systems, Inc.†

      17,841        1,395,345  

Intuit, Inc.

      16,466        2,329,116  

Microsoft Corp.

      317,364        23,729,306  

salesforce.com, Inc.†

      118,356        11,301,814  

Tableau Software, Inc., Class A†#

      36,190        2,623,051  
     

 

 

  
        41,378,632  
     

 

 

  

Athletic Footwear - 0.6%

      

adidas AG

      10,220        2,294,471  

NIKE, Inc., Class B

      76,770        4,054,224  
     

 

 

  
        6,348,695  
     

 

 

  

Auto-Cars/Light Trucks - 0.6%

      

Tata Motors, Ltd.†

      78,000        461,973  

Tesla, Inc.†#

      18,230        6,488,057  
     

 

 

  
        6,950,030  
     

 

 

  

Auto/Truck Parts & Equipment-Original - 1.1%

      

Allison Transmission Holdings, Inc.

      12,847        446,176  

BorgWarner, Inc.

      22,277        1,033,876  

Delphi Automotive PLC

      22,056        2,126,198  

Valeo SA

      9,958        666,741  

WABCO Holdings, Inc.†

      49,192        7,064,955  
     

 

 

  
        11,337,946  
     

 

 

  

Banks-Commercial - 0.7%

      

Bank Mandiri Persero Tbk PT

      1,043,100        1,026,070  

CaixaBank SA

      97,730        505,357  

DNB ASA

      38,050        743,389  

Erste Group Bank AG

      39,112        1,655,491  

Grupo Financiero Banorte SAB de CV, Class O

      104,330        711,901  

HDFC Bank, Ltd.

      27,560        761,319  

Itau Unibanco Holding SA (Preference Shares)

      40,600        520,422  

KBC Group NV

      19,000        1,562,518  
     

 

 

  
        7,486,467  
     

 

 

  

Banks-Super Regional - 0.3%

      

US Bancorp

      66,290        3,397,362  
     

 

 

  

Beverages-Non-alcoholic - 1.0%

      

Coca-Cola Co.

      14,115        642,938  

PepsiCo, Inc.

      82,871        9,590,661  
     

 

 

  
        10,233,599  
     

 

 

  

Beverages-Wine/Spirits - 0.8%

      

Constellation Brands, Inc., Class A

      29,020        5,806,902  

Diageo PLC

      46,910        1,571,479  

Treasury Wine Estates, Ltd.

      148,550        1,712,333  
     

 

 

  
        9,090,714  
     

 

 

  

Brewery - 0.1%

      

Boston Beer Co., Inc., Class A†#

      3,248        483,952  

Heineken NV

      9,400        986,894  
     

 

 

  
        1,470,846  
     

 

 

  

Broadcast Services/Program - 0.1%

      

Scripps Networks Interactive, Inc., Class A

      15,780        1,351,557  
     

 

 

  

Building Products-Air & Heating - 0.1%

      

Daikin Industries, Ltd.

      11,200        1,122,286  
     

 

 

  

Building Products-Cement - 0.2%

      

CRH PLC

      48,420        1,692,921  

HeidelbergCement AG

      9,670        928,670  
     

 

 

  
        2,621,591  
     

 

 

  

Building-Residential/Commercial - 0.2%

      

NVR, Inc.†

      691        1,880,107  

Taylor Morrison Home Corp., Class A†

      28,188        569,962  
     

 

 

  
        2,450,069  
     

 

 

  

Cable/Satellite TV - 1.1%

      

Comcast Corp., Class A

      281,338        11,425,136  

DISH Network Corp., Class A†

      15,976        915,265  
     

 

 

  
        12,340,401  
     

 

 

  

Casino Hotels - 0.8%

      

Las Vegas Sands Corp.

      78,128        4,860,343  

Melco Resorts & Entertainment, Ltd. ADR

      31,290        686,815  

Wynn Resorts, Ltd.#

      22,130        3,075,849  
     

 

 

  
        8,623,007  
     

 

 

  

Cellular Telecom - 0.0%

      

T-Mobile US, Inc.†

      2,539        164,299  
     

 

 

  

Chemicals-Diversified - 1.1%

      

Arkema SA

      9,480        1,031,558  

FMC Corp.

      25,998        2,241,548  

Huntsman Corp.

      38,781        1,030,411  

Innophos Holdings, Inc.

      3,433        156,751  

Koppers Holdings, Inc.†

      8,914        349,429  

LyondellBasell Industries NV, Class A

      25,660        2,324,539  

PPG Industries, Inc.

      44,952        4,689,393  
     

 

 

  
        11,823,629  
     

 

 

  

Chemicals-Specialty - 0.1%

      

Chemours Co.

      5,171        253,741  

W.R. Grace & Co.

      9,569        683,992  
     

 

 

  
        937,733  
     

 

 

  

Commercial Services - 0.7%

      

Ecolab, Inc.

      36,420        4,854,786  

Intertek Group PLC

      12,990        858,919  

Medifast, Inc.

      10,059        569,541  

RELX PLC

      48,890        1,069,540  

SP Plus Corp.†

      3,590        132,471  
     

 

 

  
        7,485,257  
     

 

 

  

Commercial Services-Finance - 1.7%

      

Global Payments, Inc.

      25,886        2,471,854  

H&R Block, Inc.

      52,624        1,407,166  

PayPal Holdings, Inc.†

      153,113        9,444,010  

S&P Global, Inc.

      17,203        2,654,939  

Total System Services, Inc.

      27,087        1,872,253  

Travelport Worldwide, Ltd.

      32,655        494,397  
     

 

 

  
        18,344,619  
     

 

 

  

Computer Aided Design - 0.1%

      

Cadence Design Systems, Inc.†

      2,891        113,587  

Synopsys, Inc.†

      12,932        1,039,992  
     

 

 

  
        1,153,579  
     

 

 

  

Computer Services - 0.6%

      

DXC Technology Co.

      44,868        3,813,780  

International Business Machines Corp.

      21,716        3,106,039  
     

 

 

  
        6,919,819  
     

 

 

  

Computer Software - 0.5%

      

Splunk, Inc.†#

      71,991        4,829,876  

SS&C Technologies Holdings, Inc.

      903        34,955  
     

 

 

  
        4,864,831  
     

 

 

  

Computers - 6.5%

      

Apple, Inc.

      424,411        69,603,404  
     

 

 

  

Computers-Memory Devices - 0.1%

      

Western Digital Corp.

      10,850        957,729  
     

 

 

  

Consumer Products-Misc. - 0.1%

      

Kimberly-Clark Corp.

      1,979        243,991  

Spectrum Brands Holdings, Inc.

      4,203        462,162  
     

 

 

  
        706,153  
     

 

 

  

Containers-Paper/Plastic - 0.0%

      

RPC Group PLC

      41,220        493,864  
     

 

 

  

Cosmetics & Toiletries - 1.7%

      

Estee Lauder Cos., Inc., Class A

      107,805        11,534,057  

L’Oreal SA

      5,600        1,183,867  

Pola Orbis Holdings, Inc.

      28,600        920,386  

Procter & Gamble Co.

      25,296        2,334,062  

Unilever NV CVA

      40,990        2,441,917  
     

 

 

  
        18,414,289  
     

 

 

  

Cruise Lines - 0.1%

      

Carnival PLC

      16,290        1,133,140  
     

 

 

  

Data Processing/Management - 0.6%

      

CSG Systems International, Inc.

      23,429        906,936  

Fidelity National Information Services, Inc.

      21,029        1,954,015  

Fiserv, Inc.†

      32,276        3,992,864  
     

 

 

  
        6,853,815  
     

 

 

  

Diagnostic Equipment - 0.2%

      

Lonza Group AG

      7,570        1,918,533  

Thermo Fisher Scientific, Inc.

      2,874        537,840  
     

 

 

  
        2,456,373  
     

 

 

  

Diagnostic Kits - 0.3%

      

IDEXX Laboratories, Inc.†

      22,513        3,499,196  
     

 

 

  

Dialysis Centers - 0.1%

      

Fresenius Medical Care AG & Co. KGaA

      9,815        917,946  
     

 

 

  

Disposable Medical Products - 0.0%

      

C.R. Bard, Inc.

      703        225,529  
     

 

 

  

Distribution/Wholesale - 0.2%

      

Bunzl PLC

      25,020        747,656  

Ferguson PLC

      19,810        1,178,536  
     

 

 

  
        1,926,192  
     

 

 

  

Diversified Banking Institutions - 1.1%

      

Bank of America Corp.

      88,399        2,111,852  

BNP Paribas SA

      21,130        1,609,474  

HSBC Holdings PLC

      124,800        1,217,184  

JPMorgan Chase & Co.

      69,370        6,305,039  

UniCredit SpA†

      55,264        1,127,353  
     

 

 

  
        12,370,902  
     

 

 

  

Diversified Financial Services - 0.1%

      

Julius Baer Group, Ltd.

      26,050        1,457,660  
     

 

 

  

Diversified Manufacturing Operations - 0.9%

      

3M Co.

      31,432        6,422,186  

Carlisle Cos., Inc.

      13,911        1,317,232  

Parker-Hannifin Corp.

      14,785        2,378,759  
     

 

 

  
        10,118,177  
     

 

 

  

Diversified Operations - 0.1%

      

Leucadia National Corp.

      60,551        1,433,848  
     

 

 

  

E-Commerce/Products - 4.8%

      

Alibaba Group Holding, Ltd. ADR†

      13,830        2,375,164  

Amazon.com, Inc.†

      46,112        45,217,427  

ASOS PLC†

      11,976        879,215  

MonotaRO Co., Ltd.#

      26,500        812,421  

Rakuten, Inc.

      92,300        1,100,336  

Start Today Co., Ltd.

      51,900        1,618,380  
     

 

 

  
        52,002,943  
     

 

 

  

E-Commerce/Services - 0.9%

      

Expedia, Inc.#

      49,888        7,401,384  

Priceline Group, Inc.†

      1,086        2,011,359  

Stamps.com, Inc.†

      1,500        286,875  
     

 

 

  
        9,699,618  
     

 

 

  

E-Marketing/Info - 0.1%

      

CyberAgent, Inc.

      17,400        572,612  
     

 

 

  

E-Services/Consulting - 0.2%

      

CDW Corp.

      36,359        2,305,888  
     

 

 

  

Electric-Distribution - 0.0%

      

Spark Energy, Inc., Class A#

      5,128        81,279  
     

 

 

  

Electronic Components-Misc. - 0.1%

      

Corning, Inc.

      19,295        554,924  

Stoneridge, Inc.†

      13,347        221,027  
     

 

 

  
        775,951  
     

 

 

  

Electronic Components-Semiconductors - 1.8%

      

ams AG#

      30,060        2,169,400  

Broadcom, Ltd.

      25,043        6,312,589  

Infineon Technologies AG

      22,280        513,960  

Intel Corp.

      53,708        1,883,540  

Qorvo, Inc.†#

      2,119        155,153  

Rohm Co., Ltd.

      8,300        652,273  

Skyworks Solutions, Inc.

      17,026        1,793,859  

Texas Instruments, Inc.

      36,700        3,039,494  

Xilinx, Inc.#

      50,900        3,362,454  
     

 

 

  
        19,882,722  
     

 

 

  

Electronic Forms - 0.4%

      

Adobe Systems, Inc.†

      29,340        4,552,394  
     

 

 

  

Electronic Measurement Instruments - 0.5%

      

Agilent Technologies, Inc.

      53,450        3,459,284  

Keyence Corp.

      2,700        1,409,136  
     

 

 

  
        4,868,420  
     

 

 

  

Engineering/R&D Services - 0.0%

      

Argan, Inc.

      4,827        305,790  
     

 

 

  

Engines-Internal Combustion - 0.8%

      

Cummins, Inc.

      56,034        8,930,699  
     

 

 

  

Enterprise Software/Service - 0.6%

      

Oracle Corp.

      73,150        3,681,639  

SAP SE

      15,420        1,617,377  

Veeva Systems, Inc., Class A†

      26,583        1,581,689  
     

 

 

  
        6,880,705  
     

 

 

  

Entertainment Software - 1.3%

      

Activision Blizzard, Inc.

      134,060        8,788,973  

Electronic Arts, Inc.†

      37,348        4,537,782  

Take-Two Interactive Software, Inc.†

      3,030        296,304  
     

 

 

  
        13,623,059  
     

 

 

  

Filtration/Separation Products - 0.3%

      

Donaldson Co., Inc.

      60,769        2,871,335  
     

 

 

  

Finance-Credit Card - 3.9%

      

American Express Co.

      42,021        3,618,008  

MasterCard, Inc., Class A

      90,152        12,017,262  

Visa, Inc., Class A#

      253,244        26,215,819  
     

 

 

  
        41,851,089  
     

 

 

  

Finance-Investment Banker/Broker - 0.5%

      

Charles Schwab Corp.

      98,205        3,918,379  

Evercore Partners, Inc., Class A

      21,335        1,609,726  

Moelis & Co., Class A

      6,485        255,509  
     

 

 

  
        5,783,614  
     

 

 

  

Finance-Other Services - 0.2%

      

Deutsche Boerse AG

      6,050        647,069  

London Stock Exchange Group PLC

      34,660        1,769,563  
     

 

 

  
        2,416,632  
     

 

 

  

Food-Catering - 0.2%

      

Aramark

      40,779        1,659,298  

Compass Group PLC

      45,125        963,419  
     

 

 

  
        2,622,717  
     

 

 

  

Food-Meat Products - 0.3%

      

Hormel Foods Corp.#

      104,484        3,211,838  
     

 

 

  

Food-Misc./Diversified - 0.5%

      

Associated British Foods PLC

      27,600        1,186,003  

Campbell Soup Co.

      10,677        493,277  

Chr. Hansen Holding A/S

      11,670        1,004,423  

Danone SA

      5,400        425,648  

Mondelez International, Inc., Class A

      46,228        1,879,631  
     

 

 

  
        4,988,982  
     

 

 

  

Food-Retail - 0.1%

      

Jeronimo Martins SGPS SA

      32,820        655,012  
     

 

 

  

Hotels/Motels - 0.1%

      

Accor SA

      22,080        1,023,733  
     

 

 

  

Human Resources - 0.1%

      

Recruit Holdings Co., Ltd.

      38,100        760,211  
     

 

 

  

Industrial Automated/Robotic - 0.8%

      

Cognex Corp.

      15,859        1,728,155  

FANUC Corp.

      4,000        778,166  

Rockwell Automation, Inc.

      10,861        1,781,856  

Yaskawa Electric Corp.

      145,200        4,408,983  
     

 

 

  
        8,697,160  
     

 

 

  

Industrial Gases - 0.2%

      

Air Products & Chemicals, Inc.

      13,448        1,954,936  
     

 

 

  

Instruments-Controls - 0.4%

      

Honeywell International, Inc.

      19,511        2,697,786  

Sensata Technologies Holding NV†

      29,382        1,312,200  
     

 

 

  
        4,009,986  
     

 

 

  

Instruments-Scientific - 0.1%

      

Waters Corp.†

      7,394        1,356,651  
     

 

 

  

Insurance-Life/Health - 0.4%

      

AIA Group, Ltd.

      311,600        2,392,882  

Aviva PLC

      195,219        1,319,924  

St James’s Place PLC

      61,760        921,600  
     

 

 

  
        4,634,406  
     

 

 

  

Insurance-Multi-line - 0.6%

      

Allstate Corp.

      18,486        1,672,983  

Assurant, Inc.

      1,789        169,400  

MetLife, Inc.

      88,330        4,136,494  
     

 

 

  
        5,978,877  
     

 

 

  

Insurance-Property/Casualty - 0.0%

      

Stewart Information Services Corp.

      2,742        98,931  
     

 

 

  

Insurance-Reinsurance - 0.1%

      

Essent Group, Ltd.†

      17,490        683,509  
     

 

 

  

Internet Application Software - 0.6%

      

Tencent Holdings, Ltd.

      141,200        5,999,794  
     

 

 

  

Internet Content-Entertainment - 4.2%

      

Facebook, Inc., Class A†

      237,365        40,819,659  

Netflix, Inc.†

      24,620        4,301,360  
     

 

 

  
        45,121,019  
     

 

 

  

Internet Infrastructure Software - 0.0%

 

F5 Networks, Inc.†

      3,507        418,666  
     

 

 

  

Internet Security - 0.7%

 

Palo Alto Networks, Inc.†

      46,499        6,169,952  

Symantec Corp.

      54,815        1,643,354  
     

 

 

  
        7,813,306  
     

 

 

  

Investment Management/Advisor Services - 0.1%

 

Affiliated Managers Group, Inc.

      6,743        1,191,421  
     

 

 

  

Lighting Products & Systems - 0.3%

 

Acuity Brands, Inc.

      20,190        3,569,390  
     

 

 

  

Machine Tools & Related Products - 0.1%

 

Sandvik AB

      71,600        1,184,166  
     

 

 

  

Machinery-Construction & Mining - 0.4%

 

Caterpillar, Inc.

      25,470        2,992,470  

Komatsu, Ltd.

      54,900        1,489,510  
     

 

 

  
        4,481,980  
     

 

 

  

Machinery-Farming - 0.2%

 

Deere & Co.

      16,033        1,858,706  
     

 

 

  

Machinery-General Industrial - 0.6%

 

Hexagon AB, Class B

      23,440        1,151,042  

Wabtec Corp.#

      79,580        5,615,960  
     

 

 

  
        6,767,002  
     

 

 

  

Machinery-Pumps - 0.1%

 

NN, Inc.

      4,234        107,967  

Weir Group PLC

      47,890        1,110,797  
     

 

 

  
        1,218,764  
     

 

 

  

Medical Information Systems - 0.3%

 

Cerner Corp.†

      38,276        2,594,347  

Quality Systems, Inc.†

      7,921        124,756  
     

 

 

  
        2,719,103  
     

 

 

  

Medical Instruments - 2.8%

 

Boston Scientific Corp.†

      76,900        2,118,595  

Edwards Lifesciences Corp.†

      71,030        8,073,270  

Intuitive Surgical, Inc.†

      18,840        18,927,983  

Sysmex Corp.

      12,100        747,902  
     

 

 

  
        29,867,750  
     

 

 

  

Medical Labs & Testing Services - 0.1%

 

Quest Diagnostics, Inc.

      13,697        1,484,070  
     

 

 

  

Medical Products - 0.8%

 

ABIOMED, Inc.†

      15,823        2,386,108  

Baxter International, Inc.

      7,628        473,241  

Becton Dickinson and Co.

      7,416        1,479,047  

Cooper Cos., Inc.

      5,743        1,440,517  

Penumbra, Inc.†#

      10,659        916,674  

Varian Medical Systems, Inc.†

      609        64,706  

Zimmer Biomet Holdings, Inc.

      15,140        1,730,048  
     

 

 

  
        8,490,341  
     

 

 

  

Medical-Biomedical/Gene - 5.0%

 

Alexion Pharmaceuticals, Inc.†

      12,788        1,821,139  

Amgen, Inc.

      17,339        3,082,354  

Biogen, Inc.†

      18,592        5,885,483  

Bluebird Bio, Inc.†

      7,230        902,665  

Celgene Corp.†

      103,985        14,446,636  

CSL, Ltd.

      14,520        1,485,089  

Gilead Sciences, Inc.

      79,766        6,677,212  

Illumina, Inc.†

      4,108        839,922  

Incyte Corp.†

      9,705        1,333,564  

Ionis Pharmaceuticals, Inc.†#

      35,880        1,923,886  

Kite Pharma, Inc.†

      8,920        1,587,671  

Regeneron Pharmaceuticals, Inc.†

      27,025        13,428,722  
     

 

 

  
        53,414,343  
     

 

 

  

Medical-Drugs - 1.5%

 

AbbVie, Inc.

      8,313        625,969  

Allergan PLC

      1,523        349,498  

Bristol-Myers Squibb Co.

      51,626        3,122,340  

Eli Lilly & Co.

      36,773        2,989,277  

Johnson & Johnson

      20,207        2,674,801  

Merck & Co., Inc.

      27,928        1,783,482  

Pfizer, Inc.

      73,690        2,499,565  

Roche Holding AG

      8,071        2,057,150  
     

 

 

  
        16,102,082  
     

 

 

  

Medical-HMO - 2.7%

 

Anthem, Inc.

      81        15,879  

Cigna Corp.

      23,573        4,291,700  

Humana, Inc.

      8,689        2,238,460  

UnitedHealth Group, Inc.

      96,082        19,110,710  

WellCare Health Plans, Inc.†

      17,248        3,012,881  
     

 

 

  
        28,669,630  
     

 

 

  

Metal-Diversified - 0.1%

 

Rio Tinto PLC

      27,900        1,350,429  
     

 

 

  

Miscellaneous Manufacturing - 0.0%

 

AptarGroup, Inc.

      3,752        313,705  
     

 

 

  

Multilevel Direct Selling - 0.2%

 

Nu Skin Enterprises, Inc., Class A

      26,380        1,604,695  
     

 

 

  

Multimedia - 1.6%

 

Liberty Media Corp. - Liberty Formula One, Series C†#

      28,024        1,101,343  

Time Warner, Inc.

      87,060        8,801,766  

Walt Disney Co.

      70,834        7,168,401  
     

 

 

  
        17,071,510  
     

 

 

  

Networking Products - 0.1%

 

LogMeIn, Inc.

      9,045        1,034,748  
     

 

 

  

Oil Companies-Exploration & Production - 0.7%

 

Concho Resources, Inc.†

      25,848        2,868,353  

EOG Resources, Inc.

      34,184        2,905,298  

Lundin Petroleum AB†

      45,350        973,323  

Tullow Oil PLC†#

      304,093        613,201  
     

 

 

  
        7,360,175  
     

 

 

  

Oil Companies-Integrated - 0.2%

 

Royal Dutch Shell PLC, Class A

      33,662        927,853  

TOTAL SA

      19,914        1,030,371  
     

 

 

  
        1,958,224  
     

 

 

  

Oil-Field Services - 0.1%

 

Core Laboratories NV#

      2,660        234,559  

Halliburton Co.

      33,755        1,315,432  
     

 

 

  
        1,549,991  
     

 

 

  

Optical Supplies - 0.1%

 

Essilor International SA

      4,160        525,874  
     

 

 

  

Patient Monitoring Equipment - 0.1%

 

Masimo Corp.†

      14,779        1,247,052  
     

 

 

  

Pharmacy Services - 0.1%

 

Express Scripts Holding Co.†

      21,382        1,343,217  
     

 

 

  

Poultry - 0.0%

 

Pilgrim’s Pride Corp.†#

      10,240        301,568  
     

 

 

  

Racetracks - 0.1%

 

Churchill Downs, Inc.

      5,882        1,149,343  
     

 

 

  

Radio - 0.2%

 

Sirius XM Holdings, Inc.#

      329,070        1,892,152  
     

 

 

  

Real Estate Investment Trusts - 1.3%

 

Equity Residential

      82,003        5,506,502  

Gaming and Leisure Properties, Inc.

      43,762        1,715,033  

Potlatch Corp.

      15,773        753,949  

Sabra Health Care REIT, Inc.

      12,137        265,191  

SBA Communications Corp.†

      40,765        6,259,466  
     

 

 

  
        14,500,141  
     

 

 

  

Real Estate Management/Services - 0.1%

 

Daito Trust Construction Co., Ltd.

      3,500        622,233  
     

 

 

  

Recreational Vehicles - 0.1%

 

Brunswick Corp.

      18,640        978,228  

Malibu Boats, Inc., Class A†

      2,261        60,979  

MCBC Holdings, Inc.†

      2,644        45,318  
     

 

 

  
        1,084,525  
     

 

 

  

Rental Auto/Equipment - 0.1%

 

Ashtead Group PLC

      45,468        976,911  

Localiza Rent a Car SA

      18,500        349,977  

United Rentals, Inc.†

      1,867        220,418  
     

 

 

  
        1,547,306  
     

 

 

  

Retail-Apparel/Shoe - 0.9%

 

Children’s Place, Inc.#

      13,598        1,443,428  

Coach, Inc.

      33,021        1,376,976  

Industria de Diseno Textil SA#

      45,310        1,721,919  

Ross Stores, Inc.

      59,128        3,456,032  

Zalando SE†#*

      31,715        1,502,977  
     

 

 

  
        9,501,332  
     

 

 

  

Retail-Auto Parts - 0.2%

 

O’Reilly Automotive, Inc.†

      12,130        2,379,057  
     

 

 

  

Retail-Building Products - 0.5%

 

Home Depot, Inc.

      23,596        3,536,332  

Lowe’s Cos., Inc.

      19,837        1,465,756  
     

 

 

  
        5,002,088  
     

 

 

  

Retail-Discount - 1.9%

 

Costco Wholesale Corp.

      34,770        5,449,850  

Dollar Tree, Inc.†

      53,192        4,236,211  

Dollarama, Inc.

      6,930        682,983  

Target Corp.

      72,843        3,972,129  

Wal-Mart Stores, Inc.

      74,934        5,850,097  
     

 

 

  
        20,191,270  
     

 

 

  

Retail-Drug Store - 0.3%

 

CVS Health Corp.

      19,760        1,528,238  

Walgreens Boots Alliance, Inc.

      17,048        1,389,412  
     

 

 

  
        2,917,650  
     

 

 

  

Retail-Home Furnishings - 0.1%

 

Nitori Holdings Co., Ltd.

      7,600        1,175,579  

Pier 1 Imports, Inc.

      12,809        53,670  
     

 

 

  
        1,229,249  
     

 

 

  

Retail-Jewelry - 0.1%

 

Cie Financiere Richemont SA

      13,770        1,232,168  
     

 

 

  

Retail-Major Department Stores - 1.2%

 

Kering

      5,430        2,039,611  

Nordstrom, Inc.#

      10,655        475,426  

TJX Cos., Inc.

      141,853        10,255,972  
     

 

 

  
        12,771,009  
     

 

 

  

Retail-Misc./Diversified - 0.1%

 

Ryohin Keikaku Co., Ltd.#

      2,800        777,776  
     

 

 

  

Retail-Restaurants - 1.3%

 

Chipotle Mexican Grill, Inc.†#

      15,308        4,848,197  

Darden Restaurants, Inc.

      34,629        2,842,694  

McDonald’s Corp.

      2,735        437,518  

Starbucks Corp.

      107,780        5,912,811  
     

 

 

  
        14,041,220  
     

 

 

  

Schools - 0.1%

 

Capella Education Co.

      1,477        99,476  

TAL Education Group ADR

      15,020        457,059  
     

 

 

  
        556,535  
     

 

 

  

Semiconductor Components-Integrated Circuits - 0.8%

 

Analog Devices, Inc.

      24,660        2,063,302  

Maxim Integrated Products, Inc.

      123,912        5,781,734  

Taiwan Semiconductor Manufacturing Co., Ltd.

      119,000        856,659  
     

 

 

  
        8,701,695  
     

 

 

  

Semiconductor Equipment - 1.8%

 

Applied Materials, Inc.

      195,956        8,841,535  

ASML Holding NV

      47,883        7,459,948  

KLA-Tencor Corp.

      5,740        537,780  

Lam Research Corp.

      14,205        2,357,746  
     

 

 

  
        19,197,009  
     

 

 

  

Soap & Cleaning Preparation - 0.3%

 

Church & Dwight Co., Inc.

      55,776        2,798,282  

Reckitt Benckiser Group PLC

      7,580        719,057  
     

 

 

  
        3,517,339  
     

 

 

  

Software Tools - 0.5%

 

VMware, Inc., Class A†#

      45,058        4,870,770  
     

 

 

  

Steel-Producers - 0.0%

 

ArcelorMittal†

      17,750        475,281  
     

 

 

  

Telecommunication Equipment - 0.0%

 

ARRIS International PLC†

      11,059        308,104  
     

 

 

  

Telephone-Integrated - 0.1%

 

Verizon Communications, Inc.

      29,351        1,407,967  
     

 

 

  

Tobacco - 1.5%

 

Altria Group, Inc.

      71,780        4,550,852  

British American Tobacco PLC

      39,230        2,446,248  

Philip Morris International, Inc.

      74,885       8,756,303  
    

 

 

  
       15,753,403  
    

 

 

  

Toys - 0.1%

     

Nintendo Co., Ltd.

      3,000       1,008,418  
    

 

 

  

Transactional Software - 0.1%

     

Amadeus IT Group SA

      18,450       1,144,639  
    

 

 

  

Transport-Marine - 0.1%

     

AP Moller - Maersk A/S, Series B

      480       990,270  
    

 

 

  

Transport-Rail - 0.7%

     

Union Pacific Corp.

      75,776       7,979,213  
    

 

 

  

Transport-Services - 0.2%

     

DSV A/S

      22,820       1,618,789  
    

 

 

  

Transport-Truck - 0.7%

     

JB Hunt Transport Services, Inc.

      36,880       3,647,063  

XPO Logistics, Inc.†

      59,999       3,671,939  
    

 

 

  
       7,319,002  
    

 

 

  

Vitamins & Nutrition Products - 0.0%

     

Omega Protein Corp.

      17,018       268,884  
    

 

 

  

Web Hosting/Design - 0.2%

     

VeriSign, Inc.†#

      25,774       2,674,052  
    

 

 

  

Web Portals/ISP - 6.3%

     

Alphabet, Inc., Class A†

      53,505       51,110,116  

Alphabet, Inc., Class C†

      13,490       12,671,562  

Baidu, Inc. ADR†

      11,870       2,706,954  

Blucora, Inc.†

      9,390       214,092  

Yandex NV, Class A†

      32,620       978,926  
    

 

 

  
       67,681,650  
    

 

 

  

X-Ray Equipment - 0.2%

     

Hologic, Inc.†

      45,759       1,766,297  
    

 

 

  

Total Common Stocks

    

(cost $860,406,529)

        1,068,128,248  
    

 

 

  

EXCHANGE-TRADED FUNDS - 0.2%

     

iShares Russell 1000 Growth ETF#
(cost $2,088,212)

      17,126       2,122,083  
    

 

 

  

Total Long-Term Investment Securities

    

(cost $862,494,741)

        1,070,250,331  
    

 

 

  

SHORT-TERM INVESTMENT SECURITIES - 1.9%

     

Registered Investment Companies - 1.4%

     

State Street Navigator Securities Lending Government Money Market Portfolio
1.01%(1)(2)

      15,209,195       15,209,195  
    

 

 

  

Time Deposits - 0.5%

     

Euro Time Deposit with State Street Bank and Trust Co.
0.12% due 09/01/2017

      $5,335,000       5,335,000  
    

 

 

  

Total Short-Term Investment Securities

    

(cost $20,544,195)

        20,544,195  
    

 

 

  

TOTAL INVESTMENTS

    

(cost $883,038,936)

      101.1 %      1,090,794,526  

Liabilities in excess of other assets

      (1.1 )      (11,357,255 ) 
  

 

 

    

 

 

  

NET ASSETS

      100.0 %    $ 1,079,437,271  
  

 

 

    

 

 

  

 

† 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 August 31, 2017, the aggregate value of these securities was $1,502,977 representing 0.1% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid.
(1) At August 31, 2017, the Fund had loaned securities with a total value of $55,511,690. This was secured by collateral of $15,209,195, which was received in cash and subsequently invested in short-term investments currently valued at $15,209,195 as reported in the Portfolio of Investments. Additional collateral of $41,194,852 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
August 31, 2017		  

Federal Home Loan Mtg. Corp.

    2.50% to 4.50%    08/01/2027 to 01/01/2047    $ 657,269  

Federal National Mtg. Assoc.

    2.50% to 4.40%    10/25/2029 to 11/01/2046      585,598  

Government National Mtg. Assoc.

    2.50% to 3.50%    01/20/2043 to 05/16/2053      999,349  

United States Treasury Bills

    0.00%    09/07/2017 to 03/01/2018      1,569,454  

United States Treasury Notes/Bonds

    zero coupon to 6.13%    09/30/2017 to 02/15/2047      37,383,182  

 

(2) The rate shown is the 7-day yield as of August 31, 2017.

ADR - American Depositary Receipt

CVA - Certification Van Aandelen (Dutch Cert.)

 

Forward Foreign Currency Contracts

  

Counterparty

    Contract to Deliver      In Exchange For      Delivery
Date		      Unrealized
Appreciation		      Unrealized
Depreciation		  

Credit Suisse

      CHF        692,757        USD        719,698        09/29/2017      $ —        $ (3,868 ) 
     JPY        178,397,100        USD        1,609,947        09/29/2017        —          (14,631 ) 
     USD        82,534        CHF        79,083        09/29/2017        65        —    
     USD        95,612        JPY        10,437,000        09/29/2017        —          (567 ) 
                 

 

 

     

 

 

  
                    65        (19,066 ) 
                 

 

 

     

 

 

  

UBS AG

      EUR        4,333,208        USD        4,937,158        09/29/2017        —          (227,987 ) 
     USD        317,871        EUR        272,824        09/29/2017        7,333        —    
                 

 

 

     

 

 

  
                    7,333        (227,987 ) 
                 

 

 

     

 

 

  

Net Unrealized Appreciation/(Depreciation)

 

             $ 7,398      $ (247,053 ) 
           

 

 

     

 

 

  

CHF - Swiss Franc

EUR - Euro Currency

JPY - Japanese Yen

USD - United States Dollar

The following is a summary of the inputs used to value the Fund’s net assets as of August 31, 2017 (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

   $ 953,526,248     $ 114,602,000 **    $ —       $ 1,068,128,248  

Exchange-Traded Funds

     2,122,083       —         —         2,122,083  

Short-Term Investment Securities:

        

Registered Investment Companies

     15,209,195       —         —         15,209,195  

Time Deposits

     —         5,335,000       —         5,335,000  
 

 

 

    

 

 

    

 

 

    

 

 

  

Total Investments at Value

   $ 970,857,526     $ 119,937,000     $ —       $ 1,090,794,526  
 

 

 

    

 

 

    

 

 

    

 

 

  

Other Financial Instruments:†

        

Forward Foreign Currency Contracts

   $ —       $ 7,398     $ —       $ 7,398  
 

 

 

    

 

 

    

 

 

    

 

 

  

LIABILITIES:

        

Other Financial Instruments:†

        

Forward Foreign Currency Contracts

   $ —       $ 247,053     $ —       $ 247,053  
 

 

 

    

 

 

    

 

 

    

 

 

  

 

* For a detailed presentation of investments, please refer to the Portfolio of Investments.
** Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 1).
† 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 $105,875,360 were transferred from Level 1 to Level 2 due to foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.

See Notes to Portfolio of Investments

VALIC Company I Growth & Income Fund

PORTFOLIO OF INVESTMENTS - August 31, 2017 - (unaudited)

 

Security Description

    Shares/
Principal
Amount		      Value
(Note 1)		  

COMMON STOCKS - 98.3%

   

Aerospace/Defense - 1.1%

   

General Dynamics Corp.

      3,459      $ 696,470  

Northrop Grumman Corp.

      2,292        623,905  
     

 

 

  
        1,320,375  
     

 

 

  

Aerospace/Defense-Equipment - 0.3%

   

Harris Corp.

      631        77,550  

United Technologies Corp.

      2,413        288,884  
     

 

 

  
        366,434  
     

 

 

  

Agricultural Chemicals - 0.1%

   

Mosaic Co.

      7,142        142,697  
     

 

 

  

Agricultural Operations - 0.1%

   

Archer-Daniels-Midland Co.

      1,516        62,641  
     

 

 

  

Airlines - 0.8%

   

Delta Air Lines, Inc.

      9,380        442,642  

United Continental Holdings, Inc.†

      8,610        533,476  
     

 

 

  
        976,118  
     

 

 

  

Applications Software - 3.6%

   

Microsoft Corp.

      58,345        4,362,456  
     

 

 

  

Athletic Footwear - 0.2%

   

NIKE, Inc., Class B

      3,942        208,177  
     

 

 

  

Auto-Cars/Light Trucks - 0.4%

   

Ford Motor Co.

      33,194        366,130  

General Motors Co.

      2,365        86,417  
     

 

 

  
        452,547  
     

 

 

  

Auto-Heavy Duty Trucks - 0.4%

   

PACCAR, Inc.

      7,087        470,081  
     

 

 

  

Auto/Truck Parts & Equipment-Original - 0.4%

   

Delphi Automotive PLC

      4,359        420,208  

Lear Corp.

      834        124,716  
     

 

 

  
        544,924  
     

 

 

  

Banks-Commercial - 0.3%

   

Regions Financial Corp.

      6,317        89,133  

SVB Financial Group†

      809        136,996  

Zions Bancorporation

      2,045        89,285  
     

 

 

  
        315,414  
     

 

 

  

Banks-Fiduciary - 1.0%

   

Bank of New York Mellon Corp.

      12,586        657,996  

State Street Corp.

      6,308        583,427  
     

 

 

  
        1,241,423  
     

 

 

  

Banks-Super Regional - 2.4%

   

Capital One Financial Corp.

      5,149        409,912  

Comerica, Inc.

      2,227        151,993  

KeyCorp.

      24,209        416,637  

SunTrust Banks, Inc.

      2,641        145,519  

Wells Fargo & Co.

      35,208        1,798,072  
     

 

 

  
        2,922,133  
     

 

 

  

Beverages-Non-alcoholic - 1.6%

   

Coca-Cola Co.

      7,116        324,134  

PepsiCo, Inc.

      13,652        1,579,946  
     

 

 

  
        1,904,080  
     

 

 

  

Beverages-Wine/Spirits - 0.6%

   

Constellation Brands, Inc., Class A

      3,913        782,991  
     

 

 

  

Brewery - 0.7%

   

Molson Coors Brewing Co., Class B

      9,195        825,251  
     

 

 

  

Building Products-Cement - 0.1%

   

Vulcan Materials Co.

      641        77,728  
     

 

 

  

Building Products-Wood - 0.2%

   

Masco Corp.

      6,936        255,037  
     

 

 

  

Building-Residential/Commercial - 0.4%

   

D.R. Horton, Inc.

      5,637        203,777  

PulteGroup, Inc.

      2,224        57,424  

Toll Brothers, Inc.

      5,728        223,163  
     

 

 

  
        484,364  
     

 

 

  

Cable/Satellite TV - 2.5%

   

Charter Communications, Inc., Class A†

      3,009        1,199,207  

Comcast Corp., Class A

      38,448        1,561,373  

DISH Network Corp., Class A†

      5,508        315,553  
     

 

 

  
        3,076,133  
     

 

 

  

Cellular Telecom - 0.2%

   

T-Mobile US, Inc.†

      3,146        203,578  
     

 

 

  

Chemicals-Diversified - 2.0%

   

Celanese Corp., Series A

      2,473        239,931  

Dow Chemical Co.

      6,300        419,895  

E.I. du Pont de Nemours & Co.

      12,042        1,010,685  

Eastman Chemical Co.

      8,446        728,045  
     

 

 

  
        2,398,556  
     

 

 

  

Chemicals-Specialty - 0.1%

   

Albemarle Corp.#

      879        102,193  
     

 

 

  

Commercial Services-Finance - 0.3%

   

Automatic Data Processing, Inc.

      562        59,836  

Vantiv, Inc., Class A†

      1,636        115,649  

WEX, Inc.†

      1,404        153,233  
     

 

 

  
        328,718  
     

 

 

  

Computer Services - 1.6%

   

Accenture PLC, Class A

      12,388        1,619,855  

International Business Machines Corp.

      1,924        275,190  
     

 

 

  
        1,895,045  
     

 

 

  

Computers - 4.6%

   

Apple, Inc.

      31,958        5,241,112  

HP, Inc.

      22,459        428,518  
     

 

 

  
        5,669,630  
     

 

 

  

Consumer Products-Misc. - 0.5%

   

Kimberly-Clark Corp.

      5,019        618,792  
     

 

 

  

Containers-Metal/Glass - 0.2%

   

Crown Holdings, Inc.†

      4,087        241,256  
     

 

 

  

Containers-Paper/Plastic - 0.2%

   

WestRock Co.

      4,496        255,867  
     

 

 

  

Cosmetics & Toiletries - 0.7%

   

Procter & Gamble Co.

      9,096        839,288  
     

 

 

  

Cruise Lines - 0.5%

   

Royal Caribbean Cruises, Ltd.

      5,000        622,300  
     

 

 

  

Data Processing/Management - 0.5%

   

Fidelity National Information Services, Inc.

      6,926        643,564  
     

 

 

  

Diagnostic Equipment - 1.2%

   

Abbott Laboratories

      15,491        789,112  

Danaher Corp.

      4,010        334,514  

Thermo Fisher Scientific, Inc.

      2,124        397,485  
     

 

 

  
        1,521,111  
     

 

 

  

Distribution/Wholesale - 0.1%

   

HD Supply Holdings, Inc.†

      3,745        124,708  
     

 

 

  

Diversified Banking Institutions - 4.3%

   

Bank of America Corp.

      88,582        2,116,224  

Citigroup, Inc.

      27,898        1,897,901  

Morgan Stanley

      26,256        1,194,648  
     

 

 

  
        5,208,773  
     

 

 

  

Diversified Manufacturing Operations - 2.6%

      

Eaton Corp. PLC

      9,785        702,172  

General Electric Co.

      56,031        1,375,561  

Ingersoll-Rand PLC

      11,128        950,220  

Parker-Hannifin Corp.

      771        124,046  
     

 

 

  
        3,151,999  
     

 

 

  

E-Commerce/Products - 1.7%

      

Amazon.com, Inc.†

      2,115        2,073,969  
     

 

 

  

E-Commerce/Services - 0.3%

      

Priceline Group, Inc.†

      194        359,303  
     

 

 

  

Electric-Integrated - 3.1%

      

American Electric Power Co., Inc.

      4,356        320,732  

CMS Energy Corp.

      7,533        365,652  

Duke Energy Corp.

      3,176        277,265  

Edison International

      4,741        380,133  

Exelon Corp.

      6,967        263,840  

NextEra Energy, Inc.

      7,657        1,152,455  

PG&E Corp.

      6,134        431,711  

Xcel Energy, Inc.

      11,295        559,103  
     

 

 

  
        3,750,891  
     

 

 

  

Electronic Components-Semiconductors - 2.8%

      

Broadcom, Ltd.

      5,452        1,374,286  

Microchip Technology, Inc.#

      3,719        322,809  

NVIDIA Corp.

      2,157        365,482  

Texas Instruments, Inc.

      16,089        1,332,491  
     

 

 

  
        3,395,068  
     

 

 

  

Electronic Connectors - 0.6%

      

TE Connectivity, Ltd.

      8,868        705,893  
     

 

 

  

Electronic Forms - 1.3%

      

Adobe Systems, Inc.†

      10,260        1,591,942  
     

 

 

  

Electronic Measurement Instruments - 0.3%

      

Agilent Technologies, Inc.

      4,088        264,575  

Fortive Corp.

      840        54,575  
     

 

 

  
        319,150  
     

 

 

  

Electronic Security Devices - 0.3%

      

Allegion PLC

      4,947        389,378  
     

 

 

  

Enterprise Software/Service - 0.2%

      

Oracle Corp.

      1,579        79,471  

Workday, Inc., Class A†

      1,339        146,875  
     

 

 

  
        226,346  
     

 

 

  

Finance-Credit Card - 2.2%

      

American Express Co.

      7,792        670,891  

Discover Financial Services

      709        41,796  

Visa, Inc., Class A#

      19,618        2,030,855  
     

 

 

  
        2,743,542  
     

 

 

  

Finance-Investment Banker/Broker - 0.7%

      

Charles Schwab Corp.

      22,082        881,072  
     

 

 

  

Finance-Other Services - 0.4%

      

Intercontinental Exchange, Inc.

      8,224        531,846  
     

 

 

  

Food-Confectionery - 0.0%

      

J.M. Smucker Co.

      331        34,676  
     

 

 

  

Food-Misc./Diversified - 0.8%

      

Kraft Heinz Co.

      1,122        90,602  

Mondelez International, Inc., Class A

      22,270        905,498  
     

 

 

  
        996,100  
     

 

 

  

Gas-Distribution - 0.2%

      

NiSource, Inc.

      7,313        196,500  
     

 

 

  

Gold Mining - 0.1%

      

Newmont Mining Corp.

      2,731        104,707  
     

 

 

  

Home Decoration Products - 0.0%

      

Newell Brands, Inc.

      1,245        60,109  
     

 

 

  

Instruments-Controls - 1.2%

      

Honeywell International, Inc.

      10,432        1,442,433  
     

 

 

  

Insurance Brokers - 0.4%

      

Arthur J. Gallagher & Co.

      7,643        442,530  
     

 

 

  

Insurance-Life/Health - 0.0%

      

Brighthouse Financial, Inc.†

      804        45,884  
     

 

 

  

Insurance-Multi-line - 2.0%

      

Chubb, Ltd.

      7,933        1,121,885  

Hartford Financial Services Group, Inc.

      6,228        336,748  

MetLife, Inc.

      18,959        887,850  

Voya Financial, Inc.

      3,984        152,308  
     

 

 

  
        2,498,791  
     

 

 

  

Insurance-Property/Casualty - 0.0%

      

XL Group, Ltd.

      1,434        58,737  
     

 

 

  

Insurance-Reinsurance - 1.5%

      

Berkshire Hathaway, Inc., Class B†

      9,750        1,766,310  

Everest Re Group, Ltd.

      255        64,382  
     

 

 

  
        1,830,692  
     

 

 

  

Internet Content-Entertainment - 2.3%

      

Facebook, Inc., Class A†

      16,142        2,775,940  
     

 

 

  

Internet Security - 0.1%

      

Symantec Corp.

      3,371        101,063  
     

 

 

  

Investment Management/Advisor Services - 0.2%

      

Ameriprise Financial, Inc.

      866        119,950  

BlackRock, Inc.

      199        83,383  
     

 

 

  
        203,333  
     

 

 

  

Machinery-Farming - 0.3%

      

Deere & Co.

      2,801        324,720  
     

 

 

  

Medical Instruments - 0.6%

      

Boston Scientific Corp.†

      24,758        682,083  
     

 

 

  

Medical Products - 0.9%

      

Becton Dickinson and Co.

      2,788        556,039  

Cooper Cos., Inc.

      289        72,490  

Zimmer Biomet Holdings, Inc.

      3,749        428,398  
     

 

 

  
        1,056,927  
     

 

 

  

Medical-Biomedical/Gene - 3.1%

      

Alexion Pharmaceuticals, Inc.†

      1,366        194,532  

Amgen, Inc.

      352        62,575  

Biogen, Inc.†

      2,661        842,366  

BioMarin Pharmaceutical, Inc.†

      547        49,334  

Celgene Corp.†

      7,409        1,029,332  

Gilead Sciences, Inc.

      10,552        883,308  

Illumina, Inc.†

      1,412        288,698  

Vertex Pharmaceuticals, Inc.†

      3,056        490,610  
     

 

 

  
        3,840,755  
     

 

 

  

Medical-Drugs - 5.5%

      

AbbVie, Inc.

      1,455        109,562  

Allergan PLC

      4,076        935,360  

Bristol-Myers Squibb Co.

      15,443        933,993  

Eli Lilly & Co.

      10,866        883,297  

Johnson & Johnson

      9,651        1,277,503  

Merck & Co., Inc.

      12,404        792,119  

Pfizer, Inc.

      53,729        1,822,488  
     

 

 

  
        6,754,322  
     

 

 

  

Medical-HMO - 2.7%

      

Aetna, Inc.

      1,505        237,338  

Cigna Corp.

      3,792        690,372  

Humana, Inc.

      1,320        340,058  

UnitedHealth Group, Inc.

      10,399        2,068,361  
     

 

 

  
        3,336,129  
     

 

 

  

Medical-Hospitals - 0.0%

      

HCA Healthcare, Inc.†

      722        56,792  
     

 

 

  

Metal-Aluminum - 0.1%

      

Alcoa Corp.

      2,999        131,596  
     

 

 

  

Multimedia - 1.6%

      

Time Warner, Inc.

      2,052        207,457  

Twenty-First Century Fox, Inc., Class A

      27,504        758,835  

Walt Disney Co.

      9,367        947,941  
     

 

 

  
        1,914,233  
     

 

 

  

Networking Products - 0.3%

      

Cisco Systems, Inc.

      11,300        363,973  
     

 

 

  

Oil Companies-Exploration & Production - 2.8%

      

Anadarko Petroleum Corp.

      7,115        291,217  

Cabot Oil & Gas Corp.#

      2,558        65,357  

Concho Resources, Inc.†

      2,764        306,721  

Diamondback Energy, Inc.†

      4,484        407,102  

EOG Resources, Inc.

      8,628        733,294  

EQT Corp.

      4,062        253,225  

Occidental Petroleum Corp.

      11,207        669,058  

Pioneer Natural Resources Co.

      5,504        713,594  
     

 

 

  
        3,439,568  
     

 

 

  

Oil Companies-Integrated - 1.9%

      

Chevron Corp.

      8,292        892,385  

Exxon Mobil Corp.

      19,010        1,451,033  
     

 

 

  
        2,343,418  
     

 

 

  

Oil Refining & Marketing - 0.3%

      

Phillips 66

      2,692        225,616  

Valero Energy Corp.

      2,539        172,906  
     

 

 

  
        398,522  
     

 

 

  

Oil-Field Services - 0.1%

      

Halliburton Co.

      929        36,203  

Schlumberger, Ltd.

      1,795        114,001  
     

 

 

  
        150,204  
     

 

 

  

Pipelines - 0.3%

      

Kinder Morgan, Inc.

      19,577        378,423  
     

 

 

  

Radio - 0.1%

      

Sirius XM Holdings, Inc.#

      10,654        61,260  
     

 

 

  

Real Estate Investment Trusts - 2.4%

      

AvalonBay Communities, Inc.

      2,542        477,210  

Boston Properties, Inc.

      1,324        159,674  

Brixmor Property Group, Inc.

      3,186        59,642  

Digital Realty Trust, Inc.

      890        105,323  

Equinix, Inc.

      507        237,484  

Equity Residential

      926        62,181  

Extra Space Storage, Inc.#

      2,270        176,220  

Federal Realty Investment Trust

      1,740        220,858  

HCP, Inc.

      5,571        166,071  

Mid-America Apartment Communities, Inc.

      1,115        118,703  

Omega Healthcare Investors, Inc.#

      1,740        55,454  

Prologis, Inc.

      3,992        252,933  

Public Storage

      2,277        467,559  

Regency Centers Corp.#

      1,212        77,956  

SBA Communications Corp.†

      434        66,641  

Vornado Realty Trust

      2,462        183,394  
     

 

 

  
        2,887,303  
     

 

 

  

Retail-Apparel/Shoe - 0.3%

      

Ross Stores, Inc.

      6,069        354,733  
     

 

 

  

Retail-Auto Parts - 0.3%

      

O’Reilly Automotive, Inc.†

      1,756        344,404  
     

 

 

  

Retail-Building Products - 2.0%

      

Home Depot, Inc.

      9,835        1,473,971  

Lowe’s Cos., Inc.

      12,593        930,497  
     

 

 

  
        2,404,468  
     

 

 

  

Retail-Consumer Electronics - 0.2%

      

Best Buy Co., Inc.

      4,869        264,192  
     

 

 

  

Retail-Discount - 1.0%

      

Costco Wholesale Corp.

      5,447        853,763  

Dollar Tree, Inc.†

      3,980        316,967  

Wal-Mart Stores, Inc.

      898        70,107  
     

 

 

  
        1,240,837  
     

 

 

  

Retail-Drug Store - 0.8%

      

Walgreens Boots Alliance, Inc.

      11,396        928,774  
     

 

 

  

Retail-Major Department Stores - 0.8%

      

TJX Cos., Inc.

      13,999        1,012,128  
     

 

 

  

Retail-Restaurants - 0.7%

      

McDonald’s Corp.

      752        120,297  

Starbucks Corp.

      11,866        650,969  

Yum! Brands, Inc.

      1,922        147,648  
     

 

 

  
        918,914  
     

 

 

  

Semiconductor Components-Integrated Circuits - 0.8%

      

Analog Devices, Inc.

      11,859        992,242  
     

 

 

  

Semiconductor Equipment - 0.1%

      

Lam Research Corp.

      514        85,314  
     

 

 

  

Telephone-Integrated - 1.2%

      

AT&T, Inc.

      20,584        771,077  

Verizon Communications, Inc.

      15,681        752,217  
     

 

 

  
        1,523,294  
     

 

 

  

Textile-Home Furnishings - 0.1%

      

Mohawk Industries, Inc.†

      335        84,795  
     

 

 

  

Tobacco - 1.5%

      

Altria Group, Inc.

      849        53,827  

Philip Morris International, Inc.

      15,385        1,798,968  
     

 

 

  
        1,852,795  
     

 

 

  

Tools-Hand Held - 1.0%

      

Snap-on, Inc.#

      2,006        296,025  

Stanley Black & Decker, Inc.

      6,065        873,360  
     

 

 

  
        1,169,385  
     

 

 

  

Transport-Rail - 1.5%

      

Norfolk Southern Corp.

      4,736        570,783  

Union Pacific Corp.

      11,752        1,237,485  
     

 

 

  
        1,808,268  
     

 

 

  

Transport-Services - 0.1%

      

FedEx Corp.

      580        124,340  
     

 

 

  

Web Portals/ISP - 3.4%

      

Alphabet, Inc., Class A†

      2,157        2,060,452  

Alphabet, Inc., Class C†

      2,181        2,048,679  
     

 

 

  
        4,109,131  
     

 

 

  

Total Long-Term Investment Securities

     

(cost $93,156,840)

        119,714,519  
    

 

 

  

SHORT-TERM INVESTMENT SECURITIES - 0.2%

     

Registered Investment Companies - 0.0%

     

State Street Navigator Securities Lending Government Money Market Portfolio
1.01% (1)(2)

      57,362       57,362  
    

 

 

  

Time Deposits - 0.2%

     

Euro Time Deposit with State Street Bank and Trust Co.
0.12% due 09/01/2017

      $184,000       184,000  
    

 

 

  

Total Short-Term Investment Securities

     

(cost $241,362)

        241,362  
    

 

 

  

TOTAL INVESTMENTS

     

(cost $93,398,202)

      98.5 %      119,955,881  

Other assets less liabilities

      1.5       1,825,709  
  

 

 

    

 

 

  

NET ASSETS

      100.0 %    $ 121,781,590  
  

 

 

    

 

 

  

 

† Non-income producing security
# The security or a portion thereof is out on loan.
(1) At August 31, 2017, the Fund had loaned securities with a total value of $2,706,256. This was secured by collateral of $57,362, which was received in cash and subsequently invested in short-term investments currently valued at $57,362 as reported in the Portfolio of Investments. Additional collateral of $2,697,146 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
August 31, 2017		  

Federal Home Loan Mtg. Corp.

    2.50% to 4.50%    08/01/2027 to 01/01/2047    $ 83,697  

Federal National Mtg. Assoc.

    2.63% to 4.25%    10/25/2029 to 11/01/2046      68,774  

Government National Mtg. Assoc.

    2.50% to 3.50%    01/20/2043 to 05/16/2053      143,682  

United States Treasury Bills

    0.00%    09/07/2017 to 03/01/2018      46,479  

United States Treasury Notes/Bonds

    zero coupon to 8.13%    09/30/2017 to 02/15/2047      2,354,514  

 

(2) The rate shown is the 7-day yield as of August 31, 2017.

Futures Contracts

 

 

 

Number
of
Contracts		    Type                        Description                         Expiration Month     

Notional

Basis*

     

Notional

Value*

      Unrealized
Appreciation
(Depreciation)		  

 

  

15

    Long    S&P 500 E-Mini Index      September 2017      $  1,851,393      $ 1,852,575      $ 1,182  
                 

 

 

  

 

* Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract.

The following is a summary of the inputs used to value the Fund’s net assets as of August 31, 2017 (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

    $ 119,714,519      $ —         $  —        $ 119,714,519  

Short-Term Investment Securities:

            

Registered Investment Companies

      57,362        —           —          57,362  

Time Deposits

      —          184,000        —          184,000  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments at Value

    $ 119,771,881      $ 184,000      $ —        $ 119,955,881  
  

 

 

     

 

 

     

 

 

     

 

 

  

Other Financial Instruments:†

            

Futures Contracts

    $ 1,182      $ —        $ —        $ 1,182  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

* 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 Portfolio of Investments

VALIC Company I Health Sciences Fund

PORTFOLIO OF INVESTMENTS - August 31, 2017 - (unaudited)

 

Security Description

    Shares/
Principal		      Value
(Note 1)		  

COMMON STOCKS - 98.2%

      

Dental Supplies & Equipment - 0.3%

      

Align Technology, Inc.†#

      14,500      $ 2,562,730  

DENTSPLY SIRONA, Inc.

      1,445        81,744  
     

 

 

  
        2,644,474  
     

 

 

  

Diagnostic Equipment - 3.2%

      

Danaher Corp.

      90,100        7,516,142  

GenMark Diagnostics, Inc.†#

      164,911        1,606,233  

Oxford Immunotec Global PLC†#

      17,100        270,522  

Thermo Fisher Scientific, Inc.

      77,100        14,428,494  
     

 

 

  
        23,821,391  
     

 

 

  

Diagnostic Kits - 0.2%

      

Quidel Corp.†

      41,800        1,460,492  
     

 

 

  

Dialysis Centers - 0.7%

      

DaVita, Inc.†

      50,821        2,976,078  

Fresenius Medical Care AG & Co. KGaA

      23,552        2,202,695  
     

 

 

  
        5,178,773  
     

 

 

  

Drug Delivery Systems - 0.5%

      

DexCom, Inc.†#

      45,712        3,410,572  
     

 

 

  

Electronic Measurement Instruments - 2.1%

      

Agilent Technologies, Inc.

      248,400        16,076,448  
     

 

 

  

Instruments-Controls - 0.5%

      

Mettler-Toledo International, Inc.†

      6,000        3,630,540  
     

 

 

  

Medical Imaging Systems - 0.4%

      

Lantheus Holdings, Inc.†

      163,342        2,858,485  
     

 

 

  

Medical Information Systems - 0.7%

      

athenahealth, Inc.†#

      37,813        5,328,986  
     

 

 

  

Medical Instruments - 5.3%

      

Bruker Corp.

      97,437        2,834,442  

Intuitive Surgical, Inc.†

      27,259        27,386,300  

Medtronic PLC

      81,721        6,588,347  

Teleflex, Inc.

      15,700        3,324,475  
     

 

 

  
        40,133,564  
     

 

 

  

Medical Labs & Testing Services - 0.4%

      

Quintiles IMS Holdings, Inc.†#

      28,355        2,722,931  

Teladoc, Inc.†

      7,402        248,337  
     

 

 

  
        2,971,268  
     

 

 

  

Medical Products - 8.9%

      

Advanced Accelerator Applications SA ADR†#

      49,688        2,433,221  

Becton Dickinson and Co.

      143,787        28,676,879  

Cooper Cos., Inc.#

      18,822        4,721,122  

Glaukos Corp.†#

      24,800        936,200  

Henry Schein, Inc.†#

      23,597        4,098,327  

K2M Group Holdings, Inc.†

      75,505        1,765,307  

Penumbra, Inc.†

      5,518        474,548  

Stryker Corp.#

      110,896        15,677,368  

West Pharmaceutical Services, Inc.

      53,432        4,650,721  

Wright Medical Group NV†

      115,039        3,405,155  

Wright Medical Group NV CVR†

      7,700        11,935  
     

 

 

  
        66,850,783  
     

 

 

  

Medical-Biomedical/Gene - 29.6%

      

Acceleron Pharma, Inc.†#

      59,800        2,317,848  

Acerta Pharma B.V., Class A†(2)(3)(4)

      854,366        828,735  

Acerta Pharma B.V., Class B†(2)(3)(4)

      9,771,120        635,123  

Alder Biopharmaceuticals, Inc.†#

      40,800        399,840  

Alexion Pharmaceuticals, Inc.†

      155,832        22,192,035  

Alnylam Pharmaceuticals, Inc.†#

      84,422        7,237,498  

Amarin Corp. PLC ADR†#

      99,600        337,644  

Amgen, Inc.

      40,900        7,270,793  

Ardelyx, Inc.†

      28,772        148,176  

Argenx SE ADR†

      9,734        200,715  

Audentes Therapeutics, Inc.†

      30,570        641,664  

Axovant Sciences, Ltd.†

      95,540        1,910,800  

Biogen, Inc.†

      49,509        15,672,569  

Biohaven Pharmaceutical Holding Co., Ltd.†#

      8,480        303,160  

BioMarin Pharmaceutical, Inc.†#

      73,130        6,595,595  

Bioverativ, Inc.†

      60,814        3,447,546  

Bluebird Bio, Inc.†#

      51,442        6,422,534  

Blueprint Medicines Corp.†#

      45,568        2,470,697  

Celgene Corp.†

      28,580        3,970,619  

Corvus Pharmaceuticals, Inc.†#

      13,399        216,662  

Cytokinetics, Inc.†

      22,300        331,155  

Dermira, Inc.†#

      38,225        901,728  

Editas Medicine, Inc.†#

      35,279        744,740  

Exelixis, Inc.†

      135,779        3,970,178  

FibroGen, Inc.†

      36,552        1,761,806  

Gilead Sciences, Inc.

      186,775        15,634,935  

GlycoMimetics, Inc.†#

      30,800        375,760  

Illumina, Inc.†#

      16,915        3,458,441  

ImmunoGen, Inc.†#

      38,200        319,352  

Immunomedics, Inc.†#

      180,978        2,287,562  

Incyte Corp.†#

      114,651        15,754,194  

Innate Pharma SA†

      18,551        243,210  

Insmed, Inc.†#

      220,316        2,736,325  

Ionis Pharmaceuticals, Inc.†#

      13,047        699,580  

Juno Therapeutics, Inc.†#

      50,400        2,080,008  

Kite Pharma, Inc.†#

      69,377        12,348,412  

Loxo Oncology, Inc.†#

      11,030        919,902  

Ovid Therapeutics, Inc.†#

      3,200        30,144  

Ovid Therapeutics, Inc.†(3)(4)

      14,828        132,696  

Prothena Corp. PLC†#

      93,937        5,771,489  

Puma Biotechnology, Inc.†#

      134,701        12,459,842  

Regeneron Pharmaceuticals, Inc.†

      27,000        13,416,300  

Retrophin, Inc.†

      17,100        417,240  

Sage Therapeutics, Inc.†#

      83,666        6,881,528  

Seattle Genetics, Inc.†#

      25,854        1,358,111  

Seres Therapeutics, Inc.†#

      9,744        136,708  

Spark Therapeutics, Inc.†#

      79,137        6,515,349  

Theravance Biopharma, Inc.†#

      49,964        1,632,324  

Tocagen, Inc.†

      15,941        221,739  

Ultragenyx Pharmaceutical, Inc.†#

      37,322        2,129,593  

Vertex Pharmaceuticals, Inc.†

      149,881        24,061,896  

WaVe Life Sciences, Ltd.†

      18,980        446,030  

Zeneca, Inc. CVR†(2)(3)(4)

      23,110        14,213  
     

 

 

  
        223,412,743  
     

 

 

  

Medical-Drugs - 19.0%

      

AbbVie, Inc.

      94,677        7,129,178  

ACADIA Pharmaceuticals, Inc.†#

      32,653        1,162,773  

Achaogen, Inc.†#

      48,395        906,922  

Aclaris Therapeutics, Inc.†

      18,000        466,740  

Aimmune Therapeutics, Inc.†#

      45,833        985,409  

Akcea Therapeutics, Inc.†#

      23,182        432,344  

Alkermes PLC†#

      95,851        4,867,314  

Allergan PLC#

      85,687        19,663,453  

Amicus Therapeutics, Inc.†#

      250,141        3,486,966  

Astellas Pharma, Inc.

      189,900        2,391,645  

AstraZeneca PLC ADR#

      235,700        7,030,931  

BeiGene, Ltd. ADR†

      29,627        2,041,893  

Bristol-Myers Squibb Co.#

      212,270        12,838,090  

Chugai Pharmaceutical Co., Ltd.

      92,000        3,748,103  

Clovis Oncology, Inc.†#

      34,510        2,625,176  

Coherus Biosciences, Inc.†

      29,013        419,238  

Eisai Co., Ltd.#

      43,600        2,261,068  

Eli Lilly & Co.

      94,986        7,721,412  

Ignyta, Inc.†#

      14,600        167,900  

Ironwood Pharmaceuticals, Inc.†#

      306,353        4,886,330  

Mallinckrodt PLC†#

      83,844        3,444,311  

Merck & Co., Inc.

      204,300        13,046,598  

Minerva Neurosciences, Inc.†#

      60,980        368,929  

MyoKardia, Inc.†

      8,500        368,475  

Radius Health, Inc.†#

      117,013        4,403,199  

Sanofi

      87,099        8,504,265  

Shire PLC ADR

      79,508        11,877,700  

TESARO, Inc.†#

      74,058        9,563,850  

TherapeuticsMD, Inc.†#

      216,613        1,299,678  

UCB SA

      31,803        2,192,775  

Zoetis, Inc.

      50,400        3,160,080  
     

 

 

  
        143,462,745  
     

 

 

  

Medical-Generic Drugs - 0.6%

      

Avexis, Inc.†

      18,387        1,716,427  

Mylan NV†

      28,400        894,032  

Perrigo Co. PLC#

      21,400        1,689,744  
     

 

 

  
        4,300,203  
     

 

 

  

Medical-HMO - 17.1%

      

Aetna, Inc.

      90,153        14,217,128  

Anthem, Inc.

      69,900        13,703,196  

Centene Corp.†

      143,080        12,712,658  

Cigna Corp.

      117,700        21,428,462  

Humana, Inc.

      69,863        17,998,106  

Molina Healthcare, Inc.†#

      33,036        2,114,304  

UnitedHealth Group, Inc.

      218,200        43,399,980  

WellCare Health Plans, Inc.†

      17,850        3,118,038  
     

 

 

  
        128,691,872  
     

 

 

  

Medical-Hospitals - 3.1%

      

Acadia Healthcare Co., Inc.†#

      80,678        3,787,025  

Envision Healthcare Corp.†#

      80,789        4,234,151  

HCA Healthcare, Inc.†

      143,416        11,281,103  

Universal Health Services, Inc., Class B

      40,707        4,401,648  
     

 

 

  
        23,703,927  
     

 

 

  

Medical-Nursing Homes - 0.1%

      

Ensign Group, Inc.#

      21,800        447,772  
     

 

 

  

Medical-Wholesale Drug Distribution - 0.4%

      

AmerisourceBergen Corp.

      7,500        601,875  

McKesson Corp.

      17,461        2,607,102  
     

 

 

  
        3,208,977  
     

 

 

  

Pharmacy Services - 0.0%

      

JAND, Inc. (dba Warby Parker)., Class A†(2)(3)(4)

      33,706        315,825  
     

 

 

  

Retail-Drug Store - 1.1%

      

CVS Health Corp.

      42,200        3,263,748  

Raia Drogasil SA

      54,200        1,194,075  

Walgreens Boots Alliance, Inc.

      49,755        4,055,033  
     

 

 

  
        8,512,856  
     

 

 

  

Therapeutics - 2.8%

      

Agios Pharmaceuticals, Inc.†

      40,300        2,549,378  

Aquinox Pharmaceuticals, Inc.†#

      93,517        1,366,283  

Cara Therapeutics, Inc.†#

      23,000        329,590  

Dyax Corp. CVR†(2)(3)(4)

      159,200        502,117  

GW Pharmaceuticals PLC ADR†#

      27,977        2,960,526  

La Jolla Pharmaceutical Co.†

      7,000        239,050  

Merus NV†

      21,000        305,550  

Neurocrine Biosciences, Inc.†#

      178,735        10,116,401  

Sarepta Therapeutics, Inc.†#

      24,000        966,960  

Xencor, Inc.†#

      88,816        1,920,202  
     

 

 

  
        21,256,057  
     

 

 

  

X-Ray Equipment - 1.2%

      

Hologic, Inc.†#

      231,000        8,916,600  
     

 

 

  

Total Common Stocks

(cost $575,496,845)

         740,595,353  
     

 

 

  

CONVERTIBLE PREFERRED SECURITIES - 0.9%

      

Applications Software - 0.1%

      

Outset Medical, Inc
Series C†(2)(3)(4)

      320,192        829,777  
     

 

 

  

Medical Information Systems - 0.0%

      

Doximity, Inc.
Series C†(2)(3)(4)

      64,785        323,277  
     

 

 

  

Medical Products - 0.3%

      

Becton Dickinson and Co.
Series A 6.13%

      26,711        1,485,666  

Guardant Health, Inc.
Series E†(2)(3)(4)

      32,953        276,594  

Shockwave Medical, Inc.
Series C†(2)(3)(4)

      196,966        198,932  
     

 

 

  
        1,961,192  
     

 

 

  

Medical-Biomedical/Gene - 0.1%

      

Quanterix Corp.
Series D1†(2)(3)(4)

      103,279        415,285  
     

 

 

  

Medical-Drugs - 0.3%

      

Allergan PLC
5.50%

      2,970        2,433,143  
     

 

 

  

Pharmacy Services - 0.1%

      

JAND, Inc. (dba Warby Parker).,
Series D†(2)(3)(4)

      75,264        705,224  
     

 

 

  

Total Convertible Preferred Securities

(cost $6,715,686)

         6,667,898  
     

 

 

  

CONVERTIBLE BONDS & NOTES - 0.1%

      

Medical-Drugs - 0.1%

      

Ironwood Pharmaceuticals, Inc.
Senior Notes
2.25% due 06/15/2022#
(cost $865,000)

      $865,000        1,034,215  
     

 

 

  

OPTIONS - PURCHASED - 0.0%

     

Options-Purchased(6)

(cost $57,753)

      194       76,590  
    

 

 

  

Total Long-Term Investment Securities

     

(cost $583,130,284)

        748,374,056  
    

 

 

  

SHORT-TERM INVESTMENT SECURITIES - 5.1%

     

Registered Investment Companies - 5.1%

     

State Street Institutional U.S. Government Money Market Fund, Premier Class
0.93%(5)

      500,000       500,000  

State Street Navigator Securities Lending Government Money Market Portfolio
1.01%(1)(5)

      28,061,472       28,061,472  

T. Rowe Price Government Reserve Fund
1.04%(5)

      9,695,560       9,695,560  
    

 

 

  

Total Short-Term Investment Securities

(cost $38,257,032)

        38,257,032  
    

 

 

  

TOTAL INVESTMENTS

(cost $621,387,316)

      104.3 %      786,631,088  

Liabilities in excess of other assets

      (4.3 )      (32,103,752 ) 
  

 

 

    

 

 

  

NET ASSETS

      100.0 %    $ 754,527,336  
  

 

 

    

 

 

  

 

† Non-income producing security
# The security or a portion thereof is out on loan.
(1) At August 31, 2017, the Fund had loaned securities with a total value of $147,612,635. This was secured by collateral of $28,061,472, which was received in cash and subsequently invested in short-term investments currently valued at $28,061,472 as reported in the Portfolio of Investments. Additional collateral of $119,409,970 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
August 31, 2017		  

Federal Home Loan Mtg. Corp.

    2.50% to 4.50%    08/01/2027 to 01/01/2047    $ 11,337,376  

Federal National Mtg. Assoc.

    2.63% to 4.25%    10/25/2029 to 11/01/2046    $ 9,315,913  

Government National Mtg. Assoc.

    2.50% to 3.50%    01/20/2043 to 05/16/2053    $ 19,462,683  

United States Treasury Bills

    0.00%    09/07/2017 to 07/19/2018    $ 3,623,445  

United States Treasury Notes/Bonds

    zero coupon to 8.00%    09/30/2017 to 02/15/2047    $ 75,670,553  

 

(2) Security classified as Level 3 (see Note 1).
(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 1. 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 August 31, 2017, the Fund held the following restricted securities:

 

Description

    Acquisition
Date		      Shares      Acquisition
Cost		      Value      Value  Per
Share		      % of  Net
Assets		  

Common Stocks

                  

Acerta Pharma B.V.
Class A

      2/2/2016        854,366      $ 854,366      $ 828,735      $ 0.97        0.11 % 

Acerta Pharma B.V.
Class B

      2/2/2016        9,771,120        249,853        635,123        0.07        0.08 % 

Dyax Corp. CVR

      1/25/2016        159,200        176,712        502,117        3.15        0.07 % 

JAND, Inc. (dba Warby Parker).
Class A

      4/23/2015        33,706        387,123        315,825        9.37        0.04 % 

Ovid Therapeutics, Inc.

      8/10/2015        14,828        198,625        132,696        8.95        0.02 % 

Zeneca, Inc. CVR

      7/19/2013        23,110        0        14,213        0.62        0.00 % 

Convertible Preferred Securities

                  

Doximity, Inc.
Series C

      4/10/2014        64,785        312,316        323,277        4.99        0.04 % 

Guardant Health, Inc.
Series E

      5/9/2017        32,953        276,594        276,594        8.39        0.04 % 

JAND, Inc. (dba Warby Parker).
Series D

      4/23/2015        75,264        864,430        705,224        9.37        0.09 % 

Outset Medical, Inc.
Series C

      4/19/2017        320,192        829,777        829,777        2.59        0.11 % 

Shockwave Medical, Inc.
Series C

      11/10/2016        196,966        198,936        198,932        1.01        0.03 % 

Quanterix Corp.
Series D1

      6/2/2017        103,279        415,285        415,285        4.02        0.06 % 
           

 

 

        

 

 

  
            $ 5,177,798           0.69 % 
           

 

 

        

 

 

  

 

(4) Illiquid security. At August 31, 2017, the aggregate value of these securities was $5,177,798 representing 0.7% of net assets.
(5) The rate shown is the 7-day yield as of August 31, 2017.
(6) Options - Purchased

Exchange-Traded Purchased Call Options

 

 

Issue

    Expiration
Month		      Strike Price      No. of
Contracts		      Notional
Amount*		      Premiums
Received 		     Value at
August 31,2016		      Unrealized
Appreciation
(Depreciation)		  

Neurocrine Biosciences Inc.

      November 2017      $ 60        57        322,620      $ 18,573      $ 23,940      $ 5,367  

Neurocrine Biosciences Inc.

      November 2017        65        88        498,080        18,172        21,780        3,608  

Neurocrine Biosciences Inc.

      February 2018        60        21        118,860        10,563        16,170        5,607  

Neurocrine Biosciences Inc.

      February 2018        65        28        158,480        10,444        14,700        4,256  
        

 

 

        

 

 

     

 

 

     

 

 

  
           194         $ 57,752      $ 76,590      $ 18,838  
        

 

 

        

 

 

     

 

 

     

 

 

  

 

* Notional amount is calculated by multiplying the number of contracts by the multiplier by the market value of the underlying security or index.

 

ADR - American Depositary Receipt
CVR - Contingent Value Rights

The following is a summary of the inputs used to value the Fund’s net assets as of August 31, 2017 (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:

           

Medical - Biomedical/Gene

    $ 221,558,766      $ 375,906 ***    $ 1,478,071      $ 223,412,743  

Pharmacy Services

      —          —         315,825        315,825  

Therapeutics

      20,753,940        —         502,117        21,256,057  

Other Industries

      474,310,177        21,300,551 **      —          495,610,728  

Convertible Preferred Securities:

           

Medical Products

      1,485,666        —         475,526        1,961,192  

Medical - Drugs

      2,433,143        —         —          2,433,143  

Other Industries

      —          —         2,273,563        2,273,563  

Convertible Bonds & Notes

      —          1,034,215       —          1,034,215  

Options - Purchased

      76,590        —         —          76,590  

Short-Term Investment Securities

      38,257,032        —         —          38,257,032  
  

 

 

     

 

 

    

 

 

     

 

 

  

Total Investments at Value

    $ 758,875,314      $ 22,710,672     $ 5,045,102      $ 786,631,088  
  

 

 

     

 

 

    

 

 

     

 

 

  

 

* For a detailed presentation of investments, please refer to the Portfolio of Investments.
** Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 1).
*** Amount includes $243,210 that represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 1).
† 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 $19,350,985 were transferred from Level 1 to Level 2 due to foreign equity securities whose values were 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

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS - August 31, 2017 - (unaudited)

 

Security Description

    Principal
Amount(1)/Shares 		     Value
(Note 1)		  

ASSET BACKED SECURITIES - 0.7%

      

Diversified Financial Services - 0.7%

      

Chase Issuance Trust
Series 2016-A4, Class A4
1.49% due 07/15/2022

      $2,000,000      $ 1,984,604  

Chase Issuance Trust FRS
Series 2016-A1, Class A
1.64% (1 ML+0.41%)
due 05/17/2021

      2,000,000        2,010,549  

DBCG Mtg. Trust FRS
Series 2017-BBG, Class A
1.93% (1 ML+0.70%)
due 06/15/2034*(2)

      360,000        360,000  
     

 

 

  

Total Asset Backed Securities
(cost $4,362,557)

         4,355,153  
     

 

 

  

U.S. CORPORATE BONDS & NOTES - 16.0%

      

Agricultural Chemicals - 0.0%

      

Mosaic Co.
Senior Notes
4.88% due 11/15/2041

      57,000        53,920  
     

 

 

  

Auto-Cars/Light Trucks - 0.9%

      

Ford Motor Credit Co. LLC FRS
Senior Notes
2.02% (3 ML+0.79%)
due 06/12/2020

      2,510,000        2,510,559  

Ford Motor Credit Co. LLC FRS
Senior Notes
2.14% (3 ML+0.83%)
due 08/12/2019

      1,350,000        1,356,377  

Toyota Motor Credit Corp.
Senior Notes
1.50% due 02/13/2020

      2,000,000        1,993,577  
     

 

 

  
        5,860,513  
     

 

 

  

Banks-Commercial - 0.3%

      

BB&T Corp. FRS
Senior Notes
2.02% (3 ML+0.72%)
due 01/15/2020

      877,000        884,607  

Regions Financial Corp.
Senior Notes
2.75% due 08/14/2022

      959,000        965,353  
     

 

 

  
        1,849,960  
     

 

 

  

Banks-Super Regional - 0.8%

      

Wells Fargo & Co. FRS
Senior Notes
3.88% (CPIYOY+1.50%)
due 03/31/2021

      2,000,000        2,038,824  

Wells Fargo Bank NA FRS
Senior Notes
1.77% (3 ML+0.55%)
due 09/07/2017

      3,000,000        3,000,050  
     

 

 

  
        5,038,874  
     

 

 

  

Building Products-Cement - 0.4%

      

Vulcan Materials Co. FRS
Senior Notes
1.85% (3 ML+0.60%)
due 06/15/2020

      2,512,000        2,510,694  
     

 

 

  

Building Products-Wood - 0.4%

      

Masco Corp.
Senior Notes
3.50% due 11/15/2027

      2,512,000        2,520,233  
     

 

 

  

Cable/Satellite TV - 0.1%

      

Charter Communications Operating
LLC/Charter Communications
Operating Capital
Senior Sec. Notes
5.38% due 05/01/2047*

      577,000        589,295  
     

 

 

  

Diversified Banking Institutions - 8.0%

      

Bank of America Corp. FRS
Senior Notes
2.97% (CPIYOY+1.10%)
due 11/19/2024(3)

      2,000,000        1,887,500  

Bank of America Corp. FRS
Senior Notes
3.97% (CPIYOY+2.10%)
due 02/18/2020(3)

      1,600,000        1,630,400  

Bank of America Corp.
Sub. Notes
4.18% due 11/25/2027

      220,000        227,824  

Bank of America Corp.
Senior Notes
4.24% due 04/24/2038

      2,504,000        2,645,161  

Citigroup, Inc. FRS
Senior Notes
2.41% (3 ML+1.10%)
due 05/17/2024

      3,020,000        3,020,952  

Citigroup, Inc. FRS
Senior Notes
2.50% (3 ML+1.19%)
due 08/02/2021

      1,475,000        1,500,249  

Citigroup, Inc. FRS
Senior Notes
2.59% (CPIYOY*1.38%)
due 03/27/2025

      2,000,000        1,935,980  

Citigroup, Inc. FRS
Senior Notes
2.87% (CPIYOY+1.00%)
due 09/29/2024

      2,000,000        1,980,520  

Citigroup, Inc.
Senior Notes
3.67% due 07/24/2028

      2,082,000        2,114,023  

Citigroup, Inc. FRS
Senior Notes
4.13% (CPIYOY+2.50%)
due 03/30/2020

      4,000,000        4,124,400  

Goldman Sachs Group, Inc. FRS
Senior Notes
2.47% (3 ML+1.16%)
due 04/23/2020

      1,596,000        1,621,742  

Goldman Sachs Group, Inc. FRS

Senior Notes

2.49% (3 ML+1.17%)

due 11/15/2021

      2,424,000        2,452,137  

Goldman Sachs Group, Inc. FRS

Senior Notes

3.06% (3 ML+1.75%)

due 10/28/2027

      570,000        589,440  

Goldman Sachs Group, Inc. FRS

Senior Notes

3.13% (CPIYOY+1.40%)

due 08/30/2023

      4,000,000        4,070,004  

JPMorgan Chase & Co. FRS

Senior Notes

2.54% (3 ML+1.23%)

due 10/24/2023

      580,000        590,455  

JPMorgan Chase & Co. FRS

Senior Notes

2.88% (CPIYOY+1.25%)

due 12/20/2023

      2,000,000        1,997,600  

JPMorgan Chase & Co. FRS

Senior Notes

3.63% (CPIYOY+2.00%)

due 02/25/2021

      1,000,000        993,300  

JPMorgan Chase & Co. FRS

Senior Notes

3.71% (CPIYOY+2.08%)

due 04/28/2020

      5,000,000        5,054,000  

Morgan Stanley FRS

Senior Notes

2.11% (3 ML+0.80%)

due 02/14/2020

      1,775,000        1,783,502  

Morgan Stanley FRS

Senior Notes

3.42% (CPIYOY+1.55%)

due 08/24/2023(3)

      468,000        459,225  

Morgan Stanley

Senior Notes

3.59% due 07/22/2028

      1,251,000        1,267,684  

Morgan Stanley FRS

Senior Notes

3.87% (CPIYOY+2.00%)

due 12/15/2019(3)

      1,813,000        1,858,325  

Morgan Stanley FRS

Senior Notes

3.87% (CPIYOY+2.00%)

due 01/24/2020(3)

      2,203,000        2,255,321  

Morgan Stanley FRS

Senior Notes

3.87% (CPIYOY+2.00%)

due 04/25/2023(3)

      3,870,000        3,957,075  

Morgan Stanley FRS

Senior Notes

3.87% (CPIYOY+2.00%)

due 06/09/2023(3)

      664,000        676,477  
     

 

 

  
        50,693,296  
     

 

 

  

Electric-Integrated - 0.1%

      

FirstEnergy Corp.

Senior Notes

3.90% due 07/15/2027

      818,000        835,680  
     

 

 

  

Finance-Consumer Loans - 0.9%

      

SLM Corp. FRS

Senior Notes

4.03% (CPIYOY+2.15%)

due 12/15/2020

      2,017,000        1,961,533  

SLM Corp. FRS

Senior Notes

4.13% (CPIYOY+2.25%)

due 05/03/2019

      3,745,000        3,699,311  
     

 

 

  
        5,660,844  
     

 

 

  

Finance-Investment Banker/Broker - 0.0%

      

Lehman Brothers Holdings, Inc. FRS

Escrow Notes

0.00% due 04/14/2011†

      400,000        23,500  

Lehman Brothers Holdings, Inc. FRS

Escrow Notes

0.00% due 06/10/2014†

      578,000        34,680  

Lehman Brothers Holdings, Inc. FRS

Escrow Notes

0.00% due 11/01/2014†

      1,000,000        58,750  
     

 

 

  
        116,930  
     

 

 

  

Insurance-Life/Health - 0.4%

      

Pacific Life Global Funding FRS

Senior Notes

3.75% (CPIYOY+2.12%)

due 06/02/2018*(3)

      300,000        300,300  

Pacific LifeCorp

Senior Notes

6.00% due 02/10/2020*

      307,000        333,336  

Prudential Financial, Inc. FRS

Senior Notes

4.38% (CPIYOY+2.75%)

due 05/23/2018

      2,000,000        2,030,600  
     

 

 

  
        2,664,236  
     

 

 

  

Insurance-Multi-line - 0.8%

      

Monumental Global Funding III FRS

Senior Sec. Notes

4.05% (CPIYOY+2.18%)

due 05/22/2018*

      5,000,000        5,100,130  
     

 

 

  

Investment Management/Advisor Services - 0.3%

      

Morgan Stanley & Co. LLC FRS

Senior Notes

3.87% (CPIYOY+2.00%)

due 02/11/2020(3)

      2,000,000        2,037,500  
     

 

 

  

Metal-Diversified - 0.4%

      

Glencore Funding LLC

Company Guar. Notes

4.00% due 04/16/2025*#

      338,000        344,997  

Glencore Funding LLC

Company Guar. Notes

4.00% due 03/27/2027*#

      2,078,000        2,104,199  
     

 

 

  
        2,449,196  
     

 

 

  

Oil Companies-Exploration & Production - 0.9%

      

Anadarko Petroleum Corp.

Senior Notes

4.85% due 03/15/2021

      2,589,000        2,751,976  

Hess Corp.

Senior Notes

4.30% due 04/01/2027#

      400,000        392,206  

Marathon Oil Corp.

Senior Notes

4.40% due 07/15/2027#

      1,062,000        1,074,393  

Noble Energy, Inc.

Senior Notes

3.85% due 01/15/2028

      1,607,000        1,611,374  
     

 

 

  
        5,829,949  
     

 

 

  

Pipelines - 0.6%

      

EnLink Midstream Partners LP

Senior Notes

4.85% due 07/15/2026

      1,799,000        1,883,258  

ONEOK, Inc.

Company Guar. Notes

4.00% due 07/13/2027

      303,000        306,555  

Phillips 66 Partners LP

Senior Notes

3.55% due 10/01/2026

      1,622,000        1,602,987  
     

 

 

  
        3,792,800  
     

 

 

  

Special Purpose Entity - 0.7%

      

Hartford Life Institutional Funding FRS

Senior Sec. Notes

3.93% (CPIYOY+2.30%)

due 05/08/2018*(3)

      3,985,000        4,012,935  
     

 

 

  

Total U.S. Corporate Bonds & Notes

(cost $100,470,959)

         101,616,985  
     

 

 

  

FOREIGN CORPORATE BONDS & NOTES - 5.6%

      

Banks-Commercial - 0.4%

      

ANZ New Zealand Int’l, Ltd. FRS

Company Guar. Notes

2.32% (3 ML+1.01%)

due 07/28/2021*

      1,950,000        1,970,800  

Westpac Banking Corp.

Sub. Notes

4.32% due 11/23/2031

      301,000        312,702  
     

 

 

  
        2,283,502  
     

 

 

  

Diversified Banking Institutions - 3.0%

      

Barclays PLC FRS

Senior Notes

3.42% (3 ML+2.11%)

due 08/10/2021

      753,000        788,120  

BNP Paribas SA FRS

Senior Notes

2.77% (CPIYOY+1.14%)

due 12/21/2020(3)

      431,000        438,543  

Credit Agricole SA

Senior Notes

4.13% due 01/10/2027*

      535,000        564,254  

Credit Suisse Group Funding
Guernsey, Ltd. FRS

Company Guar. Notes

3.59% (3 ML+2.29%)

due 04/16/2021

      3,049,000        3,209,039  

HSBC Holdings PLC FRS

Senior Notes

2.80% (3 ML+1.50%)

due 01/05/2022

      1,400,000        1,446,750  

Royal Bank of Scotland Group PLC

Senior Notes

3.50% due 05/15/2023

      325,000        328,515  

Royal Bank of Scotland PLC FRS

Company Guar. Notes

3.62% (CPIYOY+1.75%)

due 03/31/2018

      2,000,000        2,003,780  

Societe Generale SA FRS

Company Guar. Notes

3.60% due 05/03/2023(3)(4)(10)

      10,000,000        9,680,000  

UniCredit SpA

Sub. Notes

5.86% due 06/19/2032*#

      738,000        772,958  
     

 

 

  
        19,231,959  
     

 

 

  

Gas-Distribution - 0.4%

      

National Grid PLC

Senior Notes

1.45% due 10/06/2021

    GBP 1,763,000        2,809,046  
     

 

 

  

Gold Mining - 1.0%

      

Goldcorp, Inc.

Senior Notes

2.13% due 03/15/2018

      2,200,000        2,205,401  

Kinross Gold Corp.

Company Guar. Notes

4.50% due 07/15/2027*

      820,000        820,000  

Newcrest Finance Pty, Ltd.

Company Guar. Notes

4.20% due 10/01/2022*

      1,497,000        1,580,705  

Newcrest Finance Pty, Ltd.

Company Guar. Notes

5.75% due 11/15/2041*

      1,663,000        1,863,998  
     

 

 

  
        6,470,104  
     

 

 

  

Medical-Generic Drugs - 0.1%

      

Actavis Funding SCS FRS

Company Guar. Notes

2.31% (3 ML+1.08%)

due 03/12/2018

      575,000        577,128  
     

 

 

  

Metal-Iron - 0.4%

      

Vale Overseas, Ltd.

Company Guar. Notes

6.25% due 08/10/2026

      2,321,000        2,636,656  
     

 

 

  

Oil Companies-Integrated - 0.3%

      

BP Capital Markets PLC FRS

Company Guar. Notes

2.12% (3 ML+0.87%)

due 09/16/2021

      1,636,000        1,664,414  
     

 

 

  

Total Foreign Corporate Bonds & Notes
(cost $35,274,220)

         35,672,809  
     

 

 

  

U.S. GOVERNMENT AGENCIES - 1.7%

      

Federal Home Loan Mtg. Corp. - 1.2%

      

Federal Home Loan Mtg. Corp. REMIC FRS

Series 4012, Class NF

1.68% (1 ML+0.45%)

due 12/15/2038(5)

      745,855        752,650  

Federal Home Loan Mtg. Corp. REMIC FRS

Series 3925, Class FL

1.68% (1 ML+0.45%)

due 01/15/2041(5)

      796,300        795,311  

Federal Home Loan Mtg. Corp. REMIC FRS

Series 4001, Class FM

1.73% (1 ML+0.50%)

due 02/15/2042(5)

      472,403        475,167  

Federal Home Loan Mtg. Corp. REMIC FRS

Series 3355, Class BF

1.93% (1 ML+0.70%)

due 08/15/2037(5)

      511,474        518,410  

Federal Home Loan Mtg. Corp.
Structured Agency Credit Risk FRS

Series 2014-DN2, Class M2

2.88% (1 ML+1.65%)

due 04/25/2024(5)

      1,717,992        1,742,708  

Federal Home Loan Mtg. Corp.
Structured Agency Credit Risk FRS

Series 2014-DN1, Class M2

3.43% (1 ML+2.20%)

due 02/25/2024(5)

      1,579,315        1,631,774  

Federal Home Loan Mtg. Corp.
Structured Agency Credit Risk FRS

Series 2014-HQ2, Class M2

3.43% (1 ML+2.20%)

due 09/25/2024(5)

      1,000,000        1,030,612  

Federal Home Loan Mtg. Corp.
Structured Agency Credit Risk FRS

Series 2015-HQ1, Class M2

3.43% (1 ML+2.20%)

due 03/25/2025(5)

      506,114        511,255  
     

 

 

  
        7,457,887  
     

 

 

  

Federal National Mtg. Assoc. - 0.4%

      

Fannie Mae Connecticut Avenue Securities FRS

Series 2014-C01, Class M1

2.83% (1 ML+1.60%)

due 01/25/2024(5)

      7,535        7,617  

Fannie Mae Connecticut Avenue Securities FRS

Series 2013-C01, Class M1

3.23% (1 ML+2.00%)

due 10/25/2023(5)

      119,808        121,009  

Federal National Mtg. Assoc. REMIC FRS

Series 2012-93, Class BF

1.63% (1 ML+0.40%)

due 09/25/2042(5)

      1,074,513        1,077,134  

Federal National Mtg. Assoc. REMIC FRS

Series 2011-103, Class FD

1.68% (1 ML+0.45%)

due 05/25/2040(5)

      1,504,546        1,511,380  
     

 

 

  
        2,717,140  
     

 

 

  

Government National Mtg. Assoc. - 0.1%

      

Government National Mtg. Assoc. REMIC FRS

Series 2010-14, Class FN

1.78% (1 ML+0.55%)

due 02/16/2040(5)

      455,089        458,145  
     

 

 

  

Total U.S. Government Agencies
(cost $10,540,678)

         10,633,172  
     

 

 

  

U.S. GOVERNMENT TREASURIES - 53.9%

      

United States Treasury Bonds TIPS(6) - 17.1%

      

0.63% due 02/15/2043

      1,965,663        1,860,607  

0.75% due 02/15/2042

      3,071,057        3,002,702  

0.75% due 02/15/2045

      8,158,497        7,890,289  

1.00% due 02/15/2046

      7,143,006        7,350,788  

1.38% due 02/15/2044

      4,503,578        5,034,240  

1.75% due 01/15/2028

      3,975,348        4,502,261  

2.00% due 01/15/2026

      4,331,796        4,919,368  

2.13% due 02/15/2040

      2,719,896        3,459,723  

2.13% due 02/15/2041

      4,664,270        5,964,692  

2.38% due 01/15/2025

      3,898,440        4,491,067  

2.38% due 01/15/2027

      4,858,520        5,742,615  

2.50% due 01/15/2029

      9,697,565        11,858,255  

3.63% due 04/15/2028

      13,630,050        18,061,579  

3.88% due 04/15/2029

      17,507,618        24,119,370  
     

 

 

  
        108,257,556  
     

 

 

  

United States Treasury Notes TIPS(6) - 36.8%

      

0.13% due 04/15/2018

      34,571,081        34,490,505  

0.13% due 04/15/2019

      14,337,112        14,366,742  

0.13% due 04/15/2020

      16,961,612        17,048,004  

0.13% due 04/15/2021

      34,854,788        35,012,723  

0.13% due 01/15/2022

      5,530,246        5,562,073  

0.13% due 04/15/2022

      15,309,592        15,355,716  

0.13% due 01/15/2023

      28,174,117        28,216,818  

0.13% due 07/15/2024

      19,007,046        18,933,350  

0.13% due 07/15/2026

      6,520,987        6,404,231  

0.25% due 01/15/2025

      7,446,024        7,424,418  

0.38% due 07/15/2023

      7,894,125        8,034,941  

0.38% due 07/15/2025

      7,185,542        7,244,830  

0.38% due 01/15/2027

      5,820,532        5,812,639  

0.38% due 07/15/2027

      5,367,236        5,376,495  

0.63% due 01/15/2024

      7,873,425        8,086,240  

0.63% due 01/15/2026

      5,834,472        5,967,552  

1.13% due 01/15/2021

      9,517,875        9,916,669  
     

 

 

  
        233,253,946  
     

 

 

  

Total U.S. Government Treasuries
(cost $330,697,387)

         341,511,502  
     

 

 

  

FOREIGN GOVERNMENT OBLIGATIONS - 16.0%

      

Sovereign - 16.0%

      

Commonwealth of Australia

Senior Notes

1.00% due 11/21/2018(6)

    AUD 16,042,500        12,849,927  

Commonwealth of Australia

Senior Notes

2.50% due 09/20/2030(6)

    AUD 3,200,175        3,032,400  

Commonwealth of Australia

Senior Notes

3.00% due 09/20/2025(6)

    AUD 15,984,860        14,910,596  

Federative Republic of Brazil

Series F

Notes

10.00% due 01/01/2019

    BRL 7,000,000        2,322,843  

Government of Canada

Bonds

4.25% due 12/01/2021(6)

    CAD 7,063,470        6,627,189  

Government of France

Bonds

0.10% due 07/25/2021(6)

    EUR 8,163,620        10,289,828  

Government of France

Bonds

0.10% due 03/01/2025(6)

    EUR 3,042,840        3,906,343  

Government of France

Bonds

2.10% due 07/25/2023(6)

    EUR 3,338,280        4,770,061  

Government of New Zealand

Senior Notes

2.00% due 09/20/2025(6)

    NZD 17,858,500        13,110,950  

Republic of Italy

Senior Notes

0.10% due 05/15/2022*(6)

    EUR 2,049,700        2,459,539  

Republic of Italy

Senior Notes

1.25% due 09/15/2032*(6)

    EUR 2,031,060        2,416,416  

United Kingdom Gilt Treasury

Bonds

0.13% due 11/22/2019(6)

    GBP 6,539,820        9,072,196  

United Kingdom Gilt Treasury

Bonds

0.13% due 03/22/2024(6)

    GBP 2,246,360        3,394,223  

United Kingdom Gilt Treasury

Senior Notes

0.13% due 03/22/2029(6)

    GBP 4,025,373        6,555,445  

United Kingdom Gilt Treasury

Bonds

0.13% due 03/22/2044(6)

    GBP 1,840,234        3,805,151  

United Mexican States

Bonds

2.50% due 12/10/2020(6)

    MXN 40,268,098        2,213,780  
     

 

 

  

Total Foreign Government Obligations
(cost $97,952,536)

         101,736,887  
     

 

 

  

PREFERRED SECURITIES - 1.0%

      

Banks-Money Center - 0.0%

      

Santander Finance Preferred SAU FRS

4.00% (3 ML+0.52%)

      9,950        241,785  
     

 

 

  

Banks-Super Regional - 0.2%

      

Wells Fargo & Co. FRS

5.85% (3 ML+3.09%)

      47,800        1,299,682  
     

 

 

  

Electric-Integrated - 0.0%

      

Alabama Power Co.
6.50%

      870        22,707  
     

 

 

  

Finance-Consumer Loans - 0.2%

      

Navient Corp. FRS
3.93% (CPIYOY+2.05%)

      42,207        1,057,285  
     

 

 

  

Insurance-Life/Health - 0.6%

      

Prudential Financial, Inc. FRS
4.27% (CPIYOY+2.40%)

      139,445        3,555,848  
     

 

 

  

Total Preferred Securities
(cost $6,316,293)

         6,177,307  
     

 

 

  

PREFERRED SECURITIES/CAPITAL SECURITIES - 4.5%

      

Banks-Commercial - 0.3%

      

Corestates Capital II FRS

1.95% (3 ML+0.65%)

due 01/15/2027*

      669,000        637,223  

Standard Chartered PLC FRS

2.82% (3 ML+1.51%)

due 01/30/2027*(7)

      1,300,000        1,113,944  

Standard Chartered PLC

7.50% due 04/02/2022*#(7)

      400,000        433,120  
     

 

 

  
        2,184,287  
     

 

 

  

Banks-Fiduciary - 0.3%

      

State Street Corp. FRS

2.25% (3 ML+1.00%)

due 06/01/2077

      1,896,000        1,743,135  
     

 

 

  

Banks-Super Regional - 0.6%

      

PNC Financial Services Group, Inc.

5.00% due 11/01/2026(7)

      1,614,000        1,686,630  

SunTrust Capital III FRS

1.90% (3 ML+0.65%)

due 03/15/2028

      1,067,000        976,305  

Wachovia Capital Trust II FRS

1.80% (3 ML+0.50%)

due 01/15/2027

      1,039,000        976,660  
     

 

 

  
        3,639,595  
     

 

 

  

Diversified Banking Institutions - 0.9%

      

BAC Capital Trust XIV FRS

Series G

4.00% (3 ML+0.40%)

due 09/22/2017(7)

      3,161,000        2,797,485  

BankBoston Capital Trust IV FRS

1.82% (3 ML+0.60%)

due 06/08/2028

      726,000        689,700  

BNP Paribas SA

6.75% due 03/14/2022*#(7)

      555,000        593,850  

BNP Paribas SA

7.44% due 10/23/2017(7)

    GBP 200,000        256,034  

Goldman Sachs Capital III FRS

4.00% (3 ML+0.77%)

due 10/10/2017(7)

      113,000        101,417  

HSBC Holdings PLC

6.00% due 05/22/2027(7)

      1,018,000        1,070,427  

Royal Bank of Scotland Group PLC

8.63% due 08/15/2021(7)

      366,000        405,345  
     

 

 

  
        5,914,258  
     

 

 

  

Electric-Integrated - 0.3%

      

Dominion Resources, Inc. FRS

3.60% (3 ML+2.30%)

due 09/30/2066

      1,200,000        1,100,280  

WEC Energy Group, Inc. FRS

3.43% (3 ML+2.11%)

due 05/15/2067

      819,000        792,383  
     

 

 

  
        1,892,663  
     

 

 

  

Insurance-Life/Health - 0.1%

      

Prudential Financial, Inc.

8.88% due 06/15/2068

      836,000        877,967  
     

 

 

  

Insurance-Multi-line - 0.6%

      

Genworth Holdings, Inc. FRS

3.32% (3 ML+2.00%)

due 11/15/2066

      800,000        340,000  

Hartford Financial Services Group, Inc. FRS

3.44% (3 ML+2.13%)

due 02/12/2067*

      3,202,000        3,129,955  
     

 

 

  
        3,469,955  
     

 

 

  

Insurance-Property/Casualty - 0.1%

      

Chubb Corp. FRS

3.55% (3 ML+2.25%)

due 03/29/2067

      755,000        751,225  
     

 

 

  

Oil Companies-Integrated - 0.4%

      

TOTAL SA

3.88% due 05/18/2022(7)

    EUR 2,000,000        2,576,564  
     

 

 

  

Pipelines - 0.9%

      

DCP Midstream Operating LP

5.85% due 05/21/2043*

      659,000        611,222  

Enbridge, Inc.

5.50% due 07/15/2077

      4,269,000        4,285,009  

Enterprise Products Operating LLC

Company Guar. Notes

5.25% due 08/16/2077

      859,000        859,644  
     

 

 

  
        5,755,875  
     

 

 

  

Total Preferred Securities/Capital Securities
(cost $28,237,450)

         28,805,524  
     

 

 

  

Total Long-Term Investment Securities
(cost $613,852,080)

         630,509,339  
     

 

 

  

SHORT-TERM INVESTMENT SECURITIES - 0.8%

      

Registered Investment Companies - 0.5%

      

State Street Navigator Securities Lending
Government Money Market Portfolio
1.01%(8)(9)

        3,200,465  
     

 

 

  

Time Deposits - 0.3%

 

Euro Time Deposit with State Street Bank and Trust Co.
0.12% due 09/01/2017

      1,839,000       1,839,000  
    

 

 

  

Total Short-Term Investment Securities

(cost $5,039,465)

        5,039,465  
    

 

 

  

TOTAL INVESTMENTS

(cost $618,891,545)

      100.2 %      635,548,804  

Liabilities in excess of other assets

      (0.2 )      (1,330,915 ) 
  

 

 

    

 

 

  

NET ASSETS

      100.0 %    $ 634,217,889  
  

 

 

    

 

 

  

 

* 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 August 31, 2017, the aggregate value of these securities was $32,113,176 representing 5.1% 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
(1) Denominated in United States dollars unless otherwise indicated.
(2) Commercial Mortgage Backed Security
(3) Security classified as Level 3 (see Note 1).
(4) Illiquid security. At August 31, 2017, the aggregate value of these securities was $9,680,000 representing 1.5% of net assets.
(5) Collateralized Mortgage Obligation
(6) Principal amount of security is adjusted for inflation.
(7) Perpetual maturity - maturity date reflects the next call date.
(8) At August 31, 2017, the Fund had loaned securities with a total value of $3,145,597. This was secured by collateral of $3,200,465, which was received in cash and subsequently invested in short-term investments currently valued at $3,200,465 as reported in the Portfolio of Investments.
(9) The rate shown is the 7-day yield as of August 31, 2017.
(10) Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.

AUD - Australian Dollar

BRL - Brazilian Real

CAD - Canadian Dollar

EUR - Euro Currency

GBP - British Pound

MXN - Mexican Peso

NZD - New Zealand Dollar

REMIC - Real Estate Mortgage Investment Conduit

TIPS - Treasury Inflation Protected Securities

FRS - Floating Rate Security

The rates shown on FRS are the current interest rates at August 31, 2017 and unless noted otherwise, the dates shown are the original maturity dates.

Index Legend

1 ML - 1 Month USD LIBOR

3 ML - 3 Month USD LIBOR

CPIYOY - CPI Urban Consumers YoY NSA

The following is a summary of the inputs used to value the Fund’s net assets as of August 31, 2017 (see Note 1):

 

     Level 1 - Unadjusted
Quoted Prices		      Level 2 -  Other
Observable Inputs		      Level 3 - Significant
Unobservable  Inputs		      Total  

ASSETS:

            

Investments at Value:*

            

Asset Backed Securities

    $ —        $ 4,355,153      $ —        $ 4,355,153  

U.S. Corporate Bonds & Notes:

            

Diversified Banking Institutions

      —          37,968,973        12,724,323        50,693,296  

Insurance-Life/Health

      —          2,363,936        300,300        2,664,236  

Investment Management/Advisor Services

      —          —          2,037,500        2,037,500  

Special Purpose Entity

      —          —          4,012,935        4,012,935  

Other Industries

      —          42,209,018        —          42,209,018  

Foreign Corporate Bonds & Notes:

            

Diversified Banking Institutions

      —          9,113,416        10,118,543        19,231,959  

Other Industries

      —          16,440,850        —          16,440,850  

U.S. Government Agencies

      —          10,633,172        —          10,633,172  

U.S. Government Treasuries

      —          341,511,502        —          341,511,502  

Foreign Government Obligations

      —          101,736,887        —          101,736,887  

Preferred Securities

      6,177,307        —          —          6,177,307  

Preferred Securities/Capital Securities

      —          28,805,524        —          28,805,524  

Short-Term Investment Securities:

            

Registered Investment Companies

      3,200,465        —          —          3,200,465  

Time Deposits

      —          1,839,000        —          1,839,000  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investment at Value

    $ 9,377,772      $ 596,977,431      $ 29,193,601      $ 635,548,804  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

* 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 $15,500,666 were transferred from Level 2 to Level 3 following a reassessment of inputs. There were no additional transfers between Levels during the reporting period.

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

 

     U.S. Corporate Bonds
& Notes		     Foreign Corporate
Bonds & Notes		  

Balance as of 05/31/2017

    $ 4,012,935     $ 9,420,000  

Accrued Discounts

      —         —    

Accrued Premiums

      (13,267 )      —    

Realized Gain

      —         —    

Realized Loss

      —         —    

Change in unrealized appreciation(1)

      —         —    

Change in unrealized depreciation(1)

      13,267       260,000  

Net purchases

      —         —    

Net sales

      —         —    

Transfers into Level 3

      15,062,123       438,543  

Transfers out of Level 3

      —         —    
  

 

 

    

 

 

  

Balance as of 08/31/2017

    $ 19,075,058     $ 10,118,543  
  

 

 

    

 

 

  

 

(1) The total change in unrealized appreciation (depreciation) attributable to Level 3 investments still held at August 31, 2017 includes:

 

     U.S. Corporate  Bonds
& Notes		      Foreign Corporate
Bonds & Notes		  
   $ 13,267      $ 260,000  
  

 

 

     

 

 

  

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 August 31, 2017.

The Fund’s securities classified as Level 3, with a fair value of $29,193,601 at August 31, 2017, are attributable to valuations from a single broker which were deemed to be indicative quotes (which do not necessarily represent prices the broker may be willing to trade on).

See Notes to Portfolio of Investments

VALIC Company I International Equities Index Fund

PORTFOLIO OF INVESTMENTS - August 31, 2017 - (unaudited)

 

Security Description

    Shares/
Principal
Amount		      Value
(Note 1)		  

COMMON STOCKS - 89.4%

      

Australia - 6.3%

      

AGL Energy, Ltd.

      51,645      $ 986,112  

Alumina, Ltd.#

      200,997        339,184  

Amcor, Ltd.

      89,735        1,153,255  

AMP, Ltd.

      224,868        913,072  

APA Group

      86,021        607,937  

Aristocrat Leisure, Ltd.

      41,509        702,114  

ASX, Ltd.

      15,197        661,463  

Aurizon Holdings, Ltd.

      152,943        604,102  

AusNet Services

      133,816        185,361  

Australia & New Zealand Banking Group, Ltd.

      221,979        5,215,266  

Bank of Queensland, Ltd.

      28,349        284,333  

Bendigo & Adelaide Bank, Ltd.

      34,216        325,887  

BGP Holdings PLC†(1)(2)

      835,027        13,874  

BHP Billiton, Ltd.

      241,525        5,254,880  

BlueScope Steel, Ltd.

      43,216        376,902  

Boral, Ltd.

      88,213        468,643  

Brambles, Ltd.

      119,294        886,432  

Caltex Australia, Ltd.

      20,804        553,096  

Challenger, Ltd.

      44,008        441,227  

CIMIC Group, Ltd.

      8,126        272,110  

Coca-Cola Amatil, Ltd.

      45,286        290,054  

Cochlear, Ltd.

      4,512        565,077  

Commonwealth Bank of Australia

      130,294        7,888,601  

Computershare, Ltd.

      37,402        418,535  

Crown Resorts, Ltd.

      28,673        264,664  

CSL, Ltd.

      34,202        3,498,140  

Dexus

      73,527        561,402  

Domino’s Pizza Enterprises, Ltd.#

      4,633        159,131  

Flight Centre Travel Group, Ltd.#

      4,476        172,331  

Fortescue Metals Group, Ltd.

      118,448        566,890  

Goodman Group

      136,288        899,753  

GPT Group

      133,066        531,743  

Harvey Norman Holdings, Ltd.#

      42,096        136,997  

Healthscope, Ltd.#

      124,111        169,610  

Incitec Pivot, Ltd.

      131,396        349,846  

Insurance Australia Group, Ltd.

      184,996        944,435  

LendLease Group

      43,525        574,696  

Macquarie Group, Ltd.

      24,402        1,693,588  

Medibank Private, Ltd.

      213,793        517,448  

Mirvac Group

      292,250        542,148  

National Australia Bank, Ltd.

      202,273        4,881,429  

Newcrest Mining, Ltd.

      59,309        1,080,141  

Orica, Ltd.

      29,531        478,123  

Origin Energy, Ltd.†

      133,471        813,632  

Qantas Airways, Ltd.

      40,372        184,350  

QBE Insurance Group, Ltd.

      105,012        877,409  

Ramsay Health Care, Ltd.

      10,531        572,835  

REA Group, Ltd.#

      4,229        224,546  

Rio Tinto, Ltd.#

      32,584        1,760,098  

Santos, Ltd.†#

      141,609        425,758  

Scentre Group

      403,002        1,242,474  

SEEK, Ltd.

      26,342        352,415  

Sonic Healthcare, Ltd.

      30,152        525,771  

South32, Ltd.

      415,923        967,613  

Stockland

      183,664        647,718  

Suncorp Group, Ltd.

      97,052        1,007,288  

Sydney Airport

      86,295        508,377  

Tabcorp Holdings, Ltd.

      59,559        195,206  

Tatts Group, Ltd.

      110,452        362,396  

Telstra Corp., Ltd.#

      310,863        907,677  

TPG Telecom, Ltd.#

      25,842        112,917  

Transurban Group

      153,950        1,490,338  

Treasury Wine Estates, Ltd.

      55,971        645,176  

Vicinity Centres

      257,977        538,079  

Wesfarmers, Ltd.

      86,385        2,929,854  

Westfield Corp.

      149,554        887,022  

Westpac Banking Corp.

      253,085        6,297,536  

Woodside Petroleum, Ltd.

      56,188        1,293,884  

Woolworths, Ltd.

      96,859        2,004,049  
     

 

 

  
     75,204,450  
     

 

 

  

Austria - 0.2%

      

ANDRITZ AG

      5,782        314,814  

Erste Group Bank AG

      22,020        932,039  

OMV AG

      11,407        655,893  

Raiffeisen Bank International AG†

      11,230        368,281  

voestalpine AG

      8,799        457,095  
     

 

 

  
     2,728,122  
     

 

 

  

Belgium - 1.1%

      

Ageas

      15,208        706,708  

Anheuser-Busch InBev SA/NV

      57,615        6,830,638  

Colruyt SA

      5,074        282,060  

Groupe Bruxelles Lambert SA

      6,413        653,165  

KBC Group NV

      19,062        1,567,617  

Proximus SADP

      12,007        423,158  

Solvay SA

      5,659        821,437  

Telenet Group Holding NV†#

      4,176        282,834  

UCB SA

      9,887        681,696  

Umicore SA

      7,311        546,479  
     

 

 

  
     12,795,792  
     

 

 

  

Bermuda - 0.3%

      

CK Infrastructure Holdings, Ltd.

      50,500        458,435  

First Pacific Co., Ltd.

      184,000        148,021  

Hongkong Land Holdings, Ltd.

     89,200        661,460  

Jardine Matheson Holdings, Ltd.

      16,286        1,070,305  

Jardine Strategic Holdings, Ltd.

      16,461        721,627  

Kerry Properties, Ltd.

      50,000        198,597  

Li & Fung, Ltd.#

      452,000        203,938  

NWS Holdings, Ltd.

      116,000        223,460  

Shangri-La Asia, Ltd.

      80,000        133,986  

Yue Yuen Industrial Holdings, Ltd.

      56,000        242,718  
     

 

 

  
     4,062,547  
     

 

 

  

Canada - 0.0%

      

International Petroleum Corp.†

      4,460        15,379  
     

 

 

  

Cayman Islands - 0.6%

      

ASM Pacific Technology, Ltd.

      18,700        233,429  

Cheung Kong Property Holdings, Ltd.

      203,808        1,794,324  

CK Hutchison Holdings, Ltd.

      204,308        2,679,791  

Melco Resorts & Entertainment, Ltd. ADR

      18,761        411,804  

MGM China Holdings, Ltd.#

      74,400        149,130  

Sands China, Ltd.

      188,800        846,089  

WH Group, Ltd.*

      606,500        634,167  

Wynn Macau, Ltd.

      122,000        268,868  
     

 

 

  
     7,017,602  
     

 

 

  

Denmark - 1.7%

      

AP Moller - Maersk A/S, Series A

      300        587,625  

AP Moller - Maersk A/S, Series B

      483        996,459  

Carlsberg A/S, Class B

      8,108        931,174  

Chr. Hansen Holding A/S

      7,537        648,701  

Coloplast A/S, Class B

      8,787        719,651  

Danske Bank A/S

      55,830        2,170,821  

DONG Energy A/S*

      11,035        574,585  

DSV A/S#

      14,279        1,012,914  

Genmab A/S†

      4,299        1,003,939  

H. Lundbeck A/S

      5,229        334,230  

ISS A/S

      12,609        490,802  

Novo Nordisk A/S, Class B

      137,090        6,544,906  

Novozymes A/S, Class B#

      17,890        910,317  

Pandora A/S#

      8,357        888,356  

TDC A/S

      63,163        376,426  

Tryg A/S

      8,486        196,193  

Vestas Wind Systems A/S

      16,999        1,548,648  

William Demant Holding A/S†

      8,923        236,232  
     

 

 

  
     20,171,979  
     

 

 

  

Finland - 0.9%

      

Elisa Oyj

      11,415        498,915  

Fortum Oyj

      34,854        625,821  

Kone Oyj, Class B

      26,011        1,411,764  

Metso Oyj

      8,863        293,958  

Neste Oyj

      9,967        439,603  

Nokia OYJ

      438,233        2,713,175  

Nokian Renkaat Oyj

      8,927        377,566  

Orion Oyj, Class B

      7,882        373,383  

Sampo Oyj, Class A

      34,067        1,798,941  

Stora Enso Oyj, Class R

      43,606        573,534  

UPM-Kymmene Oyj

      40,465        1,053,493  

Wartsila Oyj Abp

      11,651        804,366  
     

 

 

  
     10,964,519  
     

 

 

  

France - 8.9%

      

Accor SA

      13,439        623,095  

Aeroports de Paris

      2,342        417,943  

Air Liquide SA

      29,210        3,570,967  

Alstom SA

      11,685        415,914  

Arkema SA

      5,054        549,947  

Atos SE

      7,111        1,098,534  

AXA SA

      145,852        4,235,553  

BNP Paribas SA

      84,973        6,472,403  

Bollore SA#

      66,888        310,912  

Bouygues SA

      15,557        706,000  

Bureau Veritas SA#

      20,339        484,254  

Capgemini SE

      12,499        1,387,405  

Carrefour SA

      42,553        858,572  

Casino Guichard Perrachon SA

      4,450        253,196  

Christian Dior SE

      3,911        1,207,733  

Cie de Saint-Gobain

      37,485        2,057,358  

Cie Generale des Etablissements Michelin

      12,999        1,773,549  

CNP Assurances

      13,597        315,880  

Credit Agricole SA

      84,447        1,490,198  

Danone SA

      44,784        3,530,036  

Dassault Aviation SA

      172        262,861  

Dassault Systemes SE

      9,744        960,639  

Edenred

      16,175        437,788  

Eiffage SA

      5,582        577,398  

Electricite de France SA

      41,494        439,919  

Engie SA

      128,706        2,149,160  

Essilor International SA

      15,560        1,966,969  

Eurazeo SA

      3,495        289,174  

Eutelsat Communications SA

      12,005        349,015  

Fonciere Des Regions

      2,246        222,211  

Gecina SA

      3,094        482,118  

Groupe Eurotunnel SE

      37,112        442,526  

Hermes International

      1,601        847,532  

ICADE

      2,932        260,594  

Iliad SA

      2,082        537,995  

Imerys SA

      2,712        238,660  

Ingenico Group SA

      4,222        419,802  

Ipsen SA

      2,832        380,807  

JCDecaux SA

      5,270        172,674  

Kering

      5,718        2,147,789  

Klepierre

      16,842        678,679  

L’Oreal SA

      18,981        4,012,676  

Lagardere SCA

      9,687        311,483  

Legrand SA

      20,503        1,437,608  

LVMH Moet Hennessy Louis Vuitton SE

      20,984        5,508,231  

Natixis SA

      72,927        548,153  

Orange SA

      150,615        2,561,871  

Pernod Ricard SA#

      16,166        2,210,508  

Peugeot SA

      36,788        777,673  

Publicis Groupe SA

      15,366        1,038,033  

Remy Cointreau SA

      1,900        217,105  

Renault SA

      13,434        1,190,124  

Rexel SA

      23,058        344,671  

Safran SA

      23,929        2,325,043  

Sanofi

      87,956        8,587,941  

Schneider Electric SE

      42,333        3,416,864  

SCOR SE

      12,934        542,374  

SEB SA

      1,701        309,145  

Societe BIC SA

      2,277        273,792  

Societe Generale SA

      58,120        3,257,183  

Sodexo SA

      7,204        841,261  

Suez

      27,767        526,913  

Thales SA

      7,917        877,221  

TOTAL SA#

      176,335        9,123,759  

Unibail-Rodamco SE

     7,489        1,906,644  

Valeo SA

      17,925        1,200,174  

Veolia Environnement SA

      34,799        816,890  

Vinci SA

      37,961        3,498,570  

Vivendi SA

      77,290        1,775,258  

Wendel SA

      2,197        348,399  

Zodiac Aerospace

      14,903        431,227  
     

 

 

  
     106,240,553  
     

 

 

  

Germany - 8.4%

 

   

adidas AG

      14,266        3,202,831  

Allianz SE

      34,572        7,397,823  

Axel Springer SE#

      3,138        194,457  

BASF SE

      69,114        6,697,294  

Bayer AG

      62,542        8,009,902  

Bayerische Motoren Werke AG

      24,840        2,307,251  

Bayerische Motoren Werke AG (Preference Shares)#

      4,241        351,921  

Beiersdorf AG

      7,971        851,180  

Brenntag AG

      11,877        630,460  

CECONOMY AG

      12,200        133,757  

Commerzbank AG†

      82,452        1,025,187  

Continental AG

      8,435        1,903,205  

Covestro AG*

      8,426        662,421  

Daimler AG#

      72,781        5,307,207  

Deutsche Bank AG#

      155,644        2,496,822  

Deutsche Boerse AG

      14,470        1,547,618  

Deutsche Lufthansa AG

      18,706        469,557  

Deutsche Post AG

      74,844        3,105,104  

Deutsche Telekom AG

      247,479        4,467,789  

Deutsche Wohnen AG

      26,775        1,137,286  

E.ON SE#

      165,566        1,872,259  

Evonik Industries AG#

      12,234        396,828  

Fraport AG Frankfurt Airport Services Worldwide#

      2,953        291,459  

Fresenius Medical Care AG & Co. KGaA

      16,125        1,508,087  

Fresenius SE & Co. KGaA

      31,382        2,656,357  

FUCHS PETROLUB SE (Preference Shares)#

      5,755        320,226  

GEA Group AG#

      14,154        623,949  

Hannover Rueck SE

      4,766        577,864  

HeidelbergCement AG

      11,124        1,068,307  

Henkel AG & Co. KGaA

      8,085        978,635  

Henkel AG & Co. KGaA (Preference Shares)

      13,509        1,810,569  

HOCHTIEF AG

      1,557        274,472  

HUGO BOSS AG#

      5,176        438,269  

Infineon Technologies AG

      85,856        1,980,546  

Innogy SE#*

      10,457        460,865  

K+S AG

      13,698        326,690  

LANXESS AG

      7,288        544,064  

Linde AG

      14,154        2,714,229  

MAN SE#

      2,776        311,698  

Merck KGaA

      9,966        1,095,459  

METRO AG†

      12,842        251,025  

Muenchener Rueckversicherungs-Gesellschaft AG

      12,052        2,488,222  

OSRAM Licht AG

      6,347        521,687  

Porsche Automobil Holding SE (Preference Shares)

      11,608        658,204  

ProSiebenSat.1 Media SE

      16,969        569,312  

RWE AG†

      38,250        954,355  

SAP SE#

      74,374        7,800,959  

Schaeffler AG (Preference Shares)

      12,695        178,946  

Siemens AG

      57,873        7,567,139  

Symrise AG#

      9,564        699,188  

Telefonica Deutschland Holding AG

      56,499        305,871  

thyssenkrupp AG#

      28,466        853,825  

TUI AG

      33,401        565,348  

United Internet AG#

      9,298        552,324  

Volkswagen AG#

      2,460        379,899  

Volkswagen AG (Preference Shares)#

      13,963        2,084,451  

Vonovia SE

      35,927        1,518,631  

Zalando SE†#*

      8,395        397,840  
     

 

 

  
     100,497,130  
     

 

 

  

Hong Kong - 2.2%

      

AIA Group, Ltd.

      911,800        7,002,023  

Bank of East Asia, Ltd.

      91,200        418,202  

BOC Hong Kong Holdings, Ltd.

      282,500        1,443,105  

CLP Holdings, Ltd.

      126,000        1,332,987  

Galaxy Entertainment Group, Ltd.

      181,000        1,138,178  

Hang Lung Group, Ltd.

      65,000        245,133  

Hang Lung Properties, Ltd.

      156,000        380,139  

Hang Seng Bank, Ltd.

      59,900        1,381,228  

Henderson Land Development Co., Ltd.

      90,580        563,608  

Hong Kong & China Gas Co., Ltd.

      655,204        1,239,269  

Hong Kong Exchanges & Clearing, Ltd.

      87,700        2,396,419  

Hysan Development Co., Ltd.

      47,000        217,502  

I-CABLE Communications, Ltd.†

      72,344        2,549  

Link REIT

      173,000        1,431,224  

MTR Corp., Ltd.

      111,000        650,283  

New World Development Co., Ltd.

      433,000        593,834  

PCCW, Ltd.

      315,000        175,746  

Power Assets Holdings, Ltd.

      107,000        945,866  

Sino Land Co., Ltd.

      230,000        399,340  

SJM Holdings, Ltd.

      151,000        132,099  

Sun Hung Kai Properties, Ltd.

      108,000        1,803,390  

Swire Pacific, Ltd., Class A

      41,000        417,911  

Swire Properties, Ltd.

      90,400        313,504  

Techtronic Industries Co., Ltd.

      106,500        551,312  

Wharf Holdings, Ltd.

      92,000        878,785  

Wheelock & Co., Ltd.

      61,000        456,457  
     

 

 

  
     26,510,093  
     

 

 

  

Ireland - 0.5%

      

Bank of Ireland Group PLC†

      71,905        599,196  

CRH PLC (ISE)

      60,209        2,105,102  

CRH PLC (FSE)

      3,168        110,907  

DCC PLC

      6,724        612,815  

James Hardie Industries PLC CDI

      33,710        476,886  

Kerry Group PLC, Class A (ISE)

      11,419        1,063,134  

Kerry Group PLC, Class A (LSE)

      601        55,773  

Paddy Power Betfair PLC

      6,023        529,244  
     

 

 

  
     5,553,057  
     

 

 

  

Isle of Man - 0.0%

      

Genting Singapore PLC

      476,800        417,480  
     

 

 

  

Israel - 0.4%

      

Azrieli Group, Ltd.

      2,817        162,480  

Bank Hapoalim B.M.

      82,928        558,296  

Bank Leumi Le-Israel B.M.

      103,992        545,003  

Bezeq The Israeli Telecommunication Corp., Ltd.

      150,021        221,064  

Check Point Software Technologies, Ltd.†#

      9,889        1,106,282  

Elbit Systems, Ltd.

      1,766        243,222  

Frutarom Industries, Ltd.

      2,872        220,517  

Israel Chemicals, Ltd.

      34,812        150,304  

Mizrahi Tefahot Bank, Ltd.

      10,802        192,519  

NICE, Ltd.

      4,592        357,971  

Taro Pharmaceutical Industries, Ltd.†#

      1,142        119,727  

Teva Pharmaceutical Industries, Ltd. ADR

      68,631        1,088,488  
     

 

 

  
     4,965,873  
     

 

 

  

Italy - 1.8%

      

Assicurazioni Generali SpA

      94,779        1,699,280  

Atlantia SpA

      34,163        1,100,508  

Enel SpA

      616,094        3,728,635  

Eni SpA

      193,409        3,033,619  

GEDI Gruppo Editoriale SpA†

      3,727        3,188  

Intesa Sanpaolo SpA

      953,469        3,223,411  

Intesa Sanpaolo SpA RSP

      73,906        233,736  

Leonardo SpA

      31,005        525,384  

Luxottica Group SpA

      13,207        761,196  

Mediobanca SpA

      42,651        438,061  

Poste Italiane SpA*

      39,656        288,292  

Prysmian SpA

      14,843        467,337  

Recordati SpA

      7,856        336,742  

Saipem SpA†#

      46,095        171,280  

Snam SpA

      173,071        842,815  

Telecom Italia SpA†

      857,657        822,732  

Telecom Italia SpA RSP

      479,723        373,197  

Terna Rete Elettrica Nazionale SpA

      107,762        636,320  

UniCredit SpA†

      151,423        3,088,939  

UnipolSai Assicurazioni SpA#

      71,113        161,554  
     

 

 

  
     21,936,226  
     

 

 

  

Japan - 20.8%

      

ABC-Mart, Inc.

      2,500        128,628  

Acom Co., Ltd.†#

      31,400        128,751  

Aeon Co., Ltd.#

      46,500        686,680  

AEON Financial Service Co., Ltd.#

      8,700        184,851  

Aeon Mall Co., Ltd.

      8,800        158,511  

Air Water, Inc.

      12,200        225,619  

Aisin Seiki Co., Ltd.

      13,400        675,606  

Ajinomoto Co., Inc.

      40,600        802,729  

Alfresa Holdings Corp.

      13,700        259,809  

Alps Electric Co., Ltd.

      15,202        419,010  

Amada Holdings Co., Ltd.

      26,400        290,502  

ANA Holdings, Inc.

      92,000        341,797  

Aozora Bank, Ltd.

      89,000        337,309  

Asahi Glass Co., Ltd.

      15,600        611,396  

Asahi Group Holdings, Ltd.

      28,900        1,260,394  

Asahi Kasei Corp.

      97,000        1,164,382  

Asics Corp.

      12,500        189,180  

Astellas Pharma, Inc.

      162,800        2,050,342  

Bandai Namco Holdings, Inc.

      15,100        506,934  

Bank of Kyoto, Ltd.

      26,000        241,126  

Benesse Holdings, Inc.

      5,100        196,546  

Bridgestone Corp.

      49,700        2,136,921  

Brother Industries, Ltd.

      18,300        436,669  

Calbee, Inc.#

      5,600        191,853  

Canon, Inc.

      81,300        2,852,347  

Casio Computer Co., Ltd.#

      16,300        230,919  

Central Japan Railway Co.

      10,800        1,834,398  

Chiba Bank, Ltd.

      57,000        382,777  

Chubu Electric Power Co., Inc.

      50,500        661,371  

Chugai Pharmaceutical Co., Ltd.

      17,400        708,880  

Chugoku Bank, Ltd.

      13,100        177,008  

Chugoku Electric Power Co., Inc.#

      21,100        243,581  

Coca-Cola Bottlers Japan, Inc.

      9,302        319,492  

Concordia Financial Group, Ltd.

      89,500        429,308  

Credit Saison Co., Ltd.

      11,500        209,081  

CYBERDYNE, Inc.†#

      7,621        100,309  

Dai Nippon Printing Co., Ltd.

      39,000        461,459  

Dai-ichi Life Holdings, Inc.

      80,800        1,304,820  

Daicel Corp.

      20,300        259,240  

Daiichi Sankyo Co., Ltd.

      42,900        1,015,547  

Daikin Industries, Ltd.

      18,800        1,883,837  

Daito Trust Construction Co., Ltd.

      5,500        977,795  

Daiwa House Industry Co., Ltd.

      42,700        1,496,926  

Daiwa House REIT Investment Corp.

      104        254,364  

Daiwa Securities Group, Inc.

      128,000        702,174  

DeNA Co., Ltd.

      8,000        171,338  

Denso Corp.

      35,900        1,746,493  

Dentsu, Inc.

      16,200        679,493  

Disco Corp.

      2,200        397,637  

Don Quijote Holdings Co., Ltd.

      9,200        350,073  

East Japan Railway Co.

      24,900        2,291,310  

Eisai Co., Ltd.

      20,100        1,042,373  

Electric Power Development Co., Ltd.#

      10,900        299,226  

FamilyMart UNY Holdings Co., Ltd.#

      6,100        331,195  

FANUC Corp.

      14,700        2,859,758  

Fast Retailing Co., Ltd.

      4,100        1,176,115  

Fuji Electric Co., Ltd.

      43,000        237,680  

FUJIFILM Holdings Corp.

      31,200        1,229,652  

Fujitsu, Ltd.

      149,000        1,112,701  

Fukuoka Financial Group, Inc.

      59,000        259,929  

Hachijuni Bank, Ltd.

      31,500        192,491  

Hakuhodo DY Holdings, Inc.

      18,200        248,313  

Hamamatsu Photonics KK

      10,700        332,217  

Hankyu Hanshin Holdings, Inc.

      17,700        676,596  

Hikari Tsushin, Inc.

      1,500        186,424  

Hino Motors, Ltd.

      19,600        225,738  

Hirose Electric Co., Ltd.

      2,400        332,869  

Hiroshima Bank, Ltd.

      38,000        153,218  

Hisamitsu Pharmaceutical Co., Inc.#

      4,300        208,566  

Hitachi Chemical Co., Ltd.

      8,100        219,861  

Hitachi Construction Machinery Co., Ltd.

      8,400        237,733  

Hitachi High-Technologies Corp.

      4,700        168,326  

Hitachi Metals, Ltd.

      17,300        231,736  

Hitachi, Ltd.

      366,000        2,525,124  

Honda Motor Co., Ltd.

      130,300        3,659,323  

Hoshizaki Corp.

      4,100        357,422  

Hoya Corp.

      29,200        1,682,108  

Hulic Co., Ltd.

      22,800        226,159  

Idemitsu Kosan Co., Ltd.

      6,700        164,353  

IHI Corp.†

      118,000        391,632  

Iida Group Holdings Co., Ltd.

      11,200        190,748  

Inpex Corp.

      73,700        707,410  

Isetan Mitsukoshi Holdings, Ltd.

      26,000        268,015  

Isuzu Motors, Ltd.

      41,800        548,876  

ITOCHU Corp.

      113,300        1,854,537  

J. Front Retailing Co., Ltd.

      18,600        260,519  

Japan Airlines Co., Ltd.

      9,400        323,389  

Japan Airport Terminal Co., Ltd.

      3,200        116,434  

Japan Exchange Group, Inc.

      40,400        690,093  

Japan Post Bank Co., Ltd.

      31,500        401,786  

Japan Post Holdings Co., Ltd.

      34,900        434,633  

Japan Prime Realty Investment Corp.

      60        215,729  

Japan Real Estate Investment Corp.

      99        513,263  

Japan Retail Fund Investment Corp.

      192        353,468  

Japan Tobacco, Inc.

      83,400        2,859,993  

JFE Holdings, Inc.

      38,400        760,347  

JGC Corp.#

      15,300        246,018  

JSR Corp.

      13,900        271,213  

JTEKT Corp.

      15,800        212,072  

JXTG Holdings, Inc.

      231,300        1,124,972  

Kajima Corp.

      67,000        615,835  

Kakaku.com, Inc.#

      11,500        143,395  

Kamigumi Co., Ltd.

      16,000        177,687  

Kaneka Corp.

      21,000        163,846  

Kansai Electric Power Co., Inc.

      54,900        770,021  

Kansai Paint Co., Ltd.

      15,400        391,312  

Kao Corp.

      37,400        2,337,034  

Kawasaki Heavy Industries, Ltd.

      111,000        341,960  

KDDI Corp.

      137,900        3,726,208  

Keihan Holdings Co., Ltd.

      38,000        229,433  

Keikyu Corp.

      35,000        372,461  

Keio Corp.

      44,000        366,710  

Keisei Electric Railway Co., Ltd.#

      10,100        275,554  

Keyence Corp.

      7,400        3,862,077  

Kikkoman Corp.

      10,500        329,405  

Kintetsu Group Holdings Co., Ltd.

      142,000        536,577  

Kirin Holdings Co., Ltd.

      65,700        1,494,779  

Kobe Steel, Ltd.#†

      23,800        287,603  

Koito Manufacturing Co., Ltd.

      8,600        539,173  

Komatsu, Ltd.

      70,000        1,899,192  

Konami Holdings Corp.

      7,700        402,053  

Konica Minolta, Inc.#

      37,800        302,565  

Kose Corp.

      2,279        286,503  

Kubota Corp.

      79,400        1,382,282  

Kuraray Co., Ltd.

      26,900        511,849  

Kurita Water Industries, Ltd.

      7,800        225,024  

Kyocera Corp.

      24,400        1,468,582  

Kyowa Hakko Kirin Co., Ltd.

      19,300        339,598  

Kyushu Electric Power Co., Inc.#

      33,600        395,317  

Kyushu Financial Group, Inc.

      26,500        161,867  

Kyushu Railway Co.

      12,200        382,136  

Lawson, Inc.#

      3,700        248,914  

LINE Corp.†#

      3,400        120,031  

Lion Corp.

      16,800        334,662  

LIXIL Group Corp.

      20,700        543,916  

M3, Inc.

      15,200        396,999  

Mabuchi Motor Co., Ltd.

      3,600        170,416  

Makita Corp.

      16,800        675,857  

Marubeni Corp.

      127,200        829,358  

Marui Group Co., Ltd.

      15,700        220,236  

Maruichi Steel Tube, Ltd.

      3,500        103,863  

Mazda Motor Corp.

      42,400        625,581  

McDonald’s Holdings Co. Japan, Ltd.

      8,000        355,743  

Mebuki Financial Group, Inc.

      71,200        253,095  

Medipal Holdings Corp.

      12,800        226,112  

MEIJI Holdings Co., Ltd.

      9,200        734,257  

MinebeaMitsumi, Inc.#

      28,500        470,089  

Miraca Holdings, Inc.

      4,300        195,718  

MISUMI Group, Inc.

      20,800        535,961  

Mitsubishi Chemical Holdings Corp.

      108,200        1,009,598  

Mitsubishi Corp.

      114,200        2,646,050  

Mitsubishi Electric Corp.

      146,500        2,174,257  

Mitsubishi Estate Co., Ltd.

      94,700        1,634,238  

Mitsubishi Gas Chemical Co., Inc.

      14,200        353,351  

Mitsubishi Heavy Industries, Ltd.#

      236,000        905,225  

Mitsubishi Materials Corp.

      8,500        305,489  

Mitsubishi Motors Corp.#

      50,800        376,507  

Mitsubishi Tanabe Pharma Corp.

      17,400        428,596  

Mitsubishi UFJ Financial Group, Inc.

      912,100        5,558,854  

Mitsubishi UFJ Lease & Finance Co., Ltd.

      38,900        197,325  

Mitsui & Co., Ltd.

      129,500        1,943,744  

Mitsui Chemicals, Inc.

      71,000        425,973  

Mitsui Fudosan Co., Ltd.

      68,400        1,483,076  

Mitsui OSK Lines, Ltd.#

      84,000        270,352  

Mixi, Inc.

      3,500        187,369  

Mizuho Financial Group, Inc.

      1,822,900        3,142,567  

MS&AD Insurance Group Holdings, Inc.

      36,000        1,191,453  

Murata Manufacturing Co., Ltd.

      14,400        2,212,042  

Nabtesco Corp.

      8,900        312,065  

Nagoya Railroad Co., Ltd.

      63,000        282,263  

NEC Corp.

      202,000        535,923  

Nexon Co., Ltd.†

      14,800        370,614  

NGK Insulators, Ltd.

      20,300        380,041  

NGK Spark Plug Co., Ltd.

      14,200        271,523  

NH Foods, Ltd.

      12,000        353,276  

Nidec Corp.

      18,000        2,044,825  

Nikon Corp.

      26,500        437,703  

Nintendo Co., Ltd.

      8,500        2,857,185  

Nippon Building Fund, Inc.

      106        564,388  

Nippon Electric Glass Co., Ltd.

      5,900        224,956  

Nippon Express Co., Ltd.

      65,000        449,563  

Nippon Paint Holdings Co., Ltd.

      12,200        417,259  

Nippon Prologis REIT, Inc.

      117        254,217  

Nippon Steel & Sumitomo Metal Corp.

      57,700        1,380,890  

Nippon Telegraph & Telephone Corp.

      52,400        2,610,172  

Nippon Yusen KK†#

      124,000        246,190  

Nissan Chemical Industries, Ltd.

      9,200        308,847  

Nissan Motor Co., Ltd.

      176,800        1,761,161  

Nisshin Seifun Group, Inc.

      16,400        285,709  

Nissin Foods Holdings Co., Ltd.

      4,500        277,748  

Nitori Holdings Co., Ltd.

      6,000        928,089  

Nitto Denko Corp.

      12,200        1,078,827  

NOK Corp.

      7,300        165,119  

Nomura Holdings, Inc.

      272,500        1,522,777  

Nomura Real Estate Holdings, Inc.

      9,600        199,094  

Nomura Real Estate Master Fund, Inc.

      272        359,430  

Nomura Research Institute, Ltd.

      10,200        397,852  

NSK, Ltd.

      29,300        349,127  

NTT Data Corp.

      47,400        513,001  

NTT DOCOMO, Inc.

      104,100        2,420,867  

Obayashi Corp.

      49,800        588,449  

OBIC Co., Ltd.

      4,900        307,554  

Odakyu Electric Railway Co., Ltd.

      22,299        432,579  

Oji Holdings Corp.

      61,000        320,804  

Olympus Corp.

      22,000        766,761  

Omron Corp.

      14,500        729,396  

Ono Pharmaceutical Co., Ltd.#

      31,500        642,897  

Oracle Corp. Japan

      2,800        207,431  

Oriental Land Co., Ltd.

      16,400        1,233,368  

ORIX Corp.

      99,500        1,597,881  

Osaka Gas Co., Ltd.

      145,000        568,287  

Otsuka Corp.

      3,600        238,712  

Otsuka Holdings Co., Ltd.

      29,600        1,194,475  

Panasonic Corp.

      166,330        2,222,878  

Park24 Co., Ltd.#

      7,700        185,395  

Pola Orbis Holdings, Inc.

      6,732        216,645  

Rakuten, Inc.

      71,800        855,949  

Recruit Holdings Co., Ltd.

      82,583        1,647,783  

Resona Holdings, Inc.

      166,000        830,487  

Ricoh Co., Ltd.

      50,900        510,976  

Rinnai Corp.

      2,700        234,788  

Rohm Co., Ltd.

      7,200        565,827  

Ryohin Keikaku Co., Ltd.

      1,714        476,110  

Sankyo Co., Ltd.

      3,600        117,796  

Santen Pharmaceutical Co., Ltd.

      28,400        441,533  

SBI Holdings, Inc.

      15,400        214,578  

Secom Co., Ltd.

      15,800        1,174,590  

Sega Sammy Holdings, Inc.

      14,000        201,474  

Seibu Holdings, Inc.

      12,900        222,270  

Seiko Epson Corp.

      21,300        547,683  

Sekisui Chemical Co., Ltd.

      32,500        607,254  

Sekisui House, Ltd.

      46,100        799,644  

Seven & i Holdings Co., Ltd.

      56,500        2,246,202  

Seven Bank, Ltd.

      46,300        175,931  

Sharp Corp.†#

      113,000        339,500  

Shimadzu Corp.

      19,100        353,099  

Shimamura Co., Ltd.

      1,500        183,094  

Shimano, Inc.

      5,600        757,894  

Shimizu Corp.

      40,000        414,040  

Shin-Etsu Chemical Co., Ltd.

      29,400        2,605,432  

Shinsei Bank, Ltd.

      126,000        202,168  

Shionogi & Co., Ltd.

      22,900        1,208,835  

Shiseido Co., Ltd.

      28,000        1,166,260  

Shizuoka Bank, Ltd.

      40,000        350,485  

Showa Shell Sekiyu KK

      14,500        159,277  

SMC Corp.

      4,300        1,478,850  

SoftBank Group Corp.

      62,500        5,086,163  

Sohgo Security Services Co., Ltd.

      5,400        236,430  

Sompo Holdings, Inc.

      26,200        988,230  

Sony Corp.

      95,700        3,785,743  

Sony Financial Holdings, Inc.

      13,600        215,999  

Stanley Electric Co., Ltd.

      10,900        362,769  

Start Today Co., Ltd.

      14,593        455,048  

Subaru Corp.

      46,200        1,623,637  

Sumitomo Chemical Co., Ltd.

      116,000        696,668  

Sumitomo Corp.

      88,500        1,255,515  

Sumitomo Dainippon Pharma Co., Ltd.#

      12,200        167,566  

Sumitomo Electric Industries, Ltd.

      57,200        900,055  

Sumitomo Heavy Industries, Ltd.

      42,000        314,239  

Sumitomo Metal Mining Co., Ltd.

      36,000        621,677  

Sumitomo Mitsui Financial Group, Inc.

      101,700        3,789,369  

Sumitomo Mitsui Trust Holdings, Inc.

      24,900        863,829  

Sumitomo Realty & Development Co., Ltd.

      27,000        819,008  

Sumitomo Rubber Industries, Ltd.

      13,500        224,392  

Sundrug Co., Ltd.

      5,580        232,337  

Suntory Beverage & Food, Ltd.

      10,800        499,605  

Suruga Bank, Ltd.

      13,200        282,942  

Suzuken Co., Ltd.

      5,900        215,227  

Suzuki Motor Corp.

      25,800        1,299,806  

Sysmex Corp.

      11,800        729,359  

T&D Holdings, Inc.

      41,300        568,429  

Taiheiyo Cement Corp.

      91,000        351,819  

Taisei Corp.

      79,000        793,823  

Taisho Pharmaceutical Holdings Co., Ltd.

      2,400        187,604  

Taiyo Nippon Sanso Corp.

      10,100        118,170  

Takashimaya Co., Ltd.#

      23,000        211,437  

Takeda Pharmaceutical Co., Ltd.

      53,800        2,982,388  

TDK Corp.

      9,900        665,381  

Teijin, Ltd.#

      14,400        292,766  

Terumo Corp.

      24,400        944,314  

THK Co., Ltd.

      8,700        292,486  

Tobu Railway Co., Ltd.

      74,000        410,394  

Toho Co., Ltd.

      8,600        320,366  

Toho Gas Co., Ltd.

      31,000        204,793  

Tohoku Electric Power Co., Inc.

      35,700        488,974  

Tokio Marine Holdings, Inc.

      52,000        2,081,228  

Tokyo Electric Power Co. Holdings, Inc.†

      113,600        460,577  

Tokyo Electron, Ltd.

      11,800        1,677,611  

Tokyo Gas Co., Ltd.

      154,000        818,145  

Tokyo Tatemono Co., Ltd.

      15,700        193,995  

Tokyu Corp.

      40,000        582,992  

Tokyu Fudosan Holdings Corp.

      37,500        224,156  

Toppan Printing Co., Ltd.

      39,000        391,133  

Toray Industries, Inc.

      112,600        1,073,845  

Toshiba Corp.†

      313,000        871,782  

Tosoh Corp.

      44,000        517,466  

TOTO, Ltd.

      10,600        404,766  

Toyo Seikan Group Holdings, Ltd.

      12,500        206,594  

Toyo Suisan Kaisha, Ltd.

      6,100        225,786  

Toyoda Gosei Co., Ltd.

      4,900        114,517  

Toyota Industries Corp.

      12,600        673,447  

Toyota Motor Corp.

      197,600        11,156,070  

Toyota Tsusho Corp.

      16,400        506,252  

Trend Micro, Inc.

      9,300        431,577  

Tsuruha Holdings, Inc.

      2,704        322,225  

Unicharm Corp.

      30,500        718,985  

United Urban Investment Corp.

      227        342,978  

USS Co., Ltd.

      17,399        343,226  

West Japan Railway Co.

      12,800        931,755  

Yahoo Japan Corp.

      112,100        514,602  

Yakult Honsha Co., Ltd.

      6,600        458,648  

Yamada Denki Co., Ltd.#

      52,000        281,780  

Yamaguchi Financial Group, Inc.

      14,000        158,736  

Yamaha Corp.

      12,900        450,407  

Yamaha Motor Co., Ltd.

      20,500        581,000  

Yamato Holdings Co., Ltd.#

      27,300        584,369  

Yamazaki Baking Co., Ltd.

      9,200        174,807  

Yaskawa Electric Corp.

      19,400        589,079  

Yokogawa Electric Corp.

      16,400        256,376  

Yokohama Rubber Co., Ltd.

      7,600        141,000  
     

 

 

  
     248,359,478  
     

 

 

  

Jersey - 1.1%

      

Experian PLC

      72,913        1,464,463  

Ferguson PLC

      19,348        1,151,050  

Glencore PLC

      920,295        4,281,907  

Petrofac, Ltd.

      20,068        108,634  

Randgold Resources, Ltd.

      6,853        702,344  

Shire PLC

      68,073        3,388,894  

WPP PLC

      96,143        1,764,439  
     

 

 

  
        12,861,731  
     

 

 

  

Luxembourg - 0.3%

      

ArcelorMittal†

      50,296        1,346,745  

Eurofins Scientific SE

      831        475,162  

Millicom International Cellular SA SDR

      5,166        322,410  

RTL Group SA

      3,054        231,873  

SES SA FDR

      27,346        625,826  

Tenaris SA#

      37,048        493,422  
     

 

 

  
        3,495,438  
     

 

 

  

Mauritius - 0.0%

      

Golden Agri-Resources, Ltd.

      552,600        160,884  
     

 

 

  

Netherlands - 4.0%

      

ABN AMRO Group NV CVA*

      21,203        595,016  

Aegon NV

      132,616        758,029  

AerCap Holdings NV†

      11,549        580,915  

Airbus SE

      43,522        3,660,760  

Akzo Nobel NV

      19,087        1,744,740  

Altice NV, Class A†

      28,325        653,846  

Altice NV, Class B†

      6,750        156,264  

ASML Holding NV

     28,247        4,400,751  

Boskalis Westminster NV

      6,799        222,338  

CNH Industrial NV

      77,351        879,874  

EXOR NV

      7,879        506,806  

Ferrari NV

      9,311        1,067,340  

Fiat Chrysler Automobiles NV†

      81,073        1,224,272  

Gemalto NV

      6,229        336,808  

Heineken Holding NV

      7,917        782,093  

Heineken NV

      17,440        1,831,003  

ING Groep NV

      293,802        5,219,683  

Koninklijke Ahold Delhaize NV

      97,772        1,759,769  

Koninklijke DSM NV

      13,645        1,036,214  

Koninklijke KPN NV

      258,807        915,707  

Koninklijke Philips NV

      70,625        2,677,773  

Koninklijke Vopak NV#

      5,523        234,044  

Mobileye NV†#

      15,106        946,693  

NN Group NV

      22,722        902,287  

NXP Semiconductors NV†

      26,228        2,962,715  

QIAGEN NV#

      16,156        518,464  

Randstad Holding NV

      8,996        526,285  

RELX NV

      73,178        1,538,506  

STMicroelectronics NV

      48,016        835,187  

Unilever NV CVA

      123,376        7,349,939  

Wolters Kluwer NV

      22,939        1,002,563  
     

 

 

  
        47,826,684  
     

 

 

  

New Zealand - 0.2%

      

Auckland International Airport, Ltd.

      76,553        373,309  

Contact Energy, Ltd.

      54,822        219,664  

Fletcher Building, Ltd.

      54,810        321,339  

Mercury NZ, Ltd.#

      51,946        128,338  

Meridian Energy, Ltd.

      96,114        203,584  

Ryman Healthcare, Ltd.

      29,686        194,023  

Spark New Zealand, Ltd.

      143,875        404,560  
     

 

 

  
        1,844,817  
     

 

 

  

Norway - 0.6%

      

DNB ASA

      74,011        1,445,965  

Gjensidige Forsikring ASA

      15,922        278,691  

Marine Harvest ASA

      29,083        577,741  

Norsk Hydro ASA

      105,733        763,115  

Orkla ASA

      61,868        635,333  

Schibsted ASA, Class A#

      5,732        139,299  

Schibsted ASA, Class B

      6,870        157,630  

Statoil ASA

      85,946        1,627,503  

Telenor ASA

      58,193        1,178,703  

Yara International ASA

      14,101        576,835  
     

 

 

  
        7,380,815  
     

 

 

  

Papua New Guinea - 0.1%

      

Oil Search, Ltd.

      104,084        556,332  
     

 

 

  

Portugal - 0.2%

      

Banco Espirito Santo SA†(1)(2)

      213,818        0  

EDP - Energias de Portugal SA

      181,620        697,418  

Galp Energia SGPS SA

      37,646        623,755  

Jeronimo Martins SGPS SA

      19,610        391,370  
     

 

 

  
        1,712,543  
     

 

 

  

Singapore - 1.1%

      

Ascendas Real Estate Investment Trust

      184,800        362,992  

CapitaLand Commercial Trust

      156,800        201,346  

CapitaLand Mall Trust

      189,500        303,439  

CapitaLand, Ltd.

      200,000        558,511  

City Developments, Ltd.

      31,500        272,519  

ComfortDelGro Corp., Ltd.

      158,900        268,918  

DBS Group Holdings, Ltd.

      134,300        2,046,079  

Global Logistic Properties, Ltd.

      200,900        480,005  

Hutchison Port Holdings Trust

      445,300        203,020  

Jardine Cycle & Carriage, Ltd.#

      8,100        238,630  

Keppel Corp., Ltd.

      111,900        521,461  

Oversea-Chinese Banking Corp., Ltd.

      236,400        1,950,481  

SATS, Ltd.

      49,400        176,144  

Sembcorp Industries, Ltd.#

      75,800        166,764  

Singapore Airlines, Ltd.

      42,700        324,911  

Singapore Exchange, Ltd.

      61,100        338,180  

Singapore Press Holdings, Ltd.#

      125,300        255,248  

Singapore Technologies Engineering, Ltd.

      121,100        326,567  

Singapore Telecommunications, Ltd.

      615,300        1,680,331  

StarHub, Ltd.#

      46,300        89,211  

Suntec Real Estate Investment Trust

      175,800        246,070  

United Overseas Bank, Ltd.

      97,900        1,738,162  

UOL Group, Ltd.

      34,700        209,594  

Wilmar International, Ltd.

      123,200        302,392  

Yangzijiang Shipbuilding Holdings, Ltd.

      148,400        163,956  
     

 

 

  
        13,424,931  
     

 

 

  

Spain - 3.1%

      

Abertis Infraestructuras SA

      52,314        1,059,352  

ACS Actividades de Construccion y Servicios SA

      17,741        671,090  

Aena SA*

      5,237        1,023,683  

Amadeus IT Group SA

      33,568        2,082,561  

Banco Bilbao Vizcaya Argentaria SA

      502,483        4,445,956  

Banco de Sabadell SA

      404,715        890,789  

Banco Santander SA

      1,102,941        7,178,243  

Bankia SA#

      76,331        371,909  

Bankinter SA

      52,655        502,273  

CaixaBank SA

      270,212        1,397,254  

Distribuidora Internacional de Alimentacion SA#

      48,568        307,444  

Enagas SA

      17,095        503,934  

Endesa SA

      24,385        588,702  

Ferrovial SA

      36,823        839,841  

Gas Natural SDG SA

      27,364        665,637  

Grifols SA

      23,462        663,770  

Iberdrola SA

      440,645        3,600,146  

Industria de Diseno Textil SA

      82,696        3,142,702  

International Consolidated Airlines Group SA

      48,158        382,027  

Mapfre SA

      72,683        257,486  

Red Electrica Corp. SA

      33,896        761,442  

Repsol SA

      93,649        1,609,256  

Siemens Gamesa Renewable Energy SA

      17,999        268,885  

Telefonica SA

      340,037        3,669,369  
     

 

 

  
        36,883,751  
     

 

 

  

SupraNational - 0.1%

      

HK Electric Investments & HK Electric Investments, Ltd.#*

      190,269        175,016  

HKT Trust & HKT, Ltd.

      280,000        362,159  
     

 

 

  
        537,175  
     

 

 

  

Sweden - 2.6%

      

Alfa Laval AB

      22,081        500,608  

ASSA ABLOY AB, Class B

      76,045        1,645,070  

Atlas Copco AB, Class A

      50,788        1,992,479  

Atlas Copco AB, Class B

      30,538        1,090,988  

Boliden AB

      21,401        750,067  

Electrolux AB, Series B

      18,972        690,364  

Essity AB, Class B†

      46,356        1,287,855  

Getinge AB, Class B

      15,708        292,440  

Hennes & Mauritz AB, Class B

      72,920        1,846,476  

Hexagon AB, Class B

      20,045        984,327  

Husqvarna AB, Class B

      31,986        322,831  

ICA Gruppen AB

      6,025        240,261  

Industrivarden AB, Class C

      12,560        297,685  

Investor AB, Class B

      34,810        1,628,939  

Kinnevik AB, Class B

      18,445        555,320  

L E Lundbergforetagen AB

      2,707        209,777  

Lundin Petroleum AB†

      14,084        302,277  

Nordea Bank AB

      230,543        3,103,680  

Sandvik AB

      85,167        1,408,546  

Securitas AB, Class B

      24,613        404,940  

Skandinaviska Enskilda Banken AB, Class A

      114,916        1,496,363  

Skanska AB, Class B

      25,680        580,354  

SKF AB, Class B

      28,663        573,286  

Svenska Handelsbanken AB, Class A

      113,241        1,692,782  

Swedbank AB, Class A

      69,240        1,872,882  

Swedish Match AB

      14,923        532,241  

Tele2 AB, Class B

      25,072        291,973  

Telefonaktiebolaget LM Ericsson, Class B

      233,068        1,369,972  

Telia Co AB

      201,285        960,315  

Volvo AB, Class B

      118,792        2,032,619  
     

 

 

  
     30,957,717  
     

 

 

  

Switzerland - 7.5%

      

ABB, Ltd.

      150,534        3,487,879  

Adecco Group AG

      12,712        921,894  

Baloise Holding AG

      3,722        593,135  

Barry Callebaut AG

      173        249,063  

Chocoladefabriken Lindt & Spruengli AG†

      10        695,823  

Chocoladefabriken Lindt & Spruengli AG (Participation Certificate)#

      76        436,021  

Cie Financiere Richemont SA

      39,225        3,509,934  

Coca-Cola HBC AG

      13,704        468,898  

Credit Suisse Group AG

      177,567        2,612,986  

Dufry AG†#

      2,648        408,317  

EMS-Chemie Holding AG

      648        443,248  

Geberit AG

      2,786        1,273,361  

Givaudan SA

      715        1,461,788  

Julius Baer Group, Ltd.

      16,946        948,234  

Kuehne & Nagel International AG

      4,275        774,571  

LafargeHolcim, Ltd.

      34,465        2,026,268  

Lonza Group AG

      5,577        1,413,429  

Nestle SA

      235,329        19,971,003  

Novartis AG

      168,916        14,246,374  

Pargesa Holding SA

      2,419        196,143  

Partners Group Holding AG

      2,475        1,606,414  

Roche Holding AG

      53,174        13,553,075  

Schindler Holding AG

     1,681        353,501  

Schindler Holding AG (Participation Certificate)

      3,018        646,723  

SGS SA

      416        929,995  

Sika AG

      162        1,149,079  

Sonova Holding AG

      4,028        681,108  

Straumann Holding AG

      718        460,753  

Swatch Group AG (TRQX)

      3,906        303,091  

Swatch Group AG (XEGT)#

      2,329        930,746  

Swiss Life Holding AG

      2,514        900,494  

Swiss Prime Site AG

      5,132        464,526  

Swiss Re AG

      24,428        2,213,707  

Swisscom AG

      1,984        1,000,903  

UBS Group AG

      277,471        4,576,936  

Vifor Pharma AG#

      3,698        373,950  

Zurich Insurance Group AG

      11,427        3,421,060  
     

 

 

  
     89,704,430  
     

 

 

  

United Kingdom - 14.4%

      

3i Group PLC

      73,220        918,346  

Admiral Group PLC

      15,932        397,987  

Anglo American PLC

      100,897        1,828,383  

Antofagasta PLC

      30,848        413,308  

Ashtead Group PLC

      39,252        843,356  

Associated British Foods PLC

      27,212        1,169,330  

AstraZeneca PLC

      95,764        5,628,570  

Auto Trader Group PLC*

      75,946        347,388  

Aviva PLC

      305,158        2,063,249  

Babcock International Group PLC

      19,437        204,123  

BAE Systems PLC

      240,979        1,892,085  

Barclays PLC

      1,276,193        3,155,782  

Barratt Developments PLC

      76,843        621,098  

Berkeley Group Holdings PLC

      9,827        475,306  

BHP Billiton PLC

      161,488        3,080,258  

BP PLC

      1,480,950        8,552,958  

British American Tobacco PLC

      141,035        8,794,457  

British Land Co. PLC

      75,164        594,096  

BT Group PLC

      635,477        2,404,082  

Bunzl PLC

      26,405        789,043  

Burberry Group PLC

      34,825        810,223  

Capita PLC

      52,039        436,254  

Carnival PLC

      14,681        1,021,217  

Centrica PLC

      410,852        1,062,078  

Cobham PLC

      181,025        321,505  

Coca-Cola European Partners PLC

      16,304        698,231  

Compass Group PLC

      120,203        2,566,336  

ConvaTec Group PLC*

      88,442        328,447  

Croda International PLC

      9,896        491,412  

Diageo PLC

      190,517        6,382,295  

Direct Line Insurance Group PLC

      107,218        526,718  

Dixons Carphone PLC

      76,875        172,547  

easyJet PLC

      12,738        197,201  

Fresnillo PLC#

      17,032        356,077  

G4S PLC

      119,909        439,861  

GKN PLC

      130,820        539,803  

GlaxoSmithKline PLC

      371,144        7,362,257  

Hammerson PLC

      60,807        440,920  

Hargreaves Lansdown PLC

      18,799        340,507  

Hikma Pharmaceuticals PLC#

      10,925        176,995  

HSBC Holdings PLC

      1,502,882        14,605,424  

IMI PLC

      21,417        313,995  

Imperial Brands PLC

      72,161        2,984,342  

Inmarsat PLC#

      33,819        320,249  

InterContinental Hotels Group PLC

      13,465        674,202  

Intertek Group PLC

      12,808        846,885  

Intu Properties PLC#

      70,473        226,793  

Investec PLC

      49,515        378,029  

ITV PLC

      275,592        565,429  

J Sainsbury PLC

      122,140        371,933  

Johnson Matthey PLC

      14,723        525,896  

Kingfisher PLC

      167,532        648,025  

Land Securities Group PLC

      61,572        803,802  

Legal & General Group PLC

      451,700        1,519,254  

Lloyds Banking Group PLC

      5,406,336        4,446,977  

London Stock Exchange Group PLC

      24,188        1,234,916  

Marks & Spencer Group PLC#

      126,642        523,875  

Mediclinic International PLC#

      28,052        277,472  

Meggitt PLC

      62,192        417,137  

Merlin Entertainments PLC*

      50,154        299,279  

Mondi PLC

      28,391        776,069  

National Grid PLC

      261,039        3,288,086  

Next PLC#

      10,937        584,315  

Old Mutual PLC

      381,219        1,022,596  

Pearson PLC#

      64,387        504,932  

Persimmon PLC

      23,814        819,198  

Provident Financial PLC#

      11,182        127,858  

Prudential PLC

      195,192        4,585,390  

Reckitt Benckiser Group PLC

      50,226        4,764,563  

RELX PLC

      81,348        1,779,606  

Rio Tinto PLC

      93,999        4,549,783  

Rolls-Royce Holdings PLC

      125,348        1,480,357  

Rolls-Royce Holdings PLC, Class C (Entitlement Shares)†

      25,539,209        33,025  

Royal Bank of Scotland Group PLC†

      266,578        868,967  

Royal Dutch Shell PLC, Class A

      335,103        9,223,264  

Royal Dutch Shell PLC, Class B

      283,281        7,917,113  

Royal Mail PLC

      69,311        353,408  

RSA Insurance Group PLC

      79,223        682,958  

Sage Group PLC

      83,568        749,093  

Schroders PLC

      9,893        430,677  

Segro PLC

      74,780        520,547  

Severn Trent PLC

      18,607        545,601  

Sky PLC

      80,340        993,796  

Smith & Nephew PLC

      68,389        1,236,229  

Smiths Group PLC

      31,234        624,443  

SSE PLC

      76,499        1,409,189  

St James’s Place PLC

      40,251        600,636  

Standard Chartered PLC†

      250,738        2,494,679  

Standard Life PLC

      204,161        1,134,972  

Tate & Lyle PLC

      36,663        323,911  

Taylor Wimpey PLC

      252,186        654,154  

Tesco PLC†

      617,770        1,446,075  

Travis Perkins PLC#

      19,734        383,943  

Unilever PLC

      96,418        5,637,475  

United Utilities Group PLC

      52,742        620,350  

Vodafone Group PLC

      2,015,108        5,764,128  

Weir Group PLC

      16,907        392,154  

Whitbread PLC

      13,878        674,099  

WM Morrison Supermarkets PLC

      164,517        523,561  

Worldpay Group PLC*

      151,597        817,962  
     

 

 

  
     172,167,165  
     

 

 

  

Total Common Stocks

 

   

(cost $981,613,348)

         1,066,954,693  
     

 

 

  

EXCHANGE-TRADED FUNDS - 2.2%

      

United States - 2.2%

      

iShares MSCI EAFE ETF

      

(cost $26,299,932)

      397,400        26,586,060  
     

 

 

  

RIGHTS - 0.0%

 

  

Sweden - 0.0%

     

Getinge AB†
Expires 09/14/2017
(cost $0)

      15,708       5,812  
    

 

 

  

Total Long-Term Investment Securities

     

(cost $1,007,913,280)

        1,093,546,565  
    

 

 

  

SHORT-TERM INVESTMENT SECURITIES - 5.4%

     

Registered Investment Companies - 2.6%

     

State Street Navigator Securities Lending Government Money Market Portfolio
1.01%(3)(4)

      30,614,445       30,614,445  
    

 

 

  

U.S. Government Treasuries - 2.8%

     

United States Treasury Bills

     

0.97% due 09/07/2017(5)

    $ 4,000,000       3,999,406  

0.97% due 09/21/2017

      30,000,000       29,985,067  
    

 

 

  
       33,984,473  
    

 

 

  

Total Short-Term Investment Securities

     

(cost $64,597,714)

        64,598,918  
    

 

 

  

REPURCHASE AGREEMENTS - 4.8%

     

Agreement with Fixed Income Clearing Corp., bearing interest at 0.12%, dated 08/31/2017, to be repurchased 09/01/2017 in the amount $56,861,190 collateralized by $58,160,000 of U.S. Treasury Inflation Index Bonds, bearing interest at 0.75% due 02/15/2045 and having an approximate value of $58,000,176

      56,861,000       56,861,000  
    

 

 

  

(cost $56,861,000)

     

TOTAL INVESTMENTS —

     

(cost $1,129,371,994)

      101.8 %      1,215,006,483  

Liabilities in excess of other assets

      (1.8 )      (21,448,676 ) 
  

 

 

    

 

 

  

NET ASSETS —

      100.0 %    $ 1,193,557,807  
  

 

 

    

 

 

  

 

# 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 August 31, 2017, the aggregate value of these securities was $6,604,961 representing 0.6% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid.
(1) Security classified as Level 3 (see Note 1).
(2) Illiquid security. At August 31, 2017, the aggregate value of these securities was $13,874 representing 0.0% of net assets.
(3) At August 31, 2017, the Fund had loaned securities with a total value of $44,266,846. This was secured by collateral of $30,614,445, which was received in cash and subsequently invested in short-term investments currently valued at $30,614,445 as reported in the Portfolio of Investments. Additional collateral of $15,764,166 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
August 31, 2017		  

Federal Home Loan Mtg. Corp.

      2.50% to 4.00%        11/15/2028 to 01/01/2047      $ 3,034,157  

Federal National Mtg. Assoc.

      2.50% to 4.40%        10/25/2029 to 11/01/2046        3,599,815  

Government National Mtg. Assoc.

      2.50% to 3.50%        06/20/2045 to 11/20/2046        2,073,216  

United States Treasury Bills

      0.00%        09/14/2017 to 01/04/2018        86,554  

United States Treasury Notes/Bonds

      0.13% to 8.00%        10/31/2017 to 11/15/2046        6,970,424  

 

(4) The rate shown is the 7-day yield as of August 31, 2017.
(5) The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts.
ADR - American Depositary Receipt
CDI - Chess Depositary Interest
CVA - Certification Van Aandelen (Dutch Cert.)
FDR - Fiduciary Depositary Receipt
FSE - Frankfurt Stock Exchange
ISE - Irish Stock Exchange
LSE - London Stock Exchange
RSP - Risparmio Shares-Savings Shares on the Italian Stock Exchange
SDR - Swedish Depositary Receipt
TRQX - Turquoise Stock Exchange
XEGT - Equiduct Stock Exchange

Futures Contracts

 

 

Number
of
Contracts

   

Type

   

                Description                 

    Expiration Month      Notional
Basis*		      Notional
Value*		      Unrealized
Appreciation
(Depreciation)		  

1,033

    Long    mini MSCI EAFE Index      September 2017      $ 97,344,124      $ 99,932,420      $ 2,588,296  
                 

 

 

  

 

* Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract.

Industry Allocation*

Medical-Drugs

      7.0 % 

Banks-Commercial

      6.5  

Diversified Banking Institutions

      5.6  

Repurchase Agreements

      4.8  

Oil Companies-Integrated

      3.7  

Auto-Cars/Light Trucks

      3.0  

U.S. Government Treasuries

      2.8  

Registered Investment Companies

      2.6  

Food-Misc./Diversified

      2.6  

Telephone-Integrated

      2.4  

Exchange-Traded Funds

      2.2  

Insurance-Life/Health

      2.1  

Cosmetics & Toiletries

      2.0  

Electric-Integrated

      2.0  

Insurance-Multi-line

      1.9  

Chemicals-Diversified

      1.8  

Real Estate Investment Trusts

      1.3  

Tobacco

      1.3  

Brewery

      1.2  

Metal-Diversified

      1.2  

Real Estate Operations & Development

      1.1  

Food-Retail

      1.0  

Transport-Rail

      1.0  

Diversified Minerals

      1.0  

Electronic Components-Misc.

      1.0  

Machinery-Electrical

      0.9  

Diversified Manufacturing Operations

      0.9  

Import/Export

      0.9  

Cellular Telecom

      0.8  

Beverages-Wine/Spirits

      0.8  

Auto/Truck Parts & Equipment-Original

      0.8  

Gas-Distribution

      0.8  

Enterprise Software/Service

      0.7  

Retail-Apparel/Shoe

      0.7  

Insurance-Property/Casualty

      0.7  

Soap & Cleaning Preparation

      0.7  

Chemicals-Specialty

      0.6  

Diversified Operations

      0.6  

Finance-Other Services

      0.6  

Transport-Services

      0.6  

Rubber-Tires

      0.6  

Semiconductor Equipment

      0.6  

Building-Heavy Construction

      0.6  

Insurance-Reinsurance

      0.6  

Building-Residential/Commercial

      0.6  

Building & Construction-Misc.

      0.6  

Industrial Gases

      0.5  

Building & Construction Products-Misc.

      0.5  

Audio/Video Products

      0.5  

Building Products-Cement

      0.5  

Commercial Services

      0.5  

Retail-Jewelry

      0.5  

Textile-Apparel

      0.5  

Machinery-Construction & Mining

      0.5  

Medical Products

      0.5  

Telecom Services

      0.5  

Office Automation & Equipment

      0.5  

Machinery-General Industrial

      0.4  

Real Estate Management/Services

      0.4  

Aerospace/Defense

      0.4  

Steel-Producers

      0.4  

Medical-Biomedical/Gene

      0.4  

Industrial Automated/Robotic

      0.4  

Electronic Components-Semiconductors

      0.4  

Toys

      0.4  

Aerospace/Defense-Equipment

      0.3  

Electric Products-Misc.

      0.3  

Dialysis Centers

      0.3  

Electronic Measurement Instruments

      0.3  

Public Thoroughfares

      0.3  

Athletic Footwear

      0.3  

Investment Companies

      0.3  

Human Resources

      0.3  

Power Converter/Supply Equipment

      0.3  

Food-Catering

      0.3  

Oil Companies-Exploration & Production

      0.3  

Oil Refining & Marketing

      0.3  

Apparel Manufacturers

      0.3  

Auto-Heavy Duty Trucks

      0.3  

Paper & Related Products

      0.3  

Hotels/Motels

      0.3  

Investment Management/Advisor Services

      0.2  

Electric-Generation

      0.2  

Computer Services

      0.2  

Casino Hotels

      0.2  

Distribution/Wholesale

      0.2  

Retail-Major Department Stores

      0.2  

Semiconductor Components-Integrated Circuits

      0.2  

Airport Development/Maintenance

      0.2  

Wireless Equipment

      0.2  

Computers-Integrated Systems

      0.2  

Multimedia

      0.2  

Machinery-Farming

      0.2  

Water

      0.2  

Electronics-Military

      0.2  

Beverages-Non-alcoholic

      0.2  

Machine Tools & Related Products

      0.2  

Finance-Investment Banker/Broker

      0.2  

Medical Instruments

      0.2  

Building Products-Air & Heating

      0.2  

Transport-Marine

      0.2  

Cable/Satellite TV

      0.2  

Transactional Software

      0.2  

Optical Supplies

      0.2  

Advertising Services

      0.2  

Gold Mining

      0.2  

Rental Auto/Equipment

      0.2  

Electric-Transmission

      0.2  

E-Commerce/Products

      0.2  

Security Services

      0.1  

Photo Equipment & Supplies

      0.1  

Energy-Alternate Sources

      0.1  

Finance-Leasing Companies

      0.1  

Advertising Agencies

      0.1  

Electronic Security Devices

      0.1  

Web Portals/ISP

      0.1  

Resorts/Theme Parks

      0.1  

Commercial Services-Finance

      0.1  

Computer Data Security

      0.1  

Diagnostic Equipment

      0.1  

Food-Confectionery

      0.1  

Networking Products

      0.1  

Television

      0.1  

Appliances

      0.1  

Satellite Telecom

      0.1  

Finance-Credit Card

      0.1  

Medical-Generic Drugs

      0.1  

Private Equity

      0.1  

Diversified Financial Services

      0.1  

Publishing-Periodicals

      0.1  

Retail-Discount

      0.1  

Containers-Paper/Plastic

      0.1  

Metal-Aluminum

      0.1  

Casino Services

      0.1  

Cruise Lines

      0.1  

Medical-Hospitals

      0.1  

Food-Meat Products

      0.1  

Computer Aided Design

      0.1  

Retail-Home Furnishings

      0.1  

Metal Processors & Fabrication

      0.1  

Diversified Operations/Commercial Services

      0.1  

Retail-Misc./Diversified

      0.1  

Printing-Commercial

      0.1  

Gas-Transportation

      0.1  

Pipelines

      0.1  

Fisheries

      0.1  

Retail-Vision Service Center

      0.1  

Bicycle Manufacturing

      0.1  

Applications Software

      0.1  

Tools-Hand Held

      0.1  

Computers-Memory Devices

      0.1  

Retail-Building Products

      0.1  

Building Products-Doors & Windows

      0.1  

Steel Pipe & Tube

      0.1  

Motorcycle/Motor Scooter

      0.1  

Metal-Iron

      0.1  

Metal Products-Distribution

      0.1  

Food-Dairy Products

      0.1  
  

 

 

  
     101.8 % 
  

 

 

  

 

* Calculated as a percentage of net assets

The following is a summary of the inputs used to value the Fund’s net assets as of August 31, 2017 (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:

           

Australia

    $ —        $ 75,190,576 **    $ 13,874      $ 75,204,450  

Portugal

      —          1,712,543 **      0        1,712,543  

United Kingdom

      —          172,167,165 ***      —          172,167,165  

Other Countries

      9,082,392        808,788,143 **      —          817,870,535  

Exchange-Traded Funds

      26,586,060        —         —          26,586,060  

Rights

      5,812        —         —          5,812  

Short-Term Investment Securities:

           

Registered Investment Companies

      30,614,445        —         —          30,614,445  

U.S. Government Treasuries

      —          33,984,473       —          33,984,473  

Repurchase Agreements

      —          56,861,000       —          56,861,000  
  

 

 

     

 

 

    

 

 

     

 

 

  

Total Investments at Value

    $ 66,288,709      $ 1,148,703,900     $ 13,874      $ 1,215,006,483  
  

 

 

     

 

 

    

 

 

     

 

 

  

Other Financial Instruments:+

           

Futures Contracts

    $ 2,588,296      $ —       $ —        $ 2,588,296  
  

 

 

     

 

 

    

 

 

     

 

 

  

 

* For a detailed presentation of investments, please refer to the Portfolio of Investments.
** Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 1).
*** Amount includes $172,134,140 that represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 1).
+ 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 $1,049,184,446 were transferred from Level 1 to Level 2 due to foreign equity securities whose values were 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 were not considered a material portion of the Fund.

See Notes to Portfolio of Investments

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS - August 31, 2017

 

Security Description

    Principal
Amount/
Shares(1) 		     Value
(Note 1)		  

FOREIGN CORPORATE BONDS & NOTES - 7.8%

         

Argentina - 0.2%

         

Banco Macro SA VRS
Sub. Notes
6.75% (5 Yr UIRS+5.46%)
due 11/04/2026*

         320,000      $ 333,610  
        

 

 

  

Austria - 0.2%

         

BRF GmbH
Company Guar. Notes
4.35% due 09/29/2026*

         200,000        194,254  

Suzano Austria GmbH
Company Guar. Notes
5.75% due 07/14/2026*#

         200,000        216,500  
        

 

 

  
           410,754  
        

 

 

  

Bermuda - 0.3%

         

Tengizchevroil Finance Co. International, Ltd.
Senior Sec. Notes
4.00% due 08/15/2026*

         500,000        499,856  
        

 

 

  

Brazil - 0.1%

         

BRF SA
Senior Notes
7.75% due 05/22/2018*(2)

      BRL        500,000        156,456  

Oi SA
Senior Notes
9.75% due 09/15/2016†*(2)(3)(4)

      BRL        500,000        44,872  
        

 

 

  
           201,328  
        

 

 

  

British Virgin Islands - 0.6%

         

China Cinda Finance 2015 I, Ltd.
Company Guar. Notes
4.25% due 04/23/2025*

         500,000        513,481  

Huarong Finance II Co., Ltd.
Company Guar. Notes
5.50% due 01/16/2025

         300,000        325,845  

State Grid Overseas Investment, Ltd.
Company Guar. Notes
4.13% due 05/07/2024*

         200,000        215,365  
        

 

 

  
           1,054,691  
        

 

 

  

Cayman Islands - 0.2%

         

Alibaba Group Holding, Ltd.
Senior Notes
3.60% due 11/28/2024

         350,000        366,050  
        

 

 

  

Chile - 0.4%

         

Empresa Nacional de Telecomunicaciones SA
Senior Notes
4.88% due 10/30/2024

         250,000        264,869  

Empresa Nacional del Petroleo
Senior Notes
3.75% due 08/05/2026*#

         400,000        399,995  
        

 

 

  
           664,864  
        

 

 

  

China - 0.2%

         

Bank of China, Ltd.
Sub. Notes
5.00% due 11/13/2024

         420,000        457,618  
        

 

 

  

Colombia - 0.2%

         

Ecopetrol SA
Senior Notes
4.13% due 01/16/2025

         300,000        300,750  
        

 

 

  

India - 0.3%

         

Reliance Industries, Ltd.
Senior Notes
4.13% due 01/28/2025*

         500,000        524,697  
        

 

 

  

Indonesia - 0.4%

         

Pertamina Persero PT
Senior Notes
4.88% due 05/03/2022*

         318,000        341,533  

PT Pelabuhan Indonesia II
Senior Notes
4.25% due 05/05/2025*

         400,000        410,360  
        

 

 

  
           751,893  
        

 

 

  

Ireland - 0.3%

         

Credit Bank of Moscow Via CBOM Finance PLC
Senior Notes
5.88% due 11/07/2021

         260,000        266,500  

NLMK Group
Senior Notes
4.50% due 06/15/2023

         360,000        369,443  
        

 

 

  
           635,943  
        

 

 

  

Israel - 0.1%

         

Israel Chemicals, Ltd.
Senior Notes
4.50% due 12/02/2024*

         155,000        160,425  
        

 

 

  

Luxembourg - 0.4%

         

Cosan Luxembourg SA
Company Guar. Notes
7.00% due 01/20/2027*

         265,000        286,226  

Minerva Luxembourg SA
Company Guar. Notes
6.50% due 09/20/2026*

         200,000        200,610  

Raizen Fuels Finance SA
Company Guar. Notes
5.30% due 01/20/2027*

         200,000        210,000  
        

 

 

  
           696,836  
        

 

 

  

Malaysia - 0.1%

         

Petronas Capital, Ltd.
Company Guar. Notes
3.50% due 03/18/2025

         200,000        208,295  
        

 

 

  

Mexico - 0.9%

         

Alpek SAB de CV
Company Guar. Notes
5.38% due 08/08/2023*

         310,000        336,350  

Comision Federal de Electricidad
Senior Notes
4.75% due 02/23/2027*

         200,000        207,500  

El Puerto de Liverpool SAB de CV
Company Guar. Notes
3.88% due 10/06/2026*

         200,000        200,300  

Grupo KUO SAB De CV
Senior Notes
5.75% due 07/07/2027*

         450,000        469,350  

Petroleos Mexicanos
Company Guar. Notes
6.75% due 09/21/2047

         320,000        344,032  

Trust F/1401
Senior Notes
5.25% due 01/30/2026*

         200,000        211,000  
        

 

 

  
           1,768,532  
        

 

 

  

Netherlands - 0.9%

         

Bharti Airtel International Netherlands BV
Company Guar. Notes
5.35% due 05/20/2024

         500,000        536,006  

GTH Finance BV
Company Guar. Notes
7.25% due 04/26/2023*

         200,000        226,284  

Petrobras Global Finance BV
Company Guar. Notes
7.38% due 01/17/2027

         270,000        298,415  

Petrobras Global Finance BV
Company Guar. Notes
8.75% due 05/23/2026

         270,000        323,190  

VimpelCom Holdings BV
Company Guar. Notes
5.95% due 02/13/2023

         350,000        378,178  
        

 

 

  
           1,762,073  
        

 

 

  

Peru - 0.4%

         

Banco de Credito del Peru
Senior Notes
5.38% due 09/16/2020#

         275,000        300,094  

Banco Internacional del Peru SAA/Panama
Senior Notes
5.75% due 10/07/2020

         250,000        274,625  

Transportadora de Gas del Peru SA
Senior Notes
4.25% due 04/30/2028*

         200,000        208,000  
        

 

 

  
           782,719  
        

 

 

  

South Korea - 0.1%

         

Shinhan Bank
Sub. Bonds
3.88% due 03/24/2026*

         200,000        204,169  
        

 

 

  

Thailand - 0.3%

         

Bangkok Bank PCL
Senior Notes
3.88% due 09/27/2022

         300,000        316,730  

Thai Oil PCL
Senior Notes
3.63% due 01/23/2023*

         200,000        207,383  
        

 

 

  
           524,113  
        

 

 

  

Turkey - 0.4%

         

Akbank Turk AS
Senior Notes
5.00% due 10/24/2022

         275,000        280,184  

Arcelik AS
Senior Notes
5.00% due 04/03/2023

         250,000        256,796  

Turkiye Is Bankasi AS
Senior Notes
5.38% due 10/06/2021*

         200,000        204,726  
        

 

 

  
           741,706  
        

 

 

  

United Arab Emirates - 0.3%

         

Abu Dhabi National Energy Co. PJSC
Senior Notes
4.38% due 06/22/2026*

         200,000        208,000  

Union National Bank PJSC
Senior Notes
2.75% due 10/05/2021

         275,000        272,305  
        

 

 

  
           480,305  
        

 

 

  

United Kingdom - 0.1%

         

Vedanta Resources PLC
Senior Notes
6.38% due 07/30/2022*

         270,000        280,800  
        

 

 

  

Venezuela - 0.4%

         

Petroleos de Venezuela SA
Company Guar. Notes
6.00% due 05/16/2024

         1,500,000        448,500  

Petroleos de Venezuela SA
Company Guar. Notes
6.00% due 11/15/2026

         750,000        225,000  
        

 

 

  
           673,500  
        

 

 

  

Total Foreign Corporate Bonds & Notes

         

(cost $14,483,137)

            14,485,527  
        

 

 

  

FOREIGN GOVERNMENT OBLIGATIONS - 69.0%

         

Argentina - 1.3%

         

Republic of Argentina
Senior Notes
2.50% due 12/31/2038(5)

         800,000        559,200  

Republic of Argentina
Senior Notes
5.63% due 01/26/2022

         880,000        920,480  

Republic of Argentina
Senior Notes
6.88% due 04/22/2021

         300,000        326,100  

Republic of Argentina
Senior Notes
7.63% due 04/22/2046

         300,000        328,500  

Republic of Argentina
Senior Notes
8.28% due 12/31/2033

         280,408        324,572  
        

 

 

  
           2,458,852  
        

 

 

  

Australia - 1.0%

         

Commonwealth of Australia
Senior Bonds
2.75% due 10/21/2019

      AUD        1,000,000        809,128  

Commonwealth of Australia
Senior Notes
3.25% due 06/21/2039

      AUD        500,000        391,361  

Commonwealth of Australia
Senior Notes
5.75% due 05/15/2021

      AUD        700,000        628,319  
        

 

 

  
           1,828,808  
        

 

 

  

Austria - 1.0%

         

Republic of Austria
Bonds
6.25% due 07/15/2027

      EUR        1,000,000        1,856,684  
        

 

 

  

Belarus - 0.2%

         

Republic of Belarus
Senior Bonds
7.63% due 06/29/2027*

         400,000        440,480  
        

 

 

  

Belgium - 1.0%

         

Kingdom of Belgium
Senior Bonds
1.00% due 06/22/2026*

      EUR        1,500,000        1,863,239  
        

 

 

  

Brazil - 0.3%

         

Federative Republic of Brazil
Senior Notes
8.50% due 01/05/2024

      BRL        2,000,000        632,972  
        

 

 

  

Canada - 1.1%

         

Government of Canada
Bonds
1.50% due 03/01/2020

      CAD        1,100,000        885,162  

Government of Canada
Bonds
5.75% due 06/01/2033

      CAD        1,000,000        1,189,878  
        

 

 

  
           2,075,040  
        

 

 

  

Colombia - 0.7%

         

Republic of Colombia
Senior Bonds
7.38% due 09/18/2037

         700,000        927,500  

Republic of Colombia
Senior Notes
9.85% due 06/28/2027

      COP        1,000,000,000        425,087  
        

 

 

  
           1,352,587  
        

 

 

  

Costa Rica - 0.1%

         

Republic of Costa Rica
Senior Bonds
7.16% due 03/12/2045

         250,000        267,187  
        

 

 

  

Dominican Republic - 1.3%

         

Dominican Republic
Senior Bonds
5.50% due 01/27/2025

         700,000        742,000  

Dominican Republic
Senior Bonds
5.88% due 04/18/2024

         600,000        651,000  

Dominican Republic
Senior Bonds
7.45% due 04/30/2044

         500,000        598,750  

Dominican Republic
Senior Bonds
8.63% due 04/20/2027

         300,000        366,750  
        

 

 

  
           2,358,500  
        

 

 

  

Ecuador - 0.4%

         

Republic of Ecuador
Senior Notes
9.65% due 12/13/2026*

         700,000        734,125  
        

 

 

  

Egypt - 0.7%

         

Government of Egypt
Senior Notes
6.13% due 01/31/2022*

         600,000        624,601  

Government of Egypt
Senior Notes
6.88% due 04/30/2040

         150,000        147,300  

Government of Egypt
Senior Notes
8.50% due 01/31/2047

         535,000        599,200  
        

 

 

  
           1,371,101  
        

 

 

  

El Salvador - 0.8%

         

Republic of El Salvador
Senior Bonds
8.63% due 02/28/2029*

         1,300,000        1,425,125  
        

 

 

  

France - 5.8%

         

Government of France
Bonds
2.25% due 05/25/2024

      EUR        1,100,000        1,497,945  

Government of France
Bonds
2.75% due 10/25/2027

      EUR        600,000        858,014  

Government of France
Bonds
4.00% due 04/25/2060

      EUR        350,000        684,669  

Government of France
Bonds
4.25% due 10/25/2023

      EUR        2,400,000        3,606,866  

Government of France
Bonds
4.50% due 04/25/2041

      EUR        800,000        1,526,367  

Government of France
Bonds
5.50% due 04/25/2029

      EUR        450,347        814,906  

Government of France
Bonds
6.00% due 10/25/2025

      EUR        1,000,000        1,736,587  
        

 

 

  
           10,725,354  
        

 

 

  

Germany - 4.6%

         

Federal Republic of Germany
Bonds
0.50% due 02/15/2026

      EUR        2,100,000        2,578,955  

Federal Republic of Germany
Bonds
1.75% due 02/15/2024

      EUR        800,000        1,071,501  

Federal Republic of Germany
Bonds
4.00% due 01/04/2037

      EUR        610,000        1,135,890  

Federal Republic of Germany
Bonds
4.75% due 07/04/2034

      EUR        350,000        681,198  

Federal Republic of Germany
Bonds
5.50% due 01/04/2031

      EUR        750,000        1,460,082  

Federal Republic of Germany
Bonds
6.50% due 07/04/2027

      EUR        800,000        1,528,552  
        

 

 

  
           8,456,178  
        

 

 

  

Ghana - 0.3%

         

Republic of Ghana
Senior Bonds
7.88% due 08/07/2023

         600,000        637,620  
        

 

 

  

Guatemala - 0.4%

         

Republic of Guatemala
Senior Notes
4.38% due 06/05/2027*

         360,000        356,400  

Republic of Guatemala
Senior Notes
5.75% due 06/06/2022

         400,000        437,000  
        

 

 

  
           793,400  
        

 

 

  

Honduras - 0.5%

         

Republic of Honduras
Senior Notes
6.25% due 01/19/2027

         850,000        915,042  
        

 

 

  

Iraq - 0.2%

         

Republic of Iraq
Senior Notes
6.75% due 03/09/2023*

         350,000        356,125  
        

 

 

  

Italy - 6.6%

         

Republic of Italy
Bonds
1.60% due 06/01/2026

      EUR        600,000        700,068  

Republic of Italy
Bonds
2.25% due 09/01/2036*

      EUR        700,000        771,237  

Republic of Italy
Bonds
3.75% due 08/01/2021

      EUR        1,000,000        1,342,590  

Republic of Italy
Bonds
4.25% due 09/01/2019

      EUR        2,000,000        2,587,059  

Republic of Italy
Bonds
4.25% due 03/01/2020

      EUR        800,000        1,051,518  

Republic of Italy
Bonds
4.50% due 03/01/2024

      EUR        750,000        1,066,531  

Republic of Italy
Bonds
5.00% due 03/01/2025*

      EUR        820,000        1,210,347  

Republic of Italy
Bonds
5.00% due 09/01/2040

      EUR        1,000,000        1,561,871  

Republic of Italy
Bonds
6.00% due 05/01/2031

      EUR        600,000        1,008,438  

Republic of Italy
Bonds
9.00% due 11/01/2023

      EUR        532,912        926,359  
        

 

 

  
           12,226,018  
        

 

 

  

Ivory Coast - 0.7%

         

Republic of Ivory Coast
Senior Notes
6.13% due 06/15/2033*

         1,200,000        1,197,240  
        

 

 

  

Jamaica - 0.2%

         

Government of Jamaica
Senior Notes
7.63% due 07/09/2025#

         230,000        274,974  
        

 

 

  

Japan - 12.0%

         

Government of Japan
Senior Bonds
0.40% due 06/20/2025

      JPY        120,000,000        1,131,079  

Government of Japan
Senior Notes
0.50% due 12/20/2024

      JPY        110,000,000        1,043,887  

Government of Japan
Senior Bonds
0.80% due 06/20/2023

      JPY        150,000,000        1,437,754  

Government of Japan
Senior Bonds
0.90% due 03/20/2022

      JPY        205,000,000        1,953,444  

Government of Japan
Senior Bonds
1.00% due 09/20/2020

      JPY        185,000,000        1,741,610  

Government of Japan
Senior Bonds
1.10% due 06/20/2020

      JPY        132,000,000        1,242,770  

Government of Japan
Senior Bonds
1.20% due 12/20/2020

      JPY        200,000,000        1,900,014  

Government of Japan
Senior Bonds
1.20% due 09/20/2035

      JPY        200,000,000        2,055,724  

Government of Japan
Senior Bonds
1.50% due 03/20/2033

      JPY        170,000,000        1,826,895  

Government of Japan
Senior Bonds
1.80% due 06/20/2030

      JPY        100,000,000        1,099,841  

Government of Japan
Senior Bonds
1.80% due 12/20/2031

      JPY        53,000,000        588,368  

Government of Japan
Senior Notes
1.90% due 09/20/2042

      JPY        120,000,000        1,386,776  

Government of Japan
Senior Bonds
2.00% due 09/20/2040

      JPY        185,000,000        2,161,303  

Government of Japan
Senior Bonds
2.10% due 09/20/2029

      JPY        128,000,000        1,441,142  

Government of Japan
Senior Bonds
2.10% due 12/20/2030

      JPY        60,000,000        683,979  

Government of Japan
Senior Bonds
2.20% due 03/20/2051

      JPY        33,000,000        412,789  
        

 

 

  
           22,107,375  
        

 

 

  

Jordan - 0.4%

         

Kingdom of Jordan
Senior Notes
5.75% due 01/31/2027*

         700,000        697,248  
        

 

 

  

Lebanon - 0.6%

         

Republic of Lebanon
Senior Notes
6.60% due 11/27/2026

         900,000        891,673  

Republic of Lebanon
Senior Notes
8.25% due 04/12/2021

         260,000        278,330  
        

 

 

  
           1,170,003  
        

 

 

  

Lithuania - 0.3%

         

Republic of Lithuania
Senior Notes
7.38% due 02/11/2020

         500,000        562,000  
        

 

 

  

Mexico - 4.0%

         

United Mexican States
Senior Notes
3.38% due 02/23/2031

      EUR        1,000,000        1,284,615  

United Mexican States
Senior Notes
4.00% due 10/02/2023

         500,000        529,250  

United Mexican States
Senior Notes
4.13% due 01/21/2026

         800,000        847,600  

United Mexican States
Senior Notes
4.15% due 03/28/2027

         220,000        232,870  

United Mexican States
Senior Notes
4.35% due 01/15/2047

         700,000        688,800  

United Mexican States
Senior Notes
6.05% due 01/11/2040

         400,000        484,600  

United Mexican States
Bonds
8.00% due 06/11/2020

      MXN        14,000,000        808,965  

United Mexican States
Bonds
10.00% due 12/05/2024

      MXN        27,000,000        1,791,921  

United Mexican States
Bonds
10.00% due 11/20/2036

      MXN        10,000,000        726,283  
        

 

 

  
           7,394,904  
        

 

 

  

Namibia - 0.3%

         

Republic of Namibia
Senior Notes
5.25% due 10/29/2025

         500,000        512,250  
        

 

 

  

Norway - 0.4%

         

Kingdom of Norway
Bonds
4.50% due 05/22/2019*

      NOK        5,000,000        687,231  
        

 

 

  

Panama - 0.4%

         

Republic of Panama
Senior Notes
5.20% due 01/30/2020

         650,000        703,625  
        

 

 

  

Paraguay - 0.3%

         

Republic of Paraguay
Senior Notes
6.10% due 08/11/2044

         500,000        573,750  
        

 

 

  

Peru - 0.9%

         

Republic of Peru
Senior Notes
4.13% due 08/25/2027

         151,000        167,383  

Republic of Peru
Senior Notes
5.63% due 11/18/2050

         270,000        341,550  

Republic of Peru
Notes
6.90% due 08/12/2037

      PEN        1,600,000        542,535  

Republic of Peru
Senior Notes
8.75% due 11/21/2033

         400,000        631,000  
        

 

 

  
           1,682,468  
        

 

 

  

Poland - 2.6%

         

Republic of Poland
Bonds
1.75% due 07/25/2021

      PLN        4,200,000        1,150,282  

Republic of Poland
Bonds
2.50% due 07/25/2027

      PLN        5,000,000        1,309,534  

Republic of Poland
Senior Notes
3.00% due 03/17/2023

         1,100,000        1,132,175  

Republic of Poland
Bonds
4.00% due 10/25/2023

      PLN        2,300,000        688,330  

Republic of Poland
Senior Notes
5.13% due 04/21/2021

         550,000        607,750  
        

 

 

  
           4,888,071  
        

 

 

  

Romania - 0.1%

         

Government of Romania
Senior Notes
6.13% due 01/22/2044

         200,000        256,270  
        

 

 

  

Russia - 1.5%

         

Russian Federation
Bonds
5.00% due 04/29/2020

         1,200,000        1,272,492  

Russian Federation
Senior Bonds
5.25% due 06/23/2047*

         600,000        624,365  

Russian Federation
Bonds
7.40% due 12/07/2022

      RUB        50,000,000        852,944  
        

 

 

  
           2,749,801  
        

 

 

  

Serbia - 0.6%

         

Republic of Serbia
Notes
5.88% due 12/03/2018

         250,000        260,900  

Republic of Serbia
Senior Notes
7.25% due 09/28/2021

         700,000        811,125  
        

 

 

  
           1,072,025  
        

 

 

  

Slovenia - 1.3%

         

Republic of Slovenia
Bonds
1.75% due 11/03/2040

      EUR        2,100,000        2,349,950  
        

 

 

  

South Africa - 1.3%

         

Republic of South Africa
Senior Notes
4.67% due 01/17/2024

         500,000        517,076  

Republic of South Africa
Senior Notes
6.25% due 03/08/2041

         1,000,000        1,111,272  

Republic of South Africa
Bonds
9.00% due 01/31/2040

      ZAR        5,000,000        355,351  

Republic of South Africa
Bonds
10.50% due 12/21/2026

      ZAR        4,900,000        422,533  
        

 

 

  
           2,406,232  
        

 

 

  

Spain - 3.4%

         

Kingdom of Spain
Bonds
1.15% due 07/30/2020

      EUR        1,000,000        1,235,881  

Kingdom of Spain
Senior Notes
2.90% due 10/31/2046*

      EUR        1,000,000        1,216,620  

Kingdom of Spain
Senior Bonds
4.40% due 10/31/2023*

      EUR        750,000        1,097,019  

Kingdom of Spain
Senior Bonds
5.50% due 04/30/2021*

      EUR        1,500,000        2,146,058  

Kingdom of Spain
Bonds
6.00% due 01/31/2029

      EUR        300,000        517,737  
        

 

 

  
           6,213,315  
        

 

 

  

Sri Lanka - 0.9%

         

Republic of Sri Lanka
Senior Notes
5.88% due 07/25/2022

         300,000        318,782  

Republic of Sri Lanka
Senior Notes
6.83% due 07/18/2026*

         260,000        285,402  

Republic of Sri Lanka
Senior Notes
6.83% due 07/18/2026

         640,000        702,528  

Republic of Sri Lanka
Senior Notes
6.85% due 11/03/2025*

         400,000        439,134  
        

 

 

  
           1,745,846  
        

 

 

  

Sweden - 1.9%

         

Kingdom of Sweden
Bonds
1.00% due 11/12/2026

      SEK        15,000,000        1,954,670  

Kingdom of Sweden
Bonds
3.50% due 03/30/2039

      SEK        9,600,000        1,646,513  
        

 

 

  
           3,601,183  
        

 

 

  

Tunisia - 0.5%

 

Central Bank of Tunisia
Senior Notes
5.75% due 01/30/2025

         900,000        884,250  
        

 

 

  

Turkey - 1.5%

         

Republic of Turkey
Senior Bonds
5.75% due 03/22/2024

         650,000        701,559  

Republic of Turkey
Senior Notes
6.75% due 05/30/2040

         100,000        115,240  

Republic of Turkey
Senior Notes
8.00% due 02/14/2034

         400,000        511,472  

Republic of Turkey
Bonds
8.50% due 07/10/2019

      TRY        1,000,000        277,392  

Republic of Turkey
Bonds
10.40% due 03/20/2024

      TRY        2,000,000        581,573  

Republic of Turkey
Senior Notes
11.88% due 01/15/2030

         380,000        615,638  
        

 

 

  
           2,802,874  
        

 

 

  

Ukraine - 0.3%

         

Government of Ukraine
Senior Notes
7.75% due 09/01/2023

         600,000        622,872  
        

 

 

  

United Kingdom - 3.6%

         

United Kingdom Gilt Treasury
Bonds
1.50% due 01/22/2021

      GBP        500,000        673,641  

United Kingdom Gilt Treasury
Bonds
1.75% due 07/22/2019

      GBP        1,200,000        1,597,799  

United Kingdom Gilt Treasury
Bonds
2.00% due 09/07/2025

      GBP        400,000        565,406  

United Kingdom Gilt Treasury
Bonds
2.25% due 09/07/2023

      GBP        300,000        426,595  

United Kingdom Gilt Treasury
Bonds
3.25% due 01/22/2044

      GBP        400,000        681,814  

United Kingdom Gilt Treasury
Bonds
3.50% due 01/22/2045

      GBP        370,000        661,501  

United Kingdom Gilt Treasury
Bonds
4.25% due 03/07/2036

      GBP        600,000        1,105,865  

United Kingdom Gilt Treasury
Bonds
4.25% due 12/07/2040

      GBP        450,000        866,937  
        

 

 

  
           6,579,558  
        

 

 

  

Uruguay - 0.1%

         

Oriental Republic of Uruguay
Senior Notes
9.88% due 06/20/2022*

      UYU        3,000,000        110,372  
        

 

 

  

Venezuela - 0.6%

         

Republic of Venezuela
Senior Notes
8.25% due 10/13/2024

         1,440,000        511,200  

Republic of Venezuela
Senior Notes
9.25% due 05/07/2028

         600,000        211,500  

Republic of Venezuela
Senior Notes
9.38% due 01/13/2034

         1,000,000        377,500  
        

 

 

  
           1,100,200  
        

 

 

  

Total Foreign Government Obligations

         

(cost $122,754,151)

            127,720,324  
        

 

 

  

U.S. CORPORATE BONDS & NOTES - 0.2%

         

United States - 0.2%

         

Stillwater Mining Co.
Company Guar. Notes
7.13% due 06/27/2025*#
(cost $403,990)

         410,000        419,528  
        

 

 

  

U.S. GOVERNMENT TREASURIES - 21.5%

         

United States - 21.5%

         

United States Treasury Bonds
2.88% due 08/15/2045

         1,000,000        1,030,625  

3.00% due 05/15/2042

         1,720,000        1,824,073  

3.75% due 11/15/2043

         500,000        600,879  

4.38% due 02/15/2038

         620,000        806,460  

United States Treasury Notes
1.13% due 02/28/2021

         2,500,000        2,465,723  

1.38% due 09/30/2018#

         2,000,000        2,002,266  

1.75% due 09/30/2019

         3,000,000        3,024,727  

1.75% due 12/31/2020

         2,000,000        2,015,625  

1.75% due 01/31/2023

         1,000,000        998,242  

1.75% due 05/15/2023

         1,500,000        1,494,316  

1.88% due 11/30/2021

         2,000,000        2,020,391  

1.88% due 10/31/2022

         2,000,000        2,012,266  

2.00% due 05/31/2024

         2,000,000        2,009,453  

2.00% due 02/15/2025#

         1,000,000        1,000,313  

2.00% due 08/15/2025

         1,000,000        997,734  

2.25% due 11/15/2025#

         2,000,000        2,030,859  

2.38% due 08/15/2024#

         2,050,000        2,107,736  

2.50% due 05/15/2024

         3,000,000        3,109,102  

2.63% due 11/15/2020

         600,000        621,281  

2.75% due 02/28/2018

         2,230,000        2,247,940  

2.75% due 11/15/2023

         2,000,000        2,105,000  

2.75% due 02/15/2024

         1,200,000        1,262,109  

3.38% due 11/15/2019

         1,800,000        1,879,101  
        

 

 

  

Total U.S. Government Treasuries

         

(cost $39,506,635)

            39,666,221  
        

 

 

  

Total Long-Term Investment Securities

         

(cost $177,147,913)

            182,291,600  
        

 

 

  

SHORT-TERM INVESTMENT SECURITIES - 0.7%

         

Registered Investment Companies - 0.7%

         

State Street Navigator Securities Lending Government Money Market Portfolio
1.01%(6)(7) (cost $1,221,137)

         1,221,137        1,221,137  

TOTAL INVESTMENTS —

     

(cost $178,369,050)

      99.2 %      183,512,737  

Other assets less liabilities

      0.8       1,539,520  
  

 

 

    

 

 

  

NET ASSETS —

      100.0 %    $ 185,052,257  
  

 

 

    

 

 

  

 

† 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 August 31, 2017, the aggregate value of these securities was $24,373,998 representing 13.3% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid.
# The security or a portion thereof is out on loan.
(1) Denominated in United States dollars unless otherwise indicated.
(2) Illiquid security. At August 31, 2017, the aggregate value of these securities was $201,328 representing 0.1% of net assets.
(3) Company has filed for bankruptcy protection.
(4) Security in default of interest and principal at maturity.
(5) “Step-up” security where the rate increases (“steps-up”) at a predetermined rate. The rate reflected is as of August 31, 2017.
(6) The rate shown is the 7-day yield as of August 31, 2017.
(7) At August 31, 2017, the Fund had loaned securities with a total value of $6,670,477. This was secured by collateral of $1,221,137, which was received in cash and subsequently invested in short-term investments currently valued at $1,221,137 as reported in the Portfolio of Investments. Additional collateral of $5,747,413 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
August 31, 2017		  

Federal Home Loan Mtg. Corp.

    1.50% to 30.38%      05/15/2018 to 09/01/2047      $ 1,874,608  

Federal National Mtg. Assoc.

    zero coupon to 23.66%      11/01/2017 to 09/01/2047        3,217,149  

Government National Mtg. Assoc.

    1.58% to 11.94%      12/16/2024 to 12/20/2060        654,661  

United States Treasury Notes/Bonds

    2.50%      01/15/2029        995  

AUD - Australian Dollar

BRL - Brazilian Real

CAD - Canadian Dollar

COP - Colombian Peso

EUR - Euro Currency

GBP - British Pound

JPY - Japanese Yen

MXN - Mexican Peso

NOK - Norwegian Krone

PEN - Peruvian Sol

PLN - Polish Zloty

RUB - Russian Ruble

SEK - Swedish Krona

TRY - Turkish Lira

UYU - Uruguayan Peso

ZAR - South African Rand

5 Yr UIRS - 5 Year USD Interest Rate Swap

VRS - Variable Rate Security

The rates show on VRS are the current interest rate as of August 31, 2017 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 August 31, 2017 (see Note 1):

 

     Level 1 - Unadjusted
Quoted  Prices		      Level 2 - Other
Observable  Inputs		      Level 3 - Significant
Unobservable  Inputs		      Total  

ASSETS:

            

Investments at Value:*

            

Foreign Corporate Bonds & Notes

    $ —        $ 14,485,527      $ —        $ 14,485,527  

Foreign Government Obligations

      —          127,720,324        —          127,720,324  

U.S. Corporate Bonds & Notes

      —          419,528        —          419,528  

U.S. Government Treasuries

      —          39,666,221        —          39,666,221  

Short-Term Investment Securities

     1,221,137        —          —          1,221,137  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments at Value

    $ 1,221,137      $ 182,291,600      $ —        $ 183,512,737  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

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

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

See Notes to Portfolio of Investments

Industry Allocation*

Sovereign

      68.5 % 

United States Treasury Notes

      19.2  

United States Treasury Bonds

      2.3  

Banks-Commercial

      1.6  

Oil Companies-Integrated

      1.4  

Oil Refining & Marketing

      0.7  

Registered Investment Companies

      0.7  

Oil Companies-Exploration & Production

      0.5  

Central Bank

      0.5  

Cellular Telecom

      0.5  

Telecom Services

      0.3  

Investment Management/Advisor Services

      0.3  

Diversified Operations

      0.2  

Platinum

      0.2  

Electric-Generation

      0.2  

Transport-Marine

      0.2  

Metal-Iron

      0.2  

E-Commerce/Products

      0.2  

Food-Meat Products

      0.2  

Petrochemicals

      0.2  

Investment Companies

      0.2  

Metal-Diversified

      0.1  

Appliances

      0.1  

Paper & Related Products

      0.1  

Electric-Distribution

      0.1  

Real Estate Investment Trusts

      0.1  

Gas-Transportation

      0.1  

Retail-Major Department Stores

      0.1  

Food-Misc./Diversified

      0.1  

Chemicals-Diversified

      0.1  
  

 

 

  
     99.2 % 
  

 

 

  

 

* Calculated as a percentage of net assets

VALIC Company I International Growth Fund

PORTFOLIO OF INVESTMENTS - August 31, 2017 (unaudited)

 

Security Description

    Shares      Value
(Note 1)		  

COMMON STOCKS - 96.5%

      

Australia - 2.7%

      

Amcor, Ltd.

      222,901      $ 2,864,675  

Brambles, Ltd.

      217,937        1,619,414  

CSL, Ltd.

      36,223        3,704,846  

Orica, Ltd.

      35,769        579,120  

Treasury Wine Estates, Ltd.

      274,820        3,167,844  
     

 

 

  
        11,935,899  
     

 

 

  

Austria - 0.7%

      

Erste Group Bank AG

      74,172        3,139,472  
     

 

 

  

Belgium - 0.9%

      

KBC Group NV

      50,885        4,184,670  
     

 

 

  

Bermuda - 0.0%

      

Global Brands Group Holding, Ltd.†

      1,898,800        169,879  
     

 

 

  

Brazil - 2.3%

      

Ambev SA ADR

      170,935        1,070,053  

B3 SA - Brasil Bolsa Balcao

      354,402        2,490,389  

Banco Bradesco SA ADR

      185,168        1,970,188  

Cielo SA

      270,141        1,924,889  

Itau Unibanco Holding SA (Preference Shares)

      80,200        1,028,026  

Kroton Educacional SA

      203,655        1,162,597  

Localiza Rent a Car SA

      35,600        673,469  
     

 

 

  
        10,319,611  
     

 

 

  

Canada - 3.7%

      

Canadian National Railway Co. (NYSE)

      34,315        2,779,172  

Canadian National Railway Co. (TSX)

      16,077        1,303,154  

Cenovus Energy, Inc.#

      105,461        825,108  

CGI Group, Inc., Class A†

      55,225        2,809,565  

Dollarama, Inc.

      13,890        1,368,923  

Fairfax Financial Holdings, Ltd.

      1,890        982,391  

Great-West Lifeco, Inc.#

      35,715        989,295  

Loblaw Cos., Ltd.

      14,604        792,095  

PrairieSky Royalty, Ltd.#

      53,950        1,267,582  

Suncor Energy, Inc.

      113,075        3,543,243  
     

 

 

  
        16,660,528  
     

 

 

  

Cayman Islands - 3.6%

      

Alibaba Group Holding, Ltd. ADR†

      33,716        5,790,386  

Baidu, Inc. ADR†

      7,684        1,752,336  

CK Hutchison Holdings, Ltd.

      206,392        2,707,125  

Melco Resorts & Entertainment, Ltd. ADR

      60,450        1,326,878  

TAL Education Group ADR

      28,970        881,557  

Tencent Holdings, Ltd.

      82,500        3,505,545  
     

 

 

  
        15,963,827  
     

 

 

  

China - 0.5%

      

Kweichow Moutai Co., Ltd., Class A

      28,151        2,095,242  
     

 

 

  

Denmark - 2.7%

      

AP Moller - Maersk A/S, Series B

      950        1,959,909  

Carlsberg A/S, Class B

      26,671        3,063,067  

Chr. Hansen Holding A/S

      23,780        2,046,717  

DSV A/S

      43,590        3,092,157  

Novo Nordisk A/S, Class B

      41,853        1,998,132  
     

 

 

  
        12,159,982  
     

 

 

  

France - 9.2%

      

Accor SA

      42,490        1,970,036  

Air Liquide SA

      20,043        2,450,287  

Arkema SA

      18,930        2,059,853  

BNP Paribas SA

      39,450        3,004,911  

Danone SA

      30,285        2,387,173  

Dassault Systemes SE

      8,594        847,263  

Engie SA

      84,367        1,408,778  

Essilor International SA

      17,891        2,261,636  

Hermes International

      612        323,978  

Kering

      10,010        3,759,946  

L’Oreal SA

      16,125        3,408,904  

Legrand SA

      21,742        1,524,482  

LVMH Moet Hennessy Louis Vuitton SE

      8,341        2,189,485  

Pernod Ricard SA#

      29,604        4,047,994  

Publicis Groupe SA

      17,867        1,206,986  

Schneider Electric SE

      63,541        5,128,646  

TOTAL SA

      38,362        1,984,891  

Valeo SA

      19,144        1,281,792  
     

 

 

  
        41,247,041  
     

 

 

  

Germany - 9.0%

      

adidas AG

      19,310        4,335,249  

Allianz SE

      11,139        2,383,558  

Bayer AG

      30,178        3,864,968  

Beiersdorf AG

      21,573        2,303,664  

Deutsche Boerse AG

      42,705        4,567,450  

Deutsche Post AG

      32,623        1,353,453  

Fresenius Medical Care AG & Co. KGaA

      20,430        1,910,711  

GEA Group AG#

      22,107        974,540  

HeidelbergCement AG

      18,640        1,790,116  

Infineon Technologies AG

      42,840        988,243  

Linde AG

      5,319        1,019,993  

Merck KGaA

      10,090        1,109,089  

MTU Aero Engines AG

      4,742        664,125  

ProSiebenSat.1 Media SE

      35,731        1,198,779  

SAP SE

      84,963        8,911,620  

Zalando SE†#*

      60,150        2,850,516  
     

 

 

  
        40,226,074  
     

 

 

  

Hong Kong - 2.0%

      

AIA Group, Ltd.

      965,000        7,410,563  

Galaxy Entertainment Group, Ltd.

      243,000        1,528,051  
     

 

 

  
        8,938,614  
     

 

 

  

India - 1.4%

      

HDFC Bank, Ltd.

      55,860        1,543,080  

Housing Development Finance Corp., Ltd.

      58,341        1,623,420  

Tata Consultancy Services, Ltd.

      52,909        2,068,394  

Tata Motors, Ltd.†

      150,380        890,660  
     

 

 

  
        6,125,554  
     

 

 

  

Indonesia - 0.4%

      

Bank Mandiri Persero Tbk PT

      2,016,500        1,983,577  
     

 

 

  

Ireland - 1.2%

      

CRH PLC

      90,020        3,147,392  

Ryanair Holdings PLC ADR†#

      20,068        2,281,732  
     

 

 

  
        5,429,124  
     

 

 

  

Israel - 0.5%

      

Check Point Software Technologies, Ltd.†#

      13,106        1,466,168  

Teva Pharmaceutical Industries, Ltd. ADR

      50,322        798,107  
     

 

 

  
        2,264,275  
     

 

 

  

Italy - 1.1%

 

Eni SpA

      66,350        1,040,699  

Intesa Sanpaolo SpA

      384,191        1,298,842  

Luxottica Group SpA

      4,006        230,889  

UniCredit SpA†

      113,078        2,306,724  
     

 

 

  
        4,877,154  
     

 

 

  

Japan - 12.0%

 

CyberAgent, Inc.

      34,300        1,128,769  

Daikin Industries, Ltd.

      34,100        3,416,959  

Daito Trust Construction Co., Ltd.

      6,900        1,226,689  

Denso Corp.

      37,900        1,843,791  

FANUC Corp.

      20,000        3,890,827  

Hoya Corp.

      59,600        3,433,344  

Japan Tobacco, Inc.

      99,300        3,405,243  

Kao Corp.

      33,500        2,093,333  

Keyence Corp.

      7,400        3,862,077  

Komatsu, Ltd.

      125,400        3,402,267  

Kubota Corp.

      65,100        1,133,332  

Kyocera Corp.

      26,600        1,600,995  

MonotaRO Co., Ltd.#

      52,100        1,597,250  

Nintendo Co., Ltd.

      5,800        1,949,609  

Nitori Holdings Co., Ltd.

      14,400        2,227,413  

Pola Orbis Holdings, Inc.

      55,400        1,782,845  

Rakuten, Inc.

      174,400        2,079,074  

Recruit Holdings Co., Ltd.

      73,400        1,464,554  

Rohm Co., Ltd.

      16,600        1,304,546  

Ryohin Keikaku Co., Ltd.

      5,600        1,555,552  

Shin-Etsu Chemical Co., Ltd.

      7,900        700,099  

Start Today Co., Ltd.

      98,700        3,077,727  

Sysmex Corp.

      24,100        1,489,623  

Terumo Corp.

      54,500        2,109,226  

Yahoo Japan Corp.#

      373,800        1,715,953  
     

 

 

  
        53,491,097  
     

 

 

  

Jersey - 1.3%

 

Delphi Automotive PLC

      6,644        640,481  

Experian PLC

      42,488        853,375  

Ferguson PLC

      37,520        2,232,138  

WPP PLC

      121,728        2,233,982  
     

 

 

  
        5,959,976  
     

 

 

  

Luxembourg - 0.2%

 

ArcelorMittal†

      34,340        919,501  
     

 

 

  

Mexico - 1.1%

 

Fomento Economico Mexicano SAB de CV ADR

      25,528        2,554,332  

Grupo Financiero Banorte SAB de CV, Class O

      204,910        1,398,214  

Grupo Televisa SAB ADR

      32,059        828,084  
     

 

 

  
        4,780,630  
     

 

 

  

Netherlands - 5.4%

 

Akzo Nobel NV

      20,843        1,905,256  

ASML Holding NV

     20,040        3,122,138  

Heineken NV

      21,385        2,245,183  

ING Groep NV

      207,563        3,687,562  

QIAGEN NV

      11,521        369,722  

Randstad Holding NV

      25,704        1,503,738  

RELX NV

      63,665        1,338,503  

Unilever NV CVA

      112,766        6,717,865  

Wolters Kluwer NV

      31,180        1,362,741  

Yandex NV, Class A†

      62,780        1,884,028  
     

 

 

  
        24,136,736  
     

 

 

  

Norway - 0.3%

 

DNB ASA

      74,450        1,454,542  
     

 

 

  

Portugal - 0.3%

 

Jeronimo Martins SGPS SA#

      63,268        1,262,684  
     

 

 

  

Singapore - 1.7%

 

Broadcom, Ltd.

      11,796        2,973,418  

DBS Group Holdings, Ltd.

      149,800        2,282,224  

Singapore Telecommunications, Ltd.

      162,550        443,910  

United Overseas Bank, Ltd.

      106,977        1,899,319  
     

 

 

  
        7,598,871  
     

 

 

  

South Korea - 0.7%

 

NAVER Corp.

      2,984        2,005,452  

Samsung Electronics Co., Ltd.

      456        941,620  
     

 

 

  
        2,947,072  
     

 

 

  

Spain - 2.4%

 

Amadeus IT Group SA

      104,505        6,483,498  

CaixaBank SA

      194,130        1,003,838  

Industria de Diseno Textil SA

      86,010        3,268,644  
     

 

 

  
        10,755,980  
     

 

 

  

Sweden - 2.4%

 

Getinge AB, Class B

      29,524        549,657  

Hennes & Mauritz AB, Class B

      41,342        1,046,860  

Hexagon AB, Class B

      44,270        2,173,917  

Investor AB, Class B

      53,169        2,488,051  

Lundin Petroleum AB†

      90,960        1,952,227  

Sandvik AB

      135,260        2,237,016  

Telefonaktiebolaget LM Ericsson, Class B

      41,284        242,667  
     

 

 

  
        10,690,395  
     

 

 

  

Switzerland - 8.0%

 

Cie Financiere Richemont SA

      39,688        3,551,364  

Julius Baer Group, Ltd.

      108,771        6,086,415  

Kuehne & Nagel International AG

      6,890        1,248,372  

Lonza Group AG

      13,960        3,538,008  

Nestle SA

      49,664        4,214,695  

Novartis AG

      38,612        3,256,536  

Roche Holding AG

      34,572        8,811,767  

UBS Group AG

      251,784       4,153,224  

Zurich Insurance Group AG

      3,504       1,049,041  
    

 

 

  
       35,909,422  
    

 

 

  

Taiwan - 1.5%

     

Taiwan Semiconductor Manufacturing Co., Ltd.

      658,269       4,738,756  

Taiwan Semiconductor Manufacturing Co., Ltd. ADR

      52,129       1,927,209  
    

 

 

  
       6,665,965  
    

 

 

  

Thailand - 0.5%

     

Kasikornbank PCL NVDR

      338,300       2,049,578  
    

 

 

  

Turkey - 0.3%

     

Akbank Turk AS

      440,834       1,322,888  
    

 

 

  

United Kingdom - 16.2%

     

Ashtead Group PLC

      89,681       1,926,858  

ASOS PLC†

      24,090       1,768,562  

Associated British Foods PLC

      53,020       2,278,328  

Aviva PLC

      366,415       2,477,422  

Barclays PLC

      316,331       782,226  

British American Tobacco PLC

      112,184       6,995,408  

Bunzl PLC

      51,860       1,549,698  

Carnival PLC

      31,290       2,176,547  

Compass Group PLC

      331,561       7,078,833  

Diageo PLC

      153,171       5,131,209  

HSBC Holdings PLC

      244,800       2,387,553  

Informa PLC

      163,309       1,459,298  

Intertek Group PLC

      25,130       1,661,635  

Lloyds Banking Group PLC

      1,992,212       1,638,692  

London Stock Exchange Group PLC

      64,490       3,292,531  

Next PLC

      25,296       1,351,453  

Prudential PLC

      36,846       865,575  

Reckitt Benckiser Group PLC

      39,555       3,752,285  

RELX PLC

      238,263       5,212,350  

Rio Tinto PLC

      77,856       3,768,422  

Rolls-Royce Holdings PLC

      78,080       922,123  

Royal Dutch Shell PLC, Class A

      68,971       1,901,103  

Royal Dutch Shell PLC, Class B

      31,469       879,493  

RPC Group PLC

      79,610       953,821  

Sky PLC

      129,227       1,598,523  

Smith & Nephew PLC

      82,640       1,493,836  

Smiths Group PLC

      38,108       761,871  

St James’s Place PLC

      127,981       1,909,767  

Standard Life PLC

      168,459       936,497  

Tullow Oil PLC†#

      597,396       1,204,644  

Weir Group PLC

      89,280       2,070,829  
    

 

 

  
       72,187,392  
    

 

 

  

United States - 0.3%

     

Yum China Holdings, Inc.†

      38,704       1,368,573  
    

 

 

  

Total Common Stocks

     

(cost $345,408,289)

        431,221,825  
    

 

 

  

RIGHTS - 0.0%

     

Sweden - 0.0%

     

Getinge AB†
Expires 09/14/2017
(strike price SEK 127)
(cost $0)

      29,524       10,924  
    

 

 

  

Total Long-Term Investment Securities

     

(cost $345,408,289)

        431,232,749  
    

 

 

  

SHORT-TERM INVESTMENT SECURITIES - 3.5%

     

Registered Investment Companies - 0.4%

     

State Street Navigator Securities Lending Government Money Market Portfolio
1.01%(1)(2)

      1,929,413       1,929,413  
    

 

 

  

Time Deposits - 2.9%

     

Euro Time Deposit with State Street Bank and Trust Co.
0.12% due 09/01/2017

      $12,762,000       12,762,000  
    

 

 

  

U.S. Government Agencies - 0.2%

     

Federal Home Loan Bank
Disc. Notes
0.51% due 09/01/2017

      350,000       350,000  

0.91% due 09/01/2017

      518,000       518,000  
    

 

 

  
       868,000  
    

 

 

  

Total Short-Term Investment Securities

    

(cost $15,559,413)

        15,559,413  
    

 

 

  

TOTAL INVESTMENTS

     

(cost $360,967,702)

      100.0 %      446,792,162  

Other assets less liabilities

      0.0       33,579  
  

 

 

    

 

 

  

NET ASSETS

      100.0 %    $ 446,825,741  
  

 

 

    

 

 

  

 

† 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 August 31, 2017, the aggregate value of these securities was $2,850,516 representing 0.6% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid.
(1) At August 31, 2017, the Fund had loaned securities with a total value of $14,160,033. This was secured by collateral of $1,929,413, which was received in cash and subsequently invested in short-term investments currently valued at $1,929,413 as reported in the Portfolio of Investments. Additional collateral of $12,914,048 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
August 31, 2017		  

Federal Home Loan Mtg. Corp.

    2.50% to 4.00%      11/15/2028 to 01/01/2047      $ 1,063,601  

Federal National Mtg. Assoc.

    2.50% to 4.40%      10/25/2029 to 11/01/2046        1,261,888  

Government National Mtg. Assoc.

    2.50% to 3.50%      06/20/2045 to 11/20/2046        726,750  

United States Treasury Bills

    0.00%      12/28/2017 to 01/04/2018        14,610  

United States Treasury Notes/Bonds

    0.13% to 8.13%      09/30/2017 to 11/15/2046        9,847,199  

 

(2) The rates shown is the 7-day yield as of August 31, 2017.
ADR - American Depositary Receipt
CVA - Certification Van Aandelen (Dutch Cert.)
NVDR - Non-Voting Depositary Receipt
SEK     - Swedish Krona

NYSE - New York Stock Exchange
TSX - Toronto Stock Exchange

Industry Allocation*

   

Banks-Commercial

      6.5 % 

Medical-Drugs

      4.3  

Cosmetics & Toiletries

      3.7  

Beverages-Wine/Spirits

      3.3  

E-Commerce/Products

      3.2  

Diversified Banking Institutions

      3.2  

Insurance-Life/Health

      3.1  

Time Deposits

      2.9  

Food-Misc./Diversified

      2.4  

Tobacco

      2.4  

Finance-Other Services

      2.3  

Oil Companies-Integrated

      2.2  

Enterprise Software/Service

      2.0  

Commercial Services

      1.9  

Retail-Apparel/Shoe

      1.8  

Web Portals/ISP

      1.7  

Food-Catering

      1.6  

Semiconductor Components-Integrated Circuits

      1.5  

Transactional Software

      1.5  

Brewery

      1.4  

Electronic Components-Semiconductors

      1.4  

Diversified Financial Services

      1.4  

Transport-Services

      1.3  

Electronic Components-Misc.

      1.2  

Power Converter/Supply Equipment

      1.1  

Building Products-Cement

      1.1  

Athletic Footwear

      1.0  

Transport-Rail

      0.9  

Chemicals-Diversified

      0.9  

Industrial Automated/Robotic

      0.9  

Electronic Measurement Instruments

      0.9  

Containers-Paper/Plastic

      0.9  

Distribution/Wholesale

      0.8  

Metal-Diversified

      0.8  

Auto/Truck Parts & Equipment-Original

      0.8  

Retail-Major Department Stores

      0.8  

Soap & Cleaning Preparation

      0.8  

Medical-Biomedical/Gene

      0.8  

Medical Products

      0.8  

Retail-Jewelry

      0.8  

Diagnostic Equipment

      0.8  

Internet Application Software

      0.8  

Industrial Gases

      0.8  

Building Products-Air & Heating

      0.8  

Machinery-Construction & Mining

      0.8  

Insurance-Multi-line

      0.7  

Oil Companies-Exploration & Production

      0.7  

Machinery-General Industrial

      0.7  

Semiconductor Equipment

      0.7  

Human Resources

      0.7  

Casino Hotels

      0.6  

Computers-Integrated Systems

      0.6  

Commercial Services-Finance

      0.6  

Diversified Operations

      0.6  

Rental Auto/Equipment

      0.6  

Beverages-Non-alcoholic

      0.6  

Investment Companies

      0.6  

Airlines

      0.5  

Optical Supplies

      0.5  

Machine Tools & Related Products

      0.5  

Advertising Agencies

      0.5  

Retail-Home Furnishings

      0.5  

Textile-Apparel

      0.5  

Cruise Lines

      0.5  

Machinery-Pumps

      0.5  

Computer Services

      0.5  

Food-Retail

      0.5  

Schools

      0.5  

Medical Instruments

      0.4  

Hotels/Motels

      0.4  

Transport-Marine

      0.4  

Toys

      0.4  

Registered Investment Companies

      0.4  

Dialysis Centers

      0.4  

Finance-Mortgage Loan/Banker

      0.4  

Diversified Operations/Commercial Services

      0.4  

Cable/Satellite TV

      0.4  

Aerospace/Defense

      0.4  

Retail-Misc./Diversified

      0.3  

Electric Products-Misc.

      0.3  

Computer Data Security

      0.3  

Multimedia

      0.3  

Electric-Generation

      0.3  

Retail-Discount

      0.3  

Retail-Restaurants

      0.3  

Publishing-Periodicals

      0.3  

Oil-U.S. Royalty Trusts

      0.3  

Real Estate Management/Services

      0.3  

Advertising Services

      0.3  

Television

      0.3  

Machinery-Farming

      0.2  

E-Marketing/Info

      0.2  

Insurance-Property/Casualty

      0.2  

Investment Management/Advisor Services

      0.2  

Steel-Producers

      0.2  

Auto-Cars/Light Trucks

      0.2  

U.S. Government Agencies

      0.2  

Computer Aided Design

      0.2  

Broadcast Services/Program

      0.2  

Medical-Generic Drugs

      0.2  

Diversified Manufacturing Operations

      0.2  

Chemicals-Specialty

      0.1  

Explosives

      0.1  

Apparel Manufacturers

      0.1  

Telecom Services

      0.1  

Diagnostic Kits

      0.1  

Networking Products

      0.1  

Retail-Vision Service Center

      0.1  
  

 

 

  
     100.0 % 
  

 

 

  

 

* Calculated as a percentage of net assets

The following is a summary of the inputs used to value the Fund’s net assets as of August 31, 2017 (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:

    $ 54,851,642      $ 376,370,183 **    $ —        $ 431,221,825  

Rights

      10,924        —         —          10,924  

Short-Term Investment Securities:

           

Registered Investment Companies

      1,929,413        —         —          1,929,413  

Other Short-Term Investment Securities

      —          13,630,000       —          13,630,000  
  

 

 

     

 

 

    

 

 

     

 

 

  

Total Investments at Value

    $ 56,791,979      $ 390,000,183     $ —        $ 446,792,162  
  

 

 

     

 

 

    

 

 

     

 

 

  

 

* For a detailed presentation of investments, please refer to the Portfolio of Investments.
** Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board

(see Note 1).

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities currently valued at $360,431,191 were transferred from Level 1 to Level 2 due to foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.

See Notes to Portfolio of Investments

VALIC Company I Large Cap Core Fund

PORTFOLIO OF INVESTMENTS - August 31, 2017 - (unaudited)

 

Security Description

    Shares/
Principal
Amount		      Value
(Note 1)		  

COMMON STOCKS - 97.7%

      

Applications Software - 3.1%

      

Microsoft Corp.

      72,860      $ 5,447,742  
     

 

 

  

Banks-Fiduciary - 2.2%

      

Bank of New York Mellon Corp.

      73,186        3,826,164  
     

 

 

  

Banks-Super Regional - 2.2%

      

Wells Fargo & Co.

      75,559        3,858,798  
     

 

 

  

Beverages-Non-alcoholic - 1.5%

      

PepsiCo, Inc.

      23,514        2,721,275  
     

 

 

  

Building Products-Air & Heating - 0.8%

      

Johnson Controls International PLC

      34,608        1,370,131  
     

 

 

  

Cable/Satellite TV - 2.5%

      

Comcast Corp., Class A

      109,518        4,447,526  
     

 

 

  

Coatings/Paint - 1.0%

      

Sherwin-Williams Co.

      5,313        1,802,542  
     

 

 

  

Commercial Services - 0.5%

      

Nielsen Holdings PLC

      24,775        962,509  
     

 

 

  

Commercial Services-Finance - 1.2%

      

FleetCor Technologies, Inc.†

      1,684        242,109  

S&P Global, Inc.

      4,625        713,776  

Total System Services, Inc.

      16,695        1,153,958  
     

 

 

  
        2,109,843  
     

 

 

  

Computers - 4.7%

      

Apple, Inc.

      50,543        8,289,052  
     

 

 

  

Containers-Metal/Glass - 0.3%

      

Ball Corp.#

      11,835        473,282  
     

 

 

  

Containers-Paper/Plastic - 0.5%

      

Sealed Air Corp.

      19,480        864,522  
     

 

 

  

Cruise Lines - 0.3%

      

Royal Caribbean Cruises, Ltd.

      3,950        491,617  
     

 

 

  

Data Processing/Management - 1.2%

      

Fidelity National Information Services, Inc.

      22,490        2,089,771  
     

 

 

  

Diagnostic Equipment - 1.2%

      

Abbott Laboratories

      40,416        2,058,791  
     

 

 

  

Diversified Banking Institutions - 7.7%

      

Citigroup, Inc.

      79,620        5,416,548  

JPMorgan Chase & Co.

      61,110        5,554,288  

Morgan Stanley

      57,260        2,605,330  
     

 

 

  
        13,576,166  
     

 

 

  

Diversified Manufacturing Operations - 1.7%

      

Eaton Corp. PLC

      17,955        1,288,451  

General Electric Co.

      67,927        1,667,608  
     

 

 

  
        2,956,059  
     

 

 

  

E-Commerce/Services - 0.2%

      

Expedia, Inc.#

      2,420        359,031  
     

 

 

  

Electric-Integrated - 1.3%

      

Edison International

      7,379        591,648  

Southern Co.

      35,075        1,692,720  
     

 

 

  
        2,284,368  
     

 

 

  

Electronic Components-Semiconductors - 2.1%

      

Broadcom, Ltd.

      13,695        3,452,099  

MACOM Technology Solutions Holdings, Inc.†#

      6,208        282,712  
     

 

 

  
        3,734,811  
     

 

 

  

Entertainment Software - 1.6%

      

Activision Blizzard, Inc.

      35,520        2,328,691  

Electronic Arts, Inc.†

      3,735        453,803  
     

 

 

  
        2,782,494  
     

 

 

  

Finance-Credit Card - 2.0%

      

MasterCard, Inc., Class A

      25,842        3,444,739  
     

 

 

  

Food-Misc./Diversified - 0.9%

      

Kellogg Co.

      24,260        1,588,060  
     

 

 

  

Food-Wholesale/Distribution - 1.0%

      

Sysco Corp.

      32,335        1,703,084  
     

 

 

  

Home Decoration Products - 0.5%

      

Newell Brands, Inc.

      17,025        821,967  
     

 

 

  

Hotels/Motels - 0.2%

      

Marriott International, Inc., Class A

      4,199        434,932  
     

 

 

  

Instruments-Controls - 2.3%

      

Honeywell International, Inc.

      29,826        4,124,041  
     

 

 

  

Insurance Brokers - 1.2%

      

Aon PLC

      15,544        2,163,103  
     

 

 

  

Insurance-Reinsurance - 3.2%

      

Berkshire Hathaway, Inc., Class B†

      31,429        5,693,678  
     

 

 

  

Internet Content-Entertainment - 2.7%

      

Facebook, Inc., Class A†

      28,030        4,820,319  
     

 

 

  

Internet Security - 0.2%

      

Palo Alto Networks, Inc.†

      2,005        266,043  
     

 

 

  

Investment Management/Advisor Services - 0.5%

      

BlackRock, Inc.

      1,047        438,703  

Invesco, Ltd.

      11,866        388,968  
     

 

 

  
        827,671  
     

 

 

  

Medical Instruments - 1.0%

      

Medtronic PLC

      21,934        1,768,319  
     

 

 

  

Medical Products - 0.5%

      

Zimmer Biomet Holdings, Inc.

      8,325        951,298  
     

 

 

  

Medical-Biomedical/Gene - 4.1%

      

Alexion Pharmaceuticals, Inc.†

      6,215        885,078  

Biogen, Inc.†

      9,155        2,898,107  

Celgene Corp.†

      21,267        2,954,624  

Vertex Pharmaceuticals, Inc.†

      3,400        545,836  
     

 

 

  
        7,283,645  
     

 

 

  

Medical-Drugs - 6.5%

      

Allergan PLC

      9,515        2,183,502  

Bristol-Myers Squibb Co.

      22,290        1,348,099  

Johnson & Johnson

      35,728        4,729,315  

Pfizer, Inc.

      94,455        3,203,914  
     

 

 

  
        11,464,830  
     

 

 

  

Medical-HMO - 2.8%

      

Anthem, Inc.

      11,020        2,160,361  

Cigna Corp.

      15,669        2,852,698  
     

 

 

  
        5,013,059  
     

 

 

  

Medical-Wholesale Drug Distribution - 1.2%

      

Cardinal Health, Inc.

      31,474        2,123,236  
     

 

 

  

Multimedia - 0.4%

      

Walt Disney Co.

      6,780        686,136  
     

 

 

  

Networking Products - 1.3%

      

Cisco Systems, Inc.

      71,125        2,290,936  
     

 

 

  

Oil Companies-Exploration & Production - 2.2%

     

Canadian Natural Resources, Ltd.

      71,245       2,195,771  

EOG Resources, Inc.

      19,268       1,637,587  
    

 

 

  
       3,833,358  
    

 

 

  

Oil Companies-Integrated - 3.5%

     

Chevron Corp.

      26,070       2,805,654  

Exxon Mobil Corp.

      44,786       3,418,515  
    

 

 

  
       6,224,169  
    

 

 

  

Oil-Field Services - 1.0%

     

Halliburton Co.

      43,513       1,695,702  
    

 

 

  

Real Estate Investment Trusts - 1.6%

     

American Tower Corp.

      18,435       2,729,302  
    

 

 

  

Retail-Apparel/Shoe - 2.1%

     

Coach, Inc.

      40,955       1,707,824  

PVH Corp.

      15,315       1,928,005  
    

 

 

  
       3,635,829  
    

 

 

  

Retail-Auto Parts - 0.3%

     

AutoZone, Inc.†

      894       472,425  
    

 

 

  

Retail-Building Products - 1.8%

     

Lowe’s Cos., Inc.

      43,715       3,230,101  
    

 

 

  

Retail-Catalog Shopping - 0.4%

     

Liberty Interactive Corp. QVC Group, Class A†

      32,255       713,481  
    

 

 

  

Retail-Discount - 0.7%

     

Dollar General Corp.

      16,825       1,220,822  
    

 

 

  

Retail-Drug Store - 0.4%

     

CVS Health Corp.

      8,749       676,648  
    

 

 

  

Retail-Restaurants - 2.1%

     

McDonald’s Corp.

      12,885       2,061,213  

Starbucks Corp.

      30,580       1,677,619  
    

 

 

  
       3,738,832  
    

 

 

  

Telephone-Integrated - 2.5%

     

AT&T, Inc.

      79,510       2,978,444  

Verizon Communications, Inc.

      28,638       1,373,765  
    

 

 

  
       4,352,209  
    

 

 

  

Tobacco - 2.9%

     

Philip Morris International, Inc.

      44,255       5,174,737  
    

 

 

  

Transport-Services - 2.3%

     

FedEx Corp.

      18,640       3,996,043  
    

 

 

  

Web Portals/ISP - 3.6%

     

Alphabet, Inc., Class A†

      2,562       2,447,325  

Alphabet, Inc., Class C†

      4,173       3,919,824  
    

 

 

  
       6,367,149  
    

 

 

  

Total Long-Term Investment Securities

     

(cost $138,526,269)

        172,036,397  
    

 

 

  

SHORT-TERM INVESTMENT SECURITIES - 0.1%

     

Registered Investment Companies - 0.1%

     

State Street Navigator Securities Lending Government Money Market Portfolio
1.01%(1)(2)
(cost $92,454)

      92,454       92,454  
    

 

 

  

REPURCHASE AGREEMENTS - 2.3%

     

Agreement with Fixed Income Clearing Corp., bearing interest at 0.12% dated 08/31/2017, to be repurchased 09/01/2017 in the amount of $4,106,014 collateralized by $4,200,000 of U.S. Treasury Inflation Index Bonds, bearing interest at 0.75% due 02/15/2045 and having an approximate value of $4,188,458
(cost $4,106,000)

      $4,106,000     $ 4,106,000  
    

 

 

  

TOTAL INVESTMENTS
        (cost $142,724,723)

      100.1 %      176,234,851  

Liabilities in excess of other assets

      (0.1 )      (225,757 ) 
  

 

 

    

 

 

  

NET ASSETS

      100.0 %    $ 176,009,094  
  

 

 

    

 

 

  

 

† Non-income producing security
# The security or a portion thereof is out on loan.
(1) At August 31, 2017, the Fund had loaned securities with a total value of $939,360. This was secured by collateral of $92,454, which was received in cash and subsequently invested in short-term investments currently valued at $92,454 as reported in the Portfolio of Investments. Additional collateral of $852,328 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
August 31, 2017		  

Federal Home Loan Mtg. Corp.

    2.50% to 4.50%    08/01/2027 to 01/01/2047    $ 119,294  

Federal National Mtg. Assoc.

    2.63% to 4.25%    10/25/2029 to 11/01/2046      98,024  

Government National Mtg. Assoc.

    2.50% to 3.50%    01/20/2043 to 05/16/2053      204,791  

United States Treasury Bills

    0.00%    09/07/2017 to 03/01/2018      22,540  

United States Treasury Notes/Bonds

    zero coupon to 5.38%    10/15/2017 to 08/15/2046      407,679  

 

(2) The rate shown is the 7-day yield as of August 31, 2017.

The following is a summary of the inputs used to value the Fund’s net assets as of August 31, 2017 (see Note 1):

 

     Level 1 - Unadjusted      Level 2 - Other      Level 3 - Significant         
     Quoted Prices      Observable Inputs      Unobservable Inputs      Total  

ASSETS:

            

Investments at Value:*

            

Common Stocks

    $ 172,036,397      $ —        $ —        $ 172,036,397  

Short-Term Investment Securities

      92,454        —          —          92,454  

Repurchase Agreements

      —          4,106,000        —          4,106,000  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments at Value

    $ 172,128,851      $ 4,106,000      $ —        $ 176,234,851  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

* 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 Portfolio of Investments

VALIC Company I Large Capital Growth Fund

PORTFOLIO OF INVESTMENTS - August 31, 2017 - (unaudited)

 

Security Description

    Shares      Value
(Note 1)		  

COMMON STOCKS - 99.5%

 

Aerospace/Defense-Equipment - 1.3%

 

United Technologies Corp.

      45,828      $ 5,486,528  
     

 

 

  

Agricultural Chemicals - 1.1%

 

Monsanto Co.

      38,219        4,479,267  
     

 

 

  

Apparel Manufacturers - 1.4%

 

VF Corp.#

      92,005        5,784,354  
     

 

 

  

Applications Software - 3.0%

 

Microsoft Corp.

      166,670        12,461,916  
     

 

 

  

Athletic Footwear - 2.6%

 

NIKE, Inc., Class B

      202,583        10,698,408  
     

 

 

  

Beverages-Non-alcoholic - 1.4%

 

PepsiCo, Inc.

      50,832        5,882,787  
     

 

 

  

Beverages-Wine/Spirits - 1.0%

 

Pernod Ricard SA

      31,693        4,333,640  
     

 

 

  

Brewery - 0.8%

 

Ambev SA ADR

      543,911        3,404,883  
     

 

 

  

Cable/Satellite TV - 1.3%

 

Comcast Corp., Class A

      134,661        5,468,583  
     

 

 

  

Chemicals-Diversified - 1.8%

 

LyondellBasell Industries NV, Class A

      15,444        1,399,072  

PPG Industries, Inc.

      59,097        6,164,999  
     

 

 

  
        7,564,071  
     

 

 

  

Coatings/Paint - 1.5%

 

Sherwin-Williams Co.

      18,364        6,230,354  
     

 

 

  

Commercial Services - 2.5%

 

Ecolab, Inc.

      77,451        10,324,218  
     

 

 

  

Commercial Services-Finance - 3.4%

 

Equifax, Inc.#

      48,584        6,921,762  

Moody’s Corp.

      55,330        7,415,880  
     

 

 

  
        14,337,642  
     

 

 

  

Computer Services - 6.6%

 

Accenture PLC, Class A

      138,948        18,168,840  

Cognizant Technology Solutions Corp., Class A

      133,018        9,413,684  
     

 

 

  
        27,582,524  
     

 

 

  

Computers - 2.9%

 

Apple, Inc.

      72,258        11,850,312  
     

 

 

  

Consulting Services - 2.2%

 

Verisk Analytics, Inc.†

      110,443        8,951,405  
     

 

 

  

Cosmetics & Toiletries - 7.5%

 

Colgate-Palmolive Co.

      149,700        10,724,508  

Coty, Inc., Class A#

      298,269        4,945,300  

Estee Lauder Cos., Inc., Class A

      111,510        11,930,455  

L’Oreal SA

      16,753        3,541,666  
     

 

 

  
        31,141,929  
     

 

 

  

Data Processing/Management - 3.4%

 

Fidelity National Information Services, Inc.

      95,558        8,879,249  

Fiserv, Inc.†

      43,318        5,358,870  
     

 

 

  
        14,238,119  
     

 

 

  

Dental Supplies & Equipment - 0.3%

 

DENTSPLY SIRONA, Inc.

      24,154        1,366,392  
     

 

 

  

Diagnostic Equipment - 6.1%

 

Abbott Laboratories

      137,554        7,007,001  

Danaher Corp.

      71,228        5,941,840  

Thermo Fisher Scientific, Inc.

      67,243        12,583,855  
     

 

 

  
        25,532,696  
     

 

 

  

Diversified Manufacturing Operations - 0.8%

 

Colfax Corp.†

      78,196        3,118,457  
     

 

 

  

Electronic Components-Semiconductors - 2.5%

 

Texas Instruments, Inc.

      124,268        10,291,876  
     

 

 

  

Electronic Connectors - 1.6%

 

Amphenol Corp., Class A

      84,126        6,809,159  
     

 

 

  

Electronic Measurement Instruments - 0.7%

 

Fortive Corp.

      45,201        2,936,709  
     

 

 

  

Entertainment Software - 1.8%

 

Electronic Arts, Inc.†

      61,978        7,530,327  
     

 

 

  

Finance-Credit Card - 4.7%

 

MasterCard, Inc., Class A

      53,700        7,158,210  

Visa, Inc., Class A#

      118,404        12,257,182  
     

 

 

  
        19,415,392  
     

 

 

  

Finance-Investment Banker/Broker - 0.8%

 

Charles Schwab Corp.

      84,291        3,363,211  
     

 

 

  

Finance-Other Services - 0.6%

 

CME Group, Inc.

      18,800        2,365,040  
     

 

 

  

Food-Catering - 0.9%

 

Compass Group PLC

      184,177        3,932,182  
     

 

 

  

Gambling (Non-Hotel) - 0.8%

 

Paddy Power Betfair PLC

      35,701        3,148,280  
     

 

 

  

Instruments-Controls - 1.2%

 

Mettler-Toledo International, Inc.†

      8,554        5,175,940  
     

 

 

  

Instruments-Scientific - 1.2%

 

Waters Corp.†

      25,999        4,770,297  
     

 

 

  

Insurance Brokers - 2.2%

 

Aon PLC

      64,732        9,008,105  
     

 

 

  

Medical Products - 1.5%

 

Cooper Cos., Inc.

      13,806        3,462,959  

Zimmer Biomet Holdings, Inc.

      23,497        2,685,002  
     

 

 

  
        6,147,961  
     

 

 

  

Medical-Drugs - 3.8%

 

Eli Lilly & Co.

      51,464        4,183,509  

Roche Holding AG

      21,927        5,588,789  

Zoetis, Inc.

      96,729        6,064,908  
     

 

 

  
        15,837,206  
     

 

 

  

Multimedia - 1.8%

 

Twenty-First Century Fox, Inc., Class A

      213,323        5,885,581  

Walt Disney Co.

      16,194        1,638,833  
     

 

 

  
        7,524,414  
     

 

 

  

Oil-Field Services - 0.8%

 

Schlumberger, Ltd.

      51,107        3,245,806  
     

 

 

  

Pharmacy Services - 0.6%

 

Express Scripts Holding Co.†

      42,467        2,667,777  
     

 

 

  

Private Equity - 1.9%

 

Blackstone Group LP

      239,364        7,834,384  
     

 

 

  

Retail-Auto Parts - 0.7%

 

AutoZone, Inc.†

      5,700        3,012,108  
     

 

 

  

Retail-Drug Store - 1.1%

 

CVS Health Corp.

      61,308       4,741,561  
    

 

 

  

Retail-Major Department Stores - 1.6%

 

TJX Cos., Inc.

      91,478       6,613,859  
    

 

 

  

Retail-Restaurants - 2.5%

 

Starbucks Corp.

      190,980       10,477,163  
    

 

 

  

Semiconductor Components-Integrated Circuits - 1.2%

 

Taiwan Semiconductor Manufacturing Co., Ltd. ADR

      137,814       5,094,984  
    

 

 

  

Soap & Cleaning Preparation - 0.7%

 

Church & Dwight Co., Inc.

      59,058       2,962,940  
    

 

 

  

Textile-Apparel - 1.6%

 

LVMH Moet Hennessy Louis Vuitton SE

      25,294       6,639,592  
    

 

 

  

Transport-Rail - 1.4%

 

Union Pacific Corp.

      56,208       5,918,702  
    

 

 

  

Web Portals/ISP - 6.4%

 

Alphabet, Inc., Class A†

      27,897       26,648,330  
    

 

 

  

Total Long-Term Investment Securities
(cost $324,354,399)

 

     414,351,790  
    

 

 

  

SHORT-TERM INVESTMENT SECURITIES - 1.0%

 

Registered Investment Companies - 0.5%

 

State Street Navigator Securities Lending Government Money Market Portfolio
1.01%(1)(2)

      2,054,025       2,054,025  
    

 

 

  

U.S. Government Agencies - 0.5%

 

Federal Home Loan Bank
Disc. Notes
0.51% due 09/01/2017

      $913,000       913,000  

Federal Home Loan Bank
Disc. Notes
0.91% due 09/01/2017

      1,346,000       1,346,000  
    

 

 

  
       2,259,000  
    

 

 

  

Total Short-Term Investment Securities
(cost $4,313,025)

 

     4,313,025  
    

 

 

  

TOTAL INVESTMENTS
(cost $328,667,424)

      100.5 %      418,664,815  

Liabilities in excess of other assets

      (0.5 )      (2,035,115 ) 
  

 

 

    

 

 

  

NET ASSETS

      100.0 %    $ 416,629,700  
  

 

 

    

 

 

  

 

# The security or a portion thereof is out on loan.
† Non-income producing security
(1) At August 31, 2017, the Fund had loaned securities with a total value of $22,800,958. This was secured by collateral of $2,054,025, which was received in cash and subsequently invested in short-term investments currently valued at $2,054,025 as reported in the Portfolio of Investments. Additional collateral of $21,218,315 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
August 31, 2017		  

Federal Home Loan Mtg. Corp.

    2.50% to 4.50%    08/01/2027 to 01/01/2047    $ 267,825  

Federal National Mtg. Assoc.

    2.63% to 4.25%    10/25/2029 to 11/01/2046      220,071  

Government National Mtg. Assoc.

    2.50% to 3.50%    01/20/2043 to 05/16/2053      459,770  

United States Treasury Bills

    0.00%    09/07/2017 to 03/01/2018      466,425  

United States Treasury Notes/Bonds

    zero coupon to 6.13%    09/30/2017 to 08/15/2046      19,804,224  

 

(2) The rate shown is the 7-day yield as of August 31, 2017.

ADR - American Depositary Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of August 31, 2017 (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

    $ 387,167,640      $ 27,184,150 **    $ —        $ 414,351,790  

Short -Term Investment Securities:

           

Registered Investment Companies

      2,054,025        —         —          2,054,025  

U.S.Government Agencies

      —          2,259,000       —          2,259,000  
  

 

 

     

 

 

    

 

 

     

 

 

  

Total Investments at Value

    $ 389,221,665      $ 29,443,150     $ —        $ 418,664,815  
  

 

 

     

 

 

    

 

 

     

 

 

  

 

* For a detailed presentation of investments, please refer to the Portfolio of Investments.
** Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 1).

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities currently valued at $23,251,968 were transferred from Level 1 to Level 2 due to foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.

See Notes to Portfolio of Investments

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS - August 31, 2017 - (unaudited)

 

Security Description

    Shares/
Principal
Amount		      Value
(Note 1)		  

COMMON STOCKS - 93.5%

 

Aerospace/Defense - 0.5%

 

Esterline Technologies Corp.†#

      57,820      $ 4,937,828  

Teledyne Technologies, Inc.†#

      68,526        10,283,012  
     

 

 

  
        15,220,840  
     

 

 

  

Aerospace/Defense-Equipment - 0.8%

 

Curtiss-Wright Corp.

      85,924        8,319,162  

KLX, Inc.†#

      100,444        4,815,285  

Orbital ATK, Inc.

      112,077        12,505,552  
     

 

 

  
        25,639,999  
     

 

 

  

Airlines - 0.4%

 

JetBlue Airways Corp.†#

      647,983        12,836,543  
     

 

 

  

Apparel Manufacturers - 0.2%

 

Carter’s, Inc.

      93,972        8,148,312  
     

 

 

  

Applications Software - 0.9%

 

CDK Global, Inc.

      281,962        18,186,549  

PTC, Inc.†#

      224,340        12,563,040  
     

 

 

  
        30,749,589  
     

 

 

  

Auction Houses/Art Dealers - 0.1%

 

Sotheby’s†#

      88,988        3,992,892  
     

 

 

  

Auto/Truck Parts & Equipment-Original - 0.2%

 

Dana, Inc.#

      280,728        6,757,123  
     

 

 

  

Banks-Commercial - 7.2%

 

Associated Banc-Corp.#

      295,800        6,478,020  

BancorpSouth, Inc.

      161,420        4,689,251  

Bank of Hawaii Corp.#

      82,947        6,480,649  

Bank of the Ozarks, Inc.#

      235,817        10,130,698  

Cathay General Bancorp, Class B

      145,733        5,140,003  

Chemical Financial Corp.#

      138,116        6,271,848  

Commerce Bancshares, Inc.#

      169,711        9,332,408  

Cullen/Frost Bankers, Inc.#

      110,528        9,306,458  

East West Bancorp, Inc.

      280,583        15,535,881  

First Horizon National Corp.#

      453,998        7,813,306  

FNB Corp.#

      627,449        7,962,328  

Fulton Financial Corp.#

      339,487        5,924,048  

Hancock Holding Co.

      164,133        7,213,645  

Home BancShares, Inc.#

      245,107        5,713,444  

International Bancshares Corp.

      112,882        4,058,108  

MB Financial, Inc.#

      138,381        5,503,412  

PacWest Bancorp

      232,783        10,510,152  

Pinnacle Financial Partners, Inc.

      137,970        8,581,734  

Prosperity Bancshares, Inc.#

      134,945        8,062,964  

Signature Bank†

      104,250        13,379,445  

SVB Financial Group†#

      101,943        17,263,028  

Synovus Financial Corp.

      237,500        10,003,500  

TCF Financial Corp.

      332,525        5,164,113  

Texas Capital Bancshares, Inc.†#

      96,253        7,146,785  

Trustmark Corp.#

      131,527        3,895,830  

UMB Financial Corp.

      85,192        5,718,087  

Umpqua Holdings Corp.#

      428,017        7,490,297  

United Bankshares, Inc.

      203,609        6,831,082  

Valley National Bancorp#

      512,366        5,733,376  

Webster Financial Corp.#

      179,059        8,358,474  

Wintrust Financial Corp.#

      108,088        7,869,887  
     

 

 

  
        243,562,261  
     

 

 

  

Batteries/Battery Systems - 0.3%

 

Energizer Holdings, Inc.#

      120,078        5,301,444  

EnerSys

      84,510        5,417,091  
     

 

 

  
        10,718,535  
     

 

 

  

Brewery - 0.1%

 

Boston Beer Co., Inc., Class A†#

      17,952        2,674,848  
     

 

 

  

Building & Construction Products-Misc. - 0.2%

 

Louisiana-Pacific Corp.†

      281,094        7,162,275  
     

 

 

  

Building Products-Air & Heating - 0.4%

 

Lennox International, Inc.#

      74,584        12,360,806  
     

 

 

  

Building Products-Cement - 0.3%

 

Eagle Materials, Inc.#

      94,259        9,166,688  
     

 

 

  

Building Products-Light Fixtures - 0.1%

 

Cree, Inc.†#

      188,930        4,596,667  
     

 

 

  

Building-Heavy Construction - 0.3%

 

Dycom Industries, Inc.†#

      60,354        4,869,360  

Granite Construction, Inc.#

      77,325        4,270,660  
     

 

 

  
        9,140,020  
     

 

 

  

Building-Maintenance & Services - 0.2%

 

Rollins, Inc.#

      186,281        8,272,739  
     

 

 

  

Building-Mobile Home/Manufactured Housing - 0.3%

 

Thor Industries, Inc.#

      92,929        10,095,807  
     

 

 

  

Building-Residential/Commercial - 1.3%

 

CalAtlantic Group, Inc.#

      149,493        5,194,882  

KB Home#

      161,369        3,453,296  

NVR, Inc.†#

      6,769        18,417,434  

Toll Brothers, Inc.#

      287,350        11,195,156  

TRI Pointe Group, Inc.†#

      308,883        3,935,169  
     

 

 

  
        42,195,937  
     

 

 

  

Cable/Satellite TV - 0.2%

 

Cable One, Inc.

      9,109        6,911,363  
     

 

 

  

Chemicals-Diversified - 0.3%

 

Olin Corp.

      322,172        10,383,604  
     

 

 

  

Chemicals-Plastics - 0.2%

 

PolyOne Corp.#

      158,767        5,737,839  
     

 

 

  

Chemicals-Specialty - 2.0%

 

Ashland Global Holdings, Inc.

      120,848        7,498,618  

Cabot Corp.

      121,324        6,391,348  

Chemours Co.

      358,223        17,578,003  

Minerals Technologies, Inc.

      68,136        4,360,704  

NewMarket Corp.

      17,954        7,513,929  

Sensient Technologies Corp.

      85,949        6,201,220  

Valvoline, Inc.

      397,132        8,454,940  

Versum Materials, Inc.

      211,043        7,793,818  
     

 

 

  
        65,792,580  
     

 

 

  

Coal - 0.2%

 

CONSOL Energy, Inc.†#

      343,995        5,005,127  
     

 

 

  

Coatings/Paint - 0.4%

 

RPM International, Inc.

      259,413        12,703,455  
     

 

 

  

Commercial Services - 0.5%

 

CoreLogic, Inc.†

      164,372        7,720,553  

Live Nation Entertainment, Inc.†#

      259,380        10,364,825  
     

 

 

  
        18,085,378  
     

 

 

  

Commercial Services-Finance - 0.9%

 

MarketAxess Holdings, Inc.#

      72,991        14,083,613  

Sabre Corp.#

      399,632        7,369,214  

WEX, Inc.†#

      74,964        8,181,571  
     

 

 

  
        29,634,398  
     

 

 

  

Computer Aided Design - 0.6%

 

Cadence Design Systems, Inc.†

      542,975        21,333,488  
     

 

 

  

Computer Data Security - 0.3%

 

Fortinet, Inc.†#

      290,123        11,082,699  
     

 

 

  

Computer Services - 1.5%

 

Convergys Corp.#

      182,791        4,295,588  

DST Systems, Inc.#

      119,944        6,156,726  

Leidos Holdings, Inc.

      278,638        16,250,168  

MAXIMUS, Inc.

      125,882        7,651,108  

Science Applications International Corp.#

      84,876        6,270,639  

Teradata Corp.†#

      254,180        8,113,426  
     

 

 

  
        48,737,655  
     

 

 

  

Computer Software - 0.4%

 

Blackbaud, Inc.#

      93,286        7,874,271  

j2 Global, Inc.#

      93,589        7,045,380  
     

 

 

  
        14,919,651  
     

 

 

  

Computers-Integrated Systems - 0.6%

 

Diebold Nixdorf, Inc.#

      146,574        2,997,439  

NCR Corp.†#

      235,366        8,597,920  

NetScout Systems, Inc.†

      178,119        5,833,397  

VeriFone Systems, Inc.†#

      216,752        4,285,187  
     

 

 

  
        21,713,943  
     

 

 

  

Computers-Memory Devices - 0.3%

 

Brocade Communications Systems, Inc.

      796,291        9,858,083  
     

 

 

  

Computers-Other - 0.1%

 

3D Systems Corp.†#

      209,966        2,637,173  
     

 

 

  

Consumer Products-Misc. - 0.1%

 

Helen of Troy, Ltd.†#

      52,538        4,744,181  
     

 

 

  

Containers-Metal/Glass - 0.5%

 

Greif, Inc., Class A#

      50,134        3,030,600  

Owens-Illinois, Inc.†#

      315,954        7,785,107  

Silgan Holdings, Inc.

      145,634        4,382,127  
     

 

 

  
        15,197,834  
     

 

 

  

Containers-Paper/Plastic - 0.5%

 

Bemis Co., Inc.#

      178,566        7,608,697  

Sonoco Products Co.#

      193,000        9,314,180  
     

 

 

  
        16,922,877  
     

 

 

  

Cosmetics & Toiletries - 0.3%

 

Avon Products, Inc.†#

      854,169        2,126,881  

Edgewell Personal Care Co.†

      111,510        8,468,069  
     

 

 

  
        10,594,950  
     

 

 

  

Data Processing/Management - 1.7%

 

Acxiom Corp.†#

      152,460        3,550,794  

Broadridge Financial Solutions, Inc.#

      228,332        17,839,579  

CommVault Systems, Inc.†#

      81,176        4,955,795  

Dun & Bradstreet Corp.#

      71,653        7,985,010  

Fair Isaac Corp.#

      60,133        8,464,321  

Jack Henry & Associates, Inc.#

      150,797        15,542,647  
     

 

 

  
        58,338,146  
     

 

 

  

Decision Support Software - 0.6%

 

MSCI, Inc.

      175,835        20,152,449  
     

 

 

  

Disposable Medical Products - 0.4%

 

STERIS PLC#

      164,937        14,375,909  
     

 

 

  

Distribution/Wholesale - 0.5%

 

Pool Corp.#

      80,302        8,005,306  

Watsco, Inc.#

      59,030        8,698,661  
     

 

 

  
        16,703,967  
     

 

 

  

Diversified Manufacturing Operations - 1.0%

 

Carlisle Cos., Inc.

      125,449        11,878,766  

Crane Co.

      98,226        7,291,316  

ITT, Inc.#

      172,182        6,949,265  

Trinity Industries, Inc.#

      295,515        8,522,653  
     

 

 

  
        34,642,000  
     

 

 

  

Drug Delivery Systems - 0.3%

 

Catalent, Inc.†#

      242,668        10,019,762  
     

 

 

  

E-Commerce/Services - 0.1%

 

Cars.com, Inc.†#

      138,990        3,594,281  
     

 

 

  

Electric Products-Misc. - 0.2%

 

Littelfuse, Inc.#

      44,069        8,203,885  
     

 

 

  

Electric-Integrated - 2.6%

 

Black Hills Corp.#

      103,821        7,306,922  

Great Plains Energy, Inc.

      418,697        12,849,811  

Hawaiian Electric Industries, Inc.#

      211,189        7,057,936  

IDACORP, Inc.

      97,858        8,707,405  

MDU Resources Group, Inc.#

      379,273        10,255,542  

NorthWestern Corp.

      94,078        5,674,785  

OGE Energy Corp.

      387,818        13,852,859  

PNM Resources, Inc.#

      154,685        6,558,644  

Westar Energy, Inc.

      275,846        14,153,658  
     

 

 

  
        86,417,562  
     

 

 

  

Electronic Components-Misc. - 0.8%

 

Gentex Corp.#

      557,868        10,192,248  

Jabil, Inc.#

      354,001        11,097,931  

Knowles Corp.†#

      173,268        2,541,842  

Vishay Intertechnology, Inc.#

      260,315        4,607,576  
     

 

 

  
        28,439,597  
     

 

 

  

Electronic Components-Semiconductors - 1.2%

 

IPG Photonics Corp.†

      72,974        12,828,099  

Microsemi Corp.†

      224,250        11,297,715  

Monolithic Power Systems, Inc.#

      73,724        7,469,716  

Silicon Laboratories, Inc.†#

      82,238        6,241,864  

Synaptics, Inc.†#

      66,619        2,769,352  
     

 

 

  
        40,606,746  
     

 

 

  

Electronic Measurement Instruments - 1.3%

 

Keysight Technologies, Inc.†

      358,681        14,655,706  

National Instruments Corp.#

      206,367        8,335,163  

Trimble, Inc.†#

      491,117        18,996,405  
     

 

 

  
        41,987,274  
     

 

 

  

Electronic Parts Distribution - 1.1%

 

Arrow Electronics, Inc.†#

      172,530        13,704,058  

Avnet, Inc.

      242,734        9,362,250  

SYNNEX Corp.#

      56,585        6,768,132  

Tech Data Corp.†#

      67,372        7,430,458  
     

 

 

  
        37,264,898  
     

 

 

  

Energy-Alternate Sources - 0.2%

 

First Solar, Inc.†

      151,896        7,133,036  
     

 

 

  

Engineering/R&D Services - 0.7%

 

AECOM†#

      302,430        10,131,405  

EMCOR Group, Inc.

      115,028        7,596,449  

KBR, Inc.#

      278,000        4,523,060  
     

 

 

  
        22,250,914  
     

 

 

  

Enterprise Software/Service - 0.9%

 

Manhattan Associates, Inc.†#

      134,858        5,670,779  

Tyler Technologies, Inc.†#

      65,533        11,324,103  

Ultimate Software Group, Inc.†#

      57,707        11,593,336  
     

 

 

  
        28,588,218  
     

 

 

  

Entertainment Software - 0.6%

 

Take-Two Interactive Software, Inc.†#

      201,648        19,719,158  
     

 

 

  

Environmental Monitoring & Detection - 0.1%

 

MSA Safety, Inc.#

      61,153        4,455,608  
     

 

 

  

Filtration/Separation Products - 0.4%

 

Donaldson Co., Inc.#

      256,541        12,121,562  
     

 

 

  

Finance-Consumer Loans - 0.3%

 

SLM Corp.†#

      837,063        8,512,931  
     

 

 

  

Finance-Investment Banker/Broker - 0.2%

 

Stifel Financial Corp.#

      132,927        6,347,264  
     

 

 

  

Finance-Other Services - 0.5%

 

SEI Investments Co.

      258,896        15,135,060  
     

 

 

  

Food-Baking - 0.2%

 

Flowers Foods, Inc.#

      357,561        6,210,835  
     

 

 

  

Food-Canned - 0.2%

 

TreeHouse Foods, Inc.†#

      110,575        7,407,419  
     

 

 

  

Food-Confectionery - 0.0%

 

Tootsie Roll Industries, Inc.#

      34,464        1,287,230  
     

 

 

  

Food-Dairy Products - 0.1%

 

Dean Foods Co.

      176,490        1,941,390  
     

 

 

  

Food-Flour & Grain - 0.3%

 

Post Holdings, Inc.†#

      128,688        10,955,209  
     

 

 

  

Food-Misc./Diversified - 1.4%

 

Hain Celestial Group, Inc.†#

      200,892        8,079,876  

Ingredion, Inc.

      139,202        17,235,992  

Lamb Weston Holdings, Inc.

      269,478        12,255,860  

Lancaster Colony Corp.

      37,838        4,406,992  

Snyder’s-Lance, Inc.#

      167,016        5,932,408  
     

 

 

  
        47,911,128  
     

 

 

  

Food-Retail - 0.2%

 

Sprouts Farmers Market, Inc.†

      250,984        5,004,621  
     

 

 

  

Food-Wholesale/Distribution - 0.1%

 

United Natural Foods, Inc.†#

      98,250        3,414,188  
     

 

 

  

Footwear & Related Apparel - 0.3%

 

Deckers Outdoor Corp.†#

      62,123        3,969,660  

Skechers U.S.A., Inc., Class A†

      259,812        6,866,831  
     

 

 

  
        10,836,491  
     

 

 

  

Funeral Services & Related Items - 0.4%

 

Service Corp. International#

      365,072        12,901,644  
     

 

 

  

Garden Products - 0.6%

 

Scotts Miracle-Gro Co., Class A#

      85,608        8,183,269  

Toro Co.

      208,920        12,886,185  
     

 

 

  
        21,069,454  
     

 

 

  

Gas-Distribution - 2.5%

 

Atmos Energy Corp.#

      204,466        18,001,187  

National Fuel Gas Co.#

      165,877        9,617,548  

New Jersey Resources Corp.#

      167,861        7,327,133  

ONE Gas, Inc.#

      101,850        7,663,194  

Southwest Gas Holdings, Inc.

      92,358        7,344,308  

UGI Corp.

      336,199        16,611,593  

Vectren Corp.#

      161,094        10,569,377  

WGL Holdings, Inc.

      99,465        8,380,921  
     

 

 

  
        85,515,261  
     

 

 

  

Gold Mining - 0.4%

 

Royal Gold, Inc.#

      126,886        11,835,926  
     

 

 

  

Hazardous Waste Disposal - 0.2%

 

Clean Harbors, Inc.†#

      101,099        5,468,445  
     

 

 

  

Home Furnishings - 0.2%

 

Tempur Sealy International, Inc.†#

      91,059        5,636,552  
     

 

 

  

Housewares - 0.2%

 

Tupperware Brands Corp.

      98,506        5,700,542  
     

 

 

  

Human Resources - 0.4%

 

ManpowerGroup, Inc.#

      130,265        14,525,850  
     

 

 

  

Industrial Automated/Robotic - 0.9%

 

Cognex Corp.#

      168,263        18,335,619  

Nordson Corp.#

      104,092        11,377,256  
     

 

 

  
        29,712,875  
     

 

 

  

Instruments-Controls - 0.2%

 

Woodward, Inc.#

      107,091        7,518,859  
     

 

 

  

Insurance Brokers - 0.3%

 

Brown & Brown, Inc.

      223,366        10,042,535  
     

 

 

  

Insurance-Life/Health - 0.4%

 

CNO Financial Group, Inc.

      332,682        7,435,443  

Primerica, Inc.

      88,363        6,764,187  
     

 

 

  
        14,199,630  
     

 

 

  

Insurance-Multi-line - 0.9%

 

American Financial Group, Inc.

      142,958        14,554,554  

Genworth Financial, Inc., Class A†

      968,941        3,323,468  

Kemper Corp.

      94,629        4,532,729  

Old Republic International Corp.#

      476,045        9,087,699  
     

 

 

  
        31,498,450  
     

 

 

  

Insurance-Property/Casualty - 1.6%

      

Alleghany Corp.†#

      29,982        16,872,970  

First American Financial Corp.#

      214,160        10,506,690  

Hanover Insurance Group, Inc.

      82,869        8,136,078  

Mercury General Corp.#

      70,892        4,074,163  

WR Berkley Corp.#

      188,336        12,550,711  
     

 

 

  
        52,140,612  
     

 

 

  

Insurance-Reinsurance - 1.0%

      

Aspen Insurance Holdings, Ltd.

      116,495        5,265,574  

Reinsurance Group of America, Inc.

      125,047        16,812,569  

RenaissanceRe Holdings, Ltd.#

      78,886        10,977,776  
     

 

 

  
        33,055,919  
     

 

 

  

Internet Content-Information/News - 0.1%

      

WebMD Health Corp.†#

      73,274        4,868,325  
     

 

 

  

Investment Management/Advisor Services - 1.0%

      

Eaton Vance Corp.#

      223,291        10,624,186  

Federated Investors, Inc., Class B#

      180,165        4,920,306  

Janus Henderson Group PLC#

      350,277        12,105,573  

Legg Mason, Inc.#

      165,681        6,327,357  
     

 

 

  
        33,977,422  
     

 

 

  

Lasers-System/Components - 0.3%

      

Coherent, Inc.†#

      47,821        11,157,596  
     

 

 

  

Machine Tools & Related Products - 0.5%

      

Kennametal, Inc.#

      156,433        5,475,155  

Lincoln Electric Holdings, Inc.

      120,107        10,430,092  
     

 

 

  
        15,905,247  
     

 

 

  

Machinery-Construction & Mining - 0.5%

      

Oshkosh Corp.

      145,249        10,835,575  

Terex Corp.#

      173,612        6,692,743  
     

 

 

  
        17,528,318  
     

 

 

  

Machinery-Electrical - 0.2%

      

Regal Beloit Corp.#

      87,018        6,561,157  
     

 

 

  

Machinery-Farming - 0.3%

      

AGCO Corp.

      129,601        8,871,188  
     

 

 

  

Machinery-General Industrial - 1.2%

      

IDEX Corp.

      148,187        17,423,828  

Wabtec Corp.#

      167,718        11,835,859  

Zebra Technologies Corp., Class A†

      102,466        10,563,220  
     

 

 

  
        39,822,907  
     

 

 

  

Machinery-Pumps - 0.4%

      

Graco, Inc.#

      107,880        12,461,219  
     

 

 

  

Medical Information Systems - 0.4%

      

Allscripts Healthcare Solutions, Inc.†#

      352,399        4,630,523  

Medidata Solutions, Inc.†#

      107,666        8,070,643  
     

 

 

  
        12,701,166  
     

 

 

  

Medical Instruments - 1.3%

      

Bio-Techne Corp.#

      72,499        8,973,926  

Halyard Health, Inc.†#

      90,631        4,104,678  

LivaNova PLC†

      84,204        5,269,487  

NuVasive, Inc.†#

      98,386        6,147,157  

Teleflex, Inc.#

      87,352        18,496,786  
     

 

 

  
        42,992,034  
     

 

 

  

Medical Products - 1.1%

      

ABIOMED, Inc.†#

      79,138        11,934,010  

Globus Medical, Inc., Class A†#

      140,216        4,238,730  

Hill-Rom Holdings, Inc.

      116,223        8,944,522  

West Pharmaceutical Services, Inc.

      142,839        12,432,707  
     

 

 

  
        37,549,969  
     

 

 

  

Medical-Biomedical/Gene - 1.3%

      

Bio-Rad Laboratories, Inc., Class A†#

      40,425        8,805,373  

Bioverativ, Inc.†#

      210,043        11,907,338  

Charles River Laboratories International, Inc.†

      92,513        10,065,414  

United Therapeutics Corp.†#

      87,507        11,445,916  
     

 

 

  
        42,224,041  
     

 

 

  

Medical-Drugs - 0.7%

      

Akorn, Inc.†

      169,317        5,570,529  

Endo International PLC†#

      385,617        3,389,574  

Mallinckrodt PLC†#

      192,928        7,925,482  

Prestige Brands Holdings, Inc.†#

      102,837        5,214,864  
     

 

 

  
        22,100,449  
     

 

 

  

Medical-HMO - 0.6%

      

Molina Healthcare, Inc.†#

      83,025        5,313,600  

WellCare Health Plans, Inc.†

      86,404        15,093,051  
     

 

 

  
        20,406,651  
     

 

 

  

Medical-Hospitals - 0.4%

      

Acadia Healthcare Co., Inc.†#

      148,388        6,965,333  

LifePoint Health, Inc.†#

      78,389        4,542,642  

Tenet Healthcare Corp.†#

      156,181        2,681,628  
     

 

 

  
        14,189,603  
     

 

 

  

Medical-Wholesale Drug Distribution - 0.1%

      

Owens & Minor, Inc.#

      118,852        3,320,725  
     

 

 

  

Metal Processors & Fabrication - 0.2%

      

Timken Co.#

      136,314        6,113,683  
     

 

 

  

Metal Products-Distribution - 0.1%

      

Worthington Industries, Inc.#

      85,330        4,263,087  
     

 

 

  

Miscellaneous Manufacturing - 0.3%

      

AptarGroup, Inc.#

      121,235        10,136,458  
     

 

 

  

Multilevel Direct Selling - 0.2%

      

Nu Skin Enterprises, Inc., Class A#

      96,457        5,867,479  
     

 

 

  

Multimedia - 0.4%

      

FactSet Research Systems, Inc.#

      76,626        12,044,075  
     

 

 

  

Networking Products - 0.4%

      

LogMeIn, Inc.#

      102,307        11,703,921  
     

 

 

  

Office Automation & Equipment - 0.1%

      

Pitney Bowes, Inc.#

      362,178        4,653,987  
     

 

 

  

Office Furnishings-Original - 0.2%

      

Herman Miller, Inc.

      116,100        3,906,765  

HNI Corp.

      85,627        3,138,230  
     

 

 

  
        7,044,995  
     

 

 

  

Oil & Gas Drilling - 0.6%

 

Diamond Offshore Drilling, Inc.†#

      125,248        1,422,817  

Ensco PLC, Class A#

      589,577        2,505,702  

Nabors Industries, Ltd.#

      555,015        3,635,348  

Patterson-UTI Energy, Inc.

      321,084        5,127,712  

Rowan Cos. PLC, Class A†#

      244,880        2,387,580  

Transocean, Ltd.†#

      759,396        6,196,672  
     

 

 

  
        21,275,831  
     

 

 

  

Oil Companies-Exploration & Production - 1.1%

 

Energen Corp.†#

      188,499        9,666,229  

Gulfport Energy Corp.†

      308,903        3,870,555  

Matador Resources Co.†#

      180,942        4,266,612  

QEP Resources, Inc.†

      467,050        3,526,227  

SM Energy Co.#

      190,132        2,540,163  

Southwestern Energy Co.†

      982,382        5,353,982  

WPX Energy, Inc.†#

      772,129        7,713,569  
     

 

 

  
        36,937,337  
     

 

 

  

Oil Companies-Integrated - 0.2%

 

Murphy Oil Corp.#

      314,973        7,137,288  
     

 

 

  

Oil Field Machinery & Equipment - 0.1%

 

Dril-Quip, Inc.†#

      73,472        2,758,874  
     

 

 

  

Oil Refining & Marketing - 0.6%

 

HollyFrontier Corp.#

      344,415        10,783,634  

Murphy USA, Inc.†#

      67,133        4,327,393  

PBF Energy, Inc., Class A#

      213,010        5,044,077  
     

 

 

  
        20,155,104  
     

 

 

  

Oil-Field Services - 0.6%

 

Core Laboratories NV#

      85,660        7,553,499  

NOW, Inc.†#

      209,087        2,437,954  

Oceaneering International, Inc.#

      190,817        4,302,923  

Oil States International, Inc.†#

      100,283        2,181,155  

Superior Energy Services, Inc.†#

      296,794        2,445,583  
     

 

 

  
        18,921,114  
     

 

 

  

Paper & Related Products - 0.2%

 

Domtar Corp.

      121,546        4,915,320  
     

 

 

  

Patient Monitoring Equipment - 0.2%

 

Masimo Corp.†

      88,395        7,458,770  
     

 

 

  

Physical Therapy/Rehabilitation Centers - 0.3%

 

HealthSouth Corp.

      191,740        8,772,105  
     

 

 

  

Physicians Practice Management - 0.2%

 

MEDNAX, Inc.†#

      180,634        8,101,435  
     

 

 

  

Power Converter/Supply Equipment - 0.3%

 

Hubbell, Inc.

      99,406        11,212,003  
     

 

 

  

Printing-Commercial - 0.2%

 

Deluxe Corp.

      94,187        6,531,868  
     

 

 

  

Publishing-Books - 0.1%

 

John Wiley & Sons, Inc., Class A#

      86,971        4,692,085  
     

 

 

  

Publishing-Newspapers - 0.1%

 

New York Times Co., Class A#

      237,232        4,424,377  
     

 

 

  

Publishing-Periodicals - 0.1%

 

Meredith Corp.#

      71,228        3,871,242  
     

 

 

  

Quarrying - 0.1%

 

Compass Minerals International, Inc.#

      65,683        4,387,624  
     

 

 

  

Racetracks - 0.2%

 

Churchill Downs, Inc.#

      25,134        4,911,184  

International Speedway Corp., Class A

      49,027        1,747,812  
     

 

 

  
        6,658,996  
     

 

 

  

Real Estate Investment Trusts - 8.7%

 

American Campus Communities, Inc.#

      260,367        12,390,866  

Camden Property Trust

      170,198        15,229,317  

CoreCivic, Inc.

      229,443        6,149,072  

CoreSite Realty Corp.#

      66,400        7,885,664  

Corporate Office Properties Trust#

      193,095        6,441,649  

Cousins Properties, Inc.

      813,483        7,606,066  

CyrusOne, Inc.#

      151,621        9,556,672  

DCT Industrial Trust, Inc.

      178,513        10,416,234  

Douglas Emmett, Inc.

      300,483        11,706,818  

Education Realty Trust, Inc.#

      142,117        5,491,401  

EPR Properties

      124,414        8,666,679  

First Industrial Realty Trust, Inc.#

      227,740        7,055,385  

GEO Group, Inc.#

      241,643        6,679,013  

Healthcare Realty Trust, Inc.

      240,202        7,993,923  

Highwoods Properties, Inc.

      198,119        10,347,755  

Hospitality Properties Trust

      319,003        8,727,922  

JBG SMITH Properties†

      167,258        5,474,354  

Kilroy Realty Corp.

      190,862        13,213,376  

Lamar Advertising Co., Class A#

      162,137        10,791,839  

LaSalle Hotel Properties#

      219,867        6,239,825  

Liberty Property Trust

      285,881        12,178,531  

Life Storage, Inc.#

      90,294        6,644,735  

Mack-Cali Realty Corp.

      174,476        3,993,756  

Medical Properties Trust, Inc.#

      706,864        9,302,330  

National Retail Properties, Inc.

      289,623        12,114,930  

Omega Healthcare Investors, Inc.#

      382,196        12,180,587  

Potlatch Corp.

      78,861        3,769,556  

Quality Care Properties, Inc.†

      181,764        2,493,802  

Rayonier, Inc.

      250,179        7,257,693  

Sabra Health Care REIT, Inc.#

      204,709        4,472,898  

Senior Housing Properties Trust

      461,302        9,096,875  

Tanger Factory Outlet Centers, Inc.#

      187,314        4,383,148  

Taubman Centers, Inc.

      117,864        6,157,215  

Uniti Group, Inc.#

      306,642        5,905,925  

Urban Edge Properties#

      203,343        5,114,076  

Washington Prime Group, Inc.#

      359,922        3,005,349  

Weingarten Realty Investors#

      229,381        7,349,367  
     

 

 

  
        293,484,603  
     

 

 

  

Real Estate Management/Services - 0.3%

 

Jones Lang LaSalle, Inc.#

      87,946        10,721,497  
     

 

 

  

Real Estate Operations & Development - 0.1%

 

Alexander & Baldwin, Inc.#

      89,717        3,893,718  
     

 

 

  

Recreational Vehicles - 0.6%

      

Brunswick Corp.

      173,431        9,101,659  

Polaris Industries, Inc.#

      113,767        10,606,497  
     

 

 

  
        19,708,156  
     

 

 

  

Rental Auto/Equipment - 0.3%

      

Aaron’s, Inc.

      122,125        5,406,474  

Avis Budget Group, Inc.†#

      163,581        5,926,539  
     

 

 

  
        11,333,013  
     

 

 

  

Research & Development - 0.4%

      

INC Research Holdings, Inc., Class A†#

      105,068        6,167,492  

PAREXEL International Corp.†

      98,578        8,664,020  
     

 

 

  
        14,831,512  
     

 

 

  

Retail-Apparel/Shoe - 0.2%

      

American Eagle Outfitters, Inc.#

      323,058        3,860,543  

Urban Outfitters, Inc.†#

      171,632        3,508,158  
     

 

 

  
        7,368,701  
     

 

 

  

Retail-Arts & Crafts - 0.1%

      

Michaels Cos., Inc.†

      205,422        4,611,724  
     

 

 

  

Retail-Automobile - 0.6%

      

AutoNation, Inc.†#

      127,820        5,799,193  

Copart, Inc.†#

      398,092        13,013,628  
     

 

 

  
        18,812,821  
     

 

 

  

Retail-Bedding - 0.2%

      

Bed Bath & Beyond, Inc.#

      281,884        7,777,180  
     

 

 

  

Retail-Catalog Shopping - 0.2%

      

MSC Industrial Direct Co., Inc., Class A#

      87,557        6,030,926  
     

 

 

  

Retail-Computer Equipment - 0.1%

      

GameStop Corp., Class A#

      196,651        3,638,044  
     

 

 

  

Retail-Convenience Store - 0.2%

      

Casey’s General Stores, Inc.#

      76,086        8,020,986  
     

 

 

  

Retail-Discount - 0.2%

      

Big Lots, Inc.#

      86,973        4,139,915  

HSN, Inc.

      62,043        2,276,978  
     

 

 

  
        6,416,893  
     

 

 

  

Retail-Mail Order - 0.2%

      

Williams-Sonoma, Inc.#

      154,786        7,120,156  
     

 

 

  

Retail-Misc./Diversified - 0.2%

      

Sally Beauty Holdings, Inc.†#

      266,896        4,961,597  
     

 

 

  

Retail-Office Supplies - 0.1%

      

Office Depot, Inc.#

      1,003,297        4,304,144  
     

 

 

  

Retail-Petroleum Products - 0.1%

      

World Fuel Services Corp.

      134,116        4,632,367  
     

 

 

  

Retail-Regional Department Stores - 0.1%

      

Dillard’s, Inc., Class A#

      42,051        2,556,701  
     

 

 

  

Retail-Restaurants - 1.9%

      

Brinker International, Inc.

      95,022        2,966,587  

Buffalo Wild Wings, Inc.†#

      31,343        3,220,493  

Cheesecake Factory, Inc.#

      86,624        3,588,832  

Cracker Barrel Old Country Store, Inc.#

      46,691        6,941,084  

Domino’s Pizza, Inc.#

      93,391        17,021,444  

Dunkin’ Brands Group, Inc.#

      178,968        9,227,590  

Jack in the Box, Inc.#

      57,127        5,348,230  

Papa John’s International, Inc.#

      51,407        3,844,730  

Texas Roadhouse, Inc.#

      125,334        5,947,098  

Wendy’s Co.#

      371,800        5,547,256  
     

 

 

  
        63,653,344  
     

 

 

  

Retail-Sporting Goods - 0.3%

      

Cabela’s, Inc.†#

      100,369        5,389,815  

Dick’s Sporting Goods, Inc.#

      170,446        4,492,957  
     

 

 

  
        9,882,772  
     

 

 

  

Rubber-Tires - 0.1%

      

Cooper Tire & Rubber Co.#

      102,794        3,453,878  
     

 

 

  

Savings & Loans/Thrifts - 0.5%

      

New York Community Bancorp, Inc.#

      949,726        11,444,198  

Washington Federal, Inc.

      173,687        5,427,719  
     

 

 

  
        16,871,917  
     

 

 

  

Schools - 0.3%

      

Adtalem Global Education, Inc.#

      110,672        3,784,982  

Graham Holdings Co., Class B

      9,034        5,304,765  
     

 

 

  
        9,089,747  
     

 

 

  

Semiconductor Components-Integrated Circuits - 0.7%

      

Cirrus Logic, Inc.†

      125,088        7,252,602  

Cypress Semiconductor Corp.#

      639,757        8,758,273  

Integrated Device Technology, Inc.†#

      258,264        6,381,704  
     

 

 

  
        22,392,579  
     

 

 

  

Semiconductor Equipment - 0.4%

      

Teradyne, Inc.

      386,356        13,758,137  
     

 

 

  

Shipbuilding - 0.6%

      

Huntington Ingalls Industries, Inc.

      89,369        19,121,391  
     

 

 

  

Steel Pipe & Tube - 0.2%

      

Valmont Industries, Inc.

      43,859        6,295,959  
     

 

 

  

Steel-Producers - 1.3%

      

Carpenter Technology Corp.#

      90,769        3,678,868  

Commercial Metals Co.#

      224,839        4,247,209  

Reliance Steel & Aluminum Co.

      141,534        10,249,892  

Steel Dynamics, Inc.#

      469,542        16,175,722  

United States Steel Corp.#

      339,184        9,025,686  
     

 

 

  
        43,377,377  
     

 

 

  

Steel-Specialty - 0.1%

      

Allegheny Technologies, Inc.#

      211,328        4,401,962  
     

 

 

  

Telecom Equipment-Fiber Optics - 0.2%

      

Ciena Corp.†#

      275,308        5,949,406  
     

 

 

  

Telecommunication Equipment - 0.4%

      

ARRIS International PLC†

      364,666        10,159,595  

Plantronics, Inc.

      64,933        2,768,094  
     

 

 

  
        12,927,689  
     

 

 

  

Telephone-Integrated - 0.2%

      

Frontier Communications Corp.#

      151,871        2,045,702  

Telephone & Data Systems, Inc.

        182,155       5,338,963  
      

 

 

  
         7,384,665  
      

 

 

  

Television - 0.3%

       

AMC Networks, Inc., Class A†#

        101,139       6,147,228  

TEGNA, Inc.#

        416,971       5,262,174  
      

 

 

  
         11,409,402  
      

 

 

  

Theaters - 0.2%

       

Cinemark Holdings, Inc.#

        205,740       6,849,085  
      

 

 

  

Transactional Software - 0.2%

       

ACI Worldwide, Inc.†#

        229,233       5,217,343  
      

 

 

  

Transport-Equipment & Leasing - 0.1%

       

GATX Corp.#

        75,931       4,599,900  
      

 

 

  

Transport-Marine - 0.2%

       

Kirby Corp.†#

        104,878       6,565,363  
      

 

 

  

Transport-Rail - 0.2%

       

Genesee & Wyoming, Inc., Class A†#

        119,477       8,191,343  
      

 

 

  

Transport-Services - 0.2%

       

Ryder System, Inc.#

        104,012       8,071,331  
      

 

 

  

Transport-Truck - 0.9%

       

Knight Transportation, Inc.#

        129,624       5,061,817  

Landstar System, Inc.

        81,417       7,600,277  

Old Dominion Freight Line, Inc.

        134,484       13,434,952  

Werner Enterprises, Inc.#

        86,954       2,878,177  
      

 

 

  
         28,975,223  
      

 

 

  

Veterinary Diagnostics - 0.4%

       

VCA, Inc.†

        157,820       14,670,947  
      

 

 

  

Water - 0.3%

       

Aqua America, Inc.#

        344,897       11,519,560  
      

 

 

  

Wire & Cable Products - 0.2%

       

Belden, Inc.#

        82,091       6,326,753  
      

 

 

  

Wireless Equipment - 0.3%

       

InterDigital, Inc.

        67,351       4,805,494  

ViaSat, Inc.†#

        102,889       6,544,769  
      

 

 

  
         11,350,263  
      

 

 

  

Total Long-Term Investment Securities

       

(cost $2,337,846,839)

          3,145,298,601  
      

 

 

  

SHORT-TERM INVESTMENT SECURITIES - 8.6%

       

Registered Investment Companies - 2.9%

       

State Street Navigator Securities Lending Government Money Market Portfolio
1.01%(1)(2)

        99,951,446       99,951,446  
      

 

 

  

U.S. Government Treasuries - 5.7%

       

United States Treasury Bills
0.97% due 09/07/2017(3)

        $11,500,000       11,498,291  

0.97% due 09/21/2017

        180,000,000       179,910,407  
      

 

 

  
         191,408,698  
      

 

 

  

Total Short-Term Investment Securities

       

(cost $291,353,087)

          291,360,144  
      

 

 

  

REPURCHASE AGREEMENTS - 0.7%

       

Agreement with Fixed Income Clearing Corp., bearing interest at 0.12%, dated 08/31/2017, to be repurchased 09/01/2017 in the amount $24,395,081 collateralized by $20,605,000 of United States Treasury Bonds, bearing interest at 3.75% due 11/15/2043 and having an approximate value of $24,886,657
(cost $24,395,000)

        24,395,000       24,395,000  
      

 

 

  

TOTAL INVESTMENTS

       

(cost $2,653,594,926)

        102.8 %      3,461,053,745  

Liabilities in excess of other assets

        (2.8 )      (95,646,557 ) 
    

 

 

    

 

 

  

NET ASSETS

        100.0 %    $ 3,365,407,188  
    

 

 

    

 

 

  

 

† Non-income producing security
# The security or a portion thereof is out on loan.
(1) At August 31, 2017, the Fund had loaned securities with a total value of $716,585,624. This was secured by collateral of $99,951,446, which was received in cash and subsequently invested in short-term investments currently valued at $99,951,446 as reported in the Portfolio of Investments. Additional collateral of $627,828,406 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
August 31, 2017		  

Federal Home Loan Mtg. Corp.

    2.50% to 4.50%    08/01/2027 to 01/01/2047    $ 46,430,560  

Federal National Mtg. Assoc.

    2.63% to 4.25%    10/25/2029 to 11/01/2046      38,151,956  

Government National Mtg. Assoc.

    2.50% to 3.50%    01/20/2043 to 05/16/2053      79,706,564  

United States Treasury Bills

    0.00%    09/07/2017 to 07/19/2018      22,880,723  

United States Treasury Notes/Bonds

    zero coupon to 8.13%    09/30/2017 to 05/15/2047      440,658,603  

 

(2) The rate shown is the 7-day yield as of August 31, 2017.
(3) The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts.

 

Futures Contracts  
Number of
Contracts		    Type     

Description

    Expiration
Month		    Notional
Basis*		      Notional
Value*		      Unrealized
Appreciation
(Depreciation)		  
1,274      Long      S&P Mid Cap 400 E-Mini Index    September 2017    $ 225,126,398      $ 220,452,960      $ (4,673,438 ) 
                 

 

 

  

 

* Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract.

The following is a summary of the inputs used to value the Fund’s net assets as of August 31, 2017 (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

    $ 3,145,298,601      $ —        $  —        $ 3,145,298,601  

Short-Term Investment Securities:

            

Registered Investment Companies

      99,951,446        —          —          99,951,446  

U.S. Government Treasuries

      —          191,408,698        —          191,408,698  

Repurchase Agreements

      —          24,395,000        —          24,395,000  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments at Value

    $ 3,245,250,047      $ 215,803,698      $  —        $ 3,461,053,745  
  

 

 

     

 

 

     

 

 

     

 

 

  

LIABILITIES:

            

Other Financial Instruments:+

            

Futures Contracts

    $ 4,673,438      $ —        $  —        $ 4,673,438  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

* 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 Portfolio of Investments

VALIC Company I Mid Cap Strategic Growth Fund

PORTFOLIO OF INVESTMENTS - August 31, 2017 - (unaudited)

 

Security Description

    Shares      Value
(Note 1)		  

COMMON STOCKS - 97.0%

      

Advertising Agencies - 0.5%

      

Omnicom Group, Inc.#

      19,277      $ 1,395,269  
     

 

 

  

Aerospace/Defense - 0.9%

      

Teledyne Technologies, Inc.†

      15,319        2,298,769  
     

 

 

  

Aerospace/Defense-Equipment - 1.1%

      

Harris Corp.

      8,305        1,020,684  

Orbital ATK, Inc.

      16,505        1,841,628  
     

 

 

  
        2,862,312  
     

 

 

  

Airlines - 1.0%

      

Ryanair Holdings PLC ADR†#

      22,368        2,543,242  
     

 

 

  

Apparel Manufacturers - 2.0%

      

Carter’s, Inc.

      10,862        941,844  

Gildan Activewear, Inc.

      89,486        2,800,912  

Hanesbrands, Inc.#

      63,515        1,540,874  
     

 

 

  
        5,283,630  
     

 

 

  

Applications Software - 1.4%

      

Dropbox, Inc., Class B†(1)(2)(3)

      89,561        952,929  

Intuit, Inc.

      9,612        1,359,617  

PTC, Inc.†

      25,585        1,432,760  
     

 

 

  
        3,745,306  
     

 

 

  

Auction Houses/Art Dealers - 0.6%

      

Ritchie Bros. Auctioneers, Inc.#

      55,904        1,662,585  
     

 

 

  

Banks-Commercial - 1.6%

      

First Republic Bank

      19,610        1,903,150  

Signature Bank†

      12,245        1,571,523  

SVB Financial Group†

      4,696        795,221  
     

 

 

  
        4,269,894  
     

 

 

  

Beverages-Non-alcoholic - 0.8%

      

Monster Beverage Corp.†

      38,130        2,128,417  
     

 

 

  

Building Products-Cement - 0.8%

      

Vulcan Materials Co.

      18,040        2,187,530  
     

 

 

  

Chemicals-Specialty - 1.4%

      

Albemarle Corp.#

      15,190        1,765,989  

Chemours Co.

      41,650        2,043,766  
     

 

 

  
        3,809,755  
     

 

 

  

Commercial Services - 2.4%

      

CoStar Group, Inc.†#

      8,245        2,363,182  

Edenred

      47,685        1,290,628  

ServiceMaster Global Holdings, Inc.†

      57,621        2,715,101  
     

 

 

  
        6,368,911  
     

 

 

  

Commercial Services-Finance - 4.7%

      

Equifax, Inc.

      16,978        2,418,856  

Euronet Worldwide, Inc.†

      6,998        687,693  

Global Payments, Inc.

      18,676        1,783,371  

IHS Markit, Ltd.†

      25,897        1,213,015  

MarketAxess Holdings, Inc.

      6,830        1,317,849  

Vantiv, Inc., Class A†

      29,833        2,108,895  

WEX, Inc.†

      26,397        2,880,969  
     

 

 

  
        12,410,648  
     

 

 

  

Computer Aided Design - 0.4%

      

Cadence Design Systems, Inc.†

      23,983        942,292  
     

 

 

  

Computer Services - 1.1%

      

Amdocs, Ltd.

      44,061        2,854,712  
     

 

 

  

Computer Software - 2.7%

      

Constellation Software, Inc.

      5,300        2,947,034  

Splunk, Inc.†#

      21,520        1,443,777  

SS&C Technologies Holdings, Inc.

      68,447        2,649,583  
     

 

 

  
        7,040,394  
     

 

 

  

Computers-Memory Devices - 0.7%

      

NetApp, Inc.

      49,265        1,904,585  
     

 

 

  

Computers-Other - 0.4%

      

Lumentum Holdings, Inc.†#

      20,090        1,142,117  
     

 

 

  

Consulting Services - 1.5%

      

Gartner, Inc.†

      9,912        1,195,288  

Verisk Analytics, Inc.†

      33,730        2,733,817  
     

 

 

  
        3,929,105  
     

 

 

  

Containers-Paper/Plastic - 1.5%

      

Berry Global Group, Inc.†

      27,710        1,558,411  

Sealed Air Corp.

      53,527        2,375,528  
     

 

 

  
        3,933,939  
     

 

 

  

Cruise Lines - 1.0%

      

Norwegian Cruise Line Holdings, Ltd.†

      29,080        1,729,097  

Royal Caribbean Cruises, Ltd.

      8,480        1,055,421  
     

 

 

  
        2,784,518  
     

 

 

  

Data Processing/Management - 2.6%

      

Broadridge Financial Solutions, Inc.

      17,724        1,384,776  

Fidelity National Information Services, Inc.

      46,968        4,364,267  

Jack Henry & Associates, Inc.

      11,527        1,188,088  
     

 

 

  
        6,937,131  
     

 

 

  

Decision Support Software - 0.7%

      

MSCI, Inc.

      15,608        1,788,833  
     

 

 

  

Dental Supplies & Equipment - 0.5%

      

Align Technology, Inc.†

      7,355        1,299,923  
     

 

 

  

Diagnostic Kits - 0.5%

      

IDEXX Laboratories, Inc.†

      8,305        1,290,846  
     

 

 

  

Disposable Medical Products - 1.4%

      

ICU Medical, Inc.†

      5,965        1,039,998  

STERIS PLC#

      30,309        2,641,732  
     

 

 

  
        3,681,730  
     

 

 

  

Diversified Manufacturing Operations - 1.2%

      

A.O. Smith Corp.

      44,419        2,473,694  

Carlisle Cos., Inc.

      7,728        731,764  
     

 

 

  
        3,205,458  
     

 

 

  

Drug Delivery Systems - 1.8%

      

Catalent, Inc.†

      43,637        1,801,771  

DexCom, Inc.†#

      38,034        2,837,717  
     

 

 

  
        4,639,488  
     

 

 

  

E-Commerce/Services - 1.1%

      

Expedia, Inc.

      6,570        974,725  

SurveyMonkey, Inc.†(1)(2)(3)

      44,965        407,608  

Trade Desk, Inc., Class A†

      27,080        1,434,428  
     

 

 

  
        2,816,761  
     

 

 

  

Electric Products-Misc. - 1.0%

      

AMETEK, Inc.

      43,406        2,745,429  
     

 

 

  

Electronic Components-Misc. - 1.4%

      

Flex, Ltd.†

      227,567        3,702,515  
     

 

 

  

Electronic Components-Semiconductors - 4.9%

      

IPG Photonics Corp.†

      6,745        1,185,703  

MACOM Technology Solutions Holdings, Inc.†#

      26,805        1,220,700  

Microchip Technology, Inc.#

      22,905        1,988,154  

Monolithic Power Systems, Inc.

      11,535        1,168,726  

ON Semiconductor Corp.†

      152,448        2,603,812  

Skyworks Solutions, Inc.

      20,810        2,192,542  

Xilinx, Inc.#

      41,345        2,731,251  
     

 

 

  
        13,090,888  
     

 

 

  

Electronic Connectors - 1.7%

      

Amphenol Corp., Class A

      14,064        1,138,340  

TE Connectivity, Ltd.

      41,253        3,283,739  
     

 

 

  
        4,422,079  
     

 

 

  

Electronic Measurement Instruments - 1.1%

      

National Instruments Corp.

      69,053        2,789,051  
     

 

 

  

Enterprise Software/Service - 1.1%

      

Atlassian Corp. PLC, Class A†

      52,788        1,879,253  

Ultimate Software Group, Inc.†#

      5,764        1,157,987  
     

 

 

  
        3,037,240  
     

 

 

  

Entertainment Software - 1.2%

      

Activision Blizzard, Inc.

      46,618        3,056,276  
     

 

 

  

Finance-Consumer Loans - 0.7%

      

Synchrony Financial

      58,750        1,808,912  
     

 

 

  

Finance-Investment Banker/Broker - 3.1%

      

E*TRADE Financial Corp.†

      49,980        2,049,680  

LPL Financial Holdings, Inc.

      50,213        2,351,977  

TD Ameritrade Holding Corp.

      88,560        3,836,419  
     

 

 

  
        8,238,076  
     

 

 

  

Finance-Other Services - 0.6%

      

SEI Investments Co.

      28,861        1,687,214  
     

 

 

  

Food-Catering - 0.6%

      

Aramark

      38,950        1,584,875  
     

 

 

  

Food-Misc./Diversified - 1.2%

      

Blue Buffalo Pet Products, Inc.†#

      79,455        2,046,761  

Snyder’s-Lance, Inc.#

      32,565        1,156,709  
     

 

 

  
        3,203,470  
     

 

 

  

Funeral Services & Related Items - 0.2%

      

Service Corp. International

      13,740        485,572  
     

 

 

  

Home Decoration Products - 0.7%

      

Newell Brands, Inc.

      37,810        1,825,467  
     

 

 

  

Industrial Automated/Robotic - 0.5%

      

Nordson Corp.

      11,385        1,244,381  
     

 

 

  

Instruments-Controls - 1.6%

      

Sensata Technologies Holding NV†#

      92,679        4,139,044  
     

 

 

  

Instruments-Scientific - 1.8%

      

PerkinElmer, Inc.

      40,174        2,691,256  

Waters Corp.†

      11,685        2,143,964  
     

 

 

  
        4,835,220  
     

 

 

  

Insurance Brokers - 1.1%

      

Aon PLC

      20,586        2,864,748  
     

 

 

  

Insurance-Property/Casualty - 0.2%

      

Intact Financial Corp.

      7,118        586,768  
     

 

 

  

Internet Content-Entertainment - 0.3%

      

Snap, Inc., Class A†#

      60,125        872,414  
     

 

 

  

Internet Security - 0.7%

      

Symantec Corp.

      61,650        1,848,267  
     

 

 

  

Lasers-System/Components - 0.7%

      

Coherent, Inc.†

      7,870        1,836,228  
     

 

 

  

Machinery-General Industrial - 0.7%

      

Middleby Corp.†

      8,741        1,063,780  

Roper Technologies, Inc.

      187        43,133  

Wabtec Corp.#

      9,683        683,329  
     

 

 

  
        1,790,242  
     

 

 

  

Medical Information Systems - 1.0%

      

athenahealth, Inc.†#

      19,245        2,712,198  
     

 

 

  

Medical Instruments - 3.4%

      

Boston Scientific Corp.†

      119,848        3,301,813  

Bruker Corp.

      59,860        1,741,327  

Edwards Lifesciences Corp.†

      18,582        2,112,030  

Teleflex, Inc.

      8,556        1,811,733  
     

 

 

  
        8,966,903  
     

 

 

  

Medical Labs & Testing Services - 1.0%

      

Quintiles IMS Holdings, Inc.†#

      27,259        2,617,682  
     

 

 

  

Medical Products - 3.9%

      

ABIOMED, Inc.†

      1,079        162,713  

Cooper Cos., Inc.

      6,736        1,689,591  

Henry Schein, Inc.†

      20,727        3,599,865  

Hill-Rom Holdings, Inc.

      22,520        1,733,139  

Nevro Corp.†#

      12,180        1,049,673  

Varian Medical Systems, Inc.†#

      20,789        2,208,831  
     

 

 

  
        10,443,812  
     

 

 

  

Medical-Biomedical/Gene - 1.7%

      

Celgene Corp.†

      13,871        1,927,098  

Exact Sciences Corp.†#

      22,410        938,755  

Incyte Corp.†

      12,290        1,688,769  
     

 

 

  
        4,554,622  
     

 

 

  

Medical-Drugs - 1.3%

      

ACADIA Pharmaceuticals, Inc.†#

      17,709        630,618  

Alkermes PLC†#

      14,808        751,950  

Clovis Oncology, Inc.†#

      11,655        886,596  

DBV Technologies SA ADR†

      12,077        533,320  

TESARO, Inc.†#

      4,816        621,938  
     

 

 

  
        3,424,422  
     

 

 

  

Metal Processors & Fabrication - 0.6%

      

Rexnord Corp.†

      69,943        1,670,239  
     

 

 

  

Motion Pictures & Services - 1.0%

      

Dolby Laboratories, Inc., Class A

      55,146        2,782,667  
     

 

 

  

Printing-Commercial - 0.8%

      

Cimpress NV†#

      23,307        2,154,499  
     

 

 

  

Real Estate Investment Trusts - 3.9%

      

Crown Castle International Corp.

      29,475        3,196,269  

DCT Industrial Trust, Inc.

      18,245        1,064,596  

Equinix, Inc.

      6,023        2,821,233  

Lamar Advertising Co., Class A#

      50,380        3,353,293  
     

 

 

  
        10,435,391  
     

 

 

  

Real Estate Management/Services - 0.5%

     

CBRE Group, Inc., Class A†

      37,755       1,362,200  
    

 

 

  

Recreational Vehicles - 0.4%

     

Polaris Industries, Inc.#

      10,387       968,380  
    

 

 

  

Resort/Theme Parks - 0.6%

     

Cedar Fair LP

      21,925       1,521,157  
    

 

 

  

Retail-Apparel/Shoe - 0.9%

     

Coach, Inc.

      34,330       1,431,561  

lululemon athletica, Inc.†

      14,748       848,747  
    

 

 

  
       2,280,308  
    

 

 

  

Retail-Discount - 0.9%

     

Dollar Tree, Inc.†

      30,660       2,441,762  
    

 

 

  

Retail-Gardening Products - 0.4%

     

Tractor Supply Co.#

      16,433       977,928  
    

 

 

  

Retail-Mail Order - 0.3%

     

Williams-Sonoma, Inc.#

      19,452       894,792  
    

 

 

  

Retail-Petroleum Products - 0.4%

     

World Fuel Services Corp.

      28,869       997,135  
    

 

 

  

Retail-Restaurants - 0.9%

     

Dunkin’ Brands Group, Inc.

      44,490       2,293,904  
    

 

 

  

Semiconductor Equipment - 2.3%

     

KLA-Tencor Corp.

      28,693       2,688,247  

Lam Research Corp.

      12,498       2,074,418  

MKS Instruments, Inc.

      17,750       1,461,713  
    

 

 

  
       6,224,378  
    

 

 

  

Telecommunication Equipment - 1.4%

     

NICE, Ltd., ADR#

      46,665       3,650,136  
    

 

 

  

Textile-Home Furnishings - 0.8%

     

Mohawk Industries, Inc.†

      8,730       2,209,738  
    

 

 

  

Therapeutics - 0.4%

     

Neurocrine Biosciences, Inc.†#

      19,143       1,083,494  
    

 

 

  

Transport-Rail - 0.3%

     

Canadian Pacific Railway, Ltd.

      5,332       829,659  
    

 

 

  

Transport-Services - 0.4%

     

Expeditors International of Washington, Inc.

      18,770       1,052,997  
    

 

 

  

Transport-Truck - 1.4%

     

Old Dominion Freight Line, Inc.

      13,934       1,392,007  

XPO Logistics, Inc.†

      36,265       2,219,418  
    

 

 

  
       3,611,425  
    

 

 

  

Wire & Cable Products - 0.7%

     

Belden, Inc.

      23,286       1,794,652  
    

 

 

  

Total Common Stocks

     

(cost $206,500,196)

        256,808,956  
    

 

 

  

CONVERTIBLE PREFERRED SECURITIES - 1.8%

     

Applications Software - 0.0%

     

Dropbox, Inc., Series A †(1)(2)(3)

      8,758       93,185  
    

 

 

  

E-Commerce/Products - 0.5%

     

Flipkart, Ltd., Series D†(1)(2)(3)

      13,407       1,181,338  
    

 

 

  

E-Commerce/Services - 1.2%

     

Airbnb, Inc., Series D†(1)(2)(3)

      29,418       3,159,493  
    

 

 

  

Wire & Cable Products - 0.1%

     

Belden, Inc. 6.75%

      2,200       231,662  
    

 

 

  

Total Convertible Preferred Securities

     

(cost $1,804,697)

        4,665,678  
    

 

 

  

Total Long-Term Investment Securities

     

(cost $208,304,893)

        261,474,634  
    

 

 

  

SHORT-TERM INVESTMENT SECURITIES - 2.9%

     

Commercial Paper - 1.1%

     

Credit Agricole Corporate and Investment Bank
1.07% due 09/01/17

      2,800,000       2,800,000  
    

 

 

  

Registered Investment Companies - 1.8%

     

State Street Navigator Securities Lending Government Money Market Portfolio
1.01%(4)(5)

      4,861,396       4,861,396  
    

 

 

  

Total Short-Term Investment Securities

     

(cost $7,661,396)

        7,661,396  
    

 

 

  

TOTAL INVESTMENTS

     

(cost $215,966,289)

      101.7 %      269,136,030  

Liabilities in excess of other assets

      (1.7 )      (4,493,733 )  
  

 

 

    

 

 

  

NET ASSETS

      100.0 %    $ 264,642,297  
  

 

 

    

 

 

  

 

# The security or a portion thereof is out on loan.
† Non-income producing security
(1) Security classified as Level 3 (see Note 1).
(2) Illiquid security. At August 31, 2017, the aggregate value of these securities was $5,794,553 representing 2.2% 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 1. 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 August 31, 2017, the Fund held the following restricted securities:

 

Description

    Acquistion
Date		    Shares      Acquistion
Cost		      Value      Value
Per Share		      % of
Net Assets		  

Common Stocks

                  

Dropbox, Inc.

                  

Class B

    5/1/2012      89,561      $ 810,680      $ 952,929      $ 10.64        0.36 % 

SurveyMonkey, Inc.

   11/25/2014      44,965        739,674        407,608        9.07        0.15 % 

Convertible Preferred Securities

                  

Airbnb, Inc.

                  

Series D

    4/16/2014      29,418        1,197,696        3,159,493        107.40        1.19 % 

Dropbox, Inc.

                  

Series A

    5/25/2012      8,758        79,351        93,185        10.64        0.04 % 

Flipkart, Ltd.

                  

Series D

    10/4/2013      13,407        307,650        1,181,338        88.11        0.45 % 
           

 

 

        

 

 

  
            $ 5,794,553           2.19 % 
           

 

 

        

 

 

  

 

(4) At August 31, 2017, the Fund had loaned securities with a total value of $48,475,755. This was secured by collateral of $4,861,396, which was received in cash and subsequently invested in short-term investments currently valued at $4,861,396 as reported in the Portfolio of Investments. Additional collateral of $44,528,718 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
August 31, 2017		  

Federal Home Loan Mtg. Corp.

    2.50% to 4.50%    08/01/2027 to 01/01/2047    $ 3,851,211  

Federal National Mtg. Assoc.

    2.63% to 4.25%    10/25/2029 to 11/01/2046      3,164,537  

Government National Mtg. Assoc.

    2.50% to 3.50%    01/20/2043 to 05/16/2053      6,611,309  

United States Treasury Bills

    0.00%    09/07/2017 to 03/01/2018      2,419,657  

United States Treasury Notes/Bonds

    zero coupon to 8.13%    09/30/2017 to 02/15/2047      28,482,004  

 

(5) The rate shown is the 7-day yield as of August 31, 2017.

ADR - American Depositary Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of August 31, 2017 (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:

           

Applications Software

    $ 2,792,377      $ —       $ 952,929      $ 3,745,306  

E-Commerce/Services

      2,409,153        —         407,608        2,816,761  

Other Industries

      248,956,261        1,290,628 **      —          250,246,889  

Convertible Preferred Securities:

           

Wire & Cable Products

      231,662        —         —          231,662  

Other Industries

      —          —         4,434,016        4,434,016  

Short-Term Investment Securities:

           

Commercial Paper

      —          2,800,000       —          2,800,000  

Registered Investment Companies

      4,861,396        —         —          4,861,396  
  

 

 

     

 

 

    

 

 

     

 

 

  

Total Investments at Value

    $ 259,250,849      $ 4,090,628     $ 5,794,553      $ 269,136,030  
  

 

 

     

 

 

    

 

 

     

 

 

  

 

* For a detailed presentation of investments, please refer to the Portfolio of Investments.
** Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 1).

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.

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

 

     Common Stocks      Convertible
Preferred Securities		  

Balance as of 05/31/2017

    $ 1,319,682      $ 4,356,582  

Accrued discounts

      —          —    

Accrued premiums

      —          —    

Realized Gain

      —          —    

Realized Loss

      —          —    

Change in unrealized appreciation(1)

     69,857        77,434  

Change in unrealized depreciation(1)

     (29,002 )       —    

Net Purchases

                      —          —    

Net Sales

      —          —    

Transfers into Level 3

      —          —    

Transfers out of Level 3

      —          —    
  

 

 

     

 

 

  

Balance as of 08/31/2017

   $ 1,360,537      $ 4,434,016  
  

 

 

     

 

 

  

 

(1) The total change in unrealized appreciation (depreciation) attributable to Level 3 investments still held at August 31, 2017 includes:

 

     Common Stocks      Convertible
Preferred Securities		  
   $          40,855      $ 77,434  
  

 

 

     

 

 

  

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 August 31, 2017

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

 

Description

   Fair Value at 8/31/17    

Valuation Technique(s)

  

Unobservable Input (1)

   Range (weighted average)

Common Stocks

   $ 952,929    

Market Approach with

Option Pricing Method (“OPM”)

   Transaction Price*   $8.1500
      2017 Estimated Revenue Multiple*   5.0x - 7.7x (6.37x)
      2018 Estimated Revenue Multiple*   5.2x
      2018 Estimated Gross Profit Multiple*   6.8x
      Discount for Lack of Marketability   10.0%
      OPM assumptions:  
     

Volatility*

   37.5%
     

Term to liquidity event in years

   1.92
             

Risk-free rate

 

   1.33%

 

  $ 407,608     Market Approach   Trailing Twelve Months Sales Multiple*   8.6x
      2017 Estimated Revenue Multiple*   5.8x
      2018 EBITIDA Multiple*   17.5x
      2018 Estimated Gross Profit Multiple*   7.0x
               

Discount for Lack of Marketability

 

   10.0%

 

Convertible Preferred Securities

   $ 1,181,338     Market Approach   Transaction Price*   $88.1100
  $ 3,159,493     Market Approach   Transaction Price*   $105.0000
      2020 Estimated Revenue Multiple*   5.1x
      2020 Estimated Gross Profit Multiple*   6.3x
             

Discount for Lack of Marketability

 

   10.0%

 

  $ 93,185    

Market Approach with

Option Pricing Method (“OPM”)

   Transaction Price*   $8.1500
      2017 Estimated Revenue Multiple*   5.0x - 7.7x (6.37x)
      2018 Estimated Revenue Multiple*   5.2x
      2018 Estimated Gross Profit Multiple*   6.8x
      Discount for Lack of Marketability   10.0%
      OPM assumptions:  
     

Volatility*

   37.5%
     

Term to liquidity event in years

   1.92
             

Risk-free rate

 

   1.33%

 

 

(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 Portfolio of Investments

VALIC Company I Nasdaq-100 Index Fund

PORTFOLIO OF INVESTMENTS - August 31, 2017 - (unaudited)

 

Security Description

    Shares/Principal
Amount		      Value
(Note 1)		  

COMMON STOCKS - 94.5%

      

Airlines - 0.3%

      

American Airlines Group, Inc.#

      27,771      $ 1,242,475  
     

 

 

  
     

Applications Software - 8.6%

      

Citrix Systems, Inc.†

      8,522        666,506  

Intuit, Inc.

      14,445        2,043,245  

Microsoft Corp.

      435,271        32,545,213  
     

 

 

  
        35,254,964  
     

 

 

  

Auto-Cars/Light Trucks - 0.8%

      

Tesla, Inc.†#

      9,261        3,295,990  
     

 

 

  

Auto-Heavy Duty Trucks - 0.3%

      

PACCAR, Inc.

      19,805        1,313,666  
     

 

 

  

Beverages-Non-alcoholic - 0.4%

      

Monster Beverage Corp.†

      32,012        1,786,910  
     

 

 

  

Broadcast Services/Program - 0.1%

      

Discovery Communications, Inc., Class A†#

      8,669        192,539  

Discovery Communications, Inc., Class C†

      12,645        265,671  
     

 

 

  
        458,210  
     

 

 

  

Cable/Satellite TV - 4.7%

      

Charter Communications, Inc., Class A†

      15,083        6,011,179  

Comcast Corp., Class A

      266,868        10,837,510  

DISH Network Corp., Class A†

      12,825        734,744  

Liberty Global PLC LiLAC, Class A†#

      2,796        72,724  

Liberty Global PLC LiLAC, Class C†

      6,805        175,501  

Liberty Global PLC, Class A†

      13,371        454,614  

Liberty Global PLC, Class C†

      34,337        1,134,151  
     

 

 

  
        19,420,423  
     

 

 

  

Casino Hotels - 0.2%

      

Wynn Resorts, Ltd.#

      5,771        802,111  
     

 

 

  

Cellular Telecom - 0.9%

      

T-Mobile US, Inc.†

      46,841        3,031,081  

Vodafone Group PLC ADR#

      24,541        712,425  
     

 

 

  
        3,743,506  
     

 

 

  

Commercial Services - 0.2%

      

Cintas Corp.#

      5,938        801,689  
     

 

 

  

Commercial Services-Finance - 1.7%

      

Automatic Data Processing, Inc.

      25,224        2,685,599  

PayPal Holdings, Inc.†

      67,725        4,177,278  
     

 

 

  
        6,862,877  
     

 

 

  

Computer Aided Design - 0.3%

      

Autodesk, Inc.†

      12,425        1,422,165  
     

 

 

  

Computer Data Security - 0.3%

      

Check Point Software Technologies, Ltd.†

      9,357        1,046,768  
     

 

 

  

Computer Services - 0.6%

      

Cognizant Technology Solutions Corp., Class A

      33,207        2,350,059  
     

 

 

  

Computer Software - 0.1%

      

Akamai Technologies, Inc.†

      9,746        459,524  
     

 

 

  

Computers - 11.8%

      

Apple, Inc.

      293,948        48,207,472  
     

 

 

  

Computers-Memory Devices - 0.5%

      

Seagate Technology PLC#

      16,723        527,276  

Western Digital Corp.

      16,420        1,449,394  
     

 

 

  
        1,976,670  
     

 

 

  

Consulting Services - 0.2%

      

Verisk Analytics, Inc.†

      9,322        755,548  
     

 

 

  

Cruise Lines - 0.2%

      

Norwegian Cruise Line Holdings, Ltd.†

      12,849        764,002  
     

 

 

  

Data Processing/Management - 0.6%

      

Fiserv, Inc.†

      11,974        1,481,303  

Paychex, Inc.

      20,254        1,155,086  
     

 

 

  
        2,636,389  
     

 

 

  

Dental Supplies & Equipment - 0.2%

      

DENTSPLY SIRONA, Inc.

      12,924        731,111  
     

 

 

  

Diagnostic Kits - 0.2%

      

IDEXX Laboratories, Inc.†

      4,968        772,176  
     

 

 

  

Distribution/Wholesale - 0.2%

      

Fastenal Co.#

      16,308        695,862  
     

 

 

  

E-Commerce/Products - 7.5%

      

Amazon.com, Inc.†

      26,948        26,425,209  

eBay, Inc.†

      61,021        2,204,689  

JD.com, Inc. ADR†

      51,709        2,167,124  
     

 

 

  
        30,797,022  
     

 

 

  

E-Commerce/Services - 2.1%

      

Ctrip.com International, Ltd. ADR†#

      25,123        1,292,578  

Expedia, Inc.#

      7,789        1,155,576  

Liberty Ventures, Series A†

      4,578        281,822  

MercadoLibre, Inc.#

      2,490        643,590  

Priceline Group, Inc.†

      2,771        5,132,114  
     

 

 

  
        8,505,680  
     

 

 

  

Electronic Components-Semiconductors - 7.5%

      

Broadcom, Ltd.

      22,628        5,703,840  

Intel Corp.

      265,486        9,310,594  

Microchip Technology, Inc.#

      12,933        1,122,584  

Micron Technology, Inc.†

      62,372        1,994,033  

NVIDIA Corp.

      33,545        5,683,865  

Skyworks Solutions, Inc.

      10,403        1,096,060  

Texas Instruments, Inc.

      56,171        4,652,082  

Xilinx, Inc.#

      13,985        923,849  
     

 

 

  
        30,486,907  
     

 

 

  

Electronic Forms - 1.1%

      

Adobe Systems, Inc.†

      27,890        4,327,412  
     

 

 

  

Enterprise Software/Service - 0.2%

      

CA, Inc.

      23,556        781,588  
     

 

 

  

Entertainment Software - 1.5%

      

Activision Blizzard, Inc.

      42,490        2,785,644  

Electronic Arts, Inc.†

      17,479        2,123,699  

NetEase, Inc. ADR

      4,298        1,185,560  
     

 

 

  
        6,094,903  
     

 

 

  

Food-Misc./Diversified - 2.2%

      

Kraft Heinz Co.

      68,648        5,543,326  

Mondelez International, Inc., Class A

      85,542        3,478,138  
     

 

 

  
        9,021,464  
     

 

 

  

Hotels/Motels - 0.5%

      

Marriott International, Inc., Class A

      21,361        2,212,572  
     

 

 

  

Internet Content-Entertainment - 6.6%

      

Facebook, Inc., Class A†

      133,323        22,927,557  

Netflix, Inc.†

      24,299        4,245,278  
     

 

 

  
        27,172,835  
     

 

 

  

Internet Security - 0.3%

      

Symantec Corp.

      34,292        1,028,074  
     

 

 

  

Medical Information Systems - 0.3%

     

Cerner Corp.†

      18,629       1,262,674  
    

 

 

  

Medical Instruments - 0.5%

     

Intuitive Surgical, Inc.†

      2,077       2,086,700  
    

 

 

  

Medical Products - 0.2%

     

Henry Schein, Inc.†#

      4,472       776,697  
    

 

 

  

Medical-Biomedical/Gene - 8.5%

     

Alexion Pharmaceuticals, Inc.†

      12,660       1,802,911  

Amgen, Inc.

      41,461       7,370,522  

Biogen, Inc.†

      11,959       3,785,741  

BioMarin Pharmaceutical, Inc.†#

      9,837       887,199  

Celgene Corp.†

      44,022       6,115,976  

Gilead Sciences, Inc.

      73,671       6,166,999  

Illumina, Inc.†

      8,231       1,682,910  

Incyte Corp.†

      11,545       1,586,398  

Regeneron Pharmaceuticals, Inc.†

      5,885       2,924,257  

Vertex Pharmaceuticals, Inc.†

      14,042       2,254,303  
    

 

 

  
       34,577,216  
    

 

 

  

Medical-Drugs - 0.2%

     

Shire PLC ADR

      4,416       659,706  
    

 

 

  

Medical-Generic Drugs - 0.2%

     

Mylan NV†

      30,218       951,263  
    

 

 

  

Multimedia - 0.8%

     

Twenty-First Century Fox, Inc., Class A

      59,329       1,636,887  

Twenty-First Century Fox, Inc., Class B

      45,019       1,220,015  

Viacom, Inc., Class B

      19,862       568,053  
    

 

 

  
       3,424,955  
    

 

 

  

Networking Products - 2.2%

     

Cisco Systems, Inc.

      281,896       9,079,870  
    

 

 

  

Pharmacy Services - 0.5%

     

Express Scripts Holding Co.†

      33,462       2,102,083  
    

 

 

  

Radio - 0.4%

     

Sirius XM Holdings, Inc.#

      263,007       1,512,290  
    

 

 

  

Retail-Apparel/Shoe - 0.3%

     

Ross Stores, Inc.

      22,100       1,291,745  
    

 

 

  

Retail-Auto Parts - 0.2%

     

O’Reilly Automotive, Inc.†

      5,131       1,006,343  
    

 

 

  

Retail-Catalog Shopping - 0.1%

     

Liberty Interactive Corp. QVC Group, Class A†

      23,764       525,660  
    

 

 

  

Retail-Discount - 1.2%

     

Costco Wholesale Corp.

      24,747       3,878,845  

Dollar Tree, Inc.†

      13,344       1,062,716  
    

 

 

  
       4,941,561  
    

 

 

  

Retail-Drug Store - 1.2%

     

Walgreens Boots Alliance, Inc.

      60,942       4,966,773  
    

 

 

  

Retail-Gardening Products - 0.1%

     

Tractor Supply Co.#

      7,248       431,328  
    

 

 

  

Retail-Perfume & Cosmetics - 0.2%

     

Ulta Beauty, Inc.†

      3,503       774,198  
    

 

 

  

Retail-Restaurants - 1.1%

     

Starbucks Corp.

      81,642       4,478,880  
    

 

 

  

Semiconductor Components-Integrated Circuits - 1.7%

     

Analog Devices, Inc.

      20,692       1,731,300  

Maxim Integrated Products, Inc.

      15,929       743,247  

QUALCOMM, Inc.

      83,296       4,353,882  
    

 

 

  
       6,828,429  
    

 

 

  

Semiconductor Equipment - 1.2%

     

Applied Materials, Inc.

      60,586       2,733,641  

KLA-Tencor Corp.

      8,838       828,032  

Lam Research Corp.

      9,095       1,509,588  
    

 

 

  
       5,071,261  
    

 

 

  

Toys - 0.2%

     

Hasbro, Inc.

      7,048       692,466  

Mattel, Inc.#

      19,313       313,257  
    

 

 

  
       1,005,723  
    

 

 

  

Transport-Rail - 0.6%

     

CSX Corp.

      52,016       2,611,203  
    

 

 

  

Transport-Truck - 0.2%

     

JB Hunt Transport Services, Inc.

      6,201       613,217  
    

 

 

  

Web Portals/ISP - 9.3%

     

Alphabet, Inc., Class A†

      16,780       16,028,927  

Alphabet, Inc., Class C†

      19,561       18,374,234  

Baidu, Inc. ADR†

      15,571       3,550,967  
    

 

 

  
       37,954,128  
    

 

 

  

X-Ray Equipment - 0.2%

     

Hologic, Inc.†#

      15,787       609,378  
    

 

 

  

Total Long-Term Investment Securities

     

(cost $169,191,576)

        386,772,305  
    

 

 

  

SHORT-TERM INVESTMENT SECURITIES - 0.8%

     

Registered Investment Companies - 0.6%

     

State Street Navigator Securities Lending Government Money Market Portfolio
1.01%(1)(2)

      2,478,127       2,478,127  
    

 

 

  

U.S. Government Treasuries - 0.2%

     

United States Treasury Bills 0.97% due 09/07/2017(3)

      $1,000,000       999,851  
    

 

 

  

Total Short-Term Investment Securities

     

(cost $3,477,965)

        3,477,978  
    

 

 

  

REPURCHASE AGREEMENTS - 5.2%

     

Agreement with Fixed Income Clearing Corp., bearing interest at 0.12%, dated 08/31/2017, to be repurchased 09/01/2017 in the amount $21,092,070 collateralized by $21,575,000 of U.S. Treasury Inflation Index Bonds, bearing interest at 0.75% due 02/15/2045 and having an approximate value of $21,515,712
(cost $21,092,000)

      21,092,000       21,092,000  
    

 

 

  

TOTAL INVESTMENTS

     

(cost $193,761,541)

      100.5 %      411,342,283  

Liabilities in excess of other assets

      (0.5 )      (2,095,576 ) 
  

 

 

    

 

 

  

NET ASSETS

      100.0 %    $ 409,246,707  
  

 

 

    

 

 

  

 

† Non-income producing security
# The security or a portion thereof is out on loan.
(1) The rate shown is the 7-day yield as of August 31, 2017.
(2) At August 31, 2017, the Fund had loaned securities with a total value of $16,135,630. This was secured by collateral of $2,478,127, which was received in cash and subsequently invested in short-term investments currently valued at $2,478,127 as reported in the Portfolio of Investments. Additional collateral of $13,876,811 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
August  31, 2017		  

Federal Home Loan Mtg. Corp.

    2.50% to 4.50%    08/01/2027 to 01/01/2047    $ 1,119,446  

Federal National Mtg. Assoc.

    2.63% to 4.25%    10/25/2029 to 11/01/2046      919,848  

Government National Mtg. Assoc.

    2.50% to 3.50%    01/20/2043 to 05/16/2053      1,921,734  

United States Treasury Bills

    0.00%    09/07/2017 to 03/01/2018      454,653  

United States Treasury Notes/Bonds

    zero coupon to 6.13%    09/30/2017 to 02/15/2047      9,461,130  

 

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

ADR - American Depositary Receipt

 

Futures Contracts  
Number of
Contracts		   

Type

   

Description

   

Expiration Month

    Notional
Basis*		      Notional
Value*		      Unrealized Appreciation
(Depreciation)		  
192    Long    NASDAQ 500 E-Mini Index    September 2017    $ 22,033,337      $ 23,004,480      $ 971,143  
                 

 

 

  

 

* Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract.

The following is a summary of the inputs used to value the Fund’s net assets as of August 31, 2017 (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

    $ 386,772,305      $ —        $ —        $ 386,772,305  

Short-Term Investment Securities:

            

Registered Investment Companies

      2,478,127        —          —          2,478,127  

U.S. Government Treasuries

      —          999,851        —          999,851  

Repurchase Agreements

      —          21,092,000        —          21,092,000  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments at Value

    $ 389,250,432      $ 22,091,851      $ —        $ 411,342,283  
  

 

 

     

 

 

     

 

 

     

 

 

  

Other Financial Instruments:†

            

Futures Contracts

    $ 971,143      $ —        $ —        $ 971,143  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

* 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 Portfolio of Investments

VALIC Company I Science & Technology Fund

PORTFOLIO OF INVESTMENTS - August 31, 2017 - (unaudited)

 

Security Description

    Shares/
Principal
Amount		      Value
(Note 1)		  

COMMON STOCKS - 91.8%

      

Advanced Materials - 0.0%

      

STR Holdings, Inc.†#

      91,532      $ 14,371  
     

 

 

  

Aerospace/Defense - 0.4%

      

Boeing Co.

      19,800        4,745,268  
     

 

 

  

Applications Software - 11.5%

      

Dropbox, Inc., Class B†(1)(2)(3)

      133,404        1,419,419  

Intuit, Inc.

      63,492        8,980,943  

Microsoft Corp.

      662,185        49,511,572  

Red Hat, Inc.†

      227,194        24,423,355  

salesforce.com, Inc.†

      229,244        21,890,510  

ServiceNow, Inc.†#

      198,559        23,070,570  

Tableau Software, Inc., Class A†#

      95,615        6,930,175  
     

 

 

  
        136,226,544  
     

 

 

  

Auto-Cars/Light Trucks - 0.1%

      

Tesla, Inc.†#

      4,675        1,663,833  
     

 

 

  

Auto/Truck Parts & Equipment-Original - 0.1%

      

Hota Industrial Manufacturing Co., Ltd.

      301,067        1,412,009  
     

 

 

  

Cable/Satellite TV - 1.2%

      

Liberty Global PLC, Class C†#

      428,514        14,153,817  
     

 

 

  

Circuit Boards - 0.2%

      

Silergy Corp.

      105,000        2,349,209  
     

 

 

  

Commercial Services-Finance - 7.3%

      

Automatic Data Processing, Inc.

      13,974        1,487,812  

Equifax, Inc.

      39,405        5,614,030  

FleetCor Technologies, Inc.†

      52,360        7,527,797  

Global Payments, Inc.

      178,161        17,012,594  

PayPal Holdings, Inc.†

      218,306        13,465,114  

Sabre Corp.#

      273,100        5,035,964  

Square, Inc., Class A†#

      533,645        13,933,471  

Total System Services, Inc.

      124,739        8,621,960  

TransUnion†

      109,785        5,254,310  

Vantiv, Inc., Class A†

      26,640        1,883,181  

WEX, Inc.†

      59,013        6,440,679  
     

 

 

  
        86,276,912  
     

 

 

  

Computer Aided Design - 0.8%

      

Autodesk, Inc.†

      49,914        5,713,156  

Synopsys, Inc.†

      43,200        3,474,144  
     

 

 

  
        9,187,300  
     

 

 

  

Computer Data Security - 0.4%

      

Fortinet, Inc.†

      38,030        1,452,746  

Sophos Group PLC*

      519,134        3,382,730  
     

 

 

  
        4,835,476  
     

 

 

  

Computer Services - 2.6%

      

Accenture PLC, Class A

      34,802        4,550,709  

Cognizant Technology Solutions Corp., Class A

      105,727        7,482,300  

DXC Technology Co.

      158,130        13,441,050  

Genpact, Ltd.

      159,751        4,544,916  
     

 

 

  
        30,018,975  
     

 

 

  

Computer Software - 0.4%

      

Cloudera, Inc.†(2)(3).

      54,446        1,029,846  

Splunk, Inc.†#

      47,100        3,159,939  
     

 

 

  
        4,189,785  
     

 

 

  

Computers - 5.1%

      

Apple, Inc.

      339,726        55,715,064  

Hewlett Packard Enterprise Co.

      225,900        4,079,754  
     

 

 

  
        59,794,818  
     

 

 

  

Computers-Integrated Systems - 0.0%

      

VeriFone Systems, Inc.†#

      15,239        301,275  
     

 

 

  

Computers-Memory Devices - 1.1%

      

NetApp, Inc.

      314,375        12,153,737  

Pure Storage, Inc., Class A†#

      83,528        1,243,732  
     

 

 

  
        13,397,469  
     

 

 

  

Computers-Other - 0.4%

      

Lumentum Holdings, Inc.†#

      82,706        4,701,836  
     

 

 

  

Data Processing/Management - 0.1%

      

Fidelity National Information Services, Inc.

      14,460        1,343,623  
     

 

 

  

E-Commerce/Products - 7.1%

      

Alibaba Group Holding, Ltd. ADR†#

      128,671        22,097,958  

Amazon.com, Inc.†

      55,574        54,495,864  

Delivery Hero AG†*

      54,184        1,943,810  

eBay, Inc.†

      46,227        1,670,181  

Flipkart, Ltd.†(1)(2)(3)

      626        55,159  

JD.com, Inc. ADR†

      32,120        1,346,149  

Rakuten, Inc.

      102,100        1,217,165  

Vipshop Holdings, Ltd. ADR†

      152,222        1,417,187  
     

 

 

  
        84,243,473  
     

 

 

  

E-Commerce/Services - 2.2%

      

58.com, Inc. ADR†#

      66,441        4,161,200  

Ctrip.com International, Ltd. ADR†#

      107,530        5,532,418  

Expedia, Inc.

      24,895        3,693,422  

Just Eat PLC†

      211,709        1,825,825  

Priceline Group, Inc.†

      5,420        10,038,274  

Quotient Technology, Inc.†#

      43,625        654,375  
     

 

 

  
        25,905,514  
     

 

 

  

E-Services/Consulting - 0.3%

      

CDW Corp.

      52,080        3,302,914  
     

 

 

  

Electric Products-Misc. - 0.1%

      

Nidec Corp.

      12,845        1,459,210  
     

 

 

  

Electronic Components-Misc. - 1.3%

      

AAC Technologies Holdings, Inc.

      45,500        835,818  

Alps Electric Co., Ltd.#

      57,600        1,587,618  

Bizlink Holding, Inc.

      177,602        1,559,451  

Corning, Inc.

      15,490        445,492  

Flex, Ltd.†

      354,060        5,760,556  

Garmin, Ltd.#

      43,520        2,241,280  

Land Mark Optoelectronics Corp.

      130,976        1,743,197  

Tongda Group Holdings, Ltd.#

      4,170,000        1,156,733  
     

 

 

  
        15,330,145  
     

 

 

  

Electronic Components-Semiconductors - 10.9%

      

Advanced Micro Devices, Inc.†#

      469,335        6,101,355  

ams AG

      23,650        1,706,797  

Broadcom, Ltd.

      87,560        22,071,249  

Cavium, Inc.†#

      32,521        2,058,904  

Intel Corp.

      75,584        2,650,731  

IPG Photonics Corp.†

      4,000        703,160  

MACOM Technology Solutions Holdings, Inc.†#

      75,329        3,430,483  

Microchip Technology, Inc.#

      171,061        14,848,095  

Micron Technology, Inc.†

      489,435        15,647,237  

Microsemi Corp.†

      91,944        4,632,139  

NVIDIA Corp.

      70,365        11,922,646  

Samsung Electronics Co., Ltd.

      10,948        22,607,133  

Silicon Laboratories, Inc.†

      22,297        1,692,342  

Skyworks Solutions, Inc.

      86,895        9,155,257  

Tower Semiconductor, Ltd.†#

      101,119        3,054,805  

Xilinx, Inc.#

      89,641        5,921,684  
     

 

 

  
        128,204,017  
     

 

 

  

Electronic Connectors - 0.3%

      

TE Connectivity, Ltd.

      43,800        3,486,480  
     

 

 

  

Electronic Forms - 1.0%

      

Adobe Systems, Inc.†

      75,600        11,730,096  
     

 

 

  

Electronic Measurement Instruments - 0.5%

      

Agilent Technologies, Inc.

      32,300        2,090,456  

Itron, Inc.†

      43,398        3,150,695  
     

 

 

  
        5,241,151  
     

 

 

  

Electronic Parts Distribution - 0.0%

      

Tech Data Corp.†#

      2,290        252,564  
     

 

 

  

Enterprise Software/Service - 2.6%

      

MuleSoft, Inc., Class A†#

      10,935        238,383  

Oracle Corp.

      70,375        3,541,974  

Paycom Software, Inc.†#

      113,900        8,498,079  

Workday, Inc., Class A†

      163,967        17,985,540  
     

 

 

  
        30,263,976  
     

 

 

  

Entertainment Software - 1.6%

      

Activision Blizzard, Inc.

      67,465        4,423,005  

Electronic Arts, Inc.†

      45,825        5,567,738  

NetEase, Inc. ADR

      2,685        740,630  

Nexon Co., Ltd.†

      79,600        1,993,300  

Take-Two Interactive Software, Inc.†

      60,350        5,901,627  
     

 

 

  
        18,626,300  
     

 

 

  

Finance-Credit Card - 2.3%

      

Alliance Data Systems Corp.

      30,325        6,838,287  

MasterCard, Inc., Class A

      14,080        1,876,864  

Visa, Inc., Class A#

      182,578        18,900,475  
     

 

 

  
        27,615,626  
     

 

 

  

Finance-Other Services - 0.2%

      

WageWorks, Inc.†

      28,324        1,669,700  
     

 

 

  

Hazardous Waste Disposal - 0.2%

      

Stericycle, Inc.†#

      39,600        2,846,844  
     

 

 

  

Industrial Automated/Robotic - 0.1%

      

Cognex Corp.

      6,035        657,634  
     

 

 

  

Instruments-Controls - 0.6%

      

Sensata Technologies Holding NV†#

      153,400        6,850,844  
     

 

 

  

Internet Application Software - 0.9%

      

Tencent Holdings, Ltd.

      246,767        10,485,490  
     

 

 

  

Internet Content-Entertainment - 7.1%

      

Facebook, Inc., Class A†

      384,476        66,118,338  

Netflix, Inc.†

      84,792        14,814,010  

Snap, Inc., Class A†#

      221,746        3,217,534  
     

 

 

  
        84,149,882  
     

 

 

  

Internet Security - 1.7%

      

FireEye, Inc.†#

      81,035        1,196,887  

Palo Alto Networks, Inc.†

      63,575        8,435,767  

Proofpoint, Inc.†#

      116,795        10,717,109  
     

 

 

  
        20,349,763  
     

 

 

  

Medical Instruments - 0.4%

      

Intuitive Surgical, Inc.†

      5,060        5,083,630  
     

 

 

  

Medical Products - 0.7%

      

Becton Dickinson and Co.

      19,900        3,968,856  

Smith & Nephew PLC

      246,421        4,454,412  
     

 

 

  
        8,423,268  
     

 

 

  

Medical-Biomedical/Gene - 0.3%

      

Illumina, Inc.†

      19,000        3,884,740  
     

 

 

  

Medical-Drugs - 1.8%

      

Grifols SA ADR

      136,000        2,808,400  

Roche Holding AG

      33,060        8,426,386  

Shire PLC ADR

      69,400        10,367,666  
     

 

 

  
        21,602,452  
     

 

 

  

Metal Processors & Fabrication - 0.4%

      

Catcher Technology Co., Ltd.

      356,000        4,548,902  
     

 

 

  

Motion Pictures & Services - 0.1%

      

Kingpak Technology, Inc.

      144,707        1,019,200  
     

 

 

  

Multimedia - 0.8%

      

Twenty-First Century Fox, Inc., Class A

      274,793        7,581,539  

Walt Disney Co.

      23,200        2,347,840  
     

 

 

  
        9,929,379  
     

 

 

  

Networking Products - 1.0%

      

Arista Networks, Inc.†

      42,634        7,509,979  

Cisco Systems, Inc.

      141,700        4,564,157  
     

 

 

  
        12,074,136  
     

 

 

  

Photo Equipment & Supplies - 1.6%

      

Largan Precision Co., Ltd.

      40,883        7,922,795  

Sunny Optical Technology Group Co., Ltd.

      778,785        11,301,447  
     

 

 

  
        19,224,242  
     

 

 

  

Publishing-Newspapers - 0.5%

      

News Corp., Class A#

      440,000        5,882,800  
     

 

 

  

Real Estate Investment Trusts - 0.2%

      

Equinix, Inc.

      4,100        1,920,481  
     

 

 

  

Retail-Apparel/Shoe - 0.4%

      

Zalando SE†*

      99,901        4,734,320  
     

 

 

  

Semiconductor Components-Integrated Circuits - 4.3%

      

Integrated Device Technology, Inc.†

      67,724        1,673,460  

Marvell Technology Group, Ltd.

      756,815        13,554,557  

MaxLinear, Inc.†#

      58,939        1,273,082  

NXP Semiconductors NV†

      50,966        5,757,119  

QUALCOMM, Inc.

      478,393        25,005,602  

Taiwan Semiconductor Manufacturing Co., Ltd.

      550,780        3,964,963  
     

 

 

  
        51,228,783  
     

 

 

  

Semiconductor Equipment - 2.0%

      

Applied Materials, Inc.

      179,120        8,081,894  

ASML Holding NV

      11,372        1,777,557  

Chunghwa Precision Test Tech Co., Ltd.

      25,000        1,181,833  

KLA-Tencor Corp.

      12,642        1,184,429  

Lam Research Corp.

      60,885       10,105,692  

Tokyo Electron, Ltd.

      11,500       1,634,960  
    

 

 

  
       23,966,365  
    

 

 

  

Telecom Equipment-Fiber Optics - 0.4%

     

Ciena Corp.†#

      94,737       2,047,267  

Oclaro, Inc.†#

      286,544       2,409,835  
    

 

 

  
       4,457,102  
    

 

 

  

Telephone-Integrated - 0.3%

     

SoftBank Group Corp.

      43,300       3,523,694  
    

 

 

  

Toys - 0.1%

     

Nintendo Co., Ltd.

      3,468       1,165,732  
    

 

 

  

Web Hosting/Design - 0.2%

     

VeriSign, Inc.†#

      25,386       2,633,798  
    

 

 

  

Web Portals/ISP - 3.6%

     

Alphabet, Inc., Class A†

      12,322       11,770,467  

Alphabet, Inc., Class C†

      18,983       17,831,302  

Baidu, Inc. ADR†

      44,140       10,066,127  

Mail.ru Group, Ltd. GDR†

      78,249       2,324,191  
    

 

 

  
       41,992,087  
    

 

 

  

Total Common Stocks

(cost $841,728,651)

        1,084,579,254  
    

 

 

  

CONVERTIBLE PREFERRED SECURITIES - 0.9%

     

Applications Software - 0.1%

     

Dropbox, Inc., Series A-1†(1)(2)(3)

      119,521       1,271,704  

Dropbox, Inc., Series A†(1)(2)(3)

      12,378       131,702  
    

 

 

  
       1,403,406  
    

 

 

  

E-Commerce/Products - 0.1%

     

Flipkart, Ltd., Series A†(1)(2)(3)

      216       19,032  

Flipkart, Ltd., Series C†(1)(2)(3)

      377       33,219  

Flipkart, Ltd., Series E†(1)(2)(3)

      700       61,679  

Flipkart, Ltd., Series G†(1)(2)(3)

      4,085       489,220  
    

 

 

  
       603,150  
    

 

 

  

E-Commerce/Services - 0.6%

     

Airbnb, Inc., Series E†(1)(2)(3)

      26,943       2,893,678  

Uber Technologies, Inc., Series D†(1)(2)(3)

      86,516       3,641,891  

Xiaoju Kuaizhi, Inc., Series A-17†(1)(2)(3)

      11,731       597,485  
    

 

 

  
       7,133,054  
    

 

 

  

Web Portals/ISP - 0.1%

     

Pinterest, Inc., Series G†(1)(2)(3)

      205,650       1,476,380  
    

 

 

  

Total Convertible Preferred Securities

(cost $7,478,675)

        10,615,990  
    

 

 

  

REGISTERED INVESTMENT COMPANIES - 1.7%

     

Altaba, Inc.†

(cost $10,895,126)

      306,100       19,614,888  
    

 

 

  

Total Long-Term Investment Securities

(cost $860,102,452)

        1,114,810,132  
    

 

 

  

SHORT-TERM INVESTMENT SECURITIES - 6.8%

     

Registered Investment Companies - 4.0%

     

State Street Institutional U.S. Government Money Market Fund,
Premier Class
0.93%(4)

      979,284       979,284  

State Street Navigator Securities Lending Government Money Market Portfolio
1.01%(4)(5)

      13,632,083       13,632,083  

T. Rowe Price Government Reserve Fund
1.04%(4)

      32,868,729       32,868,729  
    

 

 

  
       47,480,096  
    

 

 

  

Time Deposits - 2.8%

     

Euro Time Deposit with State Street Bank and Trust Co.
0.12% due 09/01/2017

      $33,039,000       33,039,000  
    

 

 

  

Total Short-Term Investment Securities

(cost $80,519,096)

        80,519,096  
    

 

 

  

TOTAL INVESTMENTS

(cost $940,621,548)

     101.2 %      1,195,329,228  

Liabilities in excess of other assets

      (1.2 )      (14,149,734 ) 
  

 

 

    

 

 

  

NET ASSETS

      100.0 %    $ 1,181,179,494  
  

 

 

    

 

 

  

 

† 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 August 31, 2017, the aggregate value of these securities was $10,060,860 representing 0.9% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid.
(1) Security classified as Level 3 (see Note 1).
(2) Illiquid security. At August 31, 2017, the aggregate value of these securities was $13,120,414 representing 1.1% 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 1. 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 August 31, 2017, the Fund held the following restricted securities:

 

Description

    Acquisition
Date		      Shares      Acquisition
Cost		      Value      Value
Per Share		      Value as a
% of
Net Assets		  

Common Stocks

                  

Cloudera, Inc.

      02/05/2014        54,446      $ 792,733      $ 1,029,846      $ 18.91        0.09 % 

Dropbox, Inc.,
Class B

      05/01/2012        133,404        1,207,526        1,419,419        10.64        0.12  

Flipkart, Ltd.

      03/19/2015        626        71,363        55,159        88.11        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        2,893,678        107.40        0.25  
     

 

 

     

 

 

           

Dropbox, Inc.
Series A-1

      05/01/2012        60,803        550,212           
     05/29/2012      58,718      531,345                       
     

 

 

     

 

 

           
        119,521        1,081,557        1,271,704        10.64        0.11  
     

 

 

     

 

 

           

Dropbox, Inc.
Series A

      05/01/2012        12,378        112,010        131,702        10.64        0.01  

Flipkart, Ltd.
Series A

      03/19/2015        216        24,624        19,032        88.11        0.00  

Flipkart, Ltd.
Series C

      03/19/2015        377        42,978        33,219        88.11        0.00  

Flipkart, Ltd.
Series E

      03/19/2015        700        79,799        61,679        88.11        0.01  

Flipkart, Ltd.
Series G

      12/17/2014        4,085        489,220        489,220        119.76        0.04  

Pinterest, Inc.
Series G

      03/19/2015        205,650        1,476,380        1,476,380        7.18        0.12  

Uber Technologies, Inc.
Series D

      06/05/2014        86,516        1,342,127        3,641,891        42.09        0.31  

Xiaoju Kuaizhi, Inc.
Series A-17

      10/19/2015        11,731        321,737        597,485        50.93        0.05  
           

 

 

        

 

 

  
            $ 13,120,414           1.11 % 
           

 

 

        

 

 

  

 

(4) The rate shown is the 7-day yield as of August 31, 2017.
(5) At August 31, 2017, the Fund had loaned securities with a total value of $155,334,312. This was secured by collateral of $13,632,083, which was received in cash and subsequently invested in short-term investments currently valued at $13,632,083 as reported in the Portfolio of Investments. Additional collateral of $144,430,746 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
August 31, 2017		  

Federal Home Loan Mtg. Corp.

    2.50% to 4.50%    08/01/2027 to 01/01/2047    $ 7,746,083  

Federal National Mtg. Assoc.

    2.63% to 4.25%    10/25/2029 to 11/01/2046      6,364,950  

Government National Mtg. Assoc.

    2.50% to 3.50%    01/20/2043 to 05/16/2053      13,297,570  

United States Treasury Bills

    0.00%    09/07/2017 to 03/01/2018      2,368,481  

United States Treasury Notes/Bonds

    zero coupon to 8.13%    09/30/2017 to 02/15/2047      114,653,662  

ADR - American Depositary Receipt

GDR - Global Depositary Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of August 31, 2017 (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:

           

Applications Software

    $ 134,807,125      $ —       $ 1,419,419      $ 136,226,544  

Computer Software

      3,159,939        1,029,846       —          4,189,785  

E-Commerce/Products

      81,027,339        3,160,975 **      55,159        84,243,473  

Other Industries

      749,612,097        110,307,355 **      —          859,919,452  

Convertible Preferred Securities

      —          —         10,615,990        10,615,990  

Registered Investment Companies

      19,614,888        —         —          19,614,888  

Short-Term Investment Securities:

 

        

Registered Investment Companies

      47,480,096        —         —          47,480,096  

Time Deposits

      —          33,039,000       —          33,039,000  
  

 

 

     

 

 

    

 

 

     

 

 

  

Total Investments at Value

    $ 1,035,701,484      $ 147,537,176     $ 12,090,568      $ 1,195,329,228  
  

 

 

     

 

 

    

 

 

     

 

 

  

 

* For a detailed presentation of investments, please refer to the Portfolio of Investments.
** Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 1).

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities currently valued at $103,274,981 were transferred from Level 1 to Level 2 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		  

Balance as of 05/31/2017

    $ 1,370,523      $ 10,788,623  

Accrued discounts

      —          —    

Accrued premiums

      —          —    

Realized Gain

      —          —    

Realized Loss

      —          —    

Change in unrealized appreciation(1)

      104,055        298,974  

Change in unrealized depreciation(1)

      —          (471,607 ) 

Net Purchases

                      —          —    

Net Sales

      —          —    

Transfers into Level 3

      —          —    

Transfers out of Level 3

      —          —    
  

 

 

     

 

 

  

Balance as of 08/31/2017

    $ 1,474,578      $ 10,615,990  
  

 

 

     

 

 

  

 

(1) The total change in unrealized appreciation (depreciation) attributable to Level 3 investments still held at August 31, 2017 includes:

 

     Common Stocks      Convertible
Preferred Securities		  
   $          104,055      $ (172,633 ) 
  

 

 

     

 

 

  

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

 

Description   Value
at 08/31/17		   Valuation Technique(s)   Unobservable Input(1)   Range (weighted average)

Common Stocks

   $55,159   Market Approach   Transaction Price*   $88.1100
 

 

  $1,419,419   Market Approach with Option Pricing Method (“OPM”)  

Transaction Price*

2017 Estimated Revenue Multiple*

  

$8.1500

    

5.0x - 7.7x (6.37x)

      2018 Estimated Revenue Multiple*   5.2x
      2018 Estimated Gross Profit Multiple*   6.8x
      Discount for Lack of Marketability   10.0%
      OPM assumptions:  
     

Volatility*

   37.5%
     

Term to liquidity event in years

   1.92
     

Risk-free rate

   1.33%
 

 

Convertible Preferred Securities

   $2,677,015   Market Approach   Transaction Price*   $7.179092 - $119.76 ($73.700199)
 

 

  $3,641,891   Market Approach   Transaction Price*   $48.7722
      Enterprise Value/ Estimated 2017 Gross Profit Multiple*   13.6x
      Enterprise Value/ Projected 2019 EBITDA Multiple*   28.2x
      Discount for Projected Multiple   30%
      Discount for Lack of Marketability   10%-15% (12.5%)
 

 

  $2,893,678   Market Approach   Transaction Price*   $105.0000
      2020 Estimated Revenue Multiple*   5.1x
      2020 Estimated Gross Profit Multiple*   6.3x
      Discount for Lack of Marketability   10.0%
 

 

  $1,403,406   Market Approach with Option Pricing Method (“OPM”)  

Transaction Price*

2017 Estimated Revenue Multiple*

  

$8.1500

    

5.0x - 7.7x (6.37x)

      2018 Estimated Revenue Multiple*   5.2x
      2018 Estimated Gross Profit Multiple*   6.8x
      Discount for Lack of Marketability   10.0%
      OPM assumptions:  
     

Volatility*

   37.5%
     

Term to liquidity event in years

   1.92
     

Risk-free rate

   1.33%

 

(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 comparable. 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 Portfolio of Investments

VALIC Company I Small Cap Aggressive Growth Fund

PORTFOLIO OF INVESTMENTS - August 31, 2017 - (unaudited)

 

Security Description

    Shares/
Principal
Amount		      Value
(Note 1)		  

COMMON STOCKS - 95.5%

 

Advanced Materials - 1.0%

 

Hexcel Corp.

      21,743      $     1,169,121  
     

 

 

  

Aerospace/Defense-Equipment - 1.3%

 

HEICO Corp., Class A

      20,837        1,513,808  
     

 

 

  

Airlines - 1.3%

 

Azul SA ADR†#

      61,410        1,535,864  
     

 

 

  

Applications Software - 1.0%

 

MINDBODY, Inc., Class A†

      49,220        1,164,053  
     

 

 

  

Auction Houses/Art Dealers - 0.4%

 

Ritchie Bros. Auctioneers, Inc.

      16,809        499,900  
     

 

 

  

Banks-Commercial - 2.7%

 

Home BancShares, Inc.

      43,070        1,003,962  

Texas Capital Bancshares, Inc.†

      7,930        588,802  

Webster Financial Corp.

      12,250        571,830  

Western Alliance Bancorp†

      22,173        1,069,404  
     

 

 

  
        3,233,998  
     

 

 

  

Banks-Mortgage - 0.9%

 

Walker & Dunlop, Inc.†

      22,350        1,077,047  
     

 

 

  

Chemicals-Specialty - 3.0%

 

Ashland Global Holdings, Inc.

      20,080        1,245,964  

Ferro Corp.†

      73,980        1,425,595  

GCP Applied Technologies, Inc.†

      31,510        890,157  

Versum Materials, Inc.

      3,200        118,176  
     

 

 

  
        3,679,892  
     

 

 

  

Commercial Services-Finance - 4.3%

 

Euronet Worldwide, Inc.†

      22,168        2,178,449  

LendingTree, Inc.†#

      6,693        1,545,748  

Square, Inc., Class A†#

      27,070        706,798  

WEX, Inc.†

      7,500        818,550  
     

 

 

  
        5,249,545  
     

 

 

  

Computer Services - 1.2%

 

WNS Holdings, Ltd. ADR†

      39,890        1,396,150  
     

 

 

  

Computer Software - 3.3%

 

Cornerstone OnDemand, Inc.†#

      19,300        675,114  

Envestnet, Inc.†

      23,320        1,036,574  

InterXion Holding NV†

      44,344        2,299,236  
     

 

 

  
        4,010,924  
     

 

 

  

Computers-Other - 1.5%

 

Lumentum Holdings, Inc.†#

      31,354        1,782,475  
     

 

 

  

Data Processing/Management - 1.3%

 

Fair Isaac Corp.

      11,130        1,566,659  
     

 

 

  

Distribution/Wholesale - 2.4%

 

Beacon Roofing Supply, Inc.†

      35,370        1,665,927  

H&E Equipment Services, Inc.

      54,690        1,287,403  
     

 

 

  
        2,953,330  
     

 

 

  

Electric Products-Misc. - 1.2%

 

Littelfuse, Inc.

      7,592        1,413,327  
     

 

 

  

Electronic Components-Semiconductors - 5.2%

 

Cavium, Inc.†#

      15,108        956,488  

Monolithic Power Systems, Inc.

      16,685        1,690,524  

Tower Semiconductor, Ltd.†#

      120,806        3,649,549  
     

 

 

  
        6,296,561  
     

 

 

  

Electronic Measurement Instruments - 1.3%

 

Orbotech, Ltd.†

      38,510        1,530,387  
     

 

 

  

Enterprise Software/Service - 1.5%

 

Coupa Software, Inc.†

      19,320        588,487  

Ultimate Software Group, Inc.†#

      6,000        1,205,400  
     

 

 

  
        1,793,887  
     

 

 

  

Entertainment Software - 1.0%

 

Take-Two Interactive Software, Inc.†

      11,958        1,169,373  
     

 

 

  

Finance-Investment Banker/Broker - 0.9%

 

Evercore Partners, Inc., Class A

      15,190        1,146,086  
     

 

 

  

Finance-Other Services - 0.8%

 

WageWorks, Inc.†

      15,770        929,642  
     

 

 

  

Food-Canned - 1.5%

 

Bob Evans Farms, Inc.#

      25,740        1,770,397  
     

 

 

  

Food-Confectionery - 0.9%

 

Hostess Brands, Inc.†#

      82,830        1,104,952  
     

 

 

  

Food-Misc./Diversified - 1.3%

 

Nomad Foods, Ltd.†

      105,700        1,587,614  
     

 

 

  

Footwear & Related Apparel - 1.1%

 

Steven Madden, Ltd.†

      30,015        1,272,636  
     

 

 

  

Gambling (Non-Hotel) - 0.9%

 

Red Rock Resorts, Inc., Class A

      47,900        1,082,540  
     

 

 

  

Hotels/Motels - 0.7%

 

Extended Stay America, Inc.

      45,180        885,076  
     

 

 

  

Insurance-Life/Health - 1.1%

 

Primerica, Inc.

      16,640        1,273,792  
     

 

 

  

Internet Security - 2.1%

 

Proofpoint, Inc.†#

      27,922        2,562,123  
     

 

 

  

Internet Telephone - 3.4%

 

RingCentral, Inc., Class A†

      96,061        4,068,183  
     

 

 

  

Machinery-Electrical - 0.9%

 

BWX Technologies, Inc.

      20,900        1,143,648  
     

 

 

  

Machinery-General Industrial - 2.1%

 

Altra Industrial Motion Corp.

      23,170        1,066,978  

Welbilt, Inc.†#

      71,900        1,430,810  
     

 

 

  
        2,497,788  
     

 

 

  

Medical Information Systems - 0.7%

 

Cotiviti Holdings, Inc.†#

      24,770        885,032  
     

 

 

  

Medical Instruments - 3.0%

 

AtriCure, Inc.†

      45,837        1,028,124  

Integra LifeSciences Holdings Corp.†#

      21,300        1,086,087  

iRhythm Technologies, Inc.†

      7,090        338,477  

NuVasive, Inc.†#

      19,170        1,197,741  
     

 

 

  
        3,650,429  
     

 

 

  

Medical Labs & Testing Services - 0.8%

 

Teladoc, Inc.†#

      30,670        1,028,979  
     

 

 

  

Medical-Biomedical/Gene - 9.7%

 

Bluebird Bio, Inc.†#

      15,298        1,909,955  

Blueprint Medicines Corp.†

      19,252        1,043,843  

Celyad SA ADR†

      11,716        524,291  

Exact Sciences Corp.†#

      29,910        1,252,930  

Five Prime Therapeutics, Inc.†

      21,992        745,969  

Iovance Biotherapeutics, Inc.†#

      83,428        479,711  

Ligand Pharmaceuticals, Inc.†#

      10,469        1,349,140  

Loxo Oncology, Inc.†#

      21,519        1,794,685  

Sage Therapeutics, Inc.†#

      13,298        1,093,761  

Sienna Biopharmaceuticals, Inc.†

      17,750        444,105  

Spark Therapeutics, Inc.†

      13,870       1,141,917  
    

 

 

  
       11,780,307  
    

 

 

  

Medical-Drugs - 3.8%

 

Amicus Therapeutics, Inc.†#

      104,217       1,452,785  

Eagle Pharmaceuticals, Inc.†#

      13,410       731,650  

Ignyta, Inc.†

      110,207       1,267,380  

Immune Design Corp.†#

      62,272       675,651  

Kala Pharmaceuticals, Inc.†

      18,500       468,050  
    

 

 

  
       4,595,516  
    

 

 

  

Medical-HMO - 1.4%

 

WellCare Health Plans, Inc.†

      9,539       1,666,273  
    

 

 

  

Medical-Outpatient/Home Medical - 1.1%

 

Amedisys, Inc.†

      25,207       1,316,814  
    

 

 

  

Networking Products - 1.9%

 

LogMeIn, Inc.

      20,620       2,358,928  
    

 

 

  

Oil Companies-Exploration & Production - 0.6%

 

Diamondback Energy, Inc.†

      7,984       724,867  
    

 

 

  

Patient Monitoring Equipment - 0.8%

 

Masimo Corp.†

      10,780       909,616  
    

 

 

  

Power Converter/Supply Equipment - 0.8%

 

Advanced Energy Industries, Inc.†

      13,180       969,257  
    

 

 

  

Recreational Centers - 1.5%

 

Planet Fitness, Inc., Class A#

      73,000       1,852,010  
    

 

 

  

Recreational Vehicles - 0.9%

 

LCI Industries

      11,190       1,105,572  
    

 

 

  

Retail-Apparel/Shoe - 0.8%

 

Burlington Stores, Inc.†

      11,211       976,814  
    

 

 

  

Retail-Automobile - 1.4%

 

Lithia Motors, Inc., Class A#

      15,679       1,693,332  
    

 

 

  

Retail-Discount - 0.8%

 

Ollie’s Bargain Outlet Holdings, Inc.†#

      23,359       977,574  
    

 

 

  

Retail-Misc./Diversified - 1.0%

 

Five Below, Inc.†

      25,765       1,225,641  
    

 

 

  

Retail-Restaurants - 2.2%

 

Dave & Buster’s Entertainment, Inc.†

      22,820       1,334,057  

Wendy’s Co.

      90,050       1,343,546  
    

 

 

  
       2,677,603  
    

 

 

  

Rubber/Plastic Products - 0.8%

 

Proto Labs, Inc.†#

      12,940       929,092  
    

 

 

  

Schools - 1.6%

 

Grand Canyon Education, Inc.†#

      23,774       1,950,657  
    

 

 

  

Semiconductor Components-Integrated Circuits - 0.8%

 

Cypress Semiconductor Corp.#

      71,570       979,793  
    

 

 

  

Semiconductor Equipment - 1.1%

 

MKS Instruments, Inc.

      16,230       1,336,541  
    

 

 

  

Therapeutics - 1.1%

 

GW Pharmaceuticals PLC ADR†#

      10,300       1,089,946  

Vital Therapies, Inc.†#

      82,354       247,062  
    

 

 

  
       1,337,008  
    

 

 

  

Transactional Software - 1.7%

 

Black Knight Financial Services, Inc., Class A†#

      49,561       2,111,299  
    

 

 

  

Transport-Air Freight - 0.5%

 

Air Transport Services Group, Inc.†

      25,900       594,663  
    

 

 

  

Web Hosting/Design - 1.2%

 

Wix.com, Ltd.†#

      21,940       1,428,294  
    

 

 

  

Total Long-Term Investment Securities

 

(cost $93,690,922)

 

     115,422,689  
    

 

 

  

SHORT-TERM INVESTMENT SECURITIES - 6.6%

 

Registered Investment Companies - 6.6%

 

State Street Navigator Securities Lending Government Money Market Portfolio
1.01%(1)(2)
(cost $8,020,071)

      8,020,071       8,020,071  
    

 

 

  

REPURCHASE AGREEMENTS - 3.9%

 

Agreement with Fixed Income Clearing Corp., bearing interest at 0.12%, dated 08/31/2017, to be repurchased 09/01/2017 in the amount $4,649,016 collateralized by $4,760,000 of United States Treasury Bonds, bearing interest at 0.75% due 02/15/2045 and having an approximate value of $4,746,920
(cost $4,649,000)

      $4,649,000       4,649,000  
    

 

 

  

TOTAL INVESTMENTS

    

(cost $106,359,993)

      106.0 %      128,091,760  

Liabilities in excess of other assets

      (6.0 )      (7,226,843 ) 
  

 

 

    

 

 

  

NET ASSETS

      100.0 %    $ 120,864,917  
  

 

 

    

 

 

  

 

† Non-income producing security
# The security or a portion thereof is out on loan.
(1) At August 31, 2017, the Fund had loaned securities with a total value of $26,591,059. This was secured by collateral of $8,020,071, which was received in cash and subsequently invested in short-term investments currently valued at $8,020,071 as reported in the Portfolio of Investments. Additional collateral of $18,782,313 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
August  31, 2017		  

Federal Home Loan Mtg. Corp.

    2.50% to 4.50%   08/01/2027 to 01/01/2047    $ 983,139  

Federal National Mtg. Assoc.

    2.63% to 4.25%   10/25/2029 to 11/01/2046      807,845  

Government National Mtg. Assoc.

    2.50% to 3.50%   01/20/2043 to 05/16/2053      1,687,738  

United States Treasury Bills

    0.00%   09/07/2017 to 07/19/2018      762,034  

United States Treasury Notes/Bonds

    zero coupon to 8.13%   09/30/2017 to 02/15/2047      14,541,557  

 

(2) The rate shown is the 7-day yield as of August 31, 2017.

ADR- American Depositary Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of August 31, 2017 (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

    $ 115,422,689      $ —        $ —        $ 115,422,689  

Short-Term Investment Securities

      8,020,071        —          —          8,020,071  

Repurchase Agreements

      —          4,649,000        —          4,649,000  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments at Value

    $ 123,442,760      $ 4,649,000      $ —        $ 128,091,760  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

* 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 Portfolio of Investments

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS - August 31, 2017 - (unaudited)

 

Security Description

    Shares/
Principal
Amount		      Value
(Note 1)		  

COMMON STOCKS - 97.5%

      

Advanced Materials - 0.1%

      

Core Molding Technologies, Inc.

      13,000      $ 267,410  
     

 

 

  

Advertising Agencies - 0.1%

      

Tremor Video, Inc.†

      60,000        211,200  
     

 

 

  

Aerospace/Defense - 0.4%

      

Air Industries Group†#

      25,800        34,830  

Teledyne Technologies, Inc.†

      7,700        1,155,462  
     

 

 

  
        1,190,292  
     

 

 

  

Aerospace/Defense-Equipment - 0.3%

      

Aerojet Rocketdyne Holdings, Inc.†

      8,700        257,781  

CPI Aerostructures, Inc.†

      8,000        69,600  

Moog, Inc., Class A†

      5,900        452,884  

Triumph Group, Inc.#

      7,700        202,510  
     

 

 

  
        982,775  
     

 

 

  

Agricultural Chemicals - 0.1%

      

Intrepid Potash, Inc.†#

      95,000        352,450  
     

 

 

  

Agricultural Operations - 0.1%

      

Cadiz, Inc.†#

      14,400        175,680  
     

 

 

  

Apparel Manufacturers - 0.6%

      

Carter’s, Inc.

      17,678        1,532,859  

Delta Apparel, Inc.†

      10,500        206,010  

Lakeland Industries, Inc.†

      14,000        197,400  
     

 

 

  
        1,936,269  
     

 

 

  

Applications Software - 1.2%

      

Brightcove, Inc.†

      9,000        63,450  

BSQUARE Corp.†

      15,000        75,000  

Descartes Systems Group, Inc.†#

      25,700        720,885  

Five9, Inc.†

      20,371        437,976  

PDF Solutions, Inc.†#

      15,240        231,496  

Tableau Software, Inc., Class A†#

      27,671        2,005,594  

Twilio, Inc., Class A†#

      6,900        202,032  
     

 

 

  
        3,736,433  
     

 

 

  

Athletic Equipment - 0.0%

      

Nautilus, Inc.†#

      5,400        88,290  
     

 

 

  

Auction Houses/Art Dealers - 0.8%

      

B. Riley Financial, Inc.

      3,858        63,271  

KAR Auction Services, Inc.

      44,664        2,013,900  

Ritchie Bros. Auctioneers, Inc.#

      10,900        324,166  
     

 

 

  
        2,401,337  
     

 

 

  

Audio/Video Products - 0.0%

      

VOXX International Corp.†

      5,000        40,500  
     

 

 

  

Auto Repair Centers - 0.1%

      

Monro, Inc.#

      8,801        419,808  
     

 

 

  

Auto-Heavy Duty Trucks - 0.1%

      

REV Group, Inc.#

      8,594        216,483  
     

 

 

  

Auto/Truck Parts & Equipment-Original - 0.8%

      

Allison Transmission Holdings, Inc.

      50,523        1,754,664  

Gentherm, Inc.†

      17,870        556,650  

SORL Auto Parts, Inc.†#

      15,300        69,462  

Spartan Motors, Inc.

      11,600        106,720  

Strattec Security Corp.

      1,500        47,100  
     

 

 

  
        2,534,596  
     

 

 

  

Auto/Truck Parts & Equipment-Replacement - 0.4%

      

Commercial Vehicle Group, Inc.†

      18,700        111,078  

Douglas Dynamics, Inc.#

      27,665        965,508  
     

 

 

  
        1,076,586  
     

 

 

  

Banks-Commercial - 10.5%

      

1st Constitution Bancorp.

      6,400        110,080  

AmeriServ Financial, Inc.

      22,000        85,800  

Anchor Bancorp, Inc.†

      3,000        75,150  

Associated Banc-Corp.

      82,059        1,797,092  

Atlantic Capital Bancshares, Inc.†

      12,492        224,231  

Bank of Commerce Holdings

      7,640        80,602  

Bank of N.T. Butterfield & Son, Ltd.

      9,520        313,018  

BankUnited, Inc.

      92,308        3,072,010  

Blue Hills Bancorp, Inc.

      9,591        179,352  

Bridge Bancorp, Inc.

      11,100        342,990  

C&F Financial Corp.

      3,000        140,550  

Capital Bank Financial Corp., Class A#

      1,494        56,174  

Capstar Financial Holdings, Inc.†#

      7,500        130,050  

Chemung Financial Corp.

      5,500        222,145  

Citizens Holding Co.

      4,500        105,075  

Codorus Valley Bancorp, Inc.

      3,150        78,908  

Commerce Bancshares, Inc.#

      23,568        1,296,004  

East West Bancorp, Inc.

      5,624        311,401  

FB Financial Corp.†

      10,900        378,775  

First BanCorp, Inc.

      7,165        186,505  

First Bancshares, Inc.#

      3,500        98,700  

First Financial Bancorp#

      45,962        1,100,790  

First Hawaiian, Inc.#

      71,403        1,934,307  

First Horizon National Corp.#

      123,700        2,128,877  

First Interstate BancSystem, Inc., Class A

      18,100        637,120  

Glacier Bancorp, Inc.#

      37,457        1,243,947  

Great Western Bancorp, Inc.

      39,346        1,413,308  

Guaranty Bancorp

      9,200        237,360  

Heritage Commerce Corp.

      16,921        226,741  

Heritage Financial Corp.

      7,000        183,050  

Home BancShares, Inc.

      17,500        407,925  

Hope Bancorp, Inc.

      15,500        250,170  

IBERIABANK Corp.

      27,960        2,141,736  

Kearny Financial Corp.

      421        5,957  

Live Oak Bancshares, Inc.#

      11,467        256,287  

MBT Financial Corp.

      15,300        155,295  

MidSouth Bancorp, Inc.

      9,800        116,130  

National Commerce Corp.†

      972        38,637  

Northrim BanCorp, Inc.

      7,100        211,935  

Ohio Valley Banc Corp.#

      6,400        210,560  

Pacific Continental Corp.

      5,866        139,318  

Park Sterling Corp.

      21,690        246,615  

Penns Woods Bancorp, Inc.

      3,200        137,312  

Peoples Bancorp of North Carolina, Inc.

      5,500        167,090  

Pinnacle Financial Partners, Inc.

      9,958        619,388  

Popular, Inc.

      9,600        383,136  

Premier Financial Bancorp, Inc.

      4,714        89,095  

Prosperity Bancshares, Inc.

      7,900        472,025  

Seacoast Banking Corp. of Florida†

      21,524        492,254  

Shore Bancshares, Inc.

      8,000        131,920  

Simmons First National Corp., Class A#

      5,600        292,320  

Southern National Bancorp of Virginia, Inc.

      15,075        252,506  

Sussex Bancorp#

      6,000        142,800  

Texas Capital Bancshares, Inc.†

      6,150        456,638  

Towne Bank

      12,700        389,890  

TriState Capital Holdings, Inc.†

      9,200        192,280  

United Security Bancshares

      23,355        216,034  

Unity Bancorp, Inc.

      11,000        190,850  

Univest Corp. of Pennsylvania

      3,400        99,110  

Webster Financial Corp.

      9,115        425,488  

Western Alliance Bancorp†

      53,953        2,602,153  

Western New England Bancorp, Inc.

      8,000        79,600  

Wintrust Financial Corp.

      21,860        1,591,627  
     

 

 

  
        31,994,193  
     

 

 

  

Beverages-Non-alcoholic - 0.0%

      

Primo Water Corp.†

      10,000        109,500  
     

 

 

  

Brewery - 0.1%

      

Boston Beer Co., Inc., Class A†#

      2,600        387,400  
     

 

 

  

Building & Construction Products-Misc. - 0.7%

      

Aspen Aerogels, Inc.†

      28,200        115,338  

Gibraltar Industries, Inc.†

      14,055        411,109  

Louisiana-Pacific Corp.†

      10,600        270,088  

Quanex Building Products Corp.#

      14,984        293,686  

USG Corp.†#

      34,702        1,041,060  
     

 

 

  
        2,131,281  
     

 

 

  

Building & Construction-Misc. - 0.0%

      

Comfort Systems USA, Inc.

      2,700        91,935  
     

 

 

  

Building Products-Air & Heating - 0.3%

      

AAON, Inc.#

      7,725        251,835  

Lennox International, Inc.

      3,100        513,763  
     

 

 

  
        765,598  
     

 

 

  

Building Products-Cement - 0.0%

      

Martin Marietta Materials, Inc.

      700        148,393  
     

 

 

  

Building Products-Doors & Windows - 0.6%

      

JELD-WEN Holding, Inc.†

      46,494        1,418,997  

PGT Innovations , Inc.†

      21,490        283,668  
     

 

 

  
        1,702,665  
     

 

 

  

Building Products-Light Fixtures - 0.0%

      

LSI Industries, Inc.

      15,000        85,350  
     

 

 

  

Building-Heavy Construction - 0.0%

      

Orion Group Holdings, Inc.†

      16,100        97,244  
     

 

 

  

Building-Residential/Commercial - 0.2%

      

New Home Co., Inc.†

      10,500        108,360  

TRI Pointe Group, Inc.†#

      37,917        483,063  
     

 

 

  
        591,423  
     

 

 

  

Cable/Satellite TV - 0.2%

      

Cable One, Inc.

      827        627,478  
     

 

 

  

Casino Hotels - 0.2%

      

Monarch Casino & Resort, Inc.†

      13,156        467,959  
     

 

 

  

Casino Services - 0.0%

      

Gaming Partners International Corp.

      8,967        94,602  
     

 

 

  

Chemicals-Diversified - 0.1%

      

BioAmber, Inc.†#

      35,000        15,295  

Codexis, Inc.†#

      33,000        183,150  
     

 

 

  
        198,445  
     

 

 

  

Chemicals-Plastics - 0.1%

      

PolyOne Corp.

      7,200        260,208  
     

 

 

  

Chemicals-Specialty - 1.8%

      

CSW Industrials, Inc.†

      225        9,416  

GCP Applied Technologies, Inc.†

      61,057        1,724,860  

Minerals Technologies, Inc.

      5,900        377,600  

Oil-Dri Corp. of America

      4,900        199,430  

Quaker Chemical Corp.

      11,042        1,537,267  

Valvoline, Inc.

      72,175        1,536,606  
     

 

 

  
        5,385,179  
     

 

 

  

Coal - 0.1%

      

Cloud Peak Energy, Inc.†

      40,000        125,600  

Westmoreland Coal Co.†

      13,000        30,290  
     

 

 

  
        155,890  
     

 

 

  

Commercial Services - 1.7%

      

Collectors Universe, Inc.

      7,200        173,016  

CoreLogic, Inc.†

      33,886        1,591,625  

Emerald Expositions Events, Inc.

      34,578        751,726  

Healthcare Services Group, Inc.

      3,600        184,320  

HMS Holdings Corp.†

      30,800        545,776  

Intersections, Inc.†

      12,500        43,875  

Performant Financial Corp.†

      50,000        88,000  

ServiceMaster Global Holdings, Inc.†

      34,057        1,604,766  

Team, Inc.†#

      8,700        107,445  
     

 

 

  
        5,090,549  
     

 

 

  

Commercial Services-Finance - 0.7%

      

Cardtronics PLC, Class A†

      6,200        161,076  

CPI Card Group, Inc.#

      80,000        76,824  

Liberty Tax, Inc.

      9,000        121,050  

Morningstar, Inc.

      20,924        1,730,415  

PRGX Global, Inc.†

      26,500        178,875  
     

 

 

  
        2,268,240  
     

 

 

  

Communications Software - 0.0%

      

Seachange International, Inc.†

      54,500        142,245  
     

 

 

  

Computer Aided Design - 0.7%

      

Aspen Technology, Inc.†#

      30,057        1,901,105  

Exa Corp.†

      10,049        144,203  
     

 

 

  
        2,045,308  
     

 

 

  

Computer Graphics - 0.1%

      

CyberArk Software, Ltd.†

      9,190        367,692  
     

 

 

  

Computer Services - 0.4%

      

Computer Task Group, Inc.

      19,600        103,880  

CSRA, Inc.

      17,800        560,878  

DMC Global, Inc.

      9,000        116,550  

DST Systems, Inc.

      4,000        205,320  

StarTek, Inc.†

      10,000        119,000  
     

 

 

  
        1,105,628  
     

 

 

  

Computer Software - 2.0%

      

Blackbaud, Inc.

      21,314        1,799,115  

Cision, Ltd.†#

      93,449        1,125,126  

Cloudera, Inc.†#(4)(5)

      6,715        127,014  

Computer Modelling Group, Ltd.

      10,700        77,631  

Concurrent Computer Corp.

      13,902        87,861  

Guidance Software, Inc.†

      18,773        132,913  

Splunk, Inc.†#

      22,562        1,513,684  

SS&C Technologies Holdings, Inc.

      32,400        1,254,204  
     

 

 

  
        6,117,548  
     

 

 

  

Computers-Integrated Systems - 0.1%

      

Agilysys, Inc.†

      13,000        133,770  

Echelon Corp.†

      11,200        51,856  

Radisys Corp.†

      36,000        56,520  
     

 

 

  
        242,146  
     

 

 

  

Computers-Periphery Equipment - 0.1%

      

Key Tronic Corp.†

      9,633        68,491  

TransAct Technologies, Inc.

      15,000        146,250  
     

 

 

  
        214,741  
     

 

 

  

Consulting Services - 0.3%

      

Booz Allen Hamilton Holding Corp.

      17,400        593,514  

CRA International, Inc.

      7,700        288,981  

Information Services Group, Inc.†#

      42,400        159,000  
     

 

 

  
        1,041,495  
     

 

 

  

Consumer Products-Misc. - 1.1%

      

Acme United Corp.

      4,570        108,949  

CSS Industries, Inc.

      4,500        120,510  

Spectrum Brands Holdings, Inc.#

      27,292        3,001,028  
     

 

 

  
        3,230,487  
     

 

 

  

Containers-Metal/Glass - 0.5%

      

Crown Holdings, Inc.†

      25,909        1,529,408  
     

 

 

  

Containers-Paper/Plastic - 0.0%

      

Multi-Color Corp.

      1,341        107,012  
     

 

 

  

Cosmetics & Toiletries - 0.2%

      

CCA Industries, Inc.†

      3,421        12,145  

Edgewell Personal Care Co.†

      6,100        463,234  
     

 

 

  
        475,379  
     

 

 

  

Data Processing/Management - 0.1%

      

Amber Road, Inc.†

      9,700        78,182  

Innodata, Inc.†

      52,600        81,530  
     

 

 

  
        159,712  
     

 

 

  

Diagnostic Equipment - 0.4%

      

VWR Corp.†

      37,521        1,238,943  
     

 

 

  

Diamonds/Precious Stones - 0.0%

      

Petra Diamonds, Ltd.†

      36,585        44,489  
     

 

 

  

Direct Marketing - 0.0%

      

EVINE Live, Inc.†#

      90,000        89,550  
     

 

 

  

Disposable Medical Products - 0.7%

      

ICU Medical, Inc.†#

      7,748        1,350,864  

STERIS PLC

      7,400        644,984  
     

 

 

  
        1,995,848  
     

 

 

  

Distribution/Wholesale - 1.9%

      

Core-Mark Holding Co., Inc.#

      14,059        380,436  

Educational Development Corp.#

      11,000        116,050  

Houston Wire & Cable Co.†

      14,739        84,749  

Pool Corp.

      30,395        3,030,078  

SiteOne Landscape Supply, Inc.†#

      9,200        462,208  

Watsco, Inc.

      10,760        1,585,594  
     

 

 

  
        5,659,115  
     

 

 

  

Diversified Manufacturing Operations - 0.4%

      

AZZ, Inc.

      9,700        474,330  

Barnes Group, Inc.

      10,300        643,956  

Synalloy Corp.†

      14,400        163,440  
     

 

 

  
        1,281,726  
     

 

 

  

Diversified Operations/Commercial Services - 0.1%

      

Colliers International Group, Inc.

      2,374        123,448  

Volt Information Sciences, Inc.†

      14,393        46,058  
     

 

 

  
        169,506  
     

 

 

  

Drug Delivery Systems - 1.2%

      

Catalent, Inc.†

      90,604        3,741,039  
     

 

 

  

E-Commerce/Products - 0.3%

      

Chegg, Inc.†

      46,080        653,875  

Etsy, Inc.†

      7,700        126,049  

US Auto Parts Network, Inc.†

      20,000        58,400  
     

 

 

  
        838,324  
     

 

 

  

E-Commerce/Services - 1.2%

      

GrubHub, Inc.†#

      51,046        2,914,216  

Leaf Group, Ltd.†

      25,000        177,500  

Quotient Technology, Inc.†#

      13,390        200,850  

Spark Networks, Inc.†#

      80,000        100,000  

SurveyMonkey, Inc.†(3)(4)(5)

      5,062        45,887  

Zillow Group, Inc., Class A†

      800        31,936  

Zillow Group, Inc., Class C†#

      1,400        55,468  
     

 

 

  
        3,525,857  
     

 

 

  

E-Marketing/Info - 0.1%

      

Marin Software, Inc.†

      95,000        109,250  

QuinStreet, Inc.†

      35,000        187,250  

YuMe, Inc.

      28,000        136,920  
     

 

 

  
        433,420  
     

 

 

  

Educational Software - 0.5%

      

Instructure, Inc.†

      42,046        1,244,562  

Rosetta Stone, Inc.†

      14,000        128,800  
     

 

 

  
        1,373,362  
     

 

 

  

Electric Products-Misc. - 0.3%

      

Graham Corp.

      5,800        116,174  

Novanta, Inc.†

      20,989        820,670  
     

 

 

  
        936,844  
     

 

 

  

Electric-Distribution - 0.0%

      

Genie Energy, Ltd., Class B

      12,500        76,875  
     

 

 

  

Electric-Integrated - 2.1%

      

NorthWestern Corp.

      37,954        2,289,385  

PNM Resources, Inc.

      19,100        809,840  

Portland General Electric Co.

      67,104        3,188,111  
     

 

 

  
        6,287,336  
     

 

 

  

Electronic Components-Misc. - 0.2%

      

Bel Fuse, Inc., Class B

      6,000        153,000  

CTS Corp.

      9,300        209,250  

Sparton Corp.†

      5,900        136,703  

Vishay Precision Group, Inc.†

      8,800        192,280  
     

 

 

  
        691,233  
     

 

 

  

Electronic Components-Semiconductors - 0.8%

      

Cavium, Inc.†#

      6,200        392,522  

GSI Technology, Inc.†

      19,800        131,472  

Inphi Corp.†#

      4,500        172,305  

Lattice Semiconductor Corp.†

      29,825        168,511  

MACOM Technology Solutions Holdings, Inc.†#

      4,900        223,146  

Microsemi Corp.†

      11,590        583,904  

Pixelworks, Inc.†

      22,000        105,600  

Rambus, Inc.†#

      25,600        332,032  

Richardson Electronics, Ltd.

      15,000        84,000  

Semtech Corp.†

      8,200        308,320  
     

 

 

  
        2,501,812  
     

 

 

  

Electronic Measurement Instruments - 0.5%

      

CyberOptics Corp.†

      6,700        101,505  

ESCO Technologies, Inc.

      12,600        686,070  

National Instruments Corp.

      17,697        714,782  
     

 

 

  
        1,502,357  
     

 

 

  

Electronics-Military - 0.0%

      

Arotech Corp.†

      34,800        114,840  
     

 

 

  

Energy-Alternate Sources - 0.1%

      

Aemetis, Inc.†#

      17,800        15,363  

Amyris, Inc.†#

      3,387        8,366  

NextEra Energy Partners LP

      6,500        269,490  
     

 

 

  
        293,219  
     

 

 

  

Engineering/R&D Services - 0.1%

      

Exponent, Inc.

      4,600        313,260  
     

 

 

  

Enterprise Software/Service - 2.5%

      

Coupa Software, Inc.†

      7,550        229,973  

Guidewire Software, Inc.†#

      40,188        3,042,633  

Manhattan Associates, Inc.†#

      32,814        1,379,829  

MicroStrategy, Inc., Class A†

      7,545        973,305  

MuleSoft, Inc., Class A†#

      5,800        126,440  

Tyler Technologies, Inc.†#

      10,165        1,756,512  
     

 

 

  
        7,508,692  
     

 

 

  

Entertainment Software - 0.1%

      

Zynga, Inc., Class A†

      95,300        357,375  
     

 

 

  

Environmental Monitoring & Detection - 0.1%

      

MSA Safety, Inc.

      6,100        444,446  
     

 

 

  

Female Health Care Products - 0.0%

      

Juniper Pharmaceuticals, Inc.†

      17,700        82,305  
     

 

 

  

Finance-Auto Loans - 0.0%

      

Consumer Portfolio Services, Inc.†

      24,500        96,285  
     

 

 

  

Finance-Commercial - 0.1%

      

Hannon Armstrong Sustainable Infrastructure Capital, Inc.#

      10,200        236,640  
     

 

 

  

Finance-Consumer Loans - 0.6%

      

Asta Funding, Inc.†

      13,200        106,260  

Encore Capital Group, Inc.†#

      11,900        480,165  

PRA Group, Inc.†#

      4,100        118,490  

Regional Management Corp.†

      8,200        179,990  

Santander Consumer USA Holdings, Inc.†

      25,000        357,000  

SLM Corp.†

      64,208        652,995  
     

 

 

  
        1,894,900  
     

 

 

  

Finance-Investment Banker/Broker - 0.8%

      

JMP Group LLC

      16,300        87,205  

Lazard, Ltd., Class A

      27,761        1,190,669  

Moelis & Co., Class A

      31,802        1,252,999  
     

 

 

  
        2,530,873  
     

 

 

  

Finance-Leasing Companies - 0.1%

      

California First National Bancorp

      11,000        177,650  

Marlin Business Services Corp.

      7,500        195,750  
     

 

 

  
        373,400  
     

 

 

  

Finance-Mortgage Loan/Banker - 0.2%

      

Ellie Mae, Inc.†#

      5,573        462,448  

PennyMac Financial Services, Inc., Class A†#

      5,000        85,000  
     

 

 

  
        547,448  
     

 

 

  

Finance-Other Services - 0.3%

      

CBOE Holdings, Inc.#

      8,482        855,749  

DLP Payments Holdings, Ltd.†(3)

      132        124,794  
     

 

 

  
        980,543  
     

 

 

  

Financial Guarantee Insurance - 0.3%

      

Assured Guaranty, Ltd.

      14,577        620,106  

Radian Group, Inc.

      24,200        423,500  
     

 

 

  
        1,043,606  
     

 

 

  

Food-Canned - 0.1%

      

TreeHouse Foods, Inc.†#

      6,800        455,532  
     

 

 

  

Food-Confectionery - 0.1%

      

Simply Good Foods Co.†

      21,690        257,026  
     

 

 

  

Food-Dairy Products - 0.0%

      

Lifeway Foods, Inc.†

      10,200        88,740  
     

 

 

  

Food-Flour & Grain - 0.2%

      

Post Holdings, Inc.†#

      7,300        621,449  
     

 

 

  

Food-Misc./Diversified - 0.7%

      

Cal-Maine Foods, Inc.†#

      18,840        686,718  

Inventure Foods, Inc.†#

      31,500        108,045  

Lancaster Colony Corp.

      246        28,652  

Pinnacle Foods, Inc.

      16,100        954,891  

Senomyx, Inc.†#

      18,300        11,073  

Snyder’s-Lance, Inc.#

      10,500        372,960  
     

 

 

  
        2,162,339  
     

 

 

  

Food-Retail - 0.1%

      

Blue Apron Holdings, Inc., Class A†#

      77,980        408,615  

Food-Wholesale/Distribution - 1.1%

      

AMCON Distributing Co.

      500        47,175  

Performance Food Group Co.†

      116,150        3,228,970  
     

 

 

  
        3,276,145  
     

 

 

  

Footwear & Related Apparel - 0.1%

      

Rocky Brands, Inc.

      10,711        138,172  

Skechers U.S.A., Inc., Class A†

      4,404        116,398  
     

 

 

  
        254,570  
     

 

 

  

Forestry - 0.0%

      

West Fraser Timber Co., Ltd.

      2,400        124,521  
     

 

 

  

Gambling (Non-Hotel) - 0.0%

      

Dover Downs Gaming & Entertainment, Inc.†#

      43,334        42,901  
     

 

 

  

Garden Products - 1.6%

      

Toro Co.

      77,918        4,805,982  
     

 

 

  

Gas-Distribution - 0.8%

      

Chesapeake Utilities Corp.

      4,000        317,800  

Delta Natural Gas Co., Inc.

      3,800        116,432  

ONE Gas, Inc.

      15,400        1,158,696  

South Jersey Industries, Inc.#

      6,200        222,456  

Southwest Gas Holdings, Inc.

      7,100        564,592  
     

 

 

  
        2,379,976  
     

 

 

  

Gold Mining - 0.2%

      

Franco-Nevada Corp.

      2,600        212,706  

Northern Star Resources, Ltd.

      28,410        118,228  

Osisko Gold Royalties, Ltd.

      18,800        262,861  
     

 

 

  
        593,795  
     

 

 

  

Golf - 0.4%

      

Acushnet Holdings Corp.#

      81,650        1,342,326  
     

 

 

  

Hazardous Waste Disposal - 0.4%

      

US Ecology, Inc.#

      21,049        1,081,919  
     

 

 

  

Health Care Cost Containment - 0.4%

      

HealthEquity, Inc.†#

      25,083        1,072,800  
     

 

 

  

Healthcare Safety Devices - 0.0%

      

Alpha Pro Tech, Ltd.†

      30,000        100,500  

Retractable Technologies, Inc.†#

      30,000        19,080  
     

 

 

  
        119,580  
     

 

 

  

Home Furnishings - 0.4%

      

Stanley Furniture Co., Inc.

      20,000        22,400  

Tempur Sealy International, Inc.†

      17,400        1,077,060  
     

 

 

  
        1,099,460  
     

 

 

  

Hotels/Motels - 0.1%

      

Hilton Grand Vacations, Inc.†

      9,400        340,750  
     

 

 

  

Housewares - 0.0%

      

Lifetime Brands, Inc.

      8,000        139,200  
     

 

 

  

Human Resources - 0.1%

      

Cross Country Healthcare, Inc.†

      11,200        138,656  

Edgewater Technology, Inc.†

      14,600        93,440  

Patriot National, Inc.†#

      18,700        28,050  

Paylocity Holding Corp.†

      1,000        49,140  

RCM Technologies, Inc.†

      20,000        107,800  
     

 

 

  
        417,086  
     

 

 

  

Identification Systems - 0.7%

      

Brady Corp., Class A

      66,143        2,205,869  
     

 

 

  

Import/Export - 0.0%

      

Castle Brands, Inc.†#

      40,000        56,800  
     

 

 

  

Independent Power Producers - 0.0%

      

Synthesis Energy Systems, Inc.†#

      102,200        41,636  
     

 

 

  

Industrial Audio & Video Products - 0.1%

      

Ballantyne Strong, Inc.†

      14,000        88,200  

Iteris, Inc.†

      26,210        168,268  

Turtle Beach Corp.†#

      100,000        70,000  
     

 

 

  
        326,468  
     

 

 

  

Industrial Automated/Robotic - 0.1%

      

Hurco Cos., Inc.

      5,000        175,750  
     

 

 

  

Instruments-Controls - 0.1%

      

Allied Motion Technologies, Inc.

      8,000        202,320  

Frequency Electronics, Inc.†

      10,000        79,800  
     

 

 

  
        282,120  
     

 

 

  

Instruments-Scientific - 0.0%

      

Fluidigm Corp.†#

      27,000        123,390  
     

 

 

  

Insurance-Life/Health - 0.1%

      

Health Insurance Innovations, Inc., Class A†

      7,000        235,550  
     

 

 

  

Insurance-Property/Casualty - 1.7%

      

Enstar Group, Ltd.†#

      1,500        311,325  

Federated National Holding Co.

      7,600        118,104  

First Acceptance Corp.†

      2,558        2,865  

Hallmark Financial Services, Inc.†

      13,000        133,250  

Hanover Insurance Group, Inc.

      5,900        579,262  

Infinity Property & Casualty Corp.

      5,300        468,785  

Kinsale Capital Group, Inc.#

      16,977        642,579  

ProAssurance Corp.

      30,958        1,648,514  

Safety Insurance Group, Inc.

      3,500        249,900  

Selective Insurance Group, Inc.

      15,800        796,320  

State Auto Financial Corp.

      8,750        216,475  
     

 

 

  
        5,167,379  
     

 

 

  

Insurance-Reinsurance - 0.1%

      

Essent Group, Ltd.†

      4,600        179,768  
     

 

 

  

Internet Application Software - 0.1%

      

Connecture, Inc.†#

      75,000        50,250  

Tucows, Inc., Class A†#

      2,649        140,000  

Zendesk, Inc.†#

      4,200        115,080  
     

 

 

  
        305,330  
     

 

 

  

Internet Connectivity Services - 0.1%

      

Internap Corp.†#

      20,900        93,423  

PC-Tel, Inc.

      21,200        137,376  
     

 

 

  
        230,799  
     

 

 

  

Internet Content-Entertainment - 0.0%

      

Limelight Networks, Inc.†

      30,000        107,700  
     

 

 

  

Internet Content-Information/News - 0.0%

      

Reis, Inc.

      7,000        119,700  
     

 

 

  

Internet Financial Services - 0.0%

      

TheStreet, Inc.†

      75,900        64,515  
     

 

 

  

Internet Security - 0.7%

      

Imperva, Inc.†

      19,961        891,259  

iPass, Inc.†

      49,900        27,944  

Proofpoint, Inc.†#

      11,800        1,082,768  
     

 

 

  
        2,001,971  
     

 

 

  

Internet Telephone - 0.1%

      

RingCentral, Inc., Class A†

      6,866        290,775  
     

 

 

  

Investment Companies - 0.0%

      

KCAP Financial, Inc.#

      16,700        55,778  

Medallion Financial Corp.#

      17,100        40,698  
     

 

 

  
        96,476  
     

 

 

  

Investment Management/Advisor Services - 0.6%

      

Cohen & Steers, Inc.

      3,702        140,084  

Eaton Vance Corp.

      29,256        1,392,000  

Manning & Napier, Inc.

      8,400        29,820  

Silvercrest Asset Management Group, Inc., Class A

      10,000        122,500  
     

 

 

  
        1,684,404  
     

 

 

  

Leisure Products - 0.0%

      

Escalade, Inc.

      5,200        62,660  
     

 

 

  

Machine Tools & Related Products - 0.5%

      

Hardinge, Inc.

      11,000        150,590  

Lincoln Electric Holdings, Inc.

      16,117        1,399,600  

LS Starrett Co., Class A

      8,000        58,400  
     

 

 

  
        1,608,590  
     

 

 

  

Machinery-Electrical - 0.3%

      

BWX Technologies, Inc.

      14,900        815,328  
     

 

 

  

Machinery-Farming - 0.1%

      

Alamo Group, Inc.

      3,200        293,632  
     

 

 

  

Machinery-General Industrial - 1.6%

      

Altra Industrial Motion Corp.#

      35,609        1,639,795  

Applied Industrial Technologies, Inc.

      32,709        1,864,413  

Chart Industries, Inc.†

      14,700        495,978  

Gencor Industries, Inc.†

      11,650        179,410  

Intevac, Inc.†

      6,100        55,510  

Manitowoc Co., Inc.†

      12,500        102,875  

Tennant Co.

      1,223        74,542  

Twin Disc, Inc.†

      10,000        173,600  

Welbilt, Inc.†#

      16,700        332,330  

Xerium Technologies, Inc.†

      15,586        94,295  
     

 

 

  
        5,012,748  
     

 

 

  

Machinery-Material Handling - 0.1%

      

Key Technology, Inc.†

      10,500        156,870  
     

 

 

  

Machinery-Pumps - 0.1%

      

Graco, Inc.

      3,400        392,734  
     

 

 

  

Marine Services - 0.0%

      

SEACOR Marine Holdings, Inc.†

      6,173        79,076  
     

 

 

  

Medical Imaging Systems - 0.0%

      

Digirad Corp.

      25,000        88,750  
     

 

 

  

Medical Information Systems - 1.0%

      

Cotiviti Holdings, Inc.†#

      40,576        1,449,781  

Medidata Solutions, Inc.†

      23,039        1,727,003  
     

 

 

  
        3,176,784  
     

 

 

  

Medical Instruments - 0.3%

      

Bruker Corp.

      15,890        462,240  

Halyard Health, Inc.†

      8,600        389,494  

Navidea Biopharmaceuticals, Inc.†

      85,500        33,559  

TransEnterix, Inc.†#

      50,000        43,000  
     

 

 

  
        928,293  
     

 

 

  

Medical Laser Systems - 0.1%

      

Cutera, Inc.†

      5,700        211,755  

IRIDEX Corp.†

      8,100        72,090  
     

 

 

  
        283,845  
     

 

 

  

Medical Products - 1.6%

      

Advanced Accelerator Applications SA ADR†#

      2,594        127,028  

Electromed, Inc.†

      13,900        98,551  

InfuSystem Holdings, Inc.†

      25,000        47,500  

InVivo Therapeutics Holdings Corp.†#

      24,300        27,945  

K2M Group Holdings, Inc.†

      33,496        783,136  

Penumbra, Inc.†

      819        70,434  

Sientra, Inc.†#

      21,000        240,660  

T2 Biosystems, Inc.†#

      25,000        104,750  

West Pharmaceutical Services, Inc.

      33,470        2,913,229  

Wright Medical Group NV†

      20,793        615,473  
     

 

 

  
        5,028,706  
     

 

 

  

Medical-Biomedical/Gene - 1.8%

      

Acceleron Pharma, Inc.†#

      5,200        201,552  

Alpine Immune Sciences, Inc.†#

      3,750        32,813  

ArQule, Inc.†#

      55,000        59,950  

Asterias Biotherapeutics, Inc.†#

      9,454        32,616  

Aviragen Therapeutics, Inc.†

      34,600        21,729  

Axovant Sciences, Ltd.†

      3,958        79,160  

Blueprint Medicines Corp.†#

      3,610        195,734  

Cascadian Therapeutics, Inc.†#

      14,716        53,272  

Clearside Biomedical, Inc.†#

      12,900        90,171  

Corium International, Inc.†#

      35,000        299,250  

Dermira, Inc.†

      3,700        87,283  

Eiger BioPharmaceuticals, Inc.†#

      20,000        185,000  

Endocyte, Inc.†#

      80,000        108,800  

Exelixis, Inc.†

      13,100        383,044  

Fate Therapeutics, Inc.†

      70,000        264,600  

Genocea Biosciences, Inc.†#

      32,000        155,840  

Harvard Bioscience, Inc.†

      45,000        139,500  

Infinity Pharmaceuticals, Inc.†

      100,000        95,200  

Insmed, Inc.†#

      12,631        156,877  

Kite Pharma, Inc.†

      1,100        195,789  

Oncocyte Corp.†#

      15,000        84,750  

Pfenex, Inc.†

      14,000        50,540  

Protalix BioTherapeutics, Inc.†#

      22,016        11,602  

Prothena Corp. PLC†#

      11,118        683,090  

pSivida Corp.†#

      32,000        38,720  

Sage Therapeutics, Inc.†#

      5,500        452,375  

Seattle Genetics, Inc.†

      4,000        210,120  

Spark Therapeutics, Inc.†#

      6,220        512,093  

Ultragenyx Pharmaceutical, Inc.†#

      400        22,824  

Veracyte, Inc.†

      19,300        158,067  

Verastem, Inc.†#

      63,300        246,870  

WaVe Life Sciences, Ltd.†

      5,644        132,634  
     

 

 

  
        5,441,865  
     

 

 

  

Medical-Drugs - 2.2%

      

ACADIA Pharmaceuticals, Inc.†#

      3,500        124,635  

AcelRx Pharmaceuticals, Inc.†#

      32,100        105,930  

Aeglea BioTherapeutics, Inc.†

      25,000        102,750  

Alimera Sciences, Inc.†#

      115,025        159,885  

Alkermes PLC†#

      6,500        330,070  

Cempra, Inc.†

      40,000        122,000  

Conatus Pharmaceuticals, Inc.†#

      19,500        111,930  

Cumberland Pharmaceuticals, Inc.†

      27,800        194,878  

Dicerna Pharmaceuticals, Inc.†#

      8,300        28,967  

Ironwood Pharmaceuticals, Inc.†#

      26,600        424,270  

Kadmon Holdings, Inc.†#

      37,000        96,940  

MediciNova, Inc.†#

      13,572        73,560  

Minerva Neurosciences, Inc.†

      20,300        122,815  

MyoKardia, Inc.†

      600        26,010  

NanoViricides, Inc.†#

      43,000        58,480  

Neos Therapeutics, Inc.†#

      15,000        125,250  

Pacira Pharmaceuticals, Inc.†#

      8,900        339,090  

Pain Therapeutics, Inc.†#

      8,157        26,184  

Patheon NV†

      43,143        1,509,142  

Pernix Therapeutics Holdings, Inc.†#

      2,900        8,700  

Prestige Brands Holdings, Inc.†#

      17,756        900,407  

Radius Health, Inc.†#

      17,400        654,762  

TESARO, Inc.†#

      4,138        534,381  

TherapeuticsMD, Inc.†#

      50,571        303,426  

VIVUS, Inc.†#

      75,000        66,795  

vTv Therapeutics, Inc., Class A†#

      15,000        81,450  

Zogenix, Inc.†#

      11,712        138,787  

Zynerba Pharmaceuticals, Inc.†#

      9,000        57,150  
     

 

 

  
        6,828,644  
     

 

 

  

Medical-HMO - 1.4%

      

Centene Corp.†

      8,100        719,685  

Magellan Health, Inc.†

      11,632        941,029  

Molina Healthcare, Inc.†#

      9,800        627,200  

WellCare Health Plans, Inc.†

      10,831        1,891,959  
     

 

 

  
        4,179,873  
     

 

 

  

Medical-Hospitals - 0.2%

      

Acadia Healthcare Co., Inc.†

      8,953        420,254  

LifePoint Health, Inc.†

      4,800        278,160  
     

 

 

  
        698,414  
     

 

 

  

Medical-Nursing Homes - 0.0%

      

Genesis Healthcare, Inc.†

      100,000        104,000  
     

 

 

  

Metal Processors & Fabrication - 1.3%

      

Ampco-Pittsburgh Corp.

      6,500        100,100  

Haynes International, Inc.

      9,500        290,225  

RBC Bearings, Inc.†#

      30,040        3,312,511  

Sun Hydraulics Corp.

      4,700        225,177  
     

 

 

  
        3,928,013  
     

 

 

  

Metal Products-Distribution - 0.0%

      

Olympic Steel, Inc.

      5,500        100,375  
     

 

 

  

Metal-Diversified - 0.1%

      

Luxfer Holdings PLC ADR

      12,900        154,284  
     

 

 

  

Miscellaneous Manufacturing - 1.7%

      

AptarGroup, Inc.

      50,153        4,193,292  

John Bean Technologies Corp.

      12,117        1,074,778  
     

 

 

  
        5,268,070  
     

 

 

  

MRI/Medical Diagnostic Imaging - 0.1%

      

RadNet, Inc.†

      18,000        184,500  
     

 

 

  

Multimedia - 1.1%

      

E.W. Scripps Co., Class A†#

      105,604        1,888,199  

FactSet Research Systems, Inc.#

      9,566        1,503,584  
     

 

 

  
        3,391,783  
     

 

 

  

Non-Ferrous Metals - 0.0%

      

Uranium Energy Corp.†#

      100,500        132,660  
     

 

 

  

Non-Hazardous Waste Disposal - 0.5%

      

Advanced Disposal Services, Inc.†

      29,330        699,227  

Waste Connections, Inc.

      11,250        750,263  
     

 

 

  
        1,449,490  
     

 

 

  

Office Furnishings-Original - 0.4%

      

Herman Miller, Inc.

      38,058        1,280,652  
     

 

 

  

Oil & Gas Drilling - 0.8%

      

Diamond Offshore Drilling, Inc.†#

      13,000        147,680  

Patterson-UTI Energy, Inc.

      141,972        2,267,293  
     

 

 

  
        2,414,973  
     

 

 

  

Oil Companies-Exploration & Production - 1.4%

      

Advantage Oil & Gas, Ltd.†

      21,191        135,079  

Approach Resources, Inc.†#

      77,300        214,894  

Centennial Resource Development LLC†

      2,100        34,493  

Centennial Resource Development, Inc., Class A†#

      12,848        222,142  

Comstock Resources, Inc.†#

      9,000        57,780  

Contango Oil & Gas Co.†

      21,600        99,144  

Diamondback Energy, Inc.†

      4,100        372,239  

Earthstone Energy, Inc., Class A†#

      9,400        90,146  

Evolution Petroleum Corp.

      23,100        160,545  

FieldPoint Petroleum Corp.†

      31,900        10,591  

Gastar Exploration, Inc.†#

      110,000        64,922  

Jagged Peak Energy, Inc.†#

      11,200        143,472  

Jones Energy, Inc., Class A†#

      16,311        16,148  

Kosmos Energy, Ltd.†#

      7,864        55,363  

Lonestar Resources US, Inc., Class A†#

      30,000        97,800  

Matador Resources Co.†#

      12,900        304,182  

Panhandle Oil and Gas, Inc., Class A

      5,000        105,500  

Parsley Energy, Inc., Class A†

      9,000        225,450  

PetroQuest Energy, Inc.†#

      10,250        18,347  

SRC Energy, Inc.†#

      211,757        1,670,763  

VAALCO Energy, Inc.†

      30,000        21,825  

Venture Global LNG, Inc.†(3)(4)(5)

      28        99,904  

Yuma Energy, Inc.†#

      25,270        29,313  
     

 

 

  
        4,250,042  
     

 

 

  

Oil Field Machinery & Equipment - 0.5%

      

Dril-Quip, Inc.†

      19,808        743,790  

Forum Energy Technologies, Inc.†#

      7,600        88,160  

Gulf Island Fabrication, Inc.

      8,400        94,080  

Mitcham Industries, Inc.†

      22,400        84,000  

Natural Gas Services Group, Inc.†

      7,400        174,640  

Superior Drilling Products, Inc.†

      56,000        37,526  

Thermon Group Holdings, Inc.†

      14,200        234,584  
     

 

 

  
        1,456,780  
     

 

 

  

Oil Refining & Marketing - 0.2%

      

Adams Resources & Energy, Inc.

      3,314        114,896  

HollyFrontier Corp.

      11,200        350,672  
     

 

 

  
        465,568  
     

 

 

  

Oil-Field Services - 0.9%

      

Core Laboratories NV#

      18,606        1,640,677  

Era Group, Inc.†

      15,000        132,150  

Frank’s International NV#

      14,300        89,804  

Independence Contract Drilling, Inc.†

      31,100        100,142  

NCS Multistage Holdings, Inc.†

      1,943        38,394  

PHI, Inc.†

      14,000        153,860  

Pioneer Energy Services Corp.†

      75,000        127,500  

SEACOR Holdings, Inc.†

      6,140        235,592  

Willbros Group, Inc.†

      50,900        111,980  
     

 

 

  
        2,630,099  
     

 

 

  

Paper & Related Products - 0.1%

      

Clearwater Paper Corp.†

      2,600        120,900  

Verso Corp., Class A†

      24,000        127,680  
     

 

 

  
        248,580  
     

 

 

  

Patient Monitoring Equipment - 0.0%

      

CareDx, Inc.†#

      52,400        149,864  
     

 

 

  

Pharmacy Services - 0.0%

      

BioScrip, Inc.†

      35,000        106,050  
     

 

 

  

Physical Therapy/Rehabilitation Centers - 1.1%

      

AAC Holdings, Inc.†

      18,000        167,220  

HealthSouth Corp.

      61,681        2,821,906  

U.S. Physical Therapy, Inc.

      5,310        318,069  
     

 

 

  
        3,307,195  
     

 

 

  

Pollution Control - 0.1%

      

Advanced Emissions Solutions, Inc.#

      14,000        145,320  

Fuel Tech, Inc.†

      75,000        67,725  
     

 

 

  
        213,045  
     

 

 

  

Power Converter/Supply Equipment - 0.5%

      

Generac Holdings, Inc.†#

      38,850        1,568,763  
     

 

 

  

Precious Metals - 0.0%

      

Tahoe Resources, Inc.

      9,500        45,341  
     

 

 

  

Printing-Commercial - 0.1%

      

Cenveo, Inc.†#

      20,000        75,600  

Deluxe Corp.

      2,000        138,700  
     

 

 

  
        214,300  
     

 

 

  

Publishing-Books - 0.0%

      

Scholastic Corp.

      3,249        128,108  
     

 

 

  

Publishing-Newspapers - 0.1%

      

A.H. Belo Corp., Class A

      18,221        91,105  

Lee Enterprises, Inc.†#

      84,700        177,870  
     

 

 

  
        268,975  
     

 

 

  

Quarrying - 0.0%

      

Compass Minerals International, Inc.#

      1,600        106,880  
     

 

 

  

Radio - 0.1%

      

Saga Communications, Inc., Class A

      123        5,025  

Salem Media Group, Inc.

      10,000        60,500  

Townsquare Media, Inc., Class A†

      11,000        109,780  
     

 

 

  
        175,305  
     

 

 

  

Real Estate Investment Trusts - 4.2%

      

Acadia Realty Trust#

      7,100        203,699  

American Campus Communities, Inc.

      9,100        433,069  

CatchMark Timber Trust, Inc., Class A

      11,700        134,901  

Chesapeake Lodging Trust

      7,800        199,602  

Corporate Office Properties Trust

      10,500        350,280  

EastGroup Properties, Inc.#

      35,322        3,138,713  

Education Realty Trust, Inc.

      4,200        162,288  

Equity Commonwealth†

      14,300        442,442  

National Retail Properties, Inc.

      53,305        2,229,748  

Outfront Media, Inc.#

      74,784        1,645,248  

Paramount Group, Inc.

      19,027        300,246  

PS Business Parks, Inc.

      6,956        939,825  

Regency Centers Corp.

      4,535        291,691  

Retail Opportunity Investments Corp.#

      20,500        406,720  

RLJ Lodging Trust#

      83,304        1,681,075  

Urban Edge Properties

      9,500        238,925  
     

 

 

  
        12,798,472  
     

 

 

  

Real Estate Management/Services - 1.4%

      

FirstService Corp.

      9,800        683,452  

HFF, Inc., Class A

      38,555        1,470,102  

RE/MAX Holdings, Inc., Class A#

      5,000        306,250  

Realogy Holdings Corp.#

      48,498        1,644,082  

Redfin Corp.†#

      1,612        35,932  
     

 

 

  
        4,139,818  
     

 

 

  

 

Real Estate Operations & Development - 0.2%

      

Alexander & Baldwin, Inc.

      9,900        429,660  

Consolidated-Tomoka Land Co.

      3,100        171,740  

Trinity Place Holdings, Inc.†

      10,000        69,100  
     

 

 

  
        670,500  
     

 

 

  

Recreational Centers - 0.1%

      

Town Sports International Holdings, Inc.†

      45,000        265,500  
     

 

 

  

Recreational Vehicles - 1.4%

      

Brunswick Corp.

      39,722        2,084,611  

LCI Industries#

      15,563        1,537,624  

Malibu Boats, Inc., Class A†#

      27,123        731,507  
     

 

 

  
        4,353,742  
     

 

 

  

Research & Development - 0.1%

      

AVEO Pharmaceuticals, Inc.†#

      66,464        225,978  
     

 

 

  

Resort/Theme Parks - 0.0%

      

Peak Resorts, Inc.

      23,600        114,460  
     

 

 

  

Retail-Apparel/Shoe - 0.9%

      

American Eagle Outfitters, Inc.#

      81,327        971,857  

Burlington Stores, Inc.†

      5,700        496,641  

Chico’s FAS, Inc.#

      140,563        1,079,524  

Destination Maternity Corp.†#

      7,800        9,360  

New York & Co., Inc.†

      33,029        63,746  

Tilly’s, Inc., Class A

      8,068        88,829  
     

 

 

  
        2,709,957  
     

 

 

  

Retail-Arts & Crafts - 0.2%

      

Michaels Cos., Inc.†

      24,100        541,045  
     

 

 

  

Retail-Automobile - 0.1%

      

Rush Enterprises, Inc., Class A†

      8,600        352,514  
     

 

 

  

Retail-Building Products - 0.2%

      

Floor & Decor Holdings, Inc., Class A†

      1,182        42,481  

GMS, Inc.†

      4,400        141,592  

Tile Shop Holdings, Inc.

      21,800        328,090  
     

 

 

  
        512,163  
     

 

 

  

Retail-Computer Equipment - 0.0%

      

PCM, Inc.†#

      6,744        88,684  
     

 

 

  

Retail-Discount - 0.2%

      

Ollie’s Bargain Outlet Holdings, Inc.†#

      9,166        383,597  

Tuesday Morning Corp.†#

      43,200        97,200  
     

 

 

  
        480,797  
     

 

 

  

Retail-Home Furnishings - 0.1%

      

RH†

      3,652        170,877  
     

 

 

  

Retail-Leisure Products - 0.0%

      

West Marine, Inc.

      10,000        129,700  
     

 

 

  

Retail-Misc./Diversified - 0.2%

      

Five Below, Inc.†

      5,500        261,635  

Gaia, Inc.†#

      17,400        194,010  
     

 

 

  
        455,645  
     

 

 

  

Retail-Petroleum Products - 0.0%

      

TravelCenters of America LLC†

      20,000        67,000  
     

 

 

  

Retail-Restaurants - 2.4%

      

Bojangles’, Inc.†

      8,730        116,545  

Bravo Brio Restaurant Group, Inc.†

      11,500        31,625  

Brinker International, Inc.

      41,154        1,284,828  

Denny’s Corp.†

      45,100        539,396  

Famous Dave’s of America, Inc.†#

      6,800        29,580  

Fiesta Restaurant Group, Inc.†#

      13,219        230,011  

J Alexander’s Holdings, Inc.†

      13,000        128,700  

Jack in the Box, Inc.

      5,100        477,462  

Jamba, Inc.†#

      13,420        132,053  

Kona Grill, Inc.†#

      7,700        23,100  

Luby’s, Inc.†

      25,000        66,250  

Papa John’s International, Inc.#

      25,966        1,941,997  

Red Robin Gourmet Burgers, Inc.†

      7,839        446,823  

Sonic Corp.#

      31,707        742,261  

Wingstop, Inc.#

      16,500        534,765  

Zoe’s Kitchen, Inc.†#

      54,827        705,623  
     

 

 

  
        7,431,019  
     

 

 

  

Retail-Sporting Goods - 0.1%

      

Zumiez, Inc.†#

      14,200        176,790  
     

 

 

  

Retail-Toy Stores - 0.0%

      

Build-A-Bear Workshop, Inc.†

      8,000        73,600  
     

 

 

  

Retirement/Aged Care - 0.0%

      

AdCare Health Systems, Inc.†#

      51,100        48,545  

Five Star Senior Living, Inc.†

      5,027        8,169  
     

 

 

  
        56,714  
     

 

 

  

Rubber/Plastic Products - 0.3%

      

Proto Labs, Inc.†#

      13,530        971,454  
     

 

 

  

Savings & Loans/Thrifts - 1.1%

      

Atlantic Coast Financial Corp.†

      20,000        167,000  

Beneficial Bancorp, Inc.

      21,465        320,902  

Capitol Federal Financial, Inc.

      22,540        309,249  

Clifton Bancorp, Inc.

      6,800        107,100  

Entegra Financial Corp.†#

      6,000        139,200  

ESSA Bancorp, Inc.

      9,000        135,900  

First Financial Northwest, Inc.

      10,000        160,000  

Home Bancorp, Inc.

      3,600        145,368  

Investors Bancorp, Inc.

      22,000        287,980  

Lake Shore Bancorp, Inc.

      10,000        157,200  

Malvern Bancorp, Inc.†#

      3,800        90,440  

Meridian Bancorp, Inc.

      17,172        302,227  

Pacific Premier Bancorp, Inc.†

      8,200        290,280  

Provident Financial Holdings, Inc.

      6,714        127,163  

SI Financial Group, Inc.

      8,500        124,100  

Southern Missouri Bancorp, Inc.

      5,000        162,300  

Wayne Savings Bancshares, Inc.

      3,900        66,885  

WSFS Financial Corp.

      3,410        152,427  
     

 

 

  
        3,245,721  
     

 

 

  

Schools - 0.1%

      

American Public Education, Inc.†

      6,472        119,408  

Lincoln Educational Services Corp.†

      20,000        56,000  

Universal Technical Institute, Inc.†

      37,000        130,980  
     

 

 

  
        306,388  
     

 

 

  

Security Services - 0.2%

      

Brink’s Co.

      9,000        706,050  
     

 

 

  

Seismic Data Collection - 0.1%

      

Dawson Geophysical Co.†

      33,264        139,043  

Geospace Technologies Corp.†

      8,900        134,301  
     

 

 

  
        273,344  
     

 

 

  

Semiconductor Components-Integrated Circuits - 0.1%

      

Sigma Designs, Inc.†

      25,000        156,250  
     

 

 

  

Semiconductor Equipment - 0.9%

      

Cabot Microelectronics Corp.

      35,118        2,515,151  

Entegris, Inc.†

      7,100        180,695  

MKS Instruments, Inc.

      2,100        172,935  
     

 

 

  
        2,868,781  
     

 

 

  

Specified Purpose Acquisitions - 0.0%

      

Silver Run Acquisition Corp. II†

      7,900        83,819  
     

 

 

  

Steel Pipe & Tube - 0.3%

      

Mueller Water Products, Inc., Class A

      30,800        369,292  

Valmont Industries, Inc.

      3,648        523,670  
     

 

 

  
        892,962  
     

 

 

  

Steel-Producers - 0.1%

      

Friedman Industries, Inc.

      10,000        56,700  

Shiloh Industries, Inc.†

      13,600        119,136  
     

 

 

  
        175,836  
     

 

 

  

Superconductor Product & Systems - 0.1%

      

American Superconductor Corp.†

      40,000        155,200  
     

 

 

  

Telecom Equipment-Fiber Optics - 0.2%

      

Ciena Corp.†

      15,700        339,277  

KVH Industries, Inc.†

      14,357        169,413  
     

 

 

  
        508,690  
     

 

 

  

Telecom Services - 0.1%

      

Consolidated Communications Holdings, Inc.

      1        19  

Hawaiian Telcom Holdco, Inc.†

      5,900        179,478  

HC2 Holdings, Inc.†

      25,729        117,324  
     

 

 

  
        296,821  
     

 

 

  

Telecommunication Equipment - 0.1%

      

Aware, Inc.†

      14,500        71,775  

Communications Systems, Inc.

      30,000        108,300  

Wireless Telecom Group, Inc.†

      68,200        100,254  
     

 

 

  
        280,329  
     

 

 

  

Telephone-Integrated - 0.1%

      

Alaska Communications Systems Group, Inc.†

      77,000        169,400  
     

 

 

  

Textile-Apparel - 0.1%

      

Cherokee, Inc.†#

      6,400        29,440  

Tandy Leather Factory, Inc.†

      15,000        123,750  
     

 

 

  
        153,190  
     

 

 

  

Textile-Products - 0.0%

      

Dixie Group, Inc.†

      10,000        41,000  
     

 

 

  

Theaters - 0.8%

      

Cinemark Holdings, Inc.#

      69,645        2,318,482  
     

 

 

  

Therapeutics - 0.2%

      

Actinium Pharmaceuticals, Inc.†

      32,100        19,581  

Aquinox Pharmaceuticals, Inc.†#

      3,483        50,887  

CorMedix, Inc.†#

      40,000        19,800  

Egalet Corp.†#

      25,000        30,250  

Histogenics Corp.†

      50,000        92,000  

Ocera Therapeutics, Inc.†

      37,800        35,154  

Oncobiologics, Inc.†

      25,000        21,702  

Xencor, Inc.†#

      8,238        178,106  

Zafgen, Inc.†

      15,000        54,150  
     

 

 

  
        501,630  
     

 

 

  

Transport-Equipment & Leasing - 0.1%

      

General Finance Corp.†#

      10,034        47,160  

Willis Lease Finance Corp.†

      7,000        166,600  
     

 

 

  
        213,760  
     

 

 

  

Transport-Marine - 0.0%

      

Overseas Shipholding Group, Inc., Class A†

      35,000        79,100  
     

 

 

  

Transport-Services - 0.2%

      

Matson, Inc.

      14,100        363,780  

Radiant Logistics, Inc.†

      37,800        190,890  
     

 

 

  
        554,670  
     

 

 

  

Transport-Truck - 1.7%

      

Knight Transportation, Inc.#

      53,506        2,089,409  

Landstar System, Inc.

      27,327        2,550,976  

P.A.M. Transportation Services, Inc.†

      1,357        26,814  

Patriot Transportation Holding, Inc.†

      5,000        96,550  

Saia, Inc.†

      5,458        308,650  

Schneider National, Inc., Class B

      10,588        235,583  

XPO Logistics, Inc.†

      1        61  
     

 

 

  
        5,308,043  
     

 

 

  

Travel Services - 0.1%

      

Liberty TripAdvisor Holdings, Inc., Class A†

      25,200        336,420  
     

 

 

  

Vitamins & Nutrition Products - 0.0%

      

Natural Grocers by Vitamin Cottage, Inc.†#

      14,000        78,680  
     

 

 

  

Water - 0.2%

      

California Water Service Group

      12,300        460,635  

Middlesex Water Co.

      196        7,444  
     

 

 

  
        468,079  
     

 

 

  

Web Hosting/Design - 0.7%

      

Q2 Holdings, Inc.†#

      54,712        2,221,307  
     

 

 

  

 

Web Portals/ISP - 0.0%

     

Synacor, Inc.†#

      44,000       101,200  
    

 

 

  

Wireless Equipment - 0.1%

     

ID Systems, Inc.†

      22,000       139,480  

TESSCO Technologies, Inc.

      5,900       77,290  
    

 

 

  
       216,770  
    

 

 

  

Total Common Stocks

     

(cost $271,913,349)

        297,367,880  
    

 

 

  

CONVERTIBLE PREFERRED SECURITIES - 0.2%

     

E-Commerce/Services - 0.1%

     

CarGurus, Inc., Series D†(3)(4)(5)

      2,567       179,433  

CarGurus, Inc., Series E†(3)(4)(5)

      814       56,899  

Vroom, Inc. Series F†(3)

      5,863       100,009  
    

 

 

  
       336,341  
    

 

 

  

Enterprise Software/Service - 0.1%

     

Plex Systems, Inc., Series B†(3)(4)(5)

      50,422       93,785  
    

 

 

  

Internet Infrastructure Software - 0.0%

     

MongoDB, Inc., Series F†(3)(4)(5)

      4,475       41,170  
    

 

 

  

Total Convertible Preferred Securities

     

(cost $438,974)

        471,296  
    

 

 

  

WARRANTS† - 0.0%

     

Food-Confectionery - 0.0%

     

Simply Good Foods Co.
Expires 07/07/2022 (strike price $11.50)

      4,766       11,867  
    

 

 

  

Medical-Biomedical/Gene - 0.0%

     

Asterias Biotherapeutics, Inc. #
Expires 09/29/2017 (strike price $5.00)

      1,890       435  
    

 

 

  

Total Warrants

     

(cost $10,655)

        12,302  
    

 

 

  

Total Long-Term Investment Securities

     

(cost $272,362,978)

        297,851,478  
    

 

 

  

SHORT-TERM INVESTMENT SECURITIES - 5.7%

     

Registered Investment Companies - 5.7%

     

State Street Institutional U.S. Government Money Market Fund, Premier Class
0.93%(2)

      711,415       711,415  

State Street Navigator Securities Lending Government Money Market Portfolio
1.01%(1)(2)

      16,158,264       16,158,264  

T. Rowe Price Government Reserve Fund
1.04%(2)

      667,531       667,531  
    

 

 

  

Total Short-Term Investment Securities

     

(cost $17,537,210)

        17,537,210  
    

 

 

  

REPURCHASE AGREEMENTS - 2.3%

     

Agreement with Fixed Income Clearing Corp., bearing interest at 0.12%, dated 08/31/2017, to be repurchased 09/01/2017 in the amount of $6,969,023 collateralized by $7,430,000 of United States Treasury Bonds, bearing interest at 2.50% due 05/15/2046 and having an approximate value of $7,109,544

     

(cost $6,969,000)

    $ 6,969,000       6,969,000  
    

 

 

  

TOTAL INVESTMENTS

     

(cost $296,869,188)

      105.7 %      322,357,688  

Liabilities in excess of other assets

      (5.7 )      (17,379,739 ) 
  

 

 

    

 

 

  

NET ASSETS

      100.0 %    $ 304,977,949  
  

 

 

    

 

 

  

 

† Non-income producing security
# The security or a portion thereof is out on loan.
(1) At August 31, 2017, the Fund had loaned securities with a total value of $65,203,762. This was secured by collateral of $16,158,264, which was received in cash and subsequently invested in short-term investments currently valued at $16,158,264 as reported in the Portfolio of Investments. Additional collateral of $50,436,285 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
August 31, 2017		  

Federal Home Loan Mtg. Corp.

    2.50% to 4.50%      08/01/2027 to 01/01/2047      $ 2,884,376  

Federal National Mtg. Assoc.

    2.63% to 4.25%      10/25/2029 to 11/01/2046        2,370,090  

Government National Mtg. Assoc.

    2.50% to 3.50%      01/20/2043 to 05/16/2053        4,951,560  

United States Treasury Bills

    0.00%      09/07/2017 to 03/01/2018        1,727,603  

United States Treasury Notes/Bonds

    zero coupon to 8.13%      09/30/2017 to 02/15/2047        38,502,656  

 

(2) The rate shown is the 7-day yield as of August 31, 2017.
(3) Security classified as Level 3 (see Note 1).
(4) Illiquid security. At August 31, 2017, the aggregate value of these securities was $644,092 representing 0.2% of net assets.

(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 1. 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 August 31, 2017, the Fund held the following restricted securities:

 

Description

    Acquisition
Date		      Shares/
Principal
Amount		      Acquisition
Cost		      Value      Value
Per
Share		      % of
Net
Assets		  

Common Stocks

                  

Cloudera, Inc.

      02/05/2014        6,715      $ 97,770      $ 127,014      $ 18.92        0.04 % 

SurveyMonkey, Inc.

      11/25/2014        5,062        83,270        45,887        9.07        0.02  

Venture Global LNG, Inc.

      05/25/2017        28        99,904        99,904        3,568        0.03  

Convertible Preferred Securities

                  

CarGurus, Inc., Series D

      07/07/2015        2,567        104,331        179,433        69.90        0.06  

CarGurus, Inc., Series E

      08/23/2016        814        44,111        56,899        69.90        0.02  

MongoDB, Inc., Series F

      10/02/2013        4,475        74,840        41,170        9.20        0.01  

Plex Systems, Inc., Series B

      06/09/2014        50,422        115,683        93,785        1.86        0.03  
           

 

 

        

 

 

  
            $ 644,092           0.21 % 
           

 

 

        

 

 

  

ADR – American Depositary Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of August 31, 2017 (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:

           

Computer Software

    $ 5,990,534      $ 127,014     $ —        $ 6,117,548  

E-Commerce/Services

      3,479,970        —         45,887        3,525,857  

Finance-Other Services

      855,749        —         124,794        980,543  

Oil Companies-Exploration & Production

      4,115,645        34,493       99,904        4,250,042  

Other Industries

      282,331,173        162,717 **      —          282,493,890  

Convertible Preferred Securities

      —          —         471,296        471,296  

Warrants

      12,302        —         —          12,302  

Short-Term Investment Securities

      17,537,210        —         —          17,537,210  

Repurchase Agreements

      —          6,969,000       —          6,969,000  
  

 

 

     

 

 

    

 

 

     

 

 

  

Total Investments at Value

    $ 314,322,583      $ 7,293,224     $ 741,881      $ 322,357,688  
  

 

 

     

 

 

    

 

 

     

 

 

  

 

* For a detailed presentation of investments, please refer to the Portfolio of Investments.
** Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board

(see Note 1).

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 Portfolio of Investments

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS - August 31, 2017 - (unaudited)

 

Security Description

    Shares/
Principal
Amount		      Value
(Note 1)		  

COMMON STOCKS - 93.7%

      

Advanced Materials - 0.0%

      

Core Molding Technologies, Inc.

      4,372      $ 89,932  
     

 

 

  

Advertising Agencies - 0.0%

      

MDC Partners, Inc., Class A

      33,106        337,681  
     

 

 

  

Advertising Sales - 0.0%

      

Clear Channel Outdoor Holdings, Inc., Class A

      21,276        81,913  

Yext, Inc.†#

      7,221        93,945  
     

 

 

  
        175,858  
     

 

 

  

Aerospace/Defense - 0.3%

      

Aerovironment, Inc.†

      12,304        603,142  

Cubic Corp.

      15,039        645,925  

Esterline Technologies Corp.†

      15,598        1,332,069  

Kratos Defense & Security Solutions, Inc.†#

      42,676        571,005  

National Presto Industries, Inc.

      2,954        294,219  
     

 

 

  
        3,446,360  
     

 

 

  

Aerospace/Defense-Equipment - 0.8%

      

AAR Corp.

      19,166        691,126  

Aerojet Rocketdyne Holdings, Inc.†

      41,192        1,220,519  

Astronics Corp.†

      12,773        335,802  

Curtiss-Wright Corp.

      26,338        2,550,045  

Ducommun, Inc.†

      6,270        172,425  

Kaman Corp.

      16,038        786,504  

KLX, Inc.†

      30,831        1,478,038  

Moog, Inc., Class A†

      18,986        1,457,365  

Triumph Group, Inc.#

      29,088        765,015  
     

 

 

  
        9,456,839  
     

 

 

  

Agricultural Chemicals - 0.0%

      

Intrepid Potash, Inc.†

      56,401        209,248  
     

 

 

  

Agricultural Operations - 0.1%

      

Alico, Inc.#

      1,851        59,232  

Andersons, Inc.

      16,072        511,893  

Cadiz, Inc.†#

      12,445        151,829  

Limoneira Co.

      7,114        159,354  

Tejon Ranch Co.†

      8,855        176,923  
     

 

 

  
        1,059,231  
     

 

 

  

Airlines - 0.3%

      

Allegiant Travel Co.#

      7,809        921,462  

Hawaiian Holdings, Inc.†

      31,580        1,353,203  

SkyWest, Inc.

      30,228        1,048,912  
     

 

 

  
        3,323,577  
     

 

 

  

Apparel Manufacturers - 0.2%

      

Columbia Sportswear Co.

      17,389        996,216  

Delta Apparel, Inc.†

      4,128        80,991  

Oxford Industries, Inc.

      9,811        567,174  

Sequential Brands Group, Inc.†

      23,669        72,191  

Superior Uniform Group, Inc.

      5,010        110,320  
     

 

 

  
        1,826,892  
     

 

 

  

Appliances - 0.1%

      

iRobot Corp.†#

      15,761        1,503,915  
     

 

 

  

Applications Software - 0.9%

      

Appfolio, Inc., Class A†

      4,754        203,947  

Bazaarvoice, Inc.†

      49,661        235,890  

Brightcove, Inc.†

      20,201        142,417  

Callidus Software, Inc.†

      38,408        989,006  

Ebix, Inc.#

      14,317        826,091  

Five9, Inc.†

      31,047        667,510  

HubSpot, Inc.†#

      20,050        1,470,667  

MINDBODY, Inc., Class A†

      21,947        519,047  

New Relic, Inc.†#

      17,459        836,286  

Park City Group, Inc.†#

      7,790        98,154  

PDF Solutions, Inc.†#

      16,623        252,503  

Progress Software Corp.

      28,369        952,631  

RealPage, Inc.†

      34,960        1,506,776  

Twilio, Inc., Class A†#

      37,034        1,084,356  

Upland Software, Inc.†

      4,331        99,613  

Verint Systems, Inc.†

      37,259        1,479,182  
     

 

 

  
        11,364,076  
     

 

 

  

Athletic Equipment - 0.1%

      

Clarus Corp.†

      12,237        88,718  

Nautilus, Inc.†

      17,993        294,186  

Vista Outdoor, Inc.†

      34,066        698,353  
     

 

 

  
        1,081,257  
     

 

 

  

Auction Houses/Art Dealers - 0.1%

      

B. Riley Financial, Inc.

      8,140        133,496  

Sotheby’s†

      22,695        1,018,325  
     

 

 

  
        1,151,821  
     

 

 

  

Audio/Video Products - 0.1%

      

Daktronics, Inc.

      21,144        203,617  

Universal Electronics, Inc.†#

      8,415        492,698  

VOXX International Corp.†

      11,944        96,746  
     

 

 

  
        793,061  
     

 

 

  

Auto Repair Centers - 0.1%

      

Monro, Inc.#

      18,900        901,530  
     

 

 

  

Auto-Heavy Duty Trucks - 0.1%

      

Blue Bird Corp.†

      4,327        78,751  

Navistar International Corp.†#

      29,626        1,012,024  

REV Group, Inc.#

      7,525        189,555  
     

 

 

  
        1,280,330  
     

 

 

  

Auto-Truck Trailers - 0.1%

      

Wabash National Corp.#

      35,454        745,243  
     

 

 

  

Auto/Truck Parts & Equipment-Original - 0.8%

      

American Axle & Manufacturing Holdings, Inc.†

      49,795        727,505  

Cooper-Standard Holding, Inc.†

      10,450        1,051,061  

Dana, Inc.

      86,639        2,085,401  

Gentherm, Inc.†

      21,824        679,818  

Horizon Global Corp.†#

      15,195        261,354  

Meritor, Inc.†

      49,898        990,974  

Miller Industries, Inc.

      6,563        164,731  

Modine Manufacturing Co.†

      29,440        475,456  

Spartan Motors, Inc.

      20,351        187,229  

Superior Industries International, Inc.

      14,671        214,930  

Supreme Industries, Inc., Class A

      8,287        173,530  

Tenneco, Inc.

      31,804        1,723,777  

Titan International, Inc.

      29,669        254,560  

Tower International, Inc.

      11,769        264,214  
     

 

 

  
        9,254,540  
     

 

 

  

Auto/Truck Parts & Equipment-Replacement - 0.2%

      

Commercial Vehicle Group, Inc.†

      14,989        89,035  

Dorman Products, Inc.†

      16,320        1,083,974  

Douglas Dynamics, Inc.

      13,155        459,110  

Motorcar Parts of America, Inc.†#

      11,127        292,306  

Standard Motor Products, Inc.#

      12,831        565,847  
     

 

 

  
        2,490,272  
     

 

 

  

B2B/E-Commerce - 0.1%

      

ePlus, Inc.†

      7,823        654,785  

TechTarget, Inc.†

      11,683        116,129  
     

 

 

  
        770,914  
     

 

 

  

Banks-Commercial - 8.8%

      

1st Source Corp.

      9,599        447,985  

Access National Corp.

      8,847        227,191  

ACNB Corp.

      3,550        92,833  

Allegiance Bancshares, Inc.†#

      6,817        232,119  

American National Bankshares, Inc.

      4,865        177,573  

Ameris Bancorp

      21,631        952,846  

Ames National Corp.#

      5,102        138,264  

Arrow Financial Corp.#

      6,850        221,255  

ASB Bancorp, Inc.†

      1,673        74,198  

Atlantic Capital Bancshares, Inc.†

      12,434        223,190  

BancFirst Corp.

      10,006        504,302  

Bancorp, Inc.†

      29,291        229,934  

BancorpSouth, Inc.

      51,268        1,489,335  

Bank of Commerce Holdings

      9,224        97,313  

Bank of Marin Bancorp

      3,567        233,460  

Bank of N.T. Butterfield & Son, Ltd.

      32,044        1,053,607  

Bankwell Financial Group, Inc.

      3,574        121,159  

Banner Corp.

      19,628        1,081,895  

Bar Harbor Bankshares

      8,958        235,237  

BCB Bancorp, Inc.

      5,643        80,131  

Blue Hills Bancorp, Inc.

      14,193        265,409  

Bridge Bancorp, Inc.

      11,230        347,007  

Bryn Mawr Bank Corp.

      9,984        408,845  

C&F Financial Corp.

      1,946        91,170  

Cadence BanCorp†

      5,190        108,160  

Camden National Corp.

      9,116        355,524  

Capital Bank Financial Corp., Class A#

      17,323        651,345  

Capital City Bank Group, Inc.

      6,583        136,202  

Capstar Financial Holdings, Inc.†#

      5,130        88,954  

Carolina Financial Corp.

      8,573        291,739  

Cass Information Systems, Inc.

      6,485        397,012  

Cathay General Bancorp, Class B

      44,870        1,582,565  

CenterState Banks, Inc.

      32,125        786,099  

Central Pacific Financial Corp.

      17,756        514,924  

Central Valley Community Bancorp

      5,901        116,073  

Century Bancorp, Inc., Class A

      1,742        116,366  

Chemical Financial Corp.

      42,234        1,917,846  

Chemung Financial Corp.

      1,902        76,822  

Citizens & Northern Corp.#

      7,001        157,102  

City Holding Co.

      9,035        572,187  

Civista Bancshares, Inc.#

      5,909        119,421  

CNB Financial Corp.

      8,795        212,487  

CoBiz Financial, Inc.

      22,664        386,421  

Codorus Valley Bancorp, Inc.

      4,840        121,242  

Columbia Banking System, Inc.

      34,677        1,288,944  

Commerce Union Bancshares, Inc.

      4,129        99,055  

Community Bank System, Inc.

      29,251        1,505,256  

Community Financial Corp.

      2,357        82,495  

Community Trust Bancorp, Inc.

      9,171        390,226  

ConnectOne Bancorp, Inc.

      17,990        410,172  

County Bancorp, Inc.

      2,788        83,584  

CU Bancorp†

      9,843        350,903  

Customers Bancorp, Inc.†

      16,788        473,086  

CVB Financial Corp.#

      61,686        1,276,900  

DNB Financial Corp.

      1,847        60,120  

Eagle Bancorp, Inc.†

      18,784        1,168,365  

Enterprise Bancorp, Inc.

      5,633        180,200  

Enterprise Financial Services Corp.

      13,421        512,682  

Equity Bancshares, Inc., Class A†

      6,345        216,682  

Evans Bancorp, Inc.

      2,752        113,658  

Farmers & Merchants Bancorp, Inc.#

      2,641        176,841  

Farmers Capital Bank Corp.

      4,381        164,068  

Farmers National Banc Corp.

      15,005        205,569  

FB Financial Corp.†

      3,948        137,193  

FCB Financial Holdings, Inc., Class A†

      20,971        914,336  

Fidelity Southern Corp.

      12,954        283,174  

Financial Institutions, Inc.

      8,282        225,270  

First BanCorp

      14,583        451,198  

First BanCorp†

      97,660        554,709  

First BanCorp, Inc.

      6,077        158,184  

First Bancshares, Inc.

      5,059        142,664  

First Busey Corp.

      22,596        651,895  

First Business Financial Services, Inc.

      4,899        104,398  

First Citizens BancShares, Inc., Class A

      4,418        1,504,373  

First Commonwealth Financial Corp.

      57,644        726,891  

First Community Bancshares, Inc.

      9,894        254,672  

First Connecticut Bancorp, Inc.

      8,398        207,851  

First Financial Bancorp

      36,705        879,085  

First Financial Bankshares, Inc.#

      37,788        1,513,409  

First Financial Corp.

      6,299        273,377  

First Foundation, Inc.†

      16,793        284,641  

First Guaranty Bancshares, Inc.

      2,320        60,761  

First Internet Bancorp

      3,667        116,611  

First Interstate BancSystem, Inc., Class A

      15,295        538,384  

First Merchants Corp.

      24,410        958,581  

First Mid-Illinois Bancshares, Inc.

      5,986        207,594  

First Midwest Bancorp, Inc.

      60,832        1,282,339  

First Northwest Bancorp†

      5,994        95,065  

First of Long Island Corp.

      13,914        372,200  

FNB Bancorp

      3,158        94,582  

Franklin Financial Network, Inc.†

      7,017        229,456  

Fulton Financial Corp.

      102,167        1,782,814  

German American Bancorp, Inc.

      12,624        410,785  

Glacier Bancorp, Inc.

      45,804        1,521,151  

Great Southern Bancorp, Inc.

      6,466        322,007  

Great Western Bancorp, Inc.

      35,277        1,267,150  

Green Bancorp, Inc.†

      12,695        254,535  

Guaranty Bancorp

      13,988        360,890  

Guaranty Bancshares, Inc.

      1,202        36,348  

Hancock Holding Co.

      50,223        2,207,301  

Hanmi Financial Corp.

      18,776        501,319  

HarborOne Bancorp, Inc.†#

      7,731        132,896  

Heartland Financial USA, Inc.

      14,627        665,529  

Heritage Commerce Corp.

      21,563        288,944  

Heritage Financial Corp.

      17,531        458,436  

Hilltop Holdings, Inc.

      44,662        1,057,150  

Home BancShares, Inc.

      77,009        1,795,080  

HomeStreet, Inc.†

      17,261        435,840  

Hope Bancorp, Inc.

      77,302        1,247,654  

Horizon Bancorp

      12,685        331,966  

Howard Bancorp, Inc.†

      5,244        103,569  

IBERIABANK Corp.

      30,132        2,308,111  

Independent Bank Corp./Rockland MA

      15,887        1,100,969  

Independent Bank Corp./MI

      12,101        246,860  

International Bancshares Corp.

      32,623        1,172,797  

Investar Holding Corp.

      4,867        107,074  

Kearny Financial Corp.

      50,595        715,919  

Lakeland Bancorp, Inc.

      26,732        494,542  

Lakeland Financial Corp.

      14,391        625,433  

LCNB Corp.

      5,281        97,434  

LegacyTexas Financial Group, Inc.

      28,155        1,013,298  

Live Oak Bancshares, Inc.#

      11,773        263,127  

Macatawa Bank Corp.

      15,470        148,048  

MainSource Financial Group, Inc.

      14,718        481,720  

MB Financial, Inc.

      48,273        1,919,817  

MBT Financial Corp.

      10,619        107,783  

Mercantile Bank Corp.

      9,598        291,683  

Middlefield Banc Corp.

      1,558        70,032  

Midland States Bancorp, Inc.

      9,130        278,830  

MidSouth Bancorp, Inc.

      5,293        62,722  

MidWestOne Financial Group, Inc.

      6,648        218,586  

National Bankshares, Inc.#

      4,033        158,900  

National Commerce Corp.†

      6,269        249,193  

NBT Bancorp, Inc.

      25,422        834,604  

Nicolet Bankshares, Inc.†

      5,328        291,175  

Northeast Bancorp

      4,319        93,290  

Northrim BanCorp, Inc.

      4,037        120,504  

Norwood Financial Corp.#

      2,275        100,191  

OFG Bancorp

      25,767        224,173  

Ohio Valley Banc Corp.#

      2,431        79,980  

Old Line Bancshares, Inc.

      5,072        139,480  

Old National Bancorp

      80,037        1,308,605  

Old Point Financial Corp.#

      2,159        66,368  

Old Second Bancorp, Inc.

      17,229        197,272  

Opus Bank

      12,350        276,640  

Orrstown Financial Services, Inc.

      4,416        107,971  

Pacific Continental Corp.

      12,912        306,660  

Pacific Mercantile Bancorp†

      9,212        78,302  

Paragon Commercial Corp.†

      2,505        129,884  

Park National Corp.

      7,960        768,856  

Park Sterling Corp.

      30,739        349,502  

PCSB Financial Corp.†

      10,778        182,364  

Peapack Gladstone Financial Corp.

      9,998        304,639  

Penns Woods Bancorp, Inc.#

      2,746        117,831  

People’s Utah Bancorp

      8,049        220,140  

Peoples Bancorp of North Carolina, Inc.

      2,517        76,466  

Peoples Bancorp, Inc.

      9,781        303,798  

Peoples Financial Services Corp.

      4,081        169,566  

Preferred Bank

      7,736        416,197  

Premier Financial Bancorp, Inc.

      5,604        105,916  

Provident Bancorp, Inc.†

      2,616        53,366  

QCR Holdings, Inc.

      7,220        315,514  

Renasant Corp.

      25,728        1,024,746  

Republic Bancorp, Inc., Class A

      5,737        204,122  

Republic First Bancorp, Inc.†#

      29,018        245,202  

S&T Bancorp, Inc.

      20,478        735,979  

Sandy Spring Bancorp, Inc.

      14,050        541,909  

Seacoast Banking Corp. of Florida†

      23,809        544,512  

ServisFirst Bancshares, Inc.#

      27,558        940,003  

Shore Bancshares, Inc.

      7,450        122,851  

Sierra Bancorp

      7,295        184,636  

Simmons First National Corp., Class A

      18,014        940,331  

SmartFinancial, Inc.†

      4,266        98,502  

South State Corp.

      17,209        1,415,440  

Southern First Bancshares, Inc.†

      3,860        136,451  

Southern National Bancorp of Virginia, Inc.

      11,005        184,334  

Southside Bancshares, Inc.

      16,499        539,022  

Southwest Bancorp, Inc.

      10,528        265,832  

State Bank Financial Corp.

      22,349        600,518  

Stock Yards Bancorp, Inc.

      13,000        452,400  

Stonegate Bank

      8,352        402,650  

Summit Financial Group, Inc.

      6,475        141,738  

Sun Bancorp, Inc.

      6,394        149,300  

Sunshine Bancorp, Inc.†

      4,389        94,802  

Texas Capital Bancshares, Inc.†

      29,686        2,204,186  

Tompkins Financial Corp.#

      8,720        662,022  

Towne Bank

      33,685        1,034,130  

TriCo Bancshares

      12,170        433,009  

TriState Capital Holdings, Inc.†

      13,304        278,054  

Triumph Bancorp, Inc.†

      9,142        257,804  

TrustCo Bank Corp.

      55,041        434,824  

Trustmark Corp.

      40,196        1,190,606  

Two River Bancorp#

      4,291        78,182  

UMB Financial Corp.

      26,971        1,810,294  

Umpqua Holdings Corp.

      131,975        2,309,562  

Union Bankshares Corp.

      25,710        805,494  

United Bankshares, Inc.

      59,599        1,999,546  

United Community Banks, Inc.

      42,143        1,100,354  

United Security Bancshares

      7,756        71,743  

Unity Bancorp, Inc.

      4,593        79,689  

Univest Corp. of Pennsylvania

      15,462        450,717  

Valley National Bancorp

      153,898        1,722,119  

Veritex Holdings, Inc.†

      8,525        225,145  

Washington Trust Bancorp, Inc.

      8,931        457,714  

WashingtonFirst Bankshares, Inc.

      5,813        196,886  

WesBanco, Inc.

      25,080        952,538  

West Bancorporation, Inc.

      9,460        207,647  

Westamerica Bancorporation#

      15,164        781,704  

Western New England Bancorp, Inc.

      16,472        163,896  

Wintrust Financial Corp.

      33,050        2,406,370  

Xenith Bankshares, Inc.†

      3,056        87,554  
     

 

 

  
        107,137,013  
     

 

 

  

Banks-Fiduciary - 0.1%

      

Boston Private Financial Holdings, Inc.

      49,667        730,105  

Parke Bancorp, Inc.

      3,408        66,285  

Union Bankshares, Inc.

      2,319        100,065  
     

 

 

  
        896,455  
     

 

 

  

Banks-Mortgage - 0.1%

      

Walker & Dunlop, Inc.†

      16,533        796,725  
     

 

 

  

Banks-Super Regional - 0.1%

      

Independent Bank Group, Inc.

      10,515        585,160  

National Bank Holdings Corp., Class A

      14,822        476,972  
     

 

 

  
        1,062,132  
     

 

 

  

Batteries/Battery Systems - 0.1%

      

EnerSys

      26,005        1,666,920  
     

 

 

  

Beverages-Non-alcoholic - 0.1%

      

Coca-Cola Bottling Co. Consolidated#

      2,803        598,693  

National Beverage Corp.#

      6,995        812,889  

Primo Water Corp.†

      15,075        165,071  
     

 

 

  
        1,576,653  
     

 

 

  

Beverages-Wine/Spirits - 0.0%

      

MGP Ingredients, Inc.#

      7,688        432,296  
     

 

 

  

Bicycle Manufacturing - 0.1%

      

Fox Factory Holding Corp.†

      20,871        834,840  
     

 

 

  

Brewery - 0.1%

      

Boston Beer Co., Inc., Class A†#

      5,291        788,359  

Craft Brew Alliance, Inc.†

      7,555        131,457  
     

 

 

  
        919,816  
     

 

 

  

Broadcast Services/Program - 0.2%

      

Hemisphere Media Group, Inc.†

      9,291        120,319  

MSG Networks, Inc., Class A†

      35,687        765,486  

TiVo Corp.

      69,938        1,279,865  

World Wrestling Entertainment, Inc., Class A#

      22,791        496,844  
     

 

 

  
        2,662,514  
     

 

 

  

Building & Construction Products-Misc. - 0.9%

      

Armstrong Flooring, Inc.†

      13,886        207,179  

Builders FirstSource, Inc.†

      57,636        938,314  

Caesarstone, Ltd.†

      13,508        391,394  

Forterra, Inc.†#

      11,117        36,908  

Gibraltar Industries, Inc.†

      18,915        553,264  

Louisiana-Pacific Corp.†

      86,662        2,208,148  

NCI Building Systems, Inc.†

      23,817        400,126  

Patrick Industries, Inc.†

      9,640        713,360  

Ply Gem Holdings, Inc.†

      13,216        205,509  

Quanex Building Products Corp.#

      20,456        400,938  

Simpson Manufacturing Co., Inc.

      24,556        1,075,062  

Summit Materials, Inc., Class A†

      63,773        1,883,854  

Trex Co., Inc.†

      17,600        1,337,600  
     

 

 

  
        10,351,656  
     

 

 

  

Building & Construction-Misc. - 0.2%

      

Aegion Corp.†

      19,810        429,283  

Comfort Systems USA, Inc.

      21,950        747,398  

Hill International, Inc.†

      20,321        96,525  

IES Holdings, Inc.†

      5,164        85,206  

MYR Group, Inc.†

      9,519        245,685  

TopBuild Corp.†

      21,990        1,305,106  
     

 

 

  
        2,909,203  
     

 

 

  

Building Products-Air & Heating - 0.1%

      

AAON, Inc.

      24,677        804,470  
     

 

 

  

Building Products-Cement - 0.1%

      

Continental Building Products, Inc.†

      23,537        573,126  

US Concrete, Inc.†#

      9,073        726,294  
     

 

 

  
        1,299,420  
     

 

 

  

Building Products-Doors & Windows - 0.2%

      

Apogee Enterprises, Inc.

      16,862        736,869  

Griffon Corp.

      17,461        323,902  

JELD-WEN Holding, Inc.†

      13,409        409,243  

Masonite International Corp.†

      17,730        1,122,309  

PGT Innovations , Inc.†

      28,822        380,450  
     

 

 

  
        2,972,773  
     

 

 

  

Building Products-Light Fixtures - 0.1%

      

Cree, Inc.†

      58,190        1,415,763  

LSI Industries, Inc.

      14,436        82,141  
     

 

 

  
        1,497,904  
     

 

 

  

Building Products-Wood - 0.1%

      

Boise Cascade Co.†

      23,045        691,350  

Universal Forest Products, Inc.

      11,916        1,039,194  
     

 

 

  
        1,730,544  
     

 

 

  

Building-Heavy Construction - 0.6%

      

Chicago Bridge & Iron Co. NV#

      60,035        740,832  

Dycom Industries, Inc.†#

      18,169        1,465,875  

Granite Construction, Inc.

      23,651        1,306,245  

Layne Christensen Co.†

      10,750        115,455  

MasTec, Inc.†

      39,667        1,618,414  

Orion Group Holdings, Inc.†

      16,133        97,443  

Primoris Services Corp.

      23,491        672,078  

Sterling Construction Co., Inc.†

      15,389        181,282  

Tutor Perini Corp.†

      22,282        582,674  
     

 

 

  
        6,780,298  
     

 

 

  

Building-Maintenance & Services - 0.1%

      

ABM Industries, Inc.

      33,312        1,480,052  
     

 

 

  

Building-Mobile Home/Manufactured Housing - 0.1%

      

Cavco Industries, Inc.†

      5,090        684,860  

Winnebago Industries, Inc.

      18,768        678,463  
     

 

 

  
        1,363,323  
     

 

 

  

Building-Residential/Commercial - 0.6%

      

AV Homes, Inc.†#

      7,252        112,043  

Beazer Homes USA, Inc.†

      18,629        277,758  

Century Communities, Inc.†

      11,371        256,416  

Green Brick Partners, Inc.†

      13,731        129,758  

Hovnanian Enterprises, Inc., Class A†#

      73,591        133,936  

Installed Building Products, Inc.†

      12,851        741,503  

KB Home#

      49,992        1,069,829  

LGI Homes, Inc.†#

      10,299        438,119  

M/I Homes, Inc.†

      14,207        349,492  

MDC Holdings, Inc.

      24,780        774,375  

Meritage Homes Corp.†

      22,936        933,495  

New Home Co., Inc.†

      7,354        75,893  

PICO Holdings, Inc.†

      13,236        215,085  

Taylor Morrison Home Corp., Class A†

      36,426        736,534  

TRI Pointe Group, Inc.†

      93,755        1,194,439  

William Lyon Homes, Class A†#

      14,202        340,706  
     

 

 

  
        7,779,381  
     

 

 

  

Cable/Satellite TV - 0.0%

      

Global Eagle Entertainment, Inc.†#

      30,422        94,004  
     

 

 

  

Capacitors - 0.1%

      

KEMET Corp.†

      27,218        650,782  
     

 

 

  

Casino Hotels - 0.2%

      

Boyd Gaming Corp.#

      49,500        1,308,780  

Caesars Entertainment Corp.†#

      33,941        393,716  

Century Casinos, Inc.†

      12,584        86,200  

Monarch Casino & Resort, Inc.†

      6,446        229,284  
     

 

 

  
        2,017,980  
     

 

 

  

Casino Services - 0.1%

      

Eldorado Resorts, Inc.†#

      27,469        631,787  

Scientific Games Corp., Class A†#

      31,706        1,116,051  
     

 

 

  
        1,747,838  
     

 

 

  

Cellular Telecom - 0.0%

      

ATN International, Inc.

      6,320        382,802  
     

 

 

  

Chemicals-Diversified - 0.2%

      

Aceto Corp.#

      17,496        185,633  

AdvanSix, Inc.†

      17,848        569,887  

Codexis, Inc.†#

      24,291        134,815  

Innophos Holdings, Inc.

      11,525        526,231  

Innospec, Inc.

      14,275        792,262  

Koppers Holdings, Inc.†

      12,290        481,768  
     

 

 

  
        2,690,596  
     

 

 

  

Chemicals-Fibers - 0.0%

      

Rayonier Advanced Materials, Inc.

      25,537        350,368  
     

 

 

  

Chemicals-Other - 0.0%

      

American Vanguard Corp.

      17,103        346,336  
     

 

 

  

Chemicals-Plastics - 0.2%

      

A. Schulman, Inc.

      17,020        517,408  

Landec Corp.†

      16,001        208,013  

PolyOne Corp.

      48,501        1,752,826  
     

 

 

  
        2,478,247  
     

 

 

  

Chemicals-Specialty - 1.2%

      

AgroFresh Solutions, Inc.†

      13,123        93,436  

Balchem Corp.

      18,872        1,414,645  

Calgon Carbon Corp.

      30,103        367,257  

CSW Industrials, Inc.†

      8,627        361,040  

Ferro Corp.†

      49,885        961,284  

GCP Applied Technologies, Inc.†

      42,722        1,206,896  

H.B. Fuller Co.

      30,053        1,508,360  

Hawkins, Inc.

      5,741        204,667  

Ingevity Corp.†

      25,341        1,595,723  

KMG Chemicals, Inc.

      5,496        263,918  

Kraton Corp.†

      17,856        586,212  

Minerals Technologies, Inc.

      20,943        1,340,352  

Oil-Dri Corp. of America

      2,987        121,571  

OMNOVA Solutions, Inc.†

      25,733        223,877  

Quaker Chemical Corp.#

      7,740        1,077,563  

Sensient Technologies Corp.

      26,384        1,903,606  

Stepan Co.

      11,890        919,810  

Tronox, Ltd., Class A

      38,728        801,282  

Valhi, Inc.

      15,061        32,833  
     

 

 

  
        14,984,332  
     

 

 

  

Circuit Boards - 0.1%

      

Park Electrochemical Corp.

      11,470        208,295  

TTM Technologies, Inc.†

      55,038        783,741  
     

 

 

  
        992,036  
     

 

 

  

Coal - 0.2%

      

Arch Coal, Inc., Class A

      13,055        1,042,703  

Cloud Peak Energy, Inc.†

      44,045        138,301  

Hallador Energy Co.

      9,554        55,413  

Peabody Energy Corp.†

      36,718        1,064,822  

Ramaco Resources, Inc.†#

      3,610        28,050  

SunCoke Energy, Inc.†

      38,372        357,627  

Warrior Met Coal, Inc.

      10,028        273,664  

Westmoreland Coal Co.†

      11,021        25,679  
     

 

 

  
        2,986,259  
     

 

 

  

Coatings/Paint - 0.0%

      

Kronos Worldwide, Inc.

      13,511        282,785  
     

 

 

  

Coffee - 0.0%

      

Farmer Bros. Co.†

      5,173        168,381  
     

 

 

  

Commercial Services - 0.6%

      

Acacia Research Corp.†

      29,474        95,791  

Care.com, Inc.†

      7,995        119,685  

Collectors Universe, Inc.

      4,460        107,174  

Emerald Expositions Events, Inc.

      9,327        202,769  

Healthcare Services Group, Inc.

      42,450        2,173,440  

HMS Holdings Corp.†

      49,957        885,238  

Medifast, Inc.

      6,312        357,385  

National Research Corp., Class A

      5,638        182,107  

Nutrisystem, Inc.

      17,693        960,730  

Pendrell Corp.†

      7,129        48,335  

RPX Corp.†

      26,907        351,405  

ServiceSource International, Inc.†

      45,137        158,882  

SP Plus Corp.†

      10,365        382,469  

Team, Inc.†#

      17,431        215,273  

Weight Watchers International, Inc.†

      16,674        780,510  
     

 

 

  
        7,021,193  
     

 

 

  

Commercial Services-Finance - 0.5%

      

Cardtronics PLC, Class A†

      27,153        705,435  

CBIZ, Inc.†

      30,461        461,484  

CPI Card Group, Inc.#

      12,171        11,688  

Everi Holdings, Inc.†

      37,930        292,440  

EVERTEC, Inc.

      36,034        663,026  

Green Dot Corp., Class A†

      27,228        1,311,845  

LendingTree, Inc.†

      3,794        876,224  

Liberty Tax, Inc.

      4,083        54,916  

MoneyGram International, Inc.†

      17,337        273,231  

Travelport Worldwide, Ltd.

      73,956        1,119,694  
     

 

 

  
        5,769,983  
     

 

 

  

Communications Software - 0.1%

      

BroadSoft, Inc.†#

      18,298        906,666  

Digi International, Inc.†

      15,758        144,974  

pdvWireless, Inc.†#

      5,630        164,677  
     

 

 

  
        1,216,317  
     

 

 

  

Computer Aided Design - 0.2%

      

Aspen Technology, Inc.†

      44,728        2,829,046  

Exa Corp.†

      8,277        118,775  
     

 

 

  
        2,947,821  
     

 

 

  

Computer Data Security - 0.1%

      

Qualys, Inc.†

      18,705        888,487  

Varonis Systems, Inc.†

      11,397        442,204  
     

 

 

  
        1,330,691  
     

 

 

  

Computer Graphics - 0.0%

      

Monotype Imaging Holdings, Inc.

      24,774        452,125  
     

 

 

  

Computer Services - 1.3%

      

Barracuda Networks, Inc.†

      14,989        362,884  

CACI International, Inc., Class A†

      14,546        1,888,071  

Carbonite, Inc.†

      14,718        294,360  

Cogint, Inc.†#

      12,055        59,070  

Convergys Corp.

      55,983        1,315,601  

DMC Global, Inc.

      8,404        108,832  

Engility Holdings, Inc.†

      10,745        333,847  

EPAM Systems, Inc.†

      29,290        2,382,156  

ExlService Holdings, Inc.†

      19,495        1,097,179  

Insight Enterprises, Inc.†

      21,218        850,417  

KeyW Holding Corp.†

      28,704        205,234  

MAXIMUS, Inc.

      38,263        2,325,625  

Presidio, Inc.†

      11,317        157,419  

Science Applications International Corp.

      26,093        1,927,751  

SecureWorks Corp., Class A†#

      4,815        49,257  

StarTek, Inc.†

      6,052        72,019  

Sykes Enterprises, Inc.†

      23,364        622,884  

Syntel, Inc.#

      19,691        355,619  

TeleTech Holdings, Inc.

      8,272        328,398  

Unisys Corp.†#

      29,989        232,415  

Virtusa Corp.†#

      16,482        598,626  
     

 

 

  
        15,567,664  
     

 

 

  

Computer Software - 0.7%

      

Avid Technology, Inc.†#

      19,906        87,786  

Blackbaud, Inc.#

      28,409        2,398,004  

Box, Inc., Class A†

      46,786        917,941  

Cloudera, Inc.†#

      8,304        161,098  

CommerceHub, Inc., Series A†

      8,178        181,306  

CommerceHub, Inc., Series C†

      17,315        367,597  

Cornerstone OnDemand, Inc.†#

      31,020        1,085,080  

Envestnet, Inc.†

      25,660        1,140,587  

Guidance Software, Inc.†

      13,239        93,732  

j2 Global, Inc.

      27,681        2,083,826  

Planet Payment, Inc.†

      25,141        99,558  

Simulations Plus, Inc.

      6,512        94,424  

Veritone, Inc.†#

      1,504        23,402  

Workiva, Inc.†

      14,791        298,778  
     

 

 

  
        9,033,119  
     

 

 

  

Computers - 0.0%

      

Nutanix, Inc., Class A†#

      20,731        456,082  
     

 

 

  

Computers-Integrated Systems - 0.6%

      

Agilysys, Inc.†

      9,134        93,989  

Cray, Inc.†

      23,888        450,289  

Diebold Nixdorf, Inc.#

      45,027        920,802  

Maxwell Technologies, Inc.†

      21,489        119,694  

Mercury Systems, Inc.†

      27,913        1,346,802  

MTS Systems Corp.#

      10,010        484,484  

NetScout Systems, Inc.†

      52,950        1,734,112  

Radisys Corp.†

      21,955        34,469  

Silver Spring Networks, Inc.†#

      24,900        315,234  

Super Micro Computer, Inc.†

      23,208        617,913  

USA Technologies, Inc.†#

      23,199        126,435  

VeriFone Systems, Inc.†#

      66,356        1,311,858  
     

 

 

  
        7,556,081  
     

 

 

  

Computers-Memory Devices - 0.1%

      

Pure Storage, Inc., Class A†#

      55,436        825,442  

Quantum Corp.†

      16,669        91,846  
     

 

 

  
        917,288  
     

 

 

  

Computers-Other - 0.3%

      

3D Systems Corp.†#

      65,096        817,606  

ExOne Co.†#

      6,628        53,621  

Lumentum Holdings, Inc.†#

      36,312        2,064,337  

Stratasys, Ltd.†

      29,772        666,297  
     

 

 

  
        3,601,861  
     

 

 

  

Computers-Periphery Equipment - 0.1%

      

Electronics For Imaging, Inc.†#

      27,585        980,923  

Immersion Corp.†#

      17,341        126,936  

Mitek Systems, Inc.†

      18,369        186,445  
     

 

 

  
        1,294,304  
     

 

 

  

Computers-Voice Recognition - 0.0%

      

Vocera Communications, Inc.†

      16,657        463,897  
     

 

 

  

Consulting Services - 0.4%

      

Advisory Board Co.†

      24,069        1,281,674  

CRA International, Inc.

      4,972        186,599  

Forrester Research, Inc.

      5,985        243,889  

Franklin Covey Co.†

      5,782        108,701  

FTI Consulting, Inc.†

      24,535        831,982  

Hackett Group, Inc.

      14,243        194,559  

Huron Consulting Group, Inc.†

      13,057        394,974  

ICF International, Inc.†

      10,679        513,126  

Information Services Group, Inc.†

      19,305        72,394  

Navigant Consulting, Inc.†

      28,090        430,620  

Vectrus, Inc.†

      6,515        186,199  
     

 

 

  
        4,444,717  
     

 

 

  

Consumer Products-Misc. - 0.3%

      

Central Garden & Pet Co.†#

      6,290        221,723  

Central Garden & Pet Co., Class A†

      21,020        716,572  

CSS Industries, Inc.

      5,313        142,282  

Helen of Troy, Ltd.†

      16,241        1,466,562  

WD-40 Co.#

      8,231        896,767  
     

 

 

  
        3,443,906  
     

 

 

  

Containers-Metal/Glass - 0.1%

      

Greif, Inc., Class A#

      15,211        919,505  

Greif, Inc., Class B

      3,350        211,552  
     

 

 

  
        1,131,057  
     

 

 

  

Containers-Paper/Plastic - 0.2%

      

KapStone Paper and Packaging Corp.

      51,798        1,158,721  

Multi-Color Corp.

      8,141        649,652  

UFP Technologies, Inc.†

      3,845        102,277  
     

 

 

  
        1,910,650  
     

 

 

  

Cosmetics & Toiletries - 0.1%

      

elf Beauty, Inc.†#

      12,331        255,129  

Inter Parfums, Inc.

      10,303        406,453  

Revlon, Inc., Class A†#

      7,032        118,841  
     

 

 

  
        780,423  
     

 

 

  

Cruise Lines - 0.0%

      

Lindblad Expeditions Holdings, Inc.†

      11,945        132,828  
     

 

 

  

Data Processing/Management - 0.6%

      

Acxiom Corp.†

      46,543        1,083,986  

Amber Road, Inc.†

      11,944        96,269  

CommVault Systems, Inc.†#

      23,122        1,411,598  

CSG Systems International, Inc.

      19,869        769,129  

Fair Isaac Corp.

      18,347        2,582,524  

Pegasystems, Inc.

      21,831        1,256,374  
     

 

 

  
        7,199,880  
     

 

 

  

Decision Support Software - 0.0%

      

Castlight Health, Inc., Class B†#

      38,107        148,617  

QAD, Inc., Class A

      5,875        197,988  
     

 

 

  
        346,605  
     

 

 

  

Diagnostic Equipment - 0.2%

      

Accelerate Diagnostics, Inc.†#

      15,515        356,845  

BioTelemetry, Inc.†

      16,733        621,631  

GenMark Diagnostics, Inc.†

      26,152        254,720  

Genomic Health, Inc.†

      11,762        372,855  

Oxford Immunotec Global PLC†

      13,473        213,143  

Quotient, Ltd.†#

      15,923        61,463  

Repligen Corp.†

      20,407        891,174  
     

 

 

  
        2,771,831  
     

 

 

  

Diagnostic Kits - 0.1%

      

Meridian Bioscience, Inc.

      24,806        344,803  

OraSure Technologies, Inc.†

      33,704        687,899  

Quidel Corp.†

      16,527        577,453  
     

 

 

  
        1,610,155  
     

 

 

  

Dialysis Centers - 0.0%

      

American Renal Associates Holdings, Inc.†#

      5,779        82,813  
     

 

 

  

Disposable Medical Products - 0.2%

      

ICU Medical, Inc.†

      8,960        1,562,176  

Merit Medical Systems, Inc.†

      28,984        1,197,039  

Utah Medical Products, Inc.

      2,034        146,753  
     

 

 

  
        2,905,968  
     

 

 

  

Distribution/Wholesale - 0.7%

      

Anixter International, Inc.†

      17,296        1,276,445  

Beacon Roofing Supply, Inc.†

      36,001        1,695,647  

Core-Mark Holding Co., Inc.

      27,169        735,193  

EnviroStar, Inc.#

      2,090        69,075  

Essendant, Inc.

      22,263        264,039  

Fossil Group, Inc.†#

      25,413        210,674  

G-III Apparel Group, Ltd.†#

      25,791        709,252  

H&E Equipment Services, Inc.

      18,769        441,822  

Huttig Building Products, Inc.†

      14,188        80,872  

Nexeo Solutions, Inc.†

      15,644        112,167  

ScanSource, Inc.†

      14,770        579,723  

SiteOne Landscape Supply, Inc.†#

      20,221        1,015,903  

Systemax, Inc.

      6,841        167,194  

Titan Machinery, Inc.†

      11,062        142,700  

Triton International, Ltd.

      25,875        955,305  

Veritiv Corp.†

      6,840        191,520  
     

 

 

  
        8,647,531  
     

 

 

  

Diversified Financial Services - 0.1%

      

Ladder Capital Corp.

      42,047        576,885  
     

 

 

  

Diversified Manufacturing Operations - 0.8%

      

Actuant Corp., Class A

      35,487        853,462  

AZZ, Inc.

      15,467        756,336  

Barnes Group, Inc.

      29,943        1,872,036  

Chase Corp.

      4,258        398,123  

EnPro Industries, Inc.

      12,604        888,204  

Fabrinet†

      21,617        839,604  

Federal Signal Corp.

      35,148        656,916  

GP Strategies Corp.†

      7,477        213,842  

Handy & Harman, Ltd.†

      1,755        57,389  

Harsco Corp.†

      47,894        818,988  

LSB Industries, Inc.†#

      12,949        78,989  

Lydall, Inc.†

      9,949        467,603  

NL Industries, Inc.†

      4,976        37,569  

Raven Industries, Inc.

      21,534        602,952  

Standex International Corp.

      7,511        716,925  

Tredegar Corp.

      15,388        250,824  
     

 

 

  
        9,509,762  
     

 

 

  

Diversified Minerals - 0.1%

      

Fairmount Santrol Holdings, Inc.†#

      92,406        282,762  

Smart Sand, Inc.†#

      13,022        77,741  

United States Lime & Minerals, Inc.

      1,176        94,021  

US Silica Holdings, Inc.#

      48,660        1,324,039  
     

 

 

  
        1,778,563  
     

 

 

  

Diversified Operations - 0.1%

      

HRG Group, Inc.†

      70,850        1,118,721  
     

 

 

  

Diversified Operations/Commercial Services - 0.1%

      

Viad Corp.

      12,044        661,818  
     

 

 

  

Drug Delivery Systems - 0.5%

      

Antares Pharma, Inc.†

      85,570        257,566  

Catalent, Inc.†

      74,950        3,094,686  

Depomed, Inc.†#

      33,986        206,635  

Heron Therapeutics, Inc.†#

      27,054        446,391  

Nektar Therapeutics†#

      88,278        1,856,486  

Revance Therapeutics, Inc.†#

      13,357        327,914  
     

 

 

  
        6,189,678  
     

 

 

  

E-Commerce/Products - 0.3%

      

1-800-flowers.com, Inc., Class A†

      15,554        139,986  

Chegg, Inc.†

      49,824        707,003  

Etsy, Inc.†#

      68,931        1,128,400  

FTD Cos., Inc.†

      10,059        134,690  

Lands’ End, Inc.†#

      7,910        96,107  

Overstock.com, Inc.†

      9,997        219,434  

Shutterfly, Inc.†

      20,281        924,408  
     

 

 

  
        3,350,028  
     

 

 

  

E-Commerce/Services - 0.8%

      

Angie’s List, Inc.†

      24,035        292,266  

Bankrate, Inc.†

      28,129        389,587  

Cars.com, Inc.†#

      42,889        1,109,110  

Carvana Co.†#

      9,026        161,114  

ChannelAdvisor Corp.†

      15,091        175,056  

Groupon, Inc.†

      202,349        898,430  

GrubHub, Inc.†#

      51,181        2,921,923  

Leaf Group, Ltd.†

      7,055        50,090  

Ominto, Inc.†#

      8,450        27,462  

Quotient Technology, Inc.†#

      43,881        658,215  

Stamps.com, Inc.†

      9,434        1,804,252  

Trade Desk, Inc., Class A†

      10,325        546,915  

TrueCar, Inc.†

      37,282        631,930  
     

 

 

  
        9,666,350  
     

 

 

  

E-Marketing/Info - 0.1%

      

Liquidity Services, Inc.†

      15,248        86,914  

New Media Investment Group, Inc.

      30,464        420,099  

QuinStreet, Inc.†

      21,793        116,592  

Rocket Fuel, Inc.†#

      21,065        54,558  

Rubicon Project, Inc.†

      26,426        99,362  
     

 

 

  
        777,525  
     

 

 

  

E-Services/Consulting - 0.0%

      

Perficient, Inc.†

      20,445        374,144  
     

 

 

  

Educational Software - 0.1%

      

2U, Inc.†#

      26,083        1,306,758  

Instructure, Inc.†#

      12,659        374,707  

Rosetta Stone, Inc.†

      10,097        92,892  
     

 

 

  
        1,774,357  
     

 

 

  

Electric Products-Misc. - 0.3%

      

Graham Corp.

      5,686        113,890  

Littelfuse, Inc.

      13,412        2,496,778  

Novanta, Inc.†

      19,077        745,911  
     

 

 

  
        3,356,579  
     

 

 

  

Electric-Distribution - 0.0%

      

Genie Energy, Ltd., Class B

      8,037        49,428  

Spark Energy, Inc., Class A

      6,869        108,874  

Unitil Corp.

      8,282        412,940  
     

 

 

  
        571,242  
     

 

 

  

Electric-Generation - 0.0%

      

Atlantic Power Corp.†

      68,244        167,198  
     

 

 

  

Electric-Integrated - 1.6%

      

ALLETE, Inc.

      30,487        2,357,560  

Ameresco, Inc., Class A†

      11,125        80,656  

Avista Corp.#

      38,355        1,971,447  

Black Hills Corp.#

      31,872        2,243,151  

El Paso Electric Co.

      24,089        1,338,144  

IDACORP, Inc.

      30,106        2,678,832  

MGE Energy, Inc.

      20,821        1,324,216  

NorthWestern Corp.

      29,023        1,750,667  

Otter Tail Corp.

      23,430        979,374  

PNM Resources, Inc.

      47,549        2,016,078  

Portland General Electric Co.

      53,302        2,532,378  
     

 

 

  
        19,272,503  
     

 

 

  

Electronic Components-Misc. - 0.9%

      

AVX Corp.

      27,455        479,090  

Bel Fuse, Inc., Class B

      5,727        146,039  

Benchmark Electronics, Inc.†

      29,787        968,077  

CTS Corp.

      19,037        428,333  

Kimball Electronics, Inc.†

      15,807        301,123  

Knowles Corp.†

      52,515        770,395  

Methode Electronics, Inc.

      21,325        872,193  

Microvision, Inc.†

      40,626        96,284  

NVE Corp.

      2,842        215,537  

OSI Systems, Inc.†

      10,366        861,000  

Plexus Corp.†

      20,005        1,041,860  

Rogers Corp.†

      10,745        1,273,820  

Sanmina Corp.†

      43,983        1,647,163  

Sparton Corp.†

      5,744        133,088  

Stoneridge, Inc.†

      16,033        265,506  

Vishay Intertechnology, Inc.#

      80,233        1,420,124  

Vishay Precision Group, Inc.†

      6,048        132,149  

ZAGG, Inc.†

      16,193        204,032  
     

 

 

  
        11,255,813  
     

 

 

  

Electronic Components-Semiconductors - 1.2%

      

Alpha & Omega Semiconductor, Ltd.†

      11,153        177,110  

Ambarella, Inc.†

      19,333        1,051,715  

Amkor Technology, Inc.†

      60,692        532,876  

AXT, Inc.†

      22,163        172,871  

CEVA, Inc.†

      12,769        517,783  

Diodes, Inc.†

      22,739        639,875  

DSP Group, Inc.†

      13,011        154,831  

EMCORE Corp.†

      16,045        146,010  

GSI Technology, Inc.†

      8,495        56,407  

Impinj, Inc.†#

      10,729        410,277  

Inphi Corp.†#

      25,029        958,360  

IXYS Corp.†

      14,905        342,815  

Kopin Corp.†#

      36,671        147,417  

Lattice Semiconductor Corp.†

      73,132        413,196  

MACOM Technology Solutions Holdings, Inc.†#

      24,157        1,100,110  

Monolithic Power Systems, Inc.

      23,785        2,409,896  

Pixelworks, Inc.†

      16,984        81,523  

Rambus, Inc.†

      66,045        856,604  

Semtech Corp.†

      38,638        1,452,789  

Silicon Laboratories, Inc.†

      24,999        1,897,424  

Synaptics, Inc.†#

      20,525        853,224  

Xperi Corp.

      29,159        794,583  
     

 

 

  
        15,167,696  
     

 

 

  

Electronic Measurement Instruments - 0.4%

      

Badger Meter, Inc.#

      16,718        767,356  

CyberOptics Corp.†

      4,093        62,009  

ESCO Technologies, Inc.

      15,179        826,497  

FARO Technologies, Inc.†

      9,872        340,090  

Fitbit, Inc., Class A†#

      104,050        627,422  

Itron, Inc.†

      20,359        1,478,063  

Mesa Laboratories, Inc.#

      1,904        260,029  
     

 

 

  
        4,361,466  
     

 

 

  

Electronic Parts Distribution - 0.4%

      

SYNNEX Corp.

      17,281        2,066,980  

Tech Data Corp.†

      20,902        2,305,282  
     

 

 

  
        4,372,262  
     

 

 

  

Electronic Security Devices - 0.0%

      

Napco Security Technologies, Inc.†

      7,091        55,664  
     

 

 

  

Energy-Alternate Sources - 0.4%

      

Clean Energy Fuels Corp.†

      81,304        193,504  

FutureFuel Corp.

      14,907        200,946  

Green Plains, Inc.

      22,605        419,323  

Pacific Ethanol, Inc.†

      24,484        122,420  

Pattern Energy Group, Inc.

      41,924        1,053,131  

Plug Power, Inc.†#

      133,089        284,810  

Renewable Energy Group, Inc.†#

      22,675        274,367  

REX American Resources Corp.†#

      3,464        300,052  

Sunrun, Inc.†#

      50,621        339,161  

TerraForm Global, Inc., Class A†

      53,166        268,488  

TerraForm Power, Inc., Class A†#

      48,033        670,541  

TPI Composites, Inc.†

      6,365        129,464  

Vivint Solar, Inc.†#

      15,510        73,672  
     

 

 

  
        4,329,879  
     

 

 

  

Engineering/R&D Services - 0.5%

      

Argan, Inc.#

      8,658        548,484  

EMCOR Group, Inc.

      35,123        2,319,523  

Exponent, Inc.

      15,276        1,040,296  

KBR, Inc.

      85,752        1,395,185  

Mistras Group, Inc.†

      10,303        194,830  

NV5 Global, Inc.†

      4,717        227,595  

VSE Corp.

      5,142        268,155  
     

 

 

  
        5,994,068  
     

 

 

  

Engines-Internal Combustion - 0.0%

      

Briggs & Stratton Corp.

      24,862        520,610  
     

 

 

  

Enterprise Software/Service - 0.8%

      

Actua Corp.†

      18,203        232,998  

Alteryx, Inc., Class A†

      5,293        124,862  

American Software, Inc., Class A

      15,815        174,123  

Apptio, Inc., Class A†#

      10,572        188,182  

Benefitfocus, Inc.†#

      9,464        291,964  

Blackline, Inc.†#

      6,537        201,797  

Coupa Software, Inc.†

      17,756        540,848  

Donnelley Financial Solutions, Inc.†

      15,715        336,458  

Everbridge, Inc.†

      10,097        233,948  

Evolent Health, Inc., Class A†#

      22,979        383,749  

Hortonworks, Inc.†

      28,504        484,283  

LivePerson, Inc.†

      32,281        432,566  

Majesco†

      3,309        16,313  

ManTech International Corp., Class A

      15,346        617,216  

MicroStrategy, Inc., Class A†

      5,658        729,882  

MobileIron, Inc.†#

      32,658        124,100  

Model N, Inc.†

      13,888        188,182  

MuleSoft, Inc., Class A†#

      8,996        196,113  

Omnicell, Inc.†

      21,878        1,122,342  

Paycom Software, Inc.†#

      29,369        2,191,221  

PROS Holdings, Inc.†

      15,646        412,116  

SPS Commerce, Inc.†

      10,052        612,368  
     

 

 

  
        9,835,631  
     

 

 

  

Entertainment Software - 0.0%

      

Glu Mobile, Inc.†#

      61,847        225,123  
     

 

 

  

Environmental Consulting & Engineering - 0.1%

      

Tetra Tech, Inc.

      34,068        1,451,297  
     

 

 

  

Environmental Monitoring & Detection - 0.1%

      

MSA Safety, Inc.

      19,854        1,446,562  
     

 

 

  

Finance-Commercial - 0.1%

      

Hannon Armstrong Sustainable Infrastructure Capital, Inc.#

      29,432        682,822  

NewStar Financial, Inc.

      18,376        196,991  

On Deck Capital, Inc.†

      29,375        141,881  
     

 

 

  
        1,021,694  
     

 

 

  

Finance-Consumer Loans - 0.3%

      

Elevate Credit, Inc.†#

      8,580        54,311  

Encore Capital Group, Inc.†

      14,298        576,924  

Enova International, Inc.†

      19,693        234,347  

LendingClub Corp.†

      189,448        1,172,683  

Nelnet, Inc., Class A

      11,884        563,658  

Ocwen Financial Corp.†

      63,020        184,649  

PRA Group, Inc.†#

      27,361        790,733  

Regional Management Corp.†

      6,075        133,346  

World Acceptance Corp.†

      3,505        262,244  
     

 

 

  
        3,972,895  
     

 

 

  

Finance-Credit Card - 0.1%

      

Blackhawk Network Holdings, Inc.†

      32,581        1,459,629  
     

 

 

  

Finance-Investment Banker/Broker - 0.7%

      

Cowen, Inc.†

      15,432        250,770  

Diamond Hill Investment Group, Inc.

      1,889        370,867  

Evercore, Inc., Class A

      24,361        1,838,037  

GAIN Capital Holdings, Inc.#

      21,552        135,778  

Greenhill & Co., Inc.#

      16,319        245,601  

Houlihan Lokey, Inc.

      13,230        476,941  

INTL. FCStone, Inc.†

      9,024        320,262  

Investment Technology Group, Inc.

      19,577        393,302  

Ladenburg Thalmann Financial Services, Inc.

      60,545        155,601  

Moelis & Co., Class A

      14,951        589,069  

Oppenheimer Holdings, Inc., Class A

      5,835        94,819  

Piper Jaffray Cos.

      8,571        475,262  

PJT Partners, Inc., Class A

      10,776        416,600  

Stifel Financial Corp.

      39,709        1,896,105  

Virtu Financial, Inc., Class A#

      14,689        263,668  
     

 

 

  
        7,922,682  
     

 

 

  

Finance-Leasing Companies - 0.1%

      

Aircastle, Ltd.

      28,341        635,405  

California First National Bancorp

      1,316        21,254  

Marlin Business Services Corp.

      5,232        136,555  
     

 

 

  
        793,214  
     

 

 

  

Finance-Mortgage Loan/Banker - 0.3%

      

Arlington Asset Investment Corp., Class A#

      13,768        177,883  

Ellie Mae, Inc.†#

      20,167        1,673,458  

Federal Agricultural Mtg. Corp., Class C

      5,251        357,698  

FNFV Group†

      37,554        632,785  

Impac Mortgage Holdings, Inc.†

      6,301        83,614  

Nationstar Mtg. Holdings, Inc.†#

      17,424        300,041  

PennyMac Financial Services, Inc., Class A†#

      9,469        160,973  

PHH Corp.†

      31,447        446,547  
     

 

 

  
        3,832,999  
     

 

 

  

Finance-Other Services - 0.1%

 

R1 RCM, Inc.†

      59,731        197,112  

WageWorks, Inc.†

      22,220        1,309,869  
     

 

 

  
        1,506,981  
     

 

 

  

Financial Guarantee Insurance - 0.5%

 

MBIA, Inc.†

      74,678        751,261  

MGIC Investment Corp.†

      220,614        2,526,030  

NMI Holdings, Inc., Class A†

      33,950        368,358  

Radian Group, Inc.

      129,107        2,259,372  
     

 

 

  
        5,905,021  
     

 

 

  

Firearms & Ammunition - 0.1%

 

American Outdoor Brands Corp.†

      33,482        546,426  

Axon Enterprise, Inc.†#

      31,056        674,226  

Sturm Ruger & Co., Inc.#

      10,216        467,893  
     

 

 

  
        1,688,545  
     

 

 

  

Food-Canned - 0.1%

 

Bob Evans Farms, Inc.#

      11,805        811,948  

Seneca Foods Corp., Class A†

      4,141        123,402  
     

 

 

  
        935,350  
     

 

 

  

Food-Confectionery - 0.1%

 

Amplify Snack Brands, Inc.†#

      19,718        142,167  

Hostess Brands, Inc.†

      47,675        635,984  

Tootsie Roll Industries, Inc.#

      10,082        376,563  
     

 

 

  
        1,154,714  
     

 

 

  

Food-Dairy Products - 0.1%

 

Dean Foods Co.

      54,160        595,760  

Lifeway Foods, Inc.†

      2,798        24,343  
     

 

 

  
        620,103  
     

 

 

  

Food-Misc./Diversified - 0.7%

 

B&G Foods, Inc.#

      39,154        1,194,197  

Cal-Maine Foods, Inc.†#

      18,517        674,945  

Darling Ingredients, Inc.†

      97,796        1,701,650  

J&J Snack Foods Corp.

      8,975        1,144,223  

John B. Sanfilippo & Son, Inc.#

      5,108        317,003  

Lancaster Colony Corp.

      11,205        1,305,046  

Snyder’s-Lance, Inc.#

      51,264        1,820,897  
     

 

 

  
        8,157,961  
     

 

 

  

Food-Retail - 0.1%

 

Ingles Markets, Inc., Class A

      8,392        184,204  

Smart & Final Stores, Inc.†#

      13,460        94,893  

SUPERVALU, Inc.†

      22,845        456,672  

Village Super Market, Inc., Class A

      4,631        107,115  

Weis Markets, Inc.

      5,699        251,953  
     

 

 

  
        1,094,837  
     

 

 

  

Food-Wholesale/Distribution - 0.4%

 

Calavo Growers, Inc.#

      9,549        641,215  

Chefs’ Warehouse, Inc.†#

      11,679        201,463  

Fresh Del Monte Produce, Inc.

      19,684        924,951  

Performance Food Group Co.†

      42,353        1,177,414  

SpartanNash Co.

      22,366        551,098  

United Natural Foods, Inc.†

      30,213        1,049,902  
     

 

 

  
        4,546,043  
     

 

 

  

Footwear & Related Apparel - 0.4%

 

Crocs, Inc.†

      44,082        393,652  

Deckers Outdoor Corp.†

      18,838        1,203,748  

Iconix Brand Group, Inc.†

      29,816        166,672  

Steven Madden, Ltd.†

      35,213        1,493,031  

Weyco Group, Inc.#

      3,759        103,561  

Wolverine World Wide, Inc.

      56,217        1,478,507  
     

 

 

  
        4,839,171  
     

 

 

  

Forestry - 0.0%

 

Deltic Timber Corp.

      6,528        509,445  
     

 

 

  

Funeral Services & Related Items - 0.1%

 

Carriage Services, Inc.

      9,160        224,328  

Matthews International Corp., Class A

      18,638        1,122,940  
     

 

 

  
        1,347,268  
     

 

 

  

Gambling (Non-Hotel) - 0.2%

 

Caesars Acquisition Co., Class A†#

      29,161        543,853  

Golden Entertainment, Inc.†

      6,288        142,863  

Pinnacle Entertainment, Inc.†

      31,514        614,523  

Red Rock Resorts, Inc., Class A#

      40,478        914,803  
     

 

 

  
        2,216,042  
     

 

 

  

Gas-Distribution - 1.3%

 

Chesapeake Utilities Corp.

      9,420        748,419  

Delta Natural Gas Co., Inc.

      4,108        125,869  

New Jersey Resources Corp.

      51,227        2,236,059  

Northwest Natural Gas Co.

      16,933        1,122,658  

ONE Gas, Inc.

      31,111        2,340,792  

RGC Resources, Inc.

      3,981        109,677  

South Jersey Industries, Inc.

      47,576        1,707,027  

Southwest Gas Holdings, Inc.

      28,297        2,250,177  

Spire, Inc.

      28,139        2,152,633  

WGL Holdings, Inc.

      30,527        2,572,205  
     

 

 

  
        15,365,516  
     

 

 

  

Gold Mining - 0.0%

 

Gold Resource Corp.

      31,251        124,691  

Klondex Mines, Ltd.†#

      104,780        353,109  
     

 

 

  
        477,800  
     

 

 

  

Golf - 0.1%

 

Acushnet Holdings Corp.#

      13,768        226,346  

Callaway Golf Co.

      55,711        776,611  

Drive Shack, Inc.#

      37,020        99,954  
     

 

 

  
        1,102,911  
     

 

 

  

Hazardous Waste Disposal - 0.1%

 

Heritage-Crystal Clean, Inc.†

      8,443        164,638  

US Ecology, Inc.#

      13,014        668,920  
     

 

 

  
        833,558  
     

 

 

  

Health Care Cost Containment - 0.1%

 

CorVel Corp.†

      5,639        292,664  

HealthEquity, Inc.†#

      29,684        1,269,585  
     

 

 

  
        1,562,249  
     

 

 

  

Heart Monitors - 0.0%

 

FONAR Corp.†

      3,632        107,507  
     

 

 

  

Home Furnishings - 0.2%

 

American Woodmark Corp.†

      8,401        695,603  

Ethan Allen Interiors, Inc.#

      14,803        432,988  

Flexsteel Industries, Inc.

      4,533        206,251  

Hooker Furniture Corp.

      6,756        271,929  

Select Comfort Corp.†

      24,484        723,013  
     

 

 

  
        2,329,784  
     

 

 

  

Hotels/Motels - 0.3%

 

Belmond, Ltd., Class A†

      53,302        679,600  

ILG, Inc.

      63,368        1,672,915  

La Quinta Holdings, Inc.†

      48,602        767,912  

Marcus Corp.

      11,133        277,212  

Red Lion Hotels Corp.†

      9,870        69,090  
     

 

 

  
        3,466,729  
     

 

 

  

Housewares - 0.0%

 

Libbey, Inc.

      13,057        106,676  

Lifetime Brands, Inc.

      5,805        101,007  

NACCO Industries, Inc., Class A

      2,426        175,885  
     

 

 

  
        383,568  
     

 

 

  

Human Resources - 0.7%

 

AMN Healthcare Services, Inc.†

      28,098        1,049,460  

Barrett Business Services, Inc.

      4,214        217,358  

BG Staffing, Inc.

      4,123        66,669  

Cross Country Healthcare, Inc.†

      21,090        261,094  

Heidrick & Struggles International, Inc.

      10,929        199,454  

Insperity, Inc.

      10,913        876,314  

Kelly Services, Inc., Class A

      18,181        393,255  

Kforce, Inc.

      13,969        251,442  

Korn/Ferry International

      30,494        1,016,060  

On Assignment, Inc.†

      30,256        1,443,211  

Paylocity Holding Corp.†#

      15,481        760,737  

Resources Connection, Inc.

      17,058        217,490  

TriNet Group, Inc.†

      24,355        870,204  

TrueBlue, Inc.†

      25,022        511,700  

Willdan Group, Inc.†

      4,494        139,359  
     

 

 

  
        8,273,807  
     

 

 

  

Identification Systems - 0.1%

 

Brady Corp., Class A

      27,676        922,995  
     

 

 

  

Import/Export - 0.0%

 

Castle Brands, Inc.†#

      51,699        73,413  
     

 

 

  

Independent Power Producers - 0.3%

 

Dynegy, Inc.†

      65,831        620,128  

NRG Yield, Inc., Class A

      20,770        377,806  

NRG Yield, Inc., Class C#

      37,966        702,371  

Ormat Technologies, Inc.

      23,615        1,356,446  
     

 

 

  
        3,056,751  
     

 

 

  

Industrial Audio & Video Products - 0.1%

 

Akoustis Technologies, Inc.†#

      5,169        34,736  

GoPro, Inc., Class A†#

      63,679        586,483  

Iteris, Inc.†

      14,040        90,137  
     

 

 

  
        711,356  
     

 

 

  

Industrial Automated/Robotic - 0.0%

 

Hurco Cos., Inc.

      3,643        128,052  

Ichor Holdings, Ltd.†

      6,973        159,542  
     

 

 

  
        287,594  
     

 

 

  

Instruments-Controls - 0.3%

 

Allied Motion Technologies, Inc.

      3,943        99,719  

Control4 Corp.†

      14,538        359,961  

Watts Water Technologies, Inc., Class A

      16,583        1,023,171  

Woodward, Inc.

      31,740        2,228,465  
     

 

 

  
        3,711,316  
     

 

 

  

Instruments-Scientific - 0.0%

 

Fluidigm Corp.†#

      17,501        79,980  
     

 

 

  

Insurance Brokers - 0.0%

 

Crawford & Co., Class B

      7,121        70,640  

eHealth, Inc.†

      9,269        225,052  
     

 

 

  
        295,692  
     

 

 

  

Insurance-Life/Health - 0.6%

 

American Equity Investment Life Holding Co.

      51,563        1,431,389  

CNO Financial Group, Inc.

      101,971        2,279,052  

FBL Financial Group, Inc., Class A

      5,895        400,860  

Fidelity & Guaranty Life#

      6,808        212,750  

Health Insurance Innovations, Inc., Class A†

      6,666        224,311  

Independence Holding Co.

      4,081        88,558  

National Western Life Group, Inc., Class A

      1,349        451,119  

Primerica, Inc.

      27,145        2,077,950  

Trupanion, Inc.†#

      13,371        292,557  
     

 

 

  
        7,458,546  
     

 

 

  

Insurance-Multi-line - 0.3%

 

Citizens, Inc.†#

      27,751        208,965  

Genworth Financial, Inc., Class A†

      299,528        1,027,381  

Horace Mann Educators Corp.

      24,357        856,148  

Kemper Corp.

      23,613        1,131,063  

United Fire Group, Inc.

      12,777        537,401  
     

 

 

  
        3,760,958  
     

 

 

  

Insurance-Property/Casualty - 1.1%

 

Ambac Financial Group, Inc.†

      27,048        492,003  

AMERISAFE, Inc.

      11,383        612,405  

AmTrust Financial Services, Inc.#

      50,797        629,883  

Atlas Financial Holdings, Inc.†

      6,279        105,801  

Baldwin & Lyons, Inc., Class B

      5,555        121,654  

Donegal Group, Inc., Class A

      5,249        80,467  

EMC Insurance Group, Inc.

      5,220        145,534  

Employers Holdings, Inc.

      18,940        798,321  

Enstar Group, Ltd.†

      6,698        1,390,170  

Federated National Holding Co.

      7,525        116,938  

Global Indemnity, Ltd.†

      4,930        199,271  

Hallmark Financial Services, Inc.†

      8,065        82,666  

HCI Group, Inc.#

      4,725        184,228  

Heritage Insurance Holdings, Inc.#

      15,484        176,208  

Infinity Property & Casualty Corp.

      6,422        568,026  

Investors Title Co.

      872        153,359  

James River Group Holdings, Ltd.

      10,734        428,072  

Kingstone Cos., Inc.

      5,403        81,315  

Kinsale Capital Group, Inc.

      8,616        326,116  

National General Holdings Corp.

      29,246        502,154  

Navigators Group, Inc.

      12,265        684,387  

NI Holdings, Inc.†#

      6,128        101,173  

OneBeacon Insurance Group, Ltd., Class A

      12,014        218,895  

RLI Corp.#

      22,959        1,228,766  

Safety Insurance Group, Inc.

      8,705        621,537  

Selective Insurance Group, Inc.

      34,284        1,727,913  

State Auto Financial Corp.#

      9,470        234,288  

Stewart Information Services Corp.

      12,557        453,056  

Third Point Reinsurance, Ltd.†

      45,737        642,605  

Tiptree, Inc.

      14,618        93,555  

United Insurance Holdings Corp.#

      10,154        159,824  

Universal Insurance Holdings, Inc.

      18,884        405,062  
     

 

 

  
        13,765,652  
     

 

 

  

Insurance-Reinsurance - 0.3%

 

Argo Group International Holdings, Ltd.

      17,273        1,039,835  

Blue Capital Reinsurance Holdings, Ltd.

      3,511        66,007  

Essent Group, Ltd.†

      46,007        1,797,953  

Greenlight Capital Re, Ltd., Class A†

      17,961        399,632  

Maiden Holdings, Ltd.

      42,709        309,640  

State National Cos., Inc.

      17,561        364,742  

WMIH Corp.†#

      115,276        144,095  
     

 

 

  
        4,121,904  
     

 

 

  

Internet Application Software - 0.2%

 

Okta, Inc.†

      6,619        178,647  

RealNetworks, Inc.†

      14,467        57,723  

Tucows, Inc., Class A†#

      5,363        283,435  

VirnetX Holding Corp.†#

      30,256        121,024  

Zendesk, Inc.†

      57,893        1,586,268  
     

 

 

  
        2,227,097  
     

 

 

  

Internet Connectivity Services - 0.2%

 

Boingo Wireless, Inc.†

      21,653        445,835  

Cogent Communications Holdings, Inc.#

      24,785        1,154,981  

Internap Corp.†#

      47,579        212,678  
     

 

 

  
        1,813,494  
     

 

 

  

Internet Content-Entertainment - 0.0%

 

Limelight Networks, Inc.†

      44,300        159,037  

Shutterstock, Inc.†

      11,051        371,093  
     

 

 

  
        530,130  
     

 

 

  

Internet Content-Information/News - 0.3%

 

DHI Group, Inc.†

      28,880        56,316  

HealthStream, Inc.†

      15,356        360,713  

Reis, Inc.

      5,398        92,306  

WebMD Health Corp.†#

      22,023        1,463,208  

XO Group, Inc.†

      14,655        272,876  

Yelp, Inc.†

      46,274        1,971,272  
     

 

 

  
        4,216,691  
     

 

 

  

Internet Gambling - 0.0%

 

Inspired Entertainment, Inc.†

      2,360        26,196  
     

 

 

  

Internet Security - 0.3%

 

Corindus Vascular Robotics, Inc.†#

      49,936        95,378  

Imperva, Inc.†

      19,944        890,500  

Proofpoint, Inc.†#

      25,586        2,347,771  

Rapid7, Inc.†

      12,428        209,536  

VASCO Data Security International, Inc.†

      18,033        226,314  

Zix Corp.†

      31,879        169,277  
     

 

 

  
        3,938,776  
     

 

 

  

Internet Telephone - 0.2%

 

8x8, Inc.†

      52,594        744,205  

RingCentral, Inc., Class A†

      37,182        1,574,658  
     

 

 

  
        2,318,863  
     

 

 

  

Investment Management/Advisor Services - 0.5%

 

Altisource Portfolio Solutions SA†#

      6,692        152,444  

Artisan Partners Asset Management, Inc., Class A

      26,533        814,563  

Associated Capital Group, Inc., Class A

      2,991        102,741  

Cohen & Steers, Inc.

      12,712        481,022  

Financial Engines, Inc.#

      34,875        1,152,619  

GAMCO Investors, Inc., Class A

      2,707        79,775  

Hamilton Lane, Inc., Class A

      8,218        192,630  

Medley Management, Inc., Class A

      3,219        19,958  

OM Asset Management PLC

      32,920        465,160  

Pzena Investment Management, Inc., Class A

      10,067        99,663  

Silvercrest Asset Management Group, Inc., Class A

      4,251        52,075  

Virtus Investment Partners, Inc.

      3,999        423,894  

Waddell & Reed Financial, Inc., Class A#

      48,407        900,854  

Westwood Holdings Group, Inc.

      4,833        295,441  

WisdomTree Investments, Inc.#

      68,707        630,043  
     

 

 

  
        5,862,882  
     

 

 

  

Lasers-System/Components - 0.2%

 

Applied Optoelectronics, Inc.†#

      10,936        646,536  

Electro Scientific Industries, Inc.†

      18,790        231,493  

II-VI, Inc.†

      36,139        1,295,583  
     

 

 

  
        2,173,612  
     

 

 

  

Leisure Products - 0.0%

 

Escalade, Inc.

      6,322        76,180  

Johnson Outdoors, Inc., Class A

      2,881        183,808  

Marine Products Corp.

      4,658        72,572  
     

 

 

  
        332,560  
     

 

 

  

Lighting Products & Systems - 0.0%

 

Revolution Lighting Technologies, Inc.†#

      7,338        54,375  
     

 

 

  

Linen Supply & Related Items - 0.1%

 

UniFirst Corp.

      9,104        1,307,334  
     

 

 

  

Machine Tools & Related Products - 0.2%

 

Hardinge, Inc.

      6,888        94,297  

Kennametal, Inc.

      47,835        1,674,225  

Milacron Holdings Corp.†

      26,727        426,295  
     

 

 

  
        2,194,817  
     

 

 

  

Machinery-Construction & Mining - 0.1%

 

Astec Industries, Inc.

      12,690        630,439  

Hyster-Yale Materials Handling, Inc.

      6,151        437,828  
     

 

 

  
        1,068,267  
     

 

 

  

Machinery-Electrical - 0.1%

 

Babcock & Wilcox Enterprises, Inc.†

      29,146        65,870  

Franklin Electric Co., Inc.

      27,593        1,063,710  
     

 

 

  
        1,129,580  
     

 

 

  

Machinery-Farming - 0.1%

 

Alamo Group, Inc.

      5,646        518,077  

Lindsay Corp.

      6,244        540,543  
     

 

 

  
        1,058,620  
     

 

 

  

Machinery-General Industrial - 0.5%

 

Albany International Corp., Class A

      17,099        916,506  

Altra Industrial Motion Corp.

      17,074        786,258  

Applied Industrial Technologies, Inc.

      22,818        1,300,626  

Chart Industries, Inc.†

      18,260        616,092  

DXP Enterprises, Inc.†

      9,389        254,348  

Gencor Industries, Inc.†

      4,828        74,351  

Intevac, Inc.†

      11,577        105,351  

Kadant, Inc.

      6,461        561,138  

Manitowoc Co., Inc.†

      75,956        625,118  

Tennant Co.

      10,505        640,280  

Twin Disc, Inc.†

      5,085        88,275  
     

 

 

  
        5,968,343  
     

 

 

  

Machinery-Material Handling - 0.0%

 

Columbus McKinnon Corp.

      11,550        381,496  
     

 

 

  

Machinery-Pumps - 0.1%

 

Gorman-Rupp Co.

      10,509        319,894  

NN, Inc.

      16,135        411,443  

SPX FLOW, Inc.†

      24,679        826,006  
     

 

 

  
        1,557,343  
     

 

 

  

Marine Services - 0.0%

 

Great Lakes Dredge & Dock Corp.†

      33,830        137,012  

SEACOR Marine Holdings, Inc.†

      9,673        123,911  
     

 

 

  
        260,923  
     

 

 

  

Medical Imaging Systems - 0.1%

 

Analogic Corp.

      7,473        534,693  

Lantheus Holdings, Inc.†

      15,519        271,583  
     

 

 

  
        806,276  
     

 

 

  

Medical Information Systems - 0.5%

 

Allscripts Healthcare Solutions, Inc.†

      108,212        1,421,906  

Computer Programs & Systems, Inc.#

      6,661        200,496  

Cotiviti Holdings, Inc.†#

      21,819        779,593  

Inovalon Holdings, Inc., Class A†#

      37,343        505,997  

Medidata Solutions, Inc.†

      33,583        2,517,382  

NantHealth, Inc.†#

      10,623        29,426  

Quality Systems, Inc.†

      31,123        490,187  

Tabula Rasa HealthCare, Inc.†

      5,550        126,151  
     

 

 

  
        6,071,138  
     

 

 

  

Medical Instruments - 0.9%

 

Abaxis, Inc.#

      13,065        603,864  

AngioDynamics, Inc.†

      21,755        370,488  

AtriCure, Inc.†

      18,904        424,017  

Cardiovascular Systems, Inc.†

      19,019        558,588  

CONMED Corp.

      16,351        811,009  

CryoLife, Inc.†

      19,131        397,925  

Endologix, Inc.†#

      48,973        207,156  

Entellus Medical, Inc.†#

      7,218        127,758  

Halyard Health, Inc.†

      27,854        1,261,508  

Integra LifeSciences Holdings Corp.†#

      36,701        1,871,384  

iRhythm Technologies, Inc.†

      8,214        392,136  

LivaNova PLC†

      28,914        1,809,438  

Natus Medical, Inc.†

      19,313        648,917  

NuVasive, Inc.†#

      30,239        1,889,333  

Obalon Therapeutics, Inc.†

      5,125        46,074  
     

 

 

  
        11,419,595  
     

 

 

  

Medical Labs & Testing Services - 0.1%

 

Invitae Corp.†

      23,183        227,657  

Medpace Holdings, Inc.†#

      4,384        143,094  

Natera, Inc.†

      18,700        230,945  

Teladoc, Inc.†#

      32,048        1,075,210  
     

 

 

  
        1,676,906  
     

 

 

  

Medical Laser Systems - 0.0%

 

Cutera, Inc.†

      7,875        292,556  
     

 

 

  

Medical Products - 1.5%

 

Accuray, Inc.†

      48,490        201,234  

Atrion Corp.

      832        517,629  

AxoGen, Inc.†#

      16,265        286,264  

Cantel Medical Corp.

      21,655        1,759,469  

Cerus Corp.†#

      61,435        144,372  

ConforMIS, Inc.†

      23,865        88,301  

Exactech, Inc.†

      6,365        194,451  

Glaukos Corp.†#

      17,058        643,939  

Globus Medical, Inc., Class A†#

      42,018        1,270,204  

Haemonetics Corp.†

      31,213        1,342,783  

Integer Holdings Corp.†

      18,470        848,696  

Intersect ENT, Inc.†#

      15,468        477,961  

Invacare Corp.#

      18,934        255,609  

K2M Group Holdings, Inc.†

      24,159        564,837  

LeMaitre Vascular, Inc.

      8,836        321,630  

Luminex Corp.

      24,297        469,661  

MiMedx Group, Inc.†#

      61,642        1,002,915  

NanoString Technologies, Inc.†

      10,555        163,075  

Nevro Corp.†#

      16,503        1,422,229  

Novocure, Ltd.†

      34,395        705,097  

NxStage Medical, Inc.†

      38,676        1,082,928  

Orthofix International NV†

      10,255        504,649  

Penumbra, Inc.†#

      17,458        1,501,388  

Pulse Biosciences, Inc.†

      5,429        108,743  

Rockwell Medical, Inc.†#

      28,536        180,348  

Sientra, Inc.†#

      8,510        97,525  

Surmodics, Inc.†

      7,782        202,332  

Tactile Systems Technology, Inc.†

      5,443        178,966  

Viveve Medical, Inc.†#

      8,922        50,588  

Wright Medical Group NV†#

      62,279        1,843,458  
     

 

 

  
        18,431,281  
     

 

 

  

Medical-Biomedical/Gene - 4.4%

 

Abeona Therapeutics, Inc.†#

      14,420        189,623  

Acceleron Pharma, Inc.†#

      19,085        739,735  

Achillion Pharmaceuticals, Inc.†#

      69,687        356,101  

Acorda Therapeutics, Inc.†

      25,802        536,682  

Aduro Biotech, Inc.†#

      24,247        294,601  

Advaxis, Inc.†#

      21,741        148,056  

Agenus, Inc.†#

      44,029        162,467  

Alder Biopharmaceuticals, Inc.†#

      28,106        275,439  

AMAG Pharmaceuticals, Inc.†#

      20,889        348,846  

AnaptysBio, Inc.†

      3,183        89,028  

Anavex Life Sciences Corp.†#

      21,800        96,792  

ANI Pharmaceuticals, Inc.†

      4,778        229,344  

Aratana Therapeutics, Inc.†#

      24,120        137,725  

Ardelyx, Inc.†

      19,889        102,428  

Arena Pharmaceuticals, Inc.†

      19,077        442,205  

Assembly Biosciences, Inc.†

      8,352        226,423  

Asterias Biotherapeutics, Inc.†#

      16,056        55,393  

Atara Biotherapeutics, Inc.†#

      15,171        238,943  

Athersys, Inc.†#

      60,812        106,421  

Audentes Therapeutics, Inc.†

      9,088        190,757  

Axovant Sciences, Ltd.†

      17,810        356,200  

Bellicum Pharmaceuticals, Inc.†#

      16,181        175,240  

BioCryst Pharmaceuticals, Inc.†#

      47,685        243,193  

Biohaven Pharmaceutical Holding Co., Ltd.†#

      5,957        212,963  

BioTime, Inc.†#

      45,077        132,076  

Bluebird Bio, Inc.†#

      26,714        3,335,243  

Blueprint Medicines Corp.†

      23,133        1,254,271  

Cambrex Corp.†

      19,348        1,008,031  

Cascadian Therapeutics, Inc.†

      20,414        73,899  

Celldex Therapeutics, Inc.†#

      72,071        177,295  

ChemoCentryx, Inc.†

      14,536        100,880  

Clearside Biomedical, Inc.†

      12,313        86,068  

Corium International, Inc.†#

      11,852        101,335  

Corvus Pharmaceuticals, Inc.†

      5,017        81,125  

Curis, Inc.†#

      69,044        140,850  

Cytokinetics, Inc.†

      24,740        367,389  

CytomX Therapeutics, Inc.†

      17,300        298,944  

Dermira, Inc.†#

      22,696        535,399  

Dynavax Technologies Corp.†#

      29,235        524,768  

Edge Therapeutics, Inc.†#

      11,829        124,796  

Editas Medicine, Inc.†#

      20,131        424,965  

Emergent BioSolutions, Inc.†

      19,954        744,883  

Enzo Biochem, Inc.†

      24,526        275,917  

Epizyme, Inc.†#

      24,572        426,324  

Esperion Therapeutics, Inc.†#

      8,885        439,097  

Exact Sciences Corp.†#

      65,402        2,739,690  

Fate Therapeutics, Inc.†

      22,705        85,825  

FibroGen, Inc.†

      39,404        1,899,273  

Five Prime Therapeutics, Inc.†

      16,190        549,165  

Fortress Biotech, Inc.†#

      19,621        93,200  

Foundation Medicine, Inc.†#

      8,532        343,840  

Genocea Biosciences, Inc.†#

      17,053        83,048  

Geron Corp.†#

      88,539        192,130  

Halozyme Therapeutics, Inc.†#

      65,021        845,923  

Idera Pharmaceuticals, Inc.†#

      64,297        127,308  

ImmunoGen, Inc.†#

      50,124        419,037  

Immunomedics, Inc.†#

      60,874        769,447  

Innoviva, Inc.†

      45,210        634,748  

Inovio Pharmaceuticals, Inc.†#

      40,123        238,331  

Insmed, Inc.†

      36,937        458,757  

Intellia Therapeutics, Inc.†#

      8,446        177,619  

Iovance Biotherapeutics, Inc.†#

      31,471        180,958  

Karyopharm Therapeutics, Inc.†

      20,127        205,698  

Kite Pharma, Inc.†

      29,119        5,182,891  

Kura Oncology, Inc.†

      8,493        61,150  

Lexicon Pharmaceuticals, Inc.†#

      25,662        388,523  

Ligand Pharmaceuticals, Inc.†#

      12,207        1,573,116  

Loxo Oncology, Inc.†#

      11,924        994,462  

MacroGenics, Inc.†#

      19,812        374,645  

Matinas BioPharma Holdings, Inc.†#

      31,439        40,242  

Medicines Co.†#

      41,100        1,507,959  

Merrimack Pharmaceuticals, Inc.#

      76,417        103,927  

Momenta Pharmaceuticals, Inc.†

      43,733        736,901  

Myriad Genetics, Inc.†#

      38,256        1,166,425  

NantKwest, Inc.†#

      18,188        113,311  

NeoGenomics, Inc.†#

      33,228        335,935  

NewLink Genetics Corp.†#

      13,035        105,844  

Novavax, Inc.†#

      167,660        176,043  

Novelion Therapeutics, Inc.†

      9,009        64,054  

Nymox Pharmaceutical Corp.†

      16,979        63,332  

Omeros Corp.†#

      24,797        507,595  

Oncocyte Corp.†

      2,144        12,114  

Organovo Holdings, Inc.†#

      58,712        122,121  

Otonomy, Inc.†

      16,789        60,440  

Ovid therapeutics, Inc.†#

      3,008        28,335  

Pacific Biosciences of California, Inc.†#

      49,945        247,228  

Paratek Pharmaceuticals, Inc.†#

      14,038        395,872  

PDL BioPharma, Inc.†

      94,707        295,486  

Pieris Pharmaceuticals, Inc.†

      20,454        112,701  

Prothena Corp. PLC†#

      22,868        1,405,010  

PTC Therapeutics, Inc.†#

      19,855        411,991  

Puma Biotechnology, Inc.†#

      17,109        1,582,582  

REGENXBIO, Inc.†

      16,389        372,850  

Retrophin, Inc.†#

      22,769        555,564  

Rigel Pharmaceuticals, Inc.†#

      73,622        187,736  

RTI Surgical, Inc.†

      32,544        146,448  

Sage Therapeutics, Inc.†#

      20,584        1,693,034  

Sangamo Therapeutics, Inc.†

      42,499        567,362  

Selecta Biosciences, Inc.†#

      6,979        124,575  

Seres Therapeutics, Inc.†#

      12,180        170,885  

Spark Therapeutics, Inc.†#

      15,864        1,306,083  

Spectrum Pharmaceuticals, Inc.†

      46,382        452,688  

Stemline Therapeutics, Inc.†#

      13,447        121,695  

Strongbridge Biopharma PLC†#

      13,055        87,468  

Syndax Pharmaceuticals, Inc.†#

      5,248        60,877  

Theravance Biopharma, Inc.†#

      24,871        812,535  

Tobira Therapeutics, Inc. CVR†(1)(2)

      4,989        0  

Tocagen, Inc.†

      5,003        69,592  

Ultragenyx Pharmaceutical, Inc.†#

      23,572        1,345,018  

VBI Vaccines, Inc.†

      12,917        46,243  

Veracyte, Inc.†

      14,104        115,512  

Versartis, Inc.†

      19,417        368,923  

WaVe Life Sciences, Ltd.†

      7,076        166,286  

XBiotech, Inc.†#

      11,506        58,911  

Zeneca, Inc. CVR†(1)(2)

      3,950        2,429  

ZIOPHARM Oncology, Inc.†#

      78,244        499,979  
     

 

 

  
        54,155,085  
     

 

 

  

Medical-Drugs - 2.2%

      

Achaogen, Inc.†

      17,272        323,677  

Aclaris Therapeutics, Inc.†

      12,002        311,212  

Adamas Pharmaceuticals, Inc.†#

      8,726        182,722  

Aerie Pharmaceuticals, Inc.†#

      18,084        1,037,117  

Aimmune Therapeutics, Inc.†#

      20,955        450,533  

Amicus Therapeutics, Inc.†#

      85,473        1,191,494  

Array BioPharma, Inc.†#

      102,776        994,872  

BioSpecifics Technologies Corp.†

      3,366        158,707  

Catalyst Pharmaceuticals, Inc.†

      42,605        117,164  

Cempra, Inc.†

      28,531        87,020  

Chimerix, Inc.†

      27,751        132,095  

Clovis Oncology, Inc.†

      25,799        1,962,530  

Coherus Biosciences, Inc.†#

      22,842        330,067  

Collegium Pharmaceutical, Inc.†#

      13,499        135,530  

Conatus Pharmaceuticals, Inc.†

      15,236        87,455  

Corbus Pharmaceuticals Holdings, Inc.†

      26,376        204,414  

Corcept Therapeutics, Inc.†#

      54,281        904,864  

Durata Therapeutics , Inc. CVR†(1)(2)

      9,546        0  

Durect Corp.†

      81,650        129,824  

Eagle Pharmaceuticals, Inc.†#

      4,908        267,780  

Enanta Pharmaceuticals, Inc.†

      9,242        396,112  

Global Blood Therapeutics, Inc.†

      21,986        668,374  

Horizon Pharma PLC†

      97,243        1,330,284  

Ignyta, Inc.†#

      29,760        342,240  

Immune Design Corp.†#

      10,154        110,171  

Insys Therapeutics, Inc.†#

      14,305        130,748  

Intra-Cellular Therapies, Inc.†#

      20,106        370,956  

Ironwood Pharmaceuticals, Inc.†#

      80,201        1,279,206  

Jounce Therapeutics, Inc.†#

      3,952        67,144  

Keryx Biopharmaceuticals, Inc.†#

      48,714        351,228  

Lannett Co., Inc.†#

      16,763        294,191  

Madrigal Pharmaceuticals, Inc.†

      2,408        41,129  

MediciNova, Inc.†#

      19,490        105,636  

Minerva Neurosciences, Inc.†

      14,968        90,556  

Miragen Therapeutics, Inc.†

      7,522        67,698  

MyoKardia, Inc.†

      10,288        445,985  

Neos Therapeutics, Inc.†#

      11,466        95,741  

Ocular Therapeutix, Inc.†

      13,426        84,047  

Pacira Pharmaceuticals, Inc.†#

      23,402        891,616  

PharMerica Corp.†

      17,735        521,409  

PRA Health Sciences, Inc.†

      29,066        2,249,708  

Prestige Brands Holdings, Inc.†

      31,757        1,610,397  

Progenics Pharmaceuticals, Inc.†#

      42,126        283,508  

Protagonist Therapeutics, Inc.†

      5,586        91,219  

Ra Pharmaceuticals, Inc.†

      7,000        105,070  

Radius Health, Inc.†#

      22,160        833,881  

Reata Pharmaceuticals, Inc., Class A†

      5,069        153,337  

SciClone Pharmaceuticals, Inc.†

      30,925        340,175  

Sucampo Pharmaceuticals, Inc., Class A†#

      14,392        169,106  

Supernus Pharmaceuticals, Inc.†

      28,215        1,292,247  

Synergy Pharmaceuticals, Inc.†#

      135,055        402,464  

Syros Pharmaceuticals, Inc.†#

      7,449        145,777  

Tetraphase Pharmaceuticals, Inc.†

      22,543        157,350  

TG Therapeutics, Inc.†#

      28,899        367,017  

TherapeuticsMD, Inc.†#

      92,954        557,724  

Trevena, Inc.†

      32,626        78,302  

Vanda Pharmaceuticals, Inc.†

      26,227        451,104  

Voyager Therapeutics, Inc.†

      8,670        83,579  

vTv Therapeutics, Inc., Class A†

      4,223        22,931  

Zogenix, Inc.†

      14,765        174,965  

Zynerba Pharmaceuticals, Inc.†#

      6,790        43,117  
     

 

 

  
        26,306,526  
     

 

 

  

Medical-Generic Drugs - 0.2%

      

Amphastar Pharmaceuticals, Inc.†

      21,612        346,008  

Avexis, Inc.†

      14,632        1,365,897  

Impax Laboratories, Inc.†

      43,718        946,495  

Teligent, Inc.†#

      24,490        169,226  
     

 

 

  
        2,827,626  
     

 

 

  

Medical-HMO - 0.3%

      

Magellan Health, Inc.†

      14,160        1,145,544  

Molina Healthcare, Inc.†#

      26,222        1,678,208  

Tivity Health, Inc.†#

      21,760        852,992  

Triple-S Management Corp., Class B†

      13,929        344,186  
     

 

 

  
        4,020,930  
     

 

 

  

Medical-Hospitals - 0.2%

      

Community Health Systems, Inc.†#

      56,673        432,982  

Select Medical Holdings Corp.†

      63,970        1,189,842  

Surgery Partners, Inc.†#

      11,236        109,551  

Tenet Healthcare Corp.†#

      48,426        831,474  
     

 

 

  
        2,563,849  
     

 

 

  

Medical-Nursing Homes - 0.1%

      

Ensign Group, Inc.

      28,682        589,128  

Genesis Healthcare, Inc.†

      22,188        23,075  

Kindred Healthcare, Inc.

      49,987        404,895  

National HealthCare Corp.

      6,684        416,681  
     

 

 

  
        1,433,779  
     

 

 

  

Medical-Outpatient/Home Medical - 0.4%

      

Addus HomeCare Corp.†

      4,456        151,727  

Almost Family, Inc.†

      7,606        370,412  

Amedisys, Inc.†

      16,971        886,565  

Chemed Corp.

      9,371        1,848,805  

Civitas Solutions, Inc.†

      9,572        182,825  

LHC Group, Inc.†

      9,376        611,784  

Providence Service Corp.†

      6,818        353,377  
     

 

 

  
        4,405,495  
     

 

 

  

Medical-Wholesale Drug Distribution - 0.1%

      

Owens & Minor, Inc.

      36,209        1,011,679  
     

 

 

  

Metal Processors & Fabrication - 0.5%

      

Ampco-Pittsburgh Corp.

      5,180        79,772  

CIRCOR International, Inc.

      9,839        472,469  

Global Brass & Copper Holdings, Inc.

      12,917        385,572  

Haynes International, Inc.

      7,391        225,795  

LB Foster Co., Class A

      4,958        94,698  

Mueller Industries, Inc.

      33,931        1,012,162  

Park-Ohio Holdings Corp.

      5,249        209,173  

RBC Bearings, Inc.†

      13,786        1,520,182  

Rexnord Corp.†

      62,025        1,481,157  

Sun Hydraulics Corp.

      14,075        674,333  
     

 

 

  
        6,155,313  
     

 

 

  

Metal Products-Distribution - 0.1%

      

Lawson Products, Inc.†

      3,834        91,441  

Olympic Steel, Inc.

      5,470        99,828  

Worthington Industries, Inc.

      26,819        1,339,877  
     

 

 

  
        1,531,146  
     

 

 

  

Metal Products-Fasteners - 0.1%

      

Eastern Co.

      3,324        86,922  

TriMas Corp.†

      27,119        656,280  
     

 

 

  
        743,202  
     

 

 

  

Metal-Aluminum - 0.1%

      

Century Aluminum Co.†#

      29,697        579,685  

Kaiser Aluminum Corp.

      10,018        964,934  
     

 

 

  
        1,544,619  
     

 

 

  

Metal-Diversified - 0.0%

      

Ferroglobe Representation & Warranty Trust†(1)(2)

      36,833        0  
     

 

 

  

Metal-Iron - 0.1%

      

Cleveland-Cliffs, Inc.†#

      177,531        1,484,159  
     

 

 

  

Miscellaneous Manufacturing - 0.3%

      

American Railcar Industries, Inc.

      4,323        155,628  

FreightCar America, Inc.

      7,226        131,224  

Hillenbrand, Inc.

      37,725        1,348,669  

John Bean Technologies Corp.

      18,709        1,659,488  
     

 

 

  
        3,295,009  
     

 

 

  

Motion Pictures & Services - 0.1%

      

Eros International PLC†#

      16,221        158,155  

IMAX Corp.†

      34,361        640,832  
     

 

 

  
        798,987  
     

 

 

  

MRI/Medical Diagnostic Imaging - 0.0%

      

RadNet, Inc.†

      22,034        225,849  
     

 

 

  

Multimedia - 0.1%

      

E.W. Scripps Co., Class A†

      34,452        616,002  

Entravision Communications Corp., Class A

      39,447        218,931  

Liberty Media Corp.-Liberty Braves, Series A†#

      5,928        144,702  

Liberty Media Corp.-Liberty Braves, Series C†

      20,434        500,020  

Media General, Inc. CVR†#(1)(2)

      61,443        0  
     

 

 

  
        1,479,655  
     

 

 

  

Networking Products - 0.3%

      

A10 Networks, Inc.†

      29,200        191,260  

Calix, Inc.†

      25,580        125,342  

Extreme Networks, Inc.†

      65,027        743,259  

Gigamon, Inc.†#

      21,524        924,456  

Infinera Corp.†#

      86,227        729,480  

NeoPhotonics Corp.†#

      19,247        112,595  

NETGEAR, Inc.†

      19,218        922,464  
     

 

 

  
        3,748,856  
     

 

 

  

Night Clubs - 0.0%

      

RCI Hospitality Holdings, Inc.

      5,407        125,983  
     

 

 

  

Non-Ferrous Metals - 0.0%

      

Materion Corp.

      11,868        453,358  

Uranium Energy Corp.†#

      81,285        107,296  
     

 

 

  
        560,654  
     

 

 

  

Non-Hazardous Waste Disposal - 0.1%

      

Advanced Disposal Services, Inc.†

      14,865        354,382  

Casella Waste Systems, Inc., Class A†

      23,302        391,707  

Covanta Holding Corp.#

      69,824        1,001,974  
     

 

 

  
        1,748,063  
     

 

 

  

Office Automation & Equipment - 0.0%

      

Eastman Kodak Co.†

      9,832        76,198  
     

 

 

  

Office Furnishings-Original - 0.4%

      

CompX International, Inc.

      983        14,794  

Herman Miller, Inc.

      35,549        1,196,224  

HNI Corp.

      26,297        963,785  

Interface, Inc.

      37,077        704,463  

Kimball International, Inc., Class B

      21,717        368,321  

Knoll, Inc.

      28,806        519,948  

Steelcase, Inc., Class A

      51,016        673,411  
     

 

 

  
        4,440,946  
     

 

 

  

Office Supplies & Forms - 0.1%

      

ACCO Brands Corp.†

      64,428        705,487  
     

 

 

  

Oil & Gas Drilling - 0.2%

      

Atwood Oceanics, Inc.†#

      45,705        300,282  

Diamond Offshore Drilling, Inc.†#

      38,533        437,735  

Ensco PLC, Class A#

      181,569        771,668  

Noble Corp. PLC†#

      145,475        474,249  

Parker Drilling Co.†

      79,994        87,993  

Rowan Cos. PLC, Class A†

      69,496        677,586  
     

 

 

  
        2,749,513  
     

 

 

  

Oil Companies-Exploration & Production - 1.1%

      

Abraxas Petroleum Corp.†

      90,235        153,400  

Approach Resources, Inc.†#

      25,625        71,238  

Bill Barrett Corp.†

      44,960        134,430  

Bonanza Creek Energy, Inc.†

      12,103        314,557  

California Resources Corp.†#

      25,394        198,073  

Callon Petroleum Co.†#

      120,092        1,244,153  

Carrizo Oil & Gas, Inc.†#

      37,238        500,479  

Contango Oil & Gas Co.†

      14,060        64,535  

Denbury Resources, Inc.†#

      236,834        251,044  

DLB Oil & Gas, Inc.(1)(2)

      3,000        0  

Earthstone Energy, Inc., Class A†#

      5,879        56,380  

Eclipse Resources Corp.†

      52,047        121,270  

Energy XXI Gulf Coast, Inc.†

      17,614        184,066  

EP Energy Corp., Class A†#

      22,926        67,402  

Evolution Petroleum Corp.

      15,080        104,806  

Gastar Exploration, Inc.†#

      103,972        61,364  

Halcon Resources Corp.†

      36,404        225,341  

Isramco, Inc.†

      436        49,094  

Jagged Peak Energy, Inc.†#

      19,013        243,557  

Jones Energy, Inc., Class A†#

      27,177        26,905  

Lilis Energy, Inc.†#

      25,476        93,242  

Matador Resources Co.†#

      53,491        1,261,318  

Midstates Petroleum Co., Inc.†

      6,667        96,605  

Oasis Petroleum, Inc.†

      140,194        1,023,416  

Panhandle Oil and Gas, Inc., Class A

      9,353        197,348  

PDC Energy, Inc.†

      39,383        1,548,933  

Penn Virginia Corp.†

      8,499        327,211  

Resolute Energy Corp.†#

      12,928        382,022  

Ring Energy, Inc.†

      27,024        322,126  

Rosehill Resources, Inc.†#

      1,501        9,711  

Sanchez Energy Corp.†#

      42,247        185,042  

SandRidge Energy, Inc.†

      20,798        358,142  

SilverBow Resources, Inc.†

      4,153        89,871  

SRC Energy, Inc.†#

      119,676        944,244  

Stone Energy Corp.†

      11,621        281,228  

Ultra Petroleum Corp.†#

      116,233        905,455  

Unit Corp.†

      30,847        491,084  

W&T Offshore, Inc.†#

      55,856        106,685  

WildHorse Resource Development Corp.†#

      11,914        129,982  
     

 

 

  
        12,825,759  
     

 

 

  

Oil Field Machinery & Equipment - 0.2%

      

Dril-Quip, Inc.†

      22,569        847,466  

Exterran Corp.†

      19,127        530,583  

Flotek Industries, Inc.†

      32,953        170,697  

Forum Energy Technologies, Inc.†#

      41,102        476,783  

Gulf Island Fabrication, Inc.

      8,137        91,134  

Natural Gas Services Group, Inc.†

      7,385        174,286  

Thermon Group Holdings, Inc.†

      19,194        317,085  
     

 

 

  
        2,608,034  
     

 

 

  

Oil Refining & Marketing - 0.2%

      

Adams Resources & Energy, Inc.

      1,291        44,759  

CVR Energy, Inc.#

      9,406        201,477  

Delek US Holdings, Inc.

      46,402        1,147,057  

Par Pacific Holdings, Inc.†#

      18,932        337,179  

Trecora Resources†#

      11,703        142,191  
     

 

 

  
        1,872,663  
     

 

 

  

Oil-Field Services - 0.7%

      

Archrock, Inc.

      41,624        424,565  

Basic Energy Services, Inc.†

      10,369        147,655  

Bristow Group, Inc.#

      19,279        158,859  

C&J Energy Services, Inc.†

      27,641        698,212  

CARBO Ceramics, Inc.†#

      13,673        89,695  

Era Group, Inc.†

      11,728        103,324  

Frank’s International NV

      29,680        186,390  

Helix Energy Solutions Group, Inc.†

      83,780        525,301  

Independence Contract Drilling, Inc.†

      20,410        65,720  

Keane Group, Inc.†#

      18,518        239,808  

Key Energy Services, Inc.†#

      6,144        78,213  

Mammoth Energy Services, Inc.†

      4,793        66,047  

Matrix Service Co.†

      15,638        185,310  

McDermott International, Inc.†

      168,710        1,035,879  

MRC Global, Inc.†

      53,239        839,579  

NCS Multistage Holdings, Inc.†

      6,574        129,902  

Newpark Resources, Inc.†

      52,043        418,946  

NOW, Inc.†

      63,746        743,278  

Oil States International, Inc.†

      30,588        665,289  

PHI, Inc.†

      6,950        76,380  

Pioneer Energy Services Corp.†

      45,360        77,112  

ProPetro Holding Corp.†

      15,043        173,145  

SEACOR Holdings, Inc.†

      9,626        369,350  

Select Energy Services, Inc., Class A†

      2,316        32,656  

Solaris Oilfield Infrastructure, Inc., Class A†

      6,024        85,300  

Superior Energy Services, Inc.†#

      90,706        747,417  

Tesco Corp.†

      27,635        121,594  

TETRA Technologies, Inc.†

      68,198        140,488  

Willbros Group, Inc.†

      26,108        57,438  
     

 

 

  
        8,682,852  
     

 

 

  

Optical Recognition Equipment - 0.0%

      

Digimarc Corp.†#

      5,936        183,422  
     

 

 

  

Optical Supplies - 0.0%

      

STAAR Surgical Co.†

      24,355        291,042  
     

 

 

  

Paper & Related Products - 0.2%

      

Clearwater Paper Corp.†

      9,646        448,539  

Neenah Paper, Inc.

      9,910        765,548  

Orchids Paper Products Co.#

      5,365        54,723  

P.H. Glatfelter Co.

      25,871        448,086  

Schweitzer-Mauduit International, Inc.

      18,138        687,974  

Verso Corp., Class A†

      20,079        106,820  
     

 

 

  
        2,511,690  
     

 

 

  

Patient Monitoring Equipment - 0.4%

      

Insulet Corp.†#

      34,627        2,010,443  

Masimo Corp.†

      26,715        2,254,212  
     

 

 

  
        4,264,655  
     

 

 

  

Pharmacy Services - 0.1%

      

BioScrip, Inc.†#

      69,175        209,600  

Diplomat Pharmacy, Inc.†

      28,452        476,571  
     

 

 

  
        686,171  
     

 

 

  

Physical Therapy/Rehabilitation Centers - 0.2%

      

AAC Holdings, Inc.†#

      6,823        63,386  

HealthSouth Corp.

      53,223        2,434,952  

U.S. Physical Therapy, Inc.

      7,208        431,759  
     

 

 

  
        2,930,097  
     

 

 

  

Pipelines - 0.1%

      

SemGroup Corp., Class A

      39,560        1,016,692  

Tellurian, Inc.†

      33,027        305,169  
     

 

 

  
        1,321,861  
     

 

 

  

Pollution Control - 0.0%

      

Advanced Emissions Solutions, Inc.#

      12,558        130,352  

CECO Environmental Corp.

      17,782        132,832  

Hudson Technologies, Inc.†

      21,845        194,420  
     

 

 

  
        457,604  
     

 

 

  

Poultry - 0.1%

      

Sanderson Farms, Inc.

      12,002        1,770,535  
     

 

 

  

Power Converter/Supply Equipment - 0.4%

      

Advanced Energy Industries, Inc.†

      23,662        1,740,103  

Energous Corp.†#

      11,211        106,392  

Generac Holdings, Inc.†

      36,662        1,480,412  

Powell Industries, Inc.

      5,249        149,439  

SPX Corp.†

      25,366        611,321  

SunPower Corp.†#

      35,596        314,669  

Vicor Corp.†

      9,980        194,111  
     

 

 

  
        4,596,447  
     

 

 

  

Precious Metals - 0.1%

      

Coeur Mining, Inc.†

      107,895        944,081  
     

 

 

  

Printing-Commercial - 0.4%

      

ARC Document Solutions, Inc.†

      23,813        84,060  

Cimpress NV†#

      14,879        1,375,415  

Deluxe Corp.

      28,882        2,002,967  

Ennis, Inc.#

      14,905        284,685  

LSC Communications, Inc.

      19,917        320,863  

Quad/Graphics, Inc.

      18,691        356,250  

RR Donnelley & Sons Co.#

      41,788        385,703  
     

 

 

  
        4,809,943  
     

 

 

  

Private Equity - 0.1%

      

Fifth Street Asset Management, Inc.

      4,209        17,257  

Kennedy-Wilson Holdings, Inc.

      49,588        957,048  
     

 

 

  
        974,305  
     

 

 

  

Protection/Safety - 0.0%

      

Landauer, Inc.

      5,418        336,187  
     

 

 

  

Publishing-Books - 0.1%

      

Houghton Mifflin Harcourt Co.†

      61,606        628,381  

Scholastic Corp.

      16,862        664,869  
     

 

 

  
        1,293,250  
     

 

 

  

Publishing-Newspapers - 0.2%

      

Daily Journal Corp.†#

      661        138,744  

Gannett Co., Inc.

      68,091        578,093  

New York Times Co., Class A

      74,799        1,395,001  

tronc, Inc.†

      11,655        169,114  
     

 

 

  
        2,280,952  
     

 

 

  

Publishing-Periodicals - 0.2%

      

Meredith Corp.#

      23,576        1,281,356  

Time, Inc.

      59,643        784,305  

Value Line, Inc.#

      654        10,444  
     

 

 

  
        2,076,105  
     

 

 

  

Quarrying - 0.1%

      

Compass Minerals International, Inc.#

      20,193        1,348,892  
     

 

 

  

Racetracks - 0.3%

      

Churchill Downs, Inc.

      8,067        1,576,292  

Empire Resorts, Inc.†#

      2,028        47,354  

International Speedway Corp., Class A

      14,867        530,008  

Penn National Gaming, Inc.†#

      50,482        1,120,196  

Speedway Motorsports, Inc.

      6,931        144,234  
     

 

 

  
        3,418,084  
     

 

 

  

Radio - 0.0%

      

Beasley Broadcast Group, Inc., Class A

      2,908        28,935  

Entercom Communications Corp., Class A#

      16,678        171,783  

Saga Communications, Inc., Class A

      2,247        91,790  

Salem Media Group, Inc.

      6,915        41,836  

Townsquare Media, Inc., Class A†

      5,238        52,275  
     

 

 

  
        386,619  
     

 

 

  

Real Estate Investment Trusts - 7.3%

      

Acadia Realty Trust#

      50,045        1,435,791  

AG Mtg. Investment Trust, Inc.

      16,408        316,182  

Agree Realty Corp.

      15,135        758,566  

Alexander’s, Inc.

      1,268        530,899  

Altisource Residential Corp.

      29,557        357,935  

American Assets Trust, Inc.

      24,057        977,195  

Anworth Mtg. Asset Corp.

      56,468        342,196  

Apollo Commercial Real Estate Finance, Inc.#

      54,796        991,260  

Ares Commercial Real Estate Corp.

      15,955        210,446  

Armada Hoffler Properties, Inc.#

      26,633        356,083  

ARMOUR Residential REIT, Inc.#

      21,761        574,708  

Ashford Hospitality Prime, Inc.

      15,796        151,958  

Ashford Hospitality Trust, Inc.

      45,795        284,387  

Bluerock Residential Growth REIT, Inc.

      13,679        138,568  

Capstead Mtg. Corp.

      56,825        549,498  

CareTrust REIT, Inc.

      42,939        828,293  

CatchMark Timber Trust, Inc., Class A

      23,062        265,905  

CBL & Associates Properties, Inc.#

      100,432        803,456  

Cedar Realty Trust, Inc.

      49,215        248,044  

Chatham Lodging Trust

      22,520        456,706  

Cherry Hill Mtg. Investment Corp.

      6,987        129,120  

Chesapeake Lodging Trust

      35,244        901,894  

City Office REIT, Inc.

      17,608        225,206  

Clipper Realty, Inc.#

      8,906        99,391  

CorEnergy Infrastructure Trust, Inc.#

      7,086        231,216  

Cousins Properties, Inc.

      249,106        2,329,141  

CYS Investments, Inc.

      90,239        793,201  

DiamondRock Hospitality Co.

      119,164        1,309,612  

Dynex Capital, Inc.

      27,495        196,589  

Easterly Government Properties, Inc.#

      22,149        444,309  

EastGroup Properties, Inc.

      19,780        1,757,651  

Education Realty Trust, Inc.#

      43,800        1,692,432  

Ellington Residential Mortgage REIT

      4,949        72,404  

FelCor Lodging Trust, Inc.

      76,784        560,523  

First Industrial Realty Trust, Inc.

      69,361        2,148,804  

First Potomac Realty Trust

      34,600        385,098  

Four Corners Property Trust, Inc.

      36,045        915,903  

Franklin Street Properties Corp.#

      62,266        620,792  

GEO Group, Inc.

      72,927        2,015,702  

Getty Realty Corp.

      16,186        446,086  

Gladstone Commercial Corp.

      14,826        317,276  

Global Medical REIT, Inc.#

      8,809        74,436  

Global Net Lease, Inc.

      39,880        863,801  

Government Properties Income Trust#

      56,327        1,044,866  

Gramercy Property Trust

      90,141        2,745,695  

Great Ajax Corp.

      9,344        132,498  

Healthcare Realty Trust, Inc.

      68,814        2,290,130  

Hersha Hospitality Trust

      23,111        428,478  

Independence Realty Trust, Inc.

      41,353        425,522  

InfraREIT, Inc.

      25,286        568,682  

Invesco Mtg. Capital, Inc.

      66,985        1,137,405  

Investors Real Estate Trust

      72,621        456,060  

iStar, Inc.†#

      41,469        481,455  

Jernigan Capital, Inc.

      5,514        107,192  

Kite Realty Group Trust

      49,335        992,620  

KKR Real Estate Finance Trust, Inc.

      6,168        128,109  

LaSalle Hotel Properties

      67,815        1,924,590  

Lexington Realty Trust

      129,059        1,272,522  

LTC Properties, Inc.

      23,444        1,140,082  

Mack-Cali Realty Corp.

      53,945        1,234,801  

MedEquities Realty Trust, Inc.

      17,071        195,804  

Monmouth Real Estate Investment Corp.

      41,331        671,629  

Monogram Residential Trust, Inc.

      100,314        1,203,768  

MTGE Investment Corp.

      27,259        523,373  

National Health Investors, Inc.

      23,669        1,897,780  

National Storage Affiliates Trust#

      26,393        589,092  

New Senior Investment Group, Inc.#

      48,903        451,375  

New York Mortgage Trust, Inc.

      66,389        415,595  

NexPoint Residential Trust, Inc.

      10,252        238,872  

NorthStar Realty Europe Corp.

      32,430        403,105  

One Liberty Properties, Inc.

      8,573        205,838  

Orchid Island Capital, Inc.#

      19,861        192,056  

Owens Realty Mortgage, Inc.#

      5,955        103,319  

Parkway, Inc.

      25,235        579,396  

Pebblebrook Hotel Trust#

      41,025        1,378,030  

Pennsylvania Real Estate Investment Trust

      40,785        409,074  

PennyMac Mortgage Investment Trust

      39,305        679,583  

Physicians Realty Trust

      103,856        1,945,223  

Potlatch Corp.

      24,102        1,152,076  

Preferred Apartment Communities, Inc., Class A

      18,180        330,694  

PS Business Parks, Inc.

      11,777        1,591,190  

QTS Realty Trust, Inc., Class A

      27,983        1,516,119  

Quality Care Properties, Inc.†

      56,320        772,710  

RAIT Financial Trust#

      54,693        45,242  

Ramco-Gershenson Properties Trust

      46,828        615,788  

Redwood Trust, Inc.

      45,635        761,192  

Resource Capital Corp.

      17,977        186,062  

Retail Opportunity Investments Corp.

      64,518        1,280,037  

Rexford Industrial Realty, Inc.

      39,438        1,185,112  

RLJ Lodging Trust

      73,286        1,478,911  

Ryman Hospitality Properties, Inc.

      26,344        1,565,361  

Sabra Health Care REIT, Inc.#

      94,767        2,070,662  

Saul Centers, Inc.

      6,635        402,081  

Select Income REIT

      37,729        875,690  

Seritage Growth Properties, Class A#

      14,956        718,785  

STAG Industrial, Inc.

      53,231        1,489,936  

Starwood Waypoint Homes

      60,223        2,242,102  

Summit Hotel Properties, Inc.

      60,943        904,394  

Sunstone Hotel Investors, Inc.

      131,541        2,078,348  

Sutherland Asset Management Corp.

      10,080        153,720  

Terreno Realty Corp.

      29,178        1,057,703  

Tier REIT, Inc.

      28,412        523,065  

UMH Properties, Inc.

      16,587        262,406  

Universal Health Realty Income Trust

      7,553        571,838  

Urban Edge Properties

      58,199        1,463,705  

Urstadt Biddle Properties, Inc., Class A

      17,595        363,865  

Washington Prime Group, Inc.

      111,122        927,869  

Washington Real Estate Investment Trust

      46,007        1,511,790  

Western Asset Mortgage Capital Corp.

      24,338        255,792  

Whitestone REIT#

      21,918        274,852  

Xenia Hotels & Resorts, Inc.

      64,126        1,279,955  
     

 

 

  
        89,611,334  
     

 

 

  

Real Estate Management/Services - 0.2%

      

Farmland Partners, Inc.#

      18,985        168,207  

Griffin Industrial Realty, Inc.

      415        14,255  

HFF, Inc., Class A

      21,889        834,628  

Marcus & Millichap, Inc.†

      9,549        251,425  

RE/MAX Holdings, Inc., Class A#

      10,612        649,985  
     

 

 

  
        1,918,500  
     

 

 

  

Real Estate Operations & Development - 0.3%

      

Alexander & Baldwin, Inc.

      27,831        1,207,865  

Community Healthcare Trust, Inc.#

      7,456        198,031  

Consolidated-Tomoka Land Co.

      2,343        129,802  

Forestar Group, Inc.†

      25,035        430,602  

FRP Holdings, Inc.†

      3,904        171,386  

Maui Land & Pineapple Co., Inc.†

      3,998        51,574  

RMR Group, Inc., Class A

      4,184        216,104  

St. Joe Co.†

      28,683        540,674  

Stratus Properties, Inc.

      3,515        104,044  

Transcontinental Realty Investors, Inc.†

      999        21,259  

Trinity Place Holdings, Inc.†#

      10,805        74,663  
     

 

 

  
        3,146,004  
     

 

 

  

Recreational Centers - 0.2%

      

ClubCorp Holdings, Inc.

      38,401        652,817  

Planet Fitness, Inc., Class A

      50,202        1,273,625  
     

 

 

  
        1,926,442  
     

 

 

  

Recreational Vehicles - 0.2%

      

Camping World Holdings, Inc., Class A

      7,284        267,687  

LCI Industries

      14,441        1,426,771  

Malibu Boats, Inc., Class A†

      10,724        289,226  

MCBC Holdings, Inc.†

      10,957        187,803  
     

 

 

  
        2,171,487  
     

 

 

  

Recycling - 0.0%

      

Aqua Metals, Inc.†#

      9,906        73,403  
     

 

 

  

Rental Auto/Equipment - 0.5%

      

Aaron’s, Inc.

      37,757        1,671,503  

Avis Budget Group, Inc.†#

      44,617        1,616,474  

CAI International, Inc.†

      9,208        285,356  

Herc Holdings, Inc.†

      14,428        609,150  

Hertz Global Holdings, Inc.†#

      32,595        708,615  

McGrath RentCorp

      13,955        563,363  

Neff Corp., Class A†

      4,807        119,935  

Rent-A-Center, Inc.#

      25,512        308,695  

Textainer Group Holdings, Ltd.†#

      16,157        286,787  
     

 

 

  
        6,169,878  
     

 

 

  

Research & Development - 0.4%

      

INC Research Holdings, Inc., Class A†

      32,526        1,909,276  

PAREXEL International Corp.†

      29,961        2,633,272  
     

 

 

  
        4,542,548  
     

 

 

  

Resorts/Theme Parks - 0.2%

      

Marriott Vacations Worldwide Corp.

      13,065        1,520,243  

SeaWorld Entertainment, Inc.#

      40,767        529,156  
     

 

 

  
        2,049,399  
     

 

 

  

Respiratory Products - 0.1%

      

Inogen, Inc.†

      10,140        971,412  
     

 

 

  

Retail-Apparel/Shoe - 0.7%

      

Abercrombie & Fitch Co., Class A#

      40,697        518,480  

American Eagle Outfitters, Inc.#

      96,667        1,155,171  

Ascena Retail Group, Inc.†#

      102,778        209,667  

Boot Barn Holdings, Inc.†#

      7,295        59,090  

Buckle, Inc.#

      17,133        242,432  

Caleres, Inc.

      25,068        676,335  

Cato Corp., Class A

      14,395        189,438  

Chico’s FAS, Inc.

      76,621        588,449  

Children’s Place, Inc.#

      10,277        1,090,904  

DSW, Inc., Class A

      39,134        725,153  

Duluth Holdings, Inc., Class B†#

      5,719        112,035  

Express, Inc.†

      45,958        292,752  

Finish Line, Inc., Class A#

      23,689        197,329  

Francesca’s Holdings Corp.†

      21,961        159,437  

Genesco, Inc.†

      11,410        241,322  

Guess?, Inc.#

      35,702        556,237  

J. Jill, Inc.†#

      7,020        68,164  

Shoe Carnival, Inc.

      6,935        139,394  

Tailored Brands, Inc.#

      29,259        345,841  

Tilly’s, Inc., Class A

      7,703        84,810  

Vera Bradley, Inc.†

      11,981        108,308  

Winmark Corp.

      1,404        185,117  
     

 

 

  
        7,945,865  
     

 

 

  

Retail-Appliances - 0.0%

      

Conn’s, Inc.†#

      10,949        189,965  
     

 

 

  

Retail-Automobile - 0.3%

      

America’s Car-Mart, Inc.†

      4,475        171,840  

Asbury Automotive Group, Inc.†

      11,165        601,235  

Group 1 Automotive, Inc.

      12,176        730,804  

Lithia Motors, Inc., Class A#

      13,879        1,498,932  

Rush Enterprises, Inc., Class A†

      17,721        726,384  

Rush Enterprises, Inc., Class B†

      3,168        122,031  

Sonic Automotive, Inc., Class A#

      15,892        287,645  
     

 

 

  
        4,138,871  
     

 

 

  

Retail-Bookstores - 0.0%

      

Barnes & Noble Education, Inc.†

      22,774        117,970  

Barnes & Noble, Inc.

      35,431        274,590  
     

 

 

  
        392,560  
     

 

 

  

Retail-Building Products - 0.2%

      

At Home Group, Inc.†#

      3,033        74,309  

BMC Stock Holdings, Inc.†#

      39,001        791,720  

Foundation Building Materials, Inc.†#

      7,719        100,810  

GMS, Inc.†

      14,030        451,485  

Lumber Liquidators Holdings, Inc.†

      16,759        628,965  

Tile Shop Holdings, Inc.

      20,257        304,868  
     

 

 

  
        2,352,157  
     

 

 

  

Retail-Computer Equipment - 0.0%

      

PC Connection, Inc.

      6,890        175,764  

PCM, Inc.†

      5,981        78,650  
     

 

 

  
        254,414  
     

 

 

  

Retail-Discount - 0.3%

      

Big Lots, Inc.#

      26,784        1,274,919  

Citi Trends, Inc.

      8,617        156,226  

Fred’s, Inc., Class A#

      21,426        126,842  

HSN, Inc.

      19,219        705,337  

Ollie’s Bargain Outlet Holdings, Inc.†#

      28,360        1,186,866  
     

 

 

  
        3,450,190  
     

 

 

  

Retail-Hair Salons - 0.0%

      

Regis Corp.†

      21,168        281,111  
     

 

 

  

Retail-Home Furnishings - 0.2%

      

Bassett Furniture Industries, Inc.

      6,055        217,072  

Haverty Furniture Cos., Inc.

      11,193        262,476  

Kirkland’s, Inc.†

      9,125        105,211  

La-Z-Boy, Inc.

      28,768        686,117  

Pier 1 Imports, Inc.

      48,174        201,849  

RH†#

      20,348        952,083  
     

 

 

  
        2,424,808  
     

 

 

  

Retail-Jewelry - 0.0%

      

Movado Group, Inc.#

      9,045        250,999  
     

 

 

  

Retail-Leisure Products - 0.1%

      

MarineMax, Inc.†

      14,986        242,024  

Party City Holdco, Inc.†#

      16,367        228,320  

West Marine, Inc.

      11,128        144,330  
     

 

 

  
        614,674  
     

 

 

  

Retail-Major Department Stores - 0.1%

      

J.C. Penney Co., Inc.†#

      184,801        715,180  

Sears Holdings Corp.†#

      7,081        58,135  
     

 

 

  
        773,315  
     

 

 

  

Retail-Misc./Diversified - 0.4%

      

Container Store Group, Inc.†#

      9,537        38,720  

FirstCash, Inc.

      28,272        1,659,566  

Five Below, Inc.†

      32,187        1,531,136  

Gaia, Inc.†#

      5,219        58,192  

PriceSmart, Inc.

      13,163        1,069,494  
     

 

 

  
        4,357,108  
     

 

 

  

Retail-Office Supplies - 0.1%

      

Office Depot, Inc.

      305,130        1,309,008  
     

 

 

  

Retail-Pawn Shops - 0.0%

      

EZCORP, Inc., Class A†

      29,737        269,120  
     

 

 

  

Retail-Pet Food & Supplies - 0.1%

      

Freshpet, Inc.†#

      14,599        231,394  

PetMed Express, Inc.#

      11,765        426,717  
     

 

 

  
        658,111  
     

 

 

  

Retail-Regional Department Stores - 0.0%

      

Dillard’s, Inc., Class A#

      9,027        548,842  
     

 

 

  

Retail-Restaurants - 1.5%

      

Biglari Holdings, Inc.†

      610        181,634  

BJ’s Restaurants, Inc.†

      12,536        377,334  

Bloomin’ Brands, Inc.

      59,270        1,008,183  

Bojangles’, Inc.†

      10,327        137,865  

Brinker International, Inc.

      29,316        915,246  

Buffalo Wild Wings, Inc.†

      9,602        986,605  

Carrols Restaurant Group, Inc.†

      20,553        224,028  

Cheesecake Factory, Inc.#

      26,744        1,108,004  

Chuy’s Holdings, Inc.†

      9,880        185,744  

Cracker Barrel Old Country Store, Inc.#

      11,455        1,702,900  

Dave & Buster’s Entertainment, Inc.†

      25,067        1,465,417  

Del Frisco’s Restaurant Group, Inc.†

      13,011        182,154  

Del Taco Restaurants, Inc.†

      19,643        276,573  

Denny’s Corp.†

      40,811        488,100  

DineEquity, Inc.#

      10,255        407,636  

El Pollo Loco Holdings, Inc.†

      12,110        137,448  

Fiesta Restaurant Group, Inc.†

      15,372        267,473  

Fogo De Chao, Inc.†

      5,612        70,992  

Habit Restaurants, Inc., Class A†#

      12,027        156,351  

J Alexander’s Holdings, Inc.†

      7,674        75,973  

Jack in the Box, Inc.

      18,860        1,765,673  

Nathan’s Famous, Inc.†

      1,696        99,301  

Noodles & Co.†#

      6,975        26,854  

Papa John’s International, Inc.#

      16,236        1,214,290  

Potbelly Corp.†#

      13,630        163,560  

Red Robin Gourmet Burgers, Inc.†

      7,669        437,133  

Ruby Tuesday, Inc.†

      35,245        75,777  

Ruth’s Hospitality Group, Inc.

      17,822        348,420  

Shake Shack, Inc., Class A†#

      13,073        404,217  

Sonic Corp.#

      24,480        573,077  

Texas Roadhouse, Inc.

      39,876        1,892,116  

Wingstop, Inc.#

      17,306        560,887  

Zoe’s Kitchen, Inc.†#

      11,374        146,383  
     

 

 

  
        18,063,348  
     

 

 

  

Retail-Sporting Goods - 0.0%

      

Big 5 Sporting Goods Corp.#

      12,519        95,771  

Hibbett Sports, Inc.†

      12,700        156,210  

Sportsman’s Warehouse Holdings, Inc.†#

      21,555        89,453  

Zumiez, Inc.†

      10,976        136,651  
     

 

 

  
        478,085  
     

 

 

  

Retail-Toy Stores - 0.0%

      

Build-A-Bear Workshop, Inc.†

      8,104        74,557  
     

 

 

  

Retail-Vitamins & Nutrition Supplements - 0.0%

      

GNC Holdings, Inc., Class A#

      40,397        335,295  

Vitamin Shoppe, Inc.†

      12,710        67,999  
     

 

 

  
        403,294  
     

 

 

  

Retirement/Aged Care - 0.0%

 

Capital Senior Living Corp.†#

      14,625        181,789  
     

 

 

  

Rubber-Tires - 0.1%

 

Cooper Tire & Rubber Co.#

      31,640        1,063,104  
     

 

 

  

Rubber/Plastic Products - 0.3%

 

Myers Industries, Inc.

      13,765        258,782  

Proto Labs, Inc.†#

      14,775        1,060,845  

Trinseo SA

      26,445        1,769,170  
     

 

 

  
        3,088,797  
     

 

 

  

Satellite Telecom - 0.2%

 

DigitalGlobe, Inc.†

      36,821        1,266,642  

Globalstar, Inc.†#

      264,548        507,932  

Intelsat SA†

      21,604        83,392  

Iridium Communications, Inc.†#

      49,917        554,079  

Loral Space & Communications, Inc.†#

      7,656        347,582  
     

 

 

  
        2,759,627  
     

 

 

  

Savings & Loans/Thrifts - 1.8%

 

Astoria Financial Corp.

      55,423        1,085,737  

Banc of California, Inc.#

      25,892        480,297  

Bank Mutual Corp.

      25,264        231,166  

BankFinancial Corp.

      8,608        138,072  

Bear State Financial, Inc.

      12,355        127,009  

Beneficial Bancorp, Inc.

      41,241        616,553  

Berkshire Hills Bancorp, Inc.

      21,174        715,681  

BofI Holding, Inc.†#

      35,724        947,043  

Brookline Bancorp, Inc.

      44,727        641,832  

BSB Bancorp, Inc.†

      4,975        141,788  

Capitol Federal Financial, Inc.

      76,534        1,050,046  

Charter Financial Corp.

      7,331        119,202  

Clifton Bancorp, Inc.

      12,199        192,134  

Community Bankers Trust Corp.†

      12,783        107,377  

Dime Community Bancshares, Inc.

      18,865        357,492  

Entegra Financial Corp.†

      3,763        87,302  

ESSA Bancorp, Inc.

      5,284        79,788  

First Defiance Financial Corp.

      5,910        289,354  

First Financial Northwest, Inc.

      4,948        79,168  

Flagstar Bancorp, Inc.†

      12,694        416,617  

Flushing Financial Corp.

      16,543        452,286  

Greene County Bancorp, Inc.#

      1,813        42,334  

Hingham Institution for Savings

      773        142,240  

Home Bancorp, Inc.

      3,496        141,168  

HomeTrust Bancshares, Inc.†

      9,934        230,469  

Investors Bancorp, Inc.

      154,482        2,022,169  

Malvern Bancorp, Inc.†

      3,827        91,083  

Meridian Bancorp, Inc.

      28,524        502,022  

Meta Financial Group, Inc.

      5,338        375,261  

MutualFirst Financial, Inc.

      3,651        128,515  

Northfield Bancorp, Inc.

      25,638        413,028  

Northwest Bancshares, Inc.#

      56,389        870,082  

OceanFirst Financial Corp.

      18,773        468,574  

Oconee Federal Financial Corp.#

      741        20,830  

Oritani Financial Corp.

      23,560        378,138  

Pacific Premier Bancorp, Inc.†

      23,344        826,378  

Provident Financial Holdings, Inc.

      3,676        69,623  

Provident Financial Services, Inc.

      36,739        912,964  

Prudential Bancorp, Inc.

      4,837        89,243  

Riverview Bancorp, Inc.

      11,458        92,008  

SI Financial Group, Inc.

      6,688        97,645  

Southern Missouri Bancorp, Inc.

      3,505        113,772  

Sterling Bancorp#

      78,530        1,762,999  

Territorial Bancorp, Inc.

      4,592        138,816  

Timberland Bancorp, Inc.

      3,706        102,693  

United Community Financial Corp.

      29,178        265,228  

United Financial Bancorp, Inc.

      30,139        522,007  

Washington Federal, Inc.

      53,295        1,665,469  

Waterstone Financial, Inc.

      15,212        268,492  

WSFS Financial Corp.

      18,000        804,600  
     

 

 

  
        21,913,794  
     

 

 

  

Schools - 0.5%

 

Adtalem Global Education, Inc.

      37,067        1,267,691  

American Public Education, Inc.†

      9,417        173,744  

Bridgepoint Education, Inc.†

      10,980        96,953  

Cambium Learning Group, Inc.†

      8,234        48,251  

Capella Education Co.

      6,853        461,550  

Career Education Corp.†

      40,291        387,197  

Grand Canyon Education, Inc.†

      27,949        2,293,216  

K12, Inc.†

      20,288        363,561  

Laureate Education, Inc., Class A†

      21,183        310,119  

Strayer Education, Inc.

      6,324        505,983  
     

 

 

  
        5,908,265  
     

 

 

  

Security Services - 0.2%

 

Alarm.com Holdings, Inc.†

      12,100        543,532  

Ascent Capital Group, Inc., Class A†

      6,559        65,131  

Brink’s Co.

      27,322        2,143,411  
     

 

 

  
        2,752,074  
     

 

 

  

Seismic Data Collection - 0.0%

 

Geospace Technologies Corp.†#

      7,806        117,793  
     

 

 

  

Semiconductor Components-Integrated Circuits - 0.5%

 

Cirrus Logic, Inc.†

      38,430        2,228,171  

Integrated Device Technology, Inc.†

      79,826        1,972,500  

MaxLinear, Inc.†

      35,846        774,274  

Power Integrations, Inc.

      17,089        1,244,934  

Sigma Designs, Inc.†

      22,332        139,575  
     

 

 

  
        6,359,454  
     

 

 

  

Semiconductor Equipment - 0.9%

 

Axcelis Technologies, Inc.†

      17,889        373,880  

Brooks Automation, Inc.

      40,967        1,068,010  

Cabot Microelectronics Corp.

      14,828        1,061,981  

Cohu, Inc.

      16,004        300,235  

Entegris, Inc.†

      84,644        2,154,190  

FormFactor, Inc.†

      42,881        647,503  

MKS Instruments, Inc.

      32,112        2,644,423  

Nanometrics, Inc.†

      14,331        369,596  

Photronics, Inc.†

      39,819        314,570  

Rudolph Technologies, Inc.†

      18,600        412,920  

Ultra Clean Holdings, Inc.†

      19,609        452,380  

Veeco Instruments, Inc.†

      28,106        531,203  

Xcerra Corp.†

      31,886        313,121  
     

 

 

  
        10,644,012  
     

 

 

  

Silver Mining - 0.1%

 

Hecla Mining Co.

      234,801        1,239,749  
     

 

 

  

Specified Purpose Acquisitions - 0.0%

 

Wins Finance Holdings, Inc.†#(1)

      726        0  
     

 

 

  

Steel Pipe & Tube - 0.2%

 

Advanced Drainage Systems, Inc.#

      21,034        409,111  

Atkore International Group, Inc.†

      19,544        325,603  

Mueller Water Products, Inc., Class A

      91,819        1,100,910  

Northwest Pipe Co.†

      5,681        104,190  

Omega Flex, Inc.

      1,735        100,613  

TimkenSteel Corp.†#

      23,610        350,136  
     

 

 

  
        2,390,563  
     

 

 

  

Steel-Producers - 0.3%

 

AK Steel Holding Corp.†#

      187,922        1,052,363  

Carpenter Technology Corp.#

      27,624        1,119,601  

Commercial Metals Co.

      68,870        1,300,954  

Ryerson Holding Corp.†

      9,526        81,924  

Schnitzer Steel Industries, Inc., Class A

      15,754        423,782  

Shiloh Industries, Inc.†

      5,183        45,403  
     

 

 

  
        4,024,027  
     

 

 

  

Steel-Specialty - 0.1%

 

Allegheny Technologies, Inc.#

      64,751        1,348,763  
     

 

 

  

Storage/Warehousing - 0.1%

 

Mobile Mini, Inc.

      26,185        792,096  

Wesco Aircraft Holdings, Inc.†

      33,205        278,922  
     

 

 

  
        1,071,018  
     

 

 

  

SupraNational Banks - 0.0%

 

Banco Latinoamericano de Comercio Exterior SA, Class E

      18,062        486,952  
     

 

 

  

Telecom Equipment-Fiber Optics - 0.5%

 

Acacia Communications, Inc.†#

      11,009        537,569  

Ciena Corp.†#

      84,055        1,816,429  

Clearfield, Inc.†

      6,930        84,546  

Finisar Corp.†

      66,455        1,604,888  

Harmonic, Inc.†#

      47,247        153,553  

KVH Industries, Inc.†

      9,274        109,433  

Oclaro, Inc.†#

      98,662        829,747  

Viavi Solutions, Inc.†

      136,369        1,369,145  
     

 

 

  
        6,505,310  
     

 

 

  

Telecom Services - 0.4%

 

Consolidated Communications Holdings, Inc.

      38,940        718,443  

GTT Communications, Inc.†#

      18,447        585,692  

Hawaiian Telcom Holdco, Inc.†

      3,557        108,204  

HC2 Holdings, Inc.†

      24,275        110,694  

Lumos Networks Corp.†

      13,106        235,646  

Ooma, Inc.†

      10,094        98,921  

ORBCOMM, Inc.†

      39,021        431,572  

RigNet, Inc.†

      7,857        125,712  

Spok Holdings, Inc.

      12,156        203,613  

Straight Path Communications, Inc., Class B†

      5,117        913,436  

Vonage Holdings Corp.†

      119,018        987,850  

West Corp.

      25,773        602,315  
     

 

 

  
        5,122,098  
     

 

 

  

Telecommunication Equipment - 0.2%

 

ADTRAN, Inc.

      28,936        639,486  

Comtech Telecommunications Corp.

      13,675        267,620  

Plantronics, Inc.

      19,840        845,779  

Preformed Line Products Co.

      1,818        94,990  

ShoreTel, Inc.†

      40,681        303,073  

Sonus Networks, Inc.†

      28,271        195,353  
     

 

 

  
        2,346,301  
     

 

 

  

Telephone-Integrated - 0.3%

 

Cincinnati Bell, Inc.†

      25,009        526,439  

Frontier Communications Corp.#

      46,854        631,123  

General Communication, Inc., Class A†

      15,854        683,783  

IDT Corp., Class B

      10,360        152,396  

Shenandoah Telecommunications Co.#

      27,673        997,612  

Windstream Holdings, Inc.#

      113,541        235,030  
     

 

 

  
        3,226,383  
     

 

 

  

Television - 0.3%

 

Central European Media Enterprises, Ltd., Class A†#

      49,100        203,765  

Gray Television, Inc.†

      38,131        545,273  

Nexstar Media Group, Inc., Class A#

      27,069        1,629,554  

Sinclair Broadcast Group, Inc., Class A

      43,020        1,301,355  
     

 

 

  
        3,679,947  
     

 

 

  

Textile-Apparel - 0.0%

 

Perry Ellis International, Inc.†

      7,629        166,541  

Unifi, Inc.†

      9,168        284,942  
     

 

 

  
        451,483  
     

 

 

  

Textile-Products - 0.0%

 

Culp, Inc.

      6,457        187,253  
     

 

 

  

Theaters - 0.1%

 

AMC Entertainment Holdings, Inc., Class A#

      32,870        440,458  

National CineMedia, Inc.

      36,860        199,412  

Reading International, Inc., Class A†

      10,035        158,152  
     

 

 

  
        798,022  
     

 

 

  

Therapeutics - 0.5%

 

Akebia Therapeutics, Inc.†

      21,969        367,761  

Anika Therapeutics, Inc.†

      8,562        459,779  

Calithera Biosciences, Inc.†

      18,241        299,152  

Cara Therapeutics, Inc.†#

      15,912        228,019  

Concert Pharmaceuticals, Inc.†

      10,671        162,413  

Dyax Corp. CVR†(1)(2)

      82,437        260,006  

Flexion Therapeutics, Inc.†#

      16,509        424,281  

La Jolla Pharmaceutical Co.†

      10,411        355,536  

Portola Pharmaceuticals, Inc.†

      29,586        1,877,232  

Recro Pharma, Inc.†

      8,113        61,091  

Sarepta Therapeutics, Inc.†#

      35,213        1,418,732  

Xencor, Inc.†

      22,679        490,320  
     

 

 

  
        6,404,322  
     

 

 

  

Tobacco - 0.2%

 

Turning Point Brands, Inc.†

      3,009        51,755  

Universal Corp.

      14,736        842,899  

Vector Group, Ltd.

      55,691        1,202,926  
     

 

 

  
        2,097,580  
     

 

 

  

Transactional Software - 0.2%

 

ACI Worldwide, Inc.†

      69,445        1,580,568  

Bottomline Technologies de, Inc.†

      23,701        718,377  

InnerWorkings, Inc.†

      26,952        282,188  

Synchronoss Technologies, Inc.†

      25,401        426,483  
     

 

 

  
        3,007,616  
     

 

 

  

Transport-Air Freight - 0.1%

 

Air Transport Services Group, Inc.†

      30,992        711,576  

Atlas Air Worldwide Holdings, Inc.†

      13,868        926,383  
     

 

 

  
        1,637,959  
     

 

 

  

Transport-Equipment & Leasing - 0.2%

 

GATX Corp.#

      23,257        1,408,909  

Greenbrier Cos., Inc.#

      16,309        699,656  

Willis Lease Finance Corp.†

      2,054        48,885  
     

 

 

  
        2,157,450  
     

 

 

  

Transport-Marine - 0.4%

 

Ardmore Shipping Corp.#

      16,720        135,432  

Costamare, Inc.

      21,767        136,479  

DHT Holdings, Inc.#

      45,938        172,268  

Dorian LPG, Ltd.†

      11,243        77,127  

Eagle Bulk Shipping, Inc.†

      22,888        103,683  

Frontline, Ltd.#

      45,857        223,782  

GasLog, Ltd.#

      24,344        408,979  

Genco Shipping & Trading, Ltd.†

      4,577        63,666  

Gener8 Maritime, Inc.†

      28,108        126,486  

Golar LNG, Ltd.#

      57,240        1,240,963  

International Seaways, Inc.†

      17,522        323,106  

Navios Maritime Acquisition Corp.#

      49,124        61,896  

Navios Maritime Holdings, Inc.†

      53,481        82,361  

Nordic American Offshore, Ltd.

      2,441        2,954  

Nordic American Tankers, Ltd.#

      59,561        282,319  

Overseas Shipholding Group, Inc., Class A†

      26,967        60,945  

Safe Bulkers, Inc.†

      28,662        92,865  

Scorpio Bulkers, Inc.†

      34,989        281,661  

Scorpio Tankers, Inc.#

      98,221        399,760  

Ship Finance International, Ltd.#

      35,641        465,115  

Teekay Corp.#

      32,160        296,515  

Teekay Tankers, Ltd., Class A#

      72,649        102,435  
     

 

 

  
        5,140,797  
     

 

 

  

Transport-Services - 0.1%

 

Echo Global Logistics, Inc.†

      16,428        249,706  

Hub Group, Inc., Class A†

      19,441        747,506  

Matson, Inc.

      25,519        658,390  

Radiant Logistics, Inc.†

      22,301        112,620  
     

 

 

  
        1,768,222  
     

 

 

  

Transport-Truck - 0.7%

 

ArcBest Corp.

      15,431        458,301  

Covenant Transportation Group, Inc., Class A†

      7,074        169,847  

Daseke, Inc.†#

      12,199        159,807  

Forward Air Corp.

      17,882        929,328  

Heartland Express, Inc.

      28,166        624,440  

Knight Transportation, Inc.

      43,571        1,701,448  

Marten Transport, Ltd.

      23,216        398,154  

Roadrunner Transportation Systems, Inc.†

      18,202        135,969  

Saia, Inc.†

      15,076        852,548  

Schneider National, Inc., Class B

      19,405        431,761  

Swift Transportation Co.†#

      43,321        1,215,154  

Universal Logistics Holdings, Inc.

      4,974        82,568  

Werner Enterprises, Inc.

      28,404        940,172  

YRC Worldwide, Inc.†

      19,679        263,502  
     

 

 

  
        8,362,999  
     

 

 

  

Travel Services - 0.1%

 

Liberty TripAdvisor Holdings, Inc., Class A†

      43,271        577,668  
     

 

 

  

Venture Capital - 0.0%

 

Safeguard Scientifics, Inc.†

      12,063        147,169  
     

 

 

  

Veterinary Diagnostics - 0.2%

 

Heska Corp.†

      3,842        390,808  

Kindred Biosciences, Inc.†

      12,541        95,312  

Neogen Corp.†

      22,104        1,522,966  

Phibro Animal Health Corp., Class A

      11,285        400,617  
     

 

 

  
        2,409,703  
     

 

 

  

Vitamins & Nutrition Products - 0.1%

 

Natural Grocers by Vitamin Cottage, Inc.†#

      5,369        30,174  

Natural Health Trends Corp.

      4,376        88,308  

Nature’s Sunshine Products, Inc.

      6,394        67,457  

Omega Protein Corp.

      13,132        207,485  

USANA Health Sciences, Inc.†

      6,908        408,953  
     

 

 

  
        802,377  
     

 

 

  

Water - 0.3%

 

American States Water Co.

      21,630        1,066,359  

Artesian Resources Corp., Class A

      4,677        173,470  

California Water Service Group

      28,615        1,071,632  

Connecticut Water Service, Inc.

      6,589        357,387  

Consolidated Water Co., Ltd.

      8,700        103,965  

Global Water Resources, Inc.#

      6,043        57,892  

Middlesex Water Co.

      9,468        359,595  

SJW Group

      9,743        540,736  

York Water Co.

      7,643        251,455  
     

 

 

  
        3,982,491  
     

 

 

  

Water Treatment Systems - 0.0%

 

AquaVenture Holdings, Ltd.†#

      6,896        104,543  

Energy Recovery, Inc.†#

      21,594        140,361  

Pure Cycle Corp.†#

      10,191        73,885  
     

 

 

  
        318,789  
     

 

 

  

Web Hosting/Design - 0.2%

 

Endurance International Group Holdings, Inc.†

      34,545        265,996  

NIC, Inc.

      38,200        624,570  

Q2 Holdings, Inc.†#

      18,665        757,799  

Web.com Group, Inc.†

      22,859        578,333  
     

 

 

  
        2,226,698  
     

 

 

  

Web Portals/ISP - 0.1%

 

Blucora, Inc.†

      24,588        560,607  

Meet Group, Inc.†#

      39,883        156,341  
     

 

 

  
        716,948  
     

 

 

  

Wire & Cable Products - 0.3%

 

Belden, Inc.

      25,067        1,931,914  

Encore Wire Corp.

      12,072        517,889  

General Cable Corp.#

      29,334        497,211  

Insteel Industries, Inc.

      10,838        271,708  
     

 

 

  
        3,218,722  
     

 

 

  

Wireless Equipment - 0.5%

 

Aerohive Networks, Inc.†

      18,708        64,543  

CalAmp Corp.†

      20,602        381,961  

Gogo, Inc.†#

      33,953        475,682  

InterDigital, Inc.

      20,630        1,471,950  

Quantenna Communications, Inc.†#

      12,581        233,755  

Telenav, Inc.†

      18,216        118,404  

Ubiquiti Networks, Inc.†#

      13,775        820,852  

ViaSat, Inc.†#

      31,725        2,018,027  
     

 

 

  
        5,585,174  
     

 

 

  

X-Ray Equipment - 0.1%

 

Varex Imaging Corp.†

      22,442        685,154  

ViewRay, Inc.†#

      17,426        91,661  
     

 

 

  
        776,815  
     

 

 

  

Total Common Stocks

      

(cost $862,934,413)

 

      1,144,208,000  
     

 

 

  

WARRANTS - 0.0%

 

Finance-Other Services - 0.0%

 

Emergent Capital, Inc.†
Expires 04/11/2019

     1,320        0  
     

 

 

  

Medical-Biomedical/Gene - 0.0%

 

Asterias Biotherapeutics, Inc.†#
Expires 09/29/2017
(strike price $5.00)

      1,196        275  
     

 

 

  

Total Warrants

      

(cost $682)

 

      275  
     

 

 

  

Total Long-Term Investment Securities

      

(cost $862,935,095)

 

      1,144,208,275  
     

 

 

  

SHORT-TERM INVESTMENT SECURITIES - 11.7%

 

Registered Investment Companies - 6.5%

 

State Street Navigator Securities Lending Government Money Market Portfolio
1.01%(3)(4)

      79,083,165        79,083,165  
     

 

 

  

U.S. Government Treasuries - 5.2%

 

United States Treasury Bills
0.97% due 09/21/2017

    $ 55,000,000       54,972,624  

0.97% due 09/07/2017(5)

      7,500,000       7,498,886  

1.00% due 10/05/2017(5)

      500,000       499,481  

1.08% due 10/26/2017(5)

      500,000       499,232  

1.11% due 02/01/2018(5)

      500,000       497,774  
    

 

 

  
       63,967,997  
    

 

 

  

Total Short-Term Investment Securities

 

  

(cost $143,048,813)

        143,051,162  
    

 

 

  

REPURCHASE AGREEMENTS - 1.1%

 

Agreement with Fixed Income Clearing Corp., bearing interest at 0.12%, dated 08/31/2017, to be repurchased 09/01/2017 in the amount $13,796,046 collateralized by $14,115,000 of U.S. Treasury Inflation Index Bonds, bearing interest at 0.75% due 02/15/2045 and having an approximate value of $14,076,212
(cost $13,796,000)

      13,796,000       13,796,000  
    

 

 

  

TOTAL INVESTMENTS

     

(cost $1,019,779,908)

      106.5 %      1,301,055,437  

Liabilities in excess of other assets

      (6.5 )      (79,044,356 ) 
  

 

 

    

 

 

  

NET ASSETS

      100.0 %    $ 1,222,011,081  
  

 

 

    

 

 

  

 

† Non-income producing security
# The security or a portion thereof is out on loan.
(1) Security classified as Level 3 (see Note 1).
(2) Illiquid security. At August 31, 2017, the aggregate value of these securities was $262,435 representing 0.0% of net assets.
(3) At August 31, 2017, the Fund had loaned securities with a total value of $230,216,617. This was secured by collateral of $79,083,165, which was received in cash and subsequently invested in short-term investments currently valued at $79,083,165 as reported in the Portfolio of Investments. Additional collateral of $154,472,501 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
August 31, 2017		  

Federal Home Loan Mtg. Corp.

    2.50% to 4.50%      08/01/2027 to 01/01/2047      $ 4,988,268  

Federal National Mtg. Assoc.

    2.63% to 4.25%      10/25/2029 to 11/01/2046        4,098,856  

Government National Mtg. Assoc.

    2.50% to 3.50%      01/20/2043 to 05/16/2053        8,563,275  

United States Treasury Bills

    0.00%      09/07/2017 to 07/19/2018        6,171,400  

United States Treasury Notes/Bonds

    zero coupon to 8.13%      09/30/2017 to 05/15/2047        130,650,702  

 

(4) The rate shown is the 7-day yield as of August 31, 2017.
(5) The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts.
CVR - Contingent Value Rights

 

Futures Contracts                                

Number of

Contracts

   Type      Description    Expiration
Month		      Notional
Basis*		      Notional
Value*		      Unrealized
Appreciation
(Depreciation) 		 
1,121     Long      Russell 2000 Mini Index      September 2017      $ 78,863,157      $ 78,716,620      ($ 146,537 ) 
                

 

 

  

 

* Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract.

The following is a summary of the inputs used to value the Fund’s net assets as of August 31, 2017 (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:

            

Medical-Biomedical/Gene

    $ 54,152,656      $ —        $ 2,429      $ 54,155,085  

Medical - Drugs

      26,306,526        —          0        26,306,526  

Metal-Diversified

      —          —          0        0  

Multimedia

      1,479,655        —          0        1,479,655  

Oil Companies - Exploration & Production

      12,825,759        —          0        12,825,759  

Specified Purpose Acquisitions

      —          —          0        0  

Therapeutics

      6,144,316        —          260,006        6,404,322  

Other Industries

      1,043,036,653        —          —          1,043,036,653  

Warrants:

            

Finance - Other Services

      —          0        —          0  

Medical - Biomedical/Gene

      275        —          —          275  

Short-Term Investment Securities:

            

Registered Investment Companies

      79,083,165        —          —          79,083,165  

U.S. Government Treasuries

      —          63,967,997        —          63,967,997  

Repurchase Agreements

      —          13,796,000        —          13,796,000  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investment at Value

    $ 1,223,029,005      $ 77,763,997      $ 262,435      $ 1,301,055,437  
  

 

 

     

 

 

     

 

 

     

 

 

  

LIABILITIES:

            

Other Financial Instruments:+

            

Futures Contracts

    $ 146,537      $ —        $ —        $ 146,537  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

* 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, forwards, swaps 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 Portfolio of Investments

VALIC Company I Small Cap Special Values Fund

PORTFOLIO OF INVESTMENTS - August 31, 2017

 

Security Description

    Shares      Value
(Note 1)		  

COMMON STOCKS - 94.0%

      

Apparel Manufacturers - 0.5%

      

Delta Apparel, Inc.†

      69,276      $ 1,359,195  
     

 

 

  

Applications Software - 0.5%

      

Progress Software Corp.

      40,732        1,367,781  
     

 

 

  

Athletic Equipment - 0.1%

      

Vista Outdoor, Inc.†#

      18,324        375,642  
     

 

 

  

Auto/Truck Parts & Equipment-Replacement - 1.5%

      

Douglas Dynamics, Inc.

      121,598        4,243,770  
     

 

 

  

Banks-Commercial - 7.7%

      

Associated Banc-Corp.

      157,001        3,438,322  

First Citizens BancShares, Inc., Class A

      18,572        6,323,952  

Hancock Holding Co.

      72,325        3,178,684  

Renasant Corp.

      88,486        3,524,397  

UMB Financial Corp.

      83,564        5,608,815  
     

 

 

  
        22,074,170  
     

 

 

  

Batteries/Battery Systems - 1.3%

      

Energizer Holdings, Inc.

      37,996        1,677,524  

EnerSys

      33,682        2,159,016  
     

 

 

  
        3,836,540  
     

 

 

  

Beverages-Non-alcoholic - 0.9%

      

Cott Corp.

      178,549        2,710,374  
     

 

 

  

Building & Construction Products-Misc. - 2.3%

      

Simpson Manufacturing Co., Inc.

      151,935        6,651,714  
     

 

 

  

Building Products-Cement - 1.8%

      

Eagle Materials, Inc.

      54,355        5,286,024  
     

 

 

  

Chemicals-Diversified - 1.8%

      

Innospec, Inc.

      90,604        5,028,522  
     

 

 

  

Chemicals-Plastics - 1.3%

      

A. Schulman, Inc.

      53,334        1,621,354  

PolyOne Corp.

      54,001        1,951,596  
     

 

 

  
        3,572,950  
     

 

 

  

Chemicals-Specialty - 4.4%

      

CSW Industrials, Inc.†

      93,031        3,893,347  

Ingevity Corp.†

      24,548        1,545,788  

KMG Chemicals, Inc.

      29,074        1,396,134  

Quaker Chemical Corp.

      22,037        3,067,991  

Sensient Technologies Corp.

      38,956        2,810,675  
     

 

 

  
        12,713,935  
     

 

 

  

Commercial Services-Finance - 0.2%

      

Liberty Tax, Inc.#

      39,268        528,155  
     

 

 

  

Computer Services - 3.3%

      

Conduent, Inc.†#

      135,234        2,232,713  

DST Systems, Inc.

      86,542        4,442,201  

Sykes Enterprises, Inc.†

      100,175        2,670,666  
     

 

 

  
        9,345,580  
     

 

 

  

Consumer Products-Misc. - 2.4%

      

Central Garden & Pet Co.†#

      74,944        2,641,776  

Helen of Troy, Ltd.†

      47,040        4,247,712  
     

 

 

  
        6,889,488  
     

 

 

  

Containers-Metal/Glass - 1.6%

      

Silgan Holdings, Inc.

      153,076        4,606,057  
     

 

 

  

Dental Supplies & Equipment - 0.9%

      

Patterson Cos., Inc.#

      68,894        2,652,419  
     

 

 

  

Diversified Operations - 1.1%

      

HRG Group, Inc.†

      205,511        3,245,019  
     

 

 

  

Diversified Operations/Commercial Services - 0.9%

      

Viad Corp.

      46,703        2,566,330  
     

 

 

  

E-Marketing/Info - 0.6%

      

New Media Investment Group, Inc.#

      126,342        1,742,256  
     

 

 

  

Electric Products-Misc. - 2.4%

      

Novanta, Inc.†

      176,722        6,909,830  
     

 

 

  

Electric-Integrated - 1.6%

      

Hawaiian Electric Industries, Inc.#

      137,617        4,599,160  
     

 

 

  

Electronic Components-Misc. - 1.6%

      

AVX Corp.

      126,128        2,200,933  

Vishay Intertechnology, Inc.#

      136,564        2,417,183  
     

 

 

  
        4,618,116  
     

 

 

  

Electronic Components-Semiconductors - 0.4%

      

DSP Group, Inc.†

      86,225        1,026,078  
     

 

 

  

Electronic Measurement Instruments - 1.7%

      

Badger Meter, Inc.#

      47,243        2,168,454  

Orbotech, Ltd.†

      65,090        2,586,676  
     

 

 

  
        4,755,130  
     

 

 

  

Enterprise Software/Service - 0.5%

      

Manhattan Associates, Inc.†#

      30,885        1,298,714  
     

 

 

  

Food-Canned - 1.4%

      

TreeHouse Foods, Inc.†#

      60,447        4,049,345  
     

 

 

  

Food-Misc./Diversified - 1.3%

      

Nomad Foods, Ltd.†

      252,289        3,789,381  
     

 

 

  

Food-Retail - 0.3%

      

SUPERVALU, Inc.†

      48,874        976,991  
     

 

 

  

Footwear & Related Apparel - 0.8%

      

Steven Madden, Ltd.†

      53,710        2,277,304  
     

 

 

  

Human Resources - 2.6%

      

AMN Healthcare Services, Inc.†#

      50,214        1,875,493  

Korn/Ferry International

      167,454        5,579,567  
     

 

 

  
        7,455,060  
     

 

 

  

Identification Systems - 0.9%

      

Brady Corp., Class A

      73,597        2,454,460  
     

 

 

  

Insurance Brokers - 1.4%

      

Brown & Brown, Inc.

      89,748        4,035,070  
     

 

 

  

Insurance-Property/Casualty - 2.2%

      

ProAssurance Corp.

      75,757        4,034,060  

Stewart Information Services Corp.

      64,836        2,339,283  
     

 

 

  
        6,373,343  
     

 

 

  

Insurance-Reinsurance - 1.5%

      

Validus Holdings, Ltd.

      85,185        4,272,028  
     

 

 

  

Investment Companies - 1.1%

      

Apollo Investment Corp.#

      249,217        1,470,380  

GlassBridge Enterprises, Inc.†#

      58,692        140,274  

New Mountain Finance Corp.

      105,116        1,482,136  
     

 

 

  
        3,092,790  
     

 

 

  

Investment Management/Advisor Services - 2.3%

      

Artisan Partners Asset Management, Inc., Class A

      99,945        3,068,311  

Westwood Holdings Group, Inc.

      58,460        3,573,660  
     

 

 

  
        6,641,971  
     

 

 

  

Machinery-Electrical - 1.6%

      

Franklin Electric Co., Inc.#

      115,453        4,450,713  
     

 

 

  

Machinery-General Industrial - 2.1%

      

Kadant, Inc.

      70,668        6,137,516  
     

 

 

  

Medical Imaging Systems - 1.6%

      

Analogic Corp.

      65,949        4,718,651  
     

 

 

  

Medical Products - 1.1%

      

Haemonetics Corp.†#

      71,257        3,065,476  
     

 

 

  

Medical-Biomedical/Gene - 0.8%

      

Innoviva, Inc.†

      162,224        2,277,625  
     

 

 

  

Medical-Wholesale Drug Distribution - 0.5%

      

Owens & Minor, Inc.

      51,794        1,447,124  
     

 

 

  

Metal Processors & Fabrication - 2.2%

      

Global Brass & Copper Holdings, Inc.

      22,841        681,804  

Mueller Industries, Inc.

      190,742        5,689,834  
     

 

 

  
        6,371,638  
     

 

 

  

Miscellaneous Manufacturing - 1.1%

      

Hillenbrand, Inc.

      90,452        3,233,659  
     

 

 

  

Networking Products - 1.0%

      

NETGEAR, Inc.†

      56,881        2,730,288  
     

 

 

  

Office Supplies & Forms - 0.7%

      

ACCO Brands Corp.†

      170,702        1,869,187  
     

 

 

  

Oil & Gas Drilling - 0.7%

      

Patterson-UTI Energy, Inc.

      117,085        1,869,848  
     

 

 

  

Oil Companies-Exploration & Production - 1.8%

      

QEP Resources, Inc.†

      153,187        1,156,562  

Whiting Petroleum Corp.†#

      184,703        825,622  

WPX Energy, Inc.†

      303,239        3,029,358  
     

 

 

  
        5,011,542  
     

 

 

  

Oil-Field Services - 1.3%

      

C&J Energy Services, Inc.†

      47,691        1,204,675  

Oil States International, Inc.†

      81,955        1,782,521  

TETRA Technologies, Inc.†

      315,123        649,153  
     

 

 

  
        3,636,349  
     

 

 

  

Paper & Related Products - 3.1%

      

Neenah Paper, Inc.

      77,951        6,021,715  

Schweitzer-Mauduit International, Inc.

      76,527        2,902,669  
     

 

 

  
        8,924,384  
     

 

 

  

Printing-Commercial - 2.8%

      

Deluxe Corp.#

      50,241        3,484,213  

Ennis, Inc.

      192,106        3,669,225  

LSC Communications, Inc.

      53,016        854,088  
     

 

 

  
        8,007,526  
     

 

 

  

Publishing-Newspapers - 0.7%

      

A.H. Belo Corp., Class A

      224,875        1,124,375  

Gannett Co., Inc.

      104,431        886,619  
     

 

 

  
        2,010,994  
     

 

 

  

Quarrying - 0.8%

      

Compass Minerals International, Inc.#

      35,968        2,402,662  
     

 

 

  

Real Estate Investment Trusts - 4.3%

      

Apollo Commercial Real Estate Finance, Inc.#

      119,996        2,170,727  

Gramercy Property Trust#

      113,846        3,467,749  

LaSalle Hotel Properties#

      155,534        4,414,055  

Washington Real Estate Investment Trust#

      72,631        2,386,655  
     

 

 

  
        12,439,186  
     

 

 

  

Real Estate Management/Services - 0.5%

      

Jones Lang LaSalle, Inc.

      11,765        1,434,271  
     

 

 

  

Retail-Apparel/Shoe - 1.3%

      

Buckle, Inc.#

      87,689        1,240,799  

Christopher & Banks Corp.†#

      188,005        242,527  

Guess?, Inc.#

      146,847        2,287,876  
     

 

 

  
        3,771,202  
     

 

 

  

Retail-Restaurants - 3.4%

      

Denny’s Corp.†

      370,303        4,428,824  

DineEquity, Inc.#

      70,797        2,814,181  

Ruby Tuesday, Inc.†

      147,791        317,750  

Wendy’s Co.#

      150,051        2,238,761  
     

 

 

  
        9,799,516  
     

 

 

  

Steel Pipe & Tube - 0.7%

      

Atkore International Group, Inc.†

      121,684        2,027,255  
     

 

 

  

Telecom Services - 0.3%

      

Consolidated Communications Holdings, Inc.

      50,425        930,341  
     

 

 

  

Textile-Products - 0.1%

      

Dixie Group, Inc.†

      101,112        414,559  
     

 

 

  

Transactional Software - 0.4%

      

ACI Worldwide, Inc.†

      55,329        1,259,288  
     

 

 

  

Total Common Stocks

      

(cost $247,224,014)

         269,661,492  
     

 

 

  

PREFERRED SECURITIES - 0.7%

      

Diversified Operations - 0.7%

      

Steel Partners Holdings LP
Series A# 6.00%
(cost $2,378,433)

      90,095        1,995,604  
     

 

 

  

Total Long-Term Investment Securities

      

(cost $249,602,447)

         271,657,096  
     

 

 

  

SHORT-TERM INVESTMENT SECURITIES - 7.5%

      

Registered Investment Companies - 2.3%

      

State Street Navigator Securities Lending Government Money Market Portfolio
1.01%(1)(2)

      6,413,610        6,413,610  
     

 

 

  

Time Deposits - 5.2%

      

Euro Time Deposit with State Street Bank and Trust Co.
0.12% due 09/01/2017

      14,996,000        14,996,000  
     

 

 

  

Total Short-Term Investment Securities

      

(cost $21,409,610)

         21,409,610  
     

 

 

  

TOTAL INVESTMENTS

     

(cost $271,012,057)

      102.2 %      293,066,706  

Liabilities in excess of other assets

      (2.2 )      (6,202,884 ) 
  

 

 

    

 

 

  

NET ASSETS

      100.0 %    $ 286,863,822  
  

 

 

    

 

 

  

 

† Non-income producing security
# The security or a portion thereof is out on loan.
(1) At August 31, 2017, the Fund had loaned securities with a total value of $42,708,795. This was secured by collateral of $6,413,610, which was received in cash and subsequently invested in short-term investments currently valued at $6,413,610 as reported in the Portfolio of Investments. Additional collateral of $37,225,944 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
August 31, 2017		  

Federal Home Loan Mtg. Corp.

    2.50% to 4.50%     08/01/2027 to 01/01/2047      $ 1,016,502  

Federal National Mtg. Assoc.

    2.63% to 4.25%     10/25/2029 to 11/01/2046        835,259  

Government National Mtg. Assoc.

    2.50% to 3.50%     01/20/2043 to 05/16/2053        1,745,012  

United States Treasury Bills

    0.00%     09/07/2017 to 03/01/2018        2,595,683  

United States Treasury Notes/Bonds

    zero coupon to 8.13%     09/30/2017 to 02/15/2047        31,033,488  

 

(2) The rate shown is the 7-day yield as of August 31, 2017.

The following is a summary of the inputs used to value the Fund’s net assets as of August 31, 2017 (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

    $ 269,661,492      $ —        $ —        $ 269,661,492  

Preferred Secutities

      1,995,604        —          —          1,995,604  

Short-Term Investment Securities:

            

Registered Investment Companies

      6,413,610        —          —          6,413,610  

Time Deposits

      —          14,996,000        —          14,996,000  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments at Value

    $ 278,070,706      $ 14,996,000      $ —        $ 293,066,706  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

* 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 Portfolio of Investments

VALIC Company I Small-Mid Growth Fund

PORTFOLIO OF INVESTMENTS - August 31, 2017 - (unaudited)

 

Security Description

    Shares      Value
(Note 1)		  

COMMON STOCKS - 95.2%

      

Aerospace/Defense-Equipment - 1.3%

      

L3 Technologies, Inc.

      7,690      $ 1,395,581  
     

 

 

  

Applications Software - 2.4%

      

Red Hat, Inc.†

      10,510        1,129,825  

ServiceNow, Inc.†#

      10,115        1,175,262  

Tableau Software, Inc., Class A†

      4,224        306,155  
     

 

 

  
        2,611,242  
     

 

 

  

Auto/Truck Parts & Equipment-Original - 1.2%

      

WABCO Holdings, Inc.†

      9,324        1,339,113  
     

 

 

  

Banks-Commercial - 3.6%

      

Eagle Bancorp, Inc.†

      33,424        2,078,973  

First Republic Bank

      18,954        1,839,485  
     

 

 

  
        3,918,458  
     

 

 

  

Beverages-Wine/Spirits - 1.3%

      

MGP Ingredients, Inc.#

      24,848        1,397,203  
     

 

 

  

Building & Construction Products-Misc. - 1.9%

      

Fortune Brands Home & Security, Inc.

      21,347        1,334,828  

Summit Materials, Inc., Class A†

      24,423        721,455  
     

 

 

  
        2,056,283  
     

 

 

  

Building-Residential/Commercial - 0.8%

      

M/I Homes, Inc.†

      37,702        927,469  
     

 

 

  

Chemicals-Specialty - 1.8%

      

Ashland Global Holdings, Inc.

      11,978        743,235  

Valvoline, Inc.

      56,295        1,198,520  
     

 

 

  
        1,941,755  
     

 

 

  

Coatings/Paint - 1.1%

      

RPM International, Inc.

      25,658        1,256,472  
     

 

 

  

Commercial Services - 1.6%

      

Healthcare Services Group, Inc.

      33,679        1,724,365  
     

 

 

  

Commercial Services-Finance - 3.4%

      

Global Payments, Inc.

      21,124        2,017,131  

Total System Services, Inc.

      25,122        1,736,432  
     

 

 

  
        3,753,563  
     

 

 

  

Computer Software - 2.7%

      

InterXion Holding NV†

      31,023        1,608,542  

Splunk, Inc.†#

      19,621        1,316,373  
     

 

 

  
        2,924,915  
     

 

 

  

Computers-Periphery Equipment - 1.8%

      

Electronics For Imaging, Inc.†#

      44,020        1,565,351  

Kornit Digital, Ltd.†#

      24,470        415,990  
     

 

 

  
        1,981,341  
     

 

 

  

Consulting Services - 0.6%

      

Gartner, Inc.†

      5,021        605,482  
     

 

 

  

Decision Support Software - 0.8%

      

MSCI, Inc.

      7,634        874,933  
     

 

 

  

Diagnostic Kits - 0.3%

      

IDEXX Laboratories, Inc.†

      1,970        306,197  
     

 

 

  

Disposable Medical Products - 1.1%

      

ICU Medical, Inc.†

      6,899        1,202,841  
     

 

 

  

Electronic Components-Semiconductors - 3.3%

      

Advanced Micro Devices, Inc.†#

      43,121        560,573  

Cavium, Inc.†#

      9,969        631,137  

Monolithic Power Systems, Inc.

      7,712        781,380  

Qorvo, Inc.†#

      7,677        562,110  

Xilinx, Inc.#

      17,016        1,124,077  
     

 

 

  
        3,659,277  
     

 

 

  

Electronic Measurement Instruments - 1.7%

      

Agilent Technologies, Inc.

      8,755        566,624  

Badger Meter, Inc.#

      27,521        1,263,214  
     

 

 

  
        1,829,838  
     

 

 

  

Enterprise Software/Service - 3.6%

      

Evolent Health, Inc., Class A†#

      43,135        720,355  

Tyler Technologies, Inc.†

      10,826        1,870,733  

Ultimate Software Group, Inc.†#

      6,465        1,298,818  
     

 

 

  
        3,889,906  
     

 

 

  

Finance-Consumer Loans - 0.9%

      

SLM Corp.†

      100,968        1,026,845  
     

 

 

  

Finance-Investment Banker/Broker - 1.7%

      

Lazard, Ltd., Class A

      44,241        1,897,496  
     

 

 

  

Food-Misc./Diversified - 1.7%

      

Blue Buffalo Pet Products, Inc.†#

      44,551        1,147,634  

Snyder’s-Lance, Inc.#

      20,794        738,603  
     

 

 

  
        1,886,237  
     

 

 

  

Industrial Automated/Robotic - 0.7%

      

Cognex Corp.

      7,304        795,917  
     

 

 

  

Instruments-Controls - 2.7%

      

Mettler-Toledo International, Inc.†

      1,895        1,146,646  

Sensata Technologies Holding NV†#

      39,547        1,766,169  
     

 

 

  
        2,912,815  
     

 

 

  

Instruments-Scientific - 1.6%

      

PerkinElmer, Inc.

      25,857        1,732,160  
     

 

 

  

Investment Management/Advisor Services - 1.6%

      

Affiliated Managers Group, Inc.

      10,137        1,791,107  
     

 

 

  

Machinery-General Industrial - 5.1%

      

IDEX Corp.

      10,360        1,218,129  

Middleby Corp.†

      23,654        2,878,692  

Tennant Co.

      14,974        912,665  

Welbilt, Inc.†

      28,993        576,961  
     

 

 

  
        5,586,447  
     

 

 

  

Machinery-Pumps - 3.6%

      

Gorman-Rupp Co.

      23,663        720,302  

Graco, Inc.

      5,025        580,438  

Xylem, Inc.

      42,018        2,608,057  
     

 

 

  
        3,908,797  
     

 

 

  

Medical Information Systems - 0.8%

      

athenahealth, Inc.†#

      6,049        852,486  
     

 

 

  

Medical Products - 4.4%

      

ABIOMED, Inc.†

      9,480        1,429,584  

Cooper Cos., Inc.

      3,379        847,554  

Nevro Corp.†#

      14,567        1,255,384  

West Pharmaceutical Services, Inc.

      14,146        1,231,268  
     

 

 

  
        4,763,790  
     

 

 

  

Medical-Biomedical/Gene - 3.1%

      

Acceleron Pharma, Inc.†#

      17,047        660,742  

Alder Biopharmaceuticals, Inc.†

      38,777        380,014  

Exelixis, Inc.†

      50,763        1,484,310  

Ultragenyx Pharmaceutical, Inc.†#

      14,513        828,112  
     

 

 

  
        3,353,178  
     

 

 

  

Medical-Drugs - 4.4%

     

ACADIA Pharmaceuticals, Inc.†#

      33,237       1,183,570  

Alkermes PLC†#

      27,712       1,407,215  

Galapagos NV ADR†

      6,503       601,463  

PRA Health Sciences, Inc.†

      7,391       572,063  

TESARO, Inc.†#

      8,284       1,069,796  
    

 

 

  
       4,834,107  
    

 

 

  

Medical-HMO - 1.0%

     

WellCare Health Plans, Inc.†

      6,069       1,060,133  
    

 

 

  

Medical-Hospitals - 1.1%

     

Acadia Healthcare Co., Inc.†#

      25,433       1,193,825  
    

 

 

  

Miscellaneous Manufacturing - 1.4%

     

John Bean Technologies Corp.#

      17,382       1,541,783  
    

 

 

  

Office Supplies & Forms - 1.5%

     

Avery Dennison Corp.

      17,464       1,646,157  
    

 

 

  

Oil Companies-Exploration & Production - 2.0%

     

Concho Resources, Inc.†

      6,022       668,262  

Diamondback Energy, Inc.†

      17,308       1,571,393  
    

 

 

  
       2,239,655  
    

 

 

  

Power Converter/Supply Equipment - 1.0%

     

Hubbell, Inc.

      9,988       1,126,547  
    

 

 

  

Real Estate Investment Trusts - 0.7%

     

SBA Communications Corp.†

      5,188       796,617  
    

 

 

  

Real Estate Management/Services - 0.8%

     

HFF, Inc., Class A

      24,157       921,106  
    

 

 

  

Resort/Theme Parks - 1.0%

     

Vail Resorts, Inc.

      4,879       1,112,168  
    

 

 

  

Retail-Apparel/Shoe - 2.3%

     

Burlington Stores, Inc.†

      13,082       1,139,834  

PVH Corp.

      10,729       1,350,674  
    

 

 

  
       2,490,508  
    

 

 

  

Retail-Gardening Products - 0.4%

     

Tractor Supply Co.#

      8,215       488,875  
    

 

 

  

Retail-Misc./Diversified - 0.9%

     

Five Below, Inc.†

      21,460       1,020,852  
    

 

 

  

Retail-Perfume & Cosmetics - 0.5%

     

Ulta Beauty, Inc.†

      2,255       498,378  
    

 

 

  

Retail-Restaurants - 3.9%

     

Dunkin’ Brands Group, Inc.

      35,493       1,830,019  

Jack in the Box, Inc.

      8,387       785,191  

Shake Shack, Inc., Class A†#

      12,054       372,710  

Wingstop, Inc.#

      37,800       1,225,098  
    

 

 

  
       4,213,018  
    

 

 

  

Schools - 1.0%

     

Bright Horizons Family Solutions, Inc.†

      14,226       1,137,084  
    

 

 

  

Therapeutics - 2.5%

     

Agios Pharmaceuticals, Inc.†#

      19,270       1,219,020  

Neurocrine Biosciences, Inc.†#

      22,854       1,293,536  

Sarepta Therapeutics, Inc.†#

      5,733       230,983  
    

 

 

  
       2,743,539  
    

 

 

  

Transactional Software - 2.1%

     

Black Knight Financial Services, Inc., Class A†#

      54,746       2,332,180  
    

 

 

  

Veterinary Diagnostics - 0.5%

     

Neogen Corp.†

      7,658       527,636  
    

 

 

  

Web Hosting/Design - 2.0%

     

GoDaddy, Inc., Class A†

      40,668       1,822,740  

Wix.com, Ltd.†#

      6,000       390,600  
    

 

 

  
       2,213,340  
    

 

 

  

Total Long-Term Investment Securities

     

(cost $88,446,133)

        104,241,017  
    

 

 

  

SHORT-TERM INVESTMENT SECURITIES - 9.1%

     

Registered Investment Companies - 9.1%

     

State Street Institutional U.S. Government Money Market Fund,
Administration Class
0.68%(2)

      5,329,406       5,329,406  

State Street Navigator Securities Lending Government Money Market Portfolio
1.01%(1)(2)

      4,656,306       4,656,306  
    

 

 

  

Total Short-Term Investment Securities

     

(cost $9,985,712)

        9,985,712  
    

 

 

  

TOTAL INVESTMENTS

     

(cost $98,431,845)

      104.3 %      114,226,729  

Liabilities in excess of other assets

      (4.3 )      (4,755,372 ) 
  

 

 

    

 

 

  

NET ASSETS

      100.0 %    $ 109,471,357  
  

 

 

    

 

 

  

 

† Non-income producing security
# The security or a portion thereof is out on loan.
(1) At August 31, 2017, the Fund had loaned securities with a total value of $21,450,262. This was secured by collateral of $4,656,306, which was received in cash and subsequently invested in short-term investments currently valued at $4,656,306 as reported in the Portfolio of Investments. Additional collateral of $17,052,790 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
August 31, 2017		  

Federal Home Loan Mtg. Corp.

    2.50% to 4.50%      08/01/2027 to 01/01/2047      $ 1,212,163  

Federal National Mtg. Assoc.

    2.63% to 4.25%      10/25/2029 to 11/01/2046        996,034  

Government National Mtg. Assoc.

    2.50% to 3.50%      01/20/2043 to 05/16/2053        2,080,900  

United States Treasury Bills

    0.00%      09/07/2017 to 07/19/2018        806,126  

United States Treasury Notes/Bonds

    zero coupon to 8.13%      09/30/2017 to 02/15/2047        11,957,567  

 

(2) The rate shown is the 7-day yield as of August 31, 2017.

 

ADR - American Depositary Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of August 31, 2017 (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

    $ 104,241,017      $ —        $ —        $ 104,241,017  

Short-Term Investment Securities:

      9,985,712        —          —          9,985,712  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments at Value

    $ 114,226,729      $ —        $ —        $ 114,226,729  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

* 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 Portfolio of Investments

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS - August 31, 2017 - (unaudited)

 

Security Description

    Shares/
Principal
Amount		      Value
(Note 1)		  

COMMON STOCKS - 98.9%

 

Advertising Agencies - 0.1%

 

Interpublic Group of Cos., Inc.

      84,636      $ 1,704,569  

Omnicom Group, Inc.#

      49,856        3,608,577  
     

 

 

  
        5,313,146  
     

 

 

  

Aerospace/Defense - 1.9%

 

Arconic, Inc.

      94,417        2,404,801  

Boeing Co.

      120,242        28,817,198  

General Dynamics Corp.

      60,746        12,231,207  

Lockheed Martin Corp.

      53,321        16,283,700  

Northrop Grumman Corp.

      37,395        10,179,293  

Raytheon Co.

      62,351        11,348,506  

Rockwell Collins, Inc.

      34,784        4,558,443  

TransDigm Group, Inc.#

      10,475        2,730,413  
     

 

 

  
        88,553,561  
     

 

 

  

Aerospace/Defense-Equipment - 0.6%

 

Harris Corp.

      26,115        3,209,533  

L3 Technologies, Inc.

      16,682        3,027,449  

United Technologies Corp.

      159,616        19,109,228  
     

 

 

  
        25,346,210  
     

 

 

  

Agricultural Chemicals - 0.3%

 

CF Industries Holdings, Inc.

      49,938        1,447,703  

Monsanto Co.

      93,997        11,016,448  

Mosaic Co.

      75,191        1,502,316  
     

 

 

  
        13,966,467  
     

 

 

  

Agricultural Operations - 0.1%

 

Archer-Daniels-Midland Co.

      122,242        5,051,039  
     

 

 

  

Airlines - 0.5%

 

Alaska Air Group, Inc.

      26,477        1,976,773  

American Airlines Group, Inc.

      105,517        4,720,831  

Delta Air Lines, Inc.

      157,667        7,440,306  

Southwest Airlines Co.

      129,524        6,753,381  

United Continental Holdings, Inc.†

      60,361        3,739,967  
     

 

 

  
        24,631,258  
     

 

 

  

Apparel Manufacturers - 0.2%

 

Hanesbrands, Inc.#

      78,005        1,892,401  

Michael Kors Holdings, Ltd.†

      33,382        1,409,388  

Ralph Lauren Corp.

      11,806        1,037,629  

Under Armour, Inc., Class A†#

      39,558        638,862  

Under Armour, Inc., Class C†#

      39,488        596,269  

VF Corp.#

      68,625        4,314,454  
     

 

 

  
        9,889,003  
     

 

 

  

Appliances - 0.1%

 

Whirlpool Corp.

      15,845        2,719,319  
     

 

 

  

Applications Software - 3.3%

 

Citrix Systems, Inc.†

      32,377        2,532,205  

Intuit, Inc.

      52,140        7,375,203  

Microsoft Corp.

      1,653,802        123,654,775  

Red Hat, Inc.†

      38,081        4,093,708  

salesforce.com, Inc.†

      143,232        13,677,224  
     

 

 

  
        151,333,115  
     

 

 

  

Athletic Footwear - 0.3%

 

NIKE, Inc., Class B

      283,875        14,991,439  
     

 

 

  

Auto-Cars/Light Trucks - 0.4%

 

Ford Motor Co.

      837,799        9,240,923  

General Motors Co.

      294,162        10,748,679  
     

 

 

  
        19,989,602  
     

 

 

  

Auto-Heavy Duty Trucks - 0.1%

 

PACCAR, Inc.

      75,247        4,991,133  
     

 

 

  

Auto/Truck Parts & Equipment-Original - 0.2%

 

BorgWarner, Inc.#

      42,732        1,983,192  

Delphi Automotive PLC

      57,385        5,531,914  
     

 

 

  
        7,515,106  
     

 

 

  

Banks-Commercial - 0.4%

 

BB&T Corp.

      173,803        8,010,580  

M&T Bank Corp.

      32,959        4,873,318  

Regions Financial Corp.

      257,492        3,633,212  

Zions Bancorporation

      43,405        1,895,062  
     

 

 

  
        18,412,172  
     

 

 

  

Banks-Fiduciary - 0.6%

 

Bank of New York Mellon Corp.

      222,751        11,645,422  

Citizens Financial Group, Inc.

      108,507        3,594,837  

Northern Trust Corp.

      46,229        4,091,267  

State Street Corp.

      75,757        7,006,765  
     

 

 

  
        26,338,291  
     

 

 

  

Banks-Super Regional - 2.3%

 

Capital One Financial Corp.

      103,456        8,236,132  

Comerica, Inc.

      37,901        2,586,743  

Fifth Third Bancorp

      160,714        4,199,457  

Huntington Bancshares, Inc.

      232,871        2,931,846  

KeyCorp

      234,796        4,040,839  

PNC Financial Services Group, Inc.

      103,656        12,999,499  

SunTrust Banks, Inc.

      103,565        5,706,432  

US Bancorp

      339,342        17,391,277  

Wells Fargo & Co.

      963,422        49,201,962  
     

 

 

  
        107,294,187  
     

 

 

  

Beverages-Non-alcoholic - 1.8%

 

Coca-Cola Co.

      823,698        37,519,444  

Dr Pepper Snapple Group, Inc.

      39,375        3,585,094  

Monster Beverage Corp.†

      86,358        4,820,503  

PepsiCo, Inc.

      305,997        35,413,033  
     

 

 

  
        81,338,074  
     

 

 

  

Beverages-Wine/Spirits - 0.2%

 

Brown-Forman Corp., Class B

      37,891        2,009,739  

Constellation Brands, Inc., Class A

      36,725        7,348,672  
     

 

 

  
        9,358,411  
     

 

 

  

Brewery - 0.1%

 

Molson Coors Brewing Co., Class B

      39,556        3,550,151  
     

 

 

  

Broadcast Services/Program - 0.1%

 

Discovery Communications, Inc., Class A†#

      32,939        731,575  

Discovery Communications, Inc., Class C†

      45,162        948,854  

Scripps Networks Interactive, Inc., Class A

      20,544        1,759,593  
     

 

 

  
        3,440,022  
     

 

 

  

Building & Construction Products-Misc. - 0.0%

 

Fortune Brands Home & Security, Inc.

      32,955        2,060,676  
     

 

 

  

Building Products-Air & Heating - 0.2%

 

Johnson Controls International PLC

      200,951        7,955,650  
     

 

 

  

Building Products-Cement - 0.1%

 

Martin Marietta Materials, Inc.

      13,416        2,844,058  

Vulcan Materials Co.

      28,309        3,432,749  
     

 

 

  
        6,276,807  
     

 

 

  

Building Products-Wood - 0.1%

 

Masco Corp.

      68,535        2,520,032  
     

 

 

  

Building-Residential/Commercial - 0.1%

 

D.R. Horton, Inc.

      73,211        2,646,578  

Lennar Corp., Class A

      43,525        2,252,854  

PulteGroup, Inc.

      60,825        1,570,501  
     

 

 

  
        6,469,933  
     

 

 

  

Cable/Satellite TV - 1.4%

 

Charter Communications, Inc., Class A†

      46,202        18,413,345  

Comcast Corp., Class A

      1,013,789        41,169,971  

DISH Network Corp., Class A†

      48,727        2,791,570  
     

 

 

  
        62,374,886  
     

 

 

  

Casino Hotels - 0.1%

 

MGM Resorts International

      103,416        3,408,591  

Wynn Resorts, Ltd.#

      17,103        2,377,146  
     

 

 

  
        5,785,737  
     

 

 

  

Chemicals-Diversified - 1.1%

 

Dow Chemical Co.

      240,764        16,046,921  

E.I. du Pont de Nemours & Co.

      185,726        15,587,983  

Eastman Chemical Co.

      31,237        2,692,629  

FMC Corp.#

      28,704        2,474,859  

LyondellBasell Industries NV, Class A

      70,753        6,409,514  

PPG Industries, Inc.

      54,880        5,725,082  
     

 

 

  
        48,936,988  
     

 

 

  

Chemicals-Specialty - 0.1%

 

Albemarle Corp.

      23,724        2,758,152  

International Flavors & Fragrances, Inc.

      16,916        2,314,955  
     

 

 

  
        5,073,107  
     

 

 

  

Coatings/Paint - 0.1%

 

Sherwin-Williams Co.

      17,355        5,888,031  
     

 

 

  

Commercial Services - 0.3%

 

Cintas Corp.#

      18,500        2,497,685  

Ecolab, Inc.

      55,917        7,453,736  

Nielsen Holdings PLC

      71,945        2,795,063  

Quanta Services, Inc.†

      31,727        1,139,951  
     

 

 

  
        13,886,435  
     

 

 

  

Commercial Services-Finance - 1.2%

 

Automatic Data Processing, Inc.

      95,839        10,203,978  

Equifax, Inc.

      25,750        3,668,603  

Global Payments, Inc.

      32,663        3,118,990  

H&R Block, Inc.#

      44,377        1,186,641  

IHS Markit, Ltd.†

      67,982        3,184,277  

Moody’s Corp.

      35,651        4,778,304  

PayPal Holdings, Inc.†

      239,308        14,760,517  

S&P Global, Inc.

      55,223        8,522,566  

Total System Services, Inc.

      35,479        2,452,308  

Western Union Co.

      100,947        1,909,917  
     

 

 

  
        53,786,101  
     

 

 

  

Computer Aided Design - 0.2%

 

ANSYS, Inc.†

      18,314        2,359,209  

Autodesk, Inc.†

      41,545        4,755,241  

Synopsys, Inc.†

      32,198        2,589,363  
     

 

 

  
        9,703,813  
     

 

 

  

Computer Services - 1.3%

 

Accenture PLC, Class A

      132,827        17,368,459  

Cognizant Technology Solutions Corp., Class A

      126,168        8,928,909  

CSRA, Inc.

      31,123        980,686  

DXC Technology Co.

      60,656        5,155,760  

International Business Machines Corp.

      183,136        26,193,942  
     

 

 

  
        58,627,756  
     

 

 

  

Computer Software - 0.0%

 

Akamai Technologies, Inc.†

      37,031        1,746,012  
     

 

 

  

Computers - 4.3%

 

Apple, Inc.

      1,116,850        183,163,400  

Hewlett Packard Enterprise Co.

      356,618        6,440,521  

HP, Inc.

      360,585        6,879,962  
     

 

 

  
        196,483,883  
     

 

 

  

Computers-Memory Devices - 0.2%

 

NetApp, Inc.

      58,040        2,243,826  

Seagate Technology PLC#

      63,620        2,005,939  

Western Digital Corp.

      62,387        5,506,900  
     

 

 

  
        9,756,665  
     

 

 

  

Consulting Services - 0.1%

 

Gartner, Inc.†

      19,371        2,335,949  

Verisk Analytics, Inc.†

      32,938        2,669,625  
     

 

 

  
        5,005,574  
     

 

 

  

Consumer Products-Misc. - 0.3%

 

Clorox Co.

      27,590        3,822,043  

Kimberly-Clark Corp.

      76,029        9,373,615  
     

 

 

  
        13,195,658  
     

 

 

  

Containers-Metal/Glass - 0.1%

 

Ball Corp.#

      74,998        2,999,170  
     

 

 

  

Containers-Paper/Plastic - 0.2%

 

Packaging Corp. of America

      20,180        2,268,434  

Sealed Air Corp.

      41,945        1,861,519  

WestRock Co.

      53,788        3,061,075  
     

 

 

  
        7,191,028  
     

 

 

  

Cosmetics & Toiletries - 1.5%

 

Colgate-Palmolive Co.

      189,209        13,554,933  

Coty, Inc., Class A#

      100,895        1,672,839  

Estee Lauder Cos., Inc., Class A

      47,955        5,130,705  

Procter & Gamble Co.

      547,863        50,551,319  
     

 

 

  
        70,909,796  
     

 

 

  

Cruise Lines - 0.2%

 

Carnival Corp.

      89,659        6,229,507  

Royal Caribbean Cruises, Ltd.

      35,935        4,472,470  
     

 

 

  
        10,701,977  
     

 

 

  

Data Processing/Management - 0.4%

 

Fidelity National Information Services, Inc.

      70,814        6,580,037  

Fiserv, Inc.†

      45,493        5,627,939  

Paychex, Inc.

      68,489        3,905,928  
     

 

 

  
        16,113,904  
     

 

 

  

Dental Supplies & Equipment - 0.1%

 

Align Technology, Inc.†

      16,175        2,858,769  

DENTSPLY SIRONA, Inc.

      49,103        2,777,757  

Patterson Cos., Inc.#

      17,478        672,903  
     

 

 

  
        6,309,429  
     

 

 

  

Diagnostic Equipment - 1.0%

 

Abbott Laboratories

      371,710        18,934,907  

Danaher Corp.

      130,844        10,915,007  

Thermo Fisher Scientific, Inc.

      83,803        15,682,893  
     

 

 

  
        45,532,807  
     

 

 

  

Diagnostic Kits - 0.1%

 

IDEXX Laboratories, Inc.†

      18,877        2,934,052  
     

 

 

  

Dialysis Centers - 0.0%

 

DaVita, Inc.†

      33,348        1,952,859  
     

 

 

  

Disposable Medical Products - 0.1%

 

C.R. Bard, Inc.

      15,512        4,976,405  
     

 

 

  

Distribution/Wholesale - 0.2%

 

Fastenal Co.

      61,963        2,643,961  

LKQ Corp.†

      66,037        2,288,182  

WW Grainger, Inc.#

      11,510        1,871,181  
     

 

 

  
        6,803,324  
     

 

 

  

Diversified Banking Institutions - 4.2%

 

Bank of America Corp.

      2,131,784        50,928,320  

Citigroup, Inc.

      589,772        40,122,189  

Goldman Sachs Group, Inc.

      78,417        17,545,020  

JPMorgan Chase & Co.

      761,042        69,171,107  

Morgan Stanley

      305,104        13,882,232  
     

 

 

  
        191,648,868  
     

 

 

  

Diversified Manufacturing Operations - 2.3%

 

3M Co.

      128,011        26,155,208  

A.O. Smith Corp.

      31,548        1,756,908  

Dover Corp.

      33,346        2,830,408  

Eaton Corp. PLC

      95,816        6,875,756  

General Electric Co.

      1,865,483        45,797,608  

Illinois Tool Works, Inc.

      66,599        9,158,028  

Ingersoll-Rand PLC

      54,842        4,682,958  

Parker-Hannifin Corp.

      28,529        4,590,031  

Pentair PLC

      35,915        2,228,526  

Textron, Inc.

      57,341        2,814,870  
     

 

 

  
        106,890,301  
     

 

 

  

Diversified Operations - 0.0%

 

Leucadia National Corp.

      69,369        1,642,658  
     

 

 

  

E-Commerce/Products - 2.0%

 

Amazon.com, Inc.†

      84,981        83,332,369  

eBay, Inc.†

      215,617        7,790,242  
     

 

 

  
        91,122,611  
     

 

 

  

E-Commerce/Services - 0.5%

 

Cars.com, Inc.†#

      1        26  

Expedia, Inc.#

      26,041        3,863,443  

Priceline Group, Inc.†

      10,533        19,507,958  

TripAdvisor, Inc.†#

      23,656        1,010,821  
     

 

 

  
        24,382,248  
     

 

 

  

Electric Products-Misc. - 0.2%

 

AMETEK, Inc.

      49,291        3,117,656  

Emerson Electric Co.

      138,053        8,150,649  
     

 

 

  
        11,268,305  
     

 

 

  

Electric-Distribution - 0.2%

 

CenterPoint Energy, Inc.

      92,316        2,734,400  

PPL Corp.

      146,342        5,742,460  
     

 

 

  
        8,476,860  
     

 

 

  

Electric-Integrated - 2.8%

 

AES Corp.

      141,409        1,561,155  

Alliant Energy Corp.

      48,802        2,085,798  

Ameren Corp.

      51,975        3,117,980  

American Electric Power Co., Inc.

      105,329        7,755,374  

CMS Energy Corp.

      60,075        2,916,041  

Consolidated Edison, Inc.

      65,415        5,512,522  

Dominion Energy, Inc.#

      134,734        10,612,997  

DTE Energy Co.

      38,426        4,316,008  

Duke Energy Corp.

      149,921        13,088,103  

Edison International

      69,792        5,595,923  

Entergy Corp.

      38,443        3,043,532  

Eversource Energy#

      67,880        4,276,440  

Exelon Corp.

      198,378        7,512,575  

FirstEnergy Corp.#

      95,053        3,096,827  

NextEra Energy, Inc.

      100,285        15,093,895  

PG&E Corp.

      109,377        7,697,953  

Pinnacle West Capital Corp.

      23,897        2,150,013  

Public Service Enterprise Group, Inc.

      108,364        5,075,770  

SCANA Corp.

      30,614        1,848,473  

Southern Co.

      213,052        10,281,890  

WEC Energy Group, Inc.#

      67,600        4,408,872  

Xcel Energy, Inc.

      108,767        5,383,967  
     

 

 

  
        126,432,108  
     

 

 

  

Electronic Components-Misc. - 0.2%

 

Corning, Inc.

      197,122        5,669,229  

Garmin, Ltd.#

      24,576        1,265,664  
     

 

 

  
        6,934,893  
     

 

 

  

Electronic Components-Semiconductors - 2.6%

 

Advanced Micro Devices, Inc.†#

      165,993        2,157,909  

Broadcom, Ltd.

      85,975        21,671,718  

Intel Corp.

      1,008,709        35,375,425  

Microchip Technology, Inc.#

      49,139        4,265,265  

Micron Technology, Inc.†

      222,762        7,121,701  

NVIDIA Corp.

      127,454        21,595,806  

Qorvo, Inc.†#

      27,225        1,993,414  

Skyworks Solutions, Inc.#

      39,527        4,164,565  

Texas Instruments, Inc.

      213,421        17,675,527  

Xilinx, Inc.

      53,134        3,510,032  
     

 

 

  
        119,531,362  
     

 

 

  

Electronic Connectors - 0.3%

 

Amphenol Corp., Class A

      65,466        5,298,818  

TE Connectivity, Ltd.

      76,050        6,053,580  
     

 

 

  
        11,352,398  
     

 

 

  

Electronic Forms - 0.4%

 

Adobe Systems, Inc.†

      105,969        16,442,150  
     

 

 

  

Electronic Measurement Instruments - 0.2%

 

Agilent Technologies, Inc.

      69,040        4,468,269  

FLIR Systems, Inc.

      29,230        1,110,740  

Fortive Corp.

      64,590        4,196,412  
     

 

 

  
        9,775,421  
     

 

 

  

Electronic Security Devices - 0.0%

 

Allegion PLC

      20,408        1,606,314  
     

 

 

  

Engineering/R&D Services - 0.1%

 

Fluor Corp.

      29,943        1,154,902  

Jacobs Engineering Group, Inc.

      25,796        1,405,624  
     

 

 

  
        2,560,526  
     

 

 

  

Engines-Internal Combustion - 0.1%

 

Cummins, Inc.

      33,103        5,275,956  
     

 

 

  

Enterprise Software/Service - 0.8%

 

CA, Inc.

      67,124        2,227,174  

Oracle Corp.

      643,423        32,383,480  
     

 

 

  
        34,610,654  
     

 

 

  

Entertainment Software - 0.4%

 

Activision Blizzard, Inc.

      148,526        9,737,365  

Electronic Arts, Inc.†

      66,411        8,068,936  
     

 

 

  
        17,806,301  
     

 

 

  

Finance-Consumer Loans - 0.1%

 

Navient Corp.

      61,037        805,689  

Synchrony Financial

      164,994        5,080,165  
     

 

 

  
        5,885,854  
     

 

 

  

Finance-Credit Card - 1.9%

 

Alliance Data Systems Corp.

      11,926        2,689,313  

American Express Co.

      160,822        13,846,774  

Discover Financial Services

      81,440        4,800,888  

MasterCard, Inc., Class A

      200,926        26,783,436  

Visa, Inc., Class A#

      395,483        40,940,400  
     

 

 

  
        89,060,811  
     

 

 

  

Finance-Investment Banker/Broker - 0.3%

 

Charles Schwab Corp.

      260,647        10,399,815  

E*TRADE Financial Corp.†

      58,838        2,412,947  

Raymond James Financial, Inc.

      27,457        2,150,432  
     

 

 

  
        14,963,194  
     

 

 

  

Finance-Other Services - 0.5%

 

CBOE Holdings, Inc.

      19,680        1,985,515  

CME Group, Inc.

      72,786        9,156,479  

Intercontinental Exchange, Inc.

      126,826        8,201,838  

Nasdaq, Inc.

      24,414        1,840,327  
     

 

 

  
        21,184,159  
     

 

 

  

Food-Confectionery - 0.1%

 

Hershey Co.

      29,988        3,146,341  

J.M. Smucker Co.

      24,939        2,612,610  
     

 

 

  
        5,758,951  
     

 

 

  

Food-Meat Products - 0.1%

 

Hormel Foods Corp.

      57,782        1,776,219  

Tyson Foods, Inc., Class A

      61,733        3,907,699  
     

 

 

  
        5,683,918  
     

 

 

  

Food-Misc./Diversified - 0.9%

 

Campbell Soup Co.

      41,076        1,897,711  

Conagra Brands, Inc.

      86,589        2,810,679  

General Mills, Inc.

      123,413        6,572,976  

Kellogg Co.

      54,023        3,536,346  

Kraft Heinz Co.

      127,806        10,320,335  

McCormick & Co., Inc.#

      24,254        2,307,283  

Mondelez International, Inc., Class A

      325,014        13,215,069  
     

 

 

  
        40,660,399  
     

 

 

  

Food-Retail - 0.1%

 

Kroger Co.

      195,488        4,275,323  
     

 

 

  

Food-Wholesale/Distribution - 0.1%

 

Sysco Corp.

      105,473        5,555,263  
     

 

 

  

Gas-Distribution - 0.2%

 

NiSource, Inc.

      69,285        1,861,688  

Sempra Energy

      53,730        6,336,379  
     

 

 

  
        8,198,067  
     

 

 

  

Gold Mining - 0.1%

 

Newmont Mining Corp.

      114,223        4,379,310  
     

 

 

  

Hazardous Waste Disposal - 0.0%

 

Stericycle, Inc.†

      18,265        1,313,071  
     

 

 

  

Home Decoration Products - 0.1%

 

Newell Brands, Inc.

      103,484        4,996,208  
     

 

 

  

Home Furnishings - 0.0%

 

Leggett & Platt, Inc.

      28,341        1,302,836  
     

 

 

  

Hotels/Motels - 0.3%

 

Hilton Worldwide Holdings, Inc.

      43,892        2,823,572  

Marriott International, Inc., Class A

      66,553        6,893,560  

Wyndham Worldwide Corp.

      22,354        2,228,247  
     

 

 

  
        11,945,379  
     

 

 

  

Human Resources - 0.0%

 

Robert Half International, Inc.

      27,243        1,234,108  
     

 

 

  

Independent Power Producers - 0.0%

 

NRG Energy, Inc.

      67,708        1,686,606  
     

 

 

  

Industrial Automated/Robotic - 0.1%

 

Rockwell Automation, Inc.

      27,598        4,527,728  
     

 

 

  

Industrial Gases - 0.3%

 

Air Products & Chemicals, Inc.

      46,638        6,779,766  

Praxair, Inc.

      61,234        8,054,720  
     

 

 

  
        14,834,486  
     

 

 

  

Instruments-Controls - 0.6%

 

Honeywell International, Inc.

      163,299        22,579,352  

Mettler-Toledo International, Inc.†

      5,531        3,346,753  
     

 

 

  
        25,926,105  
     

 

 

  

Instruments-Scientific - 0.1%

 

PerkinElmer, Inc.

      23,571        1,579,021  

Waters Corp.†

      17,145        3,145,765  
     

 

 

  
        4,724,786  
     

 

 

  

Insurance Brokers - 0.5%

 

Aon PLC

      56,138        7,812,164  

Arthur J. Gallagher & Co.

      38,445        2,225,966  

Marsh & McLennan Cos., Inc.

      110,389        8,619,173  

Willis Towers Watson PLC

      27,222        4,041,650  
     

 

 

  
        22,698,953  
     

 

 

  

Insurance-Life/Health - 0.6%

 

Aflac, Inc.

      85,008        7,017,410  

Brighthouse Financial, Inc.†

      21,040        1,200,758  

Lincoln National Corp.

      48,042        3,260,130  

Principal Financial Group, Inc.

      57,417        3,589,711  

Prudential Financial, Inc.

      91,896        9,380,744  

Torchmark Corp.

      23,304        1,793,709  

Unum Group

      48,885        2,355,279  
     

 

 

  
        28,597,741  
     

 

 

  

Insurance-Multi-line - 1.2%

 

Allstate Corp.

      78,083        7,066,511  

American International Group, Inc.(1)

      188,393        11,394,009  

Assurant, Inc.

      11,736        1,111,282  

Chubb, Ltd.

      100,019        14,144,687  

Cincinnati Financial Corp.

      32,103        2,466,795  

Hartford Financial Services Group, Inc.

      78,692        4,254,876  

Loews Corp.

      59,142        2,754,834  

MetLife, Inc.

      231,441        10,838,382  
     

 

 

  
        54,031,376  
     

 

 

  

Insurance-Property/Casualty - 0.3%

 

Progressive Corp.

      124,434        5,783,692  

Travelers Cos., Inc.

      59,853        7,252,987  

XL Group, Ltd.

      56,003        2,293,883  
     

 

 

  
        15,330,562  
     

 

 

  

Insurance-Reinsurance - 1.7%

 

Berkshire Hathaway, Inc., Class B†

      406,887        73,711,649  

Everest Re Group, Ltd.

      8,797        2,221,066  
     

 

 

  
        75,932,715  
     

 

 

  

Internet Content-Entertainment - 2.3%

 

Facebook, Inc., Class A†

      506,333        87,074,086  

Netflix, Inc.†

      92,325        16,130,101  
     

 

 

  
        103,204,187  
     

 

 

  

Internet Infrastructure Software - 0.0%

 

F5 Networks, Inc.†

      13,860        1,654,607  
     

 

 

  

Internet Security - 0.1%

 

Symantec Corp.

      130,290        3,906,094  
     

 

 

  

Investment Management/Advisor Services - 0.6%

 

Affiliated Managers Group, Inc.

      12,125        2,142,366  

Ameriprise Financial, Inc.

      32,657        4,523,321  

BlackRock, Inc.

      25,971        10,882,109  

Franklin Resources, Inc.

      73,346        3,170,748  

Invesco, Ltd.

      87,152        2,856,843  

T. Rowe Price Group, Inc.

      51,682        4,359,893  
     

 

 

  
        27,935,280  
     

 

 

  

Lighting Products & Systems - 0.0%

 

Acuity Brands, Inc.#

      9,447        1,670,135  
     

 

 

  

Machinery-Construction & Mining - 0.3%

 

Caterpillar, Inc.#

      126,203        14,827,590  
     

 

 

  

Machinery-Farming - 0.2%

 

Deere & Co.

      63,036        7,307,763  
     

 

 

  

Machinery-General Industrial - 0.1%

 

Roper Technologies, Inc.#

      21,856        5,041,305  
     

 

 

  

Machinery-Pumps - 0.1%

 

Flowserve Corp.#

      27,980        1,099,054  

Xylem, Inc.

      38,497        2,389,509  
     

 

 

  
        3,488,563  
     

 

 

  

Medical Information Systems - 0.1%

 

Cerner Corp.†

      62,977        4,268,581  
     

 

 

  

Medical Instruments - 1.0%

 

Boston Scientific Corp.†

      293,338        8,081,462  

Edwards Lifesciences Corp.†

      44,942        5,108,108  

Intuitive Surgical, Inc.†

      7,892        7,928,855  

Medtronic PLC

      293,227        23,639,961  
     

 

 

  
        44,758,386  
     

 

 

  

Medical Labs & Testing Services - 0.1%

 

Laboratory Corp. of America Holdings†

      21,914        3,437,649  

Quest Diagnostics, Inc.

      29,309        3,175,630  
     

 

 

  
        6,613,279  
     

 

 

  

Medical Products - 0.8%

 

Baxter International, Inc.

      104,483        6,482,125  

Becton Dickinson and Co.

      48,701        9,712,927  

Cooper Cos., Inc.

      10,466        2,625,187  

Henry Schein, Inc.†

      16,993        2,951,344  

Stryker Corp.

      66,453        9,394,461  

Varian Medical Systems, Inc.†#

      19,690        2,092,063  

Zimmer Biomet Holdings, Inc.

      43,104        4,925,494  
     

 

 

  
        38,183,601  
     

 

 

  

Medical-Biomedical/Gene - 2.7%

 

Alexion Pharmaceuticals, Inc.†

      48,102        6,850,206  

Amgen, Inc.

      157,634        28,022,596  

Biogen, Inc.†

      45,758        14,485,152  

Celgene Corp.†

      167,259        23,237,293  

Gilead Sciences, Inc.

      279,913        23,431,517  

Illumina, Inc.†#

      31,274        6,394,282  

Incyte Corp.†

      36,407        5,002,686  

Regeneron Pharmaceuticals, Inc.†

      16,322        8,110,402  

Vertex Pharmaceuticals, Inc.†

      53,353        8,565,291  
     

 

 

  
        124,099,425  
     

 

 

  

Medical-Drugs - 5.3%

 

AbbVie, Inc.

      340,922        25,671,427  

Allergan PLC

      71,946        16,510,168  

Bristol-Myers Squibb Co.

      352,895        21,343,090  

Eli Lilly & Co.

      207,993        16,907,751  

Johnson & Johnson

      577,043        76,383,182  

Merck & Co., Inc.

      585,896        37,415,318  

Pfizer, Inc.

      1,278,364        43,362,107  

Zoetis, Inc.

      105,133        6,591,839  
     

 

 

  
        244,184,882  
     

 

 

  

Medical-Generic Drugs - 0.1%

 

Mylan NV†

      98,738        3,108,272  

Perrigo Co. PLC#

      30,712        2,425,020  
     

 

 

  
        5,533,292  
     

 

 

  

Medical-HMO - 1.8%

 

Aetna, Inc.

      71,053        11,205,058  

Anthem, Inc.

      56,762        11,127,622  

Centene Corp.†

      36,903        3,278,832  

Cigna Corp.

      54,841        9,984,352  

Humana, Inc.

      30,914        7,964,065  

UnitedHealth Group, Inc.

      206,425        41,057,933  
     

 

 

  
        84,617,862  
     

 

 

  

Medical-Hospitals - 0.2%

 

Envision Healthcare Corp.†

      25,161        1,318,688  

HCA Healthcare, Inc.†

      61,304        4,822,172  

Universal Health Services, Inc., Class B

      19,152        2,070,906  
     

 

 

  
        8,211,766  
     

 

 

  

Medical-Wholesale Drug Distribution - 0.3%

 

AmerisourceBergen Corp.

      35,548        2,852,727  

Cardinal Health, Inc.

      67,665        4,564,681  

McKesson Corp.

      45,177        6,745,378  
     

 

 

  
        14,162,786  
     

 

 

  

Metal-Copper - 0.1%

 

Freeport-McMoRan, Inc.†

      285,126        4,214,162  
     

 

 

  

Motorcycle/Motor Scooter - 0.0%

 

Harley-Davidson, Inc.#

      37,495        1,762,640  
     

 

 

  

Multimedia - 1.3%

 

Time Warner, Inc.

      166,127        16,795,440  

Twenty-First Century Fox, Inc., Class A

      225,419        6,219,310  

Twenty-First Century Fox, Inc., Class B

      104,341        2,827,641  

Viacom, Inc., Class B

      75,466        2,158,328  

Walt Disney Co.

      311,620        31,535,944  
     

 

 

  
        59,536,663  
     

 

 

  

Networking Products - 0.8%

 

Cisco Systems, Inc.

      1,071,055        34,498,682  
     

 

 

  

Non-Hazardous Waste Disposal - 0.2%

 

Republic Services, Inc.

      49,246        3,212,809  

Waste Management, Inc.

      87,066        6,713,659  
     

 

 

  
        9,926,468  
     

 

 

  

Office Automation & Equipment - 0.0%

 

Xerox Corp.

      45,730        1,475,707  
     

 

 

  

Office Supplies & Forms - 0.0%

 

Avery Dennison Corp.

      18,970        1,788,112  
     

 

 

  

Oil & Gas Drilling - 0.0%

 

Helmerich & Payne, Inc.#

      23,256        984,659  
     

 

 

  

Oil Companies-Exploration & Production - 1.5%

 

Anadarko Petroleum Corp.

      120,030        4,912,828  

Apache Corp.#

      81,479        3,164,644  

Cabot Oil & Gas Corp.

      99,719        2,547,820  

Chesapeake Energy Corp.†#

      163,393        594,751  

Cimarex Energy Co.

      20,373        2,030,984  

Concho Resources, Inc.†

      31,738        3,521,966  

ConocoPhillips

      264,999        11,569,856  

Devon Energy Corp.

      112,610        3,535,954  

EOG Resources, Inc.

      123,656        10,509,523  

EQT Corp.

      37,126        2,314,435  

Hess Corp.

      57,885        2,251,727  

Marathon Oil Corp.

      182,076        2,024,685  

Newfield Exploration Co.†

      42,669        1,114,941  

Noble Energy, Inc.

      97,505        2,317,694  

Occidental Petroleum Corp.

      163,780        9,777,666  

Pioneer Natural Resources Co.

      36,436        4,723,927  

Range Resources Corp.#

      40,307        699,730  
     

 

 

  
        67,613,131  
     

 

 

  

Oil Companies-Integrated - 2.5%

 

Chevron Corp.

      405,831        43,675,532  

Exxon Mobil Corp.

      907,660        69,281,688  
     

 

 

  
        112,957,220  
     

 

 

  

Oil Field Machinery & Equipment - 0.1%

 

National Oilwell Varco, Inc.

      81,408        2,496,783  
     

 

 

  

Oil Refining & Marketing - 0.5%

 

Andeavor

      32,373        3,242,156  

Marathon Petroleum Corp.

      111,118        5,828,139  

Phillips 66

      93,970        7,875,626  

Valero Energy Corp.

      95,801        6,524,048  
     

 

 

  
        23,469,969  
     

 

 

  

Oil-Field Services - 0.7%

 

Baker Hughes, a GE Company

      91,142        3,089,714  

Halliburton Co.

      185,905        7,244,718  

Schlumberger, Ltd.

      297,638        18,902,989  

TechnipFMC PLC†

      99,948        2,581,657  
     

 

 

  
        31,819,078  
     

 

 

  

Paper & Related Products - 0.1%

 

International Paper Co.

      88,446        4,764,586  
     

 

 

  

Pharmacy Services - 0.2%

 

Express Scripts Holding Co.†

      127,139        7,986,872  
     

 

 

  

Pipelines - 0.4%

 

Kinder Morgan, Inc.

      411,259        7,949,637  

ONEOK, Inc.

      81,393        4,408,245  

Williams Cos., Inc.

      176,995        5,262,061  
     

 

 

  
        17,619,943  
     

 

 

  

Publishing-Newspapers - 0.0%

 

News Corp., Class A#

      81,867        1,094,562  

News Corp., Class B

      25,657        351,501  
     

 

 

  
        1,446,063  
     

 

 

  

Real Estate Investment Trusts - 2.9%

 

Alexandria Real Estate Equities, Inc.

      19,509        2,366,637  

American Tower Corp.

      91,041        13,478,620  

Apartment Investment & Management Co., Class A

      33,635        1,524,675  

AvalonBay Communities, Inc.

      29,515        5,540,851  

Boston Properties, Inc.

      32,958        3,974,735  

Crown Castle International Corp.

      86,242        9,352,082  

Digital Realty Trust, Inc.

      34,225        4,050,187  

Duke Realty Corp.

      76,171        2,263,802  

Equinix, Inc.

      16,689        7,817,294  

Equity Residential

      78,648        5,281,213  

Essex Property Trust, Inc.

      14,052        3,737,410  

Extra Space Storage, Inc.#

      26,971        2,093,759  

Federal Realty Investment Trust

      15,474        1,964,115  

GGP, Inc.

      124,781        2,589,206  

HCP, Inc.

      100,372        2,992,089  

Host Hotels & Resorts, Inc.

      158,460        2,871,295  

Iron Mountain, Inc.

      52,616        2,074,123  

JBG SMITH Properties†

      18,449        603,836  

Kimco Realty Corp.

      91,179        1,788,932  

Macerich Co.

      25,511        1,346,215  

Mid-America Apartment Communities, Inc.

      24,329        2,590,065  

Prologis, Inc.

      113,598        7,197,569  

Public Storage

      32,026        6,576,219  

Realty Income Corp.

      58,492        3,366,800  

Regency Centers Corp.

      31,332        2,015,274  

Simon Property Group, Inc.

      66,875        10,489,344  

SL Green Realty Corp.#

      21,813        2,102,337  

UDR, Inc.

      57,278        2,223,532  

Ventas, Inc.

      76,017        5,202,603  

Vornado Realty Trust

      36,899        2,748,607  

Welltower, Inc.

      78,436        5,743,084  

Weyerhaeuser Co.

      160,934        5,248,058  
     

 

 

  
        133,214,568  
     

 

 

  

Real Estate Management/Services - 0.1%

 

CBRE Group, Inc., Class A†

      64,414        2,324,057  
     

 

 

  

Rental Auto/Equipment - 0.0%

 

United Rentals, Inc.†

      18,103        2,137,240  
     

 

 

  

Respiratory Products - 0.1%

 

ResMed, Inc.#

      30,379        2,356,803  
     

 

 

  

Retail-Apparel/Shoe - 0.3%

 

Coach, Inc.

      60,220        2,511,174  

Foot Locker, Inc.

      28,111        990,351  

Gap, Inc.#

      47,152        1,113,730  

L Brands, Inc.#

      51,613        1,869,423  

PVH Corp.

      16,709        2,103,496  

Ross Stores, Inc.

      83,970        4,908,046  
     

 

 

  
        13,496,220  
     

 

 

  

Retail-Auto Parts - 0.2%

 

Advance Auto Parts, Inc.

      15,818        1,548,582  

AutoZone, Inc.†

      6,031        3,187,022  

Genuine Parts Co.

      31,573        2,615,192  

O’Reilly Automotive, Inc.†

      19,494        3,823,358  
     

 

 

  
        11,174,154  
     

 

 

  

Retail-Automobile - 0.1%

 

AutoNation, Inc.†#

      14,099        639,672  

CarMax, Inc.†#

      39,674        2,664,109  
     

 

 

  
        3,303,781  
     

 

 

  

Retail-Building Products - 1.1%

 

Home Depot, Inc.

      256,098        38,381,407  

Lowe’s Cos., Inc.

      183,804        13,581,278  
     

 

 

  
        51,962,685  
     

 

 

  

Retail-Consumer Electronics - 0.1%

 

Best Buy Co., Inc.#

      56,833        3,083,759  
     

 

 

  

Retail-Discount - 1.2%

 

Costco Wholesale Corp.

      93,950        14,725,723  

Dollar General Corp.

      54,042        3,921,287  

Dollar Tree, Inc.†

      50,701        4,037,828  

Target Corp.

      118,181        6,444,410  

Wal-Mart Stores, Inc.

      316,409        24,702,051  
     

 

 

  
        53,831,299  
     

 

 

  

Retail-Drug Store - 0.7%

 

CVS Health Corp.

      218,235        16,878,295  

Walgreens Boots Alliance, Inc.

      182,924        14,908,306  
     

 

 

  
        31,786,601  
     

 

 

  

Retail-Gardening Products - 0.0%

 

Tractor Supply Co.#

      27,540        1,638,905  
     

 

 

  

Retail-Jewelry - 0.1%

 

Signet Jewelers, Ltd.#

      14,652        924,102  

Tiffany & Co.

      22,963        2,098,818  
     

 

 

  
        3,022,920  
     

 

 

  

Retail-Major Department Stores - 0.2%

 

Nordstrom, Inc.#

      23,832        1,063,384  

TJX Cos., Inc.

      137,795        9,962,578  
     

 

 

  
        11,025,962  
     

 

 

  

Retail-Office Supplies - 0.0%

 

Staples, Inc.

      139,914        1,429,221  
     

 

 

  

Retail-Perfume & Cosmetics - 0.1%

       

Ulta Beauty, Inc.†

        12,491       2,760,636  
      

 

 

  

Retail-Regional Department Stores - 0.1%

       

Kohl’s Corp.#

        36,519       1,452,726  

Macy’s, Inc.

        65,228       1,354,785  
      

 

 

  
         2,807,511  
      

 

 

  

Retail-Restaurants - 1.2%

       

Chipotle Mexican Grill, Inc.†#

        6,140       1,944,599  

Darden Restaurants, Inc.

        26,635       2,186,467  

McDonald’s Corp.

        174,595       27,929,962  

Starbucks Corp.

        310,196       17,017,353  

Yum! Brands, Inc.

        70,864       5,443,773  
      

 

 

  
         54,522,154  
      

 

 

  

Rubber-Tires - 0.0%

       

Goodyear Tire & Rubber Co.

        53,936       1,634,261  
      

 

 

  

Savings & Loans/Thrifts - 0.0%

       

People’s United Financial, Inc.

        73,762       1,231,825  
      

 

 

  

Semiconductor Components-Integrated Circuits - 0.5%

       

Analog Devices, Inc.

        78,617       6,577,884  

QUALCOMM, Inc.

        316,480       16,542,410  
      

 

 

  
         23,120,294  
      

 

 

  

Semiconductor Equipment - 0.4%

       

Applied Materials, Inc.

        230,196       10,386,444  

KLA-Tencor Corp.

        33,580       3,146,110  

Lam Research Corp.#

        34,554       5,735,273  
      

 

 

  
         19,267,827  
      

 

 

  

Soap & Cleaning Preparation - 0.1%

       

Church & Dwight Co., Inc.

        53,393       2,678,727  
      

 

 

  

Steel-Producers - 0.1%

       

Nucor Corp.

        68,344       3,766,438  
      

 

 

  

Telecom Services - 0.1%

       

Level 3 Communications, Inc.†

        62,704       3,412,979  
      

 

 

  

Telecommunication Equipment - 0.1%

       

Juniper Networks, Inc.

        81,848       2,269,645  
      

 

 

  

Telephone-Integrated - 2.0%

       

AT&T, Inc.

        1,316,955       49,333,134  

CenturyLink, Inc.#

        117,560       2,318,283  

Verizon Communications, Inc.

        873,837       41,917,961  
      

 

 

  
         93,569,378  
      

 

 

  

Television - 0.1%

       

CBS Corp., Class B

        78,906       5,054,718  
      

 

 

  

Textile-Home Furnishings - 0.1%

       

Mohawk Industries, Inc.†

        13,532       3,425,220  
      

 

 

  

Tobacco - 1.6%

       

Altria Group, Inc.

        413,775       26,233,335  

British American Tobacco PLC ADR

        93,236       5,791,821  

Philip Morris International, Inc.

        332,697       38,902,260  
      

 

 

  
         70,927,416  
      

 

 

  

Tools-Hand Held - 0.1%

       

Snap-on, Inc.#

        12,413       1,831,786  

Stanley Black & Decker, Inc.

        32,768       4,718,592  
      

 

 

  
         6,550,378  
      

 

 

  

Toys - 0.1%

       

Hasbro, Inc.

        24,099       2,367,727  

Mattel, Inc.#

        73,378       1,190,191  
      

 

 

  
         3,557,918  
      

 

 

  

Transport-Rail - 0.8%

       

CSX Corp.

        197,648       9,921,930  

Kansas City Southern

        22,724       2,350,343  

Norfolk Southern Corp.

        62,074       7,481,159  

Union Pacific Corp.

        172,961       18,212,793  
      

 

 

  
         37,966,225  
      

 

 

  

Transport-Services - 0.7%

       

C.H. Robinson Worldwide, Inc.#

        30,179       2,131,543  

Expeditors International of Washington, Inc.

        38,593       2,165,067  

FedEx Corp.

        52,692       11,296,111  

United Parcel Service, Inc., Class B

        147,541       16,872,789  
      

 

 

  
         32,465,510  
      

 

 

  

Transport-Truck - 0.0%

       

JB Hunt Transport Services, Inc.

        18,376       1,817,203  
      

 

 

  

Water - 0.1%

       

American Water Works Co., Inc.

        38,170       3,087,953  
      

 

 

  

Web Hosting/Design - 0.0%

       

VeriSign, Inc.†#

        18,911       1,962,016  
      

 

 

  

Web Portals/ISP - 2.6%

       

Alphabet, Inc., Class A†

        63,755       60,901,326  

Alphabet, Inc., Class C†

        63,918       60,040,095  
      

 

 

  
         120,941,421  
      

 

 

  

Wireless Equipment - 0.1%

       

Motorola Solutions, Inc.

        35,016       3,085,610  
      

 

 

  

X-Ray Equipment - 0.1%

       

Hologic, Inc.†#

        59,981       2,315,267  
      

 

 

  

Total Long-Term Investment Securities
(cost $2,245,111,250)

          4,536,444,871  
      

 

 

  

SHORT-TERM INVESTMENT SECURITIES - 0.4%

       

Registered Investment Companies - 0.3%

       

State Street Navigator Securities Lending Government Money Market Portfolio
1.01%(2)(3)

        12,181,646       12,181,646  
      

 

 

  

U.S. Government Treasuries - 0.1%

       

United States Treasury Bills
0.97% due 09/07/2017(4)

        $6,500,000       6,499,034  
      

 

 

  

Total Short-Term Investment Securities
(cost $18,680,595)

          18,680,680  
      

 

 

  

REPURCHASE AGREEMENTS - 0.8%

       

Agreement with Fixed Income Clearing Corp., bearing interest at 0.12%, dated 08/31/2017, to be repurchased 09/01/2017 in the amount $34,898,116 collateralized by $35,695,000 of U.S. Treasury Inflation Index Bonds, bearing interest at 0.75% due 02/15/2045 and having an approximate value of $35,596,910
(cost $34,898,000)

        34,898,000       34,898,000  
      

 

 

  

TOTAL INVESTMENTS
(cost $2,298,689,845)

        100.1 %      4,590,023,551  

Liabilities in excess of other assets

        (0.1 )      (4,123,923 ) 
    

 

 

    

 

 

  

NET ASSETS

        100.0 %    $ 4,585,899,628  
    

 

 

    

 

 

  

 

# 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 August 31, 2017, the Fund had loaned securities with a total value of $121,177,745. This was secured by collateral of $12,181,646, which was received in cash and subsequently invested in short-term investments currently valued at $12,181,646 as reported in the Portfolio of Investments. Additional collateral of $111,577,636 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
August 31, 2017		  

Federal Home Loan Mtg. Corp.

    2.50% to 4.50%      08/01/2027 to 01/01/2047      $ 9,511,679  

Federal National Mtg. Assoc.

    2.63% to 4.25%      10/25/2029 to 11/01/2046        7,815,740  

Government National Mtg. Assoc.

    2.50% to 3.50%      01/20/2043 to 05/16/2053        16,328,540  

United States Treasury Bills

    0.00%      09/07/2017 to 03/01/2018        1,742,803  

United States Treasury Notes/Bonds

    zero coupon to 8.13%      09/30/2017 to 02/15/2047        76,178,874  

 

(3) The rate shown is the 7-day yield as of August 31, 2017.
(4) The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts.

 

Futures Contracts  
Number of
Contracts		  

Type

  

Description

  

Expiration Month

   Notional
Basis* 		    Notional
Value* 		    Unrealized Appreciation
(Depreciation)		  
451   Long  

S&P 500 E-Mini Index

  

September 2017

   $ 54,915,113     $ 55,700,755     $ 785,642  
           

 

 

  

 

* Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract.

The following is a summary of the inputs used to value the Fund’s net assets as of August 31, 2017 (see Note 1):

 

    Level 1-Unadjusted
Quoted Prices		     Level 2- Other
Observable  Inputs		     Level 3-Signifcant
Unobservable  Inputs		     Total  

ASSETS:

        

Investments at Value:*

        

Common Stocks

   $ 4,536,444,871     $ —       $ —       $ 4,536,444,871  

Short-Term Investment Securities:

        

Registered Investment Companies

     12,181,646       —         —         12,181,646  

U.S. Government Treasuries

     —         6,499,034       —         6,499,034  

Repurchase Agreements

     —         34,898,000       —         34,898,000  
 

 

 

    

 

 

    

 

 

    

 

 

  

Total Investments at Value

   $ 4,548,626,517     $ 41,397,034     $ —       $ 4,590,023,551  
 

 

 

    

 

 

    

 

 

    

 

 

  

Other Financial Instruments:†

        

Futures Contracts

   $ 785,642     $ —       $ —       $ 785,642  
 

 

 

    

 

 

    

 

 

    

 

 

  

 

* 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 Portfolio of Investments

VALIC Company I Value Fund

PORTFOLIO OF INVESTMENTS - August 31, 2017 - (unaudited)

 

Security Description

    Shares      Value
(Note 1)		  

COMMON STOCKS - 98.6%

      

Aerospace/Defense-Equipment - 2.0%

      

Triumph Group, Inc.#

      16,460      $ 432,898  

United Technologies Corp.

      14,080        1,685,658  
     

 

 

  
        2,118,556  
     

 

 

  

Applications Software - 1.3%

      

Microsoft Corp.

      18,004        1,346,159  
     

 

 

  

Banks-Commercial - 1.3%

      

M&T Bank Corp.

      9,240        1,366,226  
     

 

 

  

Banks-Super Regional - 6.0%

      

PNC Financial Services Group, Inc.

      22,563        2,829,626  

Wells Fargo & Co.

      71,356        3,644,151  
     

 

 

  
        6,473,777  
     

 

 

  

Building & Construction Products-Misc. - 1.1%

      

Fortune Brands Home & Security, Inc.

      18,560        1,160,557  
     

 

 

  

Building-Residential/Commercial - 1.2%

      

PulteGroup, Inc.

      49,500        1,278,090  
     

 

 

  

Cable/Satellite TV - 1.1%

      

Comcast Corp., Class A

      30,368        1,233,244  
     

 

 

  

Chemicals-Diversified - 1.5%

      

Dow Chemical Co.

      24,043        1,602,466  
     

 

 

  

Commercial Services - 0.7%

      

Nielsen Holdings PLC

      20,040        778,554  
     

 

 

  

Computer Services - 1.3%

      

Cognizant Technology Solutions Corp., Class A

      20,440        1,446,539  
     

 

 

  

Computers-Memory Devices - 0.8%

      

NetApp, Inc.

      21,220        820,365  
     

 

 

  

Cosmetics & Toiletries - 0.9%

      

Unilever NV

      15,540        924,630  
     

 

 

  

Cruise Lines - 1.2%

      

Norwegian Cruise Line Holdings, Ltd.†

      21,830        1,298,012  
     

 

 

  

Diversified Banking Institutions - 10.5%

      

Bank of America Corp.

      75,210        1,796,767  

Citigroup, Inc.

      44,830        3,049,785  

Goldman Sachs Group, Inc.

      5,682        1,271,291  

JPMorgan Chase & Co.

      56,297        5,116,834  
     

 

 

  
        11,234,677  
     

 

 

  

Diversified Manufacturing Operations - 5.6%

      

3M Co.

      6,630        1,354,641  

Eaton Corp. PLC

      23,605        1,693,895  

General Electric Co.

      53,174        1,305,422  

Ingersoll-Rand PLC

      19,154        1,635,560  
     

 

 

  
        5,989,518  
     

 

 

  

E-Commerce/Products - 1.0%

      

eBay, Inc.†

      30,930        1,117,501  
     

 

 

  

Electric-Integrated - 3.8%

      

Dominion Energy, Inc.#

      8,780        691,601  

Edison International

      14,134        1,133,264  

Eversource Energy#

      23,374        1,472,562  

NextEra Energy, Inc.

      5,205        783,404  
     

 

 

  
        4,080,831  
     

 

 

  

Electronic Components-Semiconductors - 2.0%

      

Intel Corp.

      61,692        2,163,538  
     

 

 

  

Finance-Other Services - 1.1%

      

Nasdaq, Inc.

      15,810        1,191,758  
     

 

 

  

Food-Misc./Diversified - 1.7%

      

Kraft Heinz Co.

      9,801        791,431  

Mondelez International, Inc., Class A

      24,340        989,664  
     

 

 

  
        1,781,095  
     

 

 

  

Hotels/Motels - 1.2%

      

Hilton Worldwide Holdings, Inc.

      20,669        1,329,637  
     

 

 

  

Insurance Brokers - 1.4%

      

Marsh & McLennan Cos., Inc.

      18,985        1,482,349  
     

 

 

  

Insurance-Life/Health - 1.2%

      

Principal Financial Group, Inc.

      21,309        1,332,239  
     

 

 

  

Insurance-Multi-line - 2.7%

      

Chubb, Ltd.

      12,234        1,730,132  

MetLife, Inc.

      23,850        1,116,896  
     

 

 

  
        2,847,028  
     

 

 

  

Investment Management/Advisor Services - 2.8%

      

BlackRock, Inc.

      4,118        1,725,483  

Invesco, Ltd.

      39,500        1,294,810  
     

 

 

  
        3,020,293  
     

 

 

  

Machinery-Construction & Mining - 1.0%

      

Caterpillar, Inc.

      9,440        1,109,106  
     

 

 

  

Medical Instruments - 1.6%

      

Medtronic PLC

      20,785        1,675,687  
     

 

 

  

Medical-Biomedical/Gene - 1.1%

      

Amgen, Inc.

      6,456        1,147,683  
     

 

 

  

Medical-Drugs - 7.4%

      

Allergan PLC

      5,250        1,204,770  

AstraZeneca PLC ADR#

      34,830        1,038,979  

Bristol-Myers Squibb Co.

      25,780        1,559,174  

Merck & Co., Inc.

      40,888        2,611,108  

Roche Holding AG

      5,983        1,524,957  
     

 

 

  
        7,938,988  
     

 

 

  

Medical-HMO - 1.7%

      

UnitedHealth Group, Inc.

      8,985        1,787,116  
     

 

 

  

Multimedia - 1.7%

      

Thomson Reuters Corp.

      24,110        1,101,586  

Viacom, Inc., Class B

      23,860        682,396  
     

 

 

  
        1,783,982  
     

 

 

  

Networking Products - 2.8%

      

Cisco Systems, Inc.

      93,689        3,017,723  
     

 

 

  

Oil Companies-Exploration & Production - 4.7%

      

Anadarko Petroleum Corp.

      10,070        412,165  

Canadian Natural Resources, Ltd.

      23,430        722,113  

EOG Resources, Inc.

      15,910        1,352,191  

Marathon Oil Corp.

      77,418        860,888  

Occidental Petroleum Corp.

      10,020        598,194  

Pioneer Natural Resources Co.

      6,290        815,498  

Southwestern Energy Co.†

      44,804        244,182  
     

 

 

  
        5,005,231  
     

 

 

  

Oil Companies-Integrated - 3.6%

      

Chevron Corp.

      22,981        2,473,215  

Exxon Mobil Corp.

      18,387        1,403,480  
     

 

 

  
        3,876,695  
     

 

 

  

Oil-Field Services - 1.1%

     

Halliburton Co.

      30,100       1,172,997  
    

 

 

  

Paper & Related Products - 1.2%

     

International Paper Co.

      23,365       1,258,672  
    

 

 

  

Real Estate Investment Trusts - 1.0%

     

Park Hotels & Resorts, Inc.

      40,659       1,085,189  
    

 

 

  

Retail-Apparel/Shoe - 0.4%

     

L Brands, Inc.#

      13,400       485,348  
    

 

 

  

Retail-Building Products - 1.4%

     

Home Depot, Inc.

      6,764       1,013,721  

Lowe’s Cos., Inc.

      7,010       517,969  
    

 

 

  
       1,531,690  
    

 

 

  

Retail-Catalog Shopping - 1.1%

     

Liberty Interactive Corp. QVC Group, Class A†

      51,150       1,131,438  
    

 

 

  

Retail-Jewelry - 0.4%

     

Signet Jewelers, Ltd.#

      7,200       454,104  
    

 

 

  

Semiconductor Components-Integrated Circuits - 3.3%

     

Analog Devices, Inc.

      8,729       730,355  

Maxim Integrated Products, Inc.

      31,935       1,490,087  

QUALCOMM, Inc.

      25,770       1,346,998  
    

 

 

  
       3,567,440  
    

 

 

  

Telephone-Integrated - 1.2%

     

Verizon Communications, Inc.

      27,295       1,309,341  
    

 

 

  

Television - 1.0%

     

CBS Corp., Class B

      16,035       1,027,202  
    

 

 

  

Tobacco - 2.8%

     

British American Tobacco PLC

      16,669       1,039,421  

Philip Morris International, Inc.

      16,590       1,939,869  
    

 

 

  
       2,979,290  
    

 

 

  

Transport-Rail - 1.2%

     

Union Pacific Corp.

      12,560       1,322,568  
    

 

 

  

Transport-Truck - 0.6%

     

Schneider National, Inc., Class B

      28,440       632,790  
    

 

 

  

Wireless Equipment - 0.9%

     

Nokia OYJ ADR

      153,080       946,034  
    

 

 

  

Total Long-Term Investment Securities

     

(cost $80,638,003)

        105,663,953  
    

 

 

  

REPURCHASE AGREEMENTS - 1.1%

     

Agreement with Fixed Income Clearing Corp., bearing interest at 0.12% dated 08/31/2017, to be repurchased 09/01/2017 in the amount of $1,158,004 collateralized by $1,115,000 of United States Treasury Bonds, bearing interest at 3.00% due 05/15/2045 and having an approximate value of $1,182,304

     

(cost $1,158,000)

    $ 1,158,000       1,158,000  
    

 

 

  

TOTAL INVESTMENTS

     

(cost $81,796,003)

      99.7 %    $ 106,821,953  

Other assets less liabilities

      0.3       362,242  
  

 

 

    

 

 

  

NET ASSETS

      100.0 %    $ 107,184,195  
  

 

 

    

 

 

  

 

# The security or a portion thereof is out on loan.
† Non-income producing security

At August 31, 2017, the Fund had loaned securities with a total value of $4,575,492. This was secured by collateral of $4,674,368 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
August 31, 2017		  

Federal Home Loan Mtg. Corp.

    2.50% to 4.50%    08/01/2027 to 01/01/2047    $ 766,512  

Federal National Mtg. Assoc.

    2.63% to 4.25%    10/25/2029 to 11/01/2046      629,843  

Government National Mtg. Assoc.

    2.50% to 3.50%    01/20/2043 to 05/16/2053      1,315,859  

United States Treasury Bills

    0.00%    09/07/2017 to 03/01/2018      116,726  

United States Treasury Notes/Bonds

    zero coupon to 5.38%    10/15/2017 to 08/15/2046      1,845,428  

 

ADR - American Depositary Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of August 31, 2017 (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

    $ 103,099,575      $ 2,564,378 **    $  —        $ 105,663,953  

Repurchase Agreements

      —          1,158,000       —          1,158,000  
  

 

 

     

 

 

    

 

 

     

 

 

  

Total Investments at Value

    $ 103,099,575      $ 3,722,378     $ —        $ 106,821,953  
  

 

 

     

 

 

    

 

 

     

 

 

  

 

* For a detailed presentation of investments, please refer to the Portfolio of Investments.
** Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 1).

The Fund’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities currently valued at $2,564,378 were transferred from Level 1 to Level 2 due to foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.

See Notes to Portfolio of Investments

NOTES TO PORTFOLIO OF INVESTMENTS - August 31, 2017 - (unaudited)

Note 1. Security Valuation

In accordance with the authoritative guidance on fair value measurements and disclosures under U.S. generally accepted accounting principles (“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.

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 August 31, 2017, is reported on a schedule following each Fund’s 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 the 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. Investments in registered investment companies are generally categorized as Level 1.

For the Government 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 Government 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 Government 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. Swap contracts traded on national securities exchanges are valued at the closing price of the exchange on which they are traded or if a closing price of the exchange is not available, the swap will be valued using a mid valuation provided by a Board-approved pricing service, and are generally categorized as Level 2. Swap contracts traded in the over-the-counter market (“OTC”) are valued at a mid valuation provided by a Board-approved pricing service, and are generally categorized as Level 2. 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 OTC market are valued based at the mid valuation provided by a Board-approved pricing service, and are generally categorized as Level 2. Forward foreign currency contracts (“forward contracts”) are valued at the 4:00 p.m. Eastern Time forward rate and are generally categorized as Level 2.

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.

Note 2. Derivative Instruments

Forward Foreign Currency Contracts: During the period, the Asset Allocation Fund and 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. The Growth Fund used forward contracts to protect the value of securities and related receivables and payables against changes in future foreign exchange rates.

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 Portfolio of Investments. 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, Dynamic Allocation Fund, Global Social Awareness Fund, Growth and 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. The Growth & Income Fund used futures contracts to increase or decrease exposure to equity markets.

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. 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 or securities. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin. 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 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. The Health Sciences Fund used options contracts to 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. If a Fund purchases a call or a put option, it pays a premium which reflects the current market value of the option. 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.

Option contracts outstanding at the end of the period, if any, are reported on a schedule following each Fund’s Portfolio of Investments.

Swap Contracts: Certain Funds may enter into credit default, interest rate, equity and/or total return swap contracts. Swap contracts are privately negotiated in the OTC market and may be entered into as a bilateral contract or a centrally cleared contract (“centrally cleared swaps”). In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the “CCP”) and a Fund faces the CCP through a broker. Upon entering into a centrally cleared swap, a Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated on the Portfolio of Investments. Unlike a bilateral swap contract, for centrally cleared swaps, a Fund has no credit exposure to the counterparty as the CCP stands between the Funds and the counterparty. Swaps are marked-to-market daily and the changes in value are recorded as an unrealized gain (loss). The daily change in valuation of swap contracts, if any, is recorded as unrealized appreciation (depreciation) on swap contracts. When the swap is terminated, a Fund will record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract, if any. Generally, the basis of the contracts is the premium received or paid. Upfront payments and receipts on swap contracts are amortized on a daily basis. Net periodic payments made or received by a Fund are included as part of realized gain (loss).

Interest Rate Swap Agreements: During the period, the Global Strategy Fund used interest rate swap agreements to manage exposure to fluctuations in interest rates and to make active interest rate anticipation decisions.

Interest rate swaps involve the exchange by a Fund with another party of their respective commitments to pay or receive interest with respect to the notional amount of principal. Since interest rate swaps are individually negotiated, a Fund expects to achieve an acceptable degree of correlation between their respective portfolio investments and their interest rate positions. A Fund will enter into interest rate swaps only on a net basis, which means that the two payment streams are netted out, with the Funds receiving or paying, as the case may be, only the net amount of the two payments.

Interest rate swaps do not involve the delivery of securities, other underlying assets or principal. Accordingly, the risk of loss with respect to interest rate swaps is limited to the net amount of interest payments that a Fund is contractually obligated to make. If the other party to an interest rate swap defaults, a Fund’s risk of loss consists of the net discounted amount of interest payments that the Fund is contractually entitled to receive, if any. The use of interest rate swaps is a highly specialized activity which involves investment techniques and risks different from those associated with ordinary Fund securities transactions.

Interest rate swap contracts outstanding at the end of the period, if any, are reported on a schedule following each Fund’s Portfolio of Investments.

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 following tables represent the value of derivatives held as of August 31, 2017, by their primary underlying risk exposure. 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 August 31, 2017, please refer to the schedule following each Fund’s Portfolio of Investments.

 

     Asset Derivatives  
     Interest Rate Contracts      Equity Contracts      Foreign
Exchange
Contracts		         

Fund

    Swap Contracts(1)      Futures Contracts(3)      Options Purchased(2)      Forward
Foreign
Currency
Contracts(1)		      Total  

Asset Allocation

    $  —        $ 82,918      $ —        $  —        $ 82,918  

Dynamic Allocation

      —          748,928        932,559        —          1,681,487  

Global Social Awareness

      —          149,435        —          —          149,435  

Global Strategy

      —          —          —          501,665        501,665  

Growth

      —          —          —          7,398        7,398  

Growth & Income

      —          1,455        —          —          1,455  

Health Sciences

      —          —          76,590        —          76,590  

International Equities Index

      —          759,255        —          —          759,255  

Mid Cap Index

      —          1,885,520        —          —          1,885,520  

Nasdaq-100® Index

     —          214,080        —          —          214,080  

Small Cap Index

      —          756,675        —          —          756,675  

Stock Index

      —          322,465        —          —          322,465  
     Liability Derivatives  
     Interest Rate Contracts      Equity Contracts      Foreign
Exchange
Contracts		         

Fund

    Swap Contracts(1)      Futures Contracts(3)      Options Written(1)      Forward
Foreign
Currency
Contracts(1)		      Total  

Asset Allocation

    $  —        $ 133,000      $ —        $ 6,911      $ 139,911  

Dynamic Allocation

      —          —          303,401        —          303,401  

Global Social Awareness

      —          —          —          —          —    

Global Strategy

      1,759,093        —          —          2,773,515        4,532,608  

Growth

      —          —          —          247,053        247,053  

Growth & Income

      —          —          —          —          —    

Health Sciences

      —          —          —          —          —    

International Equities Index

      —          —          —          —          —    

Mid Cap Index

      —          —          —          —          —    

Nasdaq-100® Index

     —          —          —          —          —    

Small Cap Index

      —          —          —          —          —    

Stock Index

      —          —          —          —          —    

Portfolio of Investments Location:

 

(1) Reported as unrealized appreciation (depreciation) on the Portfolio of Investments
(2) Reported at value on the Portfolio of Investments
(3) 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

    $ (369,135 ) 

Dynamic Allocation

      912,529  

Global Social Awareness

      364,078  

Growth & Income

      1,182  

International Equities Index

      2,588,296  

Mid Cap Index

    $ (4,673,438 ) 

Nasdaq-100® Index

      971,143  

Small Cap Index

      (146,537 ) 

Stock Index

      785,642  

Note 3. Transactions with Affiliates

As disclosed in the Portfolio of Investments, certain Funds owned shares of various VALIC Co. I or VALIC Co. II Funds and securities issued by American International Group, Inc. or an affiliate thereof. During the period ended August 31, 2017, transactions in these securities were as follows:

Dynamic Allocation Fund

 

Security

   Value at
05/31/2017 		     Income      Capital  Gain
Distribution
Received 		     Cost  of
Purchases		      Proceeds from
Sales 		     Realized
Gain/(Loss)		     Change in
Unrealized
Gain/(Loss)		     Value
8/31/2017		  

VALIC Co. I Blue Chip Growth Fund

    $ 9,575,898        —          —        $ 15,828      $ 216,141      $ 36,653     $ 578,434     $ 9,990,672  

VALIC Co. I Broad Cap Value Income Fund

      9,817,862        —          —          16,697        533,735        110,472       248,924       9,660,220  

VALIC Co. I Capital Conservation Fund

      14,886,761        —          —          1,277,157        377,165        2,717       174,506       15,963,976  

VALIC Co. I Dividend Value Fund

      9,904,681        —          —          16,423        631,742        12,334       187,771       9,489,467  

VALIC Co. I Emerging Economies Fund

      3,232,313        —          —          5,091        70,718        7,187       423,580       3,597,453  

VALIC Co. I Foreign Value Fund

      9,203,786        —          —          15,276        212,155        (15,632 )      60,621       9,051,896  

VALIC Co. I Global Real Estate Fund

      2,000,544        —          —          3,396        47,146        (1,468 )      63,691       2,019,017  

VALIC Co. I Government Securities Fund

      7,977,773        —          —          13,579        188,582        (1,192 )      67,317       7,868,895  

VALIC Co. I Growth & Income Fund

      4,198,136        —          —          6,790        94,291        25,591       92,999       4,229,225  

VALIC Co. I Growth Fund

      10,833,584        —          —          17,250        237,721        27,925       435,923       11,076,961  

VALIC Co. I Inflation Protected Fund

      2,970,572        —          —          255,091        70,718        (510 )      39,898       3,194,333  

VALIC Co. I International Equities Fund

      5,159,905        —          —          8,488        117,864        3,119       149,900       5,203,548  

VALIC Co. I International Government Bond Fund

      1,078,287        —          —          1,698        23,573        (222 )      34,729       1,090,919  

VALIC Co. I International Growth Fund

      9,602,010        —          —          15,276        612,155        (7,342 )      366,864       9,364,653  

VALIC Co. I Large Cap Core Fund

      8,388,747        —          —          13,578        588,582        (128,842 )      437,105       8,122,006  

VALIC Co. I Large Capital Growth Fund

      8,441,878        —          —          13,579        188,582        (9,205 )      192,771       8,450,441  

VALIC Co. I Mid Cap Index Fund

      4,156,906        —          —          6,789        94,291        12,112       24,972       4,106,488  

VALIC Co. I Stock Index Fund

      30,276,639        —          —          50,921        707,184        138,757       726,346       30,485,479  

VALIC Co. I Value Fund

      9,852,980        —          —          16,974        235,728        61,281       (11,382 )      9,684,125  

VALIC Co. II Capital Appreciation Fund

      7,269,350        —          —          11,882        165,010        40,415       151,283       7,307,920  

VALIC Co. II Core Bond Fund

      14,713,271        —          —          23,764        330,019        9,481       188,431       14,604,928  

VALIC Co. II High Yield Bond Fund

      2,958,227        —          —          5,092        70,718        703       33,662       2,926,966  

VALIC Co. II Mid Cap Growth Fund

      2,128,050        —          —          3,395        47,146        2,265       49,584       2,136,148  

VALIC Co. II Mid Cap Value Fund

      1,894,581        —          —          3,396        47,146        (9,540 )      46,041       1,887,332  

VALIC Co. II Small Cap Growth Fund

      4,294,684        —          —          6,789        94,291        1,963       313,284       4,522,429  

VALIC Co. II Small Cap Value Fund

      3,522,405        —          —          6,789        94,291        (17,669 )      73,457       3,490,691  

VALIC Co. II Strategic Bond Fund

      5,028,676        —          —          8,487        117,864        (2,998 )      82,707       4,999,008  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

    

 

 

    

 

 

  
   $ 203,368,506      $ —        $ —        $ 1,839,475      $ 6,214,558      $ 298,355     $ 5,233,418     $ 204,525,196  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

    

 

 

    

 

 

  

Stock Index Fund

 

Security

    Value
at  05/31/2017		      Income      Capital Gain
Distribution
Received		      Cost of
Purchases		      Proceeds
from  Sales		      Realized
Gain/(Loss)		      Change in
Unrealized
Gain/(Loss)		     Value
at  08/31/2017		  

American International Group, Inc. Common Stock

    $ 12,657,025      $ 63,653      $ —        $ —        $ 671,141      $ 319,279      $ (911,154 )    $ 11,394,009  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

ADDITIONAL INFORMATION

Additional information is available in the VALIC Company I’s Annual and Semi-annual reports which may be obtained without charge from the EDGAR database on the Securities and Exchange Commission’s website at http://www.sec.gov.

Item 2. 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 270.30a-3(d))) that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

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.

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:     October 27, 2017

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:     October 27, 2017

 

By:  

  /s/ Gregory R. Kingston

    Gregory R. Kingston
    Treasurer
Date:     October 27, 2017