UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-03738

VALIC Company I

(Exact name of registrant as specified in charter)

2929 Allen Parkway, Houston, TX 77019

(Address of principal executive offices) (Zip code)

Kurt W. Bernlohr

Senior Vice President

The Variable Annuity Life Insurance Company

2929 Allen Parkway

Houston, TX 77019

(Name and address of agent for service)

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

Date of fiscal year end: May 31

Date of reporting period: May 31, 2010

Item 1. Reports to Stockholders

VALIC Company I, Annual Report at May 31, 2010.

VALIC Company I

Annual Report, May 31, 2010

SAVING : INVESTING : PLANNING

VALIC Company I

ANNUAL REPORT MAY 31, 2010

TABLE OF CONTENTS

President’s Letter	1
Expense Example	2
Portfolio of Investments:
Asset Allocation Fund	4
Blue Chip Growth Fund	30
Broad Cap Value Income Fund	34
Capital Conservation Fund	37
Core Equity Fund	47
Core Value Fund	51
Foreign Value Fund	57
Global Equity Fund	60
Global Real Estate Fund	65
Global Social Awareness Fund	69
Global Strategy Fund	77
Government Securities Fund	86
Growth Fund	89
Growth & Income Fund	95
Health Sciences Fund	99
Inflation Protected Fund	107
International Equities Fund	111
International Government Bond Fund	124
International Growth I Fund	132
Large Cap Core Fund	137
Large Capital Growth Fund	140
Mid Cap Index Fund	144
Mid Cap Strategic Growth Fund	153
Money Market I Fund	158
Nasdaq-100® Index Fund	161
Science & Technology Fund	165
Small Cap Aggressive Growth Fund	170
Small Cap Fund	174
Small Cap Index Fund	185
Small Cap Special Values Fund	210
Small-Mid Growth Fund	216
Stock Index Fund	221
Value Fund	231
Statements of Assets and Liabilities	234
Statements of Operations	238
Statements of Changes in Net Assets	242
Notes to Financial Statements	250
Financial Highlights	276
Report of Independent Registered Public Accounting Firm	293
Approval of Advisory Agreements	294
Director and Officer Information	297
Shareholder Tax Information	299
Comparisons: Funds vs. Indexes	300
Supplement to Prospectus	338
Proxy Vote	341

VALIC Company I

PRESIDENT’S LETTER

Dear Valued Investor:

We are pleased to provide you with the following Annual Report for VALIC Company I. The report contains the investment portfolio information and the financial statements of VALIC Company I for the twelve-month period ending May 31, 2010. We encourage you to carefully read this report and hope you find it informative and helpful.

The reporting period generally saw most asset classes continue to rally from their March 2009 lows, powered by on-going government stimulus programs and central bank interventions, both in the U.S. and abroad, better-than-expected corporate earnings and low interest rates, among other catalysts. The total return for the S&P 500^® Index*, widely regarded as the best single gauge of the U.S. equity market, was 20.99% for the twelve-month period. The Barclays Capital U.S. Aggregate Bond Index**, a broad measure of the bond market, returned 8.42% for the period. In addition, the MSCI EAFE Index (gross)***, designed to measure the equity market performance of developed markets (Europe, Australasia, Far East), excluding the U.S. and Canada, also posted a 6.84% return for the period.

Although these indices showed positive results for the entire reporting period, by second quarter 2010 returns generally started to trend negative, as events both at home and abroad renewed concerns about the long-term sustainability of the U.S. and global economies. Domestically, continued high unemployment and declining consumer confidence weighed on the equity markets. Purchases of new homes in the U.S. fell after the expiration on April 30 of a home-buyer’s tax credit, illustrating that the housing market remains dependent on government support and has yet to fully recover and become self-sustainable. Overseas, a sovereign debt crisis in Europe, highlighted by events in Greece, brought structural budget deficits to the forefront. In the near term, there has been much concern about the budget situations of Spain, Portugal, Italy and Ireland. Moreover, events in Greece have highlighted the unsustainable budget path of the United Kingdom, Japan and the United States. This clear economic slowdown by period-end ignited a debate whether the U.S. economy had just hit a “soft patch” in an ongoing economic recovery or whether the U.S. economy was headed to a double-dip recession.

With continued market uncertainty and turmoil, many investors are left questioning their investment strategy. During these uncertain times, we continue to believe that certain fundamental, tried and true investment strategies will generally work out best in the long term. One such strategy is to develop a long-term investment plan based on your individual financial goals and risk tolerance, and stick to it. In other words, do not try to time the market but remain focused on your long-term goals. A second strategy is to diversify your assets. VALIC Company I offers investments across a broad range of asset classes (e.g., large and small capitalization stocks, bonds, money markets and international investments) and different investment styles (e.g., growth and value). Although portfolio diversification does not ensure a profit nor protect against a loss, this strategy does generally reduce volatility and some investment risk. Finally, when in doubt, seek guidance from your financial advisor, who can help you identify appropriate investments based on your individual situation.

Thank you for your investment with VALIC Company I. As always, we appreciate your continued confidence in our ability to help you meet your investment goals.

Sincerely,

Kurt W. Bernlohr, President

VALIC Company I

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

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

*** The Morgan Stanley Capital International (MSCI), Europe, Australasia, Far East (EAFE) Index (gross) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. As of May 27, 2010, the index consisted of 22 market country indices. The gross index approximates the maximum possible dividend reinvestment and assumes that the amount reinvested is the entire dividend distributed to individuals resident in the country of the company, but does not include tax credits.

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

1

VALIC Company I

EXPENSE EXAMPLE — May 31, 2010

Disclosure of Fund Expenses in Shareholder Reports

As a shareholder of a Fund in VALIC Company I (“VC I”), you incur ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at December 1, 2009 and held until May 31, 2010. Shares of VC I are currently issued and redeemed only in connection with investments in and payments under variable annuity contracts and variable life insurance policies (“Variable Contracts”) and qualified retirement plans (the “Plans”) offered by The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to VC I, and other life insurance companies affiliated with VALIC. The fees and expenses associated with the Variable Contracts and Plans are not included in these Examples, and had such fees and expenses been included your costs would have been higher. Please see your Variable Contract prospectus or plan document for more details on the fees associated with the Variable Contract or Plans.

Actual Expenses

The “Actual” section of the table provides information about your actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the column under the heading entitled “Expenses Paid During the Six Months Ended May 31, 2010” to estimate the expenses you paid on your account during this period. The “Expenses Paid During the Six Months Ended May 31, 2010” column and the “Expense Ratio as of May 31, 2010” column do not include fees and expenses that may be charged by the Variable Contracts or Plans, in which the Funds are offered. Had these fees and expenses been included, the “Expenses Paid During the Six Months Ended May 31, 2010” column would have been higher and the “Ending Account Value” column would have been lower.

Hypothetical Example for Comparison Purposes

The “Hypothetical” section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds of other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. The “Expenses Paid During the Six Months Ended May 31, 2010” column and the “Expense Ratio as of May 31, 2010” column do not include fees and expenses that may be charged by the Variable Contracts or Plans, in which the Funds are offered. Had these fees and expenses been included, the “Expenses Paid During the Six Months Ended May 31, 2010” column would have been higher and the “Ending Account Value” column would have been lower.

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

2

VALIC Company I

EXPENSE EXAMPLE — May 31, 2010 (Unaudited) — (continued)

	Actual						Hypothetical
Fund	Beginning Account Value at December 1, 2009		Ending Account Value Using Actual Return at May 31, 2010		Expenses Paid During the Six Months Ended May 31, 2010*		Beginning Account Value at December 1, 2009		Ending Account Value Using a Hypothetical 5% Assumed Return at May 31, 2010		Expenses Paid During the Six Months Ended May 31, 2010*		Expense Ratio as of May 31, 2010*
Asset Allocation@	$	1,000.00	$	1,016.42	$	3.92	$	1,000.00	$	1,021.04	$	3.93	0.78	%
Blue Chip Growth#@	$	1,000.00	$	1,008.92	$	4.26	$	1,000.00	$	1,020.69	$	4.28	0.85	%
Broad Cap Value Income#@	$	1,000.00	$	1,020.48	$	4.28	$	1,000.00	$	1,020.69	$	4.28	0.85	%
Capital Conservation	$	1,000.00	$	1,026.82	$	3.44	$	1,000.00	$	1,021.54	$	3.43	0.68	%
Core Equity#@	$	1,000.00	$	1,014.88	$	4.02	$	1,000.00	$	1,020.94	$	4.03	0.80	%
Core Value#	$	1,000.00	$	995.45	$	4.13	$	1,000.00	$	1,020.79	$	4.18	0.83	%
Foreign Value@	$	1,000.00	$	904.23	$	4.08	$	1,000.00	$	1,020.64	$	4.33	0.86	%
Global Equity@	$	1,000.00	$	940.29	$	4.93	$	1,000.00	$	1,019.85	$	5.14	1.02	%
Global Real Estate@	$	1,000.00	$	1,021.17	$	4.59	$	1,000.00	$	1,020.39	$	4.58	0.91	%
Global Social Awareness@	$	1,000.00	$	954.67	$	3.41	$	1,000.00	$	1,021.44	$	3.53	0.70	%
Global Strategy	$	1,000.00	$	980.79	$	3.41	$	1,000.00	$	1,021.49	$	3.48	0.69	%
Government Securities	$	1,000.00	$	1,012.19	$	3.61	$	1,000.00	$	1,021.34	$	3.63	0.72	%
Growth#	$	1,000.00	$	1,011.21	$	4.06	$	1,000.00	$	1,020.89	$	4.08	0.81	%
Growth & Income#@	$	1,000.00	$	974.80	$	4.18	$	1,000.00	$	1,020.69	$	4.28	0.85	%
Health Sciences@	$	1,000.00	$	1,040.14	$	5.95	$	1,000.00	$	1,019.10	$	5.89	1.17	%
Inflation Protected	$	1,000.00	$	1,022.43	$	3.23	$	1,000.00	$	1,021.74	$	3.23	0.64	%
International Equities	$	1,000.00	$	896.52	$	2.51	$	1,000.00	$	1,022.29	$	2.67	0.53	%
International Government Bond	$	1,000.00	$	958.61	$	3.37	$	1,000.00	$	1,021.49	$	3.48	0.69	%
International Growth I#@	$	1,000.00	$	922.61	$	4.84	$	1,000.00	$	1,019.90	$	5.09	1.01	%
Large Cap Core#@	$	1,000.00	$	981.29	$	4.20	$	1,000.00	$	1,020.69	$	4.28	0.85	%
Large Capital Growth@	$	1,000.00	$	1,000.03	$	3.94	$	1,000.00	$	1,020.99	$	3.98	0.79	%
Mid Cap Index	$	1,000.00	$	1,120.21	$	2.01	$	1,000.00	$	1,023.04	$	1.92	0.38	%
Mid Cap Strategic Growth#@	$	1,000.00	$	1,085.01	$	4.42	$	1,000.00	$	1,020.69	$	4.28	0.85	%
Money Market I#	$	1,000.00	$	1,000.16	$	1.65	$	1,000.00	$	1,023.29	$	1.66	0.33	%
Nasdaq-100® Index#	$	1,000.00	$	1,050.30	$	2.71	$	1,000.00	$	1,022.29	$	2.67	0.53	%
Science & Technology@	$	1,000.00	$	1,046.19	$	5.10	$	1,000.00	$	1,019.95	$	5.04	1.00	%
Small Cap Aggressive Growth#@	$	1,000.00	$	1,155.04	$	5.32	$	1,000.00	$	1,020.00	$	4.99	0.99	%
Small Cap#@	$	1,000.00	$	1,154.74	$	5.00	$	1,000.00	$	1,020.29	$	4.68	0.93	%
Small Cap Index	$	1,000.00	$	1,146.78	$	2.46	$	1,000.00	$	1,022.64	$	2.32	0.46	%
Small Cap Special Values#@	$	1,000.00	$	1,121.95	$	4.76	$	1,000.00	$	1,020.44	$	4.53	0.90	%
Small-Mid Growth#@	$	1,000.00	$	1,097.08	$	5.23	$	1,000.00	$	1,019.95	$	5.04	1.00	%
Stock Index	$	1,000.00	$	1,002.81	$	1.85	$	1,000.00	$	1,023.09	$	1.87	0.37	%
Value#	$	1,000.00	$	988.91	$	4.21	$	1,000.00	$	1,020.69	$	4.28	0.85	%

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 182 days then divided by 365 days. These ratios do not reflect fees and expenses associated with the Variable Contracts or Plans. If such fees and expenses had been included, the expenses would have been higher. Please refer to your Variable Contract prospectus for details that apply to the Variable Contracts or your Plan document for details on the administrative fees charged by your Plan sponsor.

# During the stated period, the investment adviser waived a portion of or all fees and assumed a portion of or all expenses for the Fund. As a result, if these fees and expenses had not been waived or assumed, the “Actual/Hypothetical Ending Account Value” would have been lower and the “Actual/Hypothetical Expenses Paid During the Period May 31, 2010” and the “Expense Ratios” would have been higher.

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

	Actual						Hypothetical
Fund	Beginning Account Value at December 1, 2009		Ending Account Value Using Actual Return at May 31, 2010		Expenses Paid During the Six Months Ended May 31, 2010*		Beginning Account Value at December 1, 2009		Ending Account Value Using a Hypothetical 5% Assumed Return at May 31, 2010		Expenses Paid During the Six Months Ended May 31, 2010*		Expense Ratio as of May 31, 2010*
Asset Allocation	$	1,000.00	$	1,016.42	$	3.87	$	1,000.00	$	1,021.09	$	3.88	0.77	%
Blue Chip Growth#	$	1,000.00	$	1,008.92	$	4.26	$	1,000.00	$	1,020.69	$	4.28	0.85	%
Broad Cap Value Income#	$	1,000.00	$	1,020.48	$	4.28	$	1,000.00	$	1,020.69	$	4.28	0.85	%
Core Equity#	$	1,000.00	$	1,014.88	$	4.02	$	1,000.00	$	1,020.94	$	4.03	0.80	%
Foreign Value	$	1,000.00	$	904.23	$	4.08	$	1,000.00	$	1,020.64	$	4.33	0.86	%
Global Equity	$	1,000.00	$	940.29	$	4.93	$	1,000.00	$	1,019.85	$	5.14	1.02	%
Global Real Estate	$	1,000.00	$	1,021.17	$	4.59	$	1,000.00	$	1,020.39	$	4.58	0.91	%
Global Social Awareness	$	1,000.00	$	954.67	$	3.41	$	1,000.00	$	1,021.44	$	3.53	0.70	%
Growth & Income#	$	1,000.00	$	974.80	$	4.14	$	1,000.00	$	1,020.74	$	4.23	0.84	%
Health Sciences	$	1,000.00	$	1,040.14	$	5.95	$	1,000.00	$	1,019.10	$	5.89	1.17	%
International Growth I#	$	1,000.00	$	922.61	$	4.84	$	1,000.00	$	1,019.90	$	5.09	1.01	%
Large Cap Core#	$	1,000.00	$	981.29	$	4.20	$	1,000.00	$	1,020.69	$	4.28	0.85	%
Large Capital Growth	$	1,000.00	$	1,000.03	$	3.94	$	1,000.00	$	1,020.99	$	3.98	0.79	%
Mid Cap Strategic Growth#	$	1,000.00	$	1,085.01	$	4.26	$	1,000.00	$	1,020.84	$	4.13	0.82	%
Science & Technology	$	1,000.00	$	1,046.19	$	5.05	$	1,000.00	$	1,020.00	$	4.99	0.99	%
Small Cap Aggressive Growth#	$	1,000.00	$	1,155.04	$	5.27	$	1,000.00	$	1,020.04	$	4.94	0.98	%
Small Cap#	$	1,000.00	$	1,154.74	$	4.94	$	1,000.00	$	1,020.34	$	4.63	0.92	%
Small Cap Special Values#	$	1,000.00	$	1,121.95	$	4.71	$	1,000.00	$	1,020.49	$	4.48	0.89	%
Small-Mid Growth#	$	1,000.00	$	1,097.08	$	5.07	$	1,000.00	$	1,020.09	$	4.89	0.97	%

3

VALIC Company I Asset Allocation Fund

PORTFOLIO PROFILE — May 31, 2010 (Unaudited)

Industry Allocation*

Federal Home Loan Mtg. Corp.	11.3	%
United States Treasury Notes	6.0
Diversified Banking Institutions	4.0
Federal National Mtg. Assoc.	3.8
Exchange-Traded Funds	3.7
Computers	3.1
Diversified Financial Services	3.1
Oil Companies — Integrated	2.9
Oil Companies — Exploration & Production	2.2
Diversified Manufacturing Operations	2.1
Banks — Super Regional	1.9
Telephone — Integrated	1.9
Electric — Integrated	1.7
United States Treasury Bonds	1.6
Electronic Components — Semiconductors	1.6
Repurchase Agreements	1.6
Medical — Drugs	1.6
Real Estate Investment Trusts	1.5
Wireless Equipment	1.4
Government National Mtg. Assoc.	1.4
Pipelines	1.1
Cosmetics & Toiletries	1.1
Banks — Commercial	1.1
Networking Products	1.1
Aerospace/Defense	1.0
Retail — Regional Department Stores	1.0
Applications Software	1.0
Medical Products	0.9
Insurance — Property/Casualty	0.9
Metal — Copper	0.9
Medical — Biomedical/Gene	0.9
Cable/Satellite TV	0.8
Insurance — Life/Health	0.8
Web Portals/ISP	0.8
Insurance — Multi-line	0.8
Computers — Periphery Equipment	0.8
Retail — Building Products	0.7
Advertising Agencies	0.7
Pharmacy Services	0.7
Semiconductor Equipment	0.6
Retail — Restaurants	0.6
Food — Misc.	0.6
Special Purpose Entities	0.5
Retail — Discount	0.5
Tobacco	0.5
Oil — Field Services	0.5
Multimedia	0.5
Transport — Services	0.4
Finance — Auto Loans	0.4
Hazardous Waste Disposal	0.4
Metal — Iron	0.4
Medical Instruments	0.4
Finance — Investment Banker/Broker	0.4
Beverages — Non-alcoholic	0.4
Medical — Wholesale Drug Distribution	0.4
Time Deposits	0.4
Electric — Generation	0.4
Machinery — Construction & Mining	0.4
Food — Wholesale/Distribution	0.4
Chemicals — Plastics	0.4
Medical Labs & Testing Services	0.4
Non — Hazardous Waste Disposal	0.4
Auto/Truck Parts & Equipment — Original	0.3
Broadcast Services/Program	0.3
Investment Management/Advisor Services	0.3
Paper & Related Products	0.3
Medical — HMO	0.3
Aerospace/Defense — Equipment	0.3
Auto — Heavy Duty Trucks	0.3

Agricultural Operations	0.3
Containers — Metal/Glass	0.3
Oil & Gas Drilling	0.3
Consumer Products — Misc.	0.3
Television	0.3
Distribution/Wholesale	0.3
Insurance — Reinsurance	0.3
Medical — Hospitals	0.3
Finance — Credit Card	0.3
Chemicals — Diversified	0.3
Gas — Distribution	0.3
Telecom Services	0.2
Chemicals — Specialty	0.2
Beverages — Wine/Spirits	0.2
Retail — Drug Store	0.2
Food — Confectionery	0.2
Computer Services	0.2
Insurance Brokers	0.2
Apparel Manufacturers	0.2
Municipal Bonds	0.2
Insurance — Mutual	0.2
Transport — Air Freight	0.2
Retail — Apparel/Shoe	0.2
Telecommunication Equipment	0.2
Cellular Telecom	0.2
Retail — Major Department Stores	0.2
Office Automation & Equipment	0.2
Retail — Office Supplies	0.2
Banks — Money Center	0.2
Printing — Commercial	0.2
Airlines	0.2
Finance — Other Services	0.2
Commercial Services	0.2
Food — Meat Products	0.1
Banks — Fiduciary	0.1
Agricultural Chemicals	0.1
Food — Retail	0.1
Computers — Memory Devices	0.1
Independent Power Producers	0.1
Finance — Commercial	0.1
Enterprise Software/Service	0.1
Internet Security	0.1
Auto — Cars/Light Trucks	0.1
Transport — Rail	0.1
Satellite Telecom	0.1
U.S. Government Treasuries	0.1
Coatings/Paint	0.1
Office Supplies & Forms	0.1
Hotels/Motels	0.1
Retail — Consumer Electronics	0.1
E-Commerce/Services	0.1
Metal — Diversified	0.1
Casino Hotels	0.1
Steel — Producers	0.1
Electric Products — Misc.	0.1
Transport — Equipment & Leasing	0.1
Retail — Bedding	0.1
Savings & Loans/Thrifts	0.1
Commercial Services — Finance	0.1
Gas — Transportation	0.1
Building — Residential/Commercial	0.1
Finance — Consumer Loans	0.1
Home Decoration Products	0.1
Toys	0.1
Building & Construction Products — Misc.	0.1
Diversified Minerals	0.1
Oil Field Machinery & Equipment	0.1
Medical — Generic Drugs	0.1
Building Products — Wood	0.1

4

VALIC Company I Asset Allocation Fund

PORTFOLIO PROFILE — May 31, 2010 (Unaudited) — (continued)

Industry Allocation* (continued)

Funeral Services & Related Items	0.1	%
Publishing — Newspapers	0.1
Linen Supply & Related Items	0.1
Gambling (Non-Hotel)	0.1
Telecom Equipment — Fiber Optics	0.1
Metal — Aluminum	0.1
Coal	0.1
Brewery	0.1
Oil Refining & Marketing	0.1
Rental Auto/Equipment	0.1
	100.2	%

* Calculated as a percentage of net assets

5

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010

Security Description	Shares	Value (Note 2)
COMMON STOCK — 50.7%
Advanced Materials — 0.0%
Ceradyne, Inc.†	262	$	5,646
Advertising Agencies — 0.7%
Interpublic Group of Cos., Inc.†	4,221		35,245
Omnicom Group, Inc.	22,123		839,568
			874,813
Advertising Services — 0.0%
inVentiv Health, Inc.†	263		6,570
Aerospace/Defense — 1.0%
Aerovironment, Inc.†	56		1,402
Cubic Corp.	117		4,257
Esterline Technologies Corp.†	336		18,030
National Presto Industries, Inc.	18		1,750
Northrop Grumman Corp.	657		39,742
Raytheon Co.	6,024		315,718
Teledyne Technologies, Inc.†	285		11,203
The Boeing Co.	14,398		924,064
			1,316,166
Aerospace/Defense-Equipment — 0.3%
AAR Corp.†	440		8,668
Curtiss - Wright Corp.	357		11,824
GenCorp, Inc.†	191		993
Kaman Corp.	291		7,127
Moog, Inc., Class A†	513		16,934
Orbital Sciences Corp.†	467		7,411
Triumph Group, Inc.	115		7,982
United Technologies Corp.	5,208		350,915
			411,854
Agricultural Chemicals — 0.1%
CF Industries Holdings, Inc.	1,350		92,596
Monsanto Co.	1,370		69,692
			162,288
Agricultural Operations — 0.3%
Bunge, Ltd.	8,247		402,124
The Andersons, Inc.	69		2,258
			404,382
Airlines — 0.1%
Allegiant Travel Co.	57		3,152
Skywest, Inc.	629		9,224
Southwest Airlines Co.	5,248		65,285
			77,661
Alternative Waste Technology — 0.0%
Calgon Carbon Corp.†	387		5,755
Darling International, Inc.†	308		2,464
			8,219
Apparel Manufacturers — 0.2%
Carter’s, Inc.†	393		12,010
Coach, Inc.	1,280		52,621
Maidenform Brands, Inc.†	143		3,309
Oxford Industries, Inc.	99		2,063
Polo Ralph Lauren Corp.	1,237		107,446
Quiksilver, Inc.†	1,454		6,776
True Religion Apparel, Inc.†	95		2,623
VF Corp.	571		44,167
Volcom, Inc.†	62		1,237
			232,252

Security Description	Shares	Value (Note 2)
Applications Software — 1.0%
Ebix, Inc.†	114	$	1,742
EPIQ Systems, Inc.†	203		2,324
Intuit, Inc.†	4,293		153,432
Microsoft Corp.	40,005		1,032,129
Progress Software Corp.†	322		10,285
			1,199,912
Athletic Equipment — 0.0%
Nautilus, Inc.†	233		534
Athletic Footwear — 0.0%
K - Swiss, Inc., Class A†	306		3,816
Audio/Video Products — 0.0%
Audiovox Corp., Class A†	210		1,716
DTS, Inc.†	66		2,180
Universal Electronics, Inc.†	51		995
			4,891
Auto Repair Centers — 0.0%
Midas, Inc.†	120		1,199
Monro Muffler Brake, Inc.	74		2,915
			4,114
Auto - Cars/Light Trucks — 0.1%
Ford Motor Co.†	12,869		150,953
Auto - Heavy Duty Trucks — 0.1%
PACCAR, Inc.	2,584		105,944
Auto/Truck Parts & Equipment - Original — 0.1%
Johnson Controls, Inc.	5,745		163,905
Spartan Motors, Inc.	245		1,176
Superior Industries International, Inc.	262		3,877
			168,958
Auto/Truck Parts & Equipment - Replacement — 0.0%
ATC Technology Corp.†	154		2,880
Standard Motor Products, Inc.	207		1,732
			4,612
Banks - Commercial — 0.4%
Bank Mutual Corp.	427		2,741
Bank of the Ozarks, Inc.	89		3,141
BB&T Corp.	5,636		170,433
City Holding Co.	133		4,268
Columbia Banking System, Inc.	426		9,513
Community Bank System, Inc.	370		8,454
East West Bancorp, Inc.	1,663		28,271
First BanCorp. Puerto Rico	858		1,141
First Commonwealth Financial Corp.	856		4,477
First Financial Bancorp	392		6,231
First Financial Bankshares, Inc.	149		7,477
First Midwest Bancorp, Inc.	806		11,179
Glacier Bancorp, Inc.	813		12,894
Hancock Holding Co.	205		7,837
Hanmi Financial Corp.†	579		1,337
Home Bancshares, Inc.	178		4,202
Independent Bank Corp.	237		5,740
Nara BanCorp., Inc.†	366		2,793
National Penn Bancshares, Inc.	1,421		9,933
NBT Bancorp, Inc.	282		6,190
Old National Bancorp	986		11,319
Pinnacle Financial Partners, Inc.†	373		5,099
PrivateBancorp, Inc.	662		8,771
S&T Bancorp, Inc.	273		5,889
Signature Bank†	152		5,752

6

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
Banks - Commercial (continued)
Simmons First National Corp., Class A	170	$	4,481
Sterling Bancorp	303		2,900
Sterling Bancshares, Inc.	1,122		6,003
Susquehanna Bancshares, Inc.	1,401		12,287
The South Financial Group, Inc.	2,436		663
Tompkins Financial Corp.	60		2,389
Trustco Bank Corp. NY	658		4,099
UMB Financial Corp.	218		8,491
Umpqua Holdings Corp.	1,252		15,725
United Bankshares, Inc.	432		11,629
United Community Banks, Inc.†	935		4,334
Whitney Holding Corp.	1,091		12,928
Wilshire Bancorp, Inc.	220		2,240
Wintrust Financial Corp.	339		12,089
Zions Bancorporation	1,475		35,326
			480,666
Banks - Fiduciary — 0.0%
Boston Private Financial Holdings, Inc.	734		5,373
State Street Corp.	618		23,589
			28,962
Banks - Super Regional — 1.4%
Capital One Financial Corp.	4,820		199,066
Fifth Third Bancorp	14,712		191,109
KeyCorp	4,467		35,825
PNC Financial Services Group, Inc.	2,376		149,094
US Bancorp	2,760		66,130
Wells Fargo & Co.	39,521		1,133,857
			1,775,081
Beverages - Non-alcoholic — 0.4%
PepsiCo, Inc.	351		22,074
The Coca - Cola Co.	9,364		481,310
			503,384
Beverages - Wine/Spirits — 0.2%
Brown-Forman Corp., Class B	4,178		231,712
Constellation Brands, Inc., Class A†	846		14,094
			245,806
Brewery — 0.0%
Boston Beer Co., Inc., Class A†	38		2,510
Broadcast Services/Program — 0.1%
DG FastChannel, Inc.†	183		7,772
Discovery Communications, Inc., Class A†	1,671		62,930
Scripps Networks Interactive Inc., Class A	2,186		98,763
			169,465
Building & Construction Products - Misc. — 0.0%
Drew Industries, Inc.†	213		4,673
Gibraltar Industries, Inc.†	341		4,474
NCI Building Systems, Inc.†	204		2,350
Quanex Building Products Corp.	315		6,278
Simpson Manufacturing Co., Inc.	435		12,711
			30,486
Building & Construction - Misc. — 0.0%
Dycom Industries, Inc.†	441		4,357
Insituform Technologies, Inc., Class A†	440		9,002
			13,359

Security Description	Shares	Value (Note 2)
Building Products - Air & Heating — 0.0%
AAON, Inc.	47	$	1,160
Comfort Systems USA, Inc.	432		4,761
			5,921
Building Products - Cement — 0.0%
Eagle Materials, Inc.	353		10,830
Texas Industries, Inc.	314		11,398
			22,228
Building Products - Doors & Windows — 0.0%
Apogee Enterprises, Inc.	316		4,317
Building Products - Wood — 0.0%
Universal Forest Products, Inc.	202		7,484
Building - Maintance & Services — 0.0%
ABM Industries, Inc.	525		11,272
Building - Mobile Home/Manufactured Housing — 0.0%
Skyline Corp.	77		1,455
Winnebago Industries, Inc.†	223		2,705
			4,160
Building - Residential/Commercial — 0.1%
D.R. Horton, Inc.	5,179		63,132
M/I Homes, Inc.†	209		2,475
Meritage Homes Corp.†	359		7,675
Standard Pacific Corp.†	1,100		5,555
			78,837
Cable/Satellite TV — 0.5%
Comcast Corp., Class A	21,243		384,286
DIRECTV, Class A†	3,896		146,840
Time Warner Cable, Inc.	1,365		74,707
			605,833
Casino Hotels — 0.0%
Monarch Casino & Resort, Inc.†	128		1,482
Casino Services — 0.0%
Shuffle Master, Inc.†	201		1,668
Chemicals - Diversified — 0.2%
PPG Industries, Inc.	3,242		207,715
Chemicals - Other — 0.0%
American Vanguard Corp.	233		1,857
Chemicals - Plastics — 0.0%
A. Schulman, Inc.	353		7,845
PolyOne Corp.†	710		7,093
			14,938
Chemicals - Specialty — 0.2%
Arch Chemicals, Inc.	283		9,696
Balchem Corp.	105		2,550
Eastman Chemical Co.	2,128		128,510
H.B. Fuller Co.	418		8,916
OM Group, Inc.†	346		10,328
Penford Corp.†	129		1,055
Quaker Chemical Corp.	125		3,454
Sigma-Aldrich Corp.	1,996		106,347
Stepan Co.	54		3,895
Zep, Inc.	184		3,363
			278,114

7

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
Circuit Boards — 0.0%
Park Electrochemical Corp.	167	$	4,322
TTM Technologies, Inc.†	162		1,874
			6,196
Coatings/Paint — 0.1%
The Sherwin - Williams Co.	1,861		142,608
Coffee — 0.0%
Peet’s Coffee & Tea, Inc.†	49		1,904
Collectibles — 0.0%
RC2 Corp.†	172		3,199
Commercial Services — 0.1%
Arbitron, Inc.	99		3,016
Convergys Corp.†	2,761		30,150
Healthcare Services Group, Inc.	298		5,993
HMS Holdings Corp.†	101		5,480
Live Nation Entertainment, Inc.†	1,599		19,556
Pre - Paid Legal Services, Inc.†	49		2,270
StarTek, Inc.†	85		382
TeleTech Holdings, Inc.†	121		1,564
			68,411
Commercial Services-Finance — 0.1%
Coinstar, Inc.†	116		6,225
H&R Block, Inc.	2,254		36,244
Heartland Payment Systems, Inc.	424		6,966
Moody’s Corp.	696		14,268
Rewards Network, Inc.	99		1,059
Total System Services, Inc.	719		10,498
Visa, Inc., Class A	394		28,549
Wright Express Corp.†	143		4,490
			108,299
Communications Software — 0.0%
Digi International, Inc.†	279		2,578
Smith Micro Software, Inc.†	111		1,093
			3,671
Computer Services — 0.1%
CACI International, Inc., Class A†	340		15,722
CIBER, Inc.†	786		2,342
Cognizant Technology Solutions Corp., Class A†	2,219		111,039
Insight Enterprises, Inc.†	519		7,546
Manhattan Associates, Inc.†	84		2,432
SYKES Enterprises, Inc.†	150		2,589
			141,670
Computer Software — 0.0%
Avid Technology, Inc.†	322		4,341
Blackbaud, Inc.	165		3,721
Phoenix Technologies, Ltd.†	256		760
			8,822
Computers — 3.0%
Apple, Inc.†	7,819		2,010,734
Hewlett - Packard Co.	18,204		837,566
International Business Machines Corp.	8,018		1,004,335
			3,852,635
Computers - Integrated Systems — 0.0%
Agilysys, Inc.	227		1,530
Integral Systems, Inc.†	133		910
Mercury Computer Systems, Inc.†	88		1,034
MTS Systems Corp.	137		4,007

Security Description	Shares	Value (Note 2)
Computers - Integrated Systems (continued)
NCI, Inc.†	52	$	1,141
Netscout Systems, Inc.†	128		1,732
Radiant Systems, Inc.†	103		1,427
Radisys Corp.†	192		1,801
Stratasys, Inc.†	76		1,768
			15,350
Computers - Memory Devices — 0.1%
EMC Corp.†	1,041		19,383
Hutchinson Technology, Inc.†	264		1,444
SanDisk Corp.†	802		37,389
Western Digital Corp.†	2,039		70,978
			129,194
Computers - Periphery Equipment — 0.7%
Compellent Technologies, Inc.†	85		1,093
Lexmark International, Inc., Class A†	21,685		814,272
Synaptics, Inc.†	127		3,800
			819,165
Consulting Services — 0.0%
Forrester Research, Inc.†	56		1,757
MAXIMUS, Inc.	66		3,953
			5,710
Consumer Products - Misc. — 0.3%
Blyth, Inc.	67		3,326
Central Garden and Pet Co., Class A†	705		6,669
Helen of Troy, Ltd.†	341		8,784
Kid Brands, Inc.†	138		1,186
Kimberly - Clark Corp.	5,469		331,968
WD - 40 Co.	127		4,145
			356,078
Containers - Metal/Glass — 0.2%
Ball Corp.	2,408		118,594
Owens - Illinois, Inc.†	4,054		122,958
			241,552
Cosmetics & Toiletries — 1.0%
Colgate - Palmolive Co.	10,369		809,715
The Procter & Gamble Co.	8,230		502,771
			1,312,486
Data Processing/Management — 0.0%
Bowne & Co., Inc.	453		5,015
CommVault Systems, Inc.†	158		3,561
CSG Systems International, Inc.†	132		2,709
			11,285
Decision Support Software — 0.0%
Interactive Intelligence, Inc.†	44		789
Dental Supplies & Equipment — 0.0%
Align Technology, Inc.†	251		3,745
Diagnostic Kits — 0.0%
Meridian Bioscience, Inc.	287		5,017
Disposable Medical Products — 0.0%
ICU Medical, Inc.†	93		2,959
Merit Medical Systems, Inc.†	192		2,936
			5,895
Distribution/Wholesale — 0.2%
Brightpoint, Inc.†	787		5,847
Genuine Parts Co.	610		24,772

8

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
Distribution/Wholesale (continued)
MWI Veterinary Supply, Inc.†	82	$	4,019
Pool Corp.	554		13,290
Scansource, Inc.†	300		7,734
School Specialty, Inc.†	181		3,890
United Stationers, Inc.†	270		15,773
Watsco, Inc.	263		15,399
WW Grainger, Inc.	1,577		160,460
			251,184
Diversified Banking Institutions — 2.2%
Bank of America Corp.	38,581		607,265
Citigroup, Inc.†	138,853		549,858
JPMorgan Chase & Co.	31,817		1,259,317
Morgan Stanley	807		21,878
The Goldman Sachs Group, Inc.	2,189		315,785
			2,754,103
Diversified Manufacturing Operations — 2.0%
3M Co.	1,832		145,296
Actuant Corp., Class A	767		15,509
Acuity Brands, Inc.	489		20,113
AO Smith Corp.	166		7,739
AZZ, Inc.	46		1,698
Barnes Group, Inc.	489		9,154
Dover Corp.	18,246		819,063
Eaton Corp.	5,379		376,261
EnPro Industries, Inc.†	226		7,137
ESCO Technologies, Inc.	193		5,051
General Electric Co.	31,608		516,791
Griffon Corp.†	499		6,058
Illinois Tool Works, Inc.	6,350		294,830
ITT Corp.	5,028		242,752
Leggett & Platt, Inc.	3,829		89,139
LSB Industries, Inc.†	134		2,191
Lydall, Inc.†	190		1,531
Standex International Corp.	141		3,667
Tredegar Corp.	245		4,038
			2,568,018
Diversified Minerals — 0.0%
AMCOL International Corp.	93		2,507
Diversified Operations/Commercial Services — 0.0%
Chemed Corp.	154		8,764
Viad Corp.	232		5,373
Volt Information Sciences, Inc.†	137		1,378
			15,515
E - Commerce/Products — 0.0%
Blue Nile, Inc.†	55		2,580
NutriSystem, Inc.	116		2,581
Stamps.com, Inc.†	40		419
			5,580
E - Commerce/Services — 0.1%
Expedia, Inc.	6,084		131,171
United Online, Inc.	733		4,995
			136,166
E - Marketing/Info — 0.0%
comScore, Inc.†	91		1,400
E - Services/Consulting — 0.0%
Perficient, Inc.†	115		1,227
Websense, Inc.†	164		3,431
			4,658

Security Description	Shares	Value (Note 2)
Electric Products - Misc. — 0.1%
Littelfuse, Inc.†	134	$	4,844
Molex, Inc.	5,491		116,299
			121,143
Electric - Generation — 0.1%
The AES Corp.†	13,579		139,456
Electric - Integrated — 1.1%
Allete, Inc.	335		11,564
Avista Corp.	619		11,947
Central Vermont Public Service Corp.	132		2,651
CH Energy Group, Inc.	179		6,961
CMS Energy Corp.	16,946		248,767
Constellation Energy Group, Inc.	2,798		98,993
El Paso Electric Co.†	343		6,798
Exelon Corp.	13,008		502,109
NorthWestern Corp.	272		7,164
PG&E Corp.	6,839		283,819
PPL Corp.	7,442		192,078
UIL Holdings Corp.	338		8,545
Unisource Energy Corp.	404		12,476
			1,393,872
Electronic Components - Misc. — 0.0%
Bel Fuse, Inc., Class B	132		2,326
Benchmark Electronics, Inc.†	728		13,453
CTS Corp.	383		4,033
Daktronics, Inc.†	231		1,945
Methode Electronics, Inc.	328		3,329
OSI Systems, Inc.†	134		3,518
Plexus Corp.†	265		9,023
Rogers Corp.†	178		5,084
Technitrol, Inc.	466		1,794
			44,505
Electronic Components - Semiconductors — 1.5%
Actel Corp.†	211		2,977
Broadcom Corp., Class A	2,847		98,278
Diodes, Inc.†	131		2,589
DSP Group, Inc.†	181		1,225
Intel Corp.	42,005		899,747
Kopin Corp.†	248		888
LSI Corp.†	8,551		45,577
Microsemi Corp.†	672		10,403
National Semiconductor Corp.	7,070		99,334
Skyworks Solutions, Inc.†	653		10,402
Supertex, Inc.†	101		2,750
Texas Instruments, Inc.	29,361		716,996
			1,891,166
Electronic Measurement Instruments — 0.0%
Analogic Corp.	106		4,581
Badger Meter, Inc.	105		4,155
FARO Technologies, Inc.†	60		1,435
Keithley Instruments, Inc.	106		993
			11,164
Electronic Security Devices — 0.0%
American Science and Engineering, Inc.	64		4,485
LoJack Corp.†	205		826
			5,311
Energy - Alternate Sources — 0.0%
Headwaters, Inc.†	681		2,690

9

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
Engineering/R&D Services — 0.0%
EMCOR Group, Inc.†	746	$	18,628
Exponent, Inc.†	52		1,430
Stanley, Inc.†	60		2,216
			22,274
Engines - Internal Combustion — 0.0%
Briggs & Stratton Corp.	565		11,656
Enterprise Software/Service — 0.1%
Concur Technologies, Inc.†	160		6,768
Epicor Software Corp.†	173		1,609
JDA Software Group, Inc.†	133		3,554
MicroStrategy, Inc., Class A†	69		5,317
Omnicell, Inc.†	202		2,646
Oracle Corp.	5,411		122,126
SYNNEX Corp.†	233		6,228
Taleo Corp., Class A†	144		3,607
Tyler Technologies, Inc.†	104		1,688
			153,543
Entertainment Software — 0.0%
Take - Two Interactive Software, Inc.†	918		10,621
THQ, Inc.†	595		3,570
			14,191
Environmental Consulting & Engineering — 0.0%
Tetra Tech, Inc.†	230		5,213
Filtration/Separation Products — 0.0%
CLARCOR, Inc.	390		14,141
Finance - Consumer Loans — 0.0%
Portfolio Recovery Associates, Inc.†	63		4,313
World Acceptance Corp.†	61		2,180
			6,493
Finance - Credit Card — 0.2%
American Express Co.	4,522		180,292
Finance - Investment Banker/Broker — 0.0%
Investment Technology Group, Inc.†	283		4,771
LaBranche & Co., Inc.†	500		2,125
optionsXpress Holdings, Inc.†	160		2,568
Piper Jaffray Cos., Inc.†	143		4,735
Stifel Financial Corp.†	114		5,776
SWS Group, Inc.	318		3,193
TradeStation Group, Inc.†	124		882
			24,050
Finance - Other Services — 0.1%
The NASDAQ OMX Group, Inc.†	3,841		71,404
Firearms & Ammunition — 0.0%
Sturm Ruger & Co., Inc.	71		1,118
Food - Canned — 0.0%
Treehouse Foods, Inc.†	129		5,947
Food - Confectionery — 0.2%
The Hershey Co.	5,649		264,373
Food - Meat Products — 0.1%
Hormel Foods Corp.	2,242		89,232
Tyson Foods, Inc., Class A	4,818		84,700
			173,932
Food - Misc. — 0.5%
Cal - Maine Foods, Inc.	47		1,521
Campbell Soup Co.	6,171		220,984

Security Description	Shares	Value (Note 2)
Food - Misc. (continued)
ConAgra Foods, Inc.	930	$	22,487
Diamond Foods, Inc.	164		6,798
J & J Snack Foods Corp.	106		4,710
Kellogg Co.	3,674		196,302
Lance, Inc.	232		4,478
Sara Lee Corp.	10,320		146,234
The Hain Celestial Group, Inc.†	461		9,939
			613,453
Food - Retail — 0.1%
Great Atlantic & Pacific Tea Co., Inc.†	329		1,773
Safeway, Inc.	3,790		83,911
SUPERVALU, Inc.	1,780		23,977
			109,661
Food - Wholesale/Distribution — 0.4%
Calavo Growers, Inc.	44		703
Nash Finch Co.	145		5,236
Spartan Stores, Inc.	254		3,871
Sysco Corp.	14,886		443,752
United Natural Foods, Inc.†	489		15,183
			468,745
Footwear & Related Apparel — 0.0%
CROCS, Inc.†	321		3,322
Deckers Outdoor Corp.†	48		6,947
Iconix Brand Group, Inc.†	268		4,355
Skechers USA, Inc., Class A†	209		7,875
Wolverine World Wide, Inc.	317		9,098
			31,597
Forestry — 0.0%
Deltic Timber Corp.	90		4,162
Plum Creek Timber Co., Inc.	1,148		40,203
			44,365
Funeral Services & Related Items — 0.0%
Hillenbrand, Inc.	489		11,878
Gambling (Non - Hotel) — 0.0%
Pinnacle Entertainment, Inc.†	507		6,135
Garden Products — 0.0%
Toro Co.	260		13,907
Gas - Distribution — 0.2%
CenterPoint Energy, Inc.	1,770		24,107
Laclede Group, Inc.	251		8,306
New Jersey Resources Corp.	470		16,661
Nicor, Inc.	1,926		77,830
Northwest Natural Gas Co.	224		9,849
Piedmont Natural Gas, Inc.	827		21,014
South Jersey Industries, Inc.	337		14,791
Southwest Gas Corp.	508		15,047
			187,605
Gold Mining — 0.0%
Newmont Mining Corp.	510		27,448
Golf — 0.0%
Callaway Golf Co.	729		6,138
Hazardous Waste Disposal — 0.4%
Stericycle, Inc.†	8,840		518,201
Health Care Cost Containment — 0.0%
Corvel Corp.†	27		958

10

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
Home Decoration Products — 0.1%
Newell Rubbermaid, Inc.	3,116	$	51,913
Home Furnishings — 0.0%
Ethan Allen Interiors, Inc.	294		5,939
La - Z - Boy, Inc.†	396		4,700
			10,639
Hotels/Motels — 0.1%
Marcus Corp.	236		2,584
Wyndham Worldwide Corp.	3,700		87,320
			89,904
Human Resources — 0.0%
Administaff, Inc.	164		3,957
AMN Healthcare Services, Inc.†	369		3,070
CDI Corp.	144		2,300
Cross Country Healthcare, Inc.†	349		2,970
Heidrick & Struggles International, Inc.	64		1,482
Kelly Services, Inc., Class A†	300		4,377
On Assignment, Inc.†	266		1,471
SFN Group, Inc.†	575		4,404
TrueBlue, Inc.†	495		6,579
			30,610
Identification Systems — 0.0%
Brady Corp., Class A	394		11,458
Checkpoint Systems, Inc.†	441		8,780
			20,238
Independent Power Producers — 0.0%
Dynegy, Inc.†	3,668		19,184
Mirant Corp.†	155		1,925
			21,109
Industrial Audio & Video Products — 0.0%
Sonic Solutions, Inc.†	204		2,426
Industrial Automated/Robotic — 0.0%
Cognex Corp.	284		5,422
Gerber Scientific, Inc.†	285		1,719
Intermec, Inc.†	563		6,215
			13,356
Instruments - Controls — 0.0%
Watts Water Technologies, Inc., Class A	208		6,739
Instruments - Scientific — 0.0%
Dionex Corp.†	66		5,197
FEI Co.†	244		5,051
			10,248
Insurance Brokers — 0.2%
AON Corp.	5,376		212,191
eHealth, Inc.†	87		1,152
Marsh & McLennan Cos., Inc.	992		21,635
			234,978
Insurance - Life/Health — 0.5%
Aflac, Inc.	3,202		141,848
Delphi Financial Group, Inc., Class A	346		8,986
Presidential Life Corp.	234		2,455
Principal Financial Group, Inc.	804		21,861
Prudential Financial, Inc.	3,027		174,688
Unum Group	11,358		262,370
			612,208

Security Description	Shares	Value (Note 2)
Insurance - Multi - line — 0.3%
Cincinnati Financial Corp.	735	$	19,985
Hartford Financial Services Group, Inc.	11,900		298,333
Loews Corp.	2,354		76,528
United Fire & Casualty Co.	217		4,633
			399,479
Insurance - Property/Casualty — 0.9%
American Physicians Capital, Inc.	94		2,915
AMERISAFE, Inc.†	213		3,600
Chubb Corp.	264		13,263
Employers Holdings, Inc.	498		7,943
Infinity Property & Casualty Corp.	154		7,207
Navigators Group, Inc.†	111		4,547
ProAssurance Corp.†	367		21,602
RLI Corp.	150		8,268
Safety Insurance Group, Inc.	170		6,142
Selective Insurance Group, Inc.	600		9,360
Stewart Information Services Corp.	206		2,184
The Progressive Corp.	7,765		152,116
The Travelers Cos., Inc.	17,845		882,792
Tower Group, Inc.	168		3,681
			1,125,620
Insurance - Reinsurance — 0.2%
Berkshire Hathaway, Inc., Class B†	2,746		193,730
Internet Application Software — 0.0%
Cybersource Corp.†	262		6,731
DealerTrack Holdings, Inc.†	151		2,421
eResearchTechnology, Inc.†	158		1,254
			10,406
Internet Connectivity Services — 0.0%
PC - Tel, Inc.†	211		1,243
Internet Content - Information/News — 0.0%
The Knot, Inc.†	112		838
Internet Security — 0.1%
Blue Coat Systems, Inc.†	152		3,263
Symantec Corp.†	10,500		148,785
			152,048
Internet Telephone — 0.0%
j2 Global Communications, Inc.†	169		3,911
Investment Management/Advisor Services — 0.3%
Ameriprise Financial, Inc.	5,091		202,571
Franklin Resources, Inc.	731		71,704
Janus Capital Group, Inc.	11,075		118,059
Legg Mason, Inc.	1,006		29,898
National Financial Partners Corp.†	468		6,524
			428,756
Lasers - System/Components — 0.0%
Cymer, Inc.†	108		3,269
Electro Scientific Industries, Inc.†	310		3,984
II - VI, Inc.†	93		3,117
Newport Corp.†	308		3,197
			13,567
Leisure Products — 0.0%
Brunswick Corp.	998		17,435
Multimedia Games, Inc.†	188		867
			18,302

11

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
Linen Supply & Related Items — 0.1%
Cintas Corp.	2,996	$	77,896
G&K Services, Inc., Class A	210		5,080
UniFirst Corp.	99		4,455
			87,431
Machinery - Construction & Mining — 0.4%
Astec Industries, Inc.†	224		6,691
Caterpillar, Inc.	7,803		474,110
			480,801
Machinery - Electrical — 0.0%
Baldor Electric Co.	157		5,641
Machinery - Farming — 0.0%
Lindsay Corp.	92		3,144
Machinery - General Industrial — 0.0%
Albany International Corp., Class A	310		5,834
Applied Industrial Technologies, Inc.	421		11,611
Gardner Denver, Inc.	195		8,880
Intevac, Inc.†	83		955
Robbins & Myers, Inc.	371		8,196
			35,476
Machinery - Material Handling — 0.0%
Cascade Corp.	103		3,428
Medical Information Systems — 0.0%
Computer Programs & Systems, Inc.	37		1,591
Eclipsys Corp.†	213		4,080
Phase Forward, Inc.†	162		2,727
Quality Systems, Inc.	71		4,192
			12,590
Medical Instruments — 0.3%
Abaxis, Inc.†	83		1,868
Conmed Corp.†	329		6,396
CryoLife, Inc.†	234		1,212
Integra LifeSciences Holdings Corp.†	77		3,034
Intuitive Surgical, Inc.†	81		26,144
Kensey Nash Corp.†	39		901
Medtronic, Inc.	9,706		380,281
Natus Medical, Inc.†	106		1,754
SurModics, Inc.†	65		1,106
Symmetry Medical, Inc.†	405		4,411
			427,107
Medical Labs & Testing Services — 0.4%
Bio - Reference Laboratories, Inc.†	90		2,059
Genoptix, Inc.†	64		1,706
Laboratory Corp. of America Holdings†	5,689		430,145
			433,910
Medical Laser Systems — 0.0%
LCA - Vision, Inc.†	210		1,575
Palomar Medical Technologies, Inc.†	204		2,197
			3,772
Medical Products — 0.9%
American Medical Systems Holdings, Inc.†	279		6,294
Baxter International, Inc.	1,251		52,830
Cantel Medical Corp.	48		823
CareFusion Corp.†	3,783		96,164
Cyberonics, Inc.†	89		1,563
Greatbatch, Inc.†	148		3,120
Haemonetics Corp.†	173		9,331

Security Description	Shares	Value (Note 2)
Medical Products (continued)
Hanger Orthopedic Group, Inc.†	358	$	6,104
Hospira, Inc.†	4,912		255,719
Invacare Corp.	365		8,720
Johnson & Johnson	10,423		607,661
Osteotech, Inc.†	204		771
PSS World Medical, Inc.†	445		10,195
Stryker Corp.	2,144		113,696
The Cooper Cos., Inc.	169		6,229
West Pharmaceutical Services, Inc.	216		8,499
Zoll Medical Corp.†	79		2,295
			1,190,014
Medical - Biomedical/Gene — 0.7%
Amgen, Inc.†	2,611		135,198
Arqule, Inc.†	218		1,332
Cambrex Corp.†	331		1,380
Cubist Pharmaceuticals, Inc.†	217		4,665
Emergent Biosolutions, Inc.†	133		2,095
Enzo Biochem, Inc.†	125		664
Gilead Sciences, Inc.†	9,633		346,017
Life Technologies Corp.†	7,885		394,723
Martek Biosciences Corp.†	376		6,990
Regeneron Pharmaceuticals, Inc.†	238		6,800
			899,864
Medical - Drugs — 1.5%
Abbott Laboratories	13,207		628,125
Allergan, Inc.	3,926		236,306
Bristol - Myers Squibb Co.	8,247		191,413
Forest Laboratories, Inc.†	8,930		231,108
King Pharmaceuticals, Inc.†	7,212		62,528
Merck & Co., Inc.	6,138		206,789
Pfizer, Inc.	18,914		288,060
PharMerica Corp.†	346		5,674
Salix Pharmaceuticals, Ltd.†	208		7,474
Savient Pharmaceuticals, Inc.†	250		3,010
ViroPharma, Inc.†	876		10,661
			1,871,148
Medical - Generic Drugs — 0.0%
Par Pharmaceutical Cos., Inc.†	130		3,609
Medical - HMO — 0.3%
AMERIGROUP Corp.†	578		20,762
Centene Corp.†	544		12,414
Coventry Health Care, Inc.†	1,325		27,427
Healthspring, Inc.†	553		9,606
Humana, Inc.†	2,007		92,422
Magellan Health Services, Inc.†	398		16,195
Molina Healthcare, Inc.†	150		4,128
UnitedHealth Group, Inc.	7,059		205,205
WellPoint, Inc.†	564		28,933
			417,092
Medical - Hospitals — 0.1%
MedCath Corp.†	200		1,826
Tenet Healthcare Corp.†	18,497		105,803
			107,629
Medical - Nursing Homes — 0.0%
Odyssey HealthCare, Inc.†	124		3,293
Medical - Outpatient/Home Medical — 0.0%
Air Methods Corp.†	41		1,350
Almost Family, Inc.†	30		1,091
Amedisys, Inc.†	105		5,221

12

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
Medical - Outpatient/Home Medical (continued)
Amsurg Corp.†	229	$	4,534
Gentiva Health Services, Inc.†	331		9,146
LHC Group, Inc.†	57		1,756
Res - Care, Inc.†	290		3,262
			26,360
Medical - Wholesale Drug Distribution — 0.4%
AmerisourceBergen Corp.	3,781		118,270
Cardinal Health, Inc.	5,974		206,043
McKesson Corp.	2,553		178,710
			503,023
Metal Processors & Fabrication — 0.0%
CIRCOR International, Inc.	136		4,042
Kaydon Corp.	222		8,334
Mueller Industries, Inc.	426		11,293
RTI International Metals, Inc.†	208		5,514
			29,183
Metal Products - Distribution — 0.0%
A.M. Castle & Co.†	189		2,810
Lawson Products, Inc.	45		620
Olympic Steel, Inc.	102		2,811
			6,241
Metal - Aluminum — 0.0%
Century Aluminum Co.†	649		6,821
Metal - Copper — 0.9%
Freeport - McMoRan Copper & Gold, Inc.	16,050		1,124,302
Metal - Iron — 0.4%
Cliffs Natural Resources, Inc.	9,901		553,070
Miscellaneous Manufacturing — 0.0%
John Bean Technologies Corp.	183		3,146
Movado Group, Inc.†	202		2,480
			5,626
Multimedia — 0.2%
EW Scripps Co., Class A†	327		2,888
News Corp., Class A	8,032		106,022
The McGraw - Hill Cos., Inc.	3,105		86,319
Viacom, Inc., Class B†	633		21,275
			216,504
Networking Products — 1.1%
Adaptec, Inc.†	1,362		3,950
Anixter International, Inc.†	213		10,118
Black Box Corp.	198		5,839
Cisco Systems, Inc.†	39,245		908,914
Juniper Networks, Inc.†	16,684		444,128
Netgear, Inc.†	130		2,952
			1,375,901
Non - Ferrous Metals — 0.0%
Brush Engineered Materials, Inc.†	149		3,764
Non - Hazardous Waste Disposal — 0.1%
Waste Management, Inc.	1,895		61,606
Office Automation & Equipment — 0.2%
Pitney Bowes, Inc.	4,879		110,461
Xerox Corp.	9,366		87,197
			197,658
Office Furnishings - Original — 0.0%
Interface, Inc. Class A	637		7,507

Security Description	Shares	Value (Note 2)
Office Supplies & Forms — 0.1%
Avery Dennison Corp.	4,095	$	139,967
The Standard Register Co.	144		575
			140,542
Oil & Gas Drilling — 0.3%
Nabors Industries, Ltd.†	13,230		251,767
Pioneer Drilling Co.†	612		3,629
Rowan Cos., Inc.†	4,603		113,970
Seahawk Drilling, Inc.†	132		1,596
			370,962
Oil Companies - Exploration & Production — 1.6%
Anadarko Petroleum Corp.	17,956		939,638
Apache Corp.	3,458		309,629
Chesapeake Energy Corp.	1,083		24,194
Devon Energy Corp.	750		47,888
EOG Resources, Inc.	3,026		317,246
Penn Virginia Corp.	513		11,230
Petroleum Development Corp.†	217		4,470
Petroquest Energy, Inc.†	392		2,462
SM Energy Co.	234		10,118
Stone Energy Corp.†	341		4,573
Swift Energy Co.†	302		8,350
XTO Energy, Inc.	6,837		292,213
			1,972,011
Oil Companies - Integrated — 2.7%
Chevron Corp.	9,739		719,420
ConocoPhillips	11,578		600,435
Exxon Mobil Corp.	32,594		1,970,633
Hess Corp.	1,915		101,878
			3,392,366
Oil Field Machinery & Equipment — 0.1%
Dril - Quip, Inc.†	112		5,455
FMC Technologies, Inc.†	1,513		87,981
Gulf Island Fabrication, Inc.	54		987
Lufkin Industries, Inc.	56		4,465
			98,888
Oil Refining & Marketing — 0.0%
Holly Corp.	301		7,796
Oil - Field Services — 0.5%
Basic Energy Services, Inc.†	258		2,105
CARBO Ceramics, Inc.	72		4,658
Halliburton Co.	20,599		511,473
Hornbeck Offshore Services, Inc.†	86		1,314
Matrix Service Co.†	296		2,913
Oil States International, Inc.†	186		7,261
SEACOR Holdings, Inc.†	153		11,166
Smith International, Inc.	1,798		67,533
Superior Well Services, Inc.†	69		1,043
TETRA Technologies, Inc.†	283		2,847
			612,313
Paper & Related Products — 0.2%
Buckeye Technologies, Inc.†	289		3,503
Clearwater Paper Corp.†	129		7,899
International Paper Co.	6,321		146,837
MeadWestvaco Corp.	4,586		109,605
Neenah Paper, Inc.	166		3,144
Schweitzer - Mauduit International, Inc.	66		3,643
Wausau Paper Corp.†	553		4,828
			279,459

13

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
Pharmacy Services — 0.7%
Catalyst Health Solutions, Inc.†	144	$	5,514
Medco Health Solutions, Inc.†	14,039		809,348
			814,862
Physical Therapy/Rehabilitation Centers — 0.0%
RehabCare Group, Inc.†	92		2,676
Physicians Practice Management — 0.0%
Healthways, Inc.†	127		1,801
IPC The Hospitalist Co., Inc.†	51		1,493
			3,294
Pipelines — 0.4%
El Paso Corp.	21,089		239,149
Oneok, Inc.	3,643		162,004
The Williams Cos., Inc.	7,256		143,306
			544,459
Poultry — 0.0%
Sanderson Farms, Inc.	72		3,949
Power Converter/Supply Equipment — 0.0%
Advanced Energy Industries, Inc.†	283		3,498
Magnetek, Inc.†	350		500
Powell Industries, Inc.†	46		1,352
Vicor Corp.†	134		1,635
			6,985
Printing - Commercial — 0.1%
Consolidated Graphics, Inc.†	78		3,583
R.R. Donnelley & Sons Co.	4,709		90,225
			93,808
Private Corrections — 0.0%
The Geo Group, Inc.†	581		12,259
Protection/Safety — 0.0%
Landauer, Inc.	68		4,143
Publishing - Newspapers — 0.1%
Dolan Media Co.†	228		2,805
Gannett Co., Inc.	841		13,069
The Washington Post Co., Class B	159		74,051
			89,925
Real Estate Investment Trusts — 1.4%
Acadia Realty Trust	149		2,666
Apartment Investment & Management Co., Class A	1,362		28,098
AvalonBay Communities, Inc.	29		2,844
BioMed Realty Trust, Inc.	858		14,595
Cedar Shopping Centers, Inc.	642		4,410
Colonial Properties Trust	793		11,958
DiamondRock Hospitality Co.†	555		5,073
Digital Realty Trust, Inc.	21,472		1,221,971
EastGroup Properties, Inc.	185		6,841
Entertainment Properties Trust	336		13,756
Extra Space Storage, Inc.	729		10,964
Franklin Street Properties Corp.	766		9,460
Healthcare Realty Trust, Inc.	492		11,282
Home Properties, Inc.	267		12,984
Inland Real Estate Corp.	802		6,681
Kilroy Realty Corp.	401		13,193
Kite Realty Group Trust	712		3,489
LaSalle Hotel Properties	451		10,147
Lexington Realty Trust	1,247		7,744
LTC Properties, Inc.	178		4,573
Medical Properties Trust, Inc.	397		3,791

Security Description	Shares	Value (Note 2)
Real Estate Investment Trusts (continued)
Mid - America Apartment Communities, Inc.	211	$	11,527
National Retail Properties, Inc.	602		13,232
Parkway Properties, Inc.	245		4,128
Pennsylvania Real Estate Investment Trust	540		7,447
Post Properties, Inc.	548		13,744
PS Business Parks, Inc.	125		6,739
Public Storage	1,648		152,753
Sovran Self Storage, Inc.	215		7,746
Tanger Factory Outlet Centers, Inc.	285		11,862
Urstadt Biddle Properties, Inc., Class A	176		2,946
Ventas, Inc.	2,542		119,347
			1,757,991
Real Estate Operations & Development — 0.0%
Forestar Real Estate Group, Inc.†	135		2,477
Recreational Vehicles — 0.0%
Arctic Cat, Inc.†	138		1,583
Polaris Industries, Inc.	123		7,220
			8,803
Research & Development — 0.0%
Kendle International, Inc.†	168		2,369
Parexel International Corp.†	372		8,297
			10,666
Retail - Apparel/Shoe — 0.2%
Brown Shoe Co., Inc.	485		8,090
Cato Corp., Class A	240		5,695
Christopher & Banks Corp.	407		3,728
Genesco, Inc.†	164		5,104
Gymboree Corp.†	112		4,993
Hot Topic, Inc.	501		2,785
JOS. A. Bank Clothiers, Inc.†	69		4,187
Liz Claiborne, Inc.†	1,074		6,584
Stein Mart, Inc.†	195		1,554
The Buckle, Inc.	95		3,377
The Children’s Place Retail Stores, Inc.†	310		14,610
The Finish Line, Inc., Class A	638		10,623
The Gap, Inc.	6,200		135,160
The Men’s Wearhouse, Inc.	377		8,196
			214,686
Retail - Auto Parts — 0.0%
The Pep Boys - Manny, Moe & Jack	527		6,498
Retail - Automobile — 0.0%
Group 1 Automotive, Inc.†	274		7,792
Lithia Motors, Inc., Class A	239		1,953
Sonic Automotive, Inc.†	343		3,392
			13,137
Retail - Bedding — 0.1%
Bed Bath & Beyond, Inc.†	2,566		115,136
Retail - Building Products — 0.7%
Home Depot, Inc.	26,232		888,215
Lowe’s Cos., Inc.	1,159		28,685
Lumber Liquidators Holdings, Inc.†	58		1,712
			918,612
Retail - Consumer Electronics — 0.1%
Best Buy Co., Inc.	3,256		137,566
Retail - Convenience Store — 0.0%
Casey’s General Stores, Inc.	576		21,237

14

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
Retail - Discount — 0.5%
Big Lots, Inc.†	634	$	22,399
Fred’s, Inc.	453		6,201
HSN, Inc.†	148		3,989
Target Corp.	2,544		138,724
Tuesday Morning Corp.†	354		2,004
Wal-Mart Stores, Inc.	9,634		487,095
			660,412
Retail - Drug Store — 0.2%
Walgreen Co.	7,199		230,656
Retail - Fabric Store — 0.0%
Jo-Ann Stores, Inc.†	169		7,720
Retail - Gardening Products — 0.0%
Tractor Supply Co.	228		15,449
Retail - Home Furnishings — 0.0%
Haverty Furniture Cos., Inc.	211		3,420
Retail - Jewelry — 0.0%
Zale Corp.†	268		724
Retail - Leisure Products — 0.0%
MarineMax, Inc.†	241		2,434
Retail - Major Department Stores — 0.2%
J.C. Penney Co., Inc.	1,531		42,087
Nordstrom, Inc.	1,299		51,570
TJX Cos., Inc.	2,323		105,604
			199,261
Retail - Office Supplies — 0.2%
OfficeMax, Inc.†	732		13,052
Staples, Inc.	8,564		184,297
			197,349
Retail - Pawn Shops — 0.0%
Cash America International, Inc.	110		4,065
EZCORP, Inc., Class A†	337		6,170
First Cash Financial Services, Inc.†	99		2,082
			12,317
Retail - Pet Food & Supplies — 0.0%
PetMed Express, Inc.	86		1,696
Retail - Petroleum Products — 0.0%
World Fuel Services Corp.	672		17,492
Retail - Regional Department Stores — 0.9%
Kohl’s Corp.†	9,677		491,108
Macy’s, Inc.	30,800		684,068
Stage Stores, Inc.	431		6,107
			1,181,283
Retail - Restaurants — 0.5%
Biglari Holdings, Inc.†	8		2,433
BJ’s Restaurants, Inc.†	79		1,832
Buffalo Wild Wings, Inc.†	68		2,509
California Pizza Kitchen, Inc.†	91		1,659
CEC Entertainment, Inc.†	85		3,438
CKE Restaurants, Inc.	624		7,713
Cracker Barrel Old Country Store, Inc.	86		4,285
DineEquity, Inc.†	100		3,377
Jack in the Box, Inc.†	621		13,935
Landry’s Restaurants, Inc.†	91		2,181
McDonald’s Corp.	7,193		480,996

Security Description	Shares	Value (Note 2)
Retail - Restaurants (continued)
O’Charley’s, Inc.†	212	$	1,579
Papa John’s International, Inc.†	149		3,700
PF Chang’s China Bistro, Inc.	87		3,782
Red Robin Gourmet Burgers, Inc.†	176		3,627
Ruby Tuesday, Inc.†	729		7,844
Ruth’s Hospitality Group, Inc.†	359		1,738
Sonic Corp.†	229		2,416
Starbucks Corp.	4,207		108,919
Texas Roadhouse, Inc., Class A†	192		2,803
			660,766
Retail-Sporting Goods — 0.0%
Big 5 Sporting Goods Corp.	81		1,198
Cabela’s Inc., Class A†	456		7,848
Hibbett Sports, Inc.†	107		2,758
Zumiez, Inc.†	78		1,335
			13,139
Rubber/Plastic Products — 0.0%
Myers Industries, Inc.	319		2,865
Savings & Loans/Thrifts — 0.1%
Brookline Bancorp, Inc.	485		4,831
Dime Community Bancshares	217		2,769
Hudson City Bancorp, Inc.	5,300		66,833
			74,433
Schools — 0.0%
American Public Education, Inc.†	140		5,725
Capella Education Co.†	54		4,639
Universal Technical Institute, Inc.†	153		3,756
			14,120
Seismic Data Collection — 0.0%
ION Geophysical Corp.†	844		4,583
Semiconductor Components-Integrated Circuits — 0.0%
Cypress Semiconductor Corp.†	639		7,278
Exar Corp.†	332		2,324
Hittite Microwave Corp.†	80		3,658
Micrel, Inc.	320		3,554
Pericom Semiconductor Corp.†	96		950
Sigma Designs, Inc.†	100		1,042
Standard Microsystems Corp.†	188		4,302
TriQuint Semiconductor, Inc.†	570		4,001
			27,109
Semiconductor Equipment — 0.6%
ATMI, Inc.†	222		3,596
Brooks Automation, Inc.†	499		4,152
Cabot Microelectronics Corp.†	191		7,010
Cohu, Inc.	265		3,713
Kulicke and Soffa Industries, Inc.†	537		3,737
Lam Research Corp.†	18,691		707,641
MKS Instruments, Inc.†	560		11,122
Rudolph Technologies, Inc.†	236		2,096
Tessera Technologies, Inc.†	185		3,215
Ultratech, Inc.†	185		2,579
Varian Semiconductor Equipment Associates, Inc.†	548		17,037
Veeco Instruments, Inc.†	161		6,145
			772,043
Storage/Warehousing — 0.0%
Mobile Mini, Inc.†	219		3,504

15

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
Telecom Equipment - Fiber Optics — 0.1%
Harmonic, Inc.†	1,087	$	6,294
JDS Uniphase Corp.†	6,292		72,358
			78,652
Telecom Services — 0.0%
Cbeyond, Inc.†	97		1,516
Neutral Tandem, Inc.†	126		1,693
NTELOS Holdings Corp.	108		1,939
USA Mobility, Inc.	194		2,732
			7,880
Telecommunication Equipment — 0.2%
Applied Signal Technology, Inc.	100		1,764
Arris Group, Inc.†	944		10,356
Comtech Telecommunications Corp.†	319		9,190
Harris Corp.	879		41,234
Network Equipment Technologies, Inc.†	233		1,051
Nortel Networks Corp.†	62		2
Symmetricom, Inc.†	372		1,945
Tekelec†	542		7,770
Tellabs, Inc.	14,806		133,254
Tollgrade Communications, Inc.†	144		932
			207,498
Telephone - Integrated — 1.3%
AT&T, Inc.	41,503		1,008,523
General Communication, Inc., Class A†	505		2,894
Verizon Communications, Inc.	20,698		569,609
			1,581,026
Television — 0.1%
CBS Corp., Class B	10,078		146,736
Textile - Apparel — 0.0%
Perry Ellis International, Inc.†	115		2,767
Therapeutics — 0.0%
Theragenics Corp.†	297		347
Tobacco — 0.5%
Alliance One International, Inc.†	1,007		4,199
Altria Group, Inc.	11,051		224,225
Lorillard, Inc.	1,365		97,584
Philip Morris International, Inc.	7,336		323,664
			649,672
Toys — 0.1%
Jakks Pacific, Inc.†	316		4,680
Mattel, Inc.	2,268		49,125
			53,805
Transport - Rail — 0.0%
CSX Corp.	726		37,933
Transport - Services — 0.4%
Bristow Group, Inc.†	406		13,195
Hub Group, Inc., Class A†	302		9,241
Ryder System, Inc.	1,066		47,906
United Parcel Service, Inc., Class B	7,609		477,541
			547,883
Transport - Truck — 0.0%
Arkansas Best Corp.	286		6,690
Forward Air Corp.	109		2,983
Heartland Express, Inc.	388		6,031
Knight Transportation, Inc.	399		7,932
Old Dominion Freight Line, Inc.†	206		7,342
			30,978

Security Description	Shares	Value (Note 2)
Travel Services — 0.0%
Interval Leisure Group, Inc.†	148	$	2,001
Veterinary Diagnostics — 0.0%
Neogen Corp.†	83		2,134
Vitamins & Nutrition Products — 0.0%
Mannatech, Inc.†	177		448
Water — 0.0%
American States Water Co.	141		4,846
Web Portals/ISP — 0.8%
Google, Inc., Class A†	2,056		997,530
InfoSpace, Inc.†	400		3,292
			1,000,822
Wire & Cable Products — 0.0%
Belden, Inc.	358		9,272
Encore Wire Corp.	213		4,207
			13,479
Wireless Equipment — 1.2%
American Tower Corp., Class A†	20,417		827,501
EMS Technologies, Inc.†	173		2,688
Motorola, Inc.†	34,136		233,832
Novatel Wireless, Inc.†	116		713
QUALCOMM, Inc.	14,286		508,010
Viasat, Inc.†	142		4,563
			1,577,307
Total Common Stock
(cost $62,265,913)			64,482,245
EXCHANGE-TRADED FUNDS — 3.7%
iShares MSCI Emerging Markets Index Fund	53,130		2,024,253
iShares S&P SmallCap 600 Index Fund	1,435		83,818
SPDR S&P 500 ETF Trust, Series 1	3,666		401,207
Vanguard Emerging Markets ETF	56,140		2,144,548
Total Exchange-Traded Funds
(cost $4,372,524)			4,653,826
PREFERRED STOCK — 0.5%
Banks - Super Regional — 0.1%
Wachovia Capital Trust IX 6.38%	3,100		67,146
Diversified Banking Institutions — 0.1%
GMAC, Inc. 7.00%*	125		94,024
Diversified Financial Services — 0.1%
General Electric Capital Corp. 4.50%(1)	5,900		146,969
Finance - Investment Banker/Broker — 0.1%
JPMorgan Chase Capital XXIX 6.70%	6,120		142,351
Finance - Mortgage Loan/Banker — 0.0%
Federal Home Loan Mtg. Corp. 0.00%(2)	2,200		2,310
Special Purpose Entity — 0.1%
Structured Repackaged Asset - Backed Trust Securities 3.00%(2)	7,600		145,160
Total Preferred Stock
(cost $698,962)			597,960

16

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares/ Principal Amount		Value (Note 2)
WARRANTS — 0.0%
Publishing - Periodicals — 0.0%
The Reader’s Digest Association, Inc. Expires 02/19/14†(8) (cost $149)		143	$	0
ASSET BACKED SECURITIES — 2.7%
Diversified Financial Services — 2.7%
Chase Funding Mtg. Loan Asset-Backed Certs. Series 2003-6, Class 1A6 4.59% due 11/25/34	$	74,730		74,166
GS Mortgage Securities Trust Series 2007-GG10, Class A4 6.00% due 08/10/45(3)(4)		2,000,000		1,877,891
Morgan Stanley ABS Capital I Series 2007-HE2, Class A2A 0.38% due 01/25/37(2)		334,983		325,454
Morgan Stanley Reremic Trust Series 2009-GG10, Class A4B 5.80% due 08/12/45*(3)(4)		1,250,000		1,040,343
Wells Fargo Mtg. Backed Securities Trust Series 2006-AR12, Class 2A1 6.00% due 09/25/36(4)(5)		119,206		110,083
Total Asset Backed Securities
(cost $3,260,288)				3,427,937
CONVERTIBLE BONDS & NOTES — 0.0%
Telecom Services — 0.0%
ICO North America, Inc. Senior Sec. Notes 7.50% due 08/15/09†(6)(7)(8)(9)(15)(16) (cost $20,000)		20,000		16,000
U.S. CORPORATE BONDS & NOTES — 13.7%
Aerospace/Defense — 0.0%
Spirit Aerosystems, Inc. Company Guar. Notes 7.50% due 10/01/17		53,000		52,205
Agricultural Chemicals — 0.0%
Incitec Pivot Finance LLC Company Guar. Notes 6.00% due 12/10/19*		9,000		9,115
Airlines — 0.1%
Delta Air Lines, Inc. Senior Sec. Notes 9.50% due 09/15/14*		55,000		56,375
United AirLines, Inc. Pass Through Certs. Series 2009-2, Class A 9.75% due 01/15/17		25,000		26,750
				83,125
Auto - Heavy Duty Trucks — 0.2%
Navistar International Corp. Senior Notes 8.25% due 11/01/21		300,000		300,000
Auto/Truck Parts & Equipment - Original — 0.2%
Cooper-Standard Automotive, Inc. Senior Notes 8.50% due 05/01/18*		280,000		275,800
Lear Corp. Company Guar. Notes 7.88% due 03/15/18		14,000		13,650
Lear Corp. Company Guar. Notes 8.13% due 03/15/20		14,000		13,685
				303,135

Security Description	Principal Amount		Value (Note 2)
Banks - Commercial — 0.2%
Branch Banking & Trust Co. Sub. Notes 0.78% due 05/23/17(2)	$	56,000	$	51,207
CIT Group, Inc. Senior Sec. Notes 7.00% due 05/01/17		36,140		32,617
KeyBank NA Sub. Notes 7.41% due 10/15/27		26,000		28,567
Regions Financial Corp. Senior Notes 5.75% due 06/15/15		74,000		73,285
Wachovia Bank NA Sub. Notes 6.00% due 11/15/17		79,000		85,527
				271,203
Banks - Fiduciary — 0.1%
State Street Capital Trust IV Ltd. Guar. Notes 1.26% due 06/15/37(2)		202,000		149,642
Banks - Money Center — 0.1%
Chase Capital III Ltd. Guar. Notes 0.80% due 03/01/27(2)		72,000		57,361
Banks - Super Regional — 0.4%
BAC Capital Trust XIII Ltd. Guar. Notes 0.66% due 03/15/12(2)(10)		178,000		104,307
BAC Capital Trust XV Ltd. Guar. Notes 1.05% due 06/01/56(2)		50,000		30,280
JPMorgan Chase Bank NA Sub. Notes 6.00% due 10/01/17		60,000		64,096
PNC Preferred Funding Trust II Jr. Sub. Bonds 6.11% due 03/15/12*(2)(10)		70,000		50,400
SunTrust Banks, Inc. Senior Notes 6.00% due 09/11/17		45,000		45,489
SunTrust Banks, Inc. Sub. Notes 6.00% due 02/15/26		13,000		11,735
USB Capital IX Ltd. Guar. Notes 6.19% due 04/15/11(2)(10)		111,000		86,580
Wells Fargo & Co. Jr. Sub. Bonds 7.98% due 03/15/18(2)(10)		50,000		50,625
Wells Fargo Bank NA Sub. Notes 5.75% due 05/16/16		62,000		66,719
				510,231
Beverages - Wine/Spirits — 0.0%
Constellation Brands, Inc. Company Guar. Notes 7.25% due 05/15/17		30,000		29,700
Brewery — 0.1%
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 5.00% due 04/15/20*		72,000		73,057

17

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Broadcast Services/Program — 0.2%
Clear Channel Communications, Inc. Company Guar. Notes 10.75% due 08/01/16	$	23,000	$	17,020
Discovery Communications LLC Company Guar. Notes 5.05% due 06/01/20		120,000		119,907
Discovery Communications LLC Company Guar. Notes 6.35% due 06/01/40		120,000		120,805
Nexstar Broadcasting, Inc./Mission Broadcasting, Inc. Senior Sec. Notes 8.88% due 04/15/17*		22,000		21,780
				279,512
Building & Construction Products - Misc. — 0.1%
Owens Corning Company Guar. Notes 6.50% due 12/01/16		68,000		71,433
Building Products - Cement — 0.0%
Cemex Finance LLC Senior Sec. Notes 9.50% due 12/14/16*		18,000		16,425
Building Products - Wood — 0.1%
Masco Corp. Senior Notes 7.13% due 03/15/20		86,000		83,315
Building - Residential/Commercial — 0.0%
Standard Pacific Corp. Company Guar. Notes 8.38% due 05/15/18		30,000		28,725
Cable/Satellite TV — 0.3%
Comcast Corp. Company Guar. Notes 5.70% due 05/15/18		32,000		34,602
COX Communications, Inc. Notes 7.13% due 10/01/12		40,000		44,524
CSC Holdings, Inc. Senior Notes 8.63% due 02/15/19*		33,000		34,402
DirecTV Holdings LLC Company Guar. Notes 6.38% due 06/15/15		60,000		61,875
DirecTV Holdings LLC/DirecTV Financing Co., Inc. Company Guar. Notes 7.63% due 05/15/16		60,000		64,800
DISH DBS Corp. Company Guar. Notes 7.75% due 05/31/15		9,000		9,045
Echostar DBS Corp. Company Guar. Notes 7.13% due 02/01/16		27,000		26,460
Time Warner Cable, Inc. Company Guar. Notes 5.85% due 05/01/17		127,000		138,000
				413,708
Capacitors — 0.0%
Kemet Corp. Sec. Notes 10.50% due 05/01/18*		25,000		24,688

Security Description	Principal Amount		Value (Note 2)
Casino Hotels — 0.1%
Harrah’s Operating Co., Inc. Senior Sec. Notes 11.25% due 06/01/17	$	47,000	$	49,232
MGM Mirage, Inc. Senior Sec. Notes 11.13% due 11/15/17*		43,000		46,655
Turning Stone Resort Casino Enterprise Senior Notes 9.13% due 09/15/14*		31,000		30,845
				126,732
Casino Services — 0.0%
Peninsula Gaming LLC Company Guar. Notes 10.75% due 08/15/17		25,000		24,625
Cellular Telecom — 0.1%
Cricket Communications, Inc. Company Guar. Notes 10.00% due 07/15/15		34,000		34,850
MetroPCS Wireless, Inc. Company Guar. Notes 9.25% due 11/01/14		30,000		30,900
Nextel Communications, Inc. Senior Notes 7.38% due 08/01/15		21,000		19,792
				85,542
Chemicals - Diversified — 0.1%
Momentive Performance Materials, Inc. Company Guar. Notes 9.75% due 12/01/14		39,000		37,147
Olin Corp. Senior Notes 8.88% due 08/15/19		27,000		28,755
Union Carbide Corp. Senior Notes 7.75% due 10/01/96		39,000		33,540
				99,442
Chemicals - Plastics — 0.4%
Hexion Finance Escrow LLC/Hexion Escrow Corp. Senior Sec. Notes 8.88% due 02/01/18*		475,000		439,375
Coal — 0.1%
Arch Coal, Inc. Senior Notes 8.75% due 08/01/16*		32,000		32,640
Drummond Co., Inc. Senior Notes 9.00% due 10/15/14*		19,000		18,905
Patriot Coal Corp. Company Guar. Notes 8.25% due 04/30/18		25,000		24,500
				76,045
Commercial Services — 0.1%
Ceridian Corp. Senior Notes 11.25% due 11/15/15		60,000		57,075
Computer Services — 0.1%
Affiliated Computer Services, Inc. Senior Notes 5.20% due 06/01/15		45,000		47,182

18

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Computer Services (continued)
Compucom Systems, Inc. Senior Sub. Notes 12.50% due 10/01/15*	$	12,000	$	12,735
SunGard Data Systems, Inc. Company Guar. Notes 9.13% due 08/15/13		47,000		47,470
				107,387
Computers — 0.1%
International Business Machines Corp. Senior Notes 6.22% due 08/01/27		120,000		134,211
Computers - Periphery Equipment — 0.1%
Lexmark International, Inc. Senior Notes 6.65% due 06/01/18		66,000		68,059
Consulting Services — 0.0%
FTI Consulting, Inc. Company Guar. Notes 7.75% due 10/01/16		25,000		24,688
Containers - Metal/Glass — 0.1%
Ball Corp. Company Guar. Notes 6.63% due 03/15/18		108,000		105,570
Ball Corp. Company Guar. Notes 7.38% due 09/01/19		32,000		32,400
				137,970
Containers - Paper/Plastic — 0.0%
Berry Plastics Corp. Senior Sec. Notes 9.50% due 05/15/18*		25,000		22,375
Graphic Packaging International, Inc. Company Guar. Notes 9.50% due 06/15/17		27,000		28,080
				50,455
Cosmetics & Toiletries — 0.1%
Procter & Gamble Co. Senior Notes 4.60% due 01/15/14		43,000		46,634
Revlon Consumer Products Corp. Company Guar. Notes 9.75% due 11/15/15*		30,000		30,525
				77,159
Data Processing/Management — 0.0%
First Data Corp. Company Guar. Notes 9.88% due 09/24/15		30,000		24,150
First Data Corp. Company Guar. Notes 10.55% due 09/24/15(11)		25,000		19,313
				43,463
Decision Support Software — 0.0%
Vangent, Inc. Company Guar. Notes 9.63% due 02/15/15		52,000		48,750

Security Description	Principal Amount		Value (Note 2)
Direct Marketing — 0.0%
Affinity Group, Inc. Company Guar. Notes 9.00% due 02/15/12	$	43,000	$	30,530
Distribution/Wholesale — 0.1%
American Tire Distributors, Inc. Senior Sec. Notes 9.75% due 06/01/17*		40,000		39,500
McJunkin Red Man Corp. Senior Sec. Notes 9.50% due 12/15/16*		55,000		53,350
				92,850
Diversified Banking Institutions — 1.7%
Bank of America Corp. Sub. Notes 5.42% due 03/15/17		1,000		976
Bank of America Corp. Senior Notes 5.65% due 05/01/18		90,000		90,518
Bank of America Corp. Sub. Notes 7.25% due 10/15/25		24,000		24,877
Bank of America Corp. Jr. Sub. Bonds 8.00% due 01/30/18(2)(10)		100,000		96,134
Citigroup, Inc. Senior Notes 4.75% due 05/19/15		60,000		59,260
Citigroup, Inc. Sub. Notes 5.00% due 09/15/14		38,000		37,572
Citigroup, Inc. Senior Notes 5.30% due 01/07/16		29,000		28,783
Citigroup, Inc. Sub. Notes 5.50% due 02/15/17		45,000		43,530
Citigroup, Inc. Senior Notes 5.85% due 07/02/13		75,000		78,555
Citigroup, Inc. Senior Notes 5.85% due 08/02/16		68,000		69,143
Citigroup, Inc. Global Sub. Notes 6.00% due 10/31/33		65,000		55,078
Citigroup, Inc. Senior Notes 6.38% due 08/12/14		120,000		126,800
GMAC, Inc. Company Guar. Notes 8.00% due 11/01/31		100,000		91,000
GMAC, Inc. Company Guar. Notes 8.30% due 02/12/15*		25,000		25,094
Goldman Sachs Group, Inc. Senior Notes 4.75% due 07/15/13		64,000		65,126
JP Morgan Chase & Co. Sub. Notes 4.89% due 09/01/15(2)		578,000		576,620
JP Morgan Chase & Co. Jr. Sub Notes 7.90% due 04/30/18(2)(10)		65,000		66,121

19

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Diversified Banking Institutions (continued)
Morgan Stanley Senior Notes 5.38% due 10/15/15	$	203,000	$	200,302
Morgan Stanley Senior Notes 5.63% due 09/23/19		180,000		172,023
Morgan Stanley Senior Notes 6.00% due 04/28/15		88,000		90,748
The Goldman Sachs Group, Inc. Senior Notes 5.25% due 04/01/13		45,000		46,212
The Goldman Sachs Group, Inc. Sub. Notes 6.75% due 10/01/37		128,000		119,841
				2,164,313
Diversified Financial Services — 0.3%
CIT Group Funding Co. of Delaware LLC Senior Sec. Notes 10.25% due 05/01/16		10,089		10,341
CIT Group Funding Co. of Delaware LLC Senior Sec. Notes 10.25% due 05/01/17		44,795		45,915
Citigroup Capital XXI Company Guar. Bonds 8.30% due 12/21/77(2)		49,000		46,795
General Electric Capital Corp. Senior Notes 2.80% due 01/08/13		80,000		80,803
General Electric Capital Corp. Senior Notes 6.15% due 08/07/37		172,000		166,046
				349,900
Diversified Manufacturing Operations — 0.1%
General Electric Co. Senior Notes 5.25% due 12/06/17		97,000		103,836
Harland Clarke Holdings Corp. Notes 9.50% due 05/15/15		28,000		24,990
SPX Corp. Senior Notes 7.63% due 12/15/14		20,000		20,350
				149,176
Electric - Generation — 0.3%
Allegheny Energy Supply Co. LLC Senior Notes 6.75% due 10/15/39*		117,000		115,196
Edison Mission Energy Senior Notes 7.20% due 05/15/19		74,000		48,100
The AES Corp. Senior Notes 8.00% due 10/15/17		74,000		72,705
The AES Corp. Senior Notes 8.88% due 02/15/11		116,000		118,610
				354,611
Electric - Integrated — 0.4%
Ameren Energy Generating Co. Senior Notes 6.30% due 04/01/20		56,000		55,982

Security Description	Principal Amount		Value (Note 2)
Electric - Integrated (continued)
CenterPoint Energy Houston Electric LLC General Refunding Mtg. 7.00% due 03/01/14	$	58,000	$	66,231
Dominion Resources, Inc. Senior Notes 5.25% due 08/01/33		99,000		107,276
Georgia Power Co. Senior Notes 5.40% due 06/01/40		120,000		117,008
Mirant Americas Generation LLC Senior Notes 8.50% due 10/01/21		42,000		38,430
Mirant Mid - Atlantic LLC Pass Through Certs., Series B 9.13% due 06/30/17		47,410		49,425
Southern Energy, Inc. Notes 7.90% due 07/15/09†(6)(8)(9)(16)		125,000		0
Texas Competitive Electric Holdings Co. LLC Company Guar. Notes, Series A 10.25% due 11/01/15		57,000		38,190
				472,542
Electronic Components - Misc. — 0.0%
Jabil Circuit, Inc. Senior Notes 7.75% due 07/15/16		27,000		27,608
Jabil Circuit, Inc. Senior Notes 8.25% due 03/15/18		4,000		4,170
				31,778
Electronic Components - Semiconductors — 0.1%
Amkor Technology, Inc. Senior Notes 9.25% due 06/01/16		27,000		28,316
Freescale Semiconductor, Inc. Senior Sec. Notes 9.25% due 04/15/18*		21,000		20,843
Freescale Semiconductor, Inc. Senior Sec. Notes 10.13% due 03/15/18*		13,000		13,455
National Semiconductor Corp. Senior Notes 6.15% due 06/15/12		36,000		38,546
				101,160
Electronic Measurement Instruments — 0.0%
Agilent Technologies, Inc. Senior Notes 5.50% due 09/14/15		50,000		54,101
Energy - Alternate Sources — 0.0%
Headwaters, Inc. Senior Sec. Notes 11.38% due 11/01/14		25,000		25,188
Finance - Auto Loans — 0.4%
Ford Motor Credit Co. LLC Senior Notes 8.00% due 12/15/16		555,000		556,078
Finance - Commercial — 0.1%
Caterpillar Financial Services Corp. Senior Notes 4.25% due 02/08/13		20,000		21,260

20

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Finance - Commercial (continued)
Textron Financial Corp. Senior Notes 5.40% due 04/28/13	$	130,000	$	134,424
				155,684
Finance - Consumer Loans — 0.1%
SLM Corp. Senior Notes 5.13% due 08/27/12		40,000		39,227
SLM Corp. Senior Notes 8.00% due 03/25/20		65,000		57,817
				97,044
Finance - Credit Card — 0.1%
Discover Financial Services Senior Notes 6.45% due 06/12/17		130,000		129,812
Finance - Investment Banker/Broker — 0.3%
JPMorgan Chase Capital XXIII Ltd. Guar. Bonds 1.44% due 05/15/77(2)		23,000		16,976
Lehman Brothers Holdings Capital Trust VII† Ltd. Guar. Notes 0.00% due 05/31/12(2)(10)(14)(15)		45,000		5
Lehman Brothers Holdings, Inc. Senior Notes 5.50% due 04/04/16†(14)(15)		44,000		9,130
Lehman Brothers Holdings, Inc. Sub. Notes 6.75% due 12/28/17†(14)(15)		71,000		89
Lehman Brothers Holdings, Inc. Sub. Notes 7.50% due 05/11/38†(14)(15)		69,000		86
Merrill Lynch & Co., Inc. Sub. Notes 6.05% due 05/16/16		187,000		189,287
TD Ameritrade Holding Corp. Company Guar. Notes 2.95% due 12/01/12		125,000		126,892
				342,465
Finance - Other Services — 0.0%
SquareTwo Financial Corp. Senior Sec. Notes 11.63% due 04/01/17*		25,000		24,063
Firearms & Ammunition — 0.0%
Freedom Group, Inc. Senior Sec. Notes 10.25% due 08/01/15*		32,000		32,960
Food - Meat Products — 0.0%
Smithfield Foods, Inc. Senior Sec. Notes 10.00% due 07/15/14*		27,000		28,907
Food - Misc. — 0.1%
Kraft Foods, Inc. Senior Notes 6.50% due 02/09/40		102,000		108,282
Food - Retail — 0.0%
Ahold Finance USA LLC Company Guar. Notes 6.88% due 05/01/29		45,000		49,848

Security Description	Principal Amount		Value (Note 2)
Forestry — 0.0%
Weyerhaeuser Co. Senior Notes 7.38% due 03/15/32	$	38,000	$	37,019
Funeral Services & Related Items — 0.1%
Carriage Services, Inc. Senior Notes 7.88% due 01/15/15		27,000		26,190
Service Corp. International Senior Notes 8.00% due 11/15/21		52,000		52,260
				78,450
Gambling (Non - Hotel) — 0.1%
Downstream Development Authority Senior Sec. Notes 12.00% due 10/15/15*		82,000		72,980
Gas - Distribution — 0.1%
SEMCO Energy, Inc. Senior Sec. Notes 5.15% due 04/21/20*		48,000		50,064
Sempra Energy Senior Notes 6.50% due 06/01/16		57,000		65,128
				115,192
Gas - Transportation — 0.1%
Sabine Pass LNG LP Senior Sec. Notes 7.50% due 11/30/16		130,000		107,900
Hazardous Waste Disposal — 0.0%
Clean Harbors, Inc. Senior Sec. Notes 7.63% due 08/15/16		35,000		35,875
Home Furnishings — 0.0%
Norcraft Cos., LP/Norcraft Finance Corp. Senior Sec. Notes 10.50% due 12/15/15*		30,000		31,500
Hotel/Motels — 0.0%
Starwood Hotels & Resorts Worldwide, Inc. Senior Notes 6.75% due 05/15/18		49,000		48,388
Independent Power Producers — 0.1%
Calpine Corp. Escrow Notes 8.75% due 07/15/13†(8)(9)		145,000		0
Dynegy - Roseton Danskammer Pass Through Certs., Series B 7.67% due 11/08/16		58,000		51,620
NRG Energy, Inc. Company Guar. Notes 7.38% due 02/01/16		59,000		57,082
RRI Energy, Inc. Senior Notes 7.88% due 06/15/17		30,000		27,750
				136,452
Insurance - Life/Health — 0.3%
Jefferson - Pilot Corp. Senior Notes 4.75% due 01/30/14		41,000		42,100
Lincoln National Corp. Jr. Sub. Bonds 7.00% due 05/17/66(2)		60,000		49,200

21

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Insurance - Life/Health (continued)
Nationwide Financial Services, Inc. Senior Notes 5.90% due 07/01/12	$	55,000	$	57,756
Principal Life Income Funding Trusts Senior Sec. Notes 0.55% due 11/08/13(2)		63,000		61,996
Protective Life Corp. Senior Notes 8.45% due 10/15/39		180,000		187,586
				398,638
Insurance - Multi-line — 0.3%
Genworth Financial, Inc. Senior Notes 4.95% due 10/01/15		54,000		52,041
Genworth Financial, Inc. Senior Notes 8.63% due 12/15/16		45,000		48,444
Hartford Financial Services Group, Inc. Senior Notes 4.00% due 03/30/15		60,000		58,249
MetLife, Inc. Senior Notes 6.75% due 06/01/16		40,000		44,824
Metropolitan Life Global Funding I Notes 2.88% due 09/17/12*		90,000		91,848
Nationwide Mutual Insurance Co. Notes 9.38% due 08/15/39*		23,000		25,919
				321,325
Insurance - Mutual — 0.2%
Liberty Mutual Group, Inc. Notes 5.75% due 03/15/14*		60,000		61,910
Liberty Mutual Group, Inc. Notes 6.50% due 03/15/35*		60,000		51,960
Liberty Mutual Group, Inc. Company Guar. Notes 7.80% due 03/07/87*		137,000		113,710
				227,580
Insurance - Reinsurance — 0.1%
Axis Specialty Finance LLC Company Guar. Notes 5.88% due 06/01/20		84,000		80,775
Medical Instruments — 0.1%
Boston Scientific Corp. Senior Notes 6.00% due 01/15/20		30,000		29,040
Boston Scientific Corp. Senior Notes 6.25% due 11/15/15		53,000		55,162
				84,202
Medical Products — 0.0%
CareFusion Corp. Senior Notes 4.13% due 08/01/12		45,000		46,913

Security Description	Principal Amount		Value (Note 2)
Medical - Biomedical/Gene — 0.2%
Amgen, Inc. Senior Notes 5.85% due 06/01/17	$	80,000	$	90,957
Life Technologies Corp. Senior Notes 3.38% due 03/01/13		100,000		101,529
				192,486
Medical - Drugs — 0.1%
Abbott Laboratories Senior Notes 5.30% due 05/27/40		60,000		58,938
Valeant Pharmaceuticals International Company Guar. Notes 8.38% due 06/15/16		55,000		56,238
				115,176
Medical - Generic Drugs — 0.1%
Mylan, Inc. Senior Notes 7.88% due 07/15/20*		40,000		40,050
Watson Pharmaceuticals, Inc. Senior Notes 6.13% due 08/15/19		49,000		52,461
				92,511
Medical - Hospitals — 0.2%
Community Health Systems, Inc. Company Guar. Notes 8.88% due 07/15/15		54,000		55,282
HCA, Inc. Senior Notes 7.50% due 11/15/95		58,000		44,950
HCA, Inc. Senior Notes 8.50% due 04/15/19*		85,000		88,825
Select Medical Corp. Senior Sub. Notes 7.63% due 02/01/15		30,000		28,200
				217,257
Metal - Aluminum — 0.1%
Alcoa, Inc. Bonds 5.90% due 02/01/27		81,000		70,371
Multimedia — 0.3%
NBC Universal, Inc. Notes 6.40% due 04/30/40*		130,000		134,958
Time Warner Cos., Inc. Company Guar. Notes 6.95% due 01/15/28		133,000		145,211
Time Warner Entertainment Co. LP Senior Notes 8.38% due 07/15/33		59,000		71,549
				351,718
Music — 0.0%
WMG Acquisition Corp. Senior Notes 9.50% due 06/15/16		30,000		31,050

22

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Non - Hazardous Waste Disposal — 0.3%
Allied Waste North America, Inc. Company Guar. Notes 7.13% due 05/15/16	$	136,000	$	146,030
Republic Services, Inc. Notes 6.09% due 03/15/35		95,000		93,959
Waste Management, Inc. Company Guar. Notes 6.13% due 11/30/39		44,000		46,008
Waste Services, Inc. Senior Sub. Notes 9.50% due 04/15/14		25,000		25,625
				311,622
Oil Companies - Exploration & Production — 0.5%
Atlas Energy Operating Co. LLC / Atlas Energy Finance Corp. Company Guar. Notes 10.75% due 02/01/18		78,000		82,680
ATP Oil & Gas Corp. Senior Sec. Notes 11.88% due 05/01/15*		25,000		21,750
Chesapeake Energy Corp. Senior Notes 6.63% due 01/15/16		124,000		124,310
Chesapeake Energy Corp. Senior Notes 7.25% due 12/15/18		100,000		101,000
Hilcorp Energy I LP Senior Notes 7.75% due 11/01/15*		59,000		57,525
Kerr - McGee Corp. Company Guar. Notes 6.95% due 07/01/24		39,000		41,154
Linn Energy LLC/Linn Energy Finance Corp. Senior Notes 8.63% due 04/15/20*		55,000		54,450
XTO Energy, Inc. Senior Notes 6.38% due 06/15/38		114,000		132,339
XTO Energy, Inc. Senior Notes 6.50% due 12/15/18		45,000		52,781
				667,989
Oil Refining & Marketing — 0.1%
Valero Energy Corp. Senior Notes 6.13% due 06/15/17		60,000		62,877
Oil - Field Services — 0.0%
Basic Energy Services, Inc. Senior Sec. Notes 11.63% due 08/01/14		25,000		27,125
Paper & Related Products — 0.1%
Boise Paper Holdings LLC Company Guar. Notes 8.00% due 04/01/20*		30,000		30,225
Georgia - Pacific LLC Company Guar. Notes 7.13% due 01/15/17*		36,000		35,820
Georgia - Pacific LLC Senior Notes 7.75% due 11/15/29		45,000		43,987
				110,032

Security Description	Principal Amount		Value (Note 2)
Pharmacy Services — 0.0%
BioScrip, Inc. Senior Notes 10.25% due 10/01/15*	$	25,000	$	24,375
Photo Equipment & Supplies — 0.0%
Eastman Kodak Co. Senior Sec. Notes 9.75% due 03/01/18*		36,000		35,280
Physicians Practice Management — 0.0%
US Oncology, Inc. Senior Sec. Notes 9.13% due 08/15/17		54,000		54,473
Pipelines — 0.6%
Copano Energy LLC / Copano Energy Finance Corp. Company Guar. Notes 7.75% due 06/01/18		30,000		28,500
El Paso Corp. Senior Sub. Notes 6.88% due 06/15/14		55,000		55,143
El Paso Pipeline Partners Operating Co. LLC Company Guar. Notes 6.50% due 04/01/20		157,000		158,696
Enterprise Products Operating LLC Company Guar. Notes 6.45% due 09/01/40		59,000		58,850
MarkWest Energy Partners LP / MarkWest Energy Finance Corp. Senior Notes 8.75% due 04/15/18		50,000		50,500
Plains All American Pipeline LP Senior Notes 4.25% due 09/01/12		31,000		32,335
Plains All American Pipeline LP / PAA Finance Corp. Company Guar. Notes 5.63% due 12/15/13		120,000		128,421
Regency Energy Partners LP/Regency Energy Finance Corp. Company Guar. Notes 9.38% due 06/01/16*		40,000		41,600
Williams Cos., Inc. Senior Notes 7.88% due 09/01/21		60,000		69,347
Williams Partners LP Senior Notes 7.50% due 06/15/11		168,000		176,994
				800,386
Printing - Commercial — 0.1%
Valassis Communications, Inc. Senior Notes 8.25% due 03/01/15		72,000		74,520
Private Corrections — 0.0%
Corrections Corp. of America Company Guar. Notes 7.75% due 06/01/17		20,000		20,650
Publishing - Books — 0.0%
TL Acquisitions, Inc. Senior Notes 10.50% due 01/15/15*		35,000		31,763
Real Estate Investment Trusts — 0.1%
Brandywine Operating Partnership LP Senior Notes 5.70% due 05/01/17		62,000		61,191
DuPont Fabros Technology LP Company Guar. Notes 8.50% due 12/15/17*		30,000		30,300

23

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Real Estate Investment Trusts (continued)
Federal Realty Investors Trust Bonds 5.90% due 04/01/20	$	30,000	$	31,142
				122,633
Real Estate Management/Services — 0.0%
CB Richard Ellis Services, Inc. Company Guar. Notes 11.63% due 06/15/17		22,000		24,530
Recycling — 0.0%
Aleris International, Inc. Company Guar. Notes 9.00% due 12/15/14†(7)(14)(15)		60,000		315
Rental Auto/Equipment — 0.1%
RSC Equipment Rental, Inc. Notes 9.50% due 12/01/14		23,000		21,850
United Rentals North America, Inc. Company Guar. Notes 7.75% due 11/15/13		40,000		37,900
				59,750
Retail - Drug Store — 0.0%
CVS Pass - Through Trust Pass Through Certs. 7.51% due 01/10/32*		35,830		40,649
Retail - Petroleum Products — 0.0%
Inergy LP/Inergy Finance Corp. Company Guar. Notes 8.25% due 03/01/16		30,000		30,300
Retail - Regional Department Stores — 0.1%
JC Penney Corp., Inc. Senior Notes 6.38% due 10/15/36		52,000		51,480
Macy’s Retail Holdings, Inc. Company Guar. Notes 6.65% due 07/15/24		16,000		15,440
Macy’s Retail Holdings, Inc. Company Guar. Notes 6.90% due 04/01/29		20,000		19,050
				85,970
Retail - Restaurants — 0.1%
Brinker International, Inc. Senior Notes 5.75% due 06/01/14		27,000		28,101
Wendy’s/Arby’s Restaurants LLC Company Guar. Notes 10.00% due 07/15/16		47,000		48,528
				76,629
Retail - Toy Stores — 0.0%
Toys R Us Property Co. LLC Senior Sec. Notes 8.50% due 12/01/17*		38,000		39,235
Rubber - Tires — 0.0%
The Goodyear Tire & Rubber Co. Senior Notes 9.00% due 07/01/15		27,000		27,675
The Goodyear Tire & Rubber Co. Senior Notes 10.50% due 05/15/16		25,000		26,500
				54,175

Security Description	Principal Amount		Value (Note 2)
Satellite Telecom — 0.0%
Intelsat Corp. Senior Notes 9.25% due 06/15/16	$	10,000	$	10,250
Savings & Loans/Thrifts — 0.0%
Amsouth Bank NA Sub. Notes 4.85% due 04/01/13		40,000		39,657
Seismic Data Collection — 0.0%
Geokinetics Holdings, Inc. Senior Sec. Notes 9.75% due 12/15/14*		30,000		24,975
Special Purpose Entities — 0.2%
Capital One Capital VI Company Guar. Notes 8.88% due 05/15/40		139,000		143,289
Chukchansi Economic Development Authority Senior Notes 8.00% due 11/15/13*		26,000		18,720
Goldman Sachs Capital II Company Guar. Bonds 5.79% due 06/01/12(2)(10)		20,000		15,300
New Communications Holdings, Inc. Senior Notes 7.88% due 04/15/15*		2,000		1,985
New Communications Holdings, Inc. Senior Notes 8.25% due 04/15/17*		10,000		9,900
New Communications Holdings, Inc. Senior Notes 8.50% due 04/15/20*		10,000		9,850
New Communications Holdings, Inc. Senior Notes 8.75% due 04/15/22*		2,000		1,965
Teco Finance, Inc. Company Guar. Notes 6.57% due 11/01/17		32,000		35,599
Teco Finance, Inc. Company Guar. Notes 7.00% due 05/01/12		20,000		21,568
				258,176
Steel - Producers — 0.1%
Steel Dynamics, Inc. Company Guar. Notes 6.75% due 04/01/15		30,000		28,950
Steel Dynamics, Inc. Senior Notes 7.75% due 04/15/16		48,000		47,880
				76,830
Storage/Warehousing — 0.0%
Mobile Mini, Inc. Company Guar. Notes 9.75% due 08/01/14		27,000		27,473
Telecom Services — 0.2%
Clearwire Communications LLC/Clearwire Finance, Inc. Senior Sec. Notes 12.00% due 12/01/15*		30,000		29,100
Qwest Corp. Senior Notes 7.50% due 10/01/14		55,000		57,888
Qwest Corp. Senior Notes 8.88% due 03/15/12		158,000		168,862

24

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Telecom Services (continued)
SBA Telecommunications, Inc. Company Guar. Notes 8.25% due 08/15/19*	$	50,000	$	52,125
				307,975
Telephone - Integrated — 0.2%
AT&T, Inc. Senior Notes 6.55% due 02/15/39		60,000		64,989
Cincinnati Bell, Inc. Company Guar. Notes 7.00% due 02/15/15		15,000		13,988
Citizens Communications Co. Senior Notes 9.00% due 08/15/31		52,000		49,010
Qwest Communications International, Inc. Company Guar. Notes 8.00% due 10/01/15*		50,000		50,125
Sprint Capital Corp. Company Guar. Notes 6.88% due 11/15/28		45,000		37,406
Sprint Capital Corp. Company Guar. Notes 8.75% due 03/15/32		42,000		40,005
Verizon Virginia, Inc. Senior Notes 4.63% due 03/15/13		30,000		31,709
				287,232
Television — 0.2%
CBS Corp. Company Guar. Notes 5.75% due 04/15/20		84,000		85,766
CBS Corp. Company Guar. Notes 7.88% due 07/30/30		76,000		83,377
Paxson Communications Corp. Senior Sec. Notes 0.00% due 01/15/13†*(2)(7)(8)(9)(14)(15)		52,442		0
Umbrella Acquisition, Inc. Company Guar. Notes 9.75% due 03/15/15*(7)		41,000		34,799
Young Broadcasting, Inc. Company Guar. Notes 10.00% due 03/01/11†(14)(15)		30,000		60
				204,002
Transport - Air Freight — 0.2%
Atlas Air, Inc. Pass Through Certs. Series 1991-1, Class A-1 7.20% due 01/02/19		223,007		209,627
Atlas Air, Inc. Pass Through Certs. Series 1991-1, Class B 7.63% due 01/02/15		20,298		17,253
				226,880
Transport - Equipment & Leasing — 0.1%
GATX Corp. Notes 4.75% due 10/01/12		66,000		69,124
GATX Corp. Senior Notes 4.75% due 05/15/15		45,000		46,223
				115,347

Security Description	Principal Amount		Value (Note 2)
Transport - Rail — 0.1%
Burlington Northern Santa Fe LLC Senior Notes 5.75% due 05/01/40	$	60,000	$	60,256
Transport - Services — 0.0%
Bristow Group, Inc. Senior Notes 7.50% due 09/15/17		45,000		43,650
Web Hosting/Design — 0.0%
Equinix, Inc. Senior Notes 8.13% due 03/01/18		27,000		27,405
Wireless Equipment — 0.2%
Motorola, Inc. Senior Notes 5.38% due 11/15/12		138,000		145,320
Motorola, Inc. Debentures 6.50% due 09/01/25		143,000		142,680
				288,000
Total U.S. Corporate Bonds & Notes
(cost $17,593,829)				17,355,994
FOREIGN CORPORATE BONDS & NOTES — 2.5%
Banks - Commercial — 0.5%
ANZ National International, Ltd. Company Guar. Notes 2.38% due 12/21/12*		36,000		36,171
ANZ National International, Ltd. Company Guar. Notes 6.20% due 07/19/13*		50,000		55,147
Barclays Bank PLC Jr. Sub. Bonds 5.93% due 12/15/16*(2)(10)		105,000		82,950
Barclays Bank PLC Jr. Sub. Notes 6.86% due 06/15/32*(2)(10)		56,000		43,120
BNP Paribas Sub. Notes 4.80% due 06/24/15*		60,000		62,589
Credit Suisse AG Sub. Notes 5.40% due 01/14/20		60,000		58,659
Groupe BPCE Notes 4.16% due 06/30/10(2)(10)		102,000		68,111
Nordea Bank AB Sub. Bonds 8.38% due 03/25/15(2)(10)		36,000		37,080
Svenska Handelsbanken AB Senior Notes 5.13% due 03/30/20*		61,000		60,633
Westpac Banking Corp. Jr. Sub. Notes 0.62% due 09/30/10(2)(10)		180,000		124,200
				628,660
Banks - Money Center — 0.1%
Bank of Scotland PLC Senior Sub. Notes 0.69% due 11/30/10(2)(10)		150,000		69,750
Lloyds TSB Bank PLC Bank Guar. Notes 4.38% due 01/12/15*		60,000		57,338
				127,088

25

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Cellular Telecom — 0.1%
America Movil SAB de CV Company Guar. Notes 6.13% due 03/30/40*	$	60,000	$	57,686
Vodafone Group PLC Senior Notes 4.15% due 06/10/14		60,000		62,211
				119,897
Computers - Memory Devices — 0.0%
Seagate HDD Senior Notes 6.88% due 05/01/20*		30,000		28,500
Diversified Banking Institutions — 0.0%
Credit Agricole SA Jr. Sub. Bonds 6.64% due 05/31/17*(2)(10)		55,000		39,050
Diversified Minerals — 0.1%
BHP Billiton Finance USA, Ltd. Company Guar. Notes 6.42% due 03/01/26		90,000		98,678
Electric - Integrated — 0.2%
EDF SA Notes 5.50% due 01/26/14*		66,000		73,063
EDF SA Senior Notes 5.60% due 01/27/40*		57,000		56,376
TransAlta Corp. Notes 5.75% due 12/15/13		56,000		61,437
				190,876
Finance - Other Services — 0.1%
BP Capital Markets PLC Company Guar. Notes 3.88% due 03/10/15		60,000		60,746
Insurance - Multi - line — 0.2%
Aegon NV Sub. Notes 3.89% due 07/15/14(2)(10)		75,000		45,656
XL Capital, Ltd. Senior Notes 5.25% due 09/15/14		92,000		96,913
XL Capital, Ltd. Senior Notes 6.38% due 11/15/24		60,000		60,251
				202,820
Insurance - Reinsurance — 0.0%
Endurance Specialty Holdings, Ltd. Senior Notes 7.00% due 07/15/34		60,000		55,659
Metal - Diversified — 0.1%
Falconbridge, Ltd. Senior Notes 7.35% due 06/05/12		56,000		60,526
Rio Tinto Finance USA, Ltd. Company Guar. Notes 5.88% due 07/15/13		64,000		69,869
				130,395

Security Description	Principal Amount		Value (Note 2)
Oil Companies - Exploration & Production — 0.1%
EnCana Corp. Bonds 6.50% due 08/15/34	$	25,000	$	26,809
Nexen, Inc. Senior Notes 5.88% due 03/10/35		47,000		44,104
OPTI Canada, Inc. Senior Sec. Notes 7.88% due 12/15/14		48,000		40,800
				111,713
Oil Companies - Integrated — 0.2%
Statoil ASA Company Guar. Notes 7.15% due 11/15/25		178,000		216,208
Paper & Related Products — 0.0%
PE Paper Escrow GmbH Senior Sec. Notes 12.00% due 08/01/14*		27,000		29,295
Pipelines — 0.1%
TransCanada PipeLines, Ltd. Senior Notes 6.10% due 06/01/40		120,000		118,988
Satellite Telecom — 0.1%
Intelsat Intermediate Holding Co., Ltd. Company Guar. Bonds 9.50% due 02/01/15(1)		111,000		112,665
Intelsat Subsidiary Holding Co., Ltd. Company Guar. Notes 8.88% due 01/15/15		27,000		27,270
				139,935
Special Purpose Entities — 0.2%
AngloGold Ashanti Holdings PLC Company Guar. Notes 5.38% due 04/15/20		67,000		65,849
AngloGold Ashanti Holdings PLC Company Guar. Notes 6.50% due 04/15/40		151,000		148,407
SMFG Preferred Capital, Ltd. Sub. Notes 6.08% due 01/25/17*(2)(10)		101,000		95,645
				309,901
Steel - Producers — 0.0%
Essar Steel Algoma, Inc. Senior Sec. Notes 9.38% due 03/15/15*		45,000		46,125
SupraNational Banks — 0.0%
Asian Development Bank Bonds 5.82% due 06/16/28		39,000		43,154
Telephone - Integrated — 0.4%
Telecom Italia Capital SA Company Guar. Bonds 5.25% due 10/01/15		97,000		96,921
Telefonica Emisiones SAU Company Guar. Notes 0.67% due 02/04/13(2)		60,000		58,019
Telefonica Emisiones SAU Company Guar. Notes 5.13% due 04/27/20		170,000		163,995

26

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Telephone - Integrated (continued)
Telefonica Emisiones SAU Company Guar. Notes 5.98% due 06/20/11	$	60,000	$	62,618
Telefonos de Mexico SAB de CV Senior Notes 5.50% due 01/27/15		61,000		66,011
				447,564
Transport - Rail — 0.0%
Canadian National Railway Co. Senior Notes 6.90% due 07/15/28		44,000		52,233
Total Foreign Corporate Bonds & Notes
(cost $3,204,351)				3,197,485
FOREIGN GOVERNMENT AGENCIES — 0.0%
Sovereign — 0.0%
United Mexican States Notes 6.05% due 01/11/40 (cost $59,550)		60,000		60,300
MUNICIPAL BONDS & NOTES — 0.2%
Municipal Bonds — 0.2%
Chicago Transit Authority Revenue Bonds 6.20% due 12/01/40		93,000		97,495
Municipal Electric Authority of Georgia Revenue Bonds 6.66% due 04/01/57		130,000		130,993
Total Municipal Bonds & Notes
(cost $223,000)				228,488
U.S. GOVERNMENT AGENCIES — 16.5%
Federal Home Loan Mtg. Corp. — 11.3%
4.50% due 01/01/39		120,681		123,384
4.50% due 12/01/39		1,329,014		1,357,956
5.00% due 10/01/33		19,388		20,468
5.00% due 07/01/35		88,071		92,629
5.00% due 01/01/37		160,629		168,566
5.00% due 03/01/38		189,264		198,517
5.00% due 07/01/39		662,796		695,133
5.00% due 10/01/39		989,922		1,038,220
5.50% due 10/01/33		7,108		7,620
5.50% due 01/01/35		396,719		424,148
5.50% due 01/01/36		1,191,010		1,273,357
5.50% due 08/01/37		24,207		25,823
5.50% due 09/01/37		292,803		312,345
5.50% due 10/01/37		404,228		431,207
5.50% due 01/01/38		105,458		112,585
5.50% due 07/01/38		120,355		128,387
5.50% due 01/01/40		2,986,872		3,202,692
5.79% due 01/01/37(2)		239,470		256,331
5.93% due 10/01/36(2)		357,609		380,965
6.00% due 08/01/36		339,471		366,867
6.00% due 02/01/39		1,158,356		1,250,507
6.00% due 04/01/40		1,175,375		1,268,879
6.50% due 12/01/28		159,255		175,236
6.50% due 11/01/33		9,775		10,783
6.50% due 05/01/36		3,837		4,192
7.00% due 06/01/32		49,826		55,504
7.50% due 04/01/31		76,099		86,377
8.00% due 04/01/30		10,488		12,001
8.00% due 07/01/30		100		115
8.00% due 12/01/30		29,536		33,797

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal Home Loan Mtg. Corp., REMIC Series 3102, Class PG 5.00% due 11/15/28	$	247,000	$	259,851
Series 3317, Class PD 5.00% due 09/15/31		315,000		334,252
Series 3349, Class HB 5.50% due 06/15/31		282,000		300,900
				14,409,594
Federal National Mtg. Assoc. — 3.8%
2.13% due 01/25/13		72,000		72,648
4.50% due 01/01/25		1,440,305		1,509,920
4.50% due 01/01/39		140,186		143,395
4.88% due 12/15/16		750,000		833,980
5.00% due 03/15/16		74,000		83,098
5.00% due 11/01/33		19,743		20,801
5.00% due 03/01/34		346,565		364,704
5.00% due 10/01/35		165,567		173,922
5.50% due 03/01/18		18,322		19,776
5.50% due 11/01/22		110,937		119,293
5.50% due 05/01/34		371,461		398,274
6.00% due 05/01/17		64,355		69,623
6.00% due 12/01/33		164,342		180,147
6.00% due 10/01/36		105,462		114,023
6.50% due 02/01/17		47,499		51,343
6.50% due 08/01/31		60,188		66,760
6.50% due 07/01/32		89,997		99,823
6.50% due 07/01/36		118,362		129,140
7.00% due 09/01/31		46,800		52,485
7.50% due 06/01/15		13,336		14,594
Federal National Mtg. Assoc. REMIC Series 2005-12, Class BE 5.00% due 11/25/30		295,000		315,021
				4,832,770
Government National Mtg. Assoc. — 1.4%
5.50% due 08/15/39		1,541,716		1,657,359
6.00% due 02/15/29		4,752		5,221
6.00% due 04/15/29		22,909		25,167
6.00% due 06/15/29		25,273		27,795
6.50% due 02/15/29		68,870		76,774
				1,792,316
Total U.S. Government Agencies
(cost $20,482,386)				21,034,680
U.S. GOVERNMENT TREASURIES — 7.6%
United States Treasury Bonds — 1.6%
4.38% due 02/15/38		219,000		224,954
4.38% due 11/15/39		583,000		597,575
4.50% due 05/15/38		235,000		246,346
4.50% due 08/15/39		775,000		810,602
4.63% due 02/15/40		19,000		20,289
5.25% due 11/15/28		125,000		144,746
8.13% due 08/15/19		33,000		45,842
				2,090,354
United States Treasury Notes — 6.0%
1.13% due 01/15/12		1,650,000		1,662,439
2.00% due 11/30/13		555,000		563,368
2.38% due 02/28/15		648,000		658,426
2.63% due 06/30/14		1,411,000		1,455,976
2.75% due 02/15/19		105,000		101,579
3.38% due 11/15/19		1,150,000		1,157,098
3.63% due 08/15/19		16,000		16,436

27

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Principal Amount			Value (Note 2)
U.S. GOVERNMENT TREASURIES (continued)
United States Treasury Notes (continued)
3.63% due 02/15/20	$	701,000		$	719,018
3.75% due 11/15/18		663,000			694,338
4.25% due 08/15/15		500,000			550,742
					7,579,420
Total U.S. Government Treasuries
(cost $9,654,887)					9,669,774
Total Long-Term Investment Securities
(cost $121,835,839)					124,724,689
SHORT-TERM INVESTMENT SECURITIES — 0.5%
Time Deposits — 0.4%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 06/01/10		499,000			499,000
U.S. Government Treasuries — 0.1%
United States Treasury Bills
0.14% due 07/22/10(12)		125,000			124,976
0.16% due 09/02/10(12)		25,000			24,990
					149,966
Total Short-Term Investment Securities
(cost $648,966)					648,966
REPURCHASE AGREEMENTS — 1.6%
Agreement with State Street Bank & Trust Co., bearing interest at 0.01%, dated 05/28/10, to be repurchased 06/01/10 in the amount of $455,001 and collateralized by $470,000 of United States Treasury Notes, bearing interest at 1.00%, due 04/30/12 and having an approximate value of $471,974		455,000			455,000
Agreement with State Street Bank & Trust Co., bearing interest at 0.01%, dated 05/28/10, to be repurchased 06/01/10 in the amount of $1,532,002 and collateralized by $1,535,000 of United States Treasury Notes, bearing interest at 2.50%, due 04/30/15 and having an approximate value of $1,563,858		1,532,000			1,532,000
Total Repurchase Agreements
(cost $1,987,000)					1,987,000
TOTAL INVESTMENTS
(cost $124,471,805)(13)		100.2	%		127,360,655
Liabilities in excess of other assets		(0.2	)		(231,370	)
NET ASSETS —		100.0	%	$	127,129,285

† Non-income producing security

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2010, the aggregate value of these securities was $4,947,760 representing 3.9% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

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

(2) Floating rate security where the rate fluctuates. The rate moves up or down at each reset date. The rate reflected is as of May 31, 2010.

(3) Commercial Mortgage Backed Security

(4) Variable Rate Security — the rate reflected is as of May 31, 2010, maturity date reflects the stated maturity date.

(5) Collateralized Mortgage Obligation

(6) Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of May 31, 2010, the Asset Allocation Fund held the following restricted securities:

Name	Acquisition Date	Principal Amount		Acquisition Cost		Market Value		Market Value Per Share		Value as a % of Net Assets
ICO North America, Inc. 7.50% due 08/15/09	08/15/05	$	20,000	$	20,000	$	16,000	$	80.00	0.00	%
Southern Energy, Inc. Notes 7.90% due 07/15/09	01/10/06		125,000		0		0		0.00	0.00
						$	16,000			0.00	%

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

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

(9) Illiquid security. At May 31, 2010, the aggregate value of these securities was $16,000 representing 0.0% of net assets.

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

(11) PIK (“Payment-in-Kind”) security. Bond or preferred stock that pays interest/dividends in the form of additional bonds or preferred stocks.

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

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

(14) Bond in default

(15) Company has filed Chapter 11 bankruptcy protection.

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

REMIC—Real Estate Mortgage Investment Conduit

Open Futures Contracts
Number of Contracts	Type	Description	Expiration Date	Value at Trade Date		Value as of May 31, 2010		Unrealized Appreciation (Depreciation)
31	Long	S&P 500 E-Mini Futures Index	June 2010	$	1,637,955	$	1,687,175	$	49,220

28

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2010 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Long-Term Investment Securities:
Common Stock	$	64,482,245	$	—	$	—	$	64,482,245
Exchange-Traded Funds		4,653,826		—		—		4,653,826
Preferred Stock		503,936		94,024		—		597,960
Warrants		—		—		0		0
Asset Backed Securities		—		3,427,937		—		3,427,937
Convertible Bonds & Notes		—		—		16,000		16,000
U.S. Corporate Bonds & Notes		—		17,129,114		226,880		17,355,994
Foreign Corporate Bonds & Notes		—		3,197,485		—		3,197,485
Foreign Government Agencies		—		60,300		—		60,300
Municipal Bonds & Notes		—		228,488		—		228,488
U.S. Government Agencies		—		21,034,680		—		21,034,680
U.S. Government Treasuries		—		9,669,774		—		9,669,774
Short-Term Investment Securities:
Time Deposits		—		499,000		—		499,000
U.S. Government Treasuries		—		149,966		—		149,966
Repurchase Agreements		—		1,987,000		—		1,987,000
Other Financial Instruments:@
Open Futures Contracts - Appreciation		49,220		—		—		49,220
Total	$	69,689,227	$	57,477,768	$	242,880	$	127,409,875

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

	Warrants		Asset Backed Securities			Convertible Bonds & Notes		U.S. Corporate Bonds & Notes
Balance as of 5/31/2009	$	—	$	246,000		$	4,000	$	195,520
Accrued discounts/premiums		—		—			—		381
Realized gain (loss)		—		8			—		3,683
Change in unrealized appreciation (depreciation)		—		53,992			12,000		59,391
Net purchases (sales)		0		(300,000	)		—		(32,095	)
Transfers in and/or out of Level 3		—		—			—		—
Balance as of 5/31/2010	$	0	$	—		$	16,000	$	226,880

See Notes to Financial Statements

29

VALIC Company I Blue Chip Growth Fund

PORTFOLIO PROFILE — May 31, 2010 (Unaudited)

Industry Allocation*

Computers	9.0	%
Collective Investment Pool	5.1
Web Portals/ISP	5.1
Diversified Manufacturing Operations	4.8
Diversified Banking Institutions	4.3
Pharmacy Services	4.3
E-Commerce/Products	3.9
Commercial Services — Finance	3.4
Wireless Equipment	3.0
Electronic Components — Semiconductors	3.0
Investment Management/Advisor Services	3.0
Banks — Super Regional	2.8
Retail — Restaurants	2.4
Multimedia	2.3
Networking Products	2.3
Oil Companies — Exploration & Production	2.0
Medical — Biomedical/Gene	1.9
Hotels/Motels	1.9
Oil — Field Services	1.7
Finance — Other Services	1.6
Finance — Credit Card	1.5
Medical — Drugs	1.5
E-Commerce/Services	1.5
Semiconductor Components — Integrated Circuits	1.5
Applications Software	1.4
Industrial Gases	1.4
Retail — Regional Department Stores	1.4
Internet Application Software	1.3
Retail — Bedding	1.3
Retail — Building Products	1.2
Metal Processors & Fabrication	1.1
Medical — Wholesale Drug Distribution	1.1
Oil Field Machinery & Equipment	1.1
Internet Content — Information/News	1.0
Beverages — Non-alcoholic	1.0
Banks — Fiduciary	0.9
Distribution/Wholesale	0.9
Broadcast Services/Program	0.8
Aerospace/Defense — Equipment	0.8
Electric Products — Misc.	0.8
Cosmetics & Toiletries	0.8
Cruise Lines	0.8
Medical Products	0.8
Medical Instruments	0.7
Transport — Services	0.7
Athletic Footwear	0.7
Retail — Auto Parts	0.6
Industrial Automated/Robotic	0.6
Coatings/Paint	0.6
Registered Investment Company	0.6
Internet Infrastructure Software	0.6
Computer Services	0.5
Finance — Investment Banker/Broker	0.5
Transport — Rail	0.5
Data Processing/Management	0.5
Computers — Memory Devices	0.4
Casino Hotels	0.4
Apparel Manufacturers	0.4
Insurance — Life/Health	0.3
Engineering/R&D Services	0.3
Internet Security	0.3
Toys	0.2
Computer Aided Design	0.2
Medical Information Systems	0.2
Auto/Truck Parts & Equipment — Original	0.2
Retail — Apparel/Shoe	0.2
Advertising Agencies	0.1
Retail — Discount	0.1
Retail — Automobile	0.1

Schools	0.1
Instruments — Scientific	0.1
Agricultural Chemicals	0.1
	104.5	%

* Calculated as a percentage of net assets

30

VALIC Company I Blue Chip Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010

Security Description	Shares	Value (Note 2)
COMMON STOCK — 98.8%
Advertising Agencies — 0.1%
Omnicom Group, Inc.	16,200	$	614,790
Aerospace/Defense - Equipment — 0.8%
United Technologies Corp.	49,200		3,315,096
Agricultural Chemicals — 0.1%
Monsanto Co.	4,200		213,654
Apparel Manufacturers — 0.4%
Coach, Inc.	38,800		1,595,068
Applications Software — 1.4%
Intuit, Inc.†	28,500		1,018,590
Microsoft Corp.	181,530		4,683,474
Salesforce.com, Inc.†#	4,400		380,732
			6,082,796
Athletic Footwear — 0.7%
NIKE, Inc., Class B	39,300		2,844,534
Auto/Truck Parts & Equipment - Original — 0.2%
Johnson Controls, Inc.	26,100		744,633
Banks - Fiduciary — 0.9%
Northern Trust Corp.	60,000		3,048,600
State Street Corp.	18,100		690,877
The Bank of New York Mellon Corp.	2,800		76,160
			3,815,637
Banks - Super Regional — 2.8%
PNC Financial Services Group, Inc.	22,000		1,380,500
US Bancorp	139,100		3,332,836
Wells Fargo & Co.	249,900		7,169,631
			11,882,967
Beverages - Non-alcoholic — 1.0%
PepsiCo, Inc.	66,040		4,153,256
The Coca - Cola Co.	400		20,560
			4,173,816
Broadcast Services/Program — 0.8%
Discovery Communications, Inc., Class C†	114,250		3,626,295
Casino Hotels — 0.4%
Wynn Macau, Ltd.†	424,400		686,767
Wynn Resorts, Ltd.	11,000		922,680
			1,609,447
Chemicals - Specialty — 0.0%
Ecolab, Inc.	1,700		80,291
Coatings/Paint — 0.6%
The Sherwin-Williams Co.#	32,900		2,521,127
Commercial Services - Finance — 3.4%
Automatic Data Processing, Inc.	28,200		1,152,816
Mastercard, Inc., Class A	28,000		5,649,560
The Western Union Co.	71,300		1,137,948
Visa, Inc., Class A	89,500		6,485,170
			14,425,494
Computer Aided Design — 0.2%
Autodesk, Inc.†	31,300		915,838
Computer Services — 0.5%
Accenture PLC, Class A	58,800		2,206,176
Computers — 9.0%
Apple, Inc.†	124,600		32,042,136
Hewlett - Packard Co.	42,400		1,950,824
International Business Machines Corp.	35,400		4,434,204
			38,427,164

Security Description	Shares	Value (Note 2)
Computers - Memory Devices — 0.4%
EMC Corp.†	100,700	$	1,875,034
Cosmetics & Toiletries — 0.8%
The Procter & Gamble Co.	53,876		3,291,285
Cruise Lines — 0.8%
Carnival Corp.	90,700		3,286,061
Data Processing/Management — 0.5%
Fiserv, Inc.†	41,100		1,954,305
Distribution/Wholesale — 0.9%
Fastenal Co.#	73,600		3,712,384
Diversified Banking Institutions — 4.3%
Bank of America Corp.	59,000		928,660
Credit Suisse Group AG	20,400		792,524
JPMorgan Chase & Co.	203,100		8,038,698
Morgan Stanley	141,200		3,827,932
The Goldman Sachs Group, Inc.	32,700		4,717,302
			18,305,116
Diversified Manufacturing Operations — 4.8%
3M Co.	68,800		5,456,528
Danaher Corp.	177,840		14,116,939
Illinois Tool Works, Inc.	14,100		654,663
			20,228,130
E-Commerce/Products — 3.9%
Amazon.com, Inc.†	132,200		16,585,812
E-Commerce/Services — 1.5%
eBay, Inc.†	81,240		1,739,348
Expedia, Inc.#	38,500		830,060
Liberty Media Corp. - Interactive, Class A†(3)	228,100		2,958,457
priceline.com, Inc.†	4,300		821,988
			6,349,853
Electric Products - Misc. — 0.8%
Emerson Electric Co.	71,100		3,301,884
Electronic Components - Semiconductors — 3.0%
Altera Corp.#	100,700		2,373,499
Broadcom Corp., Class A	108,300		3,738,516
Intel Corp.	83,200		1,782,144
NVIDIA Corp.†	44,500		584,730
Xilinx, Inc.#	177,630		4,343,053
			12,821,942
Electronic Forms — 0.0%
Adobe Systems, Inc.†	420		13,474
Energy - Alternate Sources — 0.0%
First Solar, Inc.†#	900		101,124
Engineering/R&D Services — 0.3%
McDermott International, Inc.†	61,300		1,359,634
Finance - Credit Card — 1.5%
American Express Co.	164,900		6,574,563
Finance - Investment Banker/Broker — 0.5%
TD Ameritrade Holding Corp.†#	13,000		230,490
The Charles Schwab Corp.	118,000		1,928,120
			2,158,610
Finance - Other Services — 1.6%
CME Group, Inc.	200		63,330
IntercontinentalExchange, Inc.†	37,400		4,343,262
NYSE Euronext	77,300		2,216,191
			6,622,783

31

VALIC Company I Blue Chip Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
Hotels/Motels — 1.9%
Marriott International, Inc., Class A#	186,090	$	6,224,711
Starwood Hotels & Resorts Worldwide, Inc.#	42,100		1,947,125
			8,171,836
Industrial Automated/Robotic — 0.6%
Rockwell Automation, Inc.	47,200		2,521,896
Industrial Gases — 1.4%
Praxair, Inc.	75,200		5,835,520
Instruments - Scientific — 0.1%
Thermo Fisher Scientific, Inc.†	4,400		229,064
Insurance - Life/Health — 0.3%
Prudential Financial, Inc.	25,000		1,442,750
Internet Application Software — 1.3%
Tencent Holdings, Ltd.	285,300		5,518,106
Internet Content - Information/News — 1.0%
Baidu, Inc. ADR†	61,000		4,465,810
Internet Infrastructure Software — 0.6%
Akamai Technologies, Inc.†#	59,800		2,375,256
Internet Security — 0.3%
McAfee, Inc.†	40,000		1,272,000
Investment Management/Advisor Services — 3.0%
Ameriprise Financial, Inc.	58,940		2,345,223
BlackRock, Inc.	100		16,788
Franklin Resources, Inc.	85,700		8,406,313
Invesco, Ltd.	103,400		1,919,104
			12,687,428
Machinery - Farming — 0.0%
Deere & Co.	2,100		121,615
Medical Information Systems — 0.2%
Cerner Corp.†#	10,100		845,471
Medical Instruments — 0.7%
Intuitive Surgical, Inc.†	4,400		1,420,188
Medtronic, Inc.	1,100		43,098
St. Jude Medical, Inc.†	44,120		1,647,441
			3,110,727
Medical Products — 0.8%
Becton, Dickinson and Co.	400		28,520
Stryker Corp.	60,800		3,224,224
			3,252,744
Medical - Biomedical/Gene — 1.9%
Amgen, Inc.†	1,800		93,204
Celgene Corp.†	106,300		5,608,388
Gilead Sciences, Inc.†	42,240		1,517,261
Life Technologies Corp.†	8,800		440,528
Vertex Pharmaceuticals, Inc.†#	17,100		591,489
			8,250,870
Medical - Drugs — 1.5%
Allergan, Inc.	84,000		5,055,960
Shire PLC ADR	22,000		1,346,620
			6,402,580
Medical - HMO — 0.0%
WellPoint, Inc.†	1,060		54,378
Medical - Wholesale Drug Distribution — 1.1%
Cardinal Health, Inc.	2,200		75,878
McKesson Corp.	65,400		4,578,000
			4,653,878

Security Description	Shares	Value (Note 2)
Metal Processors & Fabrication — 1.1%
Precision Castparts Corp.	40,900	$	4,773,030
Multimedia — 2.3%
The McGraw - Hill Cos., Inc.	37,600		1,045,280
The Walt Disney Co.	160,500		5,363,910
Time Warner, Inc.	112,800		3,495,672
			9,904,862
Networking Products — 2.3%
Cisco Systems, Inc.†	179,740		4,162,778
Juniper Networks, Inc.†	214,370		5,706,530
			9,869,308
Oil & Gas Drilling — 0.0%
Ensco PLC ADR	4,200		157,080
Oil Companies - Exploration & Production — 2.0%
EOG Resources, Inc.	66,900		7,013,796
Range Resources Corp.#	8,800		395,560
Southwestern Energy Co.†	28,000		1,053,080
			8,462,436
Oil Companies - Integrated — 0.0%
Exxon Mobil Corp.	400		24,184
Suncor Energy, Inc.	400		12,184
			36,368
Oil Field Machinery & Equipment — 1.1%
Cameron International Corp.†	74,200		2,686,040
FMC Technologies, Inc.†	32,600		1,895,690
			4,581,730
Oil - Field Services — 1.7%
Schlumberger, Ltd.	133,000		7,467,950
Pharmacy Services — 4.3%
Express Scripts, Inc.†	105,200		10,583,120
Medco Health Solutions, Inc.†	132,900		7,661,685
			18,244,805
Retail - Apparel/Shoe — 0.2%
The Gap, Inc.	30,700		669,260
Retail - Auto Parts — 0.6%
O’Reilly Automotive, Inc.†#	52,500		2,678,550
Retail - Automobile — 0.1%
CarMax, Inc.†#	15,000		325,950
Retail - Bedding — 1.3%
Bed Bath & Beyond, Inc.†	119,100		5,344,017
Retail - Building Products — 1.2%
Home Depot, Inc.	8,900		301,354
Lowe’s Cos., Inc.	192,400		4,761,900
			5,063,254
Retail - Discount — 0.1%
Dollar Tree, Inc.†	8,800		550,792
Retail - Regional Department Stores — 1.4%
Kohl’s Corp.†	114,500		5,810,875
Retail - Restaurants — 2.4%
McDonald’s Corp.	60,700		4,059,009
Starbucks Corp.	239,500		6,200,655
			10,259,664
Schools — 0.1%
Apollo Group, Inc., Class A†	4,500		239,220

32

VALIC Company I Blue Chip Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Semiconductor Components - Integrated Circuits — 1.5%
Marvell Technology Group, Ltd.†	333,400		$	6,327,932
Toys — 0.2%
Mattel, Inc.	48,200			1,044,012
Transport - Rail — 0.5%
Union Pacific Corp	28,500			2,035,755
Transport - Services — 0.7%
Expeditors International of Washington, Inc.	59,800			2,283,762
FedEx Corp.	9,900			826,551
				3,110,313
Web Portals/ISP — 5.1%
Google, Inc., Class A†	44,300			21,493,474
Wireless Equipment — 3.0%
American Tower Corp., Class A†	171,500			6,950,895
QUALCOMM, Inc.	166,720			5,928,563
				12,879,458
Total Long-Term Investment Securities
(cost $355,951,268)				420,178,841
SHORT-TERM INVESTMENT SECURITIES — 5.7%
Collective Investment Pool — 5.1%
Securities Lending Quality Trust(1)	21,662,783			21,580,192
Registered Investment Company — 0.6%
T. Rowe Price Reserve Investment Fund	2,418,419			2,418,419
Total Short-Term Investment Securities
(cost $24,081,202)				23,998,611
TOTAL INVESTMENTS
(cost $380,032,470)(2)	104.5	%		444,177,452
Liabilities in excess of other assets	(4.5	)		(19,211,263	)
NET ASSETS —	100.0	%	$	424,966,189

† Non-income producing security

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

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

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

(3) Security is a tracking stock issued by Liberty Media Corp. to track the performance of the Interactive Group.

ADR—American Depository Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2010 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Long-Term Investment Securities:
Common Stock:
Computers	$	38,427,164	$	—	$	—	$	38,427,164
Web Portals		21,493,474		—		—		21,493,474
Other Industries*		360,258,203		—		—		360,258,203
Short-Term Investment Securities:
Collective Investment Pool		—		21,580,192		—		21,580,192
Registered Investment Company		—		2,418,419		—		2,418,419
Total	$	420,178,841	$	23,998,611	$	—	$	444,177,452

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

See Notes to Financial Statements

33

VALIC Company I Broad Cap Value Income Fund

PORTFOLIO PROFILE — May 31, 2010 (Unaudited)

Industry Allocation*

Banks — Super Regional	8.3	%
Diversified Manufacturing Operations	6.8
Tobacco	5.5
Oil Companies — Integrated	4.8
Medical — HMO	4.6
Electric — Integrated	4.5
Medical — Drugs	3.2
Diversified Banking Institutions	3.0
Computers	3.0
Electronic Components — Semiconductors	2.8
Tools — Hand Held	2.6
Pipelines	2.3
Cruise Lines	2.2
Oil Companies — Exploration & Production	2.1
Telephone — Integrated	2.0
Medical Products	2.0
Electronics — Military	1.8
Insurance — Property/Casualty	1.8
Finance — Credit Card	1.8
Finance — Consumer Loans	1.8
Electric Products — Misc.	1.6
Aerospace/Defense	1.6
Aerospace/Defense — Equipment	1.4
Applications Software	1.4
Apparel Manufacturers	1.2
Insurance Brokers	1.2
Casino Services	1.2
Commercial Services	1.1
Computer Services	1.1
Retail — Discount	1.1
Chemicals — Diversified	1.1
Pharmacy Services	1.1
Insurance — Multi-line	1.1
Insurance — Reinsurance	1.0
Retail — Apparel/Shoe	1.0
Savings & Loans/Thrifts	1.0
Gas — Distribution	0.9
Banks — Fiduciary	0.9
Transport — Services	0.9
Retail — Building Products	0.9
Real Estate Investment Trusts	0.9
Wireless Equipment	0.9
Retail — Auto Parts	0.9
Medical — Wholesale Drug Distribution	0.8
Medical Labs & Testing Services	0.8
Time Deposits	0.8
Beverages — Wine/Spirits	0.8
Semiconductor Equipment	0.7
Retail — Computer Equipment	0.7
Food — Wholesale/Distribution	0.7
Investment Management/Advisor Services	0.6
Medical Instruments	0.6
Retail — Drug Store	0.5
Data Processing/Management	0.4
	99.8	%

* Calculated as a percentage of net assets

34

VALIC Company I Broad Cap Value Income Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010

Security Description	Shares	Value (Note 2)
COMMON STOCK — 99.0%
Aerospace/Defense — 1.6%
Raytheon Co.	6,200	$	324,942
Aerospace/Defense - Equipment — 1.4%
Goodrich Corp.	4,200		291,480
Apparel Manufacturers — 1.2%
Hanesbrands, Inc.†	9,100		248,248
Applications Software — 1.4%
Microsoft Corp.	10,900		281,220
Banks - Fiduciary — 0.9%
State Street Corp.	5,000		190,850
Banks - Super Regional — 8.3%
Capital One Financial Corp.	14,300		590,590
Fifth Third Bancorp	12,600		163,674
PNC Financial Services Group, Inc.	9,800		614,950
Wells Fargo & Co.	11,100		318,459
			1,687,673
Beverages - Wine/Spirits — 0.8%
Diageo PLC ADR	2,600		159,328
Casino Services — 1.2%
International Game Technology	12,500		244,625
Chemicals - Diversified — 1.1%
E.I. du Pont de Nemours & Co.	6,200		224,254
Commercial Services — 1.1%
Alliance Data Systems Corp.†	3,300		233,178
Computer Services — 1.1%
Computer Sciences Corp.	4,600		229,954
Computers — 3.0%
Hewlett - Packard Co.	6,500		299,065
International Business Machines Corp.	2,500		313,150
			612,215
Cruise Lines — 2.2%
Carnival Corp.	8,600		311,578
Royal Caribbean Cruises, Ltd.†	4,900		142,100
			453,678
Data Processing/Management — 0.4%
Dun & Bradstreet Corp.	1,200		87,588
Diversified Banking Institutions — 3.0%
Bank of America Corp.	14,951		235,329
Citigroup, Inc.†	25,500		100,980
JPMorgan Chase & Co.	7,100		281,018
			617,327
Diversified Manufacturing Operations — 6.8%
Eaton Corp.	3,600		251,820
General Electric Co.	10,400		170,040
Honeywell International, Inc.	7,500		320,775
Illinois Tool Works, Inc.	7,200		334,296
ITT Corp.	3,600		173,808
SPX Corp.	2,100		124,110
			1,374,849
Electric Products - Misc. — 1.6%
Emerson Electric Co.	4,300		199,692
Molex, Inc.	6,100		129,198
			328,890
Electric - Integrated — 4.5%
Dominion Resources, Inc.	5,800		225,968

Security Description	Shares	Value (Note 2)
Electric - Integrated (continued)
Entergy Corp.	2,700	$	202,689
MDU Resources Group, Inc.	7,850		146,795
Pinnacle West Capital Corp.	4,600		161,506
Xcel Energy, Inc.	8,900		182,361
			919,319
Electronic Components - Semiconductors — 2.8%
Intel Corp.	12,900		276,318
Microchip Technology, Inc.	6,300		175,455
Texas Instruments, Inc.	4,550		111,111
			562,884
Electronics - Military — 1.8%
L - 3 Communications Holdings, Inc.	4,400		363,572
Finance - Consumer Loans — 1.8%
SLM Corp.†	32,200		357,742
Finance - Credit Card — 1.8%
American Express Co.	9,000		358,830
Food - Wholesale/Distribution — 0.7%
Sysco Corp.	4,500		134,145
Gas - Distribution — 0.9%
CenterPoint Energy, Inc.	14,100		192,042
Insurance Brokers — 1.2%
Willis Group Holdings PLC	8,100		248,022
Insurance - Multi - line — 1.1%
The Allstate Corp.	4,500		137,835
XL Capital, Ltd., Class A	4,720		83,119
			220,954
Insurance - Property/Casualty — 1.8%
Chubb Corp.	3,100		155,744
Fidelity National Financial, Inc., Class A	14,100		203,322
			359,066
Insurance - Reinsurance — 1.0%
Axis Capital Holdings, Ltd.	6,800		206,720
Investment Management/Advisor Services — 0.6%
Ameriprise Financial, Inc.	3,200		127,328
Medical Instruments — 0.6%
Medtronic, Inc.	3,000		117,540
Medical Labs & Testing Services — 0.8%
Quest Diagnostics, Inc.	3,200		168,800
Medical Products — 2.0%
Baxter International, Inc.	4,400		185,812
Johnson & Johnson	3,600		209,880
			395,692
Medical - Drugs — 3.2%
Bristol - Myers Squibb Co.	14,600		338,866
Pfizer, Inc.	19,831		302,026
			640,892
Medical - HMO — 4.6%
CIGNA Corp.	5,700		190,779
Coventry Health Care, Inc.†	10,300		213,210
UnitedHealth Group, Inc.	7,400		215,118
WellPoint, Inc.†	6,100		312,930
			932,037
Medical - Wholesale Drug Distribution — 0.8%
Cardinal Health, Inc.	4,900		169,001

35

VALIC Company I Broad Cap Value Income Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
Oil Companies - Exploration & Production — 2.1%
Occidental Petroleum Corp.	5,200	$	429,052
Oil Companies - Integrated — 4.8%
BP PLC ADR	5,600		240,520
ConocoPhillips	6,000		311,160
Marathon Oil Corp.	7,100		220,739
Murphy Oil Corp.	3,600		192,168
			964,587
Pharmacy Services — 1.1%
Omnicare, Inc.	8,800		220,968
Pipelines — 2.3%
El Paso Corp.	13,100		148,554
Spectra Energy Corp.	16,250		325,163
			473,717
Real Estate Investment Trusts — 0.9%
Annaly Capital Management, Inc.	10,500		178,080
Retail - Apparel/Shoe — 1.0%
Limited Brands, Inc.	8,300		206,338
Retail - Auto Parts — 0.9%
Advance Auto Parts, Inc.	3,400		175,984
Retail - Building Products — 0.9%
Home Depot, Inc.	5,300		179,458
Retail - Computer Equipment — 0.7%
GameStop Corp., Class A†	5,900		134,461
Retail - Discount — 1.1%
Family Dollar Stores, Inc.	5,600		228,144
Retail - Drug Store — 0.5%
Walgreen Co.	3,100		99,324
Savings & Loans/Thrifts — 1.0%
New York Community Bancorp, Inc.	12,600		202,230
Semiconductor Equipment — 0.7%
Applied Materials, Inc.	11,200		144,592

Security Description	Shares/ Principal Amount			Value (Note 2)
Telephone - Integrated — 2.0%
AT&T, Inc.		8,450		$	205,335
Verizon Communications, Inc.		7,100			195,392
					400,727
Tobacco — 5.5%
Altria Group, Inc.		8,800			178,552
Imperial Tobacco Group PLC ADR		6,300			324,576
Lorillard, Inc.		1,900			135,831
Philip Morris International, Inc.		7,000			308,840
Reynolds American, Inc.		3,100			161,634
					1,109,433
Tools - Hand Held — 2.6%
Stanley Black & Decker, Inc.		9,500			530,005
Transport - Services — 0.9%
Ryder System, Inc.		4,000			179,760
Wireless Equipment — 0.9%
Nokia Oyj ADR		17,500			177,100
Total Long-Term Investment Securities
(cost $20,950,347)					20,098,845
SHORT-TERM INVESTMENT SECURITIES — 0.8%
Time Deposits — 0.8%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 06/01/10 (cost $165,000)	$	165,000			165,000
TOTAL INVESTMENTS
(cost $21,115,347)(1)		99.8	%		20,263,845
Other assets less liabilities		0.2			37,729
NET ASSETS —		100.0	%	$	20,301,574

† Non - income producing security

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

ADR—American Depository Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2010 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Long-Term Investment Securities:
Common Stock:
Banks - Super Regional	$	1,687,673	$	—	$	—	$	1,687,673
Diversified Manufacturing Operations		1,374,849		—		—		1,374,849
Tobacco		1,109,433		—		—		1,109,433
Other Industries*		15,926,890		—		—		15,926,890
Short-Term Investment Securities:
Time Deposits		—		165,000		—		165,000
Total	$	20,098,845	$	165,000	$	—	$	20,263,845

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

See Notes to Financial Statements

36

VALIC Company I Capital Conservation Fund

PORTFOLIO PROFILE— May 31, 2010 (Unaudited)

Industry Allocation*

Federal Home Loan Mtg. Corp.	18.9	%
Federal National Mtg. Assoc.	18.3
United States Treasury Notes	15.7
Repurchase Agreements	10.1
Diversified Financial Services	5.7
Collective Investment Pool	5.5
United States Treasury Bonds	4.2
Diversified Banking Institutions	2.9
Government National Mtg. Assoc.	1.8
Banks — Commercial	1.8
Pipelines	1.2
Electric — Integrated	1.2
Special Purpose Entities	1.2
Telephone — Integrated	1.1
Insurance — Multi-line	1.0
Banks — Super Regional	0.8
Federal Home Loan Bank	0.8
Finance — Investment Banker/Broker	0.8
Insurance — Life/Health	0.8
Cable/Satellite TV	0.8
Oil Companies — Exploration & Production	0.7
Multimedia	0.6
Telecom Services	0.6
Wireless Equipment	0.5
Non-Hazardous Waste Disposal	0.5
Broadcast Services/Program	0.5
Medical — Biomedical/Gene	0.5
Municipal Bonds	0.4
Oil Companies — Integrated	0.4
Metal — Diversified	0.3
Electric — Generation	0.3
Television	0.3
Banks — Fiduciary	0.3
Transport — Equipment & Leasing	0.3
Computers	0.3
Gas — Distribution	0.3
Insurance — Reinsurance	0.3
Diversified Minerals	0.3
Insurance — Mutual	0.2
Finance — Credit Card	0.2
Cellular Telecom	0.2
Food — Misc.	0.2
Finance — Consumer Loans	0.2
Transport — Rail	0.2
Banks — Money Center	0.2
Real Estate Investment Trusts	0.2
Building Products — Wood	0.2
Finance — Commercial	0.2
Diversified Manufacturing Operations	0.2
Brewery	0.1
Medical — Generic Drugs	0.1
Building & Construction Products — Misc.	0.1
Medical Instruments	0.1
Electronic Measurement Instruments	0.1
Metal — Aluminum	0.1
Computers — Periphery Equipment	0.1
Food — Retail	0.1
Sovereign	0.1
Medical — Drugs	0.1
Oil Refining & Marketing	0.1
Finance — Other Services	0.1
Medical Products	0.1
Cosmetics & Toiletries	0.1
SupraNational Banks	0.1
Retail — Drug Store	0.1
Savings & Loans/Thrifts	0.1
Electronic Components — Semiconductors	0.1
Direct Marketing	0.1

Retail — Regional Department Stores	0.1
Chemicals — Diversified	0.1
Publishing — Newspapers	0.1
	106.4	%

Credit Quality†#

Government — Agency	43.8	%
Government — Treasury	21.9
AAA	0.3
AA	3.6
A	10.3
BBB	15.6
BB	2.1
B	0.1
CC	0.1
Not Rated@	2.2
	100.0	%

* Calculated as a percentage of net assets.

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

† Source: Standard and Poors

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

37

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES — 5.3%
Diversified Financial Services — 5.3%
Banc of America Commercial Mtg., Inc. Series 2007-1, Class AJ 5.52% due 01/15/49(12)	$	2,250,000	$	1,510,972
Carrington Mtg. Loan Trust Series 2006-NC3, Class A2 0.44% due 08/25/36(1)		1,445,049		1,122,897
Chase Funding Mtg. Loan Asset-Backed Certs. Series 2003-6, Class 1A6 4.59% due 11/25/34		201,772		200,249
GS Mortgage Securities Trust Series 2007-GG10, Class A4 6.00% due 08/10/45(2)(12)		1,500,000		1,408,418
JP Morgan Chase Commercial Mtg. Securities Corp. Series 2007-LD11, Class A4 5.98% due 06/15/49(2)(12)		1,000,000		935,459
LB-UBS Commercial Mtg. Trust, Series 2007-C2, Class A3 5.43% due 02/15/40(12)		800,000		769,409
Morgan Stanley Capital I Series 2007-IQ15, Class AM 6.08% due 06/11/49(2)(12)		500,000		411,430
Wells Fargo Mtg. Backed Securities Trust, Series 2006-AR12, Class 2A1 6.00% due 09/25/36(2)(3)		527,016		486,682
Total Asset Backed Securities
(cost $6,787,820)				6,845,516
CONVERTIBLE BONDS & NOTES — 0.0%
Telecom Services — 0.0%
ICO North America, Inc. Senior Sec. Notes 7.50% due 08/15/09†(4)(5)(6)(7)(9)(11) (cost $33,000)		33,000		26,400
U.S. CORPORATE BONDS & NOTES — 19.6%
Agricultural Chemicals — 0.0%
Incitec Pivot Finance LLC Company Guar. Notes 6.00% due 12/10/19*		29,000		29,371
Banks - Commercial — 0.5%
Branch Banking & Trust Co. Sub. Notes 0.78% due 05/23/17(1)		168,000		153,621
KeyBank NA Sub. Notes 7.41% due 10/15/27		46,000		50,542
Regions Financial Corp. Senior Notes 5.75% due 06/15/15		185,000		183,213
Wachovia Bank NA Sub. Notes 6.00% due 11/15/17		243,000		263,077
				650,453
Banks - Fiduciary — 0.3%
State Street Capital Trust IV Ltd. Guar. Notes 1.26% due 06/15/37(1)		509,000		377,069
Banks - Money Center — 0.1%
Chase Capital III Ltd. Guar. Notes 0.80% due 03/01/27(1)		103,000		82,057

Security Description	Principal Amount		Value (Note 2)
Banks - Super Regional — 0.8%
BAC Capital Trust XV Ltd. Guar. Notes 1.05% due 06/01/56(1)	$	155,000	$	93,869
JPMorgan Chase Bank NA Sub. Notes 6.00% due 10/01/17		145,000		154,899
PNC Preferred Funding Trust II Jr. Sub. Bonds 6.11% due 03/15/12*(1)(8)		130,000		93,600
SunTrust Banks, Inc. Senior Notes 6.00% due 09/11/17#		135,000		136,465
SunTrust Banks, Inc. Sub. Notes 6.00% due 02/15/26		30,000		27,081
USB Capital IX Ltd. Guar. Notes 6.19% due 04/15/11(1)(8)		367,000		286,260
Wells Fargo & Co. Jr. Sub. Bonds 7.98% due 03/15/18#(1)(8)		165,000		167,062
Wells Fargo Bank NA Sub. Notes 5.75% due 05/16/16		109,000		117,296
				1,076,532
Brewery — 0.1%
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 5.00% due 04/15/20*		180,000		182,643
Broadcast Services/Program — 0.5%
Discovery Communications LLC Company Guar. Notes 5.05% due 06/01/20		290,000		289,776
Discovery Communications LLC Company Guar. Notes 6.35% due 06/01/40		310,000		312,079
				601,855
Building & Construction Products-Misc. — 0.1%
Owens Corning Company Guar. Notes 6.50% due 12/01/16#		167,000		175,432
Building Products - Wood — 0.2%
Masco Corp. Senior Notes 7.13% due 03/15/20		222,000		215,069
Cable/Satellite TV — 0.8%
Comcast Corp. Company Guar. Notes 5.70% due 05/15/18		108,000		116,781
COX Communications, Inc. Notes 7.13% due 10/01/12#		120,000		133,573
DirecTV Holdings LLC Company Guar. Notes 6.38% due 06/15/15		150,000		154,687
DirecTV Holdings LLC/DirecTV Financing Co., Inc. Company Guar. Notes 7.63% due 05/15/16		150,000		162,000

38

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Cable/Satellite TV (continued)
Time Warner Cable, Inc. Company Guar. Notes 5.85% due 05/01/17	$	393,000	$	427,039
				994,080
Chemicals - Diversified — 0.1%
Union Carbide Corp. Senior Notes 7.75% due 10/01/96#		108,000		92,880
Computers — 0.3%
International Business Machines Corp. Senior Notes 6.22% due 08/01/27		310,000		346,712
Computers - Periphery Equipment — 0.1%
Lexmark International, Inc. Senior Notes 6.65% due 06/01/18		159,000		163,961
Cosmetics & Toiletries — 0.1%
Procter & Gamble Co. Senior Notes 4.60% due 01/15/14#		130,000		140,987
Direct Marketing — 0.1%
Affinity Group, Inc. Company Guar. Notes 9.00% due 02/15/12		170,000		120,700
Diversified Banking Institutions — 2.7%
Bank of America Corp. Sub. Notes 5.42% due 03/15/17		2,000		1,951
Bank of America Corp. Senior Notes 5.65% due 05/01/18		218,000		219,255
Bank of America Corp. Sub. Notes 7.25% due 10/15/25		44,000		45,608
Citigroup, Inc. Senior Notes 4.75% due 05/19/15		145,000		143,211
Citigroup, Inc. Sub. Notes 5.00% due 09/15/14		120,000		118,648
Citigroup, Inc. Senior Notes 5.30% due 01/07/16		69,000		68,484
Citigroup, Inc. Sub. Notes 5.50% due 02/15/17#		140,000		135,428
Citigroup, Inc. Senior Notes 5.85% due 07/02/13		145,000		151,874
Citigroup, Inc. 5.85% due 08/02/16		164,000		166,757
Citigroup, Inc. Global Sub. Notes 6.00% due 10/31/33		150,000		127,103
Citigroup, Inc. Senior Notes 6.38% due 08/12/14		280,000		295,866
JP Morgan Chase & Co. Sub. Notes 4.89% due 09/01/15(1)		122,000		121,709

Security Description	Principal Amount		Value (Note 2)
Diversified Banking Institutions (continued)
JP Morgan Chase & Co. Jr. Sub Notes 7.90% due 04/30/18(1)(8)	$	160,000	$	162,760
Morgan Stanley Senior Notes 5.38% due 10/15/15		541,000		533,809
Morgan Stanley Senior Notes 5.63% due 09/23/19		420,000		401,388
Morgan Stanley Senior Notes 6.00% due 04/28/15		234,000		241,307
The Goldman Sachs Group, Inc. Senior Notes 4.75% due 07/15/13		156,000		158,745
The Goldman Sachs Group, Inc. Senior Notes 5.25% due 04/01/13#		135,000		138,636
The Goldman Sachs Group, Inc. Sub. Notes 6.75% due 10/01/37		312,000		292,112
				3,524,651
Diversified Financial Services — 0.4%
General Electric Capital Corp. Senior Notes 2.80% due 01/08/13#		270,000		272,710
General Electric Capital Corp. Senior Notes 6.15% due 08/07/37		244,000		235,553
				508,263
Diversified Manufacturing Operations — 0.2%
General Electric Co. Senior Notes 5.25% due 12/06/17		195,000		208,743
Electric - Generation — 0.3%
Allegheny Energy Supply Co. LLC Senior Notes 6.75% due 10/15/39*		387,000		381,031
Electric - Integrated — 0.9%
Ameren Energy Generating Co. Senior Notes 6.30% due 04/01/20#		189,000		188,938
CenterPoint Energy Houston Electric LLC General Refunding Mtg. 7.00% due 03/01/14#		174,000		198,692
Dominion Resources, Inc. Senior Notes 5.25% due 08/01/33		326,000		353,254
Georgia Power Co. Senior Notes 5.40% due 06/01/40		310,000		302,270
Southern California Edison Co. 1st Mtg. Bonds Series 04-G 5.75% due 04/01/35#		75,000		79,388
Southern Energy, Inc. Escrow Notes 7.90% due 07/15/09†(4)(6)(7)(11)		175,000		0
				1,122,542

39

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Electronic Components - Semiconductors — 0.1%
National Semiconductor Corp. Senior Notes 6.15% due 06/15/12	$	124,000	$	132,771
Electronic Measurement Instruments — 0.1%
Agilent Technologies, Inc. Senior Notes 5.50% due 09/14/15		156,000		168,796
Finance - Commercial — 0.2%
Textron Financial Corp. Senior Notes 5.40% due 04/28/13		205,000		211,977
Finance - Consumer Loans — 0.2%
SLM Corp. Senior Notes 5.13% due 08/27/12		136,000		133,370
SLM Corp. Senior Notes 8.00% due 03/25/20		160,000		142,320
				275,690
Finance - Credit Card — 0.2%
Discover Financial Services Senior Notes 6.45% due 06/12/17		312,000		311,549
Finance - Investment Banker/Broker — 0.8%
JPMorgan Chase Capital XXIII Ltd. Guar. Bonds 1.44% due 05/15/77#(1)		73,000		53,880
Lehman Brothers Holdings Capital Trust VII Ltd. Guar. Notes 0.00% due 05/31/12†(1)(8)(9)(10)		78,000		8
Lehman Brothers Holdings, Inc. Senior Notes 5.50% due 04/04/16†(9)(10)		89,000		18,467
Lehman Brothers Holdings, Inc. Sub. Notes 6.75% due 12/28/17†(9)(10)		87,000		109
Lehman Brothers Holdings, Inc. Sub. Notes 7.50% due 05/11/38†(9)(10)		112,000		140
Merrill Lynch & Co., Inc. Sub. Notes 6.05% due 05/16/16		494,000		500,043
TD Ameritrade Holding Corp. Company Guar. Notes 2.95% due 12/01/12		420,000		426,359
				999,006
Food - Misc. — 0.2%
Kraft Foods, Inc. Senior Notes 6.50% due 02/09/40		267,000		283,443
Food - Retail — 0.1%
Ahold Finance USA LLC Company Guar. Notes 6.88% due 05/01/29#		146,000		161,728
Gas - Distribution — 0.3%
SEMCO Energy, Inc. Senior Sec. Notes 5.15% due 04/21/20*		120,000		125,159

Security Description	Principal Amount		Value (Note 2)
Gas - Distribution (continued)
Sempra Energy Senior Notes 6.50% due 06/01/16	$	186,000	$	212,525
				337,684
Independent Power Producers — 0.0%
Calpine Corp. Escrow Notes 8.75% due 07/15/13†(6)(7)		630,000		0
Insurance - Life/Health — 0.8%
Jefferson - Pilot Corp. Senior Notes 4.75% due 01/30/14		139,000		142,730
Nationwide Financial Services, Inc. Senior Notes 5.90% due 07/01/12		187,000		196,369
Principal Life Income Funding Trusts Senior Sec. Notes 0.55% due 11/08/13#(1)		213,000		209,607
Protective Life Corp. Senior Notes 8.45% due 10/15/39		432,000		450,206
				998,912
Insurance - Multi - line — 0.7%
Genworth Financial, Inc. Senior Notes 4.95% due 10/01/15#		168,000		161,906
Genworth Financial, Inc. Senior Notes 8.63% due 12/15/16		140,000		150,714
Hartford Financial Services Group, Inc. Senior Notes 4.00% due 03/30/15		140,000		135,915
MetLife, Inc. Senior Notes 6.75% due 06/01/16#		125,000		140,074
Metropolitan Life Global Funding I Notes 2.88% due 09/17/12*		280,000		285,749
Nationwide Mutual Insurance Co. Notes 9.38% due 08/15/39*		69,000		77,757
				952,115
Insurance - Mutual — 0.2%
Liberty Mutual Group, Inc. Notes 5.75% due 03/15/14*		150,000		154,775
Liberty Mutual Group, Inc. Notes 6.50% due 03/15/35*		183,000		158,477
				313,252
Insurance - Reinsurance — 0.2%
Axis Specialty Finance LLC Company Guar. Notes 5.88% due 06/01/20		196,000		188,475
Medical Instruments — 0.1%
Boston Scientific Corp. Senior Notes 6.25% due 11/15/15		165,000		171,731

40

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Medical Products — 0.1%
CareFusion Corp. Senior Notes 4.13% due 08/01/12	$	140,000	$	145,953
Medical - Biomedical/Gene — 0.5%
Amgen, Inc. Senior Notes 5.85% due 06/01/17		250,000		284,243
Life Technologies Corp. Senior Notes 3.38% due 03/01/13		310,000		314,739
				598,982
Medical - Drugs — 0.1%
Abbott Laboratories Senior Notes 5.30% due 05/27/40		155,000		152,257
Medical - Generic Drugs — 0.1%
Watson Pharmaceuticals, Inc. Senior Notes 6.13% due 08/15/19#		169,000		180,938
Metal - Aluminum — 0.1%
Alcoa, Inc. Bonds 5.90% due 02/01/27#		193,000		167,675
Multimedia — 0.6%
NBC Universal, Inc. Notes 6.40% due 04/30/40*		300,000		311,442
Time Warner Cos., Inc. Company Guar. Notes 6.95% due 01/15/28		307,000		335,187
Time Warner Entertainment Co. LP Senior Notes 8.38% due 07/15/33		153,000		185,541
				832,170
Non - Hazardous Waste Disposal — 0.5%
Allied Waste North America, Inc. Company Guar. Notes 7.13% due 05/15/16		459,000		492,851
Waste Management, Inc. Company Guar. Notes 6.13% due 11/30/39		146,000		152,665
				645,516
Oil Companies - Exploration & Production — 0.5%
Kerr - McGee Corp. Company Guar. Notes 6.95% due 07/01/24		129,000		136,124
XTO Energy, Inc. Senior Notes 6.38% due 06/15/38		335,000		388,892
XTO Energy, Inc. Senior Notes 6.50% due 12/15/18#		140,000		164,206
				689,222
Oil Refining & Marketing — 0.1%
Valero Energy Corp. Senior Notes 6.13% due 06/15/17		145,000		151,953

Security Description	Principal Amount		Value (Note 2)
Pipelines — 1.0%
El Paso Pipeline Partners Operating Co. LLC Company Guar. Notes 6.50% due 04/01/20#	$	376,000	$	380,062
Enterprise Products Operating LLC Company Guar. Notes 6.45% due 09/01/40		140,000		139,643
Plains All American Pipeline LP Senior Notes 4.25% due 09/01/12#		97,000		101,177
Plains All American Pipeline LP / PAA Finance Corp. Company Guar. Notes 5.63% due 12/15/13		280,000		299,648
Williams Partners LP Senior Notes 7.50% due 06/15/11		415,000		437,218
				1,357,748
Publishing - Newspapers — 0.1%
Gannett Co, Inc. Notes 5.75% due 06/01/11#		77,000		77,770
Real Estate Investment Trusts — 0.2%
Brandywine Operating Partnership LP Senior Notes 5.70% due 05/01/17		145,000		143,109
Federal Realty Investors Trust Bonds 5.90% due 04/01/20		73,000		75,778
				218,887
Retail - Drug Store — 0.1%
CVS Pass - Through Trust Pass Through Certs. 7.51% due 01/10/32*		119,432		135,498
Retail - Regional Department Stores — 0.1%
JC Penney Corp., Inc. Senior Notes 6.38% due 10/15/36		118,000		116,820
Savings & Loans/Thrifts — 0.1%
Amsouth Bank NA Sub. Notes 4.85% due 04/01/13#		135,000		133,841
Special Purpose Entities — 0.5%
Capital One Capital VI Company Guar. Notes 8.88% due 05/15/40		415,000		427,807
Teco Finance, Inc. Company Guar. Notes 6.57% due 11/01/17		96,000		106,796
Teco Finance, Inc. Company Guar. Notes 7.00% due 05/01/12		68,000		73,330
				607,933
Telecom Services — 0.6%
Qwest Corp. Senior Notes 7.50% due 10/01/14		250,000		263,125
Qwest Corp. Senior Notes 8.88% due 03/15/12		478,000		510,862
				773,987

41

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Telephone - Integrated — 0.2%
AT&T, Inc. Senior Notes 6.55% due 02/15/39	$	155,000	$	167,888
Verizon Virginia, Inc. Senior Notes 4.63% due 03/15/13		100,000		105,698
				273,586
Television — 0.3%
CBS Corp. Company Guar. Notes 5.75% due 04/15/20#		203,000		207,268
CBS Corp. Company Guar. Notes 7.88% due 07/30/30		156,000		171,143
				378,411
Transport - Equipment & Leasing — 0.3%
GATX Corp. Notes 4.75% due 10/01/12#		199,000		208,420
GATX Corp. Senior Notes 4.75% due 05/15/15#		135,000		138,668
				347,088
Transport - Rail — 0.2%
Burlington Northern Santa Fe LLC Senior Notes 5.75% due 05/01/40		155,000		155,663
Norfolk Southern Corp. Senior Notes 5.59% due 05/17/25		108,000		111,662
				267,325
Wireless Equipment — 0.5%
Motorola, Inc. Senior Notes 5.38% due 11/15/12		329,000		346,451
Motorola, Inc. Debentures 6.50% due 09/01/25#		336,000		335,249
				681,700
Total U.S. Corporate Bonds & Notes
(cost $25,307,200)				25,437,420
FOREIGN CORPORATE BONDS & NOTES — 5.7%
Banks - Commercial — 1.3%
ANZ National International, Ltd. Company Guar. Notes 2.38% due 12/21/12*		112,000		112,532
ANZ National International, Ltd. Company Guar. Notes 6.20% due 07/19/13*		155,000		170,955
Barclays Bank PLC Jr. Sub. Bonds 5.93% due 12/15/16*(1)(8)		231,000		182,490
Barclays Bank PLC Jr. Sub. Notes 6.86% due 06/15/32*(1)(8)		137,000		105,490
BNP Paribas Sub. Notes 4.80% due 06/24/15*		150,000		156,473

Security Description	Principal Amount		Value (Note 2)
Banks - Commercial (continued)
Credit Suisse AG Sub. Notes 5.40% due 01/14/20	$	145,000	$	141,760
Groupe BPCE Notes 4.16% due 06/30/10(1)(8)		196,000		130,880
Nordea Bank AB Sub. Bonds 8.38% due 03/25/15(1)(8)		120,000		123,600
Svenska Handelsbanken AB Senior Notes 5.13% due 03/30/20*		147,000		146,115
Westpac Banking Corp. Jr. Sub. Notes 0.62% due 09/30/10(1)(8)		580,000		400,200
				1,670,495
Banks - Money Center — 0.1%
Bank of Scotland PLC Senior Sub. Notes 0.69% due 11/30/10(1)(8)		70,000		32,550
Lloyds TSB Bank PLC Bank Guar. Notes 4.38% due 01/12/15*		150,000		143,346
				175,896
Cellular Telecom — 0.2%
America Movil SAB de CV Company Guar. Notes 6.13% due 03/30/40*		145,000		139,407
Vodafone Group PLC Senior Notes 4.15% due 06/10/14		145,000		150,345
				289,752
Diversified Banking Institutions — 0.2%
Credit Agricole SA Jr. Sub. Bonds 6.64% due 05/31/17*(1)(8)		153,000		108,630
Natixis Sub. Notes 0.55% due 01/15/19		100,000		86,516
				195,146
Diversified Minerals — 0.3%
BHP Billiton Finance USA, Ltd. Company Guar. Notes 6.42% due 03/01/26		290,000		317,961
Electric - Integrated — 0.3%
EDF SA Notes 5.50% due 01/26/14*		84,000		92,989
EDF SA Senior Notes 5.60% due 01/27/40*		133,000		131,543
TransAlta Corp. Notes 5.75% due 12/15/13		187,000		205,156
				429,688

42

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Finance - Other Services — 0.1%
BP Capital Markets PLC Company Guar. Notes 3.88% due 03/10/15	$	145,000	$	146,804
Insurance - Multi - line — 0.3%
Aegon NV Sub. Notes 3.89% due 07/15/14(1)(8)		154,000		93,747
XL Capital, Ltd. Senior Notes 5.25% due 09/15/14		156,000		164,331
XL Capital, Ltd. Senior Notes 6.38% due 11/15/24		101,000		101,422
				359,500
Insurance - Reinsurance — 0.1%
Endurance Specialty Holdings, Ltd. Senior Notes 7.00% due 07/15/34		145,000		134,509
Metal - Diversified — 0.3%
Falconbridge, Ltd. Senior Notes 7.35% due 06/05/12#		189,000		204,276
Rio Tinto Finance USA, Ltd. Company Guar. Notes 5.88% due 07/15/13		191,000		208,513
				412,789
Oil Companies - Exploration & Production — 0.2%
EnCana Corp. Bonds 6.50% due 08/15/34		50,000		53,618
Nexen, Inc. Senior Notes 5.88% due 03/10/35		155,000		145,449
				199,067
Oil Companies - Integrated — 0.4%
Statoil ASA Company Guar. Notes 7.15% due 11/15/25		418,000		507,723
Pipelines — 0.2%
TransCanada PipeLines, Ltd. Senior Notes 6.10% due 06/01/40		310,000		307,385
Special Purpose Entities — 0.7%
AngloGold Ashanti Holdings PLC Company Guar. Notes 5.38% due 04/15/20		167,000		164,132
AngloGold Ashanti Holdings PLC Company Guar. Notes 6.50% due 04/15/40		355,000		348,904
SMFG Preferred Capital, Ltd. Sub. Notes 6.08% due 01/25/17*(1)(8)		453,000		428,982
				942,018
SupraNational Banks — 0.1%
Asian Development Bank Bonds 5.82% due 06/16/28		125,000		138,315

Security Description	Principal Amount		Value (Note 2)
Telephone - Integrated — 0.9%
Telecom Italia Capital SA Company Guar. Bonds 5.25% due 10/01/15	$	329,000	$	328,733
Telefonica Emisiones SAU Company Guar. Notes 0.67% due 02/04/13(1)		145,000		140,212
Telefonica Emisiones SAU Company Guar. Notes 5.13% due 04/27/20#		396,000		382,011
Telefonica Emisiones SAU Company Guar. Notes 5.98% due 06/20/11		140,000		146,110
Telefonos de Mexico SAB de CV Senior Notes 5.50% due 01/27/15#		152,000		164,486
				1,161,552
Total Foreign Corporate Bonds & Notes
(cost $7,369,874)				7,388,600
FOREIGN GOVERNMENT AGENCIES — 0.1%
Sovereign — 0.1%
United Mexican States Notes 6.05% due 01/11/40 (cost $153,838)		155,000		155,775
MUNICIPAL BONDS & NOTES — 0.4%
Municipal Bonds — 0.4%
Chicago Transit Authority Revenue Bonds 6.20% due 12/01/40		225,000		235,874
Municipal Electric Authority of Georgia Revenue Bonds 6.66% due 04/01/57		300,000		302,292
Total Municipal Bonds & Notes
(cost $525,000)				538,166
U.S. GOVERNMENT AGENCIES — 39.8%
Federal Home Loan Bank — 0.8%
3.63% due 08/15/11		750,000		776,530
5.50% due 07/15/36		250,000		275,091
				1,051,621
Federal Home Loan Mtg. Corp. — 18.9%
4.50% due 01/01/39		469,313		479,827
5.00% due 10/01/33		17,271		18,232
5.00% due 06/01/34		356,362		375,419
5.00% due 07/01/35		276,793		291,119
5.00% due 10/01/35		1,666,044		1,752,275
5.00% due 05/01/36		1,911,011		2,005,442
5.00% due 11/01/36		141,134		148,108
5.00% due 03/01/38		591,955		620,895
5.00% due 06/01/39		1,646,300		1,726,621
5.25% due 07/18/11#		4,000,000		4,208,892
5.50% due 11/01/18		270,130		292,502
5.50% due 10/01/33		17,504		18,764
5.50% due 02/01/35		838,767		896,760
5.50% due 07/01/36		1,289,420		1,376,557
5.50% due 07/01/37		239,509		255,494
5.50% due 09/01/37		62,876		67,072
5.50% due 10/01/37		68,746		73,334
5.50% due 01/01/38		790,937		844,387
5.50% due 07/01/38		267,128		284,956
5.79% due 01/01/37(1)		670,515		717,726

43

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal Home Loan Mtg. Corp. (continued)
5.93% due 10/01/36(1)	$	1,119,304	$	1,192,409
6.00% due 10/01/33		506,053		552,586
6.00% due 07/01/36		692,694		748,597
6.00% due 11/01/37		370,030		399,661
6.50% due 02/01/33		37,049		40,961
6.50% due 02/01/35		31,007		34,126
6.50% due 01/01/36		95,764		104,618
6.50% due 03/01/36		220,804		241,220
6.75% due 09/15/29#		500,000		631,881
6.75% due 03/15/31#		250,000		318,286
7.00% due 11/01/16		30,935		33,478
7.00% due 07/01/32		23,740		26,446
7.50% due 04/01/31		83,559		94,845
8.00% due 01/01/29		7,439		8,530
8.00% due 12/01/29		5,462		6,250
8.00% due 12/01/30		33,429		38,253
8.00% due 01/01/31		232		266
Federal Home Loan Mtg. Corp., REMIC
Series 3102, Class PG
5.00% due 11/15/28		1,145,000		1,204,574
Series 3317, Class PD
5.00% due 09/15/31		1,475,000		1,565,149
Series 3349, Class HB
5.50% due 06/15/31		887,000		946,448
				24,642,966
Federal National Mtg. Assoc. — 18.3%
2.13% due 01/25/13		243,000		245,187
4.38% due 07/17/13		2,000,000		2,169,760
4.50% due 11/01/22		1,558,405		1,648,094
4.50% due 01/01/39		520,044		531,948
5.00% due 03/15/16		1,140,000		1,280,153
5.00% due 05/11/17		500,000		559,785
5.00% due 10/01/33		43,638		45,977
5.00% due 03/01/34		456,133		480,006
5.00% due 10/01/35		1,000,914		1,051,423
5.00% due 01/01/37		309,065		323,823
5.00% due 05/01/39		2,757,727		2,889,408
5.00% due 07/01/39		5,560,465		5,825,421
5.50% due 11/01/22		224,008		240,880
5.50% due 04/01/33		651,730		698,773
5.50% due 12/01/33		488,647		523,919
5.50% due 05/01/34		342,650		367,384
5.50% due 10/01/34		393,442		421,473
5.50% due 12/01/35		669,845		716,312
6.00% due 03/01/16		942		1,018
6.00% due 12/01/16		36,976		39,957
6.00% due 11/01/17		102,539		110,933
6.00% due 12/01/20		293,992		317,692
6.00% due 12/01/33		372,986		408,857
6.00% due 10/01/36		105,733		114,316
6.50% due 03/01/17		60,442		65,503
6.50% due 08/01/31		34,984		38,804
6.50% due 07/01/32		240,264		266,496
6.50% due 07/01/36		191,471		208,905
6.50% due 10/01/37		516,666		562,904
7.00% due 09/01/31		159,824		179,236
7.50% due 08/01/15		531		580
Federal National Mtg. Assoc. REMIC Series 2005-12, Class BE 5.00% due 11/25/30		1,437,000		1,534,526
				23,869,453

Security Description	Shares/ Principal Amount		Value (Note 2)
Government National Mtg. Assoc. — 1.8%
5.00% due 04/15/40	$	1,997,331	$	2,110,734
6.00% due 03/15/29		23,809		26,156
6.00% due 04/15/29		15,700		17,248
6.50% due 07/15/32		74,735		82,799
6.50% due 09/15/32		118,823		131,642
				2,368,579
Total U.S. Government Agencies
(cost $49,872,426)				51,932,619
U.S. GOVERNMENT TREASURIES — 19.9%
United States Treasury Bonds — 4.2%
3.50% due 02/15/39		238,000		209,366
4.25% due 05/15/39#		267,000		268,084
4.38% due 02/15/38		983,000		1,009,726
4.38% due 11/15/39		1,449,000		1,485,225
4.50% due 05/15/38		120,000		125,794
4.50% due 08/15/39#		972,000		1,016,652
4.63% due 02/15/40		28,000		29,899
4.75% due 02/15/37		587,000		641,480
5.00% due 05/15/37#		159,000		180,465
5.25% due 11/15/28		369,000		427,290
8.13% due 08/15/19		92,000		127,801
				5,521,782
United States Treasury Notes — 15.7%
1.50% due 10/31/10		1,760,000		1,769,212
1.50% due 12/31/13		475,000		473,367
2.00% due 11/30/13		870,000		883,118
2.00% due 01/15/14(16)		546,439		578,798
2.38% due 09/30/14		76,000		77,490
2.38% due 02/28/15		112,000		113,802
2.63% due 06/30/14		445,000		459,184
2.75% due 02/15/19		360,000		348,272
3.13% due 05/15/19#		11,000		10,899
3.38% due 07/31/13		393,000		417,685
3.38% due 11/15/19		623,000		626,845
3.63% due 08/15/19#		52,000		53,418
3.63% due 02/15/20#		1,586,000		1,626,765
3.75% due 11/15/18#		1,355,000		1,419,045
3.88% due 09/15/10		1,000,000		1,010,547
3.88% due 05/15/18#		5,459,000		5,805,308
4.00% due 08/15/18#		1,403,000		1,501,101
4.25% due 08/15/15		813,000		895,507
4.50% due 02/28/11#		2,250,000		2,319,345
				20,389,708
Total U.S. Government Treasuries
(cost $25,629,014)				25,911,490
COMMON STOCK — 0.0%
Independent Power Producers — 0.0%
Mirant Corp.†# (cost $0)		217		2,695
Total Long-Term Investment Securities
(cost $115,678,172)				118,238,681
SHORT-TERM INVESTMENT SECURITIES — 5.5%
Collective Investment Pool — 5.5%
Securities Lending Quality Trust(13)(14) (cost $7,217,391)		7,217,391		7,189,874

44

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Principal Amount			Value (Note 2)
REPURCHASE AGREEMENTS — 10.1%
Agreement with State Street Bank & Trust Co., bearing interest at 0.01%, dated 05/28/10, to be repurchased 06/01/10 in the amount of $12,940,014 and collateralized by $13,085,000 of the United State Treasury Notes, bearing interest at 2.50%, due 04/30/15 and having an approximate value of $13,330,998	$	12,940,000		$	12,940,000
Agreement with State Street Bank & Trust Co., bearing interest at 0.01%, dated 05/28/10, to be repurchased 06/01/10 in the amount of $183,000 and collateralized by $190,000 of the United State Treasury Notes, bearing interest at 1.00%, due 04/30/12 and having an approximate value of $190,798		183,000			183,000
Total Repurchase Agreements
(cost $13,123,000)					13,123,000
TOTAL INVESTMENTS
(cost $136,018,563)(15)		106.4	%		138,551,555
Liabilities in excess of other assets		(6.4	)		(8,394,534	)
NET ASSETS —		100.0	%	$	130,157,021

† Non-income producing security

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2010, the aggregate value of these securities was $3,854,454 representing 2.9% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

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

(1) Floating rate security where the rate fluctuates. The rate moves up or down at each reset date. The rate reflected is as of May 31, 2010.

(2) Variable Rate Security—the rate reflected is as of May 31, 2010, maturity date reflects the stated maturity date.

(3) Collateralized Mortgage Obligation

(4) Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of May 31, 2010, the Capital Conservation Fund held the following restricted securities:

Name	Acquisition Date	Principal Amount		Acquisition Cost		Market Value		Market Value Per Share		Value as a % of Net Assets
ICO North America, Inc. 7.50% due 08/15/09	08/11/05	$	30,000	$	30,000
	02/15/08		1,000		1,000
	09/11/08		1,000		1,000
	02/15/09		1,000		1,000
		$	33,000	$	33,000	$	26,400	$	80.00	0.02	%
Southern Energy, Inc. 7.90% due 07/15/09	01/10/06		175,000		0		0		0	0.00	%
						$	26,400			0.02	%

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

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

(7) Illiquid security. At May 31, 2010, the aggregate value of these securities was $26,400 representing 0.0% of net assets.

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

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

(10) Bond in default

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

(12) Commercial Mortgage Backed Security

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

(14) At May 31, 2010, the Fund had loaned securities with a total value of $7,284,082. This was secured by collateral of $7,217,391, which was received in cash and subsequently invested in short-term investments currently valued at $7,189,874 as reported in the Portfolio of Investments. The remaining collateral of $191,054 was received in the form of short-term pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon		Maturity Date
United States Treasury Notes/Bonds	3.75	%	11/15/18

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

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

REMIC—Real Estate Mortgage Investment Conduit

TIPS—Treasury Inflation Protected Securities

45

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2010 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Long-Term Investment Securities:
Asset Backed Securities	$	—	$	6,845,516	$	—	$	6,845,516
Convertible Bonds & Notes		—		—		26,400		26,400
U.S. Corporate Bonds & Notes		—		25,437,419		0		25,437,419
Foreign Corporate Bonds & Notes		—		7,388,600		—		7,388,600
Foreign Government Agencies		—		155,775		—		155,775
Municipal Bonds & Notes		—		538,166		—		538,166
U.S. Government Agencies		—		51,932,619		—		51,932,619
U.S. Government Treasuries		—		25,911,490		—		25,911,490
Common Stock		2,695		—		—		2,695
Short-Term Investment Securities:
Collective Investment Pool		—		7,189,875		—		7,189,875
Repurchase Agreements		—		13,123,000		—		13,123,000
Total	$	2,695	$	138,522,460	$	26,400	$	138,551,555

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

	Asset Back Securities			Convertible Bonds & Notes		U.S. Corporate Bonds & Notes
Balance as of 5/31/2009	$	820,000		$	6,600	$	0
Accrued discounts/premiums		—			—		—
Realized gain (loss)		26			—		—
Change in unrealized appreciation (depreciation)		179,974			19,800		—
Net purchases (sales)		(1,000,000	)		—		0
Transfers in and/or out of Level 3		—			—		—
Balance as of 5/31/2010	$	—		$	26,400	$	0

See Notes to Financial Statements

46

VALIC Company I Core Equity Fund

PORTFOLIO PROFILE — May 31, 2010 (Unaudited)

Industry Allocation*

Collective Investment Pool	11.1	%
Oil Companies — Integrated	6.7
Diversified Banking Institutions	5.4
Computers	4.9
Diversified Manufacturing Operations	4.3
Medical — HMO	3.7
Electronic Components — Semiconductors	3.4
Telephone — Integrated	3.2
Medical — Drugs	3.2
Aerospace/Defense	2.8
Coal	2.7
Food — Misc.	2.4
Retail — Major Department Stores	2.3
Retail — Apparel/Shoe	2.2
Computers — Memory Devices	2.2
Applications Software	2.1
Electric — Integrated	2.1
Multimedia	1.9
Oil Companies — Exploration & Production	1.9
Chemicals — Diversified	1.8
Medical Products	1.8
Retail — Discount	1.6
Banks — Super Regional	1.6
Medical — Hospitals	1.4
Oil & Gas Drilling	1.4
Oil Field Machinery & Equipment	1.4
Engineering/R&D Services	1.3
Steel — Producers	1.2
Cosmetics & Toiletries	1.2
Insurance — Multi-line	1.1
Insurance — Property/Casualty	1.1
Office Automation & Equipment	1.1
Food — Retail	1.0
Oil — Field Services	1.0
Gas — Distribution	0.9
Metal — Copper	0.9
Pharmacy Services	0.9
Medical — Wholesale Drug Distribution	0.9
Medical — Biomedical/Gene	0.8
Consumer Products — Misc.	0.8
Retail — Regional Department Stores	0.8
Paper & Related Products	0.8
Chemicals — Specialty	0.7
Internet Security	0.7
E-Commerce/Services	0.7
Coatings/Paint	0.7
Containers — Paper/Plastic	0.7
Pipelines	0.7
Steel Pipe & Tube	0.7
Data Processing/Management	0.7
Cellular Telecom	0.7
Enterprise Software/Service	0.7
Machine Tools & Related Products	0.7
Electronic Components — Misc.	0.6
Distribution/Wholesale	0.6
Retail — Restaurants	0.6
Transport — Marine	0.6
Insurance — Life/Health	0.5
Metal — Aluminum	0.4
Cable/Satellite TV	0.4
Office Supplies & Forms	0.4
Banks — Fiduciary	0.4
Containers — Metal/Glass	0.4
Semiconductor Equipment	0.4
Hospital Beds/Equipment	0.4
Independent Power Producers	0.3
Retail — Sporting Goods	0.3
Retail — Jewelry	0.2
Web Portals/ISP	0.2

Machinery — Farming	0.2
Networking Products	0.2
Electric Products — Misc.	0.2
Medical — Generic Drugs	0.2
Commercial Services — Finance	0.1
Beverages — Non-alcoholic	0.1
	110.7	%

* Calculated as a percentage of net assets

47

VALIC Company I Core Equity Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010

Security Description	Shares	Value (Note 2)
COMMON STOCK — 99.6%
Aerospace/Defense — 2.8%
General Dynamics Corp.	3,000	$	203,700
Northrop Grumman Corp.	45,410		2,746,851
Raytheon Co.	59,720		3,129,925
			6,080,476
Applications Software — 2.1%
Microsoft Corp.	181,500		4,682,700
Banks - Fiduciary — 0.4%
The Bank of New York Mellon Corp.	33,061		899,259
Banks - Super Regional — 1.6%
Capital One Financial Corp.	41,000		1,693,300
US Bancorp	17,070		408,997
Wells Fargo & Co.	48,190		1,382,571
			3,484,868
Beverages - Non - alcoholic — 0.1%
The Coca - Cola Co.	3,000		154,200
Cable/Satellite TV — 0.4%
Comcast Corp., Special Class A	54,960		946,411
Cellular Telecom — 0.7%
NII Holdings, Inc.†	40,000		1,458,800
Sprint Nextel Corp.†	33,100		169,803
			1,628,603
Chemicals - Diversified — 1.8%
Celanese Corp., Class A	38,000		1,089,460
E.I. du Pont de Nemours & Co.	81,300		2,940,621
			4,030,081
Chemicals - Specialty — 0.7%
Albemarle Corp.	37,000		1,593,220
Coal — 2.7%
Arch Coal, Inc.	74,000		1,594,700
Peabody Energy Corp.	70,020		2,727,979
Walter Energy, Inc.#	21,000		1,665,930
			5,988,609
Coatings/Paint — 0.7%
Valspar Corp.#	49,000		1,537,130
Commercial Services - Finance — 0.1%
The Western Union Co.	18,300		292,068
Computers — 4.9%
Apple, Inc.†	6,000		1,542,960
Dell, Inc.†	127,000		1,692,910
Hewlett - Packard Co.	28,340		1,303,923
International Business Machines Corp.	50,400		6,313,104
			10,852,897
Computers - Memory Devices — 2.2%
SanDisk Corp.†	40,000		1,864,800
Seagate Technology†	96,000		1,474,560
Western Digital Corp.†	41,000		1,427,210
			4,766,570
Consumer Products - Misc. — 0.8%
Kimberly - Clark Corp.#	29,850		1,811,895
Containers - Metal/Glass — 0.4%
Crown Holdings, Inc.†	36,000		846,360
Containers - Paper/Plastic — 0.7%
Temple - Inland, Inc.#	72,000		1,521,360
Cosmetics & Toiletries — 1.2%
The Estee Lauder Cos., Inc., Class A	27,000		1,573,290
The Procter & Gamble Co.	16,000		977,440
			2,550,730

Security Description	Shares	Value (Note 2)
Data Processing/Management — 0.7%
Fiserv, Inc.†	31,000	$	1,474,050
Distribution/Wholesale — 0.6%
WESCO International, Inc.†#	35,000		1,309,000
Diversified Banking Institutions — 5.4%
Bank of America Corp.	338,640		5,330,194
Citigroup, Inc.†	245,640		972,734
JPMorgan Chase & Co.	79,230		3,135,923
Morgan Stanley	39,610		1,073,827
The Goldman Sachs Group, Inc.	9,000		1,298,340
			11,811,018
Diversified Manufacturing Operations — 4.3%
General Electric Co.	329,490		5,387,162
Honeywell International, Inc.	70,920		3,033,248
Tyco International, Ltd.	30,510		1,104,157
			9,524,567
E - Commerce/Services — 0.7%
Expedia, Inc.#	72,000		1,552,320
Electric Products - Misc. — 0.2%
Emerson Electric Co.	8,000		371,520
Electric - Integrated — 2.1%
Dominion Resources, Inc.	24,820		966,987
NV Energy, Inc.	126,000		1,485,540
Pinnacle West Capital Corp.	36,000		1,263,960
Southern Co.	28,370		927,699
			4,644,186
Electronic Components - Misc. — 0.6%
Garmin, Ltd.#	42,000		1,410,360
Electronic Components - Semiconductors — 3.4%
Intel Corp.	177,060		3,792,625
LSI Corp.†	427,290		2,277,456
Micron Technology, Inc.†#	88,230		802,011
Xilinx, Inc.	29,000		709,050
			7,581,142
Engineering/R&D Services — 1.3%
Fluor Corp.#	23,780		1,115,758
The Shaw Group, Inc.†	43,000		1,466,730
URS Corp.†	4,000		178,320
			2,760,808
Enterprise Software/Service — 0.7%
CA, Inc.	72,000		1,458,000
Food - Misc. — 2.4%
General Mills, Inc.	15,830		1,127,571
Kraft Foods, Inc., Class A	71,646		2,049,076
Unilever NV	75,540		2,062,997
			5,239,644
Food - Retail — 1.0%
Safeway, Inc.#	70,000		1,549,800
The Kroger Co.	38,010		765,141
			2,314,941
Gas - Distribution — 0.9%
CenterPoint Energy, Inc.	43,000		585,660
NiSource, Inc.	101,000		1,510,960
			2,096,620
Hospital Beds/Equipment — 0.4%
Kinetic Concepts, Inc.†#	19,000		786,600

48

VALIC Company I Core Equity Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
Independent Power Producers — 0.3%
NRG Energy, Inc.†#	28,000	$	653,800
Instruments - Controls — 0.0%
Sensata Technologies Holding NV†	5,900		98,117
Insurance - Life/Health — 0.5%
Lincoln National Corp.	11,000		291,060
Prudential Financial, Inc.	13,110		756,578
			1,047,638
Insurance - Multi - line — 1.1%
ACE, Ltd.	19,790		972,877
Genworth Financial, Inc., Class A†	16,000		249,440
Hartford Financial Services Group, Inc.	8,900		223,123
MetLife, Inc.	26,890		1,088,776
			2,534,216
Insurance - Property/Casualty — 1.1%
The Travelers Cos., Inc.	51,070		2,526,433
Internet Security — 0.7%
VeriSign, Inc.†#	56,000		1,562,960
Machine Tools & Related Products — 0.7%
Lincoln Electric Holdings, Inc.	26,000		1,450,800
Machinery - Farming — 0.2%
Deere & Co.#	8,140		469,515
Medical Products — 1.8%
Covidien PLC	9,250		392,107
Johnson & Johnson	61,000		3,556,300
			3,948,407
Medical - Biomedical/Gene — 0.8%
Amgen, Inc.†	36,000		1,864,080
Medical - Drugs — 3.2%
Bristol - Myers Squibb Co.	159,620		3,704,780
Eli Lilly & Co.	20,530		673,179
Merck & Co., Inc.	34,984		1,178,611
Pfizer, Inc.	94,462		1,438,656
			6,995,226
Medical - Generic Drugs — 0.2%
Mylan, Inc.†#	19,000		369,360
Medical - HMO — 3.7%
Aetna, Inc.	61,000		1,778,760
Health Net, Inc.†#	61,000		1,503,650
UnitedHealth Group, Inc.	104,200		3,029,094
WellPoint, Inc.†	34,000		1,744,200
			8,055,704
Medical - Hospitals — 1.4%
Health Management Associates, Inc., Class A†	180,000		1,674,000
Tenet Healthcare Corp.†#	262,000		1,498,640
			3,172,640
Medical - Wholesale Drug Distribution — 0.9%
McKesson Corp.	27,000		1,890,000
Metal - Aluminum — 0.4%
Alcoa, Inc.#	85,400		994,056
Metal - Copper — 0.9%
Freeport - McMoRan Copper & Gold, Inc.	28,000		1,961,400
Multimedia — 1.9%
The Walt Disney Co.	29,620		989,901
Time Warner, Inc.	40,466		1,254,041
Viacom, Inc., Class B†	56,810		1,909,384
			4,153,326

Security Description	Shares	Value (Note 2)
Networking Products — 0.2%
Cisco Systems, Inc.†	19,000	$	440,040
Office Automation & Equipment — 1.1%
Xerox Corp.	262,800		2,446,668
Office Supplies & Forms — 0.4%
Avery Dennison Corp.#	27,000		922,860
Oil & Gas Drilling — 1.4%
Nabors Industries, Ltd.†	82,000		1,560,460
Noble Corp.†	49,890		1,450,302
			3,010,762
Oil Companies - Exploration & Production — 1.9%
Anadarko Petroleum Corp.	26,590		1,391,455
Apache Corp.	20,000		1,790,800
Devon Energy Corp.	11,550		737,467
Occidental Petroleum Corp.	2,700		222,777
			4,142,499
Oil Companies - Integrated — 6.7%
Chevron Corp.	58,580		4,327,305
ConocoPhillips	49,000		2,541,140
Exxon Mobil Corp.	83,200		5,030,272
Hess Corp.	16,400		872,480
Marathon Oil Corp.	64,600		2,008,414
			14,779,611
Oil Field Machinery & Equipment — 1.4%
FMC Technologies, Inc.†	22,000		1,279,300
National Oilwell Varco, Inc.	45,000		1,715,850
			2,995,150
Oil - Field Services — 1.0%
Halliburton Co.	86,360		2,144,319
Paper & Related Products — 0.8%
International Paper Co.	72,000		1,672,560
Pharmacy Services — 0.9%
Medco Health Solutions, Inc.†	33,000		1,902,450
Pipelines — 0.7%
The Williams Cos., Inc.	77,000		1,520,750
Retail - Apparel/Shoe — 2.2%
Limited Brands, Inc.	73,680		1,831,685
Ross Stores, Inc.#	30,000		1,572,000
The Gap, Inc.	71,000		1,547,800
			4,951,485
Retail - Discount — 1.6%
Dollar Tree, Inc.†#	25,000		1,564,750
Target Corp.	38,000		2,072,140
			3,636,890
Retail - Jewelry — 0.2%
Signet Jewelers, Ltd.†	16,000		496,800
Retail - Major Department Stores — 2.3%
J.C. Penney Co., Inc.	55,000		1,511,950
Nordstrom, Inc.#	41,000		1,627,700
Sears Holdings Corp.†#	2,000		176,120
TJX Cos., Inc.	41,000		1,863,860
			5,179,630
Retail - Regional Department Stores — 0.8%
Macy’s, Inc.	76,000		1,687,960
Retail - Restaurants — 0.6%
Brinker International, Inc.	71,000		1,262,380

49

VALIC Company I Core Equity Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares/ Principal Amount	Value (Note 2)
COMMON STOCK (continued)
Retail - Sporting Goods — 0.3%
Dick’s Sporting Goods, Inc.†#	21,000	$	598,710
Semiconductor Equipment — 0.4%
Lam Research Corp.†	21,400		810,204
Steel Pipe & Tube — 0.7%
Valmont Industries, Inc.#	19,000		1,505,180
Steel - Producers — 1.2%
Nucor Corp.#	16,050		690,953
Reliance Steel & Aluminum Co.#	32,000		1,469,120
United States Steel Corp.#	10,210		482,014
			2,642,087
Telecom Services — 0.0%
Fairpoint Communications, Inc.†	957		48
Telephone - Integrated — 3.2%
AT&T, Inc.	50,230		1,220,589
Qwest Communications International, Inc.#	411,480		2,156,155
Telephone and Data Systems, Inc.#	8,000		263,040
Verizon Communications, Inc.	121,470		3,342,855
			6,982,639
Transport - Marine — 0.6%
Tidewater, Inc.#	30,000		1,254,300
Web Portals/ISP — 0.2%
Google, Inc., Class A†	1,000		485,180
Total Long-Term Investment Securities
(cost $211,941,602)			219,221,053

Security Description	Shares		Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 11.1%
Collective Investment Pool — 11.1%
Securities Lending Quality Trust(1)
(cost $24,635,838)	24,635,838		$	24,541,912
TOTAL INVESTMENTS
(cost $236,577,440)(2)	110.7	%		243,762,965
Liabilities in excess of other assets	(10.7	)		(23,590,961	)
NET ASSETS —	100.0	%	$	220,172,004

† Non-income producing security

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

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

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

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2010 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Long-Term Investment Securities:
Common Stock:
Diversified Banking Institutions	$	11,811,018	$	—	$	—	$	11,811,018
Oil Companies - Integrated		14,779,611		—		—		14,779,611
Other Industries*		192,630,424		—		—		192,630,424
Short-Term Investment Securities:
Collective Investment Pool		—		24,541,912		—		24,541,912
Total	$	219,221,053	$	24,541,912	$	—	$	243,762,965

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

See Notes to Financial Statements

50

VALIC Company I Core Value Fund

PORTFOLIO PROFILE — May 31, 2010 (Unaudited)

Industry Allocation*

Oil Companies — Integrated	9.9	%
Diversified Banking Institutions	7.1
Medical — Drugs	5.9
Telephone — Integrated	4.8
Diversified Manufacturing Operations	4.6
Computers	3.9
Electric — Integrated	3.2
Banks — Super Regional	3.1
Medical Products	2.5
Electronic Components — Semiconductors	2.4
Time Deposits	2.3
Oil Companies — Exploration & Production	2.3
Multimedia	1.8
Insurance — Life/Health	1.7
Chemicals — Diversified	1.6
Medical — HMO	1.5
Aerospace/Defense	1.5
Applications Software	1.5
Food — Misc.	1.5
Insurance — Multi-line	1.5
Retail — Discount	1.3
Cable/Satellite TV	1.3
Medical — Biomedical/Gene	1.2
Beverages — Non-alcoholic	1.1
Cosmetics & Toiletries	1.1
Insurance — Property/Casualty	1.0
Retail — Apparel/Shoe	0.9
Tobacco	0.9
Computers — Memory Devices	0.9
Consumer Products — Misc.	0.9
Retail — Restaurants	0.8
Engineering/R&D Services	0.8
Chemicals — Specialty	0.7
Networking Products	0.7
Enterprise Software/Service	0.7
Commercial Services — Finance	0.7
Computer Services	0.7
Real Estate Investment Trusts	0.7
Retail — Regional Department Stores	0.6
Retail — Building Products	0.6
Web Portals/ISP	0.6
Banks — Fiduciary	0.6
Banks — Commercial	0.6
Metal — Copper	0.5
Printing — Commercial	0.5
Oil Field Machinery & Equipment	0.5
Steel — Producers	0.5
Repurchase Agreements	0.5
Apparel Manufacturers	0.5
Insurance — Reinsurance	0.4
Transport — Rail	0.4
Office Automation & Equipment	0.4
Retail — Drug Store	0.4
Food — Canned	0.4
Investment Management/Advisor Services	0.4
Food — Meat Products	0.4
Paper & Related Products	0.4
Television	0.3
Food — Retail	0.3
Electronic Components — Misc.	0.3
Home Decoration Products	0.3
Auto — Heavy Duty Trucks	0.3
Food — Wholesale/Distribution	0.3
Data Processing/Management	0.3
Rental Auto/Equipment	0.3
Metal Processors & Fabrication	0.3
Appliances	0.3
Electric Products — Misc.	0.3
Oil & Gas Drilling	0.3

Oil Refining & Marketing	0.3
Machinery — Construction & Mining	0.2
Transport — Services	0.2
Retail — Office Supplies	0.2
Publishing — Newspapers	0.2
Retail — Consumer Electronics	0.2
Finance — Credit Card	0.2
Oil — Field Services	0.2
Internet Security	0.2
Medical Instruments	0.2
Office Supplies & Forms	0.2
Finance — Investment Banker/Broker	0.2
Entertainment Software	0.2
Semiconductor Equipment	0.2
Gas — Distribution	0.1
Electronic Design Automation	0.1
Telecommunication Equipment	0.1
Independent Power Producers	0.1
Investment Companies	0.1
Hospital Beds/Equipment	0.1
Medical Labs & Testing Services	0.1
Auto — Cars/Light Trucks	0.1
Engines — Internal Combustion	0.1
Semiconductor Components — Integrated Circuits	0.1
Distribution/Wholesale	0.1
Commercial Services	0.1
Retail — Mail Order	0.1
Auto/Truck Parts & Equipment — Original	0.1
Cellular Telecom	0.1
Batteries/Battery Systems	0.1
Wireless Equipment	0.1
Food — Confectionery	0.1
Finance — Auto Loans	0.1
Containers — Paper/Plastic	0.1
Coatings/Paint	0.1
Retail — Bookstores	0.1
Publishing — Books	0.1
Transactional Software	0.1
Computers — Periphery Equipment	0.1
Finance — Other Services	0.1
Photo Equipment & Supplies	0.1
Retail — Petroleum Products	0.1
Pipelines	0.1
Identification Systems	0.1
	99.7	%

* Calculated as a percentage of net assets

51

VALIC Company I Core Value Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010

Security Description	Shares	Value (Note 2)
COMMON STOCK — 96.9%
Aerospace/Defense — 1.5%
Cubic Corp.	585	$	21,282
General Dynamics Corp.	356		24,172
Lockheed Martin Corp.	4,492		359,001
Northrop Grumman Corp.	21,169		1,280,513
Raytheon Co.	3,000		157,230
			1,842,198
Apparel Manufacturers — 0.5%
Jones Apparel Group, Inc.	14,156		278,024
VF Corp.	3,800		293,930
			571,954
Appliances — 0.3%
Whirlpool Corp.	3,057		319,273
Applications Software — 1.5%
Microsoft Corp.	71,186		1,836,599
Auto - Cars/Light Trucks — 0.1%
Ford Motor Co.†	13,239		155,293
Auto - Heavy Duty Trucks — 0.3%
Oshkosh Corp.†	10,758		382,232
Auto/Truck Parts & Equipment - Original — 0.1%
TRW Automotive Holdings Corp.†	4,453		133,946
Banks - Commercial — 0.6%
BB&T Corp.	1,332		40,280
CapitalSource, Inc.	12,295		55,819
Cullen/Frost Bankers, Inc.	376		20,635
First Horizon National Corp.†	1,847		22,995
Regions Financial Corp.	3,669		27,994
TCF Financial Corp.	841		13,574
Toronto - Dominion Bank	6,925		474,155
Westamerica Bancorporation	746		41,530
			696,982
Banks - Fiduciary — 0.6%
The Bank of New York Mellon Corp.	25,890		704,208
Banks - Super Regional — 3.1%
Fifth Third Bancorp	6,914		89,813
Huntington Bancshares, Inc.	7,705		47,463
PNC Financial Services Group, Inc.	8,508		533,877
SunTrust Banks, Inc.	668		18,002
US Bancorp	51,431		1,232,287
Wells Fargo & Co.	66,298		1,902,090
			3,823,532
Batteries/Battery Systems — 0.1%
Energizer Holdings, Inc.†	2,100		117,999
Beverages - Non - alcoholic — 1.1%
Coca - Cola Enterprises, Inc.	4,883		127,446
Dr Pepper Snapple Group, Inc.	9,025		341,687
PepsiCo, Inc.	106		6,666
The Coca - Cola Co.	17,718		910,705
			1,386,504
Building - Residential/Commercial — 0.0%
Ryland Group, Inc.	1,674		31,136
Cable/Satellite TV — 1.3%
Comcast Corp., Class A	63,630		1,151,067
Time Warner Cable, Inc.	7,700		421,421
			1,572,488

Security Description	Shares	Value (Note 2)
Cellular Telecom — 0.1%
Sprint Nextel Corp.†	25,757	$	132,133
Chemicals - Diversified — 1.6%
E.I. du Pont de Nemours & Co.	35,969		1,300,999
Huntsman Corp.	6,123		61,107
PPG Industries, Inc.	8,300		531,781
			1,893,887
Chemicals - Specialty — 0.7%
Ashland, Inc.	10,538		564,942
Cabot Corp.	2,178		61,006
Cytec Industries, Inc.	716		30,595
Lubrizol Corp.	418		37,022
Minerals Technologies, Inc.	1,014		54,198
OM Group, Inc.†	5,310		158,504
			906,267
Coatings/Paint — 0.1%
Valspar Corp.	3,002		94,173
Commercial Services — 0.1%
Convergys Corp.†	12,934		141,239
Commercial Services - Finance — 0.7%
Automatic Data Processing, Inc.	16,205		662,460
H&R Block, Inc.	12,800		205,824
			868,284
Computer Services — 0.7%
Accenture PLC, Class A	13,954		523,554
Computer Sciences Corp.	6,396		319,736
			843,290
Computers — 3.9%
Apple, Inc.†	3,684		947,377
Hewlett - Packard Co.	34,100		1,568,941
International Business Machines Corp.	17,479		2,189,420
			4,705,738
Computers - Memory Devices — 0.9%
EMC Corp.†	8,546		159,126
SanDisk Corp.†	6,617		308,485
Seagate Technology†	7,291		111,990
Western Digital Corp.†	14,906		518,878
			1,098,479
Computers - Periphery Equipment — 0.1%
Lexmark International, Inc., Class A†	821		30,829
Synaptics, Inc.†	1,072		32,074
			62,903
Consumer Products - Misc. — 0.9%
American Greetings Corp., Class A	4,287		101,087
Blyth, Inc.	339		16,828
Clorox Co.	5,200		326,664
Kimberly - Clark Corp.	10,008		607,486
			1,052,065
Containers - Paper/Plastic — 0.1%
Graphic Packaging Holding Co.†	20,001		63,203
Rock - Tenn Co., Class A	816		41,992
			105,195
Cosmetics & Toiletries — 1.1%
The Estee Lauder Cos., Inc., Class A	4,193		244,326
The Procter & Gamble Co.	18,101		1,105,790
			1,350,116

52

VALIC Company I Core Value Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
Data Processing/Management — 0.3%
Acxiom Corp.†	2,205	$	38,389
Fair Isaac Corp.	3,517		81,594
Fiserv, Inc.†	4,700		223,485
			343,468
Distribution/Wholesale — 0.1%
Tech Data Corp.†	3,583		145,649
Diversified Banking Institutions — 7.1%
Bank of America Corp.	195,995		3,084,961
Citigroup, Inc.†	142,933		566,015
JPMorgan Chase & Co.	86,098		3,407,759
Morgan Stanley	16,600		450,026
The Goldman Sachs Group, Inc.	7,924		1,143,116
			8,651,877
Diversified Manufacturing Operations — 4.6%
3M Co.	2,191		173,768
Carlisle Cos., Inc.	8,348		324,654
Dover Corp.	7,500		336,675
Eaton Corp.	4,749		332,193
General Electric Co.	169,901		2,777,881
Honeywell International, Inc.	14,539		621,833
Ingersoll - Rand PLC	14,400		537,264
Parker Hannifin Corp.	3,728		229,123
Tyco International, Ltd.	8,100		293,139
			5,626,530
Electric Products - Misc. — 0.3%
Emerson Electric Co.	6,492		301,488
Electric - Integrated — 3.2%
American Electric Power Co., Inc.	8,000		255,680
Constellation Energy Group, Inc.	17,697		626,120
DTE Energy Co.	7,429		338,094
Entergy Corp.	1,036		77,772
Exelon Corp.	21,175		817,355
Integrys Energy Group, Inc.	10,753		486,251
NextEra Energy, Inc.	5,602		279,708
PG&E Corp.	10,400		431,600
PPL Corp.	20,100		518,781
			3,831,361
Electronic Components - Misc. — 0.3%
Celestica ,Inc.†	38,497		358,407
Garmin, Ltd.	1,323		44,426
			402,833
Electronic Components - Semiconductors — 2.4%
Broadcom Corp., Class A	4,713		162,693
Intel Corp.	79,474		1,702,333
LSI Corp.†	35,673		190,137
Micron Technology, Inc.†	31,652		287,717
Texas Instruments, Inc.	12,824		313,162
Xilinx, Inc.	9,780		239,121
			2,895,163
Electronic Design Automation — 0.1%
Mentor Graphics Corp.†	6,101		56,007
Synopsys, Inc.†	5,483		117,446
			173,453
Electronic Parts Distribution — 0.0%
Arrow Electronics, Inc.†	1,195		32,600

Security Description	Shares	Value (Note 2)
Engineering/R&D Services — 0.8%
EMCOR Group, Inc.†	20,196	$	504,294
The Shaw Group, Inc.†	12,330		420,576
			924,870
Engines - Internal Combustion — 0.1%
Briggs & Stratton Corp.	3,560		73,443
Cummins, Inc.	1,115		75,797
			149,240
Enterprise Software/Service — 0.7%
Oracle Corp.	38,582		870,796
Entertainment Software — 0.2%
Activision Blizzard, Inc.	17,600		189,200
Finance - Auto Loans — 0.1%
AmeriCredit Corp.†	5,115		110,586
Finance - Consumer Loans — 0.0%
Ocwen Financial Corp.†	1,814		22,058
Finance - Credit Card — 0.2%
American Express Co.	6,080		242,410
Finance - Investment Banker/Broker — 0.2%
Investment Technology Group, Inc.†	1,107		18,664
TD Ameritrade Holding Corp.†	9,850		174,640
			193,304
Finance - Other Services — 0.1%
CME Group, Inc.	198		62,697
Food - Canned — 0.4%
Del Monte Foods Co.	33,929		494,685
Food - Confectionery — 0.1%
The Hershey Co.	2,472		115,690
Food - Meat Products — 0.4%
Tyson Foods, Inc., Class A	25,151		442,155
Food - Misc. — 1.5%
ConAgra Foods, Inc.	470		11,365
Corn Products International, Inc.	2,072		69,101
Dole Food Co., Inc.†	7,042		64,434
General Mills, Inc.	5,133		365,623
Kraft Foods, Inc., Class A	22,423		641,298
Sara Lee Corp.	25,810		365,728
Unilever NV	11,100		303,141
			1,820,690
Food - Retail — 0.3%
SUPERVALU, Inc.	1,556		20,959
The Kroger Co.	19,200		386,496
			407,455
Food - Wholesale/Distribution — 0.3%
Fresh Del Monte Produce, Inc.†	227		4,540
Sysco Corp.	12,300		366,663
			371,203
Footwear & Related Apparel — 0.0%
The Timberland Co., Class A†	1,990		38,228
Gas - Distribution — 0.1%
Nicor, Inc.	2,904		117,351
NiSource, Inc.	3,948		59,062
			176,413

53

VALIC Company I Core Value Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
Home Decoration Products — 0.3%
Newell Rubbermaid, Inc.	23,100	$	384,846
Hospital Beds/Equipment — 0.1%
Hill - Rom Holdings, Inc.	5,841		162,847
Hotel/Motels — 0.0%
Wyndham Worldwide Corp.	1,790		42,244
Human Resources — 0.0%
Manpower, Inc.	660		30,169
Identification Systems — 0.1%
Brady Corp., Class A	1,886		54,845
Independent Power Producers — 0.1%
NRG Energy, Inc.†	7,200		168,120
Insurance - Life/Health — 1.7%
Delphi Financial Group, Inc., Class A	1,145		29,736
Principal Financial Group, Inc.	28,047		762,598
Protective Life Corp.	1,435		30,881
Prudential Financial, Inc.	12,616		728,069
Sun Life Financial, Inc.	4,251		120,303
Torchmark Corp.	7,200		371,016
			2,042,603
Insurance - Multi - line — 1.5%
ACE, Ltd.	8,199		403,063
American Financial Group, Inc.	11,158		311,308
Hartford Financial Services Group, Inc.	806		20,206
Horace Mann Educators Corp.	2,312		35,535
Loews Corp.	9,308		302,603
MetLife, Inc.	536		21,703
The Allstate Corp.	16,506		505,579
XL Capital, Ltd., Class A	10,300		181,383
			1,781,380
Insurance - Property/Casualty — 1.0%
Arch Capital Group, Ltd.†	905		66,536
Chubb Corp.	10,400		522,496
The Travelers Cos., Inc.	12,800		633,216
			1,222,248
Insurance - Reinsurance — 0.4%
Aspen Insurance Holdings, Ltd.	9,779		247,018
Berkshire Hathaway, Inc., Class B†	2,442		172,283
Endurance Specialty Holdings, Ltd.	1,874		69,525
Reinsurance Group of America, Inc.	395		18,553
Transatlantic Holdings, Inc.	609		28,641
			536,020
Internet Security — 0.2%
Symantec Corp.†	16,258		230,376
Investment Companies — 0.1%
Apollo Investment Corp.	15,748		164,252
Investment Management/Advisor Services — 0.4%
Ameriprise Financial, Inc.	9,200		366,068
BlackRock, Inc.	376		63,123
Legg Mason, Inc.	547		16,257
			445,448
Machinery - Construction & Mining — 0.2%
Caterpillar, Inc.	4,695		285,268
Medical Instruments — 0.2%
Medtronic, Inc.	5,800		227,244

Security Description	Shares	Value (Note 2)
Medical Labs & Testing Services — 0.1%
Quest Diagnostics, Inc.	3,000	$	158,250
Medical Products — 2.5%
Becton, Dickinson and Co.	7,640		544,732
Johnson & Johnson	42,975		2,505,442
			3,050,174
Medical - Biomedical/Gene — 1.2%
Amgen, Inc.†	21,579		1,117,361
Biogen Idec, Inc.†	1,697		80,489
Cubist Pharmaceuticals, Inc.†	4,090		87,935
Gilead Sciences, Inc.†	3,300		118,536
Talecris Biotherapeutics Holdings Corp.†	3,166		52,492
			1,456,813
Medical - Drugs — 5.9%
Abbott Laboratories	10,500		499,380
Bristol - Myers Squibb Co.	31,215		724,500
Cephalon, Inc.†	5,816		342,330
Eli Lilly & Co.	34,804		1,141,223
Endo Pharmaceuticals Holdings, Inc.†	4,200		87,948
Forest Laboratories, Inc.†	2,731		70,678
King Pharmaceuticals, Inc.†	6,555		56,832
Merck & Co., Inc.	34,100		1,148,829
Pfizer, Inc.	202,682		3,086,847
			7,158,567
Medical - HMO — 1.5%
Aetna, Inc.	9,200		268,272
Centene Corp.†	2,644		60,336
Coventry Health Care, Inc.†	19,833		410,543
Humana, Inc.†	7,225		332,711
WellPoint, Inc.†	15,158		777,606
			1,849,468
Medical - Wholesale Drug Distribution — 0.0%
Cardinal Health, Inc.	628		21,660
Metal Processors & Fabrication — 0.3%
Mueller Industries, Inc.	2,462		65,268
Timken Co.	5,881		169,314
Worthington Industries, Inc.	6,241		91,867
			326,449
Metal - Copper — 0.5%
Freeport - McMoRan Copper & Gold, Inc.	9,413		659,381
Mining — 0.0%
Kinross Gold Corp.	905		15,575
Multimedia — 1.8%
The Walt Disney Co.	8,497		283,970
Time Warner, Inc.	45,554		1,411,718
Viacom, Inc., Class B	16,100		541,121
			2,236,809
Networking Products — 0.7%
Anixter International, Inc.†	1,785		84,788
Cisco Systems, Inc.†	34,957		809,604
			894,392
Office Automation & Equipment — 0.4%
Pitney Bowes, Inc.	9,000		203,760
Xerox Corp.	31,925		297,222
			500,982

54

VALIC Company I Core Value Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
Office Supplies & Forms — 0.2%
Avery Dennison Corp.	6,200	$	211,916
Oil & Gas Drilling — 0.3%
Transocean, Ltd.†	5,300		300,881
Oil Companies - Exploration & Production — 2.3%
Apache Corp.	7,000		626,780
Devon Energy Corp.	7,200		459,720
Occidental Petroleum Corp.	20,356		1,679,574
			2,766,074
Oil Companies - Integrated — 9.9%
Chevron Corp.	47,262		3,491,244
ConocoPhillips	45,066		2,337,123
Exxon Mobil Corp.	80,740		4,881,541
Hess Corp.	2,406		127,999
Murphy Oil Corp.	8,348		445,616
Royal Dutch Shell PLC ADR	13,500		707,400
			11,990,923
Oil Field Machinery & Equipment — 0.5%
Complete Production Services, Inc.†	5,654		73,558
National Oilwell Varco, Inc.	14,869		566,955
			640,513
Oil Refining & Marketing — 0.3%
Valero Energy Corp.	16,000		298,880
Oil - Field Services — 0.2%
Baker Hughes, Inc.	5,900		225,026
Willbros Group, Inc.†	925		8,593
			233,619
Paper & Related Products — 0.4%
Domtar Corp.	948		58,018
International Paper Co.	15,680		364,246
			422,264
Photo Equipment & Supplies — 0.1%
Eastman Kodak Co.†	10,841		61,143
Pipelines — 0.1%
The Williams Cos., Inc.	2,926		57,788
Printing - Commercial — 0.5%
R.R. Donnelley & Sons Co.	33,693		645,558
Publishing - Books — 0.1%
Scholastic Corp.	2,628		68,722
Publishing - Newspapers — 0.2%
Gannett Co., Inc.	16,116		250,443
Real Estate Investment Trusts — 0.7%
Annaly Capital Management, Inc.	5,463		92,652
CBL & Associates Properties, Inc.	2,305		32,938
Duke Realty Corp.	1,542		18,319
Hatteras Financial Corp.	235		6,510
Public Storage	1,568		145,338
Redwood Trust, Inc.	427		6,486
Simon Property Group, Inc.	5,978		508,309
Vornado Realty Trust	89		6,914
			817,466
Rental Auto/Equipment — 0.3%
Rent - A - Center, Inc.†	14,125		342,107
Retail - Apparel/Shoe — 0.9%
AnnTaylor Stores Corp.†	1,479		32,020
Ross Stores, Inc.	6,003		314,557

Security Description	Shares	Value (Note 2)
Retail - Apparel/Shoe (continued)
The Gap, Inc.	36,812	$	802,502
			1,149,079
Retail - Bookstores — 0.1%
Barnes & Noble, Inc.	4,292		86,827
Retail - Building Products — 0.6%
Home Depot, Inc.	22,643		766,692
Retail - Consumer Electronics — 0.2%
Best Buy Co., Inc.	5,900		249,275
Retail - Discount — 1.3%
Big Lots, Inc.†	2,099		74,158
Dollar Tree, Inc.†	929		58,146
Family Dollar Stores, Inc.	4,917		200,318
Wal - Mart Stores, Inc.	24,623		1,244,939
			1,577,561
Retail - Drug Store — 0.4%
Walgreen Co.	15,600		499,824
Retail - Mail Order — 0.1%
Williams - Sonoma, Inc.	4,628		138,285
Retail - Office Supplies — 0.2%
OfficeMax, Inc.†	1,559		27,797
Staples, Inc.	11,100		238,872
			266,669
Retail - Pawn Shops — 0.0%
Cash America International, Inc.	493		18,216
Retail - Petroleum Products — 0.1%
World Fuel Services Corp.	2,226		57,943
Retail - Regional Department Stores — 0.6%
Dillard’s, Inc., Class A	5,008		143,679
Kohl’s Corp.†	6,000		304,500
Macy’s, Inc.	14,355		318,825
			767,004
Retail - Restaurants — 0.8%
Darden Restaurants, Inc.	3,600		154,440
McDonald’s Corp.	8,086		540,711
Starbucks Corp.	10,830		280,388
			975,539
Rubber - Tires — 0.0%
The Goodyear Tire & Rubber Co.†	1,257		14,958
Schools — 0.0%
Apollo Group, Inc., Class A†	248		13,184
Corinthian Colleges, Inc.†	2,726		36,501
			49,685
Semiconductor Components - Integrated Circuits — 0.1%
Integrated Device Technology, Inc.†	13,939		81,404
Maxim Integrated Products, Inc.	3,801		67,506
			148,910
Semiconductor Equipment — 0.2%
Applied Materials, Inc.	14,600		188,486
Steel - Producers — 0.5%
Nucor Corp.	10,200		439,110
Reliance Steel & Aluminum Co.	4,195		192,592
			631,702

55

VALIC Company I Core Value Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
Telecommunication Equipment — 0.1%
Arris Group, Inc.†	7,966	$	87,387
CommScope, Inc.†	2,865		80,793
			168,180
Telephone - Integrated — 4.8%
AT&T, Inc.	134,414		3,266,260
CenturyLink, Inc.	6,800		233,444
Qwest Communications International, Inc.	31,928		167,303
Verizon Communications, Inc.	78,257		2,153,633
			5,820,640
Television — 0.3%
CBS Corp., Class B	28,800		419,328
Tobacco — 0.9%
Altria Group, Inc.	19,900		403,771
Lorillard, Inc.	2,000		142,980
Philip Morris International, Inc.	3,079		135,846
Reynolds American, Inc.	8,887		463,368
			1,145,965
Transactional Software — 0.1%
ACI Worldwide, Inc†	3,461		66,140
Transport - Rail — 0.4%
CSX Corp.	5,142		268,669
Union Pacific Corp.	3,306		236,148
			504,817
Transport - Services — 0.2%
FedEx Corp.	1,312		109,539
United Parcel Service, Inc., Class B	2,789		175,037
			284,576
Web Portals/ISP — 0.6%
AOL, Inc.†	5,413		111,670
EarthLink, Inc.	10,409		89,413
Google, Inc., Class A†	1,108		537,580
			738,663

Security Description	Shares/ Principal Amount			Value (Note 2)
Wire & Cable Products — 0.0%
General Cable Corp.†		1,079		$	33,622
Wireless Equipment — 0.1%
Motorola, Inc.†		3,725			25,516
RF Micro Devices, Inc.†		19,223			92,271
					117,787
Total Long-Term Investment Securities
(cost $120,678,768)					117,965,315
SHORT-TERM INVESTMENT SECURITIES — 2.3%
Time Deposits — 2.3%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 06/01/10 (cost $2,810,000)	$	2,810,000			2,810,000
REPURCHASE AGREEMENT — 0.5%
Agreement with State Street Bank & Trust Co., bearing interest at 0.01%, dated 05/28/10 to be repurchased 06/01/10 in the amount of $594,001 and collateralized by $595,000 of United States Treasury Notes bearing interest at 2.50% due 04/30/15 and having approximate value of $606,186 (cost $594,000)		594,000			594,000
TOTAL INVESTMENTS
(cost $124,082,768)(1)		99.7	%		121,369,315
Other assets less liabilities		0.3			399,332
NET ASSETS —		100.0	%	$	121,768,647

† Non-income producing security

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

ADR—American Depository Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2010 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Long-Term Investment Securities:
Common Stock:
Diversified Banking Institutions	$	8,651,877	$	—	$	—	$	8,651,877
Medical - Drugs		7,158,567		—		—		7,158,567
Oil Companies - Intergrated		11,990,923		—		—		11,990,923
Other Industries*		90,163,948		—		—		90,163,948
Short-Term Investment Securities:
Time Deposits		—		2,810,000		—		2,810,000
Repurchase Agreement		—		594,000		—		594,000
Total	$	117,965,315	$	3,404,000	$	—	$	121,369,315

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

See Notes to Financial Statements

56

VALIC Company I Foreign Value Fund

PORTFOLIO PROFILE — May 31, 2010 (Unaudited)

Industry Allocation*

Collective Investment Pool	10.8	%
Medical — Drugs	9.1
Oil Companies — Integrated	6.4
Insurance — Multi-line	5.6
Telecom Services	5.2
Telephone — Integrated	4.8
Cellular Telecom	4.6
U.S. Government Agency	4.5
Insurance — Reinsurance	3.2
Human Resources	3.0
Electric — Integrated	2.5
Multimedia	2.5
Auto — Cars/Light Trucks	2.4
Banks — Commercial	2.4
Electronic Components — Semiconductors	2.4
Semiconductor Components — Integrated Circuits	2.3
Oil Companies — Exploration & Production	2.0
Toys	2.0
Diversified Manufacturing Operations	1.8
Diversified Financial Services	1.7
Retail — Building Products	1.6
Electronic Components — Misc.	1.6
Enterprise Software/Service	1.5
Wireless Equipment	1.5
Cable/Satellite TV	1.4
Food — Misc.	1.3
Insurance — Life/Health	1.3
Aerospace/Defense	1.1
Computers	1.1
Retail — Automobile	1.1
Retail — Restaurants	1.1
Diversified Operations	1.0
Insurance — Property/Casualty	1.0
Building Products — Air & Heating	0.9
Food — Wholesale/Distribution	0.9
Building — Heavy Construction	0.9
Publishing — Books	0.9
Real Estate Operations & Development	0.8
Diversified Minerals	0.8
Computer Services	0.8
Computers — Periphery Equipment	0.7
Containers — Metal/Glass	0.7
Diversified Banking Institutions	0.7
Athletic Footwear	0.7
Diversified Operations/Commercial Services	0.6
Machinery — General Industrial	0.6
Security Services	0.6
Applications Software	0.6
Transport — Services	0.6
Oil Refining & Marketing	0.5
Retail — Major Department Stores	0.5
Investment Management/Advisor Services	0.4
Chemicals — Specialty	0.4
Medical — Wholesale Drug Distribution	0.3
Chemicals — Diversified	0.1
	109.8	%

Country Allocation*

United Kingdom	20.6	%
United States	15.3
France	9.9
Germany	8.6
Switzerland	7.5
Japan	7.0
Netherlands	5.3
Norway	4.9
Taiwan	4.2
Singapore	4.1
South Korea	4.0
Spain	2.6
Hong Kong	2.4
Canada	2.0
China	1.8
Sweden	1.8
Bermuda	1.7
Brazil	1.1
Italy	1.1
Austria	1.0
Russia	1.0
Turkey	0.7
Australia	0.6
India	0.6
	109.8	%

* Calculated as a percentage of net assets

57

VALIC Company I Foreign Value Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010

Security Description	Shares	Value (Note 2)
COMMON STOCK — 93.7%
Australia — 0.6%
Brambles, Ltd.	823,710	$	4,618,225
Austria — 1.0%
Telekom Austria AG#	601,270		7,679,678
Bermuda — 1.7%
Invesco, Ltd.	155,154		2,879,658
PartnerRe, Ltd.#	71,130		5,188,934
Yue Yuen Industrial Holdings, Ltd.	1,727,172		5,312,567
			13,381,159
Brazil — 0.3%
Empressa Brasileira de Aeronautica SA ADR#	119,522		2,603,189
Canada — 2.0%
Biovail Corp.	515,230		7,684,936
Talisman Energy, Inc.	437,240		7,510,564
			15,195,500
China — 1.8%
China Telecom Corp., Ltd.	20,617,823		9,453,101
Shanghai Electric Group Co., Ltd.†	9,900,968		4,552,228
			14,005,329
France — 9.9%
AXA SA	655,592		10,843,645
Cap Gemini SA#	130,830		5,880,725
France Telecom SA#	855,465		16,300,160
GDF Suez	144,860		4,498,210
Sanofi - Aventis SA#	295,980		17,992,296
Total SA#	253,560		11,760,491
Vivendi SA	404,500		8,769,037
			76,044,564
Germany — 8.6%
Bayerische Motoren Werke AG	136,670		6,378,441
Celesio AG	85,240		2,129,766
Deutsche Post AG	288,380		4,296,608
E.ON AG	264,930		8,054,029
Merck KGAA	142,680		10,302,793
Muenchener Rueckversicherungs AG	64,090		8,154,335
SAP AG	274,420		11,882,961
Siemens AG	147,695		13,439,181
Symrise AG	45,551		927,011
			65,565,125
Hong Kong — 2.4%
Cheung Kong Holdings, Ltd.	564,488		6,434,078
China Mobile, Ltd.	418,000		3,959,147
Hutchison Whampoa, Ltd.	1,295,341		8,060,114
			18,453,339
India — 0.6%
Reliance Industries, Ltd. GDR*	94,320		4,211,805
Italy — 1.1%
Autogrill SpA†#	730,314		8,201,175
Japan — 7.0%
Mitsubishi UFJ Financial Group, Inc.	533,400		2,581,393
Nintendo Co., Ltd.#	50,996		15,042,771
NKSJ Holdings, Inc.†	1,208,000		7,516,444
Sumitomo Mitsui Financial Group, Inc.	100,100		2,969,221
Takeda Pharmaceutical Co., Ltd.	171,254		7,132,060
Toyota Motor Corp.	280,400		10,092,861
USS Co., Ltd.	124,250		8,276,516
			53,611,266

Security Description	Shares	Value (Note 2)
Netherlands — 5.3%
ING Groep NV CVA†	3,172,164	$	25,288,527
Koninklijke Philips Electronics NV	111,750		3,350,559
Randstad Holding NV†	113,650		4,806,022
Reed Elsevier NV	654,324		6,838,674
			40,283,782
Norway — 4.9%
Aker Solutions ASA#	490,840		6,838,833
Statoil ASA#	757,920		14,990,330
Telenor ASA#	1,244,458		15,279,813
			37,108,976
Russia — 1.0%
Gazprom OAO ADR (OTC US)	241,500		4,962,825
Gazprom OAO ADR (London)	126,800		2,596,705
			7,559,530
Singapore — 4.1%
Flextronics International, Ltd.†#	1,326,280		8,700,397
Singapore Telecommunications, Ltd.	7,217,999		14,949,968
United Overseas Bank, Ltd.	620,387		8,019,858
			31,670,223
South Korea — 4.0%
KB Financial Group, Inc.	311,168		12,762,389
Samsung Electronics Co., Ltd.	28,005		18,079,541
			30,841,930
Spain — 2.6%
Iberdrola SA	1,027,004		6,807,379
Telefonica SA	682,903		13,066,705
Telefonica SA ADR	279		16,006
			19,890,090
Sweden — 1.8%
Niscayah Group AB	1,261,925		2,032,566
Telefonaktiebolaget LM Ericsson, Class B#	1,109,840		11,392,433
			13,424,999
Switzerland — 7.5%
ACE, Ltd.	130,560		6,418,330
Adecco SA#	192,330		9,327,360
Lonza Group AG#	43,330		2,849,301
Nestle SA	222,520		10,088,729
Novartis AG	159,960		7,266,191
Roche Holding AG	52,870		7,259,761
Swiss Reinsurance Co., Ltd.	267,910		10,948,206
UBS AG†	212,579		2,856,458
			57,014,336
Taiwan — 4.2%
Chunghwa Telecom Co., Ltd. ADR#	2,699		51,443
Compal Electronics, Inc.	7,021,004		8,740,568
Lite - On Technology Corp.	4,987,525		5,670,833
Taiwan Semiconductor Manufacturing Co., Ltd.	9,391,862		17,685,020
			32,147,864
Turkey — 0.7%
Turkcell Iletisim Hizmet AS ADR#	396,570		5,345,764
United Kingdom — 20.6%
Aviva PLC(4)	2,162,168		10,016,999
BAE Systems PLC(4)	1,325,780		6,206,621
BP PLC(4)	1,509,312		10,837,112
BP PLC ADR#	180		7,731
British Sky Broadcasting Group PLC(4)	1,240,220		10,357,699
G4S PLC(4)	1,192,930		4,547,844

58

VALIC Company I Foreign Value Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares/ Principal Amount		Value (Note 2)
COMMON STOCK (continued)
United Kingdom (continued)
GlaxoSmithKline PLC(4)		708,081	$	11,888,421
Hays PLC(4)		6,210,819		9,098,112
HSBC Holdings PLC (Hong Kong)		810,775		7,413,847
Kingfisher PLC(4)		3,773,205		12,228,857
Marks & Spencer Group PLC(4)		678,710		3,478,293
Pearson PLC(4)		762,307		10,504,668
Premier Foods PLC†(4)		20,777,609		6,845,790
Rexam PLC(4)		1,196,170		5,447,279
Royal Dutch Shell PLC, Class A (London)(4)		167,235		4,415,896
Royal Dutch Shell PLC, Class B(4)		268,205		6,799,978
SIG PLC†(4)		4,032,874		6,921,662
The Sage Group PLC(4)		1,319,850		4,544,974
Vodafone Group PLC(4)		13,030,577		26,211,971
				157,773,754
Total Common Stock
(cost $832,692,115)				716,631,602
PREFERRED STOCK — 0.8%
Brazil — 0.8%
Vale SA, ADR (cost $2,942,714)		275,014		6,339,073
Total Long-Term Investment Securities
(cost $835,634,829)				722,970,675
SHORT-TERM INVESTMENT SECURITIES — 15.3%
Collective Investment Pool — 10.8%
Securities Lending Quality Trust(1)(2)		82,971,791		82,655,455
Time Deposit — 0.0%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 06/01/10	$	286,000		286,000
U.S. Government Agency — 4.5%
Federal Home Loan Bank Disc. Notes 0.06% due 06/01/10		34,125,000		34,125,000

Security Description	Shares/ Principal Amount		Value (Note 2)
Total Short-Term Investment Securities
(cost $117,382,791)			$	117,066,455
TOTAL INVESTMENTS
(cost $953,017,620)(3)	109.8	%		840,037,130
Liabilities in excess of other assets	(9.8	)		(74,770,566	)
NET ASSETS —	100.0	%	$	765,266,564

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

† Non-income producing security

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2010, the aggregate value of these securities was $4,211,805 representing 0.6% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

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

(2) At May 31, 2010, the Fund had loaned securities with a total value of $78,381,658. This was secured by collateral of $82,971,791, which was received in cash and subsequently invested in short-term investments currently valued at $82,655,455 as reported in the Portfolio of Investments. The remaining collateral of $543,059 was received in the form of short-term pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon		Maturity Date
United States Treasury Bills	zero coupon		06/10/10
United States Treasury Notes	5.75	%	08/15/10

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

(4) Security was valued using fair value procedures at May 31, 2010. The aggregate value of these securities was $150,352,176 representing 19.6% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing procedures for foreign equity securities.

ADR—American Depository Receipt

CVA—Certification Van Aandelen (Dutch Cert.)

GDR—Global Depository Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2010 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs			Level 3 - Significant Unobservable Inputs		Total
Long-Term Investment Securities:
Common Stock:
France	$	76,044,564	$	—		$	—	$	76,044,564
Germany		65,565,125		—			—		65,565,125
Japan		53,611,266		—			—		53,611,266
Netherlands		40,283,782		—			—		40,283,782
Switzerland		57,014,336		—			—		57,014,336
United Kingdom		7,421,578		150,352,176	#		—		157,773,754
Other Countries*		266,338,775		—			—		266,338,775
Preferred Stock		6,339,073		—			—		6,339,073
Short-Term Investment Securities:
Collective Investment Pool		—		82,655,455			—		82,655,455
Time Deposit		—		286,000			—		286,000
U.S. Government Agencies		—		34,125,000			—		34,125,000
Total	$	572,618,499	$	267,418,631		$	—	$	840,037,130

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

# Includes foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities; therefore these securities were classified as Level 2 instead of Level 1. The aggregate value of these securities was $150,352,176 representing 19.6% of net assets. See Note 2.

See Notes to Financial Statements

59

VALIC Company I Global Equity Fund

PORTFOLIO PROFILE — May 31, 2010 (Unaudited)

Industry Allocation*

Collective Investment Pool	10.3	%
Oil Companies — Integrated	5.4
Banks — Commercial	5.0
Time Deposits	4.9
Oil Companies — Exploration & Production	4.0
Electric — Integrated	3.6
Diversified Manufacturing Operations	3.2
Diversified Banking Institutions	2.7
Medical — Drugs	2.6
Banks — Super Regional	2.6
Computers	2.6
Food — Misc.	2.3
Auto — Cars/Light Trucks	2.2
Chemicals — Diversified	2.2
Electronic Components — Semiconductors	2.2
Import/Export	2.1
Telephone — Integrated	1.8
Insurance — Multi-line	1.7
Containers — Paper/Plastic	1.6
Insurance — Life/Health	1.5
Multimedia	1.5
Applications Software	1.4
Brewery	1.4
Transport — Services	1.4
Machinery — General Industrial	1.3
Beverages — Non-alcoholic	1.3
Cosmetics & Toiletries	1.3
Retail — Discount	1.2
Enterprise Software/Service	1.2
Airlines	1.2
Real Estate Investment Trusts	1.1
Pipelines	1.0
Auto/Truck Parts & Equipment — Original	1.0
Paper & Related Products	1.0
Cellular Telecom	1.0
Investment Management/Advisor Services	1.0
Gold Mining	1.0
Coal	1.0
Aerospace/Defense — Equipment	0.9
Retail — Apparel/Shoe	0.9
Networking Products	0.9
Transport — Rail	0.9
Real Estate Operations & Development	0.8
Tobacco	0.8
Telecom Equipment — Fiber Optics	0.8
Silver Mining	0.8
Wireless Equipment	0.7
Retail — Restaurants	0.7
Computers — Memory Devices	0.7
Web Portals/ISP	0.7
Office Automation & Equipment	0.7
E-Commerce/Services	0.7
Cable/Satellite TV	0.6
Instruments — Scientific	0.6
Athletic Footwear	0.6
Retail — Building Products	0.6
Finance — Investment Banker/Broker	0.6
Computer Aided Design	0.6
Tools — Hand Held	0.5
Broadcast Services/Program	0.5
Machinery — Farming	0.5
Non-Ferrous Metals	0.5
Insurance — Property/Casualty	0.5
Rubber — Tires	0.5
Computer Services	0.5
Retail — Regional Department Stores	0.5
Medical — Biomedical/Gene	0.5
Mining	0.5
Agricultural Chemicals	0.5

Finance — Other Services	0.5
Metal — Copper	0.4
Steel — Producers	0.4
Semiconductor Equipment	0.4
Telecom Services	0.4
Pharmacy Services	0.4
Medical — Wholesale Drug Distribution	0.4
Advertising Sales	0.4
Casino Hotels	0.4
Agricultural Operations	0.4
Medical Products	0.3
Diversified Financial Services	0.3
Electronic Forms	0.3
Savings & Loans/Thrifts	0.3
Semiconductor Components — Integrated Circuits	0.3
Banks — Fiduciary	0.2
Retail — Major Department Stores	0.2
Medical — Generic Drugs	0.2
Medical Instruments	0.1
	112.2	%

* Calculated as a percentage of net assets

Country Allocation*

United States	66.0	%
Japan	10.0
Germany	5.6
United Kingdom	5.2
Canada	4.4
France	2.9
Switzerland	2.2
Spain	1.6
Hong Kong	1.2
Brazil	1.2
Netherlands	1.2
Sweden	1.0
Mexico	0.9
Finland	0.8
South Korea	0.8
Thailand	0.8
Bermuda	0.7
Belgium	0.6
Taiwan	0.6
Jersey	0.6
Singapore	0.6
Ireland	0.5
Austria	0.4
India	0.4
South Africa	0.4
Malaysia	0.4
Cayman Islands	0.4
Italy	0.3
China	0.3
Israel	0.2
	112.2	%

* Calculated as a percentage of net assets

60

VALIC Company I Global Equity Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010

Security Description	Shares	Value (Note 2)
COMMON STOCK — 96.0%
Austria — 0.4%
Erste Group Bank AG#	27,400	$	989,601
Belgium — 0.6%
Anheuser - Busch InBev NV	28,800		1,390,840
Bermuda — 0.7%
Bunge, Ltd.	16,200		789,912
VimpelCom, Ltd. ADR†	50,300		782,165
			1,572,077
Brazil — 0.8%
Banco Santander Brasil SA ADR	39,300		409,506
BM&F BOVESPA SA	65,700		437,579
Usinas Siderurgicas de Minas Gerais SA, Class A	36,100		909,809
			1,756,894
Canada — 4.4%
Canadian Natural Resources, Ltd.	44,800		1,592,518
Crescent Point Energy Corp.	29,900		1,110,514
Enbridge, Inc.	25,400		1,154,259
Pan American Silver Corp.#	66,700		1,666,166
Potash Corp. of Saskatchewan, Inc.	10,500		1,041,495
Silver Wheaton Corp.†#	55,700		1,052,173
Toronto - Dominion Bank	14,200		972,278
TransCanada Corp.	34,400		1,165,379
			9,754,782
Cayman Islands — 0.4%
Focus Media Holding, Ltd. ADR†#	52,000		815,880
China — 0.3%
China Construction Bank Corp.†	770,500		623,414
Finland — 0.8%
Fortum Oyj	40,900		914,564
Nokia Oyj ADR#	88,000		890,560
			1,805,124
France — 2.9%
AXA SA#	33,900		560,714
BNP Paribas#	16,520		940,161
Compagnie Generale des Etablissements Michelin, Class B	16,700		1,118,847
PPR	3,800		458,025
Renault SA†	19,400		700,786
Total SA#	36,800		1,706,839
Unibail - Rodamco SE	5,400		842,722
			6,328,094
Germany — 4.9%
Bayerische Motoren Werke AG#	26,700		1,246,099
Deutsche Boerse AG	9,700		591,322
Deutsche Lufthansa AG†	114,100		1,513,439
Deutsche Post AG	88,800		1,323,042
Deutsche Telekom AG	92,300		1,034,228
Merck KGaA	7,800		563,231
RWE AG	15,900		1,140,306
SAP AG ADR#	31,200		1,323,816
Siemens AG	23,900		2,174,728
			10,910,211
Hong Kong — 1.2%
Cheung Kong Holdings, Ltd.	112,000		1,276,585
CNOOC, Ltd. ADR	5,800		907,932
Wing Hang Bank, Ltd.	62,500		547,027
			2,731,544

Security Description	Shares	Value (Note 2)
India — 0.4%
Sterlite Industries India, Ltd. ADR#	66,900	$	953,994
Ireland — 0.5%
Accenture PLC, Class A	29,600		1,110,592
Israel — 0.2%
Teva Pharmaceutical Industries, Ltd. ADR	8,300		455,006
Italy — 0.3%
Intesa Sanpaolo SpA#	292,100		780,098
Japan — 10.0%
Amada Co., Ltd.	215,400		1,560,099
Asahi Breweries, Ltd.	44,500		751,067
Canon, Inc.	37,000		1,520,604
Honda Motor Co., Ltd.	52,400		1,592,845
ITOCHU Corp.	191,900		1,589,953
Japan Tobacco, Inc.	550		1,723,786
JTEKT Corp.	224,100		2,292,030
Marubeni Corp.	301,700		1,678,594
Mitsubishi Heavy Industries, Ltd.	349,800		1,297,475
Mitsubishi UFJ Financial Group, Inc.	195,200		944,672
Mitsui & Co., Ltd.	103,800		1,473,989
Nitto Denko Corp.	32,600		1,162,689
Nomura Holdings, Inc.	160,600		997,526
Sumitomo Mitsui Financial Group, Inc.	38,200		1,133,109
T&D Holdings, Inc.	53,100		1,255,170
Tokio Marine Holdings, Inc.	40,600		1,135,686
			22,109,294
Jersey — 0.6%
WPP PLC(4)	130,300		1,238,478
Malaysia — 0.4%
Bumiputra - Commerce Holdings Bhd	413,000		858,544
Mexico — 0.9%
Fomento Economico Mexicano SAB de CV ADR	18,300		771,894
Grupo Mexico SA de CV, Class B	474,800		1,141,109
			1,913,003
Netherlands — 1.2%
Aegon NV†	170,900		974,175
Corio NV	10,300		493,240
ING Groep NV†	140,700		1,121,662
			2,589,077
New Zealand — 0.0%
Telecom Corp. of New Zealand, Ltd.	83,300		107,236
Singapore — 0.6%
CapitaLand, Ltd.#	222,400		568,647
DBS Group Holdings, Ltd.	66,600		665,929
			1,234,576
South Africa — 0.4%
Naspers, Ltd.	23,200		911,958
South Korea — 0.8%
Samsung Electronics Co., Ltd.	2,700		1,743,073
Spain — 1.6%
Banco Santander SA	128,100		1,310,965
Industria de Diseno Textil SA#	17,300		965,836

61

VALIC Company I Global Equity Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
Spain (continued)
Telefonica SA#	67,000	$	1,281,982
			3,558,783
Sweden — 1.0%
Nordea Bank AB	116,300		957,428
Svenska Cellulosa AB, Class B	106,400		1,241,804
			2,199,232
Switzerland — 2.2%
ACE, Ltd.	24,600		1,209,336
Nestle SA	34,900		1,582,315
Novartis AG	24,700		1,121,999
Swiss Life Holding AG†	9,900		1,066,450
			4,980,100
Taiwan — 0.6%
Mega Financial Holding Co., Ltd.	1,280,000		678,636
Siliconware Precision Industries Co. ADR#	104,400		567,936
			1,246,572
Thailand — 0.8%
Bangkok Bank Public Co., Ltd.	137,600		516,371
Banpu PCL	65,000		1,179,637
			1,696,008
United Kingdom — 5.2%
Barclays PLC(4)	298,600		1,308,718
Cairn Energy PLC†(4)	201,000		1,171,185
GlaxoSmithKline PLC(4)	65,300		1,096,363
HSBC Holdings PLC (London)(4)	123,900		1,128,631
Royal Dutch Shell PLC, Class A (Euro MTF)	138,000		3,594,744
Tullow Oil PLC(4)	32,500		525,968
Unilever PLC(4)	42,700		1,155,144
Vodafone Group PLC ADR#	70,800		1,423,080
			11,403,833
United States — 50.9%
Adobe Systems, Inc.†#	18,900		606,312
American Electric Power Co., Inc.	34,100		1,089,836
Ameriprise Financial, Inc.	33,900		1,348,881
Amgen, Inc.†	21,000		1,087,380
Apple, Inc.†	9,900		2,545,884
Applied Materials, Inc.#	69,700		899,827
Arch Coal, Inc.#	43,700		941,735
AT&T, Inc.	68,800		1,671,840
Avon Products, Inc.#	37,400		990,726
Bemis Co., Inc.	39,800		1,141,464
Bristol - Myers Squibb Co.#	81,800		1,898,578
Chevron Corp.	26,800		1,979,716
Cisco Systems, Inc.†	83,400		1,931,544
Citigroup, Inc.†	220,700		873,972
Colgate - Palmolive Co.	23,600		1,842,924
Comerica, Inc.#	30,700		1,169,670
ConAgra Foods, Inc.#	54,000		1,305,720
ConocoPhillips	46,100		2,390,746
Continental Airlines, Inc., Class B†#	52,700		1,111,970
Corning, Inc.	97,000		1,690,710
Deere & Co.	20,200		1,165,136
DIRECTV, Class A†	37,000		1,394,530
Dominion Resources, Inc.#	28,200		1,098,672
E.I. du Pont de Nemours & Co.#	23,000		831,910
eBay, Inc.†	69,100		1,479,431
Edison International	41,400		1,339,704
EMC Corp.†	86,400		1,608,768
Entergy Corp.	17,700		1,328,739

Security Description	Shares	Value (Note 2)
United States (continued)
EOG Resources, Inc.	10,600	$	1,111,304
Express Scripts, Inc.†#	8,600		865,160
Exxon Mobil Corp.	37,700		2,279,342
Federal Realty Investment Trust#	15,600		1,149,720
FMC Corp.#	25,500		1,544,025
General Electric Co.	210,700		3,444,945
General Mills, Inc.	15,300		1,089,819
Goodrich Corp.#	30,000		2,082,000
Google, Inc., Class A†	3,200		1,552,576
Hewlett - Packard Co.	24,500		1,127,245
Home Depot, Inc.	38,300		1,296,838
Hudson City Bancorp, Inc.#	45,800		577,538
Intel Corp.	74,900		1,604,358
International Business Machines Corp.	15,900		1,991,634
International Paper Co.	44,000		1,022,120
KeyCorp#	198,200		1,589,564
Kohl’s Corp.†	21,800		1,106,350
Las Vegas Sands Corp.†#	34,700		814,756
Liberty Global, Inc., Class A†#	45,300		1,168,740
Lincoln National Corp.	41,300		1,092,798
McKesson Corp.	12,200		854,000
Microsoft Corp.	121,400		3,132,120
Morgan Stanley	27,700		750,947
Newmont Mining Corp.	40,600		2,185,092
News Corp., Class A	90,100		1,189,320
NII Holdings, Inc.†	23,000		838,810
NIKE, Inc., Class B#	18,200		1,317,316
Norfolk Southern Corp.	33,300		1,880,118
Occidental Petroleum Corp.	28,500		2,351,535
Oracle Corp.	59,700		1,347,429
Parametric Technology Corp.†#	74,000		1,219,520
PepsiCo, Inc.	33,100		2,081,659
Pfizer, Inc.	70,500		1,073,715
Piper Jaffray Cos., Inc.†#	6,800		225,148
PPL Corp.	43,100		1,112,411
QUALCOMM, Inc.	21,400		760,984
Sonoco Products Co.#	35,300		1,091,123
St. Jude Medical, Inc.†	7,300		272,582
Stanley Black & Decker, Inc.#	21,546		1,202,051
State Street Corp.	13,500		515,295
Stryker Corp.#	14,500		768,935
SunTrust Banks, Inc.#	62,900		1,695,155
T. Rowe Price Group, Inc.	17,600		871,552
Target Corp.	18,800		1,025,164
Temple - Inland, Inc.#	59,200		1,250,896
Texas Instruments, Inc.#	62,300		1,521,366
Textron, Inc.#	74,700		1,544,049
The Dow Chemical Co.	50,400		1,356,264
Thermo Fisher Scientific, Inc.†	25,600		1,332,736
United Parcel Service, Inc., Class B	26,600		1,669,416
Urban Outfitters, Inc.†#	30,100		1,092,630
US Bancorp	52,200		1,250,712
Wal - Mart Stores, Inc.	33,900		1,713,984
Yum! Brands, Inc.	39,500		1,617,525
Zions Bancorporation	49,500		1,185,525
			112,574,241
Total Common Stock
(cost $221,086,914)			212,342,159
PREFERRED STOCK — 1.1%
Brazil — 0.4%
Companhia de Bebidas das Americas ADR	9,100		876,694

62

VALIC Company I Global Equity Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
PREFERRED STOCK (continued)
Germany — 0.7%
Volkswagen AG		18,040		$	1,590,726
Total Preferred Stock
(cost $2,482,908)					2,467,420
Total Long-Term Investment Securities
(cost $223,569,822)					214,809,579
SHORT-TERM INVESTMENT SECURITIES — 15.1%
Collective Investment Pool — 10.3%
Securities Lending Quality Trust(1)(2)		22,813,243			22,726,266
Time Deposits — 4.8%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 06/01/10	$	10,762,000			10,762,000
Total Short-Term Investment Securities
(cost $33,575,243)					33,488,266
TOTAL INVESTMENTS
(cost $257,145,065)(3)		112.2	%		248,297,845
Liabilities in excess of other assets		(12.2	)		(27,096,370	)
NET ASSETS —		100.0	%	$	221,201,475

† Non-income producing security

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

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

(2) At May 31, 2010, the Fund had loaned securities with a total value of $22,031,789. This was secured by collateral of $22,813,243, which was received in cash and subsequently invested in short-term investments currently valued at $22,726,266 as reported in the Portfolio of Investments. The remaining collateral of $244,923 was received in the form of short-term pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range
United States Treasury Bills	zero coupon	06/17/10
United States Treasury Notes/Bonds	1.00% to 8.75%	06/15/10 to 02/15/25

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

(4) Security was valued using fair value procedures at May 31, 2010. The aggregate value of these securities was $7,624,487 representing 3.4% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities.

ADR—American Depository Receipt

Open Forward Foreign Currency Contracts
Contract to Deliver		In Exchange For		Delivery Date	Gross Unrealized Appreciation
*BRL	2,672,364	USD	1,470,999	06/02/2010	$	3,675
*CAD	816,000	USD	794,413	07/21/2010		15,894
*CHF	736,000	USD	682,055	07/21/2010		44,314
*EUR	10,959,000	USD	14,451,846	07/21/2010		972,558
*GBP	1,570,000	USD	2,310,648	07/21/2010		29,572
*SEK	531,000	USD	73,838	07/21/2010		5,929
USD	1,528,900	BRL	2,845,283	07/02/2010		23,143
*USD	194,736	AUD	237,000	07/21/2010		3,958
*USD	658,705	EUR	538,000	07/21/2010		3,021
*USD	2,317,522	JPY	212,000,000	07/21/2010		10,635
USD	1,042,627	SGD	1,470,000	07/21/2010		7,215
					$	1,119,914
Contract to Deliver		In Exchange For		Delivery Date	Gross Unrealized Depreciation
*AUD	1,640,000	USD	1,373,077	07/21/2010	$	(1,848	)
*BRL	2,826,936	USD	1,528,900	06/02/2010		(23,295	)
*GBP	213,000	USD	306,650	07/21/2010		(2,821	)
*JPY	698,684,000	USD	7,423,918	07/21/2010		(248,944	)
*USD	3,084,983	BRL	5,499,300	06/02/2010		(65,463	)
*USD	6,537,916	AUD	7,217,000	07/21/2010		(487,409	)
*USD	6,663,656	CAD	6,716,000	07/21/2010		(256,144	)
*USD	4,526,894	CHF	4,886,000	07/21/2010		(293,192	)
USD	51,391	DKK	298,000	07/21/2010		(2,126	)
*USD	877,052	EUR	697,000	07/21/2010		(19,760	)
*USD	13,857,652	GBP	9,035,000	07/21/2010		(730,564	)
USD	1,774,189	HKD	13,768,000	07/21/2010		(4,680	)
*USD	2,206,241	JPY	198,109,000	07/21/2010		(30,633	)
USD	876,150	MXN	10,799,000	07/21/2010		(43,843	)
USD	760,120	NOK	4,500,000	07/21/2010		(65,816	)
USD	2,490,685	PLN	7,320,000	07/21/2010		(290,316	)
*USD	43,915	SEK	334,000	07/21/2010		(1,200	)
USD	3,938,955	SGD	5,400,000	07/21/2010		(82,391	)
USD	1,265,971	ZAR	9,570,000	07/21/2010		(27,897	)
					$	(2,678,342	)
	Net Unrealized Appreciation/(Depreciation)				$	(1,558,428	)

63

VALIC Company I Global Equity Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

* Represents offsetting or partially offsetting forward currency contracts, that to the extent they are offset, do not have additional market risk, but have continued counterparty settlement risk.

AUD—Australia Dollar

BRL—Brazilian Real

CAD—Canada Dollar

CHF—Swiss Franc

DKK—Danish Krone

EUR—Euro Dollar

GBP—Bristish Pound

HKD—Hong Kong Dollar

JPY—Japanese Yen

MXN—Mexican Peso

NOK—Norwegian Krone

PLN—Polixh Zloty

SEK—Swedish Krona

SGD—Singapore Dollar

USD—United States Dollar

ZAR—South African Rand

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2010 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs			Level 3 - Significant Unobservable Inputs		Total
Long-Term Investment Securities:
Common Stock:
Japan	$	22,109,294	$	—		$	—	$	22,109,294
United Kingdom		5,017,824		6,386,009	#		—		11,403,833
United States		112,574,241		—			—		112,574,241
Other Countries*		65,016,313		1,238,478	#		—		66,254,791
Preferred Stock		2,467,420		—			—		2,467,420
Short-Term Investment Securities:
Collective Investment Pool		—		22,726,266			—		22,726,266
Time Deposit		—		10,762,000			—		10,762,000
Other Financial Instruments:@
Open Forward Foreign Currency Contracts - Appreciation		—		1,119,914			—		1,119,914
Open Forward Foreign Currency Contracts - Depreciation		—		(2,678,342	)		—		(2,678,342	)
Total	$	207,185,092	$	39,554,325		$	—	$	246,739,417

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

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

# Includes foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities; therefore these securities were classified as Level 2 instead of Level 1. The aggregate value of these securities was $7,624,487 representing 3.4% of net assets. See Note 2.

See Notes to Financial Statements

64

VALIC Company I Global Real Estate Fund

PORTFOLIO PROFILE — May 31, 2010 (Unaudited)

Industry Allocation*

Real Estate Investment Trusts	70.8	%
Real Estate Operations & Development	16.1
Real Estate Management/Services	5.9
Hotels/Motels	1.4
Time Deposits	1.4
Diversified Operations	1.0
Paper & Related Products	0.7
Forestry	0.6
Investment Companies	0.6
Diversified Financial Services	0.5
Building & Construction-Misc.	0.5
Storage/Warehousing	0.2
	99.7	%

Country Allocation*

United States	52.7	%
Japan	8.1
Australia	8.1
Hong Kong	7.1
France	4.3
United Kingdom	3.7
Singapore	3.1
Canada	3.0
Bermuda	2.7
Cayman Islands	1.5
Brazil	1.2
Norway	0.8
Luxembourg	0.6
Netherlands	0.6
Jersey	0.6
Switzerland	0.5
Sweden	0.4
Finland	0.4
Spain	0.3
	99.7	%

* Calculated as a percentage of net assets

65

VALIC Company I Global Real Estate Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010

Security Description	Shares	Value (Note 2)
COMMON STOCK — 97.3%
Australia — 8.1%
BGP Holdings PLC†(1)(2)	479,213	$	0
Challenger Diversified Property Group	1,895,688		799,127
Charter Hall Office REIT	12,046,437		2,691,433
Commonwealth Property Office Fund	2,419,130		1,886,601
Dexus Property Group	4,773,918		3,119,290
ING Office Fund	4,956,382		2,381,873
Stockland	110,192		361,392
Valad Property Group†	7,487,329		662,819
Westfield Group	971,509		10,435,069
			22,337,604
Bermuda — 2.7%
Hong Kong Land Holdings, Ltd.	884,000		4,211,820
Kerry Properties, Ltd.	754,000		3,142,312
			7,354,132
Brazil — 1.2%
Agre Empreendimentos Imobiliarios SA	266,232		1,102,204
BR Malls Participacoes SA	30,400		387,251
BR Properties SA	55,500		353,493
Iguatemi Empresa de Shopping Centers SA	6,500		106,962
Multiplan Empreendimentos Imobiliarios SA	67,672		1,254,045
PDG Realty SA Empreendimentos e Participacoes	20,200		169,808
			3,373,763
Canada — 3.0%
Allied Properties Real Estate Investment Trust	107,400		2,003,693
Chartwell Seniors Housing Real Estate Investment Trust	351,500		2,411,762
InnVest Real Estate Investment Trust	418,700		2,493,261
Morguard Real Estate Investment Trust	2,038		26,002
Transglobe Apartment Real Estate Investment Trust†	144,600		1,299,868
			8,234,586
Cayman Islands — 1.5%
China Resources Land, Ltd.	1,072,000		2,026,590
Shimao Property Holdings, Ltd.	1,510,500		2,250,308
			4,276,898
Finland — 0.4%
Citycon Oyj	372,405		1,185,696
France — 4.3%
Klepierre	2,673		71,929
Nexity	46,125		1,336,454
Societe Immobiliere de Location pour l’Industrie et le Commerce	30,976		3,004,417
Unibail-Rodamco SE	48,744		7,606,971
			12,019,771
Hong Kong — 7.1%
China Overseas Land & Investment, Ltd.	1,134,000		2,242,834
Henderson Land Development Co., Ltd.	815,000		4,851,440
Hysan Development Co., Ltd.	485,000		1,258,219
Sun Hung Kai Properties, Ltd.	635,504		8,382,084
Wharf Holdings, Ltd.	569,000		2,839,008
			19,573,585
Japan — 8.1%
Aeon Mall Co., Ltd.	92,100		1,879,901
BLife Investment Corp.	170		806,859
Fukuoka REIT Corp.	118		714,798
Japan Excellent, Inc.	130		659,095
Japan Real Estate Investment Corp.	340		2,753,580
Mitsubishi Estate Co., Ltd.	445,000		6,792,812
Mitsui Fudosan Co., Ltd.	231,000		3,518,552

Security Description	Shares	Value (Note 2)
Japan (continued)
Sumitomo Realty & Development Co., Ltd.	206,000	$	3,675,786
Tokyu REIT, Inc.	291		1,566,370
			22,367,753
Jersey — 0.6%
Atrium European Real Estate, Ltd.	318,115		1,560,325
Luxembourg — 0.6%
ProLogis European Properties†	329,259		1,645,342
Netherlands — 0.6%
Corio NV	1,538		73,651
Eurocommercial Properties NV	2,353		74,541
Vastned Offices/Industrial NV	100,510		1,423,994
			1,572,186
Norway — 0.8%
Norwegian Property ASA†	1,443,929		2,179,279
Singapore — 3.1%
Ascendas Real Estate Investment Trust	1,189,600		1,597,292
Cache Logistics Trust†	1,527,000		1,030,614
Cambridge Industrial Trust	3,608,000		1,224,012
CapitaLand, Ltd.	1,483,000		3,791,837
CapitaMall Trust	262,000		340,563
CDL Hospitality Trusts	508,000		616,791
			8,601,109
Spain — 0.3%
Sol Melia SA	142,169		962,974
Sweden — 0.4%
Hufvudstaden AB	168,863		1,203,427
Switzerland — 0.5%
PSP Swiss Property AG†	24,094		1,329,001
United Kingdom — 3.7%
Big Yellow Group PLC(5)	26,570		119,846
Derwent London PLC(5)	75,858		1,468,527
Great Portland Estates PLC(5)	457,925		2,042,807
Hammerson PLC(5)	582,775		3,043,429
Land Securities Group PLC(5)	108,850		948,091
Metric Property Investments PLC†	947,754		1,356,196
Safestore Holdings PLC(5)	353,279		618,777
Songbird Estates PLC†(5)	282,190		658,771
Unite Group PLC†(5)	33,499		93,086
			10,349,530
United States — 50.3%
Acadia Realty Trust	79,242		1,417,639
Alexandria Real Estate Equities, Inc.	63,000		4,131,540
AMB Property Corp.	88,600		2,297,398
AvalonBay Communities, Inc.	50,016		4,904,569
Boston Properties, Inc.	82,460		6,323,033
Camden Property Trust	127,652		5,826,037
DCT Industrial Trust, Inc.	284,000		1,374,560
DiamondRock Hospitality Co.†	139,500		1,275,030
Digital Realty Trust, Inc.	132,400		7,534,884
Equity Residential	164,946		7,444,013
Essex Property Trust, Inc.	50,400		5,303,592
Federal Realty Investment Trust	14,509		1,069,313
Health Care REIT, Inc.	119,843		5,162,836
Host Hotels & Resorts, Inc.	606,177		8,644,084
Kilroy Realty Corp.	84,200		2,770,180
LaSalle Hotel Properties	47,100		1,059,750
Liberty Property Trust	143,100		4,408,911
Mack-Cali Realty Corp.	37,000		1,220,260

66

VALIC Company I Global Real Estate Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares/ Principal Amount		Value (Note 2)
COMMON STOCK (continued)
United States (continued)
Marriott International, Inc., Class A		75,356	$	2,520,658
Mid-America Apartment Communities, Inc.		13,800		753,894
Nationwide Health Properties, Inc.		63,800		2,264,262
Piedmont Office Realty Trust, Inc.		85,586		1,624,422
Plum Creek Timber Co., Inc.		48,929		1,713,494
Post Properties, Inc.		44,900		1,126,092
ProLogis		314,779		3,582,185
Public Storage		58,382		5,411,428
Rayonier, Inc.		43,800		1,965,744
Regency Centers Corp.		139,470		5,125,523
Retail Opportunity Investments Corp.		105,760		1,021,642
Senior Housing Properties Trust		142,600		2,971,784
Simon Property Group, Inc.		172,439		14,662,488
SL Green Realty Corp.		28,169		1,754,647
Sovran Self Storage, Inc.		25,400		915,162
Starwood Hotels & Resorts Worldwide, Inc.		10,148		469,345
Tanger Factory Outlet Centers, Inc.		35,200		1,465,024
Taubman Centers, Inc.		22,400		906,976
The Macerich Co.		104,354		4,316,081
Ventas, Inc.		98,962		4,646,266
Vornado Realty Trust		79,889		6,205,778
Weingarten Realty Investors		72,700		1,516,522
				139,107,046
Total Common Stock
(cost $231,868,743)				269,234,007
PREFERRED STOCK — 0.5%
United States — 0.5%
CBL & Associates Properties, Inc. 7.38%		1,873		39,202
SL Green Realty Corp. 7.63%		46,100		1,070,903
Vornado Realty Trust, Series I 6.63%		12,112		263,194
Total Preferred Stock
(cost $1,380,740)				1,373,299
ASSET BACKED SECURITIES — 0.5%
United States — 0.5%
Banc of America Commercial Mtg., Inc. Series 2001-PB1, Class E 6.23% due 05/11/35(3)	$	250,000		256,090
Banc of America Large Loan, Inc. Series 2006-BIX1, Class B 0.48% due 10/15/19*(3)(4)		200,000		174,854
Citigroup Commercial Mtg. Trust Series 2006-C5, Class AMP3 5.50% due 10/15/49*(3)		248,412		215,217
Commercial Mortgage Pass Through Certificates Series 2001-J1A, Class C 6.83% due 02/16/34*(3)(4)		320,000		326,926
Credit Suisse Mtg. Capital Certificates Series 2006-TF2A, Class A2 0.51% due 10/15/21*(3)(4)		300,000		261,961

Security Description	Principal Amount			Value (Note 2)
United States (continued)
JPMorgan Commercial Mtg. Finance Corp. Series 1997-C5, Class E 7.61% due 09/15/29(3)	$	24,062		$	24,236
Morgan Stanley Capital I Series 2005-HQ7, Class AJ 5.21% due 11/14/42(3)(4)		80,000			69,170
Wachovia Bank Commercial Mtg. Trust Series 2006-WL7A, Class A2 0.46% due 09/15/21*(3)(4)		150,000			120,986
Total Asset Backed Securities
(cost $1,418,296)					1,449,440
WARRANTS — 0.0%
Hong Kong — 0.0%
Henderson Land Development Co., Ltd. Expires 06/01/11 (Strike Price 58.00 HKD)† (cost $0)		166,600			0
Total Long-Term Investment Securities
(cost $234,667,779)					272,056,746
SHORT-TERM INVESTMENT SECURITIES — 1.4%
Time Deposits — 1.4%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 06/01/10 (cost $3,872,000)		3,872,000			3,872,000
TOTAL INVESTMENTS —
(cost $238,539,779)(6)		99.7	%		275,928,746
Other assets less liabilities		0.3			758,968
NET ASSETS —		100.0	%	$	276,687,714

† Non-income producing security

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2010, the aggregate value of these securities was $1,099,944 representing 0.4% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

(1) Illiquid security. At May 31, 2010, the aggregate value of these securities was $0 representing 0.0% of net assets.

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

(3) Commercial Mortgage Backed Security

(4) Variable Rate Security—the rate reflected is as of May 31, 2010, maturity date reflects the stated maturity date.

(5) Security was valued using fair value procedures at May 31, 2010. The aggregate value of these securities was $8,993,334 representing 3.3% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities.

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

Currency Legend

HKD—Hong Kong Dollar

67

VALIC Company I Global Real Estate Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2010 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs			Level 3 - Significant Unobservable Inputs		Total
Long-Term Investment Securities:
Common Stock:
Australia	$	22,337,604	$	—		$	0	$	22,337,604
Hong Kong		19,573,585		—			—		19,573,585
Japan		22,367,753		—			—		22,367,753
United States		139,107,046		—			—		139,107,046
Other Countries*		56,854,685		8,993,334	#		—		65,848,019
Preferred Stock		1,373,299		—			—		1,373,299
Asset Backed Securities		—		1,449,440			—		1,449,440
Warrants		0		—			—		0
Short-Term Investment Securities:
Time Deposit		—		3,872,000			—		3,872,000
Total	$	261,613,972	$	14,314,774		$	0	$	275,928,746

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

# Includes foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities; therefore these securities were classified as Level 2 instead of Level 1. The aggregate value of these securities was $8,993,334 representing 3.3% of net assets. See Note 2.

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

	Common Stock		Asset Backed Securities
Balance as of 5/31/2009	$	—	$	82,500
Accrued discounts/premiums		—		—
Realized gain (loss)		—		(6,141	)
Change in unrealized appreciation (depreciation)		—		(1,359	)
Net purchases (sales)		0		(75,000	)
Transfers in and/or out of Level 3		—		—
Balance as of 5/31/2010	$	0	$	—

See Notes to Financial Statements

68

VALIC Company I Global Social Awareness Fund

PORTFOLIO PROFILE — May 31, 2010 (Unaudited)

Industry Allocation*

Medical — Drugs	6.3	%
Diversified Banking Institutions	6.3
Repurchase Agreements	5.0
Banks — Commercial	4.9
Computers	4.2
Collective Investment Pool	3.4
Oil Companies — Exploration & Production	3.1
Telephone — Integrated	2.9
Oil Companies — Integrated	2.7
Food — Misc.	2.2
Insurance — Multi-line	2.1
Applications Software	1.9
Insurance — Life/Health	1.7
Multimedia	1.6
Banks — Super Regional	1.5
Pipelines	1.5
Cosmetics & Toiletries	1.4
Beverages — Non-alcoholic	1.4
Auto — Cars/Light Trucks	1.4
Machinery — Construction & Mining	1.3
Electric — Integrated	1.2
Medical — Biomedical/Gene	1.2
Insurance — Property/Casualty	1.2
Food — Retail	1.2
Web Portals/ISP	1.1
Networking Products	1.1
Chemicals — Diversified	1.1
Retail — Restaurants	1.1
Medical — HMO	1.0
Diversified Manufacturing Operations	0.9
Transport — Rail	0.9
Electronic Components — Semiconductors	0.9
Industrial Gases	0.8
Oil — Field Services	0.8
Building — Heavy Construction	0.8
Retail — Drug Store	0.8
Metal — Copper	0.8
Retail — Discount	0.7
Gold Mining	0.7
Diversified Minerals	0.7
Gas — Distribution	0.7
Medical Instruments	0.7
Consumer Products — Misc.	0.7
Commercial Services — Finance	0.6
Pharmacy Services	0.6
Medical Products	0.6
Machinery — Farming	0.6
Retail — Major Department Stores	0.6
Cable/Satellite TV	0.6
Auto — Heavy Duty Trucks	0.6
Athletic Footwear	0.6
Retail — Regional Department Stores	0.5
Retail — Apparel/Shoe	0.5
Wireless Equipment	0.5
Real Estate Operations & Development	0.5
Retail — Building Products	0.5
Real Estate Investment Trusts	0.5
Photo Equipment & Supplies	0.5
Airlines	0.5
Electronic Components — Misc.	0.4
Public Thoroughfares	0.4
Soap & Cleaning Preparation	0.4
Containers — Metal/Glass	0.4
U.S. Government Treasuries	0.4
Semiconductor Equipment	0.4
Enterprise Software/Service	0.4
Audio/Video Products	0.4
Diversified Operations	0.4
Metal — Diversified	0.4
Retail — Jewelry	0.4
Auto/Truck Parts & Equipment — Original	0.3

Electric Products — Misc.	0.3
Metal Processors & Fabrication	0.3
Distribution/Wholesale	0.3
Steel — Producers	0.3
Diversified Operations/Commercial Services	0.3
Finance — Investment Banker/Broker	0.3
Electric — Generation	0.3
Coatings/Paint	0.3
Food — Confectionery	0.3
Insurance — Reinsurance	0.3
Investment Management/Advisor Services	0.3
Agricultural Chemicals	0.3
Office Automation & Equipment	0.3
Printing — Commercial	0.3
Medical — Wholesale Drug Distribution	0.3
Cruise Lines	0.3
Retail — Office Supplies	0.2
Building & Construction — Misc.	0.2
Cellular Telecom	0.2
Water	0.2
Machinery — Electrical	0.2
Paper & Related Products	0.2
Building Products — Cement	0.2
Telecom Services	0.2
Mining	0.2
Oil & Gas Drilling	0.2
Real Estate Management/Services	0.2
Retail — Misc./Diversified	0.2
Advertising Services	0.2
Transport — Marine	0.2
Finance — Credit Card	0.2
Retail — Consumer Electronics	0.2
Building & Construction Products — Misc.	0.1
Internet Security	0.1
Sugar	0.1
Chemicals — Specialty	0.1
Food — Wholesale/Distribution	0.1
Electronic Measurement Instruments	0.1
Insurance Brokers	0.1
Investment Companies	0.1
Silver Mining	0.1
Food — Catering	0.1
Finance — Other Services	0.1
Security Services	0.1
Semiconductor Components — Integrated Circuits	0.1
Engineering/R&D Services	0.1
Oil Refining & Marketing	0.1
Diversified Financial Services	0.1
Non-Ferrous Metals	0.1
Television	0.1
Computers — Integrated Systems	0.1
Electric — Distribution	0.1
Metal — Aluminum	0.1
Textile — Products	0.1
Containers — Paper/Plastic	0.1
Recreational Vehicles	0.1
Computers — Memory Devices	0.1
E-Commerce/Services	0.1
Telecom Equipment — Fiber Optics	0.1
Steel — Specialty	0.1
Retail — Automobile	0.1
Gas — Transportation	0.1
Power Converter/Supply Equipment	0.1
Resorts/Theme Parks	0.1
Engines — Internal Combustion	0.1
Retail — Bedding	0.1
Building — Residential/Commercial	0.1
	102.9	%

* Calculated as a percentage of net assets

69

VALIC Company I Global Social Awareness Fund

PORTFOLIO PROFILE — May 31, 2010 (Unaudited)

Country Allocation*

United States	54.6	%
Japan	10.2
United Kingdom	8.1
Canada	5.0
France	4.8
Australia	3.5
Germany	3.5
Switzerland	2.5
Italy	2.1
Sweden	1.4
Spain	1.3
Netherlands	0.9
Hong Kong	0.8
Bermuda	0.7
Netherlands Antilles	0.6
Singapore	0.6
Norway	0.4
Austria	0.3
Finland	0.3
Portugal	0.3
Ireland	0.2
Jersey	0.2
Greece	0.2
Belgium	0.2
Denmark	0.1
New Zealand	0.1
	102.9	%

* Calculated as a percentage of net assets

70

VALIC Company I Global Social Awareness Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010

Security Description	Shares	Value (Note 2)
COMMON STOCK — 94.1%
Australia — 3.5%
AGL Energy, Ltd.	18,963	$	221,110
Alumina, Ltd.	156,602		221,812
Amcor, Ltd.	40,403		209,152
AMP, Ltd.	61,574		290,194
Arrow Energy, Ltd.†	2,512		10,356
Asciano Group†	36,361		49,050
ASX, Ltd.	40		1,042
Australia and New Zealand Banking Group, Ltd.	42,833		805,670
AXA Asia Pacific Holdings, Ltd.	9,657		47,385
BGP Holdings PLC†(3)(4)	60,919		0
BlueScope Steel, Ltd.†	55,000		107,580
Boral, Ltd.	9,319		43,605
Brambles, Ltd.	19,966		111,942
Commonwealth Bank of Australia	27,105		1,173,919
Computershare, Ltd.	10,187		92,843
CSL, Ltd.	9,831		262,166
CSR, Ltd.	32,722		46,624
Fortescue Metals Group, Ltd.†	25,992		88,532
Goodman Group	41,329		21,952
GPT Group	10,789		24,014
Incitec Pivot, Ltd.	21,309		54,256
Insurance Australia Group, Ltd.	19,452		59,204
Macquarie Group, Ltd.	6,320		230,879
MAP Group	35,727		82,834
Mirvac Group	25,173		27,803
National Australia Bank, Ltd.	36,323		754,267
Newcrest Mining, Ltd.	8,705		235,735
Orica, Ltd.	11,117		240,411
Origin Energy, Ltd.	19,658		248,605
Qantas Airways, Ltd.†	10,390		21,899
QBE Insurance Group, Ltd.	21,833		361,889
Santos, Ltd.	17,598		184,274
Sims Metal Management, Ltd.	5,442		91,212
SP AusNet	2,505		1,774
Stockland	38,351		125,778
Suncorp - Metway, Ltd.	24,705		169,546
Telstra Corp., Ltd.	24,658		61,120
Toll Holdings, Ltd.	8,533		44,748
Transurban Group	18,970		68,613
Westfield Group	57,540		618,042
Westpac Banking Corp.	56,540		1,094,001
Woodside Petroleum, Ltd.	13,333		482,803
WorleyParsons, Ltd.	3,826		79,578
			9,168,219
Austria — 0.3%
Erste Group Bank AG	9,518		343,760
OMV AG	10,224		326,024
Voestalpine AG	2,512		69,449
			739,233
Belgium — 0.2%
Solvay SA	4,545		398,868
Bermuda — 0.7%
Cheung Kong Infrastructure Holdings, Ltd.	85,000		306,753
Esprit Holdings, Ltd.	12,400		73,097
Kerry Properties, Ltd.	3,000		12,502
Li & Fung, Ltd.	82,000		355,427
Marvell Technology Group, Ltd.†	14,415		273,597
Nabors Industries, Ltd.†	24,714		470,307
Noble Group, Ltd.	315,272		407,558
NWS Holdings, Ltd.	6,000		10,511
			1,909,752

Security Description	Shares	Value (Note 2)
Canada — 5.0%
Agnico - Eagle Mines, Ltd.	2,000	$	118,332
Agrium, Inc.	2,100		117,936
Alimentation Couche - Tard, Inc.	5,300		97,817
Bank of Montreal	6,300		373,647
Bank of Nova Scotia	15,600		718,294
Barrick Gold Corp.	15,800		665,684
Brookfield Asset Management, Inc.	5,600		142,685
Canadian Imperial Bank of Commerce	3,800		260,223
Canadian Natural Resources, Ltd.	21,600		767,821
Canadian Oil Sands Trust	5,700		155,786
Canadian Pacific Railway, Ltd.	2,300		129,234
Canadian Utilities, Ltd.	3,300		140,893
Crescent Point Energy Corp.	2,000		74,282
Eldorado Gold Corp.	7,200		124,157
Enbridge, Inc.	12,900		586,218
Fairfax Financial Holdings, Ltd.	200		75,007
First Quantum Minerals, Ltd.	1,700		91,497
Fortis, Inc. Canada	14,800		380,769
George Weston Ltd.	1,900		132,976
Goldcorp, Inc.	11,400		494,881
IAMGOLD Corp.	4,300		75,175
Imperial Oil, Ltd.	3,900		150,730
Inmet Mining Corp.	1,500		73,991
Ivanhoe Mines Ltd.†	2,400		34,813
Kinross Gold Corp.	9,800		171,329
Loblaw Cos., Ltd.	2,700		100,281
Manulife Financial Corp.	26,900		461,810
Nexen, Inc.	7,300		163,708
Pan American Silver Corp.	2,700		68,486
Penn West Energy Trust	3,300		64,369
Potash Corp. of Saskatchewan, Inc.	4,700		480,540
Power Corp. of Canada	2,500		65,751
Research In Motion, Ltd.†	6,500		394,193
Royal Bank of Canada	22,300		1,172,990
Shaw Communications, Inc., Class B	1,700		31,116
Sherritt International Corp.	5,900		37,611
Shoppers Drug Mart Corp.	12,700		431,453
Silver Wheaton Corp.†	7,500		141,998
Sino - Forest Corp.†	2,600		45,132
Sun Life Financial, Inc.	9,200		265,754
Suncor Energy, Inc.	30,200		936,635
Talisman Energy, Inc.	25,000		429,430
Teck Resources, Ltd.	9,600		334,750
Thomson Corp.	5,800		208,942
Toronto - Dominion Bank	12,600		862,726
TransAlta Corp.	6,300		123,848
Viterra, Inc.†	1,900		14,106
Yamana Gold, Inc.	9,600		104,071
			13,093,877
Denmark — 0.1%
Danske Bank A/S†	9,241		187,669
Vestas Wind Systems A/S†	3,023		144,664
			332,333
Finland — 0.3%
Kesko Oyj, Class B	10,193		327,415
Neste Oil Oyj	13,714		206,181
Stora Enso Oyj, Class R	20,445		152,809
			686,405
France — 4.8%
AXA SA	67,478		1,116,102
BNP Paribas	24,220		1,378,371
Casino Guichard Perrachon SA	9,936		762,174

71

VALIC Company I Global Social Awareness Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
France (continued)
Cie Generale de Geophysique - Veritas†	2,655	$	58,993
Credit Agricole SA	58,765		641,273
Danone SA	20,472		1,057,485
France Telecom SA	59,217		1,128,330
L’Oreal SA	9,538		895,443
Legrand SA	20,968		620,556
Natixis†	22,014		97,720
PPR	5,215		628,579
Publicis Groupe SA	8,699		364,387
Sanofi - Aventis SA	23,972		1,457,231
Societe Generale	10,899		469,605
Technip SA	936		60,891
Veolia Environnement	3,520		90,632
Vinci SA	11,304		512,693
Vivendi SA	46,538		1,008,884
			12,349,349
Germany — 3.4%
Allianz SE	12,779		1,278,417
BASF SE	24,758		1,310,532
Bayerische Motoren Werke AG	19,581		913,853
Beiersdorf AG	6,321		344,850
Deutsche Telekom AG	97,733		1,095,105
Fresenius SE	2,946		186,146
Hochtief AG	3,386		217,403
K+S AG	5,043		226,927
Linde AG	8,551		881,725
Metro AG	8,568		451,166
Muenchener Rueckversicherungs AG	6,103		776,500
Salzgitter AG	1,392		89,906
SAP AG	14,738		638,186
Suedzucker AG	19,583		357,129
			8,767,845
Greece — 0.2%
Coca - Cola Hellenic Bottling Co. SA	18,227		407,573
Hellenic Petroleum SA	5,608		40,674
			448,247
Hong Kong — 0.8%
BOC Hong Kong Holdings, Ltd.	11,000		24,807
Hang Lung Properties, Ltd.	48,000		168,602
Henderson Land Development Co., Ltd.	51,000		303,587
Hong Kong & China Gas Co., Ltd.	77,000		170,685
Hong Kong Exchanges and Clearing, Ltd.	18,400		283,335
Hongkong Electric Holdings, Ltd.	97,000		577,411
New World Development Co., Ltd.	31,000		49,448
Sino Land Co., Ltd.	42,000		69,151
Swire Pacific, Ltd., Class A	26,000		286,666
Wharf Holdings, Ltd.	44,000		219,537
			2,153,229
Ireland — 0.2%
CRH PLC	18,880		417,766
Kerry Group PLC	7,033		195,193
			612,959
Italy — 2.1%
A2A SpA	325,461		483,308
Assicurazioni Generali SpA	10,017		183,970
Atlantia SpA	12,137		226,038
ENI SpA	67,308		1,257,674
Intesa Sanpaolo SpA	368,951		985,341
Intesa Sanpaolo SpA RSP	340,384		698,785
Mediaset SpA	36,881		228,729

Security Description	Shares	Value (Note 2)
Italy (continued)
Snam Rete Gas SpA	36,612	$	148,299
Telecom Italia SpA	653,736		764,661
Telecom Italia SpA RSP	434,637		396,717
UniCredit SpA	86,604		185,244
			5,558,766
Japan — 10.2%
Advantest Corp.	3,200		72,094
Aeon Co., Ltd.	44,000		459,193
Aisin Seiki Co., Ltd.	5,100		142,044
Ajinomoto Co., Inc.	23,000		195,106
All Nippon Airways Co., Ltd.†	16,000		48,110
Asahi Glass Co., Ltd.	6,000		63,473
Astellas Pharma, Inc.	10,400		334,968
Casio Computer Co., Ltd.	600		3,964
Central Japan Railway Co.	57		464,757
Chugai Pharmaceutical Co., Ltd.	2,300		40,687
Coca - Cola West Co., Ltd.	17,100		275,477
Dai Nippon Printing Co., Ltd.	21,000		256,955
Daido Steel Co., Ltd.	8,000		32,219
Daihatsu Motor Co., Ltd.	43,000		391,660
Daiichi Sankyo Co., Ltd.	11,600		204,949
Daito Trust Construction Co., Ltd.	500		25,213
Daiwa House Industry Co., Ltd.	6,000		57,284
Daiwa Securities Group, Inc.	29,000		129,844
Dena Co., Ltd.	600		18,094
Denso Corp.	17,800		479,550
Dentsu, Inc.	3,600		91,852
Dowa Holdings Co., Ltd.	17,000		91,040
East Japan Railway Co.	11,100		716,247
Eisai Co., Ltd.	2,700		89,926
Elpida Memory, Inc.†	2,000		36,324
Fast Retailing Co., Ltd.	1,400		196,653
FUJIFILM Holdings Corp.	14,400		428,247
GS Yuasa Corp.	10,000		68,368
Hankyu Hanshin Holdings, Inc.	53,000		234,392
Hitachi Chemical Co., Ltd.	900		17,560
Hitachi Construction Machinery Co., Ltd.	3,900		79,519
Hitachi Metals, Ltd.	12,000		119,572
Honda Motor Co., Ltd.	33,900		1,030,486
Ibiden Co., Ltd.	1,100		33,112
Inpex Corp.	32		200,867
Isetan Mitsukoshi Holdings, Ltd.	1,300		13,339
Isuzu Motors, Ltd.	108,000		334,222
Ito En, Ltd.	7,200		101,689
JGC Corp.	10,000		159,232
JSR Corp.	4,000		72,911
JTEKT Corp.	6,700		68,526
Jupiter Telecommunications Co., Ltd.	93		91,852
Kao Corp.	16,900		374,443
KDDI Corp.	33		149,202
Keyence Corp.	1,100		246,738
Kinden Corp.	4,000		34,590
Kintetsu Corp.	32,000		94,464
Konica Minolta Holdings, Inc.	48,000		538,864
Kubota Corp.	39,000		320,560
Kuraray Co., Ltd.	3,500		43,402
Kurita Water Industries, Ltd.	3,000		78,090
Kyocera Corp.	4,800		417,712
Makita Corp.	1,400		39,100
Maruichi Steel Tube, Ltd.	2,900		52,447
Mazda Motor Corp.	106,000		275,687
Mitsubishi Chemical Holdings Corp.	28,000		129,975
Mitsubishi Estate Co., Ltd.	29,000		442,678
Mitsubishi Logistics Corp.	1,000		11,534

72

VALIC Company I Global Social Awareness Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
Japan (continued)
Mitsubishi Materials Corp.†	93,000	$	251,062
Mitsubishi Motors Corp.†	284,000		361,525
Mitsubishi UFJ Financial Group, Inc.	204,800		991,131
Mitsui Fudosan Co., Ltd.	22,000		335,100
Mitsui Mining & Smelting Co., Ltd.	59,000		169,635
Mitsui O.S.K. Lines, Ltd.	35,000		248,889
Mizuho Financial Group, Inc.	184,800		332,589
MS&AD Insurance Group Holdings	8,800		217,187
Murata Manufacturing Co., Ltd.	5,200		251,654
NGK Insulators, Ltd.	8,000		144,680
Nidec Corp.	2,500		227,435
Nikon Corp.	7,000		134,892
Nippon Electric Glass Co., Ltd.	5,000		65,569
Nippon Express Co., Ltd.	1,000		4,411
Nippon Telegraph and Telephone Corp.	13,600		549,970
Nippon Yusen Kabushiki Kaisha	47,000		168,658
Nisshin Seifun Group, Inc.	3,000		33,712
Nisshin Steel Co., Ltd.	28,000		50,392
Nissin Foods Holdings Co., Ltd.	2,300		75,973
Nitto Denko Corp.	3,400		121,262
NKSJ Holdings, Inc.†	7,000		43,556
Nomura Holdings, Inc.	72,700		451,558
Nomura Research Institute, Ltd.	2,200		50,748
NSK, Ltd.	15,000		109,794
NTT Data Corp.	61		226,595
NTT DoCoMo, Inc.	355		527,095
Obayashi Corp.	9,000		36,741
Odakyu Electric Railway Co., Ltd.	15,000		120,658
Olympus Corp.	2,900		75,615
Oracle Corp.	2,400		112,197
Oriental Land Co., Ltd.	1,900		144,285
ORIX Corp.	1,410		107,384
Osaka Gas Co., Ltd.	44,000		149,684
Panasonic Corp.	52,400		667,615
Panasonic Electric Works Co., Ltd.	30,000		307,490
Rakuten, Inc.	207		144,247
Resona Holdings, Inc.	1,400		17,683
Rohm Co., Ltd.	3,300		209,679
Secom Co., Ltd.	6,600		282,469
Sekisui House, Ltd.	8,000		72,165
Sharp Corp.	28,000		304,812
Shimamura Co., Ltd.	100		9,086
Shimizu Corp.	14,000		49,010
Shin - Etsu Chemical Co., Ltd.	9,900		497,580
Shionogi & Co., Ltd.	500		9,037
Shiseido Co., Ltd.	7,300		141,314
SMC Corp.	4,100		531,369
Softbank Corp.	10,000		239,342
Sumco Corp.†	1,800		32,632
Sumitomo Chemical Co., Ltd.	36,000		146,963
Sumitomo Metal Industries, Ltd.	148,000		378,425
Sumitomo Mitsui Financial Group, Inc.	13,300		394,512
Sumitomo Realty & Development Co., Ltd.	7,000		124,905
T&D Holdings, Inc.	2,350		55,549
Takeda Pharmaceutical Co., Ltd.	19,800		824,593
TDK Corp.	1,900		110,508
Terumo Corp.	3,500		166,502
THK Co., Ltd.	400		8,200
Tobu Railway Co., Ltd.	1,000		5,213
Tokyo Electron, Ltd.	4,600		267,040
Tokyo Gas Co., Ltd.	81,000		352,889
Tokyo Steel Manufacturing Co., Ltd.	3,500		39,023
Tokyu Corp.	9,000		35,951
TonenGeneral Sekiyu K.K.	2,000		17,536
Toppan Printing Co., Ltd.	2,000		17,053

Security Description	Shares	Value (Note 2)
Japan (continued)
Toray Industries, Inc.	34,000	$	176,856
Toyo Seikan Kaisha, Ltd.	1,800		28,069
Toyota Boshoku Corp.	300		4,928
Toyota Industries Corp.	8,000		205,256
Trend Micro, Inc.	2,200		64,871
Unicharm Corp.	1,100		111,056
Ushio, Inc.	4,800		74,114
USS Co., Ltd.	2,270		151,209
West Japan Railway Co.	50		178,601
Yahoo! Japan Corp.	735		258,107
Yakult Honsha Co., Ltd.	3,600		88,217
Yamada Denki Co., Ltd.	1,860		127,776
Yamaha Motor Co., Ltd.†	12,400		179,485
Yamato Holdings Co., Ltd.	9,200		124,888
Yamato Kogyo Co., Ltd.	4,100		111,898
			26,458,422
Jersey — 0.2%
Experian PLC(6)	6,228		55,859
Petrofac, Ltd.(6)	29,639		483,209
			539,068
Luxembourg — 0.0%
Millicom International Cellular SA SDR	663		51,530
Mauritius — 0.0%
Golden Agri - Resources, Ltd.	74,000		26,954
Netherlands — 0.9%
Aegon NV†	37,135		211,679
ASML Holding NV	24,658		714,153
ING Groep NV†	48,728		388,460
James Hardie Industries SE†	8,316		51,883
Koninklijke Ahold NV	71,876		904,778
Koninklijke KPN NV	3,953		51,437
			2,322,390
Netherlands Antilles — 0.6%
Schlumberger, Ltd.#	29,478		1,655,190
New Zealand — 0.1%
Contact Energy, Ltd.†	26,116		103,869
Fletcher Building, Ltd.	13,590		76,057
			179,926
Norway — 0.4%
DnB NOR ASA	6,830		68,124
Orkla ASA	4,887		33,916
Statoil ASA	46,495		919,590
			1,021,630
Portugal — 0.3%
Galp Energia SGPS SA	43,193		644,069
Singapore — 0.6%
CapitaLand, Ltd.	35,000		89,490
DBS Group Holdings, Ltd.	32,000		319,966
Jardine Cycle & Carriage, Ltd.	6,000		118,273
Singapore Airlines, Ltd.	38,000		391,358
Singapore Telecommunications, Ltd.	247,000		511,588
			1,430,675
Spain — 1.3%
Abertis Infraestructuras SA	50,731		721,547
Acciona SA	8,734		695,202
ACS Actividades de Construccion y Servicios SA	19,103		719,294
Banco Bilbao Vizcaya Argentaria SA	68,363		716,009
Criteria CaixaCorp SA	44,838		193,083

73

VALIC Company I Global Social Awareness Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
Spain (continued)
Enagas	5,947	$	95,989
Industria de Diseno Textil SA	3,312		184,905
			3,326,029
Sweden — 1.4%
Assa Abloy AB, Class B	34,125		689,676
Atlas Copco AB, Class A	59,642		852,383
Atlas Copco AB, Class B	31,455		408,932
Hennes & Mauritz AB, Class B	7,165		407,309
Nordea Bank AB	50,857		418,675
Skandinaviska Enskilda Banken AB, Class A	12,980		67,997
Skanska AB, Class B	15,684		231,167
Svenska Cellulosa AB, Class B	32,292		376,883
Svenska Handelsbanken AB, Class A	6,068		148,078
			3,601,100
Switzerland — 2.5%
Cie Financiere Richemont SA	27,464		910,120
Credit Suisse Group AG	31,284		1,215,359
Novartis AG	40,923		1,858,929
Roche Holding AG	8,354		1,147,117
Sonova Holding AG	1,031		111,775
Swisscom AG	2,426		773,088
UBS AG†	44,539		598,478
			6,614,866
United Kingdom — 8.1%
Anglo American PLC†(6)	34,806		1,340,831
Antofagasta PLC(6)	59,260		757,935
Associated British Foods PLC(6)	55,975		776,607
AstraZeneca PLC(6)	35,003		1,472,505
Autonomy Corp. PLC†(6)	6,960		176,607
Aviva PLC(6)	98,373		455,747
Balfour Beatty PLC(6)	81,605		299,292
BG Group PLC(6)	88,836		1,365,976
BT Group PLC(6)	243,840		448,216
Bunzl PLC(6)	70,175		728,579
Cairn Energy PLC†(6)	140,775		820,267
Carnival PLC(6)	17,861		681,247
Compass Group PLC(6)	38,757		300,685
Eurasian Natural Resources Corp. PLC(6)	50,244		729,628
Fresnillo PLC(6)	12,561		164,398
GlaxoSmithKline PLC(6)	105,372		1,769,157
HSBC Holdings PLC (London)(6)	290,396		2,645,277
International Power PLC(6)	180,383		759,251
Invensys PLC(6)	87,290		349,954
Legal & General Group PLC(6)	271,609		310,776
Marks & Spencer Group PLC(6)	59,077		302,761
Pearson PLC(6)	52,261		720,162
Prudential PLC(6)	71,612		561,742
Reckitt Benckiser Group PLC(6)	22,240		1,046,371
Royal Bank of Scotland Group PLC†(6)	340,221		230,045
Severn Trent PLC(6)	12,752		221,628
Standard Chartered PLC(6)	21,155		501,864
The Sage Group PLC(6)	155,858		536,705
Tullow Oil PLC(6)	21,784		352,544
United Utilities Group PLC(6)	30,808		241,124
Wolseley PLC†(6)	3,486		83,185
			21,151,066
United States — 45.9%
Abbott Laboratories	47,586		2,263,190
Aflac, Inc.	31,225		1,383,267
Altera Corp.#	13,640		321,495
American Express Co.	10,377		413,731

Security Description	Shares	Value (Note 2)
United States (continued)
Amgen, Inc.†	37,241	$	1,928,339
Annaly Capital Management, Inc.	21,453		363,843
Apache Corp.	18,660		1,670,816
Apple, Inc.†	16,545		4,254,712
Automatic Data Processing, Inc.	6,721		274,754
Ball Corp.	7,963		392,178
Bank of America Corp.	207,459		3,265,405
BB&T Corp.#	3,698		111,828
Bed Bath & Beyond, Inc.†#	3,011		135,104
Best Buy Co., Inc.	6,211		262,415
BlackRock, Inc.	1,486		249,470
Bristol - Myers Squibb Co.	78,159		1,814,070
Broadcom Corp., Class A	26,354		909,740
Capital One Financial Corp.#	30,982		1,279,557
Cardinal Health, Inc.	20,213		697,146
Caterpillar, Inc.	29,529		1,794,182
Celgene Corp.†	3,224		170,098
CenterPoint Energy, Inc.	62,635		853,089
CenturyTel, Inc.#	44,174		1,516,493
CF Industries Holdings, Inc.	1,320		90,539
Chesapeake Energy Corp.#	31,767		709,675
Chubb Corp.	11,610		583,286
Cisco Systems, Inc.†	124,769		2,889,650
Citigroup, Inc.†	364,931		1,445,127
Colgate - Palmolive Co.	22,559		1,761,632
Corning, Inc.	8,910		155,301
CSX Corp.#	4,318		225,615
Cummins, Inc.#	2,011		136,708
Danaher Corp.	9,658		766,652
Deere & Co.	22,189		1,279,862
Dell, Inc.†	16,419		218,865
Devon Energy Corp.	26,643		1,701,156
DPL, Inc.	12,108		303,184
El Paso Corp.	5,462		61,939
Eli Lilly & Co.#	11,454		375,577
EMC Corp.†	3,612		67,255
First Solar, Inc.†#	574		64,495
Forest Laboratories, Inc.†	4,271		110,533
Franklin Resources, Inc.	5,317		521,545
General Cable Corp.†	3,692		115,043
Genuine Parts Co.	7,858		319,113
Gilead Sciences, Inc.†	19,858		713,299
Google, Inc., Class A†	5,632		2,732,534
Hess Corp.	28,504		1,516,413
Hewlett - Packard Co.	57,944		2,666,003
International Business Machines Corp.	26,513		3,321,018
Intuit, Inc.†	22,519		804,829
Joy Global, Inc.#	7,296		372,096
JPMorgan Chase & Co.	83,376		3,300,022
Kellogg Co.	28,025		1,497,376
Kimberly - Clark Corp.	28,111		1,706,338
Kohl’s Corp.†	26,205		1,329,904
Kraft Foods, Inc., Class A	24,934		713,112
Loews Corp.	45,125		1,467,014
Lowe’s Cos., Inc.	48,950		1,211,512
Lubrizol Corp.	3,844		340,463
Marsh & McLennan Cos., Inc.	14,312		312,145
McDonald’s Corp.	32,905		2,200,357
Medco Health Solutions, Inc.†	28,914		1,666,892
Medtronic, Inc.	44,991		1,762,747
Merck & Co., Inc.	80,360		2,707,328
MetLife, Inc.	18,715		757,770
Microsoft Corp.	141,001		3,637,826
Molex, Inc.#	12,582		266,487
Moody’s Corp.#	18,010		369,205

74

VALIC Company I Global Social Awareness Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
United States (continued)
News Corp., Class A	126,098	$	1,664,494
NIKE, Inc., Class B#	19,961		1,444,777
Norfolk Southern Corp.	1,899		107,218
Northeast Utilities	15,908		412,813
Oneok, Inc.	9,481		421,620
Owens - Illinois, Inc.†	19,922		604,234
PACCAR, Inc.#	35,857		1,470,137
Parker Hannifin Corp.	15,596		958,530
Pitney Bowes, Inc.#	25,063		567,426
PNC Financial Services Group, Inc.	25,249		1,584,375
Praxair, Inc.	17,017		1,320,519
Prudential Financial, Inc.	11,951		689,692
QUALCOMM, Inc.	36,519		1,298,616
Qwest Communications International, Inc.#	24,741		129,643
R.R. Donnelley & Sons Co.	23,608		452,329
Safeway, Inc.#	35,211		779,572
Sara Lee Corp.#	77,715		1,101,222
Southern Copper Corp.	35,548		1,047,955
Southwest Airlines Co.	57,095		710,262
Spectra Energy Corp.	69,186		1,384,412
Sprint Nextel Corp.†#	34,790		178,473
SPX Corp.	3,803		224,757
Staples, Inc.	28,558		614,568
Starbucks Corp.#	22,535		583,431
Stryker Corp.#	10,793		572,353
Symantec Corp.†	21,411		303,394
Synthes, Inc.	5,536		579,586
Target Corp.	33,904		1,848,785
The AES Corp.†	78,873		810,026
The Coca - Cola Co.	54,891		2,821,397
The Gap, Inc.	20,331		443,216
The Hershey Co.#	16,985		794,898
The Sherwin - Williams Co.#	10,403		797,182
The Travelers Cos., Inc.	33,687		1,666,496
The Williams Cos., Inc.	72,618		1,434,205
Time Warner Cable, Inc.#	25,926		1,418,930
Time Warner, Inc.	22,157		686,645
TJX Cos., Inc.	14,047		638,577
UnitedHealth Group, Inc.	58,072		1,688,153
US Bancorp	45,364		1,086,921
Visa, Inc., Class A	13,521		979,732
Walgreen Co.	50,820		1,628,273
WellPoint, Inc.†	18,338		940,739
Xerox Corp.	17,705		164,834
Xilinx, Inc.#	32,037		783,305
			119,439,086
Total Common Stock
(cost $267,671,117)			244,681,083
PREFERRED STOCK — 0.1%
Germany — 0.1%
Bayerische Motoren Werke AG	8,413		273,032
Fresenius SE	681		43,155
Total Preferred Stock
(cost $332,923)			316,187
RIGHTS — 0.0%
Australia — 0.0%
Transurban Group Expires 06/04/10†	1,724		0
Spain — 0.0%
Abertis Infraestructuras SA Expires 06/07/10†	50,731		35,859
Total Rights
(cost $45,273)			35,859

Security Description	Shares/ Principal Amount			Value (Note 2)
WARRANTS — 0.0%
Hong Kong — 0.0%
Henderson Land Development Co., Ltd. Expires 06/01/11†		10,200		$	0
(Strike Price 58.00 HKD)†
(cost $0)
Total Long-Term Investment Securities
(cost $268,049,313)					245,033,129
SHORT-TERM INVESTMENT SECURITIES — 3.7%
Collective Investment Pool — 3.3%
Securities Lending Quality Trust(1)(2)		8,775,665			8,742,207
U.S. Government Treasuries — 0.4%
United States Treasury Bills 0.13% due 07/22/10@	$	700,000			699,866
0.14% due 06/17/10@		300,000			299,982
					999,848
Total Short-Term Investment Securities
(cost $9,775,513)					9,742,055
REPURCHASE AGREEMENT — 5.0%
Agreement with State Street Bank & Trust Co., bearing interest at 0.01% dated 05/31/10 to be repurchased 06/01/10 in the amount of $12,878,014 and collateralized by $13,020,000 of United States Treasury Bills, bearing interest at 2.50%, due 04/30/15 and having an approximate value of $13,264,776 (cost $12,878,000)		12,878,000			12,878,000
TOTAL INVESTMENTS
(cost $290,702,826)(5)		102.9	%		267,653,184
Liabilities in excess of other assets		(2.9	)		(7,508,572	)
NET ASSETS —		100.0	%	$	260,144,612

† Non-income producing security

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

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

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

(2) At May 31, 2010, the Fund had loaned securities with a total value of $8,644,670. This was secured by collateral of $8,775,665, which was received in cash and subsequently invested in short-term investments currently valued at $8,742,207 as reported in the Portfolio of Investments. The remaining collateral of $133,802 was received in the form of short-term pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range
Federal Home Loan Bank	0.50% to 1.00%	01/05/11 to 04/26/13
United States Treasury Notes/Bonds	1.25% to 4.13%	08/15/10 to 11/30/10

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

(4) Illiquid security. At May 31, 2010, the aggregate value of these securities was $0 representing 0.0% of net assets.

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

(6) Security was valued using fair value procedures at May 31, 2010. The aggregate value of these securities was $21,690,134 representing 8.3% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities.

RSP—Risparmio Shares (Saving Share)

SDR—Swedish Depository Receipt

Currency Legend

HKD—Hong Kong Dollar

75

VALIC Company I Global Social Awareness Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Open Futures Contracts
Number of Contracts	Type	Description	Expiration Month	Value at Trade Date		Value as of May 31, 2010		Unrealized Appreciation (Depreciation)
197	Long	S&P 500 Index	June 2010	$	11,374,780	$	10,721,725	$	(653,055	)

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2010 (see Note 2):

	Level 1 - Unadjusted Quoted Prices			Level 2 - Other Observable Inputs			Level 3 - Significant Unobservable Inputs		Total
Long-Term Investment Securities:
Common Stock:
Canada	$	13,093,877		$	—		$	—	$	13,093,877
Japan		26,458,422			—			—		26,458,422
United Kingdom		—			21,151,066	#		—		21,151,066
United States		119,439,086			—			—		119,439,086
Other Countries*		63,999,564			539,068	#		0		64,538,632
Preferred Stock		316,187			—			—		316,187
Rights		35,859			—			—		35,859
Warrants		0			—			—		0
Short Term Investment Securities:
Collective Investment Pool		—			8,742,207			—		8,742,207
U.S. Government Treasuries		—			999,848			—		999,848
Repurchase Agreement		—			12,878,000			—		12,878,000
Other Financial Instruments:@
Open Futures Contracts - Depreciation		(653,055	)		—			—		(653,055	)
Total	$	222,689,940		$	44,310,189		$	0	$	267,000,129

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

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

# Includes foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities; therefore these securities were classified as Level 2 instead of Level 1. The aggregate value of these securities was $21,690,134 representing 8.3% of net assets. See Note 2.

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

	Common Stock
Balance as of 5/31/2009	$	0
Accrued discounts/premiums		—
Realized gain (loss)		—
Change in unrealized appreciation (depreciation)		—
Net purchases (sales)		0
Transfers in and/or out of Level 3		—
Balance as of 5/31/2010	$	0

See Notes to Financial Statements

76

VALIC Company I Global Strategy Fund

PORTFOLIO PROFILE — May 31, 2010 (Unaudited)

Industry Allocation*

Sovereign	39.1	%
Collective Investment Pool	6.0
Medical — Drugs	4.5
U.S. Government Agencies	4.3
Oil Companies — Integrated	4.1
Multimedia	2.9
Telephone — Integrated	2.0
Telecom Services	1.9
Cable/Satellite TV	1.8
Insurance — Multi-line	1.8
Banks — Commercial	1.6
U.S. Municipal Bonds & Notes	1.6
Applications Software	1.5
Electric — Integrated	1.4
Diversified Manufacturing Operations	1.4
Electronic Components — Misc.	1.3
Cellular Telecom	1.2
Medical — Biomedical/Gene	1.2
Transport — Services	1.1
Electronic Components — Semiconductors	1.1
Enterprise Software/Service	1.0
Insurance — Reinsurance	0.9
Auto — Cars/Light Trucks	0.9
Networking Products	0.8
Computer Services	0.8
SupraNational Banks	0.8
Insurance — Property/Casualty	0.7
Medical — Generic Drugs	0.7
Diversified Minerals	0.7
Food — Misc.	0.7
Medical Labs & Testing Services	0.7
Retail — Drug Store	0.7
Toys	0.6
Beverages — Non-alcoholic	0.6
Banks — Fiduciary	0.6
Food — Retail	0.6
Semiconductor Components — Integrated Circuits	0.6
Security Services	0.5
Building Products — Cement	0.5
Retail — Building Products	0.5
Aerospace/Defense	0.5
Foreign Government Treasuries	0.5
Retail — Discount	0.5
Regional Authority	0.5
Retail — Major Department Stores	0.4
Publishing — Books	0.4
Insurance — Life/Health	0.4
Insurance Brokers	0.4
Rubber — Tires	0.3
Photo Equipment & Supplies	0.3
Medical — Hospitals	0.3
Human Resources	0.3
Investment Management/Advisor Services	0.3
Distribution/Wholesale	0.3
Real Estate Operations & Development	0.3
Medical Products	0.3
Chemicals — Specialty	0.3
Machinery — General Industrial	0.3
Oil Companies — Exploration & Production	0.2
Therapeutics	0.2
Diversified Banking Institutions	0.1
Time Deposits	0.1
	102.9	%

Country Allocation*

United States	27.3	%
South Korea	8.4
United Kingdom	7.2
Mexico	5.6
Brazil	4.4
Poland	4.3
Indonesia	4.2
Germany	4.1
France	4.0
Switzerland	3.5
Sweden	3.3
Australia	2.3
Russia	2.3
South Africa	1.9
Norway	1.8
Singapore	1.7
Netherlands	1.7
Ireland	1.6
Japan	1.5
Hungary	1.2
Argentina	1.0
Lithuania	0.9
Malaysia	0.9
Spain	0.8
SupraNational	0.8
Bermuda	0.7
Italy	0.6
Israel	0.6
Taiwan	0.6
Venezuela	0.5
Qatar	0.5
United Arab Emirates	0.5
Egypt	0.4
Vietnam	0.4
China	0.4
Austria	0.4
Turkey	0.3
Hong Kong	0.3
	102.9	%

* Calculated as a percentage of net assets

77

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010

Security Description	Shares	Value (Note 2)
COMMON STOCK — 48.7%
Austria — 0.4%
Telekom Austria AG#	120,080	$	1,533,713
Bermuda — 0.7%
Invesco, Ltd.	62,094		1,152,465
PartnerRe, Ltd.	20,510		1,496,204
			2,648,669
China — 0.4%
China Telecom Corp., Ltd.	3,538,000		1,622,144
France — 4.0%
Alstom SA	20,900		1,005,343
AXA SA	129,445		2,141,051
Compagnie Generale des Etablissements Michelin, Class B	20,240		1,356,016
France Telecom SA ADR#	153,242		2,925,390
GDF Suez	24,180		750,840
Ipsen SA#	4,310		183,109
Sanofi - Aventis SA#	47,002		2,857,199
Total SA#	66,840		3,100,139
Vivendi SA	74,974		1,625,339
			15,944,426
Germany — 4.1%
Bayerische Motoren Werke AG#	41,225		1,923,986
Deutsche Post AG	144,737		2,156,454
E.ON AG	63,567		1,932,474
Merck KGaA	19,110		1,379,916
Muenchener Rueckversicherungs AG	17,500		2,226,570
Rhoen - Klinikum AG	56,666		1,306,813
SAP AG ADR#	44,280		1,878,800
Siemens AG ADR	39,400		3,527,482
			16,332,495
Hong Kong — 0.3%
Cheung Kong Holdings, Ltd.	96,324		1,097,909
Ireland — 1.6%
Accenture PLC, Class A	84,340		3,164,437
Covidien PLC	25,291		1,072,086
CRH PLC(7)	95,561		2,136,277
			6,372,800
Israel — 0.6%
Check Point Software Technologies, Ltd.†#	73,229		2,245,933
Italy — 0.6%
ENI SpA#	73,669		1,376,532
Intesa Sanpaolo SpA#	401,765		1,072,975
			2,449,507
Japan — 1.5%
FUJIFILM Holdings Corp.	44,607		1,326,584
Mitsubishi UFJ Financial Group, Inc.	116,000		561,383
Nintendo Co., Ltd.	8,524		2,514,405
Toyota Motor Co. ADR	21,910		1,584,969
			5,987,341
Netherlands — 1.7%
ING Groep NV CVA†	268,341		2,139,218
Koninklijke Philips Electronics NV	98,376		2,949,571
Reed Elsevier NV	155,953		1,629,944
			6,718,733
Norway — 1.1%
Statoil ASA#	83,870		1,658,802
Telenor ASA#	212,512		2,609,283
			4,268,085

Security Description	Shares	Value (Note 2)
Russia — 0.3%
Gazprom OAO ADR	47,700	$	980,235
Singapore — 1.7%
DBS Group Holdings, Ltd.	329,095		3,290,597
Singapore Telecommunications, Ltd.	1,667,000		3,452,702
			6,743,299
South Africa — 0.6%
Sasol, Ltd. ADR	63,630		2,290,680
South Korea — 1.4%
KB Financial Group, Inc. ADR	29,280		1,170,614
Samsung Electronics Co., Ltd.	6,747		4,355,746
			5,526,360
Spain — 0.8%
Telefonica SA ADR#	56,803		3,258,788
Switzerland — 3.5%
ACE, Ltd.	57,657		2,834,418
Adecco SA#	26,910		1,305,045
Basilea Pharmaceutica AG†	2,030		123,478
Lonza Group AG	15,340		1,008,730
Novartis AG	43,790		1,989,163
Roche Holding AG	19,160		2,630,925
Tyco Electronics, Ltd.	71,521		2,061,235
Tyco International, Ltd.	50,931		1,843,193
			13,796,187
Taiwan — 0.6%
Taiwan Semiconductor Manufacturing Co., Ltd.	1,175,914		2,214,264
Turkey — 0.3%
Turkcell Iletisim Hizmet AS ADR	99,400		1,339,912
United Kingdom — 7.2%
Aviva PLC(7)	328,540		1,522,076
BAE Systems PLC(7)	411,019		1,924,180
BP PLC(7)	364,085		2,614,191
British Sky Broadcasting Group PLC(7)	133,728		1,116,830
G4S PLC(7)	569,643		2,171,668
GlaxoSmithKline PLC(7)	126,106		2,117,274
HSBC Holdings PLC (Hong Kong)	88,253		806,999
Kingfisher PLC(7)	285,880		926,529
Marks & Spencer Group PLC(7)	323,360		1,657,174
Pearson PLC(7)	118,479		1,632,653
Royal Dutch Shell PLC, Class B(7)	97,886		2,481,768
Tesco PLC(7)	382,710		2,285,026
Unilever PLC(7)	101,385		2,742,723
Vodafone Group PLC ADR#	163,547		3,287,295
Wolseley PLC†(7)	46,383		1,106,813
			28,393,199
United States — 15.3%
Amgen, Inc.†	66,240		3,429,907
AON Corp.	37,700		1,488,019
Biogen Idec, Inc.†#	10,060		477,146
Cisco Systems, Inc.†	141,870		3,285,709
Comcast Corp., Special Class A	171,115		2,946,600
CVS Caremark Corp.	74,220		2,570,239
Dr Pepper Snapple Group, Inc.	65,810		2,491,567
Home Depot, Inc.	31,740		1,074,716
Isis Pharmaceuticals, Inc.†#	40,300		370,760
Merck & Co., Inc.	100,530		3,386,856
Microsoft Corp.	144,404		3,725,623
News Corp., Class A	206,437		2,724,969
Onyx Pharmaceuticals, Inc.†#	16,930		377,370

78

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares/ Principal Amount(5)		Value (Note 2)
COMMON STOCK (continued)
United States (continued)
Oracle Corp.		89,720	$	2,024,981
Pfizer, Inc.		223,479		3,403,585
PG&E Corp.		64,820		2,690,030
Quest Diagnostics, Inc.		50,660		2,672,315
Regeneron Pharmaceuticals, Inc.†#		20,570		587,685
Target Corp.		33,413		1,822,011
The Bank of New York Mellon Corp.		88,140		2,397,408
The Progressive Corp.		150,810		2,954,368
The Walt Disney Co.		37,070		1,238,879
Time Warner Cable, Inc.#		56,019		3,065,865
Time Warner, Inc.		64,972		2,013,482
United Parcel Service, Inc., Class B		35,370		2,219,821
Viacom, Inc., Class B		64,100		2,154,401
Watson Pharmaceuticals, Inc.†		66,670		2,944,147
				60,538,459
Total Common Stock
(cost $222,229,424)				192,303,138
PREFERRED STOCK — 1.2%
Brazil — 1.2%
Petroleo Brasileiro SA ADR		59,980		1,857,581
Vale SA, Class A ADR		125,110		2,883,785
Total Preferred Stock
(cost $3,074,986)				4,741,366
CORPORATE BONDS & NOTES — 0.2%
Venezuela — 0.2%
Petroleos de Venezuela SA Senior Notes zero coupon due 07/10/11 (cost $998,043)		1,160,000		997,600
GOVERNMENT AGENCIES — 40.4%
Argentina — 1.0%
Republic of Argentina Senior Bonds 0.39% due 08/03/12(1)		11,593,000		3,767,725
Australia — 2.3%
New South Wales Treasury Corp. Local Government Guar. Bonds 5.50% due 03/01/17	AUD	2,575,000		2,151,200
New South Wales Treasury Corp. Government Guar. Bonds 6.00% due 05/01/12	AUD	2,510,000		2,161,165
Queensland Treasury Corp. Local Government Guar. 6.00% due 06/14/11	AUD	2,040,000		1,744,054
Queensland Treasury Corp. Local Government Guar. 6.00% due 08/14/13	AUD	2,545,000		2,197,742
Queensland Treasury Corp. Local Government Guar. 6.00% due 09/14/17	AUD	1,050,000		899,908
				9,154,069
Brazil — 3.2%
Brazil Nota do Tesouro Nacional Notes 6.00% due 05/15/15	BRL	2,625,000		2,687,039
Brazil Nota do Tesouro Nacional Notes 6.00% due 05/15/45	BRL	4,750,000		4,750,709
Brazil Nota do Tesouro Nacional Notes 10.00% due 01/01/12	BRL	1,995,000		1,105,831

Security Description	Principal Amount(5)		Value (Note 2)
Brazil (continued)
Brazil Nota do Tesouro Nacional Notes 10.00% due 01/01/14	BRL	2,950,000	$	1,573,811
Brazil Nota do Tesouro Nacional Notes 10.00% due 01/01/17	BRL	5,200,000		2,658,471
				12,775,861
Hungary — 1.2%
Republic of Hungary Bonds 3.50% due 07/18/16	EUR	135,000		154,943
Republic of Hungary Bonds 3.88% due 02/24/20	EUR	495,000		553,738
Republic of Hungary Bonds 4.38% due 07/04/17	EUR	685,000		822,071
Republic of Hungary Bonds 5.75% due 06/11/18	EUR	2,165,000		2,766,508
Republic of Hungary Bonds 6.25% due 01/29/20		520,000		517,234
				4,814,494
Indonesia — 4.2%
Republic of Indonesia Senior Bonds 7.75% due 01/17/38		100,000		114,250
Republic of Indonesia Senior Bonds 7.75% due 01/17/38*		1,128,000		1,288,740
Republic of Indonesia Senior Bonds 8.50% due 10/12/35*		100,000		124,000
Republic of Indonesia Bonds 9.00% due 09/15/18	IDR	2,780,000,000		304,375
Republic of Indonesia Bonds 9.50% due 07/15/23	IDR	7,720,000,000		838,193
Republic of Indonesia Bonds 10.00% due 02/15/28	IDR	6,235,000,000		678,421
Republic of Indonesia Bonds 10.25% due 07/15/22	IDR	1,280,000,000		148,568
Republic of Indonesia Bonds 10.25% due 07/15/27	IDR	1,640,000,000		182,780
Republic of Indonesia Bonds 10.75% due 05/15/16	IDR	39,900,000,000		4,743,255
Republic of Indonesia Bonds 11.00% due 11/15/20	IDR	21,782,000,000		2,674,896
Republic of Indonesia Bonds 11.63% due 03/04/19*		1,120,000		1,598,800
Republic of Indonesia Bonds 12.80% due 06/15/21	IDR	15,947,000,000		2,171,952
Republic of Indonesia Bonds 12.90% due 06/15/22	IDR	8,530,000,000		1,167,222

79

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Principal Amount(5)		Value (Note 2)
GOVERNMENT AGENCIES (continued)
Indonesia (continued)
Republic of Indonesia Bonds 14.28% due 12/15/13	IDR	4,200,000,000	$	541,532
				16,576,984
Lithuania — 0.9%
Republic of Lithuania Bonds 7.38% due 02/11/20*		3,560,000		3,676,775
Malaysia — 0.9%
Government of Malaysia Bonds 3.46% due 07/31/13	MYR	6,960,000		2,145,590
Government of Malaysia Bonds 3.76% due 04/28/11	MYR	900,000		278,540
Government of Malaysia Bonds 3.81% due 02/15/17	MYR	3,115,000		956,577
				3,380,707
Mexico — 5.6%
United Mexican States Bonds 7.75% due 12/14/17	MXN	19,000,000		1,543,612
United Mexican States Bonds 8.00% due 12/19/13	MXN	32,400,000		2,694,017
United Mexican States Bonds 8.00% due 12/17/15	MXN	53,000,000		4,400,310
United Mexican States Bonds 9.00% due 12/20/12	MXN	4,600,000		388,079
United Mexican States Bonds 10.00% due 12/05/24	MXN	109,200,000		10,240,620
United Mexican States Bonds 10.00% due 11/20/36	MXN	29,000,000		2,748,788
				22,015,426
Norway — 0.7%
Kingdom of Norway Bonds 6.00% due 05/16/11	NOK	16,000,000		2,568,833
Kingdom of Norway Bonds 6.50% due 05/15/13	NOK	2,050,000		357,205
				2,926,038
Poland — 4.3%
Government of Poland Bonds zero coupon due 01/25/12	PLN	6,430,000		1,807,397
Government of Poland Bonds 4.75% due 04/25/12	PLN	25,030,000		7,589,012
Government of Poland Bonds 5.75% due 04/25/14	PLN	5,380,000		1,655,921
Government of Poland Bonds 5.75% due 09/23/22	PLN	1,590,000		474,208

Security Description	Principal Amount(5)		Value (Note 2)
Poland (continued)
Government of Poland Bonds 6.25% due 10/24/15	PLN	8,685,000	$	2,724,130
Government of Poland Bonds 6.38% due 07/15/19		2,620,000		2,853,183
				17,103,851
Qatar — 0.5%
State of Qatar Senior Notes 6.55% due 04/09/19*		1,630,000		1,813,375
Russia — 2.0%
Russian Federation Bonds 7.50% due 03/31/30*(2)		6,969,920		7,767,976
South Africa — 1.3%
Republic of South Africa Senior Notes 4.50% due 04/05/16	EUR	275,000		344,852
Republic of South Africa Bonds 5.25% due 05/16/13	EUR	500,000		653,066
Republic of South Africa Bonds 5.88% due 05/30/22		700,000		712,250
Republic of South Africa Senior Notes 6.50% due 06/02/14		120,000		132,450
Republic of South Africa Bonds 6.88% due 05/27/19		2,910,000		3,248,288
				5,090,906
South Korea — 7.0%
KDICB Redemption Fund Bonds 5.28% due 02/15/13	KRW	1,104,000,000		936,628
Republic of South Korea Bonds 4.00% due 06/10/12	KRW	7,323,970,000		6,143,442
Republic of South Korea Bonds 4.75% due 12/10/11	KRW	9,333,650,000		7,941,307
Republic of South Korea Bonds 5.00% due 09/10/16	KRW	80,000,000		68,146
Republic of South Korea Bonds 5.25% due 09/10/12	KRW	6,755,000,000		5,821,344
Republic of South Korea Bonds 5.25% due 03/10/13	KRW	241,970,000		209,882
Republic of South Korea Bonds 5.50% due 06/10/11	KRW	2,476,640,000		2,115,478
Republic of South Korea Bonds 5.75% due 12/10/10	KRW	1,881,000,000		1,592,184
Republic of South Korea Bonds 7.13% due 04/16/19		2,470,000		2,909,403
				27,737,814

80

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Principal Amount(5)		Value (Note 2)
GOVERNMENT AGENCIES (continued)
SupraNational — 0.8%
Corporacion Andina de Fomento Notes 8.13% due 06/04/19		$  1,340,000	$	1,625,077
European Investment Bank Senior Notes 4.50% due 05/15/13	NOK	8,500,000		1,362,654
				2,987,731
Sweden — 3.3%
Kingdom of Sweden Bonds 5.25% due 03/15/11	SEK	68,205,000		9,010,009
Kingdom of Sweden Bonds 5.50% due 10/08/12	SEK	27,480,000		3,863,166
				12,873,175
United Arab Emirates — 0.5%
Emirate of Abu Dhabi Notes 6.75% due 04/08/19*		1,600,000		1,808,000
Venezuela — 0.3%
Republic of Venezuela Notes 10.75% due 09/19/13#		1,415,000		1,220,437
Vietnam — 0.4%
Republic of Vietnam Bond 6.75% due 01/29/20*		1,695,000		1,744,647
Total Government Agencies
(cost $150,586,282)				159,235,991
MUNICIPAL BONDS & NOTES — 1.6%
United States — 1.6%
Bay Area Toll Authority California Revenue Bonds Series F-1 5.00% due 04/01/39		380,000		389,872
California State/CA General Obligation 6.00% due 04/01/38		3,140,000		3,389,536
Lewisville Independent School District/TX General Obligation 5.00% due 08/15/26		345,000		378,355
Los Angeles Unified School District General Obligation Series KRY 5.25% due 07/01/26		225,000		245,401
Metropolitan Transportation Authority/NY Revenue Bonds Series B - AGC - ICC 5.25% due 11/15/20		270,000		308,005
Metropolitan Transportation Authority/NY Revenue Bonds Series A 5.50% due 11/15/21		260,000		304,416
Palomar Pomerado Health/CA General Obligation Series A 5.13% due 08/01/37		1,310,000		1,280,787
Total Municipal Bonds & Notes
(cost $5,960,743)				6,296,372
Total Long-Term Investment Securities
(cost $382,849,478)				363,574,467

Security Description	Shares/ Principal Amount(5)			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 10.8%
Collective Investment Pool — 6.0%
Securities Lending Quality Trust(3)(4)		23,646,374		$	23,556,220
Foreign Government Treasuries — 0.4%
Egypt Treasury Bills: 9.75% due 08/03/10	EGP	425,000			73,754
9.85% due 08/31/10	EGP	175,000			30,131
9.90% due 08/24/10	EGP	125,000			21,564
10.10% due 10/05/10	EGP	125,000			21,311
10.25% due 08/17/10	EGP	900,000			155,572
10.25% due 11/02/10	EGP	375,000			63,434
10.30% due 11/02/10	EGP	300,000			50,747
10.31% due 12/07/10	EGP	1,475,000			247,061
10.35% due 12/21/10	EGP	125,000			20,854
10.44% due 03/08/11	EGP	200,000			32,643
10.55% due 12/21/10	EGP	225,000			37,538
10.69% due 02/08/11	EGP	1,675,000			275,567
10.74% due 02/08/11	EGP	1,425,000			234,437
10.87% due 02/08/11	EGP	1,775,000			292,018
10.92% due 02/08/11	EGP	1,775,000			292,018
					1,848,649
Time Deposits — 0.1%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 06/01/10	$	223,000			223,000
U.S. Government Agencies — 4.3%
Federal Home Loan Bank Disc. Notes 0.01% due 06/01/10		13,045,000			13,045,000
Federal Farm Credit Bank Disc. Notes 0.08% due 06/01/10		3,830,000			3,830,000
					16,875,000
Total Short-Term Investment Securities
(cost $42,653,124)					42,502,869
TOTAL INVESTMENTS
(cost $425,502,602)(6)		102.9	%		406,077,336
Liabilities in excess of other assets		(2.9	)		(11,529,123	)
NET ASSETS —		100.0	%	$	394,548,213

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

† Non-income producing security

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2010, the aggregate value of these securities was $19,822,313 representing 5% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

(1) Floating rate security where the rate fluctuates. The rate moves up or down at each reset date. The rate reflected is as of May 31, 2010.

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

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

(4) At May 31, 2010, the Fund had loaned securities with a total value of $23,174,788. This was secured by collateral of $23,646,374, which was received in cash and subsequently invested in short-term investments currently valued at $23,556,220 as reported in the Portfolio of Investments. The remaining collateral of $753,390 was received in the form of

81

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

short-term pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s net assets. The components of the short-term pooled securities referenced above are as follows:

Securities	Coupon Range	Date Range
United States Treasury Bills	zero coupon	06/17/10 to 11/26/10
United States Treasury Notes/Bonds	0.88% to 8.75%	06/15/10 to 02/15/25

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

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

(7) Security was valued using fair value procedures at May 31, 2010. The aggregate value of these securities was $26,435,182 representing 6.7% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing procedures for foreign equity securities.

ADR—American Depository Receipt

CVA—Certification Van Aandelen (Dutch Cert.)

Open Forward Foreign Currency Contracts
Contract to Deliver		In Exchange For		Delivery Date	Gross Unrealized Appreciation
EUR	630,473	SEK	6,934,000	07/15/2010	$	111,345
EUR	296,864	MYR	1,491,000	07/16/2010		91,133
EUR	334,440	MYR	1,683,000	07/20/2010		103,547
EUR	430,014	MYR	2,164,000	07/23/2010		133,033
EUR	428,676	MYR	2,164,000	07/27/2010		134,519
EUR	650,500	SEK	6,934,000	07/27/2010		86,662
EUR	774,391	NOK	6,799,000	08/20/2010		94,761
EUR	775,195	NOK	6,799,000	08/23/2010		93,597
EUR	773,748	NOK	6,799,000	09/07/2010		94,532
EUR	204,400	USD	300,948	09/20/2010		49,362
EUR	2,339,367	SEK	23,782,000	09/22/2010		163,478
EUR	885,208	SEK	9,000,000	09/23/2010		61,980
EUR	1,333,312	USD	1,954,942	09/23/2010		313,779
EUR	586,635	USD	868,572	09/24/2010		146,480
EUR	39,232	MYR	200,000	09/28/2010		12,700
EUR	509,152	CNY	5,013,880	10/15/2010		110,074
EUR	510,083	CNY	5,038,333	10/18/2010		112,579
EUR	681,747	CNY	6,753,219	10/19/2010		153,326
EUR	838,844	USD	1,251,991	11/18/2010		218,855
EUR	927,570	NOK	7,931,000	11/29/2010		74,450
EUR	190,735	USD	285,816	11/29/2010		50,876
EUR	297,971	NOK	2,570,000	12/01/2010		27,292
EUR	328,084	CNY	3,265,000	12/06/2010		76,611
EUR	195,111	USD	293,539	12/07/2010		53,187
EUR	1,203,000	USD	1,730,155	01/10/2011		247,637
EUR	4,361,000	USD	6,234,365	01/11/2011		860,024
EUR	1,790,639	USD	2,595,183	01/13/2011		388,413
EUR	462,350	USD	670,870	01/14/2011		101,067
EUR	375,660	USD	538,828	01/19/2011		75,836
EUR	664,629	USD	935,133	01/25/2011		115,937
EUR	177,000	USD	247,853	01/31/2011		29,675
EUR	906,268	NOK	7,552,200	02/08/2011		38,539
EUR	4,156,000	USD	5,702,586	02/08/2011		579,238
EUR	3,081,366	NOK	25,637,600	02/09/2011		124,669
EUR	2,870,000	USD	3,920,215	02/09/2011		382,155
EUR	1,810,000	USD	2,473,694	02/10/2011		242,348
EUR	1,210,000	USD	1,663,895	02/11/2011		172,205
EUR	2,128,000	USD	2,894,612	02/16/2011		271,059
EUR	1,698,000	USD	2,332,840	02/18/2011		239,374
EUR	729,000	USD	982,036	04/13/2011		82,626
*NZD	1,481,419	USD	1,019,587	01/28/2011		33,597
*NZD	110,442	USD	74,317	02/14/2011		913
*USD	40,089	CLP	22,590,000	06/01/2010		2,466
*USD	594,083	INR	29,157,000	06/01/2010		34,775
*USD	17,814	INR	864,000	06/02/2010		820
USD	89,104	INR	4,277,000	06/03/2010		3,132
USD	594,091	INR	28,552,000	06/04/2010		21,585
USD	297,045	INR	14,276,000	06/07/2010		10,692
USD	268,217	INR	12,934,000	06/08/2010		10,561
USD	119,527	INR	5,815,000	06/10/2010		5,782
USD	298,807	INR	14,522,000	06/11/2010		14,098
USD	298,789	INR	14,554,000	06/16/2010		14,635
USD	268,925	INR	13,258,000	06/21/2010		16,434
USD	204,199	INR	10,067,000	06/22/2010		12,455
USD	306,283	INR	15,233,000	06/24/2010		21,478
USD	204,192	INR	10,230,000	06/25/2010		15,898
USD	1,585,177	MYR	5,625,000	06/29/2010		137,493

82

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Contract to Deliver		In Exchange For		Delivery Date	Gross Unrealized Appreciation
USD	408,396	INR	20,236,000	07/09/2010	$	26,363
USD	224,611	INR	11,255,000	07/12/2010		17,132
USD	255,848	MYR	912,824	07/12/2010		23,531
USD	985,374	MYR	3,537,000	07/13/2010		97,107
USD	450,528	MYR	1,621,000	07/16/2010		45,497
USD	51,040	INR	2,552,000	07/19/2010		3,739
USD	51,040	INR	2,552,000	07/20/2010		3,735
USD	716,086	MYR	2,557,000	07/20/2010		66,198
USD	878,001	MYR	3,109,000	07/23/2010		73,020
USD	920,845	MYR	3,269,000	07/27/2010		78,919
USD	250,404	MYR	883,000	07/30/2010		19,605
USD	514,580	MYR	1,800,000	08/06/2010		35,654
USD	360,853	INR	18,021,000	08/20/2010		24,998
USD	312,730	INR	15,617,000	08/23/2010		21,578
USD	221,323	INR	11,044,000	09/01/2010		14,942
USD	858,926	PHP	41,489,000	10/04/2010		26,714
USD	1,145,256	PHP	55,058,000	10/05/2010		29,921
USD	152,709	PHP	7,272,000	10/06/2010		2,492
USD	477,192	PHP	22,596,000	10/07/2010		5,012
USD	1,145,230	PHP	54,261,000	10/08/2010		12,602
USD	114,529	PHP	5,384,000	10/12/2010		312
USD	116,036	MYR	394,093	10/13/2010		4,069
USD	316,602	PHP	14,886,000	10/13/2010		887
USD	62,175	PHP	2,916,000	10/15/2010		6
USD	103,611	PHP	4,878,000	10/19/2010		367
USD	621,691	PHP	29,292,000	10/21/2010		2,569
USD	1,192,421	PHP	56,795,000	10/25/2010		17,510
USD	685,586	INR	32,566,000	10/26/2010		8,649
USD	516,710	PHP	24,566,000	10/26/2010		6,581
USD	257,096	INR	12,138,000	10/27/2010		1,643
USD	158,982	PHP	7,593,000	10/28/2010		2,728
USD	713,092	MYR	2,432,356	12/16/2010		26,231
USD	462,329	MYR	1,576,495	12/17/2010		16,837
USD	550,806	MYR	1,886,510	12/21/2010		22,513
USD	729,822	MYR	2,508,772	12/22/2010		32,581
USD	356,120	MYR	1,224,911	12/23/2010		16,112
USD	402,355	MYR	1,385,872	12/28/2010		18,723
USD	242,745	INR	11,460,000	02/04/2011		173
USD	288,506	CLP	155,000,000	02/10/2011		2,455
USD	427,413	CLP	229,020,000	02/11/2011		2,482
USD	1,026,140	MYR	3,542,747	02/14/2011		48,622
USD	259,287	MYR	892,000	02/17/2011		11,292
USD	519,186	CLP	280,490,000	05/19/2011		5,425
USD	207,273	CLP	113,140,000	05/27/2011		4,272
USD	145,461	CLP	79,240,000	05/31/2011		2,676
USD	613,573	INR	29,157,000	06/01/2011		743
					$	7,760,991

83

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Contract to Deliver		In Exchange For		Delivery Date	Gross Unrealized Depreciation
*CLP	22,590,000	USD	41,717	06/01/2010	$	(837	)
*INR	29,157,000	USD	626,493	06/01/2010		(2,365	)
*INR	864,000	USD	18,601	06/02/2010		(34	)
MXN	8,343,000	USD	614,314	12/02/2010		(19,604	)
*NZD	5,823,000	USD	3,766,316	08/05/2010		(161,782	)
*NZD	685,000	USD	445,524	08/12/2010		(16,347	)
*NZD	317,000	USD	205,765	08/13/2010		(7,963	)
*NZD	334,000	USD	220,473	08/16/2010		(4,670	)
*USD	4,110,164	NZD	5,823,000	08/05/2010		(182,066	)
*USD	487,288	NZD	685,000	08/12/2010		(25,417	)
*USD	225,488	NZD	317,000	08/13/2010		(11,761	)
*USD	237,531	NZD	334,000	08/16/2010		(12,387	)
USD	491,898	ILS	1,864,000	08/17/2010		(10,667	)
USD	540,602	ILS	2,052,000	08/19/2010		(10,835	)
USD	187,201	ILS	715,500	08/20/2010		(2,480	)
USD	320,204	ILS	1,221,000	08/23/2010		(4,978	)
USD	1,456,201	ILS	5,519,000	09/08/2010		(31,401	)
USD	1,452,590	ILS	5,469,000	10/05/2010		(40,826	)
USD	343,572	PHP	16,062,000	10/13/2010		(1,002	)
USD	207,230	PHP	9,682,000	10/18/2010		(832	)
USD	632,416	CNY	4,173,000	10/21/2010		(18,950	)
USD	672,135	CNY	4,425,205	10/25/2010		(21,502	)
USD	1,137,211	CNY	7,508,097	10/26/2010		(33,265	)
USD	678,188	CNY	4,486,553	10/27/2010		(18,489	)
USD	1,856,924	AUD	2,129,500	12/01/2010		(98,609	)
USD	391,212	CNY	2,591,000	12/06/2010		(9,694	)
USD	748,081	AUD	853,000	12/09/2010		(44,381	)
USD	1,856,467	AUD	2,128,000	12/10/2010		(101,121	)
USD	330,657	CNY	2,198,867	12/13/2010		(6,786	)
USD	663,289	CNY	4,410,209	12/14/2010		(13,684	)
USD	666,206	CNY	4,427,271	12/15/2010		(14,061	)
USD	3,883,566	ILS	14,495,800	01/07/2011		(142,694	)
USD	915,157	PHP	42,561,000	01/13/2011		(15,210	)
USD	146,034	PHP	6,830,000	01/14/2011		(1,628	)
USD	454,803	PHP	21,209,000	01/18/2011		(6,546	)
USD	515,827	PHP	24,053,000	01/19/2011		(7,508	)
USD	634,991	CLP	319,210,000	01/27/2011		(35,506	)
USD	1,640,651	CLP	831,490,000	01/28/2011		(79,141	)
*USD	1,039,616	NZD	1,481,419	01/28/2011		(53,626	)
USD	854,942	CLP	443,230,000	01/31/2011		(22,653	)
USD	2,201,943	CNY	14,622,000	02/01/2011		(43,859	)
USD	1,842,000	AUD	2,211,537	02/08/2011		(29,588	)
USD	1,888,000	KRW	2,228,406,400	02/09/2011		(34,533	)
USD	144,392	CLP	76,600,000	02/14/2011		(620	)
*USD	77,807	NZD	110,442	02/14/2011		(4,403	)
USD	288,685	CLP	152,700,000	02/16/2011		(2,098	)
USD	200,318	CLP	104,900,000	02/18/2011		(3,455	)
USD	1,415,039	CLP	741,890,000	02/22/2011		(22,932	)
USD	133,472	CLP	70,400,000	02/23/2011		(1,376	)
USD	133,473	CLP	69,900,000	02/24/2011		(2,319	)
USD	1,110,198	CLP	581,490,000	02/25/2011		(19,178	)
USD	418,761	CLP	219,160,000	02/28/2011		(7,603	)
USD	962,795	CLP	504,100,000	03/01/2011		(17,101	)
USD	76,938	CLP	40,200,000	03/02/2011		(1,525	)
USD	363,881	CLP	190,310,000	03/04/2011		(6,898	)
USD	739,376	CLP	373,200,000	03/10/2011		(39,489	)
USD	869,314	CLP	448,860,000	03/15/2011		(27,698	)
USD	136,795	CLP	70,600,000	03/21/2011		(4,450	)
USD	1,150,000	ILS	4,318,135	03/29/2011		(35,913	)
USD	341,366	CLP	179,490,000	03/31/2011		(5,027	)
USD	363,238	CLP	190,700,000	04/04/2011		(5,949	)
USD	472,160	INR	21,429,000	04/11/2011		(19,478	)
USD	1,012,338	INR	45,950,000	04/12/2011		(41,705	)
USD	681,927	INR	30,864,000	04/13/2011		(30,000	)
USD	669,377	INR	30,296,000	04/15/2011		(29,514	)
USD	566,946	INR	25,756,000	04/19/2011		(23,082	)
USD	227,029	MYR	740,795	04/19/2011		(2,746	)
USD	653,734	MYR	2,123,000	04/22/2011		(11,036	)

84

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Contract to Deliver		In Exchange For		Delivery Date	Gross Unrealized Depreciation
USD	629,307	CLP	330,550,000	04/25/2011	$	(10,499	)
USD	475,160	INR	21,520,000	04/26/2011		(20,907	)
USD	188,442	CLP	98,979,000	04/27/2011		(3,161	)
USD	67,741	INR	3,070,000	04/27/2011		(2,941	)
USD	305,638	CLP	159,543,000	04/28/2011		(6,998	)
USD	336,099	INR	15,232,000	04/28/2011		(14,609	)
USD	336,578	INR	15,247,000	04/29/2011		(14,788	)
USD	146,704	CLP	77,900,000	05/10/2011		(955	)
					$	(1,841,741	)
	Net Unrealized Appreciation/(Depreciation)				$	5,919,250

* Represents offsetting or partially offsetting forward currency contracts, that to the extent they are offset, do not have additional market risk, but have continued counterparty settlement risk.

Currency Legend

AUD—Australian Dollar

BRL—Brazilian Real

CLP—Chilean Peso

CNY—Yuan Renminbi

EGP—Egyptian Pound

EUR—Euro Dollar

IDR—Indonesian Rupiah

ILS—Israeli New Shekel

INR—Indian Rupee

KRW—South Korean Won

MXN—Mexican Peso

MYR—Malaysian Ringgit

NOK—Norwegian Krone

NZD—New Zealand Dollar

PHP—Philippine Peso

PLN—Polish Zloty

SEK—Swedish Krona

USD—United States Dollar

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2010 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs			Level 3 - Significant Unobservable Inputs		Total
Long-Term Investment Securities:
Common Stock:
United Kingdom	$	4,094,294	$	24,298,905	#	$	—	$	28,393,199
United States		60,538,459		—			—		60,538,459
Other Countries*		101,235,203		2,136,277	#		—		103,371,480
Preferred Stock		4,741,366		—			—		4,741,366
Corporate Bonds & Notes		—		997,600			—		997,600
Government Agencies		—		159,235,991			—		159,235,991
Municipal Bonds & Notes		—		6,296,372			—		6,296,372
Short-Term Investment Securities:
Collective Investment Pool		—		23,556,220			—		23,556,220
Foreign Government Treasuries		—		1,848,649			—		1,848,649
Time Deposits		—		223,000			—		223,000
U.S. Government Agencies		—		16,875,000			—		16,875,000
Other Financial Instruments:@
Open Forward Foreign Currency Contracts - Appreciation		—		7,760,991			—		7,760,991
Open Forward Foreign Currency Contracts - Depreciation		—		(1,841,741	)		—		(1,841,741	)
Total	$	170,609,322	$	241,387,264		$	—	$	411,996,586

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

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

# Includes foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities; therefore these securities were classified as Level 2 instead of Level 1. The aggregate value of these securities was $26,435,182 representing 6.7% of net assets. See Note 2.

See Notes to Financial Statements

85

VALIC Company I Government Securities Fund

PORTFOLIO PROFILE — May 31, 2010 (Unaudited)

Industry Allocation*

Federal National Mtg. Assoc.	22.2	%
Federal Home Loan Bank	21.2
United States Treasury Bonds	18.8
United States Treasury Notes	17.3
Repurchase Agreements	9.7
Federal Home Loan Mtg. Corp.	7.0
Collective Investment Pool	3.6
Federal Farm Credit Bank	2.7
Government National Mtg. Assoc.	0.7
	103.2	%

Credit Quality†#

Government — Treasury	48.9	%
Government — Agency	48.8
A	2.3
	100.0	%

* Calculated as a percentage of net assets.

† Source: Standard and Poors

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

86

VALIC Company I Government Securities Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES — 37.8%
Federal Farm Credit Bank — 2.7%
4.88% due 12/16/15	$	2,000,000	$	2,252,094
4.88% due 01/17/17#		1,000,000		1,116,289
				3,368,383
Federal Home Loan Bank — 5.2%
4.75% due 09/11/15		1,000,000		1,111,612
4.88% due 11/27/13		2,000,000		2,214,162
5.38% due 08/19/11#		2,000,000		2,109,860
5.38% due 06/14/13		1,000,000		1,113,673
				6,549,307
Federal Home Loan Mtg. Corp. — 7.0%
4.50% due 09/01/19		501,428		531,619
4.75% due 11/17/15		3,000,000		3,328,533
5.00% due 12/14/18		1,000,000		1,042,263
5.00% due 10/01/34		347,704		366,298
5.35% due 12/01/35(1)		113,010		120,052
5.50% due 12/01/36		260,678		278,294
5.75% due 01/15/12		2,000,000		2,155,440
6.00% due 11/01/33		533,036		582,050
6.50% due 02/01/32		200,789		222,115
7.50% due 09/01/16		78,312		85,479
8.00% due 02/01/30		4,500		5,149
8.00% due 08/01/30		1,133		1,296
8.00% due 06/01/31		5,535		6,334
				8,724,922
Federal National Mtg. Assoc. — 22.2%
2.49% due 02/01/35(1)		27,347		28,310
2.88% due 10/12/10		20,000,000		20,191,540
4.25% due 08/15/10		2,000,000		2,016,466
4.79% due 11/01/34(1)		84,598		89,119
5.00% due 02/16/12		752,000		803,980
5.00% due 02/01/19		474,020		508,761
5.00% due 12/01/36		699,070		733,036
5.25% due 08/01/12		1,000,000		1,078,120
5.32% due 01/01/36(1)		37,759		39,569
5.50% due 12/01/33		282,530		302,924
5.50% due 10/01/34		511,475		547,915
6.00% due 05/15/11		1,000,000		1,052,095
6.00% due 06/01/35		173,679		188,103
6.50% due 02/01/17		56,265		60,977
6.50% due 07/01/32		43,932		48,728
7.00% due 09/01/31		83,883		94,071
11.50% due 09/01/19		76		84
12.00% due 01/15/16		66		74
12.50% due 09/20/15		84		96
13.00% due 11/01/15		192		214
14.50% due 11/15/14		103		116
				27,784,298
Government National Mtg. Assoc. — 0.7%
5.00% due 09/15/35		17,861		18,942
5.00% due 02/15/36		526,255		556,792
5.00% due 05/15/36		71,213		75,345
6.00% due 01/15/32		101,198		111,173
6.50% due 08/15/31		74,346		82,785
7.50% due 02/15/29		8,010		9,121
7.50% due 07/15/30		504		575
7.50% due 01/15/31		7,157		8,173
7.50% due 02/15/31		6,594		7,530
				870,436
Total U.S. Government Agencies
(cost $45,034,985)				47,297,346

Security Description	Principal Amount			Value (Note 2)
U.S. GOVERNMENT TREASURIES — 36.1%
United States Treasury Bonds — 18.8%
zero coupon due 08/15/24 STRIPS	$	2,040,000		$	1,127,016
2.00% due 01/15/26 TIPS(2)		2,170,793			2,256,607
4.63% due 02/15/40		10,000,000			10,678,120
4.75% due 02/15/37		3,500,000			3,824,842
5.00% due 05/15/37		5,000,000			5,675,000
					23,561,585
United States Treasury Notes — 17.3%
3.50% due 05/15/20#		18,000,000			18,298,080
4.00% due 02/15/15#		1,000,000			1,088,828
4.25% due 08/15/13		1,000,000			1,090,938
4.25% due 08/15/15		1,000,000			1,101,484
					21,579,330
Total U.S. Government Treasuries
(cost $44,141,276)					45,140,915
Total Long-Term Investment Securities
(cost $89,176,261)					92,438,261
SHORT-TERM INVESTMENT SECURITIES — 19.6%
Collective Investment Pool — 3.6%
Securities Lending Quality Trust(3)		4,576,055			4,558,609
U.S. Government Agencies — 16.0%
Federal Home Loan Bank Disc. Note 0.06% due 06/10/10		20,000,000			20,000,000
Total Short-Term Investment Securities
(cost $24,576,056)					24,558,609
REPURCHASE AGREEMENT — 9.7%
State Street Bank & Trust Co. Joint Repurchase Agreement(4) (cost $12,087,000)		12,087,000			12,087,000
TOTAL INVESTMENTS
(cost $125,839,317)(5)		103.2	%		129,083,870
Liabilities in excess of other assets		(3.2	)		(4,030,385	)
NET ASSETS		100.0	%	$	125,053,485

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

(1) Floating rate security where the rate fluctuates. The rate moves up or down at each reset date. The rate reflected is as of May 31, 2010.

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

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

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

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

STRIPS—Separate Trading of Registered Interest and Principal Securities

TIPS—Treasury Inflation Protected Securities

87

VALIC Company I Government Securities Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2010 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
U.S. Government Agencies:
Federal Farm Credit Bank	$	—	$	3,368,383	$	—	$	3,368,383
Federal Home Loan Bank		—		6,549,307		—		6,549,307
Federal Home Loan Mtg Corp.		—		8,724,922		—		8,724,922
Federal National Mtg. Assoc.		—		27,784,298		—		27,784,298
Government National Mtg. Assoc.		—		870,436		—		870,436
U.S. Government Treasuries		—		45,140,915		—		45,140,915
Short Term Investment Securities:
Collective Investment Pool		—		4,558,609		—		4,558,609
U.S. Government Agencies		—		20,000,000		—		20,000,000
Repurchase Agreement		—		12,087,000		—		12,087,000
Total	$	—	$	129,083,870	$	—	$	129,083,870

See Notes to Financial Statements

88

VALIC Company I Growth Fund

PORTFOLIO PROFILE — May 31, 2010 (Unaudited)

Industry Allocation*

Collective Investment Pool	10.9	%
Computers	8.4
Applications Software	4.6
Diversified Manufacturing Operations	4.3
Beverages — Non-alcoholic	3.8
Cosmetics & Toiletries	3.6
Electronic Components — Semiconductors	3.5
Medical — Drugs	3.5
Retail — Discount	3.5
Medical Products	3.2
Medical — Biomedical/Gene	2.6
Networking Products	2.2
Pharmacy Services	2.2
Web Portals/ISP	1.9
Transport — Services	1.8
Food — Misc.	1.8
Commercial Services — Finance	1.7
Enterprise Software/Service	1.6
Computers — Memory Devices	1.6
Wireless Equipment	1.4
Oil — Field Services	1.4
Retail — Building Products	1.3
Oil Companies — Exploration & Production	1.3
Aerospace/Defense	1.3
Banks — Super Regional	1.3
Oil Companies — Integrated	1.2
Medical Instruments	1.2
Finance — Credit Card	1.0
Industrial Automated/Robotic	1.0
Transport — Rail	1.0
Retail — Restaurants	1.0
Semiconductor Components — Integrated Circuits	1.0
E-Commerce/Products	0.9
Retail — Regional Department Stores	0.9
Diversified Banking Institutions	0.9
Multimedia	0.8
Auto — Cars/Light Trucks	0.8
Auto/Truck Parts & Equipment — Original	0.8
Chemicals — Diversified	0.8
Machinery — Construction & Mining	0.8
Insurance — Life/Health	0.8
Chemicals — Specialty	0.7
Appliances	0.7
Electric Products — Misc.	0.7
Retail — Apparel/Shoe	0.7
Finance — Investment Banker/Broker	0.7
Hotels/Motels	0.7
Medical — Wholesale Drug Distribution	0.7
Gold Mining	0.7
Broadcast Services/Program	0.6
Internet Infrastructure Software	0.6
Food — Confectionery	0.6
Retail — Drug Store	0.6
Time Deposits	0.6
Banks — Commercial	0.5
E-Commerce/Services	0.5
Electronic Components — Misc.	0.5
Diversified Minerals	0.5
Instruments — Scientific	0.5
Retail — Mail Order	0.5
Telecom Equipment — Fiber Optics	0.5
Computers — Periphery Equipment	0.4
Vitamins & Nutrition Products	0.4
Medical — Generic Drugs	0.4
Tobacco	0.4
Telecommunication Equipment	0.3
Metal — Copper	0.3
Food — Catering	0.3
Food — Wholesale/Distribution	0.3

Oil Field Machinery & Equipment	0.2
Retail — Major Department Stores	0.2
Computer Services	0.2
Diagnostic Equipment	0.2
Optical Supplies	0.2
Auto — Heavy Duty Trucks	0.2
Apparel Manufacturers	0.2
Soap & Cleaning Preparation	0.2
Food — Retail	0.2
Cable/Satellite TV	0.2
Human Resources	0.2
Retail — Jewelry	0.2
Computers — Integrated Systems	0.2
Industrial Gases	0.2
Garden Products	0.2
Semiconductor Equipment	0.2
Software Tools	0.2
Finance — Leasing Companies	0.2
Metal Processors & Fabrication	0.1
Finance — Auto Loans	0.1
Paper & Related Products	0.1
Home Furnishings	0.1
Retail — Pet Food & Supplies	0.1
Dental Supplies & Equipment	0.1
Building Products — Cement	0.1
Machinery — Electrical	0.1
Insurance — Property/Casualty	0.1
Consumer Products — Misc.	0.1
Multilevel Direct Selling	0.1
Engineering/R&D Services	0.1
Footwear & Related Apparel	0.1
Food — Meat Products	0.1
Transactional Software	0.1
Recreational Vehicles	0.1
Diversified Operations	0.1
Coal	0.1
Electronic Forms	0.1
Beverages — Wine/Spirits	0.1
Office Automation & Equipment	0.1
Retail — Bedding	0.1
Metal — Iron	0.1
Web Hosting/Design	0.1
Dialysis Centers	0.1
Steel — Producers	0.1
Entertainment Software	0.1
	110.8	%

* Calculated as a percentage of net assets

89

VALIC Company I Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010

Security Description	Shares	Value (Note 2)
COMMON STOCK — 99.3%
Aerospace/Defense — 1.3%
Raytheon Co.	25,491	$	1,335,983
Rockwell Collins, Inc.	105,300		6,143,202
The Boeing Co.	14,663		941,072
			8,420,257
Aerospace/Defense - Equipment — 0.0%
United Technologies Corp.	2,948		198,636
Apparel Manufacturers — 0.2%
Coach, Inc.#	33,832		1,390,834
Appliances — 0.7%
Whirlpool Corp.#	44,957		4,695,309
Applications Software — 4.6%
Intuit, Inc.†	126,666		4,527,043
Microsoft Corp.	966,135		24,926,283
Salesforce.com, Inc.†#	11,300		977,789
			30,431,115
Auto - Cars/Light Trucks — 0.8%
Bayerische Motoren Werke AG	14,600		681,298
Ford Motor Co.†#	298,328		3,499,387
Hyundai Motor Co.	10,130		1,179,852
			5,360,537
Auto - Heavy Duty Trucks — 0.2%
Oshkosh Corp.†#	23,612		838,934
PACCAR, Inc.	14,420		591,220
			1,430,154
Auto/Truck Parts & Equipment - Original — 0.8%
BorgWarner, Inc.†	133,700		4,981,662
Johnson Controls, Inc.	11,330		323,245
			5,304,907
Banks - Commercial — 0.5%
Banco Santander Brasil SA ADR	82,220		856,732
Bank Mandiri Tbk PT	864,500		504,095
HDFC Bank, Ltd. ADR	2,750		382,250
Itau Unibanco Holding SA ADR	23,900		439,999
Powszechna Kasa Oszczednosci Bank Polski SA	60,060		746,155
Toronto - Dominion Bank	9,331		638,894
			3,568,125
Banks - Fiduciary — 0.0%
The Bank of New York Mellon Corp.	1,880		51,136
Banks - Super Regional — 1.3%
Fifth Third Bancorp	45,690		593,513
PNC Financial Services Group, Inc.	25,319		1,588,767
Wells Fargo & Co.	209,304		6,004,932
			8,187,212
Beverages - Non - alcoholic — 3.8%
Coca - Cola Enterprises, Inc.	41,635		1,086,673
Dr Pepper Snapple Group, Inc.	25,359		960,092
PepsiCo, Inc.	170,303		10,710,356
The Coca - Cola Co.	240,191		12,345,817
			25,102,938
Beverages - Wine/Spirits — 0.1%
Pernod - Ricard SA	7,384		561,150
Broadcast Services/Program — 0.6%
Discovery Communications, Inc., Class A†#	17,730		667,712
Scripps Networks Interactive Inc., Class A#	79,000		3,569,220
			4,236,932

Security Description	Shares	Value (Note 2)
Building Products - Cement — 0.1%
Holcim, Ltd.	12,820	$	813,625
Cable/Satellite TV — 0.2%
DIRECTV, Class A†	34,574		1,303,094
Chemicals - Diversified — 0.8%
PPG Industries, Inc.	82,202		5,266,682
Chemicals - Specialty — 0.7%
Eastman Chemical Co.	15,805		954,464
Lubrizol Corp.	8,036		711,748
Sigma - Aldrich Corp.	57,100		3,042,288
			4,708,500
Coal — 0.1%
Peabody Energy Corp.	6,088		237,189
Walter Energy, Inc.#	5,319		421,956
			659,145
Commercial Services - Finance — 1.7%
Global Payments, Inc.#	16,310		688,119
Lender Processing Services, Inc.	8,420		285,775
Mastercard, Inc., Class A#	22,277		4,494,830
Paychex, Inc.#	148,000		4,223,920
Visa, Inc., Class A	15,799		1,144,796
			10,837,440
Computer Services — 0.2%
Accenture PLC, Class A	6,536		245,231
Cognizant Technology Solutions Corp., Class A†	14,679		734,537
Infosys Technologies, Ltd. ADR	9,060		521,222
			1,500,990
Computers — 8.4%
Apple, Inc.†	116,081		29,851,390
Hewlett - Packard Co.	273,185		12,569,242
International Business Machines Corp.	99,647		12,481,783
Research In Motion, Ltd.†	5,759		349,571
			55,251,986
Computers - Integrated Systems — 0.2%
Teradata Corp.†	37,700		1,204,138
Computers - Memory Devices — 1.6%
EMC Corp.†	511,257		9,519,605
SanDisk Corp.†	1,549		72,214
Seagate Technology†	27,919		428,836
Western Digital Corp.†	17,807		619,862
			10,640,517
Computers - Periphery Equipment — 0.4%
Lexmark International, Inc., Class A†#	76,997		2,891,237
Consumer Products - Misc. — 0.1%
Kimberly - Clark Corp.	12,642		767,369
Cosmetics & Toiletries — 3.6%
Colgate - Palmolive Co.	82,754		6,462,260
The Estee Lauder Cos., Inc., Class A	67,095		3,909,626
The Procter & Gamble Co.	214,394		13,097,329
			23,469,215
Dental Supplies & Equipment — 0.1%
Sirona Dental Systems, Inc.†#	23,883		844,981
Diagnostic Equipment — 0.2%
Gen - Probe, Inc.†#	33,800		1,485,848

90

VALIC Company I Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
Dialysis Centers — 0.1%
Fresenius Medical Care AG & Co. KGaA	8,710	$	440,173
Diversified Banking Institutions — 0.9%
Barclays PLC(4)	332,550		1,457,515
Credit Suisse Group AG	29,030		1,127,793
HSBC Holdings PLC (London)(4)	80,790		735,933
JPMorgan Chase & Co.	17,958		710,778
The Goldman Sachs Group, Inc.	10,900		1,572,434
			5,604,453
Diversified Manufacturing Operations — 4.3%
3M Co.	91,174		7,231,010
Carlisle Cos., Inc.	20,465		795,884
Cooper Industries PLC, Class A#	19,950		937,051
Danaher Corp.	23,710		1,882,100
Eaton Corp.#	73,800		5,162,310
Honeywell International, Inc.	88,500		3,785,145
Illinois Tool Works, Inc.	99,650		4,626,749
ITT Corp.	4,829		233,144
Textron, Inc.#	158,901		3,284,484
			27,937,877
Diversified Minerals — 0.5%
BHP Billiton, Ltd.	64,821		2,089,838
BHP Billiton, Ltd. ADR#	7,200		466,848
Xstrata PLC(4)	44,760		657,181
			3,213,867
Diversified Operations — 0.1%
LVMH Moet Hennessy Louis Vuitton SA#	6,320		669,858
E - Commerce/Products — 0.9%
Amazon.com, Inc.†	48,981		6,145,156
E - Commerce/Services — 0.5%
Ctrip.com International, Ltd. ADR†	10,950		431,320
NetFlix, Inc.†	11,218		1,246,881
priceline.com, Inc.†#	1,480		282,917
Rakuten, Inc.#	1,866		1,300,313
			3,261,431
Electric Products - Misc. — 0.7%
Emerson Electric Co.	100,217		4,654,078
Electronic Components - Misc. — 0.5%
Jabil Circuit, Inc.#	102,434		1,402,321
Nidec Corp.	9,300		846,058
Tyco Electronics, Ltd.	33,573		967,574
			3,215,953
Electronic Components - Semiconductors — 3.5%
Altera Corp.#	120,002		2,828,447
ARM Holdings PLC(4)	101,110		362,657
Broadcom Corp., Class A	181,365		6,260,720
Cree, Inc.†#	21,432		1,422,442
Intel Corp.	257,956		5,525,417
Microchip Technology, Inc.	80,795		2,250,141
Micron Technology, Inc.†#	149,595		1,359,818
NVIDIA Corp.†	7,707		101,270
QLogic Corp.†#	90,513		1,640,096
Texas Instruments, Inc.	49,410		1,206,592
			22,957,600
Electronic Forms — 0.1%
Adobe Systems, Inc.†	18,445		591,716

Security Description	Shares	Value (Note 2)
Engineering/R&D Services — 0.1%
ABB, Ltd.†	41,540	$	712,012
Engines - Internal Combustion — 0.0%
Cummins, Inc.	1,584		107,680
Enterprise Software/Service — 1.6%
Oracle Corp.	477,909		10,786,406
Entertainment Software — 0.1%
Activision Blizzard, Inc.	31,737		341,173
Filtration/Separation Products — 0.0%
Donaldson Co., Inc.#	4,133		178,339
Finance - Auto Loans — 0.1%
AmeriCredit Corp.†	41,999		908,018
Finance - Credit Card — 1.0%
American Express Co.	168,245		6,707,928
Finance - Investment Banker/Broker — 0.7%
The Charles Schwab Corp.	283,179		4,627,145
Finance - Leasing Companies — 0.2%
ORIX Corp.	12,800		974,837
Food - Catering — 0.3%
Compass Group PLC(4)	211,953		1,644,379
Food - Confectionery — 0.6%
The Hershey Co.#	84,802		3,968,734
Food - Meat Products — 0.1%
Tyson Foods, Inc., Class A	39,327		691,369
Food - Misc. — 1.8%
ConAgra Foods, Inc.	36,460		881,603
Corn Products International, Inc.	3,665		122,228
General Mills, Inc.	86,979		6,195,514
Kellogg Co.	61,109		3,265,054
Nestle SA	27,630		1,252,703
			11,717,102
Food - Retail — 0.2%
Whole Foods Market, Inc.†#	32,491		1,313,611
Food - Wholesale/Distribution — 0.3%
Sysco Corp.#	54,300		1,618,683
Footwear & Related Apparel — 0.1%
Deckers Outdoor Corp.†	4,785		692,485
Garden Products — 0.2%
Toro Co.#	19,048		1,018,878
Gold Mining — 0.7%
Newmont Mining Corp.	81,067		4,363,026
Home Furnishings — 0.1%
Tempur - Pedic International, Inc.†#	26,358		875,086
Hospital Beds/Equipment — 0.0%
Hill - Rom Holdings, Inc.#	9,724		271,105
Hotels/Motels — 0.7%
Accor SA†#	16,500		786,795
Starwood Hotels & Resorts Worldwide, Inc.#	82,604		3,820,435
			4,607,230
Human Resources — 0.2%
Adecco SA#	26,470		1,283,706
Industrial Automated/Robotic — 1.0%
Nordson Corp.#	14,432		961,604
Rockwell Automation, Inc.#	107,225		5,729,032
			6,690,636

91

VALIC Company I Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
Industrial Gases — 0.2%
Air Products & Chemicals, Inc.	17,350	$	1,198,191
Instruments - Scientific — 0.5%
Thermo Fisher Scientific, Inc.†	46,900		2,441,614
Waters Corp.†#	8,233		563,467
			3,005,081
Insurance - Life/Health — 0.8%
Aflac, Inc.	112,876		5,000,407
Insurance - Property/Casualty — 0.1%
Admiral Group PLC(4)	41,120		767,874
Internet Content - Information/News — 0.0%
Baidu, Inc. ADR†	3,790		277,466
Internet Infrastructure Software — 0.6%
F5 Networks, Inc.†#	58,148		4,089,549
Internet Security — 0.0%
Symantec Corp.†	9,332		132,234
VeriSign, Inc.†#	1,200		33,492
			165,726
Investment Management/Advisor Services — 0.0%
Affiliated Managers Group, Inc.†#	784		56,174
Machinery - Construction & Mining — 0.8%
Atlas Copco AB, Class A	56,410		806,192
Caterpillar, Inc.	51,989		3,158,852
Komatsu, Ltd.	57,100		1,070,879
			5,035,923
Machinery - Electrical — 0.1%
SMC Corp.	6,100		790,573
Machinery - Pumps — 0.0%
Graco, Inc.#	6,674		211,499
Medical Instruments — 1.2%
Bruker Corp.†	541		6,889
Edwards Lifesciences Corp.†#(5)	87,200		4,406,216
ev3, Inc.†#	34,453		651,851
Intuitive Surgical, Inc.†	3,658		1,180,693
Medtronic, Inc.	32,766		1,283,772
			7,529,421
Medical Products — 3.2%
Baxter International, Inc.	42,347		1,788,314
Becton, Dickinson and Co.	32,743		2,334,576
Covidien PLC	106,109		4,497,960
Johnson & Johnson	200,880		11,711,304
Sonova Holding AG	4,070		441,247
			20,773,401
Medical Sterilization Products — 0.0%
STERIS Corp.#	3,236		103,002
Medical - Biomedical/Gene — 2.6%
Alexion Pharmaceuticals, Inc.†#	26,500		1,325,795
Amgen, Inc.†	154,339		7,991,673
Celgene Corp.†	13,622		718,697
Dendreon Corp.†	10,948		475,143
Gilead Sciences, Inc.†	146,951		5,278,480
Illumina, Inc.†#	15,629		657,043
Talecris Biotherapeutics Holdings Corp.†#	48,298		800,781
			17,247,612
Medical - Drugs — 3.5%
Abbott Laboratories	233,802		11,119,623

Security Description	Shares	Value (Note 2)
Medical - Drugs (continued)
Allergan, Inc.	108,694	$	6,542,292
Bristol - Myers Squibb Co.	51,246		1,189,420
Eli Lilly & Co.	38,361		1,257,857
Novartis AG	9,250		420,182
Novo Nordisk A/S, Class B	30,900		2,387,056
			22,916,430
Medical - Generic Drugs — 0.4%
Perrigo Co.#	36,568		2,172,505
Teva Pharmaceutical Industries, Ltd. ADR	7,750		424,855
			2,597,360
Medical - Wholesale Drug Distribution — 0.7%
AmerisourceBergen Corp.	62,976		1,969,890
Cardinal Health, Inc.	18,123		625,062
McKesson Corp.	28,745		2,012,150
			4,607,102
Metal Processors & Fabrication — 0.1%
Timken Co.	33,368		960,665
Metal - Copper — 0.3%
Antofagasta PLC(4)	41,240		527,459
Freeport - McMoRan Copper & Gold, Inc.	16,165		1,132,358
			1,659,817
Metal - Iron — 0.1%
Cliffs Natural Resources, Inc.#	8,390		468,665
Multilevel Direct Selling — 0.1%
Nu Skin Enterprises, Inc., Class A#	26,472		761,335
Multimedia — 0.8%
The Walt Disney Co.	165,950		5,546,049
Networking Products — 2.2%
Acme Packet, Inc.†#	20,302		595,051
Cisco Systems, Inc.†	609,729		14,121,324
			14,716,375
Office Automation & Equipment — 0.1%
Canon, Inc.	13,300		546,595
Oil Companies - Exploration & Production — 1.3%
Apache Corp.	7,350		658,119
Cimarex Energy Co.	3,206		235,577
CNOOC, Ltd.	371,000		593,684
EXCO Resources, Inc.#	20,442		352,624
Occidental Petroleum Corp.	60,918		5,026,344
Southwestern Energy Co.†	44,101		1,658,639
			8,524,987
Oil Companies - Integrated — 1.2%
BG Group PLC(4)	75,480		1,160,609
Exxon Mobil Corp.	105,891		6,402,170
			7,562,779
Oil Field Machinery & Equipment — 0.2%
Cameron International Corp.†#	42,600		1,542,120
Oil - Field Services — 1.4%
Petrofac, Ltd.(4)	18,150		295,902
Saipem SpA#	33,036		1,037,615
Schlumberger, Ltd.#	134,267		7,539,092
			8,872,609

92

VALIC Company I Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
Optical Supplies — 0.2%
Alcon, Inc.	6,563	$	921,970
Essilor International SA#	8,910		508,770
			1,430,740
Paper & Related Products — 0.1%
International Paper Co.	38,176		886,829
Pharmacy Services — 2.2%
Express Scripts, Inc.†	82,218		8,271,131
Medco Health Solutions, Inc.†	96,730		5,576,485
SXC Health Solutions Corp.†	9,138		672,191
			14,519,807
Recreational Vehicles — 0.1%
Polaris Industries, Inc.#	11,440		671,528
Retail - Apparel/Shoe — 0.7%
Abercrombie & Fitch Co., Class A#	53,172		1,905,153
J Crew Group, Inc.†#	28,323		1,292,662
Limited Brands, Inc.	1,538		38,235
Lululemon Athletica, Inc.†#	3,739		152,776
Ross Stores, Inc.	21,531		1,128,224
The Gap, Inc.	6,098		132,936
			4,649,986
Retail - Bedding — 0.1%
Bed Bath & Beyond, Inc.†	10,766		483,070
Retail - Building Products — 1.3%
Home Depot, Inc.	259,349		8,781,557
Retail - Discount — 3.5%
Costco Wholesale Corp.	94,781		5,520,993
Dollar Tree, Inc.†	21,308		1,333,668
Family Dollar Stores, Inc.	8,833		359,856
Target Corp.	143,290		7,813,604
Wal - Mart Stores, Inc.	154,088		7,790,689
			22,818,810
Retail - Drug Store — 0.6%
Walgreen Co.	120,600		3,864,024
Retail - Jewelry — 0.2%
The Swatch Group AG, Class B	4,830		1,267,940
Retail - Mail Order — 0.5%
Williams - Sonoma, Inc.#	100,439		3,001,117
Retail - Major Department Stores — 0.2%
Nordstrom, Inc.#	1,330		52,801
TJX Cos., Inc.#	32,118		1,460,084
			1,512,885
Retail - Pet Food & Supplies — 0.1%
PetSmart, Inc.#	26,930		855,297
Retail - Regional Department Stores — 0.9%
Kohl’s Corp.†	114,780		5,825,085
Retail - Restaurants — 1.0%
Chipotle Mexican Grill, Inc., Class A†#	26,602		3,784,932
McDonald’s Corp.	6,494		434,254
Starbucks Corp.	60,549		1,567,614
Yum! Brands, Inc.	18,990		777,640
			6,564,440
Schools — 0.0%
ITT Educational Services, Inc.†#	977		98,618

Security Description	Shares/ Principal Amount			Value (Note 2)
Semiconductor Components - Integrated Circuits — 1.0%
Linear Technology Corp.#		202,067		$	5,649,794
Marvell Technology Group, Ltd.†		42,085			798,773
					6,448,567
Semiconductor Equipment — 0.2%
ASML Holding NV		35,740			1,010,012
Soap & Cleaning Preparation — 0.2%
Reckitt Benckiser Group PLC(4)		28,937			1,361,459
Software Tools — 0.2%
VMware, Inc. Class A†#		14,871			984,609
Steel - Producers — 0.1%
Reliance Steel & Aluminum Co.#		8,598			394,734
Telecom Equipment - Fiber Optics — 0.5%
Corning, Inc.		170,365			2,969,462
Telecom Services — 0.0%
NeuStar, Inc., Class A†		11,889			254,306
Telecommunication Equipment — 0.3%
Arris Group, Inc.†#		80,600			884,182
Tellabs, Inc.		123,119			1,108,071
					1,992,253
Tobacco — 0.4%
Philip Morris International, Inc.		51,808			2,285,769
Transactional Software — 0.1%
VeriFone Holdings, Inc.†#		34,166			689,470
Transport - Rail — 1.0%
Union Pacific Corp.		92,243			6,588,918
Transport - Services — 1.8%
United Parcel Service, Inc., Class B		191,205			12,000,026
Vitamins & Nutrition Products — 0.4%
Mead Johnson Nutrition Co., Class A		54,663			2,695,979
Web Hosting/Design — 0.1%
Equinix, Inc.†#		5,010			460,970
Web Portals/ISP — 1.9%
Google, Inc., Class A†		25,130			12,192,573
Wireless Equipment — 1.4%
American Tower Corp., Class A†		154,401			6,257,873
QUALCOMM, Inc.		78,063			2,775,920
					9,033,793
X - Ray Equipment — 0.0%
Hologic, Inc.†		19,406			289,149
Total Long-Term Investment Securities
(cost $599,033,308)					651,794,308
SHORT-TERM INVESTMENT SECURITIES — 11.5%
Collective Investment Pool — 10.9%
Securities Lending Quality Trust(1)(2)		71,969,793			71,695,403
Time Deposits — 0.6%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 06/01/10	$	3,827,000			3,827,000
Total Short-Term Investment Securities
(cost $75,796,793)					75,522,403
TOTAL INVESTMENTS
(cost $674,830,101)(3)		110.8	%		727,316,711
Liabilities in excess of other assets		(10.8	)		(70,936,558	)
NET ASSETS —		100.0	%	$	656,380,153

93

VALIC Company I Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

# The security or a portion thereof is out on loan.

† Non-income producing security

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

(2) At May 31, 2010, the fund had loaned securities with a total value of $68,533,650. This was secured by collateral of $71,969,793 which was received in cash and subsequently invested in short-term investments currently valued at $71,695,403 as reported in the Portfolio of Investments. The remaining collateral of $264,357 was received in the form of short-term pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Date Range
United States Treasury Bills	zero coupon	09/16/10 to 11/26/10
United States Treasury Notes/Bonds	0.88% to 6.25%	01/31/11 to 08/15/23

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

(4) Security was valued using fair value procedures at May 31, 2010. The aggregate value of these securities was $8,970,968 representing 1.4% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing procedures for foreign equity securities.

(5) Illiquid security, At May 31, 2010, the aggregate value of these securities was $4,406,216 representing 0.7% of net assets.

ADR—American Depository Receipt

Open Forward Foreign Currency Contracts
Contract to Deliver		In Exchange For		Delivery Date	Gross Unrealized Appreciation
DKK	377,598	USD	62,511	06/30/2010	$	98
Contract to Deliver		In Exchange For		Delivery Date	Gross Unrealized (Depreciation)
DKK	8,847,443	USD	1,459,739	06/30/2010	$	(2,643	)
	Net Unrealized Appreciation (Depreciation)				$	(2,545	)

Currency Legend

DKK—Danish Krone

USD—United State Dollar

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2010 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs			Level 3 - Significant Unobservable Inputs		Total
Long-Term Investment Securities:
Common Stock:
Computers	$	55,251,986	$	—		$	—	$	55,251,986
Other Industries*		587,571,354		8,970,968	#		—		596,542,322
Short-Term Investment Securities:
Collective Investment Pool		—		71,695,403			—		71,695,403
Time Deposits		—		3,827,000			—		3,827,000
Other Financial Instruments:@
Open Forward Foreign Currency Contracts - Appreciation		—		98			—		98
Open Forward Foreign Currency Contracts - Depreciation		—		(2,643	)		—		(2,643	)
Total	$	642,823,340	$	84,490,826		$	—	$	727,314,166

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

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

# Includes foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities; therefore these securities were classified as Level 2 instead of Level 1. The aggregate value of these securities was $8,970,968 representing 1.4% of net assets. See Note 2.

See Notes to Financial Statements

94

VALIC Company I Growth & Income Fund

PORTFOLIO PROFILE — May 31, 2010 — (Unaudited)

Industry Allocation*

Diversified Banking Institutions	7.2	%
Collective Investment Pool	6.1
Computers	5.8
Oil Companies — Integrated	5.3
Oil Companies — Exploration & Production	4.1
Medical — Drugs	3.8
Repurchase Agreement	3.5
Retail — Discount	3.5
Multimedia	2.7
Electric — Integrated	2.6
Electronic Components — Semiconductors	2.4
Telephone — Integrated	2.3
Diversified Manufacturing Operations	2.2
Beverages — Non-alcoholic	2.1
Banks — Super Regional	2.1
Web Portals/ISP	2.1
Transport — Rail	2.1
Aerospace/Defense	2.0
Retail — Drug Store	2.0
Applications Software	1.9
Oil — Field Services	1.8
Aerospace/Defense — Equipment	1.8
Medical Products	1.6
Cosmetics & Toiletries	1.5
Medical — Biomedical/Gene	1.5
Enterprise Software/Service	1.5
Networking Products	1.4
Insurance — Multi-line	1.4
E-Commerce/Products	1.3
Machinery — Construction & Mining	1.2
Exchange-Traded Fund	1.2
Apparel Manufacturers	1.2
Wireless Equipment	1.1
Electric Products — Misc.	1.1
Food — Misc.	1.1
Metal — Copper	1.0
Commercial Services — Finance	1.0
Retail — Major Department Stores	1.0
Medical — Generic Drugs	0.9
Retail — Building Products	0.8
Medical — HMO	0.8
Cable/Satellite TV	0.8
Medical Instruments	0.8
Finance — Credit Card	0.8
Instruments — Scientific	0.7
E-Commerce/Services	0.7
Insurance — Life/Health	0.7
Industrial Gases	0.7
Web Hosting/Design	0.6
Pharmacy Services	0.6
Casino Hotels	0.6
Consumer Products — Misc.	0.6
Chemicals — Diversified	0.6
Computers — Memory Devices	0.5
Gold Mining	0.5
Investment Management/Advisor Services	0.5
Semiconductor Equipment	0.5
Tobacco	0.5
Agricultural Chemicals	0.5
Telecom Equipment — Fiber Optics	0.5
Finance — Investment Banker/Broker	0.5
Oil & Gas Drilling	0.4
Medical — Wholesale Drug Distribution	0.4
Electronic Measurement Instruments	0.4
Consulting Services	0.3
Cellular Telecom	0.3
X-Ray Equipment	0.2
Retail — Apparel/Shoe	0.1
	106.3	%

* Calculated as a percentage of net assets

95

VALIC Company I Growth & Income Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010

Security Description	Shares	Value (Note 2)
COMMON STOCK — 95.5%
Aerospace/Defense — 2.0%
General Dynamics Corp.	9,000	$	611,100
Raytheon Co.	18,700		980,067
			1,591,167
Aerospace/Defense - Equipment — 1.8%
United Technologies Corp.#	20,700		1,394,766
Agricultural Chemicals — 0.5%
Monsanto Co.#	3,700		188,219
Potash Corp. of Saskatchewan, Inc.	2,000		198,380
			386,599
Apparel Manufacturers — 1.2%
Coach, Inc.#	23,000		945,530
Applications Software — 1.9%
Microsoft Corp.	59,800		1,542,840
Banks - Super Regional — 2.1%
US Bancorp	20,000		479,200
Wells Fargo & Co.	41,500		1,190,635
			1,669,835
Beverages - Non - alcoholic — 2.1%
PepsiCo, Inc.	26,900		1,691,741
Cable/Satellite TV — 0.8%
Comcast Corp., Class A	35,000		633,150
Casino Hotels — 0.6%
Las Vegas Sands Corp.†#	21,300		500,124
Cellular Telecom — 0.3%
Sprint Nextel Corp.†#	44,400		227,772
Chemicals - Diversified — 0.6%
E.I. du Pont de Nemours & Co.	13,000		470,210
Commercial Services - Finance — 1.0%
Visa, Inc., Class A#	11,200		811,552
Computers — 5.8%
Apple, Inc.†	9,700		2,494,452
Hewlett - Packard Co.	30,700		1,412,507
International Business Machines Corp.	5,700		713,982
			4,620,941
Computers - Memory Devices — 0.5%
EMC Corp.†	23,500		437,570
Consulting Services — 0.3%
FTI Consulting, Inc.†#	5,600		239,456
Consumer Products - Misc. — 0.6%
Kimberly - Clark Corp.	8,000		485,600
Cosmetics & Toiletries — 1.5%
The Procter & Gamble Co.#	19,900		1,215,691
Diversified Banking Institutions — 7.2%
Bank of America Corp.#	99,900		1,572,426
Citigroup, Inc.†#	250,100		990,396
JPMorgan Chase & Co.	50,650		2,004,727
Morgan Stanley	41,900		1,135,909
			5,703,458
Diversified Manufacturing Operations — 2.2%
Danaher Corp.#	6,500		515,970
General Electric Co.	78,050		1,276,117
			1,792,087
E - Commerce/Products — 1.3%
Amazon.com, Inc.†#	4,600		577,116
MercadoLibre, Inc.†#	8,900		461,643
			1,038,759

Security Description	Shares	Value (Note 2)
E - Commerce/Services — 0.7%
eBay, Inc.†	27,500	$	588,775
Electric Products - Misc. — 1.1%
AMETEK, Inc.	12,000		487,200
Emerson Electric Co.#	8,300		385,452
			872,652
Electric - Integrated — 2.6%
Entergy Corp.	7,000		525,490
Exelon Corp.#	13,000		501,800
NextEra Energy, Inc.	10,500		524,265
PG&E Corp.	12,100		502,150
			2,053,705
Electronic Components - Semiconductors — 2.4%
Avago Technologies, Ltd.†	18,400		379,960
Broadcom Corp., Class A	14,700		507,444
Intel Corp.	47,100		1,008,882
			1,896,286
Electronic Measurement Instruments — 0.4%
Agilent Technologies, Inc.†#	8,800		284,768
Enterprise Software/Service — 1.5%
Oracle Corp.	51,750		1,167,998
Finance - Credit Card — 0.8%
Discover Financial Services	45,000		605,250
Finance - Investment Banker/Broker — 0.5%
The Charles Schwab Corp.#	22,700		370,918
Food - Misc. — 1.1%
Kraft Foods, Inc., Class A	29,300		837,980
Gold Mining — 0.5%
Newmont Mining Corp.	8,000		430,560
Industrial Gases — 0.7%
Praxair, Inc.#	7,500		582,000
Instruments - Scientific — 0.7%
Thermo Fisher Scientific, Inc.†#	11,400		593,484
Insurance - Life/Health — 0.7%
Lincoln National Corp.	22,000		582,120
Insurance - Multi-line — 1.4%
Assurant, Inc.#	17,500		607,250
The Allstate Corp.	16,000		490,080
			1,097,330
Investment Management/Advisor Services — 0.5%
Invesco, Ltd.#	21,600		400,896
Machinery - Construction & Mining — 1.2%
Caterpillar, Inc.	10,000		607,600
Terex Corp.†#	17,800		387,328
			994,928
Medical Instruments — 0.8%
Medtronic, Inc.	7,200		282,096
St. Jude Medical, Inc.†	9,100		339,794
			621,890
Medical Products — 1.6%
Covidien PLC	11,100		473,305
Johnson & Johnson	13,750		801,625
			1,274,930

96

VALIC Company I Growth & Income Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
Medical - Biomedical/Gene — 1.5%
Amgen, Inc.†	5,200	$	269,256
Celgene Corp.†#	9,400		495,944
Gilead Sciences, Inc.†#	11,300		405,896
			1,171,096
Medical - Drugs — 3.8%
Abbott Laboratories	22,150		1,053,454
Allergan, Inc.	5,000		303,434
Merck & Co., Inc.	25,300		852,357
Pfizer, Inc.	53,250		810,997
			3,020,242
Medical - Generic Drugs — 0.9%
Mylan, Inc.†#	19,100		371,304
Teva Pharmaceutical Industries, Ltd. ADR	6,400		350,848
			722,152
Medical - HMO — 0.8%
UnitedHealth Group, Inc.	22,000		639,540
Medical - Wholesale Drug Distribution — 0.4%
AmerisourceBergen Corp.	9,400		296,872
Metal - Copper — 1.0%
Freeport-McMoRan Copper & Gold, Inc.	11,900		833,595
Multimedia — 2.7%
The Walt Disney Co.	18,500		618,270
Viacom, Inc., Class B†#	46,200		1,552,782
			2,171,052
Networking Products — 1.4%
Cisco Systems, Inc.†	47,500		1,100,100
Oil & Gas Drilling — 0.4%
Noble Corp.†	11,500		334,305
Oil Companies - Exploration & Production — 4.1%
Apache Corp.#	9,700		868,538
Devon Energy Corp.	6,000		383,100
Occidental Petroleum Corp.	21,800		1,798,718
Ultra Petroleum Corp.†#	4,100		188,682
			3,239,038
Oil Companies - Integrated — 5.3%
Chevron Corp.	17,200		1,270,564
ConocoPhillips	17,500		907,550
Exxon Mobil Corp.	19,950		1,206,177
Marathon Oil Corp.	26,000		808,340
			4,192,631
Oil - Field Services — 1.8%
Schlumberger, Ltd.#	25,100		1,409,365
Pharmacy Services — 0.6%
Express Scripts, Inc.†	5,000		503,000
Retail - Apparel/Shoe — 0.1%
Abercrombie & Fitch Co., Class A	2,800		100,324
Retail - Building Products — 0.8%
Lowe’s Cos., Inc.	26,000		643,500
Retail - Discount — 3.5%
Target Corp.	18,700		1,019,711
Wal-Mart Stores, Inc.	34,900		1,764,544
			2,784,255
Retail - Drug Store — 2.0%
CVS Caremark Corp.	45,000		1,558,350

Security Description	Shares/ Principal Amount			Value (Note 2)
Retail - Major Department Stores — 1.0%
J.C. Penney Co., Inc.#		27,700		$	761,473
Semiconductor Equipment — 0.5%
ASML Holding NV		14,100			398,466
Telecom Equipment - Fiber Optics — 0.5%
Corning, Inc.#		21,300			371,259
Telephone - Integrated — 2.3%
AT&T, Inc.		42,100			1,023,030
Verizon Communications, Inc.		29,400			809,088
					1,832,118
Tobacco — 0.5%
Philip Morris International, Inc.		8,800			388,256
Transport - Rail — 2.1%
Union Pacific Corp.		23,000			1,642,890
Web Hosting/Design — 0.6%
Equinix, Inc.†#		5,500			506,055
Web Portals/ISP — 2.1%
Google, Inc., Class A†		3,400			1,649,612
Wireless Equipment — 1.1%
QUALCOMM, Inc.		25,000			889,000
X - Ray Equipment — 0.2%
Hologic, Inc.†#		13,200			196,680
Total Common Stock
(cost $78,044,577)					76,010,544
EXCHANGE-TRADED FUND — 1.2%
Financial Select Sector SPDR Fund# (cost $1,248,542)		67,200			986,496
Total Long - Term Investment Securities
(cost $79,093,119)					76,997,040
SHORT - TERM INVESTMENT SECURITIES — 6.1%
Collective Investment Pool — 6.1%
Securities Lending Quality Trust(1) (cost $4,835,599)		4,835,599			4,817,163
REPURCHASE AGREEMENT — 3.5%
State Street Bank & Trust Co. Joint Repurchase Agreement(2) (cost $2,797,000)	$	2,797,000			2,797,000
TOTAL INVESTMENTS
(cost $86,725,718)(3)		106.3	%		84,611,203
Liabilities in excess of other assets		(6.3	)		(5,009,230	)
NET ASSETS —		100.0	%	$	79,601,973

† Non-income producing security

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

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

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

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

ADR—American Depository Receipts

97

VALIC Company I Growth & Income Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2010 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Long-Term Investment Securities:
Common Stock:
Computers	$	4,620,941	$	—	$	—	$	4,620,941
Diversified Banking Institutions		5,703,458		—		—		5,703,458
Oil Companies - Intergated		4,192,631		—		—		4,192,631
Other Industries*		61,493,514		—		—		61,493,514
Exchange-Traded Fund		986,496		—		—		986,496
Short-Term Investment Securities:
Collective Investment Pool		—		4,817,163		—		4,817,163
Repurchase Agreement		—		2,797,000		—		2,797,000
Total	$	76,997,040	$	7,614,163	$	—	$	84,611,203

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

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

	Common Stock
Balance as of 5/31/2009	$	0
Accrued discounts/premiums		—
Realized gain (loss)		—
Change in unrealized appreciation (depreciation)		—
Net purchases (sales)		(0	)
Transfers in and/or out of Level 3		—
Balance as of 5/31/2010	$	—

See Notes to Financial Statements

98

VALIC Company I Health Sciences Fund

PORTFOLIO PROFILE — May 31, 2010 (Unaudited)

Industry Allocation*

Medical — Biomedical/Gene	27.2	%
Medical — Drugs	17.3
Medical Products	10.8
Medical — HMO	7.1
Medical Instruments	6.5
Pharmacy Services	5.1
Medical — Generic Drugs	4.1
Medical — Hospitals	3.9
Therapeutics	3.1
Medical — Wholesale Drug Distribution	2.8
Medical Information Systems	1.5
Registered Investment Companies	1.2
Retail — Drug Store	1.1
Instruments — Scientific	1.1
Drug Delivery Systems	1.0
Diagnostic Kits	1.0
Dental Supplies & Equipment	1.0
Dialysis Centers	0.9
Medical Labs & Testing Services	0.8
Hazardous Waste Disposal	0.7
Applications Software	0.7
Heart Monitors	0.5
Disposable Medical Products	0.5
Agricultural Chemicals	0.5
Enterprise Software/Service	0.5
E-Commerce/Products	0.4
Physicians Practice Management	0.3
Physical Therapy/Rehabilitation Centers	0.3
Medical Laser Systems	0.3
Patient Monitoring Equipment	0.2
Computer Software	0.2
Chemicals — Diversified	0.2
Insurance Brokers	0.1
	102.9	%

* Calculated as a percentage of net assets

99

VALIC Company I Health Sciences Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010

Security Description	Shares	Value (Note 2)
COMMON STOCK — 101.6%
Agricultural Chemicals — 0.5%
Monsanto Co.	17,200	$	874,964
Applications Software — 0.7%
Nuance Communications, Inc.†	68,900		1,173,712
Chemicals - Diversified — 0.2%
Bayer AG	6,000		335,599
Computer Software — 0.2%
DynaVox, Inc., Class A†	25,400		376,936
Dental Supplies & Equipment — 1.0%
DENTSPLY International, Inc.	50,000		1,621,500
Diagnostic Kits — 1.0%
IDEXX Laboratories, Inc.†	26,800		1,694,832
Dialysis Centers — 0.9%
DaVita, Inc.†	23,800		1,509,634
Fresenius Medical Care AG & Co. KGaA	2,008		101,477
			1,611,111
Disposable Medical Products — 0.5%
C.R. Bard, Inc.	11,400		923,058
Drug Delivery Systems — 1.0%
Alkermes, Inc.†	155,500		1,765,702
E - Commerce/Products — 0.4%
Drugstore.com, Inc.†	188,100		645,183
Enterprise Software/Service — 0.5%
MedAssets, Inc.†	36,600		830,454
Hazardous Waste Disposal — 0.7%
Stericycle, Inc.†	20,200		1,184,124
Heart Monitors — 0.5%
HeartWare International, Inc.†	15,800		934,570
Instruments - Scientific — 1.1%
Thermo Fisher Scientific, Inc.†	7,900		411,274
Waters Corp.†	21,000		1,437,240
			1,848,514
Insurance Brokers — 0.1%
Tempo Participacoes SA†	110,400		187,309
Medical Information Systems — 1.5%
Allscripts - Misys Healthcare Solutions, Inc.†	43,200		812,592
Cerner Corp.†	8,400		703,164
Computer Programs & Systems, Inc.	22,700		976,327
			2,492,083
Medical Instruments — 6.5%
Arthrocare Corp.†	46,100		1,355,801
Beckman Coulter, Inc.	300		17,232
Boston Scientific Corp.†	63,900		386,595
Conceptus, Inc.†	78,700		1,313,503
Edwards Lifesciences Corp.†	44,600		2,253,638
Intuitive Surgical, Inc.†	4,260		1,375,000
Medtronic, Inc.	31,200		1,222,416
Micrus Endovascular Corp.†	33,300		575,424
St. Jude Medical, Inc.†	57,600		2,150,784
Volcano Corp.†	18,200		403,858
			11,054,251
Medical Labs & Testing Services — 0.8%
Covance, Inc.†	17,900		944,404
Fleury SA†	32,400		316,662
Laboratory Corp. of America Holdings†	1,900		143,659
			1,404,725

Security Description	Shares	Value (Note 2)
Medical Laser Systems — 0.3%
LCA - Vision, Inc.†	56,600	$	424,500
Medical Products — 10.8%
Baxter International, Inc.	63,344		2,675,017
CareFusion Corp.†	97,950		2,489,889
Covidien PLC	64,800		2,746,872
EnteroMedics, Inc.†	201,900		72,603
Fresenius SE	11,136		703,639
Henry Schein, Inc.†	58,100		3,277,421
Nobel Biocare Holding AG	30,673		577,234
Orthofix International NV†	3,200		102,048
PSS World Medical, Inc.†	5,900		135,169
Sonova Holding AG	866		93,887
Stryker Corp.	51,700		2,741,651
Wright Medical Group, Inc.†	64,500		1,059,735
Zimmer Holdings, Inc.†	30,300		1,694,679
			18,369,844
Medical - Biomedical/Gene — 27.1%
Acorda Therapeutics, Inc.†	35,075		1,205,879
Alexion Pharmaceuticals, Inc.†	138,220		6,915,147
AMAG Pharmaceuticals, Inc.†	15,300		487,152
Amgen, Inc.†	57,875		2,996,768
Amylin Pharmaceuticals, Inc.†	36,300		599,676
Arqule, Inc.†	15,400		94,094
Basilea Pharmaceutica†	2,813		171,104
BioCryst Pharmaceuticals, Inc.†	28,000		198,240
Biogen Idec, Inc.†	6,600		313,038
Celgene Corp.†	61,240		3,231,022
Cubist Pharmaceuticals, Inc.†	53,100		1,141,650
Dendreon Corp.†	24,900		1,080,660
Dyadic International, Inc.†	35,800		93,080
Exelixis, Inc.†	109,000		564,620
Genmab A/S†	2,529		20,030
Genzyme Corp.†	5,800		282,170
Gilead Sciences, Inc.†	192,200		6,903,824
Human Genome Sciences, Inc.†	112,200		2,778,072
Illumina, Inc.†	65,200		2,741,008
Incyte Corp., Ltd.†	292,100		3,765,169
Intercell AG†	9,900		218,574
InterMune, Inc.†	21,700		196,168
Lexicon Pharmaceuticals, Inc.†	59,200		87,024
Life Technologies Corp.†	32,608		1,632,357
Micromet, Inc.†	53,600		326,424
Millipore Corp.†	1,900		201,799
Momenta Pharmaceuticals, Inc.†	29,900		396,773
Newron Pharmaceuticals SpA†	9,000		52,174
Regeneron Pharmaceuticals, Inc.†	55,700		1,591,349
Seattle Genetics, Inc.†	63,000		833,490
Sinovac Biotech, Ltd.†	35,000		141,400
The Medicines Co.†	214,000		1,798,670
Vertex Pharmaceuticals, Inc.†	82,294		2,846,549
Zymogenetics, Inc.†	36,400		169,260
			46,074,414
Medical - Drugs — 17.3%
Abbott Laboratories	1,400		66,584
Achillion Pharmaceuticals, Inc.†	39,400		87,468
Actelion, Ltd.†	7,700		279,152
Allergan, Inc.	27,900		1,679,301
Array Biopharma, Inc.†	12,000		45,840
Auxilium Pharmaceuticals, Inc.†	12,900		371,262
Biodel, Inc.†	19,600		96,432
Biovitrum AB†	38,700		207,778
Cadence Pharmaceuticals, Inc.†	67,500		535,275

100

VALIC Company I Health Sciences Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
Medical - Drugs (continued)
Cardiome Pharma Corp.†	62,900	$	531,505
Cephalon, Inc.†	49,900		2,937,114
Chugai Pharmaceutical Co., Ltd.	60,700		1,073,782
Daiichi Sankyo Co., Ltd.	16,700		295,056
Elan Corp. PLC ADR†	184,300		1,057,882
Eli Lilly & Co.	600		19,674
Eurand NV†	21,484		192,067
Forest Laboratories, Inc.†	2,800		72,464
GlaxoSmithKline Pharmaceuticals, Ltd.	3,996		182,240
GlaxoSmithKline PLC(6)	22,600		379,446
Hikma Pharmaceuticals PLC(6)	37,900		370,072
Idenix Pharmaceuticals, Inc.†	203,700		796,467
Infinity Pharmaceuticals, Inc.†	35,850		252,025
Ipsen SA	13,338		566,660
King Pharmaceuticals, Inc.†	24,400		211,548
MAP Pharmaceuticals, Inc.†	16,200		241,704
Medicis Pharmaceutical Corp., Class A	21,700		503,223
Merck & Co., Inc.	145,204		4,891,923
Novo Nordisk A/S, Class B	7,946		613,837
Optimer Pharmaceuticals, Inc.†	24,500		261,415
Orexigen Therapeutics, Inc.†	12,400		67,456
Pfizer, Inc.	42,066		640,665
Pharmasset, Inc.†	36,400		1,072,344
Poniard Pharmaceuticals, Inc.†	96,100		103,788
Rigel Pharmaceuticals, Inc.†	19,800		129,096
Roche Holding AG	24,577		3,374,752
Salix Pharmaceuticals, Ltd.†	12,800		459,904
Shire PLC(6)	32,600		672,022
Shire PLC ADR	23,032		1,409,789
Targacept, Inc.†	4,100		94,300
UCB SA	14,449		476,559
Valeant Pharmaceuticals International†	34,500		1,603,560
Vectura Group PLC†(6)	138,600		77,830
XenoPort, Inc.†	48,100		477,633
			29,478,894
Medical - Generic Drugs — 4.1%
Mylan, Inc.†	21,100		410,184
Perrigo Co.	7,100		421,811
Sawai Pharmaceutical Co., Ltd.	11,500		991,934
Simcere Pharmaceutical Group ADR†	37,400		315,656
Teva Pharmaceutical Industries, Ltd. ADR	69,135		3,789,981
Towa Pharmaceutical Co., Ltd.	16,100		1,030,046
			6,959,612
Medical - HMO — 7.1%
Aetna, Inc.	27,700		807,732
AMERIGROUP Corp.†	63,800		2,291,696
Centene Corp.†	65,100		1,485,582
CIGNA Corp.	38,500		1,288,595
Humana, Inc.†	32,500		1,496,625
Triple - S Management Corp., Class B†	29,857		546,682
UnitedHealth Group, Inc.	26,800		779,076
WellCare Health Plans, Inc.†	28,400		774,184
WellPoint, Inc.†	51,800		2,657,340
			12,127,512
Medical - Hospitals — 3.9%
Bangkok Dusit Medical Services PCL	563,700		450,821
Community Health Systems, Inc.†	77,100		3,005,358
Health Management Associates, Inc., Class A†	117,000		1,088,100
Select Medical Holdings Corp.†	32,700		264,870
Tenet Healthcare Corp.†	130,200		744,744
Universal Health Services, Inc., Class B	26,100		1,106,118
			6,660,011

Security Description	Shares	Value (Note 2)
Medical - Wholesale Drug Distribution — 2.8%
A&D Pharma Holding NV GDR†	56,700	$	278,805
AmerisourceBergen Corp.	32,600		1,019,728
McKesson Corp.	40,200		2,814,000
Profarma Distribuidora de Produtos Farmaceuticos SA	71,700		615,725
			4,728,258
Patient Monitoring Equipment — 0.2%
Mindray Medical International, Ltd. ADR	13,800		410,412
Pharmacy Services — 5.1%
Catalyst Health Solutions, Inc.†	26,826		1,027,168
Express Scripts, Inc.†	25,300		2,545,180
Medco Health Solutions, Inc.†	66,900		3,856,785
SXC Health Solutions Corp.†	17,017		1,251,770
			8,680,903
Physical Therapy/Rehabilitation Centers — 0.3%
Psychiatric Solutions, Inc.†	14,300		463,034
Physicians Practice Management — 0.3%
Healthways, Inc.†	38,400		544,512
Retail - Drug Store — 1.1%
CVS Caremark Corp.	50,349		1,743,586
Walgreen Co.	4,000		128,160
			1,871,746
Therapeutics — 3.1%
Alexza Pharmaceuticals, Inc.†	43,600		144,752
Allos Therapeutics, Inc.†	49,300		352,988
AVANIR Pharmaceuticals, Inc., Class A†	134,300		320,977
BioMarin Pharmaceutical, Inc.†	139,100		2,715,232
Neurocrine Biosciences, Inc.†	76,735		306,940
Onyx Pharmaceuticals, Inc.†	26,900		599,601
Theravance, Inc.†	50,900		646,939
Transition Therapeutics, Inc.†	4,522		19,462
Warner Chilcott PLC, Class A†	4,000		92,480
			5,199,371
Total Common Stock
(cost $164,900,076)			172,951,650
CONVERTIBLE PREFERRED STOCK — 0.1%
Medical - Biomedical/Gene — 0.1%
Pacific Biosciences of California, Inc., Series E 8.00%(2)(3)(4) (cost $135,905)	19,415		135,905
WARRANTS† — 0.0%
Medical Products — 0.0%
EnteroMedics, Inc. Expires 02/23/13 (Strike price $1.38)(1)(2)(3)	82,200		5
Medical - Drugs — 0.0%
Alexza Pharmaceuticals, Inc. Expires 10/05/16 (Strike price $2.77)(1)(2)(3)	13,050		28,561
Cadence Pharmaceuticals, Inc. Expires 02/18/14 (Strike price $7.84)(2)(3)	9,484		32,297
Poniard Pharmacueticals, Inc. Expires 02/01/11 (Strike price $4.62)(2)(3)	5,994		0

101

VALIC Company I Health Sciences Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares		Value (Note 2)
WARRANTS (continued)
Medical - Drugs (continued)
Poniard Pharmacueticals, Inc. Expires 04/26/11 (Strike price $4.62)(2)(3)	61,566		$	0
				60,858
Therapeutics — 0.0%
Favrille, Inc. Expires 03/07/11 (Strike price $5.25)(2)(3)	15,435			0
MannKind Corp. Expires 08/05/10 (Strike price $12.23)(2)(3)	15,000			0
				0
Total Warrants
(cost $15,396)				60,863
Total Long-Term Investment Securities
(cost $165,051,377)				173,148,418
SHORT-TERM INVESTMENT SECURITIES — 1.2%
Registered Investment Companies — 1.2%
T. Rowe Price Reserve Investment Fund (cost $2,016,652)	2,016,652			2,016,652
TOTAL INVESTMENTS
(cost $167,068,029)(5)	102.9	%		175,165,070
Liabilities in excess of other assets	(2.9	)		(4,949,502	)
NET ASSETS —	100.0	%	$	170,215,568

† Non-income producing security

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

(2) Illiquid security. At May 31, 2010, the aggregate value of these securities was $196,768 representing 0.1% 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 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of May 31, 2010, the Health Sciences Fund held the following restricted securities:

Name	Acquisition Date	Shares	Acquisition Cost		Value		Value Per Share		% of Net Assets
Alexza Pharmaceuticals, Inc. Expires 10/05/16 Strike Price $2.77 (Warrant)	10/05/2009	13,050	$	1,631	$	28,561	$	2.19	0.02	%
Cadence Pharmaceuticals, Inc. Expires 02/18/14 Strike Price $7.84 (Warrant)	02/18/2009	9,484		1,186		32,297		3.41	0.02	%
EnteroMedics, Inc. Expires 02/23/13 Strike Price $1.38 (Warrant)	02/23/2009	82,200		10,275		5		0.00	0.00	%
Favrille, Inc. Expires 03/07/11 Strike Price $5.25 (Warrant)	03/10/2006	15,435		1,929		0		0.00	0.00	%
Mannkind Corp. Expires 08/05/10 Strike Price $12.23 (Warrant)	08/05/2005	15,000		375		0		0.00	0.00	%
Pacific Biosciences of California, Inc., Series E (Convertible Preferred Stock) 8.00%	07/11/2008	19,415		135,905		135,905		7.00	0.08	%
Poniard Pharmaceuticals, Inc. Expires 02/01/11 Strike Price $4.62 (Warrant)	02/01/2006	5,994		0		0		0.00	0.00	%
Expires 04/26/11 Strike Price $4.62 (Warrant)	04/26/2006	61,566		0		0		0.00	0.00	%
					$	196,768			0.12	%

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

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

(6) Security was valued using fair value procedures at May 31, 2010. The aggregate value of these securities was $1,499,370 representing 0.9% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities.

ADR—American Depository Receipt

GDR—Global Depository Receipt

Open call option contracts written at May 31, 2010 for the Health Sciences Fund were as follows:
Issue	Expiration Month	Strike Price		Number of Contracts	Premiums Received		Value at May 31, 2010		Unrealized Appreciation/ (Depreciation)
Acorda Therapeautics, Inc.	Jan-11	$	35.00	21	$	4,662	$	13,440	$	(8,778	)
Acorda Therapeautics, Inc.	Jan-11		40.00	21		2,667		8,190		(5,523	)
Acorda Therapeautics, Inc.	Jan-11		50.00	39		8,853		5,655		3,198
Aetna, Inc.	Jul-10		35.00	40		4,258		480		3,778
Allergan, Inc.	Oct-10		70.00	20		4,040		3,900		140
AMERIGROUP Corp.	Jun-10		30.00	32		3,424		20,160		(16,736	)
Baxter International, Inc.	Aug-10		50.00	38		5,206		1,330		3,876
CareFusion Corp.	Jun-10		27.50	76		12,714		2,280		10,434
Catalyst Health Solutions, Inc.	Jun-10		45.00	2		254		20		234
Celgene Corp.	Jan-11		70.00	96		30,660		11,520		19,140
Celgene Corp.	Jan-11		75.00	59		12,827		3,894		8,933

102

VALIC Company I Health Sciences Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Issue	Expiration Month	Strike Price		Number of Contracts	Premiums Received		Value at May 31, 2010		Unrealized Appreciation/ (Depreciation)
Cephalon, Inc.	Nov-10	$	65.00	77	$	29,028	$	24,640	$	4,388
Cephalon, Inc.	Jan-11		75.00	77		13,051		11,935		1,116
Community Health Systems, Inc.	Jun-10		45.00	32		5,509		800		4,709
Conceptus, Inc.	Aug-10		22.50	63		9,576		1,890		7,686
Covance, Inc.	Aug-10		65.00	40		6,880		1,800		5,080
Covidien, Ltd.	Jul-10		55.00	52		5,384		520		4,864
Covidien, Ltd.	Oct-10		55.00	19		2,888		570		2,318
CVS Caremark Corp.	Jan-11		40.00	20		2,564		2,560		4
Dendreon Corp.	Aug-10		60.00	57		9,706		6,099		3,607
Dendreon Corp.	Jan-11		60.00	39		18,837		12,870		5,967
Dendreon Corp.	Jan-11		65.00	18		9,351		4,500		4,851
Edwards Lifesciences Corp.	Nov-10		110.00	37		23,939		23,680		259
Express Scripts, Inc.	Aug-10		115.00	31		9,523		5,115		4,408
Express Scripts, Inc.	Jan-11		120.00	9		4,619		3,690		929
Gilead Sciences, Inc.	Aug-10		44.00	57		6,101		1,368		4,733
Gilead Sciences, Inc.	Aug-10		45.00	76		8,311		1,216		7,095
Gilead Sciences, Inc.	Aug-10		47.00	159		49,436		1,431		48,005
Gilead Sciences, Inc.	Aug-10		55.00	60		6,446		240		6,206
Gilead Sciences, Inc.	Nov-10		46.00	114		13,744		6,270		7,474
Gilead Sciences, Inc.	Nov-10		48.00	76		8,671		2,736		5,935
Gilead Sciences, Inc.	Jan-11		50.00	40		14,880		1,960		12,920
Gilead Sciences, Inc.	Jan-11		55.00	80		21,759		1,520		20,239
Gilead Sciences, Inc.	Jan-11		60.00	161		34,556		1,449		33,107
Gilead Sciences, Inc.	Jan-11		65.00	161		18,876		1,127		17,749
Henry Schein, Inc.	Jul-10		60.00	49		7,448		5,145		2,303
Human Genome Sciences, Inc.	Oct-10		37.00	4		448		364		84
Humana, Inc.	Aug-10		50.00	19		3,632		3,135		497
Humana, Inc.	Aug-10		55.00	48		12,571		2,640		9,931
Humana, Inc.	Nov-10		55.00	57		9,234		10,260		(1,026	)
InterMune, Inc.	Jul-10		50.00	56		33,431		168		33,263
InterMune, Inc.	Jan-11		60.00	56		33,431		560		32,871
Intuitive Surgical, Inc.	Jan-11		380.00	6		11,398		16,200		(4,802	)
Intuitive Surgical, Inc.	Jan-11		400.00	8		19,176		16,960		2,216
Laboratory Corp. of America Holdings	Aug-10		80.00	15		2,025		2,400		(375	)
Medco Health Solutions, Inc.	Jun-10		60.00	39		5,928		2,730		3,198
Medco Health Solutions, Inc.	Jul-10		70.00	40		5,775		600		5,175
Medtronic, Inc.	Jan-11		50.00	62		13,534		4,278		9,256
Merck & Co., Inc.	Jul-10		40.00	40		6,522		240		6,282
Merck & Co., Inc.	Oct-10		39.00	57		5,700		2,907		2,793
Millipore Corp.	Oct-10		105.00	19		3,743		4,180		(437	)
Monsanto Co.	Jul-10		57.50	38		9,766		2,774		6,992
Monsanto Co.	Jul-10		65.00	31		4,216		558		3,658
Monsanto Co.	Oct-10		57.50	57		25,976		12,198		13,778
Monsanto Co.	Oct-10		70.00	18		3,240		756		2,484
Pfizer, Inc.	Jan-11		20.00	121		11,737		2,299		9,438
Psychiatric Solutions, Inc.	Jun-10		25.00	87		12,945		65,250		(52,305	)
Regeneron Pharmaceuticals, Inc.	Aug-10		35.00	57		6,164		6,270		(106	)
St. Jude Medical, Inc.	Jul-10		45.00	61		6,832		915		5,917
St. Jude Medical, Inc.	Oct-10		45.00	60		7,620		3,600		4,020
St. Jude Medical, Inc.	Jan-11		45.00	80		19,905		10,400		9,505
SXC Health Solutions Corp.	Jul-10		60.00	21		11,487		31,500		(20,013	)
Teva Pharmaceutical Industries, Ltd. ADR	Jan-11		65.00	13		3,731		1,794		1,937
Teva Pharmaceutical Industries, Ltd. ADR	Jan-11		70.00	59		13,579		3,599		9,980
Valeant Pharmaceuticals International	Sep-10		50.00	56		15,672		15,960		(288	)
Vertex Pharmaceuticals, Inc.	Jul-10		45.00	40		9,870		800		9,070
Vertex Pharmaceuticals, Inc.	Jul-10		50.00	80		9,760		1,200		8,560
Vertex Pharmaceuticals, Inc.	Oct-10		45.00	39		13,966		3,315		10,651
Walgreen Co.	Jul-10		38.00	40		4,580		280		4,300
Warner Chilcott PLC	Jul-10		30.00	3		396		15		381
WellPoint, Inc.	Jan-11		90.00	16		3,472		272		3,200
				3,551	$	792,110	$	427,377	$	364,733

103

VALIC Company I Health Sciences Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Open put option contracts written at May 31, 2010 for the Health Sciences Fund were as follows:
Issue	Expiration Month	Strike Price		Number of Contracts	Premiums Received		Value at May 31, 2010		Unrealized Appreciation/ (Depreciation)
Abbott Laboratories	Jan-11	$	55.00	19	$	11,628	$	18,145	$	(6,517	)
Acorda Therapeautics, Inc.	Jan-11		25.00	22		13,830		6,270		7,560
Acorda Therapeautics, Inc.	Jan-11		30.00	3		1,894		1,350		544
Acorda Therapeautics, Inc.	Jan-11		35.00	47		32,878		31,020		1,858
Acorda Therapeautics, Inc.	Jan-11		40.00	39		30,990		37,830		(6,840	)
Alexion Pharmaceuticals, Inc.	Jan-11		45.00	8		6,004		4,240		1,764
Alexion Pharmaceuticals, Inc.	Jan-11		50.00	5		4,135		3,900		235
Alexion Pharmaceuticals, Inc.	Jan-11		60.00	57		54,457		81,510		(27,053	)
Alkermes, Inc.	Aug-10		17.50	15		7,315		9,600		(2,285	)
Allergan, Inc.	Jan-11		60.00	44		48,267		30,360		17,907
Allergan, Inc.	Jan-11		65.00	6		5,562		5,820		(258	)
Allos Therapeutics, Inc.	Oct-10		10.00	39		13,923		14,430		(507	)
AMAG Pharmaceuticals, Inc.	Jan-11		40.00	8		5,656		8,720		(3,064	)
AMAG Pharmaceuticals, Inc.	Jan-11		45.00	29		34,328		43,790		(9,462	)
AMAG Pharmaceuticals, Inc.	Jan-11		50.00	50		62,094		98,000		(35,906	)
AMERIGROUP Corp.	Jun-10		25.00	4		1,068		40		1,028
AmerisourceBergen Corp.	Jan-11		35.00	46		30,602		24,380		6,222
Amgen, Inc.	Jul-10		55.00	4		1,328		1,760		(432	)
Amgen, Inc.	Jul-10		57.50	4		1,788		2,540		(752	)
Amgen, Inc.	Jan-11		55.00	11		6,387		8,085		(1,698	)
Amgen, Inc.	Jan-11		60.00	11		9,042		11,550		(2,508	)
Amylin Pharmaceuticals, Inc.	Jan-11		15.00	38		15,846		12,350		3,496
Amylin Pharmaceuticals, Inc.	Jan-11		20.00	36		22,641		21,780		861
Baxter International, Inc.	Jan-11		50.00	50		24,649		48,500		(23,851	)
Baxter International, Inc.	Jan-11		55.00	30		24,269		42,000		(17,731	)
BioCryst Pharmaceuticals, Inc.	Jan-11		12.50	40		24,036		26,200		(2,164	)
Biogen Idec, Inc.	Jan-11		50.00	22		15,750		14,520		1,230
Biogen Idec, Inc.	Jan-11		55.00	15		11,055		15,000		(3,945	)
Biogen Idec, Inc.	Jan-11		60.00	6		5,562		8,400		(2,838	)
Boston Scientific Corp.	Jan-11		12.50	73		22,194		47,450		(25,256	)
Cardinal Health, Inc.	Jan-11		40.00	23		20,447		16,330		4,117
Carefusion Corp.	Jun-10		27.50	20		6,940		4,600		2,340
Celgene Corp.	Jan-11		55.00	3		2,691		2,355		336
Celgene Corp.	Jan-11		60.00	20		26,579		21,600		4,979
Celgene Corp.	Jan-11		65.00	12		15,816		17,220		(1,404	)
Celgene Corp.	Jan-11		70.00	27		32,035		49,815		(17,780	)
Cephalon, Inc.	Jan-11		55.00	8		5,816		3,520		2,296
Cerner Corp.	Jan-11		75.00	62		76,695		39,680		37,015
Cerner Corp.	Jan-11		80.00	41		69,781		34,850		34,931
Cerner Corp.	Jan-11		90.00	23		29,336		31,510		(2,174	)
Cerner Corp.	Jan-11		100.00	40		85,210		82,000		3,210
CIGNA Corp.	Jan-11		40.00	77		58,623		64,680		(6,057	)
Community Health Systems, Inc.	Jun-10		35.00	7		2,524		350		2,174
Community Health Systems, Inc.	Jun-10		40.00	4		1,508		920		588
Computer Programs & Systems, Inc.	Sep-10		40.00	7		4,284		2,240		2,044
Conceptus, Inc.	Aug-10		20.00	2		494		780		(286	)
Covance, Inc.	Nov-10		60.00	19		12,107		18,050		(5,943	)
Covidien, Ltd.	Jul-10		55.00	16		8,280		20,800		(12,520	)
Cubist Pharmaceuticals, Inc.	Jan-11		17.50	41		12,491		5,740		6,751
CVS Caremark Corp.	Jan-11		30.00	8		3,496		1,424		2,072
CVS Caremark Corp.	Jan-11		35.00	8		5,896		2,880		3,016
CVS Caremark Corp.	Jan-11		40.00	47		43,080		31,490		11,590
DaVita, Inc.	Jul-10		65.00	37		26,750		11,470		15,280
Dendreon Corp.	Jan-11		25.00	19		15,143		3,059		12,084
Dendreon Corp.	Jan-11		30.00	6		6,494		1,644		4,850
Dendreon Corp.	Jan-11		35.00	8		9,656		3,520		6,136
Dendreon Corp.	Jan-11		50.00	34		29,265		41,990		(12,725	)
Dendreon Corp.	Jan-11		55.00	38		44,555		60,610		(16,055	)
Dendreon Corp.	Jan-11		60.00	69		90,887		138,690		(47,803	)
Dendreon Corp.	Jan-12		60.00	27		47,665		64,125		(16,460	)
Dentsply International, Inc.	Jul-10		35.00	8		2,856		2,480		376
Dentsply International, Inc.	Oct-10		40.00	39		23,283		33,540		(10,257	)
Edwards Lifesciences Corp.	Aug-10		100.00	4		5,988		2,480		3,508
Edwards Lifesciences Corp.	Nov-10		115.00	40		69,004		76,000		(6,996	)
Elan Corp. PLC ADR	Jan-11		10.00	80		28,124		37,600		(9,476	)
Eli Lilly & Co.	Jan-11		40.00	61		46,047		51,850		(5,803	)
Express Scripts, Inc.	Jan-11		80.00	20		29,645		8,200		21,445

104

VALIC Company I Health Sciences Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Issue	Expiration Month	Strike Price		Number of Contracts	Premiums Received		Value at May 31, 2010		Unrealized Appreciation/ (Depreciation)
Express Scripts, Inc.	Jan-11	$	85.00	8	$	10,581	$	4,320	$	6,261
Express Scripts, Inc.	Jan-11		90.00	12		15,700		8,160		7,540
Express Scripts, Inc.	Jan-11		95.00	20		31,015		17,400		13,615
Express Scripts, Inc.	Jan-11		100.00	28		34,405		30,240		4,165
Express Scripts, Inc.	Jan-11		105.00	23		31,692		30,820		872
Express Scripts, Inc.	Jan-11		110.00	42		59,533		68,460		(8,927	)
Forest Labs, Inc.	Jan-11		35.00	167		106,598		160,320		(53,722	)
Gilead Sciences, Inc.	Aug-10		40.00	4		956		1,960		(1,004	)
Gilead Sciences, Inc.	Aug-10		48.00	24		8,788		29,160		(20,372	)
Gilead Sciences, Inc.	Jan-11		40.00	8		4,184		5,120		(936	)
Gilead Sciences, Inc.	Jan-11		45.00	15		10,395		15,150		(4,755	)
Health Management Associates, Inc.	Aug-10		10.00	21		5,877		2,835		3,042
Health Management Associates, Inc.	Nov-10		10.00	78		16,146		13,260		2,886
Henry Schein, Inc.	Jul-10		50.00	8		1,834		640		1,194
Henry Schein, Inc.	Jul-10		60.00	24		11,928		13,440		(1,512	)
Human Genome Sciences, Inc.	Jan-11		20.00	36		37,696		15,660		22,036
Human Genome Sciences, Inc.	Jan-11		30.00	30		22,742		29,700		(6,958	)
Human Genome Sciences, Inc.	Jan-11		35.00	12		11,154		16,020		(4,866	)
IDEXX Laboratories, Inc.	Jul-10		65.00	48		48,647		24,000		24,647
Illumina, Inc.	Jan-11		35.00	40		35,879		12,400		23,479
Illumina, Inc.	Jan-11		45.00	40		40,069		30,400		9,669
Illumina, Inc.	Jan-11		50.00	9		10,003		9,810		193
InterMune, Inc.	Jul-10		40.00	6		4,329		18,630		(14,301	)
InterMune, Inc.	Jan-11		45.00	26		32,321		94,250		(61,929	)
InterMune, Inc.	Jan-11		50.00	30		44,532		123,600		(79,068	)
Intuitive Surgical, Inc.	Jan-11		320.00	8		31,936		37,440		(5,504	)
Intuitive Surgical, Inc.	Jan-11		370.00	8		41,575		60,800		(19,225	)
Johnson & Johnson	Jan-11		65.00	84		102,225		74,760		27,465
Johnson & Johnson	Jan-11		70.00	88		132,206		115,280		16,926
King Pharmaceuticals, Inc.	Jan-11		15.00	19		7,733		12,540		(4,807	)
Laboratory Corp. of America Holdings	Aug-10		80.00	13		9,460		7,930		1,530
McKesson Corp.	Jan-12		80.00	37		62,508		60,310		2,198
Medco Health Solutions, Inc.	Jan-11		60.00	20		16,480		14,200		2,280
Momenta Pharmaceuticals, Inc.	Jan-11		15.00	11		8,959		5,060		3,899
Momenta Pharmaceuticals, Inc.	Jan-11		17.50	22		11,715		13,860		(2,145	)
Monsanto Co.	Oct-10		50.00	19		10,488		8,550		1,938
Monsanto Co.	Jan-11		55.00	22		21,934		19,360		2,574
Nuance Communications, Inc.	Jan-11		20.00	40		24,879		17,200		7,679
Onyx Pharmaceuticals, Inc.	Jan-11		30.00	48		35,855		45,600		(9,745	)
OSI Pharmaceuticals, Inc.	Jan-11		35.00	19		11,383		95		11,288
OSI Pharmaceuticals, Inc.	Jan-11		40.00	10		9,470		150		9,320
Perrigo Co.	Aug-10		50.00	20		11,870		4,100		7,770
Perrigo Co.	Aug-10		55.00	28		15,836		9,520		6,316
Pfizer, Inc.	Jan-11		20.00	329		154,860		172,725		(17,865	)
Pfizer, Inc.	Jan-11		22.50	302		155,377		231,030		(75,653	)
Pfizer, Inc.	Jan-11		25.00	329		241,714		333,935		(92,221	)
PSS World Medical, Inc.	Aug-10		22.50	40		16,280		5,600		10,680
Psychiatric Solutions, Inc.	Jun-10		20.00	48		11,696		240		11,456
Psychiatric Solutions, Inc.	Jun-10		25.00	48		17,136		240		16,896
Quest Diagnostics, Inc.	Jan-11		55.00	21		16,832		11,550		5,282
Quest Diagnostics, Inc.	Jan-11		60.00	24		15,968		22,080		(6,112	)
Regeneron Pharmaceuticals, Inc.	Aug-10		30.00	14		8,638		6,300		2,338
Salix Pharmaceuticals, Ltd.	Jan-11		35.00	15		19,455		10,650		8,805
Savient Pharmaceuticals, Inc.	Jan-11		15.00	82		42,404		55,350		(12,946	)
St. Jude Medical, Inc.	Jul-10		40.00	31		5,711		10,540		(4,829	)
St. Jude Medical, Inc.	Oct-10		40.00	31		8,562		13,950		(5,388	)
St. Jude Medical, Inc.	Jan-11		35.00	41		22,291		11,890		10,401
St. Jude Medical, Inc.	Jan-11		40.00	32		11,246		17,280		(6,034	)
Stericycle, Inc.	Nov-10		60.00	1		657		490		167
Stryker Corp.	Jan-11		50.00	8		4,856		3,040		1,816
Stryker Corp.	Jan-11		55.00	8		5,256		4,960		296
Stryker Corp.	Jan-11		65.00	76		67,279		101,080		(33,801	)
SXC Health Solutions Corp.	Jul-10		60.00	40		42,063		2,600		39,463
SXC Health Solutions Corp.	Oct-10		60.00	12		7,524		3,060		4,464
Teva Pharmaceutical Industries, Ltd. ADR	Jan-11		65.00	13		11,661		15,275		(3,614	)
Teva Pharmaceutical Industries, Ltd. ADR	Jan-11		70.00	8		8,376		13,000		(4,624	)
The Medicines Co.	Jul-10		10.00	33		6,935		8,085		(1,150	)
Thermo Fisher Scientific, Inc.	Jun-10		55.00	11		9,647		3,850		5,797

105

VALIC Company I Health Sciences Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Issue	Expiration Month	Strike Price		Number of Contracts	Premiums Received		Value at May 31, 2010		Unrealized Appreciation/ (Depreciation)
Thermo Fisher Scientific, Inc.	Sep-10	$	55.00	7	$	6,419	$	3,780	$	2,639
UnitedHealth Group, Inc.	Jan-11		35.00	38		29,905		29,905		—
UnitedHealth Group, Inc.	Jan-12		35.00	42		36,183		39,270		(3,087	)
Universal Health Services	Oct-10		45.00	8		4,576		4,480		96
Vertex Pharmaceuticals, Inc.	Jan-11		40.00	13		14,911		11,440		3,471
Vertex Pharmaceuticals, Inc.	Jan-11		45.00	20		27,312		25,000		2,312
Walgreen Co.	Jan-11		45.00	124		113,395		166,160		(52,765	)
Walgreen Co.	Jan-11		50.00	118		140,746		215,940		(75,194	)
Warner Chilcott PLC	Oct-10		25.00	40		9,480		14,400		(4,920	)
Waters Corp.	Nov-10		75.00	1		1,127		990		137
Wellcare Health Plans, Inc.	Jan-11		35.00	40		41,079		39,200		1,879
WellPoint, Inc.	Jan-11		55.00	31		18,926		25,885		(6,959	)
WellPoint, Inc.	Jan-11		60.00	15		15,022		17,400		(2,378	)
Zimmer Holdings, Inc.	Jan-11		60.00	36		21,251		28,080		(6,829	)
				5,191	$	4,144,941	$	4,632,872	$	(487,931	)

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2010 (see Note 2):

	Level 1 - Unadjusted Quoted Prices			Level 2 - Other Observable Inputs			Level 3 - Significant Unobservable Inputs		Total
Long-Term Investment Securities:
Common Stock:
Medical Instruments	$	11,054,251		$	—		$	—	$	11,054,251
Medical Products		18,369,844			—			—		18,369,844
Medical - Biomedical/Gene		46,074,414			—			—		46,074,414
Medical - Drugs		27,979,524			1,499,370	#		—		29,478,894
Medical - HMO		12,127,512			—			—		12,127,512
Pharmacy Services		8,680,903			—			—		8,680,903
Other Industries*		47,165,832			—			—		47,165,832
Convertible Preferred Stock		—			—			135,905		135,905
Warrants		—			32,297			28,566		60,863
Short-Term Investment Securities:
Registered Investment Companies		—			2,016,652			—		2,016,652
Other Financial Instruments:@
Call Option Contracts Written - Appreciation		475,122			—			—		475,122
Call Option Contracts Written - Depreciation		(110,389	)		—			—		(110,389	)
Put Option Contracts Written - Appreciation		573,020						—		573,020
Put Option Contracts Written - Depreciation		(1,060,951	)		—			—		(1,060,951	)
Total	$	171,329,082		$	3,548,319		$	164,471	$	175,041,872

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

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

# Includes foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities; therefore these securities were classified as Level 2 instead of Level 1. The aggregate value of these securities was $1,499,370 representing 0.9% of net assets. See Note 2.

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

	Common Stock			Convertible Preferred Stock		Warrants
Balance as of 5/31/2009	$	176,823		$	122,314	$	96,626
Accrued discounts/premiums		—			—		—
Realized gain (loss)		—			—		—
Change in unrealized appreciation (depreciation)		(97,251	)		13,591		(69,691	)
Net purchases (sales)		(79,572	)		—		1,631
Transfers in and/or out of Level 3		—			—		—
Balance as of 5/31/2010	$	—		$	135,905	$	28,566

See Notes to Financial Statements

106

VALIC Company I Inflation Protected Fund

PORTFOLIO PROFILE — May 31, 2010 (Unaudited)

Industry Allocation*

United States Treasury Bonds	42.1	%
United States Treasury Notes	12.3
Sovereign	7.3
Diversified Banking Institutions	6.9
Banks — Commercial	6.9
Insurance — Life/Health	6.8
Finance — Investment Banker/Broker	4.5
Banks — Super Regional	3.4
Special Purpose Entities	2.7
Diversified Financial Services	2.5
Finance — Consumer Loans	1.3
Time Deposits	1.0
Pipelines	0.6
Finance — Mortgage Loan/Banker	0.5
Diversified Minerals	0.4
Telephone — Integrated	0.4
Insurance — Property/Casualty	0.4
Containers — Metal/Glass	0.2
	100.2	%

Credit Quality†#

Government — Treasury	60.7	%
AAA	7.6
AA	14.1
A	11.3
BBB	3.7
BB	0.2
Not Rated@	2.4
	100.0	%

* Calculated as a percentage of net assets.

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

† Source: Standard and Poors

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

107

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010

Security Description	Principal Amount(6)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES — 29.4%
Banks - Commercial — 4.5%
Branch Banking & Trust Co. Sub. Notes 0.78% due 05/23/17(1)	$	3,000,000	$	2,743,236
Manufacturers & Traders Trust Co. Sub. Notes 1.79% due 04/01/13(1)		500,000		487,756
National City Bank Sub. Notes 0.62% due 06/07/17(1)		1,000,000		893,731
Regions Financial Corp. Senior Notes 4.88% due 04/26/13		1,000,000		997,081
State Street Bank & Trust Co. Sub. Notes 0.45% due 12/08/15(1)		2,600,000		2,479,378
SunTrust Bank/Atlanta GA Sub. Notes 0.59% due 04/01/15(1)		2,000,000		1,798,374
U.S. Bank NA Sub. Notes 0.58% due 10/14/14(1)		1,000,000		975,390
				10,374,946
Banks - Money Center — 0.0%
RBS Capital Trust II Bank Guar. Bonds 6.43% due 01/03/34(1)(2)		50,000		26,500
Banks - Super Regional — 3.4%
Bank of America NA Sub. Notes 0.56% due 06/15/17(1)		2,000,000		1,745,514
PNC Preferred Funding Trust III Jr. Sub. Notes 8.70% due 03/15/13*(1)(2)		640,000		650,227
Wachovia Corp. Senior Notes 0.53% due 06/15/17(1)		1,000,000		902,139
Wachovia Corp. Sub. Notes 0.68% due 10/28/15(1)		3,000,000		2,785,245
Wells Fargo Bank NA Sub. Notes 0.65% due 05/16/16(1)		2,000,000		1,833,830
				7,916,955
Containers - Metal/Glass — 0.2%
Ball Corp. Company Guar. Notes 6.63% due 03/15/18		500,000		488,750
Diversified Banking Institutions — 5.7%
Citigroup, Inc. Senior Notes 0.63% due 11/05/14(1)		1,475,000		1,328,218
Goldman Sachs Group, Inc. Notes 0.00% due 05/08/13(1)(3)		5,000,000		4,780,000
JPMorgan Chase & Co. Senior Notes 5.00% due 04/28/20(1)(3)		2,000,000		1,960,000
Morgan Stanley Senior Notes 0.78% due 10/15/15(1)		2,000,000		1,758,996

Security Description	Principal Amount(6)		Value (Note 2)
Diversified Banking Institutions (continued)
Morgan Stanley Senior Notes 2.93% due 05/14/13(1)	$	2,000,000	$	1,996,380
Morgan Stanley Senior Notes 4.14% due 06/01/11(1)		150,000		147,315
Morgan Stanley Senior Notes 4.49% due 11/01/13(1)		1,150,000		1,128,001
				13,098,910
Diversified Financial Services — 2.5%
American Express Travel Related Services Co., Inc. Senior Notes 0.48% due 06/01/11(1)		1,000,000		987,952
General Electric Capital Corp. Senior Notes 0.38% due 06/12/12(1)		1,500,000		1,447,379
General Electric Capital Corp. Senior Notes 0.40% due 03/20/14(1)		1,000,000		944,596
General Electric Capital Corp. Senior Notes 1.10% due 12/20/13(1)		2,500,000		2,409,027
				5,788,954
Finance - Consumer Loans — 0.4%
SLM Corp. Senior Notes 0.62% due 01/27/14(1)		1,000,000		843,978
Finance - Investment Banker/Broker — 3.7%
Citigroup Funding, Inc. Company Guar. Notes 3.47% due 05/28/13(1)		5,000,000		4,843,115
Citigroup Funding, Inc. Company Guar. Notes 5.00% due 03/30/20(1)(3)		3,000,000		2,928,750
JPMorgan Chase Capital XXIII Ltd. Guar. Bonds 1.44% due 05/15/77(1)		496,000		366,093
Lehman Brothers Holdings, Inc. Notes 0.00% due 04/14/11†(1)(4)(5)		400,000		82,000
Lehman Brothers Holdings, Inc. Notes 0.00% due 06/10/14†(1)(4)(5)		578,000		118,490
Lehman Brothers Holdings, Inc. Notes 0.00% due 11/01/14†(1)(4)(5)		1,000,000		185,000
				8,523,448
Insurance - Life/Health — 6.8%
John Hancock Life Insurance Co. Company Guar. Notes 4.04% due 08/15/11(1)		1,000,000		976,380
Monumental Global Funding III Senior Sec. Notes 4.32% due 05/22/18*(1)		5,000,000		5,481,475
Pacific Life Global Funding Bonds 4.32% due 02/06/16*(1)		300,000		284,508
Principal Life Income Funding Trusts Senior Sec. Notes 3.54% due 03/01/12(1)		4,390,000		4,315,545

108

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Principal Amount(6)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Insurance - Life/Health (continued)
Principal Life Income Funding Trusts Senior Sec. Notes 3.95% due 07/15/11(1)	$	2,464,000	$	2,415,977
Protective Life Secured Trust Senior Sec. Notes 3.82% due 09/10/11(1)		170,000		165,772
Prudential Financial, Inc. Senior Notes 5.06% due 05/23/18(1)		2,000,000		1,984,960
				15,624,617
Insurance - Property/Casualty — 0.4%
Chubb Corp. Jr. Sub. Notes 6.38% due 03/29/67(1)		1,000,000		950,000
Pipelines — 0.2%
Enterprise Products Operating LLC Company Guar. Notes 6.45% due 09/01/40		500,000		498,725
Special Purpose Entities — 1.6%
BankBoston Capital Trust III Company Guar. Notes 1.01% due 06/15/27(1)		1,000,000		692,291
Genworth Global Funding Trust Sec. Notes 0.58% due 05/15/12(1)		1,000,000		959,285
Premium Asset Trust 05-7 Sec. Notes 0.52% due 09/28/10*(1)		1,000,000		980,000
Strats - Daimler Chrysler Bonds 2.31% due 11/15/13*(1)		1,000,000		1,016,800
				3,648,376
Total U.S. CORPORATE BONDS & NOTES
(cost $69,134,726)				67,784,159
FOREIGN CORPORATE BONDS & NOTES — 6.4%
Banks - Commercial — 2.4%
Barclays Bank PLC Senior Notes 3.64% due 02/25/13(1)		3,000,000		2,924,400
Barclays Bank PLC Senior Notes 4.50% due 03/10/17(1)		2,000,000		1,879,400
BNP Paribas LLC Bank Guar. Notes 3.94% due 04/03/17(1)		674,000		626,820
				5,430,620
Diversified Banking Institutions — 1.2%
Natixis Sub. Notes 0.55% due 01/15/19(1)		1,000,000		865,155
UBS AG Notes 4.50% due 04/09/20(1)(3)		2,000,000		1,930,000
				2,795,155
Diversified Minerals — 0.4%
Vale Overseas, Ltd. Company Guar. Notes 6.88% due 11/10/39		1,000,000		996,055

Security Description	Principal Amount(6)		Value (Note 2)
Finance - Mortgage Loan/Banker — 0.5%
BRFkredit AS Government Guar. Notes 0.55% due 04/15/13*(1)	$	1,000,000	$	999,727
Pipelines — 0.4%
TransCanada PipeLines, Ltd. Senior Notes 6.10% due 06/01/40		1,000,000		991,563
Special Purpose Entities — 1.1%
AngloGold Ashanti Holdings PLC Company Guar. Notes 5.38% due 04/15/20		1,450,000		1,425,096
AngloGold Ashanti Holdings PLC Company Guar. Notes 6.50% due 04/15/40		1,100,000		1,081,112
				2,506,208
Telephone-Integrated — 0.4%
Telefonica Emisiones SAU Company Guar. Notes 0.67% due 02/04/13(1)		1,000,000		966,983
Total Foreign Corporate Bonds & Notes
(cost $15,055,502)				14,686,311
FOREIGN GOVERNMENT AGENCIES — 7.3%
Sovereign — 7.3%
Government of Australia Bonds 3.00% due 09/20/25	AUD	12,000,000		10,600,599
Government of Canada Bonds 1.50% due 12/01/44	CAD	1,000,000		983,186
Government of Canada Bonds 4.25% due 12/01/21	CAD	4,174,440		5,234,761
Total Foreign Government Agencies
(cost $17,242,648)				16,818,546
U.S. GOVERNMENT AGENCIES — 0.0%
Tennessee Valley Authority — 0.0%
4.65% due 06/15/35 (cost $99,881)		100,000		96,053
U.S. GOVERNMENT TREASURIES — 54.4%
United States Treasury Bonds — 42.1%
1.38% due 01/15/20 TIPS(7)		6,037,620		6,076,768
1.75% due 01/15/28 TIPS(7)		16,515,171		16,445,493
1.88% due 07/15/19 TIPS(7)		1,528,695		1,612,175
2.00% due 01/15/26 TIPS(7)		8,781,844		9,128,999
2.13% due 02/15/40 TIPS(7)		3,020,310		3,227,250
2.38% due 01/15/25 TIPS(7)		3,463,230		3,778,980
2.50% due 01/15/29 TIPS(7)		8,614,920		9,570,642
2.63% due 07/15/17 TIPS(7)		8,399,360		9,353,477
3.63% due 04/15/28 TIPS(7)		12,108,420		15,421,211
3.88% due 04/15/29 TIPS(7)		16,876,793		22,365,699
				96,980,694
United States Treasury Notes — 12.3%
1.38% due 07/15/18 TIPS(7)		8,476,440		8,651,267
1.63% due 01/15/15 TIPS(7)		3,088,343		3,235,521
1.88% due 07/15/15 TIPS(7)		12,305,920		13,062,537
2.00% due 07/15/14 TIPS(7)		2,308,820		2,462,500
3.63% due 02/15/20		1,000,000		1,025,703
				28,437,528
Total U.S. Government Treasuries
(cost $117,417,896)				125,418,222

109

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares/ Principal Amount(6)			Value (Note 2)
PREFERRED STOCK — 1.7%
Finance - Consumer Loans — 0.9%
SLM Corp. 4.20%(1)		133,000		$	2,162,580
Finance-Investment Banker/Broker — 0.8%
JPMorgan Chase Capital XXIX 6.70%		80,000			1,860,800
Total Preferred Stock
(cost $4,402,325)					4,023,380
Total Long-Term Investment Securities
(cost $223,352,978)					228,826,671
SHORT-TERM INVESTMENT SECURITIES — 1.0%
Time Deposits — 1.0%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 06/01/10 (cost $2,254,000)	$	2,254,000			2,254,000
TOTAL INVESTMENTS
(cost $225,606,978)(8)		100.2	%		231,080,671
Liabilities in excess of other assets		(0.2	)		(542,465	)
NET ASSETS —		100.0	%	$	230,538,206

† Non-income producing security.

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2010, the aggregate value of these securities was $9,412,737 representing 4.1% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

(1) Floating rate security where the rate fluctuates. The rate moves up or down at each reset date. The rate reflected is as of May 31, 2010.

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

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

(4) Bond in default

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

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

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

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

TIPS—Treasury Inflation Protected Securities

Currency Legend

AUD—Australian Dollar

CAD—Canadian Dollar

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2010 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Long-Term Investment Securities:
U.S. Corporate Bonds & Notes	$	—	$	58,115,409	$	9,668,750	$	67,784,159
Foreign Corporate Bonds & Notes		—		7,952,511		6,733,800		14,686,311
Foreign Government Agencies		—		16,818,546		—		16,818,546
U.S. Government Agencies		—		96,053		—		96,053
U.S. Government Treasuries		—		125,418,222		—		125,418,222
Preferred Stock		4,023,380		—		—		4,023,380
Short-Term Investment Securities:
Time Deposits		—		2,254,000		—		2,254,000
Total	$	4,023,380	$	210,654,741	$	16,402,550	$	231,080,671

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

	U.S. Corporate Bonds & Notes			Foreign Corporate Bond & Notes
Balance as of 5/31/2009	$	8,582,300		$	—
Accrued discounts/premiums		300			(2,327	)
Realized gain (loss)		(303,000	)		—
Change in unrealized appreciation (depreciation)		1,108,650			(292,623	)
Net purchases (sales)		280,500			7,028,750
Transfers in and/or out of Level 3		—			—
Balance as of 5/31/2010	$	9,668,750		$	6,733,800

See Notes to Financial Statements

110

VALIC Company I International Equities Fund

PORTFOLIO PROFILE — May 31, 2010 (Unaudited)

Industry Allocation*

Exchange-Traded Fund	10.5	%
Collective Investment Pool	9.2
Banks — Commercial	7.7
Oil Companies — Integrated	5.2
Medical — Drugs	5.0
Diversified Banking Institutions	4.9
Electric — Integrated	3.4
Telephone — Integrated	3.3
Auto — Cars/Light Trucks	2.8
Diversified Minerals	2.8
Food — Misc.	2.6
Chemicals — Diversified	2.4
Insurance — Multi-line	2.1
Food — Retail	1.6
Tobacco	1.2
Import/Export	1.2
Cellular Telecom	1.2
Electric Products — Misc.	1.0
Real Estate Investment Trusts	1.0
Insurance — Life/Health	1.0
Metal — Diversified	1.0
Electronic Components — Misc.	0.9
Real Estate Operations & Development	0.9
Brewery	0.9
Medical Products	0.9
Transport — Rail	0.9
Insurance — Property/Casualty	0.8
Steel — Producers	0.7
Soap & Cleaning Preparation	0.7
Diversified Manufacturing Operations	0.7
Auto/Truck Parts & Equipment — Original	0.7
Repurchase Agreements	0.7
Building Products — Cement	0.7
Industrial Gases	0.6
Diversified Operations	0.6
Machinery — Construction & Mining	0.6
Audio/Video Products	0.6
Time Deposits	0.5
Building & Construction Products — Misc.	0.5
Semiconductor Equipment	0.5
Oil Companies — Exploration & Production	0.5
Investment Companies	0.5
Medical — Generic Drugs	0.5
Retail — Jewelry	0.5
Retail — Major Department Stores	0.5
Building — Heavy Construction	0.5
Transport — Marine	0.5
Office Automation & Equipment	0.5
Multimedia	0.5
Retail — Misc./Diversified	0.5
Cosmetics & Toiletries	0.5
Apparel Manufacturers	0.4
Telecom Services	0.4
Wireless Equipment	0.4
Engineering/R&D Services	0.4
Building & Construction — Misc.	0.4
Finance — Investment Banker/Broker	0.4
Retail — Apparel/Shoe	0.4
Enterprise Software/Service	0.4
Gas — Distribution	0.4
Oil — Field Services	0.3
Public Thoroughfares	0.3
Athletic Footwear	0.3
Machinery — General Industrial	0.3
Aerospace/Defense	0.3
Photo Equipment & Supplies	0.3
Transport — Services	0.3
Finance — Other Services	0.3
Metal — Copper	0.3

Security Services	0.3
Insurance — Reinsurance	0.3
Toys	0.3
U.S. Government Treasuries	0.3
Real Estate Management/Services	0.3
Investment Management/Advisor Services	0.2
Industrial Automated/Robotic	0.2
Textile — Products	0.2
Computer Services	0.2
Computers — Periphery Equipment	0.2
Aerospace/Defense — Equipment	0.2
Beverages — Wine/Spirits	0.2
Food — Dairy Products	0.2
Diversified Operations/Commercial Services	0.2
Computers — Integrated Systems	0.2
Advertising Services	0.2
Machinery — Farming	0.2
Distribution/Wholesale	0.2
Building — Residential/Commercial	0.2
Paper & Related Products	0.2
Oil Refining & Marketing	0.2
Cruise Lines	0.2
Metal Processors & Fabrication	0.2
Electronic Components — Semiconductors	0.2
Computers — Memory Devices	0.2
Rubber — Tires	0.2
Electric — Transmission	0.2
Beverages — Non — alcoholic	0.2
Medical — Biomedical/Gene	0.2
Power Converter/Supply Equipment	0.2
Airlines	0.2
Gold Mining	0.2
Agricultural Chemicals	0.1
Building Products — Doors & Windows	0.1
Television	0.1
Rubber & Vinyl	0.1
Machinery — Electrical	0.1
Casino Hotels	0.1
Electronic Measurement Instruments	0.1
Computer Aided Design	0.1
E-Commerce/Services	0.1
Medical — Wholesale Drug Distribution	0.1
Hotels/Motels	0.1
Water	0.1
Printing — Commercial	0.1
Fisheries	0.1
Transport — Truck	0.1
Steel Pipe & Tube	0.1
Seismic Data Collection	0.1
Finance — Leasing Companies	0.1
Applications Software	0.1
Circuit Boards	0.1
Mining	0.1
Building Products — Air & Heating	0.1
Retail — Home Furnishings	0.1
Web Portals/ISP	0.1
Human Resources	0.1
Agricultural Operations	0.1
Machine Tools & Related Products	0.1
Telecommunication Equipment	0.1
Food — Wholesale/Distribution	0.1
Publishing — Books	0.1
Publishing — Newspapers	0.1
Optical Supplies	0.1
Food — Catering	0.1
Steel — Specialty	0.1
Satellite Telecom	0.1
Containers — Paper/Plastic	0.1
Cable/Satellite TV	0.1

111

VALIC Company I International Equities Fund

PORTFOLIO PROFILE — May 31, 2010 (Unaudited) — (continued)

Industry Allocation* (continued)

Electric — Distribution	0.1	%
Dialysis Centers	0.1
Shipbuilding	0.1
Non — Ferrous Metals	0.1
Chemicals — Specialty	0.1
Metal — Aluminum	0.1
Commercial Services	0.1
Filtration/Separation Products	0.1
Medical Instruments	0.1
Retail — Consumer Electronics	0.1
	107.9	%

Country Allocation*

United States	21.4	%
Japan	21.1
United Kingdom	17.0
France	9.1
Germany	6.7
Australia	6.7
Switzerland	6.5
Spain	3.5
Italy	3.3
Sweden	2.3
Netherlands	2.2
Hong Kong	1.7
Singapore	1.2
Denmark	0.8
Israel	0.7
Finland	0.7
Belgium	0.6
Luxembourg	0.3
Norway	0.3
Bermuda	0.3
Austria	0.3
Jersey	0.3
Greece	0.3
Ireland	0.2
Portugal	0.1
Cayman Islands	0.1
New Zealand	0.1
Isle of Man	0.1
	107.9	%

* Calculated as a percentage of net assets

112

VALIC Company I International Equities Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010

Security Description	Shares	Value (Note 2)
COMMON STOCK — 86.6%
Australia — 6.7%
AGL Energy, Ltd.	32,056	$	373,775
Alumina, Ltd.	174,266		246,832
Amcor, Ltd.	87,199		451,397
AMP, Ltd.	146,286		689,436
Aristocrat Leisure, Ltd.#	28,568		98,751
Arrow Energy, Ltd.†#	41,838		172,488
Asciano Group†	208,947		281,861
ASX, Ltd.	12,306		320,697
Australia and New Zealand Banking Group, Ltd.	180,876		3,402,198
AXA Asia Pacific Holdings, Ltd.	73,809		362,169
Bendigo and Adelaide Bank, Ltd.	25,016		179,063
BGP Holdings PLC†(1)(2)(3)	835,027		0
BHP Billiton, Ltd.	239,647		7,726,253
Billabong International, Ltd.#	14,447		122,168
BlueScope Steel, Ltd.†	130,195		254,660
Boral, Ltd.	42,511		198,918
Brambles, Ltd.	100,859		565,478
Caltex Australia, Ltd.	9,643		88,455
CFS Retail Property Trust#	125,517		204,239
Coca-Cola Amatil, Ltd.	40,077		367,623
Cochlear, Ltd.	4,038		247,809
Commonwealth Bank of Australia	109,559		4,745,005
Computershare, Ltd.	31,744		289,312
Crown, Ltd.#	32,288		212,876
CSL, Ltd.	39,754		1,060,130
CSR, Ltd.#	106,656		151,968
Dexus Property Group	340,361		222,393
Energy Resources of Australia, Ltd.#	4,996		58,759
Fairfax Media, Ltd.#	151,162		192,441
Fortescue Metals Group, Ltd.†	88,657		301,977
Foster’s Group, Ltd.	137,846		648,496
Goodman Fielder, Ltd.	96,329		109,640
Goodman Group	443,145		235,378
GPT Group	125,878		280,177
Harvey Norman Holdings, Ltd.	37,933		110,016
Incitec Pivot, Ltd.	116,037		295,449
Insurance Australia Group, Ltd.	148,478		451,906
Intoll Group	161,508		141,614
Leighton Holdings, Ltd.#	9,610		264,293
Lend Lease Group	38,369		249,087
MacArthur Coal, Ltd.	9,100		91,223
Macquarie Group, Ltd.#	23,910		873,469
MAP Group	53,161		123,255
Metcash, Ltd.	54,683		177,497
Mirvac Group	213,329		235,614
National Australia Bank, Ltd.	151,345		3,142,762
Newcrest Mining, Ltd.	34,518		934,760
Nufarm, Ltd.	2		10
OneSteel, Ltd.	94,863		255,933
Orica, Ltd.	25,785		557,614
Origin Energy, Ltd.	62,723		793,226
OZ Minerals, Ltd.†	222,897		201,079
Paladin Energy, Ltd.†#	47,832		159,292
Qantas Airways, Ltd.†	79,251		167,041
QBE Insurance Group, Ltd.	73,207		1,213,431
Rio Tinto, Ltd.#	31,116		1,761,344
Santos, Ltd.	59,429		622,299
Sims Metal Management, Ltd.#	11,625		194,845
Sonic Healthcare, Ltd.	26,352		227,062
SP AusNet#	99,633		70,560
Stockland	170,170		558,100
Suncorp-Metway, Ltd.	90,749		622,795
TABCORP Holdings, Ltd.	43,403		241,880
Tatts Group, Ltd.#	90,286		180,405
Telstra Corp., Ltd.	310,964		770,791

Security Description	Shares	Value (Note 2)
Australia (continued)
Toll Holdings, Ltd.	47,445	$	248,805
Transurban Group#	90,914		328,827
Wesfarmers, Ltd.	71,779		1,761,041
Wesfarmers, Ltd. PPS	10,844		266,232
Westfield Group	156,550		1,681,518
Westpac Banking Corp.	212,538		4,112,428
Woodside Petroleum, Ltd.	38,850		1,406,803
Woolworths, Ltd.	88,544		1,989,461
WorleyParsons, Ltd.	13,660		284,118
			52,630,707
Austria — 0.3%
Erste Group Bank AG#	49,380		1,783,450
Immofinanz AG†#	31,250		96,807
OMV AG#	4,723		150,607
Raiffeisen International Bank Holding AG#	1,750		75,510
Telekom Austria AG#	10,461		133,612
Verbund - Oesterreichische Elektrizitaetswirtschafts AG, Class A#	2,419		77,227
Vienna Insurance Group	1,242		52,491
Voestalpine AG	7,472		206,578
			2,576,282
Belgium — 0.6%
Ageas NV	272,932		696,194
Anheuser - Busch InBev NV	38,122		1,841,028
Belgacom SA	12,631		388,182
Colruyt SA	486		110,646
Compagnie Nationale a Portefeuille	4,049		178,690
Delhaize Group SA#	3,176		251,473
Dexia SA†#	17,096		71,056
Groupe Bruxelles Lambert SA	10,373		749,790
KBC Groep NV†	5,069		198,686
Mobistar SA	850		42,648
Solvay SA	1,867		163,848
UCB SA	3,230		106,790
Umicore	3,590		108,895
			4,907,926
Bermuda — 0.3%
Cheung Kong Infrastructure Holdings, Ltd.	32,000		115,483
Esprit Holdings, Ltd.	82,200		484,560
Kerry Properties, Ltd.	51,000		212,544
Li & Fung, Ltd.	162,000		702,186
Mongolia Energy Co., Ltd.†	218,000		80,073
Noble Group, Ltd.	219,454		283,692
NWS Holdings, Ltd.	61,000		106,858
Orient Overseas International, Ltd.	15,500		103,116
Peregrine Investment Holdings†(1)(2)	160,000		0
Seadrill, Ltd.#	8,800		169,830
Shangri - La Asia, Ltd.	92,000		162,108
Yue Yuen Industrial Holdings, Ltd.	53,000		163,022
			2,583,472
Cayman Islands — 0.1%
ASM Pacific Technology, Ltd.	14,100		106,840
Foxconn International Holdings, Ltd.†	153,000		111,610
Lifestyle International Holdings, Ltd.	43,500		82,459
Sands China Ltd†	144,000		213,788
Wynn Macau, Ltd.†	111,000		179,621
			694,318
Cyprus — 0.0%
Bank of Cyprus Public Co., Ltd.	18,238		81,160
Denmark — 0.8%
AP Moller - Maersk A/S, Series A	35		259,101

113

VALIC Company I International Equities Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
Denmark (continued)
AP Moller - Maersk A/S, Series B	174	$	1,329,217
Carlsberg A/S	24,579		1,876,415
Coloplast A/S	736		76,376
Danske Bank A/S†	34,786		706,446
DSV A/S	6,585		97,877
H. Lundbeck A/S#	23,327		346,337
Novo Nordisk A/S, Class B	13,717		1,059,652
Novozymes A/S	1,452		155,716
TrygVesta A/S	827		45,028
Vestas Wind Systems A/S†	6,414		306,938
William Demant Holding†	762		54,244
			6,313,347
Finland — 0.7%
Elisa Oyj†	4,302		72,346
Fortum Oyj	25,540		571,099
Kesko Oyj, Class B	5,921		190,192
Kone Oyj, Class B	4,856		189,531
Metso Oyj	4,024		127,378
Neste Oil Oyj#	4,145		62,317
Nokia Oyj#	169,452		1,743,533
Nokian Renkaat Oyj#	3,431		79,926
Orion Oyj	12,174		213,558
Outokumpu Oyj	4,015		63,670
Pohjola Bank PLC, Class A	69,613		682,891
Rautaruukki Oyj	2,722		43,098
Sampo Oyj, Class A	13,229		280,689
Sanoma Oyj	2,602		46,668
Stora Enso Oyj, Class R	18,318		136,911
UPM - Kymmene Oyj	37,583		482,798
Wartsila Oyj	2,484		106,998
			5,093,603
France — 9.1%
Accor SA†	4,614		220,017
Aeroports de Paris#	960		65,379
Air France - KLM†	4,368		53,009
Air Liquide SA#	19,133		1,877,147
Alcatel - Lucent†#	110,664		285,546
Alstom SA	6,479		311,656
Atos Origin SA†	24,701		1,100,729
AXA SA#	232,383		3,843,669
BioMerieux#	1,031		105,981
BNP Paribas#	104,451		5,944,353
Bouygues SA	11,999		513,977
Bureau Veritas SA	1,580		83,820
Cap Gemini SA#	4,605		206,992
Carrefour SA#	95,377		3,952,395
Casino Guichard Perrachon SA	3,908		299,776
Christian Dior SA#	30,542		2,950,308
Cie Generale de Geophysique-Veritas†	28,980		643,924
CNP Assurances†#	1,201		84,597
Compagnie de St. Gobain#	76,417		2,948,759
Compagnie Generale des Etablissements Michelin, Class B	4,642		310,999
Credit Agricole SA#	102,225		1,115,530
Danone SA#	79,879		4,126,165
Dassault Systemes SA#	14,990		874,279
EDF SA#	12,281		540,474
Eiffage SA#	1,309		57,551
Eramet	170		46,749
Essilor International SA#	6,441		367,787
Eurazeo	892		54,180
Eutelsat Communications#	3,119		102,181
Fonciere Des Regions†	753		69,406
France Telecom SA#	232,824		4,436,264

Security Description	Shares	Value (Note 2)
France (continued)
GDF Suez	50,732	$	1,575,336
GDF Suez VVPR†	12,852		16
Gecina SA	607		50,547
Groupe Eurotunnel SA	15,250		118,199
Hermes International	1,662		219,837
ICADE	744		61,671
Iliad SA	526		44,338
Imerys SA	1,187		62,212
Ipsen SA#	927		39,383
JC Decaux SA†	2,146		51,245
Klepierre	2,942		79,167
L’Oreal SA	11,366		1,067,059
Lafarge SA	12,647		732,495
Lagardere SCA	7,095		228,470
Legrand SA#	58,365		1,727,336
LVMH Moet Hennessy Louis Vuitton SA#	7,721		818,351
Metropole Television SA	12,095		246,890
Natixis†	77,868		345,656
Neopost SA	989		72,473
PagesJaunes Groupe SA#	4,088		47,389
Pernod - Ricard SA	6,232		473,603
Peugeot SA†	4,873		117,052
PPR#	17,653		2,127,767
Publicis Groupe SA#	29,280		1,226,492
Renault SA†	8,324		300,688
Safran SA#	5,253		143,454
Sanofi - Aventis SA#	106,294		6,461,494
Schneider Electric SA	7,446		750,485
SCOR SE	5,309		103,867
Societe BIC SA	3,808		272,164
Societe Des Autoroutes Paris - Rhin - Rhone	3,705		224,767
Societe Generale#	32,803		1,413,382
Societe Television Francaise 1	3,795		54,419
Sodexo	2,969		168,146
Suez Environnement SA#	8,627		148,472
Technip SA	3,098		201,539
Thales SA#	2,891		99,243
Total SA#	194,045		9,000,097
Unibail - Rodamco SE	2,874		448,515
Vallourec SA#	1,713		320,396
Veolia Environnement	10,879		280,109
Vinci SA#	13,708		621,727
Vivendi SA#	51,324		1,112,638
			71,252,185
Germany — 6.5%
Adidas AG	43,711		2,198,793
Allianz SE#	53,588		5,360,967
BASF SE#	101,333		5,363,927
Bayer AG	92,708		5,185,451
Bayerische Motoren Werke AG	63,959		2,984,991
Beiersdorf AG	3,174		173,162
Celesio AG#	17,889		446,966
Commerzbank AG†#	22,319		159,435
Continental AG#	1,550		73,120
Daimler AG†	45,775		2,307,120
Deutsche Bank AG#	32,517		1,934,501
Deutsche Boerse AG#	6,140		374,300
Deutsche Lufthansa AG†	7,209		95,621
Deutsche Post AG	26,648		397,032
Deutsche Postbank AG†	7,455		226,820
Deutsche Telekom AG	344,774		3,863,217
E.ON AG#	104,699		3,182,912
Fraport AG Frankfurt Airport Services Worldwide	1,188		54,510
Fresenius Medical Care AG & Co. KGaA	8,566		432,949

114

VALIC Company I International Equities Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
Germany (continued)
Fresenius SE	5,252	$	331,853
GEA Group AG	5,209		105,240
Hannover Rueckversicherung AG†	1,950		84,355
HeidelbergCement AG	4,428		240,242
Henkel AG & Co. KGaA#	21,460		860,409
Hochtief AG	11,743		753,975
Infineon Technologies AG†	47,064		269,666
K+S AG#	21,501		967,513
Linde AG	27,468		2,832,327
MAN SE	3,329		285,563
Merck KGaA	2,035		146,945
Metro AG#	4,082		214,946
Muenchener Rueckversicherungs AG	11,322		1,440,527
Porsche Automobil Holding SE	2,803		121,772
Puma AG Rudolf Dassler Sport	171		48,653
RWE AG	21,109		1,513,882
Salzgitter AG	5,189		335,144
SAP AG	27,024		1,170,196
Siemens AG	43,342		3,943,810
Suedzucker AG	6,729		122,715
ThyssenKrupp AG	10,530		284,068
TUI AG†#	4,476		40,717
United Internet AG†	15,209		195,284
Volkswagen AG	945		81,492
Wacker Chemie AG#	506		63,509
			51,270,597
Greece — 0.3%
Alpha Bank A.E.†	62,357		348,782
Coca - Cola Hellenic Bottling Co. SA	33,239		743,256
EFG Eurobank Ergasias SA†	84,085		410,362
Hellenic Petroleum SA	22,785		165,257
Hellenic Telecommunications Organization SA	7,924		65,751
Marfin Investment Group SA†	3		4
National Bank of Greece SA†	19,114		235,673
OPAP SA	7,153		113,872
Piraeus Bank SA†	10,589		53,240
Public Power Corp. SA†	3,751		58,100
			2,194,297
Guernsey — 0.0%
Resolution, Ltd.(8)	78,002		70,360
Hong Kong — 1.7%
Bank of East Asia, Ltd.	109,600		401,161
BOC Hong Kong Holdings, Ltd.	264,000		595,377
Cathay Pacific Airways, Ltd.	84,000		166,352
Cheung Kong Holdings, Ltd.	99,000		1,128,410
CLP Holdings, Ltd.	137,500		968,596
Hang Lung Group, Ltd.	57,000		276,347
Hang Lung Properties, Ltd.	148,000		519,855
Hang Seng Bank, Ltd.	54,600		724,363
Henderson Land Development Co., Ltd.	77,000		458,357
Hong Kong & China Gas Co., Ltd.	319,000		707,123
Hong Kong Exchanges and Clearing, Ltd.	73,000		1,124,101
Hongkong Electric Holdings, Ltd.	99,000		589,316
Hopewell Holdings, Ltd.	41,000		111,367
Hutchison Whampoa, Ltd.	152,000		945,803
Hysan Development Co., Ltd.	45,000		116,742
MTR Corp.	102,500		347,529
New World Development, Ltd.	181,000		288,711
PCCW, Ltd.	278,000		75,691
Sino Land Co., Ltd.	122,000		200,868
Sun Hung Kai Properties, Ltd.	101,000		1,332,156
Swire Pacific, Ltd., Class A	55,000		606,410
Television Broadcasts, Ltd.	20,000		88,359

Security Description	Shares	Value (Note 2)
Hong Kong (continued)
The Link REIT	157,000	$	378,265
Wharf Holdings, Ltd.	98,000		488,968
Wheelock & Co., Ltd.	65,000		175,723
Wing Hang Bank, Ltd.	12,500		109,405
			12,925,355
Ireland — 0.2%
Anglo Irish Bank Corp., Ltd.†(1)	31,152		383
CRH PLC	37,475		829,225
Elan Corp. PLC†	16,041		93,942
Kerry Group PLC	11,282		313,120
Ryanair Holdings PLC†(8)	7,244		29,208
Ryanair Holdings PLC ADR†	934		21,986
			1,287,864
Isle of Man — 0.1%
Genting Singapore PLC†#	432,000		327,051
Israel — 0.7%
Bank Hapoalim BM	70,800		266,014
Bank Leumi Le - Israel B.M.	84,200		333,756
Bezeq Israeli Telecommunication Corp., Ltd.	123,500		268,846
Cellcom Israel, Ltd.	3,500		89,296
Delek Group, Ltd.	300		61,588
Discount Investment Corp.	1,800		32,119
Elbit Systems, Ltd.	1,700		86,482
Israel Chemicals, Ltd.	31,600		341,908
Israel Discount Bank, Ltd.†	38,500		64,424
Makhteshim - Agan Industries, Ltd.	17,100		59,083
Mizrahi Tefahot Bank Ltd.	8,700		65,826
NICE Systems, Ltd.†	4,400		126,120
Ormat Industries, Ltd.	4,200		28,253
Partner Communications Co., Ltd.	6,100		104,909
Teva Pharmaceutical Industries, Ltd.	66,300		3,535,429
The Israel Corp., Ltd.†	200		129,632
			5,593,685
Italy — 3.3%
A2A SpA	1,090,227		1,618,981
Assicurazioni Generali SpA#	41,348		759,387
Atlantia SpA#	21,500		400,414
Autogrill SpA†	3,605		40,483
Banca Carige SpA#	86,968		172,125
Banca Monte dei Paschi di Siena SpA	160,508		179,456
Banca Popolare di Milano Scarl#	57,958		246,873
Banco Popolare SC#	115,439		638,236
Enel SpA	989,960		4,548,380
ENI SpA#	284,542		5,316,770
Exor SpA#	2,019		33,705
Fiat SpA	24,074		264,128
Finmeccanica SpA#	73,420		784,318
Fondiaria - Sai SpA#	1		10
Intesa Sanpaolo SpA#	1,269,743		3,391,045
Intesa Sanpaolo SpA RSP#	748,171		1,535,944
Italcementi SpA RNC#	6,230		52,806
Luxottica Group SpA#	3,747		90,327
Mediaset SpA#	71,424		442,959
Mediobanca SpA†#	15,170		116,087
Mediolanum SpA#	7,092		29,620
Parmalat SpA	620,455		1,502,569
Pirelli & C. SpA†#	84,602		44,824
Prysmian SpA	5,421		83,700
Saipem SpA	8,337		261,854
Snam Rete Gas SpA#	44,973		182,165
Telecom Italia SpA#	749,873		877,111
Telecom Italia SpA RSP#	434,323		396,431

115

VALIC Company I International Equities Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
Italy (continued)
Terna Rete Elettrica Nazionale SpA	40,951	$	154,421
UniCredit SpA#	485,495		1,038,465
Unione di Banche Italiane SCPA#	33,603		303,822
Unipol Gruppo Finanziario SpA†#	10		8
			25,507,424
Japan — 21.1%
ABC - Mart, Inc.#	1,600		56,274
ACOM Co., Ltd.#	2,580		33,551
Advantest Corp.	10,200		229,801
Aeon Co., Ltd.	37,900		395,533
Aeon Credit Service Co., Ltd.	5,100		50,650
Aeon Mall Co., Ltd.	5,100		104,099
Air Water, Inc.	9,000		100,741
Aisin Seiki Co., Ltd.	48,700		1,356,385
Ajinomoto Co., Inc.	42,000		356,280
Alfresa Holdings Corp.	2,500		119,204
All Nippon Airways Co., Ltd.†	54,000		162,370
Amada Co., Ltd.	23,000		166,584
Aozora Bank, Ltd.#	31,000		38,102
Asahi Breweries, Ltd.	24,400		411,821
Asahi Glass Co., Ltd.	93,000		983,835
Asahi Kasei Corp.	80,000		420,521
Asics Corp.	9,000		80,198
Astellas Pharma, Inc.	28,500		917,942
Bank of Kyoto, Ltd.	20,000		159,342
Benesse Holdings, Inc.	4,400		201,350
Bridgestone Corp.#	41,000		664,099
Brother Industries, Ltd.	14,900		164,820
Canon Marketing Japan, Inc.#	3,800		56,505
Canon, Inc.	71,500		2,938,464
Casio Computer Co., Ltd.	15,300		101,077
Central Japan Railway Co.	178		1,451,347
Chiyoda Corp.	9,600		74,904
Chubu Electric Power Co., Inc.	41,800		967,421
Chugai Pharmaceutical Co., Ltd.	14,100		249,429
Chuo Mitsui Trust Holdings, Inc.	63,000		224,000
Citizen Holdings Co., Ltd.	15,500		92,702
Coca - Cola West Co., Ltd.	3,600		57,995
Cosmo Oil Co., Ltd.	37,000		108,005
Credit Saison Co., Ltd.	9,400		110,376
Dai Nippon Printing Co., Ltd.	35,000		428,258
Daicel Chemical Industries, Ltd.	17,000		118,837
Daido Steel Co., Ltd.#	18,000		72,494
Daihatsu Motor Co., Ltd.	12,000		109,300
Daiichi Sankyo Co., Ltd.	42,500		750,892
Daikin Industries, Ltd.	14,800		487,243
Dainippon Sumitomo Pharma Co., Ltd.#	10,000		77,695
Daito Trust Construction Co., Ltd.	4,900		247,084
Daiwa House Industry Co., Ltd.	30,000		286,420
Daiwa Securities Group, Inc.	105,000		470,123
Dena Co., Ltd.	5,100		153,798
Denki Kagaku Kogyo K.K.	71,000		334,255
Denso Corp.	62,300		1,678,425
Dentsu, Inc.#	10,500		267,901
Disco Corp.	5,200		349,235
Dowa Holdings Co., Ltd.	16,000		85,684
East Japan Railway Co.	40,200		2,593,975
Eisai Co., Ltd.	15,900		529,564
Electric Power Development Co., Ltd.	7,400		220,965
Elpida Memory, Inc.†	11,200		203,413
FamilyMart Co., Ltd.	4,000		130,326
Fanuc, Ltd.	18,000		1,898,272
Fast Retailing Co., Ltd.	3,300		463,539
Fuji Electric Holdings Co., Ltd.#	36,000		101,136

Security Description	Shares	Value (Note 2)
Japan (continued)
Fuji Heavy Industries, Ltd.†#	105,000	$	603,786
Fuji Media Holdings, Inc.	31		45,790
FUJIFILM Holdings Corp.	29,200		868,390
Fujitsu, Ltd.	118,000		757,531
Fukuoka Financial Group, Inc.#	49,000		205,948
Furukawa Electric Co., Ltd.	40,000		172,071
GS Yuasa Corp.#	23,000		157,246
Gunma Bank, Ltd.	25,000		129,767
Hakuhodo DY Holdings, Inc.	1,510		76,888
Hankyu Hanshin Holdings, Inc.#	72,000		318,420
Hino Motors, Ltd.†	16,000		80,768
Hirose Electric Co., Ltd.	2,000		189,410
Hisamitsu Pharmaceutical Co., Inc.#	4,200		152,099
Hitachi Chemical Co., Ltd.	6,700		130,728
Hitachi Construction Machinery Co., Ltd.#	6,100		124,376
Hitachi High - Technologies Corp.	22,200		419,760
Hitachi Metals, Ltd.#	32,000		318,859
Hitachi, Ltd.†	494,000		2,016,658
Hokkaido Electric Power Co., Inc.	11,500		232,587
Hokuhoku Financial Group, Inc.	79,000		143,912
Hokuriku Electric Power Co.#	11,100		225,472
Honda Motor Co., Ltd.	152,900		4,647,824
Hoya Corp.	27,500		642,798
Ibiden Co., Ltd.	20,500		617,081
Idemitsu Kosan Co., Ltd.	1,400		104,779
IHI Corp.#	83,000		142,091
Inpex Corp.	52		326,409
Isetan Mitsukoshi Holdings, Ltd.	23,700		243,177
Isuzu Motors, Ltd.	261,000		807,704
Ito En, Ltd.#	3,500		49,432
ITOCHU Corp.	95,000		787,106
ITOCHU Techno - Solutions Corp.	11,800		433,800
J Front Retailing Co., Ltd.	68,000		351,473
Jafco Co., Ltd.#	2,000		53,619
Japan Petroleum Exploration Co.	1,800		82,074
Japan Prime Realty Investment Corp.	41		93,406
Japan Real Estate Investment Corp.	31		251,062
Japan Retail Fund Investment Corp.	103		123,430
Japan Tobacco, Inc.	565		1,770,798
JFE Holdings, Inc.	29,100		978,782
JGC Corp.	27,000		429,926
JS Group Corp.	15,800		303,950
JSR Corp.	59,300		1,080,903
JTEKT Corp.	12,200		124,778
Jupiter Telecommunications Co., Ltd.	153		151,111
JX Holdings, Inc.†	142,000		774,475
Kajima Corp.#	53,000		125,048
Kamigumi Co., Ltd.	16,000		121,328
Kaneka Corp.	19,000		116,554
Kansai Paint Co., Ltd.	14,000		115,534
Kao Corp.	34,100		755,533
Kawasaki Heavy Industries, Ltd.	90,000		259,753
Kawasaki Kisen Kaisha, Ltd.†#	43,000		174,595
KDDI Corp.	184		831,912
Keihin Electric Express Railway Co., Ltd.	30,000		250,535
Keio Corp.	37,000		226,974
Keisei Electric Railway Co., Ltd.	17,000		92,905
Keyence Corp.	2,600		583,199
Kikkoman Corp.	10,000		102,936
Kinden Corp.	8,000		69,180
Kintetsu Corp.#	103,000		304,055
Kirin Holdings Co., Ltd.	53,000		714,228
Kobe Steel, Ltd.	157,000		329,075
Koito Manufacturing Co., Ltd.	6,000		95,407
Komatsu, Ltd.	59,900		1,123,392

116

VALIC Company I International Equities Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
Japan (continued)
Konami Corp.	6,000	$	100,214
Konica Minolta Holdings, Inc.	30,000		336,790
Kubota Corp.	194,000		1,594,579
Kuraray Co., Ltd.	99,500		1,233,855
Kurita Water Industries, Ltd.	7,100		184,814
Kyocera Corp.	19,700		1,714,359
Kyowa Hakko Kirin Co., Ltd.	16,000		156,093
Kyushu Electric Power Co., Inc.	23,900		490,983
Lawson, Inc.	3,800		161,591
Mabuchi Motor Co., Ltd.	1,700		86,189
Makita Corp.	7,100		198,294
Marubeni Corp.	104,000		578,634
Marui Group Co., Ltd.	14,500		103,111
Maruichi Steel Tube, Ltd.	3,000		54,255
Matsui Securities Co., Ltd.#	7,900		52,883
Mazda Motor Corp.	97,000		252,280
McDonald’s Holdings Co. Japan, Ltd.#	4,200		93,103
MEDIPAL Holdings Corp.	9,500		111,237
MEIJI Holdings Co., Ltd.#	4,000		144,856
Minebea Co., Ltd.	21,000		120,527
Mitsubishi Chemical Holdings Corp.	76,000		352,790
Mitsubishi Corp.	130,600		2,940,919
Mitsubishi Electric Corp.	252,000		2,065,778
Mitsubishi Estate Co., Ltd.	75,000		1,144,856
Mitsubishi Gas Chemical Co., Inc.	24,000		130,634
Mitsubishi Heavy Industries, Ltd.	192,000		712,165
Mitsubishi Logistics Corp.	7,000		80,735
Mitsubishi Materials Corp.†	71,000		191,671
Mitsubishi Motors Corp.†#	245,000		311,879
Mitsubishi Tanabe Pharma Corp.	14,000		181,750
Mitsubishi UFJ Financial Group, Inc.	1,006,100		4,869,027
Mitsubishi UFJ Lease & Finance Co., Ltd.	3,680		137,306
Mitsui & Co., Ltd.	194,100		2,756,273
Mitsui Chemicals, Inc.	55,000		165,981
Mitsui Engineering & Shipbuilding Co., Ltd.	45,000		102,716
Mitsui Fudosan Co., Ltd.	53,000		807,287
Mitsui Mining & Smelting Co., Ltd.	36,000		103,506
Mitsui O.S.K. Lines, Ltd.	121,000		860,444
Mitsumi Electric Co., Ltd.	5,000		90,261
Mizuho Financial Group, Inc.	871,200		1,567,921
Mizuho Securities Co., Ltd.	37,000		92,170
Mizuho Trust & Banking Co., Ltd.†	98,000		83,885
MS&AD Insurance Group Holdings	34,100		841,601
Murata Manufacturing Co., Ltd.	12,800		619,457
Namco Bandai Holdings, Inc.#	11,800		106,961
NEC Corp.	164,000		462,529
NGK Insulators, Ltd.	30,000		542,551
NGK Spark Plug Co., Ltd.	10,000		125,652
NHK Spring Co., Ltd.	9,000		84,938
Nidec Corp.	18,300		1,664,823
Nikon Corp.	42,200		813,204
Nintendo Co., Ltd.#	6,300		1,858,370
Nippon Building Fund, Inc.	32		259,160
Nippon Electric Glass Co., Ltd.	40,000		524,554
Nippon Express Co., Ltd.	54,000		238,222
Nippon Meat Packers, Inc.	12,000		149,728
Nippon Paper Group, Inc.	6,200		178,261
Nippon Sheet Glass Co., Ltd.	41,000		107,084
Nippon Steel Corp.	322,000		1,127,221
Nippon Telegraph and Telephone Corp.	32,800		1,326,398
Nippon Yusen K.K.	257,000		922,239
Nissan Chemical Industries, Ltd.	9,000		106,173
Nissan Motor Co., Ltd.†	156,900		1,143,282
Nissha Printing Co., Ltd.#	1,800		54,005
Nisshin Seifun Group, Inc.	12,000		134,848

Security Description	Shares	Value (Note 2)
Japan (continued)
Nisshin Steel Co., Ltd.	45,000	$	80,988
Nisshinbo Holdings, Inc.	8,000		75,588
Nissin Foods Holdings Co., Ltd.#	4,100		135,429
Nitori Co., Ltd.	7,150		570,431
Nitto Denko Corp.	27,000		962,963
NKSJ Holdings, Inc.†	89,000		553,778
NOK Corp.	18,900		301,985
Nomura Holdings, Inc.	223,000		1,385,108
Nomura Real Estate Holdings, Inc.#	6,100		84,613
Nomura Real Estate Office Fund, Inc.	17		89,547
Nomura Research Institute, Ltd.	6,400		147,630
NSK, Ltd.	28,000		204,949
NTN Corp.	30,000		126,091
NTT Data Corp.	80		297,174
NTT DoCoMo, Inc.	971		1,441,715
NTT Urban Development Corp.#	74		62,123
Obayashi Corp.	41,000		167,374
Obic Co., Ltd.	450		86,519
Odakyu Electric Railway Co., Ltd.	40,000		321,756
OJI Paper Co., Ltd.	54,000		261,333
Olympus Corp.	13,700		357,215
Omron Corp.	12,800		268,993
Ono Pharmaceutical Co., Ltd.	5,300		212,000
Oracle Corp.#	2,400		112,198
Oriental Land Co., Ltd.	3,200		243,007
ORIX Corp.	6,610		503,412
Osaka Gas Co., Ltd.	123,000		418,436
Otsuka Corp.#	1,000		65,075
Panasonic Corp.	123,800		1,577,304
Panasonic Electric Works Co., Ltd.	24,000		245,992
Pioneer Corp.#	91,000		336,538
Rakuten, Inc.	983		684,999
Resona Holdings, Inc.	38,300		483,767
Ricoh Co., Ltd.	42,000		600,560
Rinnai Corp.	2,200		109,728
Rohm Co., Ltd.	6,200		393,942
Sankyo Co., Ltd.	3,400		147,007
Santen Pharmaceutical Co., Ltd.	4,700		156,538
Sanyo Electric Co., Ltd.†#	118,000		170,930
Sapporo Hokuyo Holdings, Inc.	20,200		74,482
Sapporo Holdings, Ltd.	16,000		70,936
Sawai Pharmaceutical Co., Ltd.	4,700		405,399
SBI Holdings, Inc.#	1,059		180,480
Secom Co., Ltd.	13,200		564,938
Sega Sammy Holdings, Inc.	12,500		160,768
Seiko Epson Corp.	8,200		111,403
Sekisui Chemical Co., Ltd.	27,000		166,519
Sekisui House, Ltd.	120,000		1,082,469
Senshu Ikeda Holdings, Inc.†#	40,600		57,029
Seven & I Holdings Co., Ltd.	48,600		1,119,467
Seven Bank, Ltd.	38		69,807
Sharp Corp.	63,000		685,827
Shikoku Electric Power Co., Inc.	11,300		297,985
Shimadzu Corp.	16,000		116,938
Shimamura Co., Ltd.	1,400		127,210
Shimano, Inc.	4,200		172,840
Shimizu Corp.#	37,000		129,525
Shin - Etsu Chemical Co., Ltd.	25,900		1,301,750
Shinko Electric Industries Co., Ltd.	4,400		62,674
Shinsei Bank, Ltd.†#	60,000		59,259
Shionogi & Co., Ltd.#	18,800		339,793
Shiseido Co., Ltd.	37,000		716,247
Showa Denko K.K.	90,000		178,765
Showa Shell Sekiyu K.K.	12,200		87,559
SMC Corp.	3,400		440,647

117

VALIC Company I International Equities Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
Japan (continued)
Softbank Corp.	51,200	$	1,225,429
Sojitz Corp.	79,900		135,907
Sony Corp.	63,400		1,959,225
Sony Financial Holdings, Inc.	55		190,425
Square Enix Holdings Co., Ltd.	4,100		76,668
Stanley Electric Co., Ltd.	9,200		169,007
Sumco Corp.†#	7,300		132,341
Sumitomo Chemical Co., Ltd.	99,000		404,148
Sumitomo Corp.	170,300		1,844,566
Sumitomo Electric Industries, Ltd.	74,500		878,875
Sumitomo Heavy Industries, Ltd.	34,000		195,512
Sumitomo Metal Industries, Ltd.	212,000		542,069
Sumitomo Metal Mining Co., Ltd.	33,000		468,971
Sumitomo Mitsui Financial Group, Inc.	99,800		2,960,323
Sumitomo Realty & Development Co., Ltd.	23,000		410,403
Sumitomo Rubber Industries, Ltd.	11,100		98,301
Suruga Bank, Ltd.	13,000		116,554
Suzuken Co., Ltd.	4,200		149,103
Suzuki Motor Corp.	20,500		411,012
Sysmex Corp.	2,100		120,988
T&D Holdings, Inc.	50,400		1,191,348
Taiheiyo Cement Corp.†	55,000		73,032
Taisei Corp.	64,000		126,420
Taisho Pharmaceutical Co., Ltd.	9,000		170,963
Taiyo Nippon Sanso Corp.	17,000		133,761
Takashimaya Co., Ltd.	17,000		148,126
Takeda Pharmaceutical Co., Ltd.	47,300		1,969,860
TDK Corp.	23,500		1,366,804
Teijin, Ltd.	60,000		170,535
Terumo Corp.	16,800		799,210
The 77 Bank, Ltd.	22,000		113,229
The Bank of Yokohama, Ltd.	169,000		806,749
The Chiba Bank, Ltd.	48,000		292,346
The Chugoku Bank, Ltd.	11,000		127,835
The Chugoku Electric Power Co.	18,700		352,966
The Dai - ichi Life Insurance Co., Ltd.	529		870,782
The Hachijuni Bank, Ltd.	27,000		144,889
The Hiroshima Bank, Ltd.	32,000		125,366
The Iyo Bank, Ltd.#	15,000		132,181
The Japan Steel Works, Ltd.#	20,000		189,849
The Joyo Bank, Ltd.	42,000		161,317
The Kansai Electric Power Co., Inc.	47,800		1,094,220
The Nishi - Nippon City Bank, Ltd.	44,000		122,162
The Shizuoka Bank, Ltd.	38,000		310,255
The Sumitomo Trust & Banking Co., Ltd.	90,000		480,000
THK Co., Ltd.	7,600		155,795
Tobu Railway Co., Ltd.	51,000		265,844
Toho Co., Ltd.	6,600		103,934
Toho Gas Co., Ltd.	26,000		128,966
Tohoku Electric Power Co., Inc.	27,000		534,815
Tokio Marine Holdings, Inc.	88,300		2,469,977
Tokuyama Corp.	20,000		103,813
Tokyo Electric Power Co., Inc.	76,800		1,902,196
Tokyo Electron, Ltd.	30,000		1,741,564
Tokyo Gas Co., Ltd.	162,000		705,778
Tokyo Steel Manufacturing Co., Ltd.	6,500		72,472
Tokyo Tatemono Co., Ltd.	25,000		93,004
Tokyu Corp.	72,000		287,605
Tokyu Land Corp.	29,000		107,567
TonenGeneral Sekiyu K.K.#	18,000		157,827
Toppan Printing Co., Ltd.	35,000		298,436
Toray Industries, Inc.	80,000		416,132
Toshiba Corp.†	254,000		1,301,706
Tosoh Corp.	33,000		88,000
TOTO, Ltd.	18,000		113,185

Security Description	Shares	Value (Note 2)
Japan (continued)
Toyo Seikan Kaisha, Ltd.	9,600	$	149,702
Toyo Suisan Kaisha, Ltd.	31,000		685,487
Toyoda Gosei Co., Ltd.	4,200		106,838
Toyota Boshoku Corp.	4,200		68,998
Toyota Industries Corp.	11,300		289,925
Toyota Motor Corp.	174,100		6,266,645
Toyota Tsusho Corp.	13,400		190,284
Trend Micro, Inc.	6,200		182,819
Tsumura & Co.	3,900		106,653
Ube Industries, Ltd.	61,000		150,617
Unicharm Corp.	8,200		827,874
UNY Co., Ltd.	11,600		88,726
Ushio, Inc.	6,600		101,906
USS Co., Ltd.	1,480		98,585
West Japan Railway Co.	107		382,206
Yahoo! Japan Corp.	917		322,019
Yakult Honsha Co., Ltd.	6,200		151,930
Yamada Denki Co., Ltd.	5,180		355,850
Yamaguchi Financial Group, Inc.	13,000		124,543
Yamaha Corp.	10,200		104,546
Yamaha Motor Co., Ltd.†#	16,200		234,489
Yamaichi Securities Co., Ltd. ADR†#(1)(2)(3)	6,000		0
Yamato Holdings Co., Ltd.	25,200		342,084
Yamato Kogyo Co., Ltd.	2,800		76,418
Yamazaki Baking Co., Ltd.	8,000		98,941
Yaskawa Electric Corp.	14,000		110,310
Yokogawa Electric Corp.	13,600		94,920
			165,660,434
Jersey — 0.3%
Experian PLC(8)	32,308		289,772
Petrofac, Ltd.(8)	17,580		286,609
Randgold Resources, Ltd.(8)	2,836		248,446
Shire PLC(8)	42,681		879,833
WPP PLC(8)	64,486		612,928
			2,317,588
Luxembourg — 0.3%
ArcelorMittal#	35,118		1,074,731
Millicom International Cellular SA SDR	14,351		1,115,389
SES SA FDR	9,436		198,180
Tenaris SA	14,869		279,295
			2,667,595
Mauritius — 0.0%
Golden Agri - Resources, Ltd.	477,000		173,746
Netherlands — 2.2%
Aegon NV†	202,213		1,152,668
Akzo Nobel NV	24,478		1,256,291
ASML Holding NV	78,939		2,286,256
Corio NV	2,871		137,485
Delta Lloyd NV	2,300		41,336
European Aeronautic Defence and Space Co. NV	23,273		466,049
Fugro NV	2,108		108,811
Heineken Holding NV	3,532		132,341
Heineken NV	7,714		332,468
ING Groep NV†	143,776		1,146,184
James Hardie Industries SE†	31,028		193,582
Koninklijke Ahold NV	260,606		3,280,517
Koninklijke Boskalis Westminster NV	2,175		82,952
Koninklijke DSM NV#	21,411		857,260
Koninklijke KPN NV	51,288		667,367
Koninklijke Philips Electronics NV	32,932		987,388
Koninklijke Vopak NV†	14,118		537,579
Qiagen NV†	7,323		156,683

118

VALIC Company I International Equities Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
Netherlands (continued)
Randstad Holding NV†	3,470	$	146,739
Reed Elsevier NV	21,649		226,265
SBM Offshore NV	5,313		84,286
STMicroelectronics NV#	20,065		158,577
TNT NV	11,682		290,660
Unilever NV#	71,932		1,976,321
Wolters Kluwer NV	9,220		170,352
			16,876,417
New Zealand — 0.1%
Auckland International Airport, Ltd.	65,102		82,926
Contact Energy, Ltd.†	21,691		86,270
Fletcher Building, Ltd.	43,273		242,180
Sky City Entertainment Group, Ltd.	41,067		82,640
Telecom Corp. of New Zealand, Ltd.	135,254		174,119
			668,135
Norway — 0.3%
Aker Solutions ASA	5,200		72,451
DnB NOR ASA#	54,800		546,585
Norsk Hydro ASA#	21,800		129,990
Orkla ASA#	24,200		167,952
Renewable Energy Corp. ASA†#	15,800		38,702
Statoil ASA#	57,478		1,136,814
Telenor ASA#	26,200		321,691
Yara International ASA#	5,950		175,831
			2,590,016
Portugal — 0.1%
Banco Comercial Portugues SA	431,196		341,365
Banco Espirito Santo SA	16,975		65,649
Brisa Auto - Estradas de Portugal SA	5,820		34,907
Cimpor Cimentos de Portugal SGPS SA	6,349		33,561
EDP - Energias de Portugal SA	55,046		170,253
Galp Energia SGPS SA	7,285		108,629
Jeronimo Martins SGPS SA	7,121		66,004
Portugal Telecom SGPS SA†	18,348		188,313
			1,008,681
Singapore — 1.2%
Ascendas Real Estate Investment Trust	107,000		143,670
CapitaLand, Ltd.	182,000		465,350
CapitaMall Trust	159,000		206,678
CapitaMalls Asia, Ltd.†#	97,000		145,484
City Developments, Ltd.	39,000		283,555
ComfortDelgro Corp., Ltd.	134,000		134,943
COSCO Corp., Ltd.#	72,000		70,964
DBS Group Holdings, Ltd.	122,000		1,219,869
Fraser and Neave, Ltd.	70,000		244,474
Jardine Cycle & Carriage, Ltd.	8,000		157,697
Keppel Corp., Ltd.	91,000		573,239
Keppel Land, Ltd.#	51,000		126,758
Neptune Orient Lines, Ltd.#	65,000		89,597
Olam International, Ltd.#	86,000		143,727
Oversea - Chinese Banking Corp., Ltd.	174,000		1,035,189
Sembcorp Industries, Ltd.	70,000		199,979
Sembcorp Marine, Ltd.	59,000		163,497
Singapore Airlines, Ltd.	38,000		391,358
Singapore Exchange, Ltd.#	61,000		320,216
Singapore Press Holdings, Ltd.#	108,000		285,398
Singapore Technologies Engineering, Ltd.	119,000		265,172
Singapore Telecommunications, Ltd.	569,000		1,178,517
StarHub, Ltd.#	44,000		67,250
United Overseas Bank, Ltd.	87,000		1,124,665
UOL Group, Ltd.	34,000		92,033

Security Description	Shares	Value (Note 2)
Singapore (continued)
Wilmar International, Ltd.#	91,000	$	378,909
Yangzijiang Shipbuilding Holdings, Ltd.#	104,000		93,590
			9,601,778
Spain — 3.5%
Abertis Infraestructuras SA	94,261		1,340,674
Acciona SA#	7,730		615,286
Acerinox SA	3,140		49,910
ACS Actividades de Construccion y Servicios SA#	53,600		2,018,226
Banco Bilbao Vizcaya Argentaria SA#	188,479		1,974,061
Banco de Sabadell SA#	30,229		129,096
Banco de Valencia SA#	24,012		108,774
Banco Popular Espanol SA#	27,285		140,337
Banco Santander SA (Barcelona)#	770,426		7,884,481
Banco Santander SA (London)†#(8)	10,389		107,346
Bankinter SA#	28,906		166,549
Criteria CaixaCorp SA#	26,478		114,021
EDP Renovaveis SA†	7,051		40,331
Enagas	5,789		93,439
Ferrovial SA#	14,098		93,707
Fomento de Construcciones y Contratas SA#	5,845		144,028
Gamesa Corp. Tecnologica SA#	13,500		133,229
Gas Natural SDG SA	7,382		108,034
Gestevision Telecinco SA#	3,190		32,105
Grifols SA#	4,361		50,254
Iberdrola Renovables SA#	27,316		84,050
Iberdrola SA	543,497		3,602,508
Iberia Lineas Aereas de Espana SA†	15,408		42,352
Inditex SA	6,870		383,543
Indra Sistemas SA#	12,067		210,197
Mapfre SA#	23,660		66,576
Red Electrica Corp. SA	3,466		137,218
Repsol YPF SA	23,065		469,964
Sacyr Vallehermoso SA†	166		952
Telefonica SA	369,371		7,067,565
Zardoya Otis SA	4,304		56,031
			27,464,844
Sweden — 2.3%
Alfa Laval AB#	28,800		365,396
Assa Abloy AB, Class B#	25,557		516,514
Atlas Copco AB, Class A	235,933		3,371,872
Atlas Copco AB, Class B#	12,292		159,803
Boliden AB#	8,600		103,889
Electrolux AB, Class B	7,553		170,704
Getinge AB, Class B#	6,411		127,437
Hennes & Mauritz AB, Class B#	21,118		1,200,495
Holmen AB	1,708		39,082
Husqvarna AB, Class B#	13,170		81,989
Investor AB, Class B	158,701		2,570,377
Kinnevik Investment AB#	30,816		482,562
Modern Times Group AB, Class B#	1,586		83,753
Nordea Bank AB	101,703		837,260
Ratos AB Series B#	3,200		80,995
Sandvik AB#	31,751		376,454
Scania AB, Class B#	10,250		151,337
Securitas AB, Class B#	152,282		1,362,659
Skandinaviska Enskilda Banken AB, Class A#	81,814		428,588
Skanska AB, Class B	21,634		318,865
SKF AB, Class B#	12,270		216,140
SSAB AB, Class A#	5,839		86,061
SSHB AB, Class B#	2,689		35,233
Svenska Cellulosa AB, Class B	33,619		392,370
Svenska Handelsbanken AB, Class A	35,087		856,235
Swedbank AB, Class A†	49,243		443,787

119

VALIC Company I International Equities Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
Sweden (continued)
Swedish Match AB	7,508	$	157,497
Tele2 AB, Class B#	13,210		191,663
Telefonaktiebolaget LM Ericsson, Class B#	133,939		1,374,875
TeliaSonera AB#	170,974		1,027,232
Volvo AB, Class A†#	13		130
Volvo AB, Class B†	34,250		358,141
			17,969,395
Switzerland — 6.5%
ABB, Ltd.†	100,119		1,716,078
Actelion, Ltd.†	3,234		117,244
Adecco SA#	3,874		187,876
Aryzta AG	2,625		85,626
Baloise Holding AG	28,988		2,055,433
Cie Financiere Richemont SA	104,169		3,452,021
Credit Suisse Group AG	134,117		5,210,343
GAM Holding, Ltd.†	174,319		1,847,638
Geberit AG	1,224		185,334
Givaudan SA	241		189,234
Holcim, Ltd.	42,810		2,716,949
Julius Baer Group, Ltd.	6,506		189,143
Kuehne & Nagel International AG	1,700		159,740
Lindt & Spruengli AG†	4		96,889
Lindt & Spruengli AG (Participation Certificate)	28		60,833
Logitech International SA†#	123,478		1,772,442
Lonza Group AG#	1,468		96,533
Nestle SA	208,110		9,435,400
Nobel Biocare Holding AG	46,296		871,242
Novartis AG	108,927		4,948,014
Pargesa Holding SA	874		58,985
Roche Holding AG	36,430		5,002,328
Schindler Holding AG	696		53,958
Schindler Holding AG (Participation Certificate)	1,530		118,548
SGS SA	172		215,791
Sika AG	50		77,872
Sonova Holding AG	17,741		1,923,381
Straumann Holding AG	1,067		226,648
Swiss Life Holding AG†	15,716		1,692,963
Swiss Reinsurance Co., Ltd.	11,062		452,051
Swisscom AG	5,245		1,671,411
Syngenta AG	2,979		661,914
The Swatch Group AG#	1,404		68,089
The Swatch Group AG, Class B	971		254,901
UBS AG†	129,893		1,745,393
Zurich Financial Services AG	4,643		951,298
			50,569,543
United Kingdom — 17.0%
3i Group PLC(8)	31,080		128,292
Admiral Group PLC(8)	29,282		546,811
Aggreko PLC(8)	8,200		150,195
AMEC PLC#(8)	140,397		1,614,480
Anglo American PLC†(8)	148,734		5,729,676
Antofagasta PLC(8)	157,638		2,016,188
ARM Holdings PLC(8)	41,300		148,133
Associated British Foods PLC(8)	172,535		2,393,780
AstraZeneca PLC(8)	156,028		6,563,782
Autonomy Corp. PLC†(8)	55,562		1,409,859
Aviva PLC(8)	171,660		795,275
BAE Systems PLC(8)	218,311		1,022,020
Balfour Beatty PLC(8)	172,565		632,894
Barclays PLC(8)	1,055,444		4,625,848
BG Group PLC(8)	159,117		2,446,644
BHP Billiton PLC(8)	228,784		6,321,999
BP PLC(8)	1,666,888		11,968,534

Security Description	Shares	Value (Note 2)
United Kingdom (continued)
British Airways PLC†#(8)	18,651	$	54,279
British American Tobacco PLC(8)	154,669		4,582,848
British Land Co. PLC(8)	208,969		1,361,876
British Sky Broadcasting Group PLC(8)	35,875		299,610
BT Group PLC(8)	960,262		1,765,112
Bunzl PLC(8)	88,377		917,558
Burberry Group PLC(8)	13,681		136,896
Cable & Wireless Worldwide PLC†	82,960		96,175
Cairn Energy PLC†(8)	44,133		257,154
Capital Shopping Centres Group PLC(8)	14,685		69,743
Carnival PLC#(8)	37,776		1,440,837
Centrica PLC(8)	161,621		643,905
Cobham PLC(8)	362,528		1,214,611
Compass Group PLC(8)	58,840		456,494
Diageo PLC(8)	78,859		1,210,672
Eurasian Natural Resources Corp. PLC(8)	127,826		1,856,249
FirstGroup PLC(8)	40,185		219,257
Fresnillo PLC(8)	11,065		144,818
G4S PLC(8)	44,413		169,317
GlaxoSmithKline PLC(8)	435,504		7,311,953
Hammerson PLC(8)	22,510		117,554
Home Retail Group PLC(8)	27,628		100,936
HSBC Holdings PLC (London)(8)	1,072,076		9,765,761
ICAP PLC(8)	17,533		98,403
Imperial Tobacco Group PLC(8)	121,017		3,157,485
Inmarsat PLC(8)	13,985		153,152
Intercontinental Hotels Group PLC(8)	8,157		129,223
International Power PLC(8)	252,109		1,061,153
Invensys PLC(8)	263,313		1,055,647
Investec PLC(8)	29,963		212,840
ITV PLC†(8)	116,334		94,198
J Sainsbury PLC(8)	37,934		178,088
Johnson Matthey PLC(8)	6,760		149,986
Kazakhmys PLC(8)	6,856		117,526
Kingfisher PLC(8)	74,361		241,002
Land Securities Group PLC(8)	61,510		535,756
Legal & General Group PLC(8)	424,207		485,379
Lloyds Banking Group PLC†(8)	2,077,999		1,701,915
London Stock Exchange Group PLC(8)	4,811		44,768
Lonmin PLC†(8)	4,947		120,366
Man Group PLC, Class B(8)	131,016		441,143
Marks & Spencer Group PLC(8)	126,478		648,182
National Grid PLC(8)	114,693		870,837
Next PLC(8)	5,940		178,826
Old Mutual PLC(8)	170,879		281,929
Pearson PLC(8)	120,480		1,660,227
Prudential PLC#(8)	147,148		1,154,264
Reckitt Benckiser Group PLC(8)	87,328		4,108,702
Reed Elsevier PLC(8)	38,204		266,862
Rexam PLC(8)	27,609		125,730
Rio Tinto PLC(8)	76,388		3,536,606
Rolls - Royce Group PLC†(8)	58,382		498,414
Rolls - Royce Group PLC†, Class C (Entitlement Shares)	5,345,100		7,765
Royal Bank of Scotland Group PLC†(8)	627,087		424,014
Royal Dutch Shell PLC, Class A (London)(8)	264,706		6,989,650
Royal Dutch Shell PLC, Class B(8)	108,142		2,741,795
RSA Insurance Group PLC(8)	108,942		185,120
SABMiller PLC(8)	29,870		844,427
Schroders PLC(8)	3,518		67,663
Scottish & Southern Energy PLC(8)	29,066		443,660
Segro PLC(8)	23,743		98,490
Serco Group PLC(8)	15,460		136,813
Severn Trent PLC(8)	7,578		131,704
Smith & Nephew PLC(8)	27,950		254,069
Smiths Group PLC(8)	12,286		184,242

120

VALIC Company I International Equities Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
United Kingdom (continued)
Standard Chartered PLC(8)	80,689	$	1,914,201
Standard Life PLC(8)	70,422		185,143
Tesco PLC(8)	251,430		1,501,200
The Capita Group PLC(8)	19,615		222,034
The Sage Group PLC(8)	184,410		635,026
Thomas Cook Group PLC(8)	27,751		83,431
Tomkins PLC(8)	28,516		100,582
TUI Travel PLC(8)	18,074		62,256
Tullow Oil PLC(8)	27,858		450,843
Unilever PLC(8)	40,413		1,093,275
United Utilities Group PLC(8)	21,459		167,952
Vedanta Resources PLC#(8)	3,840		128,508
Vodafone Group PLC(8)	3,185,914		6,408,702
Whitbread PLC(8)	5,663		113,546
WM Morrison Supermarkets PLC(8)	169,392		649,044
Wolseley PLC†(8)	8,938		213,283
Xstrata PLC(8)	70,303		1,032,211
			133,487,283
United States — 0.3%
Synthes, Inc.	20,321		2,127,485
Total Common Stock
(cost $791,453,446)			678,492,573
EXCHANGE - TRADED FUNDS — 10.5%
United States
iShares MSCI Emerging Markets Index Fund	1,071,620		40,828,722
Vanguard Emerging Markets ETF	1,078,940		41,215,508
Total EXCHANGE - TRADED FUNDS
(cost $84,777,453)			82,044,230
PREFERRED STOCK — 0.2%
Germany — 0.2%
Bayerische Motoren Werke AG	1,688		54,782
Fresenius SE	2,538		160,834
Henkel AG & Co. KGaA	13,678		644,495
RWE AG	1,261		84,855
Volkswagen AG	6,800		599,608
Total Preferred Stock
(cost $1,603,837)			1,544,574
RIGHTS — 0.0%
Australia — 0.0%
Transurban Group Expires 06/04/10	7,821		0
Belgium — 0.0%
Dexia SA Expires 06/09/10†	17,096		3,384
Spain — 0.0%
Abertis Infraestructuras SA Expires 06/07/10†	93,971		66,423
United Kingdom — 0.0%
National Grid PLC Expires 06/11/10†	46,253		92,224
Total Rights
(cost $86,003)			162,031
WARRANTS — 0.0%
France — 0.0%
Fonciere Des Regions Exprires 12/30/10 (strike price EUR 65.00)†	2,420		1,547

Security Description	Shares/ Principal Amount(7)			Value (Note 2)
Hong Kong — 0.0%
Henderson Land Development Co., Ltd. Expires 06/01/11 (strike price HKD 58.00)		16,000		$	0
Italy — 0.0%
Mediobanca SpA Expires 03/18/11 (strike price EUR 9.00)†		18,811			1,108
Unione di Banche Italiane SCPA Expires 06/30/11 (strike price $12.30)†#		53,999			1,427
					2,535
Total Warrants
(cost $0)					4,082
FOREIGN CORPORATE BONDS & NOTES — 0.0%
United Kingdom — 0.0%
National Grid Gas PLC Bonds 7.00% due 12/16/24	GBP	5,000			8,491
National Grid Gas PLC Bonds 4.19% due 12/24/22	GBP	5,000			11,854
Total Foreign Corporate Bonds & Notes
(cost $15,171)					20,345
Total Long - Term Investment Securities
(cost $877,935,910)					762,267,835
SHORT - TERM INVESTMENT SECURITIES — 10.0%
Collective Investment Pool — 9.2%
Securities Lending Quality Trust(4)(6)		72,322,761			72,047,026
Time Deposits — 0.5%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 06/01/10	$	4,200,000			4,200,000
U.S. Government Treasuries — 0.3%
United States Treasury Bills 0.14% due 07/22/10@		1,900,000			1,899,637
0.15% due 09/02/10@		35,000			34,985
					1,934,622
Total Short - Term Investment Securities
(cost $78,457,384)					78,181,648
REPURCHASE AGREEMENT — 0.6%
Agreement with State Street Bank & Trust Co., bearing interest at 0.01%, dated 05/28/10, to be repurchased 06/01/10 in the amount of $5,147,006 and collateralized by $5,195,000 of Federal Home Loan Bank Bonds, bearing interest at 4.38% due 09/17/10 and having approximate value of $5,301,498 (cost $5,147,000)		5,147,000			5,147,000
TOTAL INVESTMENTS
(cost $961,540,294)(5)		107.9	%		845,596,483
Liabilities in excess of other assets		(7.9	)		(61,757,049	)
NET ASSETS —		100.0	%	$	783,839,434

† Non-income producing security

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

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

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

121

VALIC Company I International Equities Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

(2) Illiquid security. At May 31, 2010, the aggregate value of these securities was $0 representing 0% of net assets.

(3) Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of May 31, 2010, the International Equities Fund held the following restricted securities:

Name	Acquisition Date	Shares	Acquisition Cost		Market Value		Market Value Per Share		% of Net Assets
BGP Holdings PLC	08/06/09	835,027	$	0.00	$	0	$	0.00	0.00	%
Yamaichi Securities Co., Ltd.	08/04/93	6,000		478,650		0		0.00	0.00
					$	0			0.00	%

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

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

(6) At May 31, 2010, the Fund had loaned securities with a total value of $69,483,076. This was secured by collateral of $72,322,761, which was received in cash and subsequently invested in short-term investments currently valued at $72,047,026 as reported in the Portfolio of Investments. The remaining collateral of $1,619,758 was received in the form of short-term pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Date Range
United States Treasury Bills	zero coupon	06/07/10 to 03/31/12
United States Treasury Notes/Bonds	0.88% to 8.75%	06/15/10 to 08/15/39

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

(8) Security was valued using fair value procedures at May 31, 2010. The aggregate value of these securities was $135,907,845 representing 17.3% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities.

ADR—American Depository Receipt

FDR—Federal Depository Receipt

PPS—Price Protected Shares

RNC—Risparmio Non-Convertible Savings Shares

RSP—Risparmio Savings Shares

SDR—Swedish Depository Receipt

VVPR—Reduced tax rate shares

Open Futures Contracts
Number of Contracts	Type	Description	Expiration Month	Value at Trade Date		Value as of May 31, 2010		Appreciation (Depreciation)
129	Long	Emini MSCI EAFE Index	June 2010	$	10,121,309	$	8,720,400	$	(1,400,909	)
5	Long	SPI 200 Index	June 2010		506,156		465,269		(40,887	)
228	Long	MSCI Pan Euro Index	June 2010		4,800,235		4,557,601		(242,634	)
64	Long	Nikkei 225 Index	June 2010		3,448,447		3,088,000		(360,447	)
								$	(2,044,877	)

Currency Legend

EUR—Euro Dollar

GBP—British Pound

HKD—Hong Kong Dollar

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2010 (see Note 2):

	Level 1 - Unadjusted Quoted Prices			Level 2- Other Observable Inputs			Level 3 - Significant Unobservable Inputs		Total
Long-Term Investment Securities:
Common Stock:
Australia	$	52,630,707		$	—		$	0	$	52,630,707
France		71,252,185			—			—		71,252,185
Germany		51,270,597			—			—		51,270,597
Japan		165,660,434			—			0		165,660,434
Switzerland		50,569,543			—			—		50,569,543
United Kingdom		103,940			133,383,343	#		—		133,487,283
Other Countries*		151,096,939			2,524,502	#		383		153,621,824
Exchange-Traded Funds		82,044,230			—			—		82,044,230
Preferred Stock		1,544,574			—			—		1,544,574
Rights		162,031			—			—		162,031
Warrants		4,082			—			—		4,082
Foreign Corporate Bonds & Notes		—			20,345			—		20,345
Short-Term Investment Securities:
Collective Investment Pool		—			72,047,026			—		72,047,026
Time Deposit		—			4,200,000			—		4,200,000
U.S. Government Treasuries		—			1,934,622			—		1,934,622
Repurchase Agreement		—			5,147,000			—		5,147,000
Other Financial Instruments:@
Open Futures Contracts - Depreciation		(2,044,877	)		—			—		(2,044,877	)
Total	$	624,294,385		$	219,256,838		$	383	$	843,551,606

122

VALIC Company I International Equities Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

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

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

# Includes foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities; therefore these securities were classified as Level 2 instead of Level 1. The aggregate value of these securities was $135,907,845 representing 17.3% of net assets. See Note 2.

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

	Common Stock
Balance as of 5/31/2009	$	9,711
Accrued discounts/premiums		—
Realized gain (loss)		(42,486	)
Change in unrealized appreciation (depreciation)		33,469
Net purchases (sales)		(311	)
Transfers in and/or out of Level 3		—
Balance as of 5/31/2010	$	383

See Notes to Financial Statements

123

VALIC Company I International Government Bond Fund

PORTFOLIO PROFILE — May 31, 2010 (Unaudited)

Industry Allocation*

Sovereign	66.7	%
United States Treasury Notes	9.4
Banks — Commercial	4.0
Repurchase Agreements	3.1
United States Treasury Bonds	3.0
Cosmetics & Toiletries	1.7
Real Estate Operations & Development	0.9
Transport — Marine	0.8
Oil Companies — Exploration & Production	0.6
Import/Export	0.6
Oil Companies — Integrated	0.5
Finance — Auto Loans	0.4
Building & Construction Products — Misc.	0.4
Retail — Major Department Stores	0.4
Banks — Special Purpose	0.4
Finance — Credit Card	0.4
SupraNational Banks	0.4
Regional Authority	0.3
Medical — Drugs	0.3
Steel — Producers	0.3
Diversified Financial Services	0.3
Coal	0.3
Investment Companies	0.3
Sovereign Agency	0.3
Pastoral & Agricultural	0.2
Warehousing & Harbor Transportation Services	0.2
Electric — Distribution	0.2
Food — Meat Products	0.2
Diversified Manufacturing Operations	0.2
Finance — Other Services	0.2
Diversified Operations	0.2
Beverages — Wine/Spirits	0.2
Building Products — Cement	0.1
Gas — Distribution	0.1
Hotels/Motels	0.1
	97.7	%

Country Allocation*

United States	18.1	%
Japan	16.2
Brazil	5.1
Russia	4.8
Mexico	4.6
United Kingdom	4.3
Italy	4.2
Turkey	3.7
France	2.9
Venezuela	2.7
Germany	2.4
Netherlands	2.3
Indonesia	2.3
Philippines	2.1
Belgium	1.5
Cayman Islands	1.5
Colombia	1.4
Poland	1.3
Canada	1.3
Peru	1.1
Argentina	1.1
Luxembourg	1.1
New Zealand	1.0
Greece	1.0
Australia	1.0
Singapore	0.9
Finland	0.8
Spain	0.8
Austria	0.5
Sweden	0.5
Georgia	0.5
Norway	0.4
Bermuda	0.4
Ireland	0.4
Uruguay	0.4
Switzerland	0.4
Ukrainian SSR	0.3
Denmark	0.3
Malaysia	0.3
Portugal	0.3
Qatar	0.3
Trinidad and Tobago	0.3
United Arab Emirates	0.2
Kazakhstan	0.2
Bahrain	0.2
Jersey	0.1
Dominican Republic	0.2
	97.7	%

Credit Quality Allocation†#

Government — Treasury	13.5	%
AAA	14.7
AA	24.4
A	7.9
BBB	18.2
BB	14.7
B	4.0
Not Rated@	2.6
	100.0	%

* Calculated as a percentage of net assets

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

† Source: Standard and Poors.

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

124

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010

Security Description	Principal Amount(3)		Value (Note 2)
CORPORATE BONDS & NOTES — 14.9%
Australia — 0.3%
Commonwealth Bank of Australia Government Guar. Notes 2.90% due 09/17/14*	$	400,000	$	405,775
Bermuda — 0.4%
Alliance Oil Co., Ltd. Senior Notes 9.88% due 03/11/15*		300,000		288,750
BW Group, Ltd. Notes 6.63% due 06/28/17		350,000		313,250
				602,000
Brazil — 0.6%
Banco ABC Brasil SA Bonds 7.88% due 04/08/20*		290,000		272,600
Banco Industrial e Comercial SA Sub. Notes 8.50% due 04/27/20*		300,000		291,750
BFF International, Ltd. Company Guar. Notes 7.25% due 01/28/20*		295,000		292,791
				857,141
Cayman Islands — 1.5%
Agile Property Holdings, Ltd. Senior Notes 8.88% due 04/28/17*		450,000		418,500
Agile Property Holdings, Ltd. Senior Notes 10.00% due 11/14/16*		320,000		323,200
Country Garden Holdings Co. Senior Notes 11.25% due 04/22/17*		230,000		213,900
Country Garden Holdings Co. Senior Notes 11.75% due 09/10/14*		210,000		214,200
Kuwait Projects Co. Senior Notes 8.88% due 10/17/16		230,000		236,479
Marfrig Overseas, Ltd. Company Guar. Bonds 9.63% due 11/16/16		220,000		211,728
Marfrig Overseas, Ltd. Company Guar. Notes 9.50% due 05/04/20*		295,000		274,350
Minerva Overseas II, Ltd. Company Guar. Notes 10.88% due 11/15/19*		370,000		363,463
				2,255,820
Denmark — 0.3%
FIH Erhvervsbank A/S Government Liquidated Guar. Notes 2.13% due 03/21/13	EUR	350,000		435,202
France — 1.4%
Dexia Credit Local Government Guar. Notes 2.38% due 09/23/11*		550,000		558,251
PPR Notes 3.75% due 04/08/15	EUR	450,000		558,667

Security Description	Principal Amount(3)		Value (Note 2)
France (continued)
RCI Banque SA Senior Notes 2.88% due 07/23/12	EUR	350,000	$	427,183
Sanofi - Aventis SA Senior Notes 3.13% due 10/10/14	EUR	400,000		503,922
				2,048,023
Germany — 0.1%
Rearden G Holdings EINS GmbH Company Guar. Notes 7.88% due 03/30/20*		225,000		219,375
Ireland — 0.4%
Anglo Irish Bank Corp., Ltd. Government Guar. Notes 3.63% due 09/09/10	EUR	250,000		308,804
Irish Life & Permanent PLC Government Guar. Notes 3.13% due 04/22/13	EUR	217,000		259,627
				568,431
Jersey — 0.1%
Atlantic Finance Ltd. Company Guar. Notes 8.75% due 05/27/14		220,000		226,864
Kazakhstan — 0.2%
ATF Bank JSC Bank Guar. Notes 9.25% due 02/21/14		280,000		282,800
Luxembourg — 1.1%
European Investment Bank Senior Notes 3.50% due 04/15/16	EUR	400,000		522,828
Evraz Group SA Notes 8.88% due 04/24/13		225,000		224,719
Gaz Capital SA Bonds 8.15% due 04/11/18		270,000		284,877
MHP SA Notes 10.25% due 04/29/15*		334,000		345,235
TNK-BP Finance SA Company Guar. Notes 7.88% due 03/13/18		225,000		229,500
				1,607,159
Mexico — 0.6%
Desarrolladora Homex SAB de CV Company Guar. Notes 9.50% due 12/11/19*		350,000		341,250
Grupo Petrotemex SA de CV Senior Notes 9.50% due 08/19/14*		135,000		144,450
Grupo Posadas SAB de CV Company Guar. Notes 9.25% due 01/15/15*		100,000		100,500
Urbi Desarrollos Urbanos SAB de CV Company Guar. Notes 9.50% due 01/21/20*		245,000		246,225
				832,425

125

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Principal Amount(3)		Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Netherlands — 1.8%
BMW Finance NV 2.88% due 04/18/13	EUR	150,000	$	186,744
DTEK Finance BV Company Guar. Notes 9.50% due 04/28/15*		290,000		258,825
Indo Integrated Energy II BV Company Guar. Notes 9.75% due 11/05/16*		430,000		447,200
KazMunaiGaz Finance Sub BV Notes 7.00% due 05/05/20*		150,000		144,375
KazMunaiGaz Finance Sub BV Company Guar. Notes 11.75% due 01/23/15*		150,000		178,500
Lukoil International Finance BV Company Guar. Notes 7.25% due 11/05/19*		170,000		170,042
Majapahit Holding BV Company Guar. Notes 7.75% due 01/20/20*		287,000		302,067
Metinvest BV Company Guar. Notes 10.25% due 05/20/15*		285,000		265,075
Rabobank Nederland NV Senior Notes 4.20% due 05/13/14*		700,000		732,557
				2,685,385
New Zealand — 1.0%
ANZ National (International) Ltd. Government Guar. Notes 3.25% due 04/02/12*		700,000		729,629
Westpac Securities New Zealand, Ltd. Government Guar. Notes 3.45% due 07/28/14*		800,000		827,990
				1,557,619
Portugal — 0.3%
BANIF SGPS SA Government Guar. Notes 3.25% due 05/08/12	EUR	350,000		424,130
Russia — 0.2%
BOM Capital PLC Senior Notes 6.70% due 03/11/15*		300,000		285,750
Singapore — 0.6%
PSA International Pte, Ltd. Senior Bonds 5.75% due 06/29/11*		860,000		898,683
Spain — 0.2%
CEAMI Guaranteed Bonds I Government Guar. Notes 3.13% due 06/22/12	EUR	200,000		245,613
Trinidad and Tobago — 0.3%
Petroleum Co. of Trinidad & Tobago, Ltd. Senior Notes 9.75% due 08/14/19*		350,000		383,250
United Arab Emirates — 0.2%
DP World, Ltd. Notes 6.85% due 07/02/37		400,000		311,000

Security Description	Principal Amount(3)		Value (Note 2)
United Kingdom — 1.1%
Allied Domecq Financial Services PLC Company Guar. Notes 6.63% due 04/18/11	GBP	150,000	$	224,532
Barclays Bank PLC Notes 5.75% due 03/08/11	EUR	350,000		442,173
Royal Bank of Scotland PLC Government Guar. Notes 2.63% due 05/11/12*		700,000		714,868
Smiths Group PLC Company Guar. Notes 4.13% due 05/05/17	EUR	228,000		283,746
				1,665,319
United States — 2.1%
American Express Credit Corp Senior Notes 1.65% due 11/01/11	JPY	50,000,000		543,620
Colgate - Palmolive Co. Senior Notes 3.15% due 08/05/15		300,000		309,745
Procter & Gamble Co. Senior Notes 2.00% due 06/21/10	JPY	200,000,000		2,196,523
				3,049,888
Venezuela — 0.1%
Petroleos De Venezuela S.A. Bonds 5.25% due 04/12/17		330,000		181,500
Total Corporate Bonds & Notes
(cost $21,679,394)				22,029,152
GOVERNMENT AGENCIES — 61.3%
Argentina — 1.1%
Republic of Argentina Notes 2.50% due 12/31/38(1)		1,372,134		493,968
Republic of Argentina Bonds 8.28% due 12/31/33		1,794,228		1,157,277
				1,651,245
Australia — 0.7%
Government of Australia Bonds 5.75% due 04/15/12	AUD	600,000		517,667
New South Wales Treasury Corp. Local Government Guar. 6.00% due 04/01/16	AUD	600,000		515,390
				1,033,057
Austria — 0.5%
Republic of Austria 3.20% due 02/20/17	EUR	600,000		771,730
Bahrain — 0.2%
Kingdom of Bahrain Senior Notes 5.50% due 03/31/20*		235,000		230,219
Belgium — 1.5%
Kingdom of Belgium Bonds 2.75% due 03/28/16	EUR	450,000		565,023
Kingdom of Belgium Bonds 4.00% due 03/28/17	EUR	945,000		1,262,303

126

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Principal Amount(3)		Value (Note 2)
GOVERNMENT AGENCIES (continued)
Belgium (continued)
Kingdom of Belgium Bonds 4.25% due 03/28/41	EUR	350,000	$	451,148
				2,278,474
Brazil — 4.5%
Federal Republic of Brazil Notes 5.88% due 01/15/19		805,000		861,350
Federal Republic of Brazil Bonds 7.13% due 01/20/37		1,010,000		1,161,500
Federal Republic of Brazil Notes 8.00% due 01/15/18		471,111		537,538
Federal Republic of Brazil Bonds 8.25% due 01/20/34		810,000		1,046,925
Federal Republic of Brazil Notes 8.75% due 02/04/25		510,000		679,575
Federal Republic of Brazil Bonds 8.88% due 10/14/19		740,000		954,600
Federal Republic of Brazil Notes 11.00% due 08/17/40		830,000		1,103,734
Federal Republic of Brazil Bonds 12.50% due 01/05/22	BRL	420,000		257,275
				6,602,497
Canada — 1.3%
Government of Canada Bonds 1.25% due 06/01/11	CAD	850,000		811,227
Government of Canada Notes 1.50% due 03/01/12	CAD	550,000		523,243
Government of Canada Bonds 5.00% due 06/01/37	CAD	500,000		580,685
				1,915,155
Colombia — 1.4%
Republic of Colombia Notes 7.38% due 01/27/17		280,000		321,300
Republic of Colombia Notes 7.38% due 03/18/19		464,000		534,760
Republic of Colombia Bonds 7.38% due 09/18/37		840,000		928,200
Republic of Colombia Bonds 8.13% due 05/21/24		260,000		308,100
				2,092,360
Dominican Republic — 0.2%
Dominican Republic Bonds 7.50% due 05/06/21*		230,000		226,838

Security Description	Principal Amount(3)		Value (Note 2)
Finland — 0.8%
Government of Finland Notes 3.13% due 09/15/14	EUR	100,000	$	131,363
Government of Finland Bonds 4.38% due 07/04/19	EUR	320,000		444,991
Republic of Finland Bonds 3.38% due 04/15/20	EUR	460,000		588,860
				1,165,214
France — 1.5%
Government of France 1.50% due 09/12/11	EUR	150,000		186,776
Government of France Bonds 3.75% due 10/25/19	EUR	775,000		1,022,856
Government of France Bonds 4.00% due 04/25/60	EUR	350,000		463,290
Government of France Bonds 4.75% due 04/25/35	EUR	350,000		509,508
Government of France Bonds 5.50% due 04/25/29	EUR	347		541
				2,182,971
Georgia — 0.5%
Republic of Georgia Bonds 7.50% due 04/15/13		650,000		671,125
Germany — 2.3%
Federal Republic of Germany Bonds 2.25% due 04/11/14	EUR	100,000		128,397
Federal Republic of Germany Bonds 2.50% due 10/10/14	EUR	300,000		387,019
Federal Republic of Germany Bonds 3.75% due 07/04/13	EUR	100,000		133,733
Federal Republic of Germany Bonds 3.75% due 01/04/17	EUR	750,000		1,019,336
Federal Republic of Germany Bonds 4.00% due 01/04/37	EUR	605,000		827,024
Federal Republic of Germany Bonds 4.25% due 07/04/39	EUR	660,000		944,876
				3,440,385
Greece — 1.0%
Hellenic Republic Government Bonds 3.80% due 03/20/11	EUR	300,000		353,655
Republic of Greece Bonds 4.30% due 03/20/12	EUR	100,000		115,046
Republic of Greece 5.50% due 08/20/14	EUR	980,000		1,063,281
				1,531,982

127

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Principal Amount(3)		Value (Note 2)
GOVERNMENT AGENCIES (continued)
Indonesia — 2.3%
Republic of Indonesia Bonds 5.88% due 03/13/20*	$	440,000	$	455,400
Republic of Indonesia Bonds 6.63% due 02/17/37		925,000		929,292
Republic of Indonesia Senior Bonds 8.50% due 10/12/35		670,000		830,800
Republic of Indonesia Bonds 11.63% due 03/04/19		790,000		1,131,675
				3,347,167
Italy — 1.9%
Republic of Italy Bonds 3.50% due 06/01/14	EUR	255,000		321,904
Republic of Italy Bonds 4.00% due 09/01/20	EUR	400,000		487,344
Republic of Italy Bonds 4.25% due 03/01/20	EUR	800,000		994,720
Republic of Italy Bonds 4.50% due 02/01/18	EUR	330,000		426,143
Republic of Italy Bonds 5.00% due 09/01/40	EUR	450,000		553,019
				2,783,130
Japan — 16.2%
Government of Japan Bonds 0.50% due 12/20/14	JPY	219,000,000		2,414,386
Government of Japan Bonds 0.80% due 03/20/13	JPY	360,000,000		4,016,818
Government of Japan 1.30% due 12/20/19	JPY	150,000,000		1,658,808
Government of Japan Bonds 1.40% due 12/20/14	JPY	34,000,000		389,612
Government of Japan Bonds 1.40% due 12/20/15	JPY	17,850,000		205,191
Government of Japan Bonds 1.50% due 12/20/11	JPY	133,000,000		1,489,842
Government of Japan Bonds 1.50% due 09/20/18	JPY	190,000,000		2,171,323
Government of Japan Bonds 1.70% due 12/20/16	JPY	6,000,000		70,202
Government of Japan Bonds 1.70% due 09/20/17	JPY	308,000,000		3,598,285
Government of Japan Bonds 2.00% due 03/20/25	JPY	494,700,000		5,614,152
Government of Japan Bonds 2.10% due 03/20/27	JPY	160,000,000		1,814,313

Security Description	Principal Amount(3)		Value (Note 2)
Japan (continued)
Government of Japan Bonds 2.10% due 09/20/29	JPY	48,000,000	$	534,359
				23,977,291
Malaysia — 0.3%
Federation of Malaysia Bonds 3.74% due 02/27/15	MYR	1,400,000		431,975
Mexico — 4.0%
United Mexican States Notes 5.13% due 01/15/20		1,424,000		1,448,920
United Mexican States Notes 5.95% due 03/19/19		514,000		553,835
United Mexican States Notes 6.05% due 01/11/40		590,000		592,950
United Mexican States Notes 6.75% due 09/27/34		520,000		570,700
United Mexican States Bonds 7.50% due 04/08/33		440,000		523,600
United Mexican States Bonds 8.00% due 12/19/13	MXN	6,200,000		515,522
United Mexican States Bonds 8.00% due 12/17/15	MXN	5,450,000		452,485
United Mexican States Notes 8.13% due 12/30/19		440,000		539,880
United Mexican States Bonds 8.30% due 08/15/31		610,000		786,900
				5,984,792
Netherlands — 0.5%
Government of the Netherlands Bonds 4.00% due 07/15/18	EUR	550,000		745,978
Norway — 0.4%
Kingdom of Norway Bonds 6.00% due 05/16/11	NOK	3,900,000		626,153
Peru — 1.1%
Republic of Peru Bonds 6.55% due 03/14/37		345,000		371,910
Republic of Peru Notes 7.35% due 07/21/25		821,000		960,570
Republic of Peru Bonds 8.75% due 11/21/33		280,000		370,300
				1,702,780
Philippines — 2.1%
Republic of Philippines Bonds 6.50% due 01/20/20		1,005,000		1,094,194

128

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Principal Amount(3)		Value (Note 2)
GOVERNMENT AGENCIES (continued)
Philippines (continued)
Republic of Philippines Bonds 7.75% due 01/14/31	$	560,000	$	648,872
Republic of Philippines Senior Notes 9.50% due 02/02/30		640,000		860,000
Republic of Philippines Notes 10.63% due 03/16/25		400,000		576,000
				3,179,066
Poland — 1.3%
Government of Poland Bonds 0.00% due 07/25/12	PLN	2,000,000		547,881
Government of Poland Bonds 5.00% due 10/24/13	PLN	1,700,000		513,725
Government of Poland Bonds 5.75% due 04/25/14	PLN	1,400,000		430,909
Government of Poland Bonds 6.25% due 10/24/15	PLN	1,550,000		486,172
				1,978,687
Qatar — 0.3%
State of Qatar Bonds 6.40% due 01/20/40		141,000		145,935
State of Qatar Senior Notes 6.40% due 01/20/40*		250,000		258,750
				404,685
Russia — 4.6%
Russian Federation Bonds 5.00% due 04/29/20*		600,000		571,500
Russian Federation Senior Bonds 7.50% due 03/31/30(1)		5,018,600		5,608,286
Russian Federation Notes 12.75% due 06/24/28		370,000		617,937
				6,797,723
Singapore — 0.3%
Republic of Singapore Bonds 2.38% due 04/01/17	SGD	620,000		449,588
Spain — 0.6%
Kingdom of Spain Government Guar. Notes 3.00% due 11/19/14	EUR	350,000		418,453
Kingdom of Spain Bonds 4.60% due 07/30/19	EUR	350,000		440,724
				859,177
Sweden — 0.5%
Kingdom of Sweden Bonds 4.50% due 08/12/15	SEK	2,260,000		322,558

Security Description	Principal Amount(3)		Value (Note 2)
Sweden (continued)
Kingdom of Sweden Debentures Series 1041 6.75% due 05/05/14	SEK	2,700,000	$	410,584
				733,142
Switzerland — 0.4%
Swiss Confederation Bonds 2.00% due 10/12/16	CHF	570,000		522,046
Turkey — 3.7%
Republic of Turkey Bonds 6.75% due 05/30/40		680,000		673,200
Republic of Turkey Notes 6.88% due 03/17/36		595,000		605,412
Republic of Turkey Notes 7.00% due 06/05/20		950,000		1,045,000
Republic of Turkey Notes 7.38% due 02/05/25		700,000		780,500
Republic of Turkey Bonds 7.50% due 11/07/19		970,000		1,105,800
Republic of Turkey Notes 8.00% due 02/14/34		387,000		447,953
Republic of Turkey Senior Bonds 11.88% due 01/15/30		550,000		886,875
				5,544,740
Ukrainian SSR — 0.3%
Republic of Ukraine Bonds 6.58% due 11/21/16		500,000		461,300
Uruguay — 0.4%
Republic of Uruguay Bonds 6.88% due 09/28/25		230,000		247,250
Republic of Uruguay Notes 7.63% due 03/21/36		260,000		292,500
				539,750
Venezuela — 2.6%
Republic of Venezuela Bonds 5.75% due 02/26/16		710,000		433,100
Republic of Venezuela Bonds 7.65% due 04/21/25		450,000		247,500
Republic of Venezuela Notes 8.50% due 10/08/14		605,000		453,750
Republic of Venezuela Bonds 9.00% due 05/07/23		600,000		364,500
Republic of Venezuela Bonds 9.25% due 09/15/27		2,955,000		1,935,525

129

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Principal Amount(3)		Value (Note 2)
GOVERNMENT AGENCIES (continued)
Venezuela (continued)
Republic of Venezuela Bonds 9.25% due 05/07/28	$	650,000	$	393,250
				3,827,625
Total Government Agencies
(cost $88,699,170)				90,690,047
GOVERNMENT TREASURIES — 18.4%
Italy — 2.3%
Italy Buoni Poliennali Del Tesoro Bonds 3.75% due 08/01/16	EUR	485,000		614,932
Italy Buoni Poliennali Del Tesoro Bonds 4.25% due 09/01/19	EUR	1,200,000		1,507,466
Italy Buoni Poliennali Del Tesoro Bonds 5.00% due 03/01/25	EUR	275,000		354,054
Italy Buoni Poliennali Del Tesoro Bonds 9.00% due 11/01/23	EUR	532,912		951,644
				3,428,096
United Kingdom — 3.2%
Government of United Kingdom Bonds 4.00% due 09/07/16	GBP	350,000		544,782
Government of United Kingdom Bonds 4.25% due 03/07/36	GBP	1,415,000		2,043,718
Government of United Kingdom Bonds 5.25% due 06/07/12	GBP	930,000		1,464,221
Government of United Kingdom Bonds 8.00% due 06/07/21	GBP	328,000		664,529
				4,717,250
United States — 12.9%
United States Treasury Bonds 1.75% due 01/15/28		519,345		517,154
4.38% due 11/15/39		1,000,000		1,025,000
5.38% due 02/15/31		700,000		826,875
5.50% due 08/15/28		1,250,000		1,487,695
7.88% due 02/15/21		400,000		556,812

Security Description	Principal Amount(3)			Value (Note 2)
United States (continued)
United States Treasury Notes 0.88% due 01/31/11	$	1,500,000		$	1,505,508
1.00% due 08/31/11		350,000			352,010
1.00% due 10/31/11		1,500,000			1,508,087
1.13% due 06/30/11		1,500,000			1,510,782
1.13% due 12/15/12		400,000			400,406
1.50% due 07/15/12		1,400,000			1,420,672
1.75% due 04/15/13		750,000			761,190
2.25% due 01/31/15		700,000			707,383
2.38% due 08/31/14		1,650,000			1,684,805
2.38% due 09/30/14		700,000			713,726
3.00% due 08/31/16		1,100,000			1,123,805
3.13% due 05/15/19		800,000			792,625
3.63% due 08/15/19		1,340,000			1,376,537
4.50% due 11/15/15		700,000			781,539
					19,052,611
Total Government Treasuries
(cost $27,833,383)					27,197,957
Total Long-Term Investment Securities
(cost $138,211,947)					139,917,156
REPURCHASE AGREEMENT — 3.1%
Agreement with State Street Bank & Trust Co., bearing interest at 0.01%, dated 05/28/10, to be repurchased 06/01/10 in the amount of $4,581,005 and collateralized by $4,590,000 of United States Treasury Bills, bearing interest at 2.50% due 04/30/15 and having approximate value of $4,676,292 (cost $4,581,000)		4,581,000			4,581,000
TOTAL INVESTMENTS
(cost $142,792,947)(2)		97.7	%		144,498,156
Other assets less liabilities		2.3			3,433,875
NET ASSETS —		100.0	%	$	147,932,031

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2010, the aggregate value of these securities was $13,396,083 representing 9.1% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

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

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

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

130

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Open Forward Foreign Currency Contracts
Contract to Deliver		In Exchange For		Delivery Date	Gross Unrealized Depreciation
JPY	42,000,000	USD	451,880	8/13/2010	$	(9,541	)

Currency Legend

AUD—Australian Dollar

MXN—Mexican Peso

BRL—Brazillian Real

MYR—Malaysia Ringgits

CAD—Canadian Dollar

NOK—Norwegian Krone

CHF—Switzerland Franc

PLN—Polish Zloty

EUR—Euro Dollar

SEK—Swedish Krona

GBP—British Pound

SGD—Singapore Dollars

JPY—Japanese Yen

The following is a summary of the inputs used to value the Funds net assets as of May 31, 2010 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs			Level 3 - Significant Unobservable Inputs		Total
Long-Term Investment Securities:
Corporate Bonds & Notes	$	—	$	22,029,152		$	—	$	22,029,152
Government Agencies		—		90,690,047			—		90,690,047
Government Treasuries		—		27,197,957			—		27,197,957
Repurchase Agreement		—		4,581,000			—		4,581,000
Other Financial Instruments:@
Open Forward Foreign Currency Contracts - Depreciation		—		(9,541	)		—		(9,541	)
Total	$	—	$	144,488,615		$	—	$	144,488,615

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

See Notes to Financial Statements

131

VALIC Company I International Growth I Fund

PORTFOLIO PROFILE — May 31, 2010 (Unaudited)

Industry Allocation*

Collective Investment Pool	8.2	%
Banks — Commercial	7.6
Medical — Drugs	5.0
Diversified Banking Institutions	4.2
Food — Misc.	4.2
Oil Companies — Integrated	3.8
Auto — Cars/Light Trucks	2.8
Chemicals — Diversified	2.4
Oil Companies — Exploration & Production	2.3
Diversified Operations	2.3
Diversified Minerals	2.2
Cellular Telecom	2.0
Food — Retail	2.0
Electronic Components — Misc.	2.0
Soap & Cleaning Preparation	1.9
Brewery	1.9
Industrial Gases	1.8
Medical Products	1.6
Beverages — Wine/Spirits	1.4
Transport — Rail	1.4
Electronic Components — Semiconductors	1.4
Machinery — Construction & Mining	1.4
Insurance — Multi-line	1.2
Diversified Manufacturing Operations	1.2
Oil — Field Services	1.2
Electric Products — Misc.	1.2
Transport — Services	1.2
Time Deposits	1.1
Tobacco	1.1
Industrial Automated/Robotic	1.1
Office Automation & Equipment	1.1
Retail — Apparel/Shoe	1.1
Food — Catering	1.0
Telephone — Integrated	1.0
Medical — Generic Drugs	1.0
Distribution/Wholesale	0.9
Electric — Integrated	0.9
Multimedia	0.9
Cosmetics & Toiletries	0.9
Enterprise Software/Service	0.9
Retail — Jewelry	0.9
Insurance — Property/Casualty	0.9
Computer Services	0.8
Semiconductor Components — Integrated Circuits	0.8
Exchange-Traded Fund	0.8
Human Resources	0.7
Dialysis Centers	0.7
Power Converter/Supply Equipment	0.7
Telecom Services	0.7
Auto/Truck Parts & Equipment — Original	0.7
Aerospace/Defense	0.6
Athletic Footwear	0.6
Television	0.6
Agricultural Chemicals	0.6
Import/Export	0.6
E-Commerce/Services	0.5
Platinum	0.5
Web Portals/ISP	0.5
Cruise Lines	0.5
Electric — Generation	0.5
Finance — Leasing Companies	0.5
Airlines	0.4
Retail — Building Products	0.4
Building Products — Doors & Windows	0.4
Publishing — Periodicals	0.4
Investment Management/Advisor Services	0.4
Hotels/Motels	0.4
Computers — Integrated Systems	0.4
Machinery — General Industrial	0.4
Chemicals — Specialty	0.4
Finance — Other Services	0.3
Gas — Distribution	0.3
Steel Pipe & Tube	0.3
Retail — Convenience Store	0.3

Wireless Equipment	0.3
Semiconductor Equipment	0.3
Building Products — Cement	0.3
Filtration/Separation Products	0.3
Internet Content — Information/News	0.3
Electronic Measurement Instruments	0.3
Metal — Copper	0.3
Broadcast Services/Program	0.2
Internet Application Software	0.2
Apparel Manufacturers	0.2
Medical — Biomedical/Gene	0.2
Optical Supplies	0.2
Transport — Marine	0.2
Publishing — Books	0.2
Gambling (Non-Hotel)	0.2
Paper & Related Products	0.2
Insurance — Reinsurance	0.2
Steel — Producers	0.2
Retail — Misc./Diversified	0.2
Satellite Telecom	0.2
Patient Monitoring Equipment	0.2
Photo Equipment & Supplies	0.2
Finance — Investment Banker/Broker	0.2
Casino Hotels	0.2
Medical Instruments	0.2
Finance — Credit Card	0.1
Electronic Connectors	0.1
Oil & Gas Drilling	0.1
	107.3	%

Country Allocation*

United Kingdom	19.2	%
Japan	11.9
Switzerland	10.6
United States	10.0
France	8.4
Germany	8.3
Netherlands	4.9
Canada	3.0
Australia	3.0
Sweden	2.4
South Korea	2.2
Taiwan	2.0
Brazil	1.9
Singapore	1.7
Bermuda	1.5
Jersey	1.3
Denmark	1.3
Italy	1.2
Spain	1.1
India	1.1
Israel	1.0
Cayman Islands	1.0
Hong Kong	0.9
China	0.9
Belgium	0.8
Mexico	0.8
Norway	0.6
Poland	0.6
Indonesia	0.5
Czech Republic	0.5
Luxembourg	0.4
Turkey	0.4
Austria	0.4
Philippines	0.3
Finland	0.3
Ireland	0.3
Russia	0.3
South Africa	0.2
Hungary	0.1
	107.3	%

* Calculated as a percentage of net assets

132

VALIC Company I International Growth I Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010

Security Description	Shares	Value (Note 2)
COMMON STOCK — 95.7%
Australia — 3.0%
BHP Billiton, Ltd.	219,306	$	7,070,456
Cochlear, Ltd.	27,981		1,717,173
Commonwealth Bank of Australia	31,860		1,379,858
CSL, Ltd.	41,052		1,094,744
QBE Insurance Group, Ltd.	62,420		1,034,633
Wesfarmers, Ltd.	33,432		820,228
Woolworths, Ltd.	37,556		843,831
			13,960,923
Austria — 0.4%
Erste Group Bank AG#	47,150		1,702,909
Belgium — 0.8%
Anheuser - Busch InBev NV	83,484		4,031,697
Bermuda — 1.5%
Esprit Holdings, Ltd.	345,230		2,035,094
Li & Fung, Ltd.	859,400		3,725,053
Seadrill, Ltd.#	24,610		474,945
VimpelCom, Ltd. ADR†#	47,428		737,505
			6,972,597
Brazil — 0.4%
Banco Santander Brasil SA ADR	184,952		1,927,200
Canada — 3.0%
Bombardier, Inc.#	192,546		891,161
Canadian National Railway Co. (New York)	63,270		3,629,800
Canadian National Railway Co. (Toronto)	51,528		3,029,034
Canadian Natural Resources, Ltd.	32,176		1,143,769
Cenovus Energy, Inc.	40,712		1,129,011
EnCana Corp.#	30,418		964,877
Fairfax Financial Holdings, Ltd.	2,901		1,087,979
Suncor Energy, Inc.	37,539		1,164,250
Talisman Energy, Inc.	70,972		1,219,101
			14,258,982
Cayman Islands — 1.0%
Baidu, Inc. ADR†	17,400		1,273,854
Ctrip.com International, Ltd. ADR†	15,140		596,365
Mindray Medical International, Ltd. ADR#	26,967		801,998
Tencent Holdings, Ltd.	59,100		1,143,078
Wynn Macau, Ltd.†#	449,476		727,345
			4,542,640
China — 0.9%
Industrial & Commercial Bank of China	5,383,000		3,988,995
ZTE corp.#(4)	55,400		184,278
			4,173,273
Czech Republic — 0.5%
CEZ AS†	50,190		2,151,292
Denmark — 1.3%
Carlsberg A/S	14,930		1,139,789
Novo Nordisk A/S, Class B	62,922		4,860,788
			6,000,577
Finland — 0.3%
Fortum Oyj	15,470		345,924
Kone Oyj, Class B	26,040		1,016,349
			1,362,273
France — 8.4%
Air Liquide SA#(4)	43,770		4,294,294
AXA SA#	121,020		2,001,699
BNP Paribas#	60,560		3,446,497

Security Description	Shares	Value (Note 2)
France (continued)
Danone SA	81,296	$	4,199,360
Essilor International SA#	19,010		1,085,490
Eutelsat Communications	25,017		819,578
GDF Suez	52,391		1,626,852
Legrand SA	38,350		1,134,983
LVMH Moet Hennessy Louis Vuitton SA#	61,310		6,498,263
Pernod - Ricard SA	51,080		3,881,842
Schneider Electric SA	34,650		3,492,384
Societe Television Francaise 1#	41,737		598,500
Total SA#	105,697		4,902,385
Vallourec SA#	8,460		1,582,341
			39,564,468
Germany — 8.3%
Adidas AG	29,645		1,491,231
Allianz SE	19,940		1,994,806
BASF SE#	39,240		2,077,117
Bayer AG	68,047		3,806,083
Bayerische Motoren Werke AG#	82,986		3,872,988
Beiersdorf AG	36,380		1,984,760
Daimler AG†	59,320		2,989,805
Deutsche Boerse AG#	26,990		1,645,337
E.ON AG#	24,903		757,066
Fresenius Medical Care AG & Co. KGaA	69,104		3,492,701
Linde AG	40,170		4,142,077
MAN SE	8,391		719,785
Merck KGaA#	19,780		1,428,296
Metro AG	31,760		1,672,389
Puma AG Rudolf Dassler Sport	5,278		1,501,705
SAP AG#	78,108		3,382,240
Siemens AG	23,110		2,102,844
			39,061,230
Hong Kong — 0.9%
CNOOC, Ltd.	1,847,000		2,955,617
Hutchison Whampoa, Ltd.	236,000		1,468,484
			4,424,101
Hungary — 0.1%
OTP Bank PLC†	18,790		485,843
India — 1.1%
ICICI Bank, Ltd. ADR#	36,670		1,349,089
Infosys Technologies, Ltd. ADR#	67,324		3,873,150
			5,222,239
Indonesia — 0.5%
Bank Mandiri Tbk PT	1,893,500		1,104,112
Bank Rakyat Indonesia	951,000		891,400
United Tractors Tbk PT	300,000		600,000
			2,595,512
Ireland — 0.3%
Anglo Irish Bank Corp., Ltd.†(3)	58,907		724
Ryanair Holdings PLC ADR†	56,492		1,329,822
			1,330,546
Israel — 1.0%
Teva Pharmaceutical Industries, Ltd. ADR	84,857		4,651,861
Italy — 1.2%
Finmeccanica SpA#	96,268		1,028,394
Intesa Sanpaolo SpA#	51,385		137,231
Saipem SpA#	111,583		3,504,668
UniCredit SpA#	495,586		1,060,050
			5,730,343

133

VALIC Company I International Growth I Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
Japan — 11.3%
Aeon Credit Service Co., Ltd.	54,700	$	543,248
Asahi Glass Co., Ltd.	181,000		1,914,776
Canon, Inc.	125,000		5,137,174
Denso Corp.	37,500		1,010,288
Fanuc, Ltd.	50,300		5,304,614
Hirose Electric Co., Ltd.#	5,300		501,937
Hoya Corp.	218,500		5,107,325
Inpex Corp.	338		2,121,657
Keyence Corp.	5,400		1,211,259
Komatsu, Ltd.	161,900		3,036,347
Konica Minolta Holdings, Inc.	70,000		785,844
Lawson, Inc.	36,200		1,539,369
Mitsubishi Corp.	121,800		2,742,756
Mitsubishi UFJ Financial Group, Inc.	376,700		1,823,042
Mitsui O.S.K. Lines, Ltd.	149,000		1,059,556
Nidec Corp.	48,200		4,384,944
Nomura Holdings, Inc.	124,200		771,437
Omron Corp.	61,700		1,296,631
ORIX Corp.	28,190		2,146,926
Rakuten, Inc.#	2,635		1,836,187
Shin - Etsu Chemical Co., Ltd.	50,000		2,513,031
Softbank Corp.	58,400		1,397,755
Tokyo Electron, Ltd.	5,300		307,676
Toyota Motor Corp.	34,175		1,230,112
Unicharm Corp.	22,400		2,261,509
Yahoo! Japan Corp.	4,041		1,419,062
			53,404,462
Jersey — 1.3%
Petrofac, Ltd.(6)	35,230		574,360
Shire PLC(6)	116,571		2,403,014
WPP PLC(6)	329,880		3,135,450
			6,112,824
Luxembourg — 0.4%
Millicom International Cellular SA#	23,885		1,909,128
Mexico — 0.8%
America Movil SAB de CV, Series L ADR	59,850		2,833,299
Grupo Televisa SA ADR	61,651		1,146,092
			3,979,391
Netherlands — 4.9%
Akzo Nobel NV	58,400		2,997,280
ASML Holding NV	36,810		1,066,103
Heineken NV	82,950		3,575,084
ING Groep NV-CVA	235,552		1,877,823
Koninklijke Ahold NV	113,966		1,434,608
Koninklijke KPN NV	96,231		1,252,171
Randstad Holding NV†	27,800		1,175,604
TNT NV	125,125		3,113,239
Unilever NV-CVA	171,995		4,725,538
Wolters Kluwer NV	103,160		1,906,024
			23,123,474
Norway — 0.6%
Petroleum Geo - Services ASA†	60,996		608,385
Telenor ASA	107,150		1,315,618
TGS Nopec Geophysical Co. ASA#	63,180		861,230
			2,785,233
Philippines — 0.3%
Philippine Long Distance Telephone Co.	28,420		1,492,557
Poland — 0.6%
Powszechna Kasa Oszczednosci Bank Polski SA	222,690		2,766,586

Security Description	Shares	Value (Note 2)
Russia — 0.3%
OAO Gazprom ADR	64,931	$	1,329,706
Singapore — 1.7%
Keppel Corp., Ltd.	428,000		2,696,111
Singapore Telecommunications, Ltd.	683,950		1,416,602
United Overseas Bank, Ltd.(4)	314,000		4,059,136
			8,171,849
South Africa — 0.2%
MTN Group, Ltd.	68,150		959,790
South Korea — 2.2%
Hyundai Mobis	13,517		2,237,811
Hyundai Motor Co.	21,453		2,498,654
NHN Corp†	6,323		915,298
POSCO	2,090		820,689
Samsung Electronics Co., Ltd.	2,950		1,904,469
Samsung Electronics Co., Ltd. GDR(6)	5,469		1,777,064
Samsung Electronics Co., Ltd. GDR†*	71		23,164
			10,177,149
Spain — 1.1%
Banco Bilbao Vizcaya Argentaria SA	257,680		2,698,847
Banco Santander SA#	191,604		1,960,861
Telefonica SA	33,005		631,519
			5,291,227
Sweden — 2.4%
Alfa Laval AB#	105,960		1,344,352
Atlas Copco AB, Class A	199,770		2,855,043
Getinge AB, Class B#	35,770		711,033
Hennes & Mauritz AB, Class B	24,700		1,404,121
Svenska Cellulosa AB, Class B	75,800		884,669
Telefonaktiebolaget LM Ericsson, Class B	136,810		1,404,345
Volvo AB, Class B†	249,330		2,607,164
			11,210,727
Switzerland — 10.6%
Actelion, Ltd.†	15,617		566,171
Adecco SA#	21,600		1,047,528
Cie Financiere Richemont SA	50,433		1,671,282
Credit Suisse Group AG	84,280		3,274,213
Givaudan SA	2,155		1,692,115
Holcim, Ltd.	21,520		1,365,773
Julius Baer Group, Ltd.	95,638		2,780,391
Kuehne & Nagel International AG	24,620		2,313,417
Nestle SA	239,662		10,865,922
Novartis AG	110,359		5,013,063
Roche Holding AG	73,176		10,048,048
Sonova Holding AG	25,005		2,710,903
Swiss Reinsurance Co., Ltd.	20,281		828,788
Syngenta AG	12,572		2,793,415
The Swatch Group AG, Class B	9,120		2,394,123
UBS AG†	45,749		614,737
			49,979,889
Taiwan — 2.0%
HON HAI Precision Industry Co., Ltd.†	824,000		3,208,884
HTC Corp.	129,000		1,755,239
MediaTek, Inc.	59,000		965,186
Taiwan Semiconductor Manufacturing Co., Ltd.	875,269		1,648,145
Taiwan Semiconductor Manufacturing Co., Ltd. ADR	216,560		2,111,460
			9,688,914

134

VALIC Company I International Growth I Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Turkey — 0.4%
Akbank TAS		230,457	$	1,143,671
Turkiye Garanti Bankasi AS		160,990		691,384
				1,835,055
United Kingdom — 19.2%
Admiral Group PLC(6)		101,287		1,891,431
Antofagasta PLC(6)		94,128		1,203,896
ARM Holdings PLC(6)		514,190		1,844,273
Autonomy Corp. PLC†(6)		28,180		715,054
BAE Systems PLC(6)		24,626		115,286
Barclays PLC(6)		901,854		3,952,687
BG Group PLC(6)		340,531		5,236,135
British Airways PLC†#(6)		213,250		620,610
British American Tobacco PLC(6)		101,027		2,993,433
British Sky Broadcasting Group PLC(6)		891		7,441
Burberry Group PLC(6)		111,680		1,117,499
Carnival PLC(6)		57,510		2,193,523
Centrica PLC(6)		399,090		1,589,993
Compass Group PLC(6)		616,278		4,781,224
Diageo PLC(6)		182,120		2,795,972
Hays PLC(6)		405,490		593,995
HSBC Holdings PLC (London)(6)		322,945		2,941,772
HSBC Holdings PLC (Hong Kong)#		322,140		2,945,696
Imperial Tobacco Group PLC(6)		90,716		2,366,894
Informa PLC(6)		210,063		1,150,027
Intercontinental Hotels Group PLC(6)		111,270		1,762,737
International Power PLC(6)		378,309		1,592,341
ITV PLC†(6)		2,824,170		2,286,784
Kingfisher PLC(6)		597,547		1,936,634
Ladbrokes PLC#(6)		200,898		411,769
Lonmin PLC†(6)		98,620		2,399,527
Next PLC(6)		55,079		1,658,174
Reckitt Benckiser Group PLC(6)		190,588		8,966,990
Reed Elsevier PLC(6)		147,820		1,032,550
Rolls - Royce Group PLC†(6)		217,777		1,859,189
Rolls - Royce Group PLC Class C (Entitlement Shares)†(4)		19,599,930		28,474
Royal Dutch Shell PLC, Class A (London)(6)		68,830		1,817,479
Royal Dutch Shell PLC, Class B(6)		104,040		2,637,795
Schroders PLC(6)		55,537		1,068,159
Smith & Nephew PLC(6)		63,321		575,596
Smiths Group PLC(6)		178,084		2,670,571
Standard Chartered PLC(6)		178,667		4,238,552
Tesco PLC(6)		956,133		5,708,733
The Capita Group PLC(6)		62,561		708,165
Tullow Oil PLC(6)		57,778		935,057
Vodafone Group PLC(6)		1,972,655		3,968,142
William Hill PLC(6)		210,890		538,830
Wolseley PLC†(6)		28,540		681,035
				90,540,124
United States — 0.5%
Synthes, Inc.		23,380		2,447,744
Total Common Stock
(cost $466,695,395)				451,356,335
PREFERRED STOCK — 1.5%
Brazil — 1.5%
Banco Bradesco SA ADR#		79,679		1,301,955
Itau Unibanco Holding SA		66,380		1,264,728
Petroleo Brasileiro SA ADR#		40,315		1,248,556
Vale SA, Class A		142,300		3,350,349
Total Preferred Stock
(cost $6,080,737)				7,165,588

Security Description	Shares/ Principal Amount			Value (Note 2)
EXCHANGE - TRADED FUNDS — 0.8%
Japan — 0.6%
Nomura ETF - Nikkei 225 Exchange Traded Fund		26,620		$	2,900,813
United States — 0.2%
India Fund, Inc.†		26,794			767,380
Total Exchange-Traded Funds
(cost $3,633,463)					3,668,193
Total Long-Term Investment Securities
(cost $476,409,595)					462,190,116
SHORT-TERM INVESTMENT SECURITIES — 9.3%
Collective Investment Pool — 8.2%
Securities Lending Quality Trust(1)(2)		38,776,374			38,628,536
Time Deposits — 1.1%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 06/01/10	$	5,411,000			5,411,000
Total Short-Term Investment Securities
(cost $44,187,374)					44,039,536
TOTAL INVESTMENTS —
(cost $520,596,969)(5)		107.3	%		506,229,652
Liabilities in excess of other assets		(7.3	)		(34,465,838	)
NET ASSETS —		100.0	%	$	471,763,814

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

† Non-income producing security

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2010, the aggregate value of these securities was $23,164 representing 0.0% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

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

(2) At May 31, 2010 the Fund had loaned securities with a total value of $36,873,630. This was secured by collateral of $38,776,374, which was received in cash and subsequently invested in short-term investments currently valued at $38,628,536 as reported in the Portfolio of Investments. The remaining collateral of $373,021 was received in the form of short-term pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Date Range
United States Treasury Bills	zero coupon	09/16/10 to 10/14/10
United States Treasury Notes/Bonds	0.88% to 6.25%	12/15/10 to 08/15/23

(3) Fair valued security. Security is classified as Level 3 disclosure based on the security’s valuation input; See Note 2

(4) Illiquid security. At May 31, 2010, the aggregate value of these securities was $8,566,182 representing 1.8% of net assets.

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

(6) Security was valued using fair value procedures at May 31, 2010. The aggregate value of these securities was $95,455,842 representing 20.2% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing procedures for foreign equity securities.

ADR—American Depository Receipt

CVA—Certification Van Aandelen (Dutch Cert.)

GDR—Global Depository Receipt

135

VALIC Company I International Growth I Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2010 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs			Level 3 - Significant Unobservable Inputs		Total
Long-Term Investment Securities:
Common Stock:
France	$	39,564,468	$	—		$	—	$	39,564,468
Germany		39,061,230		—			—		39,061,230
Japan		53,404,462		—			—		53,404,462
Switzerland		49,979,889		—			—		49,979,889
United Kingdom		2,974,169		87,565,955	#		—		90,540,124
Other Countries*		170,915,551		7,889,887	#		724		178,806,162
Preferred Stock		7,165,588		—			—		7,165,588
Exchange-Traded Funds		3,668,193		—			—		3,668,193
Short-Term Investment Securities:
Collective Investment Pool		—		38,628,536			—		38,628,536
Time Deposit		—		5,411,000			—		5,411,000
Total	$	366,733,550	$	139,495,378		$	724	$	506,229,652

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

# Includes foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities; therefore these securities were classified as Level 2 instead of Level 1. The aggregate value of these securities was $95,455,842 representing 20.2% of net sets. See Note 2.

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

	Common Stock
Balance as of 5/31/2009	$	18,071
Accrued discounts/premiums		—
Realized gain (loss)		—
Change in unrealized appreciation (depreciation)		(17,347	)
Net purchases (sales)		—
Transfers in and/or out of Level 3		—
Balance as of 5/31/2010	$	724

See Notes to Financial Statements

136

VALIC Company I Large Cap Core Fund

PORTFOLIO PROFILE — May 31, 2010 (Unaudited)

Industry Allocation*

Collective Investment Pool	11.3	%
Medical — Drugs	7.8
Time Deposits	7.4
Diversified Banking Institutions	7.1
Oil Companies — Exploration & Production	4.8
Commercial Services — Finance	3.9
Retail — Building Products	3.4
Networking Products	3.4
Web Portals/ISP	3.4
Oil Companies — Integrated	3.3
Wireless Equipment	3.3
Television	3.1
Diversified Manufacturing Operations	3.0
E-Commerce/Products	2.9
Cosmetics & Toiletries	2.4
Banks — Super Regional	2.3
Medical Products	2.2
Transport — Services	2.2
Footwear & Related Apparel	2.2
E-Commerce/Services	2.1
Food — Misc.	2.1
Tobacco	1.8
Enterprise Software/Service	1.8
Multimedia	1.8
Retail — Restaurants	1.8
Oil — Field Services	1.7
Medical — Biomedical/Gene	1.7
Toys	1.7
Advertising Agencies	1.6
Industrial Gases	1.4
Consumer Products — Misc.	1.4
Insurance — Life/Health	1.4
Medical Instruments	1.3
Beverages — Wine/Spirits	1.2
Finance — Credit Card	1.1
Aerospace/Defense	1.1
Investment Management/Advisor Services	1.0
Applications Software	1.0
Beverages — Non-alcoholic	0.9
Aerospace/Defense — Equipment	0.9
Banks — Fiduciary	0.7
Investment Companies	0.5
	111.4	%

* Calculated as a percentage of net assets

137

VALIC Company I Large Cap Core Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010

Security Description	Shares	Value (Note 2)
COMMON STOCK — 92.7%
Advertising Agencies — 1.6%
Omnicom Group, Inc.	50,264	$	1,907,519
Aerospace/Defense — 1.1%
The Boeing Co.	19,119		1,227,057
Aerospace/Defense - Equipment — 0.9%
United Technologies Corp.	14,945		1,006,994
Applications Software — 1.0%
Microsoft Corp.	42,937		1,107,775
Banks - Fiduciary — 0.7%
State Street Corp.	21,368		815,617
Banks - Super Regional — 2.3%
Wells Fargo & Co.	91,916		2,637,070
Beverages - Non - alcoholic — 0.9%
PepsiCo, Inc.	16,731		1,052,213
Beverages - Wine/Spirits — 1.2%
Diageo PLC(6)	91,629		1,406,721
Commercial Services - Finance — 3.9%
Automatic Data Processing, Inc.	23,119		945,105
Moody’s Corp.#	133,049		2,727,504
Visa, Inc., Class A	12,269		889,012
			4,561,621
Consumer Products - Misc. — 1.4%
Clorox Co.#	25,875		1,625,468
Cosmetics & Toiletries — 2.4%
The Procter & Gamble Co.	45,298		2,767,255
Diversified Banking Institutions — 7.1%
Bank of America Corp.	201,609		3,173,326
JPMorgan Chase & Co.	71,005		2,810,378
The Goldman Sachs Group, Inc.	15,971		2,303,976
			8,287,680
Diversified Manufacturing Operations — 3.0%
General Electric Co.	211,349		3,455,556
E-Commerce/Products — 2.9%
Amazon.com, Inc.†	18,780		2,356,139
Blue Nile, Inc.†#	22,479		1,054,265
			3,410,404
E-Commerce/Services — 2.1%
Ancestry.com, Inc.#	144,527		2,438,170
Enterprise Software/Service — 1.8%
Oracle Corp.	91,860		2,073,280
Finance - Credit Card — 1.1%
American Express Co.	31,366		1,250,562
Food - Misc. — 2.1%
McCormick & Co., Inc.#	62,817		2,422,852
Footwear & Related Apparel — 2.2%
The Timberland Co., Class A†#	132,624		2,547,707
Industrial Gases — 1.4%
Air Products & Chemicals, Inc.	24,254		1,674,981
Insurance - Life/Health — 1.4%
Prudential Financial, Inc.	27,243		1,572,194
Investment Companies — 0.5%
Apollo Global Mgmt LLC Class A*(1)(2)	72,697		581,576

Security Description	Shares	Value (Note 2)
Investment Management/Advisor Services — 1.0%
T. Rowe Price Group, Inc.#	23,457	$	1,161,591
Medical Instruments — 1.3%
Medtronic, Inc.	39,972		1,566,103
Medical Products — 2.2%
Johnson & Johnson	44,601		2,600,238
Medical - Biomedical/Gene — 1.7%
Amgen, Inc.†	39,005		2,019,679
Medical - Drugs — 7.8%
Merck & Co., Inc.	112,717		3,797,436
Novartis AG ADR#	61,518		2,768,925
Pfizer, Inc.	164,966		2,512,432
			9,078,793
Multimedia — 1.8%
FactSet Research Systems, Inc.#	30,177		2,053,545
Networking Products — 3.4%
Cisco Systems, Inc.†	171,578		3,973,746
Oil Companies - Exploration & Production — 4.8%
Apache Corp.	22,402		2,005,875
Occidental Petroleum Corp.	21,524		1,775,945
Ultra Petroleum Corp.†	39,781		1,830,722
			5,612,542
Oil Companies - Integrated — 3.3%
Chevron Corp.	22,373		1,652,693
Exxon Mobil Corp.	36,360		2,198,326
			3,851,019
Oil - Field Services — 1.7%
Schlumberger, Ltd.#	36,148		2,029,710
Retail - Building Products — 3.4%
Home Depot, Inc.	117,631		3,982,986
Retail - Restaurants — 1.8%
Burger King Holdings, Inc.#	107,899		2,051,160
Television — 3.1%
CBS Corp., Class B#	250,496		3,647,222
Tobacco — 1.8%
Philip Morris International, Inc.	48,445		2,137,393
Toys — 1.7%
Nintendo Co., Ltd.	6,500		1,917,366
Transport - Services — 2.2%
Expeditors International of Washington, Inc.#	31,675		1,209,668
United Parcel Service, Inc., Class B	21,526		1,350,972
			2,560,640
Web Portals/ISP — 3.4%
Google, Inc., Class A†	8,023		3,892,599
Wireless Equipment — 3.3%
QUALCOMM, Inc.	107,400		3,819,144
Total Long-Term Investment Securities
(cost $103,521,209)			107,785,748
SHORT-TERM INVESTMENT SECURITIES — 18.7%
Collective Investment Pool — 11.3%
Securities Lending Quality Trust(3)(5)	13,139,981		13,089,884

138

VALIC Company I Large Cap Core Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Principal Amount			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES (continued)
Time Deposits — 7.4%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 06/01/10	$	8,635,000		$	8,635,000
Total Short-Term Investment Securities
(cost $21,774,981)					21,724,884
TOTAL INVESTMENTS
(cost $125,296,190)(4)		111.4	%		129,510,632
Liabilities in excess of other assets		(11.4	)		(13,283,412	)
NET ASSETS —		100.0	%	$	116,227,220

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2010, the aggregate value of these securities was $581,576 representing 0.5% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

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

† Non-income producing security

(1) Illiquid security. At May 31, 2010, the aggregate value of these securities was $581,576 representing 0.5% of net assets.

(2) Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of May 31, 2010, the Large Cap Core Fund held the following restricted securities:

Name	Acquisition Date	Shares	Acquisition Cost		Market Value		Market Value Per Share		Value as a % of Net Assets
Apollo Global Management LLC, Class A Common Stock	08/02/07	33,592	$	806,208
	02/01/08	5,661		100,058
	04/30/08	10,000		150,500
	06/05/08	7,000		108,850
	06/26/08	3,371		50,734
	09/18/08	4,233		57,357
	10/03/08	5,885		76,799
	10/17/08	2,955		32,623
		72,697	$	1,383,129	$	581,576	$	8.00	0.50	%

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

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

(5) At May 31, 2010, the Fund had loaned securities with a total value of $13,588,083. This was secured by collateral of $13,139,981, which was received in cash and subsequently invested in short-term investments currently valued at $13,089,884 as reported in the Portfolio of Investments. The remaining collateral of $1,099,899 was received in the form of short-term pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund's assets and liabilities.

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

Securities	Coupon Range	Date Range
United States Treasury Notes/Bonds	0.88% to 8.13%	01/31/11 to 08/15/39

(6) Security was valued using fair value procedures at May 31, 2010. The aggregate value of these securities was $1,406,721 representing 1.2% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities.

ADR — American Depository Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2010 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs			Level 3 - Significant Unobservable Inputs		Total
Long-Term Investment Securities:
Common Stock:
Diversified Banking Institutions	$	8,287,680	$	—		$	—	$	8,287,680
Medical - Drugs		9,078,793		—			—		9,078,793
Other Industries*		89,012,554		1,406,721	#		—		90,419,275
Short-Term Investment Securities:
Collective Investment Pool		—		13,089,884			—		13,089,884
Time Deposits		—		8,635,000			—		8,635,000
Total	$	106,379,027	$	23,131,605		$	—	$	129,510,632

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

# Includes foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities; therefore these securities were classified as Level 2 instead of Level 1. The aggregate value of these securities was $1,406,721 representing 1.2% of net sets. See Note 2.

See Notes to Financial Statements

139

VALIC Company I Large Capital Growth Fund

PORTFOLIO PROFILE — May 31, 2010 (Unaudited)

Industry Allocation*

Computers	12.5	%
Collective Investment Pool	4.4
Medical — Wholesale Drug Distribution	3.5
Oil Companies — Exploration & Production	3.4
Medical — Biomedical/Gene	3.3
Applications Software	3.3
Web Portals/ISP	3.0
Diversified Banking Institutions	2.9
Pharmacy Services	2.8
Time Deposit	2.7
Retail — Discount	2.7
Retail — Apparel/Shoe	2.6
Electronic Components — Semiconductors	2.5
Networking Products	2.4
Aerospace/Defense — Equipment	2.3
Cosmetics & Toiletries	2.1
Transport — Rail	1.9
Computers — Memory Devices	1.9
Apparel Manufacturers	1.8
Engineering/R&D Services	1.8
Diversified Manufacturing Operations	1.8
Medical Products	1.8
Computer Services	1.7
Enterprise Software/Service	1.7
Retail — Drug Store	1.7
Commercial Services — Finance	1.6
Beverages — Non-alcoholic	1.4
Medical — HMO	1.3
E-Commerce/Products	1.3
Agricultural Chemicals	1.3
Oil — Field Services	1.3
Exchange — Traded Fund	1.3
Repurchase Agreement	1.2
Medical — Drugs	1.2
Wireless Equipment	1.1
Electric Products — Misc.	1.1
Multimedia	1.1
Auto — Cars/Light Trucks	1.1
Retail — Major Department Stores	1.0
Medical — Generic Drugs	0.9
Oil Field Machinery & Equipment	0.9
Semiconductor Components — Integrated Circuits	0.8
Medical Instruments	0.8
Instruments — Scientific	0.8
Casino Hotels	0.6
Web Hosting/Design	0.6
Retail — Restaurants	0.6
Metal — Copper	0.5
Retail — Regional Department Stores	0.5
Investment Management/Advisor Services	0.5
Aerospace/Defense	0.5
Semiconductor Equipment	0.5
Oil & Gas Drilling	0.5
Brewery	0.5
Cable/Satellite TV	0.5
Machinery — Construction & Mining	0.5
Electronic Components — Misc.	0.5
Telecom Equipment — Fiber Optics	0.5
Finance — Investment Banker/Broker	0.5
Schools	0.5
Medical Labs & Testing Services	0.4
Electronic Measurement Instruments	0.4
Consulting Services	0.3
Telephone — Integrated	0.3
X-Ray Equipment	0.3
Industrial Gases	0.3
	104.3	%

* Calculated as a percentage of net assets

140

VALIC Company I Large Capital Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010

Security Description	Shares	Value (Note 2)
COMMON STOCK — 94.2%
Aerospace/Defense — 0.5%
Raytheon Co.	34,000	$	1,781,940
Aerospace/Defense - Equipment — 2.3%
Goodrich Corp.	35,407		2,457,246
United Technologies Corp.	83,943		5,656,079
			8,113,325
Agricultural Chemicals — 1.3%
Monsanto Co.	16,337		831,063
Potash Corp. of Saskatchewan, Inc.	8,875		880,311
Syngenta AG	12,781		2,839,854
			4,551,228
Apparel Manufacturers — 1.8%
Coach, Inc.	155,286		6,383,807
Applications Software — 3.3%
Check Point Software Technologies†#	58,440		1,792,355
Microsoft Corp.	372,047		9,598,812
			11,391,167
Auto - Cars/Light Trucks — 1.1%
Ford Motor Co.†#	321,252		3,768,286
Beverages - Non - alcoholic — 1.4%
PepsiCo, Inc.	77,352		4,864,667
Cable/Satellite TV — 0.5%
DIRECTV, Class A†	45,938		1,731,403
Casino Hotels — 0.6%
Las Vegas Sands Corp.†	95,300		2,237,644
Cellular - Telecom — 0.3%
Sprint Nextel Corp.†	197,800		1,014,714
Commercial Services - Finance — 1.6%
Mastercard, Inc., Class A	9,280		1,872,426
Visa, Inc., Class A	49,200		3,565,032
			5,437,458
Computer Services — 1.7%
Accenture PLC, Class A	105,648		3,963,913
Cognizant Technology Solutions Corp., Class A†	40,219		2,012,559
			5,976,472
Computers — 12.5%
Apple, Inc.†	104,234		26,804,816
Hewlett - Packard Co.	226,214		10,408,106
International Business Machines Corp.	48,669		6,096,279
			43,309,201
Computers - Memory Devices — 1.9%
EMC Corp.†	348,195		6,483,391
Consulting Services — 0.3%
FTI Consulting, Inc.†	24,750		1,058,310
Cosmetics & Toiletries — 2.1%
Colgate - Palmolive Co.	23,843		1,861,900
The Estee Lauder Cos., Inc., Class A	40,206		2,342,803
The Procter & Gamble Co.	52,300		3,195,007
			7,399,710
Diversified Banking Institutions — 2.9%
Bank of America Corp.	99,200		1,561,408
Citigroup, Inc.†	200,300		793,188
JPMorgan Chase & Co.	63,500		2,513,330
Morgan Stanley	61,500		1,667,265
The Goldman Sachs Group, Inc.	24,280		3,502,633
			10,037,824

Security Description	Shares	Value (Note 2)
Diversified Manufacturing Operations — 1.8%
Cooper Industries PLC, Class A	46,257	$	2,172,691
Danaher Corp.	28,700		2,278,206
Ingersoll - Rand PLC	48,190		1,797,969
			6,248,866
E - Commerce/Products — 1.3%
Amazon.com, Inc.†	20,400		2,559,384
MercadoLibre, Inc.†#	39,100		2,028,117
			4,587,501
Electric Products - Misc. — 1.1%
AMETEK, Inc.	53,117		2,156,550
Emerson Electric Co.	37,000		1,718,280
			3,874,830
Electronic Components - Misc. — 0.5%
Flextronics International, Ltd.†	252,791		1,658,309
Electronic Components - Semiconductors — 2.5%
Avago Technologies, Ltd.†	82,246		1,698,380
Broadcom Corp., Class A	64,300		2,219,636
Intel Corp.	116,000		2,484,720
Xilinx, Inc.	87,787		2,146,392
			8,549,128
Electronic Measurement Instruments — 0.4%
Agilent Technologies, Inc.†	38,500		1,245,860
Engineering/R&D Services — 1.8%
ABB, Ltd.†	132,859		2,277,254
Fluor Corp.	38,058		1,785,681
URS Corp.†	50,153		2,235,821
			6,298,756
Enterprise Software/Service — 1.7%
Oracle Corp.	262,441		5,923,293
Finance - Investment Banker/Broker — 0.5%
The Charles Schwab Corp.	101,300		1,655,242
Industrial Gases — 0.3%
Praxair, Inc.	11,200		869,120
Instruments - Scientific — 0.8%
Thermo Fisher Scientific, Inc.†	50,730		2,641,004
Investment Management/Advisor Services — 0.5%
Invesco, Ltd.	96,400		1,789,184
Machinery - Construction & Mining — 0.5%
Terex Corp.†	79,200		1,723,392
Medical Instruments — 0.8%
Medtronic, Inc.	32,100		1,257,678
St. Jude Medical, Inc.†	39,900		1,489,866
			2,747,544
Medical Labs & Testing Services — 0.4%
Quest Diagnostics, Inc.	28,502		1,503,480
Medical Products — 1.8%
Covidien PLC	49,400		2,106,421
Hospira, Inc.†	34,821		1,812,781
Johnson & Johnson	38,503		2,244,725
			6,163,927
Medical - Biomedical/Gene — 3.3%
Amgen, Inc.†	118,358		6,128,577
Celgene Corp.†	41,900		2,210,644
Gilead Sciences, Inc.†	91,499		3,286,644
			11,625,865

141

VALIC Company I Large Capital Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
Medical - Drugs — 1.2%
Abbott Laboratories	60,918	$	2,897,260
Allergan, Inc.	22,100		1,341,176
			4,238,436
Medical - Generic Drugs — 0.9%
Mylan, Inc.†#	84,900		1,650,456
Teva Pharmaceutical Industries, Ltd. ADR	28,208		1,546,363
			3,196,819
Medical - HMO — 1.3%
UnitedHealth Group, Inc.	83,772		2,435,252
WellPoint, Inc.†	42,825		2,196,923
			4,632,175
Medical - Wholesale Drug Distribution — 3.5%
AmerisourceBergen Corp.#	157,433		4,937,102
Cardinal Health, Inc.	106,871		3,685,981
McKesson Corp.	48,180		3,372,600
			11,995,683
Metal - Copper — 0.5%
Freeport - McMoRan Copper & Gold, Inc.	26,000		1,821,300
Multimedia — 1.1%
Viacom, Inc., Class B†	112,800		3,791,208
Networking Products — 2.4%
Cisco Systems, Inc.†	361,516		8,372,711
Oil & Gas Drilling — 0.5%
Ensco PLC ADR#	46,989		1,757,389
Oil Companies - Exploration & Production — 3.4%
Apache Corp.	18,400		1,647,536
Occidental Petroleum Corp.	114,650		9,459,771
Ultra Petroleum Corp.†	17,900		823,758
			11,931,065
Oil Field Machinery & Equipment — 0.9%
National Oilwell Varco, Inc.	78,338		2,987,028
Oil - Field Services — 1.3%
Schlumberger, Ltd.	80,650		4,528,497
Pharmacy Services — 2.8%
Express Scripts, Inc.†	50,246		5,054,747
Medco Health Solutions, Inc.†	80,824		4,659,504
			9,714,251
Retail - Apparel/Shoe — 2.6%
Abercrombie & Fitch Co., Class A	12,600		451,458
Limited Brands, Inc.	137,256		3,412,184
Ross Stores, Inc.#	60,251		3,157,153
The Gap, Inc.	96,630		2,106,534
			9,127,329
Retail - Discount — 2.7%
Dollar Tree, Inc.†	41,366		2,589,098
Target Corp.	34,200		1,864,926
Wal - Mart Stores, Inc.	98,300		4,970,048
			9,424,072
Retail - Drug Store — 1.7%
CVS Caremark Corp.	119,678		4,144,449
Walgreen Co.	54,844		1,757,202
			5,901,651
Retail - Major Department Stores — 1.0%
J.C. Penney Co., Inc.	124,000		3,408,760

Security Description	Shares/ Principal Amount			Value (Note 2)
Retail - Regional Department Stores — 0.5%
Kohl’s Corp.†		35,255		$	1,789,191
Retail - Restaurants — 0.6%
Starbucks Corp.#		82,868			2,145,453
Schools — 0.5%
Apollo Group, Inc., Class A†		30,388			1,615,426
Semiconductor Components - Integrated Circuits — 0.8%
Marvell Technology Group, Ltd.†		145,666			2,764,741
Semiconductor Equipment — 0.5%
ASML Holding NV		62,300			1,760,598
Telecom Equipment - Fiber Optics — 0.5%
Corning, Inc.		95,100			1,657,593
Transport - Rail — 1.9%
Union Pacific Corp.		94,500			6,750,135
Web Hosting/Design — 0.6%
Equinix, Inc.†#		24,178			2,224,618
Web Portals/ISP — 3.0%
Google, Inc., Class A†		21,317			10,342,582
Wireless Equipment — 1.1%
QUALCOMM, Inc.		111,900			3,979,164
X - Ray Equipment — 0.3%
Hologic, Inc.†		58,800			876,120
Total Common Stock
(cost $299,923,204)					327,379,843
EXCHANGE - TRADED FUND — 1.3%
Financial Select Sector SPDR Fund# (cost $4,571,729)		298,940			4,388,439
PREFERRED STOCK — 0.5%
Brewery — 0.5%
Cia de Bebidas das Americas ADR (cost $1,693,910)		17,976			1,731,808
Total Long-Term Investment Securities
(cost $306,188,843)					333,500,090
SHORT-TERM INVESTMENT SECURITIES — 7.1%
Collective Investment Pool — 4.4%
Securities Lending Quality Trust(1)(2)		15,419,786			15,360,997
Time Deposit — 2.7%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 06/01/10	$	9,430,000			9,430,000
Total Short-Term Investment Securities
(cost $24,849,786)					24,790,997
REPURCHASE AGREEMENT — 1.2%
State Street Bank & Trust Co. Joint Repurchase Agreement(3) (cost $4,354,000)		4,354,000			4,354,000
TOTAL INVESTMENTS
(cost $335,392,629)(4)		104.3	%		362,645,087
Liabilities in excess of other assets		(4.3	)		(14,913,630	)
NET ASSETS —		100.0	%	$	347,731,457

142

VALIC Company I Large Capital Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 (continued)

† Non-income producing security

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

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

(2) At May 31, 2010, the Fund had loaned securities with a total value of $15,754,915. This was secured by collateral of $15,419,786, which was received in cash and subsequently invested in short-term investments currently valued at $15,360,997 as reported in the Portfolio of Investments. The remaining collateral of $945,231 was received in the form of short-term pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Date Range
Federal Home Loan Bank	0.50% to 1.00%	01/05/11 to 04/26/13
United States Treasury Notes/Bonds	1.25% to 4.13%	08/15/10 to 11/30/10

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

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

ADR—American Depository Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2010 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Long-Term Investment Securities:
Common Stock:
Computers	$	43,309,201	$	—	$	—	$	43,309,201
Other Industries*		284,070,642		—		—		284,070,642
Exchange-Traded Funds		4,388,439		—		—		4,388,439
Preferred Stock		1,731,808		—		—		1,731,808
Short-Term Investment Securities:
Collective Investment Pool		—		15,360,997		—		15,360,997
Time Deposits		—		9,430,000		—		9,430,000
Repurchase Agreement		—		4,354,000		—		4,354,000
Total	$	333,500,090	$	29,144,997	$	—	$	362,645,087

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

See Notes to Financial Statements

143

VALIC Company I Mid Cap Index Fund

PORTFOLIO PROFILE — May 31, 2010 (Unaudited)

Industry Allocation*

Collective Investment Pool	14.3	%
Real Estate Investment Trusts	7.3
Banks — Commercial	3.7
Electric — Integrated	3.4
Oil Companies — Exploration & Production	2.7
Retail — Apparel/Shoe	2.3
Chemicals — Specialty	2.3
Gas — Distribution	2.3
Electronic Components — Semiconductors	1.9
Medical — Biomedical/Gene	1.8
Insurance — Property/Casualty	1.8
Diversified Manufacturing Operations	1.7
Retail — Restaurants	1.5
Medical Instruments	1.5
Savings & Loans/Thrifts	1.5
Engineering/R&D Services	1.4
Medical — Hospitals	1.3
Machinery — Construction & Mining	1.3
Insurance — Reinsurance	1.1
Building — Residential/Commercial	1.1
Oil & Gas Drilling	1.0
Electronic Parts Distribution	1.0
Containers — Paper/Plastic	1.0
Enterprise Software/Service	1.0
Schools	1.0
Commercial Services — Finance	1.0
Distribution/Wholesale	1.0
Investment Management/Advisor Services	0.9
Computers — Integrated Systems	0.9
Retail — Discount	0.9
Electronic Measurement Instruments	0.8
Transport — Truck	0.8
Steel — Producers	0.8
Human Resources	0.8
Internet Infrastructure Software	0.8
Insurance — Multi-line	0.8
Medical Products	0.8
Retail — Automobile	0.8
Consulting Services	0.8
Finance — Investment Banker/Broker	0.7
Food — Misc.	0.7
Oil — Field Services	0.7
Medical — Drugs	0.7
Transport — Marine	0.7
Telecommunication Equipment	0.7
Electronic Design Automation	0.6
Computer Aided Design	0.6
Coatings/Paint	0.6
Consumer Products — Misc.	0.6
Instruments — Controls	0.6
Commercial Services	0.5
Aerospace/Defense — Equipment	0.5
Data Processing/Management	0.5
Metal Processors & Fabrication	0.5
Insurance Brokers	0.5
Semiconductor Equipment	0.5
Medical — Generic Drugs	0.5
Retail — Auto Parts	0.5
Coal	0.5
Respiratory Products	0.5
E-Commerce/Services	0.5
Machine Tools & Related Products	0.5
Soap & Cleaning Preparation	0.5
Machinery — General Industrial	0.5
Electronic Components — Misc.	0.5
Electric Products — Misc.	0.5
Auto/Truck Parts & Equipment — Original	0.5
Hospital Beds/Equipment	0.5
Building Products — Cement	0.4

Telecom Services	0.4
Web Hosting/Design	0.4
Diagnostic Equipment	0.4
Rental Auto/Equipment	0.4
Batteries/Battery Systems	0.4
Retail — Pet Food & Supplies	0.4
Transport — Rail	0.4
Apparel Manufacturers	0.4
Insurance — Life/Health	0.4
X-Ray Equipment	0.4
Airlines	0.4
Diagnostic Kits	0.4
Telephone — Integrated	0.4
Medical — HMO	0.4
Paper & Related Products	0.4
Containers — Metal/Glass	0.4
Medical Labs & Testing Services	0.4
Filtration/Separation Products	0.3
Semiconductor Components — Integrated Circuits	0.3
Auto — Heavy Duty Trucks	0.3
Research & Development	0.3
Retail — Mail Order	0.3
Textile — Home Furnishings	0.3
Real Estate Management/Services	0.3
Decision Support Software	0.3
Medical — Outpatient/Home Medical	0.3
Transactional Software	0.3
Pharmacy Services	0.3
Casino Services	0.3
Multimedia	0.3
Non-Hazardous Waste Disposal	0.3
Beverages — Non-alcoholic	0.3
Miscellaneous Manufacturing	0.3
Machinery — Farming	0.3
Physicians Practice Management	0.3
Retail — Catalog Shopping	0.3
Retail — Sporting Goods	0.3
Power Converter/Supply Equipment	0.3
Networking Products	0.3
Coffee	0.3
Office Furnishings — Original	0.3
Food — Meat Products	0.3
Leisure Products	0.3
Computer Services	0.3
Water	0.2
Publishing — Books	0.2
Cosmetics & Toiletries	0.2
Private Corrections	0.2
Machinery — Electrical	0.2
Motion Pictures & Services	0.2
Industrial Automated/Robotic	0.2
Veterinary Diagnostics	0.2
Web Portals/ISP	0.2
Building Products — Air & Heating	0.2
Auction Houses/Art Dealers	0.2
Funeral Services & Related Items	0.2
Vitamins & Nutrition Products	0.2
Finance — Auto Loans	0.2
E-Marketing/Info	0.2
Electronic Connectors	0.2
Investment Companies	0.2
Intimate Apparel	0.2
Food — Baking	0.2
Machinery — Pumps	0.2
Medical Sterilization Products	0.2
Physical Therapy/Rehabilitation Centers	0.2
Machinery — Print Trade	0.2
Steel Pipe & Tube	0.2
Advertising Sales	0.2

144

VALIC Company I Mid Cap Index Fund

PORTFOLIO PROFILE — May 31, 2010 (Unaudited) — (continued)

Industry Allocation* (continued)

Recreational Centers	0.2	%
Chemicals — Diversified	0.2
Retail — Major Department Stores	0.2
Oil Refining & Marketing	0.2
Hazardous Waste Disposal	0.2
Telecom Equipment — Fiber Optics	0.2
Cellular Telecom	0.1
Food — Retail	0.1
Transport — Equipment & Leasing	0.1
Banks — Fiduciary	0.1
Wireless Equipment	0.1
U.S. Government Treasuries	0.1
Applications Software	0.1
Patient Monitoring Equipment	0.1
Building — Mobile Home/Manufactured Housing	0.1
Printing — Commercial	0.1
Building & Construction Products — Misc.	0.1
Retail — Hair Salons	0.1
Agricultural Chemicals	0.1
Tobacco	0.1
Building — Heavy Construction	0.1
Computers	0.1
Building — Maintance & Services	0.1
Racetracks	0.1
Footwear & Related Apparel	0.1
Environmental Monitoring & Detection	0.1
Retail — Bookstores	0.1
Casino Hotels	0.1
Food — Confectionery	0.1
Medical — Nursing Homes	0.1
Repurchase Agreements	0.1
Independent Power Producers	0.1
Direct Marketing	0.1
	113.5	%

* Calculated as a percentage of net assets

145

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010

Security Description	Shares	Value (Note 2)
COMMON STOCK — 99.0%
Advertising Sales — 0.2%
Lamar Advertising Co., Class A†	117,800	$	3,471,566
Aerospace/Defense - Equipment — 0.5%
Alliant Techsystems, Inc.†#	72,900		5,014,791
BE Aerospace, Inc.†	225,700		6,120,984
			11,135,775
Agricultural Chemicals — 0.1%
Intrepid Potash, Inc.†#	91,100		2,246,526
Airlines — 0.4%
AirTran Holdings, Inc.†#	297,500		1,677,900
Alaska Air Group, Inc.†#	78,700		3,675,290
JetBlue Airways Corp.†#	457,900		2,838,980
			8,192,170
Apparel Manufacturers — 0.4%
Hanesbrands, Inc.†#	210,600		5,745,168
Under Armour, Inc., Class A†#	83,300		2,806,377
			8,551,545
Applications Software — 0.1%
Quest Software, Inc.†#	138,200		2,674,861
Auction House/Art Dealers — 0.2%
Sotheby’s	148,700		4,832,750
Auto - Heavy Duty Trucks — 0.3%
Oshkosh Corp.†	197,700		7,024,281
Auto/Truck Parts & Equipment - Original — 0.5%
BorgWarner, Inc.†	258,100		9,616,806
Banks - Commercial — 3.7%
Associated Banc - Corp.#	381,400		5,122,202
BancorpSouth, Inc.#	161,800		3,137,302
Bank of Hawaii Corp.	106,000		5,091,180
Cathay General Bancorp	173,300		1,909,766
City National Corp.#	95,600		5,514,208
Commerce Bancshares, Inc.	161,200		5,991,804
Cullen/Frost Bankers, Inc.#	132,600		7,277,088
FirstMerit Corp.#	228,700		4,262,968
Fulton Financial Corp.#	437,700		4,355,115
International Bancshares Corp.	114,300		2,257,425
PacWest Bancorp.#	65,700		1,369,188
Prosperity Bancshares, Inc.#	102,800		3,704,912
SVB Financial Group†#	91,300		4,095,718
Synovus Financial Corp.	1,644,500		4,867,720
TCF Financial Corp.#	272,300		4,394,922
Trustmark Corp.#	125,200		2,800,724
Valley National Bancorp.#	354,999		5,133,286
Webster Financial Corp.#	147,200		2,818,880
Westamerica Bancorporation#	64,500		3,590,715
			77,695,123
Banks - Fiduciary — 0.1%
Wilmington Trust Corp.#	195,000		2,940,600
Batteries/Battery Systems — 0.4%
Energizer Holdings, Inc.†	154,200		8,664,498
Beverages - Non - alcoholic — 0.3%
Hansen Natural Corp.†#	155,700		6,080,085
Building & Construction Products - Misc. — 0.1%
Louisiana - Pacific Corp.†#	280,100		2,380,850
Building Products - Air & Heating — 0.2%
Lennox International, Inc.	108,100		4,837,475

Security Description	Shares	Value (Note 2)
Building Products - Cement — 0.4%
Martin Marietta Materials, Inc.#	100,100	$	9,332,323
Building - Heavy Construction — 0.1%
Granite Construction, Inc.#	74,200		2,200,030
Building - Maintance & Services — 0.1%
Rollins, Inc.#	96,600		2,053,716
Building - Mobile Home/Manufactured Housing — 0.1%
Thor Industries, Inc.#	86,400		2,519,424
Building - Residential/Commercial — 1.1%
KB Home	163,300		2,364,584
MDC Holdings, Inc.#	83,100		2,607,678
NVR, Inc.†#	13,500		9,251,280
Ryland Group, Inc.#	96,800		1,800,480
Toll Brothers, Inc.†#	309,900		6,529,593
			22,553,615
Casino Hotels — 0.1%
Boyd Gaming Corp.†#	121,700		1,602,789
Casino Services — 0.3%
Bally Technologies, Inc.†#	121,900		5,180,750
Scientific Games Corp., Class A†#	143,400		1,465,548
			6,646,298
Cellular Telecom — 0.1%
Syniverse Holdings, Inc.†#	153,200		3,031,828
Chemicals - Diversified — 0.2%
Olin Corp.#	173,400		3,324,078
Chemicals - Specialty — 2.3%
Albemarle Corp.	201,600		8,680,896
Ashland, Inc.	172,300		9,237,003
Cabot Corp.	144,300		4,041,843
Cytec Industries, Inc.	107,700		4,602,021
Lubrizol Corp.	151,000		13,374,070
Minerals Technologies, Inc.#	41,400		2,212,830
NewMarket Corp.#	25,900		2,666,664
Sensient Technologies Corp.#	108,700		3,009,903
			47,825,230
Coal — 0.5%
Arch Coal, Inc.#	358,700		7,729,985
Patriot Coal Corp.†#	166,500		2,775,555
			10,505,540
Coatings/Paint — 0.6%
RPM International, Inc.	285,900		5,663,679
Valspar Corp.#	219,700		6,891,989
			12,555,668
Coffee — 0.3%
Green Mountain Coffee Roasters, Inc.†	231,600		5,477,340
Commercial Services — 0.5%
Alliance Data Systems Corp.†#	116,000		8,196,560
Convergys Corp.†	271,900		2,969,148
			11,165,708
Commercial Services - Finance — 1.0%
Global Payments, Inc.#	180,000		7,594,200
Lender Processing Services, Inc.	210,800		7,154,552
SEI Investments Co.	285,000		6,010,650
			20,759,402

146

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
Computer Aided Design — 0.6%
ANSYS, Inc.†#	198,400	$	8,676,032
Parametric Technology Corp.†#	258,700		4,263,376
			12,939,408
Computer Services — 0.3%
DST Systems, Inc.	85,200		3,264,864
SRA International, Inc., Class A†	95,200		2,053,464
			5,318,328
Computers — 0.1%
Palm, Inc.†	370,000		2,109,000
Computers - Integrated Systems — 0.9%
Diebold, Inc.	146,400		4,242,672
Jack Henry & Associates, Inc.#	186,600		4,485,864
MICROS Systems, Inc.†	175,900		6,015,780
NCR Corp.†	351,500		4,667,920
			19,412,236
Consulting Services — 0.8%
FTI Consulting, Inc.†	102,600		4,387,176
Gartner, Inc.†#	133,400		3,301,650
Navigant Consulting, Inc.†	110,400		1,338,048
The Corporate Executive Board Co.#	75,400		2,442,206
Towers Watson & Co., Class A	94,200		4,333,200
			15,802,280
Consumer Products - Misc. — 0.6%
American Greetings Corp., Class A#	87,200		2,056,176
The Scotts Miracle - Gro Co., Class A	100,000		4,443,000
Tupperware Brands Corp.#	139,300		5,918,857
			12,418,033
Containers - Metal/Glass — 0.4%
Greif, Inc., Class A	75,900		4,159,320
Silgan Holdings, Inc.#	118,300		3,375,099
			7,534,419
Containers - Paper/Plastic — 1.0%
Packaging Corp. of America	227,500		5,036,850
Rock - Tenn Co., Class A#	85,700		4,410,122
Sonoco Products Co.	221,400		6,843,474
Temple - Inland, Inc.#	237,400		5,016,262
			21,306,708
Cosmetics & Toiletries — 0.2%
Alberto - Culver Co.	189,000		5,201,280
Data Processing/Management — 0.5%
Acxiom Corp.†#	174,700		3,041,527
Broadridge Financial Solutions, Inc.	297,600		5,690,112
Fair Isaac Corp.#	102,700		2,382,640
			11,114,279
Decision Support Software — 0.3%
MSCI, Inc., Class A†	231,800		6,872,870
Diagnostic Equipment — 0.4%
Affymetrix, Inc.†#	156,500		1,025,075
Gen - Probe, Inc.†	108,400		4,765,264
Immucor, Inc.†#	154,300		3,030,452
			8,820,791
Diagnostic Kits — 0.4%
IDEXX Laboratories, Inc.†	128,200		8,107,368

Security Description	Shares	Value (Note 2)
Direct Marketing — 0.1%
Harte - Hanks, Inc.#	84,200	$	1,150,172
Distribution/Wholesale — 1.0%
Fossil, Inc.†#	106,500		3,993,750
Ingram Micro, Inc., Class A†	361,300		6,127,648
LKQ Corp.†	312,200		5,750,724
Owens & Minor, Inc.#	139,000		4,151,930
			20,024,052
Diversified Manufacturing Operations — 1.7%
Carlisle Cos., Inc.	132,900		5,168,481
Crane Co.	103,400		3,363,602
Federal Signal Corp.	130,700		890,067
Harsco Corp.	177,300		4,824,333
Matthews International Corp., Class A#	67,000		2,169,460
Pentair, Inc.	217,100		7,459,556
SPX Corp.	110,000		6,501,000
The Brink’s Co.	105,700		2,396,219
Trinity Industries, Inc.#	174,900		3,821,565
			36,594,283
E - Commerce/Services — 0.5%
NetFlix, Inc.†	93,400		10,381,410
E - Marketing/Info — 0.2%
Digital River, Inc.†	85,300		2,349,162
ValueClick, Inc.†#	184,400		2,144,572
			4,493,734
Electric Products - Misc. — 0.5%
AMETEK, Inc.	238,300		9,674,980
Electric - Integrated — 3.4%
Alliant Energy Corp.	244,300		7,851,802
Black Hills Corp.#	85,800		2,461,602
Cleco Corp.#	133,600		3,536,392
DPL, Inc.	264,400		6,620,576
Great Plains Energy, Inc.#	298,900		5,245,695
Hawaiian Electric Industries, Inc.#	203,300		4,464,468
IDACORP, Inc.	105,900		3,499,995
MDU Resources Group, Inc.	414,800		7,756,760
NSTAR#	235,800		8,278,938
NV Energy, Inc.	518,500		6,113,115
OGE Energy Corp.	214,300		7,809,092
PNM Resources, Inc.	191,400		2,361,876
Westar Energy, Inc.	240,700		5,295,400
			71,295,711
Electronic Components - Misc. — 0.5%
Gentex Corp.	306,700		6,035,856
Vishay Intertechnology, Inc.†	412,100		3,729,505
			9,765,361
Electronic Components - Semiconductors — 1.9%
Cree, Inc.†#	234,400		15,557,128
Fairchild Semiconductor International, Inc.†	274,500		2,745,000
International Rectifier Corp.†	156,900		3,288,624
Intersil Corp., Class A	271,600		3,614,996
Rovi Corp.†	230,000		8,588,200
Semtech Corp.†#	136,100		2,396,721
Silicon Laboratories, Inc.†#	101,400		4,606,602
			40,797,271
Electronic Connectors — 0.2%
Thomas & Betts Corp.†	116,200		4,455,108

147

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
Electronic Design Automation — 0.6%
Cadence Design Systems, Inc.†	593,400	$	3,975,780
Mentor Graphics Corp.†	229,400		2,105,892
Synopsys, Inc.†	323,500		6,929,370
			13,011,042
Electronic Measurement Instruments — 0.8%
Itron, Inc.†	88,700		5,912,742
National Instruments Corp.	126,300		4,065,597
Trimble Navigation, Ltd.†	266,500		7,656,545
			17,634,884
Electronic Parts Distribution — 1.0%
Arrow Electronics, Inc.†	264,600		7,218,288
Avnet, Inc.†	335,000		9,621,200
Tech Data Corp.†	112,300		4,564,995
			21,404,483
Engineering/R&D Services — 1.4%
Aecom Technology Corp.†	251,600		6,385,608
KBR, Inc.	354,300		7,787,514
The Shaw Group, Inc.†	184,600		6,296,706
URS Corp.†	185,500		8,269,590
			28,739,418
Enterprise Software/Service — 1.0%
Advent Software, Inc.†	34,600		1,496,104
Informatica Corp.†#	199,900		5,157,420
ManTech International Corp., Class A†#	49,100		2,269,893
Sybase, Inc.†	191,800		12,338,494
			21,261,911
Environmental Monitoring & Detection — 0.1%
Mine Safety Appliances Co.#	66,700		1,824,912
Filtration/Separation Products — 0.3%
Donaldson Co., Inc.	170,500		7,357,075
Finance - Auto Loans — 0.2%
AmeriCredit Corp.†	212,800		4,600,736
Finance - Investment Banker/Broker — 0.7%
Greenhill & Co., Inc.	45,300		3,138,837
Jefferies Group, Inc.#	268,900		6,273,437
Raymond James Financial, Inc.	219,000		6,191,130
			15,603,404
Food - Baking — 0.2%
Flowers Foods, Inc.#	170,100		4,203,171
Food - Confectionery — 0.1%
Tootsie Roll Industries, Inc.#	59,600		1,492,384
Food - Meat Products — 0.3%
Smithfield Foods, Inc.†#	312,100		5,380,604
Food - Misc. — 0.7%
Corn Products International, Inc.	165,800		5,529,430
Lancaster Colony Corp.#	43,000		2,350,380
Ralcorp Holdings, Inc.†	120,900		7,262,463
			15,142,273
Food - Retail — 0.1%
Ruddick Corp.#	90,400		2,985,008
Footwear & Related Apparel — 0.1%
The Timberland Co., Class A†#	96,300		1,849,923
Funeral Services & Related Items — 0.2%
Service Corp. International	560,900		4,790,086

Security Description	Shares	Value (Note 2)
Gas - Distribution — 2.3%
AGL Resources, Inc.	171,200	$	6,248,800
Atmos Energy Corp.	205,500		5,573,160
Energen Corp.	158,400		7,012,368
National Fuel Gas Co.	179,100		8,704,260
Southern Union Co.	274,700		5,980,219
UGI Corp.	240,300		6,281,442
Vectren Corp.	179,200		4,130,560
WGL Holdings, Inc.#	111,100		3,760,735
			47,691,544
Hazardous Waste Disposal — 0.2%
Clean Harbors, Inc.†#	50,400		3,194,856
Hospital Beds/Equipment — 0.5%
Hill - Rom Holdings, Inc.#	138,800		3,869,744
Kinetic Concepts, Inc.†#	137,000		5,671,800
			9,541,544
Human Resources — 0.8%
Hewitt Associates, Inc., Class A†	184,700		6,880,075
Korn/Ferry International†#	101,100		1,413,378
Manpower, Inc.	180,800		8,264,368
			16,557,821
Independent Power Producers — 0.1%
Dynegy, Inc.†	222,800		1,165,244
Industrial Automated/Robotic — 0.2%
Nordson Corp.#	74,500		4,963,935
Instruments - Controls — 0.6%
Mettler - Toledo International, Inc.†	74,600		8,543,938
Woodward Governor Co.#	125,400		3,598,980
			12,142,918
Insurance Brokers — 0.5%
Arthur J. Gallagher & Co.#	226,300		5,587,347
Brown & Brown, Inc.	260,500		5,105,800
			10,693,147
Insurance - Life/Health — 0.4%
Protective Life Corp.	189,000		4,067,280
StanCorp Financial Group, Inc.	104,300		4,462,997
			8,530,277
Insurance - Multi - line — 0.8%
American Financial Group, Inc.	168,400		4,698,360
Horace Mann Educators Corp.#	86,600		1,331,042
Old Republic International Corp.#	531,400		7,365,204
Unitrin, Inc.	110,100		2,938,569
			16,333,175
Insurance - Property/Casualty — 1.8%
First American Corp.	228,500		7,775,855
Fidelity National Financial, Inc., Class A	508,700		7,335,454
HCC Insurance Holdings, Inc.	253,000		6,342,710
Mercury General Corp.#	78,600		3,396,306
The Hanover Insurance Group, Inc.	99,200		4,315,200
WR Berkley Corp.	283,400		7,725,484
			36,891,009
Insurance - Reinsurance — 1.1%
Everest Re Group, Ltd.	131,000		9,521,080
Reinsurance Group of America, Inc.	161,200		7,571,564
Transatlantic Holdings, Inc.	142,200		6,687,666
			23,780,310

148

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
Internet Infrastructure Software — 0.8%
F5 Networks, Inc.†	175,500	$	12,342,915
TIBCO Software, Inc.†#	367,800		4,196,598
			16,539,513
Intimate Apparel — 0.2%
The Warnaco Group, Inc.†	100,900		4,297,331
Investment Companies — 0.2%
Apollo Investment Corp.	422,200		4,403,546
Investment Management/Advisor Services — 0.9%
Affiliated Managers Group, Inc.†#	97,400		6,978,710
Eaton Vance Corp.#	259,500		7,756,455
Waddell & Reed Financial, Inc., Class A	188,400		5,051,004
			19,786,169
Leisure Products — 0.3%
WMS Industries, Inc.†	116,100		5,378,913
Machine Tools & Related Products — 0.5%
Kennametal, Inc.#	180,000		5,077,800
Lincoln Electric Holdings, Inc.	94,100		5,250,780
			10,328,580
Machinery - Construction & Mining — 1.3%
Bucyrus International, Inc.	178,500		9,560,460
Joy Global, Inc.	227,300		11,592,300
Terex Corp.†	239,100		5,202,816
			26,355,576
Machinery - Electrical — 0.2%
Regal - Beloit Corp.	82,700		4,985,983
Machinery - Farming — 0.3%
AGCO Corp.†#	204,100		5,871,957
Machinery - General Industrial — 0.5%
IDEX Corp.	178,800		5,460,552
Wabtec Corp.#	105,100		4,556,085
			10,016,637
Machinery - Print Trade — 0.2%
Zebra Technologies Corp., Class A†#	129,800		3,569,500
Machinery - Pumps — 0.2%
Graco, Inc.#	132,600		4,202,094
Medical Instruments — 1.5%
Beckman Coulter, Inc.	154,300		8,862,992
Edwards Lifesciences Corp.†	249,800		12,622,394
Techne Corp.	82,400		4,989,320
Thoratec Corp.†#	126,000		5,527,620
			32,002,326
Medical Labs & Testing Services — 0.4%
Covance, Inc.†#	141,700		7,476,092
Medical Products — 0.8%
Henry Schein, Inc.†#	200,200		11,293,282
Teleflex, Inc.	87,800		4,923,824
			16,217,106
Medical Sterilization Products — 0.2%
STERIS Corp.#	130,500		4,153,815
Medical - Biomedical/Gene — 1.8%
Bio - Rad Laboratories, Inc., Class A†	42,500		3,976,725
Charles River Laboratories International, Inc.†	145,500		4,880,070
OSI Pharmaceuticals, Inc.†#	128,700		7,384,806
United Therapeutics Corp.†#	106,100		5,434,442

Security Description	Shares	Value (Note 2)
Medical - Biomedical/Gene (continued)
Vertex Pharmaceuticals, Inc.†#	442,800	$	15,316,452
			36,992,495
Medical - Drugs — 0.7%
Endo Pharmaceuticals Holdings, Inc.†	259,000		5,423,460
Medicis Pharmaceutical Corp., Class A#	128,100		2,970,639
Valeant Pharmaceuticals International†	143,000		6,646,640
			15,040,739
Medical - Generic Drugs — 0.5%
Perrigo Co.#	177,600		10,551,216
Medical - HMO — 0.4%
Health Net, Inc.†	221,200		5,452,580
WellCare Health Plans, Inc.†#	93,500		2,548,810
			8,001,390
Medical - Hospitals — 1.3%
Community Health Systems, Inc.†	205,600		8,014,288
Health Management Associates, Inc., Class A†	551,700		5,130,810
LifePoint Hospitals, Inc.†	121,100		4,297,839
Universal Health Services, Inc., Class B	214,100		9,073,558
			26,516,495
Medical - Nursing Homes — 0.1%
Kindred Healthcare, Inc.†#	86,400		1,340,064
Medical - Outpatient/Home Medical — 0.3%
Lincare Holdings, Inc.†#	145,100		6,793,582
Metal Processors & Fabrication — 0.5%
Commercial Metals Co.	249,300		3,881,601
Timken Co.	175,400		5,049,766
Worthington Industries, Inc.#	134,600		1,981,312
			10,912,679
Miscellaneous Manufacturing — 0.3%
Aptargroup, Inc.	149,800		5,971,028
Motion Pictures & Services — 0.2%
DreamWorks Animation SKG, Inc., Class A†	167,200		4,964,168
Multimedia — 0.3%
FactSet Research Systems, Inc.	92,600		6,301,430
Networking Products — 0.3%
Polycom, Inc.†#	185,800		5,579,574
Non - Hazardous Waste Disposal — 0.3%
Waste Connections, Inc.†#	173,700		6,115,977
Office Furnishings - Original — 0.3%
Herman Miller, Inc.#	123,500		2,374,905
HNI Corp.	99,600		3,053,736
			5,428,641
Oil & Gas Drilling — 1.0%
Atwood Oceanics, Inc.†	125,100		3,396,465
Patterson - UTI Energy, Inc.#	339,100		4,757,573
Pride International, Inc.†	387,700		9,603,329
Unit Corp.†	89,300		3,651,477
			21,408,844
Oil Companies - Exploration & Production — 2.7%
Bill Barrett Corp.†#	85,400		2,780,624
Cimarex Energy Co.	185,100		13,601,148
Comstock Resources, Inc.†	104,000		3,103,360
Forest Oil Corp.†	248,200		6,612,048
Mariner Energy, Inc.†#	224,700		4,804,086

149

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
Oil Companies - Exploration & Production (continued)
Newfield Exploration Co.†	293,400	$	15,274,404
Plains Exploration & Production Co.†	307,800		6,802,380
Quicksilver Resources, Inc.†#	261,400		3,191,694
			56,169,744
Oil Refining & Marketing — 0.2%
Frontier Oil Corp.	231,100		3,214,601
Oil - Field Services — 0.7%
Exterran Holdings, Inc.†#	138,000		3,519,000
Helix Energy Solutions Group, Inc.†	202,700		2,207,403
Oceaneering International, Inc.†	121,300		5,612,551
Superior Energy Services, Inc.†	173,400		3,773,184
			15,112,138
Paper & Related Products — 0.4%
Rayonier, Inc.	176,400		7,916,832
Patient Monitoring Equipment — 0.1%
Masimo Corp.†	115,200		2,550,528
Pharmacy Services — 0.3%
Omnicare, Inc.	265,600		6,669,216
Physical Therapy/Rehabilitation Centers — 0.2%
Psychiatric Solutions, Inc.†#	124,200		4,021,596
Physicians Practice Management — 0.3%
MEDNAX, Inc.†	103,800		5,869,890
Power Converter/Supply Equipment — 0.3%
Hubbell, Inc., Class B	131,900		5,625,535
Printing — Commercial — 0.1%
Deluxe Corp.#	113,100		2,428,257
Private Corrections — 0.2%
Corrections Corp. of America†	256,000		5,094,400
Publishing - Books — 0.2%
John Wiley & Sons, Inc., Class A	94,600		3,746,160
Scholastic Corp.#	56,300		1,472,245
			5,218,405
Racetracks — 0.1%
International Speedway Corp., Class A	67,400		1,879,786
Real Estate Investment Trusts — 7.3%
Alexandria Real Estate Equities, Inc.#	97,800		6,413,724
AMB Property Corp.	364,300		9,446,299
BRE Properties, Inc.	137,300		5,610,078
Camden Property Trust	141,700		6,467,188
Corporate Office Properties Trust#	128,900		4,886,599
Cousins Properties, Inc.	222,700		1,717,017
Duke Realty Corp.	495,100		5,881,788
Equity One, Inc.	77,600		1,332,392
Essex Property Trust, Inc.#	64,300		6,766,289
Federal Realty Investment Trust#	135,300		9,971,610
Highwoods Properties, Inc.#	157,600		4,642,896
Hospitality Properties Trust#	272,400		6,129,000
Liberty Property Trust	249,000		7,671,690
Mack - Cali Realty Corp.	174,800		5,764,904
Nationwide Health Properties, Inc.	259,300		9,202,557
Omega Healthcare Investors, Inc.	195,900		3,890,574
Potlatch Corp.#	87,900		3,062,436
Realty Income Corp.#	230,500		7,177,770
Regency Centers Corp.#	180,100		6,618,675
Senior Housing Properties Trust	281,200		5,860,208
SL Green Realty Corp.#	171,800		10,701,422
The Macerich Co.#	282,700		11,692,472
UDR, Inc.#	343,300		6,979,289
Weingarten Realty Investors	230,700		4,812,402
			152,699,279

Security Description	Shares	Value (Note 2)
Real Estate Management/Services — 0.3%
Jones Lang LaSalle, Inc.	92,600	$	6,909,812
Recreational Centers — 0.2%
Life Time Fitness, Inc.†#	91,400		3,391,854
Rental Auto/Equipment — 0.4%
Aaron’s Inc.#	179,800		3,592,404
Rent - A - Center, Inc.†#	145,100		3,514,322
United Rentals, Inc.†#	132,800		1,613,520
			8,720,246
Research & Development — 0.3%
Pharmaceutical Product Development, Inc.	261,600		7,021,344
Respiratory Products — 0.5%
ResMed, Inc.†#	165,900		10,433,451
Retail - Apparel/Shoe — 2.3%
Aeropostale, Inc.†	218,800		6,062,948
American Eagle Outfitters, Inc.	458,700		6,008,970
AnnTaylor Stores Corp.†#	129,700		2,808,005
Chico’s FAS, Inc.#	393,000		4,806,390
Collective Brands, Inc.†#	141,600		3,169,008
Dress Barn, Inc.†	131,800		3,610,002
Foot Locker, Inc.	345,600		5,152,896
Guess?, Inc.#	128,500		4,881,715
J Crew Group, Inc.†#	123,500		5,636,540
Phillips - Van Heusen Corp.	125,300		6,857,669
			48,994,143
Retail - Auto Parts — 0.5%
Advance Auto Parts, Inc.	203,700		10,543,512
Retail - Automobile — 0.8%
CarMax, Inc.†#	492,000		10,691,160
Copart, Inc.†	148,600		5,334,740
			16,025,900
Retail - Bookstores — 0.1%
Barnes & Noble, Inc.#	87,500		1,770,125
Retail - Catalog Shopping — 0.3%
Coldwater Creek, Inc.†#	128,000		798,720
MSC Industrial Direct Co., Inc., Class A	97,700		5,054,998
			5,853,718
Retail - Discount — 0.9%
99 Cents Only Stores†#	100,600		1,537,168
BJ’s Wholesale Club, Inc.†#	122,900		4,924,603
Dollar Tree, Inc.†#	194,900		12,198,791
			18,660,562
Retail - Hair Salons — 0.1%
Regis Corp.#	126,100		2,318,979
Retail - Mail Order — 0.3%
Williams - Sonoma, Inc.#	234,400		7,003,872
Retail - Major Department Stores — 0.2%
Saks, Inc.†#	352,300		3,234,114
Retail - Pet Food & Supplies — 0.4%
PetSmart, Inc.#	272,800		8,664,128
Retail - Restaurants — 1.5%
Bob Evans Farms, Inc.	67,300		1,954,392
Brinker International, Inc.	226,200		4,021,836
Burger King Holdings, Inc.	203,100		3,860,931
Chipotle Mexican Grill, Inc.	69,700		9,916,916
Panera Bread Co., Class A†#	70,200		5,674,266

150

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
Retail - Restaurants (continued)
The Cheesecake Factory, Inc.†#	133,300	$	3,399,150
Wendy’s/Arby’s Group, Inc., Class A	764,300		3,446,993
			32,274,484
Retail - Sporting Goods — 0.3%
Dick’s Sporting Goods, Inc.†	197,400		5,627,874
Savings & Loans/Thrifts — 1.5%
Astoria Financial Corp.#	181,600		2,702,208
First Niagara Financial Group, Inc.	461,400		6,095,094
New York Community Bancorp, Inc.#	956,500		15,351,825
NewAlliance Bancshares, Inc.#	234,200		2,756,534
Washington Federal, Inc.	248,300		4,290,624
			31,196,285
Schools — 1.0%
Career Education Corp.†#	150,400		4,211,200
Corinthian Colleges, Inc.†#	193,700		2,593,643
ITT Educational Services, Inc.†#	65,700		6,631,758
Strayer Education, Inc.#	30,800		7,392,000
			20,828,601
Semiconductor Components - Integrated Circuits — 0.3%
Atmel Corp.†#	1,006,000		5,135,630
Integrated Device Technology, Inc.†	366,000		2,137,440
			7,273,070
Semiconductor Equipment — 0.5%
Lam Research Corp.†	282,400		10,691,664
Soap & Cleaning Preparation — 0.5%
Church & Dwight Co., Inc.#	156,000		10,266,360
Steel Pipe & Tube — 0.2%
Valmont Industries, Inc.#	44,100		3,493,602
Steel - Producers — 0.8%
Carpenter Technology Corp.	97,100		3,778,161
Reliance Steel & Aluminum Co.	141,800		6,510,038
Steel Dynamics, Inc.	477,600		7,006,392
			17,294,591
Telecom Equipment - Fiber Optics — 0.2%
Ciena Corp.†	204,400		3,182,508
Telecom Services — 0.4%
NeuStar, Inc., Class A†	164,400		3,516,516
tw telecom, Inc.†	331,500		5,797,935
			9,314,451
Telecommunication Equipment — 0.7%
ADC Telecommunications, Inc.†#	214,100		1,768,466
ADTRAN, Inc.#	123,500		3,387,605
CommScope, Inc.†	208,100		5,868,420
Plantronics, Inc.#	106,500		3,188,610
			14,213,101
Telephone - Integrated — 0.4%
Cincinnati Bell, Inc.†#	444,100		1,412,238
Telephone and Data Systems, Inc.	203,400		6,687,792
Windstream Corp.	73		779
			8,100,809
Textile - Home Furnishings — 0.3%
Mohawk Industries, Inc.†#	124,000		6,963,840
Tobacco — 0.1%
Universal Corp.#	54,100		2,211,067

Security Description	Shares/ Principal Amount			Value (Note 2)
Transactional Software — 0.3%
ACI Worldwide, Inc†#		75,100		$	1,435,161
Solera Holdings, Inc.#		154,300			5,351,124
					6,786,285
Transport - Equipment & Leasing — 0.1%
GATX Corp.#		101,800			2,943,038
Transport - Marine — 0.7%
Alexander & Baldwin, Inc.		90,600			2,916,414
Kirby Corp.†#		118,800			4,684,284
Overseas Shipholding Group, Inc.#		58,400			2,259,496
Tidewater, Inc.#		114,200			4,774,702
					14,634,896
Transport - Rail — 0.4%
Kansas City Southern†		224,200			8,557,714
Transport - Truck — 0.8%
Con - way, Inc.		118,700			4,038,174
J.B. Hunt Transport Services, Inc.		193,900			6,695,367
Landstar System, Inc.		110,900			4,651,146
Werner Enterprises, Inc.#		97,000			2,186,380
					17,571,067
Veterinary Diagnostics — 0.2%
VCA Antech, Inc.†#		188,700			4,917,522
Vitamins & Nutrition Products — 0.2%
NBTY, Inc.†		139,600			4,779,904
Water — 0.2%
Aqua America, Inc.#		300,900			5,250,705
Web Hosting/Design — 0.4%
Equinix, Inc.†#		99,300			9,136,593
Web Portals/ISP — 0.2%
AOL, Inc.†		235,200			4,852,176
Wireless Equipment — 0.1%
RF Micro Devices, Inc.†#		592,600			2,844,480
X - Ray Equipment — 0.4%
Hologic, Inc.†		570,600			8,501,940
Total Long-Term Investment Securities
(cost $2,147,943,684)					2,081,482,130
SHORT-TERM INVESTMENT SECURITIES — 14.4%
Collective Investment Pool — 14.3%
Securities Lending Quality Trust(1)(2)		301,731,010			300,580,639
U.S. Government Treasuries — 0.1%
United States Treasury Bills 0.15% due 09/16/10(3)	$	2,700,000			2,698,677
Total Short-Term Investment Securities
(cost $304,429,646)					303,279,316
REPURCHASE AGREEMENT — 0.1%
State Street Bank and Trust Co., Joint Repurchase Agreement(4) (cost $1,292,000)		1,292,000			1,292,000
TOTAL INVESTMENTS
(cost $2,453,665,330)(5)		113.5	%		2,386,053,446
Liabilities in excess of other assets		(13.5	)		(284,412,512	)
NET ASSETS —		100.0	%	$	2,101,640,934

151

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

† Non-income producing security

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

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

(2) At May 31, 2010, the Fund had loaned securities with a total value of $300,280,696. This was secured by collateral of $301,731,010, which was received in cash and subsequently invested in short-term investments currently valued at $300,580,639 as reported in the Portfolio of Investments. The remaining collateral of $9,549,951 was received in the form of short-term pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range
United States Treasury Notes/Bonds	0.88% to 8.13%	01/31/11 to 08/15/39

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

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

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

Open Futures Contracts
Number of Contracts	Type	Description	Expiration Date	Value at Trade Date		Value as of May 31, 2010		Unrealized Appreciation (Depreciation)
269	Long	S&P Midcap 400 E-mini Index	June 2010	$	20,908,553	$	20,503,180	$	(405,373	)

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2010 (see Note 2):

	Level 1 - Unadjusted Quoted Prices			Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Long-Term Investment Securities:
Common Stock:
Real Estate Investment Trusts	$	152,699,279		$	—	$	—	$	152,699,279
Other Industries*		1,928,782,851			—		—		1,928,782,851
Short-Term Investment Securities:
Collective Investment Pool		—			300,580,639		—		300,580,639
U.S. Government Treasuries		—			2,698,677		—		2,698,677
Repurchase Agreement		—			1,292,000		—		1,292,000
Other Financial Instruments:@
Open Futures Contracts - Depreciation		(405,373	)		—		—		(405,373	)
Total	$	2,081,076,757		$	304,571,316	$	—	$	2,385,648,073

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

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

See Notes to Financial Statements

152

VALIC Company I Mid Cap Strategic Growth Fund

PORTFOLIO PROFILE — May 31, 2010 (Unaudited)

Industry Allocation*

Collective Investment Pool	15.0	%
E-Commerce/Services	5.8
Oil Companies — Exploration & Production	3.9
Medical — Biomedical/Gene	3.5
Internet Content — Information/News	3.4
Distribution/Wholesale	3.2
Applications Software	3.1
Schools	3.1
Time Deposit	3.1
Electronic Components — Semiconductors	2.9
Commercial Services — Finance	2.8
Casino Hotels	2.8
Exchange — Traded Funds	2.6
Medical Instruments	2.5
Internet Infrastructure Software	2.1
Transport — Services	2.1
Medical — Drugs	1.9
Electric Products — Misc.	1.8
Computers — Integrated Systems	1.6
Building Products — Air & Heating	1.5
Retail — Apparel/Shoe	1.4
Decision Support Software	1.4
Building Products — Cement	1.4
Non-Hazardous Waste Disposal	1.3
Building — Residential/Commercial	1.2
Industrial Audio & Video Products	1.2
Commercial Services	1.2
Enterprise Software/Service	1.1
Banks — Commercial	1.1
Agricultural Chemicals	1.1
Apparel Manufacturers	1.1
Investment Management/Advisor Services	1.0
Retail — Restaurants	1.0
Transport — Equipment & Leasing	1.0
Diagnostic Equipment	1.0
Finance — Credit Card	1.0
Diversified Operations	1.0
Cosmetics & Toiletries	1.0
Finance — Investment Banker/Broker	1.0
Vitamins & Nutrition Products	1.0
Diagnostic Kits	0.9
Dental Supplies & Equipment	0.9
Hazardous Waste Disposal	0.9
Aerospace/Defense — Equipment	0.9
Transport — Truck	0.9
Water Treatment Systems	0.9
Machinery — Pumps	0.9
Finance — Other Services	0.8
Medical Information Systems	0.8
Footwear & Related Apparel	0.8
Insurance — Life/Health	0.8
Semiconductor Components — Integrated Circuits	0.8
Retail — Mail Order	0.8
Computer Aided Design	0.8
Oil — Field Services	0.7
Chemicals — Diversified	0.7
Retail — Auto Parts	0.7
Computer Services	0.7
Telecom Equipment — Fiber Optics	0.7
Broadcast Services/Program	0.6
Real Estate Investment Trusts	0.6
Oil Field Machinery & Equipment	0.6
Web Hosting/Design	0.6
Metal — Iron	0.5
Consulting Services	0.5
Cellular Telecom	0.5
Advertising Services	0.5
Real Estate Operational/Development	0.5

Medical — Generic Drugs	0.5
Retail — Major Department Stores	0.5
Chemicals — Specialty	0.5
Engines — Internal Combustion	0.4
Energy — Alternate Sources	0.4
Human Resources	0.3
Computers	0.3
Auto — Cars/Light Trucks	0.3
	114.7	%

* Calculated as a percentage of net assets

153

VALIC Company I Mid Cap Strategic Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010

Security Description	Shares	Value (Note 2)
COMMON STOCK — 93.7%
Advertising Services — 0.5%
Groupe Aeroplan, Inc.	142,378	$	1,297,557
Aerospace/Defense - Equipment — 0.9%
BE Aerospace, Inc.†	79,900		2,166,888
Agricultural Chemicals — 1.1%
CF Industries Holdings, Inc.	20,200		1,385,518
Intrepid Potash, Inc.†#	53,019		1,307,449
			2,692,967
Apparel Manufacturers — 1.1%
Coach, Inc.	63,500		2,610,485
Applications Software — 3.1%
Salesforce.com, Inc.†	90,259		7,810,111
Banks - Commercial — 1.1%
CIT Group, Inc.†	39,748		1,462,329
First Midwest Bancorp, Inc.#	90,500		1,255,235
			2,717,564
Broadcast Services/Program — 0.6%
Discovery Communications, Inc., Class C†	48,353		1,534,724
Building Products - Air & Heating — 1.5%
Lennox International, Inc.	81,600		3,651,600
Building Products - Cement — 1.4%
Martin Marietta Materials, Inc.#	28,979		2,701,712
Texas Industries, Inc.#	18,138		658,410
			3,360,122
Building - Residential/Commercial — 1.2%
Lennar Corp., Class A#	67,500		1,167,750
NVR, Inc.†	2,719		1,863,276
			3,031,026
Casino Hotels — 2.8%
Las Vegas Sands Corp.†	96,820		2,273,333
Wynn Resorts, Ltd.	55,276		4,636,551
			6,909,884
Cellular Telecom — 0.5%
Millicom International Cellular SA#	16,531		1,321,323
Chemicals - Diversified — 0.7%
Rockwood Holdings, Inc.†	67,091		1,740,341
Chemicals - Specialty — 0.5%
Ashland, Inc.	21,600		1,157,976
Commercial Services — 1.2%
Intertek Group PLC(7)	139,975		2,884,845
Commercial Services - Finance — 2.8%
Moody’s Corp.#	29,930		613,565
Morningstar, Inc.†#	50,301		2,454,689
Verisk Analytics, Inc., Class A†	131,044		3,964,081
			7,032,335
Computer Aided Design — 0.8%
Autodesk, Inc.†	65,015		1,902,339
Computer Services — 0.7%
IHS, Inc., Class A†	32,300		1,671,848
Computers — 0.3%
Palm, Inc.†	143,777		819,529

Security Description	Shares	Value (Note 2)
Computers - Integrated Systems — 1.6%
Teradata Corp.†	125,796	$	4,017,924
Consulting Services — 0.5%
The Corporate Executive Board Co.	41,022		1,328,703
Cosmetics & Toiletries — 1.0%
The Estee Lauder Cos., Inc., Class A	41,100		2,394,897
Decision Support Software — 1.4%
MSCI, Inc., Class A†	117,671		3,488,945
Dental Supplies & Equipment — 0.9%
Sirona Dental Systems, Inc.†	65,100		2,303,238
Diagnostic Equipment — 1.0%
Gen - Probe, Inc.†#	56,625		2,489,235
Diagnostic Kits — 0.9%
IDEXX Laboratories, Inc.†	36,492		2,307,754
Distribution/Wholesale — 3.2%
Fastenal Co.	46,409		2,340,870
Fossil, Inc.†	30,800		1,155,000
Li & Fung, Ltd.	1,040,000		4,507,860
			8,003,730
Diversified Operations — 1.0%
Leucadia National Corp.†	109,783		2,406,443
E - Commerce/Services — 5.8%
Alibaba.com, Ltd.	1,022,600		2,043,519
Ctrip.com International, Ltd. ADR†	133,669		5,265,222
NetFlix, Inc.†	20,462		2,274,351
priceline.com, Inc.†	25,411		4,857,567
			14,440,659
Electric Products - Misc. — 1.8%
AMETEK, Inc.	78,000		3,166,800
GrafTech International, Ltd.†	84,000		1,395,240
			4,562,040
Electronic Components - Semiconductors — 2.9%
Microsemi Corp.†	79,900		1,236,852
NVIDIA Corp.†	35,508		466,575
Rovi Corp.†#	146,596		5,473,895
			7,177,322
Energy - Alternate Sources — 0.4%
Covanta Holding Corp.†#	64,629		997,225
Engines - Internal Combustion — 0.4%
Cummins, Inc.	16,000		1,087,680
Enterprise Software/Service — 1.1%
Informatica Corp.†#	110,500		2,850,900
Finance - Credit Card — 1.0%
Redecard SA	164,348		2,481,576
Finance - Investment Banker/Broker — 1.0%
Greenhill & Co., Inc.	34,414		2,384,546
Finance - Other Services — 0.8%
IntercontinentalExchange, Inc.†	18,073		2,098,817
Footwear & Related Apparel — 0.8%
Skechers USA, Inc., Class A†#	53,800		2,027,184
Hazardous Waste Disposal — 0.9%
Stericycle, Inc.†#	39,000		2,286,180

154

VALIC Company I Mid Cap Strategic Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
Human Resources — 0.3%
Monster Worldwide, Inc.†#	57,931	$	856,799
Industrial Audio & Video Products — 1.2%
Dolby Laboratories, Inc., Class A†	44,600		2,944,046
Insurance - Life/Health — 0.8%
Lincoln National Corp.	75,600		2,000,376
Internet Content - Information/News — 3.4%
Baidu, Inc. ADR†	113,590		8,315,924
Internet Infrastructure Software — 2.1%
Akamai Technologies, Inc.†#	134,172		5,329,312
Investment Management/Advisor Services — 1.0%
Calamos Asset Management, Inc., Class A	72,715		799,865
T. Rowe Price Group, Inc.	35,090		1,737,657
			2,537,522
Machinery - Pumps — 0.9%
Flowserve Corp.	22,400		2,130,240
Medical Information Systems — 0.8%
Allscripts - Misys Healthcare Solutions, Inc.†#	111,000		2,087,910
Medical Instruments — 2.5%
Intuitive Surgical, Inc.†	11,750		3,792,547
Techne Corp.	38,556		2,334,566
			6,127,113
Medical - Biomedical/Gene — 3.5%
Dendreon Corp.†	50,000		2,170,000
Illumina, Inc.†#	155,083		6,519,689
			8,689,689
Medical - Drugs — 1.9%
Allergan, Inc.	25,463		1,532,618
Biovail Corp.#	114,300		1,715,643
Ironwood Pharmaceutical†(1)(6)(8)	124,508		1,388,264
			4,636,525
Medical - Generic Drugs — 0.5%
Mylan, Inc.†#	65,300		1,269,432
Metal - Iron — 0.5%
Cliffs Natural Resources, Inc.	24,200		1,351,812
Non - Hazardous Waste Disposal — 1.3%
Republic Services, Inc.	112,900		3,287,648
Oil Companies - Exploration & Production — 3.9%
Continental Resources, Inc.†	30,000		1,414,800
Petrohawk Energy Corp.†	37,842		727,702
Range Resources Corp.#	65,740		2,955,013
Ultra Petroleum Corp.†	97,161		4,471,349
			9,568,864
Oil Field Machinery & Equipment — 0.6%
FMC Technologies, Inc.†	23,700		1,378,155
Oil - Field Services — 0.7%
Superior Energy Services, Inc.†	81,000		1,762,560
Real Estate Investment Trusts — 0.6%
Digital Realty Trust, Inc.	25,300		1,439,823
Real Estate Operation/Development — 0.5%
Gafisa SA ADR#	106,756		1,270,397

Security Description	Shares	Value (Note 2)
Retail - Apparel/Shoe — 1.4%
Foot Locker, Inc.	124,000	$	1,848,840
Phillips - Van Heusen Corp.	30,500		1,669,265
			3,518,105
Retail - Auto Parts — 0.7%
O’Reilly Automotive, Inc.†	33,100		1,688,762
Retail - Mail Order — 0.8%
Williams - Sonoma, Inc.#	66,000		1,972,080
Retail - Major Department Stores — 0.5%
Sears Holdings Corp.†#	14,171		1,247,898
Retail - Restaurants — 1.0%
Chipotle Mexican Grill, Inc., Class A†#	17,600		2,504,128
Schools — 3.1%
Career Education Corp.†#	53,700		1,503,600
DeVry, Inc.#	29,500		1,695,955
New Oriental Education & Technology Group, Inc. ADR†#	26,083		2,391,029
Strayer Education, Inc.#	8,585		2,060,400
			7,650,984
Semiconductor Components - Integrated Circuits — 0.8%
Marvell Technology Group, Ltd.†	105,334		1,999,239
Telecom Equipment - Fiber Optics — 0.7%
JDS Uniphase Corp.†#	141,000		1,621,500
Transport - Equipment & Leasing — 1.0%
GATX Corp.#	86,200		2,492,042
Transport - Services — 2.1%
C.H. Robinson Worldwide, Inc.	38,227		2,221,371
Expeditors International of Washington, Inc.	79,610		3,040,306
			5,261,677
Transport - Truck — 0.9%
J.B. Hunt Transport Services, Inc.	61,900		2,137,407
Vitamins & Nutrition Products — 1.0%
Mead Johnson Nutrition Co.	48,059		2,370,270
Water Treatment Systems — 0.9%
Nalco Holding Co.	94,230		2,135,252
Web Hosting/Design — 0.6%
Equinix, Inc.†#	14,923		1,373,065
Total Common Stock
(cost $227,407,685)			232,405,018
PREFERRED STOCK — 0.3%
Auto - Cars/Light Trucks — 0.3%
Better Place LLC†(1)(2)(8) (cost $787,431)	262,477		787,431
EXCHANGE - TRADED FUNDS — 2.6%
Consumer Staples Select Sector SPDR Fund	158,800		4,187,556
Proshares UltraShort Russell 2000†	109,000		2,218,150
Total EXCHANGE - TRADED FUNDS
(cost $6,647,473)			6,405,706
Total Long-Term Investment Securities
(cost $234,842,589)			239,598,155
SHORT-TERM INVESTMENT SECURITIES — 18.1%
Collective Investment Pool — 15.0%
Securities Lending Quality Trust(3)(5)	37,422,200		37,279,525

155

VALIC Company I Mid Cap Strategic Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Principal Amount			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES (continued)
Time Deposits — 3.1%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 06/01/10	$	7,623,000		$	7,623,000
Total Short-Term Investment Securities
(cost $45,045,200)					44,902,525
TOTAL INVESTMENTS
(cost $279,887,789)(4)		114.7	%		284,500,680
Liabilities in excess of other assets		(14.7	)		(36,391,512	)
NET ASSETS —		100.0	%	$	248,109,168

† Non-income producing security

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

(1) Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of May 31, 2010, the Mid Cap Strategic Growth Fund held the following restricted securities:

Name	Acquisition Date	Shares	Acquisition Cost		Value		Value Per Share		Value as a % of Net Assets
Better Place LLC Preferred Stock	01/25/10	262,477	$	787,431	$	787,431	$	3.00	0.32	%
Ironwood Pharmaceutical, Inc Common Stock	09/11/08	59,853		718,236
	02/02/10	64,655		727,369
		124,508		1,445,605		1,388,264		11.15	0.56	%
					$	2,175,695			0.88	%

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

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

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

(5) At May 31, 2010, the Fund had loaned securities with a total value of $37,619,611. This was secured by collateral of $37,422,200, which was received in cash and subsequently invested in short-term investments currently valued at $37,279,525 as reported in the Portfolio of Investments. The remaining collateral of $1,394,968 was received in the form of short-term pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon		Date
United States Treasury Notes/Bonds	4.75	%	02/15/37

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

(7) Security was valued using fair value procedures at May 31, 2010. The aggregate value of these securities was $2,884,845 representing 1.2% of net assets. Securities are classified as Level 2 based on the securities valuation inputs. See Note 2 regarding fair value pricing for foreign equity securities.

(8) Illiquid security. At May 31, 2010, the aggregate value of these securities was $2,175,695 representing 0.88% of net assets.

ADR—American Depository Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2010 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs			Level 3 - Significant Unobservable Inputs		Total
Long-Term Investment Securities:
Common Stock:
E-Commerce/Services	$	14,440,659	$	—		$	—	$	14,440,659
Other Industries*		213,691,250		4,273,109	#				217,964,359
Preferred Stock		—		—			787,431		787,431
Exchange Traded Funds		6,405,706		—			—		6,405,706
Short-Term Investment Securities:
Collective Investment Pool		—		37,279,525			—		37,279,525
Time Deposits		—		7,623,000			—		7,623,000
Total	$	234,537,615	$	49,175,634		$	787,431	$	284,500,680

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

# Includes foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities; therefore these securities were classified as Level 2 instead of Level 1. The aggregate value of these securities was $2,884,845 representing 1.2% of net sets. See Note 2.

156

VALIC Company I Mid Cap Strategic Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

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

	Preferred Stock
Balance as of 5/31/2009	$	718,236
Accrued discounts/premiums		—
Realized gain (loss)		—
Change in unrealized appreciation (depreciation)		(57,341	)
Net purchases (sales)		1,514,800
Transfers in and/or (out) of Level 3		(1,388,264	)
Balance as of 5/31/2010	$	787,431

See Notes to Financial Statements

157

VALIC Company I Money Market I Fund

PORTFOLIO PROFILE — May 31, 2010 (Unaudited)

Industry Allocation*

U.S. Government Agencies	56.5	%
Repurchase Agreement	14.7
U.S. Government Treasuries	10.2
Foreign Bank	9.3
Money Center Banks	4.3
Commercial Banks-Canadian	3.4
Domestic Bank	3.2
Finance	1.9
Super-Regional Banks-US	1.8
	105.3	%
Weighted Average Days to Maturity	51.7

Credit Quality@#

A-1 100.0 % 

* Calculated as a percentage of net assets.

@ Source: Standard & Poors.

# Calculated as a percentage of total debt issues.

158

VALIC Company I Money Market I Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010

Security Description	Principal Amount		Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 90.6%
Certificates of Deposit — 14.4%
Barclays Bank PLC 0.68% due 06/07/10(1)	$	16,850,000	$	16,850,000
Calyon 0.39% due 07/02/10(1)		8,000,000		7,999,931
Deutsche Bank AG 0.86% due 06/18/10(1)		8,600,000		8,602,603
Nordea Bank Finland 0.28% due 07/16/10		8,375,000		8,374,686
Rabobank Nederland NV 0.21% due 06/01/10		9,130,000		9,130,000
Royal Bank of Canada 0.30% due 06/09/10(1)		9,000,000		9,000,000
Royal Bank of Canada 0.34% due 06/23/10(1)		9,180,000		9,180,000
Svenska Handelsbanken 0.27% due 07/12/10		1,870,000		1,869,915
Svenska Handelsbanken 0.28% due 07/16/10		7,220,000		7,219,774
Total Certificates of Deposit
(amortized cost $78,226,909)				78,226,909
U.S. Corporate Bonds & Notes — 9.5%
Bank of America NA Senior Notes 0.37% due 06/22/10(1)		9,600,000		9,600,000
General Electric Capital Corp. Senior Notes 0.35% due 07/06/10(1)		1,237,000		1,237,277
General Electric Capital Corp. Senior Notes 0.36% due 07/19/10(1)		500,000		500,119
General Electric Capital Corp. Senior Notes 0.41% due 07/21/10(1)		536,000		536,214
General Electric Capital Corp. Senior Notes 0.65% due 06/09/10(1)		1,070,000		1,070,096
General Electric Capital Corp. FDIC Guar. Notes 0.88% due 06/09/10(1)		7,300,000		7,332,211
JPMorgan Chase & Co. FDIC Guar. Notes 0.56% due 08/23/10(1)		2,000,000		2,000,000
JPMorgan Chase & Co. Senior Notes 0.60% due 06/24/10(1)		12,000,000		12,013,248
Wachovia Bank NA Senior Notes 0.32% due 06/02/10(1)		4,380,000		4,378,679
Wachovia Corp. Senior Notes 0.40% due 06/01/10(1)		8,500,000		8,500,000
Wells Fargo & Co. Senior Notes 0.68% due 08/20/10(1)		4,230,000		4,231,400
Total U.S. Corporate Bonds & Notes
(amortized cost $51,399,244)				51,399,244
U.S. Government Agencies — 56.5%
Federal Farm Credit Bank 0.35% due 06/27/10(1)		8,000,000		7,999,521
Federal Home Loan Bank 0.15% due 06/14/10		5,700,000		5,699,691
0.17% due 06/07/10		7,400,000		7,399,790
0.18% due 07/26/10		19,000,000		18,994,775

Security Description	Principal Amount			Value (Note 2)
U.S. Government Agencies (continued)
0.18% due 07/28/10	$	7,500,000		$	7,497,862
0.19% due 07/28/10		4,920,000			4,918,520
0.19% due 08/06/10		4,470,000			4,468,443
0.20% due 07/13/10(1)		16,900,000			16,899,532
0.20% due 08/20/10		3,700,000			3,698,356
0.22% due 06/04/10(1)		7,600,000			7,597,651
0.25% due 07/08/10(1)		17,000,000			17,000,296
0.27% due 10/29/10		5,500,000			5,499,189
0.32% due 06/21/10(1)		16,000,000			16,000,000
0.39% due 02/25/11		3,710,000			3,699,188
0.41% due 03/17/11		5,610,000			5,591,535
0.50% due 10/19/10		16,900,000			16,898,976
0.61% due 05/26/11		3,690,000			3,690,000
3.38% due 08/13/10		670,000			673,381
4.50% due 06/22/10		650,000			651,427
Federal Home Loan Mtg. Corp. 0.17% due 06/17/10		5,000,000			4,999,633
0.19% due 07/12/10(1)		6,000,000			5,999,988
0.19% due 07/13/10		9,500,000			9,497,894
0.20% due 07/23/10		5,700,000			5,698,353
0.20% due 08/16/10		7,400,000			7,396,954
0.20% due 08/17/10		6,500,000			6,497,219
0.21% due 09/08/10		3,700,000			3,697,863
0.23% due 09/30/10		9,260,000			9,252,841
0.24% due 08/31/10		8,700,000			8,694,722
0.28% due 10/26/10		8,000,000			7,991,017
0.32% due 09/14/10		2,500,000			2,497,667
0.34% due 07/07/10(1)		8,000,000			7,999,321
4.88% due 08/16/10		255,000			257,133
5.00% due 09/01/10		510,000			515,255
Federal National Mtg. Assoc. 0.15% due 06/01/10		5,000,000			5,000,000
0.19% due 07/13/10(1)		11,500,000			11,499,948
0.19% due 07/19/10		9,700,000			9,697,543
0.20% due 06/14/10		9,500,000			9,499,314
0.21% due 08/02/10		10,000,000			9,996,383
0.21% due 08/04/10		8,870,000			8,866,689
0.25% due 09/20/10		7,480,000			7,474,234
0.30% due 08/05/10(1)		7,700,000			7,699,838
4.63% due 06/01/10		260,000			260,000
Total U.S. Government Agencies
(amortized cost $305,867,942)					305,867,942
U.S. Government Treasuries — 10.2%
United States Treasury Bills
0.14% due 06/03/10		9,310,000			9,309,930
0.17% due 06/17/10		13,600,000			13,599,003
0.17% due 08/26/10		13,600,000			13,594,477
0.22% due 11/26/10		9,260,000			9,249,927
0.22% due 12/16/10		9,260,000			9,248,795
Total U.S. Government Treasuries
(amortized cost $55,002,132)					55,002,132
Total Short-Term Investment Securities — 90.6%
(amortized cost $490,496,227)					490,496,227
REPURCHASE AGREEMENT — 14.7%
UBS Securities LLC Joint Repurchase Agreement(2) (cost $79,378,000)		79,378,000			79,378,000
TOTAL INVESTMENTS —
(amortized cost $569,874,227)(3)		105.3	%		569,874,227
Liabilities in excess of other assets		(5.3	)		(28,715,662	)
NET ASSETS —		100.0	%	$	541,158,565

159

VALIC Company I Money Market I Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

(1) Floating rate security where the rate fluctuates. The rate moves up or down at each reset date. The rate reflected is as of May 31, 2010.

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

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

FDIC—Federal Deposit Insurance Corp.

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2010 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Short-Term Investment Securities:
Certificates of Deposit	$	—	$	78,226,909	$	—	$	78,226,909
U.S. Corporate Bonds & Notes		—		51,399,244		—		51,399,244
U.S. Government Agencies		—		305,867,942		—		305,867,942
U.S. Government Treasuries		—		55,002,132		—		55,002,132
Repurchase Agreement		—		79,378,000		—		79,378,000
Total	$	—	$	569,874,227	$	—	$	569,874,227

See Notes to Financial Statements

160

VALIC Company I Nasdaq-100^® Index Fund

PORTFOLIO PROFILE — May 31, 2010 (Unaudited)

Industry Allocation*

Computers	20.8	%
Medical — Biomedical/Gene	7.4
Collective Investment Pool	6.2
Applications Software	6.1
Electronic Components — Semiconductors	4.8
Web Portals/ISP	4.6
Wireless Equipment	4.1
Enterprise Software/Service	3.7
Cable/Satellite TV	3.1
Networking Products	2.7
Medical — Generic Drugs	2.6
E-Commerce/Services	2.5
E-Commerce/Products	2.1
Computers — Memory Devices	1.8
Cellular Telecom	1.5
Retail — Restaurants	1.5
Semiconductor Components — Integrated Circuits	1.4
Pharmacy Services	1.4
Commercial Services — Finance	1.4
Computer Services	1.2
Semiconductor Equipment	1.2
Internet Content — Information/News	1.1
Multimedia	1.1
Entertainment Software	1.0
Transport — Services	1.0
Repurchase Agreements	1.0
Internet Security	0.9
Auto — Heavy Duty Trucks	0.9
Electronic Forms	0.9
Retail — Bedding	0.9
Retail — Discount	0.8
Retail — Apparel/Shoe	0.7
Medical Instruments	0.7
Electronic Components — Misc.	0.7
Casino Hotels	0.6
Retail — Major Department Stores	0.6
Retail — Office Supplies	0.6
Data Processing/Management	0.5
Toys	0.5
Energy — Alternate Sources	0.5
Schools	0.5
Dental Supplies & Equipment	0.5
Distribution/Wholesale	0.4
Computer Aided Design	0.4
Retail — Auto Parts	0.4
U.S. Government Treasuries	0.4
Medical Information Systems	0.4
Chemicals — Specialty	0.4
Therapeutics	0.3
Telecom Services	0.3
Hazardous Waste Disposal	0.3
Machinery — Construction & Mining	0.3
Medical Products	0.3
Diagnostic Kits	0.3
Linen Supply & Related Items	0.3
Electronic Measurement Instruments	0.3
Transport — Truck	0.2
Medical — Drugs	0.2
X-Ray Equipment	0.2
Engineering/R&D Services	0.2
Computers — Periphery Equipment	0.1
	103.8	%

* Calculated as a percentage of net assets

161

VALIC Company I Nasdaq-100^® Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010

Security Description	Shares	Value (Note 2)
COMMON STOCK — 96.2%
Applications Software — 6.1%
Check Point Software Technologies, Ltd.†#	11,965	$	366,967
Citrix Systems, Inc.†	12,673		552,669
Intuit, Inc.†	23,155		827,560
Microsoft Corp.	175,158		4,519,076
			6,266,272
Auto - Heavy Duty Trucks — 0.9%
PACCAR, Inc.#	23,689		971,249
Cable/Satellite TV — 3.1%
Comcast Corp., Class A	83,833		1,516,539
DIRECTV, Class A†	38,592		1,454,533
DISH Network Corp., Class A	12,485		260,312
			3,231,384
Casino Hotels — 0.6%
Wynn Resorts, Ltd.	7,789		653,341
Cellular Telecom — 1.5%
Millicom International Cellular SA#	6,099		487,493
NII Holdings, Inc.†	9,402		342,891
Vodafone Group PLC ADR	37,830		760,383
			1,590,767
Chemicals - Specialty — 0.4%
Sigma - Aldrich Corp.	6,786		361,558
Commercial Services - Finance — 1.4%
Automatic Data Processing, Inc.	20,702		846,298
Paychex, Inc.#	19,896		567,832
			1,414,130
Computer Aided Design — 0.4%
Autodesk, Inc.†	13,890		406,421
Computer Services — 1.2%
Cognizant Technology Solutions Corp., Class A†	16,828		842,073
Infosys Technologies, Ltd. ADR	6,395		367,904
			1,209,977
Computers — 20.8%
Apple, Inc.†	73,394		18,874,001
Dell, Inc.†	41,771		556,808
Research In Motion, Ltd.†	32,333		1,962,613
			21,393,422
Computers - Memory Devices — 1.8%
NetApp, Inc.†	20,564		774,851
SanDisk Corp.†	13,490		628,904
Seagate Technology†	28,880		443,597
			1,847,352
Computers - Periphery Equipment — 0.1%
Logitech International SA†#	9,961		141,347
Data Processing/Management — 0.5%
Fiserv, Inc.†	11,056		525,713
Dental Supplies & Equipment — 0.5%
DENTSPLY International, Inc.	8,198		265,861
Patterson Cos., Inc.#	6,816		202,504
			468,365
Diagnostic Kits — 0.3%
QIAGEN NV†	13,629		287,299
Distribution/Wholesale — 0.4%
Fastenal Co.#	8,179		412,549

Security Description	Shares	Value (Note 2)
E-Commerce/Products — 2.1%
Amazon.com, Inc.†	17,128	$	2,148,879
E-Commerce/Services — 2.5%
eBay, Inc.†	56,219		1,203,649
Expedia, Inc.#	16,544		356,689
Liberty Media Corp. - Interactive, Class A†	31,750		411,797
priceline.com, Inc.†	3,025		578,259
			2,550,394
Electronic Components - Misc. — 0.7%
Flextronics International, Ltd.†	51,159		335,603
Garmin, Ltd.#	10,783		362,093
			697,696
Electronic Components - Semiconductors — 4.8%
Altera Corp.	24,272		572,091
Broadcom Corp., Class A	23,218		801,485
Intel Corp.	112,248		2,404,352
Microchip Technology, Inc.#	8,888		247,531
NVIDIA Corp.†	31,620		415,487
Xilinx, Inc.	21,297		520,712
			4,961,658
Electronic Forms — 0.9%
Adobe Systems, Inc.†	29,807		956,209
Electronic Measurement Instruments — 0.3%
FLIR Systems, Inc.†	9,285		264,530
Energy - Alternate Sources — 0.5%
First Solar, Inc.†#	4,331		486,631
Engineering/R&D Services — 0.2%
Foster Wheeler AG†	7,727		185,525
Enterprise Software/Service — 3.7%
BMC Software, Inc.†	12,321		456,000
CA, Inc.	28,984		586,926
Oracle Corp.	121,251		2,736,635
			3,779,561
Entertainment Software — 1.0%
Activision Blizzard, Inc.	65,719		706,479
Electronic Arts, Inc.†	19,108		315,473
			1,021,952
Hazardous Waste Disposal — 0.3%
Stericycle, Inc.†#	5,169		303,007
Internet Content - Information/News — 1.1%
Baidu, Inc. ADR†	15,677		1,147,713
Internet Security — 0.9%
Symantec Corp.†	48,921		693,210
VeriSign, Inc.†	10,037		280,133
			973,343
Linen Supply & Related Items — 0.3%
Cintas Corp.	10,643		276,718
Machinery - Construction & Mining — 0.3%
Joy Global, Inc.	5,863		299,013
Medical Information Systems — 0.4%
Cerner Corp.†#	4,734		396,283
Medical Instruments — 0.7%
Intuitive Surgical, Inc.†	2,257		728,492
Medical Products — 0.3%
Henry Schein, Inc.†#	5,246		295,927

162

VALIC Company I Nasdaq-100^® Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
Medical - Biomedical/Gene — 7.4%
Amgen, Inc.†	25,909	$	1,341,568
Biogen Idec, Inc.†	17,007		806,642
Celgene Corp.†	26,452		1,395,608
Genzyme Corp.†	19,306		939,237
Gilead Sciences, Inc.†	51,428		1,847,294
Illumina, Inc.†#	6,852		288,058
Life Technologies Corp.†	10,620		531,637
Vertex Pharmaceuticals, Inc.†#	12,173		421,064
			7,571,108
Medical - Drugs — 0.2%
Cephalon, Inc.†#	4,235		249,272
Medical - Generic Drugs — 2.6%
Mylan, Inc.†#	18,080		351,475
Teva Pharmaceutical Industries, Ltd. ADR	42,718		2,341,801
			2,693,276
Multimedia — 1.1%
News Corp., Class A	82,640		1,090,848
Networking Products — 2.7%
Cisco Systems, Inc.†	118,702		2,749,138
Pharmacy Services — 1.4%
Express Scripts, Inc.†	14,255		1,434,053
Retail - Apparel/Shoe — 0.7%
Ross Stores, Inc.#	7,270		380,948
Urban Outfitters, Inc.†	9,674		351,166
			732,114
Retail - Auto Parts — 0.4%
O’Reilly Automotive, Inc.†	7,958		406,017
Retail - Bedding — 0.9%
Bed Bath & Beyond, Inc.†	20,446		917,412
Retail - Discount — 0.8%
Costco Wholesale Corp.	13,428		782,181
Retail - Major Department Stores — 0.6%
Sears Holdings Corp.†#	6,967		613,514
Retail - Office Supplies — 0.6%
Staples, Inc.	28,217		607,230
Retail - Restaurants — 1.5%
Starbucks Corp.	59,980		1,552,882
Schools — 0.5%
Apollo Group, Inc., Class A†	9,086		483,012
Semiconductor Components - Integrated Circuits — 1.4%
Linear Technology Corp.	17,335		484,686
Marvell Technology Group, Ltd.†	34,600		656,708
Maxim Integrated Products, Inc.	17,405		309,113
			1,450,507
Semiconductor Equipment — 1.2%
Applied Materials, Inc.	40,307		520,363
KLA - Tencor Corp.	12,100		372,317
Lam Research Corp.†	7,665		290,197
			1,182,877
Telecom Services — 0.3%
Virgin Media, Inc.#	19,553		315,976
Therapeutics — 0.3%
Warner Chilcott PLC, Class A†	14,539		336,142

Security Description	Shares/ Principal Amount			Value (Note 2)
Toys — 0.5%
Mattel, Inc.		24,133		$	522,721
Transport - Services — 1.0%
C.H. Robinson Worldwide, Inc.		9,563			555,706
Expeditors International of Washington, Inc.		12,085			461,526
					1,017,232
Transport - Truck — 0.2%
J.B. Hunt Transport Services, Inc.		7,381			254,866
Web Portals/ISP — 4.6%
Google, Inc., Class A†		8,609			4,176,915
Yahoo!, Inc.†		39,059			599,165
					4,776,080
Wireless Equipment — 4.1%
QUALCOMM, Inc.		117,620			4,182,567
X-Ray Equipment — 0.2%
Hologic, Inc.†		15,770			234,973
Total Long-Term Investment Securities
(cost $76,392,370)					98,810,675
SHORT-TERM INVESTMENT SECURITIES — 6.6%
Collective Investment Pool — 6.2%
Securities Lending Quality Trust(1)(2)		6,450,167			6,425,575
U.S. Government Treasuries — 0.4%
United States Treasury Bills 0.17% due 09/16/10(3)	$	400,000			399,804
Total Short-Term Investment Securities
(cost $6,849,964)					6,825,379
REPURCHASE AGREEMENT — 1.0%
State Street Bank & Trust Co. Joint Repurchase Agreement(4) (cost $1,016,000)		1,016,000			1,016,000
TOTAL INVESTMENTS
(cost $84,258,334)(5)		103.8	%		106,652,054
Liabilities in excess of other assets		(3.8	)		(3,949,351	)
NET ASSETS —		100.0	%	$	102,702,703

† Non-income producing security

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

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

(2) At May 31, 2010, the Fund had loaned securities with a total value of $6,775,199. This was secured by collateral of $6,450,167, which was received in cash and subsequently invested in short-term investments currently valued at $6,425,575 as reported in the Portfolio of Investments. The remaining collateral of $548,401 was received in the form of short-term pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s other assets and liabilities. The components of the short-term securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range
United States Treasury Notes/Bonds	0.88% to 8.13%	01/31/11 to 08/15/39

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

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

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

ADR—American Depository Receipt

163

VALIC Company I Nasdaq-100^® Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Open Futures Contracts
Number of Contracts	Type	Description	Expiration Date	Value at Trade Date		Value as of May 31, 2010		Unrealized Appreciation (Depreciation)
105	Long	Nasdaq 100 E-mini Index	June 2010	$	3,934,948	$	3,889,200	$	(45,748	)

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2010 (see Note 2):

	Level 1 - Unadjusted Quoted Prices			Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Long-Term Investment Securities:
Common Stock:
Applications Software	$	6,266,272		$	—	$	—	$	6,266,272
Computers		21,393,422			—		—		21,393,422
Medical - Biomedical/Gene		7,571,108			—		—		7,571,108
Other Industries*		63,579,873			—		—		63,579,873
Short-Term Investment Securities:
Collective Investment Pool		—			6,425,575		—		6,425,575
U.S. Government Treasuries		—			399,804		—		399,804
Repurchase Agreement		—			1,016,000		—		1,016,000
Other Financial Instruments:@
Open Future Contracts - Depreciation		(45,748	)		—		—		(45,748	)
Total	$	98,764,927		$	7,841,379	$	—	$	106,606,306

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

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

See Notes to Financial Statements

164

VALIC Company I Science & Technology Fund

PORTFOLIO PROFILE — May 31, 2010 (Unaudited)

Industry Allocation*

Computers	15.2	%
Applications Software	11.2
Electronic Components — Semiconductors	10.7
Collective Investment Pool	8.6
Enterprise Software/Service	4.9
Wireless Equipment	4.3
Internet Infrastructure Software	3.4
Networking Products	3.4
Web Portals/ISP	3.3
Semiconductor Components — Integrated Circuits	3.1
Time Deposits	3.0
Computers — Memory Devices	2.9
Computer Services	2.8
E-Commerce/Services	2.5
Internet Security	2.0
Commercial Services — Finance	1.8
Semiconductor Equipment	1.8
E-Commerce/Products	1.6
Web Hosting/Design	1.6
Entertainment Software	1.4
Internet Content — Information/News	1.4
Telecommunication Equipment	1.4
Consulting Services	1.0
Commercial Services	0.8
Electric Products — Misc.	0.8
Toys	0.8
Human Resources	0.7
Transactional Software	0.7
Energy — Alternate Sources	0.7
Computers — Periphery Equipment	0.7
Electronic Measurement Instruments	0.6
Telecom Equipment — Fiber Optics	0.6
E-Services/Consulting	0.6
Computer Aided Design	0.6
Electronic Design Automation	0.6
Internet Application Software	0.6
Computers — Integrated Systems	0.5
Electronic Forms	0.5
Multimedia	0.4
Electronic Components — Misc.	0.4
Power Converter/Supply Equipment	0.4
Cellular Telecom	0.4
Medical Products	0.4
Medical Instruments	0.4
Auto/Truck Parts & Equipment — Original	0.3
Registered Investment Companies	0.3
Schools	0.3
Data Processing/Management	0.3
Electronic Connectors	0.3
Cable/Satellite TV	0.2
Audio/Video Products	0.2
Educational Software	0.2
Industrial Audio & Video Products	0.2
Medical — Drugs	0.2
Telecom Services	0.2
Agricultural Chemicals	0.2
Medical — Biomedical/Gene	0.2
Distribution/Wholesale	0.1
Electronic Security Devices	0.1
Batteries/Battery Systems	0.1
Internet Content — Entertainment	0.1
Computer Graphics	0.1
Software Tools	0.1
	109.2	%

* Calculated as a percentage of net assets

165

VALIC Company I Science & Technology Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010

Security Description	Shares	Value (Note 2)
COMMON STOCK — 96.7%
Agricultural Chemicals — 0.2%
Monsanto Co.	22,200	$	1,129,314
Applications Software — 11.2%
Check Point Software Technologies, Ltd.†#	66,090		2,026,980
Citrix Systems, Inc.†	41,565		1,812,650
Intuit, Inc.†	296,855		10,609,598
Microsoft Corp.	1,880,796		48,524,537
Red Hat, Inc.†	181,742		5,326,858
Salesforce.com, Inc.†#	132,695		11,482,098
			79,782,721
Audio/Video Products — 0.2%
Skyworth Digital Holdings, Ltd.#	1,980,000		1,624,910
Auto - Cars/Light Trucks — 0.1%
Byd Co., Ltd., Class H#	106,160		890,302
Auto/Truck Parts & Equipment - Original — 0.3%
Johnson Controls, Inc.	85,550		2,440,741
Cable/Satellite TV — 0.2%
Time Warner Cable, Inc.	30,770		1,684,042
Cellular Telecom — 0.4%
China Unicom (Hong Kong), Ltd.	1,182,000		1,448,202
MetroPCS Communications, Inc.†	134,000		1,204,660
			2,652,862
Commercial Services — 0.8%
Alliance Data Systems Corp.†#	79,337		5,605,952
ExlService Holdings, Inc.†	21,625		359,408
			5,965,360
Commercial Services - Finance — 1.8%
Automatic Data Processing, Inc.	94,045		3,844,559
The Western Union Co.	429,630		6,856,895
Visa, Inc., Class A	33,695		2,441,540
			13,142,994
Computer Aided Design — 0.6%
Autodesk, Inc.†	139,600		4,084,696
Computer Graphics — 0.1%
Monotype Imaging Holdings, Inc.†	43,000		424,410
Computer Services — 2.8%
Accenture PLC, Class A	326,949		12,267,127
Cognizant Technology Solutions Corp., Class A†	98,535		4,930,691
Tivit Terceirizacao de Tecnologia e Servicos SA	155,990		1,504,013
VanceInfo Technologies, Inc. ADR†	49,230		1,064,845
			19,766,676
Computer Software — 0.0%
SS&C Technologies Holdings, Inc.†	8,700		141,984
Computers — 15.2%
Acer, Inc. GDR	151,628		1,865,024
Apple, Inc.†	234,630		60,337,451
Dell, Inc.†	789,460		10,523,502
Hewlett - Packard Co.	296,922		13,661,381
International Business Machines Corp.	130,584		16,356,952
Research In Motion, Ltd.†	81,000		4,916,700
			107,661,010
Computers - Integrated Systems — 0.5%
Riverbed Technology, Inc.†#	140,070		3,744,071

Security Description	Shares	Value (Note 2)
Computers - Memory Devices — 2.9%
EMC Corp.†	295,190	$	5,496,438
NetApp, Inc.†	270,060		10,175,861
SanDisk Corp.†	102,150		4,762,233
			20,434,532
Computers - Periphery Equipment — 0.7%
Synaptics, Inc.†#	158,400		4,739,328
Consulting Services — 1.0%
Gartner, Inc.†#	47,275		1,170,056
Genpact, Ltd.	287,290		4,852,328
Hi Sun Technology China, Ltd.†	2,437,390		1,292,821
			7,315,205
Data Processing/Management — 0.3%
CommVault Systems, Inc.†	85,100		1,918,154
Distribution/Wholesale — 0.1%
Digital China Holdings, Ltd.	652,090		1,006,643
E - Commerce/Products — 1.6%
Amazon.com, Inc.†	90,850		11,398,041
E - Commerce/Services — 2.5%
Alibaba.com, Ltd.#	493,500		986,189
Ctrip.com International, Ltd. ADR†	82,325		3,242,782
eBay, Inc.†	115,520		2,473,283
Liberty Media Corp. - Interactive, Class A†(7)	220,400		2,858,588
NetFlix, Inc.†	71,460		7,942,779
			17,503,621
E - Services/Consulting — 0.6%
Sapient Corp.#	402,638		4,086,776
Educational Software — 0.2%
Blackboard, Inc.†#	38,600		1,545,544
Electric Products - Misc. — 0.8%
Hitachi, Ltd.†	1,379,000		5,629,498
Electronic Components - Misc. — 0.4%
AAC Acoustic Technologies Holdings, Inc.	1,096,000		1,553,971
Hon Hai Precision Industry Co., Ltd. GDR†*	167,568		1,419,301
			2,973,272
Electronic Components - Semiconductors — 10.7%
Advanced Micro Devices, Inc.†#	541,300		4,638,941
Applied Micro Circuits Corp.†#	364,980		4,023,904
Broadcom Corp., Class A	305,065		10,530,844
Cree, Inc.†#	81,160		5,386,589
Epistar Corp. GDR†*(8)	174,899		2,626,481
Intel Corp.	354,690		7,597,460
MEMC Electronic Materials, Inc.†#	191,600		2,174,660
Micron Technology, Inc.†#	241,800		2,197,962
National Semiconductor Corp.	636,000		8,935,800
NVIDIA Corp.†	611,200		8,031,168
ON Semiconductor Corp.†	1,317,910		9,633,922
Rovi Corp.†#	105,103		3,924,546
Samsung Electronics Co., Ltd.	2,528		1,632,033
Skyworks Solutions, Inc.†#	190,600		3,036,258
Xilinx, Inc.	74,117		1,812,161
			76,182,729
Electronic Connectors — 0.3%
Amphenol Corp., Class A	44,770		1,898,248
Electronic Design Automation — 0.6%
Cadence Design Systems, Inc.†	607,000		4,066,900

166

VALIC Company I Science & Technology Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
Electronic Forms — 0.5%
Adobe Systems, Inc.†	106,941	$	3,430,667
Electronic Measurement Instruments — 0.6%
Itron, Inc.†	25,490		1,699,163
Trimble Navigation, Ltd.†#	89,100		2,559,843
			4,259,006
Electronic Security Devices — 0.1%
Taser International, Inc.†#	206,700		923,949
Energy - Alternate Sources — 0.7%
First Solar, Inc.†#	43,500		4,887,660
Enterprise Software/Service — 4.9%
BMC Software, Inc.†	187,150		6,926,421
CA, Inc.	473,400		9,586,350
Informatica Corp.†	122,840		3,169,272
Oracle Corp.	664,954		15,008,012
			34,690,055
Entertainment Software — 1.4%
Activision Blizzard, Inc.	309,150		3,323,363
Electronic Arts, Inc.†	345,876		5,710,413
UBISOFT Entertainment†	108,600		1,030,635
			10,064,411
Human Resources — 0.7%
SuccessFactors, Inc.†	238,330		5,305,226
Industrial Audio & Video Products — 0.2%
Dolby Laboratories, Inc., Class A†	23,400		1,544,634
Internet Application Software — 0.5%
RealNetworks, Inc.†#	616,900		2,220,840
Tencent Holdings, Ltd.#	88,070		1,703,398
			3,924,238
Internet Content - Entertainment — 0.1%
Perfect World Co., Ltd. ADR†	28,080		743,558
Internet Content - Information/News — 1.3%
Baidu, Inc. ADR†	124,145		9,088,655
Internet Infrastructure Software — 3.4%
Akamai Technologies, Inc.†#	209,610		8,325,709
F5 Networks, Inc.†	164,770		11,588,274
TIBCO Software, Inc.†	378,440		4,318,001
			24,231,984
Internet Security — 2.0%
McAfee, Inc.†	289,800		9,215,640
VeriSign, Inc.†	191,790		5,352,859
			14,568,499
Medical Instruments — 0.4%
St. Jude Medical, Inc.†	67,800		2,531,652
Medical Products — 0.4%
Stryker Corp.	27,800		1,474,234
Zimmer Holdings, Inc.†	20,400		1,140,972
			2,615,206
Medical - Biomedical/Gene — 0.2%
Illumina, Inc.†#	26,300		1,105,652
Medical - Drugs — 0.2%
Pfizer, Inc.	80,800		1,230,584

Security Description	Shares	Value (Note 2)
Multimedia — 0.4%
Time Warner, Inc.	100,800	$	3,123,792
Networking Products — 3.4%
BigBand Networks, Inc.†#	52,100		148,485
Cisco Systems, Inc.†	674,780		15,627,905
Juniper Networks, Inc.†	170,195		4,530,591
Polycom, Inc.†	119,850		3,599,095
			23,906,076
Power Converter/Supply Equipment — 0.4%
Delta Electronics, Inc. GDR†*	108,464		1,696,681
SunPower Corp., Class B†	85,980		996,508
			2,693,189
Schools — 0.3%
Strayer Education, Inc.#	8,751		2,100,240
Semiconductor Components - Integrated Circuits — 2.7%
Analog Devices, Inc.	276,645		8,069,734
Cypress Semiconductor Corp.†#	165,625		1,886,469
Marvell Technology Group, Ltd.†	189,000		3,587,220
Maxim Integrated Products, Inc.#	224,680		3,990,317
Taiwan Semiconductor Manufacturing Co., Ltd. ADR	12,340		120,315
TriQuint Semiconductor, Inc.†	252,000		1,769,040
			19,423,095
Semiconductor Equipment — 1.8%
Aixtron AG#	146,400		3,948,532
Applied Materials, Inc.	150,400		1,941,664
ASM Pacific Technology, Ltd.	213,500		1,617,757
Lam Research Corp.†	92,210		3,491,070
Veeco Instruments, Inc.†#	46,470		1,773,760
			12,772,783
Software Tools — 0.1%
VMware, Inc. Class A†	5,930		392,625
Telecom Equipment - Fiber Optics — 0.6%
Ciena Corp.†	85,370		1,329,211
Finisar Corp.†#	31,500		478,800
JDS Uniphase Corp.†	207,810		2,389,815
			4,197,826
Telecom Services — 0.2%
NeuStar, Inc., Class A†	53,500		1,144,365
Telecommunication Equipment — 1.4%
ADTRAN, Inc.#	183,190		5,024,902
Tellabs, Inc.	519,090		4,671,810
			9,696,712
Toys — 0.8%
Nintendo Co., Ltd.	19,500		5,752,099
Transactional Software — 0.7%
Amadeus IT Holding SA†	49,880		757,271
Longtop Financial Technologies, Ltd. ADR†	133,020		4,375,028
			5,132,299
Web Hosting/Design — 1.6%
Equinix, Inc.†#	100,783		9,273,044
Rackspace Hosting, Inc.†#	106,000		1,865,600
			11,138,644

167

VALIC Company I Science & Technology Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
COMMON STOCK (continued)
Web Portals/ISP — 3.3%
Google, Inc., Class A†		45,551		$	22,100,434
NetEase.com, Inc. ADR†		24,150			733,194
Yahoo! Japan Corp.		2,667			936,560
					23,770,188
Wireless Equipment — 4.3%
American Tower Corp., Class A†		111,490			4,518,690
Motorola, Inc.†		595,900			4,081,915
QUALCOMM, Inc.		574,429			20,426,695
SBA Communications Corp., Class A†#		49,110			1,622,103
					30,649,403
Total Common Stock
(cost $614,074,875)					686,873,556
CONVERTIBLE PREFERRED STOCK — 0.1%
Electric - Distribution — 0.0%
Silver Spring Network, Series E 8.00%(1)(2)(5)		46,800			341,640
Internet Content - Information/News — 0.1%
Twitter, Inc. Series E (1)(2)(5)		38,367			613,197
Total Convertible Preferred Stock
(cost $1,081,197)					954,837
EQUITY CERTIFICATES — 0.4%
Semiconductor Components’ Integrated Circuits — 0.4%
Deutsche Bank AG London - Mediatek, Inc.(5)		155,000			1,432,183
Deutsche Bank AG London - Richtek Technology Corp.(5)		108,600			1,742,378
Total Equity Certificates
(cost $3,558,939)					3,174,561
Total Long-Term Investment Securities
(cost $618,715,011)					691,002,954
SHORT-TERM INVESTMENT SECURITIES — 11.9%
Collective Investment Pool — 8.6%
Securities Lending Quality Trust(3)(4)		61,323,425			61,089,625
Registered Investment Companies — 0.3%
T. Rowe Price Reserve Investment Fund		2,165,678			2,165,678
Time Deposits — 3.0%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 06/01/10	$	21,218,000			21,218,000
Total Short-Term Investment Securities
(cost $84,707,103)					84,473,303
TOTAL INVESTMENTS
(cost $703,422,114)(6)		109.2	%		775,476,257
Liabilities in excess of other assets		(9.2	)		(65,379,006	)
NET ASSETS —		100.0	%	$	710,097,251

† Non-income producing security

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

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2010, the aggregate value of these securities was $5,742,463 representing 0.8% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

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

(2) Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of May 31, 2010, the Science & Technology Fund held the following restricted securities:

Name	Acquistion Date	Shares	Acquistion Cost		Value		Value Per Share		Value as a % of Net Assets
Silver Spring Networks, Inc. Series E (Convertible Preferred Stock) 8.00%	12/11/09	46,800	$	468,000	$	341,640	$	7.30	0.04	%
Twitter, Inc. Series E (Preferred Stock)	09/24/09	38,367		613,197		613,197		15.98	0.09
					$	954,837			0.13	%

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

(4) At May 31, 2010 the Fund had loaned securities with a total value of $62,572,957. This was secured by collateral of $61,323,425 which was received in cash and subsequently invested in short-term investments currently valued at $61,089,625 as reported in the Portfolio of Investments. The remaining collateral of $3,766,354 was received in the form of short-term pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Date Range
United States Treasury Notes/Bonds	0.88% to 8.13%	01/31/11 to 08/15/39

(5) Illiquid security. At May 31, 2010, the aggregate value of these securities was $4,129,398 representing 0.6% of net assets.

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

(7) Security is a tracking stock issued by Liberty media corp. to track the performance of the Interactive Group.

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

ADR—American Depositary Receipt

GDR—Global Depositary Receipt

168

VALIC Company I Science & Technology Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2010 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Long-Term Investment Securities:
Common Stock:
Application Software	$	79,782,721	$	—	$	—	$	79,782,721
Computers		107,661,010		—		—		107,661,010
Electronic Components - Semiconductors		73,556,248		2,626,481		—		76,182,729
Other Industries*		423,247,096		—		—		423,247,096
Convertible Preferred Stock		—		—		954,837		954,837
Equity Certificates		—		3,174,561		—		3,174,561
Short-Term Investment Securities:
Collective Investment Pool		—		61,089,625		—		61,089,625
Registered Investment Companies		—		2,165,678		—		2,165,678
Time Deposits		—		21,218,000		—		21,218,000
Total	$	684,247,075	$	90,274,345	$	954,837	$	775,476,257

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

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

	Convertible Preferred Stock
Balance as of 5/31/2009	$	—
Accrued discounts/premiums		—
Realized gain (loss)		—
Change in unrealized appreciation (depreciation)		(126,360	)
Net purchases (sales)		1,081,197
Transfers in and/or out of Level 3		—
Balance as of 5/31/2010	$	954,837

See Notes to Financial Statements

169

VALIC Company I Small Cap Aggressive Growth Fund

PORTFOLIO PROFILE — May 31, 2010 (Unaudited)

Industry Allocation*

Collective Investment Pool	8.7	%
Commercial Services — Finance	6.5
Consulting Services	5.0
Electronic Components — Semiconductors	4.8
E-Services/Consulting	4.6
Time Deposits	4.4
Medical Instruments	4.1
Schools	4.0
Machinery — General Industrial	3.9
Oil Companies — Exploration & Production	3.3
Telecom Services	2.9
Casino Services	2.9
Transactional Software	2.9
Medical — Drugs	2.5
Computer Services	2.3
Medical — HMO	2.3
Human Resources	1.9
Printing — Commercial	1.8
Medical Products	1.5
E-Commerce/Products	1.5
Recreational Vehicles	1.5
Medical — Biomedical/Gene	1.5
Dental Supplies & Equipment	1.4
Networking Products	1.4
Commercial Services	1.4
Theaters	1.3
Transport — Air Freight	1.3
Ultra Sound Imaging Systems	1.2
Insurance — Property/Casualty	1.2
Medical Information Systems	1.2
Internet Application Software	1.2
Therapeutics	1.2
E-Marketing/Info	1.1
Enterprise Software/Service	1.1
Audio/Video Products	1.0
Hotels/Motels	0.8
Alternative Waste Technology	0.8
Cellular Telecom	0.8
Retail — Home Furnishings	0.8
Diversified Manufacturing Operations	0.7
Transport — Services	0.7
Hazardous Waste Disposal	0.7
Retail — Restaurants	0.7
Steel Pipe & Tube	0.7
Distribution/Wholesale	0.7
Aerospace/Defense	0.7
Machinery — Electrical	0.6
Leisure Products	0.6
Filtration/Separation Products	0.6
Retail — Apparel/Shoe	0.6
Entertainment Software	0.6
Internet Security	0.6
Containers — Paper/Plastic	0.6
Footwear & Related Apparel	0.6
Diagnostic Equipment	0.6
Lighting Products & Systems	0.6
E-Commerce/Services	0.6
Advertising Services	0.5
Auto — Truck Trailers	0.5
Cable/Satellite TV	0.5
Transport — Rail	0.3
Resorts/Theme Parks	0.3
Banks — Commercial	0.3
Finance — Investment Banker/Broker	0.3
	108.2	%

* Calculated as a percentage of net assets

170

VALIC Company I Small Cap Aggressive Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010

Security Description	Shares	Value (Note 2)
COMMON STOCK — 95.1%
Advertising Services — 0.5%
Marchex, Inc., Class B#	85,685	$	434,423
Aerospace/Defense — 0.7%
Esterline Technologies Corp.†	10,625		570,138
Alternative Waste Technology — 0.8%
Calgon Carbon Corp.†#	44,710		664,838
Audio/Video Products — 1.0%
TiVo, Inc.†#	95,600		864,224
Auto - Truck Trailers — 0.5%
Wabash National Corp.†	59,100		423,156
Banks - Commercial — 0.3%
First Commonwealth Financial Corp.#	50,700		265,161
Cable/Satellite TV — 0.5%
LodgeNet Interactive Corp.†#	77,357		411,539
Casino Services — 2.9%
Scientific Games Corp., Class A†#	170,384		1,741,324
Shuffle Master, Inc.†#	90,709		752,885
			2,494,209
Cellular Telecom — 0.8%
Leap Wireless International, Inc.†#	40,200		656,466
Commercial Services — 1.4%
Live Nation Entertainment, Inc.†#	96,363		1,178,519
TeleTech Holdings, Inc.†#	1,033		13,357
			1,191,876
Commercial Services - Finance — 6.5%
Cardtronics, Inc.†#	45,150		584,693
Coinstar, Inc.†	20,600		1,105,396
Dollar Financial Corp.†#	57,300		1,157,460
Euronet Worldwide, Inc.†#	37,348		491,126
Global Cash Access Holdings, Inc.†#	197,434		1,577,498
Wright Express Corp.†#	23,373		733,912
			5,650,085
Computer Services — 2.3%
SYKES Enterprises, Inc.†#	117,141		2,021,854
Consulting Services — 5.0%
Gartner, Inc.†#	78,139		1,933,940
ICF International, Inc.†#	28,100		630,283
Information Services Group, Inc.†#	90,310		231,194
Navigant Consulting, Inc.†#	58,930		714,231
The Corporate Executive Board Co.#	26,700		864,813
			4,374,461
Containers - Paper/Plastic — 0.6%
Graham Packaging Co., Inc.†	40,950		513,104
Dental Supplies & Equipment — 1.4%
Align Technology, Inc.†#	48,100		717,652
Sirona Dental Systems, Inc.†#	14,929		528,188
			1,245,840
Diagnostic Equipment — 0.6%
Affymetrix, Inc.†#	75,900		497,145
Distribution/Wholesale — 0.7%
Watsco, Inc.#	9,800		573,790
Diversified Manufacturing Operations — 0.7%
Acuity Brands, Inc.#	15,223		626,122
E - Commerce/Products — 1.5%
Shutterfly, Inc.†#	56,670		1,309,077

Security Description	Shares	Value (Note 2)
E - Commerce/Services — 0.6%
Move, Inc.†#	234,100	$	491,610
E - Marketing/Info — 1.1%
QuinStreet, Inc.†	47,608		661,275
ReachLocal, Inc.†	22,750		333,970
			995,245
E - Services/Consulting — 4.6%
GSI Commerce, Inc.†#	99,751		2,808,988
Sapient Corp.#	115,407		1,171,381
			3,980,369
Electronic Components - Semiconductors — 4.8%
Fairchild Semiconductor International, Inc.†#	50,627		506,270
Microsemi Corp.†#	89,229		1,381,265
Monolithic Power Systems, Inc.†#	31,654		607,440
PMC - Sierra, Inc.†	207,900		1,683,990
			4,178,965
Enterprise Software/Service — 1.1%
Lawson Software, Inc.†#	31,572		260,311
Taleo Corp., Class A†#	27,300		683,865
			944,176
Entertainment Software — 0.6%
THQ, Inc.†#	89,498		536,988
Filtration/Separation Products — 0.6%
Polypore International, Inc.†#	26,856		548,131
Finance - Investment Banker/Broker — 0.3%
MF Global Holdings, Ltd.†	32,600		251,020
Footwear & Related Apparel — 0.6%
CROCS, Inc.†	49,400		511,290
Hazardous Waste Disposal — 0.7%
Clean Harbors, Inc.†#	9,300		589,527
Hotel/Motels — 0.8%
Gaylord Entertainment Co.†#	27,300		725,907
Human Resources — 1.9%
On Assignment, Inc.†#	129,494		716,102
Resources Connection, Inc.†#	59,238		956,101
			1,672,203
Insurance - Property/Casualty — 1.2%
Tower Group, Inc.#	48,050		1,052,775
Internet Application Software — 1.2%
Art Technology Group, Inc.†#	139,650		522,291
DealerTrack Holdings, Inc.†#	31,100		498,533
			1,020,824
Internet Security — 0.6%
Blue Coat Systems, Inc.†	24,400		523,868
Leisure Products — 0.6%
WMS Industries, Inc.†#	12,096		560,408
Lighting Products & Systems — 0.6%
Universal Display Corp.†#	31,897		494,085
Machinery - Electrical — 0.6%
Baldor Electric Co.#	15,599		560,472
Machinery - General Industrial — 3.9%
Chart Industries, Inc.†#	26,444		487,098
Gardner Denver, Inc.	27,157		1,236,730
Middleby Corp.†#	10,400		585,624
Robbins & Myers, Inc.#	24,100		532,369

171

VALIC Company I Small Cap Aggressive Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
Machinery - General Industrial (continued)
Wabtec Corp.	11,800	$	511,530
			3,353,351
Medical Information Systems — 1.2%
Quality Systems, Inc.	17,534		1,035,207
Medical Instruments — 4.1%
ev3, Inc.†	76,984		1,456,537
NuVasive, Inc.†#	21,870		858,835
Spectranetics Corp.†#	91,960		548,082
Volcano Corp.†#	32,657		724,659
			3,588,113
Medical Products — 1.5%
Greatbatch, Inc.†#	29,100		613,428
Luminex Corp.†#	41,404		709,251
			1,322,679
Medical - Biomedical/Gene — 1.5%
Acorda Therapeutics, Inc.†#	25,900		890,442
Halozyme Therapeutics, Inc.†#	54,927		402,615
			1,293,057
Medical - Drugs — 2.5%
Auxilium Pharmaceuticals, Inc.†#	26,700		768,426
Vanda Pharmaceuticals, Inc.†	71,800		524,858
ViroPharma, Inc.†	73,650		896,320
			2,189,604
Medical - HMO — 2.3%
AMERIGROUP Corp.†#	32,400		1,163,808
Centene Corp.†#	34,900		796,418
			1,960,226
Networking Products — 1.4%
Ixia†#	121,255		1,212,550
Oil Companies - Exploration & Production — 3.3%
Brigham Exploration Co.†#	48,550		834,089
Carrizo Oil & Gas, Inc.†#	40,900		725,566
Swift Energy Co.†#	32,000		884,800
Venoco, Inc.†#	27,900		403,713
			2,848,168
Printing - Commercial — 1.8%
VistaPrint NV†	32,577		1,521,020
Recreational Vehicles — 1.5%
Polaris Industries, Inc.#	22,295		1,308,716
Resort/Theme Parks — 0.3%
Great Wolf Resorts, Inc.†#	113,920		285,939
Retail - Apparel/Shoe — 0.6%
Talbots, Inc.†	35,900		539,936
Retail - Home Furnishings — 0.8%
Pier 1 Imports, Inc.†#	82,500		655,875
Retail - Restaurants — 0.7%
Sonic Corp.†#	55,700		587,635
Schools — 4.0%
Bridgepoint Education, Inc.†#	71,773		1,548,144
Grand Canyon Education, Inc.†#	45,850		1,126,076
K12, Inc.†	32,463		812,224
			3,486,444

Security Description	Shares/ Principal Amount			Value (Note 2)
Steel Pipe & Tube — 0.7%
Mueller Water Products, Inc., Class A#		135,150		$	585,200
Telecom Services — 2.9%
Cbeyond, Inc.†#		107,620			1,682,100
PAETEC Holding Corp.†#		202,321			855,818
					2,537,918
Theaters — 1.3%
National CineMedia, Inc.		65,170			1,139,823
Therapeutics — 1.2%
Onyx Pharmaceuticals, Inc.†		45,150			1,006,393
Transactional Software — 2.9%
Innerworkings, Inc.†#		149,686			1,037,324
Synchronoss Technologies, Inc.†#		70,213			1,435,154
					2,472,478
Transport - Air Freight — 1.3%
Atlas Air Worldwide Holdings, Inc.†		21,600			1,129,032
Transport - Rail — 0.3%
RailAmerica, Inc.†		26,450			295,447
Transport - Services — 0.7%
UTi Worldwide, Inc.		41,600			601,120
Ultra Sound Imaging Systems — 1.2%
SonoSite, Inc.†#		36,908			1,073,654
Total Long-Term Investment Securities
(cost $77,306,628)					82,454,956
SHORT-TERM INVESTMENT SECURITIES — 13.1%
Collective Investment Pool — 8.7%
Securities Lending Quality Trust(1)(3)		7,568,504			7,539,649
Time Deposits — 4.4%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 06/01/10	$	3,842,000			3,842,000
Total Short-Term Investment Securities
(cost $11,410,504)					11,381,649
TOTAL INVESTMENTS
(cost $88,717,132)(2)		108.2	%		93,836,605
Liabilities in excess of other assets		(8.2	)		(7,125,863	)
NET ASSETS —		100.0	%	$	86,710,742

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

† Non-income producing security

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

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

(3) At May 31, 2010, the Fund had loaned securities with a total value of $7,420,979. This was secured by collateral of $7,568,504, which was received in cash and subsequently invested in short-term investments currently valued at $7,539,649 as reported in the Portfolio of Investments. The remaining collateral of $114,086 was received in the form of short-term pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Date Range
United States Treasury Notes/Bonds	0.88% to 8.13%	01/31/11 to 08/15/39

172

VALIC Company I Small Cap Aggressive Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2010 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Long-Term Investment Securities:
Common Stock:
Commercial Services - Finance	$	5,650,085	$	—	$	—	$	5,650,085
Consulting Services		4,374,461		—		—		4,374,461
Other Industries*		72,430,410		—		—		72,430,410
Short-Term Investment Securities:
Collective Investment Pool		—		7,539,649		—		7,539,649
Time Deposits		—		3,842,000		—		3,842,000
Total	$	82,454,956	$	11,381,649	$	—	$	93,836,605

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

See Notes to Financial Statements

173

VALIC Company I Small Cap Fund

PORTFOLIO PROFILE — May 31, 2010 (Unaudited)

Industry Allocation*

Collective Investment Pool	18.6	%
Banks — Commercial	7.6
Real Estate Investment Trusts	4.1
Retail — Restaurants	3.8
Oil Companies — Exploration & Production	3.5
Retail — Apparel/Shoe	2.8
Enterprise Software/Service	2.5
Medical — Drugs	2.4
Distribution/Wholesale	2.1
Machinery — General Industrial	2.1
Insurance — Property/Casualty	2.0
Auto/Truck Parts & Equipment — Original	1.9
Transport — Truck	1.8
Medical Products	1.8
Applications Software	1.7
Apparel Manufacturers	1.6
Diversified Manufacturing Operations	1.5
Telecommunication Equipment	1.5
Oil Field Machinery & Equipment	1.5
Commercial Services — Finance	1.5
Medical — Biomedical/Gene	1.4
Medical Instruments	1.3
Medical — Hospitals	1.3
Electronic Components — Semiconductors	1.2
Aerospace/Defense — Equipment	1.2
Telephone — Integrated	1.2
Gas — Distribution	1.1
Lasers — System/Components	1.1
Investment Management/Advisor Services	1.0
Home Furnishings	1.0
Telecom Equipment — Fiber Optics	1.0
Time Deposits	0.9
Airlines	0.9
Quarrying	0.9
Semiconductor Equipment	0.9
Electric Products — Misc.	0.9
Machinery — Electrical	0.9
Finance — Investment Banker/Broker	0.9
Steel Pipe & Tube	0.8
Instruments — Scientific	0.8
Commercial Services	0.8
Wire & Cable Products	0.8
E-Services/Consulting	0.8
Chemicals — Diversified	0.8
Retail — Discount	0.8
Building — Maintance & Services	0.8
Oil — Field Services	0.7
Food — Canned	0.7
Advertising Agencies	0.7
Transport — Services	0.7
Internet Infrastructure Software	0.7
Non — Hazardous Waste Disposal	0.7
Computer Services	0.7
Electronic Components — Misc.	0.7
Miscellaneous Manufacturing	0.7
Chemicals — Specialty	0.7
Casino Services	0.7
Broadcast Services/Program	0.7
Electric — Integrated	0.6
Food — Baking	0.6
Medical — Outpatient/Home Medical	0.6
Computer Aided Design	0.6
Retail — Automobile	0.6
Telecom Services	0.6
Insurance Brokers	0.5
Savings & Loans/Thrifts	0.5
Aerospace/Defense	0.5
Multimedia	0.4
Internet Application Software	0.4

Medical — HMO	0.4
Registered Investment Companies	0.4
Coal	0.4
Networking Products	0.3
Financial Guarantee Insurance	0.3
Metal Processors & Fabrication	0.3
Computers — Integrated Systems	0.3
Wireless Equipment	0.3
Leisure Products	0.3
Electronic Measurement Instruments	0.3
Human Resources	0.2
Water	0.2
Therapeutics	0.2
Electronic Design Automation	0.2
Building & Construction Products — Misc.	0.2
Retail — Sporting Goods	0.2
Internet Security	0.2
Advanced Materials	0.2
Auto Repair Centers	0.2
Consulting Services	0.2
Printing — Commercial	0.2
Energy — Alternate Sources	0.2
Hotels/Motels	0.2
Independent Power Producers	0.2
Power Converter/Supply Equipment	0.1
Gold Mining	0.1
Computers — Periphery Equipment	0.1
Building — Residential/Commercial	0.1
Investment Companies	0.1
Publishing — Books	0.1
Steel — Producers	0.1
Real Estate Operations & Development	0.1
Transport — Equipment & Leasing	0.1
Consumer Products — Misc.	0.1
Radio	0.1
Computers — Memory Devices	0.1
Pharmacy Services	0.1
Footwear & Related Apparel	0.1
Food — Misc.	0.1
Environmental Monitoring & Detection	0.1
Rental Auto/Equipment	0.1
Diagnostic Kits	0.1
Audio/Video Products	0.1
Drug Delivery Systems	0.1
Electronic Security Devices	0.1
Auto/Truck Parts & Equipment — Replacement	0.1
Retail — Leisure Products	0.1
Medical Sterilization Products	0.1
Machinery — Pumps	0.1
Real Estate Management/Services	0.1
Medical Information Systems	0.1
Web Portals/ISP	0.1
E-Marketing/Info	0.1
Banks — Fiduciary	0.1
Textile — Products	0.1
Machinery — Construction & Mining	0.1
Finance — Other Services	0.1
Retail — Jewelry	0.1
Instruments — Controls	0.1
Internet Content — Information/News	0.1
Auction Houses/Art Dealers	0.1
Retail — Home Furnishings	0.1
Industrial Audio & Video Products	0.1
Publishing — Newspapers	0.1
Vitamins & Nutrition Products	0.1
Engineering/R&D Services	0.1
Casino Hotels	0.1
Computer Software	0.1
Building Products — Air & Heating	0.1

174

VALIC Company I Small Cap Fund

PORTFOLIO PROFILE — May 31, 2010 (Unaudited) — (continued)

Industry Allocation* (continued)

Heart Monitors	0.1	%
Direct Marketing	0.1
Paper & Related Products	0.1
E-Commerce/Services	0.1
Transactional Software	0.1
Transport — Rail	0.1
Retail — Convenience Store	0.1
Finance — Mortgage Loan/Banker	0.1
Finance — Leasing Companies	0.1
Building Products — Cement	0.1
Machinery — Material Handling	0.1
Publishing — Periodicals	0.1
Textile — Apparel	0.1
Patient Monitoring Equipment	0.1
Transport — Marine	0.1
Hazardous Waste Disposal	0.1
	118.2	%

* Calculated as a percentage of net assets

175

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010

Security Description	Shares	Value (Note 2)
COMMON STOCK — 98.1%
Advanced Materials — 0.2%
Core Molding Technologies, Inc.†	35,700	$	181,713
Hexcel Corp.†	24,300		388,071
			569,784
Advertising Agencies — 0.7%
Interpublic Group of Cos., Inc.†	254,201		2,122,578
Aerospace/Defense — 0.5%
Aerovironment, Inc.†#	40,819		1,022,108
Herley Industries, Inc.†	10,800		153,900
Kratos Defense & Security Solutions, Inc.†	9,100		111,566
TransDigm Group, Inc.	3,300		174,108
			1,461,682
Aerospace/Defense - Equipment — 1.2%
AAR Corp.†	81,535		1,606,240
Curtiss - Wright Corp.	39,360		1,303,603
LMI Aerospace, Inc.†	12,100		210,177
Moog, Inc., Class A†	7,300		240,973
			3,360,993
Agricultural Chemicals — 0.0%
Intrepid Potash, Inc.†#	5,000		123,300
Agricultural Operations — 0.0%
Griffin Land and Nurseries, Inc.	4,300		116,960
Airlines — 0.9%
Allegiant Travel Co.#	32,603		1,802,620
Continental Airlines, Inc., Class B†#	27,307		576,178
Pinnacle Airlines Corp.†	16,700		114,729
			2,493,527
Apparel Manufacturers — 1.6%
Carter’s, Inc.†	65,785		2,010,390
Hanesbrands, Inc.†	79,043		2,156,293
Under Armour, Inc., Class A†#	8,200		276,258
			4,442,941
Applications Software — 1.7%
American Reprographics Co.†	32,100		307,839
Bsquare Corp.†	57,400		143,500
Emdeon, Inc., Class A†	101,968		1,378,607
EPIQ Systems, Inc.†#	22,600		258,770
PDF Solutions, Inc.†#	17,900		85,204
Progress Software Corp.†	13,367		426,942
Quest Software, Inc.†#	110,453		2,137,818
Red Hat, Inc.†	3,200		93,792
			4,832,472
Auction House/Art Dealers — 0.1%
Ritchie Bros. Auctioneers, Inc.#	9,900		201,762
Audio/Video Products — 0.1%
DTS, Inc.†#	10,000		330,300
Auto Repair Centers — 0.2%
Monro Muffler Brake, Inc.#	13,450		529,796
Auto/Truck Parts & Equipment - Original — 1.9%
Amerigon, Inc.†	16,100		142,002
Miller Industries, Inc.	10,000		150,000
Strattec Security Corp.†	8,300		182,600
Titan International, Inc.#	207,063		2,188,656
TRW Automotive Holdings Corp.†	91,720		2,758,938
			5,422,196
Auto/Truck Parts & Equipment - Replacement — 0.1%
Commercial Vehicle Group, Inc.†	26,700		317,730

Security Description	Shares	Value (Note 2)
Banks - Commercial — 7.5%
1st United Bancorp, Inc.†	14,300	$	112,970
Alliance Financial Corp.	4,500		125,010
Ameris Bancorp	19,952		224,859
Bancfirst Corp.#	46,825		1,858,484
Bancorp Rhode Island, Inc.	9,000		257,310
Bancorp, Inc.†	18,000		143,460
Bar Harbor Bankshares	6,900		183,885
Camden National Corp.	6,300		197,820
Cardinal Financial Corp.	12,100		127,050
Center Bancorp, Inc.	18,137		133,670
Citizens Republic Bancorp†	116,500		128,150
CoBiz Financial, Inc.	21,800		144,534
Columbia Banking System, Inc.#	95,948		2,142,519
Commerce Bancshares, Inc.	43,163		1,604,369
Community Trust Bancorp, Inc.#	50,172		1,345,613
East West Bancorp, Inc.	19,224		326,808
Enterprise Bancorp, Inc.	10,621		118,318
First Bancorp	12,600		203,364
First Financial Bankshares, Inc.#	25,153		1,262,178
First Midwest Bancorp, Inc.#	144,837		2,008,889
First South Bancorp, Inc.	12,300		167,034
FirstMerit Corp.#	87,434		1,629,770
Glacier Bancorp, Inc.#	24,571		389,696
Heritage Financial Corp.†	8,300		124,251
Northrim BanCorp, Inc.	9,300		160,146
Pinnacle Financial Partners, Inc.†#	22,600		308,942
Prosperity Bancshares, Inc.	11,100		400,044
Signature Bank†	12,600		476,784
Southside Bancshares, Inc.	6,045		122,411
Sterling Bancorp	13,600		130,152
Synovus Financial Corp.	60,800		179,968
Taylor Capital Group, Inc.†	10,500		133,875
TCF Financial Corp.	18,200		293,748
Texas Capital Bancshares, Inc.†#	13,800		252,126
Tower Bancorp, Inc.	4,700		110,732
United Security Bancshares†	17,687		84,013
Valley National Bancorp.#	25,406		367,371
Washington Banking Co.	13,800		181,194
Washington Trust Bancorp, Inc.#	7,600		138,700
West Bancorp, Inc.†	18,344		146,385
Westamerica Bancorporation	8,300		462,061
Western Alliance Bancorp†	21,100		169,855
Zions Bancorporation	101,298		2,426,087
			21,504,605
Banks - Fiduciary — 0.1%
Wilmington Trust Corp.#	15,700		236,756
Broadcast Services/Program — 0.7%
Fisher Communications, Inc.†	6,000		87,000
World Wrestling Entertainment, Inc.#	107,878		1,787,538
			1,874,538
Building & Construction Products - Misc. — 0.2%
Builders FirstSource, Inc.†	9,200		31,004
China Architectural Engineer†	60,500		48,824
Gibraltar Industries, Inc.†#	6,950		91,184
Interline Brands, Inc.†	13,800		274,758
Quanex Building Products Corp.	9,100		181,363
			627,133
Building & Construction - Misc. — 0.0%
Insituform Technologies, Inc., Class A†#	5,900		120,714
Building Products - Air & Heating — 0.1%
KSW, Inc.	51,660		167,895

176

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
Building Products - Cement — 0.1%
Martin Marietta Materials, Inc.#	1,600	$	149,168
Building Products - Light Fixtures — 0.0%
LSI Industries, Inc.	3,380		19,739
Building Products - Wood — 0.0%
Universal Forest Products, Inc.	3,300		122,265
Building - Maintenance & Services — 0.8%
ABM Industries, Inc.#	99,989		2,146,764
Building - Mobile Home/Manufactured Housing — 0.0%
Skyline Corp.	6,500		122,850
Building - Residential/Commercial — 0.1%
Meritage Homes Corp.†#	13,000		277,940
Standard Pacific Corp.†#	20,300		102,515
			380,455
Casino Hotels — 0.1%
Monarch Casino & Resort, Inc.†	15,000		173,700
Casino Services — 0.7%
Bally Technologies, Inc.†#	44,413		1,887,553
Chemicals - Diversified — 0.8%
FMC Corp.	27,759		1,680,807
Rockwood Holdings, Inc.†	19,300		500,642
			2,181,449
Chemicals - Specialty — 0.7%
Arch Chemicals, Inc.	14,600		500,196
KMG Chemicals, Inc.	7,800		131,274
Zep, Inc.#	70,553		1,289,709
			1,921,179
Circuit Boards — 0.0%
UQM Technologies, Inc.†	34,000		116,960
Coal — 0.4%
Cloud Peak Energy, Inc.†	17,400		256,824
Walter Energy, Inc.	8,300		658,439
Westmoreland Coal Co.†#	8,500		88,145
			1,003,408
Commercial Services — 0.8%
CPI Corp.	80		2,246
HMS Holdings Corp.†	4,300		233,318
Medifast, Inc.†	7,400		232,138
Quanta Services, Inc.†	7,617		157,900
StarTek, Inc.†	2,629		11,831
Team, Inc.†#	107,228		1,612,709
			2,250,142
Commercial Services - Finance — 1.5%
Global Payments, Inc.	7,800		329,082
PRG - Schultz International, Inc.†	22,500		96,750
Riskmetrics Group, Inc.†	7,000		151,410
SEI Investments Co.	89,630		1,890,297
Wright Express Corp.†#	55,426		1,740,376
			4,207,915
Computer Aided Design — 0.6%
Parametric Technology Corp.†	100,262		1,652,318
Computer Data Security — 0.0%
Fortinet, Inc.†	6,100		99,552
Computer Graphics — 0.0%
Monotype Imaging Holdings, Inc.†	13,800		136,206

Security Description	Shares	Value (Note 2)
Computer Services — 0.7%
CACI International, Inc., Class A†#	35,656	$	1,648,733
Dynamics Research Corp.†	19,300		206,317
Tier Technologies, Inc., Class B†	23,100		181,566
			2,036,616
Computer Software — 0.1%
DynaVox, Inc., Class A†	8,000		118,720
SS&C Technologies Holdings, Inc.†	3,200		52,224
			170,944
Computers — 0.0%
Palm, Inc.†	6,400		36,480
Computers - Integrated Systems — 0.3%
3D Systems Corp.†	10,800		148,608
Adept Technology, Inc.†	23,000		105,800
Integral Systems, Inc.†	12,812		87,634
Jack Henry & Associates, Inc.	17,800		427,912
Riverbed Technology, Inc.†	4,600		122,958
			892,912
Computers - Memory Devices — 0.1%
Dot Hill Systems Corp.†	87,300		113,490
LaserCard Corp.†	29,100		142,299
Xyratex, Ltd.†	6,400		103,872
			359,661
Computers - Periphery Equipment — 0.1%
Immersion Corp.†	25,600		135,936
Synaptics, Inc.†	8,400		251,328
			387,264
Consulting Services — 0.2%
China Direct, Inc.†	72,900		98,415
Diamond Management & Technology Consultants, Inc.	38,100		378,333
			476,748
Consumer Products - Misc. — 0.1%
Alpha Pro Tech, Ltd.†	30,000		62,700
Kid Brands, Inc.†	35,000		300,650
			363,350
Cosmetics & Toiletries — 0.0%
Alberto - Culver Co.	3,900		107,328
Data Processing/Management — 0.0%
MoneyGram International, Inc.†	18,700		49,181
Decision Support Software — 0.0%
DemandTec, Inc.†#	10,300		62,933
Diagnostic Kits — 0.1%
Meridian Bioscience, Inc.#	18,900		330,372
Direct Marketing — 0.1%
ValueVision Media, Inc., Class A†	73,900		166,275
Distribution/Wholesale — 2.1%
Beacon Roofing Supply, Inc.†#	102,874		2,160,354
BMP Sunstone Corp.†	24,600		122,262
Chindex International, Inc.†	12,600		136,836
Ingram Micro, Inc., Class A†	100,771		1,709,076
Owens & Minor, Inc.#	52,556		1,569,848
Pool Corp.	11,511		276,149
Titan Machinery ,Inc.†	9,300		120,528
			6,095,053
Diversified Manufacturing Operations — 1.5%
Actuant Corp., Class A	26,400		533,808
Acuity Brands, Inc.#	19,100		785,583

177

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
Diversified Manufacturing Operations (continued)
AO Smith Corp.	6,400	$	298,368
Colfax Corp.†#	6,200		73,966
ESCO Technologies, Inc.	7,100		185,807
Harsco Corp.	6,700		182,307
Koppers Holdings, Inc.	13,100		354,879
Leggett & Platt, Inc.	6,700		155,976
Lydall, Inc.†	14,100		113,646
Matthews International Corp., Class A	1,300		42,094
Trinity Industries, Inc.#	76,214		1,665,276
			4,391,710
Drug Delivery Systems — 0.1%
Alkermes, Inc.†	16,600		188,493
BioDelivery Sciences International, Inc.†	13,800		40,158
Penwest Pharmaceuticals Co.†	33,800		98,696
			327,347
E-Commerce/Services — 0.1%
OpenTable, Inc.†	3,900		161,187
E-Marketing/Info — 0.1%
Constant Contact, Inc.†	11,900		255,374
E-Services/Consulting — 0.8%
GSI Commerce, Inc.†#	69,482		1,956,613
Keynote Systems, Inc.	14,300		141,713
Sapient Corp.	8,700		88,305
			2,186,631
Electric Products - Misc. — 0.9%
GrafTech International, Ltd.†	136,679		2,270,238
Graham Corp.	11,100		185,259
			2,455,497
Electric - Integrated — 0.6%
Black Hills Corp.#	600		17,214
Central Vermont Public Service Corp.	5,200		104,416
Cleco Corp.	4,000		105,880
El Paso Electric Co.†	12,600		249,732
NorthWestern Corp.	3,600		94,824
NV Energy, Inc.	18,200		214,578
OGE Energy Corp.	9,800		357,112
PNM Resources, Inc.	22,400		276,416
The Empire District Electric Co.#	6,500		118,560
Unisource Energy Corp.	8,300		256,304
			1,795,036
Electronic Components - Misc. — 0.7%
OSI Systems, Inc.†	76,771		2,016,774
Electronic Components - Semiconductors — 1.2%
Advanced Analogic Technologies, Inc.†	12,700		43,942
AuthenTec, Inc.†	79,200		229,680
Ceva, Inc.†	14,200		165,004
Diodes, Inc.†	7,050		139,308
Ikanos Communications, Inc.†	43,700		92,207
Microtune, Inc.†	51,100		120,596
Mindspeed Technologies, Inc.†	2,902		24,580
National Semiconductor Corp.	6,400		89,920
ON Semiconductor Corp.†	2,600		19,006
PMC - Sierra, Inc.†	12,700		102,870
Rubicon Technology, Inc.†#	3,500		95,130
Semtech Corp.†#	119,919		2,111,774
Silicon Laboratories, Inc.†#	4,100		186,263
Zarlink Semiconductor, Inc.†#	9,500		16,188
			3,436,468

Security Description	Shares	Value (Note 2)
Electronic Design Automation — 0.2%
Cadence Design Systems, Inc.†	73,100	$	489,770
Magma Design Automation, Inc.†	45,900		141,831
			631,601
Electronic Measurement Instruments — 0.3%
CyberOptics Corp.†	18,900		189,756
LeCroy Corp.†	26,600		133,000
Measurement Specialties, Inc.†	8,200		122,918
National Instruments Corp.	5,800		186,702
Orbotech, Ltd.†	15,700		177,096
			809,472
Electronic Security Devices — 0.1%
American Science and Engineering, Inc.	3,300		231,231
Vicon Industries, Inc.†	21,026		88,309
			319,540
Energy - Alternate Sources — 0.2%
BioFuel Energy Corp.†	41,700		85,485
FuelCell Energy, Inc.†	49,000		105,350
GT Solar International, Inc.†#	22,900		125,034
Ocean Power Technologies, Inc.†	17,900		104,357
Pacific Ethanol, Inc.†	58,500		46,215
			466,441
Engineering/R&D Services — 0.1%
VSE Corp.	4,700		180,057
Enterprise Software/Service — 2.5%
American Software, Inc., Class A	21,500		124,485
Ariba, Inc.†#	212,595		3,199,555
Concur Technologies, Inc.†	1,600		67,680
Madison Square Garden, Inc.†	4,800		101,136
MedAssets, Inc.†	10,200		231,438
Omnicell, Inc.†#	107,123		1,403,311
Open Text Corp.†#	45,354		1,932,080
Opnet Technologies, Inc.	3,200		51,296
PROS Holdings, Inc.†#	8,700		57,507
Taleo Corp., Class A†	2,600		65,130
			7,233,618
Environmental Monitoring & Detection — 0.1%
Mine Safety Appliances Co.#	12,300		336,528
Filtration/Separation Products — 0.0%
CLARCOR, Inc.	2,100		76,146
Finance - Investment Banker/Broker — 0.9%
Diamond Hill Investment Group, Inc.	1,700		112,149
Gleacher & Co., Inc.†	20,600		81,164
KBW, Inc.†	70,159		1,760,289
Penson Worldwide, Inc.†#	15,600		105,456
Piper Jaffray Cos., Inc.†#	6,500		215,215
Rodman & Renshaw Capital Group, Inc.†	25,700		92,263
Sanders Morris Harris Group, Inc.	13,906		74,258
			2,440,794
Finance - Leasing Companies — 0.1%
California First National Bancorp	11,900		150,892
Finance - Mortgage Loan/Banker — 0.1%
Federal Agricultural Mtg. Corp., Class C	9,600		153,312
Finance - Other Services — 0.1%
Asset Acceptance Capital Corp.†	20,500		121,155
MarketAxess Holdings, Inc.	6,900		101,844
			222,999

178

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
Financial Guarantee Insurance — 0.2%
Assured Guaranty, Ltd.	16,800	$	282,240
MGIC Investment Corp.†	13,900		130,104
Radian Group, Inc.	26,200		269,336
			681,680
Fisheries — 0.0%
China Marine Food Group, Ltd.†	17,700		104,961
Food - Baking — 0.6%
Flowers Foods, Inc.#	69,830		1,725,499
Food - Canned — 0.7%
Seneca Foods Corp., Class A†	1,100		32,406
Seneca Foods Corp., Class B†#	800		23,528
Treehouse Foods, Inc.†#	45,073		2,077,865
			2,133,799
Food - Misc. — 0.1%
John B. Sanfilippo & Son, Inc.†	12,100		176,660
Senomyx, Inc.†	41,042		160,885
			337,545
Footwear & Related Apparel — 0.1%
Heelys, Inc.†	56,600		155,084
R.G. Barry Corp.	17,000		184,960
			340,044
Gas - Distribution — 1.1%
Delta Natural Gas Co., Inc.	3,800		111,150
Energen Corp.	27,784		1,229,998
Southwest Gas Corp.	14,800		438,376
UGI Corp.	55,160		1,441,882
			3,221,406
Gold Mining — 0.1%
Capital Gold Corp.†	11,700		41,418
Franco - Nevada Corp.	12,000		346,636
			388,054
Hazardous Waste Disposal — 0.1%
EnergySolutions, Inc.	11,300		70,625
Sharps Compliance Corp.†	12,300		68,880
			139,505
Health Care Cost Containment — 0.0%
Transcend Services, Inc.†	4,500		58,590
Heart Monitors — 0.1%
Arrhythmia Research Technology, Inc.	13,800		77,694
HeartWare International, Inc.†	1,500		88,725
			166,419
Home Furnishings — 1.0%
American Woodmark Corp.	9,700		238,329
Ethan Allen Interiors, Inc.	107,638		2,174,288
Select Comfort Corp.†	24,100		270,402
Tempur - Pedic International, Inc.†	3,900		129,480
			2,812,499
Hotels/Motels — 0.2%
Gaylord Entertainment Co.†	11,000		292,490
Red Lion Hotels Corp.†	23,700		156,183
			448,673
Human Resources — 0.2%
Barrett Business Services, Inc.	13,000		180,830
Kforce, Inc.†	20,600		278,512

Security Description	Shares	Value (Note 2)
Human Resources (continued)
Monster Worldwide, Inc.†#	2,500	$	36,975
Resources Connection, Inc.†	12,100		195,294
			691,611
Independent Power Producers — 0.2%
Mirant Corp.†	16,300		202,446
RRI Energy, Inc.†	52,400		231,608
Synthesis Energy Systems, Inc.†#	4,300		5,418
			439,472
Industrial Audio & Video Products — 0.1%
Iteris, Inc.†	36,500		57,305
SRS Labs, Inc.†	14,700		133,476
			190,781
Industrial Automated/Robotic — 0.0%
Hurco Cos., Inc.†	7,700		132,286
Instruments - Controls — 0.1%
Watts Water Technologies, Inc., Class A	1,200		38,880
Woodward Governor Co.	6,100		175,070
			213,950
Instruments - Scientific — 0.8%
Dionex Corp.†#	23,752		1,870,470
FEI Co.†	19,400		401,580
			2,272,050
Insurance Brokers — 0.5%
Arthur J. Gallagher & Co.#	62,694		1,547,915
Insurance - Property/Casualty — 2.0%
First Mercury Financial Corp.	9,800		120,148
FPIC Insurance Group, Inc.†#	64,384		1,757,039
Hallmark Financial Services, Inc.†	13,000		132,210
HCC Insurance Holdings, Inc.	13,400		335,938
Infinity Property & Casualty Corp.	12,600		589,680
Markel Corp.†	1,300		449,215
Mercer Insurance Group, Inc.	9,700		165,676
RLI Corp.#	1,800		99,216
SeaBright Insurance Holdings, Inc.#	7,600		78,356
Selective Insurance Group, Inc.	22,900		357,240
The Hanover Insurance Group, Inc.	32,813		1,427,366
Universal Insurance Holdings, Inc.	28,300		133,859
			5,645,943
Internet Application Software — 0.4%
eResearchTechnology, Inc.†#	120,535		957,048
Vocus, Inc.†#	15,300		239,598
			1,196,646
Internet Connectivity Services — 0.0%
Cogent Communications Group, Inc.†	10,600		95,930
Internet Content - Entertainment — 0.0%
Alloy, Inc.†	13,544		102,460
Internet Content - Information/News — 0.1%
ADAM, Inc.†	36,200		130,320
TheStreet.com, Inc.	23,900		74,568
			204,888
Internet Infrastructure Software — 0.7%
TIBCO Software, Inc.†#	185,674		2,118,540
Internet Security — 0.2%
Blue Coat Systems, Inc.†#	10,100		216,847

179

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
Internet Security (continued)
Sourcefire, Inc.†#	9,700	$	200,208
Zix Corp.†	83,100		195,285
			612,340
Investment Companies — 0.1%
Arlington Asset Investment Corp.	6,300		119,700
NGP Capital Resources Co.	13,000		94,770
TICC Capital Corp.	19,700		162,131
			376,601
Investment Management/Advisor Services — 1.0%
Affiliated Managers Group, Inc.†#	25,442		1,822,919
Cohen & Steers, Inc.#	11,200		271,040
Financial Engines, Inc.†	9,700		147,828
GAMCO Investors, Inc., Class A#	8,514		337,410
Highlands Acquisition Corp.†(4)	11,700		0
Pzena Investment Management, Inc., Class A	3,700		25,937
Waddell & Reed Financial, Inc., Class A	8,300		222,523
			2,827,657
Lasers - System/Components — 1.1%
Cymer, Inc.†#	57,878		1,751,967
Newport Corp.†	9,700		100,686
Rofin - Sinar Technologies, Inc.†#	50,154		1,197,176
			3,049,829
Leisure Products — 0.3%
Brunswick Corp.#	47,700		833,319
Machinery - Construction & Mining — 0.0%
Terex Corp.†#	5,100		110,976
Machinery - Electrical — 0.9%
Baldor Electric Co.#	68,137		2,448,162
Machinery - General Industrial — 2.1%
Applied Industrial Technologies, Inc.#	6,400		176,512
DXP Enterprises, Inc.†	9,100		142,051
Gardner Denver, Inc.	53,783		2,449,278
IDEX Corp.	69,571		2,124,698
Kadant, Inc.†	7,300		142,569
Middleby Corp.†	6,000		337,860
Tennant Co.	11,000		368,390
Wabtec Corp.#	3,800		164,730
			5,906,088
Machinery - Material Handling — 0.1%
Cascade Corp.	4,300		143,104
Machinery - Pumps — 0.1%
Graco, Inc.#	9,300		294,717
Medical Imaging Systems — 0.0%
Vital Images, Inc.†	9,000		123,480
Medical Information Systems — 0.1%
Computer Programs & Systems, Inc.#	6,000		258,060
Medical Instruments — 1.3%
AGA Medical Holdings, Inc.†#	6,600		92,796
AngioDynamics, Inc.†	5,300		78,281
Bovie Medical Corp.†	24,490		89,388
CryoLife, Inc.†	17,000		88,060
Edwards Lifesciences Corp.†	3,600		181,908
Endologix, Inc.†	5,805		26,355
ev3, Inc.†	131,450		2,487,034
Integra LifeSciences Holdings Corp.†	3,200		126,080
Micrus Endovascular Corp.†#	6,200		107,136
Stereotaxis, Inc.†#	11,800		43,896

Security Description	Shares	Value (Note 2)
Medical Instruments (continued)
Synergetics USA, Inc.†	31,361	$	85,302
Vascular Solutions, Inc.†	29,900		331,591
			3,737,827
Medical Products — 1.8%
Cantel Medical Corp.	14,200		243,388
Cardica, Inc.†	66,500		109,725
Henry Schein, Inc.†#	700		39,487
Invacare Corp.#	70,952		1,695,043
Orthovita, Inc.†	38,700		120,163
PSS World Medical, Inc.†#	4,000		91,640
Span - America Medical Systems, Inc.	12,500		207,875
Synovis Life Technologies, Inc.†	8,400		122,472
The Cooper Cos., Inc.#	61,288		2,259,076
TomoTherapy, Inc.†#	11,300		35,595
Wright Medical Group, Inc.†#	13,000		213,590
			5,138,054
Medical Sterilization Products — 0.1%
STERIS Corp.	9,700		308,751
Medical - Biomedical/Gene — 1.4%
Alexion Pharmaceuticals, Inc.†	7,100		355,213
AMAG Pharmaceuticals, Inc.†	3,900		124,176
Anadys Pharmaceuticals, Inc.†	49,400		117,078
Arqule, Inc.†	30,600		186,966
Biosante Pharmaceuticals, Inc.†	68,800		135,536
Celldex Therapeutics, Inc.†	5,500		36,905
Cubist Pharmaceuticals, Inc.†	11,900		255,850
Curis, Inc.†	53,900		169,785
Exelixis, Inc.†#	15,400		79,772
GTx, Inc.†	37,700		76,531
Harvard Bioscience, Inc.†	42,400		154,760
Incyte Corp., Ltd.†	38,100		491,109
Inovio Biomedical Corp.†	81,600		94,656
InterMune, Inc.†	47,687		431,090
Oncothyreon, Inc.†	21,500		75,035
Regeneron Pharmaceuticals, Inc.†	13,100		374,267
Seattle Genetics, Inc.†#	7,300		96,579
StemCells, Inc.†	110,100		112,302
SuperGen, Inc.†	59,400		143,154
The Medicines Co.†	12,200		102,541
Vertex Pharmaceuticals, Inc.†	7,411		256,347
Vical, Inc.†	48,985		163,120
			4,032,772
Medical - Drugs — 2.4%
Adolor Corp.†	22,400		36,288
Biovail Corp.	118,083		1,772,426
Cephalon, Inc.†#	1,900		111,834
CombinatoRx, Inc.†	101,600		154,432
Cumberland Pharmaceuticals, Inc.†	12,800		89,088
Cytori Therapeutics, Inc.†	34,000		158,100
Idenix Pharmaceuticals, Inc.†#	16,800		65,688
Pharmasset, Inc.†#	7,000		206,220
Santarus, Inc.†	54,371		157,132
SciClone Pharmaceuticals, Inc.†	33,600		116,592
ViroPharma, Inc.†#	153,268		1,865,272
Vivus, Inc.†#	163,466		2,069,479
XenoPort, Inc.†	7,800		77,454
			6,880,005
Medical - HMO — 0.4%
AMERIGROUP Corp.†	16,200		581,904
Centene Corp.†	20,300		463,246
			1,045,150

180

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
Medical - Hospitals — 1.3%
Health Management Associates, Inc., Class A†	43,200	$	401,760
LifePoint Hospitals, Inc.†	16,300		578,487
MedCath Corp.†	12,900		117,777
Universal Health Services, Inc., Class B	61,971		2,626,331
			3,724,355
Medical - Nursing Homes — 0.0%
Skilled Healthcare Group, Inc. Class A†#	6,600		54,318
Medical - Outpatient/Home Medical — 0.6%
Gentiva Health Services, Inc.†	62,129		1,716,624
Metal Processors & Fabrication — 0.3%
Hawk Corp., Class A†	6,700		153,363
Haynes International, Inc.	7,900		250,825
RBC Bearings, Inc.†	12,300		344,400
Sun Hydraulics Corp.#	6,200		161,448
			910,036
Mining — 0.0%
Lihir Gold, Ltd.	25,256		84,747
Vista Gold Corp.†	24,300		46,170
			130,917
Miscellaneous Manufacturing — 0.7%
Aptargroup, Inc.	42,384		1,689,426
John Bean Technologies Corp.	10,800		185,652
Spire Corp.†	19,300		67,743
			1,942,821
Multimedia — 0.4%
FactSet Research Systems, Inc.	9,800		666,890
Media General, Inc., Class A†	13,200		168,564
Meredith Corp.#	12,800		429,952
			1,265,406
Networking Products — 0.3%
Acme Packet, Inc.†	3,200		93,792
Anixter International, Inc.†#	11,218		532,855
Hypercom Corp.†	31,500		152,775
Ixia†	13,200		132,000
Meru Networks, Inc.†	3,200		41,920
			953,342
Non - Hazardous Waste Disposal — 0.7%
Waste Connections, Inc.†	58,309		2,053,060
Office Furnishings - Original — 0.0%
Knoll, Inc.	9,000		133,110
Office Supplies & Forms — 0.0%
The Standard Register Co.	18,500		73,815
Oil Companies - Exploration & Production — 3.5%
Approach Resource, Inc.†	16,300		116,871
Arena Resources, Inc.†	60,544		1,990,687
Barnwell Industries, Inc.†	13,200		47,520
Bill Barrett Corp.†#	18,100		589,336
Callon Petroleum Co.†	44,000		250,800
CAMAC Energy, Inc.†	28,200		126,900
Comstock Resources, Inc.†#	37,719		1,125,535
Concho Resources, Inc.†	15,300		796,365
Crimson Exploration, Inc.†	33,200		91,632
Evolution Petroleum Corp.†	26,100		147,465
FieldPoint Petroleum Corp.†	86,200		199,122
Forest Oil Corp.†#	78,532		2,092,092
FX Energy, Inc.†	29,800		107,280
GeoMet, Inc.†#	26,800		33,768

Security Description	Shares	Value (Note 2)
Oil Companies - Exploration & Production (continued)
Mariner Energy, Inc.†	27,131	$	580,061
Penn Virginia Corp.#	77,915		1,705,559
Warren Resources, Inc.†	45,500		137,410
			10,138,403
Oil Field Machinery & Equipment — 1.5%
Bolt Technology Corp.†	12,800		111,488
Complete Production Services, Inc.†	164,808		2,144,152
Dresser - Rand Group, Inc.†	57,225		1,821,472
Gulf Island Fabrication, Inc.	10,300		188,181
			4,265,293
Oil Refining & Marketing — 0.0%
Holly Corp.#	4,600		119,140
Oil - Field Services — 0.7%
Key Energy Services, Inc.†	12,700		121,412
Oceaneering International, Inc.†	31,490		1,457,042
SEACOR Holdings, Inc.†	7,200		525,456
Union Drilling, Inc.†#	6,500		35,360
			2,139,270
Paper & Related Products — 0.1%
KapStone Paper and Packaging Corp.†	14,700		162,435
Patient Monitoring Equipment — 0.1%
CardioNet ,Inc.†	15,500		119,660
Masimo Corp.#	1,000		22,140
			141,800
Pharmacy Services — 0.1%
Catalyst Health Solutions, Inc.†	6,200		237,398
SXC Health Solutions Corp.†	1,600		117,696
			355,094
Physical Therapy/Rehabilitation Centers — 0.0%
Psychiatric Solutions, Inc.†	2,900		93,902
Physicians Practice Management — 0.0%
Healthways, Inc.†	5,700		80,826
Power Converter/Supply Equipment — 0.1%
Advanced Energy Industries, Inc.†	9,700		119,892
Power - One, Inc.†	37,500		292,875
			412,767
Printing - Commercial — 0.2%
Consolidated Graphics, Inc.†	7,400		339,956
Multi - Color Corp.	11,250		130,275
			470,231
Publishing - Books — 0.1%
Scholastic Corp.	14,115		369,107
Publishing - Newspapers — 0.1%
AH Belo Corp.†	11,721		82,047
Lee Enterprises, Inc.†	30,300		103,020
			185,067
Publishing - Periodicals — 0.1%
Primedia, Inc.	38,500		142,835
Quarrying — 0.9%
Compass Minerals International, Inc.#	32,673		2,478,574
Radio — 0.1%
Cumulus Media, Inc., Class A†	48,400		198,440
Radio One, Inc., Class D†	39,000		161,850
			360,290

181

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
Real Estate Investment Trusts — 4.1%
Alexandria Real Estate Equities, Inc.#	23,563	$	1,545,261
CBL & Associates Properties, Inc.	32,200		460,138
Chesapeake Lodging Trust†#	1,900		33,706
Cousins Properties, Inc.	22,180		171,008
DiamondRock Hospitality Co.†	49,708		454,331
Digital Realty Trust, Inc.#	34,700		1,974,777
EastGroup Properties, Inc.	12,000		443,760
Equity One, Inc.	16,700		286,739
Essex Property Trust, Inc.	1,600		168,368
Kilroy Realty Corp.	5,700		187,530
LaSalle Hotel Properties	110,940		2,496,150
Parkway Properties, Inc.	10,500		176,925
Pebblebrook Hotel Trust†	5,300		108,756
Senior Housing Properties Trust	66,433		1,384,464
SL Green Realty Corp.	11,400		710,106
Universal Health Realty Income Trust	38,294		1,247,236
			11,849,255
Real Estate Management/Services — 0.1%
Colony Financial, Inc.	6,900		125,511
Grubb & Ellis Co.†	56,800		82,360
ZipRealty, Inc.†	17,100		54,036
			261,907
Real Estate Operations & Development — 0.1%
Consolidated - Tomoka Land Co.	3,100		92,225
Starwood Property Trust, Inc.	10,700		195,061
Stratus Properties, Inc.†	7,600		77,140
			364,426
Rental Auto/Equipment — 0.1%
Electro Rent Corp.	6,300		85,617
H&E Equipment Services, Inc.†#	25,000		249,750
			335,367
Retail - Apparel/Shoe — 2.8%
American Eagle Outfitters, Inc.	12,200		159,820
AnnTaylor Stores Corp.†	29,550		639,758
Christopher & Banks Corp.	13,200		120,912
Express, Inc.†	12,400		177,320
Genesco, Inc.†	62,974		1,959,751
Gymboree Corp.†	1,700		75,786
Hot Topic, Inc.#	28,300		157,348
J Crew Group, Inc.†#	45,591		2,080,773
Phillips - Van Heusen Corp.	50,348		2,755,546
			8,127,014
Retail - Appliances — 0.0%
Hhgregg, Inc.†#	2,100		63,021
Retail - Arts & Crafts — 0.0%
A.C. Moore Arts & Crafts, Inc.†	4,900		13,622
Retail - Automobile — 0.6%
Group 1 Automotive, Inc.†#	4,700		133,668
Penske Auto Group, Inc.†#	113,944		1,488,109
			1,621,777
Retail - Bookstores — 0.0%
Books - A - Million, Inc.	8,776		61,871
Retail - Convenience Store — 0.1%
The Pantry, Inc.†	10,100		154,429
Retail - Discount — 0.8%
Citi Trends, Inc.†#	54,359		1,852,555
HSN, Inc.†	11,700		315,315
			2,167,870

Security Description	Shares	Value (Note 2)
Retail - Home Furnishings — 0.1%
Kirkland’s, Inc.†	9,000	$	193,680
Retail - Jewelry — 0.1%
Tiffany & Co.	4,800		218,064
Retail - Leisure Products — 0.1%
MarineMax, Inc.†	30,700		310,070
Retail - Restaurants — 3.8%
BJ’s Restaurants, Inc.†#	10,600		245,814
Brinker International, Inc.	123,975		2,204,275
Caribou Coffee Co., Inc.†	21,600		217,080
DineEquity, Inc.†#	49,401		1,668,272
Famous Dave’s of America, Inc.†	16,700		142,284
Jack in the Box, Inc.†	7,100		159,324
Jamba, Inc.†	2,600		6,188
McCormick & Schmick’s Seafood Restaurants, Inc.†	12,600		109,998
Panera Bread Co., Class A†#	6,200		501,146
Papa John’s International, Inc.†#	49,381		1,226,130
PF Chang’s China Bistro, Inc.#	7,500		326,025
Red Robin Gourmet Burgers, Inc.†#	4,600		94,806
Sonic Corp.†#	147,016		1,551,019
Texas Roadhouse, Inc., Class A†#	148,380		2,166,348
The Cheesecake Factory, Inc.†#	15,400		392,700
			11,011,409
Retail - Sporting Goods — 0.2%
Hibbett Sports, Inc.†	12,100		311,817
Zumiez, Inc.†	17,800		304,736
			616,553
Savings & Loans/Thrifts — 0.5%
Clifton Savings Bancorp, Inc.	14,000		123,200
Louisiana Bancorp, Inc.†	6,700		97,619
NewAlliance Bancshares, Inc.	18,500		217,745
OceanFirst Financial Corp.	11,600		141,868
Pacific Premier Bancorp, Inc.†	12,600		59,850
Pulaski Financial Corp.	16,500		110,550
Rome Bancorp, Inc.	19,500		176,280
Teche Holding Co.	1,600		50,528
United Community Financial Corp.†	92,900		164,433
United Financial Bancorp, Inc.	20,087		272,380
WSFS Financial Corp.	1,900		76,627
			1,491,080
Schools — 0.0%
American Public Education, Inc.†#	1,000		40,890
Seismic Data Collection — 0.0%
ION Geophysical Corp.†#	18,600		100,998
Semiconductor Components - Integrated Circuits — 0.0%
Emulex Corp.†	8,000		83,840
MaxLinear, Inc.†	900		14,382
			98,222
Semiconductor Equipment — 0.9%
ATMI, Inc.†	18,245		295,569
Mattson Technology, Inc.†	34,500		145,935
MKS Instruments, Inc.†#	89,775		1,782,932
Photronics, Inc.†	10,500		53,130
Rudolph Technologies, Inc.†	20,100		178,488
			2,456,054
Steel Pipe & Tube — 0.8%
Valmont Industries, Inc.#	29,224		2,315,125

182

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
Steel - Producers — 0.1%
AK Steel Holding Corp.	18,000	$	269,280
General Steel Holdings, Inc.†	34,704		95,436
			364,716
Telecom Equipment - Fiber Optics — 1.0%
Finisar Corp.†#	6,374		96,885
JDS Uniphase Corp.†	217,779		2,504,459
KVH Industries, Inc.†	14,357		187,215
			2,788,559
Telecom Services — 0.6%
Knology, Inc.†	16,800		200,928
NeuStar, Inc., Class A†	6,000		128,340
NTELOS Holdings Corp.	40,285		723,116
Premiere Global Services, Inc.†	21,900		174,762
tw telecom, Inc.†	20,400		356,796
			1,583,942
Telecommunication Equipment — 1.5%
ADTRAN, Inc.#	12,200		334,646
Communications Systems, Inc.	11,400		124,830
Comtech Telecommunications Corp.†#	42,877		1,235,286
Network Equipment Technologies, Inc.†	26,700		120,417
Preformed Line Products Co.	2,900		90,828
Sonus Networks, Inc.†#	19,500		50,700
Tellabs, Inc.	259,939		2,339,451
			4,296,158
Telephone - Integrated — 1.2%
Alaska Communications Systems Group, Inc.#	167,867		1,388,260
Cincinnati Bell, Inc.†#	531,111		1,688,933
HickoryTech Corp.	17,700		123,900
SureWest Communications†	17,700		108,501
			3,309,594
Textile - Apparel — 0.1%
Unifi, Inc.†	36,000		142,200
Textile - Products — 0.1%
Culp, Inc.†	17,800		233,180
Therapeutics — 0.2%
AVANIR Pharmaceuticals Inc., Class A†	59,900		143,161
AVI BioPharma, Inc.†	90,900		129,987
BioMarin Pharmaceutical, Inc.†#	7,400		144,448
Cyclacel Pharmaceuticals, Inc.†	51,600		111,456
Onyx Pharmaceuticals, Inc.†	2,800		62,412
Theravance, Inc.†	3,800		48,298
			639,762
Transactional Software — 0.1%
Bottomline Technologies, Inc.†	9,700		158,886
Transport - Equipment & Leasing — 0.1%
Greenbrier Cos., Inc.†	20,100		287,631
Willis Lease Finance Corp.†	6,900		75,900
			363,531
Transport - Marine — 0.1%
Cai International, Inc.†	9,900		140,382
Transport - Rail — 0.1%
RailAmerica, Inc.†	14,200		158,614
Transport - Services — 0.7%
Dynamex, Inc.†	6,400		98,432
UTi Worldwide, Inc.	140,035		2,023,506
			2,121,938

Security Description	Shares	Value (Note 2)
Transport - Truck — 1.8%
Celadon Group, Inc.†	13,600	$	185,232
Heartland Express, Inc.	1,465		22,773
Knight Transportation, Inc.#	33,275		661,507
Landstar System, Inc.	52,693		2,209,944
Old Dominion Freight Line, Inc.†	55,204		1,967,471
P.A.M. Transportation Services, Inc.†	8,100		121,905
USA Truck, Inc.†	7,900		118,816
			5,287,648
Travel Services — 0.0%
Universal Travel Group†	14,100		117,876
Vitamins & Nutrition Products — 0.1%
Omega Protein Corp.†	23,100		102,333
Tiens Biotech Group USA, Inc.†	43,100		81,028
			183,361
Water — 0.2%
Artesian Resources Corp. Class A	7,400		132,534
Cascal NV#	85,024		556,907
			689,441
Web Portals/ISP — 0.1%
Local.com Corp.†	34,400		256,968
Wire & Cable Products — 0.8%
Belden, Inc.	75,552		1,956,797
General Cable Corp.†	8,300		258,628
			2,215,425
Wireless Equipment — 0.3%
Aruba Networks, Inc.†#	5,600		75,040
EMS Technologies, Inc.†	8,400		130,536
Globecomm Systems, Inc.†	14,300		114,972
SBA Communications Corp., Class A†#	4,800		158,544
Telestone Technologies Corp.†	8,400		85,512
Tessco Technologies, Inc.	16,050		300,777
			865,381
Total Common Stock
(cost $259,718,625)			281,212,968
CONVERTIBLE PREFERRED STOCK — 0.0%
Electric - Distribution — 0.0%
Silver Spring Networks, Series E 8%(1)(3)(4) (cost $113,000)	11,300		82,490
PREFERRED STOCK — 0.2%
Banks - Commercial — 0.1%
Synovus Financial Corp. 8.25%	8,100		219,510
Financial Guarantee Insurance — 0.1%
Assured Guaranty, Ltd. 8.50%	3,300		234,300
Total Preferred Stock
(cost $373,100)			453,810
CONVERTIBLE BONDS & NOTES — 0.0%
Machinery - Construction & Mining — 0.0%
Terex Corp. 4.00% due 06/01/15 (cost $76,000)	76,000		115,111
Total Long-Term Investment Securities
(cost $260,280,725)			281,864,379

183

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 19.9%
Collective Investment Pool — 18.6%
Securities Lending Quality Trust(5)		53,649,707		$	53,445,163
Registered Investment Companies — 0.4%
T. Rowe Price Reserve Investment Fund		1,026,414			1,026,414
Time Deposits — 0.9%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 06/01/10	$	2,553,000			2,553,000
Total Short-Term Investment Securities
(cost $57,229,121)					57,024,577
TOTAL INVESTMENTS
(cost $317,509,846)(6)		118.2	%		338,888,956
Liabilities in excess of other assets		(18.2	)		(52,100,927	)
NET ASSETS —		100.0	%	$	286,788,029

† Non-income producing security

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

(1) Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation

of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of May 31, 2010, the Small Cap Fund held the following restricted securities:

Name	Acquisition Date	Shares	Acquisition Cost		Market Value		Market Value Per Share		Value as a % of Net Assets
Silver Spring Networks, Inc. Series E (Preferred Stock)	12/11/09	11,300	$	113,000	$	82,490	$	7.30	0.03	%

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

(3) Illiquid security. At May 31, 2010, the aggregate value of these securities was $82,490 representing 0.0% of net assets.

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

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

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

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2010 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Long-Term Investment Securities:
Common Stock:
Banks - Commercial	$	21,504,605	$	—	$	—	$	21,504,605
Other Industries*		259,708,363		—		0		259,708,363
Convertible Preferred Stock		—		—		82,490		82,490
Preferred Stock		453,810		—		—		453,810
Convertible Bonds & Notes		—		115,111		—		115,111
Short-Term Investment Securities:
Collective Investment Pool		—		53,445,163		—		53,445,163
Registered Investment Companies		—		1,026,414		—		1,026,414
Time Deposits		—		2,553,000		—		2,553,000
Total	$	281,666,778	$	57,139,688	$	82,490	$	338,888,956

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

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

	Common Stock			Convertible Preferred Stock
Balance as of 5/31/2009	$	1,394		$	—
Accrued discounts/premiums		—			—
Realized gain (loss)		501			—
Change in unrealized appreciation (depreciation)		827			(30,510	)
Net purchases (sales)		(2,722	)		113,000
Transfers in and/or out of Level 3		—			—
Balance as of 5/31/2010	$	0		$	82,490

See Notes to Financial Statement

184

VALIC Company I Small Cap Index Fund

PORTFOLIO PROFILE — May 31, 2010 (Unaudited)

Industry Allocation*

Collective Investment Pool	15.8	%
Real Estate Investment Trusts	6.7
Banks — Commercial	6.3
Medical — Biomedical/Gene	2.5
Retail — Apparel/Shoe	2.1
Oil Companies — Exploration & Production	1.9
Repurchase Agreements	1.9
Electronic Components — Semiconductors	1.6
Electric — Integrated	1.6
Enterprise Software/Service	1.5
Retail — Restaurants	1.5
Medical — Drugs	1.4
Medical Instruments	1.4
Medical Products	1.3
Insurance — Property/Casualty	1.2
Diversified Manufacturing Operations	1.2
Distribution/Wholesale	1.2
Chemicals — Specialty	1.2
Gas — Distribution	1.2
Finance — Investment Banker/Broker	1.1
Savings & Loans/Thrifts	1.1
Airlines	1.1
Investment Companies	1.1
Networking Products	1.0
Commercial Services	1.0
Consulting Services	0.9
Telecommunication Equipment	0.9
Aerospace/Defense — Equipment	0.9
Footwear & Related Apparel	0.8
Semiconductor Equipment	0.8
Food — Misc.	0.8
Human Resources	0.8
Apparel Manufacturers	0.8
Commercial Services — Finance	0.8
Computer Services	0.8
Computers — Integrated Systems	0.7
Medical — HMO	0.7
Auto/Truck Parts & Equipment — Original	0.7
Metal Processors & Fabrication	0.7
Therapeutics	0.7
Semiconductor Components — Integrated Circuits	0.7
Transport — Truck	0.7
Oil — Field Services	0.7
Paper & Related Products	0.6
Financial Guarantee Insurance	0.6
Rental Auto/Equipment	0.6
Consumer Products — Misc.	0.6
Chemicals — Diversified	0.6
Insurance — Reinsurance	0.6
Telecom Services	0.6
Data Processing/Management	0.6
Machinery — General Industrial	0.6
Transactional Software	0.5
Electronic Components — Misc.	0.5
Schools	0.5
Transport — Marine	0.5
Wireless Equipment	0.5
Building & Construction Products — Misc.	0.5
Insurance — Life/Health	0.5
Home Furnishings	0.5
Machinery — Electrical	0.5
Internet Application Software	0.5
Medical — Outpatient/Home Medical	0.5
Physical Therapy/Rehabilitation Centers	0.5
Aerospace/Defense	0.5
Applications Software	0.5
Medical Information Systems	0.4
Office Furnishings — Original	0.4
Industrial Automated/Robotic	0.4

Oil Field Machinery & Equipment	0.4
E-Commerce/Products	0.4
Lasers — System/Components	0.4
Water	0.4
Oil & Gas Drilling	0.3
Electric Products — Misc.	0.3
Finance — Consumer Loans	0.3
E-Services/Consulting	0.3
Internet Infrastructure Software	0.3
E-Marketing/Info	0.3
Transport — Services	0.3
Engineering/R&D Services	0.3
Food — Wholesale/Distribution	0.3
Building — Residential/Commercial	0.3
Identification Systems	0.3
Food — Retail	0.3
Retail — Discount	0.3
Diagnostic Equipment	0.3
Instruments — Controls	0.3
Medical — Nursing Homes	0.3
U.S. Government Treasuries	0.3
Casino Services	0.3
Coal	0.3
Real Estate Operations & Development	0.3
Printing — Commercial	0.3
Containers — Paper/Plastic	0.3
Investment Management/Advisor Services	0.3
Filtration/Separation Products	0.3
Power Converter/Supply Equipment	0.2
Drug Delivery Systems	0.2
Hotels/Motels	0.2
Retail — Gardening Products	0.2
Retail — Pawn Shops	0.2
Advanced Materials	0.2
Instruments — Scientific	0.2
Internet Security	0.2
Diversified Operations/Commercial Services	0.2
Broadcast Services/Program	0.2
Medical — Generic Drugs	0.2
Retail — Automobile	0.2
Retail — Convenience Store	0.2
Computers — Memory Devices	0.2
Building — Heavy Construction	0.2
Retail — Regional Department Stores	0.2
Hazardous Waste Disposal	0.2
Telephone — Integrated	0.2
Auction Houses/Art Dealers	0.2
Chemicals — Plastics	0.2
Retail — Sporting Goods	0.2
Computers — Periphery Equipment	0.2
Patient Monitoring Equipment	0.2
Web Hosting/Design	0.2
Wire & Cable Products	0.2
Tobacco	0.2
Pharmacy Services	0.2
Audio/Video Products	0.2
Building & Construction — Misc.	0.2
Electronic Measurement Instruments	0.2
Intimate Apparel	0.2
Building — Maintance & Services	0.2
Computer Aided Design	0.2
Energy — Alternate Sources	0.2
Transport — Equipment & Leasing	0.2
Computer Software	0.2
Food — Canned	0.2
Medical Sterilization Products	0.2
Circuit Boards	0.2
E-Commerce/Services	0.2
Recreational Vehicles	0.2

185

VALIC Company I Small Cap Index Fund

PORTFOLIO PROFILE — May 31, 2010 (Unaudited) — (continued)

Industry Allocation* (continued)

Non — Ferrous Metals	0.2	%
Telecom Equipment — Fiber Optics	0.2
Satellite Telecom	0.2
Leisure Products	0.2
Containers — Metal/Glass	0.2
Research & Development	0.2
Educational Software	0.2
Retail — Perfume & Cosmetics	0.2
Transport — Rail	0.2
Miscellaneous Manufacturing	0.2
Recreational Centers	0.2
Retail — Petroleum Products	0.2
Photo Equipment & Supplies	0.2
Alternative Waste Technology	0.1
Retail — Home Furnishings	0.1
Dental Supplies & Equipment	0.1
Precious Metals	0.1
Theaters	0.1
Multilevel Direct Selling	0.1
Transport — Air Freight	0.1
Insurance — Multi-line	0.1
Entertainment Software	0.1
Private Corrections	0.1
Internet Connectivity Services	0.1
Environmental Consulting & Engineering	0.1
Resorts/Theme Parks	0.1
Retail — Office Supplies	0.1
Cellular Telecom	0.1
Superconductor Product & Systems	0.1
Poultry	0.1
Metal — Diversified	0.1
Batteries/Battery Systems	0.1
Communications Software	0.1
Computers	0.1
Finance — Other Services	0.1
Diagnostic Kits	0.1
Retail — Fabric Store	0.1
Web Portals/ISP	0.1
Vitamins & Nutrition Products	0.1
Disposable Medical Products	0.1
Retail — Major Department Stores	0.1
Metal — Aluminum	0.1
Physicians Practice Management	0.1
Electronic Design Automation	0.1
Rubber — Tires	0.1
Television	0.1
Linen Supply & Related Items	0.1
Machinery — Material Handling	0.1
Mining	0.1
Retail — Hair Salons	0.1
Internet Telephone	0.1
Engines — Internal Combustion	0.1
Seismic Data Collection	0.1
Internet Content — Information/News	0.1
Auto/Truck Parts & Equipment — Replacement	0.1
Electronic Security Devices	0.1
Medical Labs & Testing Services	0.1
Gambling (Non — Hotel)	0.1
Diversified Minerals	0.1
Advertising Services	0.1
Office Supplies & Forms	0.1
Cosmetics & Toiletries	0.1
Steel Pipe & Tube	0.1
Internet Incubators	0.1
Environmental Monitoring & Detection	0.1
Building Products — Cement	0.1
Travel Services	0.1
Beverages — Non-alcoholic	0.1
Auto Repair Centers	0.1

Publishing — Books	0.1
Building Products — Air & Heating	0.1
Agricultural Operations	0.1
Retirement/Aged Care	0.1
Building — Mobile Home/Manufactured Housing	0.1
Building Products — Wood	0.1
Direct Marketing	0.1
Machinery — Pumps	0.1
Medical Imaging Systems	0.1
Multimedia	0.1
Oil Refining & Marketing	0.1
Food — Confectionery	0.1
Retail — Auto Parts	0.1
Machinery — Farming	0.1
Toys	0.1
Brewery	0.1
Protection/Safety	0.1
Storage/Warehousing	0.1
Casino Hotels	0.1
Coffee	0.1
Firearms & Ammunition	0.1
Textile — Apparel	0.1
Metal Products — Distribution	0.1
Medical Laser Systems	0.1
Golf	0.1
Platinum	0.1
Machinery — Construction & Mining	0.1
Insurance Brokers	0.1
Lighting Products & Systems	0.1
Retail — Misc./Diversified	0.1
Decision Support Software	0.1
Veterinary Diagnostics	0.1
Racetracks	0.1
Banks — Fiduciary	0.1
Marine Services	0.1
Forestry	0.1
Funeral Services & Related Items	0.1
	116.3	%

* Calculated as a percentage of net assets

186

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010

Security Description	Shares	Value (Note 2)
COMMON STOCK — 98.3%
Advanced Materials — 0.2%
Ceradyne, Inc.†	20,533	$	442,486
Hexcel Corp.†	76,851		1,227,311
STR Holdings, Inc.†	9,776		207,349
			1,877,146
Advertising Services — 0.1%
inVentiv Health, Inc.†	26,627		665,142
Marchex, Inc., Class B	15,680		79,498
			744,640
Aerospace/Defense — 0.5%
Aerovironment, Inc.†	10,577		264,848
Cubic Corp.#	12,427		452,094
Esterline Technologies Corp.†	23,635		1,268,254
Herley Industries, Inc.†	10,794		153,815
National Presto Industries, Inc.#	3,814		370,873
Teledyne Technologies, Inc.†#	28,680		1,127,411
			3,637,295
Aerospace/Defense - Equipment — 0.9%
AAR Corp.†	30,805		606,858
Argon ST, Inc.†	10,753		258,610
Astronics Corp.†	7,359		124,661
Curtiss - Wright Corp.	36,001		1,192,353
Ducommun, Inc.	8,318		164,447
GenCorp, Inc.†#	40,096		208,499
HEICO Corp.#	22,984		916,832
Kaman Corp.#	20,410		499,841
LMI Aerospace, Inc.†#	6,833		118,689
Moog, Inc., Class A†	36,059		1,190,308
Orbital Sciences Corp.†#	44,911		712,738
Triumph Group, Inc.	13,269		921,001
			6,914,837
Agricultural Chemicals — 0.0%
China Green Agriculture, Inc.†#	8,412		91,102
Agricultural Operations — 0.1%
Alico, Inc.	2,833		71,958
Cadiz, Inc.†#	10,574		136,616
Griffin Land and Nurseries, Inc.	2,602		70,775
Tejon Ranch Co.†	8,608		210,896
The Andersons, Inc.	14,488		474,192
			964,437
Airlines — 1.1%
AirTran Holdings, Inc.†#	107,113		604,117
Alaska Air Group, Inc.†#	28,966		1,352,712
Allegiant Travel Co.	12,211		675,146
Hawaiian Holdings, Inc.†#	41,077		292,468
JetBlue Airways Corp.†#	201,640		1,250,168
Republic Airways Holdings, Inc.†#	27,423		160,425
Skywest, Inc.	44,292		649,542
UAL Corp.†	132,974		2,660,810
US Airways Group, Inc.†#	128,202		1,132,024
			8,777,412
Alternative Waste Technology — 0.1%
Calgon Carbon Corp.†#	43,563		647,782
Darling International, Inc.†	65,449		523,592
			1,171,374
Apparel Manufacturers — 0.8%
American Apparel, Inc.†#	25,954		41,007
Carter’s, Inc.†	45,129		1,379,142

Security Description	Shares	Value (Note 2)
Apparel Manufacturers (continued)
Columbia Sportswear Co.	9,147	$	468,143
G - III Apparel Group, Ltd.†#	11,546		331,024
Jones Apparel Group, Inc.	67,982		1,335,167
Maidenform Brands, Inc.†	15,015		347,447
Oxford Industries, Inc.#	10,006		208,525
Quiksilver, Inc.†	101,968		475,171
True Religion Apparel, Inc.†	20,172		556,949
Under Armour, Inc., Class A†#	26,365		888,237
Volcom, Inc.†#	15,018		299,759
			6,330,571
Applications Software — 0.5%
Actuate Corp.†	35,582		159,763
American Reprographics Co.†	28,949		277,621
Callidus Software, Inc†#	20,541		65,937
China TransInfo Technology Corp.†#	6,891		44,723
Deltek, Inc.†#	14,582		116,364
Ebix, Inc.†#	17,947		274,230
EPIQ Systems, Inc.†#	25,770		295,067
inContact, Inc.†#	24,152		63,278
NetSuite, Inc.†	13,281		186,996
Progress Software Corp.†	33,571		1,072,258
Quest Software, Inc.†	48,665		941,911
Unica Corp.†#	11,317		117,697
			3,615,845
Athletic Footwear — 0.0%
K-Swiss, Inc., Class A†#	20,843		259,912
Auction House/Art Dealers — 0.2%
Sotheby’s	53,324		1,733,030
Audio/Video Products — 0.2%
Audiovox Corp., Class A†	13,706		111,978
DTS, Inc.†	13,838		457,069
TiVo, Inc.†#	87,493		790,937
Universal Electronics, Inc.†	10,840		211,597
			1,571,581
Auto Repair Centers — 0.1%
Midas, Inc.†#	11,163		111,518
Monro Muffler Brake, Inc.#	13,281		523,139
			634,657
Auto - Heavy Duty Trucks — 0.0%
Force Protection, Inc.†	55,683		247,511
Auto/Truck Parts & Equipment - Original — 0.7%
American Axle & Manufacturing Holdings, Inc.†	44,383		398,116
Amerigon, Inc.†#	17,021		150,125
ArvinMeritor, Inc.†#	75,037		1,091,038
China Automotive Systems, Inc.†#	3,437		62,313
Dana Holding Corp.†	110,876		1,204,113
Fuel Systems Solutions, Inc.†#	10,902		291,410
Miller Industries, Inc.	8,012		120,180
Modine Manufacturing Co.†#	37,254		432,892
Spartan Motors, Inc.#	25,831		123,989
Superior Industries International, Inc.#	18,406		272,409
Tenneco, Inc.†#	47,255		1,047,171
Titan International, Inc.#	28,018		296,150
Wonder Auto Technology, Inc.†#	14,300		118,833
			5,608,739
Auto/Truck Parts & Equipment - Replacement — 0.1%
ATC Technology Corp.†	15,741		294,357
Dorman Products, Inc.†#	9,034		204,530

187

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
Auto/Truck Parts & Equipment - Replacement (continued)
Exide Technologies†	39,956	$	170,212
Standard Motor Products, Inc.#	14,506		121,415
			790,514
Banks - Commercial — 6.3%
1st Source Corp.	11,958		229,952
Alliance Financial Corp.	3,267		90,757
American National Bankshares, Inc.#	4,856		97,800
Ameris Bancorp	18,719		210,963
Ames National Corp.#	5,204		97,107
Arrow Financial Corp.#	7,452		189,877
Auburn National Bancorporation, Inc.#	1,868		36,986
Bancfirst Corp.#	5,199		206,348
Banco Latinoamericano de Comercio Exterior SA, Class E	21,803		281,695
Bancorp Rhode Island, Inc.	2,899		82,882
Bancorp, Inc.†	15,910		126,803
Bank Mutual Corp.#	37,318		239,582
Bank of Kentucky Financial Corp.#	2,453		39,248
Bank of Marin Bancorp	4,116		128,296
Bank of the Ozarks, Inc.#	10,366		365,816
BankFinancial Corp.#	17,074		145,641
Banner Corp.#	15,876		68,426
Bar Harbor Bankshares	2,938		78,298
Bridge Bancorp, Inc.	4,947		110,120
Bryn Mawr Bank Corp.	6,767		118,287
Camden National Corp.#	6,083		191,006
Capital City Bank Group, Inc.#	9,437		141,649
Cardinal Financial Corp.	22,531		236,575
Cass Information Systems, Inc.#	6,556		207,956
Cathay General Bancorp	62,481		688,541
Center Bancorp, Inc.	9,825		72,410
Centerstate Banks of Florida, Inc.#	14,780		171,005
Central Pacific Financial Corp.†#	24,144		58,187
Century Bancorp, Inc. Class A#	2,795		56,683
Chemical Financial Corp.#	19,437		470,764
Citizens & Northern Corp.	9,642		121,875
Citizens Holding Co.#	3,161		64,263
Citizens Republic Bancorp†	314,020		345,422
City Holding Co.#	12,707		407,768
CNB Financial Corp.	6,875		98,863
CoBiz Financial, Inc.#	23,354		154,837
Columbia Banking System, Inc.#	31,284		698,572
Community Bank System, Inc.#	26,064		595,562
Community Trust Bancorp, Inc.#	12,048		323,127
CSF Holdings, Inc.†(4)(5)	2,375		0
CVB Financial Corp.#	67,578		671,050
Eagle Bancorp, Inc.†	12,043		156,920
East West Bancorp, Inc.#	117,463		1,996,871
Enterprise Bancorp, Inc.#	4,354		48,504
Enterprise Financial Services Corp.	9,051		91,053
F.N.B. Corp.#	90,723		743,021
Farmers Capital Bank Corp.#	5,111		34,857
Financial Institutions, Inc.#	8,601		164,107
First Bancorp#	11,719		189,145
First Bancorp, Inc.#	6,932		102,039
First BanCorp. Puerto Rico†#	63,947		85,050
First Busey Corp.	38,288		179,571
First California Financial Group, Inc.†#	10,880		31,987
First Commonwealth Financial Corp.#	67,709		354,118
First Community Bancshares, Inc.#	11,766		188,962
First Financial Bancorp	46,017		731,440
First Financial Bankshares, Inc.#	16,562		831,081
First Financial Corp.#	9,397		266,405
First Financial Service Corp.#	3,214		24,394
First Merchants Corp.#	20,296		175,154

Security Description	Shares	Value (Note 2)
Banks - Commercial (continued)
First Midwest Bancorp, Inc.#	58,678	$	813,864
First of Long Island Corp.#	4,302		109,056
First South Bancorp, Inc.	6,488		88,107
FirstMerit Corp.#	85,786		1,599,051
German American Bancorp, Inc.	8,815		140,687
Glacier Bancorp, Inc.#	57,245		907,906
Great Southern Bancorp, Inc.	7,991		197,298
Guaranty Bancorp†#	41,764		62,228
Hampton Roads Bankshares, Inc.†#	14,678		28,769
Hancock Holding Co.#	22,503		860,290
Heartland Financial USA, Inc.#	10,506		187,847
Heritage Financial Corp.†#	7,308		109,401
Home Bancshares, Inc.#	15,330		361,484
IBERIABANK Corp.	21,288		1,169,350
Independent Bank Corp.#	16,647		403,190
International Bancshares Corp.	41,505		819,724
Lakeland Bancorp, Inc.#	16,284		161,863
Lakeland Financial Corp.	12,611		254,742
MainSource Financial Group, Inc.#	16,029		133,201
MB Financial, Inc.	42,152		921,021
Merchants Bancshares, Inc.#	3,804		86,997
Metro Bancorp, Inc.†	7,651		99,386
MidSouth Bancorp, Inc.	5,225		79,943
Nara BanCorp., Inc.†	26,281		200,524
National Bankshares, Inc.	5,516		136,631
National Penn Bancshares, Inc.	100,602		703,208
NBT Bancorp, Inc.	27,267		598,511
Northrim BanCorp, Inc.#	5,041		86,806
Norwood Financial Corp.#	1,491		39,512
Ohio Valley Banc Corp.#	3,171		64,340
Old National Bancorp	69,395		796,655
Old Point Financial Corp.#	1,598		20,103
Old Second Bancorp, Inc.#	8,529		35,139
OmniAmerican Bancorp, Inc.†	9,475		109,721
Oriental Financial Group, Inc.#	26,255		359,168
Orrstown Financial Services, Inc.	5,066		123,712
Pacific Capital Bancorp†#	37,162		60,202
Pacific Continental Corp.	14,642		162,380
PacWest Bancorp.#	21,213		442,079
Park National Corp.#	9,323		603,198
Peapack Gladstone Financial Corp.	6,938		92,275
Penns Woods Bancorp, Inc.	3,051		90,249
Peoples Bancorp, Inc.#	8,324		126,275
Peoples Financial Corp.#	3,012		40,090
Pinnacle Financial Partners, Inc.†#	26,214		358,345
Porter Bancorp, Inc.	2,236		31,751
Premierwest Bancorp†#	74,181		48,959
PrivateBancorp, Inc.#	42,175		558,819
Prosperity Bancshares, Inc.	36,703		1,322,776
Renasant Corp.#	16,775		240,721
Republic Bancorp, Inc., Class A	7,465		172,815
Republic First Bancorp, Inc.†#	5,708		16,953
S&T Bancorp, Inc.#	18,734		404,092
S.Y. Bancorp, Inc.#	9,111		213,562
Sandy Spring Bancorp, Inc.#	19,170		296,752
Santander Bancorp†#	3,452		38,490
SCBT Financial Corp.#	10,063		360,155
Shore Bancshares, Inc.#	6,691		85,712
Sierra Bancorp#	6,984		86,462
Signature Bank†	32,314		1,222,762
Simmons First National Corp., Class A	13,291		350,351
Smithtown Bancorp, Inc.#	11,669		31,506
Southside Bancshares, Inc.#	11,006		222,872
Southwest Bancorp, Inc.	15,431		238,563

188

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
Banks - Commercial (continued)
State Bancorp, Inc.	13,001	$	119,609
StellarOne Corp.#	18,071		248,657
Sterling Bancorp	21,287		203,717
Sterling Bancshares, Inc.#	81,644		436,795
Sterling Financial Corp.†#	41,714		35,457
Suffolk Bancorp#	7,641		240,844
Sun Bancorp, Inc.†#	10,795		51,384
Susquehanna Bancshares, Inc.#	103,168		904,783
SVB Financial Group†#	32,645		1,464,455
Texas Capital Bancshares, Inc.†#	28,351		517,973
The South Financial Group, Inc.#	171,448		46,668
Tompkins Financial Corp.#	7,227		287,779
Tower Bancorp, Inc.#	3,794		89,387
Townebank Portsmouth VA#	18,520		269,836
TriCo Bancshares#	11,081		202,671
Trustco Bank Corp. NY#	60,674		377,999
Trustmark Corp.#	50,674		1,133,577
UMB Financial Corp.	25,635		998,483
Umpqua Holdings Corp.#	91,157		1,144,932
Union First Market Bankshares Corp.#	20,641		321,587
United Bankshares, Inc.	30,398		818,314
United Community Banks, Inc.†	65,331		302,809
United Security Bancshares, Inc.#	4,791		67,457
Univest Corp. of Pennsylvania#	13,089		252,094
Washington Banking Co.	12,178		159,897
Washington Trust Bancorp, Inc.#	11,150		203,488
Webster Financial Corp.#	54,231		1,038,524
WesBanco, Inc.	18,315		344,688
West Bancorp, Inc.†#	12,399		98,944
Westamerica Bancorporation#	23,237		1,293,604
Western Alliance Bancorp†	36,497		293,801
Wilber Corp.#	4,623		30,003
Wilshire Bancorp, Inc.#	15,337		156,131
Wintrust Financial Corp.#	23,996		855,697
Yadkin Valley Financial Corp.#	12,840		56,239
			50,972,562
Banks - Fiduciary — 0.1%
Boston Private Financial Holdings, Inc.#	53,967		395,038
Batteries/Battery Systems — 0.1%
Advanced Battery Technologies, Inc.†	44,187		144,933
China BAK Battery, Inc.†#	33,051		63,789
EnerSys†#	32,118		722,655
Ultralife Corp.†#	9,612		44,215
Valence Technology, Inc.†#	39,967		37,569
			1,013,161
Beverages - Non-alcoholic — 0.1%
Coca - Cola Bottling Co.#	3,347		166,547
Heckmann Corp.†	70,642		377,228
National Beverage Corp.#	8,642		103,186
			646,961
Brewery — 0.1%
Boston Beer Co., Inc., Class A†	7,003		462,548
Broadcast Services/Program — 0.2%
Acacia Research - Acacia Technologies†	26,883		404,589
CKX, Inc.†	46,246		245,104
Crown Media Holdings, Inc., Class A†#	8,675		15,268
DG FastChannel, Inc.†	19,676		835,640
Fisher Communications, Inc.†	4,625		67,062
World Wrestling Entertainment, Inc.	17,404		288,384
			1,856,047

Security Description	Shares	Value (Note 2)
Building & Construction Products - Misc. — 0.5%
Broadwind Energy, Inc.†#	27,604	$	61,005
Builders FirstSource, Inc.†	33,726		113,657
Drew Industries, Inc.†	14,616		320,675
Gibraltar Industries, Inc.†	21,483		281,857
Interline Brands, Inc.†	25,833		514,335
Louisiana - Pacific Corp.†#	99,942		849,507
NCI Building Systems, Inc.†#	14,354		165,358
Quanex Building Products Corp.	29,974		597,382
Simpson Manufacturing Co., Inc.#	30,340		886,535
Trex Co., Inc.†	12,264		278,883
			4,069,194
Building & Construction - Misc. — 0.2%
Dycom Industries, Inc.†	31,045		306,725
Insituform Technologies, Inc., Class A†#	30,914		632,500
Layne Christensen Co.†	15,484		387,255
MYR Group, Inc.†	13,715		226,160
			1,552,640
Building Products - Air & Heating — 0.1%
AAON, Inc.#	9,932		245,122
Comfort Systems USA, Inc.	30,788		339,284
			584,406
Building Products - Cement — 0.1%
Texas Industries, Inc.#	18,789		682,041
Building Products - Doors & Windows — 0.0%
Apogee Enterprises, Inc.#	22,218		303,498
Building Products - Light Fixtures — 0.0%
LSI Industries, Inc.	14,956		87,343
Building Products - Wood — 0.1%
Universal Forest Products, Inc.	15,268		565,679
Building - Heavy Construction — 0.2%
Granite Construction, Inc.#	27,277		808,763
Orion Marine Group, Inc.†	21,302		323,790
Sterling Construction Co., Inc.†#	12,775		210,021
Tutor Perini Corp.†#	20,508		457,329
			1,799,903
Building - Maintance & Services — 0.2%
ABM Industries, Inc.#	36,585		785,480
Integrated Electrical Services, Inc.†#	4,491		22,365
Rollins, Inc.	34,905		742,080
			1,549,925
Building - Mobile Home/Manufactured Housing — 0.1%
Cavco Industries, Inc.†#	5,180		189,122
Skyline Corp.#	5,430		102,627
Winnebago Industries, Inc.†#	23,147		280,773
			572,522
Building - Residential/Commercial — 0.3%
Amrep Corp.†#	1,012		13,601
Beazer Homes USA, Inc.†	59,457		295,501
Brookfield Homes Corp.†	8,094		82,235
China Housing & Land Development, Inc.†#	21,873		64,525
Hovnanian Enterprises, Inc., Class A†#	41,279		255,517
M/I Homes, Inc.†	14,635		173,279
Meritage Homes Corp.†#	24,942		533,260
Ryland Group, Inc.	34,265		637,329
Standard Pacific Corp.†#	84,470		426,574
			2,481,821

189

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
Cable TV — 0.0%
Mediacom Communications Corp., Class A†	31,260	$	166,616
Outdoor Channel Holdings, Inc.†#	11,576		68,877
			235,493
Cable/Satellite TV — 0.0%
LodgeNet Interactive Corp.†#	17,929		95,382
Casino Hotels — 0.1%
Ameristar Casinos, Inc.#	20,378		367,211
Monarch Casino & Resort, Inc.†#	7,110		82,334
			449,545
Casino Services — 0.3%
Bally Technologies, Inc.†	43,356		1,842,630
Shuffle Master, Inc.†	42,700		354,410
			2,197,040
Cellular Telecom — 0.1%
Syniverse Holdings, Inc.†	54,492		1,078,397
Chemicals - Diversified — 0.6%
Aceto Corp.	19,718		123,435
Innophos Holdings, Inc.	13,714		391,397
Innospec, Inc.†	18,814		234,046
Olin Corp.	62,030		1,189,115
Rockwood Holdings, Inc.†#	39,216		1,017,263
ShengdaTech, Inc.†	22,393		132,119
Solutia, Inc.†	94,754		1,435,523
Westlake Chemical Corp.	15,533		329,455
			4,852,353
Chemicals - Fibers — 0.0%
Zoltek Cos., Inc.†	22,103		211,526
Chemicals - Other — 0.0%
American Vanguard Corp.#	15,559		124,005
Chemicals - Plastics — 0.2%
A. Schulman, Inc.	22,654		503,485
Landec Corp.†	20,888		129,297
PolyOne Corp.†	73,546		734,724
Spartech Corp.†	24,329		323,819
			1,691,325
Chemicals - Specialty — 1.2%
Arch Chemicals, Inc.#	19,934		682,939
Balchem Corp.	21,893		531,781
Ferro Corp.†	68,494		617,131
H.B. Fuller Co.	38,676		824,959
Hawkins, Inc.#	6,938		186,632
Kraton Performance Polymers, Inc.†	8,901		182,470
Minerals Technologies, Inc.#	14,906		796,726
NewMarket Corp.#	8,012		824,915
OM Group, Inc.†	24,331		726,280
Omnova Solutions, Inc.†	34,893		280,191
Quaker Chemical Corp.	8,754		241,873
Sensient Technologies Corp.	38,778		1,073,763
Stepan Co.#	5,844		421,528
Symyx Technologies, Inc.†#	27,127		173,613
WR Grace & Co.†	57,443		1,472,264
Zep, Inc.	17,157		313,630
			9,350,695
Circuit Boards — 0.2%
DDi Corp.	11,407		100,382
Multi - Fineline Electronix, Inc.†	7,823		206,762
Park Electrochemical Corp.	16,296		421,740

Security Description	Shares	Value (Note 2)
Circuit Boards (continued)
TTM Technologies, Inc.†#	63,711	$	737,136
			1,466,020
Coal — 0.3%
Cloud Peak Energy, Inc.†	24,350		359,406
International Coal Group, Inc.†#	94,582		409,540
James River Coal Co.†#	21,977		352,511
Patriot Coal Corp.†#	58,812		980,396
Westmoreland Coal Co.†#	8,143		84,443
			2,186,296
Coffee — 0.1%
Farmer Brothers Co.#	5,323		93,099
Peet’s Coffee & Tea, Inc.†#	9,067		352,253
			445,352
Collectibles — 0.0%
RC2 Corp.†	16,997		316,144
Commercial Services — 1.0%
Arbitron, Inc.#	21,080		642,097
CoStar Group, Inc.†#	15,821		645,022
CPI Corp.	3,992		112,055
DynCorp International, Inc., Class A†	19,693		336,947
ExlService Holdings, Inc.†	11,880		197,446
Healthcare Services Group, Inc.	32,320		649,955
HMS Holdings Corp.†	20,589		1,117,159
Live Nation Entertainment, Inc.†#	110,757		1,354,558
Mac - Gray Corp.#	9,121		108,175
Medifast, Inc.†#	10,326		323,927
National Research Corp.#	1,320		31,680
PHH Corp.†	43,297		954,699
Pre - Paid Legal Services, Inc.†#	5,395		249,896
Standard Parking Corp.†	5,956		92,378
StarTek, Inc.†#	9,480		42,660
Steiner Leisure, Ltd.†	11,593		481,110
Team, Inc.†	14,995		225,525
TeleTech Holdings, Inc.†	25,836		334,059
The Providence Service Corp.†#	8,401		137,692
			8,037,040
Commercial Services - Finance — 0.8%
Advance America Cash Advance Centers, Inc.	36,513		176,358
Cardtronics, Inc.†	10,644		137,840
CBIZ, Inc.†#	34,886		230,248
Coinstar, Inc.†#	25,248		1,354,808
Deluxe Corp.	40,684		873,485
Dollar Financial Corp.†	19,175		387,335
Euronet Worldwide, Inc.†	38,724		509,220
Global Cash Access Holdings, Inc.†	28,211		225,406
Heartland Payment Systems, Inc.#	29,820		489,943
Jackson Hewitt Tax Service, Inc.†#	22,920		43,548
Net 1 UEPS Technologies, Inc.†	24,729		354,119
QC Holdings, Inc.#	2,725		9,946
Rewards Network, Inc.#	5,087		54,431
TNS, Inc.†	20,058		385,715
Tree.com, Inc.†#	5,096		35,774
Wright Express Corp.†	30,533		958,736
			6,226,912
Communications Software — 0.1%
Digi International, Inc.†#	19,600		181,104
DivX, Inc.†	25,808		186,334
Seachange International, Inc.†	25,338		211,572
Smith Micro Software, Inc.†	24,013		236,528

190

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
Communications Software (continued)
SolarWinds, Inc.†	10,228	$	193,923
			1,009,461
Computer Aided Design — 0.2%
Parametric Technology Corp.†	92,243		1,520,165
Computer Data Security — 0.0%
Fortinet, Inc.†	9,944		162,286
Computer Graphics — 0.0%
Monotype Imaging Holdings, Inc.†	17,247		170,228
Trident Microsystems, Inc.†#	50,093		84,657
			254,885
Computer Services — 0.8%
3PAR, Inc.†#	21,864		232,414
CACI International, Inc., Class A†	23,850		1,102,824
CIBER, Inc.†	54,695		162,991
Computer Task Group, Inc.†#	11,899		91,979
Dynamics Research Corp.†#	6,873		73,473
eLoyalty Corp.†	5,203		34,756
Furmanite Corp.†#	29,139		142,781
iGate Corp.	18,077		211,139
Insight Enterprises, Inc.†#	36,498		530,681
LivePerson, Inc.†#	35,117		226,856
Manhattan Associates, Inc.†	18,340		530,943
Ness Technologies, Inc.†	30,807		160,813
SRA International, Inc.†	33,176		715,606
SYKES Enterprises, Inc.†	30,074		519,077
Syntel, Inc.#	10,244		342,560
Tier Technologies, Inc., Class B†	12,975		101,984
Unisys Corp.†	33,656		780,819
Virtusa Corp.†	10,499		90,711
			6,052,407
Computer Software — 0.2%
Accelrys, Inc.†	21,700		149,079
Avid Technology, Inc.†#	22,454		302,680
Blackbaud, Inc.	34,883		786,612
Double - Take Software, Inc.†	13,640		141,720
Global Defense Technology & Systems, Inc.†	3,661		52,608
Phoenix Technologies, Ltd.†#	27,869		82,771
			1,515,470
Computers — 0.1%
Palm, Inc.†	131,611		750,183
PAR Technology Corp.†#	6,469		43,795
Silicon Graphics International Corp.†#	23,780		194,045
			988,023
Computers - Integrated Systems — 0.7%
3D Systems Corp.†	14,093		193,920
Agilysys, Inc.	12,146		81,864
Cray, Inc.†	27,220		129,567
Echelon Corp.†#	25,828		219,796
Integral Systems, Inc.†	13,771		94,194
Jack Henry & Associates, Inc.#	66,705		1,603,588
Maxwell Technologies, Inc.†#	17,861		211,653
Mercury Computer Systems, Inc.†	18,031		211,864
MTS Systems Corp.	13,337		390,107
NCI, Inc.†	5,171		113,452
Netscout Systems, Inc.†	19,598		265,161
Radiant Systems, Inc.†	21,850		302,841
Radisys Corp.†	18,578		174,262
Riverbed Technology, Inc.†#	43,570		1,164,626
Stratasys, Inc.†	16,099		374,463

Security Description	Shares	Value (Note 2)
Computers - Integrated Systems (continued)
Super Micro Computer, Inc.†	19,240	$	264,550
			5,795,908
Computers - Memory Devices — 0.2%
Imation Corp.†	23,643		243,050
Isilon Systems, Inc.†	20,569		280,972
Netezza Corp†#	37,533		489,055
Quantum Corp.†	167,331		393,228
Smart Modular Technologies WWH, Inc.†	29,197		179,270
STEC, Inc.†	19,668		237,589
			1,823,164
Computers - Periphery Equipment — 0.2%
Compellent Technologies, Inc.†#	13,388		172,169
Electronics for Imaging, Inc.†	35,155		391,627
Immersion Corp.†	22,255		118,174
Rimage Corp.†	7,454		122,395
Synaptics, Inc.†#	27,308		817,055
			1,621,420
Consulting Services — 0.9%
CRA International, Inc.†#	8,674		192,736
Diamond Management & Technology Consultants, Inc.	18,991		188,581
Forrester Research, Inc.†	12,427		389,835
Franklin Covey Co.†#	10,151		70,346
Gartner, Inc.†	53,499		1,324,100
Hill International, Inc.†	19,788		93,399
Huron Consulting Group, Inc.†	17,134		401,278
ICF International, Inc.†	8,847		198,438
Information Services Group, Inc.†	18,892		48,364
MAXIMUS, Inc.#	13,929		834,347
Navigant Consulting, Inc.†#	39,723		481,443
The Advisory Board Co.†	12,333		457,801
The Corporate Executive Board Co.#	27,132		878,806
The Hackett Group, Inc.†	32,926		111,290
Towers Watson & Co., Class A	33,938		1,561,148
			7,231,912
Consumer Products - Misc. — 0.6%
American Greetings Corp., Class A#	31,378		739,893
Blyth, Inc.	4,694		233,010
Central Garden and Pet Co., Class A†	46,850		443,201
CSS Industries, Inc.	5,971		112,792
Helen of Troy, Ltd.†#	23,748		611,748
Oil - Dri Corp. of America#	4,092		80,408
Prestige Brands Holdings, Inc.†	26,951		208,062
Tupperware Brands Corp.	49,848		2,118,042
WD - 40 Co.	13,136		428,759
			4,975,915
Containers - Metal/Glass — 0.2%
BWAY Holding Co.†#	5,999		119,740
Silgan Holdings, Inc.#	42,557		1,214,151
			1,333,891
Containers - Paper/Plastic — 0.3%
AEP Industries, Inc.†#	4,260		107,096
Graham Packaging Co., Inc.†	13,267		166,236
Graphic Packaging Holding Co.†#	88,907		280,946
Rock - Tenn Co., Class A	30,529		1,571,022
			2,125,300
Cosmetics & Toiletries — 0.1%
Elizabeth Arden, Inc.†	19,245		327,165
Inter Parfums, Inc.	11,318		176,900

191

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
Cosmetics & Toiletries (continued)
Revlon, Inc., Class A†	15,504	$	214,731
			718,796
Data Processing/Management — 0.6%
Acxiom Corp.†#	54,034		940,732
Bowne & Co., Inc.	30,474		337,347
CommVault Systems, Inc.†	33,131		746,773
CSG Systems International, Inc.†	27,959		573,719
Fair Isaac Corp.#	36,348		843,274
FalconStor Software, Inc.†#	27,364		76,893
Infogroup, Inc.†#	27,189		215,201
Innodata Isogen, Inc.†	17,907		49,423
MoneyGram International, Inc.†#	65,695		172,778
Pegasystems, Inc.#	11,950		357,424
Schawk, Inc.	11,938		202,110
			4,515,674
Decision Support Software — 0.1%
DemandTec, Inc.†#	17,049		104,169
GSE Systems, Inc.†	15,061		73,950
Interactive Intelligence, Inc.†#	10,041		180,035
QAD, Inc.	9,988		47,843
			405,997
Dental Supplies & Equipment — 0.1%
Align Technology, Inc.†#	46,401		692,303
Sirona Dental Systems, Inc.†	13,493		477,382
			1,169,685
Diagnostic Equipment — 0.3%
Affymetrix, Inc.†#	56,276		368,608
Cepheid, Inc.†#	46,118		824,590
Hansen Medical, Inc.†#	29,021		63,266
Immucor, Inc.†	56,072		1,101,254
			2,357,718
Diagnostic Kits — 0.1%
Meridian Bioscience, Inc.#	32,254		563,800
OraSure Technologies, Inc.†	36,515		165,048
Quidel Corp.†#	20,506		239,920
			968,768
Direct Marketing — 0.1%
APAC Customer Services, Inc.†	20,238		130,940
Harte - Hanks, Inc.	30,108		411,275
			542,215
Disposable Medical Products — 0.1%
ICU Medical, Inc.†	9,597		305,377
Medical Action Industries, Inc.†	11,240		127,911
Merit Medical Systems, Inc.†	22,227		339,851
Rochester Medical Corp.†#	7,971		82,978
Utah Medical Products, Inc.#	2,558		67,608
			923,725
Distribution/Wholesale — 1.2%
Beacon Roofing Supply, Inc.†	35,882		753,522
BlueLinx Holdings, Inc.†#	9,231		34,247
BMP Sunstone Corp.†#	25,772		128,087
Brightpoint, Inc.†	34,125		253,549
Chindex International, Inc.†#	10,599		115,105
Core - Mark Holding Co., Inc.†	7,729		209,301
Fossil, Inc.†	37,338		1,400,175
Houston Wire & Cable Co.#	14,048		161,130
MWI Veterinary Supply, Inc.†	8,575		420,261

Security Description	Shares	Value (Note 2)
Distribution/Wholesale (continued)
Owens & Minor, Inc.	49,734	$	1,485,555
Pool Corp.	38,503		923,687
Rentrak Corp.†	7,519		177,148
Scansource, Inc.†	21,117		544,396
School Specialty, Inc.†#	14,958		321,447
Titan Machinery ,Inc.†#	10,309		133,605
United Stationers, Inc.†	18,873		1,102,561
Watsco, Inc.#	21,166		1,239,269
			9,403,045
Diversified Financial Services — 0.0%
Doral Financial Corp.†#	5,356		17,139
Diversified Manufacturing Operations — 1.2%
Actuant Corp., Class A#	53,896		1,089,777
Acuity Brands, Inc.#	34,299		1,410,718
Ameron International Corp.#	7,327		474,863
AO Smith Corp.	17,472		814,545
AZZ, Inc.#	9,667		356,906
Barnes Group, Inc.#	37,066		693,875
Blount International, Inc.†	30,516		325,606
Chase Corp.#	4,842		56,603
Colfax Corp.†#	18,850		224,880
EnPro Industries, Inc.†#	15,892		501,869
ESCO Technologies, Inc.	20,864		546,011
Federal Signal Corp.	49,553		337,456
GP Strategies Corp.†#	12,547		91,468
Griffon Corp.†	34,585		419,862
Koppers Holdings, Inc.	16,267		440,673
LSB Industries, Inc.†#	13,729		224,469
Matthews International Corp., Class A	24,226		784,438
Raven Industries, Inc.	12,746		451,463
Standex International Corp.	9,836		255,834
Tredegar Corp.	23,527		387,725
			9,889,041
Diversified Minerals — 0.1%
AMCOL International Corp.#	18,751		505,527
General Moly, Inc.†#	50,706		190,655
United States Lime & Minerals, Inc.†#	1,456		56,784
			752,966
Diversified Operations — 0.0%
Harbinger Group, Inc.†#	7,196		46,774
Primoris Services Corp.	8,837		60,533
Resource America, Inc., Class A#	9,819		38,491
			145,798
Diversified Operations/Commercial Services — 0.2%
Chemed Corp.	17,977		1,023,071
Compass Diversified Holdings	25,111		362,101
Viad Corp.	16,389		379,569
Volt Information Sciences, Inc.†	9,623		96,807
			1,861,548
Drug Delivery Systems — 0.2%
Alkermes, Inc.†	75,231		854,248
BioDelivery Sciences International, Inc.†#	9,371		27,269
Depomed, Inc.†#	40,770		139,026
Matrixx Initiatives, Inc.†#	7,528		35,683
Nektar Therapeutics†#	73,677		901,070
			1,957,296
E-Commerce/Products — 0.4%
1 - 800 - FLOWERS.COM, Inc., Class A†	20,865		55,710

192

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
E - Commerce/Products (continued)
Blue Nile, Inc.†#	10,076	$	472,564
Drugstore.com, Inc.†	73,263		251,292
MercadoLibre, Inc.†#	20,560		1,066,447
NutriSystem, Inc.#	24,446		543,924
Overstock.com, Inc.†#	12,477		280,733
Shutterfly, Inc.†	17,548		405,359
Stamps.com, Inc.†	7,632		79,983
US Auto Parts Network, Inc.†#	7,840		63,974
Vitacost.com, Inc.†#	8,753		89,893
			3,309,879
E - Commerce/Services — 0.2%
Ancestry.com, Inc.†	6,143		103,632
ePlus, Inc.†#	2,935		51,362
Global Sources, Ltd.†#	12,871		97,305
Internet Brands Inc., Class A†#	21,817		226,679
Move, Inc.†#	122,764		257,804
OpenTable, Inc.†	2,517		104,028
Orbitz Worldwide, Inc.†	29,000		153,700
United Online, Inc.	66,535		453,436
			1,447,946
E - Marketing/Info — 0.3%
comScore, Inc.†	17,157		263,875
Constant Contact, Inc.†#	19,074		409,328
Digital River, Inc.†	30,390		836,941
Liquidity Services, Inc.†	11,950		158,457
QuinStreet, Inc.†	7,961		110,578
ValueClick, Inc.†	64,737		752,891
			2,532,070
E - Services/Consulting — 0.3%
GSI Commerce, Inc.†#	24,137		679,698
Keynote Systems, Inc.	9,798		97,098
Perficient, Inc.†	21,269		226,940
Saba Software, Inc.†#	19,569		100,780
Sapient Corp.	70,717		717,778
Websense, Inc.†	35,243		737,284
			2,559,578
Educational Software — 0.2%
Blackboard, Inc.†#	26,520		1,061,861
Renaissance Learning, Inc.#	5,166		80,745
Rosetta Stone, Inc.†	4,981		130,751
			1,273,357
Electric Products - Misc. — 0.3%
GrafTech International, Ltd.†#	95,732		1,590,108
Graham Corp.	8,040		134,188
Harbin Electric, Inc.†#	12,662		251,214
Littelfuse, Inc.†	17,292		625,106
NIVS IntelliMedia Technology Group, Inc.†#	7,676		20,034
SmartHeat, Inc.†#	7,149		44,610
			2,665,260
Electric - Distribution — 0.0%
EnerNOC, Inc.†#	11,169		313,849
Electric - Integrated — 1.6%
Allete, Inc.	23,345		805,869
Avista Corp.	43,499		839,531
Black Hills Corp.#	30,885		886,091
Central Vermont Public Service Corp.#	9,276		186,262
CH Energy Group, Inc.	12,566		488,692
Cleco Corp.	48,083		1,272,757

Security Description	Shares	Value (Note 2)
Electric - Integrated (continued)
El Paso Electric Co.†	35,765	$	708,862
IDACORP, Inc.	37,530		1,240,366
MGE Energy, Inc.#	18,378		649,111
NorthWestern Corp.	28,608		753,535
Otter Tail Corp.#	28,233		558,731
Pike Electric Corp.†	13,201		130,294
PNM Resources, Inc.	68,954		850,892
Portland General Electric Co.	59,809		1,130,988
The Empire District Electric Co.#	30,490		556,138
U S Geothermal, Inc.†#	62,608		52,591
UIL Holdings Corp.	23,347		590,212
Unisource Energy Corp.#	28,348		875,386
Unitil Corp.#	8,369		174,410
			12,750,718
Electronic Components - Misc. — 0.5%
Bel Fuse, Inc., Class B	8,187		144,255
Benchmark Electronics, Inc.†	51,963		960,276
CTS Corp.	26,865		282,889
Daktronics, Inc.#	26,667		224,536
LaBarge, Inc.†	10,039		119,866
Methode Electronics, Inc.	30,061		305,119
Microvision, Inc.†#	70,566		188,411
NVE Corp.†	3,717		172,803
OSI Systems, Inc.†	12,391		325,512
Plexus Corp.†#	31,408		1,069,442
Rogers Corp.†	12,465		356,000
Stoneridge, Inc.†#	11,985		116,015
Technitrol, Inc.	32,628		125,618
			4,390,742
Electronic Components - Semiconductors — 1.6%
Actel Corp.†	20,801		293,502
Advanced Analogic Technologies, Inc.†	34,171		118,232
Amkor Technology, Inc.†#	86,986		592,375
Applied Micro Circuits Corp.†	52,449		578,250
Cavium Networks, Inc.†	28,856		766,993
Ceva, Inc.†	16,564		192,474
Diodes, Inc.†	26,741		528,402
DSP Group, Inc.†	18,098		122,523
Emcore Corp.†#	63,057		66,840
Entropic Communications ,Inc.†#	42,012		224,344
GSI Technology, Inc.†	14,675		86,876
IXYS Corp.†	18,851		175,691
Kopin Corp.†	53,706		192,268
Lattice Semiconductor Corp.†	91,743		455,045
Microsemi Corp.†	64,612		1,000,194
Microtune, Inc.†#	41,468		97,864
MIPS Technologies, Inc.†	35,827		177,344
Monolithic Power Systems, Inc.†	28,668		550,139
Netlogic Microsystems, Inc.†	40,871		1,175,859
OmniVision Technologies, Inc.†#	39,842		768,552
PLX Technology, Inc.†#	29,464		142,606
Rubicon Technology, Inc.†	9,986		271,420
Semtech Corp.†	48,579		855,476
Silicon Image, Inc.†	59,512		217,219
Skyworks Solutions, Inc.†#	140,537		2,238,754
Supertex, Inc.†#	8,718		237,391
Virage Logic Corp.†#	12,883		127,799
Volterra Semiconductor Corp.†#	18,958		444,565
Zoran Corp.†	41,102		397,045
			13,096,042

193

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
Electronic Design Automation — 0.1%
Cogo Group, Inc.†	18,352	$	124,243
Mentor Graphics Corp.†	84,589		776,527
			900,770
Electronic Measurement Instruments — 0.2%
Analogic Corp.	10,189		440,369
Badger Meter, Inc.#	11,792		466,609
FARO Technologies, Inc.†	13,336		318,864
Measurement Specialties, Inc.†	11,525		172,760
MEMSIC, Inc.†	12,338		33,929
RAE Systems, Inc.†#	32,320		24,935
Zygo Corp.†	11,847		95,013
			1,552,479
Electronic Security Devices — 0.1%
American Science and Engineering, Inc.	7,250		508,007
ICx Technologies, Inc.†#	9,106		60,464
Taser International, Inc.†#	49,281		220,286
			788,757
Energy - Alternate Sources — 0.2%
Ascent Solar Technologies, Inc.†#	15,045		48,896
Clean Energy Fuels Corp.†#	28,364		423,191
Comverge, Inc.†	17,020		162,371
Ener1, Inc.†#	40,593		141,264
Evergreen Energy, Inc.†#	103,809		19,827
FuelCell Energy, Inc.†#	58,098		124,911
Green Plains Renewable Energy, Inc.†	9,288		103,190
GT Solar International, Inc.†#	25,057		136,811
Headwaters, Inc.†	47,958		189,434
Syntroleum Corp.†#	50,218		102,947
			1,452,842
Engineering/R&D Services — 0.3%
Argan, Inc.†#	5,899		63,532
EMCOR Group, Inc.†	52,392		1,308,228
ENGlobal Corp.†#	14,796		39,357
Exponent, Inc.†	10,845		298,129
Michael Baker Corp.†	6,248		226,553
Mistras Group, Inc.†#	7,955		94,983
Stanley, Inc.†	9,136		337,484
VSE Corp.	3,238		124,048
			2,492,314
Engines - Internal Combustion — 0.1%
Briggs & Stratton Corp.#	39,653		818,041
Enterprise Software/Service — 1.5%
Advent Software, Inc.†	12,166		526,058
American Software, Inc., Class A	17,669		102,303
Ariba, Inc.†	69,557		1,046,833
Concur Technologies, Inc.†	31,663		1,339,345
Epicor Software Corp.†	37,596		349,643
Informatica Corp.†	73,105		1,886,109
JDA Software Group, Inc.†	26,475		707,412
Lawson Software, Inc.†	109,461		902,506
ManTech International Corp., Class A†#	17,425		805,558
MedAssets, Inc.†	31,390		712,239
MicroStrategy, Inc., Class A†	7,204		555,140
Omnicell, Inc.†#	25,140		329,334
Opnet Technologies, Inc.	10,428		167,161
Pervasive Software, Inc.†#	12,224		58,920
PROS Holdings, Inc.†#	15,176		100,313
RightNow Technologies, Inc.†	17,347		252,399
SYNNEX Corp.†#	16,153		431,770

Security Description	Shares	Value (Note 2)
Enterprise Software/Service (continued)
Taleo Corp., Class A†	31,316	$	784,466
The Ultimate Software Group, Inc.†#	20,782		710,952
Tyler Technologies, Inc.†#	24,862		403,510
			12,171,971
Entertainment Software — 0.1%
Take - Two Interactive Software, Inc.†	67,307		778,742
THQ, Inc.†	53,776		322,656
			1,101,398
Environmental Consulting & Engineering — 0.1%
Tetra Tech, Inc.†#	47,941		1,086,583
Environmental Monitoring & Detection — 0.1%
Met - Pro Corp.#	11,622		109,712
Mine Safety Appliances Co.#	21,228		580,798
			690,510
Female Health Care Products — 0.0%
The Female Health Co.#	12,637		73,800
Filtration/Separation Products — 0.3%
CLARCOR, Inc.	40,526		1,469,473
PMFG, Inc.†#	11,728		176,506
Polypore International, Inc.†	18,016		367,707
			2,013,686
Finance - Auto Loans — 0.0%
Credit Acceptance Corp.†#	4,787		228,196
Finance - Commercial — 0.0%
Newstar Financial, Inc.†	22,030		152,668
Finance - Consumer Loans — 0.3%
Encore Capital Group, Inc.†#	10,720		224,048
Nelnet, Inc., Class A	15,334		303,613
Ocwen Financial Corp.†#	45,403		552,100
Portfolio Recovery Associates, Inc.†	13,500		924,210
The First Marblehead Corp.†	49,160		137,648
World Acceptance Corp.†#	12,920		461,632
			2,603,251
Finance - Credit Card — 0.0%
CompuCredit Holdings Corp.	12,883		59,004
Finance - Investment Banker/Broker — 1.1%
Cowen Group, Inc., Class A†	17,109		81,097
Diamond Hill Investment Group, Inc.#	1,911		126,069
Duff & Phelps Corp., Class A	12,901		174,034
E*Trade Financial Corp.†	1,478,353		2,187,962
Evercore Partners, Inc., Class A#	11,524		375,682
FBR Capital Markets Corp.†	14,416		58,385
Gleacher & Co., Inc.†	43,708		172,209
International Assets Holding Corp.†	10,282		168,213
JMP Group, Inc.#	11,645		81,748
KBW, Inc.†	27,737		695,921
Knight Capital Group, Inc., Class A†	74,002		1,081,169
LaBranche & Co., Inc.†#	34,189		145,303
MF Global Holdings, Ltd.†#	77,038		593,193
Oppenheimer Holdings, Inc.#	7,521		210,062
optionsXpress Holdings, Inc.†	33,617		539,553
Penson Worldwide, Inc.†#	15,527		104,963
Piper Jaffray Cos., Inc.†	15,670		518,834
Sanders Morris Harris Group, Inc.#	16,285		86,962
Stifel Financial Corp.†#	23,925		1,212,280
SWS Group, Inc.	22,137		222,255
Thomas Weisel Partners Group, Inc.†#	16,517		113,307

194

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
Finance - Investment Banker/Broker (continued)
TradeStation Group, Inc.†	26,519	$	188,550
			9,137,751
Finance - Leasing Companies — 0.0%
California First National Bancorp#	1,460		18,513
Finance - Other Services — 0.1%
Asset Acceptance Capital Corp.†	11,901		70,335
BGC Parnters, Inc., Class A	36,852		229,588
GFI Group, Inc.	51,640		312,422
MarketAxess Holdings, Inc.	25,252		372,719
			985,064
Financial Guarantee Insurance — 0.6%
Ambac Financial Group, Inc.†#	228,746		274,495
Assured Guaranty, Ltd.	97,907		1,644,838
MGIC Investment Corp.†#	159,566		1,493,538
PMI Group, Inc.†	113,648		533,009
Primus Guaranty, Ltd.†#	13,952		54,692
Radian Group, Inc.	105,865		1,088,292
			5,088,864
Firearms & Ammunition — 0.1%
Smith & Wesson Holding Corp.†#	47,322		206,087
Sturm Ruger & Co., Inc.#	15,161		238,634
			444,721
Fisheries — 0.0%
HQ Sustainable Maritime Industries, Inc.†#	8,482		41,562
Food - Canned — 0.2%
Seneca Foods Corp., Class A†	7,442		219,241
Treehouse Foods, Inc.†	27,700		1,276,970
			1,496,211
Food - Confectionery — 0.1%
Tootsie Roll Industries, Inc.#	19,808		495,992
Food - Dairy Products — 0.0%
American Dairy, Inc.†	8,175		138,485
Lifeway Foods, Inc.†#	3,856		40,372
			178,857
Food - Misc. — 0.8%
American Italian Pasta Co., Class A†	16,681		649,058
B&G Foods, Inc.	37,911		401,856
Cal - Maine Foods, Inc.	10,775		348,787
Chiquita Brands International, Inc.†#	35,455		437,869
Diamond Foods, Inc.#	17,357		719,448
Dole Food Co., Inc.†	28,464		260,446
J & J Snack Foods Corp.	11,279		501,126
Lancaster Colony Corp.	15,277		835,041
Lance, Inc.	22,109		426,704
M&F Worldwide Corp.†#	8,542		266,254
Overhill Farms, Inc.†	12,596		77,339
Seaboard Corp.	263		375,038
Smart Balance, Inc.†	49,858		298,151
The Hain Celestial Group, Inc.†#	32,386		698,242
Zhongpin, Inc.†#	19,176		233,180
			6,528,539
Food - Retail — 0.3%
Arden Group, Inc., Class A#	948		84,420
Great Atlantic & Pacific Tea Co., Inc.†#	26,777		144,328
Ingles Markets, Inc., Class A#	10,127		153,829
Ruddick Corp.	34,218		1,129,878
Village Super Market Inc., Class A	4,951		133,083

Security Description	Shares	Value (Note 2)
Food - Retail (continued)
Weis Markets, Inc.	8,768	$	296,095
Winn - Dixie Stores, Inc.†#	43,369		485,733
			2,427,366
Food - Wholesale/Distribution — 0.3%
Calavo Growers, Inc.#	8,288		132,359
Fresh Del Monte Produce, Inc.†	32,631		652,620
Nash Finch Co.	10,204		368,467
Spartan Stores, Inc.	17,683		269,489
United Natural Foods, Inc.†	34,182		1,061,351
			2,484,286
Footwear & Related Apparel — 0.8%
CROCS, Inc.†	66,694		690,283
Deckers Outdoor Corp.†	10,440		1,510,877
Iconix Brand Group, Inc.†#	56,758		922,318
Skechers USA, Inc., Class A†	26,371		993,659
Steven Madden, Ltd.†	18,674		629,874
The Timberland Co., Class A†	32,825		630,568
Weyco Group, Inc.#	5,567		127,985
Wolverine World Wide, Inc.	39,149		1,123,576
			6,629,140
Forestry — 0.1%
Deltic Timber Corp.#	8,453		390,867
Funeral Services & Related Items — 0.1%
Stewart Enterprises, Inc., Class A#	63,993		388,438
Gambling (Non - Hotel) — 0.1%
Dover Downs Gaming & Entertainment, Inc.#	11,257		36,360
Isle of Capri Casinos, Inc.†	12,343		122,936
Lakes Entertainment, Inc.†#	14,901		26,524
Pinnacle Entertainment, Inc.†#	47,815		578,562
			764,382
Gas - Distribution — 1.2%
Chesapeake Utilities Corp.	7,431		223,450
Laclede Group, Inc.#	17,631		583,410
New Jersey Resources Corp.	33,546		1,189,205
Nicor, Inc.#	35,994		1,454,517
Northwest Natural Gas Co.	21,099		927,723
Piedmont Natural Gas, Inc.#	58,497		1,486,409
South Jersey Industries, Inc.	23,719		1,041,027
Southwest Gas Corp.	35,590		1,054,176
WGL Holdings, Inc.	39,915		1,351,123
			9,311,040
Gold Mining — 0.0%
US Gold Corp.†	63,503		250,837
Golf — 0.1%
Callaway Golf Co.#	51,314		432,064
Hazardous Waste Disposal — 0.2%
Clean Harbors, Inc.†	17,068		1,081,940
EnergySolutions, Inc.#	60,103		375,644
Heritage Crystal Clean Inc.†#	2,034		17,208
Perma - Fix Environmental Services, Inc.†#	43,002		76,114
US Ecology, Inc.	14,448		204,439
			1,755,345
Health Care Cost Containment — 0.0%
American Caresource Holding, Inc.†#	8,942		16,096
Corvel Corp.†	5,610		198,987
MedQuist, Inc.#	7,294		59,446
Transcend Services, Inc.†#	6,163		80,242
			354,771

195

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
Heart Monitors — 0.0%
Cardiac Science Corp.†#	15,915	$	17,984
HeartWare International, Inc.†	5,667		335,203
			353,187
Home Furnishings — 0.5%
American Woodmark Corp.#	8,199		201,449
Ethan Allen Interiors, Inc.	19,568		395,273
Furniture Brands International, Inc.†#	33,036		258,672
Hooker Furniture Corp.	8,575		133,513
Kimball International, Inc., Class B	25,496		179,237
La - Z - Boy, Inc.†#	40,979		486,421
Sealy Corp.†#	35,931		116,776
Stanley Furniture Co., Inc.†#	8,225		43,181
Tempur - Pedic International, Inc.†	59,620		1,979,384
			3,793,906
Hotels/Motels — 0.2%
Gaylord Entertainment Co.†	31,564		839,287
Marcus Corp.	15,974		174,915
Morgans Hotel Group Co.†	17,286		131,287
Orient - Express Hotels, Ltd., Class A†	72,157		728,064
Red Lion Hotels Corp.†#	10,590		69,788
			1,943,341
Human Resources — 0.8%
Administaff, Inc.	16,779		404,877
AMN Healthcare Services, Inc.†	25,973		216,095
Barrett Business Services, Inc.#	6,107		84,948
CDI Corp.	9,698		154,877
Cross Country Healthcare, Inc.†	24,499		208,487
Emergency Medical Services Corp., Class A†#	23,104		1,237,681
Heidrick & Struggles International, Inc.	13,501		312,548
Kelly Services, Inc., Class A†	20,833		303,954
Kenexa Corp.†	17,930		255,144
Kforce, Inc.†	22,790		308,121
Korn/Ferry International†	35,601		497,702
On Assignment, Inc.†	28,764		159,065
Resources Connection, Inc.†	35,848		578,587
SFN Group, Inc.†	41,217		315,722
Successfactors, Inc.†	36,788		818,901
Team Health Holdings, Inc.†	12,176		155,975
TrueBlue, Inc.†	34,866		463,369
			6,476,053
Identification Systems — 0.3%
Brady Corp., Class A	38,130		1,108,820
Checkpoint Systems, Inc.†#	30,944		616,095
Cogent, Inc.†	33,965		302,968
L - 1 Identity Solutions, Inc.†#	59,539		442,970
			2,470,853
Industrial Audio & Video Products — 0.0%
China Security & Surveillance Technology, Inc.†#	34,952		163,576
SRS Labs, Inc.†	9,240		83,899
			247,475
Industrial Automated/Robotic — 0.4%
Cognex Corp.#	31,568		602,633
Hurco Cos., Inc.†#	5,111		87,807
Intermec, Inc.†	49,378		545,133
iRobot Corp.†#	15,457		331,708
Nordson Corp.	26,740		1,781,686
			3,348,967

Security Description	Shares	Value (Note 2)
Instruments - Controls — 0.3%
Spectrum Control, Inc.†	10,007	$	130,091
Watts Water Technologies, Inc., Class A	23,289		754,564
Woodward Governor Co.	48,002		1,377,657
X - Rite, Inc.†#	22,865		78,884
			2,341,196
Instruments - Scientific — 0.2%
Dionex Corp.†	14,077		1,108,564
FEI Co.†	29,757		615,970
OYO Geospace Corp.†	3,203		146,153
			1,870,687
Insurance Brokers — 0.1%
Crawford & Co., Class B†#	16,550		55,608
eHealth, Inc.†#	18,582		246,026
Life Partners Holdings, Inc.#	5,848		118,246
			419,880
Insurance - Life/Health — 0.5%
American Equity Investment Life Holding Co.	46,300		435,683
CNO Financial Group, Inc.†	200,235		1,123,318
Delphi Financial Group, Inc., Class A	36,818		956,163
FBL Financial Group, Inc., Class A	10,313		251,947
Independence Holding Co.#	5,179		37,496
Kansas City Life Insurance Co.	3,365		101,892
National Western Life Insurance Co., Class A#	1,795		299,765
Presidential Life Corp.	16,550		173,610
The Phoenix Cos., Inc.†#	92,024		259,508
Universal American Corp.†	21,525		314,695
			3,954,077
Insurance - Multi - line — 0.1%
Citizens, Inc.†#	26,499		180,723
Eastern Insurance Holdings, Inc.#	6,233		68,438
Horace Mann Educators Corp.	31,181		479,252
United Fire & Casualty Co.	17,633		376,465
			1,104,878
Insurance - Property/Casualty — 1.2%
American Physicians Capital, Inc.	6,616		205,162
American Physicians Service Group, Inc.#	5,072		120,004
American Safety Insurance Holdings, Ltd.†#	6,842		109,267
AMERISAFE, Inc.†	15,014		253,737
Amtrust Financial Services, Inc.	18,089		238,232
Baldwin & Lyons, Inc., Class B#	6,485		146,366
CNA Surety Corp.†	13,384		219,765
Donegal Group, Inc., Class A	9,229		119,700
EMC Insurance Group, Inc.#	3,897		86,903
Employers Holdings, Inc.	35,030		558,729
Enstar Group, Ltd.†#	5,310		332,406
First Acceptance Corp.†#	13,379		24,216
First Mercury Financial Corp.	11,376		139,470
FPIC Insurance Group, Inc.†	7,923		216,219
Hallmark Financial Services, Inc.†	7,524		76,519
Harleysville Group, Inc.#	10,486		342,158
Infinity Property & Casualty Corp.	10,916		510,869
Meadowbrook Insurance Group, Inc.	43,156		375,026
Mercer Insurance Group, Inc.#	4,447		75,955
National Interstate Corp.#	4,862		100,011
Navigators Group, Inc.†	9,935		406,938
NYMAGIC, Inc.	3,815		77,635
PMA Capital Corp., Class A†	25,641		173,333
ProAssurance Corp.†	26,337		1,550,196
RLI Corp.#	14,866		819,414
Safety Insurance Group, Inc.	10,552		381,244

196

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
Insurance - Property/Casualty (continued)
SeaBright Insurance Holdings, Inc.	17,262	$	177,971
Selective Insurance Group, Inc.	42,048		655,949
State Auto Financial Corp.	11,391		205,949
Stewart Information Services Corp.#	13,657		144,764
Tower Group, Inc.#	35,409		775,811
United America Indemnity, Ltd. Class A†	29,199		232,424
Universal Insurance Holdings, Inc.#	10,513		49,726
			9,902,068
Insurance - Reinsurance — 0.6%
Alterra Capital Holdings, Ltd.	36,729		687,200
Argo Group International Holdings, Ltd.	24,538		741,538
Flagstone Reinsurance Holdings SA	29,358		347,012
Greenlight Capital Re, Ltd. Class A†#	22,416		544,260
Maiden Holdings, Ltd.	39,726		275,698
Montpelier Re Holdings, Ltd.	56,585		883,292
Platinum Underwriters Holdings, Ltd.	35,601		1,310,473
			4,789,473
Internet Application Software — 0.5%
Art Technology Group, Inc.†#	124,350		465,069
China Information Security Technology, Inc.†#	22,805		120,867
Cybersource Corp.†#	54,996		1,412,847
DealerTrack Holdings, Inc.†	29,894		479,201
eResearchTechnology, Inc.†	33,886		269,055
Lionbridge Technologies, Inc.†	45,682		248,053
RealNetworks, Inc.†	66,023		237,683
S1 Corp.†	42,065		257,858
Vocus, Inc.†	13,185		206,477
			3,697,110
Internet Connectivity Services — 0.1%
AboveNet, Inc.†	10,456		479,512
Cogent Communications Group, Inc.†	35,275		319,239
Internap Network Services Corp.†	40,416		206,930
PC-Tel, Inc.†	14,998		88,338
			1,094,019
Internet Content - Entertainment — 0.0%
Limelight Networks, Inc.†	26,155		113,513
Youbet.com, Inc.†#	23,863		59,419
			172,932
Internet Content - Information/News — 0.1%
Archipelago Learning, Inc.†	5,722		83,026
Dice Hloldings, Inc.†	12,529		99,230
Health Grades, Inc.†	18,922		128,291
Loopnet, Inc.†#	16,027		175,656
TechTarget, Inc.†	9,228		55,922
The Knot, Inc.†	23,920		178,921
Travelzoo, Inc.†	4,411		71,679
			792,725
Internet Financial Services — 0.0%
Online Resources Corp.†	20,221		87,153
Internet Incubators — 0.1%
Internet Capital Group, Inc.†	29,230		243,194
Moduslink Global Solutions, Inc.†	36,367		277,844
Safeguard Scientifics, Inc.†#	16,190		182,947
			703,985
Internet Infrastructure Software — 0.3%
AsiaInfo Holdings, Inc.†#	24,827		532,043
Imergent, Inc.	6,234		25,061

Security Description	Shares	Value (Note 2)
Internet Infrastructure Software (continued)
Openwave Systems, Inc.†#	66,315	$	142,577
support.com, Inc.†#	36,904		154,259
TeleCommunication Systems, Inc., Class A†#	34,827		174,483
TIBCO Software, Inc.†	132,595		1,512,909
			2,541,332
Internet Security — 0.2%
Actividentity Corp.†#	36,470		83,516
Blue Coat Systems, Inc.†#	33,125		711,194
iPass, Inc.†#	37,885		43,189
SonicWALL, Inc.†	42,829		390,172
Sourcefire, Inc.†#	18,504		381,923
Vasco Data Security International, Inc.†#	21,247		135,343
Zix Corp.†#	50,405		118,452
			1,863,789
Internet Telephone — 0.1%
j2 Global Communications, Inc.†#	35,515		821,817
Intimate Apparel — 0.2%
The Warnaco Group, Inc.†	36,449		1,552,363
Investment Companies — 1.1%
American Capital, Ltd.†	270,366		1,441,051
Ampal American Israel Class A†#	16,712		28,745
Apollo Investment Corp.	140,276		1,463,079
Ares Capital Corp.#	150,470		2,037,364
Blackrock Kelso Capital Corp#	9,966		104,643
Capital Southwest Corp.#	2,359		217,405
Fifth Street Finance Corp.	30,933		352,946
Gladstone Capital Corp.#	16,787		189,189
Gladstone Investment Corp.#	17,577		94,037
Harris & Harris Group, Inc.†#	24,562		103,652
Hercules Technology Growth Capital, Inc.	28,122		247,755
Kohlberg Capital Corp.#	14,556		70,597
Main Street Capital Corp.	7,918		115,286
MCG Capital Corp.	52,044		283,640
Medallion Financial Corp.	11,844		87,053
MVC Capital, Inc.#	17,214		221,716
NGP Capital Resources Co.	17,217		125,512
PennantPark Investment Corp.	25,123		251,858
PennyMac Mortgage Investment Trust†#	11,714		197,732
Prospect Capital Corp.	53,560		552,204
TICC Capital Corp.#	21,163		174,171
Triangle Capital Corp.#	8,384		117,208
			8,476,843
Investment Management/Advisor Services — 0.3%
Artio Global Investors, Inc.	21,993		406,651
Calamos Asset Management, Inc., Class A	15,608		171,688
Cohen & Steers, Inc.#	13,685		331,177
Epoch Holding Corp.#	10,116		119,976
GAMCO Investors, Inc., Class A#	5,677		224,980
National Financial Partners Corp.†	32,759		456,660
Pzena Investment Management, Inc., Class A	6,132		42,985
U.S. Global Investors, Inc., Class A	10,235		72,669
Virtus Investment Partners, Inc.†	4,617		105,221
Westwood Holdings Group, Inc.#	4,456		165,540
			2,097,547
Lasers - System/Components — 0.4%
Coherent, Inc.†	17,259		609,243
Cymer, Inc.†	23,635		715,432
Electro Scientific Industries, Inc.†	21,746		279,436
II-VI, Inc.†	19,814		664,165

197

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
Lasers - System/Components (continued)
Newport Corp.†	28,785	$	298,788
Rofin - Sinar Technologies, Inc.†	25,435		607,133
			3,174,197
Leisure Products — 0.2%
Brunswick Corp.#	70,213		1,226,621
Marine Products Corp.†#	7,872		56,915
Multimedia Games, Inc.†#	21,209		97,773
			1,381,309
Lighting Products & Systems — 0.1%
Orion Energy Systems ,Inc.†#	13,882		51,502
Universal Display Corp.†#	23,262		360,329
			411,831
Linen Supply & Related Items — 0.1%
G&K Services, Inc., Class A	14,719		356,053
UniFirst Corp.	11,238		505,710
			861,763
Machinery - Construction & Mining — 0.1%
Astec Industries, Inc.†#	14,410		430,427
Machinery - Electrical — 0.5%
Baldor Electric Co.#	37,062		1,331,638
Franklin Electric Co., Inc.	18,359		535,348
Regal - Beloit Corp.	30,649		1,847,828
			3,714,814
Machinery - Farming — 0.1%
Alamo Group, Inc.	5,975		138,979
Lindsay Corp.	9,796		334,729
			473,708
Machinery - General Industrial — 0.6%
Albany International Corp., Class A	21,519		404,988
Altra Holdings, Inc.†	21,225		264,888
Applied Industrial Technologies, Inc.	33,637		927,708
Chart Industries, Inc.†	22,617		416,605
DXP Enterprises, Inc.†	6,572		102,589
Flow International Corp.†#	36,244		92,785
Intevac, Inc.†	17,454		200,895
Kadant, Inc.†	9,764		190,691
Middleby Corp.†#	12,993		731,636
Robbins & Myers, Inc.	21,108		466,276
Sauer - Danfoss, Inc.†	8,933		127,921
Tennant Co.#	14,837		496,891
Twin Disc, Inc.	6,769		86,846
			4,510,719
Machinery - Material Handling — 0.1%
Cascade Corp.	7,223		240,382
Columbus McKinnon Corp.†	15,159		248,304
NACCO Industries, Inc., Class A	4,268		360,902
			849,588
Machinery - Print Trade — 0.0%
Duoyuan Printing, Inc.†#	6,482		55,097
Machinery - Pumps — 0.1%
Tecumseh Products Co., Class A†#	14,711		192,273
The Gorman - Rupp Co.	11,425		323,899
			516,172
Machinery - Thermal Process — 0.0%
Raser Technologies, Inc.†#	51,906		30,630

Security Description	Shares	Value (Note 2)
Marine Services — 0.1%
American Commercial Lines, Inc.†#	7,205	$	146,838
Great Lakes Dredge & Dock Corp.	31,851		185,532
Odyssey Marine Exploration, Inc.†#	53,153		59,000
			391,370
Medical Imaging Systems — 0.1%
IRIS International, Inc.†	14,273		148,439
MELA Sciences, Inc.†	17,711		133,541
Merge Healthcare, Inc.†	30,107		68,343
Vital Images, Inc.†	11,447		157,053
			507,376
Medical Information Systems — 0.4%
athenahealth, Inc.†#	26,662		660,151
Computer Programs & Systems, Inc.#	7,744		333,069
Eclipsys Corp.†	44,718		856,573
Medidata Solutions, Inc.†	5,772		81,097
Phase Forward, Inc.†	32,026		538,998
Quality Systems, Inc.	18,768		1,108,063
			3,577,951
Medical Instruments — 1.4%
Abaxis, Inc.†#	17,433		392,417
AGA Medical Holdings, Inc.†#	10,926		153,619
AngioDynamics, Inc.†	19,444		287,188
Bovie Medical Corp.†#	13,551		49,461
Bruker Corp.†	38,921		495,659
Cardiovascular Systems, Inc.†	7,588		36,271
Conceptus, Inc.†#	24,294		405,467
Conmed Corp.†	23,117		449,394
CryoLife, Inc.†	22,504		116,571
Delcath Systems, Inc.†#	25,759		400,295
Dexcom, Inc.†	45,105		474,956
Endologix, Inc.†#	38,434		174,490
ev3, Inc.†	59,254		1,121,086
Genomic Health, Inc.†#	11,197		167,955
Integra LifeSciences Holdings Corp.†#	14,990		590,606
Kensey Nash Corp.†#	5,818		134,396
MAKO Surgical Corp.†#	13,789		181,601
Micrus Endovascular Corp.†	12,539		216,674
Natus Medical, Inc.†	22,275		368,651
NuVasive, Inc.†#	30,911		1,213,875
Spectranetics Corp.†	25,612		152,647
Stereotaxis, Inc.†#	24,612		91,557
SurModics, Inc.†	12,266		208,645
Symmetry Medical, Inc.†	28,498		310,343
Thoratec Corp.†#	44,949		1,971,912
TranS1, Inc.†#	10,443		33,522
Vascular Solutions, Inc.†	12,882		142,861
Volcano Corp.†	38,456		853,339
Young Innovations, Inc.	4,337		105,259
			11,300,717
Medical Labs & Testing Services — 0.1%
Bio - Reference Laboratories, Inc.†#	18,825		430,528
Genoptix, Inc.†#	13,406		357,404
			787,932
Medical Laser Systems — 0.1%
Cutera, Inc.†	10,579		93,942
Cynosure, Inc. Class A†	7,782		88,014
LCA - Vision, Inc.†	13,105		98,287
Palomar Medical Technologies, Inc.†#	14,362		154,679
			434,922

198

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
Medical Products — 1.3%
ABIOMED, Inc.†#	24,502	$	238,895
Accuray, Inc.†#	31,557		192,498
Alphatec Holdings, Inc.†	31,134		165,944
American Medical Systems Holdings, Inc.†#	58,757		1,325,558
Atrion Corp.	1,199		163,484
ATS Medical, Inc.†#	41,229		163,267
Cantel Medical Corp.	9,959		170,697
Cyberonics, Inc.†	21,761		382,123
EnteroMedics, Inc.†#	17,922		6,445
Exactech, Inc.†	6,473		112,177
Greatbatch, Inc.†	18,457		389,074
Haemonetics Corp.†	20,401		1,100,430
Hanger Orthopedic Group, Inc.†	20,095		342,620
Invacare Corp.	22,998		549,422
Luminex Corp.†#	32,967		564,725
Metabolix, Inc.†#	17,801		258,115
NxStage Medical, Inc.†#	18,316		256,241
Orthofix International N.V.†#	13,615		434,182
Orthovita, Inc.†#	52,633		163,425
PSS World Medical, Inc.†#	47,263		1,082,795
Rockwell Medical Technologies, Inc.†#	13,581		75,103
Synovis Life Technologies, Inc.†	9,180		133,844
TomoTherapy, Inc.†	36,694		115,586
West Pharmaceutical Services, Inc.#	26,078		1,026,169
Wright Medical Group, Inc.†#	30,274		497,402
Zoll Medical Corp.†	16,785		487,604
			10,397,825
Medical Sterilization Products — 0.2%
STERIS Corp.#	46,537		1,481,273
Medical - Biomedical/Gene — 2.5%
Acorda Therapeutics, Inc.†#	30,260		1,040,339
Affymax, Inc.†#	13,855		304,810
Alnylam Pharmaceuticals, Inc.†	28,676		453,081
AMAG Pharmaceuticals, Inc.†	16,707		531,951
American Oriental Bioengineering, Inc.†#	49,112		152,247
Arena Pharmaceuticals, Inc.†#	80,502		247,946
ARIAD Pharmaceuticals, Inc.†#	86,617		332,609
Arqule, Inc.†	32,954		201,349
ARYx Therapeutics, Inc.†#	16,560		9,770
BioCryst Pharmaceuticals, Inc.†	19,505		138,095
BioMimetic Therapeutics, Inc.†#	10,858		132,250
Cambrex Corp.†	23,262		97,003
Cardium Therapeutics, Inc.†#	51,377		25,997
Celera Corp.†	65,132		460,483
Cell Therapeutics, Inc.†#	524,375		188,828
Celldex Therapeutics, Inc.†#	19,932		133,744
Chelsea Therapeutics International, Inc.†	25,153		81,747
China - Biotics, Inc.†#	7,603		108,875
Clinical Data, Inc.†	10,607		174,697
Cubist Pharmaceuticals, Inc.†#	45,876		986,334
Curis, Inc.†#	58,727		184,990
Cytokinetics, Inc.†#	34,787		101,578
Discovery Laboratories, Inc.†#	125,829		54,283
Emergent Biosolutions, Inc.†	12,984		204,498
Enzo Biochem, Inc.†#	26,226		139,260
Enzon Pharmaceuticals, Inc.†#	47,331		506,442
Exelixis, Inc.†	84,739		438,948
Geron Corp.†#	77,580		409,622
GTx, Inc.†#	15,191		30,838
Halozyme Therapeutics, Inc.†#	53,853		394,743
Harvard Bioscience, Inc.†#	19,533		71,296
Human Genome Sciences, Inc.†	145,548		3,603,769
Idera Pharmaceuticals, Inc.†	17,212		64,717

Security Description	Shares	Value (Note 2)
Medical - Biomedical/Gene (continued)
Immunogen, Inc.†#	53,944	$	477,944
Immunomedics, Inc.†#	51,978		180,883
Incyte Corp., Ltd.†	69,263		892,800
Insmed, Inc.†	99,485		80,583
InterMune, Inc.†	35,420		320,197
Lexicon Pharmaceuticals, Inc.†#	127,505		187,432
Ligand Pharmaceuticals, Inc. Class B†	90,195		138,900
Martek Biosciences Corp.†#	26,393		490,646
Maxygen, Inc.†#	17,117		105,954
Micromet, Inc.†#	53,649		326,722
Molecular Insight Pharmaceuticals, Inc.†#	13,500		18,630
Momenta Pharmaceuticals, Inc.†	31,240		414,555
Nanosphere, Inc.†	10,190		55,943
Novavax, Inc.†#	57,033		137,450
Omeros Corp.†	5,435		32,175
OncoGenex Pharmaceutical, Inc.†#	3,464		51,995
PDL BioPharma, Inc.#	95,103		510,703
Protalix BioTherapeutics, Inc.†#	29,246		177,523
Regeneron Pharmaceuticals, Inc.†	50,177		1,433,557
Repligen Corp.†#	24,433		86,737
RTI Biologics, Inc.†#	43,187		153,746
Sangamo Biosciences, Inc.†#	35,239		160,338
Seattle Genetics, Inc.†#	66,241		876,368
Sequenom, Inc.†#	48,666		298,323
StemCells, Inc.†#	94,213		96,097
SuperGen, Inc.†#	47,035		113,354
The Medicines Co.†	41,981		352,850
Vical, Inc.†	36,803		122,554
Zymogenetics, Inc.†	36,845		171,329
			20,473,427
Medical - Drugs — 1.4%
Adolor Corp.†	36,884		59,752
Akorn, Inc.†#	44,892		129,738
Amicus Therapeutics, Inc.†	14,695		43,938
Ardea Biosciences, Inc.†#	14,351		359,206
Array Biopharma, Inc.†	42,276		161,494
Auxilium Pharmaceuticals, Inc.†#	36,814		1,059,507
Biodel, Inc.†#	12,105		59,557
BioSpecifics Technologies Corp.†	3,034		73,453
Cadence Pharmaceuticals, Inc.†#	19,581		155,277
China Sky One Med, Inc.†#	8,300		105,078
Cumberland Pharmaceuticals, Inc.†#	6,433		44,774
Cytori Therapeutics, Inc.†#	23,266		108,187
Durect Corp.†#	69,057		175,405
Hi - Tech Pharmacal Co., Inc.†	6,838		157,137
Idenix Pharmaceuticals, Inc.†	27,258		106,579
Infinity Pharmaceuticals, Inc.†	14,262		100,262
Javelin Pharmaceuticals. Inc.†	43,193		72,996
K - V Pharmaceutical Co., Class A†#	29,661		39,746
Lannett Co., Inc.†#	8,040		40,120
MAP Pharmaceuticals, Inc.†#	7,189		107,260
Medicis Pharmaceutical Corp., Class A#	46,845		1,086,336
Medivation, Inc.†	22,847		267,767
Myriad Pharmaceuticals, Inc.†#	19,006		76,404
NeurogesX, Inc.†#	8,223		64,468
Opko Health, Inc.†	34,796		68,896
Optimer Pharmaceuticals, Inc.†#	26,342		281,069
Orexigen Therapeutics, Inc.†#	21,143		115,018
OXiGENE, Inc.†#	32,718		26,377
Pain Therapeutics, Inc.†#	27,657		161,517
Pharmasset, Inc.†#	20,096		592,028
PharMerica Corp.†	24,270		398,028
Poniard Pharmaceuticals, Inc.†	22,242		24,021

199

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
Medical - Drugs (continued)
Pozen, Inc.†#	20,813	$	159,844
Progenics Pharmaceuticals, Inc.†#	21,287		108,138
Repros Therapeutics, Inc.†#	15,732		8,974
Rigel Pharmaceuticals, Inc.†#	39,651		258,525
Salix Pharmaceuticals, Ltd.†	44,194		1,587,890
Santarus, Inc.†#	41,262		119,247
Savient Pharmaceuticals, Inc.†#	53,020		638,361
SciClone Pharmaceuticals, Inc.†#	28,441		98,690
SIGA Technologies, Inc.†#	24,233		168,419
Sucampo Pharmaceuticals, Inc. Class A†#	8,560		32,785
Synta Pharmaceuticals Corp.†#	15,533		48,618
Vanda Pharmaceuticals, Inc.†	21,217		155,096
ViroPharma, Inc.†#	61,620		749,915
Vivus, Inc.†	63,931		809,366
XenoPort, Inc.†#	23,731		235,649
			11,500,912
Medical - Generic Drugs — 0.2%
Acura Pharmaceuticals, Inc.†#	6,498		21,833
Caraco Pharmaceutical Laboratories, Ltd†#	8,242		43,353
Impax Laboratories, Inc.†	48,286		1,017,627
Par Pharmaceutical Cos., Inc.†	27,689		768,647
			1,851,460
Medical - HMO — 0.7%
AMERIGROUP Corp.†	42,102		1,512,304
Centene Corp.†	38,387		875,991
Healthspring, Inc.†	38,967		676,857
Magellan Health Services, Inc.†	26,538		1,079,831
Metropolitan Health Networks, Inc.†	27,470		111,254
Molina Healthcare, Inc.†#	10,531		289,813
Triple - S Management Corp., Class B†	16,348		299,332
WellCare Health Plans, Inc.†#	33,611		916,236
			5,761,618
Medical - Hospitals — 0.0%
MedCath Corp.†	12,446		113,632
Select Medical Holdings Corp.†	26,826		217,291
			330,923
Medical - Nursing Homes — 0.3%
Assisted Living Concepts, Inc.†#	8,005		265,366
Kindred Healthcare, Inc.†	31,051		481,601
National Healthcare Corp.#	6,366		222,173
Odyssey HealthCare, Inc.†#	26,205		696,005
Skilled Healthcare Group, Inc. Class A†#	15,463		127,261
Sun Healthcare Group, Inc.†	34,702		316,135
The Ensign Group, Inc.	8,749		159,494
			2,268,035
Medical - Outpatient/Home Medical — 0.5%
Air Methods Corp.†	8,645		284,680
Allied Healthcare International, Inc.†	35,811		95,615
Almost Family, Inc.†	6,392		232,477
Amedisys, Inc.†#	21,771		1,082,454
America Service Group, Inc.	6,576		120,998
Amsurg Corp.†	24,404		483,199
Continucare Corp.†	23,305		90,190
Gentiva Health Services, Inc.†	23,037		636,512
LHC Group, Inc.†#	12,067		371,664
NovaMed, Inc.†#	15,898		59,777
Res - Care, Inc.†	20,054		225,608
			3,683,174

Security Description	Shares	Value (Note 2)
Metal Processors & Fabrication — 0.7%
Ampco - Pittsburgh Corp.	6,764	$	156,722
CIRCOR International, Inc.#	13,507		401,428
Dynamic Materials Corp.#	10,230		162,759
Hawk Corp., Class A†#	4,365		99,915
Haynes International, Inc.	9,583		304,260
Kaydon Corp.	26,449		992,896
Ladish Co,. Inc.†	12,658		319,994
LB Foster Co., Class A†#	8,072		226,581
Mueller Industries, Inc.#	29,568		783,848
North American Galvanizing & Coatings, Inc.†	10,115		75,761
RBC Bearings, Inc.†	17,279		483,812
RTI International Metals, Inc.†#	23,898		633,536
Sun Hydraulics Corp.#	9,873		257,093
Worthington Industries, Inc.#	47,950		705,824
			5,604,429
Metal Products - Distribution — 0.1%
A.M. Castle & Co.†#	13,244		196,938
Lawson Products, Inc.	3,195		43,995
Olympic Steel, Inc.#	7,207		198,625
			439,558
Metal Products - Fasteners — 0.0%
The Eastern Co.#	4,749		65,299
Metal - Aluminum — 0.1%
Century Aluminum Co.†	45,152		474,547
Kaiser Aluminum Corp.	11,634		435,461
			910,008
Metal - Diversified — 0.1%
Hecla Mining Co.†#	188,339		1,013,264
Mining — 0.1%
Allied Nevada Gold Corp.†	43,883		839,921
Miscellaneous Manufacturing — 0.2%
American Railcar Industries, Inc.#	7,342		104,036
China Fire & Security Group, Inc.†#	11,156		136,661
Freightcar America, Inc.#	9,491		254,549
John Bean Technologies Corp.	21,926		376,908
Movado Group, Inc.†#	12,887		158,252
NL Industries, Inc.#	5,416		37,533
Portec Rail Products, Inc.	5,427		62,139
Trimas Corp.†	12,243		123,532
			1,253,610
Motion Pictures & Services — 0.0%
Ascent Media Corp., Class A† Class A	11,204		296,794
MRI/Medical Diagnostic Imaging — 0.0%
Alliance HealthCare Services, Inc.†#	20,889		116,143
Nighthawk Radiology Holdings, Inc.†#	14,956		47,710
RadNet, Inc.†#	23,218		68,725
Virtual Radiologic Corp.†#	5,014		84,636
			317,214
Multilevel Direct Selling — 0.1%
Nu Skin Enterprises, Inc., Class A#	39,346		1,131,591
Multimedia — 0.1%
EW Scripps Co., Class A†#	24,013		212,035
Journal Communications, Inc., Class A†	32,696		164,788
Martha Stewart Living Omnimedia, Inc., Class A†#	21,086		126,516
			503,339

200

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
Music — 0.0%
Steinway Musical Instruments, Inc.†#	5,366	$	100,881
Networking Products — 1.0%
Acme Packet, Inc.†	32,481		952,018
Adaptec, Inc.†	96,957		281,175
Anixter International, Inc.†#	23,699		1,125,703
Atheros Communications, Inc.†	53,572		1,821,448
BigBand Networks, Inc.†	28,249		80,510
Black Box Corp.	13,957		411,592
Extreme Networks, Inc.†	70,687		202,165
Infinera Corp.†#	66,831		470,490
Ixia†	24,987		249,870
LogMeIn, Inc.†	5,905		150,341
Netgear, Inc.†	27,368		621,527
Parkervision, Inc.†#	29,138		51,283
Polycom, Inc.†#	66,735		2,004,052
			8,422,174
Non - Ferrous Metals — 0.2%
Brush Engineered Materials, Inc.†	16,056		405,575
Horsehead Holding Corp†	34,488		359,710
Uranerz Energy Corp.†	41,495		64,732
Uranium Energy Corp.†#	44,768		115,054
USEC, Inc.†	89,437		472,227
			1,417,298
Non - Hazardous Waste Disposal — 0.0%
Waste Services, Inc.†	14,161		159,028
Office Furnishings - Original — 0.4%
Herman Miller, Inc.	45,343		871,946
HNI Corp.	35,728		1,095,420
Interface, Inc. Class A	38,640		455,372
Knoll, Inc.#	37,431		553,605
Steelcase, Inc., Class A	56,847		476,378
			3,452,721
Office Supplies & Forms — 0.1%
ACCO Brands Corp.†	43,424		306,573
Ennis, Inc.	20,604		362,424
The Standard Register Co.#	13,942		55,629
			724,626
Oil & Gas Drilling — 0.3%
Atlas Energy, Inc.†	53,749		1,659,769
Bronco Drilling Co., Inc.†#	18,849		68,799
Hercules Offshore, Inc.†#	91,265		284,747
Parker Drilling Co.†	92,392		444,405
Pioneer Drilling Co.†	36,754		217,951
Vantage Drilling Co.†#	61,977		97,924
			2,773,595
Oil Companies - Exploration & Production — 1.9%
Apco Oil and Gas International, Inc.#	7,265		205,236
Approach Resource, Inc.†	9,555		68,509
Arena Resources, Inc.†	30,417		1,000,111
ATP Oil & Gas Corp.†#	31,615		336,384
Berry Petroleum Co., Class A#	40,312		1,239,191
Bill Barrett Corp.†#	30,569		995,327
BPZ Energy, Inc.†	73,661		377,144
Brigham Exploration Co.†	92,565		1,590,267
Carrizo Oil & Gas, Inc.†#	24,439		433,548
Clayton Williams Energy, Inc.†#	4,685		212,699
Contango Oil & Gas Co.†	9,639		484,649
CREDO Petroleum Corp.†	5,592		47,588
Cubic Energy, Inc.†#	21,517		19,150

Security Description	Shares	Value (Note 2)
Oil Companies - Exploration & Production (continued)
DLB Oil & Gas, Inc.†(4)(5)	3,000	$	0
Delta Petroleum Corp.†#	141,585		167,070
Endeavour International Corp.†#	112,080		153,550
FX Energy, Inc.†	33,794		121,658
Georesources Inc.†	6,991		100,111
GMX Resources, Inc.†#	24,848		169,463
Goodrich Petroleum Corp.†#	19,496		238,631
Gran Tierra Energy, Inc.†#	162,171		856,263
Gulfport Energy Corp.†	20,885		274,220
Harvest Natural Resources, Inc.†	26,264		198,819
Isramco, Inc.†#	857		43,716
McMoRan Exploration Co.†	64,920		697,890
Northern Oil And Gas, Inc.†	33,321		480,822
Oilsands Quest, Inc.†	186,019		133,785
Panhandle Oil and Gas, Inc.#	5,695		143,172
Penn Virginia Corp.#	36,128		790,842
PetroCorp, Inc.(4)(5)	2,364		0
Petroleum Development Corp.†	15,299		315,159
Petroquest Energy, Inc.†#	40,751		255,916
PrimeEnergy Corp.†#	445		8,869
Rex Energy Corp†	23,943		250,204
Rosetta Resources, Inc.†	41,610		912,507
Stone Energy Corp.†#	33,152		444,568
Swift Energy Co.†#	29,772		823,196
Toreador Resources Corp.†	19,855		139,779
Vaalco Energy, Inc.	46,380		247,669
Venoco, Inc.†	14,350		207,645
W&T Offshore, Inc.	27,032		263,292
Warren Resources, Inc.†#	56,242		169,851
Zion Oil & Gas, Inc.†#	11,628		61,047
			15,679,517
Oil Companies - Integrated — 0.0%
Delek US Holdings, Inc.#	10,084		66,857
Oil Field Machinery & Equipment — 0.4%
Bolt Technology Corp.†#	6,882		59,942
Complete Production Services, Inc.†	46,432		604,080
Dril - Quip, Inc.†#	23,143		1,127,295
Gulf Island Fabrication, Inc.	9,739		177,932
Lufkin Industries, Inc.	11,830		943,206
Natural Gas Services Group, Inc.†	9,628		154,626
T - 3 Energy Services, Inc.†	10,004		266,807
			3,333,888
Oil Refining & Marketing — 0.1%
Alon USA Energy, Inc.#	6,484		43,767
Cheniere Energy, Inc.†#	44,771		126,702
CVR Energy, Inc.†	18,331		138,582
Sulphco, Inc.†#	61,129		19,928
Western Refining, Inc.†#	32,415		170,503
			499,482
Oil - Field Services — 0.7%
Allis - Chalmers Energy, Inc.†	46,984		135,314
Basic Energy Services, Inc.†#	18,008		146,945
Boots & Coots, Inc.†	62,236		183,596
Cal Dive International, Inc.†	35,658		196,832
CARBO Ceramics, Inc.#	15,352		993,274
Global Industries, Ltd.†#	79,415		414,546
Hornbeck Offshore Services, Inc.†	18,246		278,799
Key Energy Services, Inc.†	98,383		940,542
Matrix Service Co.†	20,817		204,839
Newpark Resources, Inc.†	70,576		453,098
RPC, Inc.#	22,409		252,998
Superior Well Services, Inc.†	14,323		216,421

201

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
Oil - Field Services (continued)
TETRA Technologies, Inc.†	59,908	$	602,675
Union Drilling, Inc.†#	9,153		49,792
Willbros Group, Inc.†	31,424		291,929
			5,361,600
Paper & Related Products — 0.6%
Boise, Inc.†#	23,269		142,872
Buckeye Technologies, Inc.†#	30,768		372,908
Cellu Tissue Holdings, Inc.†	6,607		59,859
Clearwater Paper Corp.†#	9,039		553,458
Domtar Corp.#	33,059		2,023,211
Glatfelter#	36,234		420,314
KapStone Paper and Packaging Corp.†	26,174		289,223
Neenah Paper, Inc.	11,662		220,878
Orchids Paper Products Co.†	4,350		59,682
Schweitzer - Mauduit International, Inc.	14,086		777,547
Wausau Paper Corp.†	34,619		302,224
			5,222,176
Pastoral & Agricultural — 0.0%
AgFeed Industries, Inc.†#	24,271		81,551
Patient Monitoring Equipment — 0.2%
CardioNet ,Inc.†#	18,910		145,985
Insulet Corp.†	28,022		408,280
Masimo Corp.	40,377		893,947
Somanetics Corp.†	9,590		172,812
			1,621,024
Pharmacy Services — 0.2%
BioScrip, Inc.†	30,872		200,359
Catalyst Health Solutions, Inc.†	29,188		1,117,609
Clarient, Inc.†	25,909		78,504
Ironwood Pharmaceuticals, Inc.†	15,258		179,129
			1,575,601
Photo Equipment & Supplies — 0.2%
Eastman Kodak Co.†	213,496		1,204,117
Physical Therapy/Rehabilitation Centers — 0.5%
Healthsouth Corp.†#	74,276		1,475,121
Psychiatric Solutions, Inc.†	44,766		1,449,523
RehabCare Group, Inc.†	19,628		570,979
U.S. Physical Therapy, Inc.†	9,247		154,332
			3,649,955
Physicians Practice Management — 0.1%
American Dental Partners, Inc.†	12,198		146,254
Healthways, Inc.†	26,819		380,293
IPC The Hospitalist Co., Inc.†	12,810		374,949
			901,496
Pipelines — 0.0%
Crosstex Energy, Inc.†	32,208		217,726
Platinum — 0.1%
Stillwater Mining Co.†	32,524		430,618
Pollution Control — 0.0%
Fuel Tech, Inc.†	14,075		86,280
Poultry — 0.1%
Sanderson Farms, Inc.#	18,557		1,017,851
Power Converter/Supply Equipment — 0.2%
Advanced Energy Industries, Inc.†	26,271		324,709
Energy Conversion Devices, Inc.†#	36,414		202,280
Evergreen Solar, Inc.†#	149,491		142,016

Security Description	Shares	Value (Note 2)
Power Converter/Supply Equipment (continued)
Generac Holdings, Inc.†	14,926	$	164,037
Powell Industries, Inc.†	6,190		181,955
Power - One, Inc.#	61,278		478,581
PowerSecure International, Inc.†#	14,528		137,290
SatCon Technology Corp.†	55,908		137,534
Vicor Corp.†#	15,522		189,368
			1,957,770
Precious Metals — 0.1%
Coeur d’Alene Mines Corp.†	70,088		1,058,329
Paramount Gold and Silver Corp.†#	65,459		101,461
			1,159,790
Printing - Commercial — 0.3%
Cenveo, Inc.†	42,624		314,565
Consolidated Graphics, Inc.†	7,784		357,597
Multi - Color Corp.	8,240		95,419
Valassis Communications, Inc.†#	38,279		1,397,949
			2,165,530
Private Corrections — 0.1%
Cornell Cos., Inc.†	8,786		237,573
The Geo Group, Inc.†#	40,697		858,707
			1,096,280
Protection/Safety — 0.1%
Landauer, Inc.	7,442		453,367
Publishing - Books — 0.1%
Courier Corp.	8,031		127,131
Scholastic Corp.	17,934		468,974
			596,105
Publishing - Newspapers — 0.0%
Dolan Media Co.†#	23,843		293,269
Publishing - Periodicals — 0.0%
Playboy Enterprises, Inc., Class B†#	17,036		64,566
Primedia, Inc.#	13,289		49,302
Value Line, Inc.#	1,072		21,226
			135,094
Racetracks — 0.1%
Churchill Downs, Inc.#	7,564		253,621
Speedway Motorsports, Inc.#	10,385		151,413
			405,034
Real Estate Investment Trusts — 6.7%
Acadia Realty Trust	31,571		564,805
Agree Realty Corp.	6,825		162,503
Alexander’s, Inc.	1,634		530,021
American Campus Communities, Inc.#	41,538		1,111,972
American Capital Agency Corp.#	17,394		456,766
Anworth Mortgage Asset Corp.#	90,266		612,003
Apollo Commercial Real Estate Finance, Inc.	7,956		134,775
Ashford Hospitality Trust, Inc.†	36,486		290,064
Associated Estates Realty Corp.	22,453		307,831
BioMed Realty Trust, Inc.	90,388		1,537,500
CapLease, Inc.#	45,522		232,617
Capstead Mortage Corp.#	55,093		629,162
CBL & Associates Properties, Inc.	109,744		1,568,242
Cedar Shopping Centers, Inc.	38,325		263,293
Chesapeake Lodging Trust†#	5,970		105,908
Cogdell Spencer, Inc.	27,671		185,672
Colonial Properties Trust#	55,790		841,313
Cousins Properties, Inc.	59,098		455,646

202

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
Real Estate Investment Trusts (continued)
CreXus Investment Corp.	10,818	$	140,959
Cypress Sharpridge Investments, Inc.#	13,138		171,976
DCT Industrial Trust, Inc.#	162,657		787,260
Developers Diversified Realty Corp.	163,411		1,869,422
DiamondRock Hospitality Co.†	104,524		955,349
Dupont Fabros Technology, Inc.	30,635		782,418
Dynex Capital, Inc.	10,255		96,602
EastGroup Properties, Inc.#	21,349		789,486
Education Realty Trust, Inc.	45,135		287,059
Entertainment Properties Trust#	37,005		1,514,985
Equity Lifestyle Properties, Inc.	20,111		1,041,750
Equity One, Inc.	27,720		475,952
Extra Space Storage, Inc.	68,766		1,034,241
FelCor Lodging Trust, Inc.†	51,497		348,120
First Industrial Realty Trust, Inc.†	44,625		298,541
First Potomac Reality Trust	30,111		442,632
Franklin Street Properties Corp.	53,154		656,452
Getty Realty Corp.#	16,447		367,097
Gladstone Commercial Corp.#	6,817		110,708
Glimcher Realty Trust#	49,116		341,847
Gramercy Capital Corp.†#	33,907		53,912
Hatteras Financial Corp.#	28,811		798,065
Healthcare Realty Trust, Inc.	49,589		1,137,076
Hersha Hospitality Trust	96,385		465,540
Highwoods Properties, Inc.#	56,389		1,661,220
Home Properties, Inc.#	27,587		1,341,556
Inland Real Estate Corp.#	55,892		465,580
Invesco Mortgage Capital, Inc.#	20,483		421,745
Investors Real Estate Trust	58,103		507,239
iStar Financial, Inc.†#	75,001		455,256
Kilroy Realty Corp.#	41,628		1,369,561
Kite Realty Group Trust	36,837		180,501
LaSalle Hotel Properties	55,568		1,250,280
Lexington Realty Trust#	84,333		523,708
LTC Properties, Inc.#	18,448		473,929
Medical Properties Trust, Inc.	88,534		845,500
MFA Mtg. Investments, Inc.#	223,110		1,635,396
Mid - America Apartment Communities, Inc.	23,967		1,309,317
Mission West Properties, Inc.	14,058		94,329
Monmouth Real Estate Invesment Corp.#	20,744		149,979
National Health Investors, Inc.#	20,662		850,861
National Retail Properties, Inc.#	63,625		1,398,478
NorthStar Realty Finance Corp.	52,810		166,352
Omega Healthcare Investors, Inc.	70,644		1,402,990
Parkway Properties, Inc.	17,211		290,005
Pebblebrook Hotel Trust†	14,979		307,369
Pennsylvania Real Estate Investment Trust#	39,271		541,547
Post Properties, Inc.	38,561		967,110
Potlatch Corp.#	31,638		1,102,268
PS Business Parks, Inc.	14,236		767,463
RAIT Investment Trust†#	63,336		158,973
Ramco - Gershenson Properties Trust	25,490		275,547
Redwood Trust, Inc.	61,692		937,101
Resource Capital Corp.	27,488		154,208
Saul Centers, Inc.	5,111		196,007
Sovran Self Storage, Inc.	21,885		788,517
Strategic Hotels & Resorts, Inc.†	120,427		590,092
Sun Communities, Inc.	13,147		388,888
Sunstone Hotel Investors, Inc.†	78,142		861,906
Tanger Factory Outlet Centers, Inc.#	32,052		1,334,004
Terreno Realty Corp.†	6,965		125,718
U - Store - It Trust	63,347		520,712
UMH Properties, Inc.#	7,821		71,171
Universal Health Realty Income Trust	8,823		287,365

Security Description	Shares	Value (Note 2)
Real Estate Investment Trusts (continued)
Urstadt Biddle Properties, Inc., Class A	16,240	$	271,858
Walter Investment Management Corp.	18,331		298,795
Washington Real Estate Investment Trust#	46,370		1,362,351
Winthrop Realty Trust	11,955		153,024
			54,213,318
Real Estate Management/Services — 0.0%
Colony Financial, Inc.	11,437		208,039
United Capital Corp.†#	1,531		34,493
			242,532
Real Estate Operations & Development — 0.3%
American Realty Investors, Inc.†#	2,057		17,546
Avatar Holdings, Inc.†	6,208		129,064
Consolidated - Tomoka Land Co.#	4,309		128,193
Forestar Real Estate Group, Inc.†#	28,543		523,764
Government Properties Income Trust	13,336		355,004
Hilltop Holdings, Inc.†	31,553		334,778
Starwood Property Trust, Inc.	36,970		673,963
Transcontinental Realty Investors, Inc.†#	1,091		10,223
			2,172,535
Recreational Centers — 0.2%
Life Time Fitness, Inc.†#	32,056		1,189,598
Town Sports International Holdings, Inc.†#	15,432		45,833
			1,235,431
Recreational Vehicles — 0.2%
Polaris Industries, Inc.	24,371		1,430,578
Recycling — 0.0%
Metalico, Inc.†	26,376		130,825
Registered Investment Companies — 0.0%
Solar Capital, Ltd.	4,458		95,134
Rental Auto/Equipment — 0.6%
Avis Budget Group, Inc.†#	81,022		960,111
Dollar Thrifty Automotive Group, Inc.†	22,675		1,058,922
Electro Rent Corp.	14,261		193,807
H&E Equipment Services, Inc.†#	21,733		217,113
McGrath RentCorp	18,888		441,224
Rent - A - Center, Inc.†	52,559		1,272,979
RSC Holdings, Inc.†	39,020		285,236
United Rentals, Inc.†	47,863		581,535
			5,010,927
Research & Development — 0.2%
Albany Molecular Research, Inc.†	18,608		119,463
Kendle International, Inc.†	11,821		166,676
Parexel International Corp.†#	45,798		1,021,525
			1,307,664
Resorts/Theme Parks — 0.1%
Bluegreen Corp.†	11,427		54,850
Great Wolf Resorts, Inc.†	22,120		55,521
Vail Resorts, Inc.†	23,417		974,381
			1,084,752
Retail - Apparel/Shoe — 2.1%
AnnTaylor Stores Corp.†#	46,616		1,009,236
Bebe Stores, Inc.	19,035		130,390
Brown Shoe Co., Inc.	33,089		551,925
Cato Corp., Class A	22,017		522,463
Charming Shoppes, Inc.†#	91,871		418,932
Christopher & Banks Corp.	28,552		261,536

203

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
Retail - Apparel/Shoe (continued)
Collective Brands, Inc.†	50,999	$	1,141,358
Destination Maternity Corp.†#	3,756		100,886
Dress Barn, Inc.†	49,929		1,367,555
DSW, Inc., Class A†	9,653		278,779
Genesco, Inc.†	19,144		595,761
Gymboree Corp.†#	23,231		1,035,638
Hot Topic, Inc.	35,038		194,811
J Crew Group, Inc.†#	40,027		1,826,832
JOS. A. Bank Clothiers, Inc.†#	14,561		883,561
Kenneth Cole Productions, Inc., Class A†	6,044		71,138
Liz Claiborne, Inc.†#	75,690		463,980
Lululemon Athletica, Inc.†#	32,360		1,322,230
New York & Co., Inc.†	19,948		76,201
Pacific Sunwear of California, Inc.†#	52,322		212,951
Rue21, Inc.†	5,385		182,821
Shoe Carnival, Inc.†#	7,146		179,150
Stein Mart, Inc.†	20,339		162,102
Syms Corp.†#	5,237		37,497
Talbots, Inc.†#	23,644		355,606
The Buckle, Inc.#	20,298		721,594
The Children’s Place Retail Stores, Inc.†	17,573		828,215
The Finish Line, Inc., Class A	33,652		560,306
The Men’s Wearhouse, Inc.#	41,471		901,580
Wet Seal, Inc., Class A†	77,185		316,458
			16,711,492
Retail - Appliances — 0.0%
Conn’s, Inc.†	7,935		59,354
Hhgregg, Inc.†#	10,134		304,121
			363,475
Retail - Auto Parts — 0.1%
The Pep Boys - Manny, Moe & Jack#	38,758		477,886
Retail - Automobile — 0.2%
America’s Car - Mart, Inc.†	7,898		191,289
Asbury Automotive Group, Inc.†	25,603		338,472
Group 1 Automotive, Inc.†#	19,157		544,825
Lithia Motors, Inc., Class A#	16,368		133,726
Rush Enterprises, Inc., Class A†#	25,430		386,282
Sonic Automotive, Inc.†#	24,484		242,147
			1,836,741
Retail - Bookstores — 0.0%
Books - A - Million, Inc.#	5,588		39,395
Borders Group, Inc.†#	38,915		76,663
			116,058
Retail - Building Products — 0.0%
Lumber Liquidators Holdings, Inc.†#	11,493		339,158
Retail - Catalog Shopping — 0.0%
Coldwater Creek, Inc.†#	45,447		283,589
Retail - Computer Equipment — 0.0%
PC Connection, Inc.†	7,516		51,109
PC Mall, Inc.†#	8,223		41,279
Systemax, Inc.#	8,121		156,654
			249,042
Retail - Consumer Electronics — 0.0%
Rex Stores Corp.†#	6,087		109,566

Security Description	Shares	Value (Note 2)
Retail - Convenience Store — 0.2%
Casey’s General Stores, Inc.#	40,460	$	1,491,760
Susser Holdings Corp.†#	6,095		61,133
The Pantry, Inc.†	17,888		273,508
			1,826,401
Retail - Discount — 0.3%
99 Cents Only Stores†	37,307		570,051
Citi Trends, Inc.†	11,686		398,259
Fred’s, Inc.#	31,872		436,327
HSN, Inc.†	31,620		852,159
Tuesday Morning Corp.†#	23,865		135,076
			2,391,872
Retail - Fabric Store — 0.1%
Jo - Ann Stores, Inc.†#	21,055		961,792
Retail - Gardening Products — 0.2%
Tractor Supply Co.#	28,570		1,935,903
Retail - Hair Salons — 0.1%
Regis Corp.#	45,460		836,009
Retail - Home Furnishings — 0.1%
Haverty Furniture Cos., Inc.#	14,095		228,480
Kirkland’s, Inc.†	9,877		212,553
Pier 1 Imports, Inc.†	91,716		729,142
			1,170,175
Retail - Jewelry — 0.0%
Fuqi International, Inc.†#	9,743		90,123
Zale Corp.†#	18,943		51,146
			141,269
Retail - Leisure Products — 0.0%
West Marine, Inc.†#	11,379		126,648
Retail - Mail Order — 0.0%
Sport Supply Group, Inc.	7,326		98,388
Retail - Major Department Stores — 0.1%
Saks, Inc.†	100,419		921,846
Retail - Misc./Diversified — 0.1%
Gaiam, Inc.#	12,826		101,582
Pricesmart, Inc.	12,715		305,287
			406,869
Retail - Office Supplies — 0.1%
OfficeMax, Inc.†#	60,731		1,082,834
Retail - Pawn Shops — 0.2%
Cash America International, Inc.#	23,514		868,842
EZCORP, Inc., Class A†	36,016		659,453
First Cash Financial Services, Inc.†	18,283		384,492
			1,912,787
Retail - Perfume & Cosmetics — 0.2%
Sally Beauty Holdings, Inc.†#	74,783		703,708
Ulta Salon Cosmetics & Fragrance, Inc.†#	22,020		563,272
			1,266,980
Retail - Pet Food & Supplies — 0.0%
PetMed Express, Inc.#	18,577		366,338
Retail - Petroleum Products — 0.2%
World Fuel Services Corp.#	46,916		1,221,224

204

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
Retail - Regional Department Stores — 0.2%
Dillard’s, Inc., Class A#	40,764	$	1,169,519
Retail Ventures, Inc.†	19,827		199,658
Stage Stores, Inc.	30,217		428,175
			1,797,352
Retail - Restaurants — 1.5%
AFC Enterprises, Inc.†	20,131		210,570
Benihana, Inc. Class A†#	10,472		60,842
Biglari Holdings, Inc.†	991		301,363
BJ’s Restaurants, Inc.†#	15,601		361,787
Bob Evans Farms, Inc.	24,437		709,651
Buffalo Wild Wings, Inc.†	14,315		528,224
California Pizza Kitchen, Inc.†	15,379		280,359
Caribou Coffee Co., Inc.†#	5,443		54,702
Carrols Restaurant Group, Inc.†	8,972		56,254
CEC Entertainment, Inc.†	18,328		741,184
CKE Restaurants, Inc.	38,846		480,137
Cracker Barrel Old Country Store, Inc.#	17,995		896,691
Denny’s Corp.†	76,493		241,718
DineEquity, Inc.†#	13,995		472,611
Domino’s Pizza, Inc.†	29,317		381,121
Einstein Noah Restaurant Group, Inc.†#	3,803		49,173
Frisch’s Restaurants, Inc.#	1,769		37,061
Jack in the Box, Inc.†	45,439		1,019,651
Krispy Kreme Doughnuts, Inc.†#	46,537		172,187
Landry’s Restaurants, Inc.†#	5,821		139,529
Luby’s, Inc.†#	16,076		63,018
McCormick & Schmick’s Seafood Restaurants, Inc.†	11,814		103,136
O’Charley’s, Inc.†	13,798		102,795
Papa John’s International, Inc.†#	17,352		430,850
PF Chang’s China Bistro, Inc.#	18,875		820,496
Red Robin Gourmet Burgers, Inc.†#	12,360		254,740
Ruby Tuesday, Inc.†#	51,770		557,045
Ruth’s Hospitality Group, Inc.†#	22,368		108,261
Sonic Corp.†#	48,341		509,998
Texas Roadhouse, Inc., Class A†#	39,805		581,153
The Cheesecake Factory, Inc.†#	47,830		1,219,665
			11,945,972
Retail - Sporting Goods — 0.2%
Big 5 Sporting Goods Corp.#	17,125		253,279
Cabela’s Inc., Class A†#	31,768		546,727
Hibbett Sports, Inc.†	22,743		586,087
Zumiez, Inc.†	16,127		276,094
			1,662,187
Retail - Toy Stores — 0.0%
Build - A - Bear Workshop, Inc.†	13,385		113,237
Retirement/Aged Care — 0.1%
Capital Senior Living Corp.†	17,933		88,948
Emeritus Corp.†#	15,766		319,892
Sunrise Senior Living, Inc.†	39,564		168,938
			577,778
Rubber - Tires — 0.1%
Cooper Tire & Rubber Co.#	46,929		887,427
Rubber/Plastic Products — 0.0%
Myers Industries, Inc.#	25,071		225,138
Satellite Telecom — 0.2%
DigitalGlobe, Inc.†	11,716		327,697
GeoEye, Inc.†#	16,799		533,704

Security Description	Shares	Value (Note 2)
Satellite Telecom (continued)
Hughes Communications, Inc.†	7,085	$	183,997
Loral Space & Communications, Inc.†	8,523		340,409
			1,385,807
Savings & Loans/Thrifts — 1.1%
Abington Bancorp, Inc.	17,414		154,636
Astoria Financial Corp.	68,069		1,012,867
Beneficial Mutual Bancorp, Inc.†#	25,997		268,029
Berkshire Hills Bancorp, Inc.#	10,911		199,017
Brookline Bancorp, Inc.#	46,992		468,040
Brooklyn Fed Bancorp, Inc.#	2,443		13,681
Cape Bancorp, Inc.†#	9,369		66,801
Cheviot Financial Corp.#	2,223		17,673
Chicopee Bancorp, Inc.†#	5,142		60,161
Clifton Savings Bancorp, Inc.#	7,384		64,979
Danvers Bancorp, Inc.#	17,369		274,951
Dime Community Bancshares	20,557		262,307
ESB Financial Corp.	7,315		99,411
Essa Bancorp, Inc.#	11,300		141,702
First Defiance Financial Corp.	6,462		69,983
First Financial Holdings, Inc.#	12,653		177,395
First Financial Northwest, Inc.#	13,441		64,651
Flagstar Bancorp, Inc.†	8,780		44,602
Flushing Financial Corp.#	23,972		324,581
Fox Chase Bancorp, Inc.†#	4,288		46,096
Heritage Financial Group#	1,591		19,537
Home Bancorp, Inc.†#	7,106		96,926
Home Federal Bancorp, Inc.#	13,293		203,516
Investors Bancorp, Inc.†	37,424		511,212
K - Fed Bancorp#	3,187		31,870
Kearny Financial Corp.#	14,446		126,980
Kentucky First Federal Bancorp#	2,417		23,952
Legacy Bancorp, Inc.#	5,865		51,377
Meridian Intst Bancorp, Inc.†#	7,767		89,010
NASB Financial, Inc.#	2,743		46,878
NewAlliance Bancshares, Inc.	85,010		1,000,568
Northeast Community Bancorp, Inc.#	4,685		26,986
Northfield Bancorp, Inc.#	15,418		224,178
Northwest Bancshares, Inc.	30,757		357,704
OceanFirst Financial Corp.	10,424		127,486
Oritani Financial Corp.	8,046		117,391
Provident Financial Services, Inc.#	47,632		588,732
Provident New York Bancorp, Inc.#	27,554		250,466
Prudential Bancorp, Inc.	2,977		19,351
Rockville Financial, Inc.#	6,569		79,222
Roma Financial Corp.#	6,614		76,392
Territorial Bancorp, Inc.	9,738		192,228
United Financial Bancorp, Inc.	13,083		177,405
ViewPoint Financial Group#	8,077		128,263
Waterstone Financial, Inc.†#	5,672		20,816
Westfield Financial, Inc.	23,549		200,402
WSFS Financial Corp.#	5,632		227,139
			8,847,550
Schools — 0.5%
American Public Education, Inc.†#	14,447		590,738
Bridgepoint Education, Inc.†#	11,041		238,154
Capella Education Co.†#	11,586		995,353
ChinaCast Education Corp.†	26,997		178,450
Corinthian Colleges, Inc.†#	63,719		853,197
Grand Canyon Education, Inc.†#	12,564		308,572
K12, Inc.†#	19,777		494,820
Learning Tree International, Inc.†	5,964		70,614

205

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
Schools (continued)
Lincoln Educational Services Corp.†	7,711	$	183,753
Nobel Learning Communities, Inc.†#	3,249		21,476
Princeton Review, Inc.†	16,939		40,654
Universal Technical Institute, Inc.†	15,721		385,951
			4,361,732
Seismic Data Collection — 0.1%
Dawson Geophysical Co.†#	6,209		139,578
Geokinetics, Inc.†#	7,801		41,579
ION Geophysical Corp.†#	108,738		590,447
T.G.C. Industries, Inc.†#	11,046		37,336
			808,940
Semiconductor Components - Integrated Circuits — 0.7%
Anadigics, Inc.†#	50,284		204,656
Cirrus Logic, Inc.†	51,936		738,270
Emulex Corp.†	66,027		691,963
Exar Corp.†	28,024		196,168
Hittite Microwave Corp.†	17,044		779,422
Micrel, Inc.	36,068		400,535
Pericom Semiconductor Corp.†	20,146		199,446
Power Integrations, Inc.#	18,957		644,159
Sigma Designs, Inc.†	24,466		254,936
Standard Microsystems Corp.†	17,481		399,965
TriQuint Semiconductor, Inc.†	123,551		867,328
			5,376,848
Semiconductor Equipment — 0.8%
ATMI, Inc.†	24,962		404,384
Brooks Automation, Inc.†	51,185		425,859
Cabot Microelectronics Corp.†#	18,636		683,941
Cohu, Inc.	18,583		260,348
Entegris, Inc.†	103,542		559,127
Formfactor, Inc.†#	39,280		505,534
Kulicke and Soffa Industries, Inc.†#	54,376		378,457
MKS Instruments, Inc.†	39,233		779,167
Photronics, Inc.†	42,162		213,340
Rudolph Technologies, Inc.†	24,543		217,942
Tessera Technologies, Inc.†	38,714		672,849
Ultratech, Inc.†	18,793		261,974
Veeco Instruments, Inc.†#	32,274		1,231,899
			6,594,821
Shipbuilding — 0.0%
Todd Shipyards Corp.#	4,590		66,922
Software Tools — 0.0%
ArcSight ,Inc.†#	14,649		317,297
Steel Pipe & Tube — 0.1%
Mueller Water Products, Inc., Class A	122,426		530,104
Northwest Pipe Co.†#	7,352		151,010
Omega Flex, Inc.#	2,193		28,904
			710,018
Steel - Producers — 0.0%
General Steel Holdings, Inc.†#	16,362		44,996
Steel - Specialty — 0.0%
China Precision Steel, Inc.†#	24,649		42,396
Sutor Technology Group, Ltd.†#	6,479		14,254
Universal Stainless & Alloy Products, Inc.†	5,359		110,449
			167,099
Storage/Warehousing — 0.1%
Mobile Mini, Inc.†#	28,233		451,728

Security Description	Shares	Value (Note 2)
Sugar — 0.0%
Imperial Sugar Co.#	9,720	$	102,643
Superconductor Product & Systems — 0.1%
American Superconductor Corp.†#	34,559		1,059,579
Telecom Equipment - Fiber Optics — 0.2%
Harmonic, Inc.†	76,151		440,914
IPG Photonics Corp.†	18,383		309,202
KVH Industries, Inc.†	11,914		155,359
Oplink Communications, Inc.†	16,298		233,387
Sycamore Networks, Inc.	15,322		269,974
			1,408,836
Telecom Services — 0.6%
Aviat Networks, Inc.†	46,958		207,085
Cbeyond, Inc.†#	19,392		303,097
Consolidated Communications Holdings, Inc.#	18,548		320,324
Global Crossing Ltd†#	23,100		314,391
Knology, Inc.†	23,641		282,746
MasTec, Inc.†#	41,460		482,180
Neutral Tandem, Inc.†#	26,121		351,066
NTELOS Holdings Corp.#	24,037		431,464
PAETEC Holding Corp.†	97,722		413,364
Premiere Global Services, Inc.†	48,312		385,530
RCN Corp.†	29,032		421,690
SAVVIS, Inc.†	28,767		539,525
USA Mobility, Inc.#	17,995		253,370
			4,705,832
Telecommunication Equipment — 0.9%
ADC Telecommunications, Inc.†	76,908		635,260
ADTRAN, Inc.#	43,983		1,206,454
Anaren, Inc.†	11,564		166,868
Applied Signal Technology, Inc.	10,342		182,433
Arris Group, Inc.†	98,629		1,081,960
Communications Systems, Inc.#	4,862		53,239
Comtech Telecommunications Corp.†#	22,392		645,113
CPI International, Inc.†	5,837		89,540
Network Equipment Technologies, Inc.†#	23,222		104,731
OpNext, Inc.†#	22,131		44,262
Plantronics, Inc.	38,921		1,165,295
Preformed Line Products Co.	1,777		55,656
ShoreTel, Inc.†#	35,194		187,584
Sonus Networks, Inc.†#	164,170		426,842
Symmetricom, Inc.†	34,731		181,643
Tekelec†	52,989		759,597
UTStarcom, Inc.†	90,118		185,643
			7,172,120
Telephone - Integrated — 0.2%
Alaska Communications Systems Group, Inc.#	35,168		290,839
Atlantic Tele - Network, Inc.	7,116		297,520
Cincinnati Bell, Inc.†	161,581		513,828
General Communication, Inc., Class A†	33,461		191,731
HickoryTech Corp.#	10,381		72,667
Shenandoah Telecom Co.#	18,816		318,555
SureWest Communications†#	11,368		69,686
			1,754,826
Television — 0.1%
Belo Corp., Class A†	71,062		516,621
Lin TV Corp., Class A†	21,401		140,605
Sinclair Broadcast Group, Inc., Class A†#	34,079		226,114
			883,340

206

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
Textile - Apparel — 0.1%
Cherokee, Inc.#	6,055	$	124,067
Perry Ellis International, Inc.†	7,449		179,223
Unifi, Inc.†	35,518		140,296
			443,586
Theaters — 0.1%
Carmike Cinemas, Inc.†#	8,743		97,047
Cinemark Holdings, Inc.#	25,662		410,336
National CineMedia, Inc.#	33,528		586,405
Reading International, Inc.†#	13,786		55,971
			1,149,759
Therapeutics — 0.7%
Allos Therapeutics, Inc.†#	57,447		411,320
AVANIR Pharmaceuticals Inc., Class A†#	57,843		138,245
AVI BioPharma, Inc.†#	76,391		109,239
Cornerstone Therapeutics, Inc.†#	5,183		28,817
Cypress Bioscience, Inc.†	30,297		124,824
Dyax Corp.†#	71,621		188,363
Hemispherx Biopharma, Inc.†#	98,324		64,599
Inspire Phamaceuticals, Inc.†	48,857		277,752
Isis Pharmaceuticals, Inc.†#	74,133		682,024
ISTA Pharmaceuticals, Inc.†#	26,439		72,972
Mannkind Corp.†#	46,008		255,804
Nabi Biopharmaceuticals†#	35,633		194,556
Neurocrine Biosciences, Inc.†	37,510		150,040
NPS Pharmaceuticals, Inc.†	46,877		308,919
Onyx Pharmaceuticals, Inc.†	49,130		1,095,108
Osiris Therapeutics, Inc.†	13,334		81,737
Questcor Pharmaceuticals, Inc.†	45,690		432,684
Spectrum Pharmaceuticals, Inc.†#	34,392		138,600
Star Scientific, Inc.†#	71,003		108,635
Theravance, Inc.†#	49,505		629,209
			5,493,447
Tobacco — 0.2%
Alliance One International, Inc.†#	70,828		295,353
Universal Corp.	19,901		813,354
Vector Group, Ltd.#	30,912		485,318
			1,594,025
Toys — 0.1%
Jakks Pacific, Inc.†#	22,231		329,241
Leapfrog Enterprises, Inc.†#	27,040		140,067
			469,308
Transactional Software — 0.5%
ACI Worldwide, Inc†	27,883		532,844
Bottomline Technologies, Inc.†	21,423		350,909
Innerworkings, Inc.†#	19,577		135,669
Solera Holdings, Inc.	55,338		1,919,122
Synchronoss Technologies, Inc.†	15,095		308,542
VeriFone Holdings, Inc.†#	57,425		1,158,836
			4,405,922
Transport - Air Freight — 0.1%
Air Transport Services Group, Inc.†	44,238		248,618
Atlas Air Worldwide Holdings, Inc.†	16,611		868,257
			1,116,875
Transport - Equipment & Leasing — 0.2%
Aircastle, Ltd.	37,341		367,809
AMERCO†	7,118		388,999
Greenbrier Cos., Inc.†#	17,409		249,123
TAL International Group, Inc.#	12,053		289,151

Security Description	Shares	Value (Note 2)
Transport - Equipment & Leasing (continued)
Textainer Group Holdings, Ltd.#	7,300	$	179,215
Willis Lease Finance Corp.†#	3,764		41,404
			1,515,701
Transport - Marine — 0.5%
Cai International, Inc.†	7,732		109,640
DHT Maritime, Inc.#	39,498		163,917
Eagle Bulk Shipping, Inc.†#	49,330		236,291
Genco Shipping & Trading, Ltd.†#	20,497		390,058
General Maritime Corp.#	38,822		268,260
Golar LNG, Ltd.	25,741		294,220
Gulfmark Offshore, Inc.†#	18,114		473,500
Horizon Lines, Inc. Class A	24,022		98,010
International Shipholding Corp.	4,370		104,705
Knightsbridge Tankers, Ltd.#	13,613		235,096
Nordic American Tanker Shipping, Ltd.	37,334		1,060,285
Ship Finance International, Ltd.#	35,447		640,882
Teekay Tankers, Ltd. Class A	13,634		149,292
Ultrapetrol Bahamas, Ltd.†#	17,178		90,184
			4,314,340
Transport - Rail — 0.2%
Genesee & Wyoming, Inc., Class A†	29,551		1,063,540
RailAmerica, Inc.†	17,521		195,710
			1,259,250
Transport - Services — 0.3%
Bristow Group, Inc.†	28,563		928,298
Dynamex, Inc.†	7,730		118,887
Echo Global Logistics, Inc.†#	4,534		59,486
Hub Group, Inc., Class A†	29,570		904,842
Pacer International, Inc.†#	27,807		226,349
PHI, Inc.†	10,537		185,767
Universal Truckload Services, Inc.†	4,655		80,578
			2,504,207
Transport - Truck — 0.7%
Arkansas Best Corp.#	20,135		470,958
Celadon Group, Inc.†	17,591		239,589
Forward Air Corp.#	23,037		630,523
Heartland Express, Inc.#	40,140		623,976
Knight Transportation, Inc.#	45,499		904,520
Marten Transport, Ltd.†	12,238		272,540
Old Dominion Freight Line, Inc.†	22,142		789,141
Patriot Transportation Holding, Inc.†#	1,020		85,996
Saia, Inc.†	12,631		189,086
USA Truck, Inc.†	6,189		93,083
Werner Enterprises, Inc.#	33,902		764,151
YRC Worldwide, Inc.†#	839,092		298,046
			5,361,609
Travel Services — 0.1%
Ambassadors Group, Inc.#	14,964		174,929
Interval Leisure Group, Inc.†	31,494		425,799
Universal Travel Group†	9,620		80,423
			681,151
Ultra Sound Imaging Systems — 0.0%
SonoSite, Inc.†	11,569		336,542
Veterinary Diagnostics — 0.1%
Neogen Corp.†#	15,786		405,858
Vitamins & Nutrition Products — 0.1%
Mannatech, Inc.†	12,512		31,655
Nutraceutical International Corp.†	8,673		122,550

207

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
Vitamins & Nutrition Products (continued)
Omega Protein Corp.†	14,896	$	65,989
Schiff Nutrition International, Inc.	8,975		63,723
Synutra International, Inc.†#	14,315		282,864
USANA Health Sciences, Inc.†	4,986		186,726
Vitamin Shoppe, Inc.†	7,241		185,514
			939,021
Water — 0.4%
American States Water Co.	14,710		505,583
Artesian Resources Corp. Class A#	4,937		88,422
California Water Service Group#	15,639		560,345
Connecticut Water Service, Inc.#	6,770		140,816
Consolidated Water Co., Inc.#	11,568		138,700
Middlesex Water Co.#	10,690		179,806
Pennichuck Corp.#	3,673		78,308
PICO Holdings, Inc.†#	17,987		598,787
SJW Corp.#	10,281		248,595
Southwest Water Co.	19,577		201,643
York Water Co.	9,955		129,714
			2,870,719
Water Treatment Systems — 0.0%
Energy Recovery, Inc.†#	26,707		95,611
Web Hosting/Design — 0.2%
NIC, Inc.	40,120		260,780
Rackspace Hosting, Inc.†#	52,855		930,248
Terremark Worldwide, Inc.†#	46,234		347,217
Web.Com Group, Inc.†	21,006		79,613
			1,617,858
Web Portals/ISP — 0.1%
EarthLink, Inc.#	84,139		722,754
InfoSpace, Inc.†	27,862		229,304
			952,058
Wire & Cable Products — 0.2%
Belden, Inc.	37,075		960,243
Encore Wire Corp.	14,463		285,644
Fushi Copperweld, Inc.†	15,783		156,883
Insteel Industries, Inc.	13,952		176,911
Lihua International, Inc.†#	2,992		26,988
			1,606,669
Wireless Equipment — 0.5%
Aruba Networks, Inc.#	50,217		672,908
EMS Technologies, Inc.	12,107		188,143
Globecomm Systems, Inc.	16,590		133,384
InterDigital, Inc.#	34,796		908,176
Novatel Wireless, Inc.#	24,226		148,990
Powerwave Technologies, Inc.#	105,062		173,352
RF Micro Devices, Inc.	211,608		1,015,718
Viasat, Inc.#	26,349		846,593
			4,087,264
Wound, Burn & Skin Care — 0.0%
Obagi Medical Products, Inc.	13,741		174,648
Total Common Stock
(cost $860,974,428)			795,317,001
EXCHANGE - TRADED FUNDS — 0.0%
Kayne Anderson Energy Development Fund# (cost $201,787)	8,043		116,302

Security Description	Shares/ Principal Amount			Value (Note 2)
RIGHTS—0.0%
Agricultural Operations — 0.0%
Tejon Ranch Co. Expires 06/14/10†		8,862		$	1,507
Oil Companies - Exploration & Production — 0.0%
Zion Oil & Gas, Inc. Expires 06/30/10†		5,957			1489
Total Rights
(cost $0)					2,996
WARRANTS — 0.0%
Energy - Alternate Sources — 0.0%
Greenhunter Energy, Inc.† Expires 09/14/2011 (cost $0)		3			0
Total Long-Term Investment Securities
(cost $861,176,215)					795,436,299
SHORT-TERM INVESTMENT SECURITIES — 16.1%
Collective Investment Pool — 15.8%
Securities Lending Quality Trust(2)(3)		128,309,517			127,820,328
U.S. Government Treasuries — 0.3%
United States Treasury Bills 0.17% due 09/16/10(1)	$	2,200,000			2,198,922
Total Short-Term Investment Securities
(cost $130,508,405)					130,019,250
REPURCHASE AGREEMENT — 1.9%
State Street Bank & Trust Co., Joint Repurchase Agreement(6) (cost $15,819,000)		15,819,000			15,819,000
TOTAL INVESTMENTS
(cost $1,007,503,620)(7)		116.3	%		941,274,549
Liabilities in excess of other assets		(16.3	)		(132,256,363	)
NET ASSETS —		100.0	%	$	809,018,186

† Non-income producing security

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

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

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

(3) At May 31, 2010, the Fund had loaned securities with a total value of $122,495,109. This was secured by collateral of $128,309,517, which was received in cash and subsequently invested in short-term investments currently valued at $127,820,328 as reported in the Portfolio of Investments. The remaining collateral of $194,284 was received in the form of short-term pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range
United States Treasury Notes/Bonds	0.88% to 8.13%	11/31/11 to 08/15/39

(4) Fair value security. Securities are classified as Level 3 based on the securities value upon inputs, see Note 2.

(5) Illiquid security. At May 31, 2010, the aggregate value of these securities was $0 representing 0.0% of net assets.

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

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

208

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Open Futures Contracts
Number of Contracts	Type	Description	Expiration Month	Value at Trade Date		Value as of May 31, 2010		Unrealized Appreciation (Depreciation)
209	Long	Russell 2000 Mini Index	June 2010	$	13,508,348	$	13,816,990	$	308,642

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2010 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Long-Term Investment Securities:
Common Stock:
Banks - Commercial	$	50,972,562	$	—	$	—	$	50,972,562
Real Estate Investment Trusts		54,213,318		—		—		54,213,318
Other Industries*		690,131,121		—		0		690,131,121
Exchange-Traded Funds		116,302		—		—		116,302
Rights		2,996		—		—		2,996
Warrants		—		0		—		0
Short-Term Investment Securities:
Collective Investment Pool		—		127,820,328		—		127,820,328
U.S. Government Treasuries		—		2,198,922		—		2,198,922
Repurchase Agreement		—		15,819,000		—		15,819,000
Other Financial Instruments:@
Open Futures Contracts - Appreciation		308,642		—		—		308,642
Total	$	795,744,941	$	145,838,250	$	0	$	941,583,191

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

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

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

	Common Stock
Balance as of 5/31/2009	$	203
Accrued discounts/premiums		—
Realized gain (loss)		—
Change in unrealized appreciation (depreciation)		83
Net purchases (sales)		(286	)
Transfers in and/or out of Level 3		—
Balance as of 5/31/2010	$	0

See Notes to Financial Statements

209

VALIC Company I Small Cap Special Values Fund

PORTFOLIO PROFILE — May 31, 2010 (Unaudited)

Industry Allocation*

Collective Investment Pool	15.9	%
Banks — Commercial	7.9
Electric — Integrated	5.0
Consumer Products — Misc.	3.4
Insurance — Reinsurance	3.3
Oil Companies — Exploration & Production	3.1
Retail — Restaurants	2.8
Computers — Memory Devices	2.6
Metal Processors & Fabrication	2.6
Paper & Related Products	2.4
Time Deposit	2.2
Real Estate Investment Trusts	2.1
Human Resources	2.1
Diversified Manufacturing Operations	2.0
Finance — Investment Banker/Broker	1.9
Retail — Apparel/Shoe	1.7
Electronic Components — Semiconductors	1.5
Electronic Components — Misc.	1.4
Apparel Manufacturers	1.3
Gold Mining	1.3
Telecommunication Equipment	1.2
Savings & Loans/Thrifts	1.2
Oil — Field Services	1.2
Semiconductor Equipment	1.2
Retail — Convenience Store	1.1
Computers — Periphery Equipment	1.1
Diversified Operations/Commercial Services	1.1
Insurance — Property/Casualty	1.1
Building & Construction Products — Misc.	1.1
Oil & Gas Drilling	1.0
Machinery — General Industrial	1.0
Funeral Services & Related Items	1.0
Food — Misc.	0.9
Networking Products	0.9
Medical — Outpatient/Home Medical	0.9
Chemicals — Specialty	0.9
Computer Services	0.9
Auto/Truck Parts & Equipment — Original	0.8
Semiconductor Components — Integrated Circuits	0.8
Tobacco	0.8
Aerospace/Defense — Equipment	0.8
Telecom Services	0.7
Transport — Truck	0.7
Investment Management/Advisor Services	0.7
Office Supplies & Forms	0.7
Insurance Brokers	0.7
Food — Retail	0.6
Food — Canned	0.6
Investment Companies	0.6
Home Furnishings	0.6
Electronic Measurement Instruments	0.6
Commercial Services — Finance	0.6
Auto/Truck Parts & Equipment — Replacement	0.6
Transport — Marine	0.5
Computers — Integrated Systems	0.5
Aerospace/Defense	0.5
E-Commerce/Products	0.5
Electric Products — Misc.	0.5
Wire & Cable Products	0.5
Medical — Hospitals	0.5
Medical — HMO	0.5
Web Portals/ISP	0.5
Building — Mobile Home/Manufactured Housing	0.4
Recreational Centers	0.4
Physicians Practice Management	0.4
Private Corrections	0.4
Insurance — Life/Health	0.4
Transport — Services	0.4
Food — Wholesale/Distribution	0.4

Beverages — Wine/Spirits	0.4	%
Medical Sterilization Products	0.4
Retail — Consumer Electronics	0.4
Footwear & Related Apparel	0.4
Retail — Hair Salons	0.4
Building — Heavy Construction	0.4
Coatings/Paint	0.4
Retail — Pawn Shops	0.4
Racetracks	0.4
Medical Products	0.4
Silver Mining	0.4
Distribution/Wholesale	0.4
Gas — Distribution	0.4
Toys	0.4
Transport — Equipment & Leasing	0.4
Batteries/Battery Systems	0.4
Engineering/R&D Services	0.4
Machinery — Electrical	0.4
Chemicals — Plastics	0.4
Oil Refining & Marketing	0.4
Publishing — Newspapers	0.4
Diagnostic Kits	0.4
Publishing — Books	0.4
Non-Ferrous Metals	0.3
Transactional Software	0.3
Internet Application Software	0.3
Enterprise Software/Service	0.3
Water Treatment Systems	0.3
Diversified Operations	0.2
Medical — Biomedical/Gene	0.2
Transport — Rail	0.2
Electronic Security Devices	0.2
Multimedia	0.2
Medical — Drugs	0.2
Telephone — Integrated	0.2
Textile — Products	0.2
Disposable Medical Products	0.1
Lasers — System/Components	0.1
Energy — Alternate Sources	0.1
Steel — Producers	0.1
Finance — Mortgage Loan/Banker	0.1
Retail — Discount	0.1
Retail — Arts & Crafts	0.1
Retail — Jewelry	0.1
Publishing — Periodicals	0.1
	115.7	%

* Calculated as a percentage of net assets

210

VALIC Company I Small Cap Special Values Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010

Security Description	Shares	Value (Note 2)
COMMON STOCK — 97.6%
Aerospace/Defense — 0.5%
Esterline Technologies Corp.†	18,800	$	1,008,808
Aerospace/Defense-Equipment — 0.8%
Curtiss - Wright Corp.	27,925		924,876
GenCorp, Inc.†#	125,853		654,436
			1,579,312
Apparel Manufacturers — 1.3%
Delta Apparel, Inc.†	29,957		504,776
Hanesbrands, Inc.†	35,350		964,348
Jones Apparel Group, Inc.	48,375		950,085
Maidenform Brands, Inc.†	11,166		258,381
			2,677,590
Auto/Truck Parts & Equipment - Original — 0.8%
Modine Manufacturing Co.†	147,986		1,719,597
Auto/Truck Parts & Equipment-Replacement — 0.6%
Commercial Vehicle Group, Inc.†#	49,407		587,943
Douglas Dynamics, Inc.†	50,036		592,927
			1,180,870
Banks - Commercial — 7.9%
BancorpSouth, Inc.#	77,666		1,505,944
Bank of Hawaii Corp.	19,625		942,589
First Citizens BancShares, Inc., Class A	29,681		5,936,200
FirstMerit Corp#.	45,975		856,974
Fulton Financial Corp.	90,625		901,719
IBERIABANK Corp.	24,133		1,325,626
Old National Bancorp#	70,166		805,506
StellarOne Corp.#	10,065		138,494
Sterling Bancshares, Inc.#	22,761		121,771
Synovus Financial Corp.	174,239		515,747
UMB Financial Corp.#	86,592		3,372,758
			16,423,328
Batteries/Battery Systems — 0.4%
EnerSys†	37,600		846,000
Beverages - Wine/Spirits — 0.4%
Central European Distribution Corp.†	35,310		902,524
Building & Construction Products-Misc. — 1.1%
Builders FirstSource, Inc.†#	45,162		152,196
Quanex Building Products Corp.	103,531		2,063,373
			2,215,569
Building - Heavy Construction — 0.4%
Tutor Perini Corp.†#	40,237		897,285
Building - Mobile Home/Manufactured Housing — 0.4%
Cavco Industries, Inc.†#	25,799		941,921
Chemicals - Plastics — 0.4%
A. Schulman, Inc.#	36,942		821,036
Chemicals - Specialty — 0.9%
American Pacific Corp.†(3)	48,998		272,429
Arch Chemicals, Inc.	19,406		664,850
OM Group, Inc.†	29,250		873,112
			1,810,391
Coatings/Paint — 0.4%
RPM International, Inc.	44,925		889,964
Commercial Services - Finance — 0.6%
Euronet Worldwide, Inc.†	21,355		280,818
Jackson Hewitt Tax Service, Inc.†#	78,025		148,248

Security Description	Shares	Value (Note 2)
Commercial Services - Finance (continued)
Net 1 UEPS Technologies, Inc.†#	41,400	$	592,848
TNS, Inc.†	9,156		176,070
			1,197,984
Computer Services — 0.9%
CACI International, Inc., Class A†	19,700		910,928
DST Systems, Inc.	23,350		894,772
			1,805,700
Computers - Integrated Systems — 0.5%
BancTec, Inc.†*(1)(2)(3)	41,033		205,165
Jack Henry & Associates, Inc.	35,800		860,632
			1,065,797
Computers - Memory Devices — 2.6%
Imation Corp.†#	280,363		2,882,132
Quantum Corp.†#	1,058,643		2,487,811
			5,369,943
Computers - Periphery Equipment — 1.1%
Electronics for Imaging, Inc.†	42,121		469,228
Lexmark International, Inc., Class A†	26,950		1,011,972
Synaptics, Inc.†#	29,700		888,624
			2,369,824
Consumer Products - Misc. — 3.4%
Blyth, Inc.#	45,244		2,245,912
Central Garden & Pet Co.†#	20,429		205,312
Central Garden & Pet Co., Class A†	26,764		253,187
Helen of Troy, Ltd.†	41,700		1,074,192
Jarden Corp.	32,501		946,104
Prestige Brands Holdings, Inc.†	99,189		765,739
The Scotts Miracle-Gro Co., Class A	19,900		884,157
WD-40 Co.#	22,715		741,418
			7,116,021
Diagnostic Kits — 0.4%
Inverness Medical Innovations, Inc.†#	21,700		755,377
Disposable Medical Products — 0.1%
ICU Medical, Inc.†	9,320		296,562
Distribution/Wholesale — 0.4%
Owens & Minor, Inc.#	29,100		869,217
Diversified Manufacturing Operations — 2.0%
Ameron International Corp.	13,537		877,333
Barnes Group, Inc.#	45,450		850,824
Matthews International Corp., Class A	30,969		1,002,776
The Brink’s Co.	39,475		894,898
Tredegar Corp.	28,602		471,361
			4,097,192
Diversified Operations — 0.2%
Spectrum Brands, Corp.†	18,937		525,312
Diversified Operations/Commercial Services — 1.1%
Viad Corp.	99,260		2,298,862
E-Commerce/Products — 0.5%
NutriSystem, Inc.#	44,329		986,320
Electric Products - Misc. — 0.5%
GrafTech International, Ltd.†	58,275		967,948
Electric - Integrated — 5.0%
Allete, Inc.#	145,261		5,014,410
Cleco Corp.#	16,194		428,655
El Paso Electric Co.†	80,800		1,601,456
IDACORP, Inc.	27,825		919,616

211

VALIC Company I Small Cap Special Values Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
Electric - Integrated (continued)
MGE Energy, Inc.#	12,024	$	424,687
NV Energy, Inc.	74,900		883,071
Portland General Electric Co.	16,759		316,913
TECO Energy, Inc.	57,725		897,624
			10,486,432
Electronic Components - Misc. — 1.4%
AVX Corp.	77,141		1,077,660
Benchmark Electronics, Inc.†	11,239		207,697
Jabil Circuit, Inc.	53,375		730,704
Technitrol, Inc.	227,682		876,575
Vishay Intertechnology, Inc.†	13,766		124,582
			3,017,218
Electronic Components - Semiconductors — 1.5%
DSP Group, Inc.†	105,655		715,284
Lattice Semiconductor Corp.†	274,763		1,362,825
Microsemi Corp.†	59,100		914,868
Zoran Corp.†#	17,881		172,730
			3,165,707
Electronic Measurement Instruments — 0.6%
Orbotech, Ltd.†	109,815		1,238,713
Electronic Security Devices — 0.2%
American Science & Engineering, Inc.	6,212		435,275
Energy - Alternate Sources — 0.1%
BioFuel Energy Corp.†#	109,643		224,768
Engineering/R&D Services — 0.4%
EMCOR Group, Inc.†	33,825		844,610
Enterprise Software/Service — 0.3%
MicroStrategy, Inc., Class A†	7,609		586,350
Finance - Investment Banker/Broker — 1.9%
Investment Technology Group, Inc.†	112,524		1,897,155
Knight Capital Group, Inc., Class A†#	62,233		909,224
Raymond James Financial, Inc.	34,650		979,555
SWS Group, Inc.#	10,804		108,472
			3,894,406
Finance - Mortgage Loan/Banker — 0.1%
Deerfield Capital Corp.†#	31,828		174,736
Food - Canned — 0.6%
Del Monte Foods Co.	64,800		944,784
Seneca Foods Corp., Class A†#	13,599		400,627
			1,345,411
Food - Misc. — 0.9%
American Italian Pasta Co., Class A†#	27,232		1,059,597
Corn Products International, Inc.	27,075		902,951
			1,962,548
Food - Retail — 0.6%
Ruddick Corp.	27,450		906,399
Winn-Dixie Stores, Inc.†#	39,794		445,693
			1,352,092
Food - Wholesale/Distribution — 0.4%
Nash Finch Co.	25,150		908,166
Footwear & Related Apparel — 0.4%
Wolverine World Wide, Inc.	31,350		899,745
Funeral Services & Related Items — 1.0%
Hillenbrand, Inc.	85,574		2,078,592

Security Description	Shares	Value (Note 2)
Gas - Distribution — 0.4%
Vectren Corp.	37,100	$	855,155
Gold Mining — 1.3%
Aurizon Mines, Ltd.†#	102,249		497,953
Gammon Gold, Inc.†#	122,400		898,416
New Gold, Inc.†#	146,500		889,255
Royal Gold, Inc.#	7,697		385,927
			2,671,551
Home Furnishings — 0.6%
Furniture Brands International, Inc.†#	110,943		868,684
La-Z-Boy, Inc.†	33,038		392,161
			1,260,845
Human Resources — 2.1%
AMN Healthcare Services, Inc.†#	70,557		587,034
Heidrick & Struggles International, Inc.	88,490		2,048,544
Kelly Services, Inc., Class A†	57,100		833,089
Korn/Ferry International†	64,945		907,931
			4,376,598
Insurance Brokers — 0.7%
Willis Group Holdings PLC	44,630		1,366,571
Insurance - Life/Health — 0.4%
Protective Life Corp.	42,675		918,366
Insurance - Property/Casualty — 1.1%
Stewart Information Services Corp.#	122,811		1,301,797
The Hanover Insurance Group, Inc.	21,900		952,650
			2,254,447
Insurance - Reinsurance — 3.3%
Argo Group International Holdings, Ltd.	29,525		892,246
Aspen Insurance Holdings, Ltd.	32,600		823,476
Endurance Specialty Holdings, Ltd.	56,895		2,110,804
Platinum Underwriters Holdings, Ltd.	24,900		916,569
Validus Holdings, Ltd.	85,676		2,104,203
			6,847,298
Internet Application Software — 0.3%
S1 Corp.†#	96,301		590,325
Investment Companies — 0.6%
Apollo Investment Corp.#	80,275		837,268
Kohlberg Capital Corp.#	94,252		457,122
			1,294,390
Investment Management/Advisor Services — 0.7%
Waddell & Reed Financial, Inc., Class A	25,925		695,049
Westwood Holdings Group, Inc.#	18,850		700,278
			1,395,327
Lasers - System/Components — 0.1%
Coherent, Inc.†	7,662		270,469
Machinery - Electrical — 0.4%
Franklin Electric Co., Inc.	28,670		836,017
Machinery - General Industrial — 1.0%
Kadant, Inc.†	111,948		2,186,344
Medical Products — 0.4%
Teleflex, Inc.	15,575		873,446
Medical Sterilization Products — 0.4%
STERIS Corp.	28,325		901,585

212

VALIC Company I Small Cap Special Values Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
Medical - Biomedical/Gene — 0.2%
Cambrex Corp.†	122,556	$	511,058
Medical - Drugs — 0.2%
PharMerica Corp.†#	25,007		410,115
Medical - HMO — 0.5%
Healthspring, Inc.†	54,925		954,047
Medical - Hospitals — 0.5%
LifePoint Hospitals, Inc.†	26,900		954,681
Medical - Outpatient/Home Medical — 0.9%
Amedisys, Inc.†#	18,853		937,371
Amsurg Corp.†	46,000		910,800
			1,848,171
Metal Processors & Fabrication — 2.6%
Mueller Industries, Inc.	201,376		5,338,478
Multimedia — 0.2%
Journal Communications, Inc., Class A†	84,002		423,370
Networking Products — 0.9%
Adaptec, Inc.†#	329,584		955,794
Anixter International, Inc.†#	17,425		827,687
Netgear, Inc.†#	4,472		101,559
			1,885,040
Non-Ferrous Metals — 0.3%
Thompson Creek Metals Co., Inc.†	72,125		710,431
Office Supplies & Forms — 0.7%
ACCO Brands Corp.†#	194,315		1,371,864
Oil & Gas Drilling — 1.0%
Atwood Oceanics, Inc.†	80,784		2,193,286
Oil Companies - Exploration & Production — 3.1%
Bill Barrett Corp.†	14,787		481,465
Comstock Resources, Inc.†#	38,194		1,139,709
Contango Oil & Gas Co.†	17,675		888,699
Forest Oil Corp.†	34,950		931,068
SM Energy Co.	22,800		985,872
Stone Energy Corp.†#	64,470		864,542
Swift Energy Co.†	8,677		239,919
W&T Offshore, Inc.	88,689		863,831
			6,395,105
Oil Refining & Marketing — 0.4%
Tesoro Corp.#	68,257		798,607
Oil - Field Services — 1.2%
Cal Dive International, Inc.†	256,071		1,413,512
Superior Energy Services, Inc.†	38,700		842,112
Willbros Group, Inc.†#	29,537		274,399
			2,530,023
Paper & Related Products — 2.4%
Clearwater Paper Corp.†	14,216		870,446
P.H. Glatfelter Co.	82,996		962,754
Neenah Paper, Inc.	113,959		2,158,383
Schweitzer - Mauduit International, Inc.#	19,481		1,075,351
			5,066,934
Physicians Practice Management — 0.4%
MEDNAX, Inc.†	16,600		938,730
Private Corrections — 0.4%
The Geo Group, Inc.†#	43,639		920,783

Security Description	Shares	Value (Note 2)
Publishing - Books — 0.4%
Courier Corp.#	46,572	$	737,235
Publishing - Newspapers — 0.4%
AH Belo Corp.†#	113,100		791,700
Publishing - Periodicals — 0.1%
Dex One Corp.†	5,671		116,142
Racetracks — 0.4%
International Speedway Corp., Class A	31,500		878,535
Real Estate Investment Trusts — 2.1%
Alexandria Real Estate Equities, Inc.	13,825		906,643
Anworth Mortgage Asset Corp.#	123,000		833,940
Apollo Commercial Real Estate Finance, Inc.#	7,038		119,224
CBL & Associates Properties, Inc.	59,750		853,828
Hospitality Properties Trust	37,150		835,875
HRPT Properties Trust	131,375		881,526
The Macerich Co.	112		4,632
			4,435,668
Recreational Centers — 0.4%
Life Time Fitness, Inc.†#	25,350		940,738
Retail - Apparel/Shoe — 1.7%
Christopher & Banks Corp.	30,974		283,722
Genesco, Inc.†#	58,509		1,820,800
Kenneth Cole Productions, Inc., Class A†	87,153		1,025,791
The Men’s Wearhouse, Inc.#	21,769		473,258
			3,603,571
Retail - Arts & Crafts — 0.1%
A.C. Moore Arts & Crafts, Inc.†#	50,683		140,899
Retail - Consumer Electronics — 0.4%
RadioShack Corp.	44,100		901,404
Retail - Convenience Store — 1.1%
Casey’s General Stores, Inc.#	64,403		2,374,539
Retail - Discount — 0.1%
HSN, Inc.†#	6,162		166,066
Retail - Hair Salons — 0.4%
Regis Corp.#	48,925		899,731
Retail - Jewelry — 0.1%
Zale Corp.†#	49,693		134,171
Retail - Pawn Shops — 0.4%
Cash America International, Inc.#	23,875		882,181
Retail - Restaurants — 2.8%
Brinker International, Inc.	48,075		854,774
Denny’s Corp.†#	313,612		991,014
DineEquity, Inc.†#	9,751		329,291
Ruby Tuesday, Inc.†#	42,573		458,086
Sonic Corp.†#	81,568		860,542
Wendy’s/Arby’s Group, Inc., Class A	513,757		2,317,044
			5,810,751
Savings & Loans/Thrifts — 1.2%
NewAlliance Bancshares, Inc.#	129,723		1,526,840
Provident New York Bancorp#	22,802		207,270
Washington Federal, Inc.	46,450		802,656
			2,536,766
Semiconductor Components - Integrated Circuits — 0.8%
Exar Corp.†#	160,345		1,122,415
Standard Microsystems Corp.†#	23,776		543,995
			1,666,410

213

VALIC Company I Small Cap Special Values Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
Semiconductor Equipment — 1.2%
ATMI, Inc.†	81,229	$	1,315,910
Cabot Microelectronics Corp.†#	31,023		1,138,544
			2,454,454
Silver Mining — 0.4%
Pan American Silver Corp.#	34,925		872,426
Steel - Producers — 0.1%
Metals USA Holdings Corp.†#	12,867		196,865
Telecom Services — 0.7%
Aviat Networks, Inc.†	63,721		281,010
Iowa Telecommunications Services, Inc.#	73,100		1,217,846
			1,498,856
Telecommunication Equipment — 1.2%
CommScope, Inc.†	58,389		1,646,570
Plantronics, Inc.	29,975		897,451
			2,544,021
Telephone - Integrated — 0.2%
Alaska Communications Systems Group, Inc.#	25,420		210,224
Cincinnati Bell, Inc.†	46,457		147,733
			357,957
Textile - Products — 0.2%
Dixie Group, Inc.†#	78,973		331,687
Tobacco — 0.8%
Universal Corp.#	17,675		722,377
Vector Group, Ltd.#	57,985		910,365
			1,632,742
Toys — 0.4%
JAKKS Pacific, Inc.†#	57,650		853,796
Transactional Software — 0.3%
ACI Worldwide, Inc†#	33,720		644,389
Transport - Equipment & Leasing — 0.4%
GATX Corp.#	29,500		852,845
Transport - Marine — 0.5%
Diana Shipping, Inc.†	66,350		899,706
Horizon Lines, Inc. Class A#	57,999		236,636
			1,136,342
Transport - Rail — 0.2%
Genesee & Wyoming, Inc., Class A†	12,359		444,800
Transport - Services — 0.4%
Ryder System, Inc.	20,300		912,282
Transport - Truck — 0.7%
Arkansas Best Corp.#	61,317		1,434,205
Water Treatment Systems — 0.3%
RINO International Corp.†#	42,597		549,927
Web Portals/ISP — 0.5%
EarthLink, Inc.	110,125		945,974
Wire & Cable Products — 0.5%
General Cable Corp.†#	31,025		966,739
Total Long - Term Investment Securities
(cost $205,710,560)			204,047,294

Security Description	Shares/ Principal Amount			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 18.1%
Collective Investment Pool — 15.9%
Securities Lending Quality Trust(4)		33,480,711		$	33,353,064
Time Deposits — 2.2%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 06/01/10	$	4,571,000			4,571,000
Total Short-Term Investment Securities
(cost $38,051,711)					37,924,064
TOTAL INVESTMENTS
(cost $243,762,271)(5)		115.7	%		241,971,358
Liabilities in excess of other assets		(15.7	)		(32,850,429	)
NET ASSETS —		100.0	%	$	209,120,929

† Non-income producing security

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

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2010, the aggregate value of these securities was $205,165 representing 0.1% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

(1) Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration. Under the Securities Act of 1933, as amended (the “1933 Act”), (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of May 31, 2010, the Small Cap Special Values Fund held the following restricted securities:

Name	Acquisition Date	Shares	Acquisition Cost		Market Value		Market Value Per Share		Value as a % of Net Assets
BancTec, Inc.	6/20/2007	41,033	$	984,800	$	205,165	$	5.00	0.1	%

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

(3) Illiquid security. At May 31, 2010, the aggregate value of these securities was $205,165 representing 0.1% of net assets.

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

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

214

VALIC Company I Small Cap Special Values Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2010 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Long-Term Investment Securities:
Common Stock:
Banks - Commercial	$	16,423,328	$	—	$	—	$	16,423,328
Electric - Integrated		10,486,432		—		—		10,486,432
Other Industries*		176,932,369		—		205,165		177,137,534
Short-Term Investment Securities:
Collective Investment Pool		—		33,353,064		—		33,353,064
Time Deposits		—		4,571,000		—		4,571,000
Total	$	203,842,129	$	37,924,064	$	205,165	$	241,971,358

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

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

	Common Stock
Balance as of 5/31/2009	$	285,179
Accrued discounts/premiums		—
Realized gain (loss)		—
Change in unrealized appreciation (depreciation)		(80,014	)
Net purchases (sales)		—
Transfers in and/or out of Level 3		—
Balance as of 5/31/2010	$	205,165

See Notes to Financial Statements

215

VALIC Company I Small-Mid Growth Fund

PORTFOLIO PROFILE — May 31, 2010 (Unaudited)

Industry Allocation*

Collective Investment Pool	13.9	%
Retail — Apparel/Shoe	6.4
Oil Companies — Exploration & Production	5.5
Electronic Components — Semiconductors	4.3
Medical — Biomedical/Gene	4.3
Machinery — General Industrial	2.8
Schools	2.7
Medical — Drugs	2.6
Enterprise Software/Service	2.6
Retail — Restaurants	2.4
Commercial Services	2.4
Internet Infrastructure Software	2.1
Medical Instruments	2.1
Apparel Manufacturers	1.9
Telecommunication Equipment	1.9
Electronic Measurement Instruments	1.9
Time Deposits	1.7
Retail — Catalog Shopping	1.7
Cosmetics & Toiletries	1.6
Web Hosting/Design	1.5
Computer Aided Design	1.3
Semiconductor Components — Integrated Circuits	1.3
Computer Services	1.3
Medical Products	1.3
Finance — Consumer Loans	1.2
Therapeutics	1.0
E-Commerce/Services	1.0
Banks — Commercial	0.9
Investment Management/Advisor Services	0.9
E-Marketing/Info	0.9
Batteries/Battery Systems	0.9
Consumer Products — Misc.	0.9
Oil — Field Services	0.9
Diagnostic Kits	0.9
Cellular Telecom	0.8
Wire & Cable Products	0.8
Retail — Auto Parts	0.8
Electric — Distribution	0.8
Auto/Truck Parts & Equipment — Original	0.8
Respiratory Products	0.7
Retail — Sporting Goods	0.7
Theaters	0.7
Wireless Equipment	0.7
Computers — Memory Devices	0.7
Savings & Loans/Thrifts	0.7
E-Commerce/Products	0.7
Commercial Services — Finance	0.6
Racetracks	0.6
Finance — Investment Banker/Broker	0.6
Data Processing/Management	0.6
Computers — Periphery Equipment	0.6
Electronic Components — Misc.	0.6
Transport — Air Freight	0.6
Intimate Apparel	0.6
Metal Processors & Fabrication	0.6
Retail — Building Products	0.6
Electric Products — Misc.	0.6
Building & Construction Products — Misc.	0.6
Semiconductor Equipment	0.6
Aerospace/Defense — Equipment	0.6
Footwear & Related Apparel	0.6
Telecom Services	0.6
Non-Hazardous Waste Disposal	0.6
Human Resources	0.6
Medical — Outpatient/Home Medical	0.6
Internet Security	0.5
Printing — Commercial	0.5
Pharmacy Services	0.5
Advanced Materials	0.5

Dental Supplies & Equipment	0.5
Transactional Software	0.5
Chemicals — Specialty	0.5
Internet Application Software	0.5
Food — Misc.	0.5
Power Converter/Supply Equipment	0.5
Exchange — Traded Funds	0.5
Computers — Integrated Systems	0.5
Retail — Petroleum Products	0.5
Physicians Practice Management	0.5
Casino Services	0.5
Non-Ferrous Metals	0.5
Drug Delivery Systems	0.4
Chemicals — Diversified	0.4
Medical Labs & Testing Services	0.4
Agricultural Chemicals	0.4
Communications Software	0.4
Steel — Producers	0.4
Medical Information Systems	0.4
Broadcast Services/Program	0.4
E-Services/Consulting	0.4
Audio/Video Products	0.3
Transport — Truck	0.3
Building — Residential/Commercial	0.2
Filtration/Separation Products	0.2
	113.9	%

* Calculated as a percentage of net assets

216

VALIC Company I Small-Mid Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010

Security Description	Shares	Value (Note 2)
COMMON STOCK — 97.8%
Advanced Materials — 0.5%
Hexcel Corp.†#	31,614	$	504,876
Aerospace/Defense - Equipment — 0.6%
Argon ST, Inc.†#	23,051		554,377
Agricultural Chemicals — 0.4%
Intrepid Potash, Inc.†#	16,512		407,186
Apparel Manufacturers — 1.9%
Hanesbrands, Inc.†	51,141		1,395,126
True Religion Apparel, Inc.†#	16,400		452,804
			1,847,930
Audio/Video Products — 0.3%
DTS, Inc.†#	9,900		326,997
Auto/Truck Parts & Equipment - Original — 0.8%
Titan International, Inc.#	47,100		497,847
Wonder Auto Technology, Inc.†#	28,900		240,159
			738,006
Banks - Commercial — 0.9%
IBERIABANK Corp.	1,391		76,578
MB Financial, Inc.#	19,900		434,815
Sterling Bancshares, Inc.#	64,600		345,610
			857,003
Batteries/Battery Systems — 0.9%
EnerSys†#	37,765		849,712
Broadcast Services/Program — 0.4%
DG FastChannel, Inc.†	8,500		360,995
Building & Construction Products - Misc. — 0.6%
Interline Brands, Inc.†	28,155		560,566
Building - Residential/Commercial — 0.2%
MDC Holdings, Inc.#	7,200		225,936
Casino Services — 0.5%
Shuffle Master, Inc.†#	52,500		435,750
Cellular Telecom — 0.8%
NII Holdings, Inc.†	21,937		800,042
Chemicals - Diversified — 0.4%
Rockwood Holdings, Inc.†	15,970		414,262
Chemicals - Specialty — 0.5%
Cytec Industries, Inc.	11,200		478,576
Commercial Services — 2.4%
Alliance Data Systems Corp.†#	7,600		537,016
HMS Holdings Corp.†	10,200		553,452
Quanta Services, Inc.†#	26,800		555,564
Steiner Leisure, Ltd.†#	14,500		601,750
			2,247,782
Commercial Services - Finance — 0.6%
Dollar Financial Corp.†#	30,500		616,100
Communications Software — 0.4%
Smith Micro Software, Inc.†#	40,800		401,880
Computer Aided Design — 1.3%
ANSYS, Inc.†#	27,959		1,222,647
Computer Services — 1.3%
LivePerson, Inc.†#	46,970		303,426
Syntel, Inc.#	27,075		905,388
			1,208,814

Security Description	Shares	Value (Note 2)
Computers - Integrated Systems — 0.5%
Radiant Systems, Inc.†	33,100	$	458,766
Computers - Memory Devices — 0.7%
Quantum Corp.†#	270,693		636,128
Computers - Periphery Equipment — 0.6%
Synaptics, Inc.†	20,030		599,298
Consumer Products - Misc. — 0.9%
The Scotts Miracle - Gro Co., Class A	19,118		849,413
Cosmetics & Toiletries — 1.6%
Alberto - Culver Co.#	36,535		1,005,443
Elizabeth Arden, Inc.†	30,700		521,900
			1,527,343
Data Processing/Management — 0.6%
Dun & Bradstreet Corp.	8,229		600,635
Dental Supplies & Equipment — 0.5%
Sirona Dental Systems, Inc.†#	14,100		498,858
Diagnostic Kits — 0.9%
QIAGEN NV†#	38,489		811,348
Drug Delivery Systems — 0.4%
Nektar Therapeutics†#	34,733		424,785
E - Commerce/Products — 0.7%
Blue Nile, Inc.†#	13,281		622,879
E - Commerce/Services — 1.0%
priceline.com, Inc.†	5,072		969,563
E - Marketing/Info — 0.9%
comScore, Inc.†#	33,819		520,136
Constant Contact, Inc.†#	15,430		331,128
			851,264
E - Services/Consulting — 0.4%
GSI Commerce, Inc.†#	11,800		332,288
Electric Products - Misc. — 0.6%
GrafTech International, Ltd.†#	34,106		566,501
Electric - Distribution — 0.8%
EnerNOC, Inc.†#	27,654		777,077
Electronic Components - Misc. — 0.6%
Benchmark Electronics, Inc.†	32,400		598,752
Electronic Components - Semiconductors — 4.3%
Cavium Networks, Inc.†#	22,500		598,050
Mellanox Technologies, Ltd.†#	26,800		623,100
Monolithic Power Systems, Inc.†#	37,883		726,975
Netlogic Microsystems, Inc.†#	61,582		1,771,714
Rubicon Technology, Inc.†#	14,961		406,640
			4,126,479
Electronic Measurement Instruments — 1.9%
FLIR Systems, Inc.†#	30,587		871,424
Itron, Inc.†#	13,788		919,108
			1,790,532
Enterprise Software/Service — 2.6%
Concur Technologies, Inc.†#	17,800		752,940
MedAssets, Inc.†#	25,900		587,671
Taleo Corp., Class A†#	23,200		581,160
The Ultimate Software Group, Inc.†#	15,451		528,579
			2,450,350
Filtration/Separation Products — 0.2%
Polypore International, Inc.†	10,506		214,427

217

VALIC Company I Small-Mid Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
Finance - Consumer Loans — 1.2%
Encore Capital Group, Inc.†#	17,800	$	372,020
Portfolio Recovery Associates, Inc.†	11,000		753,060
			1,125,080
Finance - Investment Banker/Broker — 0.6%
Stifel Financial Corp.†#	12,053		610,725
Food - Misc. — 0.5%
Diamond Foods, Inc.#	11,500		476,675
Footwear & Related Apparel — 0.6%
Iconix Brand Group, Inc.†#	34,000		552,500
Human Resources — 0.6%
Emergency Medical Services Corp., Class A†#	10,000		535,700
Internet Application Software — 0.5%
Vocus, Inc.†#	30,532		478,131
Internet Infrastructure Software — 2.1%
F5 Networks, Inc.†	20,943		1,472,921
support.com, Inc.†#	127,591		533,331
			2,006,252
Internet Security — 0.5%
Blue Coat Systems, Inc.†#	24,300		521,721
Intimate Apparel — 0.6%
The Warnaco Group, Inc.†	13,600		579,224
Investment Management/Advisor Services — 0.9%
Invesco, Ltd.#	46,172		856,952
Machinery - General Industrial — 2.8%
Roper Industries, Inc.#	16,975		984,890
The Manitowoc Co., Inc.#	79,626		949,938
Wabtec Corp.#	16,363		709,336
			2,644,164
Medical Information Systems — 0.4%
Allscripts - Misys Healthcare Solutions, Inc.†#	19,400		364,914
Medical Instruments — 2.1%
Arthrocare Corp.†	17,960		528,203
Dexcom, Inc.†#	40,500		426,465
Natus Medical, Inc.†	29,783		492,909
NuVasive, Inc.†#	13,600		534,072
			1,981,649
Medical Labs & Testing Services — 0.4%
ICON PLC ADR†	14,866		413,572
Medical Products — 1.3%
American Medical Systems Holdings, Inc.†#	16,200		365,472
PSS World Medical, Inc.†#	14,200		325,322
Zoll Medical Corp.†	17,700		514,185
			1,204,979
Medical - Biomedical/Gene — 4.3%
Alexion Pharmaceuticals, Inc.†#	24,956		1,248,549
AMAG Pharmaceuticals, Inc.†#	11,201		356,640
Human Genome Sciences, Inc.†#	20,026		495,844
Incyte Corp., Ltd.†#	38,700		498,843
Life Technologies Corp.†	9,257		463,405
Myriad Genetics, Inc.†#	20,093		366,697
Regeneron Pharmaceuticals, Inc.†#	12,400		354,268
RTI Biologics, Inc.†#	92,100		327,876
			4,112,122

Security Description	Shares	Value (Note 2)
Medical - Drugs — 2.6%
Auxilium Pharmaceuticals, Inc.†#	8,600	$	247,508
Biovail Corp.	28,450		427,034
Cephalon, Inc.†#	9,369		551,459
MAP Pharmaceuticals, Inc.†#	33,504		499,880
Shire PLC ADR	12,874		788,018
			2,513,899
Medical - Outpatient/Home Medical — 0.6%
Amedisys, Inc.†#	10,700		532,004
Metal Processors & Fabrication — 0.6%
RBC Bearings, Inc.†	20,600		576,800
Non - Ferrous Metals — 0.5%
Brush Engineered Materials, Inc.†#	16,952		428,207
Non - Hazardous Waste Disposal — 0.6%
Waste Connections, Inc.†#	15,400		542,234
Oil Companies - Exploration & Production — 5.5%
Continental Resources, Inc.†#	27,389		1,291,665
Denbury Resources, Inc.†#	47,912		788,152
Goodrich Petroleum Corp.†#	35,800		438,192
InterOil Corp.†	18,466		910,005
Newfield Exploration Co.†	7,400		385,244
Petrohawk Energy Corp.†	26,500		509,595
Southwestern Energy Co.†	25,226		948,750
			5,271,603
Oil - Field Services — 0.9%
Core Laboratories NV	1,400		190,372
Matrix Service Co.†	32,652		321,296
Willbros Group, Inc.†	33,500		311,215
			822,883
Pharmacy Services — 0.5%
SXC Health Solutions Corp.†	6,900		507,564
Physicians Practice Management — 0.5%
IPC The Hospitalist Co., Inc.†	15,000		439,050
Power Converter/Supply Equipment — 0.5%
Advanced Energy Industries, Inc.†	38,392		474,525
Printing - Commercial — 0.5%
VistaPrint NV†	11,153		520,734
Racetracks — 0.6%
Penn National Gaming, Inc.†#	23,951		613,146
Respiratory Products — 0.7%
ResMed, Inc.†#	10,897		685,312
Retail - Apparel/Shoe — 6.4%
Aeropostale, Inc.†#	34,717		962,008
Chico’s FAS, Inc.#	70,382		860,772
DSW, Inc., Class A†#	23,200		670,016
Genesco, Inc.†	18,900		588,168
Guess?, Inc.	24,044		913,431
Lululemon Athletica, Inc.†#	33,345		1,362,477
Stein Mart, Inc.†#	44,700		356,259
The Children’s Place Retail Stores, Inc.†#	8,600		405,318
			6,118,449
Retail - Auto Parts — 0.8%
O’Reilly Automotive, Inc.†#	15,351		783,208
Retail - Building Products — 0.6%
Lumber Liquidators Holdings, Inc.†#	19,400		572,494
Retail - Catalog Shopping — 1.7%
MSC Industrial Direct Co., Inc., Class A	30,817		1,594,472

218

VALIC Company I Small-Mid Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
Retail - Petroleum Products — 0.5%
World Fuel Services Corp.#	17,404	$	453,026
Retail - Restaurants — 2.4%
Buffalo Wild Wings, Inc.†	23,278		858,958
California Pizza Kitchen, Inc.†	26,600		484,918
PF Chang’s China Bistro, Inc.#	9,000		391,230
Texas Roadhouse, Inc., Class A†#	35,900		524,140
			2,259,246
Retail - Sporting Goods — 0.7%
Hibbett Sports, Inc.†#	26,100		672,597
Savings & Loans/Thrifts — 0.7%
NewAlliance Bancshares, Inc.#	53,845		633,756
Schools — 2.7%
Capella Education Co.†#	20,089		1,725,846
Strayer Education, Inc.#	3,595		862,800
			2,588,646
Semiconductor Components - Integrated Circuits — 1.3%
Power Integrations, Inc.#	35,705		1,213,256
Semiconductor Equipment — 0.6%
ATMI, Inc.†#	24,014		389,027
Formfactor, Inc.†#	13,269		170,772
			559,799
Steel - Producers — 0.4%
Steel Dynamics, Inc.	25,485		373,865
Telecom Services — 0.6%
Cbeyond, Inc.†#	35,287		551,536
Telecommunication Equipment — 1.9%
ADTRAN, Inc.#	20,200		554,086
Nice Systems, Ltd. ADR†	29,191		870,476
Plantronics, Inc.#	13,900		416,166
			1,840,728
Theaters — 0.7%
National CineMedia, Inc.	36,757		642,880
Therapeutics — 1.0%
Inspire Phamaceuticals, Inc.†#	37,100		210,913
Warner Chilcott PLC, Class A†	33,240		768,509
			979,422
Transactional Software — 0.5%
Innerworkings, Inc.†#	69,534		481,871
Transport - Air Freight — 0.6%
Atlas Air Worldwide Holdings, Inc.†	11,100		580,197
Transport - Truck — 0.3%
Forward Air Corp.#	11,289		308,980
Web Hosting/Design — 1.5%
Equinix, Inc.†#	5,500		506,055
NIC, Inc.#	56,473		367,074
Rackspace Hosting, Inc.†#	32,500		572,000
			1,445,129
Wire & Cable Products — 0.8%
General Cable Corp.†#	25,377		790,747
Wireless Equipment — 0.7%
SBA Communications Corp., Class A†#	19,300		637,479
Total Common Stock
(cost $78,093,734)			93,240,227

Security Description	Shares/ Principal Amount			Value (Note 2)
EXCHANGE - TRADED FUNDS — 0.5%
iShares Russell 2000 Growth Index Fund# (cost $416,070)		6,433		$	459,253
Total Long-Term Investment Securities
(cost $78,508,688)					93,699,480
SHORT-TERM INVESTMENT SECURITIES — 15.6%
Collective Investment Pool — 13.9%
Securities Lending Quality Trust(1)(3)		13,329,087			13,278,268
Time Deposits — 1.7%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 06/01/10	$	1,616,000			1,616,000
Total Short-Term Investment Securities
(cost $14,945,087)					14,894,268
TOTAL INVESTMENTS
(cost $93,454,891)(2)		113.9	%		108,593,748
Liabilities in excess of other assets		(13.9	)		(13,274,709	)
NET ASSETS —		100.0	%	$	95,319,039

† Non-income producing security

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

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

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

(3) At May 31, 2010, the Fund had loaned securities with a total value of $14,109,254. This was secured by collateral of $13,329,087, which was received in cash and subsequently invested in short-term investments currently valued at $13,278,268 as reported in the Portfolio of Investments. The remaining collateral of $1,411,346 was received in the form of short-term pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s net assets.The components of the short-term pooled securities referenced above are as follows:

Securities	Coupon Range	Date Range
United States Treasury Notes/Bonds	0.88% to 8.13%	01/13/11 to 02/15/38

ADR—American Depository Receipt

219

VALIC Company I Small-Mid Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2010 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Long-Term Investment Securities:
Common Stock:
Oil Companies-Exploration & Production	$	5,271,603	$	—	$	—	$	5,271,603
Retail - Apparel/Shoe		6,118,449		—		—		6,118,449
Other Industries*		81,850,175		—		—		81,850,175
Exchange-Traded Funds		459,253		—		—		459,253
Short-Term Investment Securities:
Collective Investment Pool		—		13,278,268		—		13,278,268
Time Deposits		—		1,616,000		—		1,616,000
Total	$	93,699,480	$	14,894,268	$	—	$	108,593,748

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

See Notes to Financial Statements

220

VALIC Company I Stock Index Fund

PORTFOLIO PROFILE — May 31, 2010 (Unaudited)

Industry Allocation*

Collective Investment Pool	9.1	%
Oil Companies — Integrated	5.6
Computers	5.3
Diversified Banking Institutions	5.1
Medical — Drugs	4.1
Diversified Manufacturing Operations	3.5
Electric — Integrated	3.0
Banks — Super Regional	2.9
Oil Companies — Exploration & Production	2.8
Medical Products	2.5
Telephone — Integrated	2.5
Beverages — Non-alcoholic	2.4
Cosmetics & Toiletries	2.3
Applications Software	2.3
Electronic Components — Semiconductors	2.1
Retail — Discount	1.8
Multimedia	1.6
Medical — Biomedical/Gene	1.5
Aerospace/Defense	1.5
Networking Products	1.5
Tobacco	1.5
Web Portals/ISP	1.4
Food — Misc.	1.3
Real Estate Investment Trusts	1.3
Insurance — Reinsurance	1.2
Retail — Restaurants	1.2
Oil — Field Services	1.2
Commercial Services — Finance	1.1
Transport — Services	1.1
Cable/Satellite TV	1.1
Enterprise Software/Service	1.0
Insurance — Multi-line	1.0
Retail — Building Products	0.9
Wireless Equipment	0.9
Medical — HMO	0.9
Retail — Drug Store	0.8
Chemicals — Diversified	0.8
Transport — Rail	0.8
Medical Instruments	0.8
Insurance — Life/Health	0.8
Repurchase Agreements	0.7
Aerospace/Defense — Equipment	0.7
Computers — Memory Devices	0.7
Banks — Fiduciary	0.6
Insurance — Property/Casualty	0.5
Finance — Credit Card	0.5
Pharmacy Services	0.5
Investment Management/Advisor Services	0.5
Banks — Commercial	0.5
Industrial Gases	0.4
E-Commerce/Products	0.4
Consumer Products — Misc.	0.4
Medical — Wholesale Drug Distribution	0.4
Finance — Other Services	0.4
Auto — Cars/Light Trucks	0.4
Machinery — Construction & Mining	0.4
Electric Products — Misc.	0.4
E-Commerce/Services	0.4
Pipelines	0.4
Retail — Major Department Stores	0.4
Metal — Copper	0.3
Agricultural Chemicals	0.3
Oil Field Machinery & Equipment	0.3
Food — Retail	0.3
Retail — Apparel/Shoe	0.3
Instruments — Scientific	0.3
Telecom Equipment — Fiber Optics	0.3
Athletic Footwear	0.3
Semiconductor Equipment	0.3

Gold Mining	0.3
Chemicals — Specialty	0.2
Non — Hazardous Waste Disposal	0.2
Retail — Regional Department Stores	0.2
Apparel Manufacturers	0.2
Machinery — Farming	0.2
Gas — Distribution	0.2
Computer Services	0.2
Insurance Brokers	0.2
Steel — Producers	0.2
Coal	0.2
Internet Security	0.2
Hotels/Motels	0.2
Data Processing/Management	0.2
Distribution/Wholesale	0.2
Auto/Truck Parts & Equipment — Original	0.2
Finance — Investment Banker/Broker	0.2
Food — Wholesale/Distribution	0.2
Cellular Telecom	0.2
Office Automation & Equipment	0.2
Retail — Office Supplies	0.2
Retail — Consumer Electronics	0.2
Electronic Forms	0.2
Oil & Gas Drilling	0.2
Metal Processors & Fabrication	0.2
Agricultural Operations	0.2
Medical Labs & Testing Services	0.2
Advertising Agencies	0.2
Cruise Lines	0.2
Oil Refining & Marketing	0.2
Electronic Measurement Instruments	0.2
Semiconductor Components — Integrated Circuits	0.1
Auto — Heavy Duty Trucks	0.1
Forestry	0.1
Food — Confectionery	0.1
Paper & Related Products	0.1
Engines — Internal Combustion	0.1
Engineering/R&D Services	0.1
Toys	0.1
Broadcast Services/Program	0.1
Retail — Auto Parts	0.1
Metal — Aluminum	0.1
Retail — Bedding	0.1
Tools — Hand Held	0.1
Savings & Loans/Thrifts	0.1
Medical — Generic Drugs	0.1
Schools	0.1
Containers — Paper/Plastic	0.1
Vitamins & Nutrition Products	0.1
U.S. Government Treasuries	0.1
Television	0.1
Containers — Metal/Glass	0.1
Building — Residential/Commercial	0.1
Telecommunication Equipment	0.1
Electronics — Military	0.1
Beverages — Wine/Spirits	0.1
Airlines	0.1
Commercial Services	0.1
Food — Meat Products	0.1
Appliances	0.1
Disposable Medical Products	0.1
Industrial Automated/Robotic	0.1
Publishing — Newspapers	0.1
Metal — Iron	0.1
Dental Supplies & Equipment	0.1
Electronic Connectors	0.1
Motorcycle/Motor Scooter	0.1
Coatings/Paint	0.1
Electric — Generation	0.1

221

VALIC Company I Stock Index Fund

PORTFOLIO PROFILE — May 31, 2010 (Unaudited) — (continued)

Industry Allocation* (continued)

Internet Infrastructure Software	0.1	%
Computer Aided Design	0.1
Dialysis Centers	0.1
Brewery	0.1
Quarrying	0.1
Independent Power Producers	0.1
Casino Services	0.1
Casino Hotels	0.1
Medical Information Systems	0.1
Retail — Jewelry	0.1
Human Resources	0.1
Energy — Alternate Sources	0.1
Machinery — General Industrial	0.1
Entertainment Software	0.1
Finance — Consumer Loans	0.1
Steel — Specialty	0.1
Computers — Integrated Systems	0.1
Machinery — Pumps	0.1
Consulting Services	0.1
Hazardous Waste Disposal	0.1
	108.9	%

* Calculated as a percentage of net assets

222

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010

Security Description	Shares	Value (Note 2)
COMMON STOCK — 98.9%
Advertising Agencies — 0.2%
Interpublic Group of Cos., Inc.†#	146,000	$	1,219,100
Omnicom Group, Inc.	93,300		3,540,735
			4,759,835
Aerospace/Defense — 1.5%
General Dynamics Corp.	115,900		7,869,610
Lockheed Martin Corp.	94,700		7,568,424
Northrop Grumman Corp.	91,000		5,504,590
Raytheon Co.	113,900		5,969,499
Rockwell Collins, Inc.#	47,200		2,753,648
The Boeing Co.	227,400		14,594,532
			44,260,303
Aerospace/Defense - Equipment — 0.7%
Goodrich Corp.#	37,600		2,609,440
United Technologies Corp.	281,300		18,953,994
			21,563,434
Agricultural Chemicals — 0.3%
CF Industries Holdings, Inc.	20,800		1,426,672
Monsanto Co.	163,900		8,337,593
			9,764,265
Agricultural Operations — 0.2%
Archer - Daniels - Midland Co.	193,100		4,879,637
Airlines — 0.1%
Southwest Airlines Co.	223,300		2,777,852
Apparel Manufacturers — 0.2%
Coach, Inc.	94,400		3,880,784
Polo Ralph Lauren Corp.#	17,200		1,493,992
VF Corp.	26,600		2,057,510
			7,432,286
Appliances — 0.1%
Whirlpool Corp.#	22,500		2,349,900
Applications Software — 2.3%
Citrix Systems, Inc.†	55,200		2,407,272
Compuware Corp.†	68,300		559,377
Intuit, Inc.†	94,300		3,370,282
Microsoft Corp.	2,292,500		59,146,500
Red Hat, Inc.†	56,700		1,661,877
Salesforce.com, Inc.†#	33,000		2,855,490
			70,000,798
Athletic Footwear — 0.3%
NIKE, Inc., Class B#	117,200		8,482,936
Audio/Video Products — 0.0%
Harman International Industries, Inc.†	20,900		675,070
Auto - Cars/Light Trucks — 0.4%
Ford Motor Co.†#	1,012,000		11,870,760
Auto - Heavy Duty Trucks — 0.1%
PACCAR, Inc.#	109,400		4,485,400
Auto/Truck Parts & Equipment - Original — 0.2%
Johnson Controls, Inc.	201,800		5,757,354
Banks - Commercial — 0.5%
BB&T Corp.#	207,500		6,274,800
First Horizon National Corp.†#	67,700		842,865
M&T Bank Corp.#	25,000		1,981,000
Marshall & Ilsley Corp.	158,200		1,289,330
Regions Financial Corp.#	358,300		2,733,829
Zions Bancorporation	48,200		1,154,390
			14,276,214

Security Description	Shares	Value (Note 2)
Banks - Fiduciary — 0.6%
Northern Trust Corp.#	72,600	$	3,688,806
State Street Corp.	148,800		5,679,696
The Bank of New York Mellon Corp.	363,000		9,873,600
			19,242,102
Banks - Super Regional — 2.9%
Capital One Financial Corp.	136,800		5,649,840
Comerica, Inc.	52,300		1,992,630
Fifth Third Bancorp#	238,900		3,103,311
Huntington Bancshares, Inc.#	215,200		1,325,632
KeyCorp#	263,800		2,115,676
PNC Financial Services Group, Inc.	155,300		9,745,075
SunTrust Banks, Inc.#	150,000		4,042,500
US Bancorp	574,900		13,774,604
Wells Fargo & Co.	1,556,500		44,655,985
			86,405,253
Beverages - Non - alcoholic — 2.4%
Coca - Cola Enterprises, Inc.	96,000		2,505,600
Dr Pepper Snapple Group, Inc.	76,300		2,888,718
PepsiCo, Inc.	491,000		30,878,990
The Coca - Cola Co.	692,600		35,599,640
			71,872,948
Beverages - Wine/Spirits — 0.1%
Brown - Forman Corp., Class B	32,700		1,813,542
Constellation Brands, Inc., Class A†#	60,000		999,600
			2,813,142
Brewery — 0.1%
Molson Coors Brewing Co., Class B	47,600		1,953,504
Broadcast Services/Program — 0.1%
Discovery Communications, Inc., Class C†	85,200		2,704,248
Scripps Networks Interactive Inc., Class A	26,900		1,215,342
			3,919,590
Building Products - Wood — 0.0%
Masco Corp.#	107,800		1,439,130
Building - Residential/Commercial — 0.1%
D.R. Horton, Inc.#	83,100		1,012,989
Lennar Corp., Class A#	48,900		845,970
Pulte Group, Inc.†#	95,300		1,061,642
			2,920,601
Cable/Satellite TV — 1.1%
Comcast Corp., Class A	852,500		15,421,725
DIRECTV, Class A†	281,000		10,590,890
Time Warner Cable, Inc.	105,900		5,795,907
			31,808,522
Casino Hotels — 0.1%
Wynn Resorts, Ltd.	20,700		1,736,316
Casino Services — 0.1%
International Game Technology	89,100		1,743,687
Cellular Telecom — 0.2%
MetroPCS Communications, Inc.†#	78,400		704,816
Sprint Nextel Corp.†	894,500		4,588,785
			5,293,601
Chemicals - Diversified — 0.8%
E.I. du Pont de Nemours & Co.	271,600		9,823,772
FMC Corp.#	21,800		1,319,990

223

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
Chemicals - Diversified (continued)
PPG Industries, Inc.	49,800	$	3,190,686
The Dow Chemical Co.	345,600		9,300,096
			23,634,544
Chemicals - Specialty — 0.2%
Eastman Chemical Co.#	21,800		1,316,502
Ecolab, Inc.	71,000		3,353,330
International Flavors & Fragrances, Inc.	23,700		1,054,650
Sigma - Aldrich Corp.	36,600		1,950,048
			7,674,530
Coal — 0.2%
CONSOL Energy, Inc.	66,000		2,407,680
Massey Energy Co.	30,500		1,010,160
Peabody Energy Corp.	80,700		3,144,072
			6,561,912
Coatings/Paint — 0.1%
The Sherwin - Williams Co.	27,700		2,122,651
Commercial Services — 0.1%
Iron Mountain, Inc.#	54,400		1,333,888
Quanta Services, Inc.†#	63,100		1,308,063
			2,641,951
Commercial Services - Finance — 1.1%
Automatic Data Processing, Inc.	151,700		6,201,496
Equifax, Inc.	38,000		1,149,500
H&R Block, Inc.	100,800		1,620,864
Mastercard, Inc., Class A	29,000		5,851,330
Moody’s Corp.#	59,100		1,211,550
Paychex, Inc.#	96,600		2,756,964
The Western Union Co.	205,100		3,273,396
Total System Services, Inc.#	59,300		865,780
Visa, Inc., Class A	134,100		9,716,886
			32,647,766
Computer Aided Design — 0.1%
Autodesk, Inc.†	69,000		2,018,940
Computer Services — 0.2%
Cognizant Technology Solutions Corp., Class A†	89,400		4,473,576
Computer Sciences Corp.	46,200		2,309,538
			6,783,114
Computers — 5.3%
Apple, Inc.†	272,400		70,050,384
Dell, Inc.†	517,300		6,895,609
Hewlett - Packard Co.	707,300		32,542,873
International Business Machines Corp.	390,300		48,888,978
			158,377,844
Computers - Integrated Systems — 0.1%
Teradata Corp.†	50,100		1,600,194
Computers - Memory Devices — 0.7%
EMC Corp.†	616,700		11,482,954
NetApp, Inc.†	103,500		3,899,880
SanDisk Corp.†	68,700		3,202,794
Western Digital Corp.†	68,700		2,391,447
			20,977,075
Computers - Periphery Equipment — 0.0%
Lexmark International, Inc., Class A†#	23,500		882,425
Consulting Services — 0.1%
SAIC, Inc.†#	91,600		1,574,604

Security Description	Shares	Value (Note 2)
Consumer Products - Misc. — 0.4%
Clorox Co.	42,100	$	2,644,722
Fortune Brands, Inc.	45,700		2,168,465
Kimberly - Clark Corp.	125,100		7,593,570
			12,406,757
Containers - Metal/Glass — 0.1%
Ball Corp.#	28,300		1,393,775
Owens - Illinois, Inc.†	50,700		1,537,731
			2,931,506
Containers - Paper/Plastic — 0.1%
Bemis Co., Inc.	32,800		940,704
Pactiv Corp.†#	39,800		1,137,484
Sealed Air Corp.	47,800		996,152
			3,074,340
Cosmetics & Toiletries — 2.3%
Avon Products, Inc.	128,400		3,401,316
Colgate - Palmolive Co.#	148,300		11,580,747
The Estee Lauder Cos., Inc., Class A	35,500		2,068,585
The Procter & Gamble Co.	872,700		53,313,243
			70,363,891
Cruise Lines — 0.2%
Carnival Corp.#	130,400		4,724,392
Data Processing/Management — 0.2%
Dun & Bradstreet Corp.	15,300		1,116,747
Fidelity National Information Services, Inc.	99,100		2,727,232
Fiserv, Inc.†	45,800		2,177,790
			6,021,769
Dental Supplies & Equipment — 0.1%
DENTSPLY International, Inc.#	44,200		1,433,406
Patterson Cos., Inc.#	28,000		831,880
			2,265,286
Dialysis Centers — 0.1%
DaVita, Inc.†	31,000		1,966,330
Disposable Medical Products — 0.1%
C.R. Bard, Inc.	28,700		2,323,839
Distribution/Wholesale — 0.2%
Fastenal Co.#	39,400		1,987,336
Genuine Parts Co.#	47,700		1,937,097
WW Grainger, Inc.#	18,500		1,882,375
			5,806,808
Diversified Banking Institutions — 5.1%
Bank of America Corp.	3,014,000		47,440,360
Citigroup, Inc.†	5,903,400		23,377,464
JPMorgan Chase & Co.	1,193,700		47,246,646
Morgan Stanley	420,000		11,386,200
The Goldman Sachs Group, Inc.	158,100		22,807,506
			152,258,176
Diversified Manufacturing Operations — 3.5%
3M Co.	213,800		16,956,478
Danaher Corp.#	78,700		6,247,206
Dover Corp.	56,000		2,513,840
Eaton Corp.	49,700		3,476,515
General Electric Co.	3,205,700		52,413,195
Honeywell International, Inc.#	229,700		9,824,269
Illinois Tool Works, Inc.	116,200		5,395,166
ITT Corp.	55,000		2,655,400

224

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
Diversified Manufacturing Operations (continued)
Leggett & Platt, Inc.	44,600	$	1,038,288
Parker Hannifin Corp.	48,300		2,968,518
Textron, Inc.#	81,900		1,692,873
			105,181,748
Diversified Operations — 0.0%
Leucadia National Corp.†#	57,000		1,249,440
E - Commerce/Products — 0.4%
Amazon.com, Inc.†	102,800		12,897,288
E - Commerce/Services — 0.4%
eBay, Inc.†	339,500		7,268,695
Expedia, Inc.#	63,500		1,369,060
priceline.com, Inc.†	13,700		2,618,892
			11,256,647
Electric Products - Misc. — 0.4%
Emerson Electric Co.	226,100		10,500,084
Molex, Inc.#	40,700		862,026
			11,362,110
Electric - Generation — 0.1%
The AES Corp.†	200,800		2,062,216
Electric - Integrated — 3.0%
Allegheny Energy, Inc.	50,900		1,041,414
Ameren Corp.#	71,200		1,755,792
American Electric Power Co., Inc.	143,600		4,589,456
CMS Energy Corp.#	69,000		1,012,920
Consolidated Edison, Inc.#	84,500		3,598,855
Constellation Energy Group, Inc.	60,400		2,136,952
Dominion Resources, Inc.	180,300		7,024,488
DTE Energy Co.#	49,600		2,257,296
Duke Energy Corp.	393,400		6,278,664
Edison International	97,900		3,168,044
Entergy Corp.	56,800		4,263,976
Exelon Corp.	198,300		7,654,380
FirstEnergy Corp.#	91,600		3,225,236
Integrys Energy Group, Inc.#	23,000		1,040,060
NextEra Energy, Inc.	124,200		6,201,306
Northeast Utilities	52,700		1,367,565
Pepco Holdings, Inc.	66,800		1,077,484
PG&E Corp.#	111,600		4,631,400
Pinnacle West Capital Corp.	32,300		1,134,053
PPL Corp.	113,300		2,924,273
Progress Energy, Inc.	85,500		3,299,445
Public Service Enterprise Group, Inc.	152,000		4,655,760
SCANA Corp.#	33,500		1,215,715
TECO Energy, Inc.#	64,200		998,310
The Southern Co.	246,500		8,060,550
Wisconsin Energy Corp.	35,100		1,719,900
Xcel Energy, Inc.	137,200		2,811,228
			89,144,522
Electronic Components - Misc. — 0.0%
Jabil Circuit, Inc.	58,000		794,020
Electronic Components - Semiconductors — 2.1%
Advanced Micro Devices, Inc.†#	169,600		1,453,472
Altera Corp.#	89,300		2,104,801
Broadcom Corp., Class A	129,500		4,470,340
Intel Corp.	1,659,600		35,548,632
LSI Corp.†	197,300		1,051,609
MEMC Electronic Materials, Inc.†#	68,300		775,205
Microchip Technology, Inc.#	55,400		1,542,890
Micron Technology, Inc.†#	255,600		2,323,404

Security Description	Shares	Value (Note 2)
Electronic Components - Semiconductors (continued)
National Semiconductor Corp.#	71,400	$	1,003,170
NVIDIA Corp.†	166,700		2,190,438
QLogic Corp.†#	34,200		619,704
Texas Instruments, Inc.	373,100		9,111,102
Xilinx, Inc.#	83,100		2,031,795
			64,226,562
Electronic Connectors — 0.1%
Amphenol Corp., Class A#	52,000		2,204,800
Electronic Forms — 0.2%
Adobe Systems, Inc.†	157,500		5,052,600
Electronic Measurement Instruments — 0.2%
Agilent Technologies, Inc.†	104,800		3,391,328
FLIR Systems, Inc.†	45,900		1,307,691
			4,699,019
Electronics - Military — 0.1%
L - 3 Communications Holdings, Inc.	34,700		2,867,261
Energy - Alternate Sources — 0.1%
First Solar, Inc.†#	14,600		1,640,456
Engineering/R&D Services — 0.1%
Fluor Corp.#	53,700		2,519,604
Jacobs Engineering Group, Inc.†	37,400		1,561,824
			4,081,428
Engines - Internal Combustion — 0.1%
Cummins, Inc.	60,500		4,112,790
Enterprise Software/Service — 1.0%
BMC Software, Inc.†	54,900		2,031,849
CA, Inc.	118,700		2,403,675
Novell, Inc.†	104,600		609,818
Oracle Corp.	1,174,400		26,506,208
			31,551,550
Entertainment Software — 0.1%
Electronic Arts, Inc.†#	98,100		1,619,631
Filtration/Separation Products — 0.0%
Pall Corp.	35,300		1,201,965
Finance - Consumer Loans — 0.1%
SLM Corp.†	145,700		1,618,727
Finance - Credit Card — 0.5%
American Express Co.	359,500		14,333,265
Discover Financial Services	163,300		2,196,385
			16,529,650
Finance - Investment Banker/Broker — 0.2%
E*Trade Financial Corp.†	594,900		880,452
The Charles Schwab Corp.	293,700		4,799,058
			5,679,510
Finance - Other Services — 0.4%
CME Group, Inc.	20,000		6,333,000
IntercontinentalExchange, Inc.†#	22,100		2,566,473
NYSE Euronext	78,400		2,247,728
The NASDAQ OMX Group, Inc.†	44,500		827,255
			11,974,456
Food - Confectionery — 0.1%
The Hershey Co.#	50,000		2,340,000
The J.M. Smucker Co.	35,800		1,976,876
			4,316,876

225

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
Food - Dairy Products — 0.0%
Dean Foods Co.†	54,500	$	580,425
Food - Meat Products — 0.1%
Hormel Foods Corp.#	20,900		831,820
Tyson Foods, Inc., Class A	91,600		1,610,328
			2,442,148
Food - Misc. — 1.3%
Campbell Soup Co.#	56,700		2,030,427
ConAgra Foods, Inc.	133,200		3,220,776
General Mills, Inc.	99,000		7,051,770
H.J. Heinz Co.#	95,000		4,197,100
Kellogg Co.#	76,600		4,092,738
Kraft Foods, Inc., Class A	521,800		14,923,480
McCormick & Co., Inc.#	39,700		1,531,229
Sara Lee Corp.#	198,700		2,815,579
			39,863,099
Food - Retail — 0.3%
Safeway, Inc.#	116,800		2,585,952
SUPERVALU, Inc.#	63,700		858,039
The Kroger Co.	195,300		3,931,389
Whole Foods Market, Inc.†#	51,200		2,070,016
			9,445,396
Food - Wholesale/Distribution — 0.2%
Sysco Corp.#	178,000		5,306,180
Forestry — 0.1%
Plum Creek Timber Co., Inc.#	48,900		1,712,478
Weyerhaeuser Co.#	63,500		2,703,830
			4,416,308
Gas - Distribution — 0.2%
CenterPoint Energy, Inc.	118,000		1,607,160
Nicor, Inc.#	13,600		549,576
NiSource, Inc.	83,200		1,244,672
Sempra Energy	74,200		3,413,200
			6,814,608
Gold Mining — 0.3%
Newmont Mining Corp.#	147,500		7,938,450
Hazardous Waste Disposal — 0.0%
Stericycle, Inc.†#	25,500		1,494,810
Home Decoration Products — 0.0%
Newell Rubbermaid, Inc.#	83,500		1,391,110
Hotels/Motels — 0.2%
Marriott International, Inc., Class A#	76,500		2,558,925
Starwood Hotels & Resorts Worldwide, Inc.	56,100		2,594,625
Wyndham Worldwide Corp.#	53,700		1,267,320
			6,420,870
Human Resources — 0.1%
Monster Worldwide, Inc.†#	37,700		557,583
Robert Half International, Inc.#	44,600		1,127,934
			1,685,517
Independent Power Producers — 0.1%
NRG Energy, Inc.†#	78,700		1,837,645
Industrial Automated/Robotic — 0.1%
Rockwell Automation, Inc.	42,900		2,292,147

Security Description	Shares	Value (Note 2)
Industrial Gases — 0.4%
Air Products & Chemicals, Inc.	63,700	$	4,399,122
Airgas, Inc.	24,900		1,555,503
Praxair, Inc.	92,000		7,139,200
			13,093,825
Instruments - Scientific — 0.3%
PerkinElmer, Inc.	35,300		800,957
Thermo Fisher Scientific, Inc.†	123,000		6,403,380
Waters Corp.†	28,100		1,923,164
			9,127,501
Insurance Brokers — 0.2%
AON Corp.	80,200		3,165,494
Marsh & McLennan Cos., Inc.	159,900		3,487,419
			6,652,913
Insurance - Life/Health — 0.8%
Aflac, Inc.	140,900		6,241,870
Lincoln National Corp.	90,800		2,402,568
Principal Financial Group, Inc.	96,000		2,610,240
Prudential Financial, Inc.	139,700		8,062,087
Torchmark Corp.#	24,900		1,283,097
Unum Group	99,900		2,307,690
			22,907,552
Insurance - Multi - line — 1.0%
American International Group, Inc.†#(1)	40,500		1,432,890
Assurant, Inc.#	35,000		1,214,500
Cincinnati Financial Corp.#	49,000		1,332,310
Genworth Financial, Inc., Class A†#	146,900		2,290,171
Hartford Financial Services Group, Inc.	133,300		3,341,831
Loews Corp.	106,600		3,465,566
MetLife, Inc.	246,100		9,964,589
The Allstate Corp.	161,200		4,937,556
XL Capital, Ltd., Class A	102,800		1,810,308
			29,789,721
Insurance - Property/Casualty — 0.5%
Chubb Corp.	98,700		4,958,688
The Progressive Corp.	201,800		3,953,262
The Travelers Cos., Inc.	154,300		7,633,221
			16,545,171
Insurance - Reinsurance — 1.2%
Berkshire Hathaway, Inc., Class B†#	497,200		35,077,460
Internet Infrastructure Software — 0.1%
Akamai Technologies, Inc.†#	51,700		2,053,524
Internet Security — 0.2%
McAfee, Inc.†	47,700		1,516,860
Symantec Corp.†	242,200		3,431,974
VeriSign, Inc.†#	55,100		1,537,841
			6,486,675
Investment Management/Advisor Services — 0.5%
Ameriprise Financial, Inc.	76,800		3,055,872
Federated Investors, Inc., Class B#	26,600		590,786
Franklin Resources, Inc.	44,600		4,374,814
Invesco, Ltd.#	128,800		2,390,528
Janus Capital Group, Inc.#	55,200		588,432
Legg Mason, Inc.	48,800		1,450,336
T. Rowe Price Group, Inc.#	77,800		3,852,656
			16,303,424

226

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
Linen Supply & Related Items — 0.0%
Cintas Corp.#	39,500	$	1,027,000
Machinery - Construction & Mining — 0.4%
Caterpillar, Inc.	187,700		11,404,652
Machinery - Farming — 0.2%
Deere & Co.	127,400		7,348,432
Machinery - General Industrial — 0.1%
Roper Industries, Inc.#	28,100		1,630,362
Machinery - Pumps — 0.1%
Flowserve Corp.	16,800		1,597,680
Medical Information Systems — 0.1%
Cerner Corp.†#	20,400		1,707,684
Medical Instruments — 0.8%
Boston Scientific Corp.†	454,100		2,747,305
Intuitive Surgical, Inc.†	11,700		3,776,409
Medtronic, Inc.	331,900		13,003,842
St. Jude Medical, Inc.†	97,800		3,651,852
			23,179,408
Medical Labs & Testing Services — 0.2%
Laboratory Corp. of America Holdings†#	31,500		2,381,715
Quest Diagnostics, Inc.	45,200		2,384,300
			4,766,015
Medical Products — 2.5%
Baxter International, Inc.	181,100		7,647,853
Becton, Dickinson and Co.#	70,800		5,048,040
CareFusion Corp.†	53,300		1,354,886
Hospira, Inc.†	49,200		2,561,352
Johnson & Johnson	826,800		48,202,440
Stryker Corp.#	84,900		4,502,247
Varian Medical Systems, Inc.†#	37,200		1,863,348
Zimmer Holdings, Inc.†	64,000		3,579,520
			74,759,686
Medical - Biomedical/Gene — 1.5%
Amgen, Inc.†	294,200		15,233,676
Biogen Idec, Inc.†#	81,000		3,841,830
Celgene Corp.†	138,100		7,286,156
Genzyme Corp.†	79,900		3,887,135
Gilead Sciences, Inc.†	271,400		9,748,688
Life Technologies Corp.†	54,300		2,718,258
Millipore Corp.†	16,800		1,784,328
			44,500,071
Medical - Drugs — 4.1%
Abbott Laboratories	466,500		22,186,740
Allergan, Inc.	92,400		5,561,556
Bristol - Myers Squibb Co.	515,000		11,953,150
Cephalon, Inc.†#	22,500		1,324,350
Eli Lilly & Co.	304,900		9,997,671
Forest Laboratories, Inc.†	90,800		2,349,904
King Pharmaceuticals, Inc.†	74,700		647,649
Merck & Co., Inc.	936,000		31,533,840
Pfizer, Inc.	2,424,700		36,928,181
			122,483,041
Medical - Generic Drugs — 0.1%
Mylan, Inc.†	92,100		1,790,424
Watson Pharmaceuticals, Inc.†	32,000		1,413,120
			3,203,544

Security Description	Shares	Value (Note 2)
Medical - HMO — 0.9%
Aetna, Inc.	129,500	$	3,776,220
CIGNA Corp.	82,600		2,764,622
Coventry Health Care, Inc.†	44,500		921,150
Humana, Inc.†	51,100		2,353,155
UnitedHealth Group, Inc.	347,800		10,110,546
WellPoint, Inc.†	133,400		6,843,420
			26,769,113
Medical - Hospitals — 0.0%
Tenet Healthcare Corp.†	130,100		744,172
Medical - Wholesale Drug Distribution — 0.4%
AmerisourceBergen Corp.	84,800		2,652,544
Cardinal Health, Inc.	108,600		3,745,614
McKesson Corp.	80,900		5,663,000
			12,061,158
Metal Processors & Fabrication — 0.2%
Precision Castparts Corp.	42,600		4,971,420
Metal - Aluminum — 0.1%
Alcoa, Inc.#	306,500		3,567,660
Metal - Copper — 0.3%
Freeport - McMoRan Copper & Gold, Inc.	141,300		9,898,065
Metal - Iron — 0.1%
Cliffs Natural Resources, Inc.#	40,600		2,267,916
Motorcycle/Motor Scooter — 0.1%
Harley - Davidson, Inc.#	70,400		2,126,784
Multimedia — 1.6%
Meredith Corp.#	11,000		369,490
News Corp., Class A	677,000		8,936,400
The McGraw - Hill Cos., Inc.	94,800		2,635,440
The Walt Disney Co.#	582,700		19,473,834
Time Warner, Inc.	345,600		10,710,144
Viacom, Inc., Class B	182,500		6,133,825
			48,259,133
Networking Products — 1.5%
Cisco Systems, Inc.†	1,720,200		39,839,832
Juniper Networks, Inc.†	157,900		4,203,298
			44,043,130
Non - Ferrous Metals — 0.0%
Titanium Metals Corp.†	25,400		448,818
Non - Hazardous Waste Disposal — 0.2%
Republic Services, Inc.	97,300		2,833,376
Waste Management, Inc.#	145,700		4,736,707
			7,570,083
Office Automation & Equipment — 0.2%
Pitney Bowes, Inc.#	62,300		1,410,472
Xerox Corp.	406,200		3,781,722
			5,192,194
Office Supplies & Forms — 0.0%
Avery Dennison Corp.#	33,700		1,151,866
Oil & Gas Drilling — 0.2%
Diamond Offshore Drilling, Inc.#	20,900		1,318,790
Helmerich & Payne, Inc.	31,800		1,198,224
Nabors Industries, Ltd.†	85,500		1,627,065
Rowan Cos., Inc.†#	34,200		846,792
			4,990,871

227

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
Oil Companies - Exploration & Production — 2.8%
Anadarko Petroleum Corp.	148,000	$	7,744,840
Apache Corp.	101,100		9,052,494
Cabot Oil & Gas Corp.#	31,100		1,078,859
Chesapeake Energy Corp.	195,800		4,374,172
Denbury Resources, Inc.†#	118,800		1,954,260
Devon Energy Corp.	134,200		8,568,670
EOG Resources, Inc.	75,900		7,957,356
EQT Corp.#	43,200		1,693,008
Noble Energy, Inc.	52,400		3,117,276
Occidental Petroleum Corp.	243,900		20,124,189
Pioneer Natural Resources Co.	34,700		2,210,390
Questar Corp.	52,500		2,355,150
Range Resources Corp.#	47,800		2,148,610
Southwestern Energy Co.†	104,000		3,911,440
XTO Energy, Inc.	175,300		7,492,322
			83,783,036
Oil Companies - Integrated — 5.6%
Chevron Corp.	603,400		44,573,158
ConocoPhillips	446,700		23,165,862
Exxon Mobil Corp.	1,418,500		85,762,510
Hess Corp.	87,500		4,655,000
Marathon Oil Corp.	212,700		6,612,843
Murphy Oil Corp.	57,400		3,064,012
			167,833,385
Oil Field Machinery & Equipment — 0.3%
Cameron International Corp.†	73,400		2,657,080
FMC Technologies, Inc.†	36,600		2,128,290
National Oilwell Varco, Inc.	125,700		4,792,941
			9,578,311
Oil Refining & Marketing — 0.2%
Sunoco, Inc.#	35,100		1,048,437
Tesoro Corp.#	42,200		493,740
Valero Energy Corp.	169,700		3,169,996
			4,712,173
Oil - Field Services — 1.2%
Baker Hughes, Inc.	129,000		4,920,060
Halliburton Co.#	271,900		6,751,277
Schlumberger, Ltd.#	359,500		20,185,925
Smith International, Inc.	74,600		2,801,976
			34,659,238
Paper & Related Products — 0.1%
International Paper Co.	130,100		3,022,223
MeadWestvaco Corp.	51,500		1,230,850
			4,253,073
Pharmacy Services — 0.5%
Express Scripts, Inc.†	82,700		8,319,620
Medco Health Solutions, Inc.†	139,400		8,036,410
			16,356,030
Photo Equipment & Supplies — 0.0%
Eastman Kodak Co.†#	80,700		455,148
Pipelines — 0.4%
El Paso Corp.	210,700		2,389,338
Oneok, Inc.	31,700		1,409,699
Spectra Energy Corp.	194,500		3,891,945
The Williams Cos., Inc.	175,300		3,462,175
			11,153,157

Security Description	Shares	Value (Note 2)
Printing - Commercial — 0.0%
R.R. Donnelley & Sons Co.	61,700	$	1,182,172
Publishing - Newspapers — 0.1%
Gannett Co., Inc.#	71,300		1,108,002
The New York Times Co., Class A†#	35,000		324,800
The Washington Post Co., Class B	1,800		838,314
			2,271,116
Quarrying — 0.1%
Vulcan Materials Co.#	38,000		1,918,240
Real Estate Investment Trusts — 1.3%
Apartment Investment & Management Co., Class A#	35,200		726,176
AvalonBay Communities, Inc.#	24,500		2,402,470
Boston Properties, Inc.#	41,800		3,205,224
Equity Residential	84,700		3,822,511
HCP, Inc.#	88,300		2,813,238
Health Care REIT, Inc.	37,200		1,602,576
Host Hotels & Resorts, Inc.#	196,200		2,797,812
Kimco Realty Corp.#	121,800		1,741,740
ProLogis#	142,500		1,621,650
Public Storage#	40,800		3,781,752
Simon Property Group, Inc.	87,100		7,406,113
Ventas, Inc.#	47,100		2,211,345
Vornado Realty Trust	47,400		3,682,032
			37,814,639
Real Estate Management/Services — 0.0%
CB Richard Ellis Group, Inc., Class A†#	81,200		1,285,396
Retail - Apparel/Shoe — 0.3%
Abercrombie & Fitch Co., Class A	26,400		945,912
Limited Brands, Inc.	80,400		1,998,744
Ross Stores, Inc.#	37,200		1,949,280
The Gap, Inc.	143,000		3,117,400
Urban Outfitters, Inc.†#	39,000		1,415,700
			9,427,036
Retail - Auto Parts — 0.1%
AutoZone, Inc.†	8,900		1,698,832
O’Reilly Automotive, Inc.†#	41,300		2,107,126
			3,805,958
Retail - Automobile — 0.0%
AutoNation, Inc.†#	27,200		544,816
Retail - Bedding — 0.1%
Bed Bath & Beyond, Inc.†	78,700		3,531,269
Retail - Building Products — 0.9%
Home Depot, Inc.	510,900		17,299,074
Lowe’s Cos., Inc.	442,300		10,946,925
			28,245,999
Retail - Computer Equipment — 0.0%
GameStop Corp., Class A†#	45,900		1,046,061
Retail - Consumer Electronics — 0.2%
Best Buy Co., Inc.#	103,000		4,351,750
RadioShack Corp.#	37,600		768,544
			5,120,294
Retail - Discount — 1.8%
Big Lots, Inc.†#	24,800		876,184
Costco Wholesale Corp.#	132,000		7,689,000
Family Dollar Stores, Inc.#	41,600		1,694,784

228

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares	Value (Note 2)
COMMON STOCK (continued)
Retail - Discount (continued)
Target Corp.	226,000	$	12,323,780
Wal - Mart Stores, Inc.	641,100		32,414,016
			54,997,764
Retail - Drug Store — 0.8%
CVS Caremark Corp.	417,800		14,468,414
Walgreen Co.#	296,000		9,483,840
			23,952,254
Retail - Jewelry — 0.1%
Tiffany & Co.	37,400		1,699,082
Retail - Major Department Stores — 0.4%
J.C. Penney Co., Inc.	70,900		1,949,041
Nordstrom, Inc.#	49,700		1,973,090
Sears Holdings Corp.†#	14,600		1,285,676
TJX Cos., Inc.	126,100		5,732,506
			10,940,313
Retail - Office Supplies — 0.2%
Office Depot, Inc.†	82,500		478,500
Staples, Inc.	219,000		4,712,880
			5,191,380
Retail - Regional Department Stores — 0.2%
Kohl’s Corp.†#	92,100		4,674,075
Macy’s, Inc.	126,500		2,809,565
			7,483,640
Retail - Restaurants — 1.2%
Darden Restaurants, Inc.#	42,000		1,801,800
McDonald’s Corp.	323,300		21,619,071
Starbucks Corp.	223,300		5,781,237
Yum! Brands, Inc.	141,000		5,773,950
			34,976,058
Rubber - Tires — 0.0%
The Goodyear Tire & Rubber Co.†	72,800		866,320
Savings & Loans/Thrifts — 0.1%
Hudson City Bancorp, Inc.#	142,400		1,795,664
People’s United Financial, Inc.#	111,600		1,559,052
			3,354,716
Schools — 0.1%
Apollo Group, Inc., Class A†	38,600		2,051,976
DeVry, Inc.	18,600		1,069,314
			3,121,290
Semiconductor Components - Integrated Circuits — 0.1%
Analog Devices, Inc.	89,400		2,607,798
Linear Technology Corp.#	67,200		1,878,912
			4,486,710
Semiconductor Equipment — 0.3%
Applied Materials, Inc.#	403,500		5,209,185
KLA - Tencor Corp.#	51,700		1,590,809
Novellus Systems, Inc.†	28,800		743,616
Teradyne, Inc.†#	53,200		584,136
			8,127,746
Steel - Producers — 0.2%
AK Steel Holding Corp.	33,000		493,680
Nucor Corp.	94,600		4,072,530
United States Steel Corp.#	43,100		2,034,751
			6,600,961

Security Description	Shares	Value (Note 2)
Steel - Specialty — 0.1%
Allegheny Technologies, Inc.#	29,500	$	1,613,060
Telecom Equipment - Fiber Optics — 0.3%
Corning, Inc.	468,400		8,164,212
JDS Uniphase Corp.†	67,200		772,800
			8,937,012
Telecommunication Equipment — 0.1%
Harris Corp.	39,300		1,843,563
Tellabs, Inc.	115,500		1,039,500
			2,883,063
Telephone - Integrated — 2.5%
AT&T, Inc.	1,773,200		43,088,760
CenturyLink, Inc.#	90,000		3,089,700
Frontier Communications Corp.#	93,800		745,710
Qwest Communications International, Inc.#	447,000		2,342,280
Verizon Communications, Inc.	852,000		23,447,040
Windstream Corp.#	145,300		1,550,351
			74,263,841
Television — 0.1%
CBS Corp., Class B#	203,400		2,961,504
Tobacco — 1.5%
Altria Group, Inc.	625,100		12,683,279
Lorillard, Inc.	46,500		3,324,285
Philip Morris International, Inc.	565,100		24,932,212
Reynolds American, Inc.#	50,800		2,648,712
			43,588,488
Tools - Hand Held — 0.1%
Snap - On, Inc.	17,400		769,080
Stanley Black & Decker, Inc.	47,300		2,638,867
			3,407,947
Toys — 0.1%
Hasbro, Inc.	39,400		1,581,910
Mattel, Inc.	109,300		2,367,438
			3,949,348
Transport - Rail — 0.8%
CSX Corp.	117,200		6,123,700
Norfolk Southern Corp.	111,100		6,272,706
Union Pacific Corp. Senior Notes	151,800		10,843,074
			23,239,480
Transport - Services — 1.1%
C.H. Robinson Worldwide, Inc.#	50,000		2,905,500
Expeditors International of Washington, Inc.	63,700		2,432,703
FedEx Corp.	94,000		7,848,060
Ryder System, Inc.#	16,000		719,040
United Parcel Service, Inc., Class B	298,300		18,721,308
			32,626,611
Vitamins & Nutrition Products — 0.1%
Mead Johnson Nutrition Co., Class A	61,400		3,028,248
Web Portals/ISP — 1.4%
Google, Inc., Class A†	72,600		35,224,068
Yahoo!, Inc.†	357,600		5,485,584
			40,709,652

229

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
COMMON STOCK (continued)
Wireless Equipment — 0.9%
American Tower Corp., Class A†		121,000		$	4,904,130
Motorola, Inc.†		694,900			4,760,065
QUALCOMM, Inc.		504,900			17,954,244
					27,618,439
Total Long-Term Investment Securities
(cost $2,599,245,384)					2,958,688,267
SHORT-TERM INVESTMENT SECURITIES — 9.2%
Collective Investment Pool — 9.1%
Securities Lending Quality Trust (2)(5)		272,838,075			271,797,861
U.S. Government Treasuries — 0.1%
United States Treasury Bills 0.17% due 09/16/10(3)	$	3,000,000			2,998,530
Total Short-Term Investment Securities
(cost $275,836,559)					274,796,391
REPURCHASE AGREEMENT — 0.8%
State Street Bank & Trust Co., Joint Repurchase Agreement(6) (cost $22,343,000)		22,343,000			22,343,000
TOTAL INVESTMENTS
(cost $2,897,424,943)(4)		108.9	%		3,255,827,658
Liabilities in excess of other assets		(8.9	)		(265,238,897	)
NET ASSETS —		100.0	%	$	2,990,588,761

† Non-income producing security

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

(1) Security represents an investment in an affliated company; see Note 3.

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

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

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

(5) At May 31, 2010, the Fund had loaned securities with a total value of $263,790,827. This was secured by collateral of $272,838,075, which was received in cash and subsequently invested in short-term investments currently valued at $271,797,861 as reported in the Portfolio of Investments. The remaining collateral of $1,046,377 was received in the form of short-term pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Date Range
Federal Home Loan Bank	0.50% to 1.00%	01/05/11 to 04/26/13
United States Treasury Notes/Bonds	0.88% to 8.13%	01/31/11 to 08/15/39

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

Open Futures Contracts
Number of Contracts	Type	Description	Expiration Month	Value at Trade Date		Value as of May 31, 2010		Unrealized Appreciation (Depreciation)
566	Long	S&P 500 E Mini Index	June 2010	$	32,055,182	$	30,804,550	$	(1,250,632	)

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2010 (see Note 2)

	Level 1 - Unadjusted Quoted Prices			Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Long-Term Investment Securities:
Common Stock:
Computers	$	158,377,844		$	—	$	—	$	158,377,844
Diversified Banking Institutions		152,258,176			—		—		152,258,176
Oil Companies - Integrated		167,833,385			—		—		167,833,385
Other Industries*		2,480,218,862			—		—		2,480,218,862
Short-Term Investment Securities:
Collective Investment Pool		—			271,797,861		—		271,797,861
U.S. Government Treasuries		—			2,998,530		—		2,998,530
Repurchase Agreement		—			22,343,000		—		22,343,000
Other Financial Instruments:@
Open Futures Contracts - Depreciation		(1,250,632	)		—		—		(1,250,632	)
Total	$	2,957,437,635		$	297,139,391	$	—	$	3,254,577,026

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

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

See Notes to Financial Statements

230

VALIC Company I Value Fund

PORTFOLIO PROFILE — May 31, 2010 (Unaudited)

Industry Allocation*

Oil Companies — Integrated	9.1	%
Insurance — Multi-line	7.9
Medical — Drugs	7.3
Banks — Super Regional	6.2
Diversified Manufacturing Operations	4.4
Electric — Integrated	4.1
Diversified Banking Institutions	4.0
Multimedia	3.8
Oil Companies — Exploration & Production	3.4
Medical — HMO	3.3
Cable/Satellite TV	3.3
Brewery	3.2
Telephone — Integrated	3.1
Auto — Heavy Duty Trucks	3.0
Repurchase Agreements	2.2
Chemicals — Diversified	2.2
Coal	2.1
Enterprise Software/Service	2.0
Textile — Home Furnishings	2.0
Retail — Drug Store	1.9
Finance — Investment Banker/Broker	1.8
Wire & Cable Products	1.7
Computers	1.7
Medical — Biomedical/Gene	1.4
Wireless Equipment	1.4
Agricultural Chemicals	1.4
Auto/Truck Parts & Equipment — Original	1.3
Transport — Rail	1.2
Medical — Generic Drugs	1.1
Office Automation & Equipment	1.1
Banks — Fiduciary	1.0
Oil — Field Services	1.0
Telecom Equipment — Fiber Optics	0.9
Beverages — Non-alcoholic	0.8
Transport — Equipment & Leasing	0.7
Oil & Gas Drilling	0.6
Financial Guarantee Insurance	0.5
Retail — Restaurants	0.5
Diversified Financial Services	0.5
Retail — Misc./Diversified	0.5
Retail — Discount	0.5
Diversified Minerals	0.5
Telecommunication Equipment	0.4
Insurance — Life/Health	0.1
	101.1	%

* Calculated as a percentage of net assets

231

VALIC Company I Value Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010

Security Description	Shares	Value (Note 2)
COMMON STOCK — 98.9%
Agricultural Chemicals — 1.4%
Potash Corp. of Saskatchewan, Inc.	21,305	$	2,113,243
Auto - Heavy Duty Trucks — 3.0%
Navistar International Corp.†	86,719		4,698,435
Auto/Truck Parts & Equipment - Original — 1.3%
Lear Corp.†	29,940		2,026,040
Banks - Fiduciary — 1.0%
State Street Corp.	39,760		1,517,639
Banks - Super Regional — 6.2%
PNC Financial Services Group, Inc.	45,080		2,828,770
Wells Fargo & Co.	234,190		6,718,911
			9,547,681
Beverages - Non - alcoholic — 0.8%
The Coca - Cola Co.	23,580		1,212,012
Brewery — 3.2%
Molson Coors Brewing Co., Class B	121,323		4,979,096
Cable/Satellite TV — 3.3%
Comcast Corp., Class A	157,820		2,854,964
Time Warner Cable, Inc.	41,439		2,267,956
			5,122,920
Chemicals - Diversified — 2.2%
Celanese Corp., Class A	116,450		3,338,622
Coal — 2.1%
CONSOL Energy, Inc.	87,360		3,186,893
Computers — 1.7%
Dell, Inc.†	194,830		2,597,084
Diversified Banking Institutions — 4.0%
JPMorgan Chase & Co.	156,553		6,196,368
Diversified Financial Services — 0.5%
CIT Group, Inc.†	22,300		820,417
Diversified Manufacturing Operations — 4.4%
Ingersoll - Rand PLC	49,720		1,855,053
Tyco International, Ltd.	135,150		4,891,079
			6,746,132
Diversified Minerals — 0.5%
Xstrata PLC ADR	272,590		785,059
Electric - Integrated — 4.1%
Edison International	99,360		3,215,289
Exelon Corp.	36,686		1,416,080
PG&E Corp.	40,796		1,693,034
			6,324,403
Enterprise Software/Service — 2.0%
Oracle Corp.	140,600		3,173,342
Finance - Investment Banker/Broker — 1.8%
E*Trade Financial Corp.†	1,898,100		2,809,188
Financial Guarantee Insurance — 0.5%
MGIC Investment Corp.†	90,800		849,888
Insurance - Life/Health — 0.1%
CNO Financial Group, Inc.†	21,900		122,859
Insurance - Multi - line — 7.9%
ACE, Ltd.	70,750		3,478,070
Assurant, Inc.	12,100		419,870
Genworth Financial, Inc., Class A†	140,390		2,188,680
MetLife, Inc.	152,392		6,170,352
			12,256,972

Security Description	Shares	Value (Note 2)
Medical - Biomedical/Gene — 1.4%
Gilead Sciences, Inc.†	62,300	$	2,237,816
Medical - Drugs — 7.3%
Biovail Corp.	122,210		1,834,372
Merck & Co., Inc.	152,340		5,132,335
Pfizer, Inc.	283,665		4,320,218
			11,286,925
Medical - Generic Drugs — 1.1%
Teva Pharmaceutical Industries, Ltd. ADR	31,650		1,735,053
Medical - HMO — 3.3%
Aetna, Inc.	177,746		5,183,073
Multimedia — 3.8%
News Corp., Class A	155,985		2,059,002
Viacom, Inc., Class B	114,350		3,843,303
			5,902,305
Office Automation & Equipment — 1.1%
Xerox Corp.	180,390		1,679,431
Oil & Gas Drilling — 0.6%
Ensco PLC ADR	23,770		888,998
Oil Companies - Exploration & Production — 3.4%
Apache Corp.	51,013		4,567,704
Ultra Petroleum Corp.†	14,300		658,086
			5,225,790
Oil Companies - Integrated — 9.1%
Chevron Corp.	111,027		8,201,564
Exxon Mobil Corp.	25,394		1,535,321
Marathon Oil Corp.	114,940		3,573,485
Royal Dutch Shell PLC ADR	14,780		774,472
			14,084,842
Oil - Field Services — 1.0%
Halliburton Co.	61,100		1,517,113
Retail - Discount — 0.5%
Wal - Mart Stores, Inc.	15,840		800,870
Retail - Drug Store — 1.9%
Walgreen Co.	92,872		2,975,619
Retail - Misc./Diversified — 0.5%
AerCap Holdings NV†	67,140		805,009
Retail - Restaurants — 0.5%
Brinker International, Inc.	47,610		846,506
Telecom Equipment - Fiber Optics — 0.9%
Corning, Inc.	79,760		1,390,217
Telecommunication Equipment — 0.4%
Harris Corp.	14,830		695,675
Telephone - Integrated — 3.1%
AT&T, Inc.	198,470		4,822,821
Textile - Home Furnishings — 2.0%
Mohawk Industries, Inc.†	54,500		3,060,720
Transport - Equipment & Leasing — 0.7%
Aircastle, Ltd.	105,480		1,038,978
Transport - Rail — 1.2%
CSX Corp.	17,880		934,230
Norfolk Southern Corp.	16,420		927,073
			1,861,303

232

VALIC Company I Value Fund

PORTFOLIO OF INVESTMENTS — May 31, 2010 — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
COMMON STOCK (continued)
Wire & Cable Products — 1.7%
General Cable Corp.†		85,510		$	2,664,492
Wireless Equipment — 1.4%
Motorola, Inc.†		314,310			2,153,024
Total Long-Term Investment Securities
(cost $149,921,952)					153,280,873
REPURCHASE AGREEMENT — 2.2%
Agreement with State Street Bank & Trust Co., bearing interest at 0.01%, dated 05/28/10, to be repurchased 06/01/10 in the amount of $3,467,004 and collateralized by $3,475,000 of United States Treasury Notes, bearing interest at 2.50%, due 04/30/15 and having an approximate value of $3,540,330 (cost $3,467,000)	$	3,467,000			3,467,000
TOTAL INVESTMENTS
(cost $153,388,952)(1)		101.1	%		156,747,873
Liabilities in excess of other assets		(1.1	)		(1,713,262	)
NET ASSETS —		100.0	%	$	155,034,611

† Non-income producing security

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

ADR—American Depository Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2010 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Long-Term Investment Securities:
Common Stock:
Banks-Super Regional	$	9,547,681	$	—	$	—	$	9,547,681
Insurance - Multi-line		12,256,972		—		—		12,256,972
Medical - Drugs		11,286,925		—		—		11,286,925
Oil Companies - Integrated		14,084,842		—		—		14,084,842
Other Industries*		106,104,453		—		—		106,104,453
Repurchase Agreement		—		3,467,000		—		3,467,000
Total	$	153,280,873	$	3,467,000	$	—	$	156,747,873

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

See Notes to Financial Statements

233

VALIC Company I

STATEMENTS OF ASSETS AND LIABILITIES — May 31, 2010

	ASSET ALLOCATION FUND			BLUE CHIP GROWTH FUND			BROAD CAP VALUE FUND			CAPITAL CONSERVATION FUND			CORE EQUITY FUND			CORE VALUE FUND			FOREIGN VALUE FUND			GLOBAL EQUITY FUND
ASSETS:
Investments at value (unaffiliated)*†	$	125,373,655		$	444,177,452		$	20,263,845		$	125,428,555		$	243,762,965		$	120,775,315		$	840,037,130		$	248,297,845
Investments at value (affiliated)*†		–			–			–			–			–			–			–			–
Repurchase agreements (cost approximates value)		1,987,000			–			–			13,123,000			–			594,000			–			–
Total investments		127,360,655			444,177,452			20,263,845			138,551,555			243,762,965			121,369,315			840,037,130			248,297,845
Cash		58,258			–			10,438			861			101,889			770			379			–
Foreign cash*		–			14,656			–			–			–			–			3,077,679			259,552
Due from broker		–			–			–			–			–			150,382			–			–
Receivable for:
Fund shares sold		168,946			642			20,314			64,110			42,478			461,605			2,033,676			72,588
Dividends and interest		673,773			443,033			58,200			967,383			537,855			358,519			4,377,725			791,502
Investments sold		800,971			4,435,577			44,449			2,010,849			1,259,356			103,245			15,488			2,544,894
Securities lending income		–			2,106			–			432			9,479			–			415,791			22,159
Prepaid expenses and other assets		23,520			10,406			5,824			11,007			12,265			7,869			12,410			8,270
Due from investment adviser (Note 3)		–			–			–			–			6,573			–			–			13,017
Due from investment adviser for expense reimbursements/fee waivers		–			20,820			–			–			10,468			29,637			–			–
Unrealized appreciation on forward foreign currency contracts		–			–			–			–			–			–			–			1,119,914
TOTAL ASSETS		129,086,123			449,104,692			20,403,070			141,606,197			245,743,328			122,481,342			849,970,278			253,129,741
LIABILITIES:
Payable for:
Fund shares reacquired		63,281			591,066			726			43,694			107,703			22,968			126,093			17,269
Investments purchased		1,697,371			1,475,335			38,434			4,050,213			549,215			524,140			858,256			5,329,425
Investment advisory and management fees		54,703			282,221			12,571			54,102			155,050			80,274			443,514			158,432
Administrative service fee		7,660			26,736			1,257			7,574			13,567			7,298			45,741			13,692
Transfer agent fees and expenses		73			7			84			86			33			72			135			68
Directors’ fees and expenses		3,143			2,997			473			5,164			23,609			9,470			5,717			1,993
Other accrued expenses		111,077			97,358			47,951			70,952			86,309			68,473			252,467			915,701
Line of credit		–			–			–			–			–			–			–			–
Variation margin on futures contracts		19,530			–			–			–			–			–			–			–
Collateral upon return of securities loaned		–			21,662,783			–			7,217,391			24,635,838			–			82,971,791			22,813,243
Due to custodian		–			–			–			–			–			–			–			101
Call and put options written, at value@		–			–			–			–			–			–			–			–
Unrealized depreciation on forward foreign currency contracts		–			–			–			–			–			–			–			2,678,342
TOTAL LIABILITIES		1,956,838			24,138,503			101,496			11,449,176			25,571,324			712,695			84,703,714			31,928,266
NET ASSETS	$	127,129,285		$	424,966,189		$	20,301,574		$	130,157,021		$	220,172,004		$	121,768,647		$	765,266,564		$	221,201,475
NET ASSETS REPRESENTED BY:
Capital shares at par value of $0.01 per share	$	135,511		$	484,530		$	23,371		$	138,710		$	204,449		$	163,503		$	988,726		$	321,526
Additional paid-in capital		138,839,556			439,561,526			24,255,374			130,406,926			400,138,387			159,867,523			1,000,225,080			344,648,614
Accumulated undistributed net investment income (loss)		2,700,346			148,308			147,075			4,452,407			2,828,892			1,811,738			15,491,167			3,643,948
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions		(17,484,200	)		(79,372,878	)		(3,272,744	)		(7,374,014	)		(190,185,249	)		(37,360,677	)		(138,403,843	)		(117,001,341	)
Unrealized appreciation (depreciation) on investments		2,888,850			64,144,982			(851,502	)		2,532,992			7,185,525			(2,713,453	)		(112,980,490	)		(8,847,220	)
Unrealized appreciation (depreciation) on futures contracts and written options contracts		49,220			–			–			–			–			–			–			–
Unrealized foreign exchange gain (loss) on other assets and liabilities		2			(279	)		–			–			–			13			(54,076	)		(1,564,052	)
NET ASSETS	$	127,129,285		$	424,966,189		$	20,301,574		$	130,157,021		$	220,172,004		$	121,768,647		$	765,266,564		$	221,201,475
CAPITAL SHARES:
Authorized (Par value $0.01 per share)		1,000,000,000			1,000,000,000			1,000,000,000			1,000,000,000			1,000,000,000			1,000,000,000			1,000,000,000			1,000,000,000
Outstanding		13,551,105			48,452,971			2,337,050			13,871,041			20,444,912			16,350,348			98,872,648			32,152,633
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	9.38		$	8.77		$	8.69		$	9.38		$	10.77		$	7.45		$	7.74		$	6.88
*   Cost
Investment securities (unaffiliated)	$	122,484,805		$	380,032,470		$	21,115,347		$	122,895,563		$	236,577,440		$	123,488,768		$	953,017,620		$	257,145,065
Investment securities (affiliated)	$	–		$	–		$	–		$	–		$	–		$	–		$	–		$	–
Foreign cash	$	–		$	14,659		$	–		$	–		$	–		$	–		$	3,076,916		$	257,389
@ Premiums received on options written	$	–		$	–		$	–		$	–		$	–		$	–		$	–		$	–
†Including securities on loan	$	–		$	20,897,978		$	–		$	7,284,082		$	23,789,166		$	–		$	78,381,658		$	22,031,789

See Notes to Financial Statements

234

VALIC Company I

STATEMENTS OF ASSETS AND LIABILITIES — May 31, 2010 — (continued)

	GLOBAL REAL ESTATE FUND			GLOBAL SOCIAL AWARENESS FUND			GLOBAL STRATEGY FUND			GOVERNMENT SECURITIES FUND			GROWTH FUND			GROWTH & INCOME FUND			HEALTH SCIENCES FUND			INFLATION PROTECTED FUND
ASSETS:
Investments at value (unaffiliated)*†	$	275,928,746		$	254,775,184		$	406,077,336		$	116,996,870		$	727,316,711		$	81,814,203		$	175,165,070		$	231,080,671
Investments at value (affiliated)*†		–			–			–			–			–			–			–			–
Repurchase agreements (cost approximates value)		–			12,878,000			–			12,087,000			–			2,797,000			–			–
Total investments		275,928,746			267,653,184			406,077,336			129,083,870			727,316,711			84,611,203			175,165,070			231,080,671
Cash		1,151			888			545,583			646			868			802			–			115,972
Foreign cash*		391,049			342,423			374,576			–			631,381			–			–			134,020
Due from broker		–			–			–			–			–			–			–			–
Receivable for:
Fund shares sold		19,070			360,262			174,334			104,636			16,428			39,352			107,345			467,200
Dividends and interest		553,085			961,641			4,027,514			638,768			1,224,903			145,413			124,984			1,051,512
Investments sold		952,856			–			1,894,035			–			5,552,658			1,215,445			435,760			–
Securities lending income		–			2,024			59,223			328			11,467			420			–			–
Prepaid expenses and other assets		4,415			15,841			8,915			10,282			21,339			22,222			8,167			6,276
Due from investment adviser (Note 3)		–			–			60,207			4,311			17,430			3,716			–			–
Due from investment adviser for expense reimbursements/fee waivers		–			–			–			–			36,685			–			–			–
Unrealized appreciation on forward foreign currency contracts		–			–			7,760,991			–			98			–			–			–
TOTAL ASSETS		277,850,372			269,336,263			420,982,714			129,842,841			734,829,968			86,038,573			175,841,326			232,855,651
LIABILITIES:
Payable for:
Fund shares reacquired		652,263			23,505			42,246			75,328			43,830			5,652			19,247			43,177
Investments purchased		202,577			–			544,996			–			5,535,326			1,468,185			315,985			2,095,727
Investment advisory and management fees		180,230			113,453			171,121			53,200			412,500			52,486			148,594			97,110
Administrative service fee		16,962			15,884			23,957			7,448			40,435			4,899			10,402			13,595
Transfer agent fees and expenses		295			651			123			25			101			73			1,035			112
Directors’ fees and expenses		1,416			6,963			2,973			3,442			8,989			2,450			2,322			1,113
Other accrued expenses		108,915			131,420			160,970			73,858			176,383			67,256			67,924			66,611
Line of credit		–			–			–			–			259,815			–			–			–
Variation margin on futures contracts		–			124,110			–			–			–			–			–			–
Collateral upon return of securities loaned		–			8,775,665			23,646,374			4,576,055			71,969,793			4,835,599			–			–
Due to custodian		–			–			–			–			–			–			–			–
Call and put options written, at value@		–			–			–			–			–			–			5,060,249			–
Unrealized depreciation on forward foreign currency contracts		–			–			1,841,741			–			2,643			–			–			–
TOTAL LIABILITIES		1,162,658			9,191,651			26,434,501			4,789,356			78,449,815			6,436,600			5,625,758			2,317,445
NET ASSETS	$	276,687,714		$	260,144,612		$	394,548,213		$	125,053,485		$	656,380,153		$	79,601,973		$	170,215,568		$	230,538,206
NET ASSETS REPRESENTED BY:
Capital shares at par value of $0.01 per share	$	371,987		$	207,133		$	391,691		$	117,206		$	713,657		$	75,980		$	187,759		$	226,733
Additional paid-in capital		267,060,433			451,149,905			433,219,552			120,671,186			832,403,023			115,594,291			164,364,677			228,215,197
Accumulated undistributed net investment income (loss)		(4,007,445	)		4,312,564			9,845,638			3,527,204			4,387,861			1,021,824			(11,900	)		2,518,009
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions		(24,122,518	)		(171,805,869	)		(35,264,885	)		(2,506,664	)		(233,609,594	)		(34,975,607	)		(2,296,248	)		(5,879,692	)
Unrealized appreciation (depreciation) on investments		37,388,967			(23,049,642	)		(19,425,266	)		3,244,553			52,486,610			(2,114,515	)		8,097,041			5,473,693
Unrealized appreciation (depreciation) on futures contracts and written options contracts		–			(653,055	)		–			–			–			–			(123,198	)		–
Unrealized foreign exchange gain (loss) on other assets and liabilities		(3,710	)		(16,424	)		5,781,483			–			(1,404	)		–			(2,563	)		(15,734	)
NET ASSETS	$	276,687,714		$	260,144,612		$	394,548,213		$	125,053,485		$	656,380,153		$	79,601,973		$	170,215,568		$	230,538,206
CAPITAL SHARES:
Authorized (Par value $0.01 per share)		1,000,000,000			1,000,000,000			1,000,000,000			1,000,000,000			1,000,000,000			1,000,000,000			1,000,000,000			1,000,000,000
Outstanding		37,198,673			20,713,275			39,169,124			11,720,603			71,365,704			7,598,015			18,775,937			22,673,328
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	7.44		$	12.56		$	10.07		$	10.67		$	9.20		$	10.48		$	9.07		$	10.17
*   Cost
Investment securities (unaffiliated)	$	238,539,779		$	277,824,826		$	425,502,602		$	113,752,317		$	674,830,101		$	83,928,718		$	167,068,029		$	225,606,978
Investment securities (affiliated)	$	–		$	–		$	–		$	–		$	–		$	–		$	–		$	–
Foreign cash	$	393,568		$	343,332		$	386,045		$	–		$	628,863		$	–		$	–		$	144,856
@ Premiums received on options written	$	–		$	–		$	–		$	–		$	–		$	–		$	4,937,051		$	–
†Including securities on loan	$	–		$	8,644,670		$	23,174,788		$	4,494,619		$	68,533,650		$	4,672,777		$	–		$	–

See Notes to Financial Statements

235

VALIC Company I

STATEMENTS OF ASSETS AND LIABILITIES — May 31, 2010 — (continued)

	INTERNATIONAL EQUITIES FUND			INTERNATIONAL GOVERNMENT BOND FUND			INTERNATIONAL GROWTH I FUND			LARGE CAP CORE FUND			LARGE CAPITAL GROWTH FUND			MID CAP INDEX FUND			MID CAP STRATEGIC GROWTH FUND			MONEY MARKET I FUND
ASSETS:
Investments at value (unaffiliated)*†	$	840,449,483		$	139,917,156		$	506,229,652		$	129,510,632		$	358,291,087		$	2,384,761,446		$	284,500,680		$	490,496,227
Investments at value (affiliated)*†		–			–			–			–			–			–			–			–
Repurchase agreements (cost approximates value)		5,147,000			4,581,000			–			–			4,354,000			1,292,000			–			79,378,000
Total investments		845,596,483			144,498,156			506,229,652			129,510,632			362,645,087			2,386,053,446			284,500,680			569,874,227
Cash		1,591			10,254			29,878			328			912			773			861			231
Foreign cash*		11,684,023			1,500,305			2,772,271			128,393			–			–			–			–
Due from broker		–			–			–			–			–			–			–			–
Receivable for:
Fund shares sold		878,946			65,608			14,537			510,028			56,066			1,073,654			96,896			1,434,786
Dividends and interest		4,105,892			1,821,583			2,154,212			256,391			406,622			2,384,519			155,457			159,647
Investments sold		5,242,267			3,445,172			5,797,366			2,907,455			6,904,711			15,767,825			974,769			–
Securities lending income		196,880			–			117,077			1,327			1,767			62,983			12,037			–
Prepaid expenses and other assets		24,437			9,132			17,565			6,470			10,032			53,336			59,230			18,868
Due from investment adviser (Note 3)		–			–			–			–			25,014			–			–			550,000
Due from investment adviser for expense reimbursements/fee waivers		–			–			42,625			4,497			–			–			8,574			129,692
Unrealized appreciation on forward foreign currency contracts		–			–			–			–			–			–			–			–
TOTAL ASSETS		867,730,519			151,350,210			517,175,183			133,325,521			370,050,211			2,405,396,536			285,808,504			572,167,451
LIABILITIES:
Payable for:
Fund shares reacquired		101,705			52,475			202,404			21,446			40,071			358,755			16,821			30,607,164
Investments purchased		10,562,828			3,178,404			4,653,131			3,800,837			6,540,690			546,728			–			–
Investment advisory and management fees		214,539			63,454			385,683			68,034			195,386			501,545			151,188			191,312
Administrative service fee		48,181			8,883			29,193			6,804			21,370			128,542			15,148			33,480
Transfer agent fees and expenses		757			118			51			123			81			909			78			960
Directors’ fees and expenses		12,546			3,097			7,191			792			2,915			37,673			1,862			10,807
Other accrued expenses		405,006			102,207			212,117			60,284			98,455			284,241			92,039			165,163
Line of credit		–			–			1,145,225			–			–			–			–			–
Variation margin on futures contracts		222,762			–			–			–			–			166,199			–			–
Collateral upon return of securities loaned		72,322,761			–			38,776,374			13,139,981			15,419,786			301,731,010			37,422,200			–
Due to custodian		–			–			–			–			–			–			–			–
Call and put options written, at value@		–			–			–			–			–			–			–			–
Unrealized depreciation on forward foreign currency contracts		–			9,541			–			–			–			–			–			–
TOTAL LIABILITIES		83,891,085			3,418,179			45,411,369			17,098,301			22,318,754			303,755,602			37,699,336			31,008,886
NET ASSETS	$	783,839,434		$	147,932,031		$	471,763,814		$	116,227,220		$	347,731,457		$	2,101,640,934		$	248,109,168		$	541,158,565
NET ASSETS REPRESENTED BY:
Capital shares at par value of $0.01 per share	$	1,457,930		$	124,091		$	522,074		$	124,062		$	357,357		$	1,214,586		$	250,090		$	5,420,004
Additional paid-in capital		1,082,887,341			145,873,317			592,384,721			116,001,741			367,975,578			2,167,307,129			286,790,161			536,579,310
Accumulated undistributed net investment income (loss)		20,742,033			3,526,015			7,439,103			1,346,456			1,505,013			24,122,717			194,773			(154	)
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions		(204,237,007	)		(3,214,262	)		(114,167,019	)		(5,457,808	)		(49,357,820	)		(22,986,241	)		(43,738,747	)		(840,595	)
Unrealized appreciation (depreciation) on investments		(115,943,811	)		1,705,209			(14,367,317	)		4,214,442			27,252,458			(67,611,884	)		4,612,891			–
Unrealized appreciation (depreciation) on futures contracts and written options contracts		(2,044,877	)		–			–			–			–			(405,373	)		–			–
Unrealized foreign exchange gain (loss) on other assets and liabilities		977,825			(82,339	)		(47,748	)		(1,673	)		(1,129	)		–			–			–
NET ASSETS	$	783,839,434		$	147,932,031		$	471,763,814		$	116,227,220		$	347,731,457		$	2,101,640,934		$	248,109,168		$	541,158,565
CAPITAL SHARES:
Authorized (Par value $0.01 per share)		1,000,000,000			1,000,000,000			1,000,000,000			1,000,000,000			1,000,000,000			1,000,000,000			1,000,000,000			1,000,000,000
Outstanding		145,793,008			12,409,146			52,207,383			12,406,165			35,735,727			121,458,560			25,009,019			542,000,447
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	5.38		$	11.92		$	9.04		$	9.37		$	9.73		$	17.30		$	9.92		$	1.00
*   Cost
Investment securities (unaffiliated)	$	956,393,294		$	138,211,947		$	520,596,969		$	125,296,190		$	331,038,629		$	2,452,373,330		$	279,887,789		$	490,496,227
Investment securities (affiliated)	$	–		$	–		$	–		$	–		$	–		$	–		$	–		$	–
Foreign cash	$	11,722,528		$	1,513,175		$	2,778,970		$	130,744		$	–		$	–		$	–		$	–
@ Premiums received on options written	$	–		$	–		$	–		$	–		$	–		$	–		$	–		$	–
†Including securities on loan	$	69,483,076		$	–		$	36,873,630		$	13,588,083		$	15,754,915		$	300,280,696		$	37,619,611		$	–

See Notes to Financial Statements

236

VALIC Company I

STATEMENTS OF ASSETS AND LIABILITIES — May 31, 2010 — (continued)

	NASDAQ-100® INDEX  FUND			SCIENCE & TECHNOLOGY FUND			SMALL CAP AGGRESSIVE GROWTH FUND			SMALL CAP FUND			SMALL CAP INDEX FUND			SMALL CAP SPECIAL VALUES FUND			SMALL-MID GROWTH FUND			STOCK INDEX FUND			VALUE FUND
ASSETS:
Investments at value (unaffiliated)*†	$	105,636,054		$	775,476,257		$	93,836,605		$	338,888,956		$	925,455,549		$	241,971,358		$	108,593,748		$	3,232,051,768		$	153,280,873
Investments at value (affiliated)*†		–			–			–			–			–			–			–			1,432,890			–
Repurchase agreements (cost approximates value)		1,016,000			–			–			–			15,819,000			–			–			22,343,000			3,467,000
Total investments		106,652,054			775,476,257			93,836,605			338,888,956			941,274,549			241,971,358			108,593,748			3,255,827,658			156,747,873
Cash		245			375,537			460			1,582			–			557			643			113			585
Foreign cash*		–			1,288,692			–			–			–			–			–			–			–
Due from broker		–			–			–			–			–			–			–			–			–
Receivable for:
Fund shares sold		65,177			83,613			477,682			31,301			318,791			22,682			57,328			2,520,370			877
Dividends and interest		129,093			962,343			12,977			168,711			665,160			230,326			26,075			6,953,912			442,549
Investments sold		2,503,647			11,184,668			770,136			2,294,983			1,112,819			1,212,389			1,380,601			151,521			1,021,744
Securities lending income		4,645			44,469			667			7,119			115,024			19,470			7,634			33,122			–
Prepaid expenses and other assets		8,580			41,493			9,830			16,093			19,052			10,540			8,913			156,052			8,696
Due from investment adviser (Note 3)		177			6,315			27			–			–			778			909			–			–
Due from investment adviser for expense reimbursements/fee waivers		–			–			7,996			19,880			–			65,570			9,344			–			17,180
Unrealized appreciation on forward foreign currency contracts		–			–			–			–			–			–			–			–			–
TOTAL ASSETS		109,363,618			789,463,387			95,116,380			341,428,625			943,505,395			243,533,670			110,085,195			3,265,642,748			158,239,504
LIABILITIES:
Payable for:
Fund shares reacquired		30,284			26,185			3,177			26,354			132,734			12,777			2,675			289,734			500,189
Investments purchased		–			17,230,689			704,474			576,794			5,307,858			670,134			1,284,469			210,919			2,508,106
Investment advisory and management fees		36,189			548,302			63,531			224,105			220,258			138,084			71,050			694,781			111,111
Administrative service fee		6,333			43,406			5,232			17,581			49,783			12,888			5,851			183,908			9,971
Transfer agent fees and expenses		724			690			123			73			758			135			123			993			65
Directors’ fees and expenses		1,335			19,904			429			25,405			13,742			1,610			761			74,557			1,429
Other accrued expenses		111,568			173,535			60,168			120,577			209,097			96,402			72,140			410,327			74,022
Line of credit		–			–			–			–			–			–			–			–			–
Variation margin on futures contracts		24,315			–			–			–			196,825			–			–			350,693			–
Collateral upon return of securities loaned		6,450,167			61,323,425			7,568,504			53,649,707			128,309,517			33,480,711			13,329,087			272,838,075			–
Due to custodian		–			–			–			–			46,637			–			–			–			–
Call and put options written, at value@		–			–			–			–			–			–			–			–			–
Unrealized depreciation on forward foreign currency contracts		–			–			–			–			–			–			–			–			–
TOTAL LIABILITIES		6,660,915			79,366,136			8,405,638			54,640,596			134,487,209			34,412,741			14,766,156			275,053,987			3,204,893
NET ASSETS	$	102,702,703		$	710,097,251		$	86,710,742		$	286,788,029		$	809,018,186		$	209,120,929		$	95,319,039		$	2,990,588,761		$	155,034,611
NET ASSETS REPRESENTED BY:
Capital shares at par value of $0.01 per share	$	204,226		$	549,121		$	88,089		$	345,089		$	666,039		$	258,672		$	111,654		$	1,363,806		$	187,157
Additional paid-in capital		83,789,689			1,364,871,652			86,912,619			331,524,394			930,511,213			270,466,521			115,787,437			2,614,329,189			228,087,839
Accumulated undistributed net investment income (loss)		292,889			385,610			8,565			337,297			8,097,615			1,535,172			64,331			51,350,920			837,444
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions		(3,932,073	)		(727,784,264	)		(5,418,004	)		(66,797,812	)		(64,336,252	)		(61,348,523	)		(35,783,240	)		(33,607,237	)		(77,436,750	)
Unrealized appreciation (depreciation) on investments		22,393,720			72,054,143			5,119,473			21,379,110			(66,229,071	)		(1,790,913	)		15,138,857			358,402,715			3,358,921
Unrealized appreciation (depreciation) on futures contracts and written options contracts		(45,748	)		–			–			–			308,642			–			–			(1,250,632	)		–
Unrealized foreign exchange gain (loss) on other assets and liabilities		–			20,989			–			(49	)		–			–			–			–			–
NET ASSETS	$	102,702,703		$	710,097,251		$	86,710,742		$	286,788,029		$	809,018,186		$	209,120,929		$	95,319,039		$	2,990,588,761		$	155,034,611
CAPITAL SHARES:
Authorized (Par value $0.01 per share)		1,000,000,000			1,000,000,000			1,000,000,000			1,000,000,000			1,000,000,000			1,000,000,000			1,000,000,000			1,000,000,000			1,000,000,000
Outstanding		20,422,584			54,912,071			8,808,935			34,508,940			66,603,868			25,867,235			11,165,408			136,380,575			18,715,658
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	5.03		$	12.93		$	9.84		$	8.31		$	12.15		$	8.08		$	8.54		$	21.93		$	8.28
*   Cost
Investment securities (unaffiliated)	$	83,242,334		$	703,422,114		$	88,717,132		$	317,509,846		$	991,684,620		$	243,762,271		$	93,454,891		$	2,839,747,879		$	149,921,952
Investment securities (affiliated)	$	–		$	–		$	–		$	–		$	–		$	–		$	–		$	35,334,064		$	–
Foreign cash	$	–		$	1,271,960		$	–		$	–		$	–		$	–		$	–		$	–		$	–
@ Premiums received on options written	$	–		$	–		$	–		$	–		$	–		$	–		$	–		$	–		$	–
†Including securities on loan	$	6,775,199		$	62,572,957		$	7,420,979		$	51,743,585		$	122,495,109		$	32,313,368		$	14,109,254		$	263,790,827		$	–

See Notes to Financial Statements

237

VALIC Company I

STATEMENTS OF OPERATIONS — For the Year Ended May 31, 2010

	ASSET ALLOCATION FUND			BLUE CHIP GROWTH FUND			BROAD CAP VALUE FUND			CAPITAL CONSERVATION FUND		CORE EQUITY FUND			CORE VALUE FUND			FOREIGN VALUE FUND			GLOBAL EQUITY FUND
INVESTMENT INCOME:
Dividends (unaffiliated)	$	1,510,422		$	3,648,599		$	545,947		$	–	$	4,678,138		$	2,850,603		$	21,391,969		$	5,787,175
Securities lending income		–			38,780			–			7,571		54,307			–			750,637			82,209
Interest (unaffiliated)		2,177,708			9,507			40			5,202,608		69			344			24,535			–
Total investment income*		3,688,130			3,696,886			545,987			5,210,179		4,732,514			2,850,947			22,167,141			5,869,384
EXPENSES:
Investment advisory and management fees		623,812			3,180,309			138,808			592,428		1,800,561			902,204			5,324,389			1,929,002
Administrative service fee		87,334			301,030			13,881			82,940		157,549			82,018			549,932			166,737
Transfer agent fees and expenses		1,129			1,488			1,030			1,153		1,210			1,129			1,651			1,121
Custodian fees		160,473			62,331			24,147			46,656		58,644			80,984			361,910			142,471
Reports to shareholders		25,889			95,747			4,231			26,414		43,800			37,813			164,733			79,276
Audit and tax fees		25,822			27,129			25,165			29,520		26,768			27,214			30,468			27,983
Legal fees		16,297			30,243			4,308			16,541		20,309			15,819			46,616			21,370
Directors’ fees and expenses		6,279			37,191			547			170		324			163			67,611			18,548
Interest expense		215			453			–			246		403			10			57			227
Other expenses		23,325			31,577			13,659			21,028		21,579			23,378			44,124			51,747
Total expenses before fee waivers, expense reimbursements, and fees paid indirectly		970,575			3,767,498			225,776			817,096		2,131,147			1,170,732			6,591,491			2,438,482
Fees waived and expenses reimbursed by investment adviser (Note 3)		–			(112,135	)		(57,226	)		–		(330,584	)		(198,226	)		–			–
Fees paid indirectly (Note 7)		(5,392	)		(11,913	)		(1,098	)		–		(10,308	)		–			(689	)		(31,052	)
Net expenses		965,183			3,643,450			167,452			817,096		1,790,255			972,506			6,590,802			2,407,430
Net investment income (loss)		2,722,947			53,436			378,535			4,393,083		2,942,259			1,878,441			15,576,339			3,461,954
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on investments (unaffiliated)**		6,282,224			(2,299,374	)		(913,793	)		3,205,931		164,621			(3,107,002	)		(44,600,633	)		12,731,270
Net realized gain (loss) on investments (affiliated)		–			–			–			–		–			–			–			–
Net realized gain (loss) on futures contracts and written options contracts		2,693,471			–			–			–		–			879,794			–			–
Net realized foreign exchange gain (loss) on other assets and liabilities		–			(4,367	)		–			–		–			(4	)		(436,654	)		504,587
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 3)		1,701			–			–			1,140		–			–			–			–
Net increase from payment by affiliates (Note 3)		–			–			–			3,248		6,573			–			–			13,017
Net realized gain (loss) on investments and foreign currencies		8,977,396			(2,303,741	)		(913,793	)		3,210,319		171,194			(2,227,212	)		(45,037,287	)		13,248,874
Change in unrealized appreciation (depreciation) on investments (unaffiliated)		10,319,028			78,011,830			4,589,304			5,586,483		34,333,404			18,594,004			90,820,860			11,093,143
Change in unrealized appreciation (depreciation) on investments (affiliated)		–			–			–			–		–			–			–			–
Change in unrealized appreciation (depreciation) on futures contracts and written options contracts		(674,964	)		–			–			–		–			(438,871	)		–			–
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		2			(1,677	)		–			–		–			13			(180,835	)		(2,339,091	)
Net unrealized gain (loss) on investments and foreign currencies		9,644,066			78,010,153			4,589,304			5,586,483		34,333,404			18,155,146			90,640,025			8,754,052
Net realized and unrealized gain (loss) on investments and foreign currencies		18,621,462			75,706,412			3,675,511			8,796,802		34,504,598			15,927,934			45,602,738			22,002,926
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	21,344,409		$	75,759,848		$	4,054,046		$	13,189,885	$	37,446,857		$	17,806,375		$	61,179,077		$	25,464,880
*   Net of foreign withholding taxes on interest and dividends of	$	1,938		$	21,469		$	1,370		$	8	$	13,081		$	15,908		$	2,461,081		$	336,556
** Net of foreign withholding taxes on capital gains of	$	–		$	–		$	–		$	–	$	–		$	–		$	–		$	40

See Notes to Financial Statements

238

VALIC Company I

STATEMENTS OF OPERATIONS — For the Year Ended May 31, 2010 — (continued)

	GLOBAL REAL ESTATE FUND			GLOBAL SOCIAL AWARENESS FUND			GLOBAL STRATEGY FUND			GOVERNMENT SECURITIES FUND		GROWTH FUND			GROWTH & INCOME FUND			HEALTH SCIENCES FUND			INFLATION PROTECTED FUND
INVESTMENT INCOME:
Dividends (unaffiliated)	$	9,630,236		$	6,346,884		$	5,727,364		$	–	$	9,828,052		$	1,671,538		$	936,320		$	51,315
Securities lending income		–			60,237			114,843			22,475		193,354			11,749			–			–
Interest (unaffiliated)		251,831			12,157			10,605,158			4,366,618		364			239			7,565			5,961,445
Total investment income*		9,882,067			6,419,278			16,447,365			4,389,093		10,021,770			1,683,526			943,885			6,012,760
EXPENSES:
Investment advisory and management fees		2,037,082			1,384,125			1,985,202			666,377		4,871,738			613,344			1,680,191			942,073
Administrative service fee		191,394			193,778			277,928			93,293		462,231			57,246			117,613			131,890
Transfer agent fees and expenses		722			2,954			1,068			1,672		953			1,129			3,895			1,049
Custodian fees		152,680			168,629			213,710			31,286		196,033			21,618			72,771			22,613
Reports to shareholders		75,781			50,509			84,206			79,209		138,990			15,597			33,944			35,055
Audit and tax fees		20,003			37,530			29,505			29,520		27,858			26,703			27,577			31,769
Legal fees		23,034			23,259			29,032			23,226		39,701			14,678			18,193			18,545
Directors’ fees and expenses		22,714			13,647			34,677			201		40,356			118			11,039			11,919
Interest expense		–			–			810			429		272			–			–			–
Other expenses		20,361			45,337			32,129			25,383		25,686			24,080			21,264			21,387
Total expenses before fee waivers, expense reimbursements, and fees paid indirectly		2,543,771			1,919,768			2,688,267			950,596		5,803,818			774,513			1,986,487			1,216,300
Fees waived and expenses reimbursed by investment adviser (Note 3)		–			–			–			–		(200,423	)		(79,388	)		–			–
Fees paid indirectly (Note 7)		(7,386	)		(26,731	)		–			–		–			(10,220	)		(4,380	)		–
Net expenses		2,536,385			1,893,037			2,688,267			950,596		5,603,395			684,905			1,982,107			1,216,300
Net investment income (loss)		7,345,682			4,526,241			13,759,098			3,438,497		4,418,375			998,621			(1,038,222	)		4,796,460
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on investments (unaffiliated)**		41,590,933			3,413,212			(8,310,409	)		839,664		38,418,050			8,095,834			2,258,698			181,025
Net realized gain (loss) on investments (affiliated)		–			–			–			–		–			–			–			–
Net realized gain (loss) on futures contracts and written options contracts		–			5,089,342			–			–		–			–			2,642,608			–
Net realized foreign exchange gain (loss) on other assets and liabilities		(6,085	)		(156,087	)		1,484,064			–		36,500			–			(9,277	)		(52,385	)
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 3)		–			–			–			–		–			–			–			–
Net increase from payment by affiliates (Note 3)		–			–			60,207			4,311		17,430			3,716			–			–
Net realized gain (loss) on investments and foreign currencies		41,584,848			8,346,467			(6,766,138	)		843,975		38,471,980			8,099,550			4,892,029			128,640
Change in unrealized appreciation (depreciation) on investments (unaffiliated)		16,544,440			28,077,622			37,796,695			2,725,366		82,946,850			1,622,109			32,833,147			14,862,349
Change in unrealized appreciation (depreciation) on investments (affiliated)		–			–			–			–		–			–			–			–
Change in unrealized appreciation (depreciation) on futures contracts and written options contracts		–			(2,515,430	)		–			–		–			–			(232,611	)		–
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		(13,441	)		(51,006	)		4,056,979			–		56,580			–			(5,353	)		(15,734	)
Net unrealized gain (loss) on investments and foreign currencies		16,530,999			25,511,186			41,853,674			2,725,366		83,003,430			1,622,109			32,595,183			14,846,615
Net realized and unrealized gain (loss) on investments and foreign currencies		58,115,847			33,857,653			35,087,536			3,569,341		121,475,410			9,721,659			37,487,212			14,975,255
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	65,461,529		$	38,383,894		$	48,846,634		$	7,007,838	$	125,893,785		$	10,720,280		$	36,448,990		$	19,771,715
*   Net of foreign withholding taxes on interest and dividends of	$	400,495		$	385,492		$	718,784		$	11,250	$	81,106		$	1,749		$	49,440		$	–
** Net of foreign withholding taxes on capital gains of	$	–		$	–		$	–		$	–	$	–		$	–		$	–		$	–

See Notes to Financial Statements

239

VALIC Company I

STATEMENTS OF OPERATIONS — For the Year Ended May 31, 2010 — (continued)

	INTERNATIONAL EQUITIES FUND			INTERNATIONAL GOVERNMENT BOND FUND			INTERNATIONAL GROWTH I FUND			LARGE CAP CORE FUND			LARGE CAPITAL GROWTH FUND			MID CAP INDEX FUND			MID CAP STRATEGIC GROWTH FUND			MONEY MARKET I FUND
INVESTMENT INCOME:
Dividends (unaffiliated)	$	23,281,851		$	–		$	11,699,684		$	2,029,230		$	4,151,486		$	29,546,239		$	1,571,539		$	–
Securities lending income		660,367			–			323,564			41,604			85,978			1,221,440			263,085			–
Interest (unaffiliated)		–			6,719,558			1,620			191			928			21,014			847			2,519,799
Total investment income*		23,942,218			6,719,558			12,024,868			2,071,025			4,238,392			30,788,693			1,835,471			2,519,799
EXPENSES:
Investment advisory and management fees		2,629,809			766,968			4,701,078			752,835			2,283,392			5,441,827			1,687,728			2,251,284
Administrative service fee		596,347			107,375			356,760			75,284			249,746			1,383,712			168,964			393,975
Transfer agent fees and expenses		7,654			1,582			1,416			1,068			1,145			9,320			1,137			9,753
Custodian fees		745,741			52,313			412,085			20,118			57,026			159,834			74,287			39,962
Reports to shareholders		176,118			35,892			102,808			26,579			71,053			380,983			46,237			152,768
Audit and tax fees		52,135			32,202			36,104			24,580			27,089			25,421			25,157			33,554
Legal fees		49,392			18,099			33,603			16,132			26,487			44,783			21,110			22,290
Directors’ fees and expenses		75,395			2,973			22,736			9,958			29,806			154,360			22,737			40,963
Interest expense		–			–			2,088			30			3			13			393			–
Other expenses		81,769			19,123			33,415			20,149			26,373			88,344			24,036			126,393
Total expenses before fee waivers, expense reimbursements, and fees paid indirectly		4,414,360			1,036,527			5,702,093			946,733			2,772,120			7,688,597			2,071,786			3,070,942
Fees waived and expenses reimbursed by investment adviser (Note 3)		–			–			(554,552	)		(32,578	)		–			–			(20,077	)		(747,454	)
Fees paid indirectly (Note 7)		–			–			(3,998	)		(11,158	)		(15,991	)		–			(102,087	)		–
Net expenses		4,414,360			1,036,527			5,143,543			902,997			2,756,129			7,688,597			1,949,622			2,323,488
Net investment income (loss)		19,527,858			5,683,031			6,881,325			1,168,028			1,482,263			23,100,096			(114,151	)		196,311
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on investments (unaffiliated)**		120,483			8,021,286			13,012,335			1,598,470			5,426,460			40,795,235			36,482,780			40,644
Net realized gain (loss) on investments (affiliated)		–			–			–			–			–			–			–			–
Net realized gain (loss) on futures contracts and written options contracts		7,822,359			–			–			–			–			11,722,442			–			–
Net realized foreign exchange gain (loss) on other assets and liabilities		539,728			(29,129	)		(221,650	)		(2,670	)		(743	)		–			(12,679	)		–
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 3)		–			–			–			–			–			–			130,552			–
Net increase from payment by affiliates (Note 3)		–			–			–			–			25,014			–			–			761,000
Net realized gain (loss) on investments and foreign currencies		8,482,570			7,992,157			12,790,685			1,595,800			5,450,731			52,517,677			36,600,653			801,644
Change in unrealized appreciation (depreciation) on investments (unaffiliated)		32,974,676			(2,802,166	)		30,675,765			15,392,734			53,080,650			490,407,767			19,499,908			–
Change in unrealized appreciation (depreciation) on investments (affiliated)		–			–			–			–			–			–			–			–
Change in unrealized appreciation (depreciation) on futures contracts and written options contracts		(6,758,895	)		–			–			–			–			(3,432,851	)		–			–
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		(31,419	)		(164,035	)		(133,746	)		(8,719	)		(1,464	)		–			(210	)		–
Net unrealized gain (loss) on investments and foreign currencies		26,184,362			(2,966,201	)		30,542,019			15,384,015			53,079,186			486,974,916			19,499,698			–
Net realized and unrealized gain (loss) on investments and foreign currencies		34,666,932			5,025,956			43,332,704			16,979,815			58,529,917			539,492,593			56,100,351			801,644
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	54,194,790		$	10,708,987		$	50,214,029		$	18,147,843		$	60,012,180		$	562,592,689		$	55,986,200		$	997,955
*   Net of foreign withholding taxes on interest and dividends of	$	2,017,238		$	11,149		$	1,182,812		$	21,236		$	29,660		$	–		$	33,988		$	–
** Net of foreign withholding taxes on capital gains of	$	–		$	–		$	–		$	–		$	–		$	–		$	–		$	–

See Notes to Financial Statements

240

VALIC Company I

STATEMENTS OF OPERATIONS — For the Year Ended May 31, 2010 — (continued)

		NASDAQ-100® INDEX FUND			SCIENCE & TECHNOLOGY FUND			SMALL CAP AGGRESSIVE GROWTH FUND			SMALL CAP FUND			SMALL CAP INDEX FUND			SMALL CAP SPECIAL VALUES FUND			SMALL-MID GROWTH FUND			STOCK INDEX FUND			VALUE FUND
INVESTMENT INCOME:
Dividends (unaffiliated)	$	689,336		$	4,980,073		$	277,073		$	2,731,841		$	9,485,475		$	2,934,607		$	226,826		$	60,202,240		$	2,362,025
Securities lending income		71,799			614,948			15,526			172,265			1,452,229			231,518			115,009			1,294,163			–
Interest (unaffiliated)		2,131			31,410			327			7,238			37,118			1,791			280			53,731			623
Total investment income*		763,266			5,626,431			292,926			2,911,344			10,974,822			3,167,916			342,115			61,550,134			2,362,648
EXPENSES:
Investment advisory and management fees		389,960			6,103,106			573,740			2,448,107			2,402,142			1,494,641			776,503			7,878,875			1,308,299
Administrative service fee		68,243			482,020			47,249			191,371			532,600			139,500			63,947			2,076,589			117,411
Transfer agent fees and expenses		8,623			7,000			1,068			1,129			8,057			1,758			1,068			10,277			1,439
Custodian fees		20,307			142,604			42,218			133,066			212,787			112,660			66,749			239,615			29,014
Reports to shareholders		22,400			133,604			11,893			54,305			145,424			115,340			18,054			544,965			31,968
Audit and tax fees		26,474			25,911			26,663			25,755			26,638			25,728			25,672			25,703			25,579
Legal fees		7,140			40,592			12,880			23,153			43,712			19,122			15,098			130,567			21,524
Directors’ fees and expenses		2,209			50,172			5,373			389			61,731			16,584			7,791			165,008			12,819
Interest expense		–			302			–			578			–			12			–			12			–
Other expenses		43,557			27,245			20,691			24,582			71,744			24,412			21,708			104,900			21,417
Total expenses before fee waivers, expense reimbursements, and fees paid indirectly		588,913			7,012,556			741,775			2,902,435			3,504,835			1,949,757			996,590			11,176,511			1,569,470
Fees waived and expenses reimbursed by investment adviser (Note 3)		(66,562	)		–			(73,536	)		(342,901	)		–			(156,188	)		(83,056	)		–			(143,758	)
Fees paid indirectly (Note 7)		–			(109,443	)		(10,539	)		(22,374	)		–			(29,752	)		(33,104	)		–			–
Net expenses		522,351			6,903,113			657,700			2,537,160			3,504,835			1,763,817			880,430			11,176,511			1,425,712
Net investment income (loss)		240,915			(1,276,682	)		(364,774	)		374,184			7,469,987			1,404,099			(538,315	)		50,373,623			936,936
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on investments (unaffiliated)**		508,343			101,544,649			5,312,720			(5,362,083	)		(38,828,639	)		18,316,415			7,240,262			8,244,052			13,917,656
Net realized gain (loss) on investments (affiliated)		–			–			–			–			–			–			–			(394,688	)		–
Net realized gain (loss) on futures contracts and written options contracts		1,379,257			–			–			–			14,766,562			–			–			15,338,564			–
Net realized foreign exchange gain (loss) on other assets and liabilities		–			(51,391	)		–			(253	)		(4,467	)		–			–			–			197
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 3)		–			–			–			–			–			–			–			–			–
Net increase from payment by affiliates (Note 3)		177			6,315			27			–			–			778			909			–			–
Net realized gain (loss) on investments and foreign currencies		1,887,777			101,499,573			5,312,747			(5,362,336	)		(24,066,544	)		18,317,193			7,241,171			23,187,928			13,917,853
Change in unrealized appreciation (depreciation) on investments (unaffiliated)		21,153,895			67,135,561			14,635,807			75,951,190			235,009,717			39,243,996			13,543,147			465,134,202			10,913,897
Change in unrealized appreciation (depreciation) on investments (affiliated)		–			–			–			–			–			–			–			462,912			–
Change in unrealized appreciation (depreciation) on futures contracts and written options contracts		(195,051	)		–			–			–			(4,949,040	)		–			–			(3,190,966	)		–
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		–			13,465			–			(49	)		–			–			–			–			(124	)
Net unrealized gain (loss) on investments and foreign currencies		20,958,844			67,149,026			14,635,807			75,951,141			230,060,677			39,243,996			13,543,147			462,406,148			10,913,773
Net realized and unrealized gain (loss) on investments and foreign currencies		22,846,621			168,648,599			19,948,554			70,588,805			205,994,133			57,561,189			20,784,318			485,594,076			24,831,626
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	23,087,536		$	167,371,917		$	19,583,780		$	70,962,989		$	213,464,120		$	58,965,288		$	20,246,003		$	535,967,699		$	25,768,562
*   Net of foreign withholding taxes on interest and dividends of	$	11,860		$	72,163		$	–		$	7,198		$	244		$	445		$	938		$	2,788		$	58,174
** Net of foreign withholding taxes on capital gains of	$	–		$	–		$	–		$	–		$	–		$	–		$	–		$	–		$	–

See Notes to Financial Statements

241

VALIC Company I

STATEMENTS OF CHANGES IN NET ASSETS

	ASSET ALLOCATION FUND						BLUE CHIP GROWTH FUND						BROAD CAP VALUE INCOME FUND						CAPITAL CONSERVATION FUND
	For the Year Ended May 31, 2010			For the Year Ended May 31, 2009			For the Year Ended May 31, 2010			For the Year Ended May 31, 2009			For the Year Ended May 31, 2010			For the Year Ended May 31, 2009			For the Year Ended May 31, 2010			For the Year Ended May 31, 2009
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	2,722,947		$	3,508,199		$	53,436		$	979,384		$	378,535		$	476,069		$	4,393,083		$	5,533,774
Net realized gain (loss) on investments and foreign currencies		8,977,396			(20,685,765	)		(2,303,741	)		(74,828,064	)		(913,793	)		(2,012,498	)		3,210,319			(7,072,122	)
Net unrealized gain (loss) on investments and foreign currencies		9,644,066			(8,540,652	)		78,010,153			(51,289,825	)		4,589,304			(6,237,551	)		5,586,483			983,933
Net increase (decrease) in net assets resulting from operations		21,344,409			(25,718,218	)		75,759,848			(125,138,505	)		4,054,046			(7,773,980	)		13,189,885			(554,415	)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(3,536,552	)		(4,531,780	)		(906,871	)		(535,858	)		(392,535	)		(497,798	)		(5,565,027	)		(8,863,046	)
Net realized gain on securities		–			(5,919,887	)		–			(260,752	)		–			(537	)		–			–
Return of capital		–			–			–			–			–			–			–			–
Total distributions to shareholders		(3,536,552	)		(10,451,667	)		(906,871	)		(796,610	)		(392,535	)		(498,335	)		(5,565,027	)		(8,863,046	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(1,333,177	)		(9,435,558	)		(11,479,103	)		69,098,369			50,087			(1,288,263	)		13,727,543			(9,472,803	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		16,474,680			(45,605,443	)		63,373,874			(56,836,746	)		3,711,598			(9,560,578	)		21,352,401			(18,890,264	)
NET ASSETS:
Beginning of period		110,654,605			156,260,048			361,592,315			418,429,061			16,589,976			26,150,554			108,804,620			127,694,884
End of period†	$	127,129,285		$	110,654,605		$	424,966,189		$	361,592,315		$	20,301,574		$	16,589,976		$	130,157,021		$	108,804,620
†Includes accumulated undistributed net investment income (loss)	$	2,700,346		$	3,468,078		$	148,308		$	1,005,374		$	147,075		$	161,075		$	4,452,407		$	5,536,356

See Notes to Financial Statements

242

VALIC Company I

STATEMENTS OF CHANGES IN NET ASSETS — (continued)

	CORE EQUITY FUND						CORE VALUE FUND						FOREIGN VALUE FUND						GLOBAL EQUITY FUND
	For the Year Ended May 31, 2010			For the Year Ended May 31, 2009			For the Year Ended May 31, 2010			For the Year Ended May 31, 2009			For the Year Ended May 31, 2010			For the Year Ended May 31, 2009			For the Year Ended May 31, 2010			For the Year Ended May 31, 2009
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	2,942,259		$	3,933,189		$	1,878,441		$	2,826,780		$	15,576,339		$	19,353,844		$	3,461,954		$	5,772,029
Net realized gain (loss) on investments and foreign currencies		171,194			(74,528,774	)		(2,227,212	)		(33,995,381	)		(45,037,287	)		(94,304,965	)		13,248,874			(132,379,537	)
Net unrealized gain (loss) on investments and foreign currencies		34,333,404			(40,315,864	)		18,155,146			(25,511,379	)		90,640,025			(204,692,615	)		8,754,052			(26,782,987	)
Net increase (decrease) in net assets resulting from operations		37,446,857			(110,911,449	)		17,806,375			(56,679,980	)		61,179,077			(279,643,736	)		25,464,880			(153,390,495	)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(4,266,857	)		(2,839,800	)		(2,814,896	)		(3,635,714	)		(19,659,718	)		(28,150,202	)		(776,371	)		(3,878,908	)
Net realized gain on securities		–			–			–			(6,915,337	)		–			(61,469,097	)		–			(21,897,172	)
Return of capital		–			–			–			–			–			–			–			–
Total distributions to shareholders		(4,266,857	)		(2,839,800	)		(2,814,896	)		(10,551,051	)		(19,659,718	)		(89,619,299	)		(776,371	)		(25,776,080	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(15,498,036	)		(33,753,751	)		7,957,293			(13,646,393	)		56,405,389			89,670,903			(15,610,951	)		(4,135,900	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		17,681,964			(147,505,000	)		22,948,772			(80,877,424	)		97,924,748			(279,592,132	)		9,077,558			(183,302,475	)
NET ASSETS:
Beginning of period		202,490,040			349,995,040			98,819,875			179,697,299			667,341,816			946,933,948			212,123,917			395,426,392
End of period†	$	220,172,004		$	202,490,040		$	121,768,647		$	98,819,875		$	765,266,564		$	667,341,816		$	221,201,475		$	212,123,917
†Includes accumulated undistributed net investment income (loss)	$	2,828,892		$	4,153,490		$	1,811,738		$	2,746,113		$	15,491,167		$	20,011,200		$	3,643,948		$	(869,856	)

See Notes to Financial Statements

243

VALIC Company I

STATEMENTS OF CHANGES IN NET ASSETS — (continued)

	GLOBAL REAL ESTATE FUND						GLOBAL SOCIAL AWARENESS FUND						GLOBAL STRATEGY FUND						GOVERNMENT SECURITIES FUND
	For the Year Ended May 31, 2010			For the Year Ended May 31, 2009			For the Year Ended May 31, 2010			For the Year Ended May 31, 2009			For the Year Ended May 31, 2010			For the Year Ended May 31, 2009			For the Year Ended May 31, 2010			For the Year Ended May 31, 2009
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	7,345,682		$	4,361,960		$	4,526,241		$	7,209,994		$	13,759,098		$	12,186,161		$	3,438,497		$	4,945,930
Net realized gain (loss) on investments and foreign currencies		41,584,848			(49,251,798	)		8,346,467			(158,804,444	)		(6,766,138	)		(6,796,724	)		843,975			1,025,809
Net unrealized gain (loss) on investments and foreign currencies		16,530,999			19,868,831			25,511,186			(52,645,863	)		41,853,674			(87,726,249	)		2,725,366			599,453
Net increase (decrease) in net assets resulting from operations		65,461,529			(25,021,007	)		38,383,894			(204,240,313	)		48,846,634			(82,336,812	)		7,007,838			6,571,192
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(29,386,642	)		(2,852,189	)		(6,920,505	)		(9,629,396	)		(37,023,590	)		(25,757,211	)		(4,944,289	)		(4,762,755	)
Net realized gain on securities		–			(116,882	)		–			(34,094,032	)		–			(9,210,373	)		–			–
Return of capital		–			–			–			–			–			–			–			–
Total distributions to shareholders		(29,386,642	)		(2,969,071	)		(6,920,505	)		(43,723,428	)		(37,023,590	)		(34,967,584	)		(4,944,289	)		(4,762,755	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		12,023,263			227,448,474			(46,612,262	)		(42,226,048	)		25,187,180			(21,132,605	)		(21,803,410	)		(28,656,584	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		48,098,150			199,458,396			(15,148,873	)		(290,189,789	)		37,010,224			(138,437,001	)		(19,739,861	)		(26,848,147	)
NET ASSETS:
Beginning of period		228,589,564			29,131,168			275,293,485			565,483,274			357,537,989			495,974,990			144,793,346			171,641,493
End of period†	$	276,687,714		$	228,589,564		$	260,144,612		$	275,293,485		$	394,548,213		$	357,537,989		$	125,053,485		$	144,793,346
†Includes accumulated undistributed net investment income (loss)	$	(4,007,445	)	$	2,534,027		$	4,312,564		$	6,754,765		$	9,845,638		$	35,024,401		$	3,527,204		$	5,015,596

See Notes to Financial Statements

244

VALIC Company I

STATEMENTS OF CHANGES IN NET ASSETS — (continued)

	GROWTH FUND						GROWTH & INCOME FUND						HEALTH SCIENCES FUND						INFLATION PROTECTED FUND
	For the Year Ended May 31, 2010			For the Year Ended May 31, 2009			For the Year Ended May 31, 2010			For the Year Ended May 31, 2009			For the Year Ended May 31, 2010			For the Year Ended May 31, 2009			For the Year Ended May 31, 2010			For the Year Ended May 31, 2009
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	4,418,375		$	4,229,597		$	998,621		$	1,896,125		$	(1,038,222	)	$	(855,698	)	$	4,796,460		$	3,416,181
Net realized gain (loss) on investments and foreign currencies		38,471,980			(215,969,103	)		8,099,550			(39,629,795	)		4,892,029			(4,975,090	)		128,640			(5,203,811	)
Net unrealized gain (loss) on investments and foreign currencies		83,003,430			(93,398,520	)		1,622,109			(5,475,011	)		32,595,183			(40,238,158	)		14,846,615			(6,606,701	)
Net increase (decrease) in net assets resulting from operations		125,893,785			(305,138,026	)		10,720,280			(43,208,681	)		36,448,990			(46,068,946	)		19,771,715			(8,394,331	)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(5,393,175	)		(131,104	)		(1,839,824	)		(2,117,169	)		–			–			(1,609,469	)		(6,270,328	)
Net realized gain on securities		–			–			–			(7,187,764	)		–			(16,057,296	)		–			–
Return of capital		–			–			–			–			–			–			–			(192,210	)
Total distributions to shareholders		(5,393,175	)		(131,104	)		(1,839,824	)		(9,304,933	)		–			(16,057,296	)		(1,609,469	)		(6,462,538	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(40,622,008	)		(81,596,920	)		(2,786,464	)		(3,634,942	)		(7,703,526	)		5,228,033			63,198,343			4,960,049
TOTAL INCREASE (DECREASE) IN NET ASSETS		79,878,602			(386,866,050	)		6,093,992			(56,148,556	)		28,745,464			(56,898,209	)		81,360,589			(9,896,820	)
NET ASSETS:
Beginning of period		576,501,551			963,367,601			73,507,981			129,656,537			141,470,104			198,368,313			149,177,617			159,074,437
End of period†	$	656,380,153		$	576,501,551		$	79,601,973		$	73,507,981		$	170,215,568		$	141,470,104		$	230,538,206		$	149,177,617
†Includes accumulated undistributed net investment income (loss)	$	4,387,861		$	5,245,028		$	1,021,824		$	1,863,027		$	(11,900	)	$	(40,768	)	$	2,518,009		$	(616,599	)

See Notes to Financial Statements

245

VALIC Company I

STATEMENTS OF CHANGES IN NET ASSETS — (continued)

	INTERNATIONAL EQUITIES FUND						INTERNATIONAL GOVERNMENT BOND FUND						INTERNATIONAL GROWTH I FUND						LARGE CAP CORE FUND
	For the Year Ended May 31, 2010			For the Year Ended May 31, 2009			For the Year Ended May 31, 2010			For the Year Ended May 31, 2009			For the Year Ended May 31, 2010			For the Year Ended May 31, 2009			For the Year Ended May 31, 2010			For the Year Ended May 31, 2009
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	19,527,858		$	23,900,601		$	5,683,031		$	6,260,004		$	6,881,325		$	9,994,332		$	1,168,028		$	1,422,014
Net realized gain (loss) on investments and foreign currencies		8,482,570			(202,810,314	)		7,992,157			(11,074,563	)		12,790,685			(107,426,128	)		1,595,800			(6,190,884	)
Net unrealized gain (loss) on investments and foreign currencies		26,184,362			(240,358,297	)		(2,966,201	)		845,199			30,542,019			(160,070,815	)		15,384,015			(15,199,357	)
Net increase (decrease) in net assets resulting from operations		54,194,790			(419,268,010	)		10,708,987			(3,969,360	)		50,214,029			(257,502,611	)		18,147,843			(19,968,227	)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(21,427,547	)		(31,968,928	)		(5,920,505	)		(9,522,402	)		(9,737,177	)		(9,678,332	)		(1,374,980	)		(546,193	)
Net realized gain on securities		–			(108,876,703	)		–			(75,809	)		–			–			–			(5,440,842	)
Return of capital		–			–			–			–			–			–			–			–
Total distributions to shareholders		(21,427,547	)		(140,845,631	)		(5,920,505	)		(9,598,211	)		(9,737,177	)		(9,678,332	)		(1,374,980	)		(5,987,035	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		22,288,377			186,047,101			(7,170,603	)		(15,309,469	)		(13,496,131	)		(14,293,628	)		1,973,936			38,591,379
TOTAL INCREASE (DECREASE) IN NET ASSETS		55,055,620			(374,066,540	)		(2,382,121	)		(28,877,040	)		26,980,721			(281,474,571	)		18,746,799			12,636,117
NET ASSETS:
Beginning of period		728,783,814			1,102,850,354			150,314,152			179,191,192			444,783,093			726,257,664			97,480,421			84,844,304
End of period†	$	783,839,434		$	728,783,814		$	147,932,031		$	150,314,152		$	471,763,814		$	444,783,093		$	116,227,220		$	97,480,421
†Includes accumulated undistributed net investment income (loss)	$	20,742,033		$	21,357,055		$	3,526,015		$	3,177,435		$	7,439,103		$	9,982,822		$	1,346,456		$	1,556,078

See Notes to Financial Statements

246

VALIC Company I

STATEMENTS OF CHANGES IN NET ASSETS — (continued)

	LARGE CAPITAL GROWTH FUND						MID CAP INDEX FUND						MID CAP STRATEGIC GROWTH FUND						MONEY MARKET I FUND
	For the Year Ended May 31, 2010			For the Year Ended May 31, 2009			For the Year Ended May 31, 2010			For the Year Ended May 31, 2009			For the Year Ended May 31, 2010			For the Year Ended May 31, 2009			For the Year Ended May 31, 2010			For the Year Ended May 31, 2009
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	1,482,263		$	2,216,105		$	23,100,096		$	29,912,966		$	(114,151	)	$	569,975		$	196,311		$	7,896,909
Net realized gain (loss) on investments and foreign currencies		5,450,731			(51,009,172	)		52,517,677			(11,354,176	)		36,600,653			(77,911,872	)		801,644			(1,642,239	)
Net unrealized gain (loss) on investments and foreign currencies		53,079,186			(112,915,788	)		486,974,916			(920,244,108	)		19,499,698			(59,732,016	)		–			–
Net increase (decrease) in net assets resulting from operations		60,012,180			(161,708,855	)		562,592,689			(901,685,318	)		55,986,200			(137,073,913	)		997,955			6,254,670
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(2,659,901	)		(1,066,057	)		(30,019,210	)		(28,861,760	)		(1,285,857	)		–			(197,599	)		(7,896,909	)
Net realized gain on securities		–			(9,264,508	)		(43,546,065	)		(204,602,965	)		–			(28,828,498	)		(65,553	)		–
Return of capital		–			–			–			–			–			–			–			–
Total distributions to shareholders		(2,659,901	)		(10,330,565	)		(73,565,275	)		(233,464,725	)		(1,285,857	)		(28,828,498	)		(263,152	)		(7,896,909	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(22,375,492	)		(34,499,835	)		(29,506,434	)		101,072,038			(11,061,050	)		3,077,524			(70,932,381	)		40,563,977
TOTAL INCREASE (DECREASE) IN NET ASSETS		34,976,787			(206,539,255	)		459,520,980			(1,034,078,005	)		43,639,293			(162,824,887	)		(70,197,578	)		38,921,738
NET ASSETS:
Beginning of period		312,754,670			519,293,925			1,642,119,954			2,676,197,959			204,469,875			367,294,762			611,356,143			572,434,405
End of period†	$	347,731,457		$	312,754,670		$	2,101,640,934		$	1,642,119,954		$	248,109,168		$	204,469,875		$	541,158,565		$	611,356,143
†Includes accumulated undistributed net investment income (loss)	$	1,505,013		$	2,683,394		$	24,122,717		$	31,549,271		$	194,773		$	1,607,460		$	(154	)	$	66,687

See Notes to Financial Statements

247

VALIC Company I

STATEMENTS OF CHANGES IN NET ASSETS — (continued)

	NASDAQ-100® INDEX FUND						SCIENCE & TECHNOLOGY FUND						SMALL CAP AGGRESSIVE GROWTH FUND						SMALL CAP FUND
	For the Year Ended May 31, 2010			For the Year Ended May 31, 2009			For the Year Ended May 31, 2010			For the Year Ended May 31, 2009			For the Year Ended May 31, 2010			For the Year Ended May 31, 2009			For the Year Ended May 31, 2010			For the Year Ended May 31, 2009
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	240,915		$	253,967		$	(1,276,682	)	$	649,605		$	(364,774	)	$	(160,258	)	$	374,184		$	1,144,768
Net realized gain (loss) on investments and foreign currencies		1,887,777			(3,927,572	)		101,499,573			(223,349,935	)		5,312,747			(9,967,315	)		(5,362,336	)		(25,010,064	)
Net unrealized gain (loss) on investments and foreign currencies		20,958,844			(24,750,299	)		67,149,026			(57,439,317	)		14,635,807			(6,950,854	)		75,951,141			(89,818,998	)
Net increase (decrease) in net assets resulting from operations		23,087,536			(28,423,904	)		167,371,917			(280,139,647	)		19,583,780			(17,078,427	)		70,962,989			(113,684,294	)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(233,954	)		(198,287	)		(640,946	)		–			(6,652	)		–			(1,281,689	)		(1,287,731	)
Net realized gain on securities		–			(917,340	)		–			–			–			(4,996,025	)		–			(16,132,201	)
Return of capital		–			–			–			–			–			–			–			–
Total distributions to shareholders		(233,954	)		(1,115,627	)		(640,946	)		–			(6,652	)		(4,996,025	)		(1,281,689	)		(17,419,932	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		6,327,643			4,792,299			(20,243,339	)		(64,841,045	)		20,954,692			3,220,006			(20,337,158	)		(22,758,359	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		29,181,225			(24,747,232	)		146,487,632			(344,980,692	)		40,531,820			(18,854,446	)		49,344,142			(153,862,585	)
NET ASSETS:
Beginning of period		73,521,478			98,268,710			563,609,619			908,590,311			46,178,922			65,033,368			237,443,887			391,306,472
End of period†	$	102,702,703		$	73,521,478		$	710,097,251		$	563,609,619		$	86,710,742		$	46,178,922		$	286,788,029		$	237,443,887
†Includes accumulated undistributed net investment income (loss)	$	292,889		$	285,928		$	385,610		$	590,227		$	8,565		$	36,696		$	337,297		$	1,238,232

See Notes to Financial Statements

248

VALIC Company I

STATEMENTS OF CHANGES IN NET ASSETS — (continued)

	SMALL CAP INDEX FUND						SMALL CAP SPECIAL VALUES FUND						SMALL-MID GROWTH FUND						STOCK INDEX FUND						VALUE FUND
	For the Year Ended May 31, 2010			For the Year Ended May 31, 2009			For the Year Ended May 31, 2010			For the Year Ended May 31, 2009			For the Year Ended May 31, 2010			For the Year Ended May 31, 2009			For the Year Ended May 31, 2010			For the Year Ended May 31, 2009			For the Year Ended May 31, 2010			For the Year Ended May 31, 2009
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	7,469,987		$	11,829,207		$	1,404,099		$	2,625,792		$	(538,315	)	$	60,933		$	50,373,623		$	67,511,096		$	936,936		$	3,545,922
Net realized gain (loss) on investments and foreign currencies		(24,066,544	)		(16,317,878	)		18,317,193			(70,287,628	)		7,241,171			(20,454,465	)		23,187,928			79,627,118			13,917,853			(83,260,353	)
Net unrealized gain (loss) on investments and foreign currencies		230,060,677			(314,308,016	)		39,243,996			(16,750,314	)		13,543,147			(13,856,275	)		462,406,148			(1,548,279,945	)		10,913,773			(16,521,692	)
Net increase (decrease) in net assets resulting from operations		213,464,120			(318,796,687	)		58,965,288			(84,412,150	)		20,246,003			(34,249,807	)		535,967,699			(1,401,141,731	)		25,768,562			(96,236,123	)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(11,860,350	)		(14,334,633	)		(3,330,142	)		(2,401,346	)		(189,800	)		(83,639	)		(65,547,002	)		(79,283,912	)		(3,379,457	)		(2,153,386	)
Net realized gain on securities		(18,036,370	)		(59,679,284	)		–			(6,436,536	)		–			(3,134,178	)		(88,792,364	)		(357,253,607	)		–			(2,590,364	)
Return of capital		–			–			–			–			–			–			–			–			–			–
Total distributions to shareholders		(29,896,720	)		(74,013,917	)		(3,330,142	)		(8,837,882	)		(189,800	)		(3,217,817	)		(154,339,366	)		(436,537,519	)		(3,379,457	)		(4,743,750	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(8,885,544	)		36,748,584			(8,582,762	)		(1,448,146	)		(2,579,741	)		(3,317,337	)		115,680,769			19,875,554			(23,079,236	)		(20,641,136	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		174,681,856			(356,062,020	)		47,052,384			(94,698,178	)		17,476,462			(40,784,961	)		497,309,102			(1,817,803,696	)		(690,131	)		(121,621,009	)
NET ASSETS:
Beginning of period		634,336,330			990,398,350			162,068,545			256,766,723			77,842,577			118,627,538			2,493,279,659			4,311,083,355			155,724,742			277,345,751
End of period†	$	809,018,186		$	634,336,330		$	209,120,929		$	162,068,545		$	95,319,039		$	77,842,577		$	2,990,588,761		$	2,493,279,659		$	155,034,611		$	155,724,742
† Includes accumulated undistributed net investment income (loss)	$	8,097,615		$	12,700,099		$	1,535,172		$	3,445,224		$	64,331		$	270,277		$	51,350,920		$	66,562,842		$	837,444		$	3,279,768

See Notes to Financial Statements

249

VALIC Company I

NOTES TO FINANCIAL STATEMENTS

Note 1 — Organization

VALIC Company I (the “Series” or “VC I”) was incorporated under the laws of Maryland on December 7, 1984, by The Variable Annuity Life Insurance Company (“VALIC”). VALIC, the investment adviser to the Series, is an indirect wholly-owned subsidiary of American International Group, Inc. (“AIG”). The Series is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end, management investment company. The Series consists of 33 separate mutual funds (the “Funds”), each of which issues its own separate class of capital shares:

Asset Allocation Fund Blue Chip Growth Fund Broad Cap Value Income Fund Capital Conservation Fund Core Equity Fund Core Value Fund Foreign Value Fund Global Equity Fund Global Real Estate Fund Global Social Awareness Fund Global Strategy Fund Government Securities Fund Growth Fund Growth & Income Fund Health Sciences Fund Inflation Protected Fund International Equities Fund International Growth I Fund International Government Bond Fund Large Cap Core Fund Large Capital Growth Fund Mid Cap Index Fund Mid Cap Strategic Growth Fund Money Market I Fund Nasdaq-100^® Index Fund Science & Technology Fund Small Cap Aggressive Growth Fund Small Cap Fund Small Cap Index Fund Small Cap Special Values Fund Small-Mid Growth Fund Stock Index Fund Value Fund

Each Fund is diversified with the exception of International Government Bond Fund, Nasdaq-100^® Index Fund, Inflation Protected Fund, Health Sciences Fund and Global Real Estate Fund, which are non-diversified as defined by the 1940 Act.

Indemnifications. Under the Funds’ organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business the Funds enter into contracts that may contain the obligation to indemnify others. The Funds’ maximum exposure under these arrangements is unknown. Currently, however, the Funds expect the risk of loss to be remote.

Note 2 — Significant Accounting Policies

The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from these estimates and those differences could be significant. The following is a summary of the significant accounting policies followed by the Funds in the preparation of their financial statements:

A. Security Valuation

Stocks are generally valued based upon closing sales prices reported on recognized securities exchanges for which the securities are principally traded. Stocks listed on the NASDAQ are valued using the NASDAQ Official Closing Price (“NOCP”). Generally, the NOCP will be the last sale price unless the reported trade for the stock is outside the range of the bid/ask price. In such cases, the NOCP will be normalized to the nearer of the bid or ask price. For listed securities having no sales reported and for unlisted securities, such securities will be valued based upon the last reported bid price.

As of the close of regular trading on the New York Stock Exchange, securities traded primarily on security exchanges outside the United States are valued at the last sale price on such exchanges on the day of valuation, or if there is no sale on the day of valuation, at the last-reported bid price. If a security’s price is available from more than one exchange, a fund uses the exchange that is the primary market for the security. However, depending on the foreign market, closing prices may be up to 15 hours old when they are used to price the Fund’s shares, and the Fund may determine that certain closing prices do not reflect the fair value of securities. This determination will be based on review of a number of factors, including developments in foreign markets, the performance of U.S. securities markets, and the performance of instruments trading in U.S. markets that represent foreign securities and baskets of foreign securities. If the Fund determines that closing prices do not reflect the fair value of the securities, the Fund will adjust the previous closing prices in accordance with pricing procedures approved by the Board to reflect what it believes to be the fair value of the securities as of the close of regular trading on the New York Stock Exchange. The Fund may also fair value securities in other situations, for example, when a particular foreign market is closed but the Fund is open. For foreign equity securities, the Fund uses an outside pricing service to provide it with closing market prices and information used for adjusting those prices.

On May 31, 2010, the New York Stock Exchange was closed for the Memorial Day Holiday, however, certain foreign markets were open. As a result, the Funds' priced securities that traded on the open foreign markets at the closing price of the applicable market and the remaining securities were valued at their applicable closing or fair value prices on May 28, 2010, the last day in the reporting period that the Funds were open.

Non-convertible bonds and debentures, other long-term debt securities, and short term debt securities with maturities in excess of 60 days, are valued at bid prices obtained for the day of valuation from a bond pricing service, when such prices are available. The pricing services may use valuation models or matrix pricing which considers information with respect to comparable bond and note transactions, quotations from bond dealers, or by reference to other securities that are considered comparable in such characteristics as rating, interest rate, and maturity date, option adjusted spreads models, prepayments projections, interest rate spreads, and yield curves to determine current value. If a vendor quote is unavailable the securities may be priced at the mean of two independent quotes obtained from brokers.

250

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

Short-term securities with 60 days or less to maturity are amortized to maturity based on their cost to the Fund if acquired within 60 days of maturity or, if already held by the Fund on the 60th day, are amortized to maturity based on the value determined on the 61st day.

Futures contracts and options traded on national securities exchanges are valued as of the close of the exchange upon which they trade. Forward contracts are valued at the 4:00 p.m. eastern time forward rate. Other securities are valued on the basis of last sale or bid price (if a last sale price is not available) in what is, in the opinion of the Adviser, the broadest and most representative market, that may be either a securities exchange or the over-the-counter market.

Investments in open end and closed end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in open end and closed end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.

For the Money Market I Fund, securities are valued at amortized cost, which approximates market value. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of any discount or premium. In accordance with rule 2a-7 under the Investment Company Act of 1940, as amended (the “1940 Act”), the Series’ Board of Directors (the “Board” or the “Directors”) has adopted procedures intended to stabilize the Money Market I Fund’s net asset value per share at $1.00. These procedures include the determination, at such intervals as the Board deems appropriate and reasonable in light of current market conditions, of the extent, if any, to which the Money Market I Fund’s market-based net asset value per share deviates from the Fund’s amortized cost per share. The calculation of such deviation is referred to as “shadow pricing.” For purposes of these market-based valuations, securities for which market quotations are not readily available are fair valued, as determined pursuant to procedures adopted in good faith by the Board.

Securities for which market quotations are not readily available or if a development/significant event occurs that may significantly impact the value of the security, then these securities are valued, as determined pursuant to procedures adopted in good faith by the Board. There is no single standard for making fair value determinations, which may result in prices that vary from those of other funds.

The various inputs that may be used to determine the value of the Fund’s investments are summarized into three broad levels listed below:

Level 1 — Unadjusted quoted prices in active markets for identical securities

Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, referenced indicies, adjusted quoted prices in inactive markets, quoted prices in active markets, adjusted quoted prices on foreign equity securities that were adjusted in accordance with pricing procedures approved by the Board, etc.)

Level 3 — Significant unobservable inputs (includes inputs that reflect the Funds’ own assumptions about the assumptions market participants would use in pricing the security, developed based on the best information available under the circumstances)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The summary of the inputs used to value the Fund’s net assets as of May 31, 2010 are reported on a schedule following the Portfolio of Investments.

B. Derivative Instruments

The following tables represent the value of derivatives held as of May 31, 2010, by their primary underlying risk exposure and respective location on the Statement of Assets and Liabilities and the effect of derivatives on the Statement of Operations for the year ended May 31, 2010:

	Asset Allocation Fund
	Asset Derivatives			Liability Derivatives
Derivative Contracts(1)	Statements of Assets and Liabilities Location	Value		Statements of Assets and Liabilities Location	Value
Interest rate contracts(2)(4)	Variation margin on futures contracts	$	—	Variation margin on futures contracts	$	—
Equity contracts(3)(4)	Variation margin on futures contracts		—	Variation margin on futures contracts		19,530
		$	—		$	19,530

Derivative Contracts(1)	Location of Gain (Loss) on Derivatives Recognized in Statement of Operations	Realized Gain (Loss) on Derivatives Recognized in Statement of Operations		Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations
Interest rate contracts(2)	Net realized gain (loss) on futures contracts and written options contracts/Change in unrealized appreciation (depreciation) on futures contracts and written options contracts	$	157,890	$       (859)
Equity contracts(3)	Net realized gain (loss) on futures contracts and written options contracts/Change in unrealized appreciation (depreciation) on futures contracts and written options contracts		2,535,581	(674,105)
		$	2,693,471	$(674,964)

(1) The Fund’s derivative contracts held during the year ended May 31, 2010, are not accounted for as hedging instruments under accounting principles generally accepted in the United States of America.

(2) The average notional amount outstanding for interest rate futures contracts was $40,938.

(3) The average notional amount outstanding for equity futures contracts was $2,604.

(4) The variation margin on futures contracts is included in the cumulative appreciation (depreciation) of $49,220 as reported in the Portfolio of Investments.

251

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

	Core Value Fund
	Asset Derivatives			Liability Derivatives
Derivative Contracts(1)	Statements of Assets and Liabilities Location	Value		Statements of Assets and Liabilities Location	Value
Equity contracts(2)	Variation margin on futures contracts	$	—	Variation margin on futures contracts	$	—

Derivative Contracts(1)	Location of Gain (Loss) on Derivatives Recognized in Statement of Operations	Realized Gain (Loss) on Derivatives Recognized in Statement of Operations		Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations
Equity contracts(2)	Net realized gain (loss) on futures contracts and written options contracts/Change in unrealized appreciation (depreciation) on futures contracts and written options contracts	$	879,794	$(438,871)

	Global Equity Fund
	Asset Derivatives			Liability Derivatives
Derivative Contracts(1)	Statements of Assets and Liabilities Location	Value		Statements of Assets and Liabilities Location	Value
Foreign exchange contracts(3)	Unrealized appreciation on forward foreign currency contracts	$	1,119,914	Unrealized depreciation on forward foreign currency contracts	$	2,678,342

Derivative Contracts(1)	Location of Gain (Loss) on Derivatives Recognized in Statement of Operations	Realized Gain (Loss) on Derivatives Recognized in Statement of Operations		Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations
Foreign exchange contracts(3)	Net realized foreign exchange gain (loss) on other assets and liabilities/Change in unrealized foreign exchange gain (loss) on other assets and liabilities	$	393,790	$(2,286,996)

	Global Social Awareness Fund
	Asset Derivatives			Liability Derivatives
Derivative Contracts(1)	Statements of Assets and Liabilities Location	Value		Statements of Assets and Liabilities Location	Value
Equity contracts(4)(5)	Variation margin on futures contracts	$	—	Variation margin on futures contracts	$	124,110

Derivative Contracts(1)	Location of Gain (Loss) on Derivatives Recognized in Statement of Operations	Realized Gain (Loss) on Derivatives Recognized in Statement of Operations		Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations
Equity contracts(4)	Net realized gain (loss) on futures contracts and written options contracts/Change in unrealized appreciation (depreciation) on futures contracts and written options contracts	$	5,089,342	$(2,515,430)

(1) The Fund’s derivative contracts held during the year ended May 31, 2010, are not accounted for as hedging instruments under accounting principles generally accepted in the United States of America.

(2) The average notional amount outstanding for equity futures contracts was $1,408.

(3) The average notional amount outstanding for forward foreign currency contracts was $79,949,399.

(4) The average notional amount outstanding for equity futures contracts was $12,167.

(5) The variation margin on futures contracts is included in the cumulative appreciation (depreciation) of $(653,055) as reported in the Portfolio of Investments.

252

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

	Global Strategy Fund
	Asset Derivatives			Liability Derivatives
Derivative Contracts(1)	Statements of Assets and Liabilities Location	Value		Statements of Assets and Liabilities Location	Value
Foreign exchange contracts(2)	Unrealized appreciation on forward foreign currency contracts	$	7,760,991	Unrealized depreciation on forward foreign currency contracts	$	1,841,741

Derivative Contracts(1)	Location of Gain (Loss) on Derivatives Recognized in Statement of Operations	Realized Gain (Loss) on Derivatives Recognized in Statement of Operations		Change in  Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations
Foreign exchange contracts(2)	Net realized foreign exchange gain (loss) on other assets and liabilities/Change in unrealized foreign exchange gain (loss) on other assets and liabilities	$	1,270,688	$4,304,104

	Growth Fund
	Asset Derivatives			Liability Derivatives
Derivative Contracts(1)	Statements of Assets and Liabilities Location	Value		Statements of Assets and Liabilities Location	Value
Foreign exchange contracts(3)	Unrealized appreciation on forward foreign currency contracts	$	98	Unrealized depreciation on forward foreign currency contracts	$	2,643

Derivative Contracts(1)	Location of Gain (Loss) on Derivatives Recognized in Statement of Operations	Realized Gain (Loss) on Derivatives Recognized in Statement of Operations		Change in  Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations
Foreign exchange contracts(3)	Net realized foreign exchange gain (loss) on other assets and liabilities/Change in unrealized foreign exchange gain (loss) on other assets and liabilities	$	86,973	$60,653

	Health Sciences Fund
	Asset Derivatives			Liability Derivatives
Derivative Contracts(1)	Statements of Assets and Liabilities Location	Value		Statements of Assets and Liabilities Location	Value
Equity contracts(4)		$	—	Call and put options written, at value	$	5,060,249

Derivative Contracts(1)	Location of Gain (Loss) on Derivatives Recognized in Statement of Operations	Realized Gain (Loss) on Derivatives Recognized in Statement of Operations		Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations
Equity contracts(4)	Net realized gain (loss) on futures contracts and written options contracts/Change in unrealized appreciation (depreciation) on futures contracts and written options contracts	$	2,642,608	$(232,611)

(1) The Fund’s derivative contracts held during the year ended May 31, 2010, are not accounted for as hedging instruments under accounting principles generally accepted in the United States of America.

(2) The average notional amount outstanding for forward foreign currency contracts was $169,579,978.

(3) The average notional amount outstanding for forward foreign currency contracts was $2,338,585.

(4) The average notional amount outstanding for equity written options contracts was $807,308.

253

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

	International Equities Fund
	Asset Derivatives 2010			Liability Derivatives 2010
Derivative Contracts(1)	Statements of Assets and Liabilities Location	Value		Statements of Assets and Liabilities Location	Value
Equity contracts(2)(3)	Variation margin on futures contracts	$	—	Variation margin on futures contracts	$	222,762

Derivative Contracts(1)	Location of Gain (Loss) on Derivatives Recognized in Statement of Operations	Realized Gain (Loss) on Derivatives Recognized in Statement of Operations		Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations
Equity contracts(2)	Net realized gain (loss) on futures contracts and written options contracts/Change in unrealized appreciation (depreciation) on futures contracts and written options contracts	$	7,822,359	$(5,739,372)

	International Government Bond Fund
	Asset Derivatives			Liability Derivatives
Derivative Contracts(1)	Statements of Assets and Liabilities Location	Value		Statements of Assets and Liabilities Location	Value
Foreign exchange contracts(4)	Unrealized appreciation on forward foreign currency contracts	$	—	Unrealized depreciation on forward foreign currency contracts	$	9,541

Derivative Contracts(1)	Location of Gain (Loss) on Derivatives Recognized in Statement of Operations	Realized Gain (Loss) on Derivatives Recognized in Statement of Operations			Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations
Foreign exchange contracts(4)	Net realized foreign exchange gain (loss) on other assets and liabilities/Change in unrealized foreign exchange gain (loss) on other assets and liabilities	$	(29,612	)	$(9,541)

	Mid Cap Index Fund
	Asset Derivatives			Liability Derivatives
Derivative Contracts(1)	Statements of Assets and Liabilities Location	Value		Statements of Assets and Liabilities Location	Value
Equity contracts(5)(6)	Variation margin on futures contracts	$	—	Variation margin on futures contracts	$	166,199

Derivative Contracts(1)	Location of Gain (Loss) on Derivatives Recognized in Statement of Operations	Realized Gain (Loss) on Derivatives Recognized in Statement of Operations		Change in  Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations
Equity contracts(5)	Net realized gain (loss) on futures contracts and written options contracts/Change in unrealized appreciation (depreciation) on futures contracts and written options contracts	$	11,722,442	$	(3,432,851	)

(1) The Fund’s derivative contracts held during the year ended May 31, 2010, are not accounted for as hedging instruments under accounting principles generally accepted in the United States of America.

(2) The average notional amount outstanding for equity futures contracts was $166,187.

(3) The variation margin on futures contracts is included in the cumulative appreciation (depreciation) of $(2,044,877) as reported in the Portfolio of Investments.

(4) The average notional amount outstanding for forward foreign currency contracts was $535,674.

(5) The average notional amount outstanding for equity futures contracts was $33,433.

(6) The variation margin on futures contracts is included in the cumulative appreciation (depreciation) of $(405,373) as reported in the Portfolio of Investments.

254

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

	Nasdaq-100® Index Fund
	Asset Derivatives			Liability Derivatives
Derivative Contracts(1)	Statements of Assets and Liabilities Location	Value		Statements of Assets and Liabilities Location	Value
Equity contracts(2)(3)	Variation margin on futures contracts	$	—	Variation margin on futures contracts	$	24,315

Derivative Contracts(1)	Location of Gain (Loss) on Derivatives Recognized in Statement of Operations	Realized Gain (Loss) on Derivatives Recognized in Statement of Operations		Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations
Equity contracts(2)	Net realized gain (loss) on futures contracts and written options contracts/Change in unrealized appreciation (depreciation) on futures contracts and written options contracts	$	1,379,257	$	(195,051	)

	Small Cap Index Fund
	Asset Derivatives			Liability Derivatives
Derivative Contracts(1)	Statements of Assets and Liabilities Location	Value		Statements of Assets and Liabilities Location	Value
Equity contracts(4)(5)	Variation margin on futures contracts	$	—	Variation margin on futures contracts	$	196,825

Derivative Contracts(1)	Location of Gain (Loss) on Derivatives Recognized in Statement of Operations	Realized Gain (Loss) on Derivatives Recognized in Statement of Operations		Change in  Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations
Equity contracts(4)	Net realized gain (loss) on futures contracts and written options contracts/Change in unrealized appreciation (depreciation) on futures contracts and written options contracts	$	14,766,562	$	(4,949,040	)

	Stock Index Fund
	Asset Derivatives			Liability Derivatives
Derivative Contracts(1)	Statements of Assets and Liabilities Location	Value		Statements of Assets and Liabilities Location	Value
Equity contracts(6)(7)	Variation margin on futures contracts	$	—	Variation margin on futures contracts	$	350,693

Derivative Contracts(1)	Location of Gain (Loss) on Derivatives Recognized in Statement of Operations	Realized Gain (Loss) on Derivatives Recognized in Statement of Operations		Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations
Equity contracts(6)	Net realized gain (loss) on futures contracts and written options contracts/Change in unrealized appreciation (depreciation) on futures contracts and written options contracts	$	15,338,564	$	(3,190,966	)

(1) The Fund’s derivative contracts held during the year ended May 31, 2010, are not accounted for as hedging instruments under accounting principles generally accepted in the United States of America.

(2) The average notional amount outstanding for equity futures contracts was $2,567.

(3) The variation margin on futures contracts is included in the cumulative appreciation (depreciation) of $(45,748) as reported in the Portfolio of Investments.

(4) The average notional amount outstanding for equity futures contracts was $42,967.

(5) The variation margin on futures contracts is included in the cumulative appreciation (depreciation) of $308,642 as reported in the Portfolio of Investments.

(6) The average notional amount outstanding for equity futures contracts was $43,296.

(7) The variation margin on futures contracts is included in the cumulative appreciation (depreciation) of $(1,250,632) as reported in the Portfolio of Investments.

255

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

Forward Foreign Currency Contracts. Certain Funds may enter into forward foreign currency contracts (“forward contracts”) for various purposes, including to facilitate settlement of foreign currency denominated Fund transactions, to attempt to protect securities and related receivables and payables against changes in future foreign exchange rates or to enhance return. As of May 31, 2010, the following Funds had open forward contracts: Global Equity Fund, Global Strategy Fund, Growth Fund and International Government Bond Fund, which are reported on a schedule following each Fund’s Portfolio of Investments.

A forward contract is an agreement between two parties to buy or sell currency at a set price on a future date. The market value of the contract will fluctuate with changes in currency exchange rates. The contract is marked-to-market daily using the forward rate and the change in market value is recorded by the Fund as unrealized gain or loss on the Statement of Assets and Liabilities. On the settlement date, the Fund records either realized gains or losses equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Risks to the Funds of entering into forward contracts include counterparty risk and market risk. Counterparty risk arises upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts. Market risk is the risk that the value of the forward contract will depreciate due to unfavorable changes in the exchange rates. These contracts may involve market risk in excess of the unrealized gain or loss reflected on the Statement of Assets and Liabilities. Currency transactions are also subject to risks different from those of other Fund transactions. Because currency control is of great importance to the issuing governments and influences economic planning and policy, purchases and sales of currency and related instruments can be adversely affected by government exchange controls, limitations or restrictions on repatriation of currency, and manipulations or exchange restrictions imposed by governments.

Futures Contracts. Certain of the Funds may enter into futures contracts for various purposes, including to increase or decrease exposure to equity or bond markets, or to hedge against changes in interest rates, prices of stocks, bonds or other instruments, or currency rates, or to enhance income or total return. As of May 31, 2010, the following Funds had open futures contracts: Asset Allocation Fund, Global Social Awareness Fund, International Equities Fund, Mid Cap Index Fund, Nasdaq-100^® Index Fund, Small Cap Index Fund and Stock Index Fund, which are reported on a schedule following each Fund’s Portfolio of Investments.

A futures contract is an agreement between two parties to buy and sell a financial instrument at a set price on a future date. Upon entering into a futures transaction, a Fund will be required to segregate an initial margin payment of cash or other liquid securities with the Futures Commission Merchant (the “broker”). Common futures contracts include interest rate futures, single stock futures, stock index futures and currency futures. An interest rate futures contract is a contract to buy or sell specified debt securities at a future time for a fixed price. A single stock futures contract is a contract to buy a single stock at a future time for a fixed price. A stock index futures contract is similar in economic effect to a single stock futures contract, except that rather than being based on a specific security it is based on a specified index of stocks and not the stocks themselves. A currency futures contract is a contract to buy or sell a specific foreign currency at a future time for a fixed price.

A Fund’s participation in the futures markets involves certain risks, including imperfect correlation between movements in the price of futures contracts and movements in the price of the securities hedged or used for cover. Pursuant to a contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as “variation margin” and are recorded by the Funds as unrealized appreciation or depreciation. When a contract is closed, the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Futures contracts are generally conducted through regulated exchanges, which minimize counterparty credit risks.

The primary risk to the Funds of entering into futures contracts is market risk. Market risk is the risk that there will be an unfavorable change in the interest rate, value or currency rate of the underlying security(ies). Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed on the Statement of Assets and Liabilities.

At May 31, 2010, the due from broker amount as disclosed in the Statement of Assets and Liabilities for the Core Value Fund includes amounts set aside for margin requirements for open futures contracts.

Options. Certain Funds may enter into option contracts for various purposes, including to facilitate trading, increase or decrease a Fund’s market exposure, to seek higher investment returns, to seek protection against a decline in the value of a Fund’s securities or an increase in prices of securities that may be purchased, or to generate income. As of May 31, 2010, the Health Sciences Fund had open option contracts, which are reported on a schedule following the Fund’s Portfolio of Investments.

An option is a contract conveying a right to buy or sell a financial instrument at a specified price during a stipulated period. When a Fund writes a call or a put option, it receives a premium which is equal to the current market value of the option written. The premiums on written options are recorded as a liability on the Statement of Assets and Liabilities. If a Fund purchases a call or a put option, it pays a premium which reflects the current market value of the option and which is included on the Fund’s Statement of Assets and Liabilities as an investment. The option position is marked to market daily and its value fluctuates based upon the value of the underlying financial instrument, time to expiration, cost of borrowing funds, and volatility of the value of the underlying financial instrument. If an option which the Fund has written either expires on its stipulated expiration date, or if the Fund enters into a closing purchase transaction, the Fund realizes a gain (or loss if the cost of a closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such options is extinguished. If a call option which the Fund has written is exercised, the Fund realizes a gain or loss from the sale of the underlying security and the proceeds from such sale are increased by the premium originally received. If a put option which the Fund has written is exercised, the amount of the premium originally received reduces the cost of the security which the Fund purchased upon exercise of the option. Options may be traded on a national securities exchange or in the over-the-counter (OTC) market.

Risks to the Funds of entering into option contracts include credit risk, market risk and, with respect to OTC options, illiquidity risk. Credit risk arises from the potential inability of counterparties to meet the terms of their contracts. If the counterparty defaults, the Fund’s loss will consist of the net amount of contractual payments that the Fund has not yet received. Market risk is the risk that there will be an unfavorable change in the value of the underlying securities. There is also the risk the Fund may not be able to enter into a closing transaction because of an illiquid market. In addition, unlisted options are not traded on an exchange and may not be as actively traded as listed options, making the valuation of such securities more difficult. An unlisted option also entails a greater risk that the party on the other side of the option transaction may default, which would make it impossible to close out an unlisted option position in some cases, and profits related to the transaction lost thereby.

256

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

During the period ended May 31, 2010 the following Funds had options written:

	Written Options
	Health Sciences Fund
	Number of Contracts		Premiums Received
Options outstanding as of May 31, 2009	6,204		$	2,741,211
Options written	16,222			7,706,736
Options terminated in closing purchase transactions	(8,030	)		(3,089,257	)
Options exercised	(1,595	)		(828,737	)
Options expired	(4,059	)		(1,592,902	)
Options outstanding as of May 31, 2010	8,742		$	4,937,051

C. Repurchase Agreements

The Funds, along with other affiliated registered investment companies, pursuant to exemptive relief granted by the Securities and Exchange Commission, may transfer uninvested cash balances into a single joint account, the daily aggregate balance of which is invested in one or more repurchase agreements collateralized by U.S. Treasury or federal agency obligations. For repurchase agreements and joint repurchase agreements, the Funds’ custodian takes possession of the collateral pledged for investments in such repurchase agreements. The underlying collateral is valued daily on a mark-to-market basis plus accrued interest, to ensure that the value, at the time the agreement is entered into, is equal to at least 102% of the repurchase price, including accrued interest. In the event of default of the obligation to repurchase, a Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. If the seller defaults and the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Fund may be delayed or limited.

As of May 31, 2010, the following funds held an undivided interest in the joint repurchase agreement with State Street Bank & Trust Co.:

Fund	Percentage Ownership		Principal Amount
Government Securities	5.14	%	$	12,087,000
Growth & Income	1.19	%		2,797,000
Large Capital Growth	1.85	%		4,354,000
Mid Cap Index	0.55	%		1,292,000
Nasdaq-100® Index	0.43	%		1,016,000
Small Cap Index	6.73	%		15,819,000
Stock Index	9.50	%		22,343,000

As of such date, the repurchase agreement in that joint account and the collateral therefore were as follows:

State Street Bank & Trust Co. Repurchase Agreement, dated May 28, 2010, bearing interest at a rate of 0.01% per annum, with a principal amount of $235,082,000, a repurchase price of $235,082,261, and maturity date of June 1, 2010. The repurchase agreement is collateralized by the following:

Type of Collateral	Interest Rate		Maturity Date	Principal Amount		Market Value
U.S. Treasury Note	1.38	%	05/15/13	$	240,000,000	$	240,600,000

As of May 31, 2010, the following funds held an undivided interest in the joint repurchase agreement with UBS Securities, LLC:

Fund	Percentage Ownership		Principal Amount
Money Market I	39.69	%	$	79,378,000

As of such date, the repurchase agreement in that joint account and the collateral therefore were as follows:

UBS Securities, LLC, dated May 28, 2010, bearing interest at a rate of 0.17% per annum, with a principal amount of $200,000,000, a repurchase price of $200,003,778 and maturity date of June 1, 2010. The repurchase agreement is collateralized by the following:

Type of Collateral	Interest Rate		Maturity Date	Principal Amount		Market Value
U.S. Treasury Inflation Index Notes	3.38	%	04/15/32	$	129,936,400	$	204,000,148

D. Mortgage-Backed Dollar Rolls

During the year ended May 31, 2010, the Government Securities Fund entered into dollar rolls using “to be announced” (“TBA”) mortgage-backed securities (“TBA Rolls”). The Funds’ policy is to record the components of TBA Rolls as purchase/sale transactions. Any difference between the purchase and sale price is recorded as a realized gain or loss on the date the transaction is entered into. The Government Securities Fund did not have any TBA Roll’s outstanding at the period end.

257

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

Dollar roll transactions involve the risk that the market value of the securities held by the Fund may decline below the price of the securities that the Fund has sold but is obligated to repurchase under the agreement. In the event that the buyer of securities in a dollar roll transaction files bankruptcy or becomes insolvent, the Fund’s use of the proceeds from the sale of the securities may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce the Fund’s obligation to repurchase the securities. The return earned by the Fund with the proceeds of the dollar roll transaction may or may not exceed transaction costs. For the year ended May 31, 2010, the Government Securities Fund had realized (losses) from mortgage-backed dollar rolls of $1,043,203.

E. Foreign Currency Translation

The books and records of the Series are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies and commitments under forward foreign currency contracts are translated into U.S. dollars based on the exchange rate of such currencies against U.S. dollars on the date of valuation.

VC I does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in the market prices of securities held at the end of the period. Similarly, the Series does not isolate the effect of changes in foreign exchange rates from the changes in the market prices of fund securities sold during the period.

Realized foreign exchange gains and losses on other assets and liabilities and changes in unrealized foreign exchange gains and losses on other assets and liabilities located in the Statement of Operations include realized foreign exchange gains and losses from currency gains or losses between the trade and the settlement dates of securities transactions, the difference between the amounts of interest, dividends and foreign withholding taxes recorded on a Fund’s books and the U.S. dollar equivalent amounts actually received or paid and changes in the unrealized foreign exchange gains and losses relating to the other assets and liabilities arising as a result of changes in the exchange rate.

F. Investment Securities Loaned

To realize additional income, a Fund may lend portfolio securities with a value of up to 30% of its total assets. Any such loans will be continuously secured by collateral in an amount at least equal to the market value of the securities loaned. Such collateral will be cash, U.S. government securities, letters of credit, or other collateral as deemed appropriate. The Fund may use the cash collateral received to invest in short-term investments. The description of the short-term investments made with cash collateral from securities lending is included in the applicable Fund’s Portfolio of Investments. Loans by a Fund will only be made to broker-dealers deemed by the Custodian to be creditworthy and will not be made unless, in the judgment of VALIC, the consideration to be earned from such loans would justify the risk. It is the Series’ policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day. Therefore, the value of the collateral may be temporarily less than the value of the securities on loan. Each Fund receives income earned on the securities loaned during the lending period and a portion of the interest or rebate earned on the collateral received. The risks in lending fund securities, as with other extensions of secured credit, include possible delays in receiving additional collateral or in the recovery of the securities or possible loss of rights in the collateral should the borrower fail financially as well as risk of loss in the value of collateral or the value of the investments made with the collateral.

G. Securities Transactions, Investment Income, Expenses, Dividends and Distributions to Shareholders

Security transactions are recorded on a trade date basis. Realized gains and losses on securities sold are determined on the basis of identified cost. Dividend income and capital gains distributions received are recorded on the ex-dividend date except for certain dividends from foreign securities, which are recorded as soon as the Fund is informed after the ex-dividend date. Distributions received from the Funds' investments in U.S. real estate investment trusts ("REITs") often include a "return of capital", which is recorded by the Funds as a reduction to the cost basis of the securities held. Interest income is accrued daily except when collection is not expected. For financial statement purposes, VC I amortizes all premiums and accretes all discounts on fixed income securities. Funds which earn foreign income and capital gains may be subject to foreign withholding taxes and capital gains taxes at various rates. Under applicable foreign law, a withholding of tax may be imposed on interest, dividends and capital gains at various rates. India, Thailand and certain other countries’ tax regulations require that taxes be paid on capital gains realized by the Fund. Common expenses incurred by VC I are allocated among the Funds based upon relative net assets or other appropriate allocation methods. In all other respects, expenses are charged to each Fund as incurred on a specific identification basis.

Dividends from net investment income, if any, are normally declared and paid annually, except for the Money Market I Fund, which declares daily and pays monthly. Distributions from net realized capital gains, if any, are normally declared and paid annually.

The Funds record dividends and distributions to their shareholders on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized gains are determined and presented in accordance with federal income tax regulations, which may differ from U.S. generally accepted accounting principles. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the capital accounts at fiscal year end based on their federal tax-basis treatment; temporary differences do not require reclassification. Net investment income (loss), net realized gain (loss) and net assets are not affected by these reclassifications.

Each Fund intends to comply with the requirements of the Internal Revenue Code, as amended, applicable to regulated investment companies and distribute all of its taxable income, including any net realized gain on investments, to its shareholders. Therefore, no federal tax provision is required. Each Fund is considered a separate entity for tax purposes.

The Funds file U.S. federal and certain state income tax returns. With few exceptions, the Funds are no longer subject to U.S. federal and state tax examinations by tax authorities for tax returns ending before 2006.

Note 3 — Advisory Fees and Other Transactions with Affiliates

VALIC, an indirect wholly owned subsidiary of AIG, serves as investment adviser to VC I. Certain officers and directors of VC I are officers and directors of VALIC or affiliates of VALIC.

258

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

VALIC receives from VC I a monthly fee based on each fund’s average daily net asset value at the following annual rates.

International Equities Fund**	0.35% on the first $500 million
	0.25% on the next $500 million
	0.24% on assets over $1 billion
Mid Cap Index Fund	0.35% on the first $500 million
Small Cap Index Fund	0.25% on the next $2.5 billion
Stock Index Fund	0.20% on the next $2 billion
	0.15% on assets over $5 billion
Blue Chip Growth Fund	0.75% on the first $250 million
	0.725% on the next $250 million
	0.70% on assets over $500 million
Core Equity Fund	0.80% on the first $250 million
	0.75% on the next $250 million
	0.70% on the next $500 million
	0.65% on assets over $1 billion
Growth & Income Fund	0.75%
Science & Technology Fund	0.90% on first $500 million
	0.85% on assets over $500 million
Small Cap Fund	0.90% on the first $250 million
	0.85% on the next $250 million
	0.80% on the next $500 million
	0.75% on assets over $1 billion
Health Sciences Fund	1.00% on first $500 million
	0.95% on assets over $500 million
Inflation Protected Fund	0.50% on the first $250 million
	0.45% on the next $250 million
	0.40% on assets over $500 million
International Growth I Fund	0.95% on the first $250 million
	0.90% on the next $250 million
	0.85% on the next $500 million
	0.80% on assets over $1 billion
Large Capital Growth Fund	0.64% on the first $750 million
	0.59% on assets over $750 million
Mid Cap Strategic Growth Fund	0.70% on the first $250 million
	0.65% on the next $250 million
	0.60% on assets over $500 million
Asset Allocation Fund*	0.50% on first $300 million
	0.475% on next $200 million
	0.45% on assets over $500 million
Global Social Awareness Fund*	0.50% on first $500 million
	0.475% on next $500 million
	0.45% on assets over $1 billion
Global Strategy Fund	0.50%
Capital Conservation Fund	0.50% on the first $250 million
Government Securities Fund	0.45% on the next $250 million
International Government Bond Fund	0.40% on the next $500 million
	0.35% on assets over $1 billion
Money Market I Fund†	0.40%
Nasdaq-100® Index Fund***	0.40% on the first $250 million
	0.38% on the next $250 million
	0.36% on assets over $500 million

259

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

Core Value Fund	0.77% on the first $250 million
	0.72% on the next $250 million
	0.67% on the next $500 million
	0.62% on assets over $1 billion
Value Fund	0.78% on the first $250 million
	0.73% on the next $250 million
	0.68% on the next $500 million
	0.63% on assets over $1 billion
Broad Cap Value Income Fund	0.70% on the first $250 million
Large Cap Core Fund	0.65% on the next $250 million
	0.60% on the next $500 million
	0.55% on assets over $1 billion
Foreign Value Fund	0.73% on the first $250 million
	0.68% on the next $250 million
	0.63% on the next $500 million
	0.58% on assets over $1 billion
Global Equity Fund	0.81% on the first $250 million
	0.76% on the next $250 million
	0.71% on the next $500 million
	0.66% on assets over $1 billion
Small Cap Aggressive Growth Fund	0.85% on the first $250 million
Small-Mid Growth Fund	0.75% on assets over $250 million
Small Cap Special Values Fund	0.75% on the first $500 million
	0.70% on assets over $500 million
Growth Fund††	0.73% on the first $500 million
	0.67% on the next $500 million
	0.64% on the next $500 million
	0.61% on assets over $1.5 billion
Global Real Estate Fund	0.75% on the first $250 million
	0.70% on the next $250 million
	0.65% on assets over $500 million

* Prior to March 26, 2010, the management fee for Asset Allocation Fund, and Global Social Awareness Fund was 0.50% on all assets.

** Prior to March 26, 2010, the management fee for International Equities Fund was 0.35% on first $500 million and 0.25% on assets over $500 million.

*** Prior to December 1, 2009, the management fee for Nasdaq-100^® Index Fund was 0.40% on all assets.

† The Advisor voluntarily agreed, until further notice, to waive investment advisory fees for the Money Market I Fund. For the year ended May 31, 2010, the amount of investment advisory fees waived were $321,771.

†† Prior to October 1, 2009, the management fee for Growth Fund was 0.83% on the first $250 million, 0.78% on the next $250 million, 0.73% on the next $500 million and 0.68% on assets over $1 billion.

VALIC contractually agreed to waive fees and/or reimburse expenses, if necessary, at or below the following percentages of each Fund’s average net assets through September 30, 2010. Annual fund operating expenses shall not include extraordinary expenses, as determined under generally accepted accounting principles, or acquired fund fees and expenses. The contractual expense waivers and fee reimbursements will continue indefinitely, subject to termination by the Board, including a majority of the Directors who are not deemed to be interested persons of the Series or VALIC as defined by Section 2(a)(19) of the 1940 Act (“the Disinterested Directors”).

Fund	Maximum Expense Limitation
Blue Chip Growth	0.85	%
Broad Cap Value Income	0.85	%
Core Equity	0.80	%
Core Value	0.83	%
Global Real Estate	0.95	%
Growth@	0.81	%
Growth & Income	0.85	%
Inflation Protected	0.65	%
International Growth I	1.01	%
Large Cap Core	0.85	%
Large Capital Growth	0.80	%
Mid Cap Strategic Growth	0.85	%
Money Market I	0.55	%
Nasdaq-100® Index@	0.53	%

260

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

Fund	Maximum Expense Limitation
Small Cap Aggressive Growth	0.99	%
Small Cap@	0.93	%
Small Cap Special Values	0.90	%
Small-Mid Growth	1.00	%
Value	0.85	%

@ Effective October 1, 2009, the expense limitations for the Growth Fund, Nasdaq-100^® Index Fund and Small Cap Fund were changed from 0.95%, 0.55% and 0.95%, respectively, to 0.81%, 0.53% and 0.93%.

For the period ended May 31, 2010, pursuant to the contractual expense limitations in the previous table, VALIC has reimbursed expenses as follows:

Fund	Amount
Blue Chip Growth	$	112,135
Broad Cap Value Income		57,226
Core Equity		330,584
Core Value		198,226
Growth		200,423
Growth & Income		79,388
International Growth I		554,552
Large Cap Core		32,578
Mid Cap Strategic Growth		20,077
Money Market I		112,959
Nasdaq-100® Index		66,562
Small Cap Aggressive Growth		73,536
Small Cap		342,901
Small Cap Special Values		156,188
Small-Mid Growth		83,056
Value		143,758

VALIC may also voluntarily waive fees and/or reimburse expenses, including to avoid a negative yield on the Money Market I Fund. The voluntary waivers and/or reimbursements may be terminated at any time at the option of VALIC. The exact amount of the voluntary waivers and/or reimbursements may change on a day-to-day basis. There is no guarantee that the Money Market I Fund will be able to avoid a negative yield. For the period ended May 31, 2010, VALIC voluntarily waived $312,724 of expenses for the Money Market I Fund.

VALIC has entered into sub-advisory agreements with the following:

American Century Investment Management, Inc. and American Century Global Investment Management, Inc. (collectively, “American Century”)—subadviser for the Core Value Fund, the Growth Fund, and a portion of the International Growth I Fund.

Barrow, Hanley, Mewhinney & Strauss, Inc.—subadviser for the Broad Cap Value Income Fund.

BlackRock Investment Management, LLC and BlackRock Financial Management, Inc. (collectively “BlackRock”)—subadviser for the Core Equity Fund and the Global Equity Fund.

Bridgeway Capital Management, Inc.—subadviser for a portion of the Small Cap Fund.

Dreman Value Management, LLC—subadviser for a portion of the Small Cap Special Values Fund.

Franklin Advisers, Inc.—subadviser for a portion of the Global Strategy Fund.

Goldman Sachs Asset Management, L.P.—subadviser for a portion of the Global Real Estate Fund.

Invesco Advisers, Inc. (“Invesco”)*—subadviser for a portion of the Large Capital Growth Fund, a portion of the International Growth I Fund, a portion of the Global Real Estate Fund, and a portion of the Small Cap Fund.

Massachusetts Financial Services Company (“MFS”)—subadviser for a portion of the International Growth I Fund.

Morgan Stanley Investment Management, Inc.—subadviser for a portion of the Mid Cap Strategic Growth Fund.

OppenheimerFunds, Inc.—subadviser for the Value Fund.

PineBridge Investments, LLC. (“PineBridge”)†—subadviser for the Asset Allocation Fund, Capital Conservation Fund, Global Social Awareness Fund, Inflation Protected Fund, International Equities Fund, International Government Bond Fund and a portion of the Mid Cap Strategic Growth Fund.

RCM Capital Management, LLC—subadviser for a portion of the Science & Technology Fund.

SunAmerica Asset Management Corp. (“SunAmerica”)**—subadviser for the Government Securities Fund, the Growth & Income Fund, Money Market I Fund, Mid Cap Index Fund, Nasdaq-100^® Index Fund, Small Cap Index Fund, and Stock Index Fund and a portion of the Large Capital Growth Fund.

† PineBridge is a successor-in-interest to AIG Global Investment Corp. and Brazos Capital Management, L.P.

* Effective December 31, 2009, with respect to the Global Real Estate, International Growth I, Large Capital Growth and Small Cap Funds, Invesco Aim Capital Management, Inc. entered into an Assignment and Assumption Agreement by Invesco Advisers, Inc. (formerly known as Invesco Institutional, NA).

** Effective December 1, 2009, SunAmerica replaced PineBridge as subadviser for the Mid Cap Index Fund, Nasdaq-100^® Index Fund, Small Cap Index Fund and Stock Index Fund.

261

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

T. Rowe Price Associates, Inc.—subadviser for the Blue Chip Growth Fund, Health Sciences Fund and for a portion of the Science & Technology Fund and a portion of the Small Cap Fund.

Templeton Global Advisors, Ltd.—subadviser for the Foreign Value Fund.

Templeton Investment Counsel, LLC—subadviser for a portion of the Global Strategy Fund.

Wellington Management Company, LLP—subadviser for a portion of the Science & Technology Fund.

Wells Capital Management, Inc.***—subadviser for the Large Cap Core Fund, Small Cap Aggressive Growth Fund, Small-Mid Growth Fund, and a portion of the Small Cap Special Values Fund.

*** Effective April 1, 2010, Wells Capital Management, Inc. replaced Evergreen Investment Management Company as subadviser for the Large Cap Core Fund, Small-Mid Growth Fund, and a portion of the Small Cap Special Values Fund.

The subadvisers are compensated for their services by VALIC.

VC I, on behalf of each Fund, has entered into an Administrative Services Agreement with SunAmerica (“Administrator”). SunAmerica receives from each Fund, an annual fee of 0.07% based on the average daily net asset value of the Fund. Pursuant to the Administrative Services Agreement, SunAmerica provides administrative services to the Board, regulatory reporting, internal legal and compliance services, fund accounting and related portfolio accounting services, all necessary office space, equipment, personnel, compensation and facilities for handling the affairs of the Funds and other services. Without limiting the generality of the foregoing, the Administrator (or its appointed service provider): assists with the preparation of prospectuses, statements of additional information, registration statements, and proxy materials; develops and prepares communications to shareholders, including the annual and semi-annual reports to shareholders; coordinates and supervises the preparation and filing of Fund tax returns; assists with the design, development, and operation of the Funds; prepares the Funds’ financial statements; determines the net asset value of the Funds’ shares; supervises the Funds’ transfer agent with respect to the payment of dividends and other distributions to shareholders; and calculates performance data of the Funds. During the period ended May 31, 2010, VC I expensed $10,017,887 for accounting and administrative services.

VC I, on behalf of each Fund has entered into a Transfer Agency and Services Agreement with VALIC. Under this agreement, VALIC provides services which include the issuance and redemption of shares, payment of dividends between the Series and their “institutional” shareholders and certain shareholder reporting services including confirmation of transactions, statements of account and tax reporting. For the period ended May 31, 2010, the Series expensed $96,847 in transfer agency and services fees.

On January 23, 2001, the Board of Directors ratified a Deferred Compensation Plan for its independent directors who are not officers, directors, or employees of VALIC, or an affiliate of VALIC. The effective date of the plan was January 1, 2001. The first deferral of compensation was made in March 2001. Under the deferred compensation plan, directors may elect to defer all or a portion of their compensation. Amounts deferred may be invested in up to six different investment options that are specified in the plan as selected by the directors. For the period ended May 31, 2010, certain directors of VC I have deferred $20,636 of director compensation.

On January 23, 2001, the Board of Directors approved a retirement plan for its independent directors who are not officers, directors, or employees of VALIC or an affiliate of VALIC. The Series and VALIC Company II are responsible for the payment of the retirement benefits, as well as all expenses of administration of the plan. Generally, benefits vested under the Retirement Plan are payable for a ten-year period. In the event of a Director’s death prior to complete distribution of benefits, the Director’s beneficiary or estate will be entitled to receive installments or a discounted lump-sum payment of the remaining benefits.

Effective April 27, 2009, the Retirement Plan was terminated. As a result of terminating the retirement plan, (1) the Retirement Plan was frozen as to future accruals for active Participants as of December 31, 2008, and (2) permits active Participants to elect to receive a distribution of their entire Retirement Plan account balance in 2010. On May 24, 2010, VC I made lump-sum payments to the Directors in accordance with the terms of the Retirement Plan.

The following amounts for the Retirement Plan liability are included in the payable for Directors’ fees and expenses line on the Statement of Assets and Liabilities and the amounts for the Retirement Plan expenses are included in the Directors’ fees and expenses line on the Statement of Operations:

Fund	Retirement Plan Liability as of May 31, 2010		Retirement Plan Expense		Retirement Plan Payments
			For the period ended May 31, 2010
Asset Allocation	$	599	$	—	$	49,846
Blue Chip Growth		—		9,946		36,855
Broad Cap Value Income		—		520		3,262
Capital Conservation		578		—		29,725
Core Equity		1,065		—		157,891
Core Value		—		—		54,810
Foreign Value		—		22,899		108,039
Global Equity		—		6,850		46,785
Global Real Estate		—		7,155		9,789
Global Social Awareness		1,278		—		120,249
Global Strategy		—		9,883		55,937
Government Securities		618		—		39,083
Growth		—		2,396		180,038
Growth & Income		387		—		49,514
Health Sciences		—		540		39,938

262

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

Fund	Retirement Plan Liability as of May 31, 2010		Retirement Plan Expense		Retirement Plan Payments
			For the period ended May 31, 2010
Inflation Protected	$	—	$	—	$	12,151
International Equities		4,031		29,004		156,334
International Government Bond		734		—		40,217
International Growth I		—		—		129,051
Large Cap Core		—		2,664		14,036
Large Capital Growth		—		9,355		64,167
Mid Cap Index		9,561		36,808		528,123
Mid Cap Strategic Growth		—		9,238		40,392
Money Market I		2,852		2,621		147,175
Nasdaq-100® Index		—		—		19,503
Science & Technology		3,274		11,697		371,569
Small Cap Aggressive Growth		—		1,796		7,584
Small Cap		—		—		139,123
Small Cap Index		3,623		16,634		184,507
Small Cap Special Values		—		5,960		37,445
Small-Mid Growth		—		2,645		17,443
Stock Index		14,296		—		1,232,929
Value		—		2,599		24,492

At May 31, 2010, VALIC and American General Life Insurance Company (“AGL”), through their insurance company separate accounts, owned over five percent of the outstanding shares of the following Funds:

Fund	VALIC	AGL
Asset Allocation	100.00%	—
Blue Chip Growth	99.97%	*
Broad Cap Value Income	100.00%	—
Capital Conservation	100.00%	—
Core Equity	100.00%	—
Core Value	99.97%	*
Foreign Value	100.00%	—
Global Equity	100.00%	—
Global Real Estate	100.00%	—
Global Social Awareness	100.00%	—
Global Strategy	100.00%	—
Government Securities	96.72%	—
Growth	100.00%	—
Growth & Income	95.95%	—
Health Sciences	99.95%	*
Inflation Protected	100.00%	—
International Equities	97.50%	*
International Government Bond	100.00%	—
International Growth I	100.00%	—
Large Cap Core	100.00%	—
Large Capital Growth	100.00%	—
Mid Cap Index	98.90%	*
Mid Cap Strategic Growth	100.00%	—
Money Market I	78.21%	20.65%
Nasdaq-100® Index	96.91%	*
Science & Technology	99.76%	*
Small Cap	100.00%	—
Small Cap Aggressive Growth	100.00%	—
Small Cap Index	98.55%	*
Small Cap Special Values	100.00%	—
Small-Mid Growth	100.00%	—
Stock Index	98.61%	*
Value	100.00%	—

* Less than 5% ownership.

263

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

As disclosed in the Portfolio of Investments, certain funds own securities issued by AIG or an affiliate thereof. During the period ended May 31, 2010, the following Funds recorded realized gains (losses) and income on security transactions of AIG and subsidiaries of AIG as follows:

Fund	Security	Income		Market Value at 5/31/2009		Purchases		Sales		Realized Gain/(Loss)			Change in Unrealized Gain/(Loss)		Market Value at 5/31/2010
Stock Index	American International Group, Inc.	$	—	$	1,391,884	$	24,812	$	52,030	$	(394,688	)	$	462,912	$	1,432,890

During the period, the following funds incurred brokerage commissions with brokers which are affiliates of a sub-adviser:

Affiliated Broker	Growth Fund		International Growth I Fund		Value Fund
JP Morgan Securities (Asia Pacific) Ltd.	$	375	$	2,595	$	—
J.P. Morgan Securities, Inc.		82,785		26,779		—
J.P. Morgan Securities, Ltd.		3,776		27,046		—
Oppenheimer & Co., Inc.		—		—		2,998
Cazenove & Co.		696		2,484		—
Goldman Sachs & Co.		—		—		—
J.P. Morgan Clearing Corp.		584		5,174		—
J.P. Morgan Chase & Co		—		91		—

On September 22, 2009, the Asset Allocation Fund purchased an additional 2,400 shares of Vanguard Emerging Market ETF and an additional 2,400 shares of MSCI Emerging Market Index Fund iShares resulting in the Fund’s total positions in investment companies to exceed 10% of assets. The Fund is subject to a limitation which prohibits the Fund from investing more than 10% of its assets in investment companies. On October 6, 2009, the Fund sold 2,400 shares of the Vanguard Emerging Market ETF and 2,400 shares of the MSCI Emerging Market Index Fund iShares, reducing the Fund’s positions in investment companies to less than 10% of assets. The sales resulted in a gain of $1,701 to the Fund.

On August 12, 2009 and August 20, 2009, the Capital Conservation Fund purchased $100,000 par value of Cricket Communications 10.00% due 07/15/2015, and $100,000 par value of Ball Corp. 7.13% due 09/01/2016, respectively. Both purchases were in below-investment grade securities, which the Fund is prohibited from owning. The Fund sold Cricket Communications 10.00% due 07/15/2015 on August 18, 2009 and Ball Corp., 7.13% due 09/01/2016 on September 9, 2009, eliminating the Fund’s investments in below-investment grade securities. The sale of Cricket Communication 10.00% due 07/15/2015 and Ball Corp. 7.13% due 09/01/2016 resulted in a loss of $2,708 and a gain of $3,011, respectively, to the Fund.

On December 8, 2009, the Capital Conservation Fund purchased $54,387 par value of Morgan Stanley Structured Trust 0.42% due 6/25/2037. Morgan Stanley Structured Trust 0.42% due 6/25/2037 is a below-investment grade security, which the Fund is prohibited from owning. On December 16, 2009, the Fund sold Morgan Stanley Structured Trust 0.42% due 6/25/2037, eliminating the Fund’s investment in below-investment grade securities. The sale of Morgan Stanley Structured Trust 0.42% due 6/25/2037 resulted in a loss of $540 to the Fund.

On December 16, 2009, the Capital Conservation Fund purchased $55,000 par value of CIT Group Funding Co. 10.25% due 5/1/2017. On 04/29/2010, the security received an NRSRO rating of B+ by S&P causing the Fund to be invested in a below-investment grade security, which the Fund is prohibited from owning. The Fund sold CIT Group Funding Co. 10.25% due 5/1/2017 on April 30, 2010, eliminating the Fund’s investment in below-investment grade securities. The sale of CIT Group Funding Co. 10.25% due 5/1/2017 resulted in a gain of $1,377 to the Fund.

On December 17, 2009, the Capital Conservation Fund purchased $150,000 par value of Affiliated Computer Services 5.20% due 6/1/2015. Affiliated Computer Services 5.20% due 6/1/2015 is a below-investment grade security, which the Fund is prohibited from owning. On January 6, 2010, the Fund sold Affiliated Computer Services 5.20%, due 6/1/2015, eliminating the Fund’s investment in below-investment grade securities. There was no gain or loss to the Fund from the sale of Affiliated Computer Services 5.20% due 6/1/2015.

On May 5, 2010, the Mid Cap Strategic Growth Fund sold 55,500 shares of Proshares Ultra S&P 500 and 55,000 shares of SPDR S&P Retail ETF that it did not own (“naked short sale”). The Fund has an investment restriction that prohibits the Fund from executing naked short sales. On May 6 and May 10, 2010, the Fund purchased 26,251 and 29,249 shares of Proshares Ultra S&P 500 and 25,784 and 29,216 shares of SPDR S&P 500 Retail ETF to correct the naked short sales, resulting in a gains of $87,838 and $42,714, respectively to the Fund.

On July 21, 2010, VALIC made the following payments to the Funds for certain losses recognized by the Funds as a result of the recalculation of the Funds’ net asset values per share for certain dates during the fiscal year ended May 31, 2009 in connection with the revaluation of the Funds’ holdings of units of Securities Lending Quality Trust, which were purchased with cash collateral received with respect to securities loaned:

Fund	Amount
Core Equity	$	6,573
Global Equity		13,017
Global Strategy		60,207
Government Securities		4,311
Growth		17,430
Growth & Income		3,716
Large Capital Growth		25,014
Nasdaq-100® Index		177
Science & Technology		6,315
Small Cap Aggressive Growth		27
Small Cap Special Values		778
Small-Mid Growth		909

As a result of losses on medium-term notes issued by Cheyne Finance LLC, that were previously held in the Money Market I Fund, VALIC made capital contributions to the Money Market I Fund in the amount of $761,000 for the year ended May 31, 2010. As of May 31, 2010, $550,000 is due from VALIC, which is included in the “Due from investment adviser” line in the Statement of Assets and Liabilities.

264

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

On March 4, 2009, AIG, the ultimate parent of VALIC, the Funds’ investment adviser, American General Distributors, Inc., the Funds’ distributor and SunAmerica, the subadvisor to the Government Securities Fund, the Growth & Income Fund, Money Market I Fund, Mid Cap Index Fund, Nasdaq-100^® Index Fund, Small Cap Index Fund, Stock Index Fund and a portion of the Large Capital Growth Fund and the Funds’ administrator issued and sold to the AIG Credit Facility Trust, a trust established for the sole benefit of the United States Treasury (the “Trust”), 100,000 shares of AIG’s Series C Perpetual, Convertible, Participating Preferred Stock (the “Stock”) for an aggregate purchase price of $500,000, with an understanding that additional and independently sufficient consideration was also furnished to AIG by the Federal Reserve Bank of New York (the “FRBNY”) in the form of its lending commitment (the “Credit Facility”) under the Credit Agreement, dated as of September 22, 2008, between AIG and the FRBNY. The Stock has preferential liquidation rights over AIG common stock, and, to the extent permitted by law, votes with AIG’s common stock on all matters submitted to AIG’s shareholders. The Trust has approximately 79.8% of the aggregate voting power of AIG’s common stock and is entitled to approximately 79.8% of all dividends paid on AIG’s common stock, in each case treating the Stock as if converted. The Stock will remain outstanding even if the Credit Facility is repaid in full or otherwise terminates.

Note 4 — Investment Activity

The cost of purchases and proceeds from sales and maturities of long-term investments, during the period ended May 31, 2010, were as follows:

Fund	Purchases of Investment Securities (Excluding  U.S. Government Securities)		Sales of Investment Securities (Excluding U.S. Government Securities)		Purchase of U.S. Government Securities		Sales of U.S. Government Securities
Asset Allocation	$	139,300,519	$	142,553,365	$	36,047,346	$	20,513,351
Blue Chip Growth		197,064,449		209,942,545		—		—
Broad Cap Value Income		4,542,248		4,261,988		—		—
Capital Conservation		159,648,698		165,919,652		33,377,280		24,058,567
Core Equity		228,162,336		239,631,432		—		—
Core Value		53,903,285		46,701,550		—		—
Foreign Value		230,349,160		208,187,649		—		—
Global Equity		545,584,904		563,086,978		—		—
Global Real Estate		229,635,011		238,480,152		—		—
Global Social Awareness		236,116,981		273,028,428		—		—
Global Strategy		73,506,661		73,727,019		—		—
Government Securities		—		9,448,154		271,423,566		317,205,950
Growth		641,111,191		683,677,902		—		—
Growth & Income		136,965,654		137,672,381		—		—
Health Sciences		63,592,994		64,560,516		—		—
Inflation Protected		127,863,733		77,644,007		41,301,902		6,863,742
International Equities		575,152,857		542,353,655		—		—
International Government Bond		185,379,738		200,680,604		32,244,842		26,142,638
International Growth I		388,031,817		394,421,685		—		—
Large Cap Core		34,835,026		38,610,047		—		—
Large Capital Growth		201,448,017		234,099,701		—		—
Mid Cap Index		225,321,009		268,133,689		—		—
Mid Cap Strategic Growth		545,246,328		560,811,097		—		—
Nasdaq-100® Index		12,318,477		5,122,189		—		—
Science & Technology		906,957,204		913,459,380		—		—
Small Cap Aggressive Growth		65,094,902		46,705,101		—		—
Small Cap		97,744,562		120,026,220		—		—
Small Cap Index		125,180,307		106,650,631		—		—
Small Cap Special Values		185,091,385		192,132,449		—		—
Small-Mid Growth		64,756,204		66,674,657		—		—
Stock Index		249,808,214		189,702,745		—		—
Value		168,091,428		186,882,169		—		—

Note 5 — Federal Income Taxes

The following tables detail the tax basis distributions as well as the components of distributable earnings. The tax basis components of distributable earnings differ from the amounts reflected in the Statements of Assets and Liabilities due to temporary book/tax differences primarily arising from wash sales, security lending partnership, post October losses, investments in passive foreign investment companies, and derivative transactions.

The information in the following table is presented on the basis of cost for Federal Income Tax purposes at May 31, 2010.

Fund	Identified Cost of Investments Owned		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Asset Allocation	$	126,089,606	$	7,552,887	$	(6,281,838	)	$	1,271,049
Blue Chip Growth		384,121,184		72,271,356		(12,215,088	)		60,056,268
Broad Cap Value		21,263,935		1,920,401		(2,920,491	)		(1,000,090	)
Capital Conservation		136,107,524		3,855,076		(1,411,045	)		2,444,031

265

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

Fund	Identified Cost of Investments Owned		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Core Equity	$	244,482,528	$	17,429,247	$	(18,148,810	)	$	(719,563	)
Core Value		128,663,546		8,537,358		(15,831,589	)		(7,294,231	)
Foreign Value		953,417,520		52,819,102		(166,199,492	)		(113,380,390	)
Global Equity		257,909,584		7,191,062		(16,802,801	)		(9,611,739	)
Global Real Estate		255,223,944		45,277,903		(24,573,101	)		20,704,802
Global Social Awareness		300,814,004		9,695,115		(42,855,935	)		(33,160,820	)
Global Strategy		425,441,986		27,170,223		(46,534,873	)		(19,364,650	)
Government Securities		125,811,074		3,608,751		(335,955	)		3,272,796
Growth		691,190,097		71,117,949		(34,991,335	)		36,126,614
Growth & Income		88,575,553		2,662,103		(6,626,453	)		(3,964,350	)
Health Sciences		169,300,203		26,329,334		(20,464,467	)		5,864,867
Inflation Protected		225,610,947		9,241,469		(3,771,745	)		5,469,724
International Equities		990,981,065		25,978,803		(171,363,385	)		(145,384,582	)
International Government Bond*		143,356,747		6,355,812		(5,214,403	)		1,141,409
International Growth I		531,130,141		32,060,327		(56,960,816	)		(24,900,489	)
Large Cap Core		125,911,926		12,326,169		(8,727,463	)		3,598,706
Large Capital Growth		337,439,853		42,400,049		(17,194,815	)		25,205,234
Mid Cap Index		2,470,214,427		280,775,787		(364,936,768	)		(84,160,981	)
Mid Cap Strategic Growth		283,327,655		29,913,646		(28,740,621	)		1,173,025
Money Market I		569,874,227		—		—			—
Nasdaq-100® Index		85,420,163		29,436,143		(8,204,252	)		21,231,891
Science & Technology		739,970,565		95,281,190		(59,775,498	)		35,505,692
Small Cap Aggressive Growth		89,980,593		11,896,218		(8,040,206	)		3,856,012
Small Cap		319,579,639		49,514,861		(30,205,544	)		19,309,317
Small Cap Index		1,012,189,317		128,298,042		(199,212,810	)		(70,914,768	)
Small Cap Special Values		247,567,643		20,445,774		(26,042,059	)		(5,596,285	)
Small-Mid Growth		94,979,333		18,314,964		(4,700,549	)		13,614,415
Stock Index		2,979,660,014		745,136,182		(468,968,538	)		276,167,644
Value		157,137,670		11,294,628		(11,684,425	)		(389,797	)

* The tax adjustments for International Government Bond Fund are for the 12 months ended, September 30, 2009.

The tax basis distributable earnings at May 31, 2010 and the tax character of distributions paid during the year ended May 31, 2010 were as follows:

	Distributable Earnings								Tax Distributions
	For the year ended May 31, 2010
Fund	Ordinary Income		Long- Term Gains/ Capital And Other Losses			Unrealized Appreciation (Depreciation)†			Ordinary Income		Long-Term Capital Gains		Return of Capital
Asset Allocation	$	2,715,898	$	(15,817,179	)	$	1,271,051		$	3,536,552	$	—	$	—
Blue Chip Growth		119,702		(75,083,954	)		60,055,989			906,871		—		—
Broad Cap Value		147,180		(3,065,554	)		(1,000,090	)		392,535		—		—
Capital Conservation		4,458,795		(7,280,667	)		2,444,031			5,565,027		—		—
Core Equity		2,800,192		(178,680,171	)		(719,563	)		4,266,857		—		—
Core Value		1,825,993		(31,258,824	)		(7,294,218	)		2,814,896		—		—
Foreign Value		15,731,924		(133,957,513	)		(113,434,466	)		19,659,718		—		—
Global Equity		4,183,530		(115,456,496	)		(9,700,783	)		776,371		—		—
Global Real Estate		1,429,067		(12,850,339	)		20,701,092			29,386,642		—		—
Global Social Awareness		4,394,060		(153,909,626	)		(33,177,244	)		6,920,505		—		—
Global Strategy		15,032,226		(33,009,625	)		(18,393,360	)		37,023,590		—		—
Government Securities		3,525,295		(1,708,494	)		3,272,796			4,944,289		—		—
Growth		4,427,099		(217,336,180	)		36,123,952			5,393,175		—		—
Growth & Income		1,024,852		(32,442,960	)		(3,964,350	)		1,839,824		—		—
Health Sciences		—		—			5,739,106			—		—		—
Inflation Protected		2,548,269		(5,053,240	)		5,453,990			1,609,469		—		—
International Equities		21,673,371		(175,941,319	)		(144,447,644	)		21,427,547		—		—
International Government Bond*		5,920,505		(1,729,701	)		12,278,075			5,920,505		—		—
International Growth I		7,721,219		(103,769,194	)		(24,945,125	)		9,737,177		—		—
Large Cap Core		1,332,992		(4,825,332	)		3,597,033			1,374,980		—		—
Large Capital Growth		1,487,778		(45,435,433	)		25,204,105			2,659,901		—		—

266

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

	Distributable Earnings								Tax Distributions
	For the year ended May 31, 2010
Fund	Ordinary Income		Long- Term Gains/ Capital And Other Losses			Unrealized Appreciation (Depreciation)†			Ordinary Income		Long-Term Capital Gains		Return of Capital
Mid Cap Index	$	23,588,821	$	(6,619,285	)	$	(84,160,981	)	$	30,526,650	$	43,038,625	$	—
Mid Cap Strategic Growth		117,016		(40,084,767	)		1,173,025			1,285,857		—		—
Money Market I		8,481		(1,390,231	)		—			263,152		—		—
Nasdaq-100® Index		269,803		(2,812,380	)		21,231,891			233,954		—		—
Science & Technology		—		(691,195,026	)		35,526,681			640,946		—		—
Small Cap Aggressive Growth		—		(4,148,753	)		3,856,012			6,652		—		—
Small Cap		464,753		(63,162,266	)		19,309,572			1,281,689		—		—
Small Cap Index		7,379,062		(59,324,114	)		(70,914,768	)		14,099,262		15,797,458		—
Small Cap Special Values		1,330,222		(56,993,678	)		(5,596,285	)		3,330,142		—		—
Small-Mid Growth		—		(34,244,334	)		13,614,415			189,800		—		—
Stock Index		57,075,132		42,900,308			276,167,644			65,614,118		88,725,248		—
Value		999,315		(73,848,982	)		(389,797	)		3,379,457		—		—

* The Distributable Earnings for International Government Bond Fund are for the tax period ended September 30, 2009.

† Unrealized appreciation (depreciation) includes amounts for derivatives and other assets and liabilities denominated in foreign currency.

The tax character of distributions paid during the year ended May 31, 2009 were as follows:

	Tax Distributions
Fund	Ordinary Income		Long-Term Capital Gains		Return of Capital
Asset Allocation	$	6,900,270	$	3,551,397	$	—
Blue Chip Growth		535,858		260,752		—
Broad Cap Value Income		497,798		537		—
Capital Conservation		8,863,046		—		—
Core Equity		2,839,800		—		—
Core Value		3,829,179		6,721,872		—
Foreign Value		28,954,351		60,664,948		—
Global Equity		15,583,730		10,192,350		—
Global Real Estate		2,952,419		16,652		—
Global Social Awareness		21,187,711		22,535,717		—
Global Strategy		27,373,828		7,593,756		—
Government Securities		4,762,755		—		—
Growth		131,104		—		—
Growth & Income		5,827,546		3,477,387		—
Health Sciences		4,173,968		11,883,328		—
Inflation Protected		6,270,328		—		192,210
International Equities		33,691,868		107,153,763		—
International Government Bond		9,556,986		41,225		—
International Growth I		9,678,332		—		—
Large Cap Core		1,569,170		4,417,865		—
Large Capital Growth		1,066,057		9,264,508		—
Mid Cap Index		32,390,611		201,074,114		—
Mid Cap Strategic Growth		13,586,083		15,242,415		—
Money Market I		7,896,909		—		—
Nasdaq-100® Index		198,287		917,340		—
Science & Technology		—		—		—
Small Cap Aggressive Growth		4,122,387		873,638		—
Small Cap		1,289,125		16,130,807		—
Small Cap Index		15,672,294		58,341,623		—
Small Cap Special Values		2,739,045		6,098,837		—
Small-Mid Growth		1,888,119		1,329,698		—
Stock Index		79,633,575		356,903,944		—
Value		2,155,886		2,587,864		—

267

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

As of May 31, 2010, the Funds indicated below have capital loss carryforwards, which expire in the year indicated, and are available to offset future capital gains, if any:

	Capital Loss Carryforward
Fund	2011		2012		2013		2014		2015		2016		2017		2018
Asset Allocation	$	—	$	—	$	—	$	—	$	—	$	—	$	8,169,384	$	7,647,795
Blue Chip Growth		154,910		—		—		—		—		—		25,811,627		49,117,417
Broad Cap Value		—		—		—		—		—		—		1,290,353		1,775,201
Capital Conservation		—		—		—		—		—		—		7,280,667		—
Core Equity		73,134,761		32,639,490		—		—		—		—		24,335,917		48,570,003
Core Value		—		—		—		—		—		—		9,349,929		21,908,895
Foreign Value		—		—		—		—		—		—		619,077		133,338,436
Global Equity		—		—		—		—		—		—		43,581,265		71,875,231
Global Real Estate		—		—		—		—		—		—		3,471,144		9,379,195
Global Social Awareness		—		—		—		—		—		—		52,193,261		101,716,365
Global Strategy		—		—		—		—		—		—		5,707,963		27,301,662
Government Securities		—		—		—		—		1,708,494		—		—		—
Growth		1,573,371		—		—		1,130,162		47,815,438		—		66,892,027		99,925,182
Growth & Income		—		—		—		—		—		—		13,966,026		18,476,934
Health Sciences		—		—		—		—		—		—		—		—
Inflation Protected		—		—		—		17,841		478,150		34,179		1,235,563		3,287,507
International Equities		—		—		—		—		—		—		47,768,559		128,172,760
International Government Bond*		—		—		—		—		—		—		1,729,701		—
International Growth I		17,227,965		—		—		—		—		—		26,569,259		59,971,970
Large Cap Core		—		—		—		—		—		—		4,640,985		184,347
Large Capital Growth		—		—		—		—		—		—		16,394,045		29,041,388
Mid Cap Index		—		—		—		—		—		—		—		6,619,285
Mid Cap Strategic Growth		—		—		—		—		—		—		26,700,811		13,383,956
Money Market I		—		—		—		—		—		—		1,390,231		—
Nasdaq-100® Index		—		—		—		—		—		—		1,504,725		1,307,655
Science & Technology		404,504,281		171,964,888		—		—		—		—		38,732,224		75,993,633
Small Cap Aggressive Growth		—		—		—		—		—		—		3,524,627		624,126
Small Cap		—		—		—		—		—		—		33,895,635		29,266,631
Small Cap Index		—		—		—		—		—		—		—		59,324,114
Small Cap Special Values		—		—		—		—		—		—		18,913,026		38,080,652
Small-Mid Growth		—		—		—		—		—		—		26,489,534		7,754,800
Stock Index		—		—		—		—		—		—		—		—
Value		—		—		—		—		—		—		25,251,924		48,597,058

* The Capital Loss Carryforward for International Government Bond Fund are for the 12 months ended, September 30, 2009.

The Funds indicated below utilized capital loss carryforwards, which offset net taxable gains realized in the current year. Additionally, the Funds indicated the following capital loss carryforwards expired during the current year.

Fund	Capital Loss Carryforward Utilized		Capital Loss Carryforward Expired
Asset Allocation	$	—	$	—
Blue Chip Growth		—		957,898
Broad Cap Value		—		—
Capital Conservation		1,238,400		—
Core Equity		—		—
Core Value		—		—
Foreign Value		—		—
Global Equity		—		—
Global Real Estate		—		—
Global Social Awareness		—		—
Global Strategy		—		—
Government Securities		1,450,561		—
Growth		—		102,053,141
Growth & Income		—		—

268

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

Fund	Capital Loss Carryforward Utilized		Capital Loss Carryforward Expired
Health Sciences	$	2,413,801	$	—
Inflation Protected		—		—
International Equities		—		—
International Government Bond		—		—
International Growth I		—		—
Large Cap Core		—		—
Large Capital Growth		—		—
Mid Cap Index		—		—
Mid Cap Strategic Growth		—		—
Money Market I		252,008		—
Nasdaq-100® Index		—		—
Science & Technology		—		856,100,578
Small Cap Aggressive Growth		—		—
Small Cap		—		—
Small Cap Index		—		—
Small Cap Special Values		—		—
Small-Mid Growth		—		—
Stock Index		—		—
Value		—		—

Under the current tax law, capital losses related to securities and foreign currency realized after October 31 and prior to the Fund’s fiscal year end may be deferred as occurring on the first day of the following year. For the fiscal year ended May 31, 2010, the Funds elected to defer capital losses as follows:

Fund	Deferred Post-October Capital Loss		Deferred Post-October Currency Loss
Asset Allocation	$	—	$	—
Blue Chip Growth		181,925		2,044
Broad Cap Value		58,602		—
Capital Conservation		—		—
Core Equity		3,566,875		—
Core Value		1,521,077		141
Foreign Value		4,026,150		509,692
Global Equity		771,501		2,091,210
Global Real Estate		—		24,193
Global Social Awareness		8,468,062		56,172
Global Strategy		2,310,674		—
Government Securities		820,242		—
Growth		—		—
Growth & Income		683,572		—
Health Sciences		—		10,290
Inflation Protected		822,483		29,425
International Equities		1,865,080		57,541
International Government Bond*		6,099,989		—
International Growth I		—		217,869
Large Cap Core		—		11,453
Large Capital Growth		1,869,815		1,161
Mid Cap Index		—		—
Mid Cap Strategic Growth		187,007		13,791
Money Market I		362		—
Nasdaq-100® Index		—		—
Science & Technology		—		25,288
Small Cap Aggressive Growth		—		—
Small Cap		1,705,880		509
Small Cap Index		—		—
Small Cap Special Values		525,788		—
Small-Mid Growth		—		—
Stock Index		—		—
Value		—		—

* The deferred Post-October Capital Loss for International Government Bond Fund is for the tax year ended September 30, 2009.

269

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

For the period ended May 31, 2010, the reclassifications arising from book/tax differences resulted in increases (decreases) that were primarily due to tax treatment of net investment losses, expiration of capital loss carryforwards, disposition of passive foreign investment companies securities, non-deductible expenses, dividend reclass, and treatment of foreign currency, to the components of net assets as follows:

	Accumulated Undistributed Net Investment Income (Loss)			Accumulated Undistributed Net Realized Gain (Loss)			Capital Paid-in
Asset Allocation	$	45,873		$	(45,873	)	$	—
Blue Chip Growth		(3,631	)		961,529			(957,898	)
Broad Cap Value		—			—			—
Capital Conservation		87,994			(87,994	)		—
Core Equity		—			—			—
Core Value		2,080			(2,080	)		—
Foreign Value		(436,654	)		436,654			—
Global Equity		1,828,221			(1,828,221	)		—
Global Real Estate		15,499,488			(15,499,488	)		—
Global Social Awareness		(47,936	)		47,936			—
Global Strategy		(1,914,271	)		1,914,271			—
Government Securities		17,400			(17,400	)		—
Growth		117,633			101,935,508			(102,053,141	)
Growth & Income		—			—			—
Health Sciences		1,067,090			(448,526	)		(618,564	)
Inflation Protected		(52,383	)		52,385			(2	)
International Equities		1,284,667			(1,284,667	)		—
International Government Bond*		586,054			(586,054	)		—
International Growth I		312,133			(312,133	)		—
Large Cap Core		(2,670	)		2,670			—
Large Capital Growth		(743	)		743			—
Mid Cap Index		(507,440	)		507,440			—
Mid Cap Strategic Growth		(12,679	)		12,679			—
Money Market I		(65,553	)		65,553			—
Nasdaq-100® Index		—			—			—
Science & Technology		1,713,011			856,151,969			(857,864,980	)
Small Cap Aggressive Growth		343,295			—			(343,295	)
Small Cap		6,570			(6,570	)		—
Small Cap Index		(212,121	)		212,121			—
Small Cap Special Values		15,991			(15,991	)		—
Small-Mid Growth		522,169			—			(522,169	)
Stock Index		(38,543	)		38,543			—
Value		197			(197	)		—

* The reclassifications arising from book/tax differences for International Government Bond Fund are for the tax year ended September 30, 2009.

Note 6 — Capital Share Transactions

Transactions in capital shares of each Fund were as follows:

	Asset Allocation										Blue Chip Growth
	For the year ended May 31, 2010					For the year ended May 31, 2009					For the year ended May 31, 2010					For the year ended May 31, 2009
	Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount
Shares sold	1,647,344		$	15,204,827		7,631,606		$	59,089,683		5,937,937		$	49,573,110		48,573,570		$	323,075,412
Reinvested dividends	380,684			3,536,552		1,382,496			10,451,667		102,125			906,871		129,741			796,610
Shares redeemed	(2,170,113	)		(20,074,556	)	(9,947,231	)		(78,976,908	)	(7,160,281	)		(61,959,084	)	(38,832,887	)		(254,773,653	)
Net increase (decrease)	(142,085	)	$	(1,333,177	)	(933,129	)	$	(9,435,558	)	(1,120,219	)	$	(11,479,103	)	9,870,424		$	69,098,369
	Broad Cap Value Income										Capital Conservation
	For the year ended May 31, 2010					For the year ended May 31, 2009					For the year ended May 31, 2010					For the year ended May 31, 2009
	Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount
Shares sold	333,019		$	2,840,535		1,723,590		$	11,825,010		3,082,722		$	28,557,117		9,198,021		$	78,409,830
Reinvested dividends	45,015			392,535		73,500			498,335		614,241			5,565,027		1,041,486			8,863,046
Shares redeemed	(371,172	)		(3,182,983	)	(1,948,064	)		(13,611,608	)	(2,212,449	)		(20,394,601	)	(11,242,199	)		(96,745,679	)
Net increase (decrease)	6,862		$	50,087		(150,974	)	$	(1,288,263	)	1,484,514		$	13,727,543		(1,002,692	)	$	(9,472,803	)

270

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

	Core Equity										Core Value
	For the year ended May 31, 2010					For the year ended May 31, 2009					For the year ended May 31, 2010					For the year ended May 31, 2009
	Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount
Shares sold	498,616		$	5,277,342		10,316,490		$	92,141,264		2,841,671		$	20,593,657		5,794,309		$	36,823,243
Reinvested dividends	390,738			4,266,857		326,039			2,839,800		371,358			2,814,896		1,688,168			10,551,051
Shares redeemed	(2,353,176	)		(25,042,235	)	(14,008,564	)		(128,734,815	)	(2,091,068	)		(15,451,260	)	(9,108,629	)		(61,020,687	)
Net increase (decrease)	(1,463,822	)	$	(15,498,036	)	(3,366,035	)	$	(33,753,751	)	1,121,961		$	7,957,293		(1,626,152	)	$	(13,646,393	)
	Foreign Value										Global Equity
	For the year ended May 31, 2010					For the year ended May 31, 2009					For the year ended May 31, 2010					For the year ended May 31, 2009
	Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount
Shares sold	14,254,969		$	116,684,981		77,763,154		$	467,883,475		2,164,619		$	15,714,941		12,158,788		$	72,800,328
Reinvested dividends	2,291,342			19,659,718		14,961,486			89,619,299		104,773			776,371		4,602,871			25,776,080
Shares redeemed	(9,597,863	)		(79,939,310	)	(77,118,930	)		(467,831,871	)	(4,489,509	)		(32,102,263	)	(16,258,935	)		(102,712,308	)
Net increase (decrease)	6,948,448		$	56,405,389		15,605,710		$	89,670,903		(2,220,117	)	$	(15,610,951	)	502,724		$	(4,135,900	)
	Global Real Estate										Global Social Awareness
	For the year ended May 31, 2010					For the year ended May 31, 2009					For the year ended May 31, 2010					For the year ended May 31, 2009
	Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount
Shares sold	2,639,034		$	19,571,555		59,203,150		$	381,604,669		1,497,225		$	19,027,134		21,936,076		$	228,482,618
Reinvested dividends	3,955,134			29,386,642		483,562			2,969,071		522,302			6,920,505		4,367,975			43,723,428
Shares redeemed	(4,831,327	)		(36,934,934	)	(26,850,002	)		(157,125,266	)	(5,868,281	)		(72,559,901	)	(29,725,384	)		(314,432,094	)
Net increase (decrease)	1,762,841		$	12,023,263		32,836,710		$	227,448,474		(3,848,754	)	$	(46,612,262	)	(3,421,333	)	$	(42,226,048	)
	Global Strategy										Government Securities
	For the year ended May 31, 2010					For the year ended May 31, 2009					For the year ended May 31, 2010					For the year ended May 31, 2009
	Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount
Shares sold	2,455,952		$	26,016,480		33,050,674		$	296,830,563		1,794,178		$	19,051,830		21,786,646		$	233,745,312
Reinvested dividends	3,601,517			37,023,590		3,855,301			34,967,584		477,709			4,944,289		423,733			4,762,755
Shares redeemed	(3,585,244	)		(37,852,890	)	(39,047,133	)		(352,930,752	)	(4,339,793	)		(45,799,529	)	(24,893,744	)		(267,164,651	)
Net increase (decrease)	2,472,225		$	25,187,180		(2,141,158	)	$	(21,132,605	)	(2,067,906	)	$	(21,803,410	)	(2,683,365	)	$	(28,656,584	)
	Growth										Growth & Income
	For the year ended May 31, 2010					For the year ended May 31, 2009					For the year ended May 31, 2010					For the year ended May 31, 2009
	Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount
Shares sold	1,636,121		$	14,562,490		41,534,476		$	291,631,855		602,851		$	6,448,835		7,487,578		$	66,592,420
Reinvested dividends	581,161			5,393,175		19,423			131,104		168,946			1,839,824		1,054,981			9,304,933
Shares redeemed	(6,715,519	)		(60,577,673	)	(51,948,848	)		(373,359,879	)	(1,035,035	)		(11,075,123	)	(8,715,245	)		(79,532,295	)
Net increase (decrease)	(4,498,237	)	$	(40,622,008	)	(10,394,949	)	$	(81,596,920	)	(263,238	)	$	(2,786,464	)	(172,686	)	$	(3,634,942	)
	Health Sciences										Inflation Protected
	For the year ended May 31, 2010					For the year ended May 31, 2009					For the year ended May 31, 2010					For the year ended May 31, 2009
	Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount
Shares sold	1,322,475		$	11,980,833		16,859,400		$	127,362,646		7,833,099		$	76,797,761		16,026,815		$	146,690,506
Reinvested dividends	—			—		2,385,928			16,057,296		164,399			1,609,469		710,950			6,462,538
Shares redeemed	(2,245,318	)		(19,684,359	)	(18,328,366	)		(138,191,909	)	(1,543,211	)		(15,208,887	)	(16,405,225	)		(148,192,995	)
Net increase (decrease)	(922,843	)	$	(7,703,526	)	916,962		$	5,228,033		6,454,287		$	63,198,343		332,540		$	4,960,049

271

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

	International Equities										International Government Bond
	For the year ended May 31, 2010					For the year ended May 31, 2009					For the year ended May 31, 2010					For the year ended May 31, 2009
	Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount
Shares sold	14,956,126		$	85,257,456		115,384,404		$	560,850,222		2,171,142		$	26,496,357		13,370,416		$	147,072,541
Reinvested dividends	3,595,226			21,427,547		30,159,664			140,845,630		489,298			5,920,505		856,983			9,598,211
Shares redeemed	(14,250,721	)		(84,396,626	)	(110,364,639	)		(515,648,751	)	(3,267,466	)		(39,587,465	)	(15,668,456	)		(171,980,221	)
Net increase (decrease)	4,300,631		$	22,288,377		35,179,429		$	186,047,101		(607,026	)	$	(7,170,603	)	(1,441,057	)	$	(15,309,469	)
	International Growth I										Large Cap Core
	For the year ended May 31, 2010					For the year ended May 31, 2009					For the year ended May 31, 2010					For the year ended May 31, 2009
	Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount
Shares sold	4,705,647		$	44,658,359		37,354,440		$	280,664,713		2,281,757		$	21,668,794		16,590,829		$	125,889,610
Reinvested dividends	987,543			9,737,177		1,313,207			9,678,332		141,751			1,374,980		862,685			5,987,035
Shares redeemed	(7,134,548	)		(67,891,667	)	(40,245,260	)		(304,636,673	)	(2,329,624	)		(21,069,838	)	(13,010,094	)		(93,285,266	)
Net increase (decrease)	(1,441,358	)	$	(13,496,131	)	(1,577,613	)	$	(14,293,628	)	93,884		$	1,973,936		4,443,420		$	38,591,379
	Large Capital Growth										Mid Cap Index
	For the year ended May 31, 2010					For the year ended May 31, 2009					For the year ended May 31, 2010					For the year ended May 31, 2009
	Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount
Shares sold	1,062,143		$	10,120,144		14,642,562		$	116,245,765		5,224,687		$	83,782,005		88,650,915		$	1,087,507,695
Reinvested dividends	266,790			2,659,901		1,373,745			10,330,565		4,496,655			73,565,275		19,751,669			233,464,725
Shares redeemed	(3,611,699	)		(35,155,537	)	(19,721,992	)		(161,076,165	)	(11,541,589	)		(186,853,714	)	(97,173,741	)		(1,219,900,382	)
Net increase (decrease)	(2,282,766	)	$	(22,375,492	)	(3,705,685	)	$	(34,499,835	)	(1,820,247	)	$	(29,506,434	)	11,228,843		$	101,072,038
	Mid Cap Strategic Growth										Money Market I
	For the year ended May 31, 2010					For the year ended May 31, 2009					For the year ended May 31, 2010					For the year ended May 31, 2009
	Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount
Shares sold	1,701,894		$	15,696,112		12,209,325		$	87,058,263		532,624,636		$	532,624,636		696,472,302		$	696,472,302
Reinvested dividends	133,388			1,285,857		4,455,718			28,828,498		263,152			263,152		7,896,909			7,896,909
Shares redeemed	(2,950,929	)		(28,043,019	)	(14,978,648	)		(112,809,237	)	(603,820,170	)		(603,820,169	)	(663,805,234	)		(663,805,234	)
Net increase (decrease)	(1,115,647	)	$	(11,061,050	)	1,686,395		$	3,077,524		(70,932,382	)	$	(70,932,381	)	40,563,977		$	40,563,977
	Nasdaq-100® Index										Science & Technology
	For the year ended May 31, 2010					For the year ended May 31, 2009					For the year ended May 31, 2010					For the year ended May 31, 2009
	Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount
Shares sold	4,781,443		$	22,156,270		17,812,861		$	63,276,350		3,619,808		$	44,805,576		24,934,733		$	214,934,260
Reinvested dividends	47,168			233,954		345,395			1,115,627		49,647			640,946		—			—
Shares redeemed	(3,298,187	)		(16,062,581	)	(16,736,943	)		(59,599,678	)	(5,233,610	)		(65,689,861	)	(31,519,298	)		(279,775,305	)
Net increase (decrease)	1,530,424		$	6,327,643		1,421,313		$	4,792,299		(1,564,155	)	$	(20,243,339	)	(6,584,565	)	$	(64,841,045	)
	Small Cap Aggressive										Small Cap
	For the year ended May 31, 2010					For the year ended May 31, 2009					For the year ended May 31, 2010					For the year ended May 31, 2009
	Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount
Shares sold	3,000,874		$	27,703,994		5,868,611		$	35,621,624		1,165,502		$	8,716,814		35,612,956		$	204,412,839
Reinvested dividends	739			6,652		885,820			4,996,025		166,670			1,281,689		2,977,766			17,419,932
Shares redeemed	(745,517	)		(6,755,954	)	(6,024,220	)		(37,397,643	)	(3,975,307	)		(30,335,661	)	(41,291,031	)		(244,591,130	)
Net increase (decrease)	2,256,096		$	20,954,692		730,211		$	3,220,006		(2,643,135	)	$	(20,337,158	)	(2,700,309	)	$	(22,758,359	)

272

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

	Small Cap Index										Small Cap Special Values
	For the year ended May 31, 2010					For the year ended May 31, 2009					For the year ended May 31, 2010					For the year ended May 31, 2009
	Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount
Shares sold	3,827,930		$	42,877,305		51,725,324		$	462,476,772		1,881,779		$	13,237,277		15,521,900		$	87,638,772
Reinvested dividends	2,643,388			29,896,720		8,297,524			74,013,917		439,913			3,330,142		1,564,227			8,837,882
Shares redeemed	(7,167,309	)		(81,659,569	)	(55,413,283	)		(499,742,105	)	(3,311,954	)		(25,150,181	)	(16,607,630	)		(97,924,800	)
Net increase (decrease)	(695,991	)	$	(8,885,544	)	4,609,565		$	36,748,584		(990,262	)	$	(8,582,762	)	478,497		$	(1,448,146	)
	Small-Mid Growth										Stock Index
	For the year ended May 31, 2010					For the year ended May 31, 2009					For the year ended May 31, 2010					For the year ended May 31, 2009
	Shares		Amount			Shares		Amount			Shares		Amount			Shares		Amount
Shares sold	767,420		$	6,207,689		9,013,034		$	54,626,130		11,224,448		$	240,781,531		80,715,757		$	1,477,193,621
Reinvested dividends	22,950			189,800		560,595			3,217,817		6,933,485			154,339,366		24,360,353			436,537,519
Shares redeemed	(1,089,247	)		(8,977,230	)	(9,912,103	)		(61,161,284	)	(12,560,079	)		(279,440,128	)	(98,893,696	)		(1,893,855,586	)
Net increase (decrease)	(298,877	)	$	(2,579,741	)	(338,474	)	$	(3,317,337	)	5,597,854		$	115,680,769		6,182,414		$	19,875,554
	Value
	For the year ended May 31, 2010					For the year ended May 31, 2009
	Shares		Amount			Shares		Amount
Shares sold	2,387,928		$	20,018,505		23,211,770		$	159,154,220
Reinvested dividends	398,521			3,379,457		766,357			4,743,750
Shares redeemed	(5,701,781	)		(46,477,198	)	(27,546,271	)		(184,539,106	)
Net increase (decrease)	(2,915,332	)	$	(23,079,236	)	(3,568,144	)	$	(20,641,136	)

Note 7 — Expense Reductions

Through expense offset arrangements resulting from broker commission recapture, a portion of the Funds’ expenses have been reduced. For the period ended May 31, 2010, the amount of expense reductions received by each fund, used to offset the Funds’ non-affiliated expenses, were as follows:

Fund	Expense Reductions
Asset Allocation	$	5,392
Blue Chip Growth		11,913
Broad Cap Value Income		1,098
Core Equity		10,308
Foreign Value		689
Global Equity		31,052
Global Real Estate		7,386
Global Social Awareness		26,731
Growth & Income		10,220
Health Sciences		4,380
International Growth I		3,998
Large Cap Core		11,158
Large Capital Growth		15,991
Mid Cap Strategic Growth		102,087
Science & Technology		109,443
Small Cap Aggressive Growth		10,539
Small Cap		22,374
Small Cap Special Values		29,752
Small-Mid Growth		33,104

Note 8 — Investment Concentration

The Funds may invest in obligations issued by agencies and instrumentalities of the U.S. Government that may vary in the level of support they receive from the government. The government may choose not to provide financial support to government sponsored agencies or instrumentalities if it is not legally obligated to do so. In this case, if the issuer defaulted, the fund holding securities of such issuer might not be able to recover its investment from the U.S. Government. As a result of the Capital Conservation Fund, Government Securities Fund, and Money Market I Funds’ concentration in such investments, it may be subject to risks associated with the U.S. Government agencies or instrumentalities. At the end of the period, the Funds had 39.8%, 53.8% and 56.5%, respectively, of their total net assets invested in such securities.

273

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

Some of the Funds may invest internationally, including in “emerging market” countries. Emerging market securities involve risks not typically associated with investing in securities of issuers in more developed markets. These investments are subject to various risk factors including market, credit, exchange rate and sovereign risk. The markets in which these securities trade can be volatile and at times illiquid. These securities may be denominated in currencies other than U.S. dollars. While investing internationally may reduce portfolio risk by increasing the diversification of portfolio investments, the value of the investment may be affected by fluctuating currency values, changing local and regional economic, political and social conditions, and greater market volatility. These risks are primary risks of the International Equities Fund , International Growth I Fund, Foreign Value Fund, Global Equity Fund, Global Real Estate Fund, Global Strategy Fund, Global Social Awareness Fund and the International Government Bond Fund. The International Equities Fund had 21.1% and 17.0% of its net assets invested in equity securities domiciled in Japan and the United Kingdom, respectively. The International Growth I Fund had 19.2%, 11.9% and 10.6% of its net assets invested in equity securities domiciled in the United Kingdom, Japan and Switzerland, respectively. The Foreign Value had 20.6% and 9.9% of its net assets invested in equity securities domiciled in the United Kingdom and France, respectively. The Global Equity Fund had 10.0% of its net assets invested in equity securities domiciled in Japan. The Global Real Estate Fund had 8.1% of its net assets invested in equity securities domiciled in Japan. The Global Strategy Fund had 8.4% of its net assets invested in equity securities domiciled in the South Korea. The Global Social Awareness Fund had 10.2% and 8.1% of its net assets invested in equity securities domiciled in the Japan and United Kingdom, respectively. The International Government Bond Fund had 16.2% of its net assets invested in securities domiciled in Japan.

The Health Sciences Fund is concentrated in the health services industry and is less diversified than stock funds investing in a broader range of industries. The Fund may also invest a considerable portion of assets in companies in the same business, such as pharmaceuticals, or in related businesses, such as hospital management or managed care. Developments that could adversely affect the Fund include increased competition in the health care industry, changes in legislation or government regulations, reductions in government funding, product liability or other litigation, and obsolescence of popular products.

The Nasdaq-100^® Index Fund and Science & Technology Fund are concentrated in the technology sector. As a result, the Funds are subject to greater volatility than a fund that does not concentrate in a particular sector. Because the Nasdaq-100^® Index may invest in companies within relatively more concentrated industry sectors, the Fund’s performance may be more susceptible to developments which affect those sectors emphasized by the Index.

The Global Real Estate Fund invests primarily in the real estate industry. A Fund that invests primarily in the real estate industry is subject to the risks associated with the direct ownership of real estate. The Fund could also be subject to the risks of direct ownership as a result of a default on a debt security it may own. These risks include declines in the value of real estate, risks related to general and local economic conditions, overbuilding and increased competition, increases in property taxes and operating expenses, changes in zoning laws, casualty or condemnation losses, fluctuations in rental income, changes in neighborhood values, the appeal of properties to tenants and increases in interest rates. If the Fund has rental income or income from the disposition of real property, the receipt of such income may adversely affect its ability to retain its tax status as a regulated investment company. As of May 31, 2010, the Global Real Estate Fund had 70.8% of its net assets invested in Real Estate Investment Trusts.

Note 9 — Lines of Credit

The Series and VALIC Company II have established an $85 million committed and $40 million uncommitted line of credit with State Street Bank & Trust Company, the Funds’ custodian. Interest is currently payable at the greater of (i) Federal Funds Rate plus 125 basis points or (ii) overnight LIBOR plus 125 basis points on the committed line and State Street’s discretionary bid rate on the uncommitted line of credit. Prior to October 16, 2009, the interest was payable at the Federal Funds Rate plus 50 basis points on the committed line and State Street Bank and Trust Company’s discretionary bid rate on the uncommitted line of credit. There is also a commitment fee of 15 basis points per annum for the daily unused portion of the committed line of credit, which is included in other expenses on the Statement of Operations. Prior to October 16, 2009, the commitment fee was 10 basis points per annum on the daily unused portion of the committed line of credit. Borrowings under the line of credit will commence when a Fund’s shortfall exceeds $100,000. For the period ended May 31, 2010, the following funds had borrowings:

Fund	Days Outstanding	Interest Charges		Average Debt Utilized		Weighted Average Interest
Asset Allocation	14	$	215	$	380,973	1.39	%
Blue Chip Growth	11		453		951,429	1.55	%
Capital Conservation	5		246		2,734,410	0.65	%
Core Equity	46		403		264,666	1.22	%
Core Value	3		10		165,320	0.75	%
Foreign Value	5		57		596,685	0.68	%
Global Equity	12		227		789,584	0.81	%
Global Strategy	19		810		2,145,981	0.80	%
Government Securities	10		429		2,107,804	0.73	%
Growth	28		272		237,611	1.39	%
International Growth I.	72		2,088		737,928	1.25	%
Large Cap Core	8		30		192,638	0.69	%
Large Capital Growth	1		3		175,962	0.70	%
Mid Cap Index	1		13		637,584	0.75	%
Mid Cap Strategic	12		393		806,703	1.47	%
Science & Technology	18		302		402,929	1.47	%
Small Cap	33		578		461,562	1.18	%
Small Cap Special Values	5		12		57,997	1.46	%
Stock Index	1		12		299,150	1.43	%

274

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

As of May 31, 2010, the following funds had an outstanding borrowing:

Fund	Amount
Growth	$	259,815
International Growth I		1,145,225

Note 10 — Interfund Lending Agreement

Pursuant to exemptive relief granted by the Securities and Exchange Commission, the Funds are permitted to participate in an interfund lending program among investment companies advised by VALIC or an affiliate. The interfund lending program allows the participating Funds to borrow money from and loan money to each other for temporary or emergency purposes. An interfund loan will be made under this facility only if the participating Funds receive a more favorable interest rate than would otherwise be available from a typical bank for a comparable transaction. For the period ended May 31, 2010, none of the Funds participated in the program.

Note 11 — Security Transactions with Affiliated Portfolios

The Funds are permitted to transfer securities by purchasing from and/or selling to other affiliated Funds under certain conditions approved by the board of directors. The affiliated Funds involved in such transaction must have common investment adviser or investment advisers which are affiliated persons of each other, common directors, and/or common officers in compliance with Rule 17a-7 of the 1940 Act. Pursuant to the Act, such a transaction must be either a purchase or a sale, for no consideration other than cash payment against prompt delivery of the security at the current market price. No brokerage commission or fee (except for customary transfer fees), or other remuneration is paid in connection with such transaction. For the period May 31, 2010, the following Funds engaged in security transactions with affiliated Funds:

Fund	Cost of Purchases		Proceeds from Sales		Realized Gain/(Loss)
Asset Allocation	$	256,315	$	—	$	—
Blue Chip Growth		114,056		—		—
Core Equity		756,800		2,274,420		(9,347	)
Core Value		203,336		39,050		(10,983	)
Global Equity		—		21,008		4,185
Growth		947,725		658,838		74,641
Health Sciences		217,386		134,300		19,750
International Growth I		291,524		886,976		32,092
Large Capital Growth		630,167		—		—
Mid Cap Strategic Growth		966,646		12,094		(8,009	)
Science & Technology		1,339,910		—		—
Small Cap		66,248		982,531		(219,450	)
Value		351,292		1,328,578		225,278

Note 12 — Subsequent Events

At a meeting on January 25-26, 2010, the Board of Directors of VC I approved the termination of American Century Investment Management, Inc. as the sub-adviser to the Core Value Fund and approved the appointment of BlackRock Investment Management, LLC (“BlackRock”) and SunAmerica Asset Management Corp. (“SAAMCo”) as co-sub-advisers to the Fund. The Board approved an amendment to the existing investment sub-advisory agreement between VALIC and BlackRock. The Board also approved an amendment to the investment sub-advisory agreement between VALIC and SAAMCo. Furthermore, the Board approved an amendment to the investment advisory agreement between VALIC and VC I, which will reduce the advisory fee payable to VALIC by the Fund and which became effective upon the change of sub-advisers, June 7, 2010. Also, on June 7, 2010, the Fund’s name changed to the “Dividend Value Fund". The new advisory fee schedule for the Core Value Fund is as follows:

0.75% on the first $250 million

0.72% on the next $250 million

0.67% on the next $500 million

0.62% on assets over $1 billion

At a meeting on April 26-27, 2010, the Board of Directors of VC I approved the addition of breakpoints to the Global Strategy Fund and the Growth & Income Fund. The new advisory fee schedules, which are effective June 1, 2010, are noted below:

Global Strategy Fund – 0.50% on the first $500 million; 0.46% on assets over $500 million

Growth & Income Fund – 0.75% on the first $500 million; 0.725% on assets over $500 million

Effective July 16, 2010, American Century Global Investment Management, Inc. (“ACGIM”) was merged with and into American Century Investment Management, Inc. (“ACIM”) (the “Transaction”). Prior to July 16, 2010, ACGIM served as a co-sub-adviser of the International Growth I Fund and Growth Fund. Effective July 16, 2010, ACIM will serve as a sub-adviser of the Funds. The Transaction did not result in any changes to the Funds’ investment objectives, investment strategies or investment risks. In addition, the ACGIM portfolio managers responsible for managing the Funds prior to July 16, 2010 will continue to manage the Funds post-July 16, 2010, but as portfolio managers for ACIM.

275

VALIC Company I

FINANCIAL HIGHLIGHTS

	Asset Allocation Fund															Blue Chip Growth Fund
	Year Ended May 31,															Year Ended May 31,
	2010			2009			2008			2007			2006			2010			2009			2008			2007			2006
PER SHARE DATA
Net asset value at beginning of period	$	8.08		$	10.68		$	12.16		$	12.01		$	12.28		$	7.29		$	10.54		$	10.80		$	8.92		$	8.32
Income (loss) from investment operations:
Net investment income (loss)(d)		0.20			0.25			0.31			0.34			0.33			0.00			0.02			0.03			0.03			0.03
Net realized and unrealized gain (loss) on investments and foreign currencies		1.36			(2.06	)		(0.75	)		1.71			0.31			1.50			(3.25	)		(0.23	)		1.87			0.58
Total income (loss) from investment operations		1.56			(1.81	)		(0.44	)		2.05			0.64			1.50			(3.23	)		(0.20	)		1.90			0.61
Distributions from:
Net investment income		(0.26	)		(0.34	)		(0.35	)		(0.21	)		(0.16	)		(0.02	)		(0.01	)		(0.02	)		(0.02	)		(0.01	)
Net realized gain on securities		–			(0.45	)		(0.69	)		(1.69	)		(0.75	)		–			(0.01	)		(0.04	)		–			–
Return of capital		–			–			–			–			–			–			–			–			–			–
Total distributions		(0.26	)		(0.79	)		(1.04	)		(1.90	)		(0.91	)		(0.02	)		(0.02	)		(0.06	)		(0.02	)		(0.01	)
Net asset value at end of period	$	9.38		$	8.08		$	10.68		$	12.16		$	12.01		$	8.77		$	7.29		$	10.54		$	10.80		$	8.92
TOTAL RETURN(a)		19.38	%(i)		(16.41	)%		(3.84	)%(g)		18.14	%		5.36	%(e)		20.54	%		(30.63	)%		(1.84	)%(h)		21.30	%		7.35	%(f)
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.78	%		0.73	%		0.69	%		0.70	%		0.72	%		0.85	%		0.85	%		0.87	%		0.96	%		1.01	%
Ratio of expenses to average net assets(c)		0.78	%		0.73	%		0.69	%		0.70	%		0.72	%		0.88	%		0.89	%		0.91	%		0.99	%		1.02	%
Ratio of expense reductions to average net assets		0.00	%		0.02	%		0.00	%		0.00	%		–			0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Ratio of net investment income (loss) to average net assets(b)		2.18	%		2.88	%		2.71	%		2.87	%		2.67	%		0.01	%		0.29	%		0.31	%		0.35	%		0.35	%
Ratio of net investment income (loss) to average net assets(c)		2.18	%		2.88	%		2.71	%		2.87	%		2.67	%		(0.02	)%		0.25	%		0.27	%		0.32	%		0.34	%
Portfolio turnover rate		143	%		108	%		124	%		129	%		148	%		47	%		58	%		20	%		25	%		30	%
Number of shares outstanding at end of period (000’s)		13,551			13,693			14,626			14,567			13,666			48,453			49,573			39,703			10,495			7,325
Net assets at end of period (000’s)	$	127,129		$	110,655		$	156,260		$	177,095		$	164,117		$	424,966		$	361,592		$	418,429		$	113,352		$	65,366

^(a) Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b) Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c) Excludes, if any, expense reimbursements and expense reductions.

^(d) The per share amounts are calculated using the average share method.

^(e) The Fund’s performance figure was increased by less than 0.01% from gains on the disposal of investments in violation of investment restrictions.

^(f) The Fund’s performance figure was increased by less than 0.01% from reimbursements for losses realized on the disposal of investments in violation of investment restrictions.

^(g) The Fund’s performance figure was increased by 0.17% from a reimbursement by an affiliate.

^(h) The Fund’s performance figure was increased by less than 0.01% from a reimbursement by an affiliate.

⁽ⁱ⁾ The Fund’s performance was increased by less than 0.01% from gains on the disposal of investments in violation of investment restrictions (Note 3).

276

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Broad Cap Value Income Fund															Capital Conservation Fund
	Year Ended May  31,												December 5, 2005* to May 31, 2006			Year Ended May 31,
	2010			2009			2008			2007						2010			2009			2008			2007			2006
PER SHARE DATA
Net asset value at beginning of period	$	7.12		$	10.54		$	12.65		$	10.21		$	10.00		$	8.78		$	9.54		$	9.91		$	9.45		$	9.66
Income (loss) from investment operations:
Net investment income (loss)(e)		0.16			0.20			0.19			0.17			0.05			0.34			0.43			0.52			0.48			0.41
Net realized and unrealized gain (loss) on investments and foreign currencies		1.58			(3.41	)		(1.69	)		2.38			0.18			0.70			(0.46	)		(0.31	)		0.13			(0.41	)
Total income (loss) from investment operations		1.74			(3.21	)		(1.50	)		2.55			0.23			1.04			(0.03	)		0.21			0.61			–
Distributions from:
Net investment income		(0.17	)		(0.21	)		(0.19	)		(0.11	)		(0.02	)		(0.44	)		(0.73	)		(0.58	)		(0.15	)		(0.21	)
Net realized gain on securities		–			(0.00	)		(0.42	)		–			–			–			–			–			–			–
Return of capital		–			–			–			–			–			–			–			–			–			–
Total distributions		(0.17	)		(0.21	)		(0.61	)		(0.11	)		(0.02	)		(0.44	)		(0.73	)		(0.58	)		(0.15	)		(0.21	)
Net asset value at end of period	$	8.69		$	7.12		$	10.54		$	12.65		$	10.21		$	9.38		$	8.78		$	9.54		$	9.91		$	9.45
TOTAL RETURN(a)		24.41	%		(30.34	)%		(12.08	)%		25.09	%		2.28	%		12.04	%(f)		(0.06	)%		2.09	%		6.46	%		(0.02	)%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(c)		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%(b)		0.69	%		0.69	%		0.68	%		0.67	%		0.70	%
Ratio of expenses to average net assets(d)		1.14	%		1.26	%		1.03	%		1.05	%		3.41	%(b)		0.69	%		0.69	%		0.68	%		0.67	%		0.70	%
Ratio of expense reductions to average net assets		0.01	%		0.01	%		0.01	%		–			–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets(c)		1.90	%		2.57	%		1.65	%		1.50	%		2.40	%(b)		3.71	%		4.83	%		5.27	%		4.89	%		4.65	%
Ratio of net investment income (loss) to average net assets(d)		1.61	%		2.16	%		1.47	%		1.30	%		(0.16	)%(b)		3.71	%		4.83	%		5.27	%		4.89	%		4.65	%
Portfolio turnover rate		22	%		24	%		21	%		27	%		194	%		170	%		122	%		136	%		203	%		174	%
Number of shares outstanding at end of period (000’s)		2,337			2,330			2,481			2,582			2,663			13,871			12,387			13,389			17,897			22,200
Net assets at end of period (000’s)	$	20,302		$	16,590		$	26,151		$	32,646		$	27,203		$	130,157		$	108,805		$	127,695		$	177,290		$	209,742

* Date Fund commenced operations.

^(a) Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b) Annualized

^(c) Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(d) Excludes, if any, expense reimbursements and expense reductions.

^(e) The per share amounts are calculated using the average share method.

^(f) The Fund’s performance figure was increased by less than 0.01% from reimbursement for losses and gains realized on the disposal of investments in violation of investment restrictions (Note 3).

277

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Core Equity Fund															Core Value Fund
	Year Ended May 31,															Year Ended May 31,
	2010			2009			2008			2007			2006			2010			2009			2008			2007			2006
PER SHARE DATA
Net asset value at beginning of period	$	9.24		$	13.85		$	15.37		$	13.00		$	12.37		$	6.49		$	10.66		$	12.98		$	10.41		$	9.87
Income (loss) from investment operations:
Net investment income (loss)(d)		0.14			0.17			0.12			0.12			0.13			0.12			0.18			0.20			0.19			0.17
Net realized and unrealized gain (loss) on investments and foreign currencies		1.59			(4.66	)		(1.50	)		2.35			0.56			1.02			(3.64	)		(1.89	)		2.47			0.46
Total income (loss) from investment operations		1.73			(4.49	)		(1.38	)		2.47			0.69			1.14			(3.46	)		(1.69	)		2.66			0.63
Distributions from:
Net investment income		(0.20	)		(0.12	)		(0.14	)		(0.10	)		(0.06	)		(0.18	)		(0.24	)		(0.22	)		(0.09	)		(0.09	)
Net realized gain on securities		–			–			–			–			–			–			(0.47	)		(0.41	)		–			–
Return of capital		–			–			–			–			–			–			–			–			–			–
Total distributions		(0.20	)		(0.12	)		(0.14	)		(0.10	)		(0.06	)		(0.18	)		(0.71	)		(0.63	)		(0.09	)		(0.09	)
Net asset value at end of period	$	10.77		$	9.24		$	13.85		$	15.37		$	13.00		$	7.45		$	6.49		$	10.66		$	12.98		$	10.41
TOTAL RETURN(a)		18.73	%(h)		(32.34	)%		(9.00	)%(f)		19.02	%(e)		5.62	%		17.49	%		(32.20	)%		(13.28	)%(g)		25.67	%		6.44	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.80	%		0.82	%		0.85	%		0.85	%		0.85	%		0.83	%		0.83	%		0.83	%		0.83	%		0.83	%
Ratio of expenses to average net assets(c)		0.95	%		0.95	%		0.91	%		0.90	%		0.90	%		1.00	%		0.97	%		0.92	%		0.92	%		0.92	%
Ratio of expense reductions to average net assets		0.00	%		0.00	%		0.00	%		0.00	%		0.01	%		–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		1.30	%		1.65	%		0.84	%		0.85	%		1.03	%		1.60	%		2.35	%		1.75	%		1.61	%		1.67	%
Ratio of net investment income (loss) to average net assets(c)		1.16	%		1.52	%		0.78	%		0.79	%		0.99	%		1.43	%		2.21	%		1.65	%		1.51	%		1.58	%
Portfolio turnover rate		103	%		88	%		69	%		110	%		39	%		41	%		39	%		37	%		30	%		109	%
Number of shares outstanding at end of period (000’s)		20,445			21,909			25,275			29,484			36,132			16,350			15,228			16,855			19,083			22,207
Net assets at end of period (000’s)	$	220,172		$	202,490		$	349,995		$	453,147		$	469,770		$	121,769		$	98,820		$	179,697		$	247,711		$	231,228

^(a) Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b) Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c) Excludes, if any, expense reimbursements and expense reductions.

^(d) The per share amounts are calculated using the average share method.

^(e) The Fund’s performance figure was increased by less than 0.01% from gains on the disposal of investments in violation of investment restrictions.

^(f) The Fund’s performance figure was increased by 0.66% from a reimbursement by an affiliate.

^(g) The Fund’s performance figure was increased by 0.16% from a reimbursement by an affiliate.

^(h) The Fund’s performance was increased by less than 0.01% from a reimbursement by an affiliate (Note 3).

278

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Foreign Value Fund															Global Equity Fund
	Year Ended May 31,												December 5, 2005* to May 31, 2006			Year Ended May 31,												December 5, 2005* to May 31, 2006
	2010			2009			2008			2007						2010			2009			2008			2007
PER SHARE DATA
Net asset value at beginning of period	$	7.26		$	12.41		$	13.21		$	10.76		$	10.00		$	6.17		$	11.67		$	13.82		$	10.74		$	10.00
Income (loss) from investment operations:
Net investment income (loss)(e)		0.17			0.23			0.36			0.25			0.02			0.10			0.17			0.18			0.17			0.06
Net realized and unrealized gain (loss) on investments and foreign currencies		0.52			(4.23	)		(0.67	)		2.33			0.74			0.63			(4.85	)		(1.44	)		3.06			0.69
Total income (loss) from investment operations		0.69			(4.00	)		(0.31	)		2.58			0.76			0.73			(4.68	)		(1.26	)		3.23			0.75
Distributions from:
Net investment income		(0.21	)		(0.36	)		(0.11	)		(0.13	)		0.00			(0.02	)		(0.12	)		(0.23	)		(0.15	)		(0.01	)
Net realized gain on securities		–			(0.79	)		(0.38	)		0.00			–			–			(0.70	)		(0.66	)		(0.00	)		–
Return of capital		–			–			–			–			–			–			–			–			–			–
Total distributions		(0.21	)		(1.15	)		(0.49	)		(0.13	)		0.00			(0.02	)		(0.82	)		(0.89	)		(0.15	)		(0.01	)
Net asset value at end of period	$	7.74		$	7.26		$	12.41		$	13.21		$	10.76		$	6.88		$	6.17		$	11.67		$	13.82		$	10.74
TOTAL RETURN(a)		9.23	%		(30.15	)%		(2.44	)%		24.08	%		7.63	%		11.86	%(f)		(39.30	)%		(9.39	)%		30.35	%		7.48	%
RATIOS/ SUPPLEMENTAL DATA
Ratio of expenses to average net assets(c)		0.84	%		0.94	%		0.86	%		0.86	%		0.84	%(b)		1.02	%		1.01	%		0.97	%		0.95	%		0.98	%(b)
Ratio of expenses to average net assets(d)		0.84	%		0.94	%		0.86	%		0.86	%		1.65	%(b)		1.02	%		1.01	%		0.97	%		0.95	%		2.16	%(b)
Ratio of expense reductions to average net assets		0.00	%		–			–			–			–			0.01	%		0.03	%		0.01	%		0.01	%		–
Ratio of net investment income (loss) to average net assets(c)		1.98	%		3.01	%		2.82	%		2.17	%		5.06	%(b)		1.44	%		2.32	%		1.38	%		1.41	%		10.48	%(b)
Ratio of net investment income (loss) to average net assets(d)		1.98	%		3.01	%		2.82	%		2.17	%		4.24	%(b)		1.44	%		2.32	%		1.38	%		1.41	%		9.30	%(b)
Portfolio turnover rate		28	%		22	%		34	%		31	%		0	%		236	%		109	%		93	%		86	%		3	%
Number of shares outstanding at end of period (000’s)		98,873			91,924			76,318			79,082			65,474			32,153			34,373			33,870			34,198			38,389
Net assets at end of period (000’s)	$	765,267		$	667,342		$	946,934		$	1,044,980		$	704,398		$	221,201		$	212,124		$	395,426		$	472,642		$	412,275

* Date Fund commenced operations.

^(a) Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b) Annualized

^(c) Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(d) Excludes, if any, expense reimbursements and expense reductions.

^(e) The per share amounts are calculated using the average share method.

^(f) The Fund’s performance figure was increased by less than 0.01% from a reimbursement by an affiliate (Note 3).

279

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Global Real Estate Fund									Global Social Awareness Fund
	Year Ended May 31,						March 10, 2008* to May 31, 2008			Year Ended May 31,
	2010			2009						2010			2009			2008			2007			2006
PER SHARE DATA
Net asset value at beginning of period	$	6.45		$	11.21		$	10.00		$	11.21		$	20.21		$	24.25		$	20.82		$	19.38
Income (loss) from investment operations:
Net investment income (loss)(e)		0.20			0.20			0.04			0.21			0.27			0.41			0.30			0.26
Net realized and unrealized gain (loss) on investments and foreign currencies		1.64			(4.87	)		1.17			1.48			(7.47	)		(1.71	)		4.25			1.30
Total income (loss) from investment operations		1.84			(4.67	)		1.21			1.69			(7.20	)		(1.30	)		4.55			1.56
Distributions from:
Net investment income		(0.85	)		(0.09	)		–			(0.34	)		(0.40	)		(0.29	)		(0.16	)		(0.12	)
Net realized gain on securities		–			–			–			–			(1.40	)		(2.45	)		(0.96	)		–
Return of capital		–			–			–			–			–			–			–			–
Total distributions		(0.85	)		(0.09	)		–			(0.34	)		(1.80	)		(2.74	)		(1.12	)		(0.12	)
Net asset value at end of period	$	7.44		$	6.45		$	11.21		$	12.56		$	11.21		$	20.21		$	24.25		$	20.82
TOTAL RETURN(a)		28.56	%		(41.58	)%		12.10	%		14.88	%		(34.56	)%		(5.35	)%(f)		22.35	%		8.09	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(c)		0.93	%		0.95	%		0.95	%(b)		0.69	%		0.72	%		0.65	%		0.62	%		0.63	%
Ratio of expenses to average net assets(d)		0.93	%		1.01	%		5.04	%(b)		0.69	%		0.72	%		0.65	%		0.62	%		0.63	%
Ratio of expense reductions to average net assets		0.00	%		0.01	%		–			0.01	%		0.01	%		0.01	%		0.02	%		–
Ratio of net investment income (loss) to average net assets(c)		2.68	%		3.54	%		2.22	%(b)		1.63	%		2.03	%		1.95	%		1.31	%		1.30	%
Ratio of net investment income (loss) to average net assets(d)		2.68	%		3.48	%		(1.87	)%(b)		1.63	%		2.03	%		1.95	%		1.31	%		1.30	%
Portfolio turnover rate		86	%		88	%		11	%		91	%		95	%		165	%		153	%		139	%
Number of shares outstanding at end of period (000’s)		37,199			35,436			2,599			20,713			24,562			27,983			19,308			18,349
Net assets at end of period (000’s)	$	276,688		$	228,590		$	29,131		$	260,145		$	275,293		$	565,483		$	468,159		$	382,067

* Date Fund commenced operations.

^(a) Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b) Annualized

^(c) Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(d) Excludes, if any, expense reimbursements and expense reductions.

^(e) The per share amounts are calculated using the average share method.

^(f) The Fund’s performance figure was increased by 0.12% from a reimbursement by an affiliate.

280

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Global Strategy Fund															Government Securities Fund
	Year Ended May 31,												December 5, 2005* to May 31, 2006			Year Ended May 31,
	2010			2009			2008			2007						2010			2009			2008			2007			2006
PER SHARE DATA
Net asset value at beginning of period	$	9.74		$	12.77		$	13.08		$	10.92		$	10.00		$	10.50		$	10.42		$	10.12		$	9.86		$	10.14
Income (loss) from investment operations:
Net investment income (loss)(d)		0.37			0.32			0.41			0.31			0.03			0.28			0.28			0.40			0.43			0.37
Net realized and unrealized gain (loss) on investments and foreign currencies		0.99			(2.39	)		(0.33	)		2.05			0.90			0.29			0.05			0.36			0.07			(0.46	)
Total income (loss) from investment operations		1.36			(2.07	)		0.08			2.36			0.93			0.57			0.33			0.76			0.50			(0.09	)
Distributions from:
Net investment income		(1.03	)		(0.71	)		(0.19	)		(0.16	)		(0.01	)		(0.40	)		(0.25	)		(0.46	)		(0.24	)		(0.19	)
Net realized gain on securities		–			(0.25	)		(0.20	)		(0.04	)		–			–			–			–			–			–
Return of capital		–			–			–			–			–			–			–			–			–			–
Total distributions		(1.03	)		(0.96	)		(0.39	)		(0.20	)		(0.01	)		(0.40	)		(0.25	)		(0.46	)		(0.24	)		(0.19	)
Net asset value at end of period	$	10.07		$	9.74		$	12.77		$	13.08		$	10.92		$	10.67		$	10.50		$	10.42		$	10.12		$	9.86
TOTAL RETURN(a)		13.79	%(g)		(15.60	)%		0.63	%		21.86	%		9.30	%(f)		5.56	%(g)		3.04	%		7.54	%		5.12	%		(0.94	)%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.68	%		0.71	%		0.73	%		0.71	%		0.72	%(e)		0.71	%		0.65	%		0.66	%		0.67	%		0.65	%
Ratio of expenses to average net assets(c)		0.68	%		0.71	%		0.73	%		0.71	%		1.57	%(e)		0.71	%		0.65	%		0.66	%		0.67	%		0.65	%
Ratio of expense reductions to average net assets		–			–			–			–			–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		3.47	%		3.16	%		3.17	%		2.60	%		3.80	%(e)		2.58	%		2.63	%		3.92	%		4.22	%		3.68	%
Ratio of net investment income (loss) to average net assets(c)		3.47	%		3.16	%		3.17	%		2.60	%		2.94	%(e)		2.58	%		2.63	%		3.92	%		4.22	%		3.68	%
Portfolio turnover rate		20	%		25	%		25	%		31	%		1	%		216	%		126	%		67	%		141	%		99	%
Number of shares outstanding at end of period (000’s)		39,169			36,697			38,838			38,988			37,843			11,721			13,789			16,472			10,221			11,775
Net assets at end of period (000’s)	$	394,548		$	357,538		$	495,975		$	509,885		$	413,319		$	125,053		$	144,793		$	171,641		$	103,483		$	116,084

* Date Fund commenced operations.

^(a) Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b) Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c) Excludes, if any, expense reimbursements and expense reductions.

^(d) The per share amounts are calculated using the average share method.

^(e) Annualized.

^(f) The Fund’s performance figure was increased by less than 0.01% from gains on the disposal of investments in violation of investment restrictions.

^(g) The Fund’s performance figure was increased by less than 0.01% from a reimbursement by an affiliate (Note 3).

281

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Growth Fund															Growth & Income Fund
	Year Ended May 31,												December 5, 2005* to May 31, 2006			Year Ended May 31,
	2010			2009			2008			2007						2010			2009			2008			2007			2006
PER SHARE DATA
Net asset value at beginning of period	$	7.60		$	11.17		$	10.26		$	9.22		$	10.00		$	9.35		$	16.14		$	17.73		$	14.70		$	14.02
Income (loss) from investment operations:
Net investment income (loss)(d)		0.06			0.05			0.02			(0.01	)		0.01			0.13			0.24			0.26			0.19			0.15
Net realized and unrealized gain (loss) on investments and foreign currencies		1.61			(3.62	)		0.89			1.05			(0.79	)		1.24			(5.79	)		(0.85	)		2.95			0.60
Total income (loss) from investment operations		1.67			(3.57	)		0.91			1.04			(0.78	)		1.37			(5.55	)		(0.59	)		3.14			0.75
Distributions from:
Net investment income		(0.07	)		0.00			–			0.00			–			(0.24	)		(0.28	)		(0.22	)		(0.11	)		(0.07	)
Net realized gain on securities		–			0.00			–			–			–			–			(0.96	)		(0.78	)		–			–
Return of capital		–			–			–			–			–			–			–			–			–			–
Total distributions		(0.07	)		0.00			–			0.00			–			(0.24	)		(1.24	)		(1.00	)		(0.11	)		(0.07	)
Net asset value at end of period	$	9.20		$	7.60		$	11.17		$	10.26		$	9.22		$	10.48		$	9.35		$	16.14		$	17.73		$	14.70
TOTAL RETURN(a)		22.01	%(f)		(31.94	)%		8.87	%		11.29	%		(7.80	)%		14.58	%(f)		(33.90	)%		(3.44	)%(e)		21.40	%		5.36	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.85	%		0.94	%		0.95	%		0.94	%		0.93	%(g)		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%
Ratio of expenses to average net assets(c)		0.88	%		0.94	%		0.95	%		0.94	%		1.39	%(g)		0.95	%		0.95	%		0.89	%		0.89	%		0.89	%
Ratio of expense reductions to average net assets		–			–			–			–			–			0.01	%		0.02	%		0.03	%		0.02	%		–
Ratio of net investment income (loss) to average net assets(b)		0.67	%		0.64	%		0.22	%		(0.09	)%		1.55	%(g)		1.21	%		2.15	%		1.53	%		1.18	%		1.04	%
Ratio of net investment income (loss) to average net assets(c)		0.64	%		0.64	%		0.22	%		(0.09	)%		1.09	%(g)		1.11	%		2.05	%		1.49	%		1.13	%		1.00	%
Portfolio turnover rate		99	%		114	%		203	%		103	%		38	%		174	%		189	%		238	%		169	%		148	%
Number of shares outstanding at end of period (000’s)		71,366			75,864			86,259			99,984			127,742			7,598			7,861			8,034			8,422			9,858
Net assets at end of period (000’s)	$	656,380		$	576,502		$	963,368		$	1,025,501		$	1,177,556		$	79,602		$	73,508		$	129,657		$	149,283		$	144,880

* Date Fund commenced operations.

^(a) Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b) Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c) Excludes, if any, expense reimbursements and expense reductions.

^(d) The per share amounts are calculated using the average share method.

^(e) The Fund’s performance figure was increased by 0.17% from a reimbursement by an affiliate.

^(f) The Fund’s performance figure was increased by less than 0.01% from a reimbursement by an affiliate (Note 3).

^(g) Annualized.

282

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Health Sciences Fund															Inflation Protected Fund
	Year Ended May 31,															Year Ended May 31,
	2010			2009			2008			2007			2006			2010			2009			2008			2007			2006
PER SHARE DATA
Net asset value at beginning of period	$	7.18		$	10.56		$	11.53		$	10.64		$	9.49		$	9.20		$	10.01		$	9.59		$	9.60		$	10.17
Income (loss) from investment operations:
Net investment income (loss)(d)		(0.05	)		(0.04	)		(0.07	)		(0.06	)		(0.08	)		0.24			0.20			0.49			0.39			0.43
Net realized and unrealized gain (loss) on investments and foreign currencies		1.94			(2.45	)		0.13			2.37			1.70			0.81			(0.61	)		0.29			(0.07	)		(0.68	)
Total income (loss) from investment operations		1.89			(2.49	)		0.06			2.31			1.62			1.05			(0.41	)		0.78			0.32			(0.25	)
Distributions from:
Net investment income		–			–			–			–			–			(0.08	)		(0.39	)		(0.36	)		(0.33	)		(0.32	)
Net realized gain on securities		–			(0.89	)		(1.03	)		(1.42	)		(0.47	)		–			–			–			–			0.00
Return of capital		–			–			–			–			–			–			(0.01	)		–			–			–
Total distributions		–			(0.89	)		(1.03	)		(1.42	)		(0.47	)		(0.08	)		(0.40	)		(0.36	)		(0.33	)		(0.32	)
Net asset value at end of period	$	9.07		$	7.18		$	10.56		$	11.53		$	10.64		$	10.17		$	9.20		$	10.01		$	9.59		$	9.60
TOTAL RETURN(a)		26.32	%		(23.05	)%		0.05	%		23.19	%		16.94	%		11.47	%		(4.08	)%		8.22	%		3.35	%		(2.44	)%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		1.18	%		1.19	%		1.17	%		1.17	%		1.16	%		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Ratio of expenses to average net assets(c)		1.18	%		1.19	%		1.17	%		1.17	%		1.16	%		0.65	%		0.66	%		0.73	%		1.05	%		1.02	%
Ratio of expense reductions to average net assets		0.00	%		0.01	%		0.00	%		0.01	%		0.01	%		–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		(0.62	)%		(0.55	)%		(0.63	)%		(0.57	)%		(0.76	)%		2.55	%		2.18	%		5.59	%		4.00	%		4.45	%
Ratio of net investment income (loss) to average net assets(c)		(0.62	)%		(0.55	)%		(0.63	)%		(0.57	)%		(0.76	)%		2.55	%		2.16	%		5.51	%		3.61	%		4.08	%
Portfolio turnover rate		38	%		43	%		44	%		47	%		54	%		48	%		39	%		70	%		37	%		13	%
Number of shares outstanding at end of period (000’s)		18,776			19,699			18,782			17,035			17,026			22,673			16,219			15,887			1,640			1,668
Net assets at end of period (000’s)	$	170,216		$	141,470		$	198,368		$	196,444		$	181,078		$	230,538		$	149,178		$	159,074		$	15,722		$	16,016

^(a) Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b) Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c) Excludes, if any, expense reimbursements and expense reductions.

^(d) The per share amounts are calculated using the average share method.

283

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	International Equities Fund															International Government Bond Fund
	Year Ended May 31,															Year Ended May 31,
	2010			2009			2008			2007			2006			2010			2009			2008			2007			2006
PER SHARE DATA
Net asset value at beginning of period	$	5.15		$	10.37		$	11.29		$	9.79		$	7.56		$	11.55		$	12.39		$	12.05		$	12.08		$	13.04
Income (loss) from investment operations:
Net investment income (loss)(d)		0.13			0.19			0.31			0.25			0.19			0.45			0.46			0.49			0.49			0.48
Net realized and unrealized gain (loss) on investments and foreign currencies		0.25			(4.18	)		(0.75	)		2.02			2.09			0.40			(0.56	)		0.57			0.42			(0.17	)
Total income (loss) from investment operations		0.38			(3.99	)		(0.44	)		2.27			2.28			0.85			(0.10	)		1.06			0.91			0.31
Distributions from:
Net investment income		(0.15	)		(0.28	)		(0.26	)		(0.16	)		(0.05	)		(0.48	)		(0.73	)		(0.63	)		(0.52	)		(0.28	)
Net realized gain on securities		–			(0.95	)		(0.22	)		(0.61	)		–			–			(0.01	)		(0.09	)		(0.42	)		(0.99	)
Return of capital		–			–			–			–			–			–			–			–			–			–
Total distributions		(0.15	)		(1.23	)		(0.48	)		(0.77	)		(0.05	)		(0.48	)		(0.74	)		(0.72	)		(0.94	)		(1.27	)
Net asset value at end of period	$	5.38		$	5.15		$	10.37		$	11.29		$	9.79		$	11.92		$	11.55		$	12.39		$	12.05		$	12.08
TOTAL RETURN(a)		7.06	%		(37.10	)%		(3.91	)%		24.05	%		30.32	%		7.32	%		(0.70	)%		8.94	%		7.60	%(e)		2.65	%(e)
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.52	%		0.55	%		0.51	%		0.50	%		0.56	%		0.68	%		0.72	%		0.68	%		0.70	%		0.71	%
Ratio of expenses to average net assets(c)		0.52	%		0.55	%		0.51	%		0.50	%		0.56	%		0.68	%		0.72	%		0.68	%		0.70	%		0.71	%
Ratio of expense reductions to average net assets		–			–			–			–			–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		2.29	%		3.18	%		2.87	%		2.45	%		2.19	%		3.70	%		3.96	%		4.07	%		4.04	%		3.81	%
Ratio of net investment income (loss) to average net assets(c)		2.29	%		3.18	%		2.87	%		2.45	%		2.19	%		3.70	%		3.96	%		4.07	%		4.04	%		3.81	%
Portfolio turnover rate		66	%		81	%		104	%		47	%		98	%		147	%		224	%		183	%		164	%		198	%
Number of shares outstanding at end of period (000’s)		145,793			141,492			106,313			97,164			83,906			12,409			13,016			14,457			11,264			11,377
Net assets at end of period (000’s)	$	783,839		$	728,784		$	1,102,850		$	1,097,046		$	821,577		$	147,932		$	150,314		$	179,191		$	135,777		$	137,405

^(a) Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b) Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c) Excludes, if any, expense reimbursements and expense reductions.

^(d) The per share amounts are calculated using the average share method.

^(e) The Fund’s performance figure was increased by less than 0.01% from reimbursements for losses realized on the disposal of investments in violation of investment restrictions.

284

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	International Growth I Fund															Large Cap Core Fund
	Year Ended May 31,															Year Ended May 31,												December 5, 2005* to May 31, 2006
	2010			2009			2008			2007			2006			2010			2009			2008			2007
PER SHARE DATA
Net asset value at beginning of period	$	8.29		$	13.15		$	12.91		$	10.30		$	8.07		$	7.92		$	10.78		$	11.91		$	10.10		$	10.00
Income (loss) from investment operations:
Net investment income (loss)(e)		0.13			0.18			0.20			0.14			0.16			0.10			0.13			0.11			0.13			0.02
Net realized and unrealized gain (loss) on investments and foreign currencies		0.80			(4.86	)		0.16			2.65			2.12			1.47			(2.51	)		(0.65	)		1.78			0.09
Total income (loss) from investment operations		0.93			(4.68	)		0.36			2.79			2.28			1.57			(2.38	)		(0.54	)		1.91			0.11
Distributions from:
Net investment income		(0.18	)		(0.18	)		(0.12	)		(0.18	)		(0.05	)		(0.12	)		(0.04	)		(0.09	)		(0.10	)		(0.01	)
Net realized gain on securities		–			–			–			–			–			–			(0.44	)		(0.50	)		–			–
Return of capital		–			–			–			–			–			–			–			–			–			–
Total distributions		(0.18	)		(0.18	)		(0.12	)		(0.18	)		(0.05	)		(0.12	)		(0.48	)		(0.59	)		(0.10	)		(0.01	)
Net asset value at end of period	$	9.04		$	8.29		$	13.15		$	12.91		$	10.30		$	9.37		$	7.92		$	10.78		$	11.91		$	10.10
TOTAL RETURN(a)		11.07	%		(35.39	)%		2.78	%		27.31	%		28.35	%		19.81	%		(21.36	)%		(4.73	)%		19.01	%		1.10	%(f)
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(c)		1.01	%		1.01	%		1.01	%		1.01	%		1.01	%		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%(b)
Ratio of expenses to average net assets(d)		1.12	%		1.14	%		1.11	%		1.11	%		1.19	%		0.88	%		0.89	%		1.00	%		0.91	%		2.43	%(b)
Ratio of expense reductions to average net assets		0.00	%		0.00	%		0.00	%		0.00	%		–			0.01	%		0.02	%		0.02	%		0.01	%		–
Ratio of net investment income (loss) to average net assets(c)		1.35	%		2.11	%		1.56	%		1.19	%		1.71	%		1.08	%		1.60	%		0.96	%		1.15	%		3.49	%(b)
Ratio of net investment income (loss) to average net assets(d)		1.24	%		1.97	%		1.46	%		1.09	%		1.53	%		1.05	%		1.56	%		0.81	%		1.09	%		1.90	%(b)
Portfolio turnover rate		79	%		70	%		64	%		74	%		97	%		33	%		41	%		62	%		24	%		2	%
Number of shares outstanding at end of period (000’s)		52,207			53,649			55,226			51,765			48,065			12,406			12,312			7,869			7,405			17,431
Net assets at end of period (000’s)	$	471,764		$	444,783		$	726,258		$	668,274		$	495,181		$	116,227		$	97,480		$	84,844		$	88,186		$	176,038

* Date Fund commenced operations.

^(a) Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b) Annualized

^(c) Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(d) Excludes, if any, expense reimbursements and expense reductions.

^(e) The per share amounts are calculated using the average share method.

^(f) The Fund’s performance figure was increased by less than 0.01% from gains on the disposal of investments in violation of investment restrictions.

285

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Large Capital Growth Fund															Mid Cap Index Fund
	Year Ended May 31,															Year Ended May 31,
	2010			2009			2008			2007			2006			2010			2009			2008			2007			2006
PER SHARE DATA
Net asset value at beginning of period	$	8.23		$	12.45		$	12.38		$	10.43		$	9.85		$	13.32		$	23.88		$	26.62		$	23.72		$	21.46
Income (loss) from investment operations:
Net investment income (loss)(d)		0.04			0.06			0.03			0.05			0.01			0.19			0.25			0.26			0.30			0.25
Net realized and unrealized gain (loss) on investments and foreign currencies		1.53			(4.01	)		0.07			1.93			0.59			4.40			(8.65	)		(1.05	)		4.38			3.00
Total income (loss) from investment operations		1.57			(3.95	)		0.10			1.98			0.60			4.59			(8.40	)		(0.79	)		4.68			3.25
Distributions from:
Net investment income		(0.07	)		(0.03	)		(0.03	)		(0.03	)		(0.02	)		(0.25	)		(0.27	)		(0.30	)		(0.12	)		(0.11	)
Net realized gain on securities		–			(0.24	)		–			–			–			(0.36	)		(1.89	)		(1.65	)		(1.66	)		(0.88	)
Return of capital		–			–			–			–			–			–			–			–			–			–
Total distributions		(0.07	)		(0.27	)		(0.03	)		(0.03	)		(0.02	)		(0.61	)		(2.16	)		(1.95	)		(1.78	)		(0.99	)
Net asset value at end of period	$	9.73		$	8.23		$	12.45		$	12.38		$	10.43		$	17.30		$	13.32		$	23.88		$	26.62		$	23.72
TOTAL RETURN(a)		19.08	%(g)		(31.55	)%		0.78	%(f)		18.97	%		6.08	%		34.73	%		(33.91	)%		(2.73	)%		20.77	%		15.35	%(e)
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.78	%		0.79	%		0.78	%		0.76	%		0.79	%		0.39	%		0.40	%		0.38	%		0.38	%		0.39	%
Ratio of expenses to average net assets(c)		0.78	%		0.79	%		0.78	%		0.76	%		1.33	%		0.39	%		0.40	%		0.38	%		0.38	%		0.39	%
Ratio of expense reductions to average net assets		0.00	%		0.00	%		0.01	%		0.01	%		–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		0.41	%		0.61	%		0.27	%		0.42	%		0.30	%		1.17	%		1.64	%		1.08	%		1.27	%		1.09	%
Ratio of net investment income (loss) to average net assets(c)		0.41	%		0.61	%		0.27	%		0.42	%		(0.24	)%		1.17	%		1.64	%		1.08	%		1.27	%		1.09	%
Portfolio turnover rate		59	%		49	%		49	%		78	%		404	%		12	%		22	%		21	%		14	%		19	%
Number of shares outstanding at end of period (000’s)		35,736			38,018			41,724			47,394			58,300			121,459			123,279			112,050			115,417			101,116
Net assets at end of period (000’s)	$	347,731		$	312,755		$	519,294		$	586,875		$	608,299		$	2,101,641		$	1,642,120		$	2,676,198		$	3,071,995		$	2,398,610

^(a) Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b) Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c) Excludes, if any, expense reimbursements and expense reductions.

^(d) The per share amounts are calculated using the average share method.

^(e) The Fund’s performance figure was increased by less than 0.01% from reimbursements for losses realized on the disposal of investments in violation of investment restrictions.

^(f) The Fund’s performance figure was increased by less than 0.01% from gains on the disposal of investments in violation of investment restrictions.

^(g) The Fund’s performance figure was increased by less than 0.01% by a reimbursement by an affiliate (Note 3).

286

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Mid Cap Strategic Growth Fund															Money Market I Fund
	Year Ended May 31,															Year Ended May 31,
	2010			2009			2008			2007			2006			2010			2009			2008			2007			2006
PER SHARE DATA
Net asset value at beginning of period	$	7.83		$	15.03		$	14.14		$	11.76		$	9.97		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income (loss) from investment operations:
Net investment income (loss)(d)		(0.00	)		0.02			0.01			0.00			0.02			0.00			0.01			0.04			0.05			0.04
Net realized and unrealized gain (loss) on investments and foreign currencies		2.14			(5.95	)		1.23			2.39			1.77			0.00			–			–			–			–
Total income (loss) from investment operations		2.14			(5.93	)		1.24			2.39			1.79			0.00			0.01			0.04			0.05			0.04
Distributions from:
Net investment income		(0.05	)		–			–			(0.01	)		–			(0.00	)		(0.01	)		(0.04	)		(0.05	)		(0.04	)
Net realized gain on securities		–			(1.27	)		(0.35	)		–			–			(0.00	)		–			–			–			–
Return of capital		–			–			–			–			–			–			–			–			–			–
Total distributions		(0.05	)		(1.27	)		(0.35	)		(0.01	)		–			(0.00	)		(0.01	)		(0.04	)		(0.05	)		(0.04	)
Net asset value at end of period	$	9.92		$	7.83		$	15.03		$	14.14		$	11.76		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
TOTAL RETURN(a)		27.35	%(f)		(37.52	)%		8.71	%		20.30	%		17.95	%		0.04	%(e)		1.33	%		3.82	%		4.90	%		3.61	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.85	%		0.85	%		0.84	%		0.83	%		0.84	%		0.41	%		0.54	%		0.51	%		0.52	%		0.53	%
Ratio of expenses to average net assets(c)		0.86	%		0.87	%		0.84	%		0.83	%		1.39	%		0.55	%		0.59	%		0.51	%		0.52	%		0.56	%
Ratio of expense reductions to average net assets		0.04	%		0.04	%		0.01	%		0.00	%		–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		(0.09	)%		0.21	%		0.03	%		0.00	%		0.60	%		0.03	%		1.31	%		3.72	%		4.80	%		3.56	%
Ratio of net investment income (loss) to average net assets(c)		(0.10	)%		0.19	%		0.03	%		0.00	%		0.05	%		(0.10	)%		1.26	%		3.72	%		4.80	%		3.54	%
Portfolio turnover rate		239	%		293	%		151	%		242	%		486	%		N/A			N/A			N/A			N/A			N/A
Number of shares outstanding at end of period (000’s)		25,009			26,125			24,438			23,317			30,660			542,000			612,933			572,369			516,352			442,628
Net assets at end of period (000’s)	$	248,109		$	204,470		$	367,295		$	329,635		$	360,613		$	541,159		$	611,356		$	572,434		$	516,352		$	442,628

^(a) Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b) Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c) Excludes, if any, expense reimbursements and expense reductions.

^(d) The per share amounts are calculated using the average share method.

^(e) The Fund’s performance figure was increased by less than 0.01% from the effect of payments by an affiliate (Note 3).

^(f) The Fund’s performance figure was increased by less than 0.01% from gains on the disposal of investments in violation of investment restrictions (Note 3).

287

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Nasdaq-100® Index Fund															Science & Technology Fund
	Year Ended May 31,															Year Ended May 31,
	2010			2009			2008			2007			2006			2010			2009			2008			2007			2006
PER SHARE DATA
Net asset value at beginning of period	$	3.89		$	5.62		$	5.34		$	4.38		$	4.28		$	9.98		$	14.41		$	13.67		$	11.50		$	11.27
Income (loss) from investment operations:
Net investment income (loss)(d)		0.01			0.01			0.01			0.00			0.00			(0.02	)		0.01			(0.01	)		(0.05	)		(0.05	)
Net realized and unrealized gain (loss) on investments and foreign currencies		1.14			(1.68	)		0.27			0.96			0.10			2.98			(4.44	)		0.75			2.22			0.28
Total income (loss) from investment operations		1.15			(1.67	)		0.28			0.96			0.10			2.96			(4.43	)		0.74			2.17			0.23
Distributions from:
Net investment income		(0.01	)		(0.01	)		–			(0.00	)		(0.00	)		(0.01	)		–			–			–			–
Net realized gain on securities		–			(0.05	)		–			–			–			–			–			–			–			–
Return of capital		–			–			–			–			–			–			–			–			–			–
Total distributions		(0.01	)		(0.06	)		–			(0.00	)		–			(0.01	)		–			–			–			–
Net asset value at end of period	$	5.03		$	3.89		$	5.62		$	5.34		$	4.38		$	12.93		$	9.98		$	14.41		$	13.67		$	11.50
TOTAL RETURN(a)		29.60	%(f)		(29.36	)%		5.32	%		22.01	%		2.36	%		29.67	%(f)		(30.74	)%(e)		5.41	%		18.87	%		2.04	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.54	%		0.55	%		0.56	%		0.63	%		0.61	%		1.02	%		1.06	%		1.00	%		1.03	%		1.01	%
Ratio of expenses to average net assets(c)		0.60	%		0.66	%		0.60	%		0.63	%		0.61	%		1.02	%		1.06	%		1.00	%		1.03	%		1.01	%
Ratio of expense reductions to average net assets		–			–			–			–			–			0.02	%		0.01	%		0.01	%		0.02	%		0.02	%
Ratio of net investment income (loss) to average net assets(b)		0.25	%		0.35	%		0.27	%		0.08	%		0.07	%		(0.20	)%		0.09	%		(0.11	)%		(0.39	)%		(0.42	)%
Ratio of net investment income (loss) to average net assets(c)		0.18	%		0.24	%		0.23	%		0.08	%		0.07	%		(0.20	)%		0.09	%		(0.11	)%		(0.39	)%		(0.42	)%
Portfolio turnover rate		6	%		9	%		8	%		5	%		14	%		138	%		150	%		145	%		163	%		117	%
Number of shares outstanding at end of period (000’s)		20,423			18,892			17,471			15,678			18,856			54,912			56,476			63,061			70,630			89,433
Net assets at end of period (000’s)	$	102,703		$	73,521		$	98,269		$	83,647		$	82,519		$	710,097		$	563,610		$	908,590		$	965,650		$	1,028,643

^(a) Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b) Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c) Excludes, if any, expense reimbursements and expense reductions.

^(d) The per share amounts are calculated using the average share method.

^(e) The Fund’s performance figure was increased by 0.07% from reimbursements for losses realized on the disposal of investments in violation of investment restrictions.

^(f) The Fund’s performance figure was increased by less than 0.01% by a reimbursement by an affiliate (Note 3).

288

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Small Cap Aggressive Growth Fund															Small Cap Fund
	Year Ended May 31,												December 5, 2005* to May 31, 2006			Year Ended May 31,
	2010			2009			2008			2007						2010			2009			2008			2007			2006
PER SHARE DATA
Net asset value at beginning of period	$	7.05		$	11.17		$	11.71		$	10.22		$	10.00		$	6.39		$	9.82		$	13.22		$	12.64		$	11.01
Income (loss) from investment operations:
Net investment income (loss)(e)		(0.05	)		(0.03	)		(0.05	)		(0.08	)		(0.01	)		0.01			0.03			0.04			0.01			0.00
Net realized and unrealized gain (loss) on investments and foreign currencies		2.84			(3.17	)		(0.49	)		1.58			0.23			1.95			(2.98	)		(2.04	)		1.58			1.63
Total income (loss) from investment operations		2.79			(3.20	)		(0.54	)		1.50			0.22			1.96			(2.95	)		(2.00	)		1.59			1.63
Distributions from:
Net investment income		(0.00	)		–			–			–			–			(0.04	)		(0.04	)		–			–			–
Net realized gain on securities		–			(0.92	)		–			(0.01	)		–			–			(0.44	)		(1.40	)		(1.01	)		–
Return of capital		–			–			–			–			–			–			–			–			–			–
Total distributions		(0.00	)		(0.92	)		–			(0.01	)		–			(0.04	)		(0.48	)		(1.40	)		(1.01	)		–
Net asset value at end of period	$	9.84		$	7.05		$	11.17		$	11.71		$	10.22		$	8.31		$	6.39		$	9.82		$	13.22		$	12.64
TOTAL RETURN(a)		39.59	%(f)		(26.42	)%		(4.59	)%		14.70	%		2.20	%		30.65	%		(29.56	)%		(15.29	)%		13.29	%		14.80	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(c)		0.99	%		0.99	%		1.00	%		1.00	%		1.00	%(b)		0.94	%		0.95	%		0.95	%		0.95	%		0.95	%
Ratio of expenses to average net assets(d)		1.10	%		1.12	%		1.14	%		1.15	%		3.18	%(b)		1.06	%		1.07	%		1.05	%		1.02	%		1.02	%
Ratio of expense reductions to average net assets		0.02	%		0.01	%		0.03	%		0.02	%		–			0.01	%		0.01	%		0.00	%		0.00	%		–
Ratio of net investment income (loss) to average net assets(c)		(0.56	)%		(0.37	)%		(0.52	)%		(0.83	)%		(0.80	)%(b)		0.13	%		0.40	%		0.31	%		0.04	%		(0.02	)%
Ratio of net investment income (loss) to average net assets(d)		(0.66	)%		(0.50	)%		(0.66	)%		(0.98	)%		(2.98	)%(b)		–			0.28	%		0.21	%		(0.03	)%		(0.09	)%
Portfolio turnover rate		73	%		74	%		98	%		192	%		28	%		37	%		40	%		119	%		87	%		83	%
Number of shares outstanding at end of period (000’s)		8,809			6,553			5,823			4,434			6,032			34,509			37,152			39,852			41,863			48,356
Net assets at end of period (000’s)	$	86,711		$	46,179		$	65,033		$	51,911		$	61,659		$	286,788		$	237,444		$	391,306		$	553,319		$	611,356

* Date Fund commenced operations.

^(a) Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b) Annualized

^(c) Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(d) Excludes, if any, expense reimbursements and expense reductions.

^(e) The per share amounts are calculated using the average share method.

^(f) The Fund’s performance figure was increased by less than 0.01% by a reimbursement by an affiliate (Note 3).

289

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Small Cap Index Fund															Small Cap Special Values Fund
	Year Ended May 31,															Year Ended May 31,												December 5, 2005* to May 31, 2006
	2010			2009			2008			2007			2006			2010			2009			2008			2007
PER SHARE DATA
Net asset value at beginning of period	$	9.43		$	15.80		$	19.41		$	17.24		$	15.16		$	6.03		$	9.73		$	12.62		$	10.59		$	10.00
Income (loss) from investment operations:
Net investment income (loss)(d)		0.11			0.18			0.23			0.21			0.15			0.05			0.10			0.12			0.13			0.02
Net realized and unrealized gain (loss) on investments and foreign currencies		3.06			(5.35	)		(2.27	)		2.93			2.51			2.12			(3.43	)		(2.31	)		2.01			0.58
Total income (loss) from investment operations		3.17			(5.17	)		(2.04	)		3.14			2.66			2.17			(3.33	)		(2.19	)		2.14			0.60
Distributions from:
Net investment income		(0.18	)		(0.23	)		(0.20	)		(0.07	)		(0.07	)		(0.12	)		(0.10	)		(0.09	)		(0.06	)		(0.01	)
Net realized gain on securities		(0.27	)		(0.97	)		(1.37	)		(0.90	)		(0.51	)		–			(0.27	)		(0.61	)		(0.05	)		–
Return of capital		–			–			–			–			–			–			–			–			–			–
Total distributions		(0.45	)		(1.20	)		(1.57	)		(0.97	)		(0.58	)		(0.12	)		(0.37	)		(0.70	)		(0.11	)		(0.01	)
Net asset value at end of period	$	12.15		$	9.43		$	15.80		$	19.41		$	17.24		$	8.08		$	6.03		$	9.73		$	12.62		$	10.59
TOTAL RETURN(a)		34.01	%		(32.19	)%		(10.71	)%		18.66	%		17.84	%		36.20	%(f)		(33.97	)%		(17.39	)%		20.30	%		6.02	%(e)
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.46	%		0.47	%		0.42	%		0.43	%		0.45	%		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%(g)
Ratio of expenses to average net assets(c)		0.46	%		0.47	%		0.42	%		0.43	%		0.45	%		0.98	%		0.96	%		0.92	%		0.90	%		2.30	%(g)
Ratio of expense reductions to average net assets		–			–			–			–			–			0.01	%		0.04	%		0.03	%		0.02	%		–
Ratio of net investment income (loss) to average net assets(b)		0.98	%		1.65	%		1.34	%		1.20	%		0.90	%		0.69	%		1.48	%		1.09	%		1.10	%		2.91	%(g)
Ratio of net investment income (loss) to average net assets(c)		0.98	%		1.65	%		1.34	%		1.20	%		0.90	%		0.61	%		1.42	%		1.07	%		1.10	%		1.51	%(g)
Portfolio turnover rate		15	%		24	%		20	%		18	%		22	%		98	%		67	%		51	%		64	%		132	%
Number of shares outstanding at end of period (000’s)		66,604			67,300			62,690			62,786			57,051			25,867			26,857			26,379			30,647			35,239
Net assets at end of period (000’s)	$	809,018		$	634,336		$	990,398		$	1,218,827		$	983,742		$	209,121		$	162,069		$	256,767		$	386,817		$	373,291

* Date Fund commenced operations.

^(a) Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b) Includes, if any, expense reimbursements, but excludes, if any, expense reductions.

^(c) Excludes, if any, expense reimbursements and expense reductions.

^(d) The per share amounts are calculated using the average share method.

^(e) The Fund’s performance figure was increased by less than 0.01% from reimbursements for losses realized on the disposal of investments in violation of investment restrictions.

^(f) The Fund’s performance figure was increased by less than 0.01% from a reimbursement by an affiliate (Note 3).

^(g) Annualized.

290

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Small-Mid Growth Fund															Stock Index Fund
	Year Ended May 31,												December 5, 2005* to May 31, 2006			Year Ended May 31,
	2010			2009			2008			2007						2010			2009			2008			2007			2006
PER SHARE DATA
Net asset value at beginning of period	$	6.79		$	10.05		$	11.65		$	10.33		$	10.00		$	19.06		$	34.60		$	39.80		$	33.87		$	32.17
Income (loss) from investment operations:
Net investment income (loss)(d)		(0.05	)		0.01			(0.03	)		(0.02	)		0.00			0.37			0.53			0.60			0.58			0.53
Net realized and unrealized gain (loss) on investments and foreign currencies		1.82			(2.98	)		(1.57	)		1.34			0.33			3.66			(12.20	)		(3.30	)		6.86			2.11
Total income (loss) from investment operations		1.77			(2.97	)		(1.60	)		1.32			0.33			4.03			(11.67	)		(2.70	)		7.44			2.64
Distributions from:
Net investment income		(0.02	)		(0.01	)		–			–			–			(0.49	)		(0.70	)		(0.61	)		(0.31	)		(0.25	)
Net realized gain on securities		–			(0.28	)		–			–			–			(0.67	)		(3.17	)		(1.89	)		(1.20	)		(0.69	)
Return of capital		–			–			–			–			–			–			–			–			–			–
Total distributions		(0.02	)		(0.29	)		–			–			–			(1.16	)		(3.87	)		(2.50	)		(1.51	)		(0.94	)
Net asset value at end of period	$	8.54		$	6.79		$	10.05		$	11.65		$	10.33		$	21.93		$	19.06		$	34.60		$	39.80		$	33.87
TOTAL RETURN(a)		26.03	%(f)		(29.01	)%		(13.73	)%		12.78	%		3.30	%		21.06	%		(32.99	)%		(6.98	)%		22.37	%		8.27	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%(e)		0.38	%		0.39	%		0.35	%		0.35	%		0.36	%
Ratio of expenses to average net assets(c)		1.09	%		1.15	%		1.03	%		1.01	%		2.49	%(e)		0.38	%		0.39	%		0.35	%		0.35	%		0.36	%
Ratio of expense reductions to average net assets		0.04	%		0.06	%		0.01	%		0.01	%		–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		(0.63	)%		0.01	%		(0.33	)%		(0.20	)%		(0.49	)%(e)		1.70	%		2.31	%		1.64	%		1.58	%		1.57	%
Ratio of net investment income (loss) to average net assets(c)		(0.72	)%		(0.14	)%		(0.36	)%		(0.21	)%		(1.98	)%(e)		1.70	%		2.31	%		1.64	%		1.58	%		1.57	%
Portfolio turnover rate		74	%		91	%		196	%		83	%		277	%		7	%		7	%		5	%		4	%		7	%
Number of shares outstanding at end of period (000’s)		11,165			11,464			11,803			13,987			18,720			136,381			130,783			124,600			133,576			140,078
Net assets at end of period (000’s)	$	95,319		$	77,843		$	118,628		$	162,946		$	193,337		$	2,990,589		$	2,493,280		$	4,311,083		$	5,316,922		$	4,744,289

* Date Fund commenced operations.

^(a) Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b) Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c) Excludes, if any, expense reimbursements and expense reductions.

^(d) The per share amounts are calculated using the average share method.

^(e) Annualized.

^(f) The Fund’s performance figure was increased by less than 0.01% from a reimbursement from an affiliate (Note 3).

291

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Value Fund
	Year Ended May 31,
	2010			2009			2008			2007			2006
PER SHARE DATA
Net asset value at beginning of period	$	7.20		$	11.01		$	13.41		$	12.19		$	11.15
Income (loss) from investment operations:
Net investment income (loss)(d)		0.05			0.15			0.15			0.08			0.14
Net realized and unrealized gain (loss) on investments and foreign currencies		1.20			(3.76	)		(1.65	)		3.10			1.07
Total income (loss) from investment operations		1.25			(3.61	)		(1.50	)		3.18			1.21
Distributions from:
Net investment income		(0.17	)		(0.09	)		(0.04	)		(0.24	)		(0.05	)
Net realized gain on securities		–			(0.11	)		(0.86	)		(1.72	)		(0.12	)
Return of capital		–			–			–			–			–
Total distributions		(0.17	)		(0.20	)		(0.90	)		(1.96	)		(0.17	)
Net asset value at end of period	$	8.28		$	7.20		$	11.01		$	13.41		$	12.19
TOTAL RETURN(a)		17.30	%		(32.55	)%(e)		(11.44	)%		28.42	%		10.92	%(e)
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.85	%		0.85	%		0.88	%		1.03	%		0.92	%
Ratio of expenses to average net assets(c)		0.94	%		0.94	%		0.93	%		1.03	%		0.92	%
Ratio of expense reductions to average net assets		–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		0.56	%		1.89	%		1.39	%		0.65	%		1.29	%
Ratio of net investment income (loss) to average net assets(c)		0.47	%		1.79	%		1.34	%		0.64	%		1.29	%
Portfolio turnover rate		105	%		173	%		142	%		116	%		76	%
Number of shares outstanding at end of period (000’s)		18,716			21,631			25,199			6,691			16,214
Net assets at end of period (000’s)	$	155,035		$	155,725		$	277,346		$	89,740		$	197,648

^(a) Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b) Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c) Excludes, if any, expense reimbursements and expense reductions.

^(d) The per share amounts are calculated using the average share method.

^(e) The Fund’s performance figure was increased by less than 0.01% from gains on the disposal of investments in violation of investment restrictions.

292

VALIC Company I

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Shareholders of VALIC Company I

In our opinion, the accompanying statements of assets and liabilities, including the portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of each of the thirty-three funds constituting VALIC Company I, (hereafter referred to as the “Series”) at May 31, 2010, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated in the three years then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Series’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at May 31, 2010 by correspondence with the custodian and brokers and application of alternative auditing procedures where securities purchased had not been received, provide a reasonable basis for our opinion. The financial highlights presented for each of the periods ended on or before May 31, 2007 were audited by another independent registered public accounting firm whose report, dated July 25, 2007, expressed an unqualified opinion on those financial highlights.

PricewaterhouseCoopers LLP

Houston, Texas

July 28, 2010

293

VALIC Company I

APPROVAL OF ADVISORY AGREEMENTS (Unaudited)

At a meeting held on January 25-26, 2010, the Board of Directors, including a majority of the disinterested Directors as defined by the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Directors”), approved amendments to the existing investment sub-advisory agreement between VALIC and BlackRock Investment Management, Inc. (“BlackRock”) (the “BlackRock Sub-Advisory Agreement”) and between VALIC and SunAmerica Asset Management Corp. (“SunAmerica”) (the “SunAmerica Sub-Advisory Agreement”), (collectively, the “Sub-Advisory Agreements”) with respect to the Core Value Fund (the “Fund”). The Board considered that SunAmerica and BlackRock would become co-sub-advisers of the Fund and that they would replace American Century Investment Management, Inc. (“American Century”), the current sub-adviser responsible for the day-to-day management of the Fund.

The Board received materials relating to certain factors the Board considered in determining to approve the Sub-Advisory Agreements. Those factors included: (1) the nature, extent and quality of services to be provided by SunAmerica and BlackRock; (2) SunAmerica’s and BlackRock’s sub-advisory fee rate compared to the sub-advisory fee rates of a peer group of funds with similar investment objectives (“Subadvisory Expense Group”), as selected by an independent third-party provider of investment company data; (3) the investment performance of the Fund compared to performance of comparable funds in its Morningstar Large Value category (“Performance Group”) and against the Fund’s current benchmark, the Russell 1000^® Value Index (“Benchmark”) and the investment performance of comparable funds managed by SunAmerica and BlackRock against the Performance Group, Benchmark and the Fund’s performance; (4) the costs of services and the benefits potentially to be derived by SunAmerica and BlackRock, (5) whether the Fund will benefit from possible economies of scale by engaging SunAmerica and BlackRock as sub-advisers; (6) the profitability of VALIC, SunAmerica and BlackRock; and (7) the terms of the Sub-Advisory Agreements.

The Independent Directors were separately represented by counsel that is independent of VALIC in connection with their consideration of the approval of the Sub-Advisory Agreements. The matters discussed below were also considered separately by the Independent Directors in executive session.

Nature, Extent and Quality of Services. The Board considered the nature, extent and quality of services to be provided to the Fund by SunAmerica and BlackRock. The Board also considered that SunAmerica’s and BlackRock’s management of the Fund is subject to the oversight of VALIC and the Board, and the Fund must be managed in accordance with the investment objectives, policies and restrictions as set forth in the Fund’s prospectus and statement of additional information. The Board noted that while the proposed addition of SunAmerica and BlackRock as sub-advisers would not result in a result in a change to the Fund’s investment objective, it would result in modifications to the Fund’s investment strategy.

The Board considered information provided to them regarding the services to be provided by SunAmerica and BlackRock. In this regard, the Board took into account its familiarity with SunAmerica and its operations through SunAmerica’s service as administrator to VC I and to VC II and as sub-adviser to certain other funds in the VALIC complex. The Board also took into account its familiarity with BlackRock, which is a sub-adviser to another VC I fund. The Board considered the qualifications, background and responsibilities of SunAmerica’s and BlackRock’s investment and compliance personnel who would be responsible for providing investment management services to the Fund. The Board also took into account the financial condition of SunAmerica and BlackRock and their respective affiliates.

The Board, including a majority of the Independent Directors, concluded that the scope and quality of advisory services to be provided by SunAmerica and BlackRock under their respective Sub-Advisory Agreements would be satisfactory.

Fees and Expenses; Investment Performance. The Board received and reviewed information regarding the Fund’s advisory fee rate compared against other funds in its peer group. The Board considered that the Fund’s current advisory fee rate was above the median of its peer group and that following the sub-adviser change the Fund’s advisory fee rate would be at the median of its peer group.

The Board also received and reviewed the Fund’s sub-advisory fee rates compared against the Subadvisory Expense Group. The Board noted that the Fund’s sub-advisory fees were currently above the median of its Subadvisory Expense Group, but that they would be at the median of the Subadvisory Expense Group following the change of sub-advisers. The Board also considered the affiliation of SunAmerica with VALIC, noting any potential conflicts of interest. The Board took into account that the sub-advisory fee rate payable to SunAmerica is identical to the sub-advisory fee rate payable to BlackRock and is at the median of its Subadvisory Expense Group. The Board also considered that the sub-advisory fees are paid by VALIC out of the advisory fees it receives from the Fund and that they are not paid by the Fund.

It was noted that VALIC would retain more of its advisory fees with the addition of the new sub-advisers. The Board also considered that VALIC and SunAmerica, as affiliated entities, would earn more than the amount that VALIC currently retains as adviser. The Board concluded that the advisory fees and sub-advisory fees for the Fund are fair and reasonable in light of the usual and customary charges made for services of the same nature and quality and the other factors considered.

The Directors then considered the performance of the Fund as compared to its Performance Group and Benchmark. It was noted that the Fund underperformed its Performance Group for the one-, three- and five-year periods ended December 31, 2009 and underperformed its Benchmark for the one- and five-year periods while outperforming the Benchmark for the three-year period. The Directors also noted that comparable funds managed by SunAmerica and BlackRock outperformed the Performance Group, Benchmark and the Fund for all periods.

The Directors also noted that they review regularly detailed performance information about the Fund. The Board concluded that the addition of SunAmerica and BlackRock could improve the Fund’s performance and provide more consistent returns versus the Fund’s Performance Group and Benchmark.

Cost of Services and Benefits Derived and Profitability/Economies of Scale. The Board was provided information related to the cost of services and benefits derived in connection with the Sub-Advisory Agreements. It was noted that the Fund pays SunAmerica an annual fee of 0.07% based on the Fund’s average daily net assets, for the provision of certain administrative services as described above. Out of the fee SunAmerica receives from the Funds, SunAmerica compensates VALIC for certain administrative services (0.02%) and the Fund’s custodian, State Street for calculation of the daily net asset value (0.01%). Management reported that it believed that any indirect costs are inconsequential to the analysis of the adequacy of the advisory and sub-advisory fees and that any collateral benefits derived as a result of providing advisory services to the Fund are de minimis.

294

VALIC Company I

APPROVAL OF ADVISORY AGREEMENTS (Unaudited) — (continued)

The Board considered information provided by management with respect to SunAmerica from its relationship with the Fund.

Because sub-advisory fees are paid by VALIC and not by the Fund, the Directors determined that the costs of the services to be provided by SunAmerica and BlackRock and the profitability to SunAmerica and BlackRock from their relationship with the Fund was not a material factor in their deliberations with respect to consideration of approval of the Sub-Advisory Agreements. For similar reasons, the Board also concluded that the potential for economies of scale in SunAmerica’s and BlackRock’s management of the Fund was not a material factor in approving the Sub-Advisory Agreements, although it was noted that the Fund’s advisory and sub-advisory fee rates contain breakpoints.

Terms of the Sub-Advisory Agreements. The Board reviewed the terms of the Sub-Advisory Agreements, including the duties and responsibilities undertaken by SunAmerica and BlackRock. It was noted that there were no material differences between the terms of the Sub-Advisory Agreements and the American Century Sub-Advisory Agreement. The Board concluded that the terms of the Sub-Advisory Agreements were reasonable.

Conclusions. In reaching its decision to approve the Sub-Advisory Agreements, the Board did not identify any single factor as being controlling, but based its recommendation on each of the factors it considered. Each Director may have contributed different weight to the various factors. Based upon the materials it reviewed, the representations made to it, the considerations described above, and their deliberations, the Board, including a majority of the Independent Directors, concluded that it was in the best interests of the Fund and its shareholders to approve the Sub-Advisory Agreements.

At a meeting held on April 26-27, 2010, the Board of Directors, including a majority of the disinterested Directors as defined by the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Directors”), approved new investment sub-advisory agreements between VALIC and American Century Investment Management, Inc. (“ACIM”) (the “ACIM Sub-Advisory Agreement”) with respect to the Core Value Fund and the Growth Fund, and between VALIC and American Century Global Investment Management, Inc. (“ACGIM”) (the “ACGIM Sub-Advisory Agreement”) with respect to the Growth Fund and International Growth I Fund (collectively, the “New Sub-Advisory Agreements”). The Core Value Fund, Growth Fund and the International Growth I Fund are collectively referred to as the “Funds” and each, a “Fund.” In addition, ACIM and ACGIM are collectively referred to as American Century.

The Board noted that American Century currently sub-advises the Funds. It was noted that at the February 24, 2010 Board meeting, management reported that the trustee of a trust owning a significant block of voting securities of American Century Companies, Inc., the parent corporation of American Century, had stepped down from his position as trustee. It was further reported that the resignation of the trustee resulted in the termination of the Sub-Advisory Agreements (the “Prior Sub-Advisory Agreements”) pursuant to rules and regulations under the 1940 Act.

The Board received materials relating to certain factors the Board considered in determining to approve the New Sub-Advisory Agreements. Those factors included: (1) the nature, extent and quality of services to be provided by American Century; (2) American Century’s sub-advisory fee rate compared to fee rates of comparable accounts managed by American Century; (3) the investment performance of the Funds compared to performance of comparable funds in its Lipper category (“Lipper Category”) and against the Funds’ benchmarks (each a “Benchmark”) as presented by management; (4) the costs of services and the benefits potentially to be derived by American Century, (5) whether the Funds will benefit from possible economies of scale by engaging American Century as sub-advisers; (6) the profitability of American Century; and (7) the terms of the New Sub-Advisory Agreements.

The Independent Directors were separately represented by counsel that is independent of VALIC in connection with their consideration of the approval of the New Sub-Advisory Agreements. The matters discussed below were also considered separately by the Independent Directors in executive session.

Nature, Extent and Quality of Services. The Board considered the nature, extent and quality of services to be provided to the Funds by American Century. The Board also considered that American Century’s management of the Funds is subject to the oversight of VALIC and the Board, and the Funds must be managed in accordance with their respective investment objectives, policies and restrictions as set forth in VC I’s prospectus and statement of additional information. The Board noted that American Century has managed each of the Funds for several years and that the approval of the New Sub-Advisory Agreements would not result in a change to the Funds’ investment objective, investment strategy or investment risks.

The Board considered information provided to them regarding the services to be provided by American Century. In this regard, the Board took into account its familiarity with American Century and their operations through American Century’s service as sub-advisers to the Funds. The Board considered the qualifications, background and responsibilities of American Century’s investment and compliance personnel who are responsible for providing investment management services to the Funds noting that there was no change of such personnel following the change of control. The Board also took into account the financial condition of American Century and their respective affiliates.

With respect to the Core Value Fund, it was noted that the Board approved new sub-advisory agreements with BlackRock Investment Management, Inc. (“BlackRock”) and SunAmerica Asset Management Corp. (“SAAMCo”) at the January 2010 meeting and that the approval of the New Sub-Advisory Agreement with ACIM would be continue for a period ending on or about June 4, 2010 at which time BlackRock and SAAMCo would assume sub-advisory responsibilities for the Core Value Fund.

The Board, including a majority of the Independent Directors, concluded that the scope and quality of advisory services to be provided by American Century under the New Sub-Advisory Agreements would be satisfactory.

Fees and Expenses; Investment Performance. The Board received and reviewed information regarding the Funds’ subadvisory fee rate compared against other comparable funds managed by American Century. The Board took into account that the sub-advisory fees payable to American Century under the New Sub-Advisory Agreements are identical to the sub-advisory fees payable under the Prior Sub-Advisory Agreements. The Board also considered that the sub-advisory fees are paid by VALIC out of the advisory fees it receives from the Funds and that they are not paid by the Funds. The Board concluded that the sub-advisory fees payable to American Century are fair and reasonable in light of the usual and customary charges made for services of the same nature and quality and the other factors considered.

295

VALIC Company I

APPROVAL OF ADVISORY AGREEMENTS (Unaudited) — (continued)

The Directors then considered the performance of each of Funds as compared to its Lipper Category and Benchmark except the Core Value Fund for which American Century was being replaced as sub-adviser. With respect to the Growth Fund, the Board considered that the Fund underperformed its Benchmark, the Russell 1000 Growth Index, for the one-year period but outperformed the Benchmark for the three-year period, and that the Fund was above the average of its Lipper Category for the one- and three-year periods. With respect to the International Growth I Fund, the Board considered that the Fund underperformed its Benchmark, the MSCI EAFE Index, and was below the average of its Lipper Category for the one-year period but outperformed its Benchmark and was above the average of its Lipper Category for the three- and five-year periods. The Directors also noted that they review regularly detailed performance information about the Funds.

Cost of Services and Benefits Derived and Profitability/Economies of Scale. The Board was provided information related to the cost of services and benefits derived in connection with the New Sub-Advisory Agreements. Because sub-advisory fees are paid by VALIC and not by the Funds, the Directors determined that the costs of the services to be provided by American Century and the profitability to American Century from their relationship with the Funds was not a material factor in their deliberations with respect to consideration of approval of the New Sub-Advisory Agreements. For similar reasons, the Board also concluded that the potential for economies of scale in American Century’s management of the Funds were not a material factor in approving the New Sub-Advisory Agreements, although it was noted that the Funds’ sub-advisory fee rates contain breakpoints.

Terms of the Sub-Advisory Agreements. The Board reviewed the terms of the New Sub-Advisory Agreements, including the duties and responsibilities undertaken by American Century. It was noted that the New Sub-Advisory Agreements are identical in all material respects to the Prior Sub-Advisory Agreements. The Board considered the terms of the New Sub-Advisory Agreements and concluded that the terms of the New Sub-Advisory Agreements were reasonable.

Conclusions. In reaching its decision to approve the New Sub-Advisory Agreements, the Board did not identify any single factor as being controlling, but based its recommendation on each of the factors it considered. Each Director may have contributed different weight to the various factors. Based upon the materials it reviewed, the representations made to it, the considerations described above, and their deliberations, the Board, including a majority of the Independent Directors, concluded that it was in the best interests of the Funds and their shareholders to approve the New Sub-Advisory Agreements.

296

VALIC Company I

DIRECTOR AND OFFICER INFORMATION — May 31, 2010 (Unaudited)

Name, Birth Date and Address*	Position Held With VALIC Complex	Term of Office and Length of Time Served(4)	Principal Occupations During Past Five Years	Number of Funds in Fund Complex Overseen by Director(2)	Other Directorships Held by Director(3)
Independent Directors
Thomas J. Brown DOB: December 24, 1945	Director	2005- Present	Retired.	48	None.
Dr. Judith L. Craven DOB: October 6, 1945	Director	1998- Present	Retired Administrator.	78	Director, Belo Corporation, a media company (1992-Present); Director SYSCO Corporation, a food marketing and distribution company (1996-Present); Director, Luby’s, Inc., a restaurant chain (1998-Present); Director, Hilton Hotel (1998-Present).
William F. Devin DOB: December 30, 1938	Chairman and Director(5)	2001- Present	Retired.	78	Director, Boston Options Exchange (2001-Present).
Dr. Timothy J. Ebner DOB: July 15, 1949	Director	1998- Present	Professor and Head, Department of Neuroscience (1980-Present), and Visscher Chair of Physiology, University of Minnesota (1999-Present); and Scientific Director, Society for Research on the Cerebellum (2008-Present).	48	Trustee, Minnesota Medical Foundation (2005-Present).
Judge Gustavo E. Gonzales, Jr. DOB: July 27, 1940	Director	1998- Present	Attorney At Law, Criminal Defense and General Practice (2005-Present). Formerly, Municipal Court Judge, Dallas, TX (1995-2004).	48	None.
Dr. John Wm. Lancaster DOB: December 15, 1923	Director	1984- Present	Pastor Emeritus (1990-Present) and formerly Director of Planned Giving (1997-2005), First Presbyterian Church, Houston, TX.	48	None.
Kenneth J. Lavery DOB: December 30, 1949	Director	2001- Present	Vice President, Massachusetts Capital Resources Co. (1982-Present).	48	None.
Dr. John E. Maupin, Jr. DOB: October 28, 1946	Director	1998- Present	President, Morehouse School of Medicine, Atlanta, Georgia (2006-Present). Formerly, President, Meharry Medical College, Nashville, Tennessee (1994-2006).	48	Director, LifePoint Hospitals, Inc. (2005-Present); Director, HealthSouth Corp. (2004-Present); and Director, Regions Financial Corp. (2007-Present).
Interested Directors
Peter A. Harbeck(1) DOB: January 23, 1954	Director	2001- Present	President, CEO and Director, SAAMCo (1995-Present); Director, SunAmerica Capital Services, Inc. (“SACS”) (1993-Present); President and CEO, AIG Advisor Group, Inc. (2004-Present)	89	None.
Officers
Kurt Bernlohr DOB: May 27, 1961	President and Principal Executive Officer	2009- Present	President VALIC Financial Advisors, Inc. (2009-Present); President, VALIC Retirement Services Company (2009-Present); Senior Vice President (2009-Present); Vice President (2004-2009), Associate General Counsel (2000-2004), VALIC	N/A	N/A

297

VALIC Company I

DIRECTOR AND OFFICER INFORMATION — May 31, 2010 (Unaudited) — (continued)

Name, Birth Date and Address*	Position Held With VALIC Complex	Term of Office and Length of Time Served(4)	Principal Occupations During Past Five Years	Number of Funds in Fund Complex Overseen by Director(2)	Other Directorships Held by Director(3)
Officers
John Packs     DOB: December 9, 1955	Vice President and Senior Investment Officer	2001- Present	Senior Investment Officer, VALIC (2001-Present).	N/A	N/A
Gregory R. Kingston DOB: January 18, 1966	Treasurer and Principal Financial Officer	2000- Present	Vice President, SAAMCo (2001-Present).	N/A	N/A
Nori L. Gabert DOB: August 15, 1953	Vice President, Chief Legal Officer and Secretary	2000- Present	Vice President and Deputy General Counsel, SAAMCo (2005-Present); Vice President and Senior Counsel SAAMCo (2001-2005).	N/A	N/A
Gregory N. Bressler     DOB: November 17, 1966	Vice President	2005- Present	Senior Vice President and General Counsel, SAAMCo (2005-Present); Formerly Vice President and Director of U.S. Asset Management Compliance, Goldman Sachs Asset Management (2004-2005); Deputy General Counsel, Credit Suisse Asset Management LLC (2000-2004).	N/A	N/A
Cynthia A. Gibbons-Skrehot     DOB: December 6, 1967	Vice President and Chief Compliance Officer (“CCO”)	2002- Present	Vice President, SAAMCo and VALIC (2002-Present).	N/A	N/A
Matthew J. Hackethal     DOB: December 31, 1971	Anti-Money Laundering (“AML”) Compliance Officer	2007- Present	Chief Compliance Officer, SAAMCo (2006-Present); AML Compliance officer, SunAmerica Fund Complex (2006-Present); Formerly Vice President, Credit Suisse Asset Management (2001-2006); CCO, Credit Suisse Alternative Funds (2005 to 2006); CCO, Credit Suisse Asset Management Securities, LLC (2004-2005).	N/A	N/A
Donna M. Handel     DOB: June 25, 1966	Vice President and Assistant Treasurer	2001- Present	Senior Vice President, SAAMCo (2004-Present); Vice President, SAAMCo (1993-2004).	N/A	N/A
Thomas M. Ward     DOB: November 7, 1966	Vice President	2008- Present	Vice President (2009-Present) and Director (2005-2009), VALIC, Vice President (2009-Present), VALIC Financial Advisors, Inc.

* The business address for each Director and Officer is, 2929 Allen Parkway, Houston, TX, 77019.

(1) Interested Director, as defined within the Investment Company Act of 1940 (the “1940 Act”), because of current employment with SAAMCo, an affiliated company with VALIC.

(2) The “Fund Complex” consists of all registered investment company portfolios for which VALIC or an affiliated person of VALIC serves as investment adviser or administrator. The “Fund Complex” includes the SunAmerica Speciality Series (3 funds), SunAmerica Equity Funds (3 funds), SunAmerica Income Funds (5 funds), SunAmerica Money Market Funds, Inc. (2 funds), SunAmerica Senior Floating Rate Fund, Inc. (1 fund), SunAmerica Focused Series, Inc. (14 portfolios), SunAmerica Focused Alpha Growth Fund, Inc. (1 Fund), SunAmerica Focused Alpha Large-Cap Fund, Inc. (1 fund), Anchor Series Trust (9 portfolios), Seasons Series Trust (24 portfolios), SunAmerica Series Trust (35 portfolios), VALIC Company I (33 funds) and VALIC Company II (15 funds).

(3) Directorships of companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e. “public companies”) or other investment companies registered under the 1940 Act.

(4) Directors serve until their successors are duly elected and qualified.

(5) Effective July 27, 2005, Mr. Devin became Chairman of the Board.

Additional Information concerning the Directors and Officers is contained in the Statement of Additional Information and is available without charge by calling 1-800-448-2542.

298

VALIC Company I

SHAREHOLDER TAX INFORMATION (Unaudited)

Certain tax information regarding the VALIC Company I Series is required to be provided to the shareholders based upon each Fund’s income and distributions for the year ended May 31, 2010.

The information and distributions reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2010, which will be made available after the end of the calendar year.

During the year ended May 31, 2010 the Funds paid the following long-term capital gains dividends along with the percentage of ordinary income dividends that qualified for the 70% dividends received deductions for corporations:

Fund	Net Long-term Capital Gains		Foreign Tax Credit*		Foreign Source Income		Qualifying % for the 70% Dividends Received Deduction
Asset Allocation	$	—	$	—	$	—	48.04	%
Blue Chip Growth		—		—		—	100.00
Broad Cap Value		—		—		—	100.00
Capital Conservation		—		—		—	0.00
Core Equity		—		—		—	100.00
Core Value		—		—		—	100.00
Foreign Value		—		948,690		17,403,519	0.00
Global Equity		—		—		—	100.00
Global Real Estate		—		—		—	1.35
Global Social Awareness		—		—		—	38.82
Global Strategy		—		499,655		12,053,158	2.74
Government Securities		—		—		—	0.00
Growth		—		—		—	100.00
Growth & Income		—		—		—	100.00
Health Sciences		—		—		—	0.00
Inflation Protected		—		—		—	1.23
International Equities		—		1,032,649		16,980,890	7.75
International Government Bond		—		—		—	0.00
International Growth I		—		620,047		9,678,737	3.75
Large Cap Core		—		—		—	87.36
Large Capital Growth		—		—		—	100.00
Mid Cap Index		43,546,065		—		—	63.78
Mid Cap Strategic Growth		—		—		—	42.96
Money Market I		—		—		—	0.00
NASDAQ 100 Index		—		—		—	100.00
Science & Technology		—		—		—	100.00
Small Cap Aggressive Growth		—		—		—	100.00
Small Cap		—		—		—	100.00
Small Cap Index		16,006,149		—		—	41.92
Small Cap Special Values		—		—		—	56.82
Small-Mid Growth		—		—		—	100.00
Stock Index		88,792,364		—		—	99.70
Value		—		—		—	100.00

* The Funds make an election under the Internal Revenue Code Section 853 to pass through foreign taxes paid to shareholders.

299

VALIC Company I

COMPARISONS: FUNDS VS. INDEXES (Unaudited)

In the following pages, we have included graphs that compare the Fund’s performance with certain market indices. These graphs show the hypothetical growth of a $10,000 investment in each Fund versus the same $10,000 investment in comparable market indices. Descriptions of these market indices are provided below the individual graphs. It is important to note that the VC I Funds are professionally managed mutual funds while the indices are not available for investment and are unmanaged.

Please note that the graphs and tables that accompany the following investment comments include all fund expenses, but do not reflect the charges imposed by the variable annuity contract or variable life insurance policy (collectively, the “Contracts”), a qualifying employer-sponsored retirement plan (the “Plans”), or Individual Retirement Accounts (“IRAs”). All dividends are assumed to be reinvested. No expenses are deducted from the performance of the indices.

Investments in stocks and bonds are subject to risk, including stock market and interest rate fluctuations. Investments in non-U.S. stocks are subject to additional risks, including political and social instability, differing securities regulations and accounting standards, and limited public information. Mortgage-backed securities are subject to prepayment, which can result in reinvestment of principal at lower yields. Money market instruments generally offer stability and income, but an investment in these securities, like investments in other portfolios, are not guaranteed by the U.S. government or any other federal government entity. Lower rated high yield, high-risk securities generally involve more credit risk. These securities may also be subject to greater market price fluctuations than lower yielding, higher rated debt securities. The common stocks of medium-sized companies may be more volatile than those of larger, more established companies. Investing in real estate involves special risks, which may not be associated with investing in stocks, including possible declines in real estate values, adverse economic conditions, and changes in interest rates. Investments in small capitalization and emerging growth companies involve greater than average risk. Such securities may have limited marketability and the issuers may have limited product lines, markets and financial resources. The value of such investments may fluctuate more widely than investments in larger, more established companies. The technology industry can be significantly affected by obsolescence, short product cycles, falling prices and profits, and competition from new market participants. Funding choices that primarily invest in one sector are more volatile than those that diversify across many industry sectors and companies.

300

VALIC Company I Asset Allocation Fund

COMPARISON: FUND VS. INDEX (Unaudited)

MANAGEMENT OVERVIEW

A discussion with Pinebridge Investments, LLC

The Asset Allocation Fund posted a return of 19.38% for the twelve-month period ending May 31, 2010, compared to a return of 20.99% for the S&P 500^® Index and 14.59% for the Blended Index.

The Fund consists of four equity components (Index, Growth, Value, and Research Enhanced), a fixed income component, and a cash component. All sleeves of the portfolio contributed to fund outperformance as each of the four equity sleeves outpaced the S&P 500^® Index return of 20.99%. Likewise, the Fixed Income component beat the Barclays Capital U.S. Aggregate Bond Index return of 8.42% for the year.

Early in the fiscal year equity allocations were increased to take advantage of the 2009 market rally, from approximately 62% to 65% before being drawn down as the rally came to a close in April. Equity exposure ended the year neutral to the Blended Index at 55%.

For the year ended May 31, 2010, the Asset Allocation Fund returned 19.38% compared to 20.99% for the S&P 500^® Index and 14.59% for the Blended Index.

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

** The Blended Index for Asset Allocation Fund consists of the S&P 500^® Index (55%), the Barclays Capital U.S. Aggregate Bond Index (35%), and the T-Bill 3 Month Index (10%).

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

Average Annual Total Returns as of May 31, 2010
1 Year	5 Years	10 Years
19.38%	3.62%	2.88%

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

301

VALIC Company I Blue Chip Growth Fund

COMPARISON: FUND VS. INDEX (Unaudited)

MANAGEMENT OVERVIEW

A discussion with T. Rowe Price Associates, Inc.

The Blue Chip Growth Fund posted a return of 20.54% for the twelve-month period ending May 31, 2010, compared to a return of 20.99% for the S&P 500^® Index.

In a volatile, uncertain, but ultimately positive investment climate, the Fund produced a strong gain for the 12 months ended May 31, 2010, that was approximately in line with its benchmark, the S&P 500. Sector positioning provided a substantial boost to the Fund’s relative results, but this benefit was broadly offset by disappointing stock selection results.

The best results in the Fund, compared with the benchmark, came in the Energy and Health Care sectors. Being significantly underweighted in Energy was very helpful. Stock selection added value as well. Holdings such as EOG Resources contributed as well as the Fund’s limited exposure to the integrated oil companies, such as ExxonMobil. Stock selection in Health Care was also a major contributor to relative results. In this sector, Express Scripts and McKesson benefited the Fund.

These relative gains were countered by weakness in Materials, as well as in Industrials and Business Services. However, stock selection in Financials was by far the primary detractor from relative performance, including a position in Goldman Sachs. The three largest detractors overall were Qualcomm, Gilead Sciences and Morgan Stanley.

For the year ended May 31, 2010, the Blue Chip Growth Fund returned 20.54% compared to 20.99% for the S&P 500^® Index.

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

Average Annual Total Returns as of May 31, 2010
1 Year	5 Years	Since Inception*
20.54%	1.34%	-1.16%

* Inception date of Fund: November 1, 2000

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

302

VALIC Company I Broad Cap Value Income Fund

COMPARISON: FUND VS. INDEX (Unaudited)

MANAGEMENT OVERVIEW

A discussion with Barrow, Hanley, MeWhinney & Strauss, Inc.

The Broad Cap Value Income Fund posted a return of 24.41% for the twelve-month period ending May 31, 2010, compared to a return of 22.98% for the Russell 1000^® Value Index.

Positive contributors to performance included stock selection in the Financials, Energy and Utilities sectors. Within the Financials sector, credit card companies American Express and Capital One performed well. Other Financial standouts include SLM Corp. and PNC Financial Services Group. In the Energy sector, Spectra Energy and Occidental Petroleum were large contributors, adding meaningfully to relative performance. Stock selection contribution within Energy was bolstered by relative underweighting. While not adding much on an individual basis, the Fund’s Utilities stocks significantly outperformed those in the index.

Health Care was the largest area of detraction as several holdings have lagged the market and relative overweighting was a detriment. Baxter International and Omnicare, Inc. detracted from performance. Consumer Discretionary was another area of detraction as selections such as Gamestop dragged down the entire sector’s returns compared to the benchmark where this sector was the best performing over the period. Technology selections underperformed this year, including such companies as Molex Inc., Texas Instruments, and Nokia Oyj. The positive contribution from the relative allocation to Technology mostly offset the detraction from stock selection in that sector during the period.

For the year ended May 31, 2010, the Broad Cap Value Income Fund returned 24.41% compared to 22.98% for the Russell 1000^® Value Index.

* The Russell 1000^® Value Index measures the performance of those Russell 1000^® companies with lower price-to-book ratios and lower forecasted growth values.

Average Annual Total Returns as of May 31, 2010
1 Year	Since Inception*
24.41%	-0.56%

* Inception date of Fund: December 5, 2005

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

303

VALIC Company I Capital Conservation Fund

COMPARISON: FUND VS. INDEX (Unaudited)

MANAGEMENT OVERVIEW

A discussion with PineBridge Investments, LLC

The Capital Conservation Fund posted a return of 12.04% for the twelve-month period ending May 31, 2010, compared to a return of 8.42% for the Barclays Capital U.S. Aggregate Bond Index.

During the fiscal year ending May 31, 2010, sector selection was a significant contributor to performance. The majority of the contribution stemmed from an overweight in the Bank and Finance sectors.

Security selection was also a source of relative outperformance compared to the benchmark. Many of our top performing securities were in securitized products. Commercial Mortgage-Backed Securities paper issued by Bank of America and JP Morgan Chase were among the top performers in the Fund. In addition, longer dated Treasuries, such as the US Treasury 4.38% 11/15/2039 performed strongly as rates fell across the yield curve. The primary detractors were from government and government-related securities, namely shorter dated Treasuries, FHLMC, and FNMA.

The higher yielding nature of the portfolio and an overweight in credit exposure helped boost the return of the Fund vs. the benchmark.

For the year ended May 31, 2010, the Capital Conservation Fund returned 12.04% compared to 8.42% for the Barclays Capital U.S. Aggregate Bond Index.

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

Average Annual Total Returns as of May 31, 2010
1 Year	5 Years	10 Years
12.04%	4.00%	5.53%

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

304

VALIC Company I Core Equity Fund

COMPARISON: FUND VS. INDEX (Unaudited)

MANAGEMENT OVERVIEW

A discussion with BlackRock Investment Management, LLC

The Core Equity Fund posted a return of 18.73% for the twelve-month period ending May 31, 2010, compared to a return of 22.33% for the Fund’s benchmark, the Russell 1000^® Index.

Overall, sector allocation detracted from performance. Overweights in the Energy, Telecommunications, and Health Care sectors detracted from Fund returns. In Health Care an overweight to Pharmaceuticals was the most notable detractor from returns.

On the positive side, a slight overweight to Information Technology including Semiconductor and Computers and Peripherals positioning contributed to Fund performance. Additionally, an underweight to Consumer Staples, especially in the food and beverages industries contributed most notably.

Overall, security selection detracted from performance. Within Industrials, security selection was a notable detractor where an underweight to high beta machinery names such as Bucyrus International, Inc. and a preference for less cyclical names within the aerospace and defense industry such as Lockheed Martin Corp. caused the majority of underperformance. Security selection within the Consumer Discretionary sector, particularly amongst specialty and internet retailers, household durables, and hotel and leisure companies detracted from performance through names including Darden Restaurants, Inc. and Amazon.com, Inc. Stock selection within Financials was also challenging with fund holdings in the capital markets and insurance industries such as Genworth Financial, Inc. driving the majority of underperformance.

On a positive note, stock selection in Health Care, Materials, and Utilities benefited performance. In Health Care a preference for providers and services companies contributed to performance especially the stocks trading at attractive valuations based on political reform concerns.

For the year ended May 31, 2010, the Core Equity Fund returned
 18.73% compared to 22.33% for the Russell 1000^® Index.

* The Russell 1000^® Index measures the performance of the 1,000 largest companies in the Russell 3000^® Index.

Average Annual Total Returns as of May 31, 2010
1 Year	5 Years	10 Years
18.73%	-1.67%	-2.43%

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

305

VALIC Company I Core Value Fund

COMPARISON: FUND VS. INDEX (Unaudited)

MANAGEMENT OVERVIEW

A discussion with American Century Investment Management, Inc.

The Core Value Fund† posted a return of 17.49% for the twelve-month period ending May 31, 2010, compared to a return of 20.99% for the S&P 500^® Index, a return of 22.98% for the Russell 1000^® Value Index and a return of 21.99% for the Blended Index.

Every sector in the benchmark and the Fund experienced gains during the period. However, the portfolio underperformed the benchmark in terms of its sector selection. The largest detractor among sector allocations was an overweight in the Telecommunications sector. An overweight in the Health Care sector also hampered relative results. Adding the most to relative performance was an underweight in the Utilities sector. An overweight position in the Information Technology sector was also advantageous.

An investment in PPL Corp. detracted from results. An underweight to Ford Motor Co. also dampened performance. In Health Care, a position in Eli Lilly & Co. slowed relative progress.

The Industrials sector was the source of top contributor, Ingersoll Rand Plc. In Information Technology, an underweight in Qualcomm added to relative performance as shares of the wireless equipment maker declined. In consumer discretionary, the Fund benefited from a position in Time Warner.

† The Fund’s name was changed to the “Dividend Value Fund” on June 7, 2010, concurrent with the assumption of sub-advisory responsibilities by BlackRock Investment Management, LLC and SunAmerica Asset Management Corp.

For the year ended May 31, 2010, the Core Value Fund returned 17.49% compared to 20.99% for the S&P 500^® Index, a return of 22.98% for the Russell 1000^® Value Index and a return of 21.99% for the Blended Index.

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

** The Russell 1000^® Value Index measures the performance of those Russell 1000^® companies with lower price-to-book ratios and lower forcasted growth values.

*** The Blended Index for Core Value Fund consists of the S&P^® 500 Index (50%) and the Russell 1000^® Value Index (50%).

Average Annual Total Returns as of May 31, 2010
1 Year	5 Years	Since Inception*
17.49%	-1.57%	-0.31%

* Inception date of Fund: December 11, 2000

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

306

VALIC Company I Foreign Value Fund

COMPARISON: FUND VS. INDEX (Unaudited)

MANAGEMENT OVERVIEW

A discussion with Templeton Global Advisors, Ltd.

The Foreign Value Fund posted a return of 9.23% for the twelve-month period ending May 31, 2010, compared to a return of 6.84% for the Morgan Stanley Capital International Europe, Australasia and the Far East (“MSCI EAFE”) Index (gross).

Stock selection in the Information Technology and Consumer Discretionary sectors, two of the market’s more cyclical sectors, benefited the Fund’s relative performance. Computer hardware and semiconductor stocks had strong recoveries during the year under review. In terms of individual securities, the Fund’s investments in microchip manufacturers such as Samsung Electronics Co., Ltd. and Infineon Technologies AG, as well as computer hardware companies including Flextronics International, Ltd., Lite-on Technology Corp., and Compal Electronics, Inc. were among the top contributors to relative performance. The Fund remained overweighted in the information technology sector at period-end.

Within the Consumer Discretionary sector, four sub-sectors: Specialty Retailers, Hotel Restaurants and Leisure, Media and Multi-Line Retail were overweighted and all of them made positive contributions to performance. The strongest contributor of the four was Specialty Retailers. One beneficiary of the demand rebound in the group was British retailer Kingfisher PLC. Elsewhere in the sector, we continued to favor select stocks in the media industry. Standout performers from the group were U.K. company Pearson PLC and British Sky Broadcasting Group. The Fund was overweighted in the media industry during the period under review. Stock selection and an underweighting in the Financials sector also contributed to Fund results.

Despite the Fund’s solid performance this fiscal year, there were some notable detractors from relative returns. For example, sector underweightings in consumer staples and materials were among the Fund’s biggest detractors from relative performance. Stock selection in consumer staples also hindered results, largely due to U.K. food producer Premier Foods PLC. In general, we found only limited value opportunities in the Consumer Staples sector. The Fund’s holdings in the materials sector delivered absolute gains well in excess of the benchmark’s — underpinned by our exposure to Vale SA.

The Health Care sector was the only other relative laggard during the year under review, due largely to stock selection. The largest drag on performance was the pharmaceuticals group. An overweight to poor-performing Merck KGAA was the largest negative factor.

From a regional perspective, stock selection in Asia and an underweighting in the low-growth Japanese market contributed significantly to performance during the year. Stock selection in Europe also benefited results. The Fund’s Norwegian holdings contributed the most to performance in Europe. Two of the largest contributors there were Telenor ASA and Aker Solutions ASA. The only regional detractor from relative performance was the Fund’s modest position in Australia and New Zealand, where a significant underweighting muted the impact of that region’s strong equity returns during the year.

For the year ended May 31, 2010, the Foreign Value returned 9.23% compared to 6.84% for the MSCI EAFE Index (gross).

* The MSCI EAFE Index (gross) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada. As of May 27, 2010 the MSCI EAFE Index consisted of the following 22 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. The gross index approximates the maximum possible dividend reinvestment and assumes that the amount reinvested is the entire dividend distributed to individuals resident in the country of the company, but does not include tax credits.

Average Annual Total Returns as of May 31, 2010
1 Year	Since Inception*
9.23%	-0.25%

* Inception date of Fund: December 5, 2005

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

307

VALIC Company I Global Equity Fund

COMPARISON: FUND VS. INDEX (Unaudited)

MANAGEMENT OVERVIEW

The Global Equity Fund posted a return of 11.86% for the twelve-month period ending May 31, 2010, compared to a return of 14.19% for the Morgan Stanley Capital International (“MSCI”) World Index (gross) and a return of 17.00% for the S&P Global Broad Market Index (“S&P Global BMI”).

Effective September 14, 2009, BlackRock Financial Management, Inc. replaced Putnam Investment Management, LLC as subadviser to the Fund.

A discussion with Putnam Investment Management, LLC — regarding their portion of the Fund (the “portfolio”)

Comments below cover the time period June 1, 2009 through September 11, 2009.

For the quarter, the portfolio outperformed the MSCI World Index (gross), the Fund’s benchmark index during that time, as a result of strong stock selection. Positions in Financials and Basic Materials contributed most to performance. These strengths were partly offset by unfavorable selection in Capital Goods and Communication Services.

Stock selection in the Financials sector had the greatest positive impact on returns. Within the sector, overweights to Bank of America, Banco Santander, Man Group, Swiss Life Holding, Broadridge Financial Solutions and ING Groep drove relative outperformance. Solid stock selection in the Basic Materials sector also contributed positively to performance, particularly overweights to Grupo Mexico and Wilmar International. Additional contributors to performance were overweights to RR Donnelley & Sons (Consumer Cyclicals), Microsoft (Technology) and Cigna (Healthcare).

Overweight positions to BAE Systems and L-3 Communications made stock selection within Capital Goods the lead relative detractor to the portfolio for the period. Unsuccessful stock selection within the Communication Services sector also hindered results, notably an overweight to Qwest Communications International. Additional detractors were overweights to Opap (Consumer Cyclicals), Ingram Micro (Technology), and Statoil (Energy).

A discussion with Blackrock Financial Management, Inc. — regarding their portion of the Fund (the “portfolio”)

Comments below cover the time period September 14, 2009, to the Fund’s fiscal year end, May 31, 2010.

In aggregate, the effect of sector selection on portfolio performance versus its benchmark, S&P Global BMI, was negative during this time period. However, active sector bets were held close to benchmark weightings, resulting in a small impact overall. Materials and financials were the weakest sectors from an allocation standpoint. Conversely, positive effects from Information Technology (IT), Utilities, and Consumer Discretionary help offset these results somewhat.

From a security selection perspective, the areas that detracted most significantly during this time were Information Technology (IT), Financials and Materials. Within IT, holdings within internet software and services, semiconductors and semiconductor equipment sub-industries underperformed benchmark comparisons. Names such as Siliconware Precision Industries in the semiconductors space and KLA-Tencor Corp. in semiconductor equipment were among the weakest performers.

The effect country selection had on the portfolio’s performance versus the benchmark was positive over the time period. Allocation to Japan during the period was a positive factor for the portfolio at the country level. Holding an overweight to the United States was also additive to relative results, in addition to our underweight in Developed Europe. The portfolio had no exposure to Greece or Portugal, and only modest exposure to Spain and Italy. Lastly, an underweight to emerging markets detracted from returns.

For the year ended May 31, 2010, the Global Equity Fund returned
11.86% compared to 14.19% for the MSCI World Index (gross)^SM and 17.00% for the S&P Global BMI.

* MSCI World Index (gross)^SM measures the performance of companies representative of the developed market countries in North America, Europe and Asia/Pacific regions. The gross index approximates the maximum possible dividend reinvestment and assumes that the amount

reinvested is the entire dividend distributed to individuals resident in the country of the company, but does not include tax credits.

** Effective September 11, 2009, the Fund changed its benchmark from the MSCI World Index to the S&P Global BMI Index because Fund management believes it is a more appropriate measure of the subadviser’s investment style and is better aligned with the Fund’s investment strategies. The S&P Global BMI Index is a comprehensive, rules-based index designed to measure global stock market performance. The index covers all publicly listed equities with float-adjusted market values of US$100 million or more and annual dollar value traded of at least US$50 million in all included countries. The index is composed of the S&P Developed BMI Index (25 markets) and the S&P Emerging BMI Index (21 markets). The MSCI World Index is a market-capitalization weighted index composed of companies representative of the developed market countries in North America, Europe and the Asia/Pacific region.

Average Annual Total Returns as of May 31, 2010
1 Year	Since Inception*
11.86%	-3.32%

* Inception date of Fund: December 5, 2005

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

308

VALIC Company I Global Real Estate Fund

COMPARISON: FUND VS. INDEX (Unaudited)

MANAGEMENT OVERVIEW

The Global Real Estate Fund posted a return of 28.56% for the twelve-month period ending May 31, 2010, compared to a return of 27.52% for the Financial Times Stock Exchange European Public Real Estate Association/National Association of Real Estate Investment Trusts (“FTSE EPRA/NAREIT”) Global Real Estate Composite Index.

A discussion with Invesco Advisers, Inc. — regarding their portion of the Fund (the “portfolio”)

The economy showed signs of improvement, fueling equity markets to continue their upward trajectory during the twelve months ended May 31, 2010. Real estate investment trusts (REITs) benefited from improvements in credit markets and increased access to capital through debt refinancing and secondary equity offerings.

The portfolio outperformed the benchmark, the FTSE EPRA/NAREIT Global Real Estate Composite Index, as a result of exposure to the US market. Modest cash holdings impaired the portfolio’s performance given the strong equity rally over the reporting period.

Plum Creek Timber, Regency Centers and Weingarten Realty Investors detracted from performance during the fiscal year, albeit slightly. Top contributors during the period included Simon Property Group, Equity Residential and Vornado Realty Trust.

A discussion with Goldman Sachs Asset Management, L.P. — regarding their portion of the Fund (the “portfolio”)

The portfolio is dedicated to investing in international real estate securities. While delivering positive absolute performance in the fiscal year, the portfolio lagged the Fund’s benchmark. The positive performance can be attributed to improved credit conditions, which helped to strengthen balance sheets, refinance maturing loans, and will enable some companies to take advantage of future opportunities. From a country perspective, Canada and Australia were the strongest absolute performers over the reporting period, returning 56.3% and 31.3% respectively. Conversely, China and Japan were the weakest, returning -14.38% and 6.73%, respectively.

Stock selection contributed positively to returns in Europe and Canada. From a country allocation perspective, an overweight to Brazil contributed positively to performance as did an underweight to Japan. Conversely, stock selection in Australia (underweight Stockland Australia), Singapore (underweight Reppel Land) and China (overweight Sbimao Property Holdings, Ltd.) detracted from performance.

For the year ended May 31, 2010, the Global Real Estate Fund returned 28.56% compared to 27.52% for the FTSE EPRA NAREIT Global Real Estate Composite Index.

* The FTSE EPRA NAREIT Global Real Estate Composite Index is designed to track the performance of listed real estate companies and REITs worldwide. The series acts as a performance measure of the overall market.

Average Annual Total Returns as of May 31, 2010
1 Year	Since Inception*
28.56%	-7.50%

* Inception date of Fund: March 10, 2008

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

309

VALIC Company I Global Social Awareness Fund

COMPARISON: FUND VS. INDEX (Unaudited)

MANAGEMENT OVERVIEW

A discussion with PineBridge Investments, LLC

The Global Social Awareness Fund posted a return of 14.88% for the twelve-month period ending May 31, 2010, compared to a return of 14.19% for the Morgan Stanley Capital International (MSCI) World Index (gross).

The dominant theme of the year was the credit/financial meltdown of sovereign debt. The sovereign debt crisis was most pronounced in the PIGS countries (Portugal, Italy, Greece and Spain). All of these countries were down over 9%, with Greece down over 44%.

Country weightings had a negative effect on Fund performance, with an overweight to Japan having the greatest impact on performance. An overweight and strong performance in Sweden provided a positive impact relative to the remaining countries.

Stock selection was a positive, offsetting entirely the country bias. Two names in particular contributed strongly, Caterpillar Inc. “CAT” and Apple Computer “AAPL” were up 77% and 89%, respectively.

For the year ended May 31, 2010, the Global Social Awareness Fund returned 14.88% compared to 14.19% for MSCI World Index (gross).

* The MSCI World Index (gross) is a market capitalization weighted index composed of companies representative of the developed market countries in North America, Europe and the Asia/Pacific region. The gross index approximates the maximum possible dividend reinvestment and assumes that the amount reinvested is the entire distribution to individuals resident in the country of the company, but does not include tax credits.

Average Annual Total Returns as of May 31, 2010
1 Year	5 Years	10 Years
14.88%	-1.27%	-1.81%

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

310

VALIC Company I Global Strategy Fund

COMPARISON: FUND VS. INDEX (Unaudited)

MANAGEMENT OVERVIEW

The Global Strategy Fund posted a return of 13.79% for the twelve-month period ending May 31, 2010, compared to a return of 15.23% for the Morgan Stanley Capital International All Country (“MSCI AC”) World Index (gross).

A discussion with Franklin Advisers, Inc. — regarding their portion of the Fund (the “portfolio”) (Fixed Income)

The portfolio’s holdings included investment-grade and noninvestment-grade global government bonds, sovereign debt, supranational bonds and cash. Overall interest rate positioning had a moderately positive result relative to the benchmark index during the portfolio’s fiscal year. Key interest rate positions in Mexico, Indonesia, South Korea, Poland and Brazil helped relative performance over the period. The portfolio’s relatively underweighted position in high-quality eurozone government bonds detracted from performance. The portfolio’s lack of exposure to U.S. and Japanese government bonds also detracted from relative performance.

The portfolio’s currency strategy contributed significantly to performance. In Latin America, the portfolio benefited from exposure to the Brazilian real and Chilean peso. However, the portfolio’s Japanese yen exposure moderately detracted from relative performance.

A discussion with Templeton Investment Counsel, LLC — regarding their portion of the Fund (the “portfolio”) (Equity)

The portfolio underperformed its benchmark the MSCI AC World Index (gross) for the fiscal year under review. Stock selection in the Financials sector, particularly among commercial banks and insurance companies, hindered relative portfolio performance. An overweighted position and stock selection in the Telecommunication Services sector weighed on relative results, and significant detractors included France Telecom, Telefonica (Spain) and Telekom Austria. Pharmaceutical company, Merck KGaA, in the Health Care sector was another major detractor, and an overweighting and stock selection in that sector had a negative impact on portfolio performance. Elsewhere, oil and gas company Total (France) in the Energy sector hurt the portfolio’s relative performance.

Portfolio performance relative to the benchmark MSCI AC World Index (gross) benefited from stock selection and an overweighted position in the Information Technology sector, where semiconductor company Samsung Electronics and Seagate Technology (U.S.) were major contributors. An overweighting and stock selection in the Consumer Discretionary sector, particularly in cable television company Time Warner Cable (U.S.), helped portfolio results. Stock selection in the Consumer Staples sector, particularly beverage maker Dr. Pepper Snapple Group (U.S.), supported the portfolio’s relative performance. Additionally, consumer electronics manufacturer Koninklijke Philips Electronics (Netherlands) in the Industrials sector had a positive impact on relative results.

From a geographic perspective, stock selection and overweighting in Europe hindered performance relative to the index. In particular, stock selection in France and Switzerland and overweighted positions in France and the U.K. hurt relative results. In contrast, stock selection in the U.S. was a major contributor to relative results. Stock selection and an underweighting in Asia also helped, particularly an underweighting in Japan and stock selection in Taiwan.

For the year ended May 31, 2010, the Global Strategy Fund returned
13.79% compared to 15.23% for the MSCI AC World Index (gross).

* The MSCI AC World Index (gross) is a free-float adjusted, market capitalization-weighted index designed to measure equity market performance in the global developed and emerging markets. The gross index approximates the maximum possible dividend reinvestment and assumes that the amount reinvested is the entire dividend distributed to individuals resident in the country of the company, but does not include tax credits.

Average Annual Total Returns as of May 31, 2010
1 Year	Since Inception*
13.79%	5.76%

* Inception date of Fund: December 5, 2005

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

311

VALIC Company I Government Securities Fund

COMPARISON: FUND VS. INDEX (Unaudited)

MANAGEMENT OVERVIEW

A discussion with SunAmerica Asset Management Corp.

The Government Securities Fund posted a return of 5.56% for the twelve-month period ending May 31, 2010, compared to a return of 4.53% for the Barclays Capital U.S. Government Bond Index.

While fears that the Great Recession would become the second Great Depression have dissipated, several critical issues remain such as high unemployment, the uncertain impact of consumer deleveraging on the economy, a growing federal budget deficit, and future inflationary threats. As the year progressed, investors in general anticipated that the worst of the financial crisis was over in the United States and allocated money into riskier securities compared to Treasuries. However, by the end of the fiscal year, the emerging sovereign debt crisis in Europe renewed investor concern once again.

Over the past year, the Federal Open Market Committee maintained the Federal Fund’s target rate to a range of 0.00-0.25%. After peaking at 3.84% in December 2009, the 10-year Treasury note closed the fiscal period at 3.29%, 17 basis points higher than it did a year ago. Because of this increase, performance was hindered by the Fund’s duration, which was longer than the benchmark.

The Fund pursued a strategy of holding minimal Freddie Mac, Fannie Mae, and other credit securities during the annual period. This negatively impacted performance as the market became increasingly encouraged to assume more credit risk during much of the annual period.

The value of the cash collateral investment vehicle held by the Fund pursuant to the VC I securities lending program contributed to performance.

For the year ended May 31, 2010, the Government Securities Fund returned 5.56% compared to 4.53% for the Barclays Capital U.S. Government Bond Index.

* The Barclays Capital U.S. Government Bond Index is a market-value weighted index of U.S. government and government agency securities (other than mortgage securities) with maturities of one year or more.

Average Annual Total Returns as of May 31, 2010
1 Year	5 Years	10 Years
5.56%	4.02%	5.57%

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

312

VALIC Company I Growth Fund

COMPARISON: FUND VS. INDEX (Unaudited)

MANAGEMENT OVERVIEW

A discussion with American Century Investment Management, Inc. (“American Century”) and American Century Global Investment Management, Inc. (“American Century Global”)

The Growth Fund posted a return of 22.01% for the twelve-month period ending May 31, 2010, compared to a return of 21.59% for the Russell 1000^® Growth Index.

For the twelve months ended May 31, 2010, the Fund posted a double-digit gain, reflecting a robust recovery in the U.S. stock market. After plunging in late 2008 and early 2009 amid a severe downturn in the U.S. economy, the broad equity indexes rebounded sharply starting in the spring of 2009 as signs of economic recovery emerged.

The Fund outperformed its benchmark, the Russell 1000 Growth Index, for the twelve-month period. While sector allocation detracted slightly from performance versus the index, stock selection was the key factor behind the overall out-performance.

Stock selection was most successful in the Consumer Discretionary and Materials sectors of the Fund. An overweight position in household durables makers and stock choices among specialty retailers contributed the bulk of the out-performance in the Consumer Discretionary sector. Appliance maker Whirlpool was the Fund’s top relative performer. In the Materials sector, security selection among chemicals producers was responsible for virtually all of the out-performance. The key in this sector was avoiding agricultural chemicals maker Monsanto. Other noteworthy positive contributors in the portfolio included credit card company American Express.

On the downside, the Fund’s information technology and financials holdings under-performed their counterparts in the Russell 1000 Growth Index. Stock choices among electronic equipment makers and communications equipment manufacturers generated the lion’s share of the underperformance in the information technology sector. In the Financials sector, stock selection among diversified financial services firms and an overweight position in commercial banks detracted the most. Credit rating agency Moody’s was the biggest individual detractor, falling as credit raters came under pressure for their role in the 2008 financial crisis.

For the period ended May 31, 2010, the Growth Fund returned
22.01% compared to 21.59% for the Russell 1000^® Growth Index.

* The Russell 1000^® Growth Index consists of stock with a greater-than-average growth orientation. Companies in this Index tend to exhibit higher price-to-book and price-earnings ratios, lower dividend yields and higher forecasted growth values.

Average Annual Total Returns as of May 31, 2010
1 Year	Since Inception*
22.01%	-1.68%

* Inception date of Fund: December 5, 2005

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

313

VALIC Company I Growth & Income Fund

COMPARISON: FUND VS. INDEX (Unaudited)

MANAGEMENT OVERVIEW

A discussion with SunAmerica Asset Management Corp.

The Growth & Income Fund posted a return of 14.58% for the twelve-month period ending May 31, 2010, compared to a return of 20.99% for the S&P 500^® Index.

After the tumultuous 2009 fiscal year, signs arose that government programs initiated in 2008 to thwart a financial meltdown began to stabilize the economy. Renewed optimism prompted a broad-based rally in the equity markets.

Underweights in the Healthcare and Industrial Sectors and a market weight position in Financials were beneficial to the Fund while positioning in all other sectors detracted from performance. In addition, the Fund’s 3% average cash position also detracted from returns.

Security selection in the Industrial group helped relative performance while selection in the Financial, Information Technology, and Consumer Discretionary groups detracted from performance. Met Life Inc., Union Pacific Corp., Bank of America Corp., Cisco Systems Inc., and Microsoft Corp. performed well during the period, however, positions in Devon Energy Corp., Marathon Oil Corp., Noble Corp., Morgan Stanley, and Lincoln National Corp significantly detracted from performance.

On March 22, 2010, the Fund added a growth component to complement the existing strategy described above which is a large blend style with a value tilt. The new growth component underperformed the benchmark from inception through the end of the fiscal year.

For the year ended May 31, 2010, the Growth & Income Fund returned 14.58% compared to 20.99% for the S&P 500^® Index.

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

Average Annual Total Returns as of May 31, 2010
1 Year	5 Years	10 Years
14.58%	-1.33%	-1.88%

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

314

VALIC Company I Health Sciences Fund

COMPARISON: FUND VS. INDEX (Unaudited)

MANAGEMENT OVERVIEW

A discussion with T. Rowe Price Associates, Inc.

The Health Sciences Fund posted a return of 26.32% for the twelve-month period ending May 31, 2010, compared to a return of 13.76% for the S&P 500^® Health Care Index.

A large overweight in the biotechnology group was a negative for performance, as the group as a whole struggled. However, stock selection in this area was exceptionally productive, so much so that biotech was the largest contributor to relative gains. The best results came from out-of-benchmark stocks, including Incyte Corp., Ltd., Alexion Pharmaceuticals, Inc. and Human Genome Sciences, Inc. An underweight in struggling Genzyme Corp. also contributed to performance.

Positive stock selection and an overweight to health care providers & services, one of the better-performing groups in the index, added value as well. Non-benchmark holdings were key contributors here as well, such as Catalyst Health Solutions, Inc. and Community Health System, Inc.

Stock selection generated significant gains in health care equipment & supplies, as well as in pharmaceuticals. Again, non-benchmark companies made large contributions in both areas. ArthroCare, Edwards Lifesciences Corp., and Heartware International, Inc. were key examples in the health care equipment and supplies area, while Shire PLC, Valeant Pharmaceuticals International, and Sawai Pharmaceutical Co., Ltd. led the way in the pharmaceuticals group.

Life sciences was a detractor from relative performance. Negative stock selection for non-benchmark holdings Illumina, Inc., Charles River Laboratories International, Inc., and Covance, Inc. detracted. Not owning benchmark component, PerkinElmer Inc., also detracted from performance.

For the year ended May 31, 2010, the Health Sciences Fund returned
26.32% compared to 13.76% for the S&P 500^® Health Care Index.

* The S&P 500^® Health Care Index is an unmanaged, market-capitalization weighted index consisting of healthcare companies in the S&P 500^® Index and is designed to measure the performance of the healthcare sector.

Average Annual Total Returns as of May 31, 2010
1 Year	5 Years	Since Inception*
26.32%	6.93%	3.52%

* Inception date of Fund: November 1, 2000

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

315

VALIC Company I Inflation Protected Fund

COMPARISON: FUND VS. INDEX (Unaudited)

MANAGEMENT OVERVIEW

A discussion with PineBridge Investments, LLC

The Inflation Protected Fund posted a return of 11.47% for the twelve-month period ending May 31, 2010, compared to a return of 8.47% for the Barclays Capital U.S. Treasury Inflation-Protected (“TIPS”) Index.

Sector selection made a positive contribution to the Fund return versus the benchmark. An overweight position in the Financial and Insurance sector contributed significantly to returns as the Financial sector spreads contracted over the period.

Security selection made the biggest contribution to the Fund return versus the benchmark. The Fund had approximately 35% of its assets in corporate floating rate bonds that rallied significantly on fears of higher interest rates. The top two security contributors were notes from Jackson Life maturing 05/01/2014 and Prudential Life maturing 05/23/2018. Top detractors included Goldman Sachs maturing 05/08/2013 and Barclays maturing 02/25/2013. Australian dollar and Canadian dollar securities were added during the period to increase diversification, and overall detracted slightly from performance.

For the year ended May 31, 2010, the Inflation Protected Fund returned 11.47% compared to 8.47% for the Barclays Capital U.S. TIPS Index.

* The Barclays Capital U.S. TIPS Index measures the performance of fixed-income securities with fixed-rate coupon payments that adjust for inflation, as measured by the Consumer Price Index for All Urban Consumers.

Average Annual Total Returns as of May 31, 2010
1 Year	5 Years	Since Inception*
11.47%	3.13%	3.43%

* Inception date of Fund: December 20, 2004

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

316

VALIC Company I International Equities Fund

COMPARISON: FUND VS. INDEX (Unaudited)

MANAGEMENT OVERVIEW

A discussion with PineBridge Investments, LLC

The International Equities Fund posted a return of 7.06% for the twelve-month period ending May 31, 2010, compared to a return of 6.84% in U.S. dollars for the Morgan Stanley Capital International Europe, Australasia and the Far East (“MSCI EAFE”) Index (gross).

The countries that did well were commodity based countries like Australia and the laggards were the PIGS countries (Portugal, Italy, Greece and Spain) which had sovereign debt concerns. All of these countries were down over 9% for the period.

The Fund’s baseline allocation is regionally neutral versus the MSCI EAFE index (gross) with a portion of its Japan exposure actively managed and half its Europe exposure managed in two research enhanced index components. The balance of the Japan and Europe allocations and all of the Asia ex-Japan allocation are indexed to the appropriate EAFE sub-indices. During the course of the year, minor (+/-1%) over/underweights were made in the Japan and Asia ex-Japan regions.

The actively managed component of the Japan allocation had a negative contribution to the fund versus its benchmark, while the remaining components had positive contributions versus the benchmark.

For the year ended May 31, 2010, the International Equities Fund returned 7.06% compared to 6.84% for the MSCI EAFE Index (gross).

* The MSCI EAFE Index (gross) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada. As of May 27, 2010 the MSCI EAFE Index consisted of the following 22 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. The gross index approximates the maximum possible dividend reinvestment and assumes that the amount reinvested is the entire dividend distributed to individuals resident in the country of the company, but does not include tax credits.

Average Annual Total Returns as of May 31, 2010
1 Year	5 Years	10 Years
7.06%	0.83%	-1.18%

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

317

VALIC Company I International Government Bond Fund

COMPARISON: FUND VS. INDEX (Unaudited)

MANAGEMENT OVERVIEW

A discussion with PineBridge Investments, LLC

The International Government Bond Fund posted a return of 7.32% for the twelve-month period ending May 31, 2010, compared to a return of 16.53% for the JP Morgan Emerging Markets Bond Index Plus (EMBI+), a return of 1.36% for the Citigroup World Government Bond Index (WGBI) (unhedged), and a return of 5.76% for the Blended Index.

Exposure to highly-rated corporate bonds was a large contributor to performance relative to the benchmark. There were positive contributions from allocations to emerging market corporate bonds as well as actively traded local market exposure. The emerging market corporate allocation remains a strategic allocation as it continues to provide extra yield over the sovereign space.

Security selection was also positive overall. On an individual security basis, the top three individual contributors were bonds from Russia, Georgian Republic and Argentina.

Currency was a detractor for the period. On an individual security basis, the top three detractors were bonds from Greece, Italy and France.

For the year ended May 31, 2010, the International Government Bond Fund returned 7.32% compared to 16.53% for the JP Morgan EMBI+ Index, 1.36% for the Citigroup WGBI Index (unhedged) and 5.76% for the Blended Index.

* The Citigroup WGBI Index (unhedged) is an unmanaged index of debt securities of major foreign government bond markets.

** The JP Morgan EMBI+ Index tracks total returns for traded external debt instruments in the emerging markets. The instruments include external-currency-denominated Brady bonds, loans and Eurobonds, as well as U.S. dollar local market instruments.

*** The Blended Index is comprised of the Citigroup WGBI Index (unhedged) (70%) and the JPMorgan EMBI+ Index (30%).

Average Annual Total Returns as of May 31, 2010
1 Year	5 Years	10 Years
7.32%	5.10%	6.90%

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

318

VALIC Company I International Growth I Fund

COMPARISON: FUND VS. INDEX (Unaudited)

MANAGEMENT OVERVIEW

The International Growth I Fund posted a return of 11.07% for the twelve-month period ending May 31, 2010, compared to a return of 6.84% for the Morgan Stanley Capital International Europe, Australasia, Far East (“MSCI EAFE”) Index (gross).

A discussion with American Century Global Investment Management, Inc. — regarding their portion of the Fund (the “portfolio”)

International equities began the period in the midst of a bold rally that helped the MSCI EAFE Index (gross) post a 32.46% gain for calendar year 2009. Through the latter stages of the twelve-month period, however, escalating fears surrounding the fiscal health of the European Union eroded much of the advance.

Against this backdrop, effective stock selection in the Consumer Discretionary and Financials sectors bolstered the portfolio’s returns, relative to the benchmark. Alternatively, investments in the Consumer Staples and Materials sectors exerted a modest drag on relative performance.

Leading individual contributors included South Korean automaker Hyundai Motor, which reported considerable sales and market share gains in the U.S. and other key markets as safety woes swirled around Japanese rival Toyota Motor. Brazilian iron ore miner Vale advanced amid rising global demand for steel, buoyed by robust economic activity in China.

Detractors included Canadian wireless handset developer Research in Motion, which contended with an increasingly competitive landscape for its BlackBerry devices. Declining natural gas prices weighed on U.K.-based energy firm BG Group.

From a geographic perspective, solid stock selection and an underweight position, relative to the benchmark, in Japan aided relative returns, as did advancing holdings from South Korea, a nonbenchmark country. Conversely, an underweight stake in Australian stocks and laggards from Switzerland hindered relative performance.

A discussion with Invesco Advisers, Inc. — regarding their portion of the Fund (the “portfolio”)

After rallying for much of 2009 on prospects for improving global economic conditions, global equity markets faced headwinds in 2010. Notably, several southern European economies, including Greece, Spain, Portugal, and Italy, faced solvency concerns amid massive fiscal deficits. Although the U.S. economy returned to a positive growth rate, investors continued to worry about high unemployment and a still weak housing market. In contrast, China enacted credit tightening measures in early 2010 in attempt to slow its economy. Fears of potential overheating in emerging market economies, coupled with fears of a potential double-dip recession in developed economies continued to foster uncertainty about the pace and vigor of a global economic recovery.

In this environment, the portfolio outperformed the MSCI EAFE Index (gross). All fund regional allocations delivered positive absolute results, outperforming the benchmark sector index. Relative results were supported by strong stock selection across emerging markets like India and South Korea, markets not represented in the index. Solid stock selection combined with an underweight to Japan was a key driver of relative results as well. Relative gains were slightly offset however by the negative influence of an underweight exposure to the strongly performing Australian market. The portfolio’s cash exposure was a drag on performance in rising markets as well.

The portfolio’s sector allocations also contributed positively to performance. Solid stock selection combined with an overweight exposure in the Healthcare and Consumer Discretionary sector were the most additive. An underweight exposure to the relatively weaker Financials sector was supportive as well. In contrast, the portfolio’s underweight exposure in the materials sector was drag on relative results.

A discussion with Massachusetts Financial Services Company — regarding their portion of the Fund (the “portfolio”)

After having suffered through one of the largest and most concentrated downturns since the 1930s, most asset markets staged a remarkable rebound during the reporting period. Just prior to the beginning of the period, the fallout from a series of tumultuous financial events pushed global equity and credit markets to their lowest points during the crisis. Not only did Europe and Japan fall into recessions, but an increasingly powerful engine of global growth — emerging markets — also contracted almost across the board. The subsequent recovery in global activity has been similarly synchronized, led importantly by emerging Asian economies, but broadening to include most of the global economy to varying degrees. Primary drivers of the recovery included an unwinding of the inventory destocking that took place earlier, the production of manufacturing and capital goods, as well as massive fiscal and monetary stimulus.

Security selection in the Retailing, Industrial Goods and Services, and Transportation sectors was the primary contributor to performance relative to the MSCI EAFE Index (gross). Top individual contributors within the Retailing sector included the portfolio’s holdings of luxury goods retailer LVMH Moët Hennessy Louis Vuitton S.A. (France) and export trading company Li & Fung (Hong Kong). In the Industrial Goods and Services sector, an overweight position in strong-performing electrical distribution equipment manufacturer Schneider Electric S.A. (France) was among the top relative contributors. The portfolio’s holdings of Canadian National Railway, in the Transportation sector, also benefited relative results as the stock turned in strong performance over the reporting period.

An overweight position in the Consumer Staples sector was another positive factor for relative performance. Within this sector, holdings of global food company Nestle S.A. (Switzerland) and brewer Heineken International N.V. (The Netherlands), were among the portfolio’s top contributing stocks for the period.

Elsewhere, the portfolio’s holdings of technology consulting firm Infosys Technologies Ltd. (India), industrial and medical gases producer Linde AG (Germany), advertising and marketing firm WPP Group (United Kingdom), and South Korean microchip and electronics manufacturer Samsung Electronics aided relative returns.

A combination of security selection and an overweight position in the health care sector held back relative performance. Overweight positions in poor-performing pharmaceutical company Merck KGaA (Germany) and biopharmaceutical company Actelion Ltd. (Switzerland) were among the top relative detractors.

319

VALIC Company I International Growth I Fund

COMPARISON: FUND VS. INDEX (Unaudited) — (continued)

Security selection in the Leisure sector was another negative factor for relative performance. The portfolio’s holdings of U.K. gaming operators, William Hill and Ladbrokes PLC, hurt relative returns as both stocks underperformed the benchmark over the reporting period.

Stocks in other sectors that detracted from relative results included oil and gas exploration company INPEX Holdings (Japan), stock exchange Deutsche Boerse AG (Germany), energy and environmental services giant GDF SUEZ (France), consumer finance firm AEON Credit Service (Japan), and semiconductor manufacturer Taiwan Semiconductor (Taiwan). Not holding strong-performing financial services company Commonwealth Bank of Australia also held back relative results. During the reporting period, the portfolio’s currency exposure was also a detractor from relative performance.

With respect to all portfolios of the Fund, the value of the cash collateral investment vehicle held by the Fund pursuant to the VC I securities lending program contributed to performance.

For the year ended May 31, 2010, the International Growth I Fund returned 11.07% compared to 6.84% for the MSCI EAFE Index (gross).

* MSCI EAFE Index (gross) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada. As of May 27, 2010 the MSCI EAFE Index (gross) consisted of the following 22 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. The gross index approximates the maximum possible dividend reinvestment and assumes that the amount reinvested is the entire dividend distributed to individuals resident in the country of the company, but does not include tax credits.

Average Annual Total Returns as of May 31, 2010
1 Year	5 Years	Since Inception*
11.07%	3.69%	0.10%

* Inception date of Fund: December 11, 2000

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

320

VALIC Company I Large Cap Core Fund

COMPARISON: FUND VS. INDEX (Unaudited)

MANAGEMENT OVERVIEW

A discussion with Wells Capital Management, Inc.

The Large Cap Core Fund posted a return of 19.81% for the twelve-month period ending May 31, 2010, compared to a return of 20.99% for the S&P 500^® Index.

The Fund performed roughly in line with the S&P 500^® benchmark in a year that began with a sharp recovery from recessionary lows, was accompanied for the most part by rising earnings expectations, but trailed off as a confluence of world events precipitated the first meaningful price correction since the equity market’s 80% move off of bear market lows.

In light of these conditions, the Fund remains focused on high quality, financially sound, competitively advantaged companies positioned to capitalize on strengths such as global reach, demand persistence and steady cash flow generation.

A moderate overweight and strong stock selection in Consumer Discretionary contributed to performance, led by Amazon.com, CBS Corp., and Home Depot. Other strong contributions came from the sharply recovering Financial sector, including Prudential Financial, Bank of America and American Express. Other significant contributors were Merck, Boeing and Cisco Systems.

The largest detractors to relative performance were related to the Technology sector, where the Fund did not own Apple Computer, which was a stellar benchmark performer, and suffered through a difficult stretch with Qualcomm Inc. Other detractors came from diverse sectors, namely Exxon Mobil and Schlumberger within Energy, Defense contractor Lockheed Martin, and Moody’s and State Street Corp. within the Financials.

For the year ended May 31, 2010, the Large Cap Core Fund returned
19.81% compared to 20.99% for the S&P 500^® Index.

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

Average Annual Total Returns as of May 31, 2010
1 Year	Since Inception*
19.81%	1.73%

* Inception date of Fund: December 5, 2005

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

321

VALIC Company I Large Capital Growth Fund

COMPARISON: FUND VS. INDEX (Unaudited)

MANAGEMENT OVERVIEW

The Large Capital Growth Fund posted a return of 19.08% for the twelve-month period ending May 31, 2010, compared to a return of 21.59% for the Russell 1000^® Growth Index.

A discussion with SunAmerica Asset Management Corp. (“SAAMCo”) — regarding their portion of the Fund (the “portfolio”)

The broad-based equity market rally that occurred during the annual period benefited nearly all equity funds, but particularly companies with smaller market-capitalizations and higher beta characteristics, The portfolio’s valuation discipline and larger cap bias was generally not rewarded.

For our portfolio as a whole, stock selection in the Consumer Discretionary sector and no exposure to the Utility sector helped performance. A Consumer Staples underweight was also additive. Top contributing holdings during the period were Apple, Inc., Hewlett-Packard Co., Wynn Resorts, Ltd., Pepsico, Inc., and Google, Inc.

Detracting from portfolio returns were stock selection in the Materials and Information Technology sectors, an overweight allocation to the Energy sector and a 2% average cash position. Monsanto Co., QUALCOMM, Inc., Dean Foods Co., Gilead Sciences, Inc., and Schlumberger, Ltd. were the leading detractors.

A discussion with Invesco Advisers, Inc. — regarding their portion of the Fund (the “portfolio”)

The twelve month reporting period was very volatile. After rallying during much of 2009, the stock market began to pull back late in the reporting period as investors worried about the degree that expanding sovereign debt problems in Europe would impact the global economic recovery. In this environment, the portfolio had positive returns but underperformed versus its benchmark, the Russell 1000 Growth Index.

The portfolio underperformed by the widest margin in the Industrials sector, driven by stock selection. Significant detractors included defense contractor Lockheed Martin Corp. and engineering and construction firm URS Corp. The portfolio also underperformed in the Consumer Discretionary and Financials sectors, driven primarily by stock selection. For-profit-education services provider Apollo Group, Inc. was a key detractor to performance in the Consumer Discretionary sector. Other key detractors to performance included energy holdings Noble Corp. and National Oilwell Varco, Inc.

Some of this underperformance was offset by outperformance in other sectors. Our portfolio outperformed by the widest margin in the information technology sector, driven by stock selection and an overweight position. Holdings that made significant contributions to performance included Apple, Inc., Hewlett-Packard Co. and Western Digital Corp. Our portfolio also outperformed in other sectors, including consumer staples, health care and energy. Other key contributors to performance included BHP, Ltd. and Limited Brands, Inc.

For the period ended May 31, 2010, the Large Capital Growth Fund returned 19.08% compared to 21.59% for the Russell 1000^® Growth Index.

* The Russell 1000^® Growth Index consists of stock with a greater-than-average growth orientation. Companies in this Index tend to exhibit higher price-to-book and price-earnings ratios, lower dividend yields and higher forecasted growth values.

Average Annual Total Returns as of May 31, 2010
1 Year	5 Years	Since Inception*
19.08%	0.72%	0.39%

* Inception date of Fund: December 20, 2004

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

322

VALIC Company I Mid Cap Index Fund

COMPARISON: FUND VS. INDEX (Unaudited)

MANAGEMENT OVERVIEW

A discussion with SunAmerica Asset Management Corp. (“SAAMCo”)

The Mid Cap Index Fund posted a return of 34.73% for the twelve-month period ending May 31, 2010, compared to a return of 34.52% for the S&P MidCap 400^® Index.

The Fund is passively managed to match the S&P 400^® Mid Cap Index. As with all index funds, there will be performance discrepancies due to trading, cash, and pricing effects. There were additional discrepancies due to the value of the cash collateral investment vehicle held by the Fund pursuant to the VC I securities lending program which contributed to Fund performance.

All sectors in the index had positive performance for the year with Materials and Information Technology leading the way. Energy and Telecommunication Services were the lowest performers.

The three best performing stocks in absolute terms were American Greetings, Sotheby’s, and Alaska Air. The three top contributors to Fund performance, factoring in position size and performance, were Cree, Lubrizol, and Cimarex Energy

The three worst performing stocks in absolute terms were Palm, Colonial BancGroup, and Dynegy. The three most prominent detractors to Fund performance, factoring in position size and performance, were Palm, AECOM Technology, and Alliant Techsystems.

For the year ended May 31, 2010, the Mid Cap Index Fund returned
34.73% compared to 34.52% for the S&P MidCap 400^® Index.

* The S&P MidCap 400^® Index is an index of the stocks of 400 domestic stocks chosen for market size, liquidity, and industry group representation. It is a market-value weighted index, with each stock’s percentage in the Index in proportion to its market value.

“Standard & Poor’s^®, “S&P^®,” and “S&P MidCap 400^®,” are trademarks of S&P.

The Fund is not sponsored, endorsed, sold or promoted by S&P, and S&P makes no representation regarding the advisability of investment in the Fund.

Average Annual Total Returns as of May 31, 2010
1 Year	5 Years	10 Years
34.73%	3.83%	5.80%

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

323

VALIC Company I Mid Cap Strategic Growth Fund

COMPARISON: FUND VS. INDEX (Unaudited)

MANAGEMENT OVERVIEW

The Mid Cap Strategic Growth Fund posted a return of 27.35% for the twelve-month period ending May 31, 2010, compared to a return of 30.14% for the Russell MidCap^® Growth Index.

A discussion with PineBridge Investments LLC — regarding their portion of the Fund (the “portfolio”).

For the one year period ending May 31, 2010, the portfolio underperformed the benchmark. Health Care overall was the worst performing sector for the portfolio, Leading on the downside were Human Genome Sciences and Inverness Medical. Three additional stocks that contributed to the underperformance were SandRidge in Energy, MEMC Electronic Materials in Technology and Schweitzer-Mauduit in Consumer Staples.

Consumer Discretionary was a tale of two periods, as it contributed to a large part of the underperformance from the June through November period, but was one of the better performing sectors December through May. Guess, ArvinMeritor and Coach led on the positive side, while a couple of homebuilders, KB Home and Meritage Homes led on the downside.

Technology was the most consistent outperformer over the period as Marvel, Cree and Cognizant Technology Solutions drove the sector’s outperformance. Marvel and Cree were the two best performing stocks over the period. In Financials, Genworth was the third best performer overall.

A discussion with Morgan Stanley Investment Management, Inc. — regarding their portion of the Fund (the “portfolio”)

While the equity market rallied for most of the portfolio’s fiscal year on expectations for global economic recovery, it also saw significant volatility in the second quarter of 2010. Rather than focusing on short-term volatility, the portfolio continues to maintain a three- to five-year outlook, assessing the quality, nature and sustainability of its competitive advantage, and balance sheet strength of individual companies.

The primary driver of the portfolio’s outperformance relative to the benchmark was the Consumer Discretionary sector, where stock selection and an overweight position boosted returns through names like Wynn Resorts, Ltd.,. Stock selection and an underweight in Technology also contributed to relative performance, largely due to the computer services software and systems industry holdings such as Baidu, Inc. and Salesforce.com, Inc. Stock selection and an underweight in the Utilities sector were favorable as well. Here, Telecommunications holdings generated positive relative performance.

The weakest performing sector on a relative basis was Financial Services, where both stock selection and an overweight hampered relative results, particularly in the asset management and custodian industry with T. Rowe Price and Calamos among the detractors. Stock selection in Energy detracted, despite relative gains from an overweight there. The majority of the portfolio’s Energy exposure was in natural gas producers and some of these positions had a negative impact on relative performance including Southwestern Energy Co. and Petrohawk Energy Corp. Also disadvantageous to relative performance was stock selection in the Health Care sector, which was dampened by the medical equipment industry.

With regard to all portfolios, the value of the cash collateral investment vehicle held by the Fund pursuant to the VCI securities lending program contributed to performance.

For the year ended May 31, 2010, the Mid Cap Strategic Growth Fund returned 27.35% compared to 30.14% for the Russell MidCap Growth Index.

* The Russell MidCap^® Growth Index measures the performance of those Russell MidCap^® companies with higher price-to-book ratios and high forecasted growth values. The stocks are also members of the Russell 1000^® Growth Index.

Average Annual Total Returns as of May 31, 2010
1 Year	5 Years	Since Inception*
27.35%	4.18%	3.78%

* Inception date of Fund: December 20, 2004

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

324

VALIC Company I Money Market I Fund

COMPARISON: FUND VS. INDEX (Unaudited)

MANAGEMENT OVERVIEW

A discussion with SunAmerica Asset Management Corp.

The Money Market I Fund posted a return of 0.04% for the twelve-month period ending May 31, 2010, compared to a return of 0.11% for the T-Bill Three-Month Index.

The fiscal year began with a Fed Funds target rate of between 0% to 0.25% based on near term economic weakness and subdued inflation. This was the dominant theme for most of the subsequent Federal Open Market Committee meetings. During the April 28, 2010 meeting, the committee supported maintaining the target rate range of between 0% to 0.25% and continued anticipation that economic conditions, including low rates of resource utilization, subdued inflation trends, and stable inflation expectations, are likely to warrant exceptionally low levels of the fed funds rate for an extended period. Yields on Money Market securities decreased steadily throughout the period. In order to preserve yields, the Fund’s duration was actively managed, specifically by purchasing longer-dated fixed rate instruments as well as floating rate notes. Given the outlook for a continued low level in the federal funds rate, we continued to emphasize longer fixed rate and floating rate securities.

Average Annual Total Returns as of May 31, 2010
1 Year	5 Years	10 Years
0.04%	2.73%	2.44%

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

325

VALIC Company I Nasdaq-100^® Index Fund

COMPARISON: FUND VS. INDEX (Unaudited)

MANAGEMENT OVERVIEW

A discussion with SunAmerica Asset Management Corp.

The Nasdaq-100^® Index Fund posted a return of 29.60% for the twelve-month period ending May 31, 2010, compared to a return of 29.88% for the Nasdaq-100^® Index.

The Fund is passively managed to match the Nasdaq 100^® Index. As with all index funds, there will be performance discrepancies due to trading, cash, and pricing effects.

All sectors in the Index had positive performance for the year with Consumer Discretionary and Telecommunication Services leading the way. Materials and Health Care were the lowest performers.

The three best performing stocks in absolute terms were SanDisk Corp, Baidu Inc (ADS), and Wynn Resorts. The three top contributors to Fund performance, factoring in position size and performance, were Apple, Microsoft, and Google.

The three worst performing stocks in absolute terms were First Solar, Electronic Arts, and Research in Motion. The three most prominent detractors to Fund performance, factoring in position size and performance, were Qualcomm, Research in Motion and First Solar.

For the year ended May 31, 2010, the Nasdaq-100^® Index Fund returned 29.60% compared to 29.88% for the Nasdaq-100^® Index.

* The Nasdaq-100^® Index includes 10 of the largest domestic and international non-financial securities listed on The NASDAQ Stock Market based on market capitalization. The Index reflects companies across major industry groups including computer hardware and software, telecommunications, retail/wholesale trade and biotechnology. It does not contain securities of financial companies including investment companies.

The Nasdaq-100^®, Nasdaq-100 Index^®, and Nasdaq^® are trade or service marks of The Nasdaq Stock Market, Inc. (which with its affiliates are the Corporations) and are licensed for use by VALIC Company I. The product(s) have not been passed on by the Corporations as to their legality or suitability. The product(s) are not issued, endorsed, sold, or promoted by the Corporations. The Corporations make no warranties and bear no liability with respect to the product(s).

Average Annual Total Returns as of May 31, 2010
1 Year	5 Years	Since Inception*
29.60%	3.79%	-6.55%

* Inception date of Fund: October 1, 2000

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

326

VALIC Company I Science & Technology Fund

COMPARISON: FUND VS. INDEX (Unaudited)

MANAGEMENT OVERVIEW

The Science & Technology Fund posted a return of 29.67% for the twelve-month period ending May 31, 2010, compared to a return of 28.47% for the S&P 500^® Information Technology Index and a return of 27.85% for the S&P North American Technology Sector Index.

A discussion with RCM Capital Management, LLC — regarding their portion of the Fund (the “portfolio”)

In five of the six large technology sub-sectors, the portfolio’s stock selection resulted in significantly better performance than that of the S&P North American Technology Sector Index. The top stock selection contributor came from the internet sub-sector; specifically holdings in Baidu, Netflix, and Akamai, all with stock returns over 75% for the period. Stock selection in IT Services also boosted results, as Cognizant Technology was another core contributor to the portfolio’s performance. Conversely, in the large sub-sector that underperformed during the period, Semiconductors, the portfolio had owned some great performing stocks such as Sandisk, but these were offset by under-performing stocks, such as On Semiconductor and Taiwan Semiconductor.

Finally, the top detractor to the Fund was the energy sub-sector, especially solar stocks, such as First Solar and SunPower. Overall, stock selection led the portfolio to significant positive attribution for the entire period. This overcame the overall negative effect of sector allocation. An underweight to Computers & Peripherals and a slight overweight to the poor-performing energy stocks were the largest negative contributors among sub-sectors.

A discussion with T. Rowe Price Associates, Inc. — regarding their portion of the Fund (the “portfolio”)

In a highly positive period for technology stocks overall, the portfolio posted strong gains for the twelve months ended May 31, 2010, broadly keeping pace with its benchmark, the S&P North American Technology Sector Index. Stock selection added value in many segments of the portfolio, but sector positioning proved less productive and offset much of our relative gains.

Some of the best results for the portfolio, compared with the benchmark, came in the IT Services group. Being underweighted in this lagging group helped, and stock selection was also quite strong. Many of the stronger performers in this segment were non-benchmark stocks, including Genpact and Accenture.

Strong stock selection led to substantial relative gains in several areas. In wireline equipment, Finisar was a leading performer, which we eliminated on strength. Within Software, our holdings in firms such as Omniture and Salesforce.com had very strong results. Media holdings such as Liberty Media Interactive and Time Warner Cable were leading contributors.

Unfortunately, sector positioning was not favorable and proved a negative influence on relative performance. The leading detractor was our substantial underweight in consumer electronics, an area that not only led the index but had some of the best results in the broad market as well. Large overweights to underperforming groups systems software and consumer software weighed heavily on results, also. Individual names that hurt the most were McAfee Inc., QUALCOMM Inc., and Palm Inc.

A discussion with Wellington Management, LLP — regarding their portion of the Fund (the “portfolio”)

For the twelve-month period ended May 31, 2010, the portfolio outperformed the S&P North American Technology Sector Index. The Internet & Catalog Retail and the Computer & Peripherals industries rose the most, while the Health Care Technology, Life Sciences Tools & Services, and Communications Equipment industries rose the least.

The portfolio’s security selection was the primary driver of outperformance. Strong stock selection in the Computers and Peripherals, Semiconductors and Semiconductor Equipment, and IT Services industries was partially offset by weaker stock selection within the Software and the Communications Equipment industries.

Over the twelve month period Apple, Seagate Technology, and Hewlett-Packard contributed most on an absolute basis, while Research in Motion, QUALCOMM, and HTC were the top absolute detractors.

With regard to all portfolios, the value of the cash collateral investment vehicle held by the Fund pursuant to the VC I securities lending program contributed to performance.

327

VALIC Company I Science & Technology Fund

COMPARISON: FUND VS. INDEX (Unaudited) — (continued)

For the year ended May 31, 2010, the Science & Technology Fund returned 29.67% compared to 28.47% for the S&P 500^® Information Technology Index and 27.85% for the S&P North American Technology Sector Index.

* The S&P 500^® Information Technology Index is an unmanaged, market-capitalization weighted index designed to measure the performance of companies in the information technology sector that are in the S&P 500^® Index.

** Effective October 1, 2009, the Fund changed its benchmark from the S&P 500^® Information Technology Index to the S&P North American Technology Sector Index because Fund management believes it is a more appropriate measure of the sub-advisers’ investment styles and is better aligned with the Funds’s investment strategies. The S&P North American Technology Sector Index measures the performance of U.S.-traded stocks of technology related companies in the U.S. and Canada. The Index includes companies in the following categories: producers of sophisticated computer-related devices; communications equipment and internet services; producers of computer and internet software; consultants for information technology; providers of computer services; and semiconductor equipment manufacturers.

Average Annual Total Returns as of May 31, 2010
1 Year	5 Years	10 Years
29.67%	2.80%	-7.49%

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

328

VALIC Company I Small Cap Aggressive Growth Fund

COMPARISON: FUND VS. INDEX (Unaudited)

MANAGEMENT OVERVIEW

A discussion with Wells Capital Management Incorporated

The Small Cap Aggressive Growth Fund posted a return of 39.59% for the twelve-month period ending May 31, 2010, compared to a return of 30.54% for the Russell 2000^® Growth Index.

Sectors that contributed positively to relative performance include Information Technology, Health Care, and Energy. An overweight position in Information Technology as well as strong stock selection contributed to outperformance, especially holdings in GSI Commerce, Omniture, and VistaPrint Ltd. Strong stock selection in Healthcare led to outperformance of the sector as Ev3 Inc., OSI Pharmaceuticals, and Volcano Corp were the three strongest holdings in the sector. The Fund’s energy sector outperformed due to an underweight position compared to the benchmark, as well as very strong stock selection. Specifically, Brigham Exploration reported results from several outstanding wells in the Bakken shale, and the stock surged over 400% for the year.

The Fund’s Telecommunication Services sector performed poorly compared to the overall benchmark and the Fund’s overweight accentuated the position. CBeyond Inc., an internet provider serving small businesses was down less than 10% for the period but was one of the Fund’s larger holdings. The Fund’s Materials sector stocks outperformed but an underweight position versus the benchmark hurt overall results.

For the year ended May 31, 2010, the Small Cap Aggressive Growth Fund returned 39.59% compared to 30.54% for the Russell 2000^® Growth Index.

* The Russell 2000^® Growth Index measures the performance of those Russell 2000^® companies with higher price-to-book ratios and higher forecasted growth values.

Average Annual Total Returns as of May 31, 2010
1 Year	Since Inception*
39.59%	3.14%

* Inception date of Fund: December 5, 2005

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

329

VALIC Company I Small Cap Fund

COMPARISON: FUND VS. INDEX (Unaudited)

MANAGEMENT OVERVIEW

The Small Cap Fund posted a return of 30.65% for the twelve-month period ending May 31, 2010, compared to a return of 33.62% for the Russell 2000^® Index.

A discussion with Invesco Advisers, Inc. — regarding their portion of the Fund (the “portfolio”)

The twelve month reporting period was very volatile. After rallying during much of 2009, the stock market began to pull back late in the period as investors worried about the degree that expanding sovereign debt problems in Europe would impact the global economic recovery. In this environment, the portfolio had positive returns but underperformed versus its benchmark, the Russell 2000^® Index, during the period.

The portfolio underperformed the Russell 2000^® Index by the widest margin in the Industrials sector, driven by an overweight position and stock selection, especially positions in Dryships Inc. and Northwest Pipe Co. The portfolio also underperformed in other sectors, including Consumer Discretionary, Financials, Materials and Information Technology. Underperformance in each of these sectors was also driven by stock selection. Holdings from these sectors that were among the portfolio’s leading detractors to performance included Synaptics Inc., and Pantry Inc.

Some underperformance was offset by outperformance in other sectors, including Health Care, Consumer Staples, Energy and Utilities. The portfolio outperformed by the widest margin in the Health Care sector, driven by stock selection, especially pharmaceutical products maker Vivus Inc. Other key contributors to performance included TRW Automotive Holdings Corp., Phillips-Van Heusen, Cybersource Corp. and Complete Production Services.

A discussion with T. Rowe Price Associates, Inc — regarding their portion of the Fund (the “portfolio”)

For the period the portfolio posted a double-digit gain and outpaced the Russell 2000 Index. Broadly speaking, stock selection accounted for the majority of the outperformance. Nearly every sector boosted relative results, led by consumer discretionary, information technology, industrials and business services, and health care. Materials was the sole relative detractor.

Consumer discretionary led the outperformance, due to strong holdings including TRW, Brunswick, and Ann Taylor. Automotive part supplier TRW, the top absolute contributor and a non-benchmark holding, benefited from an equity raise and debt offerings, both of which were met with enthusiasm among investors.

Other strong contributors included Information technology holdings Veeco and Finisar, Industrials holding Consolidated Graphics, and Health care stock Incyte.

The only sector to detract on a relative basis was materials, where stock holdings failed to keep pace with their benchmark peers. Bottom individual contributors overall included Digital River, Palm Inc. & Esco Technologies.

A discussion with Bridgeway Capital Management, Inc. — regarding their portion of the Fund (the “portfolio”)

The portfolio outperformed the Russell 2000^® Index for the period. This outperformance was due in large part to the size factor of the portfolio which is concentrated in “the smallest of the small” and currently reflects a maximum market capitalization of approximately $400 million, and is considerably smaller than the parameters of the Russell 2000^® Index and therefore often a neglected area of the overall market. While stock selection and sector allocation are not the primary goals, exposure to a broad list of well diversified ultra-small stocks is a primary goal of the portfolio.

Although the portfolio is passively managed, some contributing performance did come from a few strong stock selections – primarily from Information Technology and Industrial sector stocks. The top contributors were Commercial Vehicle Group Inc., Power-One Inc. and Cardtronics Inc. The biggest detractor, Soapstone Networks Inc., was delisted in August of 2009 at which time the portfolio sold off the remaining position. The company subsequently liquidated all of its assets in April of 2010.

With regard to all portfolios, the value of the cash collateral investment vehicle held by the Fund pursuant to the VC I securities lending program contributed to performance.

330

VALIC Company I Small Cap Fund

COMPARISON: FUND VS. INDEX (Unaudited) — (continued)

For the year ended May 31, 2010, the Small Cap Fund returned 30.65% compared to 33.62% for the Russell 2000^® Index.

* The Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000^® Index, which represents approximately 8% of the total market capitalization of the Russell 3000^® Index.

Average Annual Total Returns as of May 31, 2010
1 Year	5 Years	Since Inception*
30.65%	0.28%	1.17%

* Inception date of Fund: December 11, 2000

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

331

VALIC Company I Small Cap Index Fund

COMPARISON: FUND VS. INDEX (Unaudited)

MANAGEMENT OVERVIEW

A discussion with SunAmerica Asset Management Corp.

The Small Cap Index Fund posted a return of 34.01% for the twelve-month period ending May 31, 2010, compared to a return of 33.62% for the Russell 2000^® Index.

The Fund is passively managed to match the Russell 2000^® Index. As with all index funds, there will be performance discrepancies due to trading, cash, and pricing effects. There are additional discrepancies due to the value of the cash collateral investment vehicle held by the Fund pursuant to the VC I securities lending program which contributed to Fund performance.

All sectors in the index had positive performance for the year with Consumer Discretionary and Materials leading the way. Telecommunication Services and Energy were the lowest performers.

The three best performing stocks in absolute terms were Human Genome Sciences, Dana Holding, and La-Z-Boy. The three top contributors to Fund performance, factoring in position size and performance, were Human Genome Sciences, UAL, and Domtar Corp.

The three worst performing stocks in absolute terms were UCBH Holdings, Colonial BancGroup, and MiddleBrook Pharmaceuticals. The three most prominent detractors to Fund performance were Palm, Cell Therapeutics, and Huron Consulting Group.

For the year ended May 31, 2010, the Small Cap Index Fund returned 34.01% compared to 33.62% for the Russell 2000^® Index.

* The Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000^® Index, which represents approximately 8% of the total market capitalization of the Russell 3000^® Index.

The Russell 2000^® Index is a trademark/service mark of the Frank Russell Trust Company. The Small Cap Index Fund is not promoted, sponsored or endorsed by, nor in any way affiliated with Frank Russell Company. Frank Russell Company is not responsible for and has not reviewed the Fund or any associated literature or publications and makes no representation or warranty, express or implied, as to their accuracy, or completeness, or otherwise.

Average Annual Total Returns as of May 31, 2010
1 Year	5 Years	10 Years
34.01%	2.56%	4.36%

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

332

VALIC Company I Small Cap Special Values Fund

COMPARISON: FUND VS. INDEX (Unaudited)

MANAGEMENT OVERVIEW

The Small Cap Special Values Fund posted a return of 36.20% for the twelve-month period ending May 31, 2010, compared to a return of 36.60% for the Russell 2000^® Value Index.

Effective September 14, 2009, Dreman Value Management replaced Putnam Investment Management, LLC as subadviser to the Fund. Wells Capital Management, Inc. remained a subadviser to the Fund.

A discussion with Putnam Investment Management, LLC — regarding their portion of the Fund (“the portfolio”)

Comments below cover the time period June 1, 2009 through September 11, 2009.

The portfolio underperformed its benchmark, the Russell 2000 Value Index, during the fiscal quarter. Favorable stock selection in the Financials and Basic Materials sectors benefited results. However, these positives were partially offset by weakness in Capital Goods and Technology holdings.

Stock selection in the financials sector had the greatest positive impact on relative returns. Within the sector, holdings in FBL Financial Group and SVB Financial Group aided relative outperformance. Within basic materials, select positions in Solutia and Omnova Solutions proved favorable.

Positions such as USEC and General Cable made Capital Goods the portfolio’s leading relative detractor from performance during the period. Select holdings in Technology, BancTec, S1 Corporation, also detracted from results.

A discussion with Dreman Value Management, LLC – regarding their portion of the Fund (“the portfolio”)

Comments below cover the time period September 14, 2009 to May 31, 2010.

The portfolio outperformed the Russell 2000^® Value Index for the period. The best performing sectors were Energy, Utilities, Technology, Telecommunications, and Consumer Staples while the Industrials, Materials, and Financials detracted from performance.

An overweight in Energy combined with stock selection in that sector drove performance. The best performers were Forest Oil, St. Mary Land & Exploration and Whiting Petroleum. In Utilities, Integrys Energy and IDACORP gained roughly 32% and 20%, respectively. Leading the portfolio’s returns in Information Technology was Lexmark, a printer manufacturer, rising over 68%.

Stock selection weighed upon relative performance in Industrials. General Cable, which fell roughly 23%, and Rino International detracted from performance. The fall in Thompson Creek and Gammon Gold weighed upon relative performance in the Materials sector. The underperformance in Financials was mainly attributed to the negative effects of stock selection.

A discussion with Wells Capital Management, Inc. – regarding their portion of the Fund (the “portfolio”)

The portfolio outperformed the benchmark during the period. An underweight to Financials boosted performance significantly. Also adding to gains were an overweight to Consumer Discretionary and an underweight to Healthcare. On the negative side, an overweight to Consumer Staples detractor to performance.

Stock selection had a small negative effect on performance. Selection in Materials, Utilities, Consumer Staples, and Energy helped relative performance the most, but those gains were more than offset by stock selections in Financials and Healthcare.

Schweitzer-Mauduit International, Inc. was the top contributor to the portfolio this fiscal year. Another top contributor was Quantum Corp. Despite the drag on results from Financials overall, one of the top performing holdings of the year was First Citizens Bancshares Inc. On the negative side, Stewart Information Services, Cal Dive International, and Technitrol Inc were the largest detractors.

With regard to all portfolios, the value of the cash collateral investment vehicle held by the Fund pursuant to the VC I securities lending program contributed to performance.

333

VALIC Company I Small Cap Special Values Fund

COMPARISON: FUND VS. INDEX (Unaudited) — (continued)

For the year ended May 31, 2010, the Small Cap Special Values Fund returned 36.20% compared to 36.60% for the Russell 2000^® Value Index.

* The Russell 2000^® Value Index measures the performance of those Russell 2000^® companies with lower price-to-book ratios and lower forecasted growth values.

Average Annual Total Returns as of May 31, 2010
1 Year	Since Inception*
36.20%	-1.19%

* Inception date of Fund: December 5, 2005

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

334

VALIC Company I Small-Mid Growth Fund

COMPARISON: FUND VS. INDEX (Unaudited)

MANAGEMENT OVERVIEW

A discussion with Wells Capital Management, Inc.

The Small-Mid Growth Fund posted a return of 26.03% for the twelve-month period ending May 31, 2010, compared to a return of 30.54% for the Russell 2000^® Growth Index.

The majority of the Fund’s performance results in the fiscal year came from stock selection. Positive stock contributions came from the Industrials and Information Technology stocks. Mellanox Technologies, Cavium Networks, Rubicon Technology, Netlogic Microsystems, and Atheros Communications all rose substantially on improving earnings prospects.

One of the best performing stocks in the Industrial sector was Corrections Corp. of America, an owner and manager of prisons and other correctional facilities throughout the US. The company has been reporting better than forecast revenues, operating margins and earnings.

While the Consumer Discretionary sector was a major contributor to performance overall for the year, the sector did underperform relative to the benchmark. The largest detractor to performance from portfolio holdings was Penn National Gaming, an owner and operator of horse racing and casino facilities, which faced a difficult period due to the recession.

In the Healthcare sector, some of the Fund’s underperformance was due to lack of exposure to small biotechnology companies, many of which rose strongly during the recovery rally. Within Energy, we had two troublesome holdings based on an assumption that natural gas prices would rebound. Both Petrohawk Energy and Goodrich Petroleum declined as our natural gas outlook did not play out.

The value of the cash collateral investment vehicle held by the Fund pursuant to the VC I securities lending program contributed to performance.

For the year ended May 31, 2010, the Small-Mid Growth Fund returned 26.03% compared to 30.54% for the Russell 2000^® Growth Index.

* The Russell 2000^® Growth Index measures the performance of those 2000^® companies with higher price-to-book ratios and higher forecasted growth values.

Average Annual Total Returns as of May 31, 2010
1 Year	Since Inception*
26.03%	-2.34%

* Inception date of Fund: December 5, 2005

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

335

VALIC Company I Stock Index Fund

COMPARISON: FUND VS. INDEX (Unaudited)

MANAGEMENT OVERVIEW

A discussion with Pinebridge Investments, LLC

The Stock Index Fund posted a return of 21.06% for the twelve-month period ending May 31, 2010, compared to a return of 20.99% for the S&P 500^® Index.

The Fund is passively managed to match the S&P 500^® Index. As with all index funds, there will be performance discrepancies due to trading, cash, and pricing effects. There are additional discrepancies due to the value of the cash collateral investment vehicle held by the Fund pursuant to the VC I securities lending program which contributed to Fund performance.

All sectors in the index had positive performance during the period. The best performing sectors were Consumer Discretionary and Industrials, while Energy and Telecommunication Services were the lowest performers.

The three best performing stocks in absolute terms were Gannett, SanDisk, and Genworth Financial. The three top contributors to Fund performance, factoring in position size and performance, were Apple, Microsoft, and Bank of America.

The three worst performing stocks in absolute terms were CIT, Dean Foods, and MBIA. The three most prominant detractors to Fund performance, factoring in position size and performance, were Exxon Mobil, Monsanto, and Qualcomm.

For the year ended May 31, 2010, the Stock Index Fund returned
21.06% compared to 20.99% for the S&P 500^® Index.

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

“Standard & Poor’s^®,” “S&P^®,” and “S&P 500^®,” are trademarks of S&P. The Stock Index Fund is not sponsored, endorsed, sold or promoted by S&P, and S&P makes no representation regarding the advisability of investment in the Fund.

Average Annual Total Returns as of May 31, 2010
1 Year	5 Years	10 Years
21.06%	-0.01%	-1.15%

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

336

VALIC Company I Value Fund

COMPARISON: FUND VS. INDEX (Unaudited)

MANAGEMENT OVERVIEW

A discussion with OppenheimerFunds, Inc.

The Value Fund posted a return of 17.30% for the twelve-month period ending May 31, 2010, compared to a return of 22.98% for the Russell 1000^® Value Index.

The reporting period witnessed a number of significant improvements in economic and market conditions in the U.S. which stemmed in part from aggressive remedial measures adopted by U.S. Government and monetary authorities, Despite renewed risk appetite from investors, economic data still remained mixed and the European debt situation and resulting market declines at the end of the period created further wariness about the global economic landscape for the remainder of the reporting period.

In terms of positive contributors to Fund performance, the Fund’s best performing sector relative to the benchmark was Materials. The Fund’s overweight in The Lubrizol Corp. contributed the most to relative performance in that sector. The Fund also outperformed the benchmark in Consumer Discretionary. Consumer Discretionary was the strongest performing sector on a total return basis for both the benchmark and the Fund, where an overweight position in Time Warner Cable, Inc. provided the bulk of the relative outperformance.

The Fund underperformed primarily within the consumer staples and information technology sectors during the reporting period, as a result of weaker relative stock selection. In Financials, the Fund’s overweight exposure to Morgan Stanley detracted from results. Within consumer staples, overweight positions in underperforming stocks such as Kroger Co., Walgreen Co. and Molson Coors Brewing Co. hurt performance. In terms of Industrials, General Cable Corp. was the greatest detractor from performance. Not holding Real Estate Investment Trusts (REITs) also detracted from results, as they performed well for the Index during the reporting period.

For the year ended May 31, 2010, the Value Fund returned 17.30% compared to 22.98% for the Russell 1000^® Value Index.

* The Russell 1000^® Value Index measures the performance of those Russell 1000^® companies with lower price-to-book ratios and lower forecasted growth values.

Average Annual Total Returns as of May 31, 2010
1 Year	5 Years	Since Inception*
17.30%	-0.04%	1.90%

* Inception date of Fund: December 31, 2001

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

337

VALIC Company I

SUPPLEMENT TO THE PROSPECTUS

Supplement to the Prospectus dated October 1, 2009

Nasdaq-100 Index Fund, Mid Cap Index Fund, Small Cap Index Fund and Stock Index Fund (the “Funds”)

Effective December 1, 2009, SunAmerica Asset Management Corp. (“SAAMCo”) replaced AIG Global Investment Corp. (“AIGGIC”) as the sub-adviser of each Fund. All references to AIGGIC as the sub-adviser of the Funds are deleted in their entirety. In addition, VALIC and SAAMCo entered into an interim sub-advisory agreement with respect to the Funds (“Interim SAAMCo Sub-Advisory Agreement”). In the section of the VALIC Company I (“VC I”) Prospectus titled “About VC I’s Management – Investment Sub-Advisers – SunAmerica Asset Management Corp.” the disclosure is amended to add the following:

James O. Kurtz serves as the portfolio manager of the Nasdaq-100 Index Fund, Mid Cap Index Fund, Small Cap Index Fund and Stock Index Fund. Mr. Kurtz, Senior Vice President and Portfolio Manager, joined SAAMCo on December 1, 2009. He is responsible for the management and trading of a wide variety of domestic equity index funds managed by SAAMCo. Prior to joining SAAMCo, Mr. Kurtz was a senior portfolio manager of AIG Global Investment Corp. (“AIGGIC”) following the acquisition of American General Investment Management, L.P. in 2001. Prior to AIGGIC, Mr. Kurtz worked at Sears Investment Management Co., the retirement fund management subsidiary of Sears, Roebuck and Co. from 1978 to 2000.

As reflected in the supplement dated November 3, 2009 to the VC I Prospectus, the Interim SAAMCo Sub-advisory Agreement will remain in effect for 150 days from its effective date or until a new sub-advisory agreement between VALIC and SAAMCo is approved by shareholders of the Funds, whichever is earlier (the “SAAMCo Sub-Advisory Agreement”). On March 16, 2010, the Funds expect to convene a special meeting of shareholders with respect to the proposal to approve the SAAMCo Sub-advisory Agreement. Shareholders of record as of December 27, 2009 will receive proxy materials describing the SAAMCo Sub-advisory Agreement in greater detail.

Date: December 3, 2009

Supplement to the Prospectus dated October 1, 2009

In the section titled “About VC I’s Management – Investment Sub-Advisers – Invesco Aim Capital Management, Inc.,” the disclosure with respect to Invesco Aim Capital Management, Inc. (“Invesco Aim”) is amended effective December 31, 2009 to add the following:

On December 31, 2009, Invesco Ltd. merged the businesses of five retail and institutional investment advisers into one entity. As a result, Invesco Aim merged into Invesco Institutional (N.A.), Inc., which was renamed Invesco Advisers, Inc. (“Invesco”). Invesco will serve as the sub-adviser of the Global Real Estate Fund, International Growth I Fund, Large Capital Growth I Fund and Small Cap Fund (the “Funds”) and will provide substantially the same services as was provided by Invesco Aim. As a result of the merger, Invesco, which previously served as the sub-sub-adviser of a portion of the assets of the Global Real Estate Fund, is now a sub-adviser for the Fund. The portfolio management teams for all Funds remain the same. Additional information regarding the merger is available at Invesco’s website at http://www.invescoaim.com.

All references to Invesco Aim in the Prospectus are amended to reflect “Invesco Advisers, Inc.”

Global Real Estate Fund. In the section titled “About VC I’s Management – Investment Sub-Advisers – Invesco Aim Capital Management, Inc.,” effective December 4, 2009, Darin Turner, Portfolio Manager, was added as a portfolio manager of the Fund’s domestic real estate securities. Mr. Turner has been associated with Invesco and or its affiliates since 2005. Prior to 2005, Mr. Turner was a financial analyst in the corporate finance group of ORIX Capital Markets. Joe Rodriguez, Mark Blackburn, Paul Curbo, James Trowbridge and Ping-Ying Wang continue to serve as portfolio managers of the Fund.

Date: December 9, 2009

Supplement to the Prospectus dated October 1, 2009

Growth & Income Fund. Effective March 22, 2010, the “Investment Strategy” section of the Fund’s Fact Sheet is deleted in its entirety and replaced with the following:

The Fund invests in stocks that provide long-term growth potential. As a secondary goal, the Fund invests in securities that will provide current income. The sub-adviser uses a top-down, highly disciplined investment process. A universe of potential investment candidates is developed and then tested through various filters to determine the appropriate mix for achieving the desired returns while limiting variation relative to the market.

The Fund generally invests 90% to 95% of total assets, at the time of purchase, in common stocks and equity-related securities, bonds, preferred stocks, convertible stocks and warrants.

In the section titled “About VC I’s Management – Investment Sub-Advisers – SunAmerica Asset Management Corp.” effective March 22, 2010, John Massey, Portfolio Manager, was added as a portfolio manager to the Fund. Mr. Massey, Senior Vice President and Portfolio Manager, has been with SAAMCo since February 2006 and is primarily responsible for managing a portion of the assets of the Growth & Income Fund. Prior to joining SAAMCo, Mr. Massey was an Associate Director and member of the Large-Cap Growth Team at Bear Sterns Asset Management from 2001 to 2005. Steve Neimeth continues to serve as a portfolio manager of the Fund.

Date: March 22, 2010

338

VALIC Company I

SUPPLEMENT TO THE PROSPECTUS — (continued)

Supplement to the Prospectus dated October 1, 2009

Core Value Fund

In the section titled “About VC I’s Management – Investment Sub-Advisers – American Century Investment Management, Inc. and American Century Global Investment Management, Inc. (collectively “American Century”),” the disclosure with respect to John Schniedwind is deleted in its entirety effective March 31, 2010. Kurt Borgwardt, Lynette Pang and Zili Zhang will continue to serve as portfolio managers of the Fund.

Large Cap Core Fund, Small Cap Special Values Fund and Small-Mid Growth Fund

Effective April 1, 2010, Evergreen Investment Management Company, LLC (“Evergreen”), which had been serving as the investment sub-adviser to the Large Cap Core Fund, Small Cap Special Values Fund and Small-Mid Growth Fund (the “Funds”), assigned all of its rights, duties and obligations under the Investment Sub-Advisory Agreement, dated as of December 31, 2008, by and between The Variable Life Insurance Company (“VALIC”) and Evergreen, to its affiliate, Wells Capital Management Incorporated (“Wells Capital”). Evergreen and Wells Capital are both indirect wholly-owned subsidiaries of Wells Fargo & Company. As a result of the assignment on April 1, 2010, Wells Capital became the investment sub-adviser to each of the Funds.

All references in the prospectus to Evergreen are amended to reflect Wells Capital and that Wells Capital is an investment sub-adviser to the Funds. In the section titled “About VC I’s Management – Investment Sub-Advisers – Evergreen Investment Management Company, LLC,” the disclosure with respect to Evergreen is deleted it its entirety. In the section titled “About VC I’s Management – Investment Sub-Advisers – Wells Capital Management Incorporated,” the disclosure with respect to Wells Capital is amended to add the following:

Walter McCormick, CFA, is the lead portfolio manager and Emory (Sandy) Sanders, CFA, is a portfolio manager of the Large Cap Core Fund. Mr. McCormick is a Managing Director, Senior Portfolio Manager, and Head of the Large Cap Value/Core Equity team of Wells Capital’s Equity Management group. He returned to Wells Capital’s predecessor in 2002. Mr. McCormick has been working in the investment management field since 1970. Mr. Sanders is a Director, Portfolio Manager and Senior Equity Analyst with the Large Cap Equity Research team of Wells Capital’s Equity Management group. His responsibilities include the analysis of technology securities, specializing in telecommunications equipment, internet software, and electronic manufacturing service companies. He also is the Consumer Staples Research Team leader, with direct coverage including packaged foods, personal care, household goods, and tobacco. He has been with Wells Capital or one of its predecessor firms since 1997. Mr. Sanders has been working in the investment management field since 1997. Messrs. McCormick and Sanders each hold the Chartered Financial Analyst designation.

Wells Capital is responsible for managing approximately 50% of the assets of the Small Cap Special Values Fund. Wells Capital’s portion of the Fund’s assets is managed by James M. Tringas, CFA. Mr. Tringas is a Managing Director and Senior Portfolio Manager with the Small Cap Value team of Wells Capital’s Equity Management group. He has been with Wells Capital or one of its predecessor firms since 1994. Mr. Tringas has been working in the investment management field since 1994. He holds the Chartered Financial Analyst designation.

The Small-Mid Growth Fund is managed by two investment teams, the Small/Mid Growth Equity team and the Small Cap Growth Equity team. The Small/Mid Growth Equity team includes Robert Junkin, CPA, and Lori S. Evans, CFA. The Small Cap Growth Equity team includes Linda Z. Freeman, CFA, Jeffrey S. Drummond, CFA, Jeffrey Harrison, CFA, Edward Rick IV, CFA and Paul Carder, CFA. The lead portfolio managers of the Fund are Mr. Junkin, assisted by Ms. Evans, and Ms. Freeman and Mr. Drummond, assisted by Messrs. Rick, Harrison and Carder.

Mr. Junkin, CPA, is a Managing Director and Senior Portfolio Manager on the Small/Mid Growth Equity team with Wells Capital’s Equity Management group. He has been with Wells Capital or its predecessor since 2007. Previously, he served as a Vice President and Portfolio Manager with MFC Global Investment Management where he was responsible for the John Hancock Health Sciences Fund (2005 to 2007) and as a co-manager for the Large Cap Equity Portfolio (2003-2007). Mr. Junkin has been working in the investment industry since 1992. Ms. Evans is a Senior Analyst on the Small/Mid Growth Equity team with Wells Capital’s Equity Management group. She has been with Wells Capital or its predecessor since 1998, when she began her investment industry career. She holds the Chartered Financial Analyst designation.

Ms. Freeman is a Managing Director and Senior Portfolio Manager with the Small Cap Growth Equity team of Wells Capital’s Equity Management group. Her responsibilities include primarily the health care and consumer sectors of the market. Ms. Freeman has been with Wells Capital or one of its predecessor firms since 1991. She has been working in the investment management field since 1979. Mr. Drummond is a Managing Director and Senior Portfolio Manager with the Small Cap Growth Equity team of Wells Capital’s Equity Management group. His responsibilities include focusing primarily on the technology sector of the market. Mr. Drummond has been with Wells Capital or one of its predecessor firms since 1988. He has been working in the investment management field since 1988. Mr. Rick is a Director and Portfolio Manager with Wells Capital’s Small Cap Growth Equity team. His responsibilities include the health care technology and biotechnology industries. Mr. Rick has been with Wells Capital or one of its predecessor firms since 1994. He has been working in the investment management field since 1994. Mr. Harrison is a Director and Portfolio Manager with Wells Capital’s Small Cap Growth Equity team. His research responsibilities include the telecommunication, information technology, media and finance sectors. Mr. Harrison has been with Wells Capital or one of its predecessor firms since 1997. He has been working in the investment management field since 1994. Mr. Carder is a Director and Portfolio Manager with the Small Cap Growth Equity team of Wells Capital’s Equity Management group. His responsibilities include analysis and portfolio management of the industrial, materials, capital goods, energy, and transportation stocks. Mr. Carder has been with Wells Capital or one of its predecessor firms since 2004. He has been in the investment management field since 2000. Ms. Freeman and Messrs, Drummond, Rick, Harrison and Carder hold the Chartered Financial Analyst designation.

Date: May 7, 2010

339

VALIC Company I

SUPPLEMENT TO THE PROSPECTUS — (continued)

Supplement to the Prospectus dated October 1, 2009

With respect to the Fund Fact Sheet of the Money Market I Fund, the “Investment Strategy” section is amended to reflect that the Fund may invest in illiquid and restricted securities up to 5% of its net assets (change from the previous limit of 10%).

Date: June 1, 2010

Supplement to the Prospectus dated October 1, 2009

Dividend Value Fund. On June 4, 2010, the shareholders of the Dividend Value Fund approved an investment sub-advisory agreement between The Variable Annuity Life Insurance Company and SunAmerica Asset Management Corp. (“SAAMCo”). Effective June 7, 2010, SAAMCo assumed co-sub-adviser duties of the Fund. In addition, BlackRock Investment Management, LLC assumed co-sub-adviser duties of the Fund effective June 7, 2010.

Growth Fund. In the section titled “About VC I’s Management – Investment Sub-Advisers – American Century Investment Management” the disclosure with respect to Brian Ertley is deleted in its entirety effective June 25, 2010. William Martin and Lynette Pang will continue as co-portfolio managers of the Disciplined Growth Strategy team of the Growth Fund.

Large Capital Growth Fund. In the section titled “About VC I’s Management – Investment Sub-Advisers – Invesco Advisers, Inc. (“Invesco Advisers”)” the disclosure with respect to Geoffrey Keeling and Robert Shoss, is deleted in its entirety effective June 25, 2010. Effective June 25, 2010, Eric Voss, CFA and Ido Cohen assumed portfolio management responsibilities for the portion of the Fund managed by Invesco Advisers. Mr. Voss, portfolio Manager joined Invesco Advisers in 2010. Previously, he was a portfolio manager with J&W Seligman Investments where he led the Seligman Growth Team and focused on growth equity portfolios. Prior to working at J&W Seligman, Mr. Voss was a portfolio manager with Conseco Capital and Wells Capital Management since 1997. Mr. Cohen, Portfolio Manager, joined Invesco Advisers in 2010. From 2007 to 2010, he was a vice president and senior analyst with Columbia Management Investment Advisers, LLC (formerly known as RiverSource Investments, LLC). Prior to 2007, he was a member of a technology, media and telecom-focused investment team at Diamondback Capital.

Mid Cap Strategic Growth Fund. In the section titled “About VC I’s Management – Investment Sub-Advisers – PineBridge Investments, LLC (“PineBridge”)” the disclosure with respect to Michael Allocco is deleted in its entirety effective June 24, 2010. Effective June 24, 2010, Jamie Cuellar, CFA and Craig Swann assumed co-portfolio management responsibilities for the portion of the Fund subadvised by PineBridge. Mr. Cuellar is currently a Vice President and Portfolio with PineBridge. He joined PineBridge in 2000 and has 15 years of industry experience. Mr. Cuellar has been a micro-cap portfolio manager since 2004 and a small cap portfolio manager since 2005. Mr. Swann is currently a Portfolio Manager with PineBridge. He joined PineBridge in 2006 and has 12 years of industry experience. Prior to joining PineBridge, Mr. Swann was in institutional sales at Capital One Southcoast Capital, and covered the energy, industrial and financial sectors.

Science & Technology Fund. In the section titled “About VC I’s Management – Investment Sub-Advisers – Wellington Management Company (“Wellington Management”),” effective July 1, 2010 Michael Masdea became a co-portfolio manager of the portion of the Science & Technology Fund subadvised by Wellington Management. Mr. Masdea, Vice President and Global Industry Analyst of Wellington Management, joined the firm as an investment professional in 2008. Prior to joining Wellington Management, Mr. Masdea was a managing director and the global head of semiconductor research at Credit Suisse from 1999 through 2008. John Averill, Nicholas Boullet, Bruce Glazer and Anita M. Killian will continue to serve as co-portfolio managers of the portion of the Fund subadvised by Wellington Management.

Date: July 1, 2010

340

VALIC Company I

PROXY VOTING RESULTS – SPECIAL MEETING OF THE SHAREHOLDERS

A special joint meeting of the shareholders of VALIC Company I (“VC I”) Asset Allocation Fund, Capital Conservation Fund, Global Social Awareness Fund, Inflation Protected Fund, International Equities Fund, International Government Bond Fund, Mid Cap Index Fund, Mid Cap Strategic Growth Fund, Nasdaq-100^® Index Fund, Small Cap Index Fund and the Stock Index Fund was held on March 26, 2010. The Funds adopted the following proposals:

1. A new investment sub-advisory agreement between VALIC and PineBridge Investments LLC (“PineBridge”), which provides that PineBridge will manage the assets of the Asset Allocation Fund, Capital Conservation Fund, Global Social Awareness Fund, Inflation Protected Fund, International Equities Fund, International Government Bond Fund and the Mid Cap Strategic Growth Fund of VC I.

Asset Allocation Fund

Votes in Favor	11,304,279.888
Votes Against	1,080,735.631
Votes Abstained	1,040,443.599

Capital Conservation Fund

Votes in Favor	10,916,980.579
Votes Against	656,486.574
Votes Abstained	781,796.137

Global Social Awareness Fund

Votes in Favor	15,993,131.704
Votes Against	2,216,371.449
Votes Abstained	1,542,509.724

Inflation Protected Fund

Votes in Favor	16,900,701.764
Votes Against	1,048,209.086
Votes Abstained	731,209.572

International Equities Fund

Votes in Favor	119,243,091.409
Votes Against	9,374,520.155
Votes Abstained	7,695,217.933

International Government Bond Fund

Votes in Favor	10,852,190.774
Votes Against	491,644.870
Votes Abstained	795,625.387

Mid Cap Strategic Growth Fund

Votes in Favor	20,964,033.758
Votes Against	1,677,881.154
Votes Abstained	1,274,908.768

2. A new investment sub-advisory agreement between VALIC and SunAmerica Asset Management Corp. (“SAAMCo”), which provides that SAAMCo will manage the assets of the Mid Cap Index Fund, Nasdaq-100^® Index Fund, Small Cap Index Fund, and Stock Index Fund of VC I.

Mid Cap Index Fund

Votes in Favor	102,467,596.975
Votes Against	9,090,865.327
Votes Abstained	7,026,748.506

Nasdaq-100^® Index Fund

Votes in Favor	16,081,583.039
Votes Against	1,314,243.210
Votes Abstained	1,358,954.938

Small Cap Index Fund

Votes in Favor	52,105,213.060
Votes Against	5,221,707.006
Votes Abstained	4,188,812.325

Stock Index Fund

Votes in Favor	114,995,938.139
Votes Against	11,371,294.280
Votes Abstained	9,440,577.407

341

VALIC Company I

BOARD OF DIRECTORS

Thomas J. Brown

Judith L. Craven

William F. Devin

Timothy J. Ebner

Gustavo E. Gonzales, Jr.

Peter A. Harbeck

John W. Lancaster

Kenneth J. Lavery

John E. Maupin, Jr.

CUSTODIAN

State Street Bank and Trust Company

225 Franklin Street

Boston, Massachusetts 02110

INVESTMENT ADVISER

The Variable Annuity

Life Insurance Company (VALIC)

2929 Allen Parkway

Houston, Texas 77019

INVESTMENT SUB-ADVISERS

American Century Investment Management, Inc./

American Century Global Investment

Management, Inc.

4500 Main Street

Kansas City, MO 64111

Barrow, Hanley, Mewhinney & Strauss, Inc.

2200 Ross Avenue, 31st Floor

Dallas, TX 75201-2761

BlackRock Financial Management, Inc.

40 East 52nd Street

New York, NY 10022

BlackRock Investment Management, LLC

800 Scudders Mill Rd.

Plainsboro, NJ 08536

Bridgeway Capital Management, Inc.

5615 Kirby Drive

Suite 518

Houston, TX 77005-2448

Dreman Value Management, LLC

Harborside Financial Center

Plaza 10, Suite 800

Jersey City, NJ 07311

Franklin Advisers, Inc.

One Franklin Parkway

San Mateo, CA 94403-1906

Goldman Sachs

Asset Management, LP

200 West Street

New York, NY 10282

Invesco Advisers, Inc.

1555 Peachtree St. NE

Atlanta, GA 30309

Massachusetts Financial Services Company

500 Boylston Street

Boston, MA 02116

Morgan Stanley Investment Management, Inc.

522 Fifth Avenue

New York, NY 10020

OppenheimerFunds, Inc.

Two World Financial Center

225 Liberty Street, 11th Floor

New York, NY 10281-1008

Pinebridge Investments, LLC

70 Pine Street

New York, NY 10270

RCM Capital Management, LLC

555 Mission St. Suite 1700

San Francisco, CA 94105

SunAmerica Asset Management Corp.

Harborside Financial Center

3200 Plaza 5

Jersey City, NJ 07311

Templeton Global Advisors Ltd.

Lyford Cay

Nassau, Bahamas

Templeton Investment Counsel, LLC

Broward Financial Centre, Suite 2100

Ft. Lauderdale, FL 33394

T. Rowe Price Associates, Inc.

100 East Pratt Street

Baltimore, MD 21202

Wellington Management Company, LLP

75 State Street

Boston, MA 02109

Wells Capital Management, Inc.

525 Market St.

10th Floor

San Francisco, CA 94105

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

PricewaterhouseCoopers LLP

1201 Louisiana Street, Suite 2900

Houston, TX 77002

TRANSFER AND SHAREHOLDER SERVICE AGENT

The Variable Annuity

Life Insurance Company (VALIC)

2929 Allen Parkway

Houston, Texas 77019

OFFICERS

Kurt W. Bernlohr,

President and Principal Executive Officer

John Packs,

Vice President and Senior Investment Officer

Gregory R. Kingston,

Treasurer and Principal Financial Officer

Nori L. Gabert,

Vice President, Chief Legal Officer and Secretary

Gregory N. Bressler,

Vice President

Cynthia A. Gibbons-Skrehot,

Vice President and Chief Compliance Officer

Donna Handel,

Vice President and Assistant Treasurer

Diedre L. Shepherd,

Assistant Treasurer

Mark Matthes,

Assistant Secretary

Matthew J. Hackethal,

Anti-Money Laundering

Compliance Officer

Thomas A. Ward,

Vice President

342

VALIC Company I

DISCLOSURE OF QUARTERLY FUND HOLDINGS

VC I is required to file its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission for its first and third fiscal quarters on Form N-Q. VC I’s Forms N-Q are available on the U.S. Securities and Exchange Commission’s website at www.sec.gov. You can also review and obtain copies of Forms N-Q at the U.S. Securities and Exchange Commission’s Public Reference Room in Washington, DC (information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330).

VOTING PROXIES ON VALIC COMPANY I PORTFOLIO SECURITIES

A description of the policies and procedures that VC I uses to determine how to vote proxies related to securities held in the Fund’s portfolios which is available in VC I’s Statement of Additional Information, may be obtained without charge upon request, by calling 1-800-448-2542. This information is also available from the EDGAR database on the U.S. Securities and Exchange Commission’s website at http://www.sec.gov.

PROXY VOTING RECORD ON VALIC COMPANY I PORTFOLIO SECURITIES

Information regarding how VC I voted proxies relating to securities held in the VC I Funds during the most recent twelve month period ended June 30 is available, once filed with the U.S. Securities and Exchange Commission, without charge, upon request, by calling 1-800-448-2542 or on the U.S. Securities and Exchange Commission’s website at http://www.sec.gov.

This report is for the information of the shareholders and variable contract owners participating in VC I. It is authorized for distribution to other persons only when preceded or accompanied by an effective prospectus which contains information on how to purchase shares and other pertinent information.

If you would like further information about this material or products issued by VALIC or American General Life Insurance Company, please contact your financial professional.

343

VALIC ONLINE

Account Access

You must establish a
Unique User Identification
(ID) and Password; create your security profile by using
the online account services. By using a numeric Personal Identification Number (PIN)
you can also access
VALIC’s toll-free
automated phone line
at 800.448.2542 to obtain
24-hour access to your account. Manage your account on the Web through VALIC Online! Enjoy quick, easy and secure access — now or anytime. Go to www.valic.com and click on Access Your Account in the “Links to Login” section. You’ll find these powerful features: •View your account portfolio including values, graphs and charts •View, download or print account, transaction confirmation and tax statements •View current and historical fund performance and unit values •View personal performance for your account •View transaction history •Download transaction history to Quicken using Direct Connect^SM •View your financial advisor’s contact information •Reset your Password and update the information on your security profile •Change your contact information such as telephone, address or e-mail •Update your Investor Profile •Initiate account transactions including: >     Allocation changes >     Transfer money among investment options >     Rebalance account to your desired allocation mix >     Change contributions •Review account information on your cell phone or mobile device •Request forms for a variety of services •Display information from other accounts in addition to VALIC accounts using the Account Aggregation Feature •Enroll in the electronic document delivery service (Personal Deliver-e^®) Start exploring VALIC Online today! To set up access to VALIC Online: •Go to www.valic.com •Click on Access Your Account in the “Links to Login” section •Click “Register Now” to begin the registration process •Enter the information to set up your security profile •Click “I Agree” to accept VALIC’s access agreement (required) •Verify and/or update your address, e-mail and telephone number •Click “Continue” to update your record and proceed to the Summary screen You can also access your account using VALIC’s toll-free automated account information line by calling 800-448-2542.

VALIC Company I P.O. Box 3206 Houston, TX 77253-3206 PRSRT STD U.S. POSTAGE PAID LANCASTER, PA PERMIT NO. 1765

VC 9530 (05/2010) J74462

Item 2. Code of Ethics.

VALIC Company I (“the registrant”) has adopted a Code of Ethics applicable to its Principal Executive and Principal Accounting Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002. During the fiscal year 2010, there were no reportable amendments, waivers, or implicit waivers to a provision of the code of ethics that applies to the registrant’s Principle Executive and Principal Accounting Officers.

Item 3. Audit Committee Financial Expert.

The registrant’s Board of Directors has determined that Thomas J. Brown qualifies as an audit committee financial expert, as defined in instructions to Item 3(a) of Form N-CSR. Mr. Brown is considered to be “independent” for purposes of Item 3(a)(2) of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

(a) - (d) Aggregate fees billed to the registrant for the last two fiscal years for professional services rendered by the registrant’s principal accountant were as follows:

	2010		2009
(a) Audit Fees	$	641,750	$	636,200
(b) Audit-Related Fees	$	0	$	0
(c) Tax Fees	$	0	$	2,281
(d) All Other Fees	$	0	$	0

Audit Fees include amounts related to the audit of the registrant’s annual financial statements and services normally provided by the principal accountant in connection with statutory and regulatory filings. Tax Fees principally include tax advice and tax planning.

Aggregate fees billed to the investment adviser and Adviser Affiliates (as defined below in Item 4(e)) that are required to be pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X for the last two fiscal years for services rendered by the registrant’s principal accountant were as follows:

	2010		2009
(b) Audit-Related Fees	$	0	$	0
(c) Tax Fees	$	0	$	0
(d) All Other Fees	$	126,566	$	0

In addition, Ernst & Young, LLP is performing tax services for the Series. For the fiscal years ended 2010 and 2009, the fees for these tax services were $309,767 and $331,161, respectively.

(e)    (1) The registrant’s audit committee pre-approves all audit services provided by the registrant’s principal accountant for the registrant and all non-audit services provided by the registrant’s principal accountant for the

registrant, its investment adviser and any entity controlling, controlled by, or under common control with the investment adviser (“Adviser Affiliates”) that provides ongoing services to the registrant, if the engagement by the investment adviser or Adviser Affiliate relates directly to the operations and financial reporting of the registrant. The audit committee has not presently established any pre-approval policies and procedures that permit the pre-approval of the above services other than by the full audit committee. Certain de minimis exceptions are allowed for non-audit services in accordance with Rule 2-01(c)(7)(i)(C) of Regulation S-X as set forth in the registrant's audit committee charter.

(2) No services included in (b) - (d) above in connection with fees billed to the registrant or the investment adviser or Adviser Affiliates were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant’s principal accountant for non-audit services rendered to the registrant, its investment adviser, and Adviser Affiliates that provides ongoing services to the registrant for 2010 and 2009 were $594,850 and $876,498, respectively.

(h) Non-audit services rendered to the registrant’s investment adviser and any Adviser Affiliates that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X were considered by the registrant’s audit committee as to whether they were compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

Included in Item 1 to the Form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Directors that were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by 22(b)(15)) of Schedule 14A (17 CFR 240.14a-101), or this Item 10.

Item 11. Controls and Procedures.

(a) An evaluation was performed within 90 days of the filing of this report, under the supervision and with the participation of the registrant’s management, including the President and Treasurer, of the effectiveness of the design and operation of the registrant’s disclosure controls and procedures (as defined under Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))). Based on that evaluation, the registrant’s management, including the President and Treasurer, concluded that the registrant’s disclosure controls and procedures are effective.

(b) There was no change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.3a-3(d))) that occurred during the registrant’s last fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a) (1) Code of Ethics applicable to its Principal Executive and Principal Accounting Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 attached hereto as Exhibit 99.406.Code of Ethics.

(2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.

(3) Not applicable.

(b) Certification pursuant to Rule 30a-2 (b) under the Investment Company Act of 1940 (17 CFR 270.30a-2 (a)) and Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto as Exhibit 99.906.CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

VALIC Company I
By:	/s/ Kurt W. Bernlohr
	Kurt W. Bernlohr
	President

Date: August 6, 2010

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Kurt W. Bernlohr
	Kurt W. Bernlohr
	President

Date: August 6, 2010

By:	/s/ Gregory R. Kingston
	Gregory R. Kingston
	Treasurer

Date: August 6, 2010