UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-03738

VALIC Company I

(Exact name of registrant as specified in charter)

2929 Allen Parkway, Houston, TX 77019

(Address of principal executive offices) (Zip code)

Kurt W. Bernlohr

Senior Vice President

The Variable Annuity Life Insurance Company

2929 Allen Parkway

Houston, TX 77019

(Name and address of agent for service)

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

Date of fiscal year end: May 31

Date of reporting period: November 30, 2011

Item 1. Reports to Stockholders

VALIC Company I, Semiannual Report at November 30, 2011.

VALIC Company I

Semiannual Report, November 30, 2011

SAVING : INVESTING : PLANNING

VALIC Company I

SEMI-ANNUAL REPORT NOVEMBER 30, 2011

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	35
Capital Conservation Fund	38
Core Equity Fund	49
Dividend Value Fund	54
Emerging Economies Fund	58
Foreign Value Fund	61
Global Real Estate Fund	64
Global Social Awareness Fund	68
Global Strategy Fund	77
Government Securities Fund	88
Growth Fund	91
Growth & Income Fund	98
Health Sciences Fund	102
Inflation Protected Fund	110
International Equities Fund	116
International Government Bond Fund	132
International Growth Fund	142
Large Cap Core Fund	148
Large Capital Growth Fund	152
Mid Cap Index Fund	156
Mid Cap Strategic Growth Fund	165
Money Market I Fund	171
Nasdaq-100® Index Fund	174
Science & Technology Fund	178
Small Cap Aggressive Growth Fund	183
Small Cap Fund	187
Small Cap Index Fund	199
Small Cap Special Values Fund	224
Small-Mid Growth Fund	230
Stock Index Fund	234
Value Fund	244
Statements of Assets and Liabilities	247
Statements of Operations	252
Statements of Changes in Net Assets	257
Notes to Financial Statements	266
Financial Highlights	290
Approval of Advisory Agreements	307
Supplement to Prospectus	309

VALIC Company I

PRESIDENT’S LETTER (Unaudited)

Dear Valued Investor:

We are pleased to provide you with the following Semi-Annual Report for VALIC Company I. The report contains the investment portfolio information and the financial statements of VALIC Company I for the six-month period ending November 30, 2011. We encourage you to carefully read this report and thank you for your investment with VALIC Company I.

The reporting period saw mixed performance results. Equities across the board generally did not perform well. Domestically, the total return for the S&P 500^® Index*, widely regarded as the best single gauge of the U.S. equity market, was down 6.25% for the six-month period. Foreign equities for the most part did even worse. The MSCI EAFE Index (net)**, designed to measure the equity market performance of developed markets (Europe, Australasia, Far East), excluding the U.S. and Canada, fell 16.56%. The bond market, however, fared better with the Barclays Capital U.S. Aggregate Bond Index***, a broad measure of the bond market, returning a positive 3.54% for the period.

These mixed results reflected the mixed macroeconomic events experienced during the period. The summer unfortunately saw a steady stream of negative global news, which contributed to wide market swings. At home, negative economic reports highlighting weak corporate earnings, lingering high unemployment and falling wages served as a reminder of the many challenges the U.S. economy continues to face. The U.S. debt ceiling debate, and subsequent downgrade of the U.S. credit rating by Standard & Poor’s, did little to further confidence and steady markets. Internationally, the sovereign debt bank crisis in Europe deepened and growth slowed in emerging markets and China sending more ripples of uncertainty through the markets.

Toward the end of the reporting period, however, possible signs of improvement helped lift markets somewhat. Although serious concerns over European sovereign debt remained, a plan emerged to create a stronger European fiscal union and for the European Central Bank to provide extensive support to struggling banks. Upbeat U.S. news, including increases in pending homes sales, job growth and consumer confidence further buoyed markets.

The high volatility and continued uncertainty experienced during the reporting period left many investors confused on how best to proceed with their investments. We believe investors usually benefit by a well-diversified portfolio, invested across asset classes, investment styles and geographic borders. We also recommend that investors regularly reassess their risk tolerance, understand their investments and identify their financial goals. Your financial advisor can help you with these important tasks so you can move toward your financial goals with greater understanding and confidence.

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 Morgan Stanley Capital International (MSCI), Europe, Australasia, Far East (EAFE) Index (net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. As of May 30, 2011, the index consisted of 22 developed market country indices.

*** 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.

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

1

VALIC Company I

EXPENSE EXAMPLE — November 30, 2011 (Unaudited)

Disclosure of Fund Expenses in Shareholder Reports

As a shareholder of a Fund in VALIC Company I (“VC I”), you incur ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at June 1, 2011 and held until November 30, 2011. Shares of VC I are currently issued and redeemed only in connection with investments in and payments under variable annuity contracts and variable life insurance policies (“Variable Contracts”), qualified retirement plans (the “Plans”) and Individual Retirement Accounts (“IRA”) offered by The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to VC I, and other life insurance companies affiliated with VALIC. The fees and expenses associated with the Variable Contracts, Plans and IRA’s are not included in these Examples, and had such fees and expenses been included your costs would have been higher. Please see your Variable Contract prospectus or Plan/IRA document for more details on the fees associated with the Variable Contract or Plans.

Actual Expenses

The “Actual” section of the table provides information about your actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the column under the heading entitled “Expenses Paid During the Six Months Ended November 30, 2011” to estimate the expenses you paid on your account during this period. The “Expenses Paid During the Six Months Ended November 30, 2011” column and the “Expense Ratio as of November 30, 2011” column do not include fees and expenses that may be charged by the Variable Contracts, Plans or IRA’s, in which the Funds are offered. Had these fees and expenses been included, the “Expenses Paid During the Six Months Ended November 30, 2011” column would have been higher and the “Ending Account Value” column would have been lower.

Hypothetical Example for Comparison Purposes

The “Hypothetical” section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds of other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. The “Expenses Paid During the Six Months Ended November 30, 2011” column and the “Expense Ratio as of November 30, 2011” column do not include fees and expenses that may be charged by the Variable Contracts, Plans or IRA’s, in which the Funds are offered. Had these fees and expenses been included, the “Expenses Paid During the Six Months Ended November 30, 2011” column would have been higher and the “Ending Account Value” column would have been lower.

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

2

VALIC Company I

EXPENSE EXAMPLE — November 30, 2011 (Unaudited) — (continued)

	Actual						Hypothetical
Fund	Beginning Account Value at June 1, 2011		Ending Account Value Using Actual Return at November 30, 2011		Expenses Paid During the Six Months Ended November 30, 2011*		Beginning Account Value at June 1, 2011		Ending Account Value Using a Hypothetical 5% Assumed Return at November 30, 2011		Expenses Paid During the Six Months Ended November 30, 2011*		Expense Ratio as of November 30, 2011*
Asset Allocation@	$	1,000.00	$	952.04	$	3.86	$	1,000.00	$	1,021.05	$	3.99		0.79	%
Blue Chip Growth#@	$	1,000.00	$	954.38	$	4.15	$	1,000.00	$	1,020.75	$	4.29		0.85	%
Broad Cap Value Income#@	$	1,000.00	$	916.04	$	4.07	$	1,000.00	$	1,020.75	$	4.29		0.85	%
Capital Conservation	$	1,000.00	$	1,017.40	$	3.38	$	1,000.00	$	1,021.65	$	3.39		0.67	%
Core Equity#@	$	1,000.00	$	889.88	$	3.78	$	1,000.00	$	1,021.00	$	4.04		0.80	%
Dividend Value#	$	1,000.00	$	968.85	$	4.04	$	1,000.00	$	1,020.90	$	4.14		0.82	%
Emerging Economies	$	1,000.00	$	871.04	$	4.77	$	1,000.00	$	1,019.90	$	5.15		1.02	%
Foreign Value@	$	1,000.00	$	817.29	$	3.77	$	1,000.00	$	1,020.85	$	4.19		0.83	%
Global Real Estate@	$	1,000.00	$	850.00	$	4.30	$	1,000.00	$	1,020.35	$	4.70		0.93	%
Global Social Awareness@	$	1,000.00	$	886.00	$	3.21	$	1,000.00	$	1,021.60	$	3.44		0.68	%
Global Strategy@	$	1,000.00	$	907.30	$	3.24	$	1,000.00	$	1,021.60	$	3.44		0.68	%
Government Securities	$	1,000.00	$	1,054.21	$	3.39	$	1,000.00	$	1,021.70	$	3.34		0.66	%
Growth#	$	1,000.00	$	930.80	$	3.91	$	1,000.00	$	1,020.95	$	4.09		0.81	%
Growth & Income#@	$	1,000.00	$	903.13	$	4.04	$	1,000.00	$	1,020.75	$	4.29		0.85	%
Health Sciences@	$	1,000.00	$	904.54	$	5.57	$	1,000.00	$	1,019.15	$	5.91		1.17	%
Inflation Protected	$	1,000.00	$	1,049.59	$	3.18	$	1,000.00	$	1,021.90	$	3.13		0.62	%
International Equities	$	1,000.00	$	837.72	$	2.25	$	1,000.00	$	1,022.55	$	2.48		0.49	%
International Government Bond	$	1,000.00	$	1,000.78	$	3.35	$	1,000.00	$	1,021.65	$	3.39		0.67	%
International Growth#@	$	1,000.00	$	852.16	$	4.68	$	1,000.00	$	1,019.95	$	5.10		1.01	%
Large Cap Core#	$	1,000.00	$	894.57	$	4.03	$	1,000.00	$	1,020.75	$	4.29		0.85	%
Large Capital Growth@	$	1,000.00	$	896.02	$	3.65	$	1,000.00	$	1,021.15	$	3.89		0.77	%
Mid Cap Index	$	1,000.00	$	889.04	$	1.79	$	1,000.00	$	1,023.10	$	1.92		0.38	%
Mid Cap Strategic Growth#@	$	1,000.00	$	869.31	$	3.97	$	1,000.00	$	1,020.75	$	4.29		0.85	%
Money Market I#	$	1,000.00	$	1,000.05	$	0.75	$	1,000.00	$	1,024.25	$	0.76		0.15	%
Nasdaq-100® Index#	$	1,000.00	$	968.99	$	2.61	$	1,000.00	$	1,022.35	$	2.68		0.53	%
Science & Technology@	$	1,000.00	$	887.31	$	4.81	$	1,000.00	$	1,019.90	$	5.15		1.02	%
Small Cap Aggressive Growth#	$	1,000.00	$	859.86	$	4.60	$	1,000.00	$	1,020.05	$	5.00		0.99	%
Small Cap#@	$	1,000.00	$	887.70	$	4.39	$	1,000.00	$	1,020.35	$	4.70		0.93	%
Small Cap Index	$	1,000.00	$	875.00	$	2.06	$	1,000.00	$	1,022.80	$	2.23		0.44	%
Small Cap Special Values#@	$	1,000.00	$	899.69	$	4.27	$	1,000.00	$	1,020.50	$	4.55		0.90	%
Small-Mid Growth#@	$	1,000.00	$	877.99	$	4.69	$	1,000.00	$	1,020.00	$	5.05		1.00	%
Stock Index	$	1,000.00	$	935.98	$	1.79	$	1,000.00	$	1,023.15	$	1.87		0.37	%
Value#@	$	1,000.00	$	900.78	$	4.04	$	1,000.00	$	1,020.75	$	4.29		0.85	%

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 183 days then divided by 366 days. These ratios do not reflect fees and expenses associated with the Variable Contracts, Plans or IRA’s. If such fees and expenses had been included, the expenses would have been higher. Please refer to your Variable Contract prospectus for details that apply to the Variable Contracts or your Plan/IRA document for details on the administrative fees charged by your Plan/IRA sponsor.

# During the stated period, the investment adviser waived a portion of or all fees and assumed a portion of or all expenses for the Fund. As a result, if these fees and expenses had not been waived or assumed, the “Actual/Hypothetical Ending Account Value” would have been lower and the “Actual/Hypothetical Expenses Paid During the Period November 30, 2011” 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 June 1, 2011		Ending Account Value Using Actual Return at November 30, 2011		Expenses Paid During the Six Months Ended November 30, 2011*		Beginning Account Value at June 1, 2011		Ending Account Value Using a Hypothetical 5% Assumed Return at November 30, 2011		Expenses Paid During the Six Months Ended November 30, 2011*		Expense Ratio as of November 30, 2011*
Asset Allocation	$	1,000.00	$	952.04	$	3.86	$	1,000.00	$	1,021.05	$	3.99		0.79	%
Blue Chip Growth#	$	1,000.00	$	954.38	$	4.15	$	1,000.00	$	1,020.75	$	4.29		0.85	%
Broad Cap Value Income#	$	1,000.00	$	916.04	$	3.98	$	1,000.00	$	1,020.85	$	4.19		0.83	%
Core Equity#	$	1,000.00	$	889.88	$	3.78	$	1,000.00	$	1,021.00	$	4.04		0.80	%
Foreign Value	$	1,000.00	$	817.29	$	3.77	$	1,000.00	$	1,020.85	$	4.19		0.83	%
Global Real Estate	$	1,000.00	$	850.00	$	4.30	$	1,000.00	$	1,020.35	$	4.70		0.93	%
Global Social Awareness	$	1,000.00	$	886.00	$	3.16	$	1,000.00	$	1,021.65	$	3.39		0.67	%
Global Strategy	$	1,000.00	$	907.30	$	3.24	$	1,000.00	$	1,021.60	$	3.44		0.68	%
Growth & Income#	$	1,000.00	$	903.13	$	4.00	$	1,000.00	$	1,020.80	$	4.24		0.84	%
Health Sciences	$	1,000.00	$	904.54	$	5.57	$	1,000.00	$	1,019.15	$	5.91		1.17	%
International Growth#	$	1,000.00	$	852.16	$	4.68	$	1,000.00	$	1,019.95	$	5.10		1.01	%
Large Capital Growth	$	1,000.00	$	896.02	$	3.60	$	1,000.00	$	1,021.20	$	3.84		0.76	%
Mid Cap Strategic Growth#	$	1,000.00	$	869.31	$	3.93	$	1,000.00	$	1,020.80	$	4.24		0.84	%
Science & Technology	$	1,000.00	$	887.31	$	4.77	$	1,000.00	$	1,019.95	$	5.10		1.01	%
Small Cap#	$	1,000.00	$	887.70	$	4.34	$	1,000.00	$	1,020.40	$	4.65		0.92	%
Small Cap Special Values#	$	1,000.00	$	899.69	$	4.27	$	1,000.00	$	1,020.50	$	4.55		0.90	%
Small-Mid Growth#	$	1,000.00	$	877.99	$	4.55	$	1,000.00	$	1,020.15	$	4.90		0.97	%
Value#	$	1,000.00	$	900.78	$	4.04	$	1,000.00	$	1,020.75	$	4.29		0.85	%

3

VALIC Company I Asset Allocation Fund

PORTFOLIO PROFILE — November 30, 2011 (Unaudited)

Industry Allocation*

Federal Home Loan Mtg. Corp.	7.4	%
Exchange — Traded Funds	7.3
Federal National Mtg. Assoc.	5.8
Oil Companies — Integrated	5.2
United States Treasury Notes	5.0
Diversified Financial Services	4.4
Diversified Banking Institutions	3.3
Banks — Super Regional	2.9
Medical — Drugs	2.6
Time Deposits	2.5
Computers	2.2
Telephone — Integrated	1.8
Oil Companies — Exploration & Production	1.7
Diversified Manufacturing Operations	1.7
Banks — Commercial	1.5
Real Estate Investment Trusts	1.5
Electric — Integrated	1.4
Aerospace/Defense	1.4
Electronic Components — Semiconductors	1.3
Applications Software	1.2
Enterprise Software/Service	1.2
Food — Misc.	1.2
Computer Services	1.1
Tobacco	1.0
Retail — Building Products	0.9
Medical — HMO	0.9
Multimedia	0.8
Oil & Gas Drilling	0.7
Cable/Satellite TV	0.7
Electric Products — Misc.	0.7
Pharmacy Services	0.7
Investment Management/Advisor Services	0.7
Insurance — Life/Health	0.7
Insurance — Reinsurance	0.7
Pipelines	0.7
Transport — Rail	0.6
Instruments — Scientific	0.6
Chemicals — Diversified	0.6
Cosmetics & Toiletries	0.5
Engineering/R&D Services	0.5
Medical — Biomedical/Gene	0.5
Beverages — Non - alcoholic	0.5
Food — Retail	0.5
Advertising Agencies	0.5
Insurance — Multi - line	0.5
Wireless Equipment	0.5
Semiconductor Equipment	0.4
Retail — Drug Store	0.4
Commercial Services — Finance	0.4
Medical Products	0.4
Oil — Field Services	0.4
United States Treasury Bonds	0.4
Retail — Regional Department Stores	0.4
Computers — Memory Devices	0.4
Chemicals — Specialty	0.4
Finance — Investment Banker/Broker	0.3
Metal — Copper	0.3
Electronic Components — Misc.	0.3
Retail — Restaurants	0.3
Retail — Discount	0.3
E - Commerce/Services	0.3
Web Portals/ISP	0.3
Networking Products	0.3
Electric — Generation	0.3
Finance — Other Services	0.3
Software Tools	0.3
Aerospace/Defense — Equipment	0.3

Transport — Services	0.3
Data Processing/Management	0.3
Special Purpose Entities	0.3
Paper & Related Products	0.3
Agricultural Chemicals	0.3
Machinery — Construction & Mining	0.3
Medical — Wholesale Drug Distribution	0.3
Finance — Auto Loans	0.3
Non — Hazardous Waste Disposal	0.3
Internet Security	0.3
Publishing — Newspapers	0.3
Medical Instruments	0.3
Casino Hotels	0.3
U.S. Government Treasuries	0.2
Retail — Apparel/Shoe	0.2
Electronic Security Devices	0.2
Food — Wholesale/Distribution	0.2
Disposable Medical Products	0.2
Consumer Products — Misc.	0.2
Broadcast Services/Program	0.2
Independent Power Producers	0.2
Insurance — Property/Casualty	0.2
Commercial Services	0.2
Engines — Internal Combustion	0.2
Oil Field Machinery & Equipment	0.2
Food — Confectionery	0.2
Retail — Auto Parts	0.2
Gas — Distribution	0.2
Instruments — Controls	0.2
Beverages — Wine/Spirits	0.2
Metal — Aluminum	0.2
Telecom Services	0.1
Electronics — Military	0.1
Containers — Metal/Glass	0.1
Medical — Generic Drugs	0.1
Municipal Bonds	0.1
Apparel Manufacturers	0.1
Gambling (Non — Hotel)	0.1
Auto/Truck Parts & Equipment — Original	0.1
Metal — Diversified	0.1
Cellular Telecom	0.1
Finance — Credit Card	0.1
Banks — Fiduciary	0.1
Coal	0.1
Metal — Iron	0.1
Rental Auto/Equipment	0.1
Office Automation & Equipment	0.1
Diversified Minerals	0.1
Auto — Cars/Light Trucks	0.1
Machinery — General Industrial	0.1
Financial Guarantee Insurance	0.1
Government National Mtg. Assoc.	0.1
Airlines	0.1
Schools	0.1
Banks — Money Center	0.1
Gold Mining	0.1
Medical — Hospitals	0.1
Regional Authority	0.1
Finance — Commercial	0.1
Funeral Services & Related Items	0.1
Auto — Heavy Duty Trucks	0.1
Chemicals — Plastics	0.1
Footwear & Related Apparel	0.1
Computer Aided Design	0.1
Building — Residential/Commercial	0.1
Semiconductor Components — Integrated Circuits	0.1
Distribution/Wholesale	0.1

4

VALIC Company I Asset Allocation Fund

PORTFOLIO PROFILE — November 30, 2011 (Unaudited) — (continued)

Industry Allocation* (continued)

Steel — Producers	0.1	%
Finance — Consumer Loans	0.1
Hospital Beds/Equipment	0.1
Transport — Truck	0.1
Marine Services	0.1
Dialysis Centers	0.1
Metal Processors & Fabrication	0.1
Electronic Forms	0.1
Lasers — System/Components	0.1
Retail — Pawn Shops	0.1
	99.9	%

* Calculated as a percentage of net assets.

5

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCK — 49.8%
Advanced Materials — 0.0%
Ceradyne, Inc.†		358	$	10,647
STR Holdings, Inc.†		605		5,542
				16,189
Advertising Agencies — 0.4%
Interpublic Group of Cos., Inc.		3,263		30,607
Omnicom Group, Inc.		11,326		488,943
				519,550
Aerospace/Defense — 1.1%
Aerovironment, Inc.†		266		8,116
Boeing Co.		9,600		659,424
Cubic Corp.		226		9,589
General Dynamics Corp.		3,861		255,058
Lockheed Martin Corp.		2,813		219,836
National Presto Industries, Inc.		69		6,518
Northrop Grumman Corp.		3,217		183,594
Raytheon Co.		1,531		69,768
Teledyne Technologies, Inc.†		532		30,154
				1,442,057
Aerospace/Defense - Equipment — 0.2%
AAR Corp.		574		10,481
Curtiss - Wright Corp.		677		22,307
GenCorp, Inc.†		855		4,651
Kaman Corp.		380		11,791
Moog, Inc., Class A†		668		27,936
Orbital Sciences Corp.†		843		12,519
United Technologies Corp.		2,255		172,733
				262,418
Agricultural Chemicals — 0.3%
CF Industries Holdings, Inc.		2,065		288,687
Mosaic Co.		1,603		84,574
				373,261
Agricultural Operations — 0.0%
Andersons, Inc.		268		11,870
Airlines — 0.0%
Allegiant Travel Co.†		220		11,458
SkyWest, Inc.		764		9,267
				20,725
Alternative Waste Technology — 0.0%
Calgon Carbon Corp.†		812		12,082
Darling International, Inc.†		1,707		24,530
				36,612
Apparel Manufacturers — 0.1%
Carter’s, Inc.†		729		28,992
Coach, Inc.		934		58,459
Maidenform Brands, Inc.†		340		6,270
Oxford Industries, Inc.		200		7,586
Quiksilver, Inc.†		1,784		5,512
Ralph Lauren Corp.		381		54,049
True Religion Apparel, Inc.†		371		13,059
				173,927
Applications Software — 1.2%
Ebix, Inc.		464		9,976
EPIQ Systems, Inc.		463		6,250
Microsoft Corp.		61,977		1,585,372
Progress Software Corp.†		964		19,637
				1,621,235

Security Description	Shares		Value (Note 2)
Athletic Footwear — 0.0%
K - Swiss, Inc., Class A†		391	$	1,111
NIKE, Inc., Class B		118		11,349
				12,460
Audio/Video Products — 0.0%
Audiovox Corp., Class A		272		1,969
DTS, Inc.†		248		7,140
Harman International Industries, Inc.		763		31,512
Universal Electronics, Inc.†		218		3,558
				44,179
Auto Repair Centers — 0.0%
Midas, Inc.†		199		1,684
Monro Muffler Brake, Inc.		442		17,746
				19,430
Auto - Cars/Light Trucks — 0.1%
Ford Motor Co.†		5,196		55,078
Auto/Truck Parts & Equipment - Original — 0.0%
Spartan Motors, Inc.		478		2,390
Superior Industries International, Inc.		346		5,633
				8,023
Auto/Truck Parts & Equipment - Replacement — 0.0%
Standard Motor Products, Inc.		289		5,644
Banks - Commercial — 0.6%
Bank of the Ozarks, Inc.		410		11,624
BBCN Bancorp, Inc.†		1,127		10,560
City Holding Co.		224		7,293
Columbia Banking System, Inc.		577		10,386
Community Bank System, Inc.		530		14,003
First BanCorp†		292		1,022
First Commonwealth Financial Corp.		1,513		7,035
First Financial Bancorp		849		13,482
First Financial Bankshares, Inc.		449		14,817
First Midwest Bancorp, Inc.		1,082		10,279
FNB Corp.		1,848		19,700
Glacier Bancorp, Inc.		1,038		12,466
Hanmi Financial Corp.†		3,664		3,207
Home Bancshares, Inc.		314		7,806
Independent Bank Corp.		319		8,339
Lloyds Banking Group PLC†(1)		105,984		41,690
M&T Bank Corp.		2,485		181,355
National Penn Bancshares, Inc.		1,792		14,927
NBT Bancorp, Inc.		496		10,565
Old National Bancorp		1,383		15,517
PacWest Bancorp		475		8,873
Pinnacle Financial Partners, Inc.†		499		7,480
PrivateBancorp, Inc.		857		8,227
Regions Financial Corp.		20,651		84,876
S&T Bancorp, Inc.		405		7,476
Simmons First National Corp., Class A		256		6,784
Sterling Bancorp		442		3,859
Susquehanna Bancshares, Inc.		2,276		18,026
Texas Capital Bancshares, Inc.†		548		15,815
Tompkins Financial Corp.		119		4,772
Trustco Bank Corp.		1,325		6,983
UMB Financial Corp.		467		16,672
Umpqua Holdings Corp.		1,671		20,888
United Bankshares, Inc.		641		17,128
United Community Banks, Inc.†		265		1,844
Wilshire Bancorp, Inc.†		883		2,826
Wintrust Financial Corp.		508		14,117

6

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Banks - Commercial (continued)
Zions Bancorporation		5,857	$	94,239
				756,958
Banks - Fiduciary — 0.0%
Boston Private Financial Holdings, Inc.		1,125		8,741
Banks - Super Regional — 2.1%
Capital One Financial Corp.		18,738		836,839
Comerica, Inc.		10,736		270,762
Fifth Third Bancorp		34,592		418,217
SunTrust Banks, Inc.		6,246		113,240
US Bancorp		4,989		129,315
Wells Fargo & Co.		39,305		1,016,427
				2,784,800
Beverages - Non - alcoholic — 0.5%
Coca - Cola Co.		4,231		284,450
Coca - Cola Enterprises, Inc.		5,030		131,384
Dr Pepper Snapple Group, Inc.		3,987		145,645
PepsiCo, Inc.		1,421		90,944
				652,423
Beverages - Wine/Spirits — 0.2%
Brown - Forman Corp., Class B		1,591		126,978
Constellation Brands, Inc., Class A†		3,220		62,693
				189,671
Brewery — 0.0%
Boston Beer Co., Inc., Class A†		125		12,489
Broadcast Services/Program — 0.1%
Digital Generation, Inc.†		396		4,594
Discovery Communications, Inc., Class A†		1,135		47,647
Scripps Networks Interactive, Inc., Class A		1,236		49,217
				101,458
Building & Construction Products - Misc. — 0.0%
Drew Industries, Inc.		277		6,011
Gibraltar Industries, Inc.†		440		5,962
NCI Building Systems, Inc.†		287		2,675
Quanex Building Products Corp.		532		8,023
Simpson Manufacturing Co., Inc.		584		19,330
				42,001
Building & Construction - Misc. — 0.0%
Aegion Corp.†		574		8,702
Dycom Industries, Inc.†		490		9,824
				18,526
Building Products - Air & Heating — 0.0%
AAON, Inc.		253		5,543
Comfort Systems USA, Inc.		556		5,799
				11,342
Building Products - Cement — 0.0%
Eagle Materials, Inc.		653		15,117
Texas Industries, Inc.		400		10,132
				25,249
Building Products - Doors & Windows — 0.0%
Apogee Enterprises, Inc.		409		4,336
Griffon Corp.		695		6,519
				10,855
Building Products - Wood — 0.0%
Universal Forest Products, Inc.		283		7,887

Security Description	Shares		Value (Note 2)
Building - Heavy Construction — 0.0%
Orion Marine Group, Inc.†		389	$	2,338
Building - Maintance & Services — 0.0%
ABM Industries, Inc.		694		15,081
Building - Mobile Home/Manufactured Housing — 0.0%
Skyline Corp.		97		560
Winnebago Industries, Inc.†		430		2,769
				3,329
Building - Residential/Commercial — 0.0%
M/I Homes, Inc.†		269		2,432
Meritage Homes Corp.†		402		8,771
Standard Pacific Corp.†		1,437		4,570
				15,773
Cable/Satellite TV — 0.3%
Cablevision Systems Corp., Class A		347		5,205
Comcast Corp., Class A		9,509		215,569
DIRECTV, Class A†		338		15,961
Time Warner Cable, Inc.		3,217		194,564
				431,299
Casino Hotels — 0.1%
Boyd Gaming Corp.†		815		5,460
Monarch Casino & Resort, Inc.†		164		1,573
Wynn Resorts, Ltd.		561		67,634
				74,667
Casino Services — 0.0%
Multimedia Games, Inc.†		385		2,849
Shuffle Master, Inc.†		782		8,672
				11,521
Chemicals - Diversified — 0.5%
Dow Chemical Co.		3,775		104,605
E.I. du Pont de Nemours & Co.		6,502		310,275
PPG Industries, Inc.		2,305		202,264
				617,144
Chemicals - Other — 0.0%
American Vanguard Corp.		311		3,968
Chemicals - Plastics — 0.0%
A. Schulman, Inc.		452		9,343
PolyOne Corp.		1,350		14,526
				23,869
Chemicals - Specialty — 0.2%
Balchem Corp.		416		17,264
Eastman Chemical Co.		4,568		180,984
H.B. Fuller Co.		718		16,557
Hawkins, Inc.		124		4,899
Kraton Performance Polymers, Inc.†		470		9,879
OM Group, Inc.†		466		10,602
Quaker Chemical Corp.		178		6,926
Stepan Co.		119		9,668
Zep, Inc.		323		4,551
				261,330
Circuit Boards — 0.0%
Park Electrochemical Corp.		296		8,122
TTM Technologies, Inc.†		739		8,137
				16,259
Coffee — 0.0%
Peet’s Coffee & Tea, Inc.†		186		10,810

7

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Commercial Services — 0.2%
Arbitron, Inc.		398	$	14,969
Healthcare Services Group, Inc.		962		17,374
HMS Holdings Corp.†		1,222		37,063
Iron Mountain, Inc.		2,037		61,864
Live Nation Entertainment, Inc.†		2,128		18,386
Medifast, Inc.†		202		2,810
Quanta Services, Inc.†		2,476		50,981
TeleTech Holdings, Inc.†		368		6,480
				209,927
Commercial Services - Finance — 0.4%
Cardtronics, Inc.†		628		17,069
Heartland Payment Systems, Inc.		554		12,493
Mastercard, Inc., Class A		656		245,705
Visa, Inc., Class A		2,860		277,334
Wright Express Corp.†		557		29,231
				581,832
Communications Software — 0.0%
Digi International, Inc.†		365		4,011
Computer Aided Design — 0.1%
Autodesk, Inc.†		2,663		90,728
Computer Graphics — 0.0%
Monotype Imaging Holdings, Inc.†		520		7,712
Computer Services — 0.9%
Accenture PLC, Class A		3,903		226,101
CACI International, Inc., Class A†		385		21,706
CIBER, Inc.†		1,038		4,297
iGate Corp.†		428		6,643
Insight Enterprises, Inc.†		653		9,560
International Business Machines Corp.		4,654		874,952
j2 Global, Inc.		674		18,272
LivePerson, Inc.†		667		8,391
Manhattan Associates, Inc.†		305		13,768
SYKES Enterprises, Inc.†		572		9,318
Virtusa Corp.†		268		4,218
				1,197,226
Computer Software — 0.0%
Avid Technology, Inc.†		425		3,383
Blackbaud, Inc.		644		18,940
				22,323
Computers — 2.1%
Apple, Inc.†		6,549		2,503,028
Dell, Inc.†		2,527		39,825
Hewlett - Packard Co.		8,700		243,165
				2,786,018
Computers - Integrated Systems — 0.0%
Agilysys, Inc.†		222		1,805
Mercury Computer Systems, Inc.†		445		6,136
MTS Systems Corp.		224		9,000
NCI, Inc., Class A†		110		1,331
Netscout Systems, Inc.†		520		9,188
Radisys Corp.†		332		1,441
Stratasys, Inc.†		301		9,247
Super Micro Computer, Inc.†		386		5,246
				43,394
Computers - Memory Devices — 0.4%
EMC Corp.†		21,679		498,834
Western Digital Corp.†		692		20,116
				518,950

Security Description	Shares		Value (Note 2)
Computers - Periphery Equipment — 0.0%
Synaptics, Inc.†		475	$	15,419
Consulting Services — 0.0%
Forrester Research, Inc.†		214		6,927
MAXIMUS, Inc.		498		20,717
Navigant Consulting, Inc.†		747		8,419
				36,063
Consumer Products - Misc. — 0.2%
Blyth, Inc.		75		4,936
Central Garden and Pet Co., Class A†		704		6,252
Clorox Co		2,829		183,772
Helen of Troy, Ltd.†		454		13,561
Prestige Brands Holdings, Inc.†		731		7,222
WD - 40 Co.		239		9,897
				225,640
Containers - Metal/Glass — 0.1%
Ball Corp		4,925		172,917
Owens - Illinois, Inc.†		618		12,069
				184,986
Containers - Paper/Plastic — 0.0%
Sealed Air Corp.		2,614		46,059
Cosmetics & Toiletries — 0.5%
Avon Products, Inc.		5,267		89,539
Inter Parfums, Inc.		221		3,788
Procter & Gamble Co.		9,429		608,830
				702,157
Data Processing/Management — 0.3%
CommVault Systems, Inc.†		647		32,111
CSG Systems International, Inc.†		502		7,615
Dun & Bradstreet Corp.		1,257		87,827
Fiserv, Inc.†		3,534		203,770
				331,323
Decision Support Software — 0.0%
Interactive Intelligence Group†		200		4,460
Dental Supplies & Equipment — 0.0%
Align Technology, Inc.†		1,002		24,549
Diagnostic Equipment — 0.0%
Affymetrix, Inc.†		1,022		4,619
Diagnostic Kits — 0.0%
Meridian Bioscience, Inc.		599		11,459
Direct Marketing — 0.0%
Harte - Hanks, Inc.		634		5,769
Disposable Medical Products — 0.2%
C.R. Bard, Inc.		3,182		277,439
ICU Medical, Inc.†		172		7,570
Merit Medical Systems, Inc.†		598		8,306
				293,315
Distribution/Wholesale — 0.1%
Brightpoint, Inc.†		989		9,880
MWI Veterinary Supply, Inc.†		181		12,509
Pool Corp.		698		21,289
Scansource, Inc.†		392		13,763
School Specialty, Inc.†		229		958
United Stationers, Inc.		641		21,499
				79,898
Diversified Banking Institutions — 1.6%
Bank of America Corp.		136,787		744,121

8

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Diversified Banking Institutions (continued)
Citigroup, Inc.		9,258	$	254,410
JPMorgan Chase & Co.		19,664		608,994
Morgan Stanley		36,969		546,772
				2,154,297
Diversified Manufacturing Operations — 1.4%
3M Co.		2,328		188,661
A.O. Smith Corp.		560		21,986
Actuant Corp., Class A		998		22,874
AZZ, Inc.		184		7,792
Barnes Group, Inc.		690		17,188
Dover Corp.		15,905		874,298
EnPro Industries, Inc.†		299		10,008
Federal Signal Corp.†		908		3,350
General Electric Co.		33,867		538,824
Koppers Holdings, Inc.		299		9,876
Leggett & Platt, Inc.		1,018		22,783
LSB Industries, Inc.†		266		8,318
Lydall, Inc.†		244		2,196
Parker Hannifin Corp.		1,315		108,856
Standex International Corp.		182		5,811
Tredegar Corp.		334		7,291
				1,850,112
Diversified Minerals — 0.0%
AMCOL International Corp.		361		11,960
Diversified Operations/Commercial Services — 0.0%
Chemed Corp.		288		15,454
Viad Corp.		298		5,528
				20,982
E - Commerce/Products — 0.0%
Blue Nile, Inc.†		212		8,054
Netflix, Inc.†		117		7,550
Nutrisystem, Inc.		388		4,516
Stamps.com, Inc.†		174		4,763
				24,883
E - Commerce/Services — 0.3%
Expedia, Inc.		5,947		165,416
priceline.com, Inc.†		443		215,249
United Online, Inc		1,287		6,795
				387,460
E - Marketing/Info — 0.0%
comScore, Inc.†		460		9,140
Liquidity Services, Inc.†		290		9,878
				19,018
E - Services/Consulting — 0.0%
Perficient, Inc.†		437		3,758
Websense, Inc.†		577		10,450
				14,208
Electric Products - Misc. — 0.7%
Emerson Electric Co.		15,855		828,424
Littelfuse, Inc.		334		15,611
Molex, Inc.		2,107		52,548
				896,583
Electric - Generation — 0.3%
AES Corp.†		31,498		380,496
Electric - Integrated — 0.8%
Allete, Inc.		457		18,211
Avista Corp.		831		20,775

Security Description	Shares		Value (Note 2)
Electric - Integrated (continued)
Central Vermont Public Service Corp.		187	$	6,581
CH Energy Group, Inc.		221		12,453
CMS Energy Corp.		12,861		269,052
El Paso Electric Co.		607		20,954
Entergy Corp.		5,890		414,420
Exelon Corp.		4,502		199,484
NorthWestern Corp.		527		18,382
Public Service Enterprise Group, Inc.		2,151		70,854
UIL Holdings Corp.		729		25,398
Unisource Energy Corp.		535		19,731
				1,096,295
Electronic Components - Misc. — 0.3%
Bel Fuse, Inc., Class B		147		2,687
Benchmark Electronics, Inc.†		879		12,139
CTS Corp.		500		4,255
Daktronics, Inc.		517		4,860
Jabil Circuit, Inc.		17,807		360,948
Methode Electronics, Inc		532		4,724
OSI Systems, Inc.†		277		13,243
Plexus Corp.†		517		14,037
Pulse Electronics Corp.		602		1,824
Rogers Corp.†		227		9,012
				427,729
Electronic Components - Semiconductors — 1.1%
Altera Corp.		4,515		170,080
Ceva, Inc.†		331		9,536
Diodes, Inc.†		539		11,050
DSP Group, Inc.†		334		1,964
Entropic Communications, Inc.†		1,247		6,210
GT Advanced Technologies, Inc.†		1,828		14,112
Intel Corp.		21,712		540,846
Kopin Corp.†		935		3,291
LSI Corp.†		14,291		80,315
Microsemi Corp.†		1,259		22,360
Monolithic Power Systems, Inc.†		425		5,117
NVIDIA Corp.†		5,832		91,154
Rubicon Technology, Inc.†		238		2,259
Supertex, Inc.†		191		3,535
Texas Instruments, Inc.		15,257		459,236
Volterra Semiconductor Corp.†		358		8,771
				1,429,836
Electronic Forms — 0.1%
Adobe Systems, Inc.†		2,154		59,063
Electronic Measurement Instruments — 0.0%
Analogic Corp.		184		10,306
Badger Meter, Inc.		212		6,587
ESCO Technologies, Inc.		385		10,433
FARO Technologies, Inc.†		241		11,676
Measurement Specialties, Inc.†		209		5,963
				44,965
Electronic Security Devices — 0.2%
American Science & Engineering, Inc.		134		9,810
Tyco International, Ltd.		6,367		305,361
				315,171
Energy - Alternate Sources — 0.0%
Headwaters, Inc.†		878		2,248
Engineering/R&D Services — 0.5%
EMCOR Group, Inc.		968		24,810
Exponent, Inc.†		197		9,334
Fluor Corp		3,771		206,726

9

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Engineering/R&D Services (continued)
Foster Wheeler AG†		26,017	$	482,615
				723,485
Engines - Internal Combustion — 0.2%
Briggs & Stratton Corp.		734		11,061
Cummins, Inc.		2,280		219,633
				230,694
Enterprise Software/Service — 1.2%
BMC Software, Inc.†		1,076		38,370
CA, Inc.		4,068		86,242
JDA Software Group, Inc.†		616		19,416
MicroStrategy, Inc., Class A†		116		14,283
Omnicell, Inc.†		484		7,821
Opnet Technologies, Inc.		213		7,598
Oracle Corp.		42,886		1,344,476
RightNow Technologies, Inc.†		369		15,838
SYNNEX Corp.†		368		10,801
Taleo Corp., Class A†		596		19,304
Tyler Technologies, Inc.†		343		10,993
				1,575,142
Entertainment Software — 0.0%
Take - Two Interactive Software, Inc.†		1,251		17,452
THQ, Inc.†		989		1,681
				19,133
Environmental Consulting & Engineering — 0.0%
Tetra Tech, Inc.†		902		20,196
Filtration/Separation Products — 0.0%
CLARCOR, Inc.		731		35,395
Finance - Consumer Loans — 0.1%
Encore Capital Group, Inc.†		298		6,496
Portfolio Recovery Associates, Inc.†		244		16,926
SLM Corp.		2,836		36,528
World Acceptance Corp.†		216		14,822
				74,772
Finance - Investment Banker/Broker — 0.0%
Interactive Brokers Group, Inc., Class A .		559		8,312
Investment Technology Group, Inc.†		605		6,443
Piper Jaffray Cos.†		227		4,699
Stifel Financial Corp.†		780		24,726
SWS Group, Inc.		419		2,690
				46,870
Finance - Other Services — 0.3%
CME Group, Inc.		304		75,781
NASDAQ OMX Group, Inc.†		4,125		108,281
NYSE Euronext		6,934		198,035
				382,097
Firearms & Ammunition — 0.0%
Sturm Ruger & Co., Inc.		281		9,037
Food - Canned — 0.0%
Seneca Foods Corp., Class A†		139		3,158
TreeHouse Foods, Inc.†		518		34,152
				37,310
Food - Confectionery — 0.2%
Hershey Co.		3,841		221,549
Food - Misc. — 1.1%
B&G Foods, Inc.		692		15,355
Cal - Maine Foods, Inc.		207		7,009

Security Description	Shares		Value (Note 2)
Food - Misc. (continued)
Campbell Soup Co.		7,366	$	240,132
ConAgra Foods, Inc.		19,174		484,335
Diamond Foods, Inc.		320		8,880
Hain Celestial Group, Inc.†		626		23,375
J&J Snack Foods Corp.		211		10,947
Kraft Foods, Inc., Class A		13,792		498,581
Sara Lee Corp.		5,608		106,328
Snyders - Lance, Inc.		673		14,220
				1,409,162
Food - Retail — 0.3%
Kroger Co.		8,359		193,762
Safeway, Inc.		5,501		110,020
SUPERVALU, Inc.		7,636		56,124
				359,906
Food - Wholesale/Distribution — 0.2%
Calavo Growers, Inc.		169		4,488
Nash Finch Co.		169		4,690
Spartan Stores, Inc.		323		5,824
Sysco Corp.		9,544		272,386
United Natural Foods, Inc.†		699		26,793
				314,181
Footwear & Related Apparel — 0.1%
Crocs, Inc.†		1,287		19,962
Iconix Brand Group, Inc.†		1,056		18,227
Skechers U.S.A., Inc., Class A†		520		6,999
Steven Madden, Ltd.†		549		19,577
Wolverine World Wide, Inc.		711		26,193
				90,958
Forestry — 0.0%
Deltic Timber Corp.		161		10,312
Funeral Services & Related Items — 0.0%
Hillenbrand, Inc.		906		20,593
Gambling (Non - Hotel) — 0.1%
International Game Technology		9,389		160,176
Pinnacle Entertainment, Inc.†		899		9,503
				169,679
Garden Products — 0.0%
Toro Co.		442		24,960
Gas - Distribution — 0.1%
Laclede Group, Inc.		326		13,082
New Jersey Resources Corp.		598		28,291
Northwest Natural Gas Co.		391		18,401
Piedmont Natural Gas Co., Inc.		1,041		34,322
South Jersey Industries, Inc.		428		24,045
Southwest Gas Corp.		662		26,765
				144,906
Golf — 0.0%
Callaway Golf Co.		939		5,305
Health Care Cost Containment — 0.0%
Corvel Corp.†		91		4,342
Home Furnishings — 0.0%
Ethan Allen Interiors, Inc.		374		7,592
La - Z - Boy, Inc.†		758		7,504
Select Comfort Corp.†		807		14,954
				30,050

10

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Hotel/Motels — 0.0%
Marcus Corp.		317	$	3,883
Human Resources — 0.0%
AMN Healthcare Services, Inc.†		568		2,607
CDI Corp.		181		2,362
Cross Country Healthcare, Inc.†		454		2,347
Heidrick & Struggles International, Inc.		251		5,346
Insperity, Inc.		325		8,057
Kelly Services, Inc., Class A		415		6,009
On Assignment, Inc.†		541		5,637
Resources Connection, Inc.		658		7,041
TrueBlue, Inc.†		597		7,684
				47,090
Identification Systems — 0.0%
Brady Corp., Class A		768		22,994
Checkpoint Systems, Inc.†		587		7,091
				30,085
Independent Power Producers — 0.0%
GenOn Energy, Inc.†		439		1,194
Industrial Automated/Robotic — 0.0%
Cognex Corp.		605		21,581
Intermec, Inc.†		739		5,424
iRobot Corp.†		387		12,287
				39,292
Instruments - Controls — 0.2%
Honeywell International, Inc.		3,382		183,135
Watts Water Technologies, Inc., Class A		434		16,579
				199,714
Instruments - Scientific — 0.5%
FEI Co.†		556		22,440
PerkinElmer, Inc.		36,864		697,467
				719,907
Insurance Brokers — 0.0%
eHealth, Inc.†		285		4,323
Insurance - Life/Health — 0.3%
Aflac, Inc		4,120		178,973
Delphi Financial Group, Inc., Class A		800		22,000
Lincoln National Corp.		750		15,135
Presidential Life Corp.		308		3,148
Prudential Financial, Inc.		372		18,838
Torchmark Corp.		2,405		102,429
				340,523
Insurance - Multi - line — 0.2%
Assurant, Inc.		2,323		91,155
Horace Mann Educators Corp.		583		7,118
MetLife, Inc.		5,428		170,874
United Fire & Casualty Co.		307		6,014
				275,161
Insurance - Property/Casualty — 0.2%
AMERISAFE, Inc.†		268		6,282
Employers Holdings, Inc.		519		9,015
Infinity Property & Casualty Corp.		181		10,395
Meadowbrook Insurance Group, Inc.		779		7,946
Navigators Group, Inc.†		166		7,750
ProAssurance Corp.		442		35,188
Progressive Corp.		6,604		124,551
RLI Corp.		240		17,009
Safety Insurance Group, Inc.		223		9,330

Security Description	Shares		Value (Note 2)
Insurance - Property/Casualty (continued)
Selective Insurance Group, Inc		785	$	12,937
Stewart Information Services Corp.		281		2,965
Tower Group, Inc.		605		12,699
				256,067
Insurance - Reinsurance — 0.6%
Berkshire Hathaway, Inc., Class B†		9,438		743,337
Internet Application Software — 0.0%
DealerTrack Holdings, Inc.†		595		15,410
eResearch Technology, Inc.†		629		2,881
				18,291
Internet Connectivity Services — 0.0%
PC - Tel, Inc.		271		1,894
Internet Content - Information/News — 0.0%
XO Group, Inc.†		430		3,169
Internet Infrastructure Software — 0.0%
F5 Networks, Inc.†		450		50,864
Internet Security — 0.3%
Blue Coat Systems, Inc.†		626		11,268
Sourcefire, Inc.†		416		13,778
Symantec Corp.†		11,642		190,347
VeriSign, Inc.		3,388		113,769
				329,162
Investment Companies — 0.0%
Prospect Capital Corp.		1,552		14,403
Investment Management/Advisor Services — 0.7%
BlackRock, Inc.		1,943		334,274
Calamos Asset Management, Inc., Class A		289		3,419
Financial Engines, Inc.†		560		12,303
Legg Mason, Inc.		19,120		507,253
National Financial Partners Corp.†		637		8,791
				866,040
Lasers - System/Components — 0.1%
Cymer, Inc.†		436		19,498
Electro Scientific Industries, Inc.†		352		4,636
II - VI, Inc.†		787		15,402
Newport Corp.†		536		6,984
Rofin - Sinar Technologies, Inc.†		418		10,057
				56,577
Leisure Products — 0.0%
Brunswick Corp.		1,298		24,169
Linen Supply & Related Items — 0.0%
G&K Services, Inc., Class A		275		8,223
UniFirst Corp.		221		12,780
				21,003
Machinery - Construction & Mining — 0.3%
Astec Industries, Inc.†		289		9,667
Caterpillar, Inc.		3,660		358,241
				367,908
Machinery - Electrical — 0.0%
Franklin Electric Co., Inc.		272		12,803
Machinery - Farming — 0.0%
Lindsay Corp.		176		9,942
Machinery - General Industrial — 0.1%
Albany International Corp., Class A		410		9,947
Applied Industrial Technologies, Inc.		615		21,236

11

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Machinery - General Industrial (continued)
Intevac, Inc.†		334	$	2,502
Robbins & Myers, Inc.		659		35,059
Roper Industries, Inc.		497		42,339
Tennant Co.		278		11,670
				122,753
Machinery - Material Handling — 0.0%
Cascade Corp.		125		5,439
Medical Information Systems — 0.0%
Computer Programs & Systems, Inc.		160		7,264
Quality Systems, Inc.		566		20,008
				27,272
Medical Instruments — 0.2%
Abaxis, Inc.†		320		8,854
CONMED Corp.†		410		10,779
CryoLife, Inc.†		406		1,673
Integra LifeSciences Holdings Corp.†		301		9,671
Intuitive Surgical, Inc.†		157		68,171
Kensey Nash Corp.†		111		2,819
Natus Medical, Inc.†		424		3,549
NuVasive, Inc.†		611		8,432
St. Jude Medical, Inc.		3,001		115,359
SurModics, Inc.†		210		2,604
Symmetry Medical, Inc.†		533		4,173
				236,084
Medical Labs & Testing Services — 0.0%
Bio - Reference Labs, Inc.†		356		4,414
Medical Laser Systems — 0.0%
Palomar Medical Technologies, Inc.†		268		2,214
Medical Products — 0.3%
Baxter International, Inc.		682		35,232
Becton, Dickinson and Co.		1,395		102,923
Cantel Medical Corp.		181		4,762
Covidien PLC		2,480		112,964
Cyberonics, Inc.†		355		10,767
Greatbatch, Inc.†		340		7,521
Haemonetics Corp.†		372		22,034
Hanger Orthopedic Group, Inc.†		487		7,792
Invacare Corp.		469		9,633
PSS World Medical, Inc.†		769		18,748
West Pharmaceutical Services, Inc.		484		18,649
Zimmer Holdings, Inc.†		568		28,712
Zoll Medical Corp.†		325		14,960
				394,697
Medical - Biomedical/Gene — 0.3%
Amgen, Inc.		1,617		93,640
Arqule, Inc.†		775		4,348
Biogen Idec, Inc.†		1,283		147,481
Cambrex Corp.†		424		2,930
Cubist Pharmaceuticals, Inc.†		875		33,749
Emergent Biosolutions, Inc.†		357		6,083
Enzo Biochem, Inc.†		491		1,203
Medicines Co.†		777		14,693
Regeneron Pharmaceuticals, Inc.†		1,088		64,649
				368,776
Medical - Drugs — 2.5%
Abbott Laboratories		21,290		1,161,370
Bristol - Myers Squibb Co.		14,371		470,219
Eli Lilly & Co.		6,520		246,782
Hi - Tech Pharmacal Co., Inc.†		148		6,145

Security Description	Shares		Value (Note 2)
Medical - Drugs (continued)
Johnson & Johnson		6,053	$	391,750
Merck & Co., Inc.		11,092		396,539
Pfizer, Inc.		32,283		647,920
PharMerica Corp.†		422		6,604
Salix Pharmaceuticals, Ltd.†		846		37,343
Savient Pharmaceuticals, Inc.†		1,032		2,590
Viropharma, Inc.†		1,031		24,754
				3,392,016
Medical - Generic Drugs — 0.0%
Par Pharmaceutical Cos., Inc.†		524		16,983
Medical - HMO — 0.8%
Aetna, Inc.		3,140		131,315
Centene Corp.†		728		28,181
Cigna Corp.		1,038		45,911
Healthspring, Inc.†		984		53,746
Humana, Inc.		4,570		405,268
Magellan Health Services, Inc.†		403		20,416
Molina Healthcare, Inc.†		412		9,002
UnitedHealth Group, Inc.		5,189		253,067
WellPoint, Inc.		2,131		150,342
				1,097,248
Medical - Nursing Homes — 0.0%
Ensign Group, Inc.		236		5,596
Kindred Healthcare, Inc.†		753		9,337
				14,933
Medical - Outpatient/Home Medical — 0.0%
Air Methods Corp.†		163		13,157
Almost Family, Inc.†		124		1,856
Amedisys, Inc.†		427		5,069
Amsurg Corp.†		448		11,684
Gentiva Health Services, Inc.†		442		2,572
LHC Group, Inc.†		232		3,225
				37,563
Medical - Wholesale Drug Distribution — 0.3%
AmerisourceBergen Corp.		5,964		221,563
Cardinal Health, Inc.		281		11,931
McKesson Corp.		1,571		127,738
				361,232
Metal Processors & Fabrication — 0.1%
CIRCOR International, Inc.		244		7,930
Haynes International, Inc.		176		10,553
Kaydon Corp.		475		15,000
Mueller Industries, Inc.		554		21,130
RTI International Metals, Inc.†		439		11,985
				66,598
Metal Products - Distribution — 0.0%
A.M. Castle & Co.†		239		3,250
Lawson Products, Inc.		52		820
Olympic Steel, Inc.		139		3,300
				7,370
Metal - Aluminum — 0.1%
Alcoa, Inc.		5,456		54,669
Century Aluminum Co.†		827		7,964
Kaiser Aluminum Corp.		228		10,625
				73,258
Metal - Copper — 0.3%
Freeport - McMoRan Copper & Gold, Inc.		11,129		440,708

12

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Metal - Iron — 0.0%
Cliffs Natural Resources, Inc.		258	$	17,495
Miscellaneous Manufacturing — 0.0%
John Bean Technologies Corp.		422		6,946
Movado Group, Inc.		257		4,043
				10,989
Motorcycle/Motor Scooter — 0.0%
Harley - Davidson, Inc.		1,146		42,138
Multimedia — 0.6%
EW Scripps Co., Class A†		451		3,833
McGraw - Hill Cos., Inc.		1,243		53,076
News Corp., Class A		7,009		122,237
Time Warner, Inc.		3,584		124,795
Viacom, Inc., Class B		6,197		277,378
Walt Disney Co.		5,753		206,245
				787,564
Networking Products — 0.3%
Anixter International, Inc.†		400		24,564
Black Box Corp.		257		7,332
Cisco Systems, Inc.		20,013		373,042
LogMeIn, Inc.†		304		13,075
Netgear, Inc.†		541		20,553
				438,566
Non - Ferrous Metals — 0.0%
Materion Corp.†		295		7,254
Non - Hazardous Waste Disposal — 0.1%
Waste Management, Inc.		2,098		65,667
Office Automation & Equipment — 0.1%
Pitney Bowes, Inc.		3,672		68,409
Office Furnishings - Original — 0.0%
Interface, Inc., Class A		831		9,557
Office Supplies & Forms — 0.0%
Avery Dennison Corp.		628		16,460
Standard Register Co.		187		445
				16,905
Oil & Gas Drilling — 0.3%
Diamond Offshore Drilling, Inc.		1,224		73,624
Helmerich & Payne, Inc.		4,111		234,162
Rowan Cos., Inc.†		1,268		42,998
				350,784
Oil Companies - Exploration & Production — 0.9%
Anadarko Petroleum Corp.		8,723		708,918
Apache Corp.		1,015		100,932
Approach Resources, Inc.†		383		11,980
Contango Oil & Gas Co.†		188		11,844
Georesources, Inc.†		277		7,897
Gulfport Energy Corp.†		642		20,384
Occidental Petroleum Corp.		3,183		314,799
Penn Virginia Corp.		658		3,487
Petroleum Development Corp.†		346		11,608
Petroquest Energy, Inc.†		813		5,585
Stone Energy Corp.†		706		19,973
Swift Energy Co.†		613		18,016
				1,235,423
Oil Companies - Integrated — 4.7%
Chevron Corp.		19,636		2,018,973
ConocoPhillips		25,786		1,839,058
Exxon Mobil Corp.		29,602		2,381,185

Security Description	Shares		Value (Note 2)
Oil Companies - Integrated (continued)
Marathon Oil Corp.		3,476	$	97,189
				6,336,405
Oil Field Machinery & Equipment — 0.2%
Gulf Island Fabrication, Inc.		214		6,084
Lufkin Industries, Inc.		439		30,765
National Oilwell Varco, Inc.		2,673		191,654
				228,503
Oil Refining & Marketing — 0.0%
Valero Energy Corp.		2,256		50,241
Oil - Field Services — 0.3%
Basic Energy Services, Inc.†		420		7,913
Halliburton Co.		10,136		373,005
Hornbeck Offshore Services, Inc.†		475		16,026
Matrix Service Co.†		382		3,576
Pioneer Drilling Co.†		884		9,706
SEACOR Holdings, Inc.		313		27,159
Tetra Technologies, Inc.†		1,113		10,217
				447,602
Paper & Related Products — 0.1%
Buckeye Technologies, Inc.		566		17,535
Clearwater Paper Corp.†		332		11,683
International Paper Co.		1,336		37,942
KapStone Paper and Packaging Corp.†		551		9,136
Neenah Paper, Inc.		214		4,004
Schweitzer - Mauduit International, Inc.		233		16,594
Wausau Paper Corp.		719		5,551
				102,445
Pharmacy Services — 0.5%
Medco Health Solutions, Inc.†		11,664		660,999
Physicians Practice Management — 0.0%
Healthways, Inc.†		491		3,197
IPC The Hospitalist Co., Inc.†		232		10,695
				13,892
Pipelines — 0.1%
ONEOK, Inc.		813		67,609
Poultry — 0.0%
Sanderson Farms, Inc.		269		13,845
Power Converter/Supply Equipment — 0.0%
Advanced Energy Industries, Inc.†		629		6,277
Powell Industries, Inc.†		128		3,881
Vicor Corp.		286		2,294
				12,452
Printing - Commercial — 0.0%
Consolidated Graphics, Inc.†		126		6,420
R.R. Donnelley & Sons Co.		1,804		27,096
				33,516
Private Corrections — 0.0%
Geo Group, Inc.†		942		16,673
Protection/Safety — 0.0%
Landauer, Inc.		139		7,051
Publishing - Newspapers — 0.1%
Dolan Co.†		440		4,017
Washington Post Co., Class B		285		102,290
				106,307

13

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Real Estate Investment Trusts — 1.2%
Acadia Realty Trust		616	$	12,061
Apartment Investment & Management Co., Class A		8,683		189,116
AvalonBay Communities, Inc.		416		51,938
BioMed Realty Trust, Inc.		2,234		39,788
Boston Properties, Inc.		797		76,018
Cedar Realty Trust, Inc.		805		2,689
Colonial Properties Trust		1,258		24,959
DiamondRock Hospitality Co.		2,425		21,291
Digital Realty Trust, Inc.		9,622		610,997
EastGroup Properties, Inc.		388		16,517
Entertainment Properties Trust		674		30,128
Equity Residential		2,692		148,571
Extra Space Storage, Inc.		1,362		32,824
Franklin Street Properties Corp.		1,026		11,194
Getty Realty Corp.		376		6,016
Healthcare Realty Trust, Inc.		1,133		19,963
Inland Real Estate Corp.		1,115		8,273
Kilroy Realty Corp.		845		30,496
Kite Realty Group Trust		918		3,874
LaSalle Hotel Properties		1,242		29,075
Lexington Realty Trust		1,968		14,917
LTC Properties, Inc.		436		12,535
Medical Properties Trust, Inc.		1,620		15,487
Mid - America Apartment Communities, Inc.		536		30,724
National Retail Properties, Inc.		1,451		38,393
Parkway Properties, Inc.		314		3,175
Pennsylvania Real Estate Investment Trust		804		7,501
Post Properties, Inc.		725		28,993
PS Business Parks, Inc.		275		14,493
Saul Centers, Inc.		164		5,725
Simon Property Group, Inc.		150		18,651
Sovran Self Storage, Inc.		398		16,573
Tanger Factory Outlet Centers		1,239		35,126
Universal Health Realty Income Trust		184		6,791
Urstadt Biddle Properties, Inc., Class A		337		5,685
				1,620,557
Real Estate Operations & Development — 0.0%
Forestar Group, Inc.†		509		7,737
Recreational Vehicles — 0.0%
Arctic Cat, Inc.†		170		3,380
Research & Development — 0.0%
PAREXEL International Corp.†		858		17,203
Resort/Theme Parks — 0.0%
Marriott Vacations Worldwide Corp.†		390		6,232
Retail - Apparel/Shoe — 0.2%
Abercrombie & Fitch Co., Class A		1,481		70,955
Brown Shoe Co., Inc.		644		5,403
Buckle, Inc.		391		15,624
Cato Corp., Class A		424		10,850
Children’s Place Retail Stores, Inc.†		363		19,555
Christopher & Banks Corp.		514		1,470
Finish Line, Inc., Class A		777		16,379
Genesco, Inc.†		349		20,609
HOT Topic, Inc.		616		4,374
Jos. A. Bank Clothiers, Inc.†		397		19,564
Limited Brands, Inc.		2,295		97,147
Liz Claiborne, Inc.†		1,371		11,338
Men’s Wearhouse, Inc.		745		20,733
Rue21, Inc.†		220		5,289
Stein Mart, Inc.†		398		2,615
				321,905

Security Description	Shares		Value (Note 2)
Retail - Auto Parts — 0.2%
AutoZone, Inc.†		594	$	195,058
O’Reilly Automotive, Inc.†		209		16,143
PEP Boys - Manny Moe & Jack		767		8,713
				219,914
Retail - Automobile — 0.0%
AutoNation, Inc.†		445		16,069
Group 1 Automotive, Inc.		347		17,041
Lithia Motors, Inc., Class A		322		7,152
Sonic Automotive, Inc., Class A		512		7,562
				47,824
Retail - Building Products — 0.9%
Home Depot, Inc.		30,794		1,207,741
Lowe’s Cos., Inc.		1,615		38,776
Lumber Liquidators Holdings, Inc.†		400		6,776
				1,253,293
Retail - Catalog Shopping — 0.0%
Coldwater Creek, Inc.†		1,249		1,079
Retail - Computer Equipment — 0.0%
GameStop Corp., Class A†		394		9,109
Retail - Convenience Store — 0.0%
Casey’s General Stores, Inc.		554		29,573
Retail - Discount — 0.2%
Fred’s, Inc., Class A		572		7,699
HSN, Inc.		577		20,657
Tuesday Morning Corp.†		623		2,018
Wal - Mart Stores, Inc		4,653		274,062
				304,436
Retail - Drug Store — 0.3%
CVS Caremark Corp.		6,446		250,362
Walgreen Co.		5,494		185,258
				435,620
Retail - Home Furnishings — 0.0%
Haverty Furniture Cos., Inc.		271		3,276
Kirkland’s, Inc.†		227		2,831
				6,107
Retail - Jewelry — 0.0%
Zale Corp.†		332		1,142
Retail - Leisure Products — 0.0%
MarineMax, Inc.†		337		2,147
Retail - Major Department Stores — 0.0%
J.C. Penney Co., Inc.		507		16,244
Retail - Office Supplies — 0.0%
OfficeMax, Inc.†		1,254		5,831
Retail - Pawn Shops — 0.1%
Cash America International, Inc.		428		21,276
EZCORP, Inc., Class A†		627		18,239
First Cash Financial Services, Inc.†		445		16,154
				55,669
Retail - Pet Food & Supplies — 0.0%
PetMed Express, Inc.		310		2,889
Retail - Petroleum Products — 0.0%
World Fuel Services Corp.		1,029		44,113
Retail - Regional Department Stores — 0.4%
Kohl’s Corp.		8,685		467,253
Macy’s, Inc.		593		19,172

14

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Retail - Regional Department Stores (continued)
Stage Stores, Inc.		449	$	5,630
				492,055
Retail - Restaurants — 0.3%
Biglari Holdings, Inc.†		21		7,220
BJ’s Restaurants, Inc.†		348		16,732
Buffalo Wild Wings, Inc.†		265		17,087
CEC Entertainment, Inc.		284		9,565
Chipotle Mexican Grill, Inc.†		537		172,678
Cracker Barrel Old Country Store, Inc.		331		15,742
DineEquity, Inc.†		230		10,828
Jack in the Box, Inc.†		671		13,756
O’Charley’s, Inc.†		269		1,732
Papa John’s International, Inc.†		277		10,498
PF Chang’s China Bistro, Inc.		311		9,433
Red Robin Gourmet Burgers, Inc.†		166		4,412
Ruby Tuesday, Inc.†		941		6,898
Ruth’s Hospitality Group, Inc.†		448		2,222
Sonic Corp.†		900		6,354
Starbucks Corp.		248		10,783
Texas Roadhouse, Inc.		886		11,864
Yum! Brands, Inc.		2,029		113,705
				441,509
Retail - Sporting Goods — 0.0%
Big 5 Sporting Goods Corp.		326		2,973
Cabela’s, Inc.†		621		14,637
Hibbett Sports, Inc.†		387		17,613
Zumiez, Inc.†		302		7,106
				42,329
Retail - Video Rentals — 0.0%
Coinstar, Inc.†		443		18,912
Rubber/Plastic Products — 0.0%
Myers Industries, Inc.		511		6,265
Savings & Loans/Thrifts — 0.0%
Bank Mutual Corp.		665		2,248
Brookline Bancorp, Inc.		858		6,898
Dime Community Bancshares, Inc.		412		4,878
Northwest Bancshares, Inc.		1,407		17,475
Oritani Financial Corp.		677		8,808
Provident Financial Services, Inc.		776		10,158
				50,465
Schools — 0.1%
American Public Education, Inc.†		257		9,848
Apollo Group, Inc., Class A†		1,765		85,567
Capella Education Co.†		223		7,582
Corinthian Colleges, Inc.†		1,233		3,243
Lincoln Educational Services Corp.		328		2,411
Universal Technical Institute, Inc.†		299		3,821
				112,472
Seismic Data Collection — 0.0%
ION Geophysical Corp.†		1,835		10,661
OYO Geospace Corp.†		64		5,823
				16,484
Semiconductor Components - Integrated Circuits — 0.1%
Cirrus Logic, Inc.†		956		15,573
Exar Corp.†		647		4,076
Hittite Microwave Corp.†		403		21,927
Micrel, Inc.		728		7,571
Pericom Semiconductor Corp.†		367		2,859
Power Integrations, Inc.		416		14,623

Security Description	Shares		Value (Note 2)
Semiconductor Components - Integrated Circuits (continued)
Sigma Designs, Inc.†		464	$	3,234
Standard Microsystems Corp.†		328		8,210
TriQuint Semiconductor, Inc.†		2,380		10,401
				88,474
Semiconductor Equipment — 0.4%
ATMI, Inc.†		457		9,460
Brooks Automation, Inc.		956		9,120
Cabot Microelectronics Corp.†		338		14,051
Cohu, Inc.		344		3,481
Kulicke & Soffa Industries, Inc.†		1,046		9,518
Lam Research Corp.†		8,876		361,874
MKS Instruments, Inc.		767		20,602
Nanometrics, Inc.†		251		4,134
Novellus Systems, Inc.†		1,861		64,428
Rudolph Technologies, Inc.†		466		3,663
Teradyne, Inc.†		4,219		56,788
Tessera Technologies, Inc.†		739		12,822
Ultratech, Inc.†		370		8,584
Veeco Instruments, Inc.†		553		13,764
				592,289
Software Tools — 0.3%
VMware, Inc., Class A†		4,466		431,773
Storage/Warehousing — 0.0%
Mobile Mini, Inc.†		519		9,358
Telecom Equipment - Fiber Optics — 0.0%
Harmonic, Inc.†		1,669		8,962
Oplink Communications, Inc.†		288		4,755
				13,717
Telecom Services — 0.0%
Cbeyond, Inc.†		460		3,409
Lumos Networks Corp.		214		3,131
Neutral Tandem, Inc.†		458		4,951
NTELOS Holdings Corp.		214		4,517
USA Mobility, Inc.		326		4,570
				20,578
Telecommunication Equipment — 0.0%
Arris Group, Inc.†		1,722		18,512
Comtech Telecommunications Corp.		341		10,329
Network Equipment Technologies, Inc.† .		436		763
Nortel Networks Corp.†		62		1
Symmetricom, Inc.†		623		3,208
Tekelec†		888		9,786
				42,599
Telephone - Integrated — 1.3%
AT&T, Inc.		37,740		1,093,705
Atlantic Tele - Network, Inc.		136		5,630
Cincinnati Bell, Inc.†		2,893		8,505
General Communication, Inc., Class A†		550		5,605
Verizon Communications, Inc.		18,526		698,986
				1,812,431
Television — 0.0%
CBS Corp., Class B		1,937		50,439
Textile - Apparel — 0.0%
Perry Ellis International, Inc.†		181		2,588
Therapeutics — 0.0%
Questcor Pharmaceuticals, Inc.†		896		40,275

15

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Tobacco — 1.0%
Alliance One International, Inc.†		1,268	$	3,550
Altria Group, Inc.		861		24,702
Lorillard, Inc.		683		76,237
Philip Morris International, Inc.		15,575		1,187,438
				1,291,927
Toys — 0.0%
Jakks Pacific, Inc.		389		7,426
Transactional Software — 0.0%
Bottomline Technologies, Inc.†		524		11,790
Synchronoss Technologies, Inc.†		385		11,508
				23,298
Transport - Marine — 0.0%
Overseas Shipholding Group, Inc.		364		3,840
Transport - Rail — 0.4%
CSX Corp.		7,471		162,195
Norfolk Southern Corp.		5,333		402,855
				565,050
Transport - Services — 0.2%
Bristow Group, Inc.		529		24,365
Hub Group, Inc., Class A†		541		16,111
United Parcel Service, Inc., Class B		3,793		272,148
				312,624
Transport - Truck — 0.1%
Arkansas Best Corp.		373		7,132
Forward Air Corp.		425		13,642
Heartland Express, Inc.		863		11,866
Knight Transportation, Inc.		859		12,851
Old Dominion Freight Line, Inc.†		680		26,391
				71,882
Travel Services — 0.0%
Interval Leisure Group, Inc.†		593		8,308
Ultra Sound Imaging Systems — 0.0%
SonoSite, Inc.†		200		8,280
Veterinary Diagnostics — 0.0%
Neogen Corp.†		340		11,978
Vitamins & Nutrition Products — 0.0%
Vitamin Shoppe, Inc.†		420		15,460
Water — 0.0%
American States Water Co.		269		9,490
Web Portals/ISP — 0.3%
Google, Inc., Class A†		724		433,959
InfoSpace, Inc.†		538		5,186
				439,145
Wire & Cable Products — 0.0%
Belden, Inc.		685		22,632
Encore Wire Corp.		274		7,102
				29,734
Wireless Equipment — 0.4%
Novatel Wireless, Inc.†		469		1,506
QUALCOMM, Inc.		8,048		441,030
Viasat, Inc.†		614		29,054
				471,590
Total Common Stock
(cost $65,594,140)				67,477,321

Security Description	Shares		Value (Note 2)
EXCHANGE - TRADED FUNDS — 7.3%
iShares MSCI All Country Asia ex - Japan Index Fund		89,900	$	4,717,053
iShares S&P SmallCap 600 Index Fund		6,525		441,677
SPDR S&P 500 ETF Trust, Series 1		4,955		619,920
Vanguard MSCI Emerging Markets ETF		101,820		4,154,256
Total Exchange - Traded Funds
(cost $9,966,069)				9,932,906
PREFERRED STOCK — 0.9%
Banks - Super Regional — 0.1%
US Bancorp FRS 3.50%		137		100,556
Wachovia Capital Trust IX 6.38%		3,100		77,500
				178,056
Diversified Banking Institutions — 0.4%
Ally Financial, Inc. 7.00%*		117		81,966
Goldman Sachs Group, Inc. 6.13%		12,000		293,280
Goldman Sachs Group, Inc. 6.50%		2,750		67,925
HSBC Holdings PLC 8.00%		3,240		83,592
				526,763
Diversified Financial Services — 0.1%
General Electric Capital Corp. 5.50%(2)		5,900		151,984
Electric - Integrated — 0.1%
Southern California Edison Co. FRS 4.90%		450		44,595
Finance - Investment Banker/Broker — 0.1%
JP Morgan Chase Capital XXIX 6.70%		6,120		155,693
Finance - Mortgage Loan/Banker — 0.0%
Federal Home Loan Mgt. Corp. FRS 0.00%†		2,200		4,510
Special Purpose Entity — 0.1%
Structured Repackaged Asset - Backed Trust Securities FRS 3.00%		7,600		145,768
Total Preferred Stock
(cost $1,288,163)				1,207,369
RIGHTS — 0.0%
Banks - Commercial — 0.0%
First BanCorp.† (cost $0)		305		0
WARRANTS — 0.0%
Publishing - Periodicals — 0.0%
Reader’s Digest Assoc., Inc. Expires 02/19/14†(3)(4)		143		0
Television — 0.0%
ION Media Networks, Inc. Expires 12/18/16 (strike price $687.00)†(3)(4)		9		2,025
ION Media Networks, Inc. Expires 03/18/15 (strike price $500.00)†(3)(4)		9		1,125
				3,150
Total Warrants
(cost $148)				3,150

16

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES — 3.5%
Diversified Financial Services — 3.5%
Banc of America Merril Lynch Commercial Mtg., Inc. Series 2006-5, Class AM 5.45% due 09/10/47(5)	$	500,000	$	453,990
Banc of America Mtg. Securities, Inc. Series 2006-2, Class A15 6.00% due 07/25/46(6)		114,786		113,325
Bear Stearns Commercial Mtg. Securities, Inc. VRS Series 2007-T26, Class C 5.65% due 01/12/45*(5)		2,500,000		1,204,080
Countrywide Asset-Backed Certs. FRS Series 2004-BC2, Class M2 1.83% due 02/25/34		55,054		47,992
Countrywide Home Loan Mtg. Pass Through Trust VRS Series 2004-22, Class A2 2.75% due 11/25/34(6)		91,772		69,844
Discover Card Master Trust Series 2007-A1, Class A1 5.65% due 03/16/20		200,000		237,443
Entergy Arkansas Restoration Funding LLC Series 2010A, Class A1 2.30% due 08/01/21		183,388		188,590
GMAC Mtg. Corp. Loan Trust Series 2010-1, Class A 4.25% due 07/25/40*(6)		10,065		10,051
GS Mtg. Securities Corp. II VRS Series 2007-GG10, Class A4 5.79% due 08/10/45(5)		774,082		821,183
Marriott Vacation Club Owner Trust Series 2009-2A, Class A 4.81% due 07/20/31*		161,304		165,035
Merrill Lynch Mtg. Investors, Inc. VRS Series 2005-A9, Class 3A1 2.69% due 12/25/35(6)		253,343		188,010
Morgan Stanley Capital I VRS Series 2005-IQ10, Class B 5.32% due 09/15/42(5)		100,000		92,991
Morgan Stanley Capital I VRS Series 2007-HQ11, Class AM 5.48% due 02/12/44(5)		600,000		561,232
Sierra Receivables Funding Co. LLC Series 2010-3A, Class A 3.51% due 11/20/25*		110,896		112,116
Sonic Capital LLC Series 2011-1A, Class A2 5.44% due 05/20/41*		239,355		244,070
Wells Fargo Mtg. Backed Securities Trust FRS Series 2006-8, Class A2 0.66% due 07/25/36(6)		262,967		254,276
Total Asset Backed Securities
(cost $5,521,854)				4,764,228
U.S. CORPORATE BONDS & NOTES — 14.1%
Advanced Materials — 0.0%
Polymer Group, Inc. Senior Sec. Notes 7.75% due 02/01/19*		30,000		30,375
Advertising Agencies — 0.1%
Interpublic Group of Cos., Inc. Senior Notes 6.25% due 11/15/14		115,000		122,906

Security Description	Principal Amount		Value (Note 2)
Advertising Services — 0.0%
Visant Corp. Company Guar. Notes 10.00% due 10/01/17	$	37,000	$	34,040
Aerospace/Defense — 0.2%
Lockheed Martin Corp. Senior Notes 4.25% due 11/15/19		62,000		64,675
Lockheed Martin Corp. Senior Notes 6.15% due 09/01/36		59,000		66,373
Raytheon Co. Senior Notes 1.40% due 12/15/14		71,000		71,172
Raytheon Co. Senior Notes 4.70% due 12/15/41		49,000		48,594
				250,814
Aerospace/Defense - Equipment — 0.1%
BE Aerospace, Inc. Senior Notes 6.88% due 10/01/20		50,000		53,500
Exelis, Inc. Company Guar. Notes 5.55% due 10/01/21*		112,000		115,234
				168,734
Airlines — 0.1%
Atlas Air, Inc. Pass Through Certs. Series 1991-1, Class A-1 7.20% due 01/02/19		42,379		39,412
Atlas Air, Inc. Pass Through Certs. Series 1991-1, Class B 7.63% due 01/02/15		15,424		12,648
Delta Air Lines, Inc. Senior Sec. Notes 9.50% due 09/15/14*		39,000		39,780
				91,840
Auto - Cars/Light Trucks — 0.0%
Chrysler Group LLC/CG Co - Issuer, Inc. Senior Sec. Notes 8.25% due 06/15/21*		50,000		42,000
Auto - Heavy Duty Trucks — 0.1%
Navistar International Corp. Company Guar. Notes 8.25% due 11/01/21		90,000		93,825
Auto/Truck Parts & Equipment - Original — 0.1%
Cooper - Standard Automotive, Inc. Company Guar. Notes 8.50% due 05/01/18		80,000		84,200
Johnson Controls, Inc. Senior Notes 2.60% due 12/01/16		72,000		72,255
				156,455
Banks - Commercial — 0.3%
Associated Banc - Corp. Senior Notes 5.13% due 03/28/16		133,000		134,663
Branch Banking & Trust Co. FRS Sub. Notes 0.80% due 05/23/17		56,000		49,745

17

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Banks-Commercial (continued)
CIT Group, Inc. Sec. Notes 7.00% due 05/01/17	$	76,140	$	75,379
KeyBank NA Sub. Notes 7.41% due 10/15/27		26,000		28,040
Regions Bank Sub. Notes 7.50% due 05/15/18		57,000		54,720
Zions Bancorp. Senior Notes 7.75% due 09/23/14		84,000		89,146
				431,693
Banks - Fiduciary — 0.1%
State Street Capital Trust IV FRS Ltd. Guar. Notes 1.35% due 06/01/77		202,000		137,648
Banks - Money Center — 0.1%
Chase Capital III FRS Limited Guar. Notes 0.88% due 03/01/27		72,000		52,336
Comerica Bank Sub. Notes 5.20% due 08/22/17		53,000		56,849
				109,185
Banks - Super Regional — 0.7%
Bank of America NA Sub. Notes 5.30% due 03/15/17		73,000		64,055
Capital One Capital VI Ltd. Guar. Notes 8.88% due 05/15/40		39,000		39,216
Capital One Financial Corp. FRS Senior Notes 1.55% due 07/15/14		49,000		47,934
Huntington Bancshares, Inc. Sub. Notes 7.00% due 12/15/20		54,000		59,824
JPMorgan Chase Bank NA Sub. Notes 5.88% due 06/13/16		53,000		56,165
PNC Financial Services Group, Inc. FRS Jr. Sub. Notes 6.75% due 08/01/21(7)		137,000		132,890
PNC Preferred Funding Trust II FRS Jr. Sub. Bonds 6.11% due 03/15/12*(7)		83,000		61,420
SunTrust Banks, Inc. Senior Notes 3.50% due 01/20/17		90,000		88,409
SunTrust Banks, Inc. Senior Notes 6.00% due 09/11/17		45,000		49,460
SunTrust Banks, Inc. Sub. Notes 6.00% due 02/15/26		13,000		12,974
Wachovia Capital Trust III FRS Limited Guar. Notes 5.57% due 01/17/12(7)		83,000		70,135
Wachovia Corp. FRS Senior Notes 0.62% due 06/15/17		85,000		77,221

Security Description	Principal Amount		Value (Note 2)
Banks - Super Regional (continued)
Wells Fargo & Co. FRS Senior Notes 0.62% due 10/28/15	$	101,000	$	94,854
Wells Fargo & Co. FRS Jr. Sub. Bonds 7.98% due 03/15/18(7)		50,000		53,000
				907,557
Broadcast Services/Program — 0.1%
Nexstar Broadcasting, Inc./Mission Broadcasting, Inc. Sec. Notes 8.88% due 04/15/17		38,000		38,380
Scripps Networks Interactive, Inc. Senior Notes 2.70% due 12/15/16		119,000		117,871
				156,251
Building & Construction Products - Misc. — 0.0%
Building Materials Corp. of America Senior Notes 6.75% due 05/01/21*		65,000		64,675
Building - Residential/Commercial — 0.1%
Beazer Homes USA, Inc. Company Guar. Notes 9.13% due 05/15/19		70,000		45,675
Standard Pacific Corp. Company Guar. Notes 8.38% due 05/15/18		30,000		28,050
				73,725
Cable/Satellite TV — 0.4%
Comcast Corp. Company Guar. Notes 5.65% due 06/15/35		39,000		40,331
COX Communications, Inc. Senior Notes 5.88% due 12/01/16*		93,000		106,350
CSC Holdings LLC Senior Notes 7.88% due 02/15/18		198,000		215,820
Insight Communications Co., Inc. Senior Notes 9.38% due 07/15/18*		40,000		45,250
TCI Communications, Inc. Senior Notes 7.13% due 02/15/28		55,000		66,272
				474,023
Casino Hotels — 0.2%
CityCenter Holdings LLC/CityCenter Finance Corp. Sec. Notes 10.75% due 01/15/17*(8)		52,779		52,251
Downstream Development Authority of the Quapaw Tribe of Oklahoma Senior Sec. Notes 10.50% due 07/01/19*		60,000		56,700
Harrah’s Operating Co., Inc. Senior Sec. Notes 11.25% due 06/01/17		57,000		59,280
MGM Mirage, Inc. Senior Sec. Notes 11.13% due 11/15/17		56,000		62,650
				230,881

18

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Cellular Telecom — 0.1%
Nextel Communications, Inc. Company Guar. Notes 7.38% due 08/01/15	$	180,000	$	158,400
Chemicals - Diversified — 0.1%
Dow Chemical Co. Senior Notes 5.25% due 11/15/41		71,000		69,199
PPG Industries, Inc. Senior Notes 1.90% due 01/15/16		17,000		16,831
				86,030
Chemicals - Plastics — 0.1%
Hexion US Finance Corp./Hexion Nova Scotia Finance ULC Senior Sec. Notes 8.88% due 02/01/18		75,000		67,687
Chemicals - Specialty — 0.2%
Eastman Chemical Co. Senior Notes 7.25% due 01/15/24		140,000		169,775
Lubrizol Corp. Company Guar. Notes 6.50% due 10/01/34		51,000		67,100
				236,875
Coal — 0.1%
Foresight Energy LLC/Foresight Energy Corp. Company Guar. Notes 9.63% due 08/15/17*		30,000		29,850
James River Coal Co. Company Guar. Notes 7.88% due 04/01/19		50,000		38,000
Patriot Coal Corp. Company Guar. Notes 8.25% due 04/30/18		50,000		47,500
SunCoke Energy, Inc. Company Guar. Notes 7.63% due 08/01/19*		30,000		29,400
				144,750
Commercial Services — 0.0%
Ceridian Corp. Company Guar. Notes 11.25% due 11/15/15		60,000		45,750
Computer Services — 0.2%
Affiliated Computer Services, Inc. Senior Notes 5.20% due 06/01/15		45,000		48,312
Compucom Systems, Inc. Senior Sub. Notes 12.50% due 10/01/15*		12,000		12,240
International Business Machines Corp. Senior Notes 6.22% due 08/01/27		120,000		154,155
				214,707
Computers — 0.1%
Hewlett - Packard Co. Senior Notes 3.00% due 09/15/16		92,000		94,292

Security Description	Principal Amount		Value (Note 2)
Computers (continued)
Hewlett - Packard Co. Senior Notes 6.00% due 09/15/41	$	49,000	$	52,776
				147,068
Consumer Products - Misc. — 0.0%
American Achievement Corp. Sec. Notes 10.88% due 04/15/16*		25,000		19,125
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC Senior Sec. Notes 7.88% due 08/15/19*		40,000		40,200
				59,325
Containers - Paper/Plastic — 0.0%
Graphic Packaging International, Inc. Company Guar. Notes 9.50% due 06/15/17		27,000		29,430
Cosmetics & Toiletries — 0.0%
Revlon Consumer Products Corp. Sec. Notes 9.75% due 11/15/15		25,000		26,625
Data Processing/Management — 0.0%
Audatex North America, Inc. Company Guar. Notes 6.75% due 06/15/18*		60,000		60,450
Dialysis Centers — 0.1%
DaVita, Inc. Company Guar. Notes 6.63% due 11/01/20		70,000		68,775
Diversified Banking Institutions — 1.3%
BAC Capital Trust XIII FRS Limited Guar. Notes 0.75% due 03/15/12(7)		178,000		109,022
BAC Capital Trust XV FRS Limited Guar. Notes 1.13% due 06/01/56		50,000		32,973
Bank of America Corp. FRS Senior Notes 1.94% due 07/11/14		70,000		61,734
Bank of America Corp. Sub. Notes 5.42% due 03/15/17		1,000		899
Citigroup, Inc. Senior Notes 4.50% due 01/14/22		106,000		98,152
Citigroup, Inc. Sub. Notes 4.88% due 05/07/15		56,000		55,427
Citigroup, Inc. Sub. Notes 5.50% due 02/15/17		180,000		180,354
Citigroup, Inc. Senior Notes 6.00% due 08/15/17		13,000		13,529
Goldman Sachs Group, Inc. Senior Notes 6.15% due 04/01/18		139,000		138,841
Goldman Sachs Group, Inc. Sub. Notes 6.75% due 10/01/37		62,000		55,164

19

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Diversified Banking Institutions (continued)
JPMorgan Chase & Co. FRS Sub. Notes 1.55% due 09/01/15	$	578,000	$	566,418
JPMorgan Chase & Co. Senior Notes 3.45% due 03/01/16		72,000		71,425
JPMorgan Chase & Co. Sub. Notes 6.13% due 06/27/17		114,000		122,072
JPMorgan Chase & Co. FRS Jr. Sub Notes 7.90% due 04/30/18(7)		65,000		68,755
JPMorgan Chase Capital XXIII FRS Limited Guar. Bonds 1.46% due 05/15/77		23,000		16,119
Morgan Stanley Senior Notes 5.55% due 04/27/17		110,000		101,745
Morgan Stanley Senior Notes 5.63% due 09/23/19		57,000		49,789
Morgan Stanley Senior Notes 6.63% due 04/01/18		52,000		48,939
Nationsbank Corp. Sub. Notes 7.25% due 10/15/25		24,000		21,544
				1,812,901
Diversified Financial Services — 0.8%
Citigroup Capital XXI FRS Company Guar. Bonds 8.30% due 12/21/77		770,000		771,925
General Electric Capital Corp. Senior Notes 4.38% due 09/16/20		95,000		94,073
General Electric Capital Corp. Senior Notes 6.75% due 03/15/32		154,000		166,629
				1,032,627
Diversified Manufacturing Operations — 0.3%
3M Co. Senior Notes 1.38% due 09/29/16		109,000		108,600
General Electric Co. Senior Notes 5.25% due 12/06/17		97,000		108,490
Harsco Corp. Senior Notes 2.70% due 10/15/15		124,000		127,422
Pentair, Inc. Company Guar. Notes 5.00% due 05/15/21		55,000		57,874
				402,386
E - Commerce/Services — 0.0%
Expedia, Inc. Company Guar. Notes 8.50% due 07/01/16		55,000		60,668
Electric - Distribution — 0.0%
Oglethorpe Power Corp. 1st. Mtg. Notes 5.38% due 11/01/40		55,000		63,305

Security Description	Principal Amount		Value (Note 2)
Electric - Generation — 0.0%
AES Corp. Senior Notes 8.00% due 10/15/17	$	54,000	$	58,050
Electric - Integrated — 0.5%
Cleco Power LLC Senior Notes 6.00% due 12/01/40		57,000		67,226
Dominion Resources, Inc. Senior Notes 5.25% due 08/01/33		99,000		109,532
Entergy Mississippi, Inc. 1st Mtg. Notes 3.25% due 06/01/16		22,000		22,842
Exelon Corp. Senior Notes 5.63% due 06/15/35		45,000		47,946
Georgia Power Co. Senior Notes 3.00% due 04/15/16		37,000		39,087
Mirant Mid - Atlantic LLC Pass Through Certs., Series B 9.13% due 06/30/17		47,400		48,348
Oncor Electric Delivery Co. LLC Senior Sec. Notes 4.55% due 12/01/41*		143,000		139,745
Pacific Gas & Electric Co. Senior Notes 6.05% due 03/01/34		46,000		55,280
Puget Energy, Inc. Senior Sec. Notes 6.00% due 09/01/21		93,000		92,854
Puget Sound Energy, Inc. Senior Sec. Notes 4.43% due 11/15/41		80,000		79,238
Southern Energy, Inc. Escrow Notes 7.90% due 07/15/09†(3)(4)		125,000		0
				702,098
Electronic Components - Misc. — 0.0%
Jabil Circuit, Inc. Senior Notes 5.63% due 12/15/20		52,000		52,130
Electronic Components - Semiconductors — 0.2%
Broadcom Corp. Senior Notes 2.70% due 11/01/18		148,000		145,521
National Semiconductor Corp. Senior Notes 6.60% due 06/15/17		66,000		80,254
				225,775
Electronics - Military — 0.1%
L-3 Communications Corp. Company Guar. Notes 4.75% due 07/15/20		207,000		197,545
Finance - Auto Loans — 0.3%
Ford Motor Credit Co. LLC Senior Notes 5.00% due 05/15/18		130,000		127,821
Ford Motor Credit Co. LLC Senior Notes 5.88% due 08/02/21		134,000		137,009

20

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Finance - Auto Loans (continued)
General Motors Financial Co., Inc. Company Guar. Notes 6.75% due 06/01/18*	$	85,000	$	84,715
				349,545
Finance - Commercial — 0.1%
Caterpillar Financial Services Corp. Senior Notes 4.25% due 02/08/13		20,000		20,819
Textron Financial Corp. Senior Notes 5.40% due 04/28/13		77,000		78,829
				99,648
Finance - Credit Card — 0.1%
American Express Credit Corp. Senior Notes 2.80% due 09/19/16		117,000		115,785
Capital One Capital III Ltd. Guar. Bonds 7.69% due 08/15/36		33,000		32,753
				148,538
Finance - Investment Banker/Broker — 0.2%
Bear Stearns Cos., Inc. Sub. Notes 5.55% due 01/22/17		62,000		65,054
GFI Group, Inc. Senior Notes 8.38% due 07/19/18*		58,000		50,460
Lehman Brothers Holdings Capital Trust VII FRS Limited Guar. Notes 0.00% due 05/31/12†(7)(12)(13)		45,000		5
Lehman Brothers Holdings, Inc. Senior Notes 5.50% due 04/04/16†(12)(13)		44,000		11,330
Lehman Brothers Holdings, Inc. Sub. Notes 6.75% due 12/28/17†(12)(13)		71,000		35
Lehman Brothers Holdings, Inc. Sub. Notes 7.50% due 05/11/38†(12)(13)		69,000		34
Merrill Lynch & Co., Inc. Sub. Notes 6.05% due 05/16/16		67,000		62,866
Merrill Lynch & Co., Inc. Sub. Notes 7.75% due 05/14/38		21,000		18,765
Oppenheimer Holdings, Inc. Senior Sec. Notes 8.75% due 04/15/18		50,000		46,312
Scottrade Financial Services, Inc. Senior Notes 6.13% due 07/11/21*		57,000		56,705
				311,566
Finance - Leasing Companies — 0.0%
Boeing Capital Corp. Senior Notes 2.13% due 08/15/16		24,000		24,323
Boeing Capital Corp. Senior Notes 2.90% due 08/15/18		29,000		29,685
				54,008

Security Description	Principal Amount		Value (Note 2)
Finance - Other Services — 0.0%
SquareTwo Financial Corp. Sec. Notes 11.63% due 04/01/17	$	55,000	$	52,250
Financial Guarantee Insurance — 0.1%
Assured Guaranty Municipal Holdings, Inc. FRS Company Guar. Notes 6.40% due 12/15/66*		175,000		119,875
Food - Canned — 0.0%
Blue Merger Sub, Inc. Company Guar. Notes 7.63% due 02/15/19*		25,000		22,375
Food - Misc. — 0.1%
Kraft Foods, Inc. Senior Notes 6.50% due 02/09/40		74,000		87,743
Food - Retail — 0.2%
Safeway, Inc. Senior Notes 3.40% due 12/01/16		117,000		116,937
Safeway, Inc. Senior Notes 4.75% due 12/01/21		167,000		166,581
				283,518
Funeral Services & Related Items — 0.1%
Carriage Services, Inc. Company Guar. Notes 7.88% due 01/15/15		77,000		77,000
Gas - Distribution — 0.1%
Southern Union Co. Senior Notes 7.60% due 02/01/24		60,000		71,233
Home Furnishings — 0.0%
Norcraft Cos. LP/Norcraft Finance Corp. Sec. Notes 10.50% due 12/15/15		20,000		18,000
Hospital Beds/Equipment — 0.1%
Chiron Merger Sub, Inc. Company Guar. Notes 10.50% due 11/01/18*		75,000		72,000
Independent Power Producers — 0.2%
Calpine Corp. Senior Sec. Notes 7.88% due 07/31/20*		65,000		67,437
Calpine Corp. Escrow Notes 8.75% due 07/15/13†(3)(4)		145,000		0
GenOn Energy, Inc. Senior Notes 9.50% due 10/15/18		65,000		65,650
NRG Energy, Inc. Company Guar. Notes 8.25% due 09/01/20		125,000		123,125
				256,212
Instruments - Scientific — 0.1%
PerkinElmer, Inc. Senior Notes 5.00% due 11/15/21		92,000		91,803

21

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Insurance - Life/Health — 0.4%
Jefferson - Pilot Corp. Senior Notes 4.75% due 01/30/14	$	41,000	$	42,680
Nationwide Financial Services, Inc. Senior Notes 5.90% due 07/01/12		55,000		55,761
Protective Life Corp. Senior Notes 8.45% due 10/15/39		180,000		203,493
Prudential Financial, Inc. Senior Notes 4.50% due 11/15/20		95,000		92,339
Prudential Financial, Inc. Senior Notes 4.75% due 09/17/15		79,000		82,971
				477,244
Insurance - Multi - line — 0.1%
Genworth Financial, Inc. Senior Notes 7.63% due 09/24/21		45,000		40,819
Hartford Financial Services Group, Inc. Senior Notes 6.30% due 03/15/18		98,000		100,485
				141,304
Insurance - Mutual — 0.0%
Liberty Mutual Group, Inc. Senior Notes 5.75% due 03/15/14*		60,000		61,839
Marine Services — 0.1%
Great Lakes Dredge & Dock Corp. Company Guar. Notes 7.38% due 02/01/19		74,000		71,595
Medical Instruments — 0.1%
Boston Scientific Corp. Senior Notes 6.00% due 01/15/20		71,000		77,562
Medical Products — 0.1%
Becton Dickinson and Co. Senior Notes 7.00% due 08/01/27		76,000		100,313
Universal Hospital Services, Inc. Sec. Notes 8.50% due 06/01/15(8)		70,000		70,525
				170,838
Medical - Biomedical/Gene — 0.2%
Amgen, Inc. Senior Notes 3.88% due 11/15/21		106,000		104,491
Amgen, Inc. Senior Notes 5.15% due 11/15/41		140,000		134,987
Genzyme Corp. Company Guar. Notes 3.63% due 06/15/15		50,000		53,275
				292,753
Medical - Drugs — 0.1%
Johnson & Johnson Notes 5.55% due 08/15/17		85,000		102,258

Security Description	Principal Amount		Value (Note 2)
Medical - Generic Drugs — 0.0%
Mylan, Inc. Company Guar. Notes 6.00% due 11/15/18*	$	20,000	$	19,950
Teva Pharmaceutical Finance IV LLC Company Guar. Notes 1.70% due 11/10/14		37,000		37,086
				57,036
Medical - HMO — 0.1%
Coventry Health Care, Inc. Senior Notes 5.45% due 06/15/21		79,000		86,233
Medical - Hospitals — 0.1%
HCA, Inc. Senior Sec. Notes 8.50% due 04/15/19		75,000		81,000
IASIS Healthcare LLC/IASIS Capital Corp. Company Guar. Notes 8.38% due 05/15/19*		25,000		20,812
Select Medical Corp. Company Guar. Notes 7.63% due 02/01/15		4,000		3,710
				105,522
Metal - Aluminum — 0.1%
Alcoa, Inc. Senior Notes 5.72% due 02/23/19		50,000		50,054
Alcoa, Inc. Senior Notes 5.90% due 02/01/27		44,000		41,914
				91,968
Metal - Copper — 0.0%
Freeport - McMoRan Copper & Gold, Inc. Senior Notes 8.38% due 04/01/17		50,000		53,187
Metal - Iron — 0.1%
Cliffs Natural Resources, Inc. Senior Notes 4.80% due 10/01/20		126,000		123,158
MRI/Medical Diagnostic Imaging — 0.0%
Radnet Management, Inc. Company Guar. Notes 10.38% due 04/01/18		60,000		53,100
Multimedia — 0.2%
News America Holdings, Inc. Company Guar. Notes 8.45% due 08/01/34		54,000		62,810
News America, Inc. Company Guar. Notes 6.55% due 03/15/33		58,000		62,147
Time Warner Entertainment Co. LP Company Guar. Notes 8.38% due 07/15/33		59,000		77,911
Walt Disney Co. Senior Notes 4.13% due 12/01/41		80,000		78,287
				281,155
Music — 0.0%
WMG Acquisition Corp. Senior Sec. Notes 9.50% due 06/15/16		50,000		52,500

22

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Non - Hazardous Waste Disposal — 0.2%
Republic Services, Inc. Company Guar. Notes 3.80% due 05/15/18	$	88,000	$	91,468
Republic Services, Inc. Company Guar. Notes 6.09% due 03/15/35		95,000		109,924
Waste Management, Inc. Company Guar. Notes 6.10% due 03/15/18		62,000		72,920
				274,312
Office Automation & Equipment — 0.0%
Xerox Corp. Senior Notes 4.50% due 05/15/21		66,000		65,647
Oil & Gas Drilling — 0.1%
Nabors Industries, Inc. Company Guar. Notes 9.25% due 01/15/19		89,000		108,885
Oil Companies - Exploration & Production — 0.6%
Alta Mesa Holdings LP/Alta Mesa Finance Services Corp. Company Guar. Notes 9.63% due 10/15/18		30,000		28,725
Carrizo Oil & Gas, Inc. Company Guar. Notes 8.63% due 10/15/18		40,000		39,700
Chaparral Energy, Inc. Company Guar. Notes 8.25% due 09/01/21		40,000		39,400
Chesapeake Energy Corp. Company Guar. Notes 6.88% due 08/15/18		250,000		261,250
EV Energy Partners LP/EV Energy Finance Corp. Company Guar. Notes 8.00% due 04/15/19		40,000		39,600
Linn Energy LLC/Linn Energy Finance Corp. Company Guar. Notes 8.63% due 04/15/20		55,000		57,475
Milagro Oil & Gas Sec. Notes 10.50% due 05/15/16*		36,000		25,200
Noble Energy, Inc. Senior Notes 6.00% due 03/01/41		56,000		62,490
Pioneer Natural Resources Co. Senior Notes 7.50% due 01/15/20		70,000		81,192
QEP Resources, Inc. Senior Notes 6.88% due 03/01/21		49,000		51,940
Union Pacific Resources Group, Inc. Senior Notes 7.15% due 05/15/28		138,000		159,780
				846,752
Oil Companies - Integrated — 0.1%
Hess Corp. Senior Notes 5.60% due 02/15/41		97,000		103,059

Security Description	Principal Amount		Value (Note 2)
Oil - Field Services — 0.1%
Exterran Holdings, Inc. Company Guar. Notes 7.25% due 12/01/18*	$	50,000	$	47,500
Oil States International, Inc. Company Guar. Notes 6.50% due 06/01/19		50,000		50,250
				97,750
Paper & Related Products — 0.2%
Georgia - Pacific LLC Company Guar. Notes 8.25% due 05/01/16*		90,000		98,916
Longview Fibre Paper & Packaging, Inc. Senior Sec. Notes 8.00% due 06/01/16*		72,000		72,360
Westvaco Corp. Company Guar. Notes 8.20% due 01/15/30		64,000		71,511
				242,787
Pharmacy Services — 0.2%
Aristotle Holding, Inc. Company Guar. Notes 2.75% due 11/21/14*		126,000		127,296
Aristotle Holding, Inc. Company Guar. Notes 6.13% due 11/15/41*		79,000		82,143
				209,439
Pipelines — 0.5%
Copano Energy LLC/Copano Energy Finance Corp. Company Guar. Notes 7.75% due 06/01/18		55,000		54,725
El Paso Pipeline Partners Operating Co. LLC Company Guar. Notes 5.00% due 10/01/21		65,000		64,645
Energy Transfer Equity LP Senior Sec. Notes 7.50% due 10/15/20		36,000		37,260
Genesis Energy LP/Genesis Energy Finance Corp. Company Guar. Notes 7.88% due 12/15/18		50,000		48,750
IFM US Colonial Pipeline 2 LLC Senior Sec. Notes 6.45% due 05/01/21*		110,000		117,006
Kinder Morgan Finance Co. LLC Senior Sec. Notes 6.00% due 01/15/18*		86,000		88,043
MarkWest Energy Partners LP/MarkWest Energy Finance Corp. Company Guar. Notes 6.50% due 08/15/21		65,000		66,300
Plains All American Pipeline LP/PAA Finance Corp. Company Guar. Notes 6.50% due 05/01/18		72,000		81,428
Southern Natural Gas Co./Southern Natural Issuing Corp. Senior Notes 4.40% due 06/15/21		61,000		60,905
				619,062
Publishing - Newspapers — 0.2%
McClatchy Co. Senior Sec. Notes 11.50% due 02/15/17		240,000		222,600

23

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Real Estate Investment Trusts — 0.3%
BioMed Realty LP Company Guar. Notes 3.85% due 04/15/16	$	50,000	$	49,202
Brandywine Operating Partnership LP Company Guar. Notes 4.95% due 04/15/18		50,000		48,324
Brandywine Operating Partnership LP Company Guar. Notes 5.70% due 05/01/17		94,000		96,345
HCP, Inc. Senior Notes 3.75% due 02/01/16		65,000		65,112
HCP, Inc. Senior Notes 5.38% due 02/01/21		66,000		68,138
Kilroy Realty LP Company Guar. Notes 4.80% due 07/15/18		28,000		27,424
Sabra Health Care LP/Sabra Capital Corp. Company Guar. Notes 8.13% due 11/01/18		20,000		19,625
				374,170
Real Estate Management/Services — 0.0%
Kennedy - Wilson, Inc. Company Guar. Notes 8.75% due 04/01/19*		40,000		38,700
Real Estate Operations & Development — 0.0%
First Industrial LP Senior Notes 5.75% due 01/15/16		30,000		28,653
Recycling — 0.0%
Aleris International, Inc. Escrow Notes 9.00% due 12/15/14†(3)(4)		60,000		6
Rental Auto/Equipment — 0.1%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. Company Guar. Notes 9.63% due 03/15/18		50,000		50,375
RSC Equipment Rental, Inc./RSC Holdings III LLC Company Guar. Notes 8.25% due 02/01/21		45,000		42,750
United Rentals North America, Inc. Company Guar. Notes 8.38% due 09/15/20		45,000		44,325
				137,450
Retail - Discount — 0.1%
Wal - Mart Stores, Inc. Senior Notes 4.88% due 07/08/40		95,000		100,822
Wal - Mart Stores, Inc. Senior Notes 5.25% due 09/01/35		40,000		44,772
				145,594
Retail - Drug Store — 0.1%
CVS Caremark Corp. Senior Notes 6.25% due 06/01/27		87,000		101,803

Security Description	Principal Amount		Value (Note 2)
Retail - Drug Store (continued)
CVS Pass - Through Trust Pass Through Certs. 5.77% due 01/31/33*	$	53,940	$	53,712
				155,515
Retail - Perfume & Cosmetics — 0.0%
Sally Holdings LLC/Sally Capital, Inc. Company Guar. Notes 6.88% due 11/15/19*		15,000		15,112
Retail - Propane Distribution — 0.0%
Inergy LP/Inergy Finance Corp. Company Guar. Notes 6.88% due 08/01/21		35,000		33,250
Retail - Regional Department Stores — 0.0%
Macy’s Retail Holdings, Inc. Company Guar. Notes 6.90% due 04/01/29		35,000		38,997
Retail - Restaurants — 0.0%
Dave & Buster’s, Inc. Company Guar. Notes 11.00% due 06/01/18		35,000		35,875
Retail - Toy Stores — 0.0%
Toys R Us Property Co. II LLC Senior Sec. Notes 8.50% due 12/01/17		38,000		38,855
Seismic Data Collection — 0.0%
Geokinetics Holdings USA, Inc. Senior Sec. Notes 9.75% due 12/15/14		50,000		31,000
Special Purpose Entities — 0.1%
FUEL Trust Sec. Notes 3.98% due 06/15/16*		73,000		70,951
FUEL Trust Sec. Notes 4.21% due 04/15/16*		64,000		62,979
				133,930
Steel - Producers — 0.1%
Ryerson, Inc. Senior Sec. Notes 12.00% due 11/01/15		45,000		45,112
Steel Dynamics, Inc. Company Guar. Notes 7.75% due 04/15/16		30,000		30,863
				75,975
Storage/Warehousing — 0.0%
Mobile Mini, Inc. Company Guar. Notes 7.88% due 12/01/20		65,000		65,000
Telecom Services — 0.1%
BellSouth Telecommunications, Inc. Senior Notes 6.38% due 06/01/28		84,000		96,436
Qwest Corp. Senior Notes 7.50% due 10/01/14		55,000		60,225
				156,661

24

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Telecommunication Equipment — 0.0%
Harris Corp. Senior Notes 4.40% due 12/15/20	$	54,000	$	55,540
Telephone - Integrated — 0.4%
AT&T, Inc. Senior Notes 3.88% due 08/15/21		102,000		103,273
AT&T, Inc. Senior Notes 6.45% due 06/15/34		39,000		44,622
BellSouth Corp. Senior Notes 6.55% due 06/15/34		35,000		40,500
Century Telephone Enterprise Senior Notes 6.88% due 01/15/28		50,000		44,364
CenturyLink, Inc. Senior Notes 6.45% due 06/15/21		115,000		110,884
CenturyLink, Inc. Senior Notes 7.60% due 09/15/39		89,000		83,704
Cincinnati Bell, Inc. Company Guar. Notes 7.00% due 02/15/15		15,000		14,700
Frontier Communications Corp. Senior Notes 8.13% due 10/01/18		10,000		9,550
Frontier Communications Corp. Senior Notes 8.25% due 04/15/17		10,000		9,737
Frontier Communications Corp. Senior Notes 8.50% due 04/15/20		25,000		23,750
				485,084
Transport - Rail — 0.1%
Norfolk Southern Corp. Senior Notes 6.00% due 05/23/11		76,000		84,525
Transport - Services — 0.1%
Ryder System, Inc. Senior Notes 3.15% due 03/02/15		39,000		39,963
Ryder System, Inc. Senior Notes 3.60% due 03/01/16		47,000		48,770
				88,733
Web Hosting/Design — 0.0%
Equinix, Inc. Senior Notes 8.13% due 03/01/18		50,000		53,250
Wireless Equipment — 0.1%
American Tower Corp. Senior Notes 4.50% due 01/15/18		94,000		94,645
Motorola, Inc. Senior Notes 6.63% due 11/15/37		3,740		4,024
				98,669
Total U.S. Corporate Bonds & Notes
(cost $19,474,762)				19,105,387

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES — 2.7%
Aerospace/Defense — 0.1%
BAE Systems PLC Senior Notes 4.75% due 10/11/21*	$	95,000	$	95,217
Auto - Cars/Light Trucks — 0.0%
Jaguar Land Rover PLC Company Guar. Notes 8.13% due 05/15/21*		30,000		28,350
Banks - Commercial — 0.6%
Barclays Bank PLC FRS Jr. Sub. Bonds 5.93% due 12/15/16*(7)		105,000		74,025
Barclays Bank PLC Sub. Notes 6.05% due 12/04/17*		89,000		79,094
Barclays Bank PLC FRS Jr. Sub. Notes 6.86% due 06/15/32*(7)		56,000		36,400
Commonwealth Bank of Australia Notes 3.25% due 03/17/16*		101,000		103,008
Credit Suisse New York Sub. Notes 6.00% due 02/15/18		37,000		35,845
Dresdner Bank AG Sub. Notes 7.25% due 09/15/15		66,000		58,033
Groupe BPCE SA FRS Jr. Sub Notes 2.33% due 12/30/11(7)		102,000		40,172
HBOS PLC Sub. Notes 6.75% due 05/21/18*		100,000		79,850
Nordea Bank AB VRS Jr. Sub. Bonds 8.38% due 03/25/15(7)		36,000		36,900
Rabobank Nederland NV Company Guar. Notes 2.13% due 10/13/15		58,000		57,413
Standard Chartered PLC Senior Notes 3.20% due 05/12/16*		90,000		87,821
Toronto - Dominion Bank Senior Notes 2.38% due 10/19/16		61,000		61,591
Westpac Banking Corp. FRS Jr. Sub. Notes 0.74% due 03/30/12(7)		180,000		108,900
				859,052
Diversified Banking Institutions — 0.0%
Royal Bank of Scotland Group PLC Sub. Notes 5.00% due 10/01/14		54,000		49,203
Diversified Minerals — 0.1%
BHP Billiton Finance USA, Ltd. Company Guar. Notes 1.13% due 11/21/14		59,000		58,995
BHP Billiton Finance USA, Ltd. Company Guar. Notes 6.42% due 03/01/26		46,000		55,641
				114,636

25

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Gold Mining — 0.1%
AngloGold Ashanti Holdings PLC Company Guar. Notes 5.38% due 04/15/20	$	49,000	$	47,885
Kinross Gold Corp. Company Guar. Notes 6.88% due 09/01/41*		59,000		60,376
				108,261
Insurance - Multi - line — 0.2%
Aegon NV FRS Jr. Sub. Notes 2.40% due 07/15/14(7)		75,000		30,754
Catlin Insurance Co., Ltd. FRS Jr. Sub. Notes 7.25% due 01/19/17*(7)		30,000		25,500
XL Group, Ltd. Company Guar. Notes 5.75% due 10/01/21		96,000		98,013
XL Group PLC Senior Notes 6.38% due 11/15/24		60,000		62,002
				216,269
Insurance - Reinsurance — 0.1%
Validus Holdings, Ltd. Senior Notes 8.88% due 01/26/40		60,000		65,528
Medical - Generic Drugs — 0.1%
Teva Pharmaceutical Finance IV BV Company Guar. Notes 3.65% due 11/10/21		107,000		105,159
Metal - Diversified — 0.1%
Xstrata Canada Financial Corp. Company Guar. Notes 3.60% due 01/15/17*		104,000		102,774
Xstrata Canada Financial Corp. Company Guar. Notes 6.00% due 11/15/41*		63,000		60,530
				163,304
Oil & Gas Drilling — 0.3%
Ensco PLC Senior Notes 4.70% due 03/15/21		43,000		43,644
Transocean, Inc. Company Guar. Notes 5.05% due 12/15/16		100,000		99,906
Transocean, Inc. Company Guar. Notes 6.00% due 03/15/18		55,000		54,937
Transocean, Inc. Company Guar. Notes 6.38% due 12/15/21		251,000		250,864
				449,351
Oil Companies - Exploration & Production — 0.2%
EnCana Corp. Bonds 6.50% due 08/15/34		25,000		28,244
Nexen, Inc. Senior Notes 6.40% due 05/15/37		88,000		89,870

Security Description	Principal Amount		Value (Note 2)
Oil Companies - Exploration & Production (continued)
Nexen, Inc. Senior Notes 7.50% due 07/30/39	$	62,000	$	70,676
				188,790
Oil Companies - Integrated — 0.4%
BP Capital Markets PLC Company Guar. Notes 2.25% due 11/01/16		204,000		203,377
BP Capital Markets PLC Company Guar. Notes 3.13% due 10/01/15		82,000		84,631
BP Capital Markets PLC Company Guar. Notes 3.56% due 11/01/21		88,000		88,885
Norsk Hydro A/S Company Guar. Notes 7.15% due 11/15/25		93,000		126,065
				502,958
Paper & Related Products — 0.0%
PE Paper Escrow GmbH Senior Sec. Notes 12.00% due 08/01/14*		27,000		28,755
Pipelines — 0.1%
TransCanada Pipelines, Ltd. FRS Jr. Sub. Notes 6.35% due 05/15/67		94,000		93,893
Special Purpose Entity — 0.1%
SMFG Preferred Capital, Ltd. FRS Jr. Sub. Notes 6.08% due 01/25/17*(7)		101,000		99,990
SupraNational Banks — 0.0%
Asian Development Bank Senior Notes 5.82% due 06/16/28		39,000		50,044
Telecom Services — 0.0%
UPCB Finance III, Ltd. Senior Sec. Notes 6.63% due 07/01/20*		50,000		47,750
Telephone - Integrated — 0.1%
Telecom Italia Capital SA Company Guar. Notes 5.25% due 10/01/15		97,000		87,748
Telecom Italia Capital SA Company Guar. Notes 7.00% due 06/04/18		52,000		47,153
				134,901
Therapeutics — 0.0%
Warner Chilcott Corp. Company Guar. Notes 7.75% due 09/15/18		50,000		48,875
Transport - Rail — 0.1%
Canadian Pacific Railway, Ltd. Senior Notes 4.50% due 01/15/22		99,000		97,335
Canadian Pacific Railway, Ltd. Senior Notes 5.75% due 01/15/42		79,000		77,954
				175,289
Total Foreign Corporate Bonds & Notes
(cost $3,732,285)				3,625,575

26

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN GOVERNMENT AGENCIES — 0.1%
Regional Authority — 0.1%
Province of British Columbia Canada Senior Notes 2.85% due 06/15/15 (cost $103,114)	$	98,000	$	104,113
MUNICIPAL BONDS & NOTES — 0.1%
Ohio State University Series A 4.80% due 06/01/12		91,000		91,286
Port Authority of New York & New Jersey Revenue Bonds 4.93% due 10/01/51		83,000		83,711
Total Municipal Bonds & Notes
(cost $173,085)				174,997
U.S. GOVERNMENT AGENCIES — 13.3%
Federal Home Loan Mtg. Corp. — 7.4%
4.50% due 01/01/39		54,166		57,080
4.50% due 12/01/39		1,172,976		1,257,336
4.50% due 08/01/40		72,539		76,487
5.00% due 10/01/33		11,424		12,239
5.00% due 07/01/35		50,841		54,436
5.00% due 01/01/37		99,545		106,614
5.00% due 03/01/38		116,113		124,249
5.00% due 09/01/38		554,682		593,721
5.00% due 07/01/40		853,719		913,669
5.50% due 01/01/36		897,713		978,547
5.50% due 08/01/37		14,960		16,167
5.50% due 09/01/37		175,483		189,639
5.50% due 10/01/37		242,028		261,552
5.50% due 01/01/38		63,325		68,513
5.50% due 07/01/38		71,854		77,650
5.50% due 01/01/40		2,683,406		2,919,105
6.00% due 08/01/36		216,952		238,317
6.00% due 02/01/39		528,470		577,873
6.00% due 04/01/40		753,522		823,963
6.50% due 12/01/28		136,496		152,403
6.50% due 05/01/36		2,191		2,454
7.00% due 06/01/32		44,700		51,320
7.50% due 04/01/31		56,831		66,018
8.00% due 04/01/30		8,841		10,489
8.00% due 07/01/30		62		74
8.00% due 12/01/30		28,534		33,851
Federal Home Loan Mtg. Corp. REMIC Series 3841, Class PA 5.00% due 12/15/40		369,692		411,927
				10,075,693
Federal National Mtg. Assoc. — 5.8%
zero coupon due 05/25/40 STRIPS		686,158		619,782
4.00% due 09/01/40		441,280		460,310
4.50% due 10/01/24		314,635		334,757
4.50% due 01/01/25		1,095,135		1,182,624
4.50% due 03/01/25		391,430		416,463
4.50% due 05/01/25		349,863		372,237
4.50% due 07/01/25		498,525		530,406
4.50% due 01/01/39		92,699		98,118
4.50% due 11/01/40		65,957		69,812
5.00% due 03/15/16		74,000		85,782
5.00% due 11/01/33		13,691		14,735
5.00% due 05/01/40		115,837		124,672
5.00% due 07/01/40		1,891,829		2,036,124
5.50% due 03/01/18		11,748		12,736
5.50% due 11/01/22		63,155		68,394

Security Description	Principal Amount		Value (Note 2)
Federal National Mtg. Assoc. (continued)
5.50% due 05/01/34	$	228,276	$	249,178
5.50% due 03/01/35		257,430		280,920
6.00% due 05/01/17		40,482		43,912
6.00% due 12/01/33		113,573		125,998
6.00% due 10/01/36		49,326		54,213
6.50% due 02/01/17		26,942		29,515
6.50% due 08/01/31		39,640		44,850
6.50% due 07/01/32		61,778		69,743
6.50% due 07/01/36		78,309		87,426
7.00% due 09/01/31		30,356		34,649
7.50% due 06/01/15		7,839		8,622
Federal National Mtg. Assoc. REMIC Series 2011-38, Class D 4.50% due 05/25/41		385,051		420,952
				7,876,930
Government National Mtg. Assoc. — 0.1%
6.00% due 02/15/29		3,731		4,233
6.00% due 04/15/29		21,937		24,891
6.00% due 06/15/29		18,899		21,413
6.50% due 02/15/29		53,748		62,249
				112,786
Total U.S. Government Agencies
(cost $17,571,261)				18,065,409
U.S. GOVERNMENT TREASURIES — 5.4%
United States Treasury Bonds — 0.4%
2.13% due 02/15/40 TIPS(9)		69,279		92,271
3.75% due 08/15/41		179,000		203,668
4.38% due 05/15/41		147,000		185,496
4.75% due 02/15/41		28,000		37,398
5.25% due 11/15/28		13,000		17,511
				536,344
United States Treasury Notes — 5.0%
0.25% due 09/15/14		40,000		39,875
0.63% due 07/15/14		60,000		60,431
1.38% due 11/30/15		18,000		18,505
1.50% due 07/31/16		42,000		43,217
2.00% due 11/30/13		475,000		491,291
2.13% due 11/30/14		136,000		142,928
2.13% due 05/31/15		195,000		205,740
2.13% due 12/31/15		576,000		609,840
2.13% due 02/29/16		500,000		529,180
2.13% due 08/15/21		440,000		442,991
2.38% due 05/31/18		1,111,000		1,178,614
2.63% due 08/15/20		350,000		371,301
2.63% due 11/15/20		223,000		236,066
2.75% due 05/31/17		253,000		275,256
3.00% due 02/28/17		100,000		110,031
3.13% due 05/15/21		857,000		940,624
3.50% due 05/15/20		250,000		283,516
3.75% due 11/15/18		700,000		805,328
				6,784,734
Total U.S. Government Treasuries
(cost $6,970,278)				7,321,078
Total Long-Term Investment Securities
(cost $130,395,159)				131,781,533
SHORT-TERM INVESTMENT SECURITIES — 2.7%
Time Deposits — 2.5%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 12/01/11		3,366,000		3,366,000

27

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Principal Amount			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES (continued)
U.S. Government Treasuries — 0.2%
United States Treasury Bills 0.02% due 03/15/12(10)	$	350,000		$	349,988
Total Short-Term Investment Securities
(cost $3,715,991)					3,715,988
TOTAL INVESTMENTS
(cost $134,111,150)(11)		99.9	%		135,497,521
Other assets less liabilities		0.1			117,056
NET ASSETS —		100.0	%	$	135,614,577

† Non-income producing security

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2011, the aggregate value of these securities was $5,247,889 representing 3.9% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

(1) Security was valued using fair value procedures at November 30, 2011. The aggregate value of these securities was $41,690 representing 0.0% 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.

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

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

(4) Illiquid security. At November 30, 2011, the aggregate value of these securities was $3,156 representing 0.0% of net assets.

(5) Commercial Mortgage Backed Security

(6) Collateralized Mortgage Obligation

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

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

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

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

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

(12) Bond in default

(13) Company has filed Chapter 11 bankruptcy protection.

TIPS—Treasury Inflation Protected Security

STRIPS—Separate Trading of Registered Interest and Principal Securities

FRS—Floating Rate Security

VRS—Variable Rate Security

The rates shown on FRS and VRS are the current interest rates at November 30, 2011 and unless noted otherwise, the dates shown are the original maturity dates.

Open Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Value at Trade Date		Value as of November 30, 2011		Unrealized Appreciation (Depreciation)
	31	Long	S&P 500 E-Mini Index		December 2011	$	1,793,432	$	1,931,300	$	137,868
	28	Long	MSCI Emerging Market E-Mini Index		December 2011		1,340,894		1,348,900		8,006
	11	Short	U.S. Treasury 10 Year Note		March 2012		1,429,687		1,422,781		6,906
										$	152,780

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2011 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs			Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Long-Term Investment Securities:
Common Stock	$	67,435,631	$	41,690	#	$	—	$	67,477,321
Exchange Traded Funds		9,932,906		—			—		9,932,906
Preferred Stock		1,207,369		—			—		1,207,369
Rights		—		0			—		0
Warrants		—		—			3,150		3,150
Asset Backed Securities		—		4,764,228			—		4,764,228
U.S. Corporate Bonds & Notes		—		19,053,321			52,066		19,105,387
Foreign Corporate Bonds & Notes		—		3,625,575			—		3,625,575
Foreign Government Agencies		—		104,113			—		104,113
Municipal Bonds & Notes		—		174,997			—		174,997
U.S. Government Agencies		—		18,065,409			—		18,065,409
U.S. Government Treasuries		—		7,321,078			—		7,321,078
Short-Term Investment Securities:
Time Deposits		—		3,366,000			—		3,366,000
U.S. Government Treasuries		—		349,988			—		349,988
Other Financial Instruments:†
Open Futures Contracts —Appreciation		152,780		—			—		152,780
Total	$	78,728,686	$	56,866,399		$	55,216	$	135,650,301

# 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 $41,690 representing 0.0% of net assets. See Note 2.

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

28

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

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

	Warrants			U.S. Corporate Bonds & Notes
Balance as of 5/31/2011	$	2,790		$	113,955
Accrued discounts		—			341
Accrued premiums		—			(721	)
Realized gain		—			287
Realized loss		—			(1	)
Change in unrealized appreciation(1)		405			—
Change in unrealized depreciation(1)		(45	)		(8,560	)
Net purchases		—			—
Net sales		—			(4,887	)
Transfers into Level 3(2)		—			—
Transfers out of Level 3(2)		—			(48,348	)
Balance as of 11/30/2011	$	3,150		$	52,066

(1) The total change in unrealized appreciation (depreciation) included in the statement of operations attributable to level 3 investments still held at November 30, 2011 includes:

Warrants		U.S. Corporate Bonds & Notes
$	360	$	(4,888	)

(2) The Fund’s policy is to recognize transfers in and transfers out as of the end of the reporting period.

See Notes to Financial Statements

29

VALIC Company I Blue Chip Growth Fund

PORTFOLIO PROFILE — November 30, 2011 (Unaudited)

Industry Allocation*

Web Portals/ISP	8.4	%
Computers	8.1
E-Commerce/Products	5.1
Commercial Services — Finance	4.1
Retail — Restaurants	4.1
Diversified Manufacturing Operations	3.6
Oil Companies — Exploration & Production	3.4
Oil — Field Services	3.2
Investment Management/Advisor Services	2.9
Distribution/Wholesale	2.9
Medical — Wholesale Drug Distribution	2.7
Medical — Biomedical/Gene	2.7
E-Commerce/Services	2.6
Collective Investment Pool	2.6
Semiconductor Components — Integrated Circuits	2.3
Industrial Gases	2.2
Wireless Equipment	2.1
Transport — Services	1.9
Electronic Components — Semiconductors	1.8
Transport — Rail	1.7
Hotels/Motels	1.7
Metal Processors & Fabrication	1.6
Apparel Manufacturers	1.6
Casino Hotels	1.4
Oil Field Machinery & Equipment	1.4
Finance — Credit Card	1.3
Athletic Footwear	1.2
Agricultural Chemicals	1.1
Pharmacy Services	1.1
Computer Services	1.1
Aerospace/Defense — Equipment	1.0
Machinery — Construction & Mining	1.0
Medical Products	1.0
Finance — Other Services	0.9
Computers — Memory Devices	0.9
Retail — Auto Parts	0.9
Medical — Drugs	0.8
Internet Application Software	0.8
Cruise Lines	0.8
Registered Investment Companies	0.8
Retail — Bedding	0.8
Broadcast Services/Program	0.7
Telecommunication Equipment	0.7
Banks — Super Regional	0.6
Aerospace/Defense	0.6
Instruments — Controls	0.6
Coal	0.6
Auto/Truck Parts & Equipment — Original	0.5
Food — Retail	0.5
Chemicals — Diversified	0.5
Multimedia	0.5
Insurance — Life/Health	0.5
Banks — Fiduciary	0.5
Electric Products — Misc.	0.4
Applications Software	0.4
Computer Aided Design	0.4
Machinery — General Industrial	0.3
Medical — HMO	0.3
Instruments — Scientific	0.3
Advertising Agencies	0.2
Retail — Jewelry	0.2
Diversified Banking Institutions	0.2
Tools — Hand Held	0.2
Beverages — Non-alcoholic	0.2
Engines — Internal Combustion	0.2
Insurance Brokers	0.2
Retail — Building Products	0.1
Cable/Satellite TV	0.1
Chemicals — Specialty	0.1

Machinery — Farming	0.1
Internet Content — Information/News	0.1
Finance — Investment Banker/Broker	0.1
Retail — Apparel/Shoe	0.1
Data Processing/Management	0.1
Retail — Discount	0.1
Real Estate Management/Services	0.1
	102.9	%

* Calculated as a percentage of net assets

30

VALIC Company I Blue Chip Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCK — 99.5%
Advertising Agencies — 0.2%
Omnicom Group, Inc.#		19,700	$	850,449
Aerospace/Defense — 0.6%
Boeing Co.		32,800		2,253,032
Aerospace/Defense - Equipment — 1.0%
United Technologies Corp.		50,200		3,845,320
Agricultural Chemicals — 1.1%
Monsanto Co.		48,400		3,554,980
Potash Corp. of Saskatchewan, Inc.		15,500		671,770
				4,226,750
Apparel Manufacturers — 1.6%
Coach, Inc.		35,600		2,228,204
Ralph Lauren Corp.#		27,600		3,915,336
				6,143,540
Applications Software — 0.4%
Intuit, Inc.		18,300		974,292
Microsoft Corp.		30		767
Salesforce.com, Inc.†		5,100		603,942
				1,579,001
Athletic Footwear — 1.2%
NIKE, Inc., Class B		47,500		4,568,550
Auto - Cars/Light Trucks — 0.0%
General Motors Co.†		2,000		42,580
Auto/Truck Parts & Equipment - Original — 0.5%
Johnson Controls, Inc.		67,000		2,109,160
Banks - Fiduciary — 0.5%
Northern Trust Corp.		12,200		459,086
State Street Corp.		32,700		1,296,555
				1,755,641
Banks - Super Regional — 0.6%
US Bancorp		77,600		2,011,392
Wells Fargo & Co.		17,900		462,894
				2,474,286
Beverages - Non-alcoholic — 0.2%
Coca-Cola Co.		700		47,061
Hansen Natural Corp.†		7,500		691,500
				738,561
Broadcast Services/Program — 0.7%
Discovery Communications, Inc., Class C†		69,350		2,624,204
Cable/Satellite TV — 0.1%
DIRECTV, Class A†		9,600		453,312
Casino Hotels — 1.4%
Las Vegas Sands Corp.†		98,200		4,586,922
Wynn Resorts, Ltd.#		7,800		940,368
				5,527,290
Chemicals - Diversified — 0.5%
Air Products & Chemicals, Inc.		23,300		1,951,375
Chemicals - Specialty — 0.1%
Ecolab, Inc.#		7,800		444,756
Coal — 0.6%
Peabody Energy Corp.		55,900		2,192,957
Commercial Services — 0.0%
Weight Watchers International, Inc.#		600		35,262

Security Description	Shares		Value (Note 2)
Commercial Services - Finance — 4.1%
Mastercard, Inc., Class A		28,000	$	10,487,400
Visa, Inc., Class A		53,800		5,216,986
Western Union Co.		1,500		26,160
				15,730,546
Computer Aided Design — 0.4%
Autodesk, Inc.†		44,000		1,499,080
Computer Services — 1.1%
Accenture PLC, Class A		58,900		3,412,077
International Business Machines Corp.		3,500		658,000
				4,070,077
Computers — 8.1%
Apple, Inc.†		81,600		31,187,520
Computers - Memory Devices — 0.9%
EMC Corp.†		156,300		3,596,463
Cosmetics & Toiletries — 0.0%
Procter & Gamble Co.		876		56,563
Cruise Lines — 0.8%
Carnival Corp.		96,300		3,197,160
Data Processing/Management — 0.1%
Fiserv, Inc.†		4,600		265,236
Distribution/Wholesale — 2.9%
Fastenal Co.#		139,700		5,818,505
Fossil, Inc.†#		26,300		2,356,217
WW Grainger, Inc.#		15,700		2,934,330
				11,109,052
Diversified Banking Institutions — 0.2%
Goldman Sachs Group, Inc.		400		38,344
JPMorgan Chase & Co.		24,000		743,280
				781,624
Diversified Manufacturing Operations — 3.6%
3M Co.		7,300		591,592
Danaher Corp.		271,980		13,158,392
				13,749,984
E-Commerce/Products — 5.1%
Amazon.com, Inc.†		82,800		15,921,612
eBay, Inc.†		122,340		3,620,041
				19,541,653
E-Commerce/Services — 2.6%
Groupon, Inc.†#		11,100		194,250
Liberty Media Corp. - Interactive, Class A†		90,500		1,471,530
priceline.com, Inc.†		17,400		8,454,486
				10,120,266
Electric Products - Misc. — 0.4%
Emerson Electric Co.		30,600		1,598,850
Electronic Components - Semiconductors — 1.8%
Altera Corp.		24,200		911,614
Broadcom Corp., Class A†		125,200		3,799,194
Xilinx, Inc.		69,930		2,287,410
				6,998,218
Engines - Internal Combustion — 0.2%
Cummins, Inc.		6,800		655,044
Finance - Credit Card — 1.3%
American Express Co.		104,700		5,029,788

31

VALIC Company I Blue Chip Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Finance - Investment Banker/Broker — 0.1%
Charles Schwab Corp.		200	$	2,392
TD Ameritrade Holding Corp.		19,300		314,397
				316,789
Finance - Other Services — 0.9%
CME Group, Inc.		1,600		398,848
IntercontinentalExchange, Inc.†		26,400		3,213,408
				3,612,256
Food - Retail — 0.5%
Whole Foods Market, Inc.#		28,800		1,961,280
Hotels/Motels — 1.7%
Marriott International, Inc., Class A#		110,790		3,392,390
Starwood Hotels & Resorts Worldwide, Inc.		66,500		3,170,720
				6,563,110
Industrial Gases — 2.2%
Praxair, Inc.#		83,400		8,506,800
Instruments - Controls — 0.6%
Honeywell International, Inc.		41,400		2,241,810
Instruments - Scientific — 0.3%
Thermo Fisher Scientific, Inc.†		21,100		996,975
Insurance Brokers — 0.2%
Marsh & McLennan Cos., Inc.		19,900		600,781
Insurance - Life/Health — 0.5%
Prudential Financial, Inc.		34,900		1,767,336
Internet Application Software — 0.8%
Tencent Holdings, Ltd.(1)		166,000		3,235,746
Internet Content - Information/News — 0.1%
LinkedIn Corp., Class A†#		4,900		323,057
Investment Management/Advisor Services — 2.9%
Ameriprise Financial, Inc.		27,740		1,273,543
BlackRock, Inc.		700		120,428
Franklin Resources, Inc.		63,900		6,442,398
Invesco, Ltd.		162,300		3,286,575
				11,122,944
Machinery - Construction & Mining — 1.0%
Caterpillar, Inc.		13,900		1,360,532
Joy Global, Inc.		26,100		2,382,408
				3,742,940
Machinery - Farming — 0.1%
Deere & Co.		4,400		348,700
Machinery - General Industrial — 0.3%
Roper Industries, Inc.		14,500		1,235,255
Medical Information Systems — 0.0%
Cerner Corp.†		200		12,196
Medical Instruments — 0.0%
Edwards Lifesciences Corp.†		1,800		118,854
Intuitive Surgical, Inc.†		100		43,421
				162,275
Medical Products — 1.0%
Baxter International, Inc.		25,800		1,332,828
Covidien PLC		9,400		428,170
Stryker Corp.#		39,500		1,928,785
				3,689,783

Security Description	Shares		Value (Note 2)
Medical - Biomedical/Gene — 2.7%
Alexion Pharmaceuticals, Inc.†		19,800	$	1,359,468
Amgen, Inc.		100		5,791
Biogen Idec, Inc.†		34,500		3,965,775
Celgene Corp.†		76,000		4,794,080
Gilead Sciences, Inc.†		1,800		71,730
				10,196,844
Medical - Drugs — 0.8%
Allergan, Inc.		37,100		3,106,012
Shire PLC ADR		1,600		162,112
				3,268,124
Medical - HMO — 0.3%
UnitedHealth Group, Inc.		23,400		1,141,218
Medical - Wholesale Drug Distribution — 2.7%
Cardinal Health, Inc.		70,000		2,972,200
McKesson Corp.		89,500		7,277,245
				10,249,445
Metal Processors & Fabrication — 1.6%
Precision Castparts Corp.		37,800		6,227,550
Metal - Copper — 0.0%
Freeport - McMoRan Copper & Gold, Inc.		100		3,960
Multimedia — 0.5%
Time Warner, Inc.		1,100		38,302
Walt Disney Co.		51,100		1,831,935
				1,870,237
Oil Companies - Exploration & Production — 3.4%
Concho Resources, Inc.†#		28,200		2,865,684
Devon Energy Corp.		600		39,276
EOG Resources, Inc.		38,300		3,973,242
EQT Corp.		24,900		1,544,049
Occidental Petroleum Corp.		19,500		1,928,550
Pioneer Natural Resources Co.		8,100		765,774
Range Resources Corp.		28,600		2,050,906
				13,167,481
Oil Companies - Integrated — 0.0%
Exxon Mobil Corp.		100		8,044
Oil Field Machinery & Equipment — 1.4%
Cameron International Corp.†		56,900		3,072,031
FMC Technologies, Inc.†#		42,200		2,209,592
				5,281,623
Oil - Field Services — 3.2%
Baker Hughes, Inc.		33,800		1,845,818
Halliburton Co.		29,500		1,085,600
Schlumberger, Ltd.		121,800		9,175,194
				12,106,612
Pharmacy Services — 1.1%
Express Scripts, Inc.†		89,400		4,081,110
Real Estate Management/Services — 0.1%
CBRE Group, Inc.†		12,400		208,444
Retail - Apparel/Shoe — 0.1%
Limited Brands, Inc.		7,000		296,310
Retail - Auto Parts — 0.9%
O’Reilly Automotive, Inc.†		44,400		3,429,456
Retail - Bedding — 0.8%
Bed Bath & Beyond, Inc.†#		47,900		2,898,429

32

VALIC Company I Blue Chip Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Retail - Building Products — 0.1%
Home Depot, Inc.		11,700	$	458,874
Retail - Discount — 0.1%
Costco Wholesale Corp.		100		8,530
Dollar Tree, Inc.†#		3,150		256,694
				265,224
Retail - Jewelry — 0.2%
Tiffany & Co.		12,200		817,888
Retail - Regional Department Stores — 0.0%
Kohl’s Corp.#		800		43,040
Retail - Restaurants — 4.1%
Chipotle Mexican Grill, Inc.†#		6,600		2,122,296
McDonald’s Corp.		40,700		3,887,664
Starbucks Corp.		175,300		7,622,044
Yum! Brands, Inc.		35,000		1,961,400
				15,593,404
Semiconductor Components - Integrated Circuits — 2.3%
QUALCOMM, Inc.		161,220		8,834,856
Telecommunication Equipment — 0.7%
Juniper Networks, Inc.†		115,270		2,617,782
Tools - Hand Held — 0.2%
Stanley Black & Decker, Inc.		11,800		772,074
Toys — 0.0%
Hasbro, Inc.		600		21,486
Mattel, Inc.#		100		2,881
				24,367
Transport - Rail — 1.7%
Kansas City Southern†		7,800		530,634
Norfolk Southern Corp.		1,700		128,418
Union Pacific Corp.		57,500		5,946,075
				6,605,127
Transport - Services — 1.9%
C.H. Robinson Worldwide, Inc.		500		34,255
Expeditors International of Washington, Inc.		37,400		1,627,274
FedEx Corp.		68,700		5,707,596
				7,369,125
Web Portals/ISP — 8.4%
Baidu, Inc. ADR†		72,300		9,470,577
Facebook, Inc., Class A†(2)(3)(4)		14,555		453,346
Facebook, Inc., Class B†(2)(3)(4)		68,686		2,139,370
Google, Inc., Class A†		33,800		20,259,382
				32,322,675
Wireless Equipment — 2.1%
American Tower Corp., Class A		138,000		8,142,000
Total Long-Term Investment Securities
(cost $290,567,810)				381,744,506
SHORT-TERM INVESTMENT SECURITIES — 3.4%
Collective Investment Pool — 2.6%
Navigator Securities Lending Prime Portfolio(5)(6)		9,753,116		9,753,116

Security Description	Shares			Value (Note 2)
Registered Investment Companies — 0.8%
T. Rowe Price Reserve Investment Fund		3,185,966		$	3,185,966
Total Short-Term Investment Securities
(cost $12,939,082)					12,939,082
TOTAL INVESTMENTS
(cost $303,506,892)(7)		102.9	%		394,683,588
Liabilities in excess of other assets		(2.9	)		(11,031,717	)
NET ASSETS		100.0	%	$	383,651,871

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

† Non-income producing security

(1) Security was valued using fair value procedures at November 30, 2011. The aggregate value of these securities was $3,235,746 representing 0.8% 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.

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

(3) Illiquid security. At November 30, 2011, the aggregate value of these securities was $2,592,716 representing 0.7% of net assets.

(4) Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 2011, the Blue Chip Growth Fund held the following restricted securities:

Name	Acqu isition Date		Shares		Acqu isition Cost		Value		Value Per Share		% of Net Assets
Facebook, Inc., Class A Common Stock		8/12/2011		14,555	$	453,346	$	453,346	$	31.15		0.12	%
Facebook, Inc., Class B Common Stock		3/31/2011		59,883		1,497,075
		5/19/2011		2,897		72,425
		5/19/2011		5,906		148,063
				68,686		1,717,563		2,139,370		31.15		0.56	%
							$	2,592,716				0.68	%

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

(6) At November 30, 2011, the Fund had loaned securities with a total value of $19,489,571. This was secured by collateral of $9,753,116, which was received in cash and subsequently invested in short-term investments currently valued at $9,753,116 as reported in the portfolio of investments. The remaining collateral with a value of $9,667,305 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	5.20%	7/15/2014
Federal Home Loan Mtg. Corp.	4.00% to 5.00%	03/15/32 to 06/15/40
Federal National Mtg. Assoc.	4.00%	08/15/41
U.S. Treasury Bills	zero coupon	12/22/2011

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

ADR—American Depository Receipt

33

VALIC Company I Blue Chip Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2011 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs			Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Long-Term Investment Securities:
Common Stock:
Computers	$	31,187,520	$	—		$	—	$	31,187,520
E-Commerce/Products		19,541,653		—			—		19,541,653
Web Portals/ISP		29,729,959		—			2,592,716		32,322,675
Other Industries*		295,456,912		3,235,746	#		—		298,692,658
Short-Term Investment Securities:
Collective Investment Pool		—		9,753,116			—		9,753,116
Registered Investment Companies		—		3,185,966			—		3,185,966
Total	$	375,916,044	$	16,174,828		$	2,592,716	$	394,683,588

* 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 $3,235,746 representing 0.8% 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 5/31/2011	$	1,946,925
Accrued discounts		—
Accrued premiums		—
Realized gain		—
Realized loss		—
Change in unrealized appreciation(1)		192,445
Change in unrealized depreciation(1)		—
Net purchases		453,346
Net sales		—
Transfers into Level 3(2)		—
Transfers out of Level 3(2)		—
Balance as of 11/30/2011	$	2,592,716

(1) The total change in unrealized appreciation (depreciation) included in the statement of operations attributable to level 3 investments still held at November 30, 2011 includes:

Common Stock
$	192,444

(2) The Fund’s policy is to recognize transfers in and transfers out as of the end of the reporting period.

See Notes to Financial Statements

34

VALIC Company I Broad Cap Value Income Fund

PORTFOLIO PROFILE — November 30, 2011 (Unaudited)

Industry Allocation*

Banks — Super Regional	7.1	%
Tobacco	6.4
Oil Companies — Integrated	6.3
Medical — HMO	5.8
Diversified Manufacturing Operations	4.3
Medical — Drugs	4.1
Time Deposits	3.9
Electric — Integrated	3.1
Finance — Credit Card	2.9
Telephone — Integrated	2.7
Tools — Hand Held	2.6
Diversified Banking Institutions	2.6
Cruise Lines	2.5
Electronic Components — Semiconductors	2.3
Pipelines	2.2
Electric Products — Misc.	2.1
Oil Companies — Exploration & Production	2.0
Finance — Consumer Loans	1.9
Real Estate Investment Trusts	1.7
Computer Services	1.7
Applications Software	1.6
Medical Instruments	1.6
Instruments — Controls	1.5
Aerospace/Defense	1.4
Gambling (Non-Hotel)	1.4
Oil & Gas Drilling	1.4
Aerospace/Defense — Equipment	1.3
Gas — Distribution	1.2
Retail — Drug Store	1.2
Pharmacy Services	1.2
Medical Products	1.2
Insurance Brokers	1.1
Banks — Fiduciary	1.1
Electronics — Military	1.1
Insurance — Multi-line	1.0
Cellular Telecom	1.0
Apparel Manufacturers	1.0
Building Products — Wood	0.9
Office Automation & Equipment	0.9
Commercial Services — Finance	0.9
Savings & Loans/Thrifts	0.8
Containers — Paper/Plastic	0.8
Medical — Wholesale Drug Distribution	0.8
Rental Auto/Equipment	0.7
Investment Management/Advisor Services	0.7
Insurance — Property/Casualty	0.6
Data Processing/Management	0.6
Beverages — Wine/Spirits	0.6
Retail — Discount	0.6
Computers	0.5
Semiconductor Equipment	0.4
Machinery — Pumps	0.4
	99.7	%

* Calculated as a percentage of net assets

35

VALIC Company I Broad Cap Value Income Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCK — 95.8%
Aerospace/Defense — 1.4%
Raytheon Co.		8,260	$	376,408
Aerospace/Defense - Equipment — 1.3%
Exelis, Inc.		4,200		37,548
Goodrich Corp.		2,400		292,824
				330,372
Apparel Manufacturers — 1.0%
Hanesbrands, Inc.†		10,100		248,763
Applications Software — 1.6%
Microsoft Corp.		16,535		422,965
Banks - Fiduciary — 1.1%
State Street Corp.		7,410		293,807
Banks - Super Regional — 7.1%
Capital One Financial Corp.		15,525		693,347
Fifth Third Bancorp		22,100		267,189
PNC Financial Services Group, Inc.		9,525		516,350
Wells Fargo & Co.		14,845		383,892
				1,860,778
Beverages - Wine/Spirits — 0.6%
Diageo PLC ADR		1,800		154,098
Building Products - Wood — 0.9%
Masco Corp.		24,700		236,626
Cellular Telecom — 1.0%
Vodafone Group PLC ADR		9,335		253,445
Commercial Services - Finance — 0.9%
Western Union Co.		13,100		228,464
Computer Services — 1.7%
International Business Machines Corp.		2,300		432,400
Computers — 0.5%
Hewlett - Packard Co.		4,415		123,399
Containers - Paper/Plastic — 0.8%
Sonoco Products Co.		6,600		214,368
Cruise Lines — 2.5%
Carnival Corp.		10,500		348,600
Royal Caribbean Cruises, Ltd.		10,800		299,268
				647,868
Data Processing/Management — 0.6%
Dun & Bradstreet Corp.		2,300		160,701
Diversified Banking Institutions — 2.6%
Bank of America Corp.		28,926		157,357
Citigroup, Inc.		9,310		255,839
JPMorgan Chase & Co.		8,405		260,303
				673,499
Diversified Manufacturing Operations — 4.3%
Eaton Corp.		5,400		242,514
General Electric Co.		16,715		265,936
Illinois Tool Works, Inc.		7,900		358,976
ITT Corp.		2,100		42,357
SPX Corp.		3,500		221,900
				1,131,683
Electric Products - Misc. — 2.1%
Emerson Electric Co.		4,540		237,215
Molex, Inc.		12,000		299,280
				536,495
Electric - Integrated — 3.1%
Dominion Resources, Inc.		3,600		185,832

Security Description	Shares		Value (Note 2)
Electric - Integrated (continued)
Entergy Corp.		2,545	$	179,066
Pinnacle West Capital Corp.		4,400		208,604
Xcel Energy, Inc.		8,800		231,352
				804,854
Electronic Components - Semiconductors — 2.3%
Intel Corp.		6,980		173,872
Microchip Technology, Inc.		6,200		216,442
Texas Instruments, Inc.		6,620		199,262
				589,576
Electronics - Military — 1.1%
L-3 Communications Holdings, Inc.		4,400		291,720
Finance - Consumer Loans — 1.9%
SLM Corp.		39,105		503,672
Finance - Credit Card — 2.9%
American Express Co.		9,755		468,630
Discover Financial Services		11,600		276,312
				744,942
Gambling (Non-Hotel) — 1.4%
International Game Technology		21,400		365,084
Gas - Distribution — 1.2%
CenterPoint Energy, Inc.		15,700		312,430
Instruments - Controls — 1.5%
Honeywell International, Inc.		7,200		389,880
Insurance Brokers — 1.1%
Willis Group Holdings PLC		8,500		299,710
Insurance - Multi-line — 1.0%
XL Group PLC		13,020		268,472
Insurance - Property/Casualty — 0.6%
Chubb Corp.		2,400		161,856
Investment Management/Advisor Services — 0.7%
Ameriprise Financial, Inc.		3,800		174,458
Machinery - Pumps — 0.4%
Xylem, Inc.		4,200		100,380
Medical Instruments — 1.6%
Medtronic, Inc.		11,530		420,038
Medical Products — 1.2%
Baxter International, Inc.		6,100		315,126
Medical - Drugs — 4.1%
Johnson & Johnson		6,585		426,181
Pfizer, Inc.		23,941		480,496
Sanofi - Aventis SA ADR		5,000		175,050
				1,081,727
Medical - HMO — 5.8%
Cigna Corp.		6,700		296,341
Coventry Health Care, Inc.†		11,000		351,340
UnitedHealth Group, Inc.		8,520		415,521
WellPoint, Inc.		6,515		459,633
				1,522,835
Medical - Wholesale Drug Distribution — 0.8%
Cardinal Health, Inc.		4,900		208,054
Office Automation & Equipment — 0.9%
Xerox Corp.		28,900		235,535
Oil & Gas Drilling — 1.4%
Seadrill, Ltd.		10,300		359,264

36

VALIC Company I Broad Cap Value Income Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Oil Companies — Exploration & Production — 2.0%
Occidental Petroleum Corp.		5,265	$	520,709
Oil Companies —Integrated — 6.3%
BP PLC ADR		6,535		284,599
Chevron Corp.		1,445		148,575
ConocoPhillips		7,465		532,404
Marathon Oil Corp.		12,165		340,133
Murphy Oil Corp.		5,900		329,928
				1,635,639
Pharmacy Services — 1.2%
Omnicare, Inc.		9,300		303,273
Pipelines — 2.2%
ONEOK, Inc.		1,800		149,688
Spectra Energy Corp.		14,825		436,152
				585,840
Real Estate Investment Trusts — 1.7%
Annaly Capital Management, Inc.		9,800		157,486
Essex Property Trust, Inc.		2,200		292,270
				449,756
Rental Auto/Equipment — 0.7%
Rent-A-Center, Inc.		5,100		183,345
Retail — Discount — 0.6%
Target Corp.		2,800		147,560
Retail — Drug Store — 1.2%
Walgreen Co.		9,100		306,852
Savings & Loans/Thrifts — 0.8%
New York Community Bancorp, Inc.		18,300		220,332
Semiconductor Equipment — 0.4%
Applied Materials, Inc.		10,770		116,101

Security Description	Shares/ Principal Amount			Value (Note 2)
Telephone — Integrated — 2.7%
AT&T, Inc.		13,610			394,418
Verizon Communications, Inc.		8,405			317,120
					711,538
Tobacco — 6.4%
Altria Group, Inc.		9,870			283,170
Imperial Tobacco Group PLC ADR		2,800			201,768
Lorillard, Inc.		2,800			312,536
Philip Morris International, Inc.		7,000			533,680
Reynolds American, Inc.		8,200			343,252
					1,674,406
Tools — Hand Held — 2.6%
Stanley Black & Decker, Inc.		10,560			690,941
Total Long-Term Investment Securities
(cost $23,879,788)					25,022,044
SHORT-TERM INVESTMENT SECURITIES — 3.9%
Time Deposits — 3.9%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 12/01/11 (cost $1,005,000)	$	1,005,000			1,005,000
TOTAL INVESTMENTS
(cost $24,884,788)(1)		99.7	%		26,027,044
Other assets less liabilities		0.3			91,281
NET ASSETS		100.0	%	$	26,118,325

† Non-income producing security

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

ADR—American Depository Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2011 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Long-Term Investment Securities:
Common Stock:
Banks — Super Regional	$	1,860,778	$	—	$	—	$	1,860,778
Medical-HMO		1,522,835		—		—		1,522,835
Oil Companies-Integrated		1,635,639		—		—		1,635,639
Tobacco		1,674,406		—		—		1,674,406
Other Industries*		18,328,386		—		—		18,328,386
Short-Term Investment Securities:
Time Deposits		—		1,005,000		—		1,005,000
Total	$	25,022,044	$	1,005,000	$	—	$	26,027,044

* 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

37

VALIC Company I Capital Conservation Fund

PORTFOLIO PROFILE — November 30, 2011 (Unaudited)

Industry Allocation*

Federal National Mtg. Assoc.	24.4	%
United States Treasury Notes	21.5
Federal Home Loan Mtg. Corp.	11.8
Diversified Financial Services	10.6
Time Deposits	4.9
United States Treasury Bonds	4.8
Collective Investment Pool	4.3
Banks — Commercial	2.1
Diversified Banking Institutions	1.9
Banks — Super Regional	1.8
Government National Mtg. Assoc.	1.4
Oil Companies — Integrated	1.3
Electric — Integrated	1.0
Telephone — Integrated	1.0
Oil & Gas Drilling	0.9
Pipelines	0.8
Oil Companies — Exploration & Production	0.7
Insurance — Life/Health	0.7
Transport — Rail	0.6
Real Estate Investment Trusts	0.6
Aerospace/Defense	0.6
Diversified Manufacturing Operations	0.5
Insurance — Multi-line	0.5
Special Purpose Entities	0.5
Multimedia	0.5
Medical — Biomedical/Gene	0.4
Finance — Investment Banker/Broker	0.4
Chemicals — Specialty	0.4
Electronic Components — Semiconductors	0.4
Food — Retail	0.4
Cable/Satellite TV	0.4
Electronics — Military	0.3
Pharmacy Services	0.3
Paper & Related Products	0.3
Municipal Bonds	0.3
Auto — Cars/Light Trucks	0.3
Retail — Drug Store	0.3
Non — Hazardous Waste Disposal	0.3
Telecom Services	0.3
Finance — Credit Card	0.3
Banks — Money Center	0.2
Computer Services	0.2
Metal — Diversified	0.2
Computers	0.2
Retail — Discount	0.2
Banks — Fiduciary	0.2
Medical — Drugs	0.2
Medical — Generic Drugs	0.2
Metal — Iron	0.2
Diversified Minerals	0.2
Federal Home Loan Bank	0.2
Medical Products	0.2
Medical — HMO	0.2
Gold Mining	0.2
Regional Authority	0.2
Metal — Aluminum	0.2
Broadcast Services/Program	0.2
Aerospace/Defense — Equipment	0.2
Instruments — Scientific	0.1
Transport — Services	0.1
Food — Misc.	0.1
Gas — Distribution	0.1
Chemicals — Diversified	0.1
Insurance — Reinsurance	0.1
Medical Instruments	0.1
E-Commerce/Services	0.1
Electric — Distribution	0.1
Electronic Components — Misc.	0.1
Office Automation & Equipment	0.1

SupraNational Banks	0.1
Telecommunication Equipment	0.1
Finance — Leasing Companies	0.1
Insurance — Mutual	0.1
Auto/Truck Parts & Equipment — Original	0.1
Metal — Copper	0.1
Finance — Commercial	0.1
	110.2	%

Credit Quality+#

AAA	2.0	%
AA	67.0
A	8.9
BBB	15.7
BB	2.7
Not Rated@	3.7
	100.0	%

* Calculated as a percentage of net assets

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

+ Source: Standard and Poors

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

38

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited)

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES — 10.2%
Diversified Financial Services — 10.2%
AH Mtg. Advance Trust Series SART-1, Class B1 5.92% due 05/10/13*	$	150,000	$	152,063
AmeriCredit Automobile Receivables Trust Series 2011-2, Class B 2.33% due 03/08/16		240,000		241,568
Banc of America Merril Lynch Commercial Mtg., Inc. Series 2006-5, Class AM 5.45% due 09/10/47(1)		500,000		453,990
Bear Stearns Asset Backed Securities Trust FRS Series 2004-HE11, Class M1 0.85% due 12/25/34		559,070		521,015
Bear Stearns Asset Backed Securities Trust FRS Series 2004-HE6, Class M1 1.11% due 08/25/34		1,628,607		1,268,587
Countrywide Asset-Backed Certs. FRS Series 2004-BC2, Class M2 1.83% due 02/25/34		89,734		78,224
Discover Card Master Trust Series 2007-A1, Class A1 5.65% due 03/16/20		200,000		237,443
Entergy Arkansas Restoration Funding LLC Series 2010A, Class A1 2.30% due 08/01/21		458,470		471,476
Ford Credit Floorplan Master Owner Trust Series 2011-1, Class D 2.96% due 02/15/16		640,000		647,380
GS Mtg. Securities Corp. II Series 2006-GG8, Class AM 5.59% due 11/10/39(1)		1,000,000		964,669
Harborview Mtg. Loan Trust VRS Series 2004-6, Class 4A 2.61% due 08/19/34(2)		1,760,724		1,486,902
Marriott Vacation Club Owner Trust Series 2009-2A, Class A 4.81% due 07/20/31*		376,376		385,080
Merrill Lynch/Countrywide Commercial Mtg. Trust VRS Series 2007-8, Class AM 5.96% due 08/12/49(1)		400,000		331,120
Morgan Stanley Capital I VRS Series 2005-IQ10, Class B 5.32% due 09/15/42(1)		400,000		371,965
Morgan Stanley Capital I VRS Series 2006-HQ8, Class AM 5.47% due 03/12/44(1)		1,800,000		1,829,243
Morgan Stanley Capital I VRS Series 2007-T27, Class AJ 5.64% due 06/11/42(1)		2,500,000		1,885,955
Morgan Stanley Capital I VRS Series 2007-IQ15, Class AM 5.88% due 06/11/49(1)		500,000		461,482
Morgan Stanley Reremic Trust VRS Series 2009-GG10, Class A4B 5.79% due 08/12/45(1)		3,500,000		3,306,481
Sierra Receivables Funding Co. LLC Series 2010-3A, Class A 3.51% due 11/20/25*		388,136		392,404
Sonic Capital LLC Series 2011-1A, Class A2 5.44% due 05/20/41*		716,095		730,202
Total Asset Backed Securities
(cost $17,234,857)				16,217,249

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES — 19.8%
Aerospace/Defense — 0.4%
Lockheed Martin Corp. Senior Notes 4.25% due 11/15/19	$	169,000	$	176,291
Lockheed Martin Corp. Senior Notes 6.15% due 09/01/36#		157,000		176,619
Raytheon Co. Senior Notes 1.40% due 12/15/14		150,000		150,363
Raytheon Co. Senior Notes 4.70% due 12/15/41		102,000		101,155
				604,428
Aerospace/Defense - Equipment — 0.2%
Exelis, Inc. Company Guar. Notes 5.55% due 10/01/21*		237,000		243,843
Auto - Cars/Light Trucks — 0.3%
Daimler Finance North America LLC FRS Company Guar. Notes 0.97% due 03/28/14*		462,000		452,664
Auto/Truck Parts & Equipment - Original — 0.1%
Johnson Controls, Inc. Senior Notes 2.60% due 12/01/16		151,000		151,535
Banks - Commercial — 0.5%
Associated Banc-Corp. Senior Notes 5.13% due 03/28/16		335,000		339,188
Branch Banking & Trust Co. FRS Sub. Notes 0.80% due 05/23/17		168,000		149,236
KeyBank NA Sub. Notes 7.41% due 10/15/27		46,000		49,609
Zions Bancorp. Senior Notes 7.75% due 09/23/14		256,000		271,683
				809,716
Banks - Fiduciary — 0.2%
State Street Capital Trust IV FRS Ltd. Guar. Notes 1.35% due 06/01/77		509,000		346,847
Banks - Money Center — 0.1%
Chase Capital III FRS Limited Guar. Notes 0.88% due 03/01/27#		103,000		74,869
Comerica Bank Sub. Notes 5.20% due 08/22/17		141,000		151,240
				226,109
Banks - Super Regional — 1.6%
Bank of America NA Sub. Notes 5.30% due 03/15/17		192,000		168,473
Capital One Capital VI Ltd. Guar. Notes 8.88% due 05/15/40#		112,000		112,622

39

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Banks - Super Regional (continued)
Capital One Financial Corp. FRS Senior Notes 1.55% due 07/15/14	$	127,000	$	124,238
Huntington Bancshares, Inc. Sub. Notes 7.00% due 12/15/20		171,000		189,441
JPMorgan Chase Bank NA Sub. Notes 5.88% due 06/13/16		170,000		180,151
PNC Preferred Funding Trust II FRS Jr. Sub. Bonds 6.11% due 03/15/12*(3)		165,000		122,100
SunTrust Banks, Inc. Senior Notes 3.50% due 01/20/17		233,000		228,882
SunTrust Banks, Inc. Senior Notes 6.00% due 09/11/17#		135,000		148,379
SunTrust Banks, Inc. Sub. Notes 6.00% due 02/15/26		30,000		29,940
Wachovia Capital Trust III FRS Limited Guar. Notes 5.57% due 01/17/12(3)		245,000		207,025
Wachovia Corp. FRS Senior Notes 0.83% due 06/15/17#		280,000		254,376
Wells Fargo & Co. FRS Senior Notes 0.62% due 10/28/15		330,000		309,919
Wells Fargo & Co. FRS Jr. Sub. Bonds 7.98% due 03/15/18#(3)		165,000		174,900
Wells Fargo Bank NA FRS Sub. Notes 0.67% due 05/16/16		290,000		256,458
				2,506,904
Broadcast Services/Program — 0.2%
Scripps Networks Interactive, Inc. Senior Notes 2.70% due 12/15/16		249,000		246,637
Cable/Satellite TV — 0.4%
Comcast Corp. Company Guar. Notes 5.65% due 06/15/35		104,000		107,551
COX Communications, Inc. Senior Notes 5.88% due 12/01/16*		248,000		283,600
TCI Communications, Inc. Senior Notes 7.13% due 02/15/28		155,000		186,766
				577,917
Chemicals - Diversified — 0.1%
Dow Chemical Co. Senior Notes 5.25% due 11/15/41#		167,000		162,763
PPG Industries, Inc. Senior Notes 1.90% due 01/15/16		51,000		50,493
				213,256

Security Description	Principal Amount		Value (Note 2)
Chemicals - Specialty — 0.4%
Eastman Chemical Co. Senior Notes 7.25% due 01/15/24	$	382,000	$	463,243
Lubrizol Corp. Company Guar. Notes 6.50% due 10/01/34#		157,000		206,562
				669,805
Computer Services — 0.3%
International Business Machines Corp. Senior Notes 6.22% due 08/01/27		310,000		398,234
Computers — 0.2%
Hewlett-Packard Co. Senior Notes 3.00% due 09/15/16#		241,000		247,003
Hewlett-Packard Co. Senior Notes 6.00% due 09/15/41		127,000		136,787
				383,790
Diversified Banking Institutions — 1.8%
BAC Capital Trust XV FRS Limited Guar. Notes 1.13% due 06/01/56		155,000		102,215
Bank of America Corp. FRS Senior Notes 1.94% due 07/11/14		184,000		162,272
Bank of America Corp. Sub. Notes 5.42% due 03/15/17#		148,000		133,072
Bank of America Corp. Sub. Notes 7.25% due 10/15/25#		44,000		39,498
Citigroup, Inc. Senior Notes 4.50% due 01/14/22#		278,000		257,417
Citigroup, Inc. Sub. Notes 4.88% due 05/07/15#		150,000		148,465
Citigroup, Inc. Sub. Notes 5.50% due 02/15/17#		402,000		402,792
Citigroup, Inc. Senior Notes 6.00% due 08/15/17		36,000		37,465
Goldman Sachs Group, Inc. Senior Notes 6.15% due 04/01/18		349,000		348,602
Goldman Sachs Group, Inc. Sub. Notes 6.75% due 10/01/37		174,000		154,816
JPMorgan Chase & Co. FRS Sub. Notes 1.55% due 09/01/15		122,000		119,555
JPMorgan Chase & Co. Senior Notes 3.45% due 03/01/16#		195,000		193,443
JPMorgan Chase & Co. FRS Jr. Sub Notes 7.90% due 04/30/18#(3)		160,000		169,243
JPMorgan Chase Capital XXIII FRS Limited Guar. Bonds 1.46% due 05/15/77#		73,000		51,160

40

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Diversified Banking Institutions (continued)
Morgan Stanley Senior Notes 5.55% due 04/27/17#	$	262,000	$	242,338
Morgan Stanley Senior Notes 5.63% due 09/23/19		145,000		126,655
Morgan Stanley Senior Notes 6.63% due 04/01/18		259,000		243,753
				2,932,761
Diversified Financial Services — 0.4%
General Electric Capital Corp. Senior Notes 4.38% due 09/16/20#		270,000		267,365
General Electric Capital Corp. Senior Notes 6.75% due 03/15/32		374,000		404,672
				672,037
Diversified Manufacturing Operations — 0.5%
3M Co. Senior Notes 1.38% due 09/29/16#		288,000		286,944
General Electric Co. Senior Notes 5.25% due 12/06/17		195,000		218,097
Harsco Corp. Senior Notes 2.70% due 10/15/15		201,000		206,548
Pentair, Inc. Company Guar. Notes 5.00% due 05/15/21		135,000		142,054
				853,643
E - Commerce/Services — 0.1%
Expedia, Inc. Company Guar. Notes 8.50% due 07/01/16		170,000		187,519
Electric - Distribution — 0.1%
Oglethorpe Power Corp. 1st. Mtg. Notes 5.38% due 11/01/40		160,000		184,161
Electric - Integrated — 1.0%
Cleco Power LLC Senior Notes 6.00% due 12/01/40		182,000		214,650
Dominion Resources, Inc. Senior Notes 5.25% due 08/01/33		326,000		360,683
Entergy Mississippi, Inc. 1st Mtg. Notes 3.25% due 06/01/16		54,000		56,066
Exelon Corp. Senior Notes 5.63% due 06/15/35		135,000		143,838
Georgia Power Co. Senior Notes 3.00% due 04/15/16		112,000		118,316
Oncor Electric Delivery Co. LLC Senior Sec. Notes 4.55% due 12/01/41*#		302,000		295,126
Pacific Gas & Electric Co. Senior Notes 6.05% due 03/01/34#		125,000		150,218

Security Description	Principal Amount		Value (Note 2)
Electric - Integrated (continued)
Puget Sound Energy, Inc. Senior Sec. Notes 4.43% due 11/15/41	$	189,000	$	187,201
Southern Energy, Inc. Escrow Notes 7.90% due 07/15/09†(4)(5)		175,000		0
				1,526,098
Electronic Components - Misc. — 0.1%
Jabil Circuit, Inc. Senior Notes 5.63% due 12/15/20		166,000		166,415
Electronic Components - Semiconductors — 0.4%
Broadcom Corp. Senior Notes 2.70% due 11/01/18		351,000		345,120
National Semiconductor Corp. Senior Notes 6.60% due 06/15/17		211,000		256,570
				601,690
Electronics - Military — 0.3%
L-3 Communications Corp. Company Guar. Notes 4.75% due 07/15/20		523,000		499,113
Finance - Commercial — 0.1%
Textron Financial Corp. Senior Notes 5.40% due 04/28/13#		121,000		123,874
Finance - Credit Card — 0.2%
American Express Credit Corp. Senior Notes 2.80% due 09/19/16		285,000		282,041
Capital One Capital III Ltd. Guar. Bonds 7.69% due 08/15/36		105,000		104,212
				386,253
Finance - Investment Banker/Broker — 0.4%
Bear Stearns Cos., Inc. Sub. Notes 5.55% due 01/22/17#		165,000		173,126
GFI Group, Inc. Senior Notes 8.38% due 07/19/18*		151,000		131,370
Lehman Brothers Holdings Capital Trust VII FRS Limited Guar. Notes 0.00% due 05/31/12†(3)(6)(7)		78,000		8
Lehman Brothers Holdings, Inc. Senior Notes 5.50% due 04/04/16†(6)(7)		89,000		22,917
Lehman Brothers Holdings, Inc. Sub. Notes 6.75% due 12/28/17†(6)(7)		87,000		43
Lehman Brothers Holdings, Inc. Sub. Notes 7.50% due 05/11/38†(6)(7)		112,000		56
Merrill Lynch & Co., Inc. Sub. Notes 6.05% due 05/16/16#		176,000		165,140
Merrill Lynch & Co., Inc. Sub. Notes 7.75% due 05/14/38#		60,000		53,615

41

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Finance - Investment Banker/Broker (continued)
Scottrade Financial Services, Inc. Senior Notes 6.13% due 07/11/21*	$	148,000	$	147,233
				693,508
Finance - Leasing Companies — 0.1%
Boeing Capital Corp. Senior Notes 2.13% due 08/15/16#		69,000		69,930
Boeing Capital Corp. Senior Notes 2.90% due 08/15/18		83,000		84,959
				154,889
Food - Misc. — 0.1%
Kraft Foods, Inc. Senior Notes 6.50% due 02/09/40		198,000		234,771
Food - Retail — 0.4%
Safeway, Inc. Senior Notes 3.40% due 12/01/16		247,000		246,867
Safeway, Inc. Senior Notes 4.75% due 12/01/21		350,000		349,121
				595,988
Gas - Distribution — 0.1%
Southern Union Co. Senior Notes 7.60% due 02/01/24		192,000		227,945
Independent Power Producers — 0.0%
Calpine Corp. Escrow Notes 8.75% due 07/15/13†(4)(5)		630,000		0
Instruments - Scientific — 0.2%
PerkinElmer, Inc. Senior Notes 5.00% due 11/15/21		244,000		243,479
Insurance - Life/Health — 0.7%
Jefferson-Pilot Corp. Senior Notes 4.75% due 01/30/14		139,000		144,697
Nationwide Financial Services, Inc. Senior Notes 5.90% due 07/01/12		187,000		189,587
Protective Life Corp. Senior Notes 8.45% due 10/15/39		432,000		488,384
Prudential Financial, Inc. Senior Notes 4.75% due 09/17/15#		207,000		217,403
				1,040,071
Insurance - Multi - line — 0.2%
Genworth Financial, Inc. Senior Notes 7.63% due 09/24/21#		135,000		122,458
Hartford Financial Services Group, Inc. Senior Notes 6.30% due 03/15/18		246,000		252,238
				374,696

Security Description	Principal Amount		Value (Note 2)
Insurance - Mutual — 0.1%
Liberty Mutual Group, Inc. Senior Notes 5.75% due 03/15/14*	$	150,000	$	154,598
Medical Instruments — 0.1%
Boston Scientific Corp. Senior Notes 6.00% due 01/15/20		185,000		202,097
Medical Products — 0.2%
Becton Dickinson and Co. Senior Notes 7.00% due 08/01/27		234,000		308,857
Medical - Biomedical/Gene — 0.4%
Amgen, Inc. Senior Notes 3.88% due 11/15/21#		242,000		238,554
Amgen, Inc. Senior Notes 5.15% due 11/15/41		319,000		307,577
Genzyme Corp. Company Guar. Notes 3.63% due 06/15/15		150,000		159,825
				705,956
Medical - Drugs — 0.2%
Johnson & Johnson Notes 5.55% due 08/15/17		280,000		336,849
Medical - Generic Drugs — 0.1%
Teva Pharmaceutical Finance IV LLC Company Guar. Notes 1.70% due 11/10/14		85,000		85,198
Medical - HMO — 0.2%
Coventry Health Care, Inc. Senior Notes 5.45% due 06/15/21#		281,000		306,729
Metal - Aluminum — 0.2%
Alcoa, Inc. Senior Notes 5.72% due 02/23/19#		135,000		135,144
Alcoa, Inc. Senior Notes 5.90% due 02/01/27#		130,000		123,837
				258,981
Metal - Copper — 0.1%
Freeport-McMoRan Copper & Gold, Inc. Senior Notes 8.38% due 04/01/17		125,000		132,969
Metal - Iron — 0.2%
Cliffs Natural Resources, Inc. Senior Notes 4.80% due 10/01/20#		329,000		321,578
Multimedia — 0.5%
News America, Inc. Company Guar. Notes 6.55% due 03/15/33#		155,000		166,084
News America, Inc. Company Guar. Notes 8.45% due 08/01/34		173,000		201,225
Time Warner Entertainment Co. LP Company Guar. Notes 8.38% due 07/15/33		159,000		209,963

42

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Multimedia (continued)
Walt Disney Co. Senior Notes 4.13% due 12/01/41	$	168,000	$	164,402
				741,674
Non - Hazardous Waste Disposal — 0.3%
Republic Services, Inc. Company Guar. Notes 3.80% due 05/15/18		248,000		257,773
Waste Management, Inc. Company Guar. Notes 6.10% due 03/15/18		154,000		181,124
				438,897
Office Automation & Equipment — 0.1%
Xerox Corp. Senior Notes 4.50% due 05/15/21#		162,000		161,134
Oil & Gas Drilling — 0.2%
Nabors Industries, Inc. Company Guar. Notes 9.25% due 01/15/19#		232,000		283,836
Oil Companies - Exploration & Production — 0.4%
Noble Energy, Inc. Senior Notes 6.00% due 03/01/41#		161,000		179,658
Union Pacific Resources Group, Inc. Senior Notes 7.15% due 05/15/28#		378,000		437,659
				617,317
Oil Companies - Integrated — 0.2%
Hess Corp. Senior Notes 5.60% due 02/15/41#		250,000		265,616
Paper & Related Products — 0.3%
Georgia-Pacific LLC Company Guar. Notes 8.25% due 05/01/16*		256,000		281,360
Westvaco Corp. Company Guar. Notes 8.20% due 01/15/30		169,000		188,835
				470,195
Pharmacy Services — 0.3%
Aristotle Holding, Inc. Company Guar. Notes 2.75% due 11/21/14*		294,000		297,023
Aristotle Holding, Inc. Company Guar. Notes 6.13% due 11/15/41*		185,000		192,361
				489,384
Pipelines — 0.6%
El Paso Pipeline Partners Operating Co. LLC Company Guar. Notes 5.00% due 10/01/21		173,000		172,056
IFM US Colonial Pipeline 2 LLC Senior Sec. Notes 6.45% due 05/01/21*		340,000		361,653
Plains All American Pipeline LP/PAA Finance Corp. Company Guar. Notes 6.50% due 05/01/18		230,000		260,118

Security Description	Principal Amount		Value (Note 2)
Pipelines (continued)
Southern Natural Gas Co./Southern Natural Issuing Corp. Senior Notes 4.40% due 06/15/21	$	216,000	$	215,664
				1,009,491
Real Estate Investment Trusts — 0.6%
BioMed Realty LP Company Guar. Notes 3.85% due 04/15/16#		150,000		147,605
Brandywine Operating Partnership LP Company Guar. Notes 4.95% due 04/15/18		150,000		144,971
Brandywine Operating Partnership LP Company Guar. Notes 5.70% due 05/01/17#		245,000		251,112
HCP, Inc. Senior Notes 3.75% due 02/01/16		160,000		160,275
HCP, Inc. Senior Notes 5.38% due 02/01/21		171,000		176,541
Kilroy Realty LP Company Guar. Notes 4.80% due 07/15/18		76,000		74,438
				954,942
Retail - Discount — 0.2%
Wal-Mart Stores, Inc. Senior Notes 4.88% due 07/08/40		222,000		235,604
Wal-Mart Stores, Inc. Senior Notes 5.25% due 09/01/35		106,000		118,646
				354,250
Retail - Drug Store — 0.3%
CVS Caremark Corp. Senior Notes 6.25% due 06/01/27#		243,000		284,347
CVS Pass-Through Trust Pass Through Certs. 5.77% due 01/31/33*		166,723		166,017
				450,364
Special Purpose Entities — 0.2%
FUEL Trust Sec. Notes 3.98% due 06/15/16*		187,000		181,752
FUEL Trust Sec. Notes 4.21% due 04/15/16*		161,000		158,430
				340,182
Telecom Services — 0.3%
BellSouth Telecommunications, Inc. Senior Notes 6.38% due 06/01/28		130,000		149,247
Qwest Corp. Senior Notes 7.50% due 10/01/14#		250,000		273,750
				422,997

43

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Telecommunication Equipment — 0.1%
Harris Corp. Senior Notes 4.40% due 12/15/20	$	151,000	$	155,307
Telephone - Integrated — 0.7%
AT&T, Inc. Senior Notes 3.88% due 08/15/21		215,000		217,683
AT&T, Inc. Senior Notes 6.45% due 06/15/34		107,000		122,423
BellSouth Corp. Senior Notes 6.55% due 06/15/34		94,000		108,773
Century Telephone Enterprise Senior Notes 6.88% due 01/15/28#		155,000		137,529
CenturyLink, Inc. Senior Notes 6.45% due 06/15/21#		315,000		303,725
CenturyLink, Inc. Senior Notes 7.60% due 09/15/39		226,000		212,552
				1,102,685
Transport - Rail — 0.4%
Canadian Pacific Railway Ltd. Bonds 5.75% due 01/15/42		267,000		262,835
Norfolk Southern Corp. Senior Notes 5.59% due 05/17/25		108,000		124,145
Norfolk Southern Corp. Senior Notes 6.00% due 05/23/11#		197,000		219,097
				606,077
Transport - Services — 0.1%
Ryder System, Inc. Senior Notes 3.15% due 03/02/15		105,000		107,591
Ryder System, Inc. Senior Notes 3.60% due 03/01/16		125,000		129,708
				237,299
Wireless Equipment — 0.0%
Motorola, Inc. Senior Notes 6.63% due 11/15/37		9,930		10,683
Total U.S. CORPORATE BONDS & NOTES
(cost $31,576,640)				31,456,738
FOREIGN CORPORATE BONDS & NOTES — 6.2%
Aerospace/Defense — 0.2%
BAE Systems PLC Senior Notes 4.75% due 10/11/21*		249,000		249,569
Banks - Commercial — 1.5%
Australia & New Zealand Banking Group, Ltd. Bonds 2.40% due 11/23/16*		317,000		311,533
Barclays Bank PLC FRS Jr. Sub. Bonds 5.93% due 06/15/16*#(3)		231,000		162,855

Security Description	Principal Amount		Value (Note 2)
Banks - Commercial (continued)
Barclays Bank PLC Sub. Notes 6.05% due 12/04/17*	$	222,000	$	197,291
Barclays Bank PLC FRS Jr. Sub. Notes 6.86% due 06/15/32*(3)		137,000		89,050
Commonwealth Bank of Australia Notes 3.25% due 03/17/16*		84,000		85,670
Credit Suisse New York Sub. Notes 6.00% due 02/15/18#		97,000		93,973
Dresdner Bank AG Sub. Notes 7.25% due 09/15/15#		199,000		174,979
Groupe BPCE SA FRS Jr. Sub Notes 2.33% due 12/30/11(3)		196,000		77,193
HBOS PLC Sub. Notes 6.75% due 05/21/18*		191,000		152,513
Nordea Bank AB VRS Jr. Sub. Bonds 8.38% due 03/25/15(3)		120,000		123,000
Rabobank Nederland NV Company Guar. Notes 2.13% due 10/13/15		192,000		190,055
Standard Chartered PLC Senior Notes 3.20% due 05/12/16*		277,000		270,294
Toronto - Dominion Bank Senior Notes 2.38% due 10/19/16#		150,000		151,454
Westpac Banking Corp. FRS Jr. Sub. Notes 0.74% due 03/30/12(3)		580,000		350,900
				2,430,760
Banks - Money Center — 0.1%
ABN Amro Bank NV FRS Senior Notes 2.20% due 01/30/14*#		84,000		81,838
ABN Amro Bank NV Senior Notes 3.00% due 01/31/14*		124,000		123,006
				204,844
Diversified Banking Institutions — 0.1%
Royal Bank of Scotland Group PLC Sub. Notes 5.00% due 10/01/14#		153,000		139,408
Diversified Minerals — 0.2%
BHP Billiton Finance USA, Ltd. Company Guar. Notes 1.13% due 11/21/14#		138,000		137,988
BHP Billiton Finance USA, Ltd. Company Guar. Notes 6.42% due 03/01/26		151,000		182,649
				320,637
Gold Mining — 0.2%
AngloGold Ashanti Holdings PLC Company Guar. Notes 5.38% due 04/15/20		135,000		131,928

44

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Gold Mining (continued)
Kinross Gold Corp. Company Guar. Notes 6.88% due 09/01/41*	$	160,000	$	163,731
				295,659
Insurance - Multi - line — 0.3%
Aegon NV FRS Jr. Sub. Notes 2.40% due 07/15/14(3)		154,000		63,148
XL Group, Ltd. Company Guar. Notes 5.75% due 10/01/21		249,000		254,221
XL Group PLC Senior Notes 6.38% due 11/15/24		101,000		104,371
				421,740
Insurance - Reinsurance — 0.1%
Validus Holdings, Ltd. Senior Notes 8.88% due 01/26/40		187,000		204,230
Medical - Generic Drugs — 0.1%
Teva Pharmaceutical Finance IV BV Company Guar. Notes 3.65% due 11/10/21		242,000		237,836
Metal - Diversified — 0.2%
Xstrata Canada Financial Corp. Company Guar. Notes 3.60% due 01/15/17*#		248,000		245,077
Xstrata Canada Financial Corp. Company Guar. Notes 6.00% due 11/15/41*		149,000		143,157
				388,234
Oil & Gas Drilling — 0.7%
Ensco PLC Senior Notes 4.70% due 03/15/21#		111,000		112,661
Transocean, Inc. Company Guar. Notes 5.05% due 12/15/16		211,000		210,802
Transocean, Inc. Company Guar. Notes 6.00% due 03/15/18#		140,000		139,840
Transocean, Inc. Company Guar. Notes 6.38% due 12/15/21		528,000		527,715
Transocean, Inc. Company Guar. Notes 7.35% due 12/15/41		78,000		77,997
				1,069,015
Oil Companies - Exploration & Production — 0.3%
EnCana Corp. Bonds 6.50% due 08/15/34		50,000		56,488
Nexen, Inc. Senior Notes 6.40% due 05/15/37#		246,000		251,228
Nexen, Inc. Senior Notes 7.50% due 07/30/39		192,000		218,867
				526,583

Security Description	Principal Amount		Value (Note 2)
Oil Companies - Integrated — 1.1%
BG Energy Capital PLC Company Guar. Notes 2.88% due 10/15/16	$	364,000	$	370,138
BP Capital Markets PLC Company Guar. Notes 2.25% due 11/01/16		530,000		528,381
BP Capital Markets PLC Company Guar. Notes 3.13% due 10/01/15#		271,000		279,693
BP Capital Markets PLC Company Guar. Notes 3.56% due 11/01/21#		230,000		232,314
Norsk Hydro A/S Company Guar. Notes 7.15% due 11/15/25		219,000		296,862
				1,707,388
Pipelines — 0.2%
TransCanada Pipelines, Ltd. FRS Jr. Sub. Notes 6.35% due 05/15/67		259,000		258,706
Special Purpose Entity — 0.3%
SMFG Preferred Capital, Ltd. FRS Jr. Sub. Notes 6.08% due 01/25/17*(3)		453,000		448,470
SupraNational Banks — 0.1%
Asian Development Bank Senior Notes 5.82% due 06/16/28		125,000		160,397
Telephone - Integrated — 0.3%
Telecom Italia Capital SA Company Guar. Notes 5.25% due 10/01/15#		179,000		161,926
Telecom Italia Capital SA Company Guar. Notes 7.00% due 06/04/18		139,000		126,044
Telefonica Emisones SAU Company Guar. Notes 6.42% due 06/20/16		122,000		123,750
				411,720
Transport - Rail — 0.2%
Canadian Pacific Railway, Ltd. Senior Notes 4.50% due 01/15/22		207,000		203,518
Canadian Pacific Railway, Ltd. Senior Notes 5.75% due 01/15/42		167,000		164,789
				368,307
Total Foreign Corporate Bonds & Notes
(cost $10,025,391)				9,843,503
FOREIGN GOVERNMENT AGENCIES — 0.2%
Regional Authority — 0.2%
Province of British Columbia Canada Senior Notes 2.85% due 06/15/15 (cost $286,194)		272,000		288,968
MUNICIPAL BONDS & NOTES — 0.3%
Ohio State University Revenue Bonds Series A 4.80% due 06/01/12		241,000		241,757

45

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
MUNICIPAL BONDS & NOTES (continued)
Port Authority of New York & New Jersey Revenue Bonds 4.93% due 10/01/51	$	216,000	$	217,851
Total Municipal Bonds & Notes
(cost $454,576)				459,608
U.S. GOVERNMENT AGENCIES — 37.8%
Federal Home Loan Bank — 0.2%
5.50% due 07/15/36		250,000		315,408
Federal Home Loan Mtg. Corp. — 11.8%
1.00% due 07/30/14#		1,000,000		1,007,384
4.50% due 01/01/39		210,646		221,978
4.50% due 06/01/40		2,127,860		2,270,256
4.50% due 08/01/40		931,649		982,349
4.50% due 06/01/41		2,842,980		2,995,250
5.00% due 10/01/33		10,176		10,902
5.00% due 07/01/35		159,787		171,083
5.00% due 05/01/36		995,024		1,065,675
5.00% due 11/01/36		98,448		105,438
5.00% due 03/01/38		363,164		388,609
5.00% due 06/01/39		1,374,243		1,485,563
5.00% due 07/01/40		1,707,437		1,827,339
5.50% due 11/01/18		186,071		201,810
5.50% due 02/01/35		560,331		607,109
5.50% due 07/01/36		810,114		876,478
5.50% due 07/01/37		144,745		156,421
5.50% due 09/01/37		37,683		40,723
5.50% due 10/01/37		41,161		44,481
5.50% due 01/01/38		474,940		513,847
5.50% due 07/01/38		159,479		172,345
6.00% due 10/01/33		377,955		418,720
6.00% due 07/01/36		327,257		358,975
6.00% due 11/01/37		221,148		242,029
6.00% due 01/01/38		563,907		617,151
6.50% due 02/01/35		22,845		25,726
6.50% due 01/01/36		44,878		50,771
6.50% due 03/01/36		153,859		172,301
6.75% due 09/15/29#		500,000		723,890
6.75% due 03/15/31#		250,000		367,618
7.00% due 11/01/16		18,740		20,214
7.00% due 07/01/32		18,703		21,473
7.50% due 04/01/31		62,402		72,490
8.00% due 01/01/29		7,134		8,480
8.00% due 12/01/29		5,283		6,253
8.00% due 12/01/30		32,469		38,519
8.00% due 01/01/31		226		268
Federal Home Loan Mtg. Corp. REMIC Series 3841, Class PA 5.00% due 12/15/40		462,115		514,909
				18,804,827
Federal National Mtg. Assoc. — 24.4%
zero coupon due 05/25/40 STRIPS		793,246		716,511
4.00% due 07/01/40		298,988		312,396
4.00% due 08/01/40		94,856		98,947
4.00% due 09/01/40		2,121,927		2,213,436
4.00% due 10/01/41		2,991,623		3,122,974
4.00% due 11/01/41		3,000,000		3,131,719
4.00% due December TBA		1,000,000		1,039,844
4.38% due 07/17/13		2,000,000		2,128,994
4.50% due 11/01/22		874,463		934,758
4.50% due 01/01/39		343,884		363,987
4.50% due 05/01/40		3,721,764		3,969,577
4.50% due 08/01/40		1,655,028		1,751,780
4.50% due 09/01/40		1,587,889		1,680,717

Security Description	Principal Amount		Value (Note 2)
Federal National Mtg. Assoc. (continued)
4.50% due 11/01/40	$	847,109	$	896,631
4.50% due 12/01/40		1,614,849		1,709,253
4.50% due 05/01/41		2,813,723		2,978,213
5.00% due 03/15/16		1,140,000		1,321,502
5.00% due 05/11/17		500,000		591,505
5.00% due 10/01/33		27,618		29,724
5.00% due 03/01/34		297,947		320,672
5.00% due 01/01/37		177,673		191,142
5.00% due 05/01/39		2,295,480		2,494,951
5.00% due 05/01/40		403,605		434,389
5.00% due 07/01/40		1,104,114		1,188,327
5.50% due 11/01/22		127,524		138,104
5.50% due 04/01/33		399,706		436,304
5.50% due 12/01/33		325,844		355,679
5.50% due 05/01/34		210,571		229,851
5.50% due 03/01/35		353,966		386,265
5.50% due 12/01/35		424,324		462,514
6.00% due 03/01/16		731		792
6.00% due 12/01/16		22,346		24,212
6.00% due 11/01/17		62,119		67,383
6.00% due 12/01/20		177,615		192,445
6.00% due 12/01/33		257,763		285,962
6.00% due 10/01/36		49,453		54,353
6.00% due 05/01/38		888,431		974,795
6.50% due 03/01/17		37,732		41,465
6.50% due 08/01/31		23,041		26,069
6.50% due 07/01/32		164,333		185,520
6.50% due 07/01/36		126,677		141,426
6.50% due 10/01/37		331,407		368,750
7.00% due 09/01/31		122,083		139,348
7.50% due 08/01/15		297		327
Federal National Mtg. Assoc. REMIC Series 2011-38, Class D 4.50% due 05/25/41		481,314		526,189
				38,659,702
Government National Mtg. Assoc. — 1.4%
5.00% due 04/15/40		1,747,202		1,935,338
6.00% due 03/15/29		9,185		10,422
6.00% due 04/15/29		15,034		17,059
6.50% due 07/15/32		61,252		70,939
6.50% due 09/15/32		100,328		116,195
				2,149,953
Total U.S. Government Agencies
(cost $58,123,760)				59,929,890
U.S. GOVERNMENT TREASURIES — 26.3%
United States Treasury Bonds — 4.8%
3.50% due 02/15/39		238,000		259,234
3.75% due 08/15/41#		414,000		471,054
3.88% due 08/15/40		54,000		62,657
4.25% due 05/15/39		267,000		329,244
4.38% due 02/15/38		483,000		606,316
4.38% due 11/15/39#		934,000		1,175,381
4.38% due 05/15/41#		1,122,000		1,415,824
4.50% due 05/15/38		120,000		153,637
4.50% due 08/15/39#		972,000		1,245,982
4.75% due 02/15/37		587,000		774,932
4.75% due 02/15/41#		162,000		216,371
5.00% due 05/15/37		159,000		217,706
5.25% due 11/15/28#		404,000		544,201
8.13% due 08/15/19#		92,000		135,872
				7,608,411

46

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares/ Principal Amount		Value (Note 2)
U.S. GOVERNMENT TREASURIES (continued)
United States Treasury Notes — 21.5%
0.25% due 09/15/14	$	150,000	$	149,531
0.63% due 07/15/14		180,000		181,294
0.75% due 06/15/14		3,210,000		3,243,102
1.00% due 10/31/16		3,119,000		3,129,723
1.38% due 11/30/15		53,000		54,486
1.50% due 12/31/13		475,000		487,172
1.50% due 06/30/16		128,000		131,800
1.75% due 07/31/15		95,000		99,038
2.00% due 11/30/13#		2,477,000		2,561,954
2.00% due 11/15/21		1,000,000		993,750
2.13% due 05/31/15		820,000		865,164
2.13% due 12/31/15#		150,000		158,813
2.38% due 08/31/14		4,960,000		5,230,087
2.38% due 09/30/14		16,000		16,895
2.38% due 05/31/18		2,034,000		2,157,787
2.63% due 11/15/20#		733,000		775,949
2.75% due 05/31/17		681,000		740,907
2.75% due 02/15/19		510,000		551,756
3.00% due 02/28/17#		556,000		611,773
3.13% due 05/15/19#		11,000		12,183
3.13% due 05/15/21#		825,000		905,502
3.38% due 07/31/13		393,000		413,525
3.50% due 05/15/20		310,000		351,559
3.63% due 08/15/19		52,000		59,438
3.63% due 02/15/20		1,186,000		1,357,136
3.75% due 11/15/18		355,000		408,417
3.88% due 05/15/18		5,459,000		6,311,543
4.00% due 08/15/18		1,403,000		1,635,811
4.25% due 08/15/15		538,000		610,462
				34,206,557
Total U.S. Government Treasuries
(cost $39,099,332)				41,814,968
COMMON STOCK — 0.0%
Banks - Commercial — 0.0%
Lloyds Banking Group PLC†(8)		49,459		19,455
Independent Power Producers — 0.0%
GenOn Energy, Inc.†#		615		1,673
Total Common Stock
(cost $30,299)				21,128
PREFERRED STOCK — 0.2%
Banks - Super Regional — 0.2%
US Bancorp FRS 3.50% (cost $304,527)		437		320,754
Total Long - Term Investment Securities
(cost $157,135,576)				160,352,806

Security Description	Shares/ Principal Amount			Value (Note 2)
SHORT - TERM INVESTMENT SECURITIES — 9.2%
Collective Investment Pool — 4.3%
Navigator Securities Lending Prime Portfolio(9)(10)		6,875,683		$	6,875,683
Time Deposits — 4.9%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 12/01/11	$	7,685,000			7,685,000
Total Short - Term Investment Securities
(cost $14,560,683)					14,560,683
TOTAL INVESTMENTS
(cost $171,696,259)(11)		110.2	%		174,913,489
Other assets less liabilities		(10.2	)		(16,257,504	)
NET ASSETS—		100.0	%	$	158,655,985

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2011, the aggregate value of these securities was $7,852,933 representing 4.9% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

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

† Non - income producing security

(1) Commercial Mortgage Backed Security

(2) Collateralized Mortgage Obligation

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

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

(5) Illiquid security. At November 30, 2011, the aggregate value of these securities was $0 representing 0.0% of net assets.

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

(7) Bond in default

(8) Security was valued using fair value procedures at November 30, 2011. The aggregate value of these securities was $19,455 representing 0.0% 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.

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

(10) November 30, 2011, the Fund had loaned securities with a total value of $7,367,380. This was secured by collateral of $6,875,683, which was received in cash and subsequently invested in short-term investments currently valued at $6,875,683 as reported in the portfolio of investments. The remaining collateral of $669,633 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 Mtg. Corp.	2.46% to 46.80%	01/01/35 to 12/01/40
Federal National Mtg. Assoc.	2.18% to 38.06%	01/01/17 to 12/01/41
Government National Mtg. Assoc.	8.93%	02/16/41
U.S. Treasury Notes/Bonds	2.00% to 4.50%	11/30/13 to 08/15/39

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

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

STRIPS—Separate Trading of Registered Interest and Principal Securities

FRS—Floating Rate Security

VRS—Variable Rate Security

The rates shown on FRS and VRS are the current interest rates at November 30, 2011 and unless noted otherwise, the dates shown are the original maturity dates.

47

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2011 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs			Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Long-Term Investment Securities:
Asset Backed Securities	$	—	$	16,217,249		$	—	$	16,217,249
U.S. Corporate Bonds & Notes		—		31,456,738			0		31,456,738
Foreign Corporate Bonds & Notes		—		9,843,503			—		9,843,503
Foreign Government Agencies		—		288,968			—		288,968
Municipal Bonds & Notes		—		459,608			—		459,608
U.S. Government Agencies		—		59,929,890			—		59,929,890
U.S. Government Treasuries		—		41,814,968			—		41,814,968
Common Stock		1,673		19,455	#		—		21,128
Preferred Stock		320,754		—			—		320,754
Short-Term Investment Securities:
Collective Investment Pool		—		6,875,683			—		6,875,683
Time Deposits		—		7,685,000			—		7,685,000
Total	$	322,427	$	174,591,062		$	0	$	174,913,489

# 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 $19,455 representing 0.0% 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:

	Asset Backed Securities			U.S. Corporate Bonds & Notes
Balance as of 5/31/2011	$	150,000		$	0
Accrued discounts		—			—
Accrued premiums		—			—
Realized gain		—			—
Realized loss		—			—
Change in unrealized appreciation(1)		2,063			—
Change in unrealized depreciation(1)		—			—
Net purchases		—			—
Net sales		—			—
Transfers into Level 3(2)		—			—
Transfers out of Level 3(2)		(152,063	)		—
Balance as of 11/30/2011	$	—		$	0

(1) The total change in unrealized appreciation (depreciation) included in the statement of operations attributable to level 3 investments still held at November 30, 2011 includes:

Asset Backed Securities		U.S. Corporate Bonds & Notes
$	—	$	—

(2) The Fund’s policy is to recognize transfers in and transfers out as of the end of the reporting period.

See Notes to Financial Statements

48

VALIC Company I Core Equity Fund

PORTFOLIO PROFILE — November 30, 2011 (Unaudited)

Industry Allocation*

Collective Investment Pool	8.8	%
Medical — Drugs	6.7
Oil Companies — Integrated	6.5
Medical — HMO	4.4
Electronic Components — Semiconductors	3.8
Aerospace/Defense	3.1
Medical — Biomedical/Gene	3.0
Applications Software	2.9
Banks — Super Regional	2.3
Tobacco	2.1
Oil Refining & Marketing	2.1
Computers	2.1
Medical — Wholesale Drug Distribution	2.0
Semiconductor Equipment	1.9
Diversified Banking Institutions	1.9
Food — Retail	1.9
Engineering/R&D Services	1.9
Medical Products	1.9
Insurance — Life/Health	1.7
Electronic Security Devices	1.6
Diversified Manufacturing Operations	1.4
Computers — Memory Devices	1.4
Multimedia	1.4
Electric — Integrated	1.3
Commercial Services — Finance	1.3
Chemicals — Diversified	1.3
Cable/Satellite TV	1.3
Semiconductor Components — Integrated Circuits	1.3
Oil & Gas Drilling	1.2
Insurance — Multi-line	1.2
Telephone — Integrated	1.2
Schools	1.2
Food — Misc.	1.0
Beverages — Non-alcoholic	0.9
Telecom Equipment — Fiber Optics	0.9
E-Commerce/Services	0.9
Retail — Drug Store	0.9
Computer Services	0.9
Medical Instruments	0.8
Apparel Manufacturers	0.8
Retail — Regional Department Stores	0.8
Insurance — Property/Casualty	0.8
Retail — Auto Parts	0.8
Television	0.8
Wireless Equipment	0.8
Retail — Bedding	0.7
Internet Security	0.7
Paper & Related Products	0.7
Retail — Apparel/Shoe	0.7
Finance — Credit Card	0.7
Finance — Other Services	0.7
Motorcycle/Motor Scooter	0.7
Entertainment Software	0.7
Enterprise Software/Service	0.7
Gambling (Non-Hotel)	0.7
Time Deposits	0.7
Distribution/Wholesale	0.7
Agricultural Chemicals	0.6
Electronic Measurement Instruments	0.6
Medical — Hospitals	0.6
Retail — Computer Equipment	0.6
Oil — Field Services	0.6
Publishing — Newspapers	0.6
Agricultural Operations	0.6
Oil Companies — Exploration & Production	0.5
Building — Heavy Construction	0.5
Instruments — Controls	0.5
Networking Products	0.5
Airlines	0.4

Coal	0.4
Consumer Products — Misc.	0.4
Auto/Truck Parts & Equipment — Original	0.4
Steel — Producers	0.4
Private Corrections	0.4
Funeral Services & Related Items	0.3
Metal — Aluminum	0.3
Electronic Design Automation	0.3
Cosmetics & Toiletries	0.3
Independent Power Producers	0.3
Telecom Services	0.2
Food — Meat Products	0.2
Metal — Copper	0.2
Auto — Cars/Light Trucks	0.2
Internet Infrastructure Software	0.1
Vitamins & Nutrition Products	0.1
	108.7	%

* Calculated as a percentage of net assets

49

VALIC Company I Core Equity Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCK — 99.2%
Aerospace/Defense — 3.1%
General Dynamics Corp.		25,000	$	1,651,500
Lockheed Martin Corp.#		21,000		1,641,150
Northrop Grumman Corp.#		28,000		1,597,960
Raytheon Co.#		37,000		1,686,090
				6,576,700
Agricultural Chemicals — 0.6%
CF Industries Holdings, Inc.		10,000		1,398,000
Agricultural Operations — 0.6%
Archer - Daniels - Midland Co.		40,500		1,219,860
Airlines — 0.4%
Delta Air Lines, Inc.†		116,300		944,356
Apparel Manufacturers — 0.8%
Coach, Inc.		27,000		1,689,930
Applications Software — 2.9%
Microsoft Corp.		245,550		6,281,169
Auto - Cars/Light Trucks — 0.2%
General Motors Co.†		16,750		356,608
Auto/Truck Parts & Equipment - Original — 0.4%
TRW Automotive Holdings Corp.†		27,000		881,820
Banks - Super Regional — 2.3%
Capital One Financial Corp.		36,000		1,607,760
US Bancorp		41,070		1,064,534
Wells Fargo & Co.		84,290		2,179,740
				4,852,034
Beverages - Non-alcoholic — 0.9%
Coca - Cola Co.		3,000		201,690
Dr Pepper Snapple Group, Inc.		39,000		1,424,670
PepsiCo, Inc.#		6,000		384,000
				2,010,360
Building - Heavy Construction — 0.5%
Chicago Bridge & Iron Co.		27,000		1,116,450
Cable/Satellite TV — 1.3%
Comcast Corp., Special Class A		34,660		774,998
DISH Network Corp., Class A		12,000		294,840
Time Warner Cable, Inc.		27,000		1,632,960
				2,702,798
Chemicals - Diversified — 1.3%
E.I. du Pont de Nemours & Co.		28,050		1,338,546
LyondellBasell Industries NV, Class A#		44,000		1,437,480
				2,776,026
Coal — 0.4%
Peabody Energy Corp.		23,370		916,805
Commercial Services - Finance — 1.3%
Western Union Co.		163,450		2,850,568
Computer Services — 0.9%
International Business Machines Corp.		9,850		1,851,800
Computers — 2.1%
Apple, Inc.†		7,000		2,675,400
Dell, Inc.†		113,000		1,780,880
				4,456,280
Computers - Memory Devices — 1.4%
Seagate Technology PLC#		79,000		1,350,900
Western Digital Corp.†		54,000		1,569,780
				2,920,680

Security Description	Shares		Value (Note 2)
Consumer Products - Misc. — 0.4%
Kimberly - Clark Corp.#		12,800	$	914,816
Cosmetics & Toiletries — 0.3%
Procter & Gamble Co.		9,000		581,130
Distribution/Wholesale — 0.7%
Ingram Micro, Inc., Class A†		79,000		1,422,790
Diversified Banking Institutions — 1.9%
Citigroup, Inc.		66,014		1,814,065
JPMorgan Chase & Co.		73,880		2,288,063
				4,102,128
Diversified Manufacturing Operations — 1.4%
General Electric Co.		144,390		2,297,245
Textron, Inc.#		39,700		771,371
				3,068,616
E - Commerce/Services — 0.9%
Expedia, Inc.#		57,000		1,585,455
IAC/InterActive Corp.#		8,000		335,040
				1,920,495
Electric - Integrated — 1.3%
Dominion Resources, Inc.		27,470		1,418,001
Southern Co.#		32,870		1,443,322
				2,861,323
Electronic Components - Semiconductors — 3.8%
Altera Corp.#		41,000		1,544,470
Avago Technologies, Ltd.		42,000		1,256,640
LSI Corp.†		214,990		1,208,244
Micron Technology, Inc.†#		154,400		924,856
NVIDIA Corp.†#		100,000		1,563,000
Xilinx, Inc.		47,000		1,537,370
				8,034,580
Electronic Design Automation — 0.3%
Cadence Design Systems, Inc.†#		58,000		634,520
Electronic Measurement Instruments — 0.6%
Agilent Technologies, Inc.†		36,000		1,350,000
Electronic Security Devices — 1.6%
Tyco International, Ltd.		70,360		3,374,466
Engineering/R&D Services — 1.9%
Fluor Corp.		27,000		1,480,140
Jacobs Engineering Group, Inc.†#		29,200		1,212,968
KBR, Inc.		45,000		1,300,500
				3,993,608
Enterprise Software/Service — 0.7%
CA, Inc.		68,000		1,441,600
Entertainment Software — 0.7%
Activision Blizzard, Inc.		117,000		1,453,140
Finance - Credit Card — 0.7%
Discover Financial Services		63,000		1,500,660
Finance - Other Services — 0.7%
IntercontinentalExchange, Inc.†		8,000		973,760
NASDAQ OMX Group, Inc.†		20,000		525,000
				1,498,760
Food - Meat Products — 0.2%
Smithfield Foods, Inc.†#		16,000		391,840
Food - Misc. — 1.0%
General Mills, Inc.		7,060		282,047

50

VALIC Company I Core Equity Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Food - Misc. (continued)
Unilever NV		51,990	$	1,773,379
				2,055,426
Food - Retail — 1.9%
Kroger Co.		111,810		2,591,756
Safeway, Inc.#		74,000		1,480,000
				4,071,756
Funeral Services & Related Items — 0.3%
Service Corp. International#		74,000		758,500
Gambling (Non-Hotel) — 0.7%
International Game Technology		84,000		1,433,040
Independent Power Producers — 0.3%
NRG Energy, Inc.†#		28,000		551,040
Instruments - Controls — 0.5%
Honeywell International, Inc.		19,120		1,035,348
Insurance - Life/Health — 1.7%
Aflac, Inc.		20,900		907,896
Lincoln National Corp.#		17,500		353,150
Prudential Financial, Inc.		17,210		871,514
Unum Group		62,000		1,395,620
				3,528,180
Insurance - Multi - line — 1.2%
ACE, Ltd.		15,640		1,087,449
Hartford Financial Services Group, Inc.#		32,200		571,872
MetLife, Inc.		27,090		852,793
				2,512,114
Insurance - Property/Casualty — 0.8%
Travelers Cos., Inc.		29,270		1,646,437
Internet Infrastructure Software — 0.1%
TIBCO Software, Inc.†		9,000		246,600
Internet Security — 0.7%
Symantec Corp.†		94,000		1,536,900
Medical Instruments — 0.8%
Medtronic, Inc.		48,234		1,757,165
Medical Products — 1.9%
Baxter International, Inc.		46,250		2,389,275
Medical - Biomedical/Gene — 3.0%
Amgen, Inc.		54,000		3,127,140
Biogen Idec, Inc.†		16,000		1,839,200
Gilead Sciences, Inc.†		35,000		1,394,750
				6,361,090
Medical - Drugs — 6.7%
Bristol - Myers Squibb Co.		61,000		1,995,920
Eli Lilly & Co.		77,080		2,917,478
Forest Laboratories, Inc.†		47,000		1,408,120
Johnson & Johnson		24,700		1,598,584
Merck & Co., Inc.		68,334		2,442,940
Pfizer, Inc.		279,812		5,615,827
				15,978,869
Medical - HMO — 4.4%
Aetna, Inc.		61,300		2,563,566
Cigna Corp.		34,000		1,503,820
Health Net, Inc.†		51,000		1,588,140
UnitedHealth Group, Inc.		40,000		1,950,800
WellPoint, Inc.		25,000		1,763,750
				9,370,076

Security Description	Shares		Value (Note 2)
Medical - Hospitals — 0.6%
Health Management Associates, Inc., Class A†#		162,000	$	1,331,640
Medical - Wholesale Drug Distribution — 2.0%
AmerisourceBergen Corp.#		41,000		1,523,150
Cardinal Health, Inc.		26,000		1,103,960
McKesson Corp.		20,000		1,626,200
				4,253,310
Metal - Aluminum — 0.3%
Alcoa, Inc.#		75,050		752,001
Metal - Copper — 0.2%
Freeport - McMoRan Copper & Gold, Inc.#		9,300		368,280
Motorcycle/Motor Scooter — 0.7%
Harley - Davidson, Inc.		40,000		1,470,800
Multimedia — 1.4%
Time Warner, Inc.#		30,216		1,052,121
Viacom, Inc., Class B		26,810		1,200,016
Walt Disney Co.		17,870		640,639
				2,892,776
Networking Products — 0.5%
Cisco Systems, Inc.		53,900		1,004,696
Oil & Gas Drilling — 1.2%
Ensco PLC ADR		22,000		1,143,340
Nabors Industries, Ltd.†		2,000		35,880
Noble Corp.†		38,690		1,335,966
				2,515,186
Oil Companies - Exploration & Production — 0.5%
Devon Energy Corp.		17,500		1,145,550
Oil Companies - Integrated — 6.5%
Chevron Corp.		14,680		1,509,398
ConocoPhillips		36,000		2,567,520
Exxon Mobil Corp.		66,500		5,349,260
Hess Corp.		2,950		177,649
Marathon Oil Corp.		101,100		2,826,756
Murphy Oil Corp.		24,000		1,342,080
				13,772,663
Oil Refining & Marketing — 2.1%
HollyFrontier Corp.		63,000		1,464,750
Tesoro Corp.†#		61,000		1,457,290
Valero Energy Corp.		71,000		1,581,170
				4,503,210
Oil - Field Services — 0.6%
Halliburton Co.		20,060		738,208
SEACOR Holdings, Inc.#†		6,000		520,620
				1,258,828
Paper & Related Products — 0.7%
International Paper Co.		54,000		1,533,600
Private Corrections — 0.4%
Corrections Corp. of America†		37,000		777,000
Publishing - Newspapers — 0.6%
Gannett Co., Inc.#		114,000		1,238,040
Retail - Apparel/Shoe — 0.7%
Limited Brands, Inc.#		36,000		1,523,880
Retail - Auto Parts — 0.8%
AutoZone, Inc.†		5,000		1,641,900
Retail - Bedding — 0.7%
Bed Bath & Beyond, Inc.†		26,000		1,573,260

51

VALIC Company I Core Equity Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Retail - Computer Equipment — 0.6%
GameStop Corp., Class A†		57,000	$	1,317,840
Retail - Drug Store — 0.9%
CVS Caremark Corp.		5,400		209,736
Walgreen Co.		50,000		1,686,000
				1,895,736
Retail - Regional Department Stores — 0.8%
Macy’s, Inc.		51,000		1,648,830
Schools — 1.2%
Apollo Group, Inc., Class A†		31,000		1,502,880
ITT Educational Services, Inc.†#		18,000		989,280
				2,492,160
Semiconductor Components - Integrated Circuits — 1.3%
Analog Devices, Inc.		2,000		69,720
Marvell Technology Group, Ltd.†		100,000		1,412,000
Maxim Integrated Products, Inc.		47,000		1,205,550
				2,687,270
Semiconductor Equipment — 1.9%
Applied Materials, Inc.		129,000		1,390,620
KLA - Tencor Corp.#		32,000		1,475,200
Teradyne, Inc.†#		96,000		1,292,160
				4,157,980
Steel - Producers — 0.4%
Nucor Corp.		20,400		804,372
Telecom Equipment - Fiber Optics — 0.9%
Corning, Inc.		147,950		1,963,296
Telecom Services — 0.2%
Amdocs, Ltd.†		16,000		451,840
Telephone - Integrated — 1.2%
AT&T, Inc.		47,530		1,377,419
Telephone and Data Systems, Inc.#		8,000		215,920
Verizon Communications, Inc.		23,920		902,502
				2,495,841
Television — 0.8%
CBS Corp., Class B		63,000		1,640,520
Tobacco — 2.1%
Lorillard, Inc.		14,000		1,562,680
Philip Morris International, Inc.		39,000		2,973,360
				4,536,040

Security Description	Shares/ Principal Amount			Value (Note 2)
Vitamins & Nutrition Products — 0.1%
Herbalife, Ltd.		3,000		$	165,900
Wireless Equipment — 0.8%
Motorola Solutions, Inc.		35,000			1,633,450
Total Long-Term Investment Securities
(cost $202,398,571)					211,026,227
SHORT-TERM INVESTMENT SECURITIES — 9.5%
Collective Investment Pool — 8.8%
Navigator Securities Lending Prime Portfolio(1)(3)		18,796,990			18,796,990
Time Deposits — 0.7%
Euro Time Deposit with State Street Bank & Trust Co. 0.01 % due 12/01/11	$	1,432,000			1,432,000
Total Short-Term Investment Securities
(cost $20,228,990)					20,228,990
TOTAL INVESTMENTS
(cost $222,627,561)(2)		108.7	%	$	231,255,217
Liabilities in excess of other assets		(8.7	)		(18,440,105	)
NET ASSETS		100.0	%	$	212,815,112

# 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 November 30, 2011, the Fund had loaned securities with a total value of $20,937,662. This was secured by collateral of $18,796,990, which was received in cash and subsequently invested in short-term investments currently valued at $18,796,990 as reported in the portfolio of investments. The remaining collateral of $1,823,523 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 reference above are as follows:

Securities	Coupon Range	Maturity Date Range
Federal Home Loan Bank	5.20%	07/15/14
Federal Home Loan Mortgage Corp	0.26% to 5.00%	01/10/13-06/15/2040
Federal National Mortgage Association	4.00%	08/15/37-08/25/2041
United States Treasury Bills	zero coupon	12/22/11
United States Treasury Notes/Bonds	0.75% to 1.875%	04/30/12-07/15/19

ADR—American Depository Receipt

52

VALIC Company I Core Equity Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2011 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Long-Term Investment Securities:
Common Stock:
Medical - Drugs	$	15,978,869	$	—	$	—		15,978,869
Oil Companies - Integrated		13,772,663		—		—		13,772,663
Other Industries*		181,274,695		—		—		181,274,695
Short-Term Investment Securities:
Collective Investment Pool		—		18,796,990		—		18,796,990
Time Deposits		—		1,432,000		—		1,432,000
Total	$	211,026,227	$	20,228,990	$	—	$	231,255,217

* 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

53

VALIC Company I Dividend Value Fund

PORTFOLIO PROFILE — November 30, 2011 (Unaudited)

Industry Allocation*

Medical — Drugs	7.9	%
Tobacco	7.0
Aerospace/Defense	6.6
Oil Companies — Integrated	5.8
Telephone — Integrated	5.5
Time Deposits	4.9
Electric — Integrated	3.6
Food — Misc.	3.6
Cosmetics & Toiletries	3.0
Chemicals — Diversified	2.8
Diversified Manufacturing Operations	2.6
Semiconductor Equipment	2.1
Banks — Super Regional	2.1
Medical Products	2.0
Banks — Commercial	1.9
Beverages — Non-alcoholic	1.9
Electronic Components — Semiconductors	1.8
Applications Software	1.6
Insurance — Property/Casualty	1.5
Diversified Banking Institutions	1.4
Diversified Minerals	1.4
Auto/Truck Parts & Equipment — Original	1.4
Commercial Services — Finance	1.4
Metal — Copper	1.3
Computer Services	1.3
Machinery — Construction & Mining	1.3
Pipelines	1.2
Oil Companies — Exploration & Production	1.2
Transport — Rail	1.2
Machinery — Farming	1.2
Medical — Outpatient/Home Medical	1.2
Retail — Restaurants	1.1
Telecommunication Equipment	1.1
Aerospace/Defense — Equipment	1.0
Apparel Manufacturers	0.8
Retail — Apparel/Shoe	0.8
Beverages — Wine/Spirits	0.7
Finance — Credit Card	0.7
Repurchase Agreements	0.7
Cable/Satellite TV	0.6
Retail — Building Products	0.6
Vitamins & Nutrition Products	0.6
Instruments — Controls	0.5
Transport — Services	0.5
Consumer Products — Misc.	0.5
Industrial Gases	0.5
Retail — Discount	0.5
Insurance — Multi-line	0.4
Metal — Diversified	0.4
Paper & Related Products	0.4
Insurance — Life/Health	0.4
Water	0.4
Oil — Field Services	0.4
Gold Mining	0.4
Cellular Telecom	0.3
Toys	0.3
Containers — Paper/Plastic	0.3
Telecom Services	0.2
Gas — Distribution	0.2
Industrial Automated/Robotic	0.2
Coal	0.1
Real Estate Investment Trusts	0.1
Electric — Transmission	0.1
Banks — Fiduciary	0.1
Non-Ferrous Metals	0.1
	99.7	%

* Calculated as a percentage of net assets

54

VALIC Company I Dividend Value Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCK — 94.1%
Aerospace/Defense — 6.6%
General Dynamics Corp.		72,377	$	4,781,225
Lockheed Martin Corp.		39,768		3,107,869
Northrop Grumman Corp.		78,738		4,493,578
Raytheon Co.		114,146		5,201,633
Rockwell Collins, Inc.		4,500		247,050
				17,831,355
Aerospace/Defense - Equipment — 1.0%
United Technologies Corp.		33,900		2,596,740
Apparel Manufacturers — 0.8%
VF Corp.		16,100		2,232,909
Applications Software — 1.6%
Microsoft Corp.		163,028		4,170,256
Auto/Truck Parts & Equipment - Original — 1.4%
Autoliv, Inc.		55,387		2,951,019
Johnson Controls, Inc.		23,200		730,336
				3,681,355
Banks - Commercial — 1.9%
Bank of Nova Scotia		34,000		1,718,418
M&T Bank Corp.		2,200		160,556
National Bank of Canada		28,200		1,834,196
Toronto - Dominion Bank		21,000		1,513,309
				5,226,479
Banks - Fiduciary — 0.1%
Bank of New York Mellon Corp.		10,700		208,222
Banks - Super Regional — 2.1%
US Bancorp		86,200		2,234,304
Wells Fargo & Co.		131,500		3,400,590
				5,634,894
Beverages - Non-alcoholic — 1.9%
Coca-Cola Co.		32,200		2,164,806
Dr Pepper Snapple Group, Inc.		83,214		3,039,807
				5,204,613
Beverages - Wine/Spirits — 0.7%
Diageo PLC(3)		82,935		1,772,968
Cable/Satellite TV — 0.6%
Comcast Corp., Special Class A		77,100		1,723,956
Cellular Telecom — 0.3%
Rogers Communications, Inc., Class B		5,000		185,401
Vodafone Group PLC ADR		27,100		735,765
				921,166
Chemicals - Diversified — 2.8%
Air Products & Chemicals, Inc.		4,000		335,000
Dow Chemical Co.		33,200		919,972
E.I. du Pont de Nemours & Co.		119,028		5,680,016
Olin Corp.		31,100		590,900
				7,525,888
Coal — 0.1%
Consol Energy, Inc.		4,800		199,872
Peabody Energy Corp.		4,100		160,843
				360,715
Commercial Services - Finance — 1.4%
Automatic Data Processing, Inc.		9,600		490,464
H&R Block, Inc.		201,961		3,176,847
				3,667,311

Security Description	Shares		Value (Note 2)
Computer Services — 1.3%
International Business Machines Corp.		19,100	$	3,590,800
Consumer Products - Misc. — 0.5%
Kimberly - Clark Corp.		18,200		1,300,754
Containers - Paper/Plastic — 0.3%
Packaging Corp. of America		9,800		254,898
Temple - Inland, Inc.		16,700		531,561
				786,459
Cosmetics & Toiletries — 3.0%
Avon Products, Inc.		166,251		2,826,267
Procter & Gamble Co.		82,242		5,310,366
				8,136,633
Diversified Banking Institutions — 1.4%
Bank of America Corp.		108,900		592,416
JPMorgan Chase & Co.		106,300		3,292,111
				3,884,527
Diversified Manufacturing Operations — 2.6%
3M Co.		17,500		1,418,200
General Electric Co.		342,885		5,455,300
				6,873,500
Diversified Minerals — 1.4%
BHP Billiton, Ltd.(3)		100,118		3,738,516
Electric - Integrated — 3.6%
American Electric Power Co., Inc.		19,900		789,632
Consolidated Edison, Inc.		4,900		291,158
Dominion Resources, Inc.		34,600		1,786,052
Duke Energy Corp.		29,300		610,905
FirstEnergy Corp.		4,900		217,903
NextEra Energy, Inc.		23,900		1,325,016
Northeast Utilities		12,400		429,164
PPL Corp.		21,900		657,438
Public Service Enterprise Group, Inc.		40,000		1,317,600
Southern Co.		40,200		1,765,182
Wisconsin Energy Corp.		16,300		540,834
				9,730,884
Electric - Transmission — 0.1%
ITC Holdings Corp.		3,500		258,720
Electronic Components - Semiconductors — 1.8%
Intel Corp.		196,880		4,904,281
Finance - Credit Card — 0.7%
American Express Co.		36,700		1,763,068
Food - Misc. — 3.6%
General Mills, Inc.		37,700		1,506,115
H.J. Heinz Co.		20,400		1,074,060
Kraft Foods, Inc., Class A		137,490		4,970,264
Unilever NV		58,900		2,009,079
				9,559,518
Gas - Distribution — 0.2%
AGL Resources, Inc.		2,800		115,444
Sempra Energy		7,500		398,925
				514,369
Gold Mining — 0.4%
Barrick Gold Corp.		18,800		996,265
Industrial Automated/Robotic — 0.2%
Rockwell Automation, Inc.		5,700		427,671

55

VALIC Company I Dividend Value Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Industrial Gases — 0.5%
Praxair, Inc.		12,400	$	1,264,800
Instruments - Controls — 0.5%
Honeywell International, Inc.		25,500		1,380,825
Insurance - Life/Health — 0.4%
Prudential Financial, Inc.		21,800		1,103,952
Insurance - Multi-line — 0.4%
ACE, Ltd.		17,100		1,188,963
Insurance - Property/Casualty — 1.5%
Chubb Corp.		27,500		1,854,600
Travelers Cos., Inc.		39,800		2,238,750
				4,093,350
Machinery - Construction & Mining — 1.3%
Caterpillar, Inc.		35,800		3,504,104
Machinery - Farming — 1.2%
Deere & Co.		40,000		3,170,000
Medical Products — 2.0%
Johnson & Johnson		83,328		5,392,988
Medical - Drugs — 7.9%
Abbott Laboratories		25,700		1,401,935
Bristol - Myers Squibb Co.		182,847		5,982,754
Eli Lilly & Co.		81,153		3,071,641
Merck & Co., Inc.		140,682		5,029,381
Pfizer, Inc.		283,068		5,681,175
				21,166,886
Medical - Outpatient/Home Medical — 1.2%
Lincare Holdings, Inc.		133,058		3,153,475
Metal - Copper — 1.3%
Southern Copper Corp.		115,877		3,607,251
Metal - Diversified — 0.4%
Rio Tinto, Ltd.(3)		17,648		1,182,686
Multimedia — 0.0%
McGraw - Hill Cos., Inc.		2,600		111,020
Non-Ferrous Metals — 0.1%
Cameco Corp.		9,700		183,738
Oil Companies - Exploration & Production — 1.2%
EQT Corp.		21,900		1,358,019
Occidental Petroleum Corp.		18,800		1,859,320
				3,217,339
Oil Companies - Integrated — 5.8%
Chevron Corp.		53,900		5,541,998
ConocoPhillips		25,800		1,840,056
Exxon Mobil Corp.		47,700		3,836,988
Marathon Oil Corp.		35,300		986,988
Marathon Petroleum Corp.		16,050		535,909
Murphy Oil Corp.		2,100		117,432
Total SA ADR		53,800		2,783,612
				15,642,983
Oil - Field Services — 0.4%
Schlumberger, Ltd.		13,700		1,032,021
Paper & Related Products — 0.4%
MeadWestvaco Corp.		39,000		1,164,150
Pipelines — 1.2%
Enbridge, Inc.		64,900		2,299,609
Kinder Morgan, Inc.		6,600		194,700

Security Description	Shares		Value (Note 2)
Pipelines (continued)
Spectra Energy Corp.		25,300	$	744,326
				3,238,635
Real Estate Investment Trusts — 0.1%
Weyerhaeuser Co.		20,768		348,695
Retail - Apparel/Shoe — 0.8%
Limited Brands, Inc.		50,600		2,141,898
Retail - Building Products — 0.6%
Home Depot, Inc.		43,700		1,713,914
Retail - Discount — 0.5%
Wal-Mart Stores, Inc.		21,400		1,260,460
Retail - Restaurants — 1.1%
McDonald’s Corp.		31,900		3,047,088
Semiconductor Equipment — 2.1%
Applied Materials, Inc.		250,884		2,704,530
KLA - Tencor Corp.		65,811		3,033,887
				5,738,417
Telecom Services — 0.2%
BCE, Inc.		14,600		572,174
Telecommunication Equipment — 1.1%
Harris Corp.		82,312		2,930,307
Telephone - Integrated — 5.5%
AT&T, Inc.		202,714		5,874,652
CenturyLink, Inc.		68,046		2,553,086
Frontier Communications Corp.		6,817		38,993
Verizon Communications, Inc.		157,248		5,932,967
Windstream Corp.		31,600		371,616
				14,771,314
Tobacco — 7.0%
Altria Group, Inc.		146,089		4,191,293
Lorillard, Inc.		41,206		4,599,414
Philip Morris International, Inc.		86,845		6,621,063
Reynolds American, Inc.		80,963		3,389,111
				18,800,881
Toys — 0.3%
Mattel, Inc.		30,500		878,705
Transport - Rail — 1.2%
Canadian National Railway Co.		25,300		1,962,268
Union Pacific Corp.		12,000		1,240,920
				3,203,188
Transport - Services — 0.5%
United Parcel Service, Inc., Class B		19,200		1,377,600
Vitamins & Nutrition Products — 0.6%
Mead Johnson Nutrition Co.		22,200		1,672,992
Water — 0.4%
American Water Works Co., Inc.		34,600		1,075,022
Total Long-Term Investment Securities
(cost $230,422,494)				253,556,613

56

VALIC Company I Dividend Value Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Principal Amount			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 4.9%
Time Deposits — 4.9%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 12/01/11 (cost $13,119,000)	$	13,119,000		$	13,119,000
REPURCHASE AGREEMENT — 0.7%
State Street Bank & Trust Co. Joint Repurchase Agreement (cost $1,755,000)(1)		1,755,000			1,755,000
TOTAL INVESTMENTS
(cost $245,296,494)(2)		99.7	%		268,430,613
Other assets less liabilities		0.3			880,155
NET ASSETS		100.0	%	$	269,310,768

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

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

(3) Security was valued using fair value procedures at November 30, 2011. The aggregate value of these securities was $6,694,170 representing 2.5% 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 Receipts

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2011 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs			Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Long-Term Investment Securities:
Common Stock:
Aerospace/Defense	$	17,831,355	$	—		$	—	$	17,831,355
Medical Drugs		21,166,886		—			—		21,166,886
Oil Companies-Integrated		15,642,983		—			—		15,642,983
Telephone-Integrated		14,771,314		—			—		14,771,314
Tobacco		18,800,881		—			—		18,800,881
Other Industries*		158,649,024		6,694,170	#		—		165,343,194
Short-Term Investment Securities:
Time Deposits		—		13,119,000			—		13,119,000
Repurchase Agreement		—		1,755,000			—		1,755,000
Total	$	246,862,443	$	21,568,170		$	—	$	268,430,613

* 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 $6,694,170 representing 2.5% of net assets. See Note 2.

See Notes to Financial Statements

57

VALIC Company I Emerging Economies Fund*

PORTFOLIO PROFILE — November 30, 2011 (Unaudited)

Industry Allocation†

Banks — Commercial	11.7	%
Oil Companies — Integrated	8.7
Collective Investment Pool	6.1
Auto — Cars/Light Trucks	5.4
Electronic Components — Semiconductors	5.1
Metal — Iron	4.5
Cellular Telecom	4.2
Food — Misc.	3.5
Oil Companies — Exploration & Production	3.4
Time Deposits	3.4
Chemicals — Diversified	3.3
Semiconductor Components — Integrated Circuits	2.9
Coal	2.4
Oil Refining & Marketing	2.3
Electronic Components — Misc.	2.1
Telecom Services	2.1
Metal — Diversified	2.1
Brewery	1.8
Electric — Integrated	1.7
Telephone — Integrated	1.7
Diversified Financial Services	1.7
Insurance — Multi-line	1.6
Tobacco	1.6
Computer Services	1.5
Diversified Operations	1.5
Female Health Care Products	1.4
Food — Meat Products	1.3
Commercial Services — Finance	1.3
Finance — Mortgage Loan/Banker	1.3
Computers	1.1
Aerospace/Defense	1.0
Insurance — Property/Casualty	0.9
Banks — Super Regional	0.9
Steel — Producers	0.8
Rubber — Tires	0.8
Real Estate Operations & Development	0.8
Water	0.8
Banks — Special Purpose	0.7
Investment Management/Advisor Services	0.7
Petrochemicals	0.7
Shipbuilding	0.6
Appliances	0.6
Agricultural Operations	0.6
Auto/Truck Parts & Equipment — Replacement	0.6
Housewares	0.5
Audio/Video Products	0.5
Energy — Alternate Sources	0.5
Circuit Boards	0.4
	105.1	%

Country Allocation†

Brazil	18.9	%
South Korea	16.8
China	11.6
United States	9.5
Russia	8.4
Taiwan	6.4
South Africa	5.7
Cayman Islands	4.2
Thailand	4.1
India	3.7
Hong Kong	3.6
Turkey	3.0
Poland	2.7
Bermuda	2.6
Mexico	1.1
United Kingdom	0.7
Kazakhstan	0.6
Luxembourg	0.6
Philippines	0.5
Indonesia	0.4
	105.1	%

† Calculated as a percentage of net assets

* See Note 1

58

VALIC Company I Emerging Economies Fund*

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCK — 86.6%
Bermuda — 2.6%
Jardine Matheson Holdings, Ltd.#(1)		51,200	$	2,588,953
Skyworth Digital Holdings, Ltd.(1)		3,412,000		1,379,665
VimpelCom, Ltd. ADR		249,900		2,978,808
				6,947,426
Brazil — 9.9%
Banco do Brasil SA		177,700		2,378,046
Banco Estado Rio Grande Sul		210,900		2,249,709
BRF - Brasil Foods SA ADR#		173,000		3,485,950
Cia de Saneamento Basico do Estado de Sao Paulo		74,500		2,059,477
Cielo SA		130,700		3,480,081
Embraer SA ADR		101,100		2,580,072
Souza Cruz SA		200,600		2,544,731
Sul America SA		196,400		1,433,616
Telefonica Brasil SA ADR		121,600		3,279,552
Tim Participacoes SA ADR		110,500		2,631,005
				26,122,239
Cayman Islands — 4.2%
Dongyue Group(1)		2,777,000		2,504,973
GCL Poly Energy Holdings, Ltd.(1)		4,395,000		1,336,681
Hengan International Group Co., Ltd.(1)		377,500		3,568,244
Soho China, Ltd.(1)		3,053,500		2,090,088
Xinyi Glass Holding Co., Ltd.(1)		2,468,000		1,454,516
				10,954,502
China — 11.6%
Bank of China, Ltd.(1)		10,692,000		3,498,768
China Construction Bank Corp.(1)		7,336,000		5,250,903
China Shenhua Energy Co., Ltd.(1)		879,000		3,890,889
Dongfeng Motor Group Co., Ltd.(1)		1,852,000		2,781,172
Great Wall Motor Co., Ltd.(1)		1,525,000		2,204,045
Industrial & Commercial Bank of China(1)		9,530,000		5,651,807
PetroChina Co., Ltd.(1)		3,424,000		4,425,950
Ping An Insurance Group Co.(1)		417,000		2,903,463
				30,606,997
Hong Kong — 3.6%
China Mobile, Ltd.(1)		153,500		1,515,258
CNOOC, Ltd.(1)		2,673,000		5,148,222
Lenovo Group, Ltd.(1)		3,962,000		2,828,821
				9,492,301
India — 3.7%
Housing Development Finance Corp.(1)		260,703		3,262,369
Infosys, Ltd. ADR#		77,500		4,000,550
Oil & Natural Gas Corp., Ltd.(1)		465,298		2,419,653
				9,682,572
Indonesia — 0.4%
Indofood Sukses Makmur Tbk PT(1)		2,104,000		1,115,558
Kazakhstan — 0.6%
KazMunaiGas Exploration Production GDR		105,304		1,695,394
Luxembourg — 0.6%
Kernel Holding SA†(1)		70,973		1,498,600
Mexico — 1.1%
America Movil SAB de CV, Series L ADR		50,600		1,205,292
Compartamos SAB de CV#		1,223,000		1,639,546
				2,844,838
Philippines — 0.5%
Philippine Long Distance Telephone Co.(1)		16,000		892,783
Philippine Long Distance Telephone Co. ADR		7,965		439,668
				1,332,451

Security Description	Shares		Value (Note 2)
Poland — 2.7%
KGHM Polska Miedz SA(1)		69,731	$	2,782,877
PGE SA(1)		296,176		1,895,831
Powszechna Kasa Oszczednosci Bank Polski SA(1)		233,253		2,343,839
				7,022,547
Russia — 8.4%
Lukoil OAO ADR		84,440		4,746,372
MMC Norilsk Nickel OJSC ADR		143,173		2,515,550
Mobile Telesystems OJSC ADR		155,800		2,692,224
Rosneft Oil Co. GDR†		182,251		1,326,787
Sberbank of Russia ADR†		413,181		4,896,195
Severstal OAO GDR		166,296		2,246,659
Tatneft ADR(1)		111,966		3,632,193
				22,055,980
South Africa — 5.7%
Exxaro Resources, Ltd.(1)		110,205		2,455,653
Kumba Iron Ore, Ltd.(1)		44,084		2,780,533
Sasol, Ltd.(1)		78,900		3,793,303
Tiger Brands, Ltd.(1)		103,574		3,133,869
Vodacom Group, Ltd.(1)		255,052		2,881,797
				15,045,155
South Korea — 16.8%
BS Financial Group, Inc.†(1)		155,940		1,623,703
CJ CheilJedang Corp.(1)		7,365		1,878,964
Dongbu Insurance Co., Ltd.(1)		51,525		2,397,452
GS Holdings Corp.(1)		23,958		1,292,359
Hana Financial Group, Inc.(1)		80,700		2,953,454
Hankook Tire Co., Ltd.(1)		51,480		2,127,077
Hynix Semiconductor, Inc.(1)		114,330		2,426,666
Hyundai Motor Co.(1)		25,521		4,947,144
Industrial Bank of Korea(1)		144,180		1,924,838
Kia Motors Corp.(1)		44,230		2,806,105
KP Chemical Corp.(1)		114,720		1,765,525
KT&G Corp.(1)		21,682		1,462,149
S - Oil Corp.(1)		13,141		1,310,029
Samsung Electronics Co., Ltd.(1)		12,268		11,137,729
Samsung Heavy Industries Co., Ltd.(1)		59,120		1,658,918
SK Holdings Co., Ltd.(1)		20,639		2,659,203
				44,371,315
Taiwan — 6.4%
China Motor Corp.(1)		1,347,000		1,217,174
Chunghwa Telecom Co., Ltd. ADR		35,300		1,180,079
E Ink Holdings, Inc.(1)		870,000		1,606,079
Hon Hai Precision Industry Co., Ltd. GDR		726,142		3,968,366
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		598,100		7,727,452
Tripod Technology Corp.(1)		495,000		1,133,236
				16,832,386
Thailand — 4.1%
Charoen Pokphand Foods PCL		2,968,300		3,142,570
Krung Thai Bank PCL		4,193,400		1,964,185
PTT Global Chemical PCL†		1,259,284		2,646,233
PTT PCL		318,800		3,129,702
				10,882,690
Turkey — 3.0%
Arcelik AS(1)		446,405		1,511,778
Tupras - Turkiye Petrol Rafinerileri AS(1)		93,955		2,144,936
Turkiye Sise ve Cam Fabrikalari AS(1)		846,408		1,434,905
Turk Telekomunikasyon AS(1)		290,322		1,196,003

59

VALIC Company I Emerging Economies Fund*

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Turkey (continued)
Turkiye Garanti Bankasi AS(1)		463,800	$	1,591,582
				7,879,204
United Kingdom — 0.7%
Old Mutual PLC(1)		1,014,324		1,833,939
Total Common Stock
(cost $204,340,882)				228,216,094
PREFERRED STOCK — 9.0%
Brazil — 9.0%
Cia Energetica de Minas Gerais ADR#		155,900		2,736,046
Companhia de Bebidas das Americas ADR#		137,300		4,720,374
Itau Unibanco Holding SA ADR		102,500		1,824,500
Petroleo Brasileiro SA ADR		223,500		5,603,145
Vale SA ADR		407,100		8,903,277
Total Preferred Stock
(cost $21,339,460)				23,787,342
Total Long-Term Investment Securities
(cost $225,680,342)				252,003,436
SHORT-TERM INVESTMENT SECURITIES — 9.5%
Collective Investment Pool — 6.1%
Navigator Securities Lending Prime Portfolio(2)		16,053,991		16,053,991

Security Description	Principal Amount			Value (Note 2)
Time Deposits — 3.4%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 12/01/11	$	8,978,000		$	8,978,000
Total Short-Term Investment Securities
(cost $25,031,991)					25,031,991
TOTAL INVESTMENTS —
(cost $250,712,333)(3)		105.1	%		277,035,427
Liabilities in excess of other assets		(5.1	)		(13,394,605	)
NET ASSETS —		100.0	%	$	263,640,822

* See Note 1

† Non-income producing security

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

(1) Security was valued using fair value procedures at November 30, 2011. The aggregate value of these securities was $147,952,223 representing 56.1% 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.

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

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

ADR—American Depository Receipt

GDR—Global Depository Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2011 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs			Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Long-Term Investment Securities:
Common Stock:
Brazil	$	26,122,239	$	—		$	—	$	26,122,239
China		—		30,606,997	#		—		30,606,997
Russia		18,423,787		3,632,193	#		—		22,055,980
South Africa		—		15,045,155	#		—		15,045,155
South Korea		—		44,371,315	#		—		44,371,315
Taiwan		12,875,897		3,956,489	#		—		16,832,386
Other Countries*		22,841,948		50,340,074	#		—		73,182,022
Preferred Stock		23,787,342		—			—		23,787,342
Short-Term Investment Securities:
Collective Investment Pool		—		16,053,991					16,053,991
Time Deposits		—		8,978,000			—		8,978,000
Total	$	104,051,213	$	172,984,214		$	—	$	277,035,427

* 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 $147,952,223 representing 56.1% of net assets. See Note 2.

See Notes to Financial Statements

60

VALIC Company I Foreign Value Fund

PORTFOLIO PROFILE — November 30, 2011 (Unaudited)

Industry Allocation*

Medical — Drugs	9.6	%
Oil Companies — Integrated	7.6
Diversified Banking Institutions	7.2
Telecom Services	5.9
Insurance — Multi-line	5.7
Collective Investment Pool	4.2
Telephone — Integrated	3.9
Insurance — Reinsurance	3.4
Electronic Components — Semiconductors	3.1
Semiconductor Components — Integrated Circuits	3.1
Food — Retail	3.0
Cellular Telecom	2.9
U.S. Government Agencies	2.5
Oil Companies — Exploration & Production	2.3
Electronic Components — Misc.	2.2
Diversified Financial Services	2.2
Banks — Commercial	2.0
Insurance — Life/Health	1.9
Electric — Integrated	1.8
Human Resources	1.6
Auto — Cars/Light Trucks	1.6
Retail — Building Products	1.2
Computers	1.2
Diversified Manufacturing Operations	1.2
Finance — Investment Banker/Broker	1.1
Internet Security	1.1
Toys	1.1
Security Services	1.0
Steel — Producers	1.0
Chemicals — Diversified	1.0
Insurance — Property/Casualty	1.0
Oil Refining & Marketing	0.9
Enterprise Software/Service	0.9
Publishing — Books	0.9
Building & Construction — Misc.	0.9
Aerospace/Defense	0.8
Building Products — Cement	0.8
Wireless Equipment	0.8
Import/Export	0.8
Containers — Metal/Glass	0.8
Oil & Gas Drilling	0.7
Diversified Minerals	0.7
Airlines	0.7
Multimedia	0.6
Engineering/R&D Services	0.6
Building Products — Air & Heating	0.6
Chemicals — Specialty	0.6
Apparel Manufacturers	0.6
Energy — Alternate Sources	0.6
Retail — Major Department Stores	0.4
Power Converter/Supply Equipment	0.4
Diversified Operations	0.3
Food — Wholesale/Distribution	0.2
Medical — Biomedical/Gene	0.1
Time Deposits	0.1
	103.4	%

Country Allocation*

United Kingdom	19.4	%
France	12.4
Switzerland	9.6
Netherlands	8.0
United States	6.8
Germany	6.7
South Korea	6.6
Japan	6.4
Norway	4.7
Taiwan	4.3
Singapore	2.4
Denmark	1.7
Spain	1.7
Russia	1.4
Australia	1.2
Italy	1.1
Brazil	1.1
Canada	1.0
India	0.9
China	0.8
Bermuda	0.8
Austria	0.8
Hong Kong	0.8
Ireland	0.8
Sweden	0.8
Jersey	0.6
Cayman Islands	0.6
	103.4	%

* Calculated as a percentage of net assets

61

VALIC Company I Foreign Value Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCK — 95.5%
Australia — 1.2%
Billabong International, Ltd.#(1)		1,289,870	$	5,044,152
Downer EDI, Ltd.†(1)		1,631,724		5,333,738
				10,377,890
Austria — 0.8%
Telekom Austria AG(1)		601,270		6,976,877
Bermuda — 0.8%
First Pacific Co.(1)		2,330,000		2,578,607
PartnerRe, Ltd.#		71,130		4,674,664
				7,253,271
Canada — 1.0%
Suncor Energy, Inc.		37,200		1,120,431
Talisman Energy, Inc.		534,640		7,317,589
				8,438,020
Cayman Islands — 0.6%
Trina Solar, Ltd. ADR†#		624,013		4,992,104
China — 0.8%
China Telecom Corp., Ltd.(1)		11,947,823		7,293,923
Shanghai Electric Group Co., Ltd.(1)		72,000		32,675
				7,326,598
Denmark — 1.7%
Danske Bank A/S†(1)		802,350		11,219,192
Vestas Wind Systems A/S†#(1)		251,200		3,389,308
				14,608,500
France — 12.4%
AXA SA(1)		996,452		14,494,904
BNP Paribas SA(1)		330,636		13,268,005
Carrefour SA(1)		229,550		6,108,979
France Telecom SA(1)		695,195		12,007,889
GDF Suez(1)		172,090		4,835,176
Sanofi(1)		341,550		23,907,744
Societe Generale SA(1)		383,109		9,449,015
Total SA(1)		279,300		14,427,961
Vivendi SA(1)		404,500		9,334,196
				107,833,869
Germany — 6.7%
Deutsche Lufthansa AG(1)		431,830		5,594,816
E.ON AG(1)		445,220		11,020,901
Merck KGaA(1)		134,769		13,385,580
Muenchener Rueckversicherungs AG(1)		77,140		9,754,860
SAP AG(1)		133,030		7,936,958
Siemens AG(1)		99,875		10,080,231
				57,773,346
Hong Kong — 0.8%
Cheung Kong Holdings, Ltd.(1)		488		5,630
China Mobile, Ltd.(1)		701,500		6,924,776
				6,930,406
India — 0.9%
Reliance Industries, Ltd. GDR (LSE)*(1)		94,320		2,843,437
Reliance Industries, Ltd. GDR (OTC US)*		178,360		5,350,800
				8,194,237
Ireland — 0.8%
CRH PLC(1)		352,760		6,806,728
Italy — 1.1%
UniCredit SpA†#(1)		9,241,116		9,649,893

Security Description	Shares		Value (Note 2)
Japan — 6.4%
ITOCHU Corp.(1)		639,000	$	6,491,675
Mazda Motor Corp.†#(1)		2,066,000		3,771,520
Nintendo Co., Ltd.(1)		60,996		9,249,305
NKSJ Holdings, Inc.(1)		418,999		8,321,017
Nomura Holdings, Inc.(1)		2,200,300		7,294,251
Toyota Motor Corp.(1)		320,900		10,550,963
Trend Micro, Inc.(1)		309,900		9,513,287
				55,192,018
Jersey — 0.6%
Informa PLC(1)		943,060		5,367,737
Netherlands — 8.0%
Aegon NV†(1)		2,216,492		9,705,589
Akzo Nobel NV(1)		167,112		8,485,865
ING Groep NV CVA†(1)		3,172,164		24,737,704
Koninklijke Philips Electronics NV(1)		562,120		11,439,107
Randstad Holding NV(1)		236,610		7,391,784
Reed Elsevier NV(1)		654,324		7,721,519
				69,481,568
Norway — 4.7%
Statoil ASA(1)		746,520		19,324,340
Telenor ASA(1)		1,244,458		21,268,057
				40,592,397
Russia — 1.4%
Gazprom OAO ADR (LSE)		767,400		8,825,100
Gazprom OAO ADR (OTC US)(1)		253,600		2,938,159
				11,763,259
Singapore — 2.4%
Flextronics International, Ltd.†		1,326,280		7,917,892
Singapore Telecommunications, Ltd.#(1)		4,900,999		11,901,258
Singapore Telecommunications, Ltd. - 10(1)		294,000		714,991
				20,534,141
South Korea — 6.6%
KB Financial Group, Inc.(1)		449,203		15,631,583
KIWOOM Securities Co., Ltd.(1)		55,850		2,769,726
Korea Investment Holdings Co., Ltd.(1)		86,240		2,900,061
POSCO(1)		25,911		8,741,658
Samsung Electronics Co., Ltd.(1)		29,787		27,042,674
				57,085,702
Spain — 1.7%
Telefonica SA(1)		770,656		14,539,220
Telefonica SA ADR		837		15,694
				14,554,914
Sweden — 0.8%
Telefonaktiebolaget LM Ericsson, Class B(1)		637,260		6,781,905
Switzerland — 9.6%
Basilea Pharmaceutica†(1)		33,210		1,150,916
Credit Suisse Group AG†(1)		783,526		18,995,728
Lonza Group AG†(1)		86,480		5,296,638
Noble Corp.†#		169,310		5,846,274
Roche Holding AG(1)		155,810		24,782,602
Swiss Re AG†(1)		294,940		15,537,718
UBS AG†(1) (ZSE)		504,919		6,206,652
UBS AG†# (NYSE)		441,010		5,499,395
				83,315,923
Taiwan — 4.3%
Compal Electronics, Inc.(1)		11,335,528		10,396,287
Lite - On Technology Corp.(1)		21,680		23,793

62

VALIC Company I Foreign Value Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Taiwan (continued)
Siliconware Precision Industries Co.(1)		8,689,000	$	7,972,021
Taiwan Semiconductor Manufacturing Co., Ltd.(1)		7,398,862		18,632,292
				37,024,393
United Kingdom — 19.4%
Aviva PLC(1)		3,356,978		16,535,572
BAE Systems PLC(1)		1,661,876		7,172,939
BP PLC(1)		1,687,372		12,269,267
BP PLC ADR		180		7,839
Carillion PLC(1)		1,538,340		7,531,830
G4S PLC(1)		2,215,310		8,915,272
GlaxoSmithKline PLC(1)		971,621		21,529,392
Hays PLC(1)		6,300,480		7,286,600
Kingfisher PLC(1)		2,660,645		10,721,553
Lloyds Banking Group PLC†(1)		14,357,580		5,647,758
Marks & Spencer Group PLC(1)		678,710		3,534,519
Premier Foods PLC†#(1)		20,777,609		1,922,304
Rexam PLC(1)		1,196,170		6,488,715
Royal Dutch Shell PLC, Class A(1)		167,235		5,861,364
Royal Dutch Shell PLC, Class B(1)		268,205		9,661,765
SIG PLC(1)		4,032,874		5,312,869
Tesco PLC(1)		3,128,460		19,952,812
Vodafone Group PLC(1)		6,644,657		18,026,367
				168,378,737
Total Common Stock
(cost $935,713,013)				827,234,433
PREFERRED STOCK — 1.1%
Brazil — 1.1%
Petroleo Brasileiro SA ADR		147,700		3,702,839
Vale SA ADR		263,264		5,757,585
Total Preferred Stock
(cost $6,719,210)				9,460,424
Total Long-Term Investment Securities
(cost $942,432,223)				836,694,857

Security Description	Shares/ Principal Amount			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 6.8%
Collective Investment Pool — 4.2%
Navigator Securities Lending Prime Portfolio(2)		36,360,133		$	36,360,133
Time Deposits — 0.1%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 12/01/11	$	576,000			576,000
U.S. Government Agencies — 2.5%
Federal Home Loan Bank Disc. Notes 0.00% due 12/01/11		22,000,000			22,000,000
Total Short-Term Investment Securities
(cost $58,936,133)					58,936,133
TOTAL INVESTMENTS —
(cost $1,001,368,356)(3)		103.4	%		895,630,990
Liabilities in excess of other assets		(3.4	)		(29,420,270	)
NET ASSETS —		100.0	%	$	866,210,720

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

† Non-income producing security

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2011, the aggregate value of these securities was $8,194,237 representing 0.9% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

(1) Security was valued using fair value procedures at November 30, 2011. The aggregate value of these securities was $775,666,651 representing 89.6% 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.

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

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

ADR—American Depository Receipt

CVA—Certification Van Aandelen (Dutch Cert.)

GDR—Global Depository Receipt

LSE—London Stock Exchange

NYSE—New York Stock Exchange

OTC—Over the Counter U.S

ZSE—Zurich Stock Exchange

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2011 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs			Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Long-Term Investment Securities:
Common Stock:
France	$	—	$	107,833,869	#	$	—	$	107,833,869
Germany		—		57,773,346	#		—		57,773,346
Japan		—		55,192,018	#		—		55,192,018
Netherlands		—		69,481,568	#		—		69,481,568
South Korea		—		57,085,702	#		—		57,085,702
Switzerland		11,345,669		71,970,254	#		—		83,315,923
United Kingdom		7,839		168,370,898	#		—		168,378,737
Other Countries*		40,214,274		187,958,996	#		—		228,173,270
Preferred Stock		9,460,424		—			—		9,460,424
Short-Term Investment Securities:
Collective Investment Pool		—		36,360,133			—		36,360,133
Time Deposits		—		576,000			—		576,000
U.S. Government Agencies		—		22,000,000			—		22,000,000
Total	$	61,028,206	$	834,602,784		$	—	$	895,630,990

* 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 $775,666,651 representing 89.6% of net assets. See Note 2.

63

VALIC Company I Global Real Estate Fund

PORTFOLIO PROFILE — November 30, 2011 (Unaudited)

Industry Allocation*

Real Estate Investment Trusts	69.9	%
Real Estate Operations & Development	21.6
Real Estate Management/Services	5.3
Time Deposits	2.4
Storage/Warehousing	0.3
Hotels/Motels	0.2
Diversified Financial Services	0.1
	99.8	%

Country Allocation*

United States	45.1	%
Japan	10.4
Hong Kong	10.4
Australia	8.4
United Kingdom	5.9
Canada	5.1
France	4.3
Singapore	3.1
Bermuda	1.5
Netherlands	1.4
Sweden	1.3
Norway	0.9
Jersey	0.8
Cayman Islands	0.6
Germany	0.3
Guernsey	0.3
	99.8	%

* Calculated as a percentage of net assets

64

VALIC Company I Global Real Estate Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCK — 97.3%
Australia — 8.4%
BGP Holdings PLC†(1)(2)		479,213	$	0
Charter Hall Group(3)		327,684		693,080
Dexus Property Group(3)		5,128,378		4,648,874
GPT Group(3)		546,028		1,796,189
Stockland(3)		924,391		3,299,441
Westfield Group(3)		670,369		5,804,936
Westfield Retail Trust(3)		2,249,767		6,020,315
				22,262,835
Bermuda — 1.5%
Hong Kong Land Holdings, Ltd.(3)		373,000		1,746,721
Kerry Properties, Ltd.(3)		676,000		2,381,534
				4,128,255
Brazil — 0.0%
BR Properties SA		5,300		52,785
Canada — 5.1%
Allied Properties Real Estate Investment Trust		69,776		1,637,080
Canadian Apartment Properties REIT		48,497		1,000,418
Canadian Real Estate Investment Trust		35,600		1,260,022
Dundee Real Estate Investment Trust		58,998		1,890,921
InnVest Real Estate Investment Trust		498,577		2,106,835
Primaris Retail Real Estate Investment Trust		133,459		2,649,684
Transglobe Apartment Real Estate Investment Trust(1)		267,413		2,978,393
				13,523,353
Cayman Islands — 0.6%
Shimao Property Holdings, Ltd.(3)		1,941,500		1,589,317
France — 4.3%
Fonciere Des Regions(3)		19,272		1,282,696
Gecina SA(3)		14,194		1,229,219
Nexity SA(3)		87,275		2,032,674
Societe Immobiliere de Location pour l’Industrie et le Commerce(3)		10,728		1,083,005
Unibail - Rodamco SE(3)		30,686		5,729,804
				11,357,398
Germany — 0.3%
Alstria Office REIT - AG(3)		78,850		887,419
Guernsey — 0.3%
Etalon Group, Ltd. GDR†*(1)(4)		169,362		803,792
Hong Kong — 10.4%
China Overseas Land & Investment, Ltd.(3)		3,424,000		6,064,559
Hang Lung Properties, Ltd.(3)		1,687,000		5,105,232
Henderson Land Development Co., Ltd.(3)		933,000		4,655,314
Sun Hung Kai Properties, Ltd.(3)		945,504		11,686,758
				27,511,863
Japan — 10.4%
Japan Prime Realty Investment Corp.(3)		575		1,407,915
Japan Real Estate Investment Corp.(3)		173		1,440,085
Mitsubishi Estate Co., Ltd.(3)		333,000		5,572,730
Mitsui Fudosan Co., Ltd.(3)		504,000		8,182,725
Nippon Building Fund, Inc.(3)		190		1,746,433
Orix JREIT, Inc.(3)		156		662,062
Sankei Building Co., Ltd.(3)		172,200		692,542
Sumitomo Realty & Development Co., Ltd.(3)		228,000		4,523,544
United Urban Investment Corp.(3)		3,244		3,490,039
				27,718,075
Jersey — 0.8%
Atrium European Real Estate, Ltd.(3)		504,292		2,238,087

Security Description	Shares		Value (Note 2)
Netherlands — 1.4%
Corio NV(3)		24,569	$	1,096,198
Eurocommercial Properties NV(3)		75,704		2,558,574
				3,654,772
Norway — 0.9%
Norwegian Property ASA(3)		1,714,219		2,330,218
Singapore — 3.1%
CapitaLand, Ltd.(3)		4,074,000		8,263,416
Sweden — 1.3%
Castellum AB(3)		232,746		2,910,110
Hufvudstaden AB(3)		46,697		469,345
				3,379,455
United Kingdom — 5.9%
Derwent London PLC(3)		133,206		3,350,008
Great Portland Estates PLC(3)		188,237		1,043,270
Hammerson PLC(3)		728,509		4,492,786
Land Securities Group PLC(3)		115,311		1,246,208
Metric Property Investments PLC(3)		1,140,793		1,614,108
Safestore Holdings PLC(3)		503,238		821,494
Segro PLC(3)		474,933		1,685,993
Shaftesbury PLC(3)		170,501		1,346,238
				15,600,105
United States — 42.6%
Acadia Realty Trust		52,264		1,023,329
Alexandria Real Estate Equities, Inc.		43,466		2,849,631
American Campus Communities, Inc.		39,500		1,553,930
AvalonBay Communities, Inc.		34,346		4,288,098
Boston Properties, Inc.		50,226		4,790,556
BRE Properties, Inc.		20,812		1,012,712
Camden Property Trust		34,477		1,990,357
CBL & Associates Properties, Inc.		34,200		488,718
DCT Industrial Trust, Inc.		71,500		343,915
DDR Corp.		15,400		180,026
DiamondRock Hospitality Co.		141,026		1,238,208
Digital Realty Trust, Inc.		46,870		2,976,245
Douglas Emmett, Inc.		33,834		608,335
Duke Realty Corp.		161,102		1,868,783
Equity Lifestyle Properties, Inc.		15,700		970,731
Equity Residential		76,393		4,216,130
Essex Property Trust, Inc.		22,180		2,946,613
Extra Space Storage, Inc.		42,511		1,024,515
Federal Realty Investment Trust		23,200		2,051,576
General Growth Properties, Inc.		155,967		2,196,015
HCP, Inc.		130,133		5,029,640
Health Care REIT, Inc.		82,059		4,116,900
Healthcare Realty Trust, Inc.		29,700		523,314
Hersha Hospitality Trust		120,655		518,817
Highwoods Properties, Inc.		46,678		1,346,194
Host Hotels & Resorts, Inc.		323,455		4,576,888
Kilroy Realty Corp.		35,264		1,272,678
Kimco Realty Corp.		125,306		1,976,076
Macerich Co.		64,292		3,221,029
Mid-America Apartment Communities, Inc.		27,177		1,557,786
National Retail Properties, Inc.		55,900		1,479,114
Pebblebrook Hotel Trust		15,700		290,764
Piedmont Office Realty Trust, Inc.		63,500		1,056,640
Plum Creek Timber Co., Inc.		55,304		2,037,399
ProLogis, Inc.		178,540		4,966,983
Public Storage		32,628		4,303,633
Rayonier, Inc.		42,699		1,735,287
Regency Centers Corp.		47,988		1,783,234
Retail Opportunity Investments Corp.		74,687		879,813

65

VALIC Company I Global Real Estate Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares/ Principal Amount		Value (Note 2)
COMMON STOCK (continued)
United States (continued)
Senior Housing Properties Trust		44,104	$	966,319
Simon Property Group, Inc.		91,035		11,319,292
SL Green Realty Corp.		21,634		1,424,383
Sovran Self Storage, Inc.		25,302		1,053,575
Starwood Hotels & Resorts Worldwide, Inc.		11,389		543,028
Sunstone Hotel Investors, Inc.†		66,000		502,920
Tanger Factory Outlet Centers		23,900		677,565
Taubman Centers, Inc.		10,900		679,397
UDR, Inc.		72,081		1,693,903
Ventas, Inc.		109,602		5,782,602
Vornado Realty Trust		58,253		4,336,936
Weyerhaeuser Co.		166,304		2,792,244
				113,062,776
Total Common Stock
(cost $263,257,383)				258,363,921
ASSET BACKED SECURITIES — 0.1%
United States — 0.1%
Citigroup Commercial Mtg. Trust VRS Series 2006-C5, Class AMP3 5.68% due 10/15/49*(5) (cost $187,296)	$	219,060		203,333
Total Long-Term Investment Securities
(cost $263,444,679)				258,567,254
SHORT-TERM INVESTMENT SECURITIES — 2.4%
Time Deposits — 2.4%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 12/01/11 (cost $6,434,000)		6,434,000		6,434,000

			Value (Note 2)
TOTAL INVESTMENTS —
(cost $269,878,679)(6)	99.8	%	$	265,001,254
Other assets less liabilities	0.2			474,858
NET ASSETS —	100.0	%	$	265,476,112

† Non-income producing security

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2011, the aggregate value of these securities was $1,007,125 representing 0.4% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

(1) Illiquid security. At November 30, 2011, the aggregate value of these securities was $3,782,185 representing 1.4% of net assets.

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

(3) Security was valued using fair value procedures at November 30, 2011. The aggregate value of these securities was $130,921,215 representing 49.3% 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.

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

(5) Commercial Mortgage Backed Security

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

GDR—Global Depository Receipt

VRS—Variable Rate Security

The rates shown on VRS are the current interest rates at November 30, 2011 and unless noted otherwise, the dates shown are the original maturity dates.

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2011 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs			Level 3 -  Significant Unobservable Inputs		Total
ASSETS:
Long-Term Investment Securities:
Common Stock:
Australia	$	—	$	22,262,835	#	$	0	$	22,262,835
Canada		13,523,353		—			—		13,523,353
Hong Kong		—		27,511,863	#		—		27,511,863
Japan		—		27,718,075	#		—		27,718,075
United Kingdom		—		15,600,105	#		—		15,600,105
United States		113,062,776		—			—		113,062,776
Other Countries*		52,785		38,632,129	#		—		38,684,914
Asset Backed Securities		—		203,333			—		203,333
Short-Term Investment Securities:
Time Deposits		—		6,434,000			—		6,434,000
Total	$	126,638,914	$	138,362,340		$	0	$	265,001,254

* 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 $130,921,215 representing 49.3% of net assets. See Note 2.

66

VALIC Company I Global Real Estate Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

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

	Common Stock
Balance as of 5/31/2011	$	0
Accrued discounts		—
Accrued premiums		—
Realized gain		—
Realized loss		—
Change in unrealized appreciation(1)		—
Change in unrealized depreciation(1)		—
Net purchases		—
Net sales		—
Transfers into Level 3(2)		—
Transfers out of Level 3(2)		—
Balance as of 11/30/2011	$	0

(1) The total change in unrealized appreciation (depreciation) included in the statement of operations attributable to level 3 investments still held at November 30, 2011 includes:

Common Stock
$	—

(2) The Fund’s policy is to recognize transfers in and transfers out as of the end of the reporting period.

See Notes to Financial Statements

67

VALIC Company I Global Social Awareness Fund

PORTFOLIO PROFILE — November 30, 2011 (Unaudited)

Industry Allocation*

Medical — Drugs	5.5	%
Banks — Commercial	4.6
Oil Companies — Exploration & Production	3.7
Diversified Banking Institutions	3.6
Multimedia	3.4
Collective Investment Pool	3.2
Oil Companies — Integrated	2.8
Banks — Super Regional	2.5
Computers	2.5
Food — Misc.	2.4
Insurance — Multi-line	2.3
Computer Services	2.3
Telephone — Integrated	2.3
Diversified Minerals	2.3
Time Deposits	1.8
Cosmetics & Toiletries	1.8
Medical — HMO	1.7
Electric — Integrated	1.6
Insurance — Life/Health	1.6
Oil — Field Services	1.5
Auto — Cars/Light Trucks	1.5
Cable/Satellite TV	1.4
Applications Software	1.4
Transport — Rail	1.3
Pipelines	1.3
Beverages — Non-alcoholic	1.3
Electronic Components — Semiconductors	1.2
Food — Confectionery	1.2
Web Portals/ISP	1.1
Real Estate Investment Trusts	1.1
Commercial Services — Finance	1.1
Retail — Building Products	1.0
Medical — Biomedical/Gene	1.0
Semiconductor Components — Integrated Circuits	1.0
Diversified Manufacturing Operations	1.0
Medical — Generic Drugs	1.0
Industrial Gases	0.9
Retail — Drug Store	0.9
Gold Mining	0.8
Chemicals — Diversified	0.7
Insurance — Property/Casualty	0.7
Metal — Copper	0.7
Transport — Services	0.7
Athletic Footwear	0.7
Medical Products	0.7
Medical — Wholesale Drug Distribution	0.6
Enterprise Software/Service	0.6
Auto/Truck Parts & Equipment — Original	0.6
Retail — Major Department Stores	0.6
Investment Management/Advisor Services	0.6
Consumer Products — Misc.	0.6
Cellular Telecom	0.6
Engineering/R&D Services	0.6
Building & Construction — Misc.	0.6
Real Estate Operations & Development	0.5
Machinery — Construction & Mining	0.5
Non-Hazardous Waste Disposal	0.5
Agricultural Chemicals	0.5
Chemicals — Specialty	0.5
Photo Equipment & Supplies	0.5
Food — Retail	0.4
Engines — Internal Combustion	0.4
Therapeutics	0.4
Gas — Distribution	0.4
Retail — Restaurants	0.4
Computers — Memory Devices	0.4
Oil Field Machinery & Equipment	0.4
Soap & Cleaning Preparation	0.4
Oil & Gas Drilling	0.4
Semiconductor Equipment	0.4

Retail — Misc./Diversified	0.4	%
Public Thoroughfares	0.4
Metal Processors & Fabrication	0.3
Insurance — Reinsurance	0.3
U.S. Government Treasuries	0.3
Electronic Components — Misc.	0.3
Food — Wholesale/Distribution	0.3
Finance — Other Services	0.3
Building Products — Cement	0.3
E-Commerce/Products	0.3
Food — Baking	0.3
Gas — Transportation	0.3
Containers — Metal/Glass	0.3
Building & Construction Products — Misc.	0.3
Audio/Video Products	0.3
Retail — Discount	0.2
Airport Development/Maintenance	0.2
Telecom Services	0.2
Building — Heavy Construction	0.2
Retail — Regional Department Stores	0.2
Sugar	0.2
Medical Instruments	0.2
Industrial Automated/Robotic	0.2
Satellite Telecom	0.2
Diversified Operations	0.2
Electric Products — Misc.	0.2
Apparel Manufacturers	0.2
Banks — Fiduciary	0.2
Finance — Investment Banker/Broker	0.2
Distribution/Wholesale	0.2
Investment Companies	0.2
Office Automation & Equipment	0.1
Commercial Services	0.1
Silver Mining	0.1
Office Supplies & Forms	0.1
Building Products — Doors & Windows	0.1
Real Estate Management/Services	0.1
Agricultural Operations	0.1
Diversified Operations/Commercial Services	0.1
Machinery — Electrical	0.1
Retail — Bedding	0.1
Oil Refining & Marketing	0.1
Advertising Agencies	0.1
Metal — Diversified	0.1
Electronic Measurement Instruments	0.1
Machinery — Farming	0.1
Insurance Brokers	0.1
E-Commerce/Services	0.1
Textile — Products	0.1
Retail — Apparel/Shoe	0.1
Building — Residential/Commercial	0.1
Steel — Producers	0.1
Printing — Commercial	0.1
Consulting Services	0.1
Finance — Leasing Companies	0.1
Security Services	0.1
Containers — Paper/Plastic	0.1
Mining	0.1
Resorts/Theme Parks	0.1
Metal — Iron	0.1
Recreational Vehicles	0.1
Non-Ferrous Metals	0.1
Tools — Hand Held	0.1
Publishing — Newspapers	0.1
Water Treatment Systems	0.1
	102.8	%

* Calculated as a percentage of net assets

68

VALIC Company I Global Social Awareness Fund

PORTFOLIO PROFILE — November 30, 2011 (Unaudited) — (continued)

Country Allocation*

United States	52.6	%
Japan	9.9
United Kingdom	8.3
Canada	5.9
Australia	4.2
France	3.7
Switzerland	3.5
Germany	3.4
Italy	1.5
Spain	1.4
Ireland	1.2
Sweden	1.0
Hong Kong	1.0
Singapore	0.8
Netherlands	0.7
Curacao	0.7
Bermuda	0.5
Portugal	0.5
Norway	0.4
Israel	0.3
Luxembourg	0.3
Jersey	0.3
Austria	0.3
Greece	0.2
Belgium	0.1
New Zealand	0.1
	102.8	%

* Calculated as a percentage of net assets

69

VALIC Company I Global Social Awareness Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCK — 97.2%
Australia — 4.2%
AGL Energy, Ltd.(1)		7,555	$	112,818
Alumina, Ltd.(1)		37,512		54,847
Amcor, Ltd.(1)		22,857		174,711
AMP, Ltd.(1)		42,158		186,072
Asciano, Ltd.(1)		18,685		30,404
ASX, Ltd.(1)		724		23,013
Australia & New Zealand Banking Group, Ltd.(1)		37,500		794,278
BGP Holdings PLC†(2)(3)		60,919		0
BHP Billiton, Ltd.(1)		47,597		1,777,324
Boral, Ltd.(1)		7,374		27,555
Brambles, Ltd.(1)		23,970		179,065
Caltex Australia, Ltd.(1)		2,237		30,212
Coca-Cola Amatil, Ltd.(1)		14,598		178,285
Cochlear, Ltd.(1)		358		20,830
Commonwealth Bank of Australia(1)		22,032		1,105,034
Computershare, Ltd.(1)		8,455		71,390
CSL, Ltd.(1)		6,507		213,477
Fortescue Metals Group, Ltd.(1)		28,937		142,860
Goodman Group(1)		33,298		21,103
GPT Group(1)		10,789		35,491
Harvey Norman Holdings, Ltd.(1)		5,188		11,577
Iluka Resources, Ltd.(1)		5,200		83,406
Incitec Pivot, Ltd.(1)		21,309		73,609
Insurance Australia Group, Ltd.(1)		22,893		69,367
Lynas Corp., Ltd.†(1)		12,554		16,948
MacArthur Coal, Ltd.(1)		2,258		38,467
Macquarie Group, Ltd.(1)		4,982		124,880
MAP Group†(1)		8,277		29,653
Mirvac Group(1)		11,554		15,536
National Australia Bank, Ltd.(1)		30,615		764,039
Newcrest Mining, Ltd.(1)		14,340		520,269
Orica, Ltd.(1)		5,521		148,273
Origin Energy, Ltd.(1)		19,967		299,075
OZ Minerals, Ltd.(1)		4,059		45,767
QBE Insurance Group, Ltd.(1)		15,613		223,848
QR National, Ltd.(1)		13,975		49,805
Ramsay Health Care, Ltd.(1)		1,969		38,263
Santos, Ltd.(1)		13,005		181,202
Sims Metal Management, Ltd.(1)		3,253		44,274
Sonic Healthcare, Ltd.(1)		5,736		69,376
SP AusNet(1)		44,806		44,309
Stockland(1)		26,024		92,888
Suncorp Group, Ltd.(1)		17,989		157,138
Telstra Corp., Ltd.(1)		66,717		219,223
Transurban Group(1)		20,866		122,129
Wesfarmers, Ltd.(1)		13,877		446,032
Wesfarmers, Ltd. PPS(1)		5,794		187,949
Westfield Group(1)		37,475		324,508
Westfield Retail Trust(1)		17,200		46,027
Westpac Banking Corp.(1)		42,092		919,454
Woodside Petroleum, Ltd.(1)		9,890		344,639
				10,930,699
Austria — 0.3%
OMV AG(1)		21,062		699,569
Belgium — 0.1%
Colruyt SA(1)		6,285		238,249
Bermuda — 0.5%
Arch Capital Group, Ltd.†		15,816		597,370
Cheung Kong Infrastructure Holdings, Ltd.(1)		18,000		101,760
Esprit Holdings, Ltd.(1)		22,300		32,036
Kerry Properties, Ltd.(1)		14,000		49,322
Li & Fung, Ltd.(1)		92,000		188,147

Security Description	Shares		Value (Note 2)
Bermuda (continued)
NWS Holdings, Ltd.(1)		176,000	$	249,812
Orient Overseas International, Ltd.(1)		6,000		27,790
				1,246,237
Canada — 5.9%
Agnico - Eagle Mines, Ltd.		3,900		174,897
Agrium, Inc.		2,300		161,436
Alimentation Couche - Tard, Inc., Class B		2,700		77,563
ARC Resources, Ltd.		3,600		90,287
Athabasca Oil Sands Corp.†		3,400		39,369
Bank of Montreal		8,100		473,794
Bank of Nova Scotia		14,200		717,692
Baytex Energy Corp.		1,400		72,062
BCE, Inc.		3,900		152,949
Bonavista Energy Corp.		1,300		34,069
Brookfield Asset Management, Inc., Class A		8,900		248,601
Brookfield Office Properties, Inc.		2,200		32,505
Canadian Imperial Bank of Commerce		4,900		350,271
Canadian National Railway Co.		6,200		479,429
Canadian Natural Resources, Ltd.		16,000		600,971
Canadian Oil Sands, Ltd.		7,000		147,213
Canadian Pacific Railway, Ltd.		1,700		102,438
Canadian Tire Corp., Ltd., Class A		1,100		69,670
Canadian Utilities, Ltd., Class A		2,000		121,908
Cenovus Energy, Inc.		11,500		384,592
Centerra Gold, Inc.		4,400		98,185
Crescent Point Energy Corp.		3,700		160,885
Eldorado Gold Corp.		11,900		216,077
Empire Co., Ltd., Class A		600		36,002
Encana Corp.		11,400		229,688
Enerplus Corp.		2,400		62,709
Fairfax Financial Holdings, Ltd.		200		81,769
First Quantum Minerals, Ltd.		6,400		129,261
Fortis, Inc.		4,200		137,989
Franco - Nevada Corp.		3,500		148,208
George Weston, Ltd.		2,300		152,191
Gildan Activewear, Inc.		1,300		31,253
Great-West Lifeco, Inc.		6,400		122,735
IAMGOLD Corp.		8,200		165,777
IGM Financial, Inc.		1,300		55,202
Imperial Oil, Ltd.		8,200		350,688
Inmet Mining Corp.		600		35,172
Intact Financial Corp.		600		33,472
Ivanhoe Mines, Ltd.†		3,700		79,808
Kinross Gold Corp.		23,100		325,228
Loblaw Cos., Ltd.		4,300		155,988
Magna International, Inc.		3,300		117,738
Manulife Financial Corp.		25,500		274,763
MEG Energy Corp.†		1,800		78,833
National Bank of Canada		1,200		78,051
New Gold, Inc.†		8,800		98,530
Nexen, Inc.		8,400		139,924
Niko Resources, Ltd.		500		25,379
Open Text Corp.†		600		34,208
Osisko Mining Corp.†		9,400		103,866
Pacific Rubiales Energy Corp.		3,700		79,119
Pan American Silver Corp.		3,400		88,538
Pengrowth Energy Corp.		3,600		37,061
Penn West Petroleum, Ltd.		7,200		132,148
PetroBakken Energy, Ltd., Class A		1,800		17,436
Potash Corp. of Saskatchewan, Inc.		11,600		505,648
Power Corp. of Canada		6,000		131,124
Power Financial Corp.		5,600		134,681
Progress Energy Resources Corp.		1,300		18,392
Research In Motion, Ltd.†		6,500		117,133

70

VALIC Company I Global Social Awareness Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Canada (continued)
RioCan Real Estate Investment Trust		1,200	$	30,013
Rogers Communications, Inc., Class B		5,200		192,817
Royal Bank of Canada		19,000		880,376
Saputo, Inc.		2,000		74,494
Shaw Communications, Inc., Class B		6,800		140,474
Shoppers Drug Mart Corp.		4,400		183,127
Silver Wheaton Corp.		6,900		232,244
Sino - Forest Corp.†(2)		2,600		3,103
Sun Life Financial, Inc.		9,400		170,130
Suncor Energy, Inc.		23,600		710,811
Talisman Energy, Inc.		15,600		213,516
Teck Resources, Ltd., Class B		8,900		325,913
TELUS Corp.		2,000		102,691
Thomson Reuters Corp.(NYSE)		29,801		806,713
Thomson Reuters Corp.(TSX)		7,500		203,025
Tim Hortons, Inc.		2,800		141,929
Toronto - Dominion Bank		11,700		843,130
Tourmaline Oil Corp.†		800		23,962
TransAlta Corp.		5,000		107,799
Valeant Pharmaceuticals International, Inc.†		3,400		157,341
Vermilion Energy, Inc.		1,000		46,728
Viterra, Inc.		4,000		40,865
Yamana Gold, Inc.		17,800		300,172
				15,483,948
Cayman Islands — 0.0%
ASM Pacific Technology, Ltd.(1)		4,700		52,105
Lifestyle International Holdings, Ltd.(1)		14,000		32,987
				85,092
Curacao — 0.7%
Schlumberger, Ltd.		25,993		1,958,053
France — 3.7%
Aeroports de Paris(1)		8,529		623,443
AXA SA(1)		64,126		932,810
BNP Paribas SA(1)		25,710		1,031,710
Casino Guichard Perrachon SA(1)		7,857		699,929
Credit Agricole SA(1)		80,629		521,425
Danone(1)		16,040		1,060,966
Eutelsat Communications SA(1)		14,330		556,949
France Telecom SA(1)		57,601		994,924
L’Oreal SA(1)		8,897		962,646
Legrand SA(1)		4,901		158,708
PPR(1)		4,773		717,061
Sanofi(1)		21,482		1,503,692
				9,764,263
Germany — 3.1%
Allianz SE(1)		11,101		1,150,273
Bayerische Motoren Werke AG(1)		12,102		911,036
Beiersdorf AG(1)		730		41,737
Brenntag AG(1)		6,883		660,014
Commerzbank AG†(1)		217,940		407,595
Deutsche Telekom AG(1)		83,072		1,076,815
Fresenius SE & Co. KGaA(1)		7,765		746,792
K + S AG(1)		11,825		642,134
Linde AG(1)		6,094		935,801
Muenchener Rueckversicherungs AG(1)		7,150		904,164
Suedzucker AG(1)		18,187		578,400
				8,054,761
Greece — 0.2%
Coca-Cola Hellenic Bottling Co. SA†(1)		31,938		488,481

Security Description	Shares		Value (Note 2)
Hong Kong — 1.0%
BOC Hong Kong Holdings, Ltd.(1)		59,500	$	136,775
Cathay Pacific Airways, Ltd.(1)		25,000		45,362
Cheung Kong Holdings, Ltd.(1)		23,000		265,349
Hang Lung Group, Ltd.(1)		13,000		69,620
Hang Lung Properties, Ltd.(1)		40,000		121,049
Hang Seng Bank, Ltd.(1)		13,300		165,506
Henderson Land Development Co., Ltd.(1)		18,000		89,813
Hong Kong & China Gas Co., Ltd.(1)		99,000		228,923
Hong Kong Exchanges and Clearing, Ltd.(1)		15,900		265,179
Hysan Development Co., Ltd.(1)		4,000		12,902
Link REIT(1)		40,000		144,291
MTR Corp.(1)		40,500		134,584
New World Development Co., Ltd.(1)		57,000		48,939
Power Assets Holdings, Ltd.(1)		28,500		211,855
Sino Land Co., Ltd.(1)		46,200		58,104
Sun Hung Kai Properties, Ltd.(1)		24,000		296,648
Swire Pacific, Ltd., Class A(1)		13,500		164,647
Wharf Holdings, Ltd.(1)		26,000		126,280
Wheelock & Co., Ltd.(1)		17,000		45,322
				2,631,148
Ireland — 1.2%
Accenture PLC, Class A		32,784		1,899,177
Cooper Industries PLC#		2,163		120,111
Warner Chilcott PLC, Class A†		71,508		1,124,106
				3,143,394
Israel — 0.3%
Bezeq The Israeli Telecommunication Corp., Ltd.(1)		5,293		10,006
Delek Group, Ltd.(1)		946		175,210
Israel Chemicals, Ltd.(1)		9,600		104,359
Israel Corp., Ltd.(1)		42		27,757
NICE Systems, Ltd.†(1)		800		27,047
Teva Pharmaceutical Industries, Ltd.(1)		12,600		499,974
				844,353
Italy — 1.5%
Assicurazioni Generali SpA(1)		37,600		625,454
Atlantia SpA(1)		45,864		706,066
Saipem SpA(1)		5,014		224,258
Snam Rete Gas SpA(1)		155,885		723,048
Telecom Italia SpA(1)		393,293		444,171
Telecom Italia SpA RSP(1)		695,669		674,832
UniCredit SpA(1)		428,883		447,854
				3,845,683
Japan — 9.9%
ABC - Mart, Inc.(1)		300		11,158
Advantest Corp.(1)		2,400		26,967
Aeon Co., Ltd.(1)		16,500		226,246
Air Water, Inc.(1)		2,000		26,123
Aisin Seiki Co., Ltd.(1)		5,100		153,609
Ajinomoto Co., Inc.(1)		13,000		156,056
All Nippon Airways Co., Ltd.(1)		12,000		36,320
Amada Co., Ltd.(1)		11,000		68,789
Asahi Glass Co., Ltd.(1)		29,000		247,201
Asics Corp.(1)		2,000		24,028
Astellas Pharma, Inc.(1)		7,000		270,223
Bank of Yokohama, Ltd.(1)		4,000		19,093
Benesse Holdings, Inc.(1)		1,900		85,345
Casio Computer Co., Ltd.(1)		3,900		24,299
Central Japan Railway Co.(1)		35		280,763
Chugai Pharmaceutical Co., Ltd.(1)		3,700		56,532
Citizen Holdings Co., Ltd.(1)		7,800		45,494
Coca-Cola West Co., Ltd.(1)		1,800		30,534

71

VALIC Company I Global Social Awareness Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Japan (continued)
Cosmo Oil Co., Ltd.(1)		24,000	$	66,291
Credit Saison Co., Ltd.(1)		1,600		29,216
Dai Nippon Printing Co., Ltd.(1)		12,000		117,810
Dai - ichi Life Insurance Co., Ltd.(1)		127		141,333
Daido Steel Co., Ltd.(1)		8,000		52,624
Daihatsu Motor Co., Ltd.(1)		6,000		105,456
Daiichi Sankyo Co., Ltd.(1)		10,200		183,544
Daito Trust Construction Co., Ltd.(1)		800		71,373
Daiwa House Industry Co., Ltd.(1)		5,000		60,270
Daiwa Securities Group, Inc.(1)		23,000		77,109
Dena Co., Ltd.(1)		1,450		44,990
Denki Kagaku Kogyo KK(1)		6,000		23,641
Denso Corp.(1)		10,700		305,825
Dentsu, Inc.(1)		3,000		87,245
East Japan Railway Co.(1)		6,200		379,459
Eisai Co., Ltd.(1)		4,000		154,414
Elpida Memory, Inc.†(1)		3,800		18,896
FANUC Corp.(1)		3,400		558,169
Fast Retailing Co., Ltd.(1)		900		145,760
Fuji Electric Co., Ltd.(1)		26,000		77,343
FUJIFILM Holdings Corp.(1)		10,800		261,205
Furukawa Electric Co., Ltd.(1)		30,000		68,566
Gree, Inc.(1)		1,300		43,608
GS Yuasa Corp.(1)		13,000		75,210
Hamamatsu Photonics KK(1)		2,000		73,847
Hino Motors, Ltd.(1)		10,000		61,621
Hirose Electric Co., Ltd.(1)		900		83,337
Hisamitsu Pharmaceutical Co., Inc.(1)		200		8,011
Hitachi Chemical Co., Ltd.(1)		900		17,417
Hitachi Construction Machinery Co., Ltd.(1)		4,800		85,237
Hitachi High - Technologies Corp.(1)		2,200		48,697
Hitachi Metals, Ltd.(1)		5,000		56,212
Honda Motor Co., Ltd.(1)		27,600		872,521
Ibiden Co., Ltd.(1)		3,000		71,041
Idemitsu Kosan Co., Ltd.(1)		1,000		106,776
Inpex Corp.(1)		36		241,938
Isetan Mitsukoshi Holdings, Ltd.(1)		6,000		58,822
Isuzu Motors, Ltd.(1)		30,000		141,676
J. Front Retailing Co., Ltd.(1)		4,000		17,674
Japan Real Estate Investment Corp.(1)		2		16,648
JGC Corp.(1)		6,000		150,722
JS Group Corp.(1)		7,600		144,286
JSR Corp.(1)		2,300		44,737
JTEKT Corp.(1)		6,700		66,144
Jupiter Telecommunications Co., Ltd.(1)		58		56,668
Kansai Paint Co., Ltd.(1)		1,000		9,516
Kao Corp.(1)		10,100		266,696
KDDI Corp.(1)		42		278,682
Keikyu Corp.(1)		4,000		35,215
Keio Corp.(1)		4,000		27,151
Keyence Corp.(1)		900		230,212
Kikkoman Corp.(1)		2,000		22,120
Kinden Corp.(1)		13,000		107,567
Kintetsu Corp.(1)		23,000		85,301
Koito Manufacturing Co., Ltd.(1)		2,000		27,859
Konica Minolta Holdings, Inc.(1)		89,000		673,966
Kubota Corp.(1)		28,000		254,943
Kuraray Co., Ltd.(1)		5,000		71,620
Kurita Water Industries, Ltd.(1)		3,900		104,531
Kyocera Corp.(1)		3,200		286,860
Kyowa Hakko Kirin Co., Ltd.(1)		2,000		23,631
Mabuchi Motor Co., Ltd.(1)		1,300		57,778
Makita Corp.(1)		3,100		108,241
Marui Group Co., Ltd.(1)		2,400		17,540
Maruichi Steel Tube, Ltd.(1)		1,400		30,928

Security Description	Shares		Value (Note 2)
Japan (continued)
Mazda Motor Corp.†(1)		39,000	$	71,195
McDonald’s Holdings Co. Japan, Ltd.(1)		2,200		59,068
Medipal Holdings Corp.(1)		2,000		19,690
MEIJI Holdings Co., Ltd.(1)		1,200		52,115
Miraca Holdings, Inc.(1)		600		23,172
Mitsubishi Chemical Holdings Corp.(1)		26,000		150,642
Mitsubishi Estate Co., Ltd.(1)		18,000		301,229
Mitsubishi Gas Chemical Co., Inc.(1)		5,000		29,777
Mitsubishi Materials Corp.(1)		40,000		112,607
Mitsubishi Motors Corp.†(1)		125,000		151,244
Mitsubishi Tanabe Pharma Corp.(1)		3,600		56,158
Mitsubishi UFJ Financial Group, Inc.(1)		194,200		843,693
Mitsubishi UFJ Lease & Finance Co., Ltd.(1)		1,170		44,695
Mitsui Chemicals, Inc.(1)		15,000		48,690
Mitsui Fudosan Co., Ltd.(1)		12,000		194,827
Mitsui O.S.K. Lines, Ltd.(1)		18,000		57,250
Mizuho Financial Group, Inc.(1)		363,900		477,345
MS&AD Insurance Group Holdings(1)		8,900		175,097
Murata Manufacturing Co., Ltd.(1)		3,900		230,976
Namco Bandai Holdings, Inc.(1)		3,200		46,208
NGK Insulators, Ltd.(1)		8,000		88,602
NGK Spark Plug Co., Ltd.(1)		4,000		51,224
NHK Spring Co., Ltd.(1)		3,000		27,370
Nidec Corp.(1)		2,800		252,878
Nikon Corp.(1)		5,800		136,324
Nippon Building Fund, Inc.(1)		4		36,767
Nippon Electric Glass Co., Ltd.(1)		10,000		103,133
Nippon Express Co., Ltd.(1)		8,000		30,400
Nippon Meat Packers, Inc.(1)		3,000		37,704
Nippon Sheet Glass Co., Ltd.(1)		35,000		67,510
Nippon Telegraph & Telephone Corp.(1)		8,800		433,552
Nippon Yusen KK(1)		28,000		62,468
Nissan Motor Co., Ltd.(1)		51,300		470,816
Nisshin Seifun Group, Inc.(1)		3,000		36,025
Nisshin Steel Co., Ltd.(1)		23,000		32,960
Nissin Foods Holdings Co., Ltd.(1)		1,600		61,304
Nitori Holdings Co., Ltd.(1)		750		70,145
Nitto Denko Corp.(1)		2,400		99,407
NKSJ Holdings, Inc.(1)		3,850		76,458
NOK Corp.(1)		2,400		42,076
Nomura Holdings, Inc.(1)		61,300		203,217
Nomura Research Institute, Ltd.(1)		2,800		61,960
NSK, Ltd.(1)		15,000		99,619
NTN Corp.(1)		17,000		67,614
NTT Data Corp.(1)		31		96,508
NTT DoCoMo, Inc.(1)		236		416,180
Obayashi Corp.(1)		27,000		113,075
Odakyu Electric Railway Co., Ltd.(1)		9,000		85,138
Omron Corp.(1)		6,000		128,219
Ono Pharmaceutical Co., Ltd.(1)		1,000		51,900
Oracle Corp.(1)		1,200		40,222
Oriental Land Co., Ltd.(1)		1,400		144,851
ORIX Corp.(1)		1,830		154,068
Osaka Gas Co., Ltd.(1)		44,000		167,924
Otsuka Corp.(1)		300		20,716
Otsuka Holdings Co., Ltd.(1)		5,000		137,171
Panasonic Corp.(1)		38,800		372,715
Rakuten, Inc.(1)		123		131,621
Resona Holdings, Inc.(1)		28,400		127,115
Rinnai Corp.(1)		600		45,791
Rohm Co., Ltd.(1)		2,200		105,310
Santen Pharmaceutical Co., Ltd.(1)		300		11,305
Secom Co., Ltd.(1)		4,100		184,818
Sekisui Chemical Co., Ltd.(1)		8,000		59,979
Sekisui House, Ltd.(1)		12,000		104,888

72

VALIC Company I Global Social Awareness Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Japan (continued)
Sharp Corp.(1)		19,000	$	194,248
Shimamura Co., Ltd.(1)		400		37,864
Shimano, Inc.(1)		1,300		63,572
Shimizu Corp.(1)		28,000		114,726
Shin - Etsu Chemical Co., Ltd.(1)		6,600		331,355
Shionogi & Co., Ltd.(1)		4,200		49,305
Shiseido Co., Ltd.(1)		7,300		135,504
Shizuoka Bank, Ltd.(1)		2,000		20,751
Showa Denko KK(1)		26,000		53,182
Showa Shell Sekiyu KK(1)		6,900		46,197
SMC Corp.(1)		1,300		215,708
Softbank Corp.(1)		12,100		407,683
Sony Financial Holdings, Inc.(1)		1,900		31,283
Square Enix Holdings Co., Ltd.(1)		700		14,371
Stanley Electric Co., Ltd.(1)		2,800		41,215
Sumco Corp.†(1)		2,700		22,852
Sumitomo Chemical Co., Ltd.(1)		33,000		125,962
Sumitomo Electric Industries, Ltd.(1)		23,200		252,686
Sumitomo Metal Industries, Ltd.(1)		91,000		160,777
Sumitomo Metal Mining Co., Ltd.(1)		14,000		188,894
Sumitomo Mitsui Financial Group, Inc.(1)		21,400		590,938
Sumitomo Mitsui Trust Holdings, Inc.(1)		43,000		131,861
Sumitomo Realty & Development Co., Ltd.(1)		5,000		99,200
Sumitomo Rubber Industries, Ltd.(1)		4,500		54,104
Suzuken Co., Ltd.(1)		600		15,533
Sysmex Corp.(1)		900		31,063
T&D Holdings, Inc.(1)		7,200		70,035
Taisei Corp.(1)		43,000		111,392
Taisho Pharmaceutical Holdings Co., Ltd.†		400		26,766
Taiyo Nippon Sanso Corp.(1)		6,000		43,822
Takashimaya Co., Ltd.(1)		2,000		14,278
Takeda Pharmaceutical Co., Ltd.(1)		12,600		515,991
TDK Corp.(1)		3,000		152,687
Teijin, Ltd.(1)		15,000		45,962
Terumo Corp.(1)		3,000		146,196
THK Co., Ltd.(1)		3,300		66,419
Tobu Railway Co., Ltd.(1)		13,000		65,976
Toho Co., Ltd.(1)		600		10,354
Toho Gas Co., Ltd.(1)		7,000		41,271
Tokio Marine Holdings, Inc.(1)		12,800		310,525
Tokyo Electron, Ltd.(1)		3,000		164,605
Tokyo Gas Co., Ltd.(1)		55,000		236,275
Tokyu Corp.(1)		20,000		96,578
TonenGeneral Sekiyu KK(1)		11,000		125,624
Toppan Printing Co., Ltd.(1)		13,000		95,676
Toray Industries, Inc.(1)		26,000		195,146
Tosoh Corp.(1)		10,000		29,477
TOTO, Ltd.(1)		10,000		81,313
Toyo Seikan Kaisha, Ltd.(1)		1,000		13,882
Toyo Suisan Kaisha, Ltd.(1)		1,000		24,555
Toyoda Gosei Co., Ltd.(1)		1,300		22,636
Toyota Boshoku Corp.(1)		1,600		17,886
Toyota Industries Corp.(1)		5,800		161,342
Trend Micro, Inc.(1)		1,600		49,117
Ube Industries, Ltd.(1)		15,000		42,450
Unicharm Corp.(1)		2,800		132,632
Ushio, Inc.(1)		4,800		72,608
USS Co., Ltd.(1)		290		25,148
West Japan Railway Co.(1)		3,400		140,658
Yahoo Japan Corp.(1)		311		98,419
Yakult Honsha Co., Ltd.(1)		1,900		58,486
Yamada Denki Co., Ltd.(1)		1,430		103,376
Yamaha Corp.(1)		2,300		22,270
Yamaha Motor Co., Ltd.†(1)		8,400		117,399
Yamato Holdings Co., Ltd.(1)		5,800		93,348

Security Description	Shares		Value (Note 2)
Japan (continued)
Yamato Kogyo Co., Ltd.(1)		1,000	$	27,648
Yamazaki Baking Co., Ltd.(1)		3,000		39,872
Yaskawa Electric Corp.(1)		6,000		52,376
				25,970,561
Jersey — 0.3%
Petrofac, Ltd.(1)		32,401		740,681
Luxembourg — 0.3%
Millicom International Cellular SA(1)		6,879		744,481
Mauritius — 0.0%
Golden Agri - Resources, Ltd.(1)		149,000		84,379
Netherlands — 0.7%
ASML Holding NV(1)		17,739		692,169
ING Groep NV†(1)		109,988		857,727
Koninklijke KPN NV(1)		33,357		408,625
				1,958,521
New Zealand — 0.1%
Chorus, Ltd.†		3,461		8,891
Contact Energy, Ltd.†(1)		14,357		60,424
Fletcher Building, Ltd.(1)		19,574		92,610
Telecom Corp. of New Zealand, Ltd.(1)		17,306		27,659
				189,584
Norway — 0.4%
Statoil ASA(1)		37,846		979,678
Portugal — 0.5%
EDP - Energias de Portugal SA(1)		233,112		747,291
Galp Energia SGPS SA Class B(1)		26,212		439,231
				1,186,522
Singapore — 0.8%
Ascendas Real Estate Investment Trust(1)		20,000		32,137
CapitaLand, Ltd.(1)		49,000		99,388
CapitaMall Trust(1)		33,000		45,772
City Developments, Ltd.(1)		7,000		54,121
DBS Group Holdings, Ltd.(1)		29,000		288,731
Global Logistic Properties, Ltd.†(1)		30,000		43,720
Jardine Cycle & Carriage, Ltd.(1)		3,000		109,669
Oversea - Chinese Banking Corp., Ltd.(1)		42,000		268,444
Singapore Airlines, Ltd.(1)		11,000		90,325
Singapore Exchange, Ltd.(1)		10,000		49,224
Singapore Press Holdings, Ltd.(1)		35,000		108,146
Singapore Telecommunications, Ltd.(1)		135,000		327,825
United Overseas Bank, Ltd.(1)		21,000		255,449
Wilmar International, Ltd.(1)		53,000		214,895
Yangzijiang Shipbuilding Holdings, Ltd.(1)		113,000		81,681
				2,069,527
Spain — 1.4%
ACS Actividades de Construccion y Servicios SA(1)		18,920		614,649
Banco Santander SA(1)		171,470		1,286,490
Ferrovial SA(1)		54,822		680,040
Repsol YPF SA(1)		31,723		961,044
				3,542,223
Sweden — 1.0%
Assa Abloy AB, Class B(1)		30,404		749,411
Atlas Copco AB, Class A(1)		38,029		817,324
Atlas Copco AB, Class B(1)		38,914		740,905
Getinge AB, Class B(1)		6,521		168,058
Nordea Bank AB(1)		21,728		173,374
Swedbank AB, Class A(1)		3,520		47,123
				2,696,195

73

VALIC Company I Global Social Awareness Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Switzerland — 3.5%
ACE, Ltd.		21,247	$	1,477,304
Aryzta AG(1)		15,321		738,303
Credit Suisse Group AG†(1)		4,779		115,862
Geberit AG†(1)		1,481		283,647
Holcim, Ltd.†(1)		14,070		788,117
Lindt & Spruengli AG(1)		19		670,105
Lindt & Spruengli AG (Participation Certificate)(1)		231		705,910
Novartis AG(1)		25,946		1,400,120
Roche Holding AG(1)		11,478		1,825,651
UBS AG†(1)		84,417		1,037,685
				9,042,704
United Kingdom — 8.3%
Anglo American PLC(1)		30,877		1,179,969
Antofagasta PLC(1)		37,991		711,526
Associated British Foods PLC(1)		41,639		727,226
AstraZeneca PLC(1)		28,766		1,332,295
Aviva PLC(1)		157,190		774,276
BG Group PLC(1)		65,531		1,406,311
BHP Billiton PLC(1)		43,154		1,329,636
British Land Co. PLC(1)		12,891		100,460
British Sky Broadcasting Group PLC(1)		68,140		822,027
BT Group PLC(1)		298,551		894,094
Bunzl PLC(1)		8,895		116,332
Burberry Group PLC(1)		10,731		215,114
Cairn Energy PLC†(1)		155,582		668,872
Eurasian Natural Resources Corp. PLC(1)		15,656		164,480
GlaxoSmithKline PLC(1)		83,814		1,857,169
HSBC Holdings PLC(1)		262,852		2,049,831
International Power PLC(1)		139,656		738,196
Kingfisher PLC(1)		183,559		739,684
London Stock Exchange Group PLC(1)		15,163		205,737
Marks & Spencer Group PLC(1)		146,596		763,428
Pearson PLC(1)		34,744		629,991
Reckitt Benckiser Group PLC(1)		18,850		952,838
Rexam PLC(1)		129,511		702,542
Royal Bank of Scotland Group PLC†(1)		301,626		100,805
Schroders PLC(1)		2,215		46,890
SSE PLC(1)		41,305		855,708
Tullow Oil PLC(1)		22,514		491,934
Xstrata PLC(1)		63,190		1,017,779
				21,595,150
United States — 47.3%
Aetna, Inc.		13,035		545,124
Aflac, Inc.#		18,517		804,378
Allergan, Inc.		19,794		1,657,154
Amazon.com, Inc.†		4,161		800,119
Amgen, Inc.		35,938		2,081,170
Annaly Capital Management, Inc.#		34,425		553,210
Apache Corp.		18,422		1,831,884
Apple, Inc.†		14,528		5,552,602
Automatic Data Processing, Inc.		7,813		399,166
Avery Dennison Corp.		12,039		315,542
Avon Products, Inc.		34,479		586,143
Bank of New York Mellon Corp.		21,009		408,835
Bed Bath & Beyond, Inc.†		4,655		281,674
BlackRock, Inc.		7,562		1,300,966
BorgWarner, Inc.†#		6,159		406,001
Bristol - Myers Squibb Co.		65,780		2,152,322
Campbell Soup Co.#		45,407		1,480,268
Capital One Financial Corp.		24,802		1,107,657
CenterPoint Energy, Inc.		15,123		300,948
Chesapeake Energy Corp.#		18,926		479,585
Chubb Corp.#		669		45,117
Citigroup, Inc.		48,206		1,324,701

Security Description	Shares		Value (Note 2)
United States (continued)
Clorox Co.#		23,828	$	1,547,867
CME Group, Inc.		415		103,451
Coach, Inc.		3,187		199,474
Colgate - Palmolive Co.		22,045		2,017,117
Comcast Corp., Class A		91,409		2,072,242
Costco Wholesale Corp.		6,959		593,603
CSX Corp.		75,954		1,648,961
Cummins, Inc.		11,723		1,129,277
CVS Caremark Corp.		52,863		2,053,199
Dell, Inc.†		24,849		391,620
Denbury Resources, Inc.†#		10,065		170,099
Devon Energy Corp.		26,646		1,744,247
Diamond Offshore Drilling, Inc.#		15,718		945,438
DIRECTV, Class A†		13,151		620,990
Dr Pepper Snapple Group, Inc.#		3,115		113,791
Eaton Corp.		23,714		1,064,996
Ecolab, Inc.#		7,357		419,496
EMC Corp.†#		37,605		865,291
Endo Pharmaceuticals Holdings, Inc.†#		11,527		394,569
Equity Residential#		2,817		155,470
Estee Lauder Cos., Inc., Class A		1,498		176,734
Expedia, Inc.		2,381		66,228
FedEx Corp.#		21,116		1,754,317
Fluor Corp.		18,414		1,009,455
Forest Laboratories, Inc.†		18,067		541,287
Franklin Resources, Inc.#		798		80,454
Frontier Communications Corp.#		33,343		190,722
General Mills, Inc.		18,147		724,973
Gilead Sciences, Inc.†		6,301		251,095
Google, Inc., Class A†		4,949		2,966,381
Halliburton Co.		30,883		1,136,494
Hershey Co.#		27,478		1,584,931
Hess Corp.		12,022		723,965
Hewlett - Packard Co.#		16,528		461,958
Hospira, Inc.†#		2,317		65,316
Humana, Inc.		4,285		379,994
Intel Corp.#		120,194		2,994,033
International Business Machines Corp.#		21,723		4,083,924
Intuitive Surgical, Inc.†		203		88,145
Iron Mountain, Inc.#		12,366		375,555
JPMorgan Chase & Co.		48,268		1,494,860
Kellogg Co.#		32,335		1,589,589
Kohl’s Corp.#		11,385		612,513
Loews Corp.		2,359		90,656
Lowe’s Cos., Inc.		78,363		1,881,496
M&T Bank Corp.#		2,822		205,950
Marsh & McLennan Cos., Inc.		8,153		246,139
Mastercard, Inc., Class A		2,388		894,425
Mattel, Inc.#		3,409		98,213
McGraw - Hill Cos., Inc.		3,284		140,227
McKesson Corp.		20,537		1,669,863
MetLife, Inc.		44,268		1,393,557
Microsoft Corp.		139,817		3,576,519
Morgan Stanley		26,785		396,150
Mosaic Co.		8,302		438,014
Mylan, Inc.†#		25,501		498,035
National Oilwell Varco, Inc.#		13,962		1,001,075
News Corp., Class A		100,189		1,747,296
NIKE, Inc., Class B		17,711		1,703,444
Noble Energy, Inc.		9,356		920,537
NSTAR#		23,746		1,080,206
NYSE Euronext		7,198		205,575
Omnicom Group, Inc.		6,148		265,409
Oneok, Inc.		7,602		632,182
Oracle Corp.		49,875		1,563,581

74

VALIC Company I Global Social Awareness Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
United States (continued)
Parker Hannifin Corp.#		15,564	$	1,288,388
PepsiCo, Inc.		40,831		2,613,184
Perrigo Co.		6,792		664,937
Pitney Bowes, Inc.#		20,746		386,498
PNC Financial Services Group, Inc.		16,437		891,050
PPG Industries, Inc.#		6,013		527,641
Praxair, Inc.		13,888		1,416,576
Progressive Corp.		31,920		602,011
Prudential Financial, Inc.		11,801		597,603
Public Storage		978		128,998
QUALCOMM, Inc.		45,284		2,481,563
Republic Services, Inc.#		50,794		1,394,295
Simon Property Group, Inc.		9,846		1,224,252
Southern Copper Corp.		27,627		860,029
Spectra Energy Corp.		58,281		1,714,627
Sprint Nextel Corp.†#		3,589		9,690
St. Jude Medical, Inc.		7,450		286,378
Starbucks Corp.		20,143		875,818
Stryker Corp.		4,183		204,256
Sysco Corp.#		30,399		867,587
T. Rowe Price Group, Inc.#		2,223		126,177
Time Warner, Inc.#		53,945		1,878,365
Towers Watson & Co., Class A		3,061		199,455
UnitedHealth Group, Inc.		43,510		2,121,983
US Bancorp		60,402		1,565,620
Viacom, Inc., Class B		29,772		1,332,595
Visa, Inc., Class A		16,618		1,611,447
Walt Disney Co.#		61,357		2,199,648
Watson Pharmaceuticals, Inc.†#		11,305		730,529
WellPoint, Inc.#		21,260		1,499,893
Wells Fargo & Co.		118,140		3,055,100
Williams Cos., Inc.		34,132		1,101,781
Zimmer Holdings, Inc.†		10,217		516,469
				123,641,679
Total Common Stock
(cost $262,537,668)				253,855,815
PREFERRED STOCK — 0.3%
Germany — 0.3%
Bayerische Motoren Werke AG(1) (cost $538,954)		13,164		690,130
Total Long-Term Investment Securities
(cost $263,076,622)				254,545,945

Security Description	Shares/ Principal Amount			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 5.3%
Collective Investment Pool — 3.2%
Navigator Securities Lending Prime Portfolio(4)(5)		8,335,371		$	8,335,371
Time Deposits — 1.8%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 12/01/11	$	4,659,000			4,659,000
U.S. Government Treasuries — 0.3%
United States Treasury Bills 0.00% due 03/15/12@		900,000			899,969
Total Short-Term Investment Securities
(cost $13,894,371)					13,894,340
TOTAL INVESTMENTS —
(cost $276,970,993)(6)		102.8	%		268,440,285
Liabilities in excess of other assets		(2.8	)		(7,335,238	)
NET ASSETS —		100.0	%	$	261,105,047

† 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) Security was valued using fair value procedures at November 30, 2011. The aggregate value of these securities was $108,208,540 representing 41.4% 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.

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

(3) Illiquid security. At November 30, 2011, the aggregate value of these securities was $0 representing 0.0% of net assets.

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

(5) At November 30, 2011, the Fund had loaned securities with a total value of $8,999,250. This was secured by collateral of $8,335,371, which was received in cash and subsequently invested in short-term investments currently valued at $8,335,371 as reported in the portfolio of investments. The remaining collateral of $614,169 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	5.20%	07/15/2014
Federal Home Loan Mortgage Corp.	4.00% to 5.00%	03/15/32 - 06/15/40
Federal National Mortgage Corp.	4.00%	08/25/41
United States Treasury Bills	zero coupon	12/22/11

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

NYSE—New York Stock Exchange

PPS—Price Protected Shares

RSP—Risparmio Savings Shares

TSX—Toronto Stock Exchange

Open Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Value at Trade Date		Value as of November 30, 2011		Unrealized Appreciation (Depreciation)
	100	Long	S&P 500 E-Mini Index		December 2011	$	5,785,300	$	6,230,000	$	444,700

75

VALIC Company I Global Social Awareness Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2011 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs			Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Long-Term Investment Securities:
Common Stock:
Canada	$	15,480,845	$	—		$	3,103	$	15,483,948
Japan		26,766		25,943,795	#		—		25,970,561
United Kingdom		—		21,595,150	#		—		21,595,150
United States		123,641,679		—			—		123,641,679
Other Countries*		7,185,012		59,979,465	#		0		67,164,477
Preferred Stock		—		690,130	#		—		690,130
Short Term Investment Securities:
Collective Investment Pool		—		8,335,371			—		8,335,371
Time Deposits		—		4,659,000			—		4,659,000
U.S. Government Treasuries		—		899,969			—		899,969
Other Financial Instruments:†
Open Futures Contracts - Appreciation		444,700		—			—		444,700
Total	$	146,779,002	$	122,102,880		$	3,103	$	268,884,985

* 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 $108,208,540 representing 41.4% of net assets. See Note 2.

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

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

	Common Stock
Balance as of 5/31/2011	$	0
Accrued discounts		—
Accrued premiums		—
Realized gain		—
Realized loss		—
Change in unrealized appreciation (1)		—
Change in unrealized depreciation (1)		—
Net purchases		—
Net sales		—
Transfers into Level 3 (2)		3,103
Transfers out of Level 3 (2)		—
Balance as of 11/30/2011	$	3,103

(1) The total change in unrealized appreciation (depreciation) included in the statement of operations attributable to level 3 investments still held at November 30, 2011 includes:

Common Stock

$ —        

(2) The Fund’s policy is to recognize transfers in and transfers out as of the end of the reporting period.

See Notes to Financial Statements

76

VALIC Company I Global Strategy Fund

PORTFOLIO PROFILE — November 30, 2011 (Unaudited)

Industry Allocation*

Sovereign	33.2	%
Medical — Drugs	5.9
Collective Investment Pool	5.2
Oil Companies — Integrated	5.2
Diversified Banking Institutions	3.2
Telecom Services	2.9
Insurance — Reinsurance	2.1
Foreign Government Treasuries	2.0
Cable/Satellite TV	1.8
Insurance — Multi-line	1.8
Telephone — Integrated	1.7
Medical — Biomedical/Gene	1.6
Oil Companies — Exploration & Production	1.6
Cellular Telecom	1.6
Banks — Commercial	1.5
Electronic Components — Semiconductors	1.4
Internet Security	1.4
Auto — Cars/Light Trucks	1.3
Networking Products	1.2
Diversified Manufacturing Operations	1.2
Multimedia	1.1
Retail — Drug Store	1.0
Enterprise Software/Service	1.0
Electric — Integrated	1.0
Transport — Services	0.9
U.S. Municipal Bonds & Notes	0.9
Applications Software	0.9
Food — Retail	0.9
U.S. Government Agencies	0.9
Insurance — Property/Casualty	0.8
Import/Export	0.8
Retail — Discount	0.7
Chemicals — Diversified	0.7
Retail — Building Products	0.7
Medical Labs & Testing Services	0.7
Semiconductor Components — Integrated Circuits	0.7
Aerospace/Defense	0.7
Containers — Metal/Glass	0.7
Medical — Generic Drugs	0.7
Metal — Iron	0.7
Insurance — Life/Health	0.6
Time Deposits	0.6
SupraNational Banks	0.6
Banks — Fiduciary	0.6
Finance — Credit Card	0.6
Electronic Components — Misc.	0.6
Security Services	0.5
Medical Instruments	0.5
Consulting Services	0.5
Food — Misc.	0.5
Building Products — Cement	0.4
Publishing — Books	0.4
Retail — Major Department Stores	0.4
Photo Equipment & Supplies	0.4
Steel — Specialty	0.4
Rubber — Tires	0.4
Diversified Financial Services	0.4
Oil — Field Services	0.3
Distribution/Wholesale	0.3
Toys	0.3
Computers — Integrated Systems	0.3
Therapeutics	0.3
Real Estate Operations & Development	0.2
Medical — Hospitals	0.2
Machinery — General Industrial	0.2
Chemicals — Specialty	0.2
	105.0	%

* Calculated as a percentage of net assets

Country Allocation*

United States	28.3	%
United Kingdom	9.9
South Korea	7.6
France	4.6
Brazil	4.4
Japan	4.2
Germany	4.1
Poland	4.0
Indonesia	4.0
Switzerland	3.2
Sweden	3.2
Mexico	2.5
Norway	2.5
Australia	2.4
Netherlands	2.2
Russia	1.9
Singapore	1.8
Italy	1.6
Malaysia	1.3
Hungary	1.1
Ireland	0.9
Israel	0.9
Lithuania	0.9
China	0.8
Spain	0.8
Taiwan	0.7
Bermuda	0.7
Hong Kong	0.6
Canada	0.6
SupraNational	0.6
Thailand	0.4
Vietnam	0.4
Jersey	0.3
Venezuela	0.3
Argentina	0.3
Austria	0.3
South Africa	0.2
Turkey	0.2
Egypt	0.2
Ukraine	0.1
	105.0	%

* Calculated as a percentage of net assets

77

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCK — 60.4%
Austria — 0.3%
Telekom Austria AG(1)		120,080	$	1,393,356
Bermuda — 0.7%
PartnerRe, Ltd.		48,300		3,174,276
Canada — 0.6%
Talisman Energy, Inc.		215,300		2,946,799
China — 0.8%
China Telecom Corp., Ltd.(1)		6,276,000		3,831,381
France — 4.6%
Alstom SA(1)		33,920		1,178,634
AXA SA(1)		185,245		2,694,669
Cie Generale des Etablissements Michelin, Class B(1)		26,440		1,687,236
Credit Agricole SA(1)		223,250		1,443,750
France Telecom SA ADR#		169,382		2,925,227
GDF Suez(1)		26,730		751,027
Ipsen SA(1)		4,770		138,163
Sanofi(1)		57,002		3,990,014
Thales SA(1)		38,830		1,228,142
Total SA#(1)		73,870		3,815,946
Vivendi SA(1)		65,704		1,516,178
				21,368,986
Germany — 4.1%
Deutsche Post AG(1)		108,907		1,645,338
E.ON AG(1)		70,267		1,739,377
Merck KGaA(1)		35,040		3,480,257
Muenchener Rueckversicherungs AG(1)		24,120		3,050,132
Rhoen-Klinikum AG(1)		62,626		1,183,294
SAP AG ADR#		76,930		4,612,723
Siemens AG ADR		35,540		3,604,111
				19,315,232
Hong Kong — 0.6%
Cheung Kong Holdings, Ltd.(1)		106,324		1,226,651
Citic Pacific, Ltd.(1)		928,700		1,763,709
				2,990,360
Ireland — 0.4%
CRH PLC(1)		105,621		2,038,024
Italy — 1.6%
ENI SpA(1)		159,723		3,384,984
Intesa Sanpaolo SpA(1)		570,988		950,925
UniCredit SpA†#(1)		2,777,850		2,900,727
				7,236,636
Japan — 4.2%
ITOCHU Corp.(1)		360,700		3,664,393
Konica Minolta Holdings, Inc.#(1)		240,500		1,821,223
Mitsubishi UFJ Financial Group, Inc.#(1)		128,300		557,394
Nintendo Co., Ltd.#(1)		9,424		1,429,035
Nissan Motor Co., Ltd.#(1)		284,800		2,613,807
NKSJ Holdings, Inc.#(1)		124,499		2,472,460
Toyota Motor Corp. ADR		48,610		3,203,885
Trend Micro, Inc.(1)		124,500		3,821,892
				19,584,089
Jersey — 0.3%
Wolseley PLC(1)		51,273		1,537,644
Netherlands — 2.2%
Akzo Nobel NV(1)		65,620		3,332,151
ING Groep NV CVA†(1)		319,941		2,495,018

Security Description	Shares		Value (Note 2)
Netherlands (continued)
Koninklijke Philips Electronics NV(1)		123,156	$	2,506,217
Reed Elsevier NV(1)		172,373		2,034,132
				10,367,518
Norway — 1.8%
Statoil ASA(1)		160,440		4,153,134
Telenor ASA(1)		234,892		4,014,355
				8,167,489
Russia — 0.3%
Gazprom OAO ADR		105,600		1,214,400
Singapore — 1.8%
DBS Group Holdings, Ltd.#(1)		415,095		4,132,791
Singapore Telecommunications, Ltd.#(1)		1,667,000		4,048,031
Singapore Telecommunications, Ltd. - 10(1)		176,000		428,022
				8,608,844
South Korea — 1.8%
KB Financial Group, Inc. ADR		47,920		1,672,408
Samsung Electronics Co., Ltd.(1)		7,457		6,769,974
				8,442,382
Spain — 0.8%
Telefonica SA ADR		188,349		3,531,544
Switzerland — 3.2%
ACE, Ltd.#		44,767		3,112,650
Basilea Pharmaceutica†(1)		2,260		78,322
Credit Suisse Group AG†(1)		75,740		1,836,233
Lonza Group AG†(1)		16,960		1,038,749
Novartis AG(1)		30,850		1,664,753
Roche Holding AG(1)		26,730		4,251,582
Swiss Re AG†(1)		58,350		3,073,933
				15,056,222
Taiwan — 0.7%
Taiwan Semiconductor Manufacturing Co., Ltd.(1)		1,299,914		3,273,527
Thailand — 0.4%
Bangkok Bank PCL(1)		355,200		1,845,491
Turkey — 0.2%
Turkcell Iletisim Hizmet AS ADR†		72,090		908,334
United Kingdom — 8.3%
Aviva PLC(1)		589,370		2,903,078
BAE Systems PLC(1)		454,309		1,960,875
BP PLC(1)		384,945		2,799,023
G4S PLC(1)		629,653		2,533,969
GlaxoSmithKline PLC(1)		193,456		4,286,641
HSBC Holdings PLC(1)		339,183		2,675,022
Kingfisher PLC(1)		316,000		1,273,380
Marks & Spencer Group PLC(1)		357,420		1,861,337
Rexam PLC(1)		565,810		3,069,279
Royal Dutch Shell PLC, Class A(1)		1,405		49,243
Royal Dutch Shell PLC, Class B(1)		108,186		3,897,272
Tesco PLC(1)		633,650		4,041,317
Unilever PLC(1)		66,925		2,248,538
Vodafone Group PLC ADR		180,767		4,907,824
				38,506,798
United States — 20.7%
American Express Co.		57,510		2,762,780
Amgen, Inc		90,850		5,261,123
Baker Hughes, Inc		28,200		1,540,002
Bank of New York Mellon Corp.		142,050		2,764,293

78

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares/ Principal Amount(5)		Value (Note 2)
COMMON STOCK (continued)
United States (continued)
Brocade Communications Systems, Inc.†		220,530	$	1,186,451
Chesapeake Energy Corp.#		130,890		3,316,753
Chevron Corp		34,110		3,507,190
Cisco Systems, Inc.		299,580		5,584,171
Citigroup, Inc.		94,560		2,598,509
Comcast Corp., Special Class A#		212,835		4,758,991
CVS Caremark Corp.		121,410		4,715,564
General Electric Co.		121,150		1,927,497
Gilead Sciences, Inc.†		59,360		2,365,496
Home Depot, Inc.		51,890		2,035,126
Isis Pharmaceuticals, Inc.†#		44,540		330,487
JPMorgan Chase & Co.		86,650		2,683,550
Medtronic, Inc.#		66,020		2,405,109
Merck & Co., Inc.		137,440		4,913,480
Microsoft Corp.		159,614		4,082,926
News Corp., Class A#		170,147		2,967,364
Onyx Pharmaceuticals, Inc.†		18,710		825,111
Pfizer, Inc.		247,019		4,957,671
PG&E Corp.		52,770		2,049,587
Progressive Corp.		80,370		1,515,778
Quest Diagnostics, Inc.#		55,990		3,284,373
SAIC, Inc.†#		194,430		2,342,882
Sprint Nextel Corp.†#		567,400		1,531,980
Symantec Corp.†		171,920		2,810,892
Target Corp.		65,403		3,446,738
Time Warner Cable, Inc.#		61,908		3,744,196
Time Warner, Inc.#		71,812		2,500,494
United Parcel Service, Inc., Class B		39,100		2,805,425
Watson Pharmaceuticals, Inc.†#		47,060		3,041,017
				96,563,006
Total Common Stock
(cost $304,307,108)				281,902,338
PREFERRED STOCK — 1.2%
Brazil — 1.2%
Petroleo Brasileiro SA ADR		99,680		2,498,978
Vale SA ADR		138,280		3,024,183
Total Preferred Stock
(cost $4,700,289)				5,523,161
FOREIGN GOVERNMENT AGENCIES — 33.8%
Argentina — 0.3%
Republic of Argentina FRS Senior Bonds 0.44% due 08/03/12		11,593,000		1,403,912
Australia — 2.4%
New South Wales Treasury Corp. Local Government Guar. Bonds 5.50% due 08/01/13	AUD	340,000		359,590
New South Wales Treasury Corp. Local Government Guar. Bonds 6.00% due 05/01/12	AUD	2,510,000		2,596,589
New South Wales Treasury Corp. Local Government Guar Bonds 6.00% due 05/01/12#	AUD	110,000		114,018
Queensland Treasury Corp. Local Government Guar. 6.00% due 08/14/13	AUD	2,545,000		2,715,217
Queensland Treasury Corp. Local Government Guar. 6.00% due 08/21/13	AUD	720,000		764,379
Western Australia Treasury Corp. Local Government Guar. 5.50% due 07/17/12	AUD	3,925,000		4,072,557

Security Description	Principal Amount(5)		Value (Note 2)
Australia (continued)
Western Australia Treasury Corp. Local Government Guar. 8.00% due 06/15/13	AUD	390,000	$	426,593
				11,048,943
Brazil — 3.2%
Brazil Nota do Tesouro Nacional Notes 6.00% due 05/15/15	BRL	2,625,000		3,162,064
Brazil Nota do Tesouro Nacional Notes 6.00% due 05/15/45	BRL	4,750,000		5,901,673
Brazil Nota do Tesouro Nacional Notes 10.00% due 01/01/12	BRL	1,995,000		1,146,124
Brazil Nota do Tesouro Nacional Notes 10.00% due 01/01/14	BRL	2,950,000		1,694,348
Brazil Nota do Tesouro Nacional Notes 10.00% due 01/01/17	BRL	5,200,000		2,888,596
				14,792,805
Hungary — 1.1%
Republic of Hungary Senior Bonds 3.50% due 07/18/16	EUR	135,000		144,267
Republic of Hungary Senior Bonds 3.88% due 02/24/20	EUR	495,000		462,998
Republic of Hungary Senior Bonds 4.38% due 07/04/17	EUR	685,000		724,658
Republic of Hungary Senior Bonds 5.75% due 06/11/18	EUR	2,165,000		2,418,052
Republic of Hungary Senior Bonds 6.25% due 01/29/20#		910,000		830,375
Republic of Hungary Senior Notes 6.38% due 03/29/21#		400,000		370,000
				4,950,350
Indonesia — 4.0%
Republic of Indonesia Senior Bonds 7.75% due 01/17/38		100,000		133,000
Republic of Indonesia Senior Bonds 7.75% due 01/17/38*		1,128,000		1,508,700
Republic of Indonesia Senior Bonds 9.00% due 09/15/18	IDR	2,780,000,000		350,649
Republic of Indonesia Senior Bonds 9.50% due 07/15/23	IDR	7,720,000,000		1,015,232
Republic of Indonesia Senior Bonds 10.00% due 02/15/28	IDR	6,235,000,000		848,757
Republic of Indonesia Senior Bonds 10.25% due 07/15/22	IDR	1,280,000,000		175,572
Republic of Indonesia Senior Bonds 10.25% due 07/15/27	IDR	1,640,000,000		225,599

79

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Principal Amount(5)		Value (Note 2)
FOREIGN GOVERNMENT AGENCIES (continued)
Indonesia (continued)
Republic of Indonesia Senior Bonds 10.75% due 05/15/16	IDR	39,900,000,000	$	5,215,193
Republic of Indonesia Senior Bonds 11.00% due 11/15/20	IDR	21,782,000,000		3,078,698
Republic of Indonesia Senior Bonds 11.63% due 03/04/19*		1,120,000		1,638,000
Republic of Indonesia Senior Bonds 12.80% due 06/15/21	IDR	15,947,000,000		2,486,617
Republic of Indonesia Senior Bonds 12.90% due 06/15/22	IDR	8,530,000,000		1,353,532
Republic of Indonesia Senior Bonds 14.28% due 12/15/13	IDR	4,200,000,000		540,117
				18,569,666
Ireland — 0.5%
Republic of Ireland Bonds 4.00% due 01/15/14	EUR	322,000		386,601
Republic of Ireland Bonds 4.40% due 06/18/19	EUR	196,000		198,182
Republic of Ireland Notes 4.50% due 10/18/18	EUR	159,000		160,236
Republic of Ireland Bonds 4.50% due 04/18/20	EUR	261,000		256,015
Republic of Ireland Bonds 4.60% due 04/18/16	EUR	192,000		215,618
Republic of Ireland Notes 5.00% due 10/18/20	EUR	408,000		394,336
Republic of Ireland Notes 5.40% due 03/13/25	EUR	484,000		470,951
Republic of Ireland Bonds 5.90% due 10/18/19	EUR	464,000		511,251
				2,593,190
Israel — 0.3%
State of Israel Bonds 3.50% due 09/30/13	ILS	5,225,000		1,416,457
State of Israel Bonds 5.00% due 03/31/13	ILS	434,000		122,723
				1,539,180
Lithuania — 0.9%
Republic of Lithuania Notes 6.13% due 03/09/21#*		240,000		233,400
Republic of Lithuania Senior Bonds 7.38% due 02/11/20*		3,560,000		3,773,600
				4,007,000

Security Description	Principal Amount(5)		Value (Note 2)
Malaysia — 0.7%
Government of Malaysia Senior Bonds 2.51% due 08/27/12	MYR	205,000	$	64,302
Government of Malaysia Senior Bonds 2.71% due 02/14/12	MYR	10,000		3,145
Government of Malaysia Senior Bonds 3.46% due 07/31/13	MYR	6,960,000		2,207,521
Government of Malaysia Senior Bonds 3.72% due 06/15/12	MYR	129,000		40,752
Government of Malaysia Senior Bonds 3.81% due 02/15/17	MYR	3,115,000		998,894
				3,314,614
Mexico — 2.5%
United Mexican States Bonds 7.75% due 12/14/17	MXN	19,000,000		1,556,664
United Mexican States Bonds 8.00% due 12/19/13	MXN	47,120,000		3,680,148
United Mexican States Bonds 8.00% due 12/17/15	MXN	53,000,000		4,298,209
United Mexican States Bonds 9.00% due 12/20/12	MXN	4,600,000		352,534
United Mexican States Bonds 9.00% due 06/20/13	MXN	22,280,000		1,740,163
				11,627,718
Norway — 0.1%
Kingdom of Norway Bonds 6.50% due 05/15/13	NOK	2,050,000		381,808
Poland — 4.0%
Government of Poland Bonds zero coupon due 01/25/12	PLN	6,430,000		1,904,531
Government of Poland Bonds zero coupon due 07/25/12	PLN	120,000		34,737
Government of Poland Bonds zero coupon due 10/25/12	PLN	600,000		171,517
Government of Poland Bonds zero coupon due 01/25/13	PLN	2,520,000		711,929
Government of Poland Bonds zero coupon due 07/25/13	PLN	1,390,000		383,187
Government of Poland Bonds 4.75% due 04/25/12	PLN	25,370,000		7,561,600
Government of Poland Bonds 5.00% due 10/24/13	PLN	1,140,000		340,646
Government of Poland Bonds 5.25% due 04/25/13	PLN	465,000		139,514

80

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Principal Amount(5)		Value (Note 2)
FOREIGN GOVERNMENT AGENCIES (continued)
Poland (continued)
Government of Poland Bonds 5.75% due 04/25/14	PLN	5,380,000	$	1,629,826
Government of Poland Bonds 5.75% due 09/23/22	PLN	1,590,000		466,934
Government of Poland Bonds 6.25% due 10/24/15	PLN	8,685,000		2,685,521
Government of Poland Bonds 6.38% due 07/15/19		2,620,000		2,836,150
				18,866,092
Russia — 1.6%
Russian Federation Senior Bonds 7.50% due 03/31/30*(2)		6,325,960		7,417,188
South Africa — 0.2%
Republic of South Africa Senior Notes 4.50% due 04/05/16	EUR	275,000		376,723
Republic of South Africa Senior Notes 5.88% due 05/30/22		700,000		789,250
				1,165,973
South Korea — 5.8%
KDICB Redemption Fund Government Guar. Bonds 5.28% due 02/15/13	KRW	1,104,000,000		985,635
Republic of South Korea Senior Bonds 3.00% due 12/10/13	KRW	2,347,200,000		2,039,014
Republic of South Korea Senior Bonds 3.75% due 06/10/13	KRW	5,638,000,000		5,047,409
Republic of South Korea Senior Bonds 4.00% due 06/10/12	KRW	7,473,970,000		6,559,401
Republic of South Korea Senior Bonds 4.25% due 12/10/12	KRW	1,852,400,000		1,635,004
Republic of South Korea Senior Bonds 4.75% due 12/10/11	KRW	4,292,430,000		3,757,114
Republic of South Korea Senior Bonds 5.25% due 09/10/12	KRW	6,755,000,000		5,992,176
Republic of South Korea Senior Bonds 5.25% due 03/10/13	KRW	622,970,000		557,381
Republic of South Korea Senior Bonds 7.13% due 04/16/19		470,000		584,218
				27,157,352
SupraNational — 0.6%
Corporacion Andina de Fomento Senior Notes 8.13% due 06/04/19		1,090,000		1,325,917
European Investment Bank Senior Notes 4.50% due 05/15/13	NOK	8,500,000		1,518,327
				2,844,244

Security Description	Principal Amount(5)		Value (Note 2)
Sweden — 3.2%
Kingdom of Sweden Bonds 1.50% due 08/30/13	SEK	35,000,000	$	5,233,394
Kingdom of Sweden Bonds 5.50% due 10/08/12#	SEK	62,065,000		9,510,907
				14,744,301
Ukraine — 0.1%
Government of Ukraine Senior Notes 7.95% due 02/23/21*		770,000		662,005
United Kingdom — 1.6%
United Kingdom Gilt Treasury Bonds 3.25% due 12/07/11	GBP	1,566,000		2,458,051
United Kingdom Gilt Treasury Bonds 5.00% due 03/07/12	GBP	1,330,000		2,112,051
United Kingdom Gilt Treasury Bonds 5.25% due 06/07/12	GBP	1,680,000		2,701,093
				7,271,195
Venezuela — 0.3%
Republic of Venezuela Senior Notes 10.75% due 09/19/13#		1,415,000		1,418,538
Vietnam — 0.4%
Republic of Vietnam Senior Bonds 6.75% due 01/29/20#*		1,695,000		1,694,035
Total Foreign Government Agencies
(cost $146,650,938)				157,470,109
MUNICIPAL BONDS & NOTES — 0.9%
United States — 0.9%
California State General Obligation 6.00% due 04/01/38		3,140,000		3,463,766
California State General Obligation Bonds 7.63% due 03/01/40		685,000		819,842
Total Municipal Bonds & Notes
(cost $3,888,476)				4,283,608
Total Long-Term Investment Securities
(cost $459,546,811)				449,179,216
SHORT-TERM INVESTMENT SECURITIES — 8.7%
Collective Investment Pool — 5.2%
Navigator Securities Lending Prime Portfolio(3)(4) (cost $24,171,041)		24,171,041		24,171,041
Foreign Government Treasuries — 2.0%
Egypt Treasury Bills
10.46% due 12/06/11	EGP	800,000		133,053
10.50% due 12/06/11	EGP	375,000		62,369
10.51% due 12/06/11	EGP	800,000		133,053
12.19% due 02/21/12	EGP	2,850,000		460,144
				788,619
Israel Treasury Bills
2.28% due 12/07/11	ILS	2,735,000		727,416
2.35% due 01/04/12	ILS	8,210,000		2,179,707
				2,907,123

81

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Principal Amount(5)			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES (continued)
Foreign Government Treasuries (continued)
Bank Negara Malaysia Monetary Notes
2.12% due 06/26/12	MYR	435,000		$	135,290
2.70% due 12/29/11	MYR	1,150,000			361,063
2.70% due 01/31/12	MYR	30,000			9,395
2.75% due 12/01/11	MYR	125,000			39,327
2.75% due 12/15/11	MYR	5,315,000			1,670,437
2.75% due 02/09/12	MYR	170,000			53,201
2.75% due 02/21/12	MYR	35,000			10,942
2.78% due 03/29/12	MYR	20,000			6,233
2.79% due 03/01/12	MYR	15,000			4,686
2.80% due 03/29/12	MYR	10,000			3,117
2.80% due 06/14/12	MYR	520,000			161,134
2.87% due 04/12/12	MYR	70,000			21,795
2.88% due 12/15/11	MYR	1,560,000			490,288
					2,966,908
Government of Malaysia
2.75% due 02/24/12	MYR	10,000			3,126
2.75% due 03/23/12	MYR	10,000			3,118
					6,244
Kingdom of Norway
2.45% due 12/21/11	NOK	3,630,000			627,659
2.52% due 03/21/12#	NOK	2,160,000			606,422
2.54% due 03/21/12#	NOK	7,120,000			1,226,626
2.60% due 03/21/12#	NOK	3,520,000			372,122
					2,832,829
Total Foreign Government Treasuries
(cost $9,998,524)					9,501,723
Time Deposits — 0.6%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 12/01/11 (cost $2,903,000)	$	2,903,000			2,903,000
U.S. Government Agencies — 0.9%
Federal Home Loan Bank Disc. Notes 0.00% due 12/01/11 (cost $4,005,000)		4,005,000			4,005,000
Total Short-Term Investment Securities
(cost $41,077,565)					40,580,764
TOTAL INVESTMENTS —
(cost $500,624,376)(6)		105.0	%		489,759,980
Liabilities in excess of other assets		(5.0	)		(23,442,321	)
NET ASSETS —		100.0	%	$	466,317,659

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

† Non-income producing security

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2011, the aggregate value of these securities was $16,926,928 representing 3.6% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

(1) Security was valued using fair value procedures at November 30, 2011. The aggregate value of these securities was $149,525,151 representing 32.1% 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.

(2) “Step-up” security where the rate increases (“steps-up”) at a predetermined rate. The rate reflected is as of November 30, 2011.

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

(4) At November 30, 2011, the Fund had loaned securities with a total value of $24,174,230. This was secured by collateral of $24,171,041, which was received in cash and subsequently invested in short-term investments currently valued at $24,171,041 as reported in the portfolio of investments. The remaining collateral of $20,905 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	5.20%	7/15/2014
Federal Home Loan Mtg. Corp.	4.00% to 5.00%	03/15/32 to 06/15/40
Federal National Mtg. Assoc.	4.00%	08/15/37 to 08/25/41
U.S. Treasury Bills	zero coupon	12/22/2011

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

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

ADR—American Depository Receipt

CVA—Certification Van Aandelen (Dutch Cert.)

FRS—Floating Rate Security

The rates shown on FRS are the current interest rates at November 30, 2011 and unless noted otherwise, the dates shown are the original maturity dates.

Open Forward Foreign Currency Contracts
Counterparty	Contract to Deliver			In Exchange For			Delivery Date		Unrealized Appreciation		Unrealized Depreciation
Barclays Investments, Inc.		EUR	462,350		USD	597,819		01/13/2012	$	–	$	(23,697	)
		EUR	375,660		USD	500,642		01/19/2012		–		(4,368	)
		EUR	1,640,000		USD	2,210,720		02/09/2012		5,579		–
		EUR	1,399,000		USD	1,897,044		02/10/2012		15,931		–
		EUR	181,000		USD	253,599		07/19/2012		9,898		–
		EUR	221,308		USD	314,390		08/06/2012		16,369		–
		EUR	80,327		USD	115,510		08/23/2012		7,322		–
		EUR	133,913		USD	192,112		08/24/2012		11,750		–
		EUR	854,436		NOK	6,799,000		08/27/2012		14,711		–
		EUR	290,394		USD	417,908		08/27/2012		26,779		–
		EUR	82,816		USD	116,282		09/10/2012		4,725		–
		EUR	80,778		USD	112,928		09/12/2012		4,115		–
		EUR	230,698		USD	315,554		09/14/2012		4,787		–

82

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Open Forward Foreign Currency Contracts
Counterparty	Contract to Deliver			In Exchange For			Delivery Date		Unrealized Appreciation		Unrealized Depreciation
		EUR	54,521		USD	75,577		09/19/2012	$	2,131	$	–
		EUR	131,194		USD	178,492		09/24/2012		1,753		–
		EUR	45,404		USD	62,390		10/24/2012		1,212		–
		EUR	345,709		USD	479,637		10/25/2012		13,821		–
		USD	993,776		AUD	1,064,000		12/12/2011		99,169		–
		USD	145,202		GBP	91,643		01/24/2012		–		(1,491	)
		USD	95,224		GBP	60,543		01/27/2012		–		(285	)
		USD	7,682		GBP	4,872		02/01/2012		–		(42	)
		USD	135,141		SGD	172,151		02/09/2012		–		(801	)
		USD	157,062		CLP	77,400,000		02/13/2012		–		(8,256	)
		USD	400,023		GBP	251,053		02/14/2012		–		(6,409	)
		USD	379,603		SGD	485,000		02/17/2012		–		(1,100	)
		USD	271,949		CLP	133,500,000		02/29/2012		–		(15,730	)
		USD	135,883		CLP	66,800,000		03/01/2012		–		(7,691	)
		USD	271,744		GBP	169,537		03/12/2012		–		(6,008	)
		USD	885,025		GBP	557,166		03/30/2012		–		(11,866	)
										240,052		(87,744	)
Citibank N.A.		EUR	1,203,000		USD	1,556,093		01/10/2012		–		(60,999	)
		EUR	375,660		USD	485,548		01/13/2012		–		(19,434	)
		EUR	2,172,000		USD	2,934,177		02/08/2012		13,739		–
		EUR	97,289		USD	136,589		08/08/2012		5,574		–
		EUR	27,522		USD	38,725		08/09/2012		1,662		–
		EUR	134,537		USD	187,298		10/26/2012		6,019		–
		USD	96,436		GBP	61,025		01/24/2012		–		(739	)
		USD	62,102		GBP	39,261		02/01/2012		–		(539	)
		USD	408,905		GBP	257,222		02/16/2012		–		(5,628	)
		USD	674,724		CLP	327,410,000		02/27/2012		–		(46,209	)
		USD	1,347,006		AUD	1,433,000		03/19/2012		109,495		–
		USD	327,940		CLP	159,543,000		04/30/2012		–		(22,906	)
		USD	162,211		CLP	79,240,000		05/31/2012		–		(10,996	)
										136,489		(167,450	)
Credit Suisse AG		USD	484,235		SGD	622,000		03/26/2012		1,425		–
		USD	531,011		GBP	334,116		04/02/2012		–		(7,419	)
		USD	957,175		SGD	1,146,600		08/06/2012		–		(59,788	)
										1,425		(67,207	)
Deutsche Bank AG		AUD	2,129,500		USD	2,184,867		12/01/2011		–		(5,111	)
		EUR	2,243,000		USD	2,906,681		01/11/2012		–		(108,423	)
		EUR	1,896,749		NOK	15,082,000		02/09/2012		52,993		–
		EUR	411,000		USD	553,551		02/09/2012		921		–
		EUR	849,000		USD	1,139,205		02/17/2012		–		(2,455	)
		EUR	234,000		USD	327,509		03/26/2012		12,743		–
		EUR	306,000		USD	429,854		04/04/2012		18,208		–
		EUR	205,000		USD	286,926		04/05/2012		11,149		–
		EUR	190,735		USD	255,189		05/25/2012		–		(1,496	)
		EUR	154,000		USD	215,760		07/16/2012		8,418		–
		EUR	347,504		MYR	1,491,000		07/18/2012		–		(1,108	)
		EUR	241,000		USD	338,048		07/18/2012		13,565		–
		EUR	395,089		MYR	1,683,000		07/20/2012		–		(5,096	)
		EUR	133,000		USD	185,515		07/20/2012		6,440		–
		EUR	120,000		USD	168,330		07/23/2012		6,754		–
		EUR	505,667		MYR	2,164,000		07/25/2012		–		(3,489	)
		EUR	754,894		SEK	6,934,000		07/27/2012		166		–
		EUR	80,784		USD	115,650		08/29/2012		6,841		–
		EUR	3,563		USD	5,153		08/31/2012		354		–
		EUR	2,581,408		SEK	23,782,000		09/24/2012		4,777		–
		EUR	137,755		USD	186,837		11/19/2012		1,194		–
		JPY	691,920,000		USD	9,000,000		11/15/2012		4,729		–
		JPY	686,286,000		USD	9,000,000		11/16/2012		77,736		–
		USD	1,953,816		AUD	2,129,500		12/01/2011		236,162		–
		USD	51,295		PHP	2,200,000		12/05/2011		–		(872	)
		USD	1,812,010		AUD	1,917,000		12/09/2011		157,827		–
		USD	172,887		PHP	7,703,000		01/18/2012		3,018		–
		USD	108,512		PHP	4,819,000		01/19/2012		1,526		–
		USD	144,655		GBP	91,385		01/24/2012		–		(1,349	)
		USD	76,011		GBP	47,771		01/26/2012		–		(1,100	)
		USD	631,037		CLP	319,210,000		01/27/2012		–		(16,143	)
		USD	1,464,169		CLP	734,720,000		01/30/2012		–		(49,416	)
		USD	882,840		CLP	443,230,000		01/31/2012		–		(29,479	)
		USD	292,338		PHP	12,603,000		01/31/2012		–		(4,832	)

83

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Open Forward Foreign Currency Contracts
Counterparty	Contract to Deliver			In Exchange For			Delivery Date		Unrealized Appreciation		Unrealized Depreciation
		USD	488,630		SGD	624,000		02/07/2012	$	–	$	(1,694	)
		USD	976,595		SGD	1,242,000		02/08/2012		–		(7,395	)
		USD	157,456		CLP	77,500,000		02/10/2012		–		(8,410	)
		USD	308,046		CLP	151,620,000		02/13/2012		–		(16,548	)
		USD	156,199		CLP	76,600,000		02/14/2012		–		(8,947	)
		USD	1,149,011		MYR	3,542,747		02/14/2012		–		(37,480	)
		USD	568,648		SGD	727,000		02/17/2012		–		(1,284	)
		USD	281,390		CLP	136,080,000		02/21/2012		–		(19,994	)
		USD	323,134		CLP	156,410,000		02/23/2012		–		(22,751	)
		USD	738,498		SGD	944,000		02/24/2012		–		(1,736	)
		USD	490,070		CLP	239,310,000		02/27/2012		–		(30,676	)
		USD	461,925		SGD	589,000		02/27/2012		–		(2,216	)
		USD	108,152		CLP	52,350,000		02/29/2012		–		(7,680	)
		USD	461,338		SGD	589,000		02/29/2012		–		(1,622	)
		USD	350,132		CLP	171,950,000		03/01/2012		–		(20,153	)
		USD	2,163,359		AUD	2,129,500		03/02/2012		4,387		–
		USD	350,132		CLP	171,950,000		03/02/2012		–		(20,189	)
		USD	387,755		CLP	190,310,000		03/05/2012		–		(22,649	)
		USD	384,354		CLP	189,160,000		03/07/2012		–		(21,499	)
		USD	376,745		CLP	184,040,000		03/09/2012		–		(23,754	)
		USD	759,628		CLP	372,560,000		03/15/2012		–		(45,316	)
		USD	594,276		SGD	758,100		03/19/2012		–		(2,411	)
		USD	657,502		AUD	701,350		03/21/2012		55,222		–
		USD	636,711		SGD	816,200		03/21/2012		533		–
		USD	43,115		AUD	46,040		03/22/2012		3,668		–
		USD	442,512		GBP	277,775		03/29/2012		–		(7,195	)
		USD	359,627		CLP	179,490,000		03/30/2012		–		(15,805	)
		USD	380,616		CLP	190,700,000		04/02/2012		–		(15,388	)
		USD	457,396		INR	21,429,000		04/11/2012		–		(53,397	)
		USD	984,362		INR	45,950,000		04/13/2012		–		(118,224	)
		USD	224,899		INR	10,622,000		04/19/2012		–		(24,785	)
		USD	456,997		INR	21,520,000		04/26/2012		–		(51,819	)
		USD	230,851		CLP	113,140,000		05/29/2012		–		(14,918	)
		USD	611,002		INR	29,157,000		06/01/2012		–		(63,771	)
		USD	452,910		INR	21,477,000		06/07/2012		–		(50,004	)
		USD	123,435		INR	5,815,000		06/11/2012		–		(14,373	)
		USD	308,282		INR	14,554,000		06/18/2012		–		(35,442	)
		USD	1,623,377		MYR	5,000,000		06/18/2012		–		(57,315	)
		USD	279,764		INR	13,258,000		06/20/2012		–		(31,251	)
		USD	1,427,942		MYR	4,406,200		06/21/2012		–		(47,933	)
		USD	1,123,979		AUD	1,111,640		06/22/2012		–		(3,487	)
		USD	323,281		INR	15,233,000		06/25/2012		–		(37,839	)
		USD	2,687,702		AUD	2,673,000		06/27/2012		5,528		–
		USD	217,051		INR	10,114,000		07/11/2012		–		(27,724	)
		USD	109,687		INR	5,110,000		07/12/2012		–		(14,037	)
		USD	298,944		MYR	912,824		07/12/2012		–		(13,147	)
		USD	1,161,837		MYR	3,540,000		07/13/2012		–		(53,513	)
		USD	532,278		MYR	1,621,000		07/18/2012		–		(24,807	)
		USD	837,098		MYR	2,557,000		07/20/2012		–		(36,629	)
		USD	1,024,787		MYR	3,109,000		07/25/2012		–		(51,593	)
		USD	957,181		SGD	1,147,162		08/06/2012		–		(59,354	)
		USD	330,530		INR	15,617,000		08/24/2012		–		(39,006	)
		USD	232,706		INR	11,044,000		09/06/2012		–		(26,713	)
		USD	1,495,583		ILS	5,519,000		09/10/2012		–		(31,178	)
		USD	425,216		PHP	18,920,000		09/24/2012		1,631		–
		USD	528,634		PHP	23,022,000		10/04/2012		–		(9,360	)
		USD	632,055		PHP	27,526,000		10/05/2012		–		(11,205	)
		USD	519,150		PHP	22,596,000		10/09/2012		–		(9,542	)
		USD	1,449,126		ILS	5,469,000		10/10/2012		1,499		–
		USD	415,369		PHP	18,081,000		10/11/2012		–		(7,606	)
		USD	123,345		PHP	5,384,000		10/12/2012		–		(1,928	)
		USD	124,014		MYR	394,093		10/15/2012		–		(792	)
		USD	111,701		PHP	4,878,000		10/19/2012		–		(1,713	)
		USD	446,633		PHP	19,500,000		10/22/2012		–		(6,978	)
		USD	154,101		INR	7,960,000		10/29/2012		–		(6,061	)
		USD	326,848		INR	16,813,000		10/31/2012		–		(14,195	)
		USD	104,070		PHP	4,500,000		11/14/2012		–		(2,664	)
										697,989		(1,647,464	)

84

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Open Forward Foreign Currency Contracts
Counterparty	Contract to Deliver			In Exchange For			Delivery Date		Unrealized Appreciation		Unrealized Depreciation
HSBC Securities, Inc.		EUR	372,921		USD	488,639		12/06/2011	$	–	$	(12,475	)
		EUR	355,000		USD	479,747		02/08/2012		2,420		–
		EUR	1,230,000		USD	1,654,104		02/09/2012		248		–
		EUR	1,801,000		USD	2,473,289		10/17/2012		46,707		–
		USD	155,287		PHP	6,830,000		01/17/2012		695		–
		USD	303,199		PHP	13,506,000		01/18/2012		5,224		–
		USD	392,139		PHP	17,658,000		01/26/2012		10,844		–
		USD	488,691		SGD	624,000		02/07/2012		–		(1,755	)
		USD	480,736		SGD	612,200		02/13/2012		–		(2,982	)
		USD	346,141		SGD	440,800		02/14/2012		–		(2,142	)
		USD	288,151		MYR	892,000		02/17/2012		–		(8,299	)
		USD	568,666		SGD	727,000		02/17/2012		–		(1,302	)
		USD	679,488		SGD	867,000		03/19/2012		–		(2,603	)
		USD	509,196		SGD	652,000		03/21/2012		–		(150	)
		USD	713,684		INR	33,693,000		06/04/2012		–		(81,485	)
		USD	121,746		INR	5,733,000		06/08/2012		–		(14,202	)
		USD	307,219		INR	14,470,000		06/13/2012		–		(35,867	)
		USD	216,783		INR	10,230,000		06/27/2012		–		(25,114	)
		USD	296,707		MYR	883,000		07/31/2012		–		(20,333	)
		USD	599,081		MYR	1,800,000		08/08/2012		–		(35,764	)
		USD	2,050,807		KRW	2,228,406,400		08/09/2012		–		(116,397	)
		USD	381,815		INR	18,021,000		08/24/2012		–		(45,414	)
		USD	86,929		PHP	3,800,000		09/28/2012		–		(1,206	)
		USD	70,623		PHP	3,100,000		10/03/2012		–		(699	)
		USD	418,933		PHP	18,467,000		10/04/2012		–		(2,400	)
		USD	620,635		PHP	27,532,000		10/05/2012		350		–
		USD	624,474		PHP	27,159,000		10/11/2012		–		(11,985	)
		USD	205,729		PHP	8,977,000		10/15/2012		–		(3,298	)
		USD	409,499		PHP	17,658,000		10/19/2012		–		(11,348	)
		USD	157,985		INR	8,148,000		10/29/2012		–		(6,449	)
		USD	235,918		INR	12,138,000		10/31/2012		–		(10,202	)
										66,488		(453,871	)
JPMorgan Chase & Co.		EUR	548,072		USD	708,794		01/13/2012		–		(27,953	)
		EUR	1,064,000		USD	1,423,206		02/16/2012		–		(7,552	)
		EUR	504,335		MYR	2,164,000		07/27/2012		–		(1,730	)
		EUR	112,835		USD	162,239		08/29/2012		10,259		–
		USD	768,298		MYR	2,432,356		12/16/2011		–		(3,667	)
		USD	966,746		PHP	42,561,000		01/13/2012		5,562		–
		USD	427,565		PHP	19,234,000		01/19/2012		11,628		–
		USD	19,129		GBP	12,023		01/27/2012		–		(275	)
		USD	191,586		CLP	96,770,000		01/30/2012		–		(5,249	)
		USD	37,589		GBP	23,883		01/30/2012		–		(138	)
		USD	237,661		INR	11,460,000		02/06/2012		–		(20,300	)
		USD	143,700		CLP	70,000,000		02/21/2012		–		(9,237	)
		USD	246,393		CLP	118,700,000		02/22/2012		–		(18,407	)
		USD	66,323		CLP	32,200,000		02/28/2012		–		(4,517	)
		USD	849,167		SGD	1,086,000		03/19/2012		–		(1,304	)
		USD	141,696		CLP	70,600,000		03/21/2012		–		(6,384	)
		USD	659,487		INR	30,864,000		04/16/2012		–		(77,868	)
		USD	643,500		INR	30,296,000		04/18/2012		–		(72,686	)
		USD	321,180		INR	15,134,000		04/19/2012		–		(36,061	)
		USD	242,003		MYR	740,795		04/19/2012		–		(9,782	)
		USD	694,222		MYR	2,123,000		04/23/2012		–		(28,749	)
		USD	200,728		CLP	98,979,000		04/27/2012		–		(11,453	)
		USD	388,165		INR	18,302,000		04/27/2012		–		(43,606	)
		USD	323,716		INR	15,247,000		04/30/2012		–		(36,746	)
		USD	212,608		INR	10,067,000		06/22/2012		–		(23,933	)
		USD	1,815,160		MYR	5,625,000		06/29/2012		–		(53,654	)
		USD	350,610		INR	16,267,000		07/12/2012		–		(46,122	)
		USD	109,834		INR	5,104,000		07/19/2012		–		(14,339	)
		USD	1,084,317		MYR	3,269,000		07/27/2012		–		(61,072	)
		USD	1,529,019		SGD	1,831,000		07/31/2012		–		(96,162	)
		USD	66,874		MYR	200,000		08/27/2012		–		(4,302	)
		USD	166,713		PHP	7,272,000		10/09/2012		–		(2,707	)
		USD	206,809		PHP	9,021,000		10/11/2012		–		(3,367	)
		USD	291,283		PHP	12,598,000		10/12/2012		–		(7,180	)
		USD	503,971		PHP	21,971,000		10/15/2012		–		(8,526	)
		USD	225,466		PHP	9,792,000		10/22/2012		–		(4,692	)
		USD	219,930		PHP	9,466,000		10/29/2012		–		(6,539	)
										27,449		(756,259	)

85

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Open Forward Foreign Currency Contracts
Counterparty	Contract to Deliver			In Exchange For			Delivery Date		Unrealized Appreciation		Unrealized Depreciation
Morgan Stanley and Co., Inc.		EUR	111,847		SEK	1,039,903		07/16/2012	$	1,915	$	–
		EUR	26,146		SEK	243,450		07/18/2012		497		–
		EUR	116,969		SEK	1,094,428		07/20/2012		2,995		–
		USD	300,916		CLP	152,700,000		01/13/2012		–		(6,247	)
		USD	56,800		GBP	36,081		01/27/2012		–		(221	)
		USD	18,562		GBP	11,725		01/31/2012		–		(176	)
		USD	71,254		GBP	45,203		02/01/2012		–		(373	)
		USD	1,075,342		AUD	1,105,921		02/08/2012		53,185		–
		USD	267,592		CLP	130,090,000		02/14/2012		–		(17,514	)
		USD	476,925		GBP	300,002		02/15/2012		–		(6,572	)
		USD	489,117		CLP	235,510,000		02/16/2012		–		(36,483	)
		USD	307,889		CLP	149,380,000		02/27/2012		–		(21,130	)
		USD	329,321		CLP	161,400,000		02/28/2012		–		(19,521	)
		USD	155,144		CLP	76,300,000		03/12/2012		–		(8,827	)
		USD	503,230		GBP	314,891		03/14/2012		–		(9,673	)
		USD	484,026		SGD	621,300		03/26/2012		1,088		–
		USD	442,512		GBP	277,738		03/29/2012		–		(7,252	)
		USD	1,206,318		ILS	4,318,135		03/30/2012		–		(59,432	)
		USD	354,170		CLP	174,340,000		04/16/2012		–		(20,560	)
		USD	315,576		CLP	156,210,000		04/20/2012		–		(16,732	)
		USD	160,443		CLP	77,900,000		05/11/2012		–		(11,604	)
		USD	568,334		CLP	280,490,000		05/22/2012		–		(32,777	)
		USD	1,223,208		SGD	1,467,690		08/01/2012		–		(74,637	)
		USD	39,815		PHP	1,720,000		10/29/2012		–		(1,041	)
										59,680		(350,772	)
UBS AG		EUR	311,515		NOK	2,570,000		12/01/2011		26,381		–
		EUR	195,111		USD	259,845		12/07/2011		–		(2,339	)
		EUR	2,118,000		USD	2,741,592		01/11/2012		–		(105,483	)
		EUR	866,907		USD	1,121,084		01/13/2012		–		(44,258	)
		EUR	664,629		USD	895,714		01/25/2012		2,186		–
		EUR	177,000		USD	241,019		02/01/2012		3,045		–
		EUR	952,983		NOK	7,552,200		02/08/2012		22,300		–
		EUR	1,629,000		USD	2,206,399		02/08/2012		16,071		–
		EUR	1,327,131		NOK	10,555,600		02/09/2012		37,582		–
		EUR	1,210,000		USD	1,642,902		02/13/2012		15,869		–
		EUR	1,064,000		USD	1,423,813		02/16/2012		–		(6,947	)
		EUR	849,000		USD	1,136,650		02/21/2012		–		(5,058	)
		EUR	729,000		USD	1,039,244		04/12/2012		58,500		–
		EUR	871,923		SEK	8,109,360		07/16/2012		15,305		–
		EUR	126,371		SEK	1,173,460		07/18/2012		1,935		–
		EUR	855,672		NOK	6,799,000		08/22/2012		13,274		–
		EUR	851,866		NOK	6,799,000		08/23/2012		18,355		–
		EUR	976,192		SEK	9,000,000		08/27/2012		3,861		–
		EUR	1,333,312		USD	1,918,129		08/27/2012		122,302		–
		EUR	214,699		USD	294,288		09/17/2012		5,067		–
		EUR	711,204		NOK	5,605,000		11/08/2012		78		–
		EUR	701,089		USD	952,710		11/19/2012		7,900		–
		NOK	2,570,000		EUR	331,690		12/01/2011		728		–
		USD	1,072,171		AUD	1,105,616		02/08/2012		56,045		–
										–		–
										426,784		(164,085	)
Net Unrealized Appreciation/(Depreciation)									$	1,656,356	$	(3,694,852	)

Currency Legend

AUD—Australian Dollar

BRL—Brazilian Real

CLP—Chilean Peso

EGP—Egyptian Pound

EUR—Euro Dollar

GBP—Bristish Pound

IDR—Indonesian Rupiah

ILS—Israeli New Shekel

INR—Indian Rupee

KRW—South Korean Won

MXN—Mexican Peso

MYR—Malaysian Ringgit

NOK—Norwegian Krone

PHP—Philippine Peso

86

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

PLN—Polish Zloty

SEK—Swedish Krona

SGD—Singapore Dollar

USD—United States Dollar

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2011 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2- Other Observable Inputs			Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Long-Term Investment Securities:
Common Stock:
United Kingdom	$	4,907,824	$	33,598,974	#	$	—	$	38,506,798
United States		96,563,006		—			—		96,563,006
Other Countries*		30,906,357		115,926,177	#		—		146,832,534
Preferred Stock		5,523,161		—			—		5,523,161
Foreign Government Agencies		—		157,470,109			—		157,470,109
Municipal Bonds & Notes		—		4,283,608			—		4,283,608
Short-Term Investment Securities:
Collective Investment Pool		—		24,171,041			—		24,171,041
Foreign Government Treasuries		—		9,501,723			—		9,501,723
Time Deposits		—		2,903,000			—		2,903,000
U.S. Government Agencies		—		4,005,000			—		4,005,000
Other Financial Instruments:†
Open Forward Foreign Currency Contracts - Appreciation		—		1,656,356			—		1,656,356
Total	$	137,900,348	$	353,515,988		$	—	$	491,416,336
LIABILITIES:
Other Financial Instruments:†
Open Forward Foreign Currency Contracts - Depreciation	$	—	$	3,694,852		$	—	$	3,694,852

# 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 $149,525,151 representing 32.1% of net assets. See Note 2.

* 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 and swap contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.

See Notes to Financial Statements

87

VALIC Company I Government Securities Fund

PORTFOLIO PROFILE — November 30, 2011 (Unaudited)

Industry Allocation*

Federal Home Loan Mtg. Corp.	24.4	%
Federal National Mtg. Assoc.	22.7
United States Treasury Bonds	12.8
Investment Companies	10.3
Government National Mtg. Assoc.	10.0
Repurchase Agreements	8.2
United States Treasury Notes	5.6
Federal Farm Credit Bank	4.0
Federal Home Loan Bank	3.5
Collective Investment Pool	1.0
Diversified Financial Services	0.5
Banks — Commercial	0.2
	103.2	%

Credit Quality†#

AAA	11.0	%
AA	85.7
A	2.6
Not Rated@	0.7
	100.0	%

* Calculated as a percentage of net assets.

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

† Source: Standard and Poors

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

88

VALIC Company I Government Securities Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited)

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES — 0.5%
Diversified Financial Services — 0.5%
DBUBS Mtg. Trust Series 2011-LC2A, Class A1 3.53% due 07/10/44*(1)	$	416,212	$	429,540
WF-RBS Commercial Mtg. Trust Series 2001-C3, Class A4 4.38% due 03/15/44*(1)		150,000		156,452
Total Asset Backed Securities
(cost $585,913)				585,992
FOREIGN CORPORATE BONDS & NOTES — 10.5%
Banks - Commercial — 0.2%
Australia & New Zealand Banking Group, Ltd. Bonds 2.40% due 11/23/16*		250,000		245,688
Investment Companies — 10.3%
Temasek Financial I, Ltd. Company Guar. Notes 4.50% due 09/21/15*		12,000,000		13,098,000
Total Foreign Corporate Bonds & Notes
(cost $13,594,495)				13,343,688
U.S. GOVERNMENT AGENCIES — 64.6%
Federal Farm Credit Bank — 4.0%
3.35% due 10/21/25		1,500,000		1,541,427
4.88% due 12/16/15		2,000,000		2,289,776
4.88% due 01/17/17		1,000,000		1,174,345
				5,005,548
Federal Home Loan Bank — 3.5%
4.75% due 09/11/15		1,000,000		1,141,373
4.88% due 11/27/13		2,000,000		2,175,502
5.38% due 06/14/13		1,000,000		1,076,641
				4,393,516
Federal Home Loan Mtg. Corp. — 24.4%
4.50% due 09/01/19		292,804		312,032
4.50% due 09/01/39		3,018,405		3,181,722
4.50% due 11/01/39		1,762,898		1,858,283
4.50% due 02/01/40		2,353,886		2,481,984
4.50% due 04/01/40		210,977		222,458
4.50% due 06/01/40		750,715		791,569
4.50% due 08/01/40		2,171,449		2,289,619
4.50% due 03/01/41		5,474,921		5,772,802
4.50% due 04/01/41		756,721		797,251
4.50% due 06/01/41		2,161,321		2,277,082
4.75% due 11/17/15		3,000,000		3,429,990
5.00% due 12/14/18		1,000,000		1,106,564
5.00% due 10/01/34		183,313		196,272
5.50% due 12/01/36		149,591		161,845
5.75% due 01/15/12		1,000,000		1,006,977
6.00% due 11/01/33		316,952		351,138
6.50% due 02/01/32		136,746		155,189
7.50% due 09/01/16		12,962		13,141
8.00% due 02/01/30		4,244		5,035
8.00% due 08/01/30		878		1,042
8.00% due 06/01/31		4,082		4,843
Federal Home Loan Mtg. Corp. FRS 5.36% due 12/01/35		65,536		70,079
Federal Home Loan Mtg. Corp. REMIC Series 3813, Class D 4.00% due 02/15/26		1,000,000		1,072,768
Series 3917, Class B 4.50% due 08/15/26		465,000		528,283
Series 3927, Class AY 4.50% due 09/15/26		1,494,968		1,702,608

Security Description	Principal Amount		Value (Note 2)
Federal Home Loan Mtg. Corp. (continued)
Series 3786, Class PB 4.50% due 07/15/40	$	1,000,000	$	1,094,751
				30,885,327
Federal National Mtg. Assoc. — 22.7%
Federal National Mtg. Assoc.
3.83% due 10/09/19		1,250,000		950,310
4.00% due 09/01/40		477,871		498,479
4.00% due 10/01/40		395,293		412,340
4.00% due 12/01/40		479,092		499,753
4.00% due 01/01/41		1,292,188		1,347,913
4.00% due 02/01/41		10,376,646		10,831,861
4.00% due 03/01/41		6,551,407		6,839,055
5.00% due 02/16/12		376,000		379,812
5.00% due 02/01/19		327,876		354,022
5.00% due 12/01/36		420,085		451,929
5.25% due 08/01/12		1,000,000		1,031,882
5.50% due 12/01/33		204,192		222,888
5.50% due 10/01/34		361,559		394,551
6.00% due 06/01/35		113,372		124,889
6.00% due 08/25/37 STRIPS		2,191,635		333,667
6.50% due 02/01/17		28,691		31,530
6.50% due 07/01/32		30,048		33,922
7.00% due 09/01/31		63,997		73,047
11.50% due 09/01/19		52		54
12.00% due 01/15/16		38		44
12.50% due 09/20/15		38		43
13.00% due 11/15/15		55		61
14.50% due 11/15/14		29		31
Federal National Mtg. Assoc. FRS
1.87% due 01/01/36		28,548		29,404
2.11% due 02/01/35		15,524		16,164
2.27% due 11/01/34		43,030		44,812
Federal National Mtg. Assoc. REMIC
Series 2002-34, Class AO 0.54% due 05/18/32		1,131,155		1,020,295
Series 2004-90, Class GC 4.35% due 11/25/34		1,000,000		1,074,435
Series 2010-117, Class DY 4.50% due 10/25/25		974,930		1,094,540
Class 2007-116, Class PB 5.50% due 08/25/35		275,000		316,575
Federal National Mtg. Assoc. REMIC FRS
Series 2010-28, Class SA 6.29% due 10/25/27		4,672,238		341,930
				28,750,238
Government National Mtg. Assoc. — 10.0%
4.50% due 03/15/38		365,243		398,600
4.50% due 03/15/39		64,970		70,843
4.50% due 05/15/39		1,853,392		2,020,921
4.50% due 06/15/39		1,447,546		1,578,390
4.50% due 07/15/39		1,242,790		1,355,158
4.50% due 09/15/39		23,857		26,013
4.50% due 12/15/39		281,078		306,279
4.50% due 04/15/40		571,087		621,458
4.50% due 06/15/40		2,072,257		2,260,541
4.50% due 08/15/40		303,265		330,014
5.00% due 09/15/35		12,514		13,834
5.00% due 02/15/36		383,486		422,862
5.00% due 05/15/36		68,876		75,948
6.00% due 01/15/32		69,521		78,677
6.50% due 08/15/31		70,961		82,184
7.50% due 02/15/29		7,526		8,193
7.50% due 07/15/30		486		572
7.50% due 01/15/31		6,871		8,104
7.50% due 02/15/31		6,332		7,468

89

VALIC Company I Government Securities Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Government National Mtg. Assoc. (continued)
Government National Mtg. Assoc. REMIC Series 2004-18, Class Z 4.50% due 03/16/34	$	708,185	$	776,980
Series 2005-21, Class Z 5.00% due 03/20/35		976,252		1,105,684
Series 2009-91, Class PR 5.00% due 09/20/38		1,000,000		1,129,313
				12,678,036
Total U.S. Government Agencies
(cost $77,719,358)				81,712,665
U.S. GOVERNMENT TREASURIES — 18.4%
United States Treasury Bonds — 12.8%
zero coupon due 08/15/24 STRIPS		2,040,000		1,446,737
2.00% due 01/15/26 TIPS(2)		2,263,318		2,765,845
3.75% due 08/15/41#		8,000,000		9,102,496
3.88% due 08/15/40		2,500,000		2,900,780
				16,215,858
United States Treasury Notes — 5.6%
2.63% due 08/15/20		3,500,000		3,713,007
4.00% due 02/15/15		1,000,000		1,112,109
4.25% due 08/15/13		1,000,000		1,068,125
4.25% due 08/15/15		1,000,000		1,134,688
				7,027,929
Total U.S. Government Treasuries
(cost $21,913,637)				23,243,787
Total Long-Term Investment Securities
(cost $113,813,403)				118,886,132
SHORT-TERM INVESTMENT SECURITIES — 1.0%
Collective Investment Pool — 1.0%
Navigator Securities Lending Prime Portfolio(3) (cost $1,254,750)		1,254,750		1,254,750

Security Description	Principal Amount			Value (Note 2)
REPURCHASE AGREEMENTS — 8.2%
State Street Bank & Trust Co. Joint Repurchase Agreement(4)	$	4,695,000		$	4,695,000
Agreement with State Street Bank & Trust Co., bearing interest at 0.01%, dated 11/30/11, to be repurchased 12/01/11 in the amount of $5,751,002 and collateralized by $5,325,000 of Federal Home Loan Mtg. Corp. Notes, bearing interest at 4.50%, due 01/15/14 and having an approximate value of $5,870,813		5,751,000			5,751,000
Total Repurchase Agreements
(cost $10,446,000)					10,446,000
TOTAL INVESTMENTS
(cost $125,514,153)(5)		103.2	%		130,586,882
Liabilities in excess of other assets		(3.2	)		(4,018,915	)
NET ASSETS		100.0	%	$	126,567,967

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2011, the aggregate value of these securities was $13,929,680 representing 11.0% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

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

(1) Commercial Mortgage Backed Security

(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.

TIPS—Treasury Inflation Protected Security

STRIPS—Separate Trading of Registered Interest and Principal Securities

FRS—Floating Rate Security

The rates shown on FRS are the current interest rates at November 30, 2011 and unless noted otherwise, the dates shown are the original maturity dates.

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2011 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Asset Backed Securities	$	—	$	585,992	$	—	$	585,992
Foreign Corporate Bonds & Notes		—		13,343,688		—		13,343,688
U.S. Government Agencies:
Federal Farm Credit Bank		—		5,005,548		—		5,005,548
Federal Home Loan Bank		—		4,393,516		—		4,393,516
Federal Home Loan Mtg Corp.		—		30,885,327		—		30,885,327
Federal National Mtg. Assoc.		—		28,750,238		—		28,750,238
Government National Mtg. Assoc.		—		12,678,036		—		12,678,036
U.S. Government Treasuries		—		23,243,787		—		23,243,787
Short Term Investment Securities:
Collective Investment Pool		—		1,254,750		—		1,254,750
Repurchase Agreements		—		10,446,000		—		10,446,000
Total	$	—	$	130,586,882	$	—	$	130,586,882

See Notes to Financial Statements

90

VALIC Company I Growth Fund

PORTFOLIO PROFILE — November 30, 2011 (Unaudited)

Industry Allocation*

Collective Investment Pool	6.9	%
Computers	5.4
Oil Companies — Integrated	4.4
Beverages — Non-alcoholic	3.5
Oil — Field Services	3.5
Applications Software	3.2
Medical — Drugs	2.9
Oil Companies — Exploration & Production	2.9
Web Portals/ISP	2.8
Retail — Restaurants	2.8
Computer Services	2.6
Enterprise Software/Service	2.5
Wireless Equipment	2.3
Electronic Components — Semiconductors	2.3
Medical — Biomedical/Gene	2.0
Tobacco	1.9
Chemicals — Diversified	1.8
Cosmetics & Toiletries	1.7
Aerospace/Defense — Equipment	1.7
Commercial Services — Finance	1.6
Computers — Memory Devices	1.6
Medical Products	1.5
Auto/Truck Parts & Equipment — Original	1.3
Retail — Discount	1.3
Time Deposits	1.2
Cable/Satellite TV	1.2
Agricultural Chemicals	1.2
Machinery — Construction & Mining	1.2
Networking Products	1.1
E-Commerce/Products	1.1
Transport — Services	1.1
Retail — Building Products	1.0
Pharmacy Services	1.0
Food — Misc.	1.0
Transport — Rail	1.0
Instruments — Controls	0.9
Metal Processors & Fabrication	0.8
Diversified Manufacturing Operations	0.8
Retail — Apparel/Shoe	0.8
Retail — Regional Department Stores	0.8
Metal — Copper	0.8
E-Commerce/Services	0.8
Machinery — Farming	0.7
Finance — Credit Card	0.7
Vitamins & Nutrition Products	0.7
Industrial Automated/Robotic	0.7
Metal — Iron	0.6
Apparel Manufacturers	0.6
Medical Instruments	0.6
Hotels/Motels	0.6
Multimedia	0.6
Semiconductor Components — Integrated Circuits	0.6
Food — Retail	0.6
Motorcycle/Motor Scooter	0.6
Medical — HMO	0.6
Banks — Commercial	0.6
Retail — Auto Parts	0.5
Engines — Internal Combustion	0.5
Entertainment Software	0.5
Real Estate Investment Trusts	0.5
Electronic Measurement Instruments	0.5
Telephone — Integrated	0.5
Food — Confectionery	0.5
Semiconductor Equipment	0.5
Medical Information Systems	0.4
Electronic Components — Misc.	0.4
Investment Management/Advisor Services	0.4
Home Furnishings	0.4
Machinery — General Industrial	0.4

Internet Infrastructure Software	0.4
Television	0.4
Real Estate Management/Services	0.3
Electronic Design Automation	0.3
Retail — Drug Store	0.3
Diversified Minerals	0.3
Oil Refining & Marketing	0.3
Finance — Investment Banker/Broker	0.3
Dental Supplies & Equipment	0.3
Instruments — Scientific	0.3
Auto — Cars/Light Trucks	0.2
Computer Data Security	0.2
Insurance Brokers	0.2
Medical — Generic Drugs	0.2
Schools	0.2
Soap & Cleaning Preparation	0.2
Beverages — Wine/Spirits	0.2
Human Resources	0.2
Casino Hotels	0.2
Electric Products — Misc.	0.2
Diagnostic Kits	0.2
Aerospace/Defense	0.2
Advanced Materials	0.2
Food — Catering	0.2
Transport — Marine	0.2
Retail — Gardening Products	0.2
Finance — Other Services	0.2
Retail — Pet Food & Supplies	0.2
Diversified Banking Institutions	0.2
Recreational Vehicles	0.2
Gambling (Non-Hotel)	0.1
Consulting Services	0.1
Banks — Super Regional	0.1
Electronics — Military	0.1
Insurance — Life/Health	0.1
Finance — Leasing Companies	0.1
Internet Security	0.1
Computers — Periphery Equipment	0.1
Retail — Bedding	0.1
Commercial Services	0.1
Dialysis Centers	0.1
Web Hosting/Design	0.1
Cellular Telecom	0.1
Paper & Related Products	0.1
Retail — Jewelry	0.1
Brewery	0.1
Airlines	0.1
Audio/Video Products	0.1
Transactional Software	0.1
Filtration/Separation Products	0.1
Retail — Video Rentals	0.1
Oil Field Machinery & Equipment	0.1
Retail — Home Furnishings	0.1
Insurance — Property/Casualty	0.1
Engineering/R&D Services	0.1
Building — Heavy Construction	0.1
	106.8	%

* Calculated as a percentage of net assets

91

VALIC Company I Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCK — 98.6%
Advanced Materials — 0.2%
Hexcel Corp.†		58,590	$	1,460,063
Aerospace/Defense — 0.2%
Boeing Co.		912		62,645
Northrop Grumman Corp.#		15,989		912,492
Teledyne Technologies, Inc.†		8,736		495,157
				1,470,294
Aerospace/Defense - Equipment — 1.7%
BE Aerospace, Inc.†		10,460		407,417
European Aeronautic Defence and Space Co., NV(4)		13,820		414,467
United Technologies Corp.		143,125		10,963,375
				11,785,259
Agricultural Chemicals — 1.2%
CF Industries Holdings, Inc.		7,395		1,033,821
Monsanto Co.		93,289		6,852,077
Syngenta AG†(4)		1,210		356,889
				8,242,787
Airlines — 0.1%
Alaska Air Group, Inc.†#		9,166		636,304
Apparel Manufacturers — 0.6%
Burberry Group PLC(4)		31,150		624,434
Coach, Inc.		60,168		3,765,915
				4,390,349
Applications Software — 3.2%
Check Point Software Technologies, Ltd.†		55,201		3,054,823
Intuit, Inc.		25,383		1,351,391
Microsoft Corp.		468,759		11,990,855
Red Hat, Inc.†		76,896		3,850,952
Salesforce.com, Inc.†		19,075		2,258,862
				22,506,883
Athletic Footwear — 0.0%
NIKE, Inc., Class B		3,670		352,981
Audio/Video Products — 0.1%
Harman International Industries, Inc.		15,139		625,241
Auto - Cars/Light Trucks — 0.2%
Bayerische Motoren Werke AG(4)		7,880		593,205
Daihatsu Motor Co., Ltd.#(4)		16,000		281,215
Hyundai Motor Co.(4)		4,430		858,738
				1,733,158
Auto/Truck Parts & Equipment - Original — 1.3%
Autoliv, Inc.#		53,675		2,859,804
BorgWarner, Inc.†#		85,842		5,658,705
Johnson Controls, Inc.		24,020		756,149
				9,274,658
Banks - Commercial — 0.5%
Bank Mandiri Tbk PT(4)		447,715		327,874
CIT Group, Inc.†		15,200		514,672
Industrial & Commercial Bank of China(4)		1,856,000		1,100,709
Powszechna Kasa Oszczednosci Bank Polski SA(4)		33,600		337,629
Sberbank of Russia ADR (LSE)†(4)		15,692		191,682
Sberbank of Russia ADR (OTC US)†		24,278		287,694
Turkiye Garanti Bankasi AS(4)		177,830		610,244
				3,370,504
Banks - Super Regional — 0.1%
Wells Fargo & Co.		40,920		1,058,191

Security Description	Shares		Value (Note 2)
Beverages - Non-alcoholic — 3.5%
Coca-Cola Co.		191,443	$	12,870,713
Coca-Cola Enterprises, Inc.		5,241		136,895
Dr Pepper Snapple Group, Inc.		28,608		1,045,050
Hansen Natural Corp.†		13,009		1,199,430
PepsiCo, Inc.		152,793		9,778,752
				25,030,840
Beverages - Wine/Spirits — 0.2%
Constellation Brands, Inc., Class A†		46,826		911,702
Pernod - Ricard SA#(4)		7,210		679,097
				1,590,799
Brewery — 0.1%
Boston Beer Co., Inc., Class A†#		6,913		690,678
Building - Heavy Construction — 0.1%
Chicago Bridge & Iron Co.		9,063		374,755
Cable/Satellite TV — 1.2%
DIRECTV, Class A†		132,753		6,268,597
DISH Network Corp., Class A		37,952		932,480
Liberty Global, Inc., Class A†#		30,010		1,182,094
				8,383,171
Casino Hotels — 0.2%
Las Vegas Sands Corp.†#		16,520		771,649
Wynn Resorts, Ltd.#		6,447		777,251
				1,548,900
Cellular Telecom — 0.1%
China Unicom Hong Kong, Ltd.(4)		372,000		801,217
Chemicals - Diversified — 1.8%
Air Products & Chemicals, Inc.		11,230		940,512
E.I. du Pont de Nemours & Co.		128,305		6,122,715
Lanxess AG(4)		5,970		333,690
LyondellBasell Industries NV, Class A		22,280		727,888
PPG Industries, Inc.		14,593		1,280,536
Rockwood Holdings, Inc.†		66,740		2,973,934
Sociedad Quimica y Minera de Chile SA ADR		4,640		266,058
				12,645,333
Commercial Services — 0.1%
Weight Watchers International, Inc.#		15,312		899,886
Commercial Services - Finance — 1.6%
Alliance Data Systems Corp.†#		11,191		1,146,070
Mastercard, Inc., Class A		23,693		8,874,213
Visa, Inc., Class A		14,000		1,357,580
				11,377,863
Computer Data Security — 0.2%
Fortinet, Inc.†		71,901		1,724,905
Computer Services — 2.6%
Accenture PLC, Class A		121,210		7,021,695
International Business Machines Corp.		59,450		11,176,600
				18,198,295
Computers — 5.4%
Apple, Inc.†		100,395		38,370,969
Dell, Inc.†		26,302		414,520
				38,785,489
Computers - Memory Devices — 1.6%
EMC Corp.†		385,043		8,859,840
NetApp, Inc.†		59,828		2,203,465
Seagate Technology PLC		4,433		75,804
				11,139,109

92

VALIC Company I Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Computers - Periphery Equipment — 0.1%
Lexmark International, Inc., Class A#		28,408	$	950,532
Consulting Services — 0.1%
Towers Watson & Co., Class A		16,273		1,060,349
Cosmetics & Toiletries — 1.7%
Colgate - Palmolive Co.		73,645		6,738,518
Estee Lauder Cos., Inc., Class A		37,680		4,445,486
Unicharm Corp#(4)		19,900		942,634
				12,126,638
Dental Supplies & Equipment — 0.3%
DENTSPLY International, Inc.#		50,711		1,831,174
Diagnostic Kits — 0.2%
IDEXX Laboratories, Inc.†#		20,160		1,515,830
Dialysis Centers — 0.1%
Fresenius Medical Care AG & Co. KGaA(4)		12,820		876,098
Diversified Banking Institutions — 0.2%
HSBC Holdings PLC(4)		151,920		1,184,736
Diversified Manufacturing Operations — 0.8%
3M Co.		2,555		207,057
Danaher Corp.#		34,724		1,679,947
Illinois Tool Works, Inc.#		30,706		1,395,281
Parker Hannifin Corp.		12,546		1,038,558
Textron, Inc.#		80,984		1,573,519
				5,894,362
Diversified Minerals — 0.3%
BHP Billiton, Ltd.(4)		38,901		1,452,606
Xstrata PLC(4)		38,150		614,468
				2,067,074
E-Commerce/Products — 1.1%
Amazon.com, Inc.†		41,987		8,073,680
E-Commerce/Services — 0.8%
Expedia, Inc.#		35,505		987,571
IAC/InterActive Corp.#		8,520		356,818
priceline.com, Inc.†#		5,706		2,772,488
Rakuten, Inc.(4)		1,166		1,247,727
				5,364,604
Electric Products - Misc. — 0.2%
Emerson Electric Co.		16,818		878,741
Molex, Inc.#		26,747		667,070
				1,545,811
Electronic Components - Misc. — 0.4%
Jabil Circuit, Inc.		156,156		3,165,282
Electronic Components - Semiconductors — 2.3%
ARM Holdings PLC(4)		45,670		428,725
Avago Technologies, Ltd.		95,500		2,857,360
Broadcom Corp., Class A†		171,168		5,194,093
Cree, Inc.†#		30,470		758,094
Intel Corp.		37,303		929,218
LSI Corp.†		161,799		909,310
NVIDIA Corp.†		78,265		1,223,282
Xilinx, Inc.		118,398		3,872,798
				16,172,880
Electronic Design Automation — 0.3%
Cadence Design Systems, Inc.†#		105,314		1,152,135
Synopsys, Inc.†		35,554		994,446
				2,146,581

Security Description	Shares		Value (Note 2)
Electronic Measurement Instruments — 0.5%
Agilent Technologies, Inc.†		90,400	$	3,390,000
Trimble Navigation, Ltd.†		2,816		121,313
				3,511,313
Electronics - Military — 0.1%
L-3 Communications Holdings, Inc.		7,313		484,852
Safran SA(4)		16,590		491,703
				976,555
Engineering/R&D Services — 0.1%
Fluor Corp.		6,995		383,466
Engines - Internal Combustion — 0.5%
Cummins, Inc.		39,127		3,769,104
Enterprise Software/Service — 2.5%
Oracle Corp.		532,875		16,705,631
QLIK Technologies, Inc.†		52,140		1,427,072
				18,132,703
Entertainment Software — 0.5%
Activision Blizzard, Inc.		80,334		997,748
Electronic Arts, Inc.†#		115,087		2,668,868
				3,666,616
Filtration/Separation Products — 0.1%
Polypore International, Inc.†#		10,740		526,797
Finance - Credit Card — 0.7%
American Express Co.		105,020		5,045,161
Finance - Investment Banker/Broker — 0.3%
Charles Schwab Corp.		117,040		1,399,799
Interactive Brokers Group, Inc., Class A		40,514		602,443
				2,002,242
Finance - Leasing Companies — 0.1%
ORIX Corp.#(4)		11,350		955,557
Finance - Other Services — 0.2%
IntercontinentalExchange, Inc.†		10,442		1,271,000
Food - Catering — 0.2%
Compass Group PLC(4)		156,223		1,446,710
Food - Confectionery — 0.5%
Hershey Co.		58,046		3,348,093
Food - Misc. — 1.0%
Danone(4)		32,660		2,160,295
Kellogg Co.		52,892		2,600,171
Kraft Foods, Inc., Class A		15,050		544,058
Nestle SA(4)		27,180		1,524,037
				6,828,561
Food - Retail — 0.6%
Jeronimo Martins SGPS SA(4)		32,050		585,079
Whole Foods Market, Inc.#		42,082		2,865,784
WM Morrison Supermarkets PLC(4)		138,800		703,122
				4,153,985
Gambling (Non-Hotel) — 0.1%
International Game Technology		62,759		1,070,669
Home Furnishings — 0.4%
Tempur - Pedic International, Inc.†#		55,871		3,051,115
Hotel/Motels — 0.6%
Starwood Hotels & Resorts Worldwide, Inc.		89,132		4,249,814

93

VALIC Company I Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Human Resources — 0.2%
Adecco SA†(4)		15,810	$	686,843
Capita Group PLC(4)		88,030		874,339
				1,561,182
Industrial Automated/Robotic — 0.7%
FANUC Corp.(4)		4,000		656,670
Rockwell Automation, Inc.#		53,238		3,994,447
				4,651,117
Instruments - Controls — 0.9%
Honeywell International, Inc.		120,253		6,511,700
Instruments - Scientific — 0.3%
Thermo Fisher Scientific, Inc.†		25,983		1,227,697
Waters Corp.†#		7,340		587,200
				1,814,897
Insurance Brokers — 0.2%
Brown & Brown, Inc.		79,321		1,654,636
Insurance - Life/Health — 0.1%
Aflac, Inc.		22,177		963,369
Insurance - Property/Casualty — 0.1%
Admiral Group PLC(4)		27,790		403,194
Internet Infrastructure Software — 0.4%
F5 Networks, Inc.†		24,861		2,810,039
Internet Security — 0.1%
Symantec Corp.†		58,276		952,813
Investment Management/Advisor Services — 0.4%
BlackRock, Inc.		18,221		3,134,741
Machinery - Construction & Mining — 1.2%
Atlas Copco AB, Class A(4)		18,640		400,613
Caterpillar, Inc.		13,516		1,322,946
Joy Global, Inc.		62,495		5,704,544
Komatsu, Ltd.#(4)		31,900		812,199
				8,240,302
Machinery - Farming — 0.7%
AGCO Corp.†		23,412		1,071,099
Deere & Co.		51,087		4,048,645
				5,119,744
Machinery - General Industrial — 0.4%
Gardner Denver, Inc.		23,286		1,996,076
Sauer - Danfoss, Inc.†		25,169		946,103
				2,942,179
Medical Information Systems — 0.4%
Cerner Corp.†		52,094		3,176,692
Medical Instruments — 0.6%
Edwards Lifesciences Corp.†		27,590		1,821,768
Intuitive Surgical, Inc.†		5,679		2,465,879
Medtronic, Inc.		1,766		64,335
				4,351,982
Medical Products — 1.5%
Baxter International, Inc.		26,889		1,389,086
Cooper Cos., Inc.		21,644		1,325,912
Covidien PLC		89,109		4,058,915
Hill - Rom Holdings, Inc.		38,750		1,224,500
Johnson & Johnson		8,806		569,924
Zimmer Holdings, Inc.†		48,355		2,444,345
				11,012,682

Security Description	Shares		Value (Note 2)
Medical - Biomedical/Gene — 2.0%
Alexion Pharmaceuticals, Inc.†		34,624	$	2,377,284
Amgen, Inc.		33,760		1,955,042
Biogen Idec, Inc.†		14,309		1,644,819
Celgene Corp.†		31,754		2,003,042
Cubist Pharmaceuticals, Inc.†#		9,661		372,625
Gilead Sciences, Inc.†		91,185		3,633,722
Illumina, Inc.†#		58,479		1,626,886
United Therapeutics Corp.†		23,301		953,244
				14,566,664
Medical - Drugs — 2.9%
Abbott Laboratories		182,756		9,969,340
Allergan, Inc.		47,635		3,988,002
Bristol - Myers Squibb Co.		27,580		902,418
Eli Lilly & Co.		33,595		1,271,571
Grifols SA†#(4)		28,509		460,739
Jazz Pharmaceuticals, Inc.†#		1,186		46,989
Medivation, Inc.†		18,569		853,246
Merck & Co., Inc.		9,123		326,147
Novartis AG(4)		19,690		1,062,528
Novo Nordisk A/S, Class B(4)		8,550		972,421
Pfizer, Inc.		44,976		902,668
				20,756,069
Medical - Generic Drugs — 0.2%
Perrigo Co.#		16,845		1,649,125
Medical - HMO — 0.6%
Humana, Inc.		12,526		1,110,806
UnitedHealth Group, Inc.		33,335		1,625,748
WellCare Health Plans, Inc.†		21,117		1,234,288
				3,970,842
Metal Processors & Fabrication — 0.8%
Precision Castparts Corp.		36,464		6,007,444
Metal - Copper — 0.8%
Freeport - McMoRan Copper & Gold, Inc.		135,624		5,370,710
Metal - Iron — 0.6%
Cliffs Natural Resources, Inc.#		58,638		3,976,243
Rio Tinto PLC(4)		11,210		593,406
				4,569,649
Motorcycle/Motor Scooter — 0.6%
Harley - Davidson, Inc.#		110,088		4,047,936
Multimedia — 0.6%
FactSet Research Systems, Inc.#		6,040		563,109
Viacom, Inc., Class B		81,704		3,657,071
				4,220,180
Networking Products — 1.1%
Cisco Systems, Inc.		377,245		7,031,847
Polycom, Inc.†		68,134		1,151,464
				8,183,311
Oil Companies - Exploration & Production — 2.9%
Apache Corp.		6,290		625,478
Devon Energy Corp.		45,031		2,947,729
EOG Resources, Inc.		37,372		3,876,971
Noble Energy, Inc.		46,470		4,572,183
Occidental Petroleum Corp.		82,691		8,178,140
W&T Offshore, Inc.#		23,627		473,013
				20,673,514
Oil Companies - Integrated — 4.4%
BG Group PLC(4)		70,370		1,510,157

94

VALIC Company I Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Oil Companies - Integrated (continued)
Chevron Corp.		11,865	$	1,219,959
ConocoPhillips		13,767		981,862
Exxon Mobil Corp.		321,577		25,867,654
Marathon Oil Corp.		18,411		514,772
Suncor Energy, Inc. (NYSE)		24,627		739,302
Suncor Energy, Inc. (TSX)		10,490		315,950
				31,149,656
Oil Field Machinery & Equipment — 0.1%
National Oilwell Varco, Inc.		6,710		481,107
Oil Refining & Marketing — 0.3%
HollyFrontier Corp.		33,006		767,389
Tesoro Corp.†#		13,167		314,560
Valero Energy Corp.		43,617		971,351
				2,053,300
Oil - Field Services — 3.5%
Core Laboratories NV		20,019		2,323,205
Halliburton Co.		8,356		307,501
Helix Energy Solutions Group, Inc.†#		54,387		964,825
Hornbeck Offshore Services, Inc.†#		24,418		823,863
Oceaneering International, Inc.#		65,564		3,118,224
Saipem SpA(4)		32,726		1,463,716
Schlumberger, Ltd.		211,387		15,923,783
				24,925,117
Paper & Related Products — 0.1%
Domtar Corp.		9,093		714,073
Pharmacy Services — 1.0%
Express Scripts, Inc.†#		148,249		6,767,567
Medco Health Solutions, Inc.†		5,068		287,203
				7,054,770
Real Estate Investment Trusts — 0.5%
AvalonBay Communities, Inc.#		9,232		1,152,615
Simon Property Group, Inc.		19,819		2,464,295
				3,616,910
Real Estate Management/Services — 0.3%
CBRE Group, Inc.†		133,693		2,247,379
Recreational Vehicles — 0.2%
Polaris Industries, Inc.#		17,991		1,081,259
Retail - Apparel/Shoe — 0.8%
Express, Inc.†		42,163		956,678
Foot Locker, Inc.		958		22,599
Limited Brands, Inc.		68,692		2,907,732
Lululemon Athletica, Inc.†#		8,668		430,800
Urban Outfitters, Inc.†		56,323		1,519,595
				5,837,404
Retail - Auto Parts — 0.5%
O’Reilly Automotive, Inc.†#		49,708		3,839,446
Retail - Bedding — 0.1%
Bed Bath & Beyond, Inc.†		15,478		936,574
Retail - Building Products — 1.0%
Home Depot, Inc.		170,026		6,668,420
Kingfisher PLC(4)		164,580		663,205
				7,331,625
Retail - Discount — 1.3%
Costco Wholesale Corp.		66,179		5,645,069
Dollar General Corp.†		68,094		2,762,573

Security Description	Shares		Value (Note 2)
Retail - Discount (continued)
Wal - Mart Stores, Inc.		8,848	$	521,147
				8,928,789
Retail - Drug Store — 0.3%
CVS Caremark Corp.		34,671		1,346,621
Walgreen Co.		21,912		738,873
				2,085,494
Retail - Gardening Products — 0.2%
Tractor Supply Co.#		18,696		1,350,412
Retail - Home Furnishings — 0.1%
Nitori Holdings Co., Ltd.(4)		4,750		444,251
Retail - Jewelry — 0.1%
Swatch Group AG, Class B(4)		1,780		693,782
Retail - Pet Food & Supplies — 0.2%
PetSmart, Inc.		25,199		1,215,852
Retail - Regional Department Stores — 0.8%
Dillard’s, Inc., Class A#		621		29,187
Macy’s, Inc.		167,208		5,405,835
				5,435,022
Retail - Restaurants — 2.8%
Chipotle Mexican Grill, Inc.†		6,416		2,063,129
McDonald’s Corp.		101,709		9,715,244
Starbucks Corp.		166,092		7,221,680
Yum! Brands, Inc.		17,615		987,144
				19,987,197
Retail - Video Rentals — 0.1%
Coinstar, Inc.†#		12,230		522,099
Rubber - Tires — 0.0%
Pirelli & C. SpA(4)		18,860		177,540
Schools — 0.2%
Apollo Group, Inc., Class A†		14,320		694,234
ITT Educational Services, Inc.†#		16,840		925,526
				1,619,760
Semiconductor Components - Integrated Circuits — 0.6%
Cypress Semiconductor Corp.†#		4,571		87,169
Linear Technology Corp.#		100,066		3,065,021
Maxim Integrated Products, Inc.		39,766		1,019,998
				4,172,188
Semiconductor Equipment — 0.5%
Applied Materials, Inc.		35,382		381,418
ASML Holding NV		12,220		483,056
KLA - Tencor Corp.#		47,540		2,191,594
Teradyne, Inc.†#		15,932		214,445
				3,270,513
Soap & Cleaning Preparation — 0.2%
Church & Dwight Co., Inc.		26,844		1,187,847
Reckitt Benckiser Group PLC(4)		8,447		426,982
				1,614,829
Software Tools — 0.0%
VMware, Inc., Class A†		1,407		136,029
Telephone - Integrated — 0.5%
Telephone and Data Systems, Inc.#		38,517		1,039,574
Verizon Communications, Inc.		26,614		1,004,146
Windstream Corp.#		123,644		1,454,053
				3,497,773

95

VALIC Company I Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Television — 0.4%
CBS Corp., Class B		104,381	$	2,718,081
Tobacco — 1.9%
Lorillard, Inc.		4,725		527,404
Philip Morris International, Inc.		169,536		12,925,425
				13,452,829
Transactional Software — 0.1%
VeriFone Systems, Inc.†#		13,210		579,259
Transport - Marine — 0.2%
Kirby Corp.†#		22,041		1,416,795
Transport - Rail — 1.0%
Union Pacific Corp.		65,755		6,799,725
Transport - Services — 1.1%
Expeditors International of Washington, Inc.		6,870		298,914
United Parcel Service, Inc., Class B		107,707		7,727,977
				8,026,891
Vitamins & Nutrition Products — 0.7%
Herbalife, Ltd.		16,076		889,003
Mead Johnson Nutrition Co.		51,004		3,843,661
				4,732,664
Web Hosting/Design — 0.1%
Equinix, Inc.†#		8,220		822,164
Web Portals/ISP — 2.8%
Baidu, Inc. ADR†		12,030		1,575,810
Google, Inc., Class A†		31,165		18,679,989
				20,255,799
Wireless Equipment — 2.3%
American Tower Corp., Class A†		28,084		1,656,956
Crown Castle International Corp.†		123,783		5,238,496
Motorola Solutions, Inc.		7,489		349,512
QUALCOMM, Inc.		171,136		9,378,253
				16,623,217
Total Common Stock
(cost $636,145,595)				703,627,291
PREFERRED STOCK — 0.1%
Banks - Commercial — 0.1%
Itau Unibanco Holding SA ADR (cost $312,941)		17,880		318,264
Total Long-Term Investment Securities
(cost $636,458,536)				703,945,555

Security Description	Shares/ Principal Amount			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 8.1%
Collective Investment Pool — 6.9%
Navigator Securities Lending Prime Portfolio(1)(2)		49,053,185			49,053,185
Time Deposits — 1.2%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 12/01/11	$	8,760,000			8,760,000
Total Short-Term Investment Securities
(cost $57,813,185)					57,813,185
TOTAL INVESTMENTS
(cost $694,271,721)(3)		106.8	%		761,758,740
Liabilities in excess of other assets		(6.8	)		(48,182,505	)
NET ASSETS		100.0	%	$	713,576,235

† 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 November 30, 2011, the Fund had loaned securities with a total value of $53,923,023. This was secured by collateral of $49,053,185, which was received in cash and subsequently invested in short-term investments currently valued at $49,053,185 as reported in the portfolio of investments. The remaining collateral with a value of $3,943,490 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 Mtg. Corp.	4.00% to 5.00%	03/15/32 to 06/15/40
Federal National Mtg. Assoc.	4.00%	08/25/41

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

(4) Security was valued using fair value procedures at November 30, 2011. The aggregate value of these securities was $34,427,172 representing 4.8% 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

LSE—London Stock Exchange

NYSE—New York Stock Exchange

OTC—Over The Counter US

TSX—Toronto Stock Exchange

96

VALIC Company I Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2011 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs			Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Long-Term Investment Securities:
Common Stock:
Computers	$	38,785,489	$	—		$	—	$	38,785,489
Other Industries*		630,414,630		34,427,172	#		—		664,841,802
Preferred Stock		318,264		—			—		318,264
Short-Term Investment Securities:				—
Collective Investment Pool		—		49,053,185			—		49,053,185
Time Deposits		—		8,760,000			—		8,760,000
Total		669,518,383		92,240,357			—		761,758,740

* 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 $34,427,172 representing 4.8% of net assets. See Note 2.

See Notes to Financial Statements

97

VALIC Company I Growth & Income Fund

PORTFOLIO PROFILE — November 30, 2011 (Unaudited)

Industry Allocation*

Collective Investment Pool	6.0	%
Medical — Drugs	4.6
Oil Companies — Exploration & Production	3.9
Computers	3.9
Repurchase Agreements	3.9
Banks — Super Regional	3.8
Oil Companies — Integrated	3.3
Web Portals/ISP	3.1
Medical Products	2.6
Applications Software	2.6
Electric — Integrated	2.5
Cosmetics & Toiletries	2.5
Diversified Banking Institutions	2.4
Retail — Discount	2.2
Retail — Restaurants	2.2
Medical — HMO	2.0
Transport — Services	1.9
Oil — Field Services	1.9
Instruments — Controls	1.8
Diversified Manufacturing Operations	1.8
Networking Products	1.8
Medical — Biomedical/Gene	1.7
Oil & Gas Drilling	1.6
Commercial Services — Finance	1.6
Computers — Memory Devices	1.6
Telephone — Integrated	1.5
Tobacco	1.4
Electronic Components — Semiconductors	1.3
Cruise Lines	1.3
Semiconductor Components — Integrated Circuits	1.3
E-Commerce/Products	1.3
Beverages — Non-alcoholic	1.3
Machinery — Construction & Mining	1.3
Computer Services	1.2
Finance — Credit Card	1.1
Apparel Manufacturers	1.1
Insurance — Property/Casualty	1.1
Athletic Footwear	1.0
Cable/Satellite TV	1.0
Enterprise Software/Service	0.9
Chemicals — Diversified	0.9
Medical Instruments	0.9
Aerospace/Defense — Equipment	0.9
E-Commerce/Services	0.9
Metal — Copper	0.9
Food — Misc.	0.9
Telecom Equipment — Fiber Optics	0.8
Transport — Rail	0.8
Insurance — Multi-line	0.8
Computers — Integrated Systems	0.7
Multimedia	0.7
Chemicals — Specialty	0.7
Insurance — Life/Health	0.7
Retail — Regional Department Stores	0.7
Retail — Consumer Electronics	0.7
Software Tools	0.6
Metal Processors & Fabrication	0.6
Investment Management/Advisor Services	0.6
Oil Field Machinery & Equipment	0.6
Casino Hotels	0.6
Medical — Generic Drugs	0.6
Paper & Related Products	0.6
Electric Products — Misc.	0.5
Beverages — Wine/Spirits	0.5
Aerospace/Defense	0.5
Home Furnishings	0.5
Wireless Equipment	0.5
Steel — Producers	0.4
Cellular Telecom	0.4

Electronic Design Automation	0.4
Agricultural Chemicals	0.4
Metal — Iron	0.3
Semiconductor Equipment	0.2
Coal	0.2
Electronic Measurement Instruments	0.2
	106.5	%

* Calculated as a percentage of net assets

98

VALIC Company I Growth & Income Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCK — 96.6%
Aerospace/Defense — 0.5%
Boeing Co.		6,084	$	417,910
Aerospace/Defense - Equipment — 0.9%
United Technologies Corp.		9,309		713,069
Agricultural Chemicals — 0.4%
Potash Corp. of Saskatchewan, Inc.		6,418		278,156
Apparel Manufacturers — 1.1%
Coach, Inc.		9,403		588,534
Ralph Lauren Corp.		1,789		253,787
				842,321
Applications Software — 2.6%
Intuit, Inc.#		3,657		194,699
Microsoft Corp.		50,085		1,281,174
Red Hat, Inc.†		4,237		212,189
Salesforce.com, Inc.†#		3,415		404,404
				2,092,466
Athletic Footwear — 1.0%
NIKE, Inc., Class B		8,383		806,277
Banks - Super Regional — 3.8%
Capital One Financial Corp.#		15,449		689,952
Fifth Third Bancorp#		42,111		509,122
PNC Financial Services Group, Inc.		9,085		492,498
US Bancorp		15,641		405,415
Wells Fargo & Co.		34,573		894,058
				2,991,045
Beverages - Non-alcoholic — 1.3%
Coca-Cola Enterprises, Inc.		7,500		195,900
PepsiCo, Inc.#		12,658		810,112
				1,006,012
Beverages - Wine/Spirits — 0.5%
Green Mountain Coffee Roasters, Inc.†#		8,173		428,510
Cable/Satellite TV — 1.0%
Comcast Corp., Class A		34,358		778,896
Casino Hotels — 0.6%
Las Vegas Sands Corp.†#		10,491		490,035
Cellular Telecom — 0.4%
Vodafone Group PLC ADR		12,182		330,741
Chemicals - Diversified — 0.9%
Dow Chemical Co.		7,419		205,580
E.I. du Pont de Nemours & Co.		4,258		203,192
FMC Corp.		3,877		325,358
				734,130
Chemicals - Specialty — 0.7%
Ashland, Inc.#		9,611		534,564
Coal — 0.2%
Alpha Natural Resources, Inc.†		7,651		183,624
Commercial Services - Finance — 1.6%
Mastercard, Inc., Class A		2,325		870,829
Visa, Inc., Class A		4,145		401,940
				1,272,769
Computer Services — 1.2%
Cognizant Technology Solutions Corp., Class A†		2,709		182,451
International Business Machines Corp.		4,128		776,064
				958,515

Security Description	Shares		Value (Note 2)
Computers — 3.9%
Apple, Inc.†		7,115	$	2,719,353
Hewlett-Packard Co.#		12,436		347,586
				3,066,939
Computers - Integrated Systems — 0.7%
Riverbed Technology, Inc.†#		9,202		239,252
Teradata Corp.†		6,233		338,016
				577,268
Computers - Memory Devices — 1.6%
EMC Corp.†#		47,015		1,081,815
NetApp, Inc.†#		4,892		180,173
				1,261,988
Cosmetics & Toiletries — 2.5%
Colgate-Palmolive Co.		2,194		200,751
Estee Lauder Cos., Inc., Class A#		3,242		382,491
Procter & Gamble Co.#		20,967		1,353,839
				1,937,081
Cruise Lines — 1.3%
Royal Caribbean Cruises, Ltd.#		38,425		1,064,757
Diversified Banking Institutions — 2.4%
Bank of America Corp.#		53,925		293,352
Citigroup, Inc.		15,084		414,508
Goldman Sachs Group, Inc.		3,835		367,623
JPMorgan Chase & Co.		27,745		859,263
				1,934,746
Diversified Manufacturing Operations — 1.8%
General Electric Co.		57,855		920,473
Textron, Inc.#		25,810		501,488
				1,421,961
E-Commerce/Products — 1.3%
Amazon.com, Inc.†#		3,606		693,398
MercadoLibre, Inc.#		3,729		326,996
				1,020,394
E-Commerce/Services — 0.9%
IAC/InterActive Corp.#		7,528		315,273
priceline.com, Inc.†#		808		392,599
				707,872
Electric Products-Misc. — 0.5%
AMETEK, Inc.		10,028		429,600
Electric - Integrated — 2.5%
American Electric Power Co., Inc.		12,491		495,643
Edison International		12,291		483,159
Exelon Corp.#		11,391		504,735
NextEra Energy, Inc.#		9,291		515,093
				1,998,630
Electronic Components - Semiconductors — 1.3%
Intel Corp.		20,207		503,356
Texas Instruments, Inc.		18,689		562,539
				1,065,895
Electronic Design Automation — 0.4%
Cadence Design Systems, Inc.†#		26,359		288,367
Electronic Measurement Instruments — 0.2%
Agilent Technologies, Inc.†		4,783		179,363
Enterprise Software/Service — 0.9%
Oracle Corp.		23,777		745,409

99

VALIC Company I Growth & Income Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Finance - Credit Card — 1.1%
American Express Co.		17,653	$	848,050
Food - Misc. — 0.9%
General Mills, Inc.		17,156		685,382
Home Furnishings — 0.5%
Tempur-Pedic International, Inc.†#		7,195		392,919
Instruments - Controls — 1.8%
Honeywell International, Inc.		26,518		1,435,950
Insurance - Life/Health — 0.7%
Prudential Financial, Inc.		10,486		531,011
Insurance - Multi-line — 0.8%
Assurant, Inc.		15,524		609,162
Insurance - Property/Casualty — 1.1%
Chubb Corp.#		5,987		403,763
Travelers Cos., Inc.		7,694		432,788
				836,551
Investment Management/Advisor Services — 0.6%
Invesco, Ltd.#		24,446		495,032
Machinery - Construction & Mining — 1.3%
Caterpillar, Inc.#		10,192		997,593
Medical Instruments — 0.9%
Intuitive Surgical, Inc.†#		950		412,499
St. Jude Medical, Inc.		7,879		302,869
				715,368
Medical Products — 2.6%
Covidien PLC#		22,233		1,012,713
Stryker Corp.#		20,567		1,004,287
				2,017,000
Medical - Biomedical/Gene — 1.7%
Alexion Pharmaceuticals, Inc.†		5,431		372,893
Amgen, Inc.		4,673		270,613
Biogen Idec, Inc.†#		3,899		448,190
Celgene Corp.†		4,520		285,122
				1,376,818
Medical - Drugs — 4.6%
Allergan, Inc.		7,244		606,468
Johnson & Johnson#		12,395		802,204
Merck & Co., Inc.		24,654		881,380
Pfizer, Inc.		54,517		1,094,156
Pharmasset, Inc.†#		2,217		290,405
				3,674,613
Medical - Generic Drugs — 0.6%
Teva Pharmaceutical Industries, Ltd. ADR		5,700		225,777
Watson Pharmaceuticals, Inc.†		3,570		230,693
				456,470
Medical - HMO — 2.0%
Aetna, Inc.		14,054		587,738
UnitedHealth Group, Inc.		19,727		962,086
				1,549,824
Metal Processors & Fabrication — 0.6%
Precision Castparts Corp.#		3,047		501,993
Metal - Copper — 0.9%
Freeport-McMoRan Copper & Gold, Inc.		17,338		686,585
Metal - Iron — 0.3%
Cliffs Natural Resources, Inc.#		3,203		217,195

Security Description	Shares		Value (Note 2)
Multimedia — 0.7%
Time Warner, Inc.#		15,436	$	537,482
Networking Products — 1.8%
Acme Packet, Inc.†#		13,277		443,850
Cisco Systems, Inc.		50,357		938,655
				1,382,505
Oil & Gas Drilling — 1.6%
Ensco PLC ADR#		24,617		1,279,346
Oil Companies - Exploration & Production — 3.9%
Anadarko Petroleum Corp.		10,695		869,183
Apache Corp.		5,626		559,449
Cabot Oil & Gas Corp.		5,405		478,829
Occidental Petroleum Corp.		12,132		1,199,855
				3,107,316
Oil Companies - Integrated — 3.3%
Chevron Corp.		11,205		1,152,098
ConocoPhillips		12,265		874,740
Exxon Mobil Corp.		7,426		597,347
				2,624,185
Oil Field Machinery & Equipment — 0.6%
Cameron International Corp.†		9,167		494,926
Oil - Field Services — 1.9%
Halliburton Co.		19,200		706,560
Schlumberger, Ltd.#		10,609		799,176
				1,505,736
Paper & Related Products — 0.6%
International Paper Co.#		15,525		440,910
Retail - Consumer Electronics — 0.7%
Best Buy Co., Inc.#		19,000		514,710
Retail - Discount — 2.2%
Costco Wholesale Corp.#		6,507		555,047
Target Corp.		22,210		1,170,467
				1,725,514
Retail - Regional Department Stores — 0.7%
Kohl’s Corp.		9,686		521,107
Retail - Restaurants — 2.2%
Chipotle Mexican Grill, Inc.†#		501		161,102
McDonald’s Corp.#		9,972		952,525
Starbucks Corp.		13,755		598,067
				1,711,694
Semiconductor Components — Integrated Circuits — 1.3%
QUALCOMM, Inc.		19,027		1,042,680
Semiconductor Equipment — 0.2%
Lam Research Corp.†#		4,524		184,443
Software Tools — 0.6%
VMware, Inc., Class A†		5,220		504,670
Steel - Producers — 0.4%
Carpenter Technology Corp.#		6,352		343,897
Telecom Equipment - Fiber Optics — 0.8%
Corning, Inc.#		49,363		655,047
Telephone - Integrated — 1.5%
AT&T, Inc.		24,381		706,561
Verizon Communications, Inc.#		12,196		460,155
				1,166,716

100

VALIC Company I Growth & Income Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
COMMON STOCK (continued)
Tobacco — 1.4%
Lorillard, Inc.#		2,655		$	296,351
Philip Morris International, Inc.		10,899			830,940
					1,127,291
Transport - Rail — 0.8%
Union Pacific Corp.#		6,058			626,458
Transport - Services — 1.9%
United Parcel Service, Inc., Class B#		21,063			1,511,270
Web Portals/ISP — 3.1%
Baidu, Inc. ADR†		2,917			382,098
Google, Inc., Class A†		3,400			2,037,926
					2,420,024
Wireless Equipment — 0.5%
Crown Castle International Corp.†		9,253			391,587
Total Long-Term Investment Securities
(cost $73,641,792)					76,406,340
SHORT-TERM INVESTMENT SECURITIES — 9.9%
Collective Investment Pool — 6.0%
Navigator Securities Lending Prime Portfolio(1)(2) (cost $4,741,397)		4,741,397			4,741,397
REPURCHASE AGREEMENT — 3.9%
State Street Bank & Trust Co. Joint Repurchase Agreement(3) (cost $3,051,000)	$	3,051,000			3,051,000
TOTAL INVESTMENTS
(cost $81,434,189)(4)		106.5	%		84,198,737
Liabilities in excess of other assets		(6.5	)		(5,142,403	)
NET ASSETS		100.0	%	$	79,056,334

# 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) At November 30, 2011, the Fund had loaned securities with a total value of $4,955,354. This was secured by collateral of $4,741,397, which was received in cash and subsequently invested in short-term investments currently valued at $4,741,397 as reported in the portfolio of investments. The remaining collateral of $107,581 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	5.20%	7/15/2014
Federal Home Loan Mortgage Corp.	4.00% to 5.00%	03/15/32 - 06/15/40
Federal National Mortgage Corp.	4.00%	08/25/41
United States Treasury Bills	zero coupon	12/22/11

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

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

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2011 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Long-Term Investment Securities:
Common Stock	$	76,406,340	$	—	$	—	$	76,406,340
Short-Term Investment Securities:
Collective Investment Pool		—		4,741,397		—		4,741,397
Repurchase Agreement		—		3,051,000		—		3,051,000
Total	$	76,406,340	$	7,792,397	$	—	$	84,198,737

See Notes to Financial Statements

101

VALIC Company I Health Sciences Fund

PORTFOLIO PROFILE — November 30, 2011 (Unaudited)

Industry Allocation*

Medical — Biomedical/Gene	27.3	%
Medical — Drugs	18.8
Medical Products	10.6
Medical — HMO	6.8
Therapeutics	4.6
Pharmacy Services	4.5
Medical — Wholesale Drug Distribution	3.7
Medical — Hospitals	3.6
Medical Instruments	2.8
Dental Supplies & Equipment	2.3
Medical Information Systems	2.2
Medical — Generic Drugs	1.9
Medical Labs & Testing Services	1.7
Dialysis Centers	1.5
Diagnostic Kits	1.2
Retail — Drug Store	1.1
Agricultural Chemicals	0.9
Applications Software	0.8
Physicians Practice Management	0.8
Instruments — Scientific	0.7
Heart Monitors	0.7
Consulting Services	0.6
Commercial Services	0.4
Chemicals — Diversified	0.4
Patient Monitoring Equipment	0.4
Registered Investment Companies	0.3
Distribution/Wholesale	0.2
Diagnostic Equipment	0.2
Retail — Convenience Store	0.2
Disposable Medical Products	0.2
Instruments — Controls	0.2
Drug Delivery Systems	0.1
Insurance — Life/Health	0.1
Medical Laser Systems	0.1
Electronic Measurement Instruments	0.1
Computer Software	0.1
	102.1	%

* Calculated as a percentage of net assets

102

VALIC Company I Health Sciences Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCK — 101.6%
Agricultural Chemicals — 0.9%
Monsanto Co.		25,100	$	1,843,595
Applications Software — 0.8%
Nuance Communications, Inc.†		70,700		1,737,806
Chemicals - Diversified — 0.4%
Bayer AG(1)		13,064		858,262
Bayer AG ADR		600		39,426
				897,688
Commercial Services — 0.4%
HMS Holdings Corp.†		30,300		918,999
Computer Software — 0.1%
DynaVox, Inc., Class A†		23,174		92,001
Consulting Services — 0.6%
Advisory Board Co.†		7,400		535,612
MAXIMUS, Inc.		18,700		777,920
				1,313,532
Dental Supplies & Equipment — 2.3%
DENTSPLY International, Inc.		131,700		4,755,687
Diagnostic Equipment — 0.2%
Gen - Probe, Inc.†		2,940		185,191
GenMark Diagnostics, Inc.†		55,000		231,550
				416,741
Diagnostic Kits — 1.2%
BG Medicine, Inc.†		21,500		99,760
IDEXX Laboratories, Inc.†		32,000		2,406,080
				2,505,840
Dialysis Centers — 1.5%
DaVita, Inc.†		24,000		1,828,320
Fresenius Medical Care AG & Co. KGaA(1)		17,621		1,204,191
				3,032,511
Disposable Medical Products — 0.2%
Shandong Weigao Group Medical Polymer Co., Ltd.(1)		424,000		371,979
Distribution/Wholesale — 0.2%
Owens & Minor, Inc.		15,900		489,720
Drug Delivery Systems — 0.1%
Depomed, Inc.†		32,600		158,762
Nektar Therapeutics†		27,200		136,000
				294,762
Electronic Measurement Instruments — 0.1%
Agilent Technologies, Inc.†		3,700		138,750
Heart Monitors — 0.7%
HeartWare International, Inc.†		20,625		1,423,125
Instruments - Controls — 0.2%
Mettler - Toledo International, Inc.†		2,100		335,580
Instruments - Scientific — 0.7%
Thermo Fisher Scientific, Inc.†		32,000		1,512,000
Insurance - Life/Health — 0.1%
Odontoprev SA		21,200		294,257
Medical Information Systems — 2.2%
Allscripts Healthcare Solutions, Inc.†		95,200		1,852,592
athenahealth, Inc.†		30,700		1,823,580
Cerner Corp.†		15,600		951,288
				4,627,460

Security Description	Shares		Value (Note 2)
Medical Instruments — 2.8%
Arthrocare Corp.†		21,587	$	643,508
Bruker Corp.†		67,300		842,596
Conceptus, Inc.†		72,000		788,760
Edwards Lifesciences Corp.†		31,400		2,073,342
Endologix, Inc.†		13,700		155,358
Intuitive Surgical, Inc.†		1,160		503,684
Volcano Corp.†		38,900		959,663
				5,966,911
Medical Labs & Testing Services — 1.7%
Covance, Inc.†		45,800		2,102,678
Fleury SA		43,200		492,117
Laboratory Corp. of America Holdings†		4,900		420,028
Quest Diagnostics, Inc.		8,600		504,476
				3,519,299
Medical Laser Systems — 0.1%
LCA-Vision, Inc.†		70,700		199,374
Medical Products — 10.6%
Baxter International, Inc.		81,744		4,222,895
BioMimetic Therapeutics, Inc.†		14,500		45,530
China Kanghui Holdings, Inc. ADR†		45,900		699,975
China Medical System Holdings, Ltd.(1)		1,458,000		1,060,475
Cooper Cos., Inc.		12,400		759,624
Covidien PLC		95,400		4,345,470
EnteroMedics, Inc.†		105,150		203,991
Fresenius SE & Co. KGaA(1)		4,236		407,393
Henry Schein, Inc.†		46,600		2,998,244
Hill - Rom Holdings, Inc.		13,400		423,440
Hospira, Inc.†		17,700		498,963
Nobel Biocare Holding AG†(1)		11,273		143,153
Sonova Holding AG†(1)		2,516		262,842
Straumann Holding AG(1)		1,600		281,028
Stryker Corp.		76,200		3,720,846
Tornier NV†		6,300		113,211
Zimmer Holdings, Inc.†		41,800		2,112,990
				22,300,070
Medical - Biomedical/Gene — 27.2%
Acorda Therapeutics, Inc.†		33,875		784,206
Aegerion Pharmaceuticals, Inc.†		20,400		327,012
Alexion Pharmaceuticals, Inc.†		251,040		17,236,407
AMAG Pharmaceuticals, Inc.†		39,400		701,320
Amarin Corp. PLC ADR†		71,200		496,976
Amgen, Inc.		54,675		3,166,229
Amylin Pharmaceuticals, Inc.†		63,800		689,040
Arqule, Inc.†		16,900		94,809
Basilea Pharmaceutica†(1)		1,848		64,044
Biocon, Ltd.(1)		23,900		147,171
BioCryst Pharmaceuticals, Inc.†		31,500		90,720
Biogen Idec, Inc.†		13,700		1,574,815
Celgene Corp.†		73,540		4,638,903
Cubist Pharmaceuticals, Inc.†		53,000		2,044,210
Dendreon Corp.†		63,700		550,368
Dyadic International, Inc.†		33,700		44,484
Dynavax Technologies Corp.†		21,200		65,932
Exelixis, Inc.†		233,200		1,075,052
Gilead Sciences, Inc.†		140,600		5,602,910
GTx, Inc.†		31,844		86,616
Halozyme Therapeutics, Inc.†		20,000		189,600
Human Genome Sciences, Inc.†		152,054		1,166,254
Illumina, Inc.†		21,600		600,912
Incyte Corp., Ltd.†		286,200		3,940,974
Intercell AG†(1)		8,622		20,220
InterMune, Inc.†		83,800		1,521,808

103

VALIC Company I Health Sciences Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Medical - Biomedical/Gene (continued)
Lexicon Pharmaceuticals, Inc.†		34,200	$	40,014
Medicines Co.†		183,800		3,475,658
Micromet, Inc.†		17,300		106,049
Momenta Pharmaceuticals, Inc.†		34,200		514,368
Newron Pharmaceuticals SpA†(1)		9,000		19,746
NPS Pharmaceuticals, Inc.†		69,200		393,056
Regeneron Pharmaceuticals, Inc.†		52,200		3,101,724
Seattle Genetics, Inc.†		40,700		676,841
Sinovac Biotech, Ltd.†		43,200		101,952
Tranzyme, Inc.†		62,300		197,491
United Therapeutics Corp.†		7,000		286,370
Vertex Pharmaceuticals, Inc.†		38,994		1,130,436
Vical, Inc.†		68,700		302,967
				57,267,664
Medical - Drugs — 18.7%
Achillion Pharmaceuticals, Inc.†		17,200		114,380
Alkermes PLC†		175,300		2,680,337
Allergan, Inc.		10,700		895,804
Anacor Pharmaceuticals, Inc.†		49,300		247,979
Ardea Biosciences, Inc.†		27,517		514,018
Auxilium Pharmaceuticals, Inc.†		44,000		766,920
Cadence Pharmaceuticals, Inc.†		86,300		378,857
Cardiome Pharma Corp.†		65,600		133,824
Clovis Oncology, Inc.†		14,200		182,754
Elan Corp. PLC ADR†		229,700		2,485,354
Endocyte, Inc.†		15,300		157,437
GlaxoSmithKline Pharmaceuticals, Ltd.(1)		3,696		136,551
Hikma Pharmaceuticals PLC(1)		10,303		101,134
Idenix Pharmaceuticals, Inc.†		201,500		1,531,400
Infinity Pharmaceuticals, Inc.†		27,750		253,358
Ironwood Pharmaceuticals, Inc.†		7,700		92,939
Jazz Pharmaceuticals, Inc.†		32,300		1,279,726
Lijun International Pharmaceutical Holding, Ltd.(1)		190,000		21,696
MAP Pharmaceuticals, Inc.†		24,900		342,375
Medivation, Inc.†		31,800		1,461,210
Merck & Co., Inc.		81,404		2,910,193
Novo Nordisk A/S, Class B(1)		6,846		778,619
Optimer Pharmaceuticals, Inc.†		44,900		517,248
Pacira Pharmaceuticals, Inc.†		64,100		469,212
Pfizer, Inc.		70,366		1,412,246
Pharmasset, Inc.†		54,600		7,152,054
Poniard Pharmaceuticals, Inc.†		2,403		11,316
Ranbaxy Laboratories, Ltd.(1)		29,600		252,721
Rigel Pharmaceuticals, Inc.†		61,800		470,916
Roche Holding AG(1)		12,394		1,971,347
Salix Pharmaceuticals, Ltd.†		14,400		635,616
Sanofi(1)		2,900		202,994
Savient Pharmaceuticals, Inc.†		8,700		21,837
Shire PLC(1)		26,700		896,174
Shire PLC ADR		9,132		925,254
Sun Pharmaceutical Industries, Ltd.(1)		23,000		233,962
Swedish Orphan Biovitrum AB†(1)		95,623		185,054
Targacept, Inc.†		15,600		117,156
UCB SA		10,649		438,930
Valeant Pharmaceuticals International, Inc.†		118,933		5,495,894
Vectura Group PLC†(1)		82,423		78,141
XenoPort, Inc.†		91,000		434,980
				39,389,917
Medical - Generic Drugs — 1.9%
Impax Laboratories, Inc.†		30,900		622,326
Par Pharmaceutical Cos., Inc.†		3,800		123,158
Sawai Pharmaceutical Co., Ltd.(1)		13,600		1,445,309
Simcere Pharmaceutical Group ADR†		32,100		239,787

Security Description	Shares		Value (Note 2)
Medical - Generic Drugs (continued)
Teva Pharmaceutical Industries, Ltd. ADR		23,435	$	928,261
Towa Pharmaceutical Co., Ltd.(1)		14,800		662,924
				4,021,765
Medical - HMO — 6.8%
AMERIGROUP Corp.†		49,500		2,829,915
Amil Participacoes SA		37,200		345,597
Centene Corp.†		26,500		1,025,815
Triple - S Management Corp., Class B†		24,357		474,474
UnitedHealth Group, Inc.		91,600		4,467,332
WellCare Health Plans, Inc.†		28,200		1,648,290
WellPoint, Inc.		49,300		3,478,115
				14,269,538
Medical - Hospitals — 3.6%
Bangkok Dusit Medical Services PCL		593,700		1,428,537
Community Health Systems, Inc.†		22,700		451,049
Fortis Healthcare India, Ltd.†(1)		134,100		293,783
HCA Holdings, Inc.†		40,700		992,266
Health Management Associates, Inc., Class A†		117,800		968,316
Select Medical Holdings Corp.†		79,000		684,930
Universal Health Services, Inc., Class B		68,700		2,763,114
				7,581,995
Medical - Wholesale Drug Distribution — 3.7%
AmerisourceBergen Corp.		67,500		2,507,625
McKesson Corp.		61,900		5,033,089
Sinopharm Group Co., Ltd.(1)		92,000		222,143
				7,762,857
Patient Monitoring Equipment — 0.4%
Insulet Corp.†		41,800		776,644
Pharmacy Services — 4.5%
Catalyst Health Solutions, Inc.†		38,114		1,982,690
Express Scripts, Inc.†		43,921		2,004,994
SXC Health Solutions Corp.†		92,500		5,440,850
				9,428,534
Physicians Practice Management — 0.8%
Mednax, Inc.†		25,200		1,698,480
Retail - Convenience Store — 0.2%
CP ALL PCL		247,400		396,856
Retail - Drug Store — 1.1%
Raia SA		39,000		606,022
Shanghai Pharmaceuticals Holding Co., Ltd.†(1)		357,000		678,785
Shoppers Drug Mart Corp.		26,600		1,107,084
				2,391,891
Therapeutics — 4.6%
Allos Therapeutics, Inc.†		49,300		65,569
AVANIR Pharmaceuticals, Inc., Class A†		433,111		1,065,453
BioMarin Pharmaceutical, Inc.†		82,800		2,866,536
ISTA Pharmaceuticals, Inc.†		34,800		130,500
Neurocrine Biosciences, Inc.†		83,035		543,049
Onyx Pharmaceuticals, Inc.†		24,800		1,093,680
Pharmacyclics, Inc.†		131,800		2,007,314
Puma Biotechnology†(2)(3)(4)		38,324		143,715
Theravance, Inc.†		48,600		1,134,324
Warner Chilcott PLC, Class A†		23,100		363,132
YM Biosciences, Inc.†		187,200		237,744
				9,651,016
Total Common Stock
(cost $181,229,564)				213,624,844

104

VALIC Company I Health Sciences Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares/ Principal Amount		Value (Note 2)
CONVERTIBLE PREFERRED STOCK — 0.1%
Medical - Biomedical/Gene — 0.1%
Tesaro, Inc. Series B(2)(3)(4)(6) (cost $149,919)		68,928	$	149,918
RIGHTS — 0.0%
Medical - Biomedical/Gene — 0.0%
Lexicon Pharmaceuticals, Inc. Expires 12/22/11† (cost $0)		34,200		584
WARRANTS† — 0.0%
Medical Products — 0.0%
EnteroMedics, Inc. Expires 02/23/13 (Strike price $8.28)(3)(4)		82,200		49
EnteroMedics, Inc. Expires 06/13/16 (Strike price $2.19)		42,300		31,679
EnteroMedics, Inc. Expires 09/28/16 (Strike price $1.90)		6,300		5,391
				37,119
Medical - Drugs — 0.0%
Alexza Pharmaceuticals, Inc. Expires 10/05/16 (Strike price $2.77)(2)(3)(4)		13,050		2,999
Cadence Pharmaceuticals, Inc. Expires 02/18/14 (Strike price $7.84)(3)(4)		9,484		14,134
				17,133
Therapeutics — 0.0%
Puma Biotechnology Expires 10/04/21 (Strike price $0.01)(2)(3)(4)		1		0
Total Warrants
(cost $13,092)				54,252
PUT OPTIONS - PURCHASED — 0.0%
Heart Monitors — 0.0%
HeartWare International, Inc.(7)		69		5,865
CALL OPTIONS - PURCHASED — 0.1%
Medical - Drugs — 0.1%
Medivation, Inc.(7)		33		74,910
Medivation, Inc.(7)		16		39,360
Medivation, Inc.(7)		16		37,840
Targacept, Inc.(7)		15		75
				152,185
Total Options - Purchased
(cost $89,629)				158,050
CONVERTIBLE BONDS & NOTES — 0.0%
Patient Monitoring Equipment — 0.0%
Insulet Corp. Senior Notes 3.75% due 06/15/16 (cost $68,000)	$	68,000		67,660
U.S. CORPORATE BONDS & NOTES — 0.0%
Heart Monitors — 0.0%
HeartWare International, Inc. Senior Notes 3.50% due 12/15/17 (cost $68,753)		71,000	$	71,621
Total Long-Term Investment Securities
(cost $181,618,957)				214,126,929

Security Description	Shares			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 0.3%
Registered Investment Companies — 0.3%
T. Rowe Price Reserve Investment Fund (cost $710,132)		710,132			710,132
TOTAL INVESTMENTS
(cost $182,329,089)(5)		102.1	%		214,837,061
Liabilities in excess of other assets		(2.1	)		(4,495,320	)
NET ASSETS		100.0	%	$	210,341,741

† Non-income producing security

(1) Security was valued using fair value procedures at November 30, 2011. The aggregate value of these securities was $13,001,841 representing 6.2% 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.

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

(3) Illiquid security. At November 30, 2011, the aggregate value of these securities was $310,815 representing 0.1% of net assets.

(4) Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 2011, the Health Sciences Fund held the following restricted securities:

Name	Acquisition Date		Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
Alexza Pharma ceuticals, Inc. Expires 10/05/16 Strike Price $2.77 Warrant		10/5/2009		13,050	$	1,631	$	2,999	$	0.23		0.0	%
Cadence Pharma ceuticals, Inc. Expires 02/18/14 Strike Price $7.84 Warrant		2/18/2009		9,484		1,186		14,134		1.49		0.0	%
EnteroMedics, Inc. Expires 02/23/13 Strike Price $8.28 Warrant		2/23/2009		82,200		10,275		49		0.00		0.0	%
Puma Biotech nology Common Stock		10/4/2011		38,324		143,715		143,715		3.75		0.1	%
Puma Biotech nology Expires 10/04/21 Strike Price $0.01 Warrant		10/4/2011		1		–		0		0.00		0.0	%
Tesaro, Inc. Series B Convertible Preferred Stock		6/6/2011		68,928		149,919		149,918		2.17		0.1	%
							$	310,815				0.2	%

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

(6) Security is subject to an unfunded commitment, see Note 12 for details.

(7) Options Purchased

105

VALIC Company I Health Sciences Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Call Options - Purchased
Issue	Expiration Month		Strike Price		No. of Contracts		Premiums Paid		Value at November 30, 2011		Unrealized Appreciation/ (Depreciation)
Medivation, Inc.		December 2011	$	22.00		16	$	5,607	$	37,840	$	32,233
Medivation, Inc.		December 2011		23.00		33		10,824		74,910		64,086
Medivation, Inc.		December 2011		21.00		16		5,663		39,360		33,697
Targacept, Inc.		December 2011		20.00		15		7,540		75		(7,465	)
						80	$	29,634	$	152,185	$	122,551

Put Options - Purchased
Issue	Expiration Month		Strike Price		No. of Contracts		Premiums Paid		Value at November 30, 2011		Unrealized Appreciation/ (Depreciation)
HeartWare International, Inc.		December 2011	$	65.00		69	$	59,995	$	5,865	$	(54,130	)

ADR—American Depository Receipt

Open call option contracts written at November 30, 2011 for the Health Sciences Fund were as follows:
Issue	Expiration Month		Strike Price		No. of Contracts		Premiums Received		Value at November 30, 2011		Unrealized Appreciation/ (Depreciation)
Alexion Pharmaceuticals, Inc.		Jan-12	$	60.00		35	$	10,570	$	35,350	$	(24,780	)
Alexion Pharmaceuticals, Inc.		May-12		80.00		35		9,060		12,600		(3,540	)
Alexion Pharmaceuticals, Inc.		May-12		85.00		53		14,500		12,455		2,045
Allergan, Inc.		Jan-12		80.00		19		6,973		10,830		(3,857	)
Allergan, Inc.		Apr-12		95.00		18		3,996		3,240		756
AmerisourceBergen Corp.		Jan-12		43.00		34		4,063		340		3,723
Amgen, Inc.		Jan-12		67.50		55		7,205		330		6,875
Amgen, Inc.		Apr-12		65.00		35		4,379		2,310		2,069
Baxter International, Inc.		May-12		62.50		53		6,731		2,915		3,816
Biogen Idec, Inc.		Jan-12		90.00		38		8,626		98,040		(89,414	)
Biogen Idec, Inc.		Jan-12		115.00		19		10,203		10,450		(247	)
Celgene Corp.		Jan-12		65.00		17		1,734		2,771		(1,037	)
Celgene Corp.		Jan-12		67.50		35		5,355		2,765		2,590
Celgene Corp.		Jan-12		75.00		35		3,745		175		3,570
Covidien PLC		Jan-12		57.50		96		10,232		480		9,752
Edwards Lifesciences Corp.		Jan-12		80.00		106		25,049		2,120		22,929
Edwards Lifesciences Corp.		Jan-12		85.00		23		3,956		690		3,266
Edwards Lifesciences Corp.		Jan-12		90.00		52		18,308		520		17,788
Edwards Lifesciences Corp.		May-12		95.00		57		9,406		3,705		5,701
Express Scripts, Inc.		Jan-12		60.00		70		17,379		210		17,169
Express Scripts, Inc.		Jan-12		70.00		19		4,275		95		4,180
Gilead Sciences, Inc.		Feb-12		41.00		70		8,757		12,320		(3,563	)
Illumina, Inc.		Jan-12		90.00		7		1,624		70		1,554
Intuitive Surgical, Inc.		Jan-12		300.00		11		32,017		149,930		(117,913	)
Medivation, Inc.		Jan-12		45.00		71		8,328		27,335		(19,007	)
Medivation, Inc.		Jan-12		50.00		17		1,734		2,805		(1,071	)
Merck & Co., Inc.		Jan-13		40.00		71		9,159		10,082		(923	)
Monsanto Co.		Jan-12		80.00		73		22,045		8,030		14,015
Monsanto Co.		Jan-12		82.50		56		10,332		3,528		6,804
Stryker Corp.		Jan-12		55.00		50		6,725		1,000		5,725
UnitedHealth Group, Inc.		Dec-11		55.00		70		10,220		280		9,940
UnitedHealth Group, Inc.		Jan-12		50.00		112		11,989		17,136		(5,147	)
Valeant Pharmaceuticals International, Inc.		Jan-12		60.00		75		23,024		1,125		21,899
Valeant Pharmaceuticals International, Inc.		Apr-12		55.00		71		11,059		13,845		(2,786	)
Vertex Pharmaceuticals, Inc.		Jan-12		46.00		55		8,910		1,100		7,810
Vertex Pharmaceuticals, Inc.		Jan-12		47.00		55		11,935		825		11,110
Vertex Pharmaceuticals, Inc.		Jan-12		60.00		36		7,709		540		7,169
Vertex Pharmaceuticals, Inc.		Jan-12		65.00		18		1,926		270		1,656
Zimmer Holdings, Inc.		Jan-12		75.00		99		14,800		1,485		13,315
						1,921	$	388,038	$	454,097	$	(66,059	)

106

VALIC Company I Health Sciences Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Open put option contracts written at November 30, 2011 for the Health Sciences Fund were as follows:
Issue	Expiration Month		Strike Price		No. of Contracts		Premiums Received		Value at November 30, 2011		Unrealized Appreciation/ (Depreciation)
Abbott Laboratories		Jan-12	$	55.00		19	$	17,518	$	3,629	$	13,889
Acorda Therapeutics, Inc.		Jan-12		25.00		21		10,962		8,610		2,352
Aetna, Inc.		Jan-12		50.00		122		88,522		111,020		(22,498	)
Agilent Technologies, Inc.		Jan-12		45.00		19		14,384		15,200		(816	)
Alexion Pharmaceuticals, Inc.		Jan-12		60.00		18		9,719		2,430		7,289
Allscripts Healthcare Solutions		Jan-12		25.00		75		34,876		55,500		(20,624	)
AMAG Pharmaceuticals, Inc.		Jan-12		20.00		30		12,817		10,200		2,617
AMERIGROUP Corp.		Mar-12		65.00		7		4,529		8,750		(4,221	)
AMERIGROUP Corp.		Jun-12		60.00		18		18,396		16,560		1,836
AmerisourceBergen Corp.		Jan-12		40.00		75		51,524		26,250		25,274
AmerisourceBergen Corp.		Jan-12		45.00		72		48,933		60,480		(11,547	)
AmerisourceBergen Corp.		Jan-12		50.00		54		48,599		79,380		(30,781	)
Amgen, Inc.		Jan-12		57.50		11		6,559		1,947		4,612
Amgen, Inc.		Jan-12		60.00		34		26,792		10,880		15,912
Amylin Pharmaceuticals, Inc.		Jan-12		12.50		19		5,738		4,123		1,615
Amylin Pharmaceuticals, Inc.		Jan-12		20.00		18		11,106		17,550		(6,444	)
Amylin Pharmaceuticals, Inc.		Jan-12		25.00		18		12,338		27,900		(15,562	)
Baxter International, Inc.		Jan-12		50.00		19		10,108		2,812		7,296
Baxter International, Inc.		Jan-12		65.00		33		19,576		47,190		(27,614	)
Baxter International, Inc.		Jan-12		70.00		72		86,902		138,240		(51,338	)
Biogen Idec, Inc.		Jan-12		75.00		38		21,926		1,140		20,786
Biogen Idec, Inc.		Jan-12		90.00		38		45,865		2,090		43,775
Biogen Idec, Inc.		Jan-12		95.00		38		57,645		3,420		54,225
Biogen Idec, Inc.		Jan-12		100.00		45		48,741		6,300		42,441
Biogen Idec, Inc.		Jan-12		105.00		38		50,768		8,360		42,408
Biogen Idec, Inc.		Jan-12		110.00		20		25,439		7,000		18,439
Biogen Idec, Inc.		Jan-13		115.00		46		66,375		78,200		(11,825	)
Biogen Idec, Inc.		Jan-13		120.00		35		63,712		68,600		(4,888	)
Bristol Myers Squibb Co.		Jan-12		27.50		56		16,128		840		15,288
Bristol Myers Squibb Co.		Jan-12		30.00		47		13,906		1,504		12,402
Bristol Myers Squibb Co.		Mar-12		30.00		55		17,985		4,345		13,640
Bristol Myers Squibb Co.		Mar-12		33.00		53		19,536		9,752		9,784
Cardinal Health, Inc.		Jan-12		45.00		75		53,774		26,250		27,524
Catalyst Health Solutions, Inc.		Jun-12		50.00		21		15,477		11,970		3,507
Celgene Corp.		Jan-12		55.00		11		8,492		693		7,799
Celgene Corp.		Jan-12		60.00		26		23,372		3,848		19,524
Celgene Corp.		Jan-12		65.00		20		24,574		7,200		17,374
Cerner Corp.		Jan-12		50.00		40		24,939		2,000		22,939
Cooper Cos., Inc.		May-12		55.00		35		20,370		17,850		2,520
Coventry Health Care, Inc.		Aug-12		35.00		51		27,896		32,640		(4,744	)
Covidien PLC		Jan-12		55.00		18		9,666		18,360		(8,694	)
Covidien PLC		Jan-12		60.00		7		6,279		11,060		(4,781	)
Cubist Pharmaceuticals, Inc.		Jan-12		25.00		1		497		25		472
CVS Caremark Corp.		Jan-12		40.00		37		21,756		8,066		13,690
Davita, Inc.		Apr-12		60.00		42		23,498		10,080		13,418
Dendreon Corp.		Jan-12		60.00		2		4,494		10,740		(6,246	)
DENTSPLY International, Inc.		Apr-12		40.00		85		61,814		68,850		(7,036	)
Depomed, Inc.		Mar-12		10.00		50		21,350		27,000		(5,650	)
Edwards Lifesciences Corp.		Jan-12		95.00		106		119,820		334,960		(215,140	)
Express Scripts, Inc.		Jun-12		50.00		21		15,567		17,220		(1,653	)
Forest Laboratories, Inc.		Jan-12		35.00		37		17,390		19,610		(2,220	)
Gilead Sciences, Inc.		Jan-12		40.00		10		4,866		1,840		3,026
Gilead Sciences, Inc.		Jan-12		44.00		34		19,553		15,640		3,913
Gilead Sciences, Inc.		Jan-12		45.00		56		35,997		30,520		5,477
Gilead Sciences, Inc.		Jan-13		35.00		21		10,332		7,245		3,087
Henry Schein, Inc.		Jan-12		75.00		109		83,664		138,430		(54,766	)
Henry Schein, Inc.		Jan-12		80.00		29		23,665		51,330		(27,665	)
Hospira, Inc.		Jan-12		60.00		9		7,200		30,510		(23,310	)
Human Genome Sciences, Inc.		Jan-12		26.00		46		20,132		93,380		(73,248	)
Human Genome Sciences, Inc.		Apr-12		20.00		35		29,819		50,575		(20,756	)
Humana, Inc.		Jan-12		60.00		115		136,405		2,875		133,530
Humana, Inc.		Jan-12		70.00		75		70,494		4,125		66,369
Humana, Inc.		Jan-13		85.00		17		22,855		20,230		2,625
Illumina, Inc.		Jan-12		60.00		4		4,088		13,640		(9,552	)
Intermune, Inc.		Jan-12		40.00		65		53,913		147,550		(93,637	)
Intermune, Inc.		Jan-12		45.00		94		116,324		258,500		(142,176	)
Intermune, Inc.		Jan-12		50.00		82		89,235		265,680		(176,445	)

107

VALIC Company I Health Sciences Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Issue	Expiration Month		Strike Price		No. of Contracts		Premiums Received		Value at November 30, 2011		Unrealized Appreciation/ (Depreciation)
Intermune, Inc.		Jan-12	$	55.00		44	$	65,197	$	164,560	$	(99,363	)
Jazz Pharmaceuticals, Inc.		Jan-12		25.00		56		30,631		3,360		27,271
Jazz Pharmaceuticals, Inc.		Jan-12		30.00		38		32,565		3,230		29,335
Jazz Pharmaceuticals, Inc.		Jan-12		35.00		30		25,709		4,500		21,209
Jazz Pharmaceuticals, Inc.		Jan-12		40.00		30		30,796		10,800		19,996
Johnson & Johnson		Jan-12		65.00		37		27,347		6,623		20,724
Johnson & Johnson		Jan-12		67.50		56		50,231		18,760		31,471
Johnson & Johnson		Jan-12		70.00		50		27,339		27,500		(161	)
Johnson & Johnson		Apr-12		70.00		69		54,647		45,540		9,107
Maximus, Inc.		Apr-12		40.00		144		65,687		47,520		18,167
McKesson Corp.		Jan-12		80.00		37		62,508		9,805		52,703
McKesson Corp.		Jan-12		85.00		19		27,018		10,070		16,948
Medco Health Solutions, Inc.		Jan-12		60.00		71		44,522		37,630		6,892
Medco Health Solutions, Inc.		Jan-12		65.00		69		28,762		64,170		(35,408	)
Medicis Pharmaceutical, Class A		Jan-12		35.00		56		29,319		30,240		(921	)
Medtronic, Inc.		Jan-12		35.00		40		25,679		4,160		21,519
Medtronic, Inc.		Jan-12		40.00		38		24,139		15,390		8,749
Monsanto Co.		Jan-12		62.50		48		63,757		4,176		59,581
Monsanto Co.		Jan-12		65.00		37		44,489		4,588		39,901
Monsanto Co.		Jan-12		70.00		48		67,307		12,096		55,211
Monsanto Co.		Jan-12		75.00		7		10,083		3,290		6,793
Monsanto Co.		Jan-12		80.00		25		37,601		20,125		17,476
Monsanto Co.		Jan-13		80.00		21		34,901		32,760		2,141
Mylan, Inc.		Jan-12		22.50		1		467		350		117
Mylan, Inc.		Jan-12		25.00		56		20,412		35,000		(14,588	)
Nuance Communications, Inc.		Apr-12		25.00		21		12,957		6,300		6,657
Perrigo Co.		Jan-12		80.00		23		29,945		1,265		28,680
Pfizer, Inc.		Jan-12		20.00		301		95,063		21,070		73,993
Pfizer, Inc.		Jan-12		22.50		255		126,891		63,750		63,141
Pfizer, Inc.		Jan-12		25.00		321		195,752		160,500		35,252
Pharmasset, Inc.		Feb-12		60.00		2		2,547		280		2,267
Pharmasset, Inc.		May-12		65.00		5		5,408		2,400		3,008
Quest Diagnostics, Inc.		Jan-12		55.00		24		13,743		2,640		11,103
Quest Diagnostics, Inc.		Jan-12		60.00		28		24,755		8,680		16,075
Quest Diagnostics, Inc.		Jan-12		65.00		59		56,899		46,020		10,879
Quest Diagnostics, Inc.		May-12		60.00		20		13,540		11,400		2,140
Salix Pharmaceuticals, Ltd.		Jan-12		50.00		23		27,300		21,850		5,450
Sanofi ADR		Mar-12		35.00		42		18,564		10,920		7,644
Sanofi CVR		Jan-12		75.00		27		11,394		540		10,854
Savient Pharmaceuticals, Inc.		Jan-12		15.00		100		48,794		141,000		(92,206	)
St Jude Medical, Inc.		Jan-12		45.00		36		20,412		31,320		(10,908	)
Stryker Corp.		Jan-12		60.00		41		37,941		50,020		(12,079	)
Stryker Corp.		Jan-12		65.00		19		17,556		32,870		(15,314	)
Stryker Corp.		Jan-12		70.00		22		27,118		48,840		(21,722	)
Stryker Corp.		Mar-12		60.00		14		18,189		17,640		549
SXC Health Solutions Corp.		Jan-12		50.00		3		1,566		480		1,086
SXC Health Solutions Corp.		Jan-12		70.00		52		55,309		61,360		(6,051	)
Teva Pharmaceutical Industries, Ltd ADR		Jan-12		52.50		22		16,489		28,600		(12,111	)
Teva Pharmaceutical Industries, Ltd ADR		Jan-12		55.00		17		12,359		26,350		(13,991	)
Teva Pharmaceutical Industries, Ltd ADR		Jun-12		50.00		34		27,267		22,440		4,827
Teva Pharmaceutical Industries, Ltd ADR		Jan-13		45.00		21		19,257		18,795		462
United Therapeutics Corp.		Jan-12		60.00		28		26,260		53,760		(27,500	)
UnitedHealth Group, Inc.		Jan-12		35.00		17		14,884		255		14,629
UnitedHealth Group, Inc.		Jan-12		40.00		22		19,096		814		18,282
UnitedHealth Group, Inc.		Jan-12		45.00		37		20,979		3,848		17,131
UnitedHealth Group, Inc.		Jan-12		50.00		37		31,593		10,915		20,678
UnitedHealth Group, Inc.		Jan-12		55.00		39		31,342		34,905		(3,563	)
UnitedHealth Group, Inc.		Mar-12		60.00		23		25,427		32,315		(6,888	)
Valeant Pharmaceuticals International, Inc.		Jan-12		40.00		7		4,809		805		4,004
Valeant Pharmaceuticals International, Inc.		Jan-12		65.00		23		26,262		2,645		23,617
Vertex Pharmaceuticals, Inc.		Jan-12		55.00		28		25,035		78,680		(53,645	)
Walgreen Co.		Jan-12		50.00		36		31,546		60,120		(28,574	)
Warner Chilcott Plc Class A		Jan-13		20.00		36		17,892		22,320		(4,428	)
Watson Pharmaceuticals, Inc.		Jan-12		70.00		75		95,773		52,500		43,273
WellPoint, Inc.		Jan-12		65.00		26		21,591		3,848		17,743
WellPoint, Inc.		Jan-12		85.00		75		86,984		124,125		(37,141	)
Zimmer Holdings, Inc.		Jan-12		65.00		27		20,169		39,420		(19,251	)
Zimmer Holdings, Inc.		Jan-12		70.00		24		21,648		48,000		(26,352	)
						5,968	$	4,606,909	$	4,623,542	$	(16,633	)

108

VALIC Company I Health Sciences Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2011 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs			Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Long-Term Investment Securities:
Common Stock:
Medical Products	$	20,145,179	$	2,154,891	#	$	—	$	22,300,070
Medical - Biomedical/Gene		57,016,483		251,181	#		—		57,267,664
Medical - Drugs		34,531,524		4,858,393	#		—		39,389,917
Medical - HMO		14,269,538		—			—		14,269,538
Other Industries*		74,516,564		5,737,376	#		143,715		80,397,655
Convertible Preferred Stock		—		—			149,918		149,918
Rights		—		584			—		584
Warrants		—		51,253			2,999		54,252
Options - Purchased		158,050		—			—		158,050
Convertible Bonds & Notes		—		67,660			—		67,660
U.S. Corporate Bonds & Notes		—		71,621			—		71,621
Short-Term Investment Securities:
Registered Investment Companies		—		710,132			—		710,132
Other Financial Instruments:†
Call Option Contracts Written - Appreciation		207,226		—			—		207,226
Put Option Contracts Written - Appreciation		1,611,409		—			—		1,611,409
Total	$	202,455,973	$	13,903,091		$	296,632	$	216,655,696
LIABILITIES:
Other Financial Instruments:†
Call Option Contracts Written - Depreciation		273,285		—			—		273,285
Put Option Contracts Written - Depreciation		1,628,042		—					1,628,042
Total	$	1,901,327	$	—		$	—	$	1,901,327

* 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 $13,001,841 representing 6.2% of net assets. See Note 2.

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

	Common Stock		Convertible Preferred Stock			Warrants
Balance as of 5/31/2011	$	—	$	—		$	53,521
Accrued discounts		—		—			—
Accrued premiums		—		—			—
Realized gain		—		—			—
Realized loss		—		—			—
Change in unrealized appreciation(1)		—		—			—
Change in unrealized depreciation(1)		—		(1	)		(18,794	)
Net purchases		—		149,919			—
Net sales		—		—			—
Transfers into Level 3(2)		143,715		—			—
Transfers out of Level 3(2)		—		—			(31,728	)
Balance as of 11/30/2011	$	143,715	$	149,918		$	2,999

(1) The total change in unrealized appreciation (depreciation) included in the statement of operations attributable to level 3 investments still held at November 30, 2011 includes:

Common Stock		Convertible Preferred Stock			Warrants
$	—	$	(1	)	$	(2,665	)

(2) The Fund’s policy is to recognize transfers in and transfers out as of the end of the reporting period.

See Notes to Financial Statements

109

VALIC Company I Inflation Protected Fund

PORTFOLIO PROFILE — November 30, 2011 (Unaudited)

Industry Allocation*

United States Treasury Bonds	32.2	%
United States Treasury Notes	21.1
Sovereign	10.8
Banks — Commercial	5.9
Diversified Banking Institutions	5.2
Time Deposits	4.8
Insurance — Life/Health	3.2
Banks — Super Regional	3.2
Finance — Investment Banker/Broker	2.2
Insurance — Multi-line	1.8
Federal National Mtg. Assoc.	1.4
Special Purpose Entities	1.1
Electric — Integrated	1.1
Gold Mining	1.0
Diversified Financial Services	0.8
Banks — Money Center	0.6
Finance — Consumer Loans	0.5
Federal Home Loan Mtg. Corp.	0.5
Metal — Aluminum	0.4
Auto — Cars/Light Trucks	0.4
Real Estate Investment Trusts	0.3
Metal — Diversified	0.3
Medical — Drugs	0.3
Finance — Auto Loans	0.3
Diversified Manufacturing Operations	0.3
Diversified Minerals	0.2
Transport — Rail	0.2
Oil & Gas Drilling	0.2
Pipelines	0.1
Telephone — Integrated	0.1
	100.5	%

Credit Quality†#

AAA	10.7	%
AA	66.2
A	9.5
BBB	7.6
BB	1.0
Not Rated@	5.0
	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.

110

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited)

Security Description	Principal Amount(6)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES — 21.5%
Auto - Cars/Light Trucks — 0.4%
Daimler Finance North America LLC FRS Company Guar. Notes 0.97% due 03/28/14*	$	1,430,000	$	1,401,102
Banks - Commercial — 3.1%
BNP Paribas LLC FRS Bank Guar. Notes 5.44% due 04/03/17		674,000		621,313
BNP Paribas US FRS Bank Guar. Notes 5.24% due 03/23/12(1)		3,000,000		3,032,280
Branch Banking & Trust Co. FRS Sub. Notes 0.80% due 05/23/17		1,500,000		1,332,462
Fifth Third Bank FRS Senior Notes 0.58% due 05/17/13		800,000		781,252
Manufacturers & Traders Trust Co. FRS Sub. Notes 1.87% due 04/01/13		1,206,000		1,203,609
National City Bank FRS Sub. Notes 0.70% due 06/07/17		1,580,000		1,447,996
Regions Financial Corp. FRS Senior Notes 0.53% due 06/26/12		1,100,000		1,069,357
Sky Financial Capital Trust I Notes 9.34% due 05/01/30		1,000,000		1,020,000
SunTrust Bank FRS Sub. Notes 0.80% due 08/24/15		1,000,000		926,616
				11,434,885
Banks - Money Center — 0.0%
RBS Capital Trust II FRS Bank Guar. Bonds 6.43% due 01/03/34(2)		50,000		26,000
Banks - Super Regional — 3.0%
Bank of America NA FRS Sub. Notes 0.63% due 06/15/16		2,000,000		1,611,936
Bank of America NA FRS Sub. Notes 0.65% due 06/15/17		2,000,000		1,443,508
Capital One Financial Corp. FRS Senior Notes 1.55% due 07/15/14		1,160,000		1,134,769
Fifth Third Bancorp FRS Sub. Notes 0.77% due 12/20/16		1,455,000		1,313,849
PNC Preferred Funding Trust II FRS Jr. Sub. Bonds 6.11% due 03/15/12*(2)		2,000,000		1,480,000
USB Capital IX FRS Ltd. Guar. Notes 3.50% due 01/17/12(2)		1,000,000		703,010
Wachovia Capital Trust III FRS Limited Guar. Notes 5.57% due 01/17/12(2)		1,500,000		1,267,500
Wells Fargo & Co. FRS Senior Notes 4.00% due 03/31/21		2,000,000		2,018,118
				10,972,690

Security Description	Principal Amount(6)		Value (Note 2)
Diversified Banking Institutions — 4.4%
Bank of America Corp. FRS Senior Notes 1.94% due 07/11/14	$	1,000,000	$	881,914
Goldman Sachs Group, Inc. FRS Notes 0.00% due 05/08/13		5,000,000		5,015,000
JPMorgan Chase & Co. FRS Senior Notes 2.25% due 06/23/16		2,000,000		1,912,200
JPMorgan Chase & Co. FRS Senior Notes 4.00% due 02/25/21		1,000,000		1,000,071
JPMorgan Chase & Co. FRS Senior Notes 5.95% due 04/28/20		2,000,000		2,037,800
Morgan Stanley FRS Senior Notes 0.88% due 10/15/15		2,000,000		1,652,278
Morgan Stanley Senior Notes 5.40% due 05/15/15*	BRL	1,632,500		839,564
Morgan Stanley FRS Senior Notes 6.12% due 11/01/13		1,150,000		1,127,506
Morgan Stanley FRS Senior Notes 6.50% due 04/25/23		2,000,000		1,638,694
				16,105,027
Diversified Financial Services — 0.8%
General Electric Capital Corp. FRS Senior Notes 1.31% due 05/09/16		1,000,000		943,792
Morgan Stanley & Co. LLC FRS Senior Notes 5.00% due 02/11/20		2,000,000		1,982,786
				2,926,578
Diversified Manufacturing Operations — 0.3%
GE Capital Trust I FRS Sub. Notes 6.38% due 11/15/67		1,000,000		975,000
Electric - Integrated — 0.7%
Dominion Resources, Inc. FRS Jr. Sub Notes 2.67% due 09/30/66		2,000,000		1,690,872
Southern California Edison Co. FRS Senior Sec. Bonds 0.84% due 09/15/14		800,000		796,838
				2,487,710
Finance - Auto Loans — 0.3%
Ford Motor Credit Co. LLC FRS Senior Notes 3.15% due 01/13/12		1,000,000		1,001,500
Finance - Consumer Loans — 0.2%
SLM Corp. FRS Senior Notes 5.32% due 04/01/14		1,000,000		947,720
Finance - Investment Banker/Broker — 2.2%
Citigroup Funding, Inc. FRS Company Guar. Notes 5.80% due 05/28/13		5,000,000		4,936,400

111

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Principal Amount(6)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Finance - Investment Banker/Broker (continued)
Citigroup Funding, Inc. FRS Company Guar. Notes 6.37% due 03/30/20	$	3,000,000	$	2,874,120
Lehman Brothers Holdings, Inc. FRS Notes 0.00% due 04/14/11†(4)(9)		400,000		96,000
Lehman Brothers Holdings, Inc. FRS Notes 0.00% due 06/10/14†(3)(4)		578,000		147,390
Lehman Brothers Holdings, Inc. FRS Notes 0.00% due 11/01/14†(3)(4)		1,000,000		240,000
				8,293,910
Insurance - Life/Health — 2.6%
Pacific Life Global Funding FRS Bonds 5.95% due 02/06/16*		3,300,000		3,329,865
Principal Life Income Funding Trusts FRS Senior Sec. Notes 5.17% due 03/01/12		4,390,000		4,387,893
Prudential Financial, Inc. FRS Senior Notes 6.62% due 05/23/18		2,000,000		2,038,840
				9,756,598
Insurance - Multi - line — 1.8%
ING Capital Funding Trust III FRS Company Guar. Notes 3.97% due 03/31/12(2)		1,000,000		715,176
Monumental Global Funding III FRS Senior Sec. Notes 5.95% due 05/22/18*		5,000,000		5,794,462
				6,509,638
Metal - Aluminum — 0.4%
Alcoa, Inc. Senior Notes 5.72% due 02/23/19		1,080,000		1,081,156
Alcoa, Inc. Senior Notes 5.90% due 02/01/27		465,000		442,955
				1,524,111
Pipelines — 0.1%
Southern Natural Gas Co./Southern Natural Issuing Corp. Senior Notes 4.40% due 06/15/21		500,000		499,222
Real Estate Investment Trusts — 0.3%
Brandywine Operating Partnership LP Company Guar. Notes 5.70% due 05/01/17		800,000		819,958
Kilroy Realty LP Company Guar. Notes 4.80% due 07/15/18		500,000		489,721
				1,309,679
Special Purpose Entities — 0.9%
FUEL Trust Sec. Notes 3.98% due 12/15/22*		1,050,000		1,020,533
Genworth Global Funding Trusts FRS Sec. Notes 0.60% due 05/15/12		1,000,000		996,692

Security Description	Principal Amount(6)		Value (Note 2)
Special Purpose Entities (continued)
Hartford Life Institutional Funding FRS Senior Sec. Notes 0.78% due 08/15/13*	$	250,000	$	249,004
Strats - Daimler Chrysler FRS Bonds 5.87% due 11/15/13*		1,000,000		984,710
				3,250,939
Total U.S. Corporate Bonds & Notes     (cost $82,636,053)				79,422,309
FOREIGN CORPORATE BONDS & NOTES — 6.6%
Banks - Commercial — 2.8%
Banco Bradesco SA FRS Senior Notes 2.56% due 05/16/14*		1,500,000		1,478,127
Barclays Bank PLC FRS Senior Notes 4.50% due 03/10/17		2,000,000		1,867,200
Barclays Bank PLC FRS Senior Notes 5.27% due 02/25/13(5)		3,000,000		2,972,100
Barclays Bank PLC FRS Sub. Notes 7.38% due 12/15/11*(2)		2,000,000		2,000,000
BBVA US Senior SAU FRS Company Guar. Notes 2.59% due 05/16/14		500,000		453,191
Intesa Sanpaolo SpA FRS Notes 2.91% due 02/24/14*		2,000,000		1,752,466
				10,523,084
Banks - Money Center — 0.6%
ABN Amro Bank NV FRS Senior Notes 2.20% due 01/30/14*		455,000		443,288
Royal Bank of Scotland NV FRS Company Guar. Notes 5.00% due 03/31/18		2,000,000		1,704,600
				2,147,888
Diversified Banking Institutions — 0.7%
UBS AG FRS Senior Notes 1.42% due 01/28/14		500,000		486,318
UBS AG FRS Notes 5.97% due 04/09/20		2,000,000		1,947,300
				2,433,618
Diversified Minerals — 0.2%
Xstrata Finance Canada, Ltd. Company Guar. Bonds 5.80% due 11/15/16*		800,000		865,716
Gold Mining — 1.0%
AngloGold Ashanti Holdings PLC Company Guar. Notes 5.38% due 04/15/20		500,000		488,624
AngloGold Ashanti Holdings PLC Company Guar. Notes 6.50% due 04/15/40		540,000		520,218
Gold Fields Orogen Holding BVI, Ltd. Company Guar. Notes 4.88% due 10/07/20*		2,500,000		2,161,422

112

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Principal Amount(6)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Gold Mining (continued)
Kinross Gold Corp. Company Guar. Notes 6.88% due 09/01/41*	$	500,000	$	511,659
				3,681,923
Medical - Drugs — 0.3%
Teva Pharmaceutical Finance Co. BV FRS Company Guar. Notes 1.34% due 11/08/13		1,000,000		1,003,841
Metal - Diversified — 0.3%
Noranda, Inc. Company Guar. Notes 5.50% due 06/15/17		1,000,000		1,065,858
Xstrata Canada Financial Corp. Company Guar. Notes 6.00% due 11/15/41*		200,000		192,157
				1,258,015
Oil & Gas Drilling — 0.2%
Transocean, Inc. Company Guar. Notes 5.05% due 12/15/16		620,000		619,417
Special Purpose Entity — 0.2%
Swiss Re Capital I LP FRS Company Guar. Notes 6.85% due 05/25/16*(2)		1,000,000		869,376
Telephone - Integrated — 0.1%
Telecom Italia Capital SA Company Guar. Notes 5.25% due 10/01/15		300,000		271,384
Transport - Rail — 0.2%
Canadian Pacific Railway, Ltd. Senior Notes 4.50% due 01/15/22		850,000		835,700
Total Foreign Corporate Bonds & Notes     (cost $25,790,992)				24,509,962
FOREIGN GOVERNMENT AGENCIES — 10.8%
Sovereign — 10.8%
Brazil Nota do Tesouro Nacional Notes 6.00% due 05/15/15	BRL	2,305,000		2,776,594
Government of Australia Bonds 2.50% due 09/20/30	AUD	2,750,000		3,281,700
Government of Australia Bonds 3.00% due 09/20/25	AUD	12,000,000		15,466,606
Government of Canada Bonds 1.50% due 12/01/44	CAD	7,302,190		8,995,236
Government of Canada Bonds 2.00% due 12/01/41	CAD	2,493,798		3,393,785
Government of Canada Bonds 4.25% due 12/01/21	CAD	4,354,620		6,026,278
Total Foreign Government Agencies     (cost $33,105,854)				39,940,199

Security Description	Principal Amount/ Shares(6)		Value (Note 2)
U.S. GOVERNMENT AGENCIES — 1.9%
Federal Home Loan Mtg. Corp. — 0.5%
Federal Home Loan Mtg. Corp. REMIC FRS Series 3925, Class FL 0.70% due 01/15/41	$	1,986,197	$	1,992,001
Federal National Mtg. Assoc. — 1.4%
Federal National Mtg. Assoc. REMIC FRS Series 2011-103, Class FD 0.71% due 05/25/40		4,970,592		4,980,472
Total U.S. Government Agencies     (cost $6,960,513)				6,972,473
U.S. GOVERNMENT TREASURIES — 53.3%
United States Treasury Bonds — 32.2%
1.75% due 01/15/28 TIPS(7)		17,219,223		20,590,420
2.00% due 01/15/26 TIPS(7)		9,156,151		11,189,100
2.13% due 02/15/40 TIPS(7)		2,519,232		3,355,302
2.13% due 02/15/41 TIPS(7)		8,288,140		11,108,693
2.38% due 01/15/25 TIPS(7)		3,610,830		4,564,598
2.50% due 01/15/29 TIPS(7)		8,982,120		11,908,324
2.63% due 07/15/17 TIPS(7)		8,757,360		10,460,938
3.63% due 04/15/28 TIPS(7)		12,624,570		18,680,425
3.88% due 04/15/29 TIPS(7)		17,596,148		27,275,401
				119,133,201
United States Treasury Notes — 21.1%
0.50% due 04/15/15 TIPS(7)		2,093,820		2,199,164
0.63% due 07/15/21 TIPS(7)		1,006,630		1,067,578
1.13% due 01/15/21 TIPS(7)		4,667,130		5,169,939
1.25% due 04/15/14 TIPS(7)		8,576,240		9,027,831
1.38% due 07/15/18 TIPS(7)		8,837,724		9,985,939
1.38% due 01/15/20 TIPS(7)		6,294,960		7,128,551
1.63% due 01/15/15 TIPS(7)		3,219,968		3,491,401
1.88% due 07/15/13 TIPS(7)		617,640		646,302
1.88% due 07/15/15 TIPS(7)		12,830,510		14,217,809
1.88% due 07/15/19 TIPS(7)		1,593,855		1,871,535
2.00% due 04/15/12 TIPS(7)		2,236,120		2,243,808
2.00% due 07/15/14 TIPS(7)		6,018,050		6,513,600
2.00% due 01/15/16 TIPS(7)		3,429,270		3,848,821
2.38% due 01/15/17 TIPS(7)		4,500,080		5,244,353
3.38% due 01/15/12 TIPS(7)		5,110,880		5,116,471
				77,773,102
Total U.S. Government Treasuries
(cost $168,805,197)				196,906,303
PREFERRED STOCK — 1.6%
Banks - Super Regional — 0.2%
US Bancorp FRS 3.50%		1,000		733,990
Diversified Banking Institutions — 0.1%
Goldman Sachs Group, Inc. 6.50%		16,268		401,819
Electric - Integrated — 0.4%
Southern California Edison Co. FRS 4.90%(2)		15,000		1,486,500
Finance - Consumer Loans — 0.3%
SLM Corp. FRS 5.53%		53,000		1,090,210
Insurance - Life/Health — 0.6%
Aviva PLC 8.25%		40,000		968,000

113

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares/ Principal Amount (6)			Value (Note 2)
PREFERRED STOCK (continued)
Insurance - Life/Health (continued)
Principal Financial Group, Inc. FRS 5.56%(2)		13,500		$	1,273,641
					2,241,641
Total Preferred Stock     (cost $5,993,543)					5,954,160
Total Long - Term Investment Securities     (cost $323,292,152)					353,705,406
SHORT-TERM INVESTMENT SECURITIES — 4.8%
Time Deposits — 4.8%
Euro Time Deposit with State Street Bank & Trust Co. 0.01 % due 12/01/11 (cost $17,811,000)	$	17,811,000			17,811,000
TOTAL INVESTMENTS     (cost $341,103,152) (8)		100.5	%		371,516,406
Liabilities in excess of other assets		(0.5	)		(1,858,474	)
NET ASSETS		100.0	%	$	369,657,932

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2011, the aggregate value of these securities was $25,373,451 representing 6.9% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

† Non-income producing security

(1) Illiquid security. At November 30, 2011, the aggregate value of these securities was $3,032,280 representing 0.8% of net assets.

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

(3) Bond in default

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

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

(6) 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.

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

TIPS—Treasury Inflation Protected Security

FRS—Floating Rate Security

The rates shown on FRS are the current interest rates at November 30, 2011 and unless noted otherwise, the dates shown are the original maturity dates.

Currency Legend

AUD—Australian Dollar

BRL—Brazilian Real

CAD—Canadian Dollar

114

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2011 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2- Other Observable Inputs		Level 3-Significant Unobservable Inputs		Total
ASSETS:
Long-Term Investment Securities:
U.S. Corporate Bonds & Notes	$	—	$	57,596,391	$	21,825,918	$	79,422,309
Foreign Corporate Bonds & Notes		—		16,018,762		8,491,200		24,509,962
Foreign Government Agencies		—		39,940,199		—		39,940,199
U.S. Government Agencies		—		6,972,473		—		6,972,473
U.S. Government Treasuries		—		196,906,303		—		196,906,303
Preferred Stock		5,954,160		—		—		5,954,160
Short-Term Investment Securities:
Time Deposits		—		17,811,000		—		17,811,000
Total	$	5,954,160	$	335,245,128	$	30,317,118	$	371,516,406

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

	U.S. Corporate Bonds & Notes			Foreign Corporate Bonds & Notes
Balance as of 5/31/2011	$	20,328,400		$	8,937,600
Accrued discounts		8,140			690
Accrued premiums		(10,778	)		(5,047	)
Realized gain		—			—
Realized loss		—			—
Change in unrealized appreciation(1)		69,894			7,300
Change in unrealized depreciation(1)		(569,738	)		(449,343	)
Net purchases		2,000,000			—
Net sales		—			—
Transfers into Level 3 (2)		—			—
Transfers out of Level 3 (2)		—			—
Balance as of 11/30/2011	$	21,825,918		$	8,491,200

(1) The total change in unrealized appreciation (depreciation) included in the statement of operations attributable to level 3 investments still held at November 30, 2011 includes:

U.S. Corporate Bonds & Notes			Foreign Corporate Bonds & Notes
$	(499,844	)	$	(442,043	)

(2) The Fund’s policy is to recognize transfers in and transfers out as of the end of the reporting period.

See Notes to Financial Statements

115

VALIC Company I International Equities Fund

PORTFOLIO PROFILE — November 30, 2011 (Unaudited)

Industry Allocation*

Collective Investment Pool	8.9	%
Time Deposits	7.8
Banks — Commercial	7.4
Oil Companies — Integrated	6.2
Medical — Drugs	5.7
Telephone — Integrated	3.6
Diversified Banking Institutions	3.5
Auto — Cars/Light Trucks	3.5
Electric — Integrated	3.2
Chemicals — Diversified	2.7
Food — Misc.	2.4
Diversified Minerals	2.3
Tobacco	1.9
Cellular Telecom	1.8
Insurance — Multi-line	1.8
Brewery	1.6
Food — Retail	1.3
Metal — Iron	1.2
Diversified Operations	1.1
Insurance — Life/Health	1.0
Real Estate Investment Trusts	1.0
Oil Companies — Exploration & Production	1.0
Gas — Distribution	0.9
Electric Products — Misc.	0.9
Real Estate Operations & Development	0.8
Medical Products	0.8
Machinery — Construction & Mining	0.8
U.S. Government Treasuries	0.8
Import/Export	0.7
Auto/Truck Parts & Equipment-Original	0.7
Building Products — Cement	0.7
Insurance — Property/Casualty	0.7
Insurance — Reinsurance	0.7
Office Automation & Equipment	0.6
Audio/Video Products	0.6
Retail — Misc./Diversified	0.6
Finance — Other Services	0.6
Building & Construction — Misc.	0.5
Diversified Manufacturing Operations	0.5
Telecom Services	0.5
Oil — Field Services	0.5
Soap & Cleaning Preparation	0.5
Industrial Gases	0.5
Transport — Rail	0.5
Photo Equipment & Supplies	0.5
Enterprise Software/Service	0.5
Electronic Components-Semiconductors	0.5
Exchange — Traded Funds	0.5
Apparel Manufacturers	0.5
Steel — Producers	0.4
Aerospace/Defense	0.4
Cable/Satellite TV	0.4
Industrial Automated/Robotic	0.4
Chemicals — Specialty	0.4
Retail — Major Department Stores	0.4
Commercial Services	0.4
Athletic Footwear	0.4
Food — Confectionery	0.4
Transport — Truck	0.4
Metal — Diversified	0.3
Transport — Marine	0.3
Gold Mining	0.3
Computers — Integrated Systems	0.3
Investment Management/Advisor Services	0.3
Electronic Components — Misc.	0.3
Engineering/R&D Services	0.3
Aerospace/Defense — Equipment	0.3
Retail — Apparel/Shoe	0.3
Medical — Generic Drugs	0.3

Wireless Equipment	0.3
Index Fund	0.3
Casino Hotels	0.3
Metal — Copper	0.3
Retail — Building Products	0.3
Rubber — Tires	0.3
Beverages — Wine/Spirits	0.3
Satellite Telecom	0.3
Retail — Jewelry	0.3
Agricultural Chemicals	0.3
Building & Construction Products-Misc.	0.3
Finance — Leasing Companies	0.3
Public Thoroughfares	0.3
Retail — Convenience Store	0.3
Beverages — Non-alcoholic	0.3
Airlines	0.2
Oil Refining & Marketing	0.2
Machinery — General Industrial	0.2
Investment Companies	0.2
Paper & Related Products	0.2
Cosmetics & Toiletries	0.2
Containers — Metal/Glass	0.2
Building — Heavy Construction	0.2
Auto — Heavy Duty Trucks	0.2
Real Estate Management/Services	0.2
Printing — Commercial	0.2
Gas — Transportation	0.2
Electric — Generation	0.2
Semiconductor Components — Integrated Circuits	0.2
Building Products — Doors & Windows	0.2
Diversified Operations/Commercial Services	0.2
Coal	0.2
Internet Content — Entertainment	0.2
Building Products — Air & Heating	0.2
Circuit Boards	0.2
Oil & Gas Drilling	0.2
Multimedia	0.2
Machine Tools & Related Products	0.2
Metal Processors & Fabrication	0.1
Diversified Financial Services	0.1
Hotels/Motels	0.1
Shipbuilding	0.1
Medical — Biomedical/Gene	0.1
Distribution/Wholesale	0.1
Transport — Services	0.1
Machinery — Electrical	0.1
Semiconductor Equipment	0.1
Retail — Consumer Electronics	0.1
Publishing — Books	0.1
Warehousing & Harbor Transportation Services	0.1
Power Converter/Supply Equipment	0.1
Computer Services	0.1
Filtration/Separation Products	0.1
Finance — Investment Banker/Broker	0.1
Agricultural Operations	0.1
Food — Baking	0.1
Security Services	0.1
Wire & Cable Products	0.1
E-Commerce/Services	0.1
Computers	0.1
Medical Instruments	0.1
Transactional Software	0.1
Optical Supplies	0.1
Airport Development/Maintenance	0.1
Web Portals/ISP	0.1
Office Supplies & Forms	0.1
Mining	0.1
Containers — Paper/Plastic	0.1
Telecommunication Equipment	0.1

116

VALIC Company I International Equities Fund

PORTFOLIO PROFILE — November 30, 2011 (Unaudited) — (continued)

Industry Allocation* (continued)

Steel — Specialty	0.1	%
Electric — Distribution	0.1
Commercial Services — Finance	0.1
Food — Catering	0.1
Chemicals — Plastics	0.1
Toys	0.1
Dialysis Centers	0.1
Publishing — Newspapers	0.1
Computers — Periphery Equipment	0.1
Advertising Agencies	0.1
Banks — Special Purpose	0.1
Food — Meat Products	0.1
Retail — Hypermarkets	0.1
Appliances	0.1
	108.4	%

Country Allocation*

Japan	18.4	%
United States	18.4
United Kingdom	18.3
Germany	8.1
Australia	7.0
France	6.4
Switzerland	6.4
Netherlands	2.8
Spain	2.5
Sweden	2.3
Italy	2.2
Hong Kong	2.1
Singapore	1.3
South Korea	1.1
Brazil	1.1
Denmark	1.0
Jersey	1.0
Taiwan	0.8
China	0.7
Belgium	0.6
Finland	0.6
South Africa	0.5
Israel	0.5
India	0.5
Russia	0.4
Luxembourg	0.4
Norway	0.4
Bermuda	0.3
Mexico	0.3
Cayman Islands	0.3
Malaysia	0.3
Thailand	0.2
Ireland	0.2
Indonesia	0.1
Portugal	0.1
Philippines	0.1
New Zealand	0.1
Poland	0.1
Turkey	0.1
Austria	0.1
Colombia	0.1
Isle of Man	0.1
Greece	0.1
	108.4	%

* Calculated as a percentage of net assets

117

VALIC Company I International Equities Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCK — 88.5%
Australia — 7.0%
AGL Energy, Ltd.(1)		32,789	$	489,636
Alumina, Ltd.(1)		167,863		245,436
Amcor, Ltd.(1)		89,829		686,621
AMP, Ltd.(1)		229,696		1,013,807
Asciano, Ltd.(1)		198,728		323,365
ASX, Ltd.(1)		13,300		422,760
Australia & New Zealand Banking Group, Ltd.(1)		190,205		4,028,685
Bendigo and Adelaide Bank, Ltd.#(1)		25,703		243,646
BGP Holdings PLC†(7)(8)		835,027		0
BHP Billiton, Ltd.#(1)		230,856		8,620,416
Boral, Ltd.#(1)		51,371		191,963
Brambles, Ltd.(1)		107,930		806,280
Caltex Australia, Ltd.(1)		9,391		126,830
Campbell Brothers, Ltd.		4,700		234,665
CFS Retail Property Trust#(1)		107,736		208,269
Coca-Cola Amatil, Ltd.#(1)		40,862		499,047
Cochlear, Ltd.(1)		4,129		240,238
Commonwealth Bank of Australia#(1)		112,753		5,655,224
Computershare, Ltd.(1)		29,954		252,919
Crown, Ltd.#(1)		32,379		279,826
CSL, Ltd.(1)		38,093		1,249,729
Dexus Property Group#(1)		306,695		278,019
Echo Entertainment Group, Ltd.†#(1)		45,000		173,616
Fairfax Media, Ltd.#(1)		135,012		118,628
Fortescue Metals Group, Ltd.#(1)		89,097		439,866
Foster’s Group, Ltd.(1)		142,168		793,908
Goodman Group(1)(9)		458,203		290,387
GPT Group(1)(9)		115,071		378,532
Harvey Norman Holdings, Ltd.#(1)		30,715		68,538
Iluka Resources, Ltd.#(1)		30,200		484,396
Incitec Pivot, Ltd.(1)		115,321		398,361
Insurance Australia Group, Ltd.#(1)		188,117		570,007
Leighton Holdings, Ltd.#(1)		10,273		221,624
Lend Lease Group(1)		33,446		257,851
Lynas Corp., Ltd.†#(1)		120,781		163,058
MacArthur Coal, Ltd.#(1)		10,152		172,947
Macquarie Group, Ltd.(1)		25,002		626,705
Metcash, Ltd.#(1)		56,367		236,283
Mirvac Group#(1)(9)		218,328		293,576
National Australia Bank, Ltd.#(1)		159,089		3,970,285
Newcrest Mining, Ltd.(1)		55,870		2,027,017
OneSteel, Ltd.(1)		77,095		69,144
Orica, Ltd.(1)		26,033		699,146
Origin Energy, Ltd.(1)		76,761		1,149,761
OZ Minerals, Ltd.(1)		22,215		250,482
Qantas Airways, Ltd.†(1)		69,877		112,251
QBE Insurance Group, Ltd.(1)		86,179		1,235,574
QR National, Ltd.#(1)		120,800		430,516
Ramsay Health Care, Ltd.#(1)		9,719		188,866
Rio Tinto, Ltd.(1)		31,228		2,092,753
Santos, Ltd.(1)		68,381		952,771
Sims Metal Management, Ltd.(1)		11,051		150,406
Sonic Healthcare, Ltd.(1)		27,147		328,337
SP AusNet(1)		77,013		76,158
Stockland(1)(9)		162,556		580,213
Suncorp Group, Ltd.#(1)		104,251		910,655
Sydney Airport†(1)		21,632		77,498
TABCORP Holdings, Ltd.(1)		46,545		137,559
Tatts Group, Ltd.(1)		87,734		211,184
Telstra Corp., Ltd.(1)		316,358		1,039,508
Toll Holdings, Ltd.#(1)		44,250		220,651
Transurban Group(1)		90,565		530,080
Wesfarmers, Ltd.(1)		73,042		2,347,703
Westfield Group(1)(9)		152,643		1,321,784

Security Description	Shares		Value (Note 2)
Australia (continued)
Westfield Retail Trust#(1)		198,352	$	530,785
Westpac Banking Corp.#(1)		218,885		4,781,308
Woodside Petroleum, Ltd.(1)		45,878		1,598,723
Woolworths, Ltd.(1)		88,415		2,270,357
WorleyParsons, Ltd.(1)		13,535		370,299
				62,447,438
Austria — 0.1%
Erste Group Bank AG(1)		5,843		101,643
Immoeast AG#(7)(8)		13,480		0
Immofinanz AG†#(1)		29,155		90,162
OMV AG(1)		5,046		167,602
Raiffeisen Bank International AG#(1)		1,391		33,345
Telekom Austria AG(1)		10,277		119,250
Verbund AG(1)		1,941		51,801
Vienna Insurance Group AG Wiener Versicherung Gruppe(1)		991		35,579
Voestalpine AG(1)		3,400		99,172
				698,554
Belgium — 0.6%
Ageas(1)		68,797		121,236
Anheuser - Busch InBev NV(1)		52,754		3,155,845
Bekaert NV#(1)		1,214		48,254
Belgacom SA(1)		20,534		651,928
Colruyt SA#(1)		2,362		89,538
Delhaize Group SA(1)		7,148		422,101
Dexia SA†#(1)		148,452		75,532
Groupe Bruxelles Lambert SA(1)		2,510		178,594
KBC Groep NV(1)		17,091		193,966
Mobistar SA(1)		2,230		121,992
Solvay SA(1)		1,841		173,222
UCB SA(1)		3,134		131,323
Umicore SA(1)		3,541		152,503
				5,516,034
Bermuda — 0.3%
Cheung Kong Infrastructure Holdings, Ltd.(1)		44,000		248,747
Credicorp, Ltd.		1,471		159,780
Esprit Holdings, Ltd.(1)		6,100		8,763
First Pacific Co.		204,000		225,767
Kerry Properties, Ltd.(1)		60,500		213,140
Li & Fung, Ltd.(1)		416,000		850,749
Noble Group, Ltd.#(1)		280,000		261,635
NWS Holdings, Ltd.(1)		117,000		166,068
Orient Overseas International, Ltd.(1)		21,000		97,266
Seadrill, Ltd.#(1)		10,152		354,744
Shangri - La Asia, Ltd.(1)		116,000		217,458
Yue Yuen Industrial Holdings, Ltd.(1)		61,000		177,143
				2,981,260
Brazil — 0.5%
All America Latina Logistica SA		2,760		13,110
Amil Participacoes SA		496		4,608
Anhanguera Educacional Participacoes SA		779		7,539
Banco do Brasil SA		10,687		143,017
Banco Santander Brasil SA(9)		12,444		95,720
BM&FBovespa SA		40,759		222,689
BR Malls Participacoes SA		5,650		57,208
BRF - Brasil Foods SA		10,376		202,545
Brookfield Incorporacoes SA		4,831		15,869
CCR SA		11,712		74,805
Centrais Eletricas Brasileiras SA		7,373		67,559
CETIP SA - Balcao Organizado de Ativos e Derivativos		1,161		16,885
Cia de Saneamento Basico do Estado de Sao Paulo		1,837		50,782
Cia Hering		840		17,791
Cielo SA		5,460		145,381

118

VALIC Company I International Equities Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Brazil (continued)
Companhia Siderurgica Nacional SA		14,212	$	115,922
Companhia Vale do Rio Doce		26,645		613,689
Cosan SA Industria e Comercio		3,244		48,256
Cyrela Brazil Realty SA Empreendimentos e Participacoes		5,376		44,682
Diagnosticos da America SA		7,044		51,028
Duratex SA		5,909		30,029
EDP - Energias do Brasil SA		1,018		21,730
Embraer SA		9,790		61,230
Fibria Celulose SA		3,787		28,732
Gafisa SA		1,819		5,402
HRT Participacoes em Petroleo SA†		51		18,755
Hypermarcas SA		7,426		33,468
JBS SA†		22,482		73,972
Localiza Rent a Car SA		1,902		28,819
Lojas Renner SA		2,378		71,274
Marfrig Alimentos SA		3,761		17,096
MRV Engenharia e Participacoes SA		5,201		33,507
Multiplan Empreendimentos Imobiliarios SA		1,095		21,920
Natura Cosmeticos SA		3,491		70,077
Odontoprev SA		529		7,342
OGX Petroleo e Gas Participacoes SA†		21,692		167,457
PDG Realty SA Empreendimentos e Participacoes		19,905		73,969
Petroleo Brasileiro SA		53,505		713,656
Porto Seguro SA		2,210		22,902
Redecard SA		6,209		104,722
Rossi Residencial SA		3,215		17,725
Souza Cruz SA		12,464		158,113
Sul America SA(9)		2,157		15,745
Totvs SA		550		9,915
Ultrapar Participacoes SA		6,479		114,005
Usinas Siderurgicas de Minas Gerais SA		331		3,258
				3,933,905
Cayman Islands — 0.3%
Agile Property Holdings, Ltd.(1)		10,000		8,360
Alibaba.com, Ltd.(1)		326,500		337,479
ASM Pacific Technology, Ltd.(1)		15,200		168,510
Belle International Holdings, Ltd.(1)		276,000		539,820
China Zhongwang Holdings, Ltd.(1)		958,800		341,633
Foxconn International Holdings, Ltd.†(1)		175,000		111,876
GCL Poly Energy Holdings, Ltd.(1)		40,000		12,165
Lifestyle International Holdings, Ltd.(1)		50,500		118,990
Longfor Properties Co., Ltd.(1)		130,000		158,612
Sands China, Ltd.†(1)		183,000		555,006
Tencent Holdings, Ltd.(1)		7,400		144,244
Wynn Macau, Ltd.(1)		120,800		354,477
				2,851,172
China — 0.7%
Agricultural Bank of China, Ltd.(1)		456,000		196,659
Air China, Ltd.(1)		362,000		278,372
Anhui Conch Cement Co., Ltd.(1)		23,000		75,134
Bank of China, Ltd.(1)		1,016,000		332,468
Bank of Communications Co., Ltd.(1)		35,000		22,910
BBMG Corp.(1)		12,500		9,593
Changsha Zoomlion Heavy Industry Science and Technology Development Co., Ltd.(1)		268,800		287,801
China Communications Construction Co., Ltd.(1)		568,000		444,755
China Communications Services Corp., Ltd.(1)		400,000		196,045
China Construction Bank Corp.(1)		825,000		590,512
China Life Insurance Co., Ltd.(1)		146,000		389,910
China Merchants Bank Co., Ltd.(1)		240,500		457,553
China National Building Material Co., Ltd.(1)		20,000		24,272
China Oilfield Services, Ltd.(1)		264,000		408,406
China Petroleum & Chemical Corp.(1)		424,000		446,219

Security Description	Shares		Value (Note 2)
China (continued)
China Shenhua Energy Co., Ltd.(1)		151,000	$	668,401
China Shipping Container Lines Co., Ltd.†(1)		337,000		67,302
China Southern Airlines Co., Ltd.†(1)		146,000		77,949
China Telecom Corp., Ltd.(1)		390,000		238,088
China Vanke Co., Ltd.(1)		52,800		51,910
Dongfeng Motor Group Co., Ltd.(1)		42,000		63,072
Industrial & Commercial Bank of China(1)		755,000		447,756
PetroChina Co., Ltd.(1)		144,000		186,138
Ping An Insurance Group Co.(1)		7,000		48,739
Zijin Mining Group Co., Ltd.(1)		42,000		19,280
				6,029,244
Colombia — 0.1%
Almacenes Exito SA		5,917		71,353
BanColombia SA		2,603		36,803
Cementos Argos SA		2,768		15,115
Corp Financiera Colombiana SA		1,971		34,128
Ecopetrol SA		77,472		162,717
Grupo de Inversiones Suramericana SA		5,413		84,630
Interconexion Electrica SA ESP		21,551		116,141
Inversiones Argos SA		17,025		142,335
				663,222
Czech Republic — 0.0%
Telefonica Czech Republic AS(1)		5,000		104,214
Denmark — 1.0%
AP Moller - Maersk A/S, Series A(1)		18		117,248
AP Moller - Maersk A/S, Series B(1)		301		2,062,873
Carlsberg A/S, Class B(1)		32,571		2,392,392
Coloplast A/S#(1)		707		108,330
Danske Bank A/S†(1)		20,181		282,189
DSV A/S(1)		70,596		1,375,615
Novo Nordisk A/S, Class B(1)		18,666		2,122,949
Novozymes A/S(1)		7,150		229,597
TDC A/S(1)		10,760		89,008
Tryg A/S(1)		710		41,019
Vestas Wind Systems A/S†#(1)		6,307		85,097
William Demant Holding A/S†#(1)		609		50,544
				8,956,861
Egypt — 0.0%
Commercial International Bank Egypt SAE(1)		18,271		71,997
Orascom Construction Industries(1)		2,506		90,820
				162,817
Finland — 0.6%
Elisa Oyj#(1)		4,391		95,491
Fortum Oyj(1)		13,731		315,986
Kesko Oyj, Class B(1)		2,078		73,100
Kone Oyj, Class B(1)		4,825		271,979
Metso Oyj(1)		3,961		158,294
Neste Oil Oyj(1)		3,308		41,326
Nokia Oyj(1)		197,814		1,145,332
Nokian Renkaat Oyj(1)		3,395		111,750
Orion Oyj, Class B(1)		15,901		323,091
Pohjola Bank PLC, Class A(1)		3,565		35,699
Sampo Oyj, Class A(1)		13,010		339,963
Sanoma Oyj#(1)		2,078		25,036
Stora Enso Oyj, Class R(1)		26,300		164,961
UPM-Kymmene Oyj(1)		160,324		1,874,834
Wartsila Oyj(1)		5,196		170,614
				5,147,456
France — 6.4%
Accor SA(1)		4,574		128,080

119

VALIC Company I International Equities Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
France (continued)
Aeroports de Paris(1)		6,498	$	474,983
Air Liquide SA(1)		28,380		3,602,118
Alcatel - Lucent†#(1)		232,638		382,648
Alstom SA(1)		28,594		993,569
Arkema SA(1)		2,578		187,842
Atos(1)		11,838		576,721
AXA SA(1)		250,638		3,645,909
BNP Paribas SA(1)		114,195		4,582,501
Bouygues SA(1)		17,847		584,532
Bureau Veritas SA(1)		1,943		143,928
Cap Gemini SA(1)		4,585		173,638
Carrefour SA(1)		17,892		476,157
Casino Guichard Perrachon SA(1)		1,714		152,689
Christian Dior SA#(1)		24,573		3,182,264
Cie de St. Gobain(1)		30,782		1,308,806
Cie Generale d’Optique Essilor International SA(1)		6,233		445,628
Cie Generale de Geophysique - Veritas†(1)		4,465		103,321
Cie Generale des Etablissements Michelin, Class B(1)		5,473		349,253
CNP Assurances(1)		4,607		62,005
Credit Agricole SA(1)		222,320		1,437,736
Danone(1)		18,065		1,194,909
Dassault Systemes SA#(1)		1,836		150,422
Edenred(1)		4,903		130,774
EDF SA#(1)		74,418		2,029,825
Eiffage SA#(1)		1,251		31,241
Eurazeo(1)		949		39,762
Eutelsat Communications SA#(1)		13,109		509,493
Fonciere Des Regions(1)		847		56,374
France Telecom SA(1)		296,036		5,113,339
GDF Suez(1)		41,327		1,161,156
Gecina SA(1)		2,008		173,895
Groupe Eurotunnel SA(1)		16,269		123,718
ICADE(1)		722		57,794
Iliad SA#(1)		1,724		210,355
Imerys SA(1)		1,020		51,875
JCDecaux SA†(1)		1,714		44,700
Klepierre(1)		3,228		93,741
L’Oreal SA(1)		11,069		1,197,655
Lafarge SA(1)		16,455		603,832
Lagardere SCA(1)		3,665		89,438
Legrand SA(1)		32,721		1,059,599
LVMH Moet Hennessy Louis Vuitton SA#(1)		12,340		1,939,971
Natixis(1)		27,010		78,618
Neopost SA#(1)		1,001		70,877
Pernod-Ricard SA#(1)		6,813		641,704
Peugeot SA(1)		4,713		88,347
PPR(1)		2,357		354,098
Publicis Groupe SA#(1)		4,462		213,085
Renault SA(1)		5,955		223,707
Safran SA(1)		5,167		153,142
Sanofi(1)		68,777		4,814,238
Schneider Electric SA(1)		15,166		860,326
SCOR SE(1)		14,908		356,291
Societe BIC SA(1)		8,258		733,048
Societe Generale SA(1)		20,465		504,750
Societe Television Francaise 1(1)		3,029		31,465
Sodexo(1)		2,919		212,327
Suez Environnement Co.(1)		8,333		105,800
Technip SA(1)		3,050		291,502
Thales SA(1)		3,094		97,859
Total SA#(1)		105,132		5,430,865
Unibail-Rodamco SE(1)		2,843		530,856
Vallourec SA(1)		3,475		237,819
Veolia Environnement SA(1)		10,804		137,791
Vinci SA(1)		13,997		627,665

Security Description	Shares		Value (Note 2)
France (continued)
Vivendi SA(1)		38,329	$	884,476
Wendel SA(1)		1,170		84,424
				56,823,276
Germany — 7.1%
Adidas AG(1)		44,064		3,106,795
Allianz SE(1)		57,361		5,943,684
Axel Springer AG(1)		2,295		103,022
BASF SE(1)		93,579		6,801,726
Bayer AG(1)		93,048		6,112,950
Bayerische Motoren Werke AG(1)		60,708		4,570,086
Beiersdorf AG(1)		3,134		179,182
Brenntag AG(1)		1,042		99,918
Celesio AG(1)		5,338		85,042
Commerzbank AG†#(1)		445,558		833,289
Continental AG†(1)		5,023		353,929
Daimler AG(1)		94,829		4,302,951
Deutsche Bank AG(1)		45,999		1,780,165
Deutsche Boerse AG(1)		6,049		369,696
Deutsche Lufthansa AG(1)		7,092		91,884
Deutsche Post AG(1)		26,230		396,276
Deutsche Telekom AG(1)		405,455		5,255,684
E.ON AG(1)		188,114		4,656,542
Fraport AG Frankfurt Airport Services Worldwide(1)		1,141		64,816
Fresenius Medical Care AG & Co. KGaA(1)		7,018		479,599
Fresenius SE & Co. KGaA(1)		27,121		2,608,338
GEA Group AG(1)		5,423		159,662
Hannover Rueckversicherung AG(1)		1,886		98,332
HeidelbergCement AG(1)		4,358		182,960
Henkel AG & Co. KGaA(1)		4,053		197,734
Hochtief AG(1)		1,314		75,101
Infineon Technologies AG(1)		43,226		357,283
K + S AG(1)		14,258		774,253
Kabel Deutschland Holding AG†(1)		6,133		340,227
Lanxess AG(1)		2,604		145,549
Linde AG(1)		5,240		804,659
MAN SE(1)		1,956		169,320
Merck KGaA(1)		3,830		380,405
Metro AG(1)		4,018		197,580
Muenchener Rueckversicherungs AG(1)		30,985		3,918,257
RWE AG(1)		12,967		537,984
Salzgitter AG(1)		1,085		56,130
SAP AG(1)		30,250		1,804,803
Siemens AG(1)		38,048		3,840,126
Suedzucker AG(1)		1,840		58,517
ThyssenKrupp AG(1)		11,898		306,963
TUI AG†#(1)		39		218
United Internet AG#(1)		3,247		62,469
Volkswagen AG(1)		3,418		517,740
Wacker Chemie AG#(1)		487		46,379
				63,228,225
Greece — 0.1%
Alpha Bank A.E.†(1)		65,819		61,939
Coca-Cola Hellenic Bottling Co. SA†(1)		16,499		252,346
EFG Eurobank Ergasias SA†(1)		8,338		5,552
Hellenic Telecommunications Organization SA(1)		7,576		31,627
National Bank of Greece SA†(1)		29,645		79,142
OPAP SA(1)		6,919		61,274
				491,880
Guernsey — 0.0%
Resolution, Ltd.(1)		45,049		167,300
Hong Kong — 2.1%
Bank of East Asia, Ltd.(1)		109,600		385,159

120

VALIC Company I International Equities Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Hong Kong — 2.1% (continued)
BOC Hong Kong Holdings, Ltd.(1)		296,000	$	680,429
Cathay Pacific Airways, Ltd.(1)		106,000		192,335
Cheung Kong Holdings, Ltd.(1)		106,000		1,222,913
China Mobile, Ltd.(1)		142,000		1,401,737
China Overseas Land & Investment, Ltd.(1)		78,000		138,153
China Taiping Insurance Holdings Co., Ltd.†(1)		131,600		253,970
CLP Holdings, Ltd.(1)		148,000		1,317,337
CNOOC, Ltd.(1)		546,000		1,051,601
Galaxy Entertainment Group, Ltd.†(1)		101,000		201,649
Guangdong Investment, Ltd.(1)		600,000		382,474
Hang Lung Group, Ltd.(1)		70,000		374,877
Hang Lung Properties, Ltd.(1)		189,000		571,955
Hang Seng Bank, Ltd.(1)		63,400		788,953
Henderson Land Development Co., Ltd.(1)		76,000		379,211
Hong Kong & China Gas Co., Ltd.(1)		368,000		850,945
Hong Kong Exchanges and Clearing, Ltd.(1)		78,700		1,312,553
Hopewell Holdings, Ltd.(1)		63,500		166,824
Hutchison Whampoa, Ltd.(1)		160,000		1,409,691
Hysan Development Co., Ltd.(1)		57,000		183,859
Link REIT(1)		182,000		656,523
MTR Corp.(1)		128,500		427,015
New World Development, Ltd.(1)		289,000		248,128
PCCW, Ltd.(1)		278,000		103,325
Power Assets Holdings, Ltd.(1)		108,500		806,535
Sino Land Co., Ltd.(1)		235,400		296,054
SJM Holdings, Ltd.(1)		134,000		233,136
Sun Hung Kai Properties, Ltd.(1)		107,000		1,322,557
Swire Pacific, Ltd., Class A(1)		56,500		689,078
Wharf Holdings, Ltd.(1)		117,000		568,258
Wheelock & Co., Ltd.(1)		74,000		197,283
Wing Hang Bank, Ltd.(1)		18,000		149,372
				18,963,889
Hungary — 0.0%
Magyar Telekom Telecommunications PLC(1)		1,544		3,526
MOL Hungarian Oil and Gas Nyr†(1)		206		17,055
OTP Bank PLC(1)		6,720		99,250
Richter Gedeon(1)		237		35,666
				155,497
India — 0.5%
Aditya Birla Nuvo, Ltd.(1)		18,570		320,855
Bajaj Auto Ltd.(1)		4,549		148,449
Bank of India(1)		3,341		21,160
Bharat Heavy Electricals, Ltd.(1)		32,579		179,827
Bharat Petroleum Corp., Ltd.(1)		21,803		224,874
Canara Bank(1)		36,567		304,682
Cipla, Ltd.(1)		13,597		85,869
Coal India, Ltd.(1)		54,981		349,132
GAIL India, Ltd.(1)		6,673		51,247
Gujarat Ambuja Cements, Ltd.(1)		34,569		99,214
Hero Honda Motors, Ltd.(1)		7,702		298,462
Hindalco Industries, Ltd.(1)		70,281		172,447
Hindustan Lever, Ltd.(1)		7,661		58,549
Housing Development Finance Corp.(1)		3,368		42,146
ICICI Bank, Ltd.(1)		11,169		160,433
Infosys Technologies, Ltd.(1)		1,293		66,215
ITC, Ltd.(1)		138,848		539,243
Oil & Natural Gas Corp., Ltd.(1)		4,942		25,700
Reliance Communications, Ltd.(1)		53,899		78,458
Reliance Energy, Ltd.(1)		11,209		88,674
Reliance Industries, Ltd.(1)		9,871		150,783
Sesa Goa, Ltd.(1)		12,314		44,883
Tata Consultancy Services, Ltd.(1)		25,819		561,235
				4,072,537

Security Description	Shares		Value (Note 2)
Indonesia — 0.1%
Adaro Energy Tbk PT(1)		92,500	$	20,173
Astra International Tbk PT(1)		8,000		64,317
Bank Negara Indonesia Persero Tbk PT(1)		1,038,000		449,466
Bumi Resources Tbk PT(1)		144,000		33,530
Gudang Garam Tbk PT(1)		69,000		503,363
Indo Tambangraya Megah PT(1)		41,000		177,877
				1,248,726
Ireland — 0.2%
Anglo Irish Bank Corp., Ltd.†(7)(8)		31,152		0
CRH PLC(1) (ISE)		11,187		213,403
CRH PLC(1) (LSE)		21,963		423,790
Elan Corp. PLC† (LSE)		6,566		71,861
Elan Corp. PLC†(1) (ISE)		15,450		168,652
James Hardie Industries CDI#(1)		31,438		223,892
Kerry Group PLC, Class A(1)		4,353		162,976
Ryanair Holdings PLC†(1)		3,431		17,564
Ryanair Holdings PLC ADR†#		408		12,277
				1,294,415
Isle of Man — 0.1%
Genting Singapore PLC†#(1)		449,000		546,311
Israel — 0.5%
Bank Hapoalim BM(1)		76,423		262,980
Bank Leumi Le-Israel BM(1)		85,127		248,957
Bezeq The Israeli Telecommunication Corp., Ltd.(1)		127,134		240,340
Cellcom Israel, Ltd.(1)		3,951		68,752
Delek Group, Ltd.(1)		329		60,935
Elbit Systems, Ltd.(1)		1,701		70,540
Israel Chemicals, Ltd.(1)		32,104		348,995
Israel Corp., Ltd.(1)		167		110,367
Israel Discount Bank, Ltd., Class A†(1)		57,007		84,185
Mizrahi Tefahot Bank, Ltd.(1)		8,924		74,033
NICE Systems, Ltd.†(1)		4,326		146,253
Partner Communications Co., Ltd.(1)		6,161		59,436
Teva Pharmaceutical Industries, Ltd.(1)		67,911		2,694,740
				4,470,513
Italy — 2.2%
A2A SpA#(1)		1,130,723		1,184,642
Assicurazioni Generali SpA(1)		36,181		601,850
Atlantia SpA#(1)		52,635		810,304
Autogrill SpA(1)		3,098		32,260
Banca Carige SpA#(1)		19,927		39,647
Banca Monte dei Paschi di Siena SpA(1)		361,507		121,405
Banco Popolare SC#(1)		162,008		194,392
Enel Green Power SpA(1)		54,491		122,285
Enel SpA#(1)		386,947		1,643,726
ENI SpA(1)		152,599		3,234,006
Exor SpA(1)		1,735		36,976
Fiat Industrial SpA†(1)		23,601		211,440
Fiat SpA#(1)		23,703		122,008
Finmeccanica SpA#(1)		25,787		111,609
Intesa Sanpaolo SpA(1)		2,174,509		3,621,433
Intesa Sanpaolo SpA RSP(1)		942,242		1,217,790
Luxottica Group SpA(1)		10,463		298,380
Mediaset SpA(1)		36,278		107,176
Mediobanca SpA#(1)		45,586		294,343
Parmalat SpA(1)		71		144
Pirelli & C. SpA#(1)		7,411		69,764
Prysmian SpA(1)		6,341		86,666
Saipem SpA(1)		23,481		1,050,220
Snam Rete Gas SpA(1)		385,733		1,789,161
Telecom Italia SpA(1)		290,799		328,418
Telecom Italia SpA RSP(1)		425,306		412,567

121

VALIC Company I International Equities Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Italy (continued)
Terna Rete Elettrica Nazionale SpA#(1)		37,364	$	133,717
UniCredit SpA#(1)		1,785,609		1,864,595
Unione di Banche Italiane SCPA#(1)		24,487		100,053
				19,840,977
Japan — 18.4%
ABC-Mart, Inc.#(1)		500		18,596
Advantest Corp.#(1)		2,900		32,585
Aeon Co., Ltd.#(1)		138,400		1,897,721
Aeon Credit Service Co., Ltd.(1)		1,500		23,019
Aeon Mall Co., Ltd.(1)		39,200		915,713
Air Water, Inc.(1)		3,000		39,184
Aisin Seiki Co., Ltd.(1)		50,400		1,518,019
Ajinomoto Co., Inc.(1)		156,000		1,872,668
Alfresa Holdings Corp.(1)		800		29,618
All Nippon Airways Co., Ltd.#(1)		468,000		1,416,474
Amada Co., Ltd.(1)		7,000		43,775
Aozora Bank, Ltd.#(1)		11,000		29,409
Asahi Glass Co., Ltd.(1)		188,000		1,602,542
Asahi Group Holdings, Ltd.(1)		7,500		165,799
Asahi Kasei Corp.(1)		309,000		1,871,028
Asics Corp.#(1)		3,000		36,043
Astellas Pharma, Inc.(1)		8,700		335,848
Bank of Kyoto, Ltd.#(1)		27,000		234,949
Bank of Yokohama, Ltd.(1)		290,000		1,384,238
Benesse Holdings, Inc.(1)		1,300		58,394
Bridgestone Corp.(1)		21,700		503,785
Brother Industries, Ltd.#(1)		32,100		434,920
Canon, Inc.#(1)		117,500		5,317,425
Casio Computer Co., Ltd.#(1)		4,300		26,791
Central Japan Railway Co.#(1)		105		842,289
Chiba Bank, Ltd.#(1)		249,000		1,626,948
Chiyoda Corp.#(1)		3,000		33,032
Chubu Electric Power Co., Inc.(1)		73,500		1,378,341
Chugai Pharmaceutical Co., Ltd.(1)		4,300		65,699
Chugoku Bank, Ltd.#(1)		3,000		41,426
Chugoku Electric Power Co., Inc.#(1)		19,600		332,150
Citizen Holdings Co., Ltd.(1)		148,300		864,977
Coca-Cola West Co., Ltd.(1)		1,200		20,356
Cosmo Oil Co., Ltd.#(1)		12,000		33,145
Credit Saison Co., Ltd.#(1)		2,800		51,129
Dai Nippon Printing Co., Ltd.#(1)		166,000		1,629,707
Dai-ichi Life Insurance Co., Ltd.(1)		1,552		1,727,152
Daicel Corp.#(1)		226,000		1,263,813
Daido Steel Co., Ltd.(1)		91,000		598,596
Daihatsu Motor Co., Ltd.#(1)		84,000		1,476,382
Daiichi Sankyo Co., Ltd.(1)		116,400		2,094,559
Daikin Industries, Ltd.#(1)		41,700		1,228,862
Dainippon Sumitomo Pharma Co., Ltd.#(1)		3,000		30,949
Daito Trust Construction Co., Ltd.(1)		19,200		1,712,947
Daiwa House Industry Co., Ltd.(1)		9,000		108,486
Daiwa Securities Group, Inc.(1)		32,000		107,282
Dena Co., Ltd.(1)		14,068		436,497
Denki Kagaku Kogyo KK(1)		9,000		35,462
Denso Corp.(1)		13,200		377,279
Dentsu, Inc.#(1)		3,500		101,786
East Japan Railway Co.(1)		26,600		1,628,001
Eisai Co., Ltd.#(1)		51,200		1,976,499
Electric Power Development Co., Ltd.#(1)		52,400		1,322,116
Elpida Memory, Inc.†#(1)		4,900		24,365
FamilyMart Co., Ltd.(1)		35,600		1,418,485
FANUC Corp.(1)		22,500		3,693,767
Fast Retailing Co., Ltd.#(1)		1,000		161,956
Fuji Electric Co., Ltd.#(1)		11,000		32,722
Fuji Heavy Industries, Ltd.(1)		218,000		1,263,025

Security Description	Shares		Value (Note 2)
Japan (continued)
FUJIFILM Holdings Corp.(1)		90,100	$	2,179,129
Fujitsu, Ltd.(1)		381,000		2,028,810
Fukuoka Financial Group, Inc.(1)		15,000		61,782
Furukawa Electric Co., Ltd.#(1)		373,000		852,508
Gree, Inc.#(1)		42,200		1,415,593
GS Yuasa Corp.#(1)		7,000		40,498
Gunma Bank, Ltd.(1)		8,000		45,153
Hachijuni Bank, Ltd.#(1)		160,000		939,859
Hakuhodo DY Holdings, Inc.#(1)		450		24,666
Hamamatsu Photonics KK#(1)		1,000		36,923
Hino Motors, Ltd.#(1)		231,000		1,423,440
Hirose Electric Co., Ltd.#(1)		600		55,558
Hiroshima Bank, Ltd.#(1)		10,000		48,174
Hisamitsu Pharmaceutical Co., Inc.#(1)		1,200		48,063
Hitachi Chemical Co., Ltd.#(1)		40,900		791,500
Hitachi Construction Machinery Co., Ltd.#(1)		2,100		37,291
Hitachi High-Technologies Corp.(1)		1,200		26,562
Hitachi Metals, Ltd.#(1)		3,000		33,727
Hitachi, Ltd.(1)		577,000		3,233,201
Hokkaido Electric Power Co., Inc.(1)		3,600		48,161
Hokuhoku Financial Group, Inc.(1)		23,000		45,034
Hokuriku Electric Power Co.#(1)		77,000		1,364,890
Honda Motor Co., Ltd.(1)		93,300		2,949,502
Hoya Corp.(1)		8,500		181,408
Ibiden Co., Ltd.#(1)		52,800		1,250,322
Idemitsu Kosan Co., Ltd.#(1)		4,100		437,781
IHI Corp.(1)		291,000		682,453
Inpex Corp.(1)		43		288,981
Isetan Mitsukoshi Holdings, Ltd.#(1)		126,100		1,236,246
Isuzu Motors, Ltd.(1)		23,000		108,618
ITOCHU Corp.(1)		29,000		294,614
ITOCHU Techno-Solutions Corp.#(1)		23,500		1,020,389
Iyo Bank, Ltd.(1)		5,000		49,554
J. Front Retailing Co., Ltd.#(1)		79,000		349,063
Japan Petroleum Exploration Co.(1)		8,700		355,307
Japan Prime Realty Investment Corp.(1)		13		31,831
Japan Real Estate Investment Corp.(1)		9		74,918
Japan Retail Fund Investment Corp.(1)		652		997,296
Japan Steel Works, Ltd.#(1)		6,000		40,041
Japan Tobacco, Inc.(1)		453		2,159,672
JFE Holdings, Inc.#(1)		77,100		1,425,260
JGC Corp.(1)		4,000		100,481
Joyo Bank, Ltd.#(1)		133,000		578,570
JS Group Corp.(1)		5,200		98,722
JSR Corp.#(1)		3,500		68,078
JTEKT Corp.(1)		4,300		42,450
Jupiter Telecommunications Co., Ltd.(1)		34		33,219
JX Holdings, Inc.(1)		330,800		2,115,053
Kajima Corp.#(1)		92,000		277,308
Kamigumi Co., Ltd.(1)		138,000		1,129,513
Kaneka Corp.(1)		103,000		554,743
Kansai Electric Power Co., Inc.(1)		64,100		963,435
Kansai Paint Co., Ltd.#(1)		4,000		38,064
Kao Corp.(1)		21,400		565,080
Kawasaki Heavy Industries, Ltd.#(1)		28,000		72,625
Kawasaki Kisen Kaisha, Ltd.#(1)		14,000		24,351
KDDI Corp.#(1)		389		2,581,129
Keikyu Corp.#(1)		9,000		79,233
Keio Corp.#(1)		11,000		74,666
Keisei Electric Railway Co., Ltd.(1)		5,000		35,005
Keyence Corp.(1)		800		204,633
Kikkoman Corp.#(1)		98,000		1,083,880
Kinden Corp.(1)		3,000		24,823
Kintetsu Corp.#(1)		32,000		118,680
Kirin Holdings Co., Ltd.(1)		16,000		195,990
Kobe Steel, Ltd.(1)		237,000		377,531

122

VALIC Company I International Equities Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Japan (continued)
Koito Manufacturing Co., Ltd.(1)		86,000	$	1,197,958
Komatsu, Ltd.(1)		31,000		789,284
Konami Corp.#(1)		1,800		54,166
Konica Minolta Holdings, Inc.#(1)		9,500		71,940
Kubota Corp.(1)		23,000		209,418
Kuraray Co., Ltd.(1)		6,500		93,106
Kurita Water Industries, Ltd.(1)		2,200		58,966
Kyocera Corp.(1)		3,000		268,932
Kyowa Hakko Kirin Co., Ltd.(1)		5,000		59,078
Kyushu Electric Power Co., Inc.(1)		7,800		107,012
Lawson, Inc.(1)		1,200		71,151
Mabuchi Motor Co., Ltd.#(1)		500		22,222
Makita Corp.(1)		2,200		76,816
Marubeni Corp.(1)		330,000		2,036,080
Marui Group Co., Ltd.(1)		4,300		31,426
Maruichi Steel Tube, Ltd.(1)		900		19,883
Mazda Motor Corp.†#(1)		30,000		54,766
McDonald’s Holdings Co. Japan, Ltd.#(1)		1,300		34,904
Medipal Holdings Corp.(1)		2,900		28,551
MEIJI Holdings Co., Ltd.#(1)		1,000		43,429
Miraca Holdings, Inc.(1)		1,000		38,621
Mitsubishi Chemical Holdings Corp.(1)		290,000		1,680,233
Mitsubishi Corp.(1)		51,700		1,068,019
Mitsubishi Electric Corp.(1)		253,000		2,416,284
Mitsubishi Estate Co., Ltd.(1)		28,000		468,578
Mitsubishi Gas Chemical Co., Inc.(1)		8,000		47,643
Mitsubishi Heavy Industries, Ltd.#(1)		59,000		248,367
Mitsubishi Logistics Corp.(1)		2,000		20,671
Mitsubishi Materials Corp.(1)		22,000		61,934
Mitsubishi Motors Corp.†#(1)		1,229,000		1,487,031
Mitsubishi Tanabe Pharma Corp.(1)		4,000		62,398
Mitsubishi UFJ Financial Group, Inc.(1)		1,285,800		5,586,102
Mitsubishi UFJ Lease & Finance Co., Ltd.(1)		35,500		1,356,134
Mitsui & Co., Ltd.(1)		196,800		3,104,683
Mitsui Chemicals, Inc.#(1)		16,000		51,936
Mitsui Engineering & Shipbuilding Co., Ltd.#(1)		371,000		569,701
Mitsui Fudosan Co., Ltd.(1)		16,000		259,769
Mitsui O.S.K. Lines, Ltd.#(1)		284,000		903,272
Mizuho Financial Group, Inc.(1)		1,926,200		2,526,690
MS&AD Insurance Group Holdings(1)		11,000		216,412
Murata Manufacturing Co., Ltd.#(1)		4,000		236,899
Nabtesco Corp.#(1)		2,000		44,337
Namco Bandai Holdings, Inc.(1)		3,900		56,316
NEC Corp.†(1)		50,000		108,044
NGK Insulators, Ltd.#(1)		5,000		55,376
NGK Spark Plug Co., Ltd.(1)		3,000		38,418
NHK Spring Co., Ltd.(1)		148,000		1,350,269
Nidec Corp.#(1)		2,100		189,659
Nikon Corp.(1)		81,800		1,922,644
Nintendo Co., Ltd.(1)		3,100		470,078
Nippon Building Fund, Inc.(1)		11		101,109
Nippon Electric Glass Co., Ltd.(1)		8,000		82,507
Nippon Express Co., Ltd.(1)		375,000		1,424,979
Nippon Meat Packers, Inc.#(1)		3,000		37,704
Nippon Paper Group, Inc.#(1)		1,900		40,799
Nippon Sheet Glass Co., Ltd.(1)		17,000		32,790
Nippon Steel Corp.(1)		99,000		240,563
Nippon Telegraph & Telephone Corp.(1)		13,700		674,961
Nippon Yusen KK#(1)		30,000		66,930
Nishi-Nippon City Bank, Ltd.(1)		13,000		38,366
Nissan Motor Co., Ltd.(1)		182,900		1,678,600
Nisshin Seifun Group, Inc.(1)		3,500		42,029
Nisshin Steel Co., Ltd.(1)		13,000		18,629
Nissin Foods Holdings Co., Ltd.#(1)		1,100		42,147
Nitori Holdings Co., Ltd.(1)		750		70,145

Security Description	Shares		Value (Note 2)
Japan (continued)
Nitto Denko Corp.(1)		3,200	$	132,543
NKSJ Holdings, Inc.(1)		34,799		691,083
NOK Corp.#(1)		1,900		33,311
Nomura Holdings, Inc.(1)		70,800		234,710
Nomura Real Estate Holdings, Inc.(1)		1,800		28,132
Nomura Real Estate Office Fund, Inc.(1)		5		25,820
Nomura Research Institute, Ltd.(1)		2,000		44,257
NSK, Ltd.(1)		9,000		59,771
NTN Corp.#(1)		27,000		107,387
NTT Data Corp.(1)		25		77,829
NTT DoCoMo, Inc.(1)		695		1,225,616
NTT Urban Development Corp.(1)		23		15,788
Obayashi Corp.#(1)		234,000		979,988
Odakyu Electric Railway Co., Ltd.#(1)		12,000		113,517
OJI Paper Co., Ltd.#(1)		17,000		84,569
Omron Corp.(1)		25,800		551,341
Ono Pharmaceutical Co., Ltd.#(1)		1,600		83,039
Oracle Corp.#(1)		700		23,463
Oriental Land Co., Ltd.#(1)		1,000		103,465
ORIX Corp.#(1)		7,880		663,418
Osaka Gas Co., Ltd.(1)		51,000		194,640
Otsuka Corp.(1)		300		20,716
Otsuka Holdings Co., Ltd.(1)		18,200		499,302
Panasonic Corp.(1)		307,500		2,953,865
Rakuten, Inc.(1)		141		150,883
Resona Holdings, Inc.(1)		36,500		163,370
Ricoh Co., Ltd.#(1)		13,000		117,445
Rinnai Corp.(1)		600		45,791
Rohm Co., Ltd.(1)		1,900		90,950
Sankyo Co., Ltd.(1)		1,000		49,808
Sanrio Co., Ltd.		1,000		52,378
Santen Pharmaceutical Co., Ltd.(1)		1,400		52,755
SBI Holdings, Inc.(1)		437		35,611
Secom Co., Ltd.(1)		4,100		184,818
Sega Sammy Holdings, Inc.(1)		4,200		86,064
Seiko Epson Corp.#(1)		2,400		33,855
Sekisui Chemical Co., Ltd.(1)		8,000		59,979
Sekisui House, Ltd.#(1)		11,000		96,148
Seven & I Holdings Co., Ltd.(1)		14,700		410,845
Seven Bank, Ltd.#(1)		13,000		25,797
Sharp Corp.#(1)		19,000		194,248
Shikoku Electric Power Co., Inc.#(1)		3,600		100,553
Shimadzu Corp.#(1)		5,000		41,100
Shimamura Co., Ltd.(1)		400		37,864
Shimano, Inc.(1)		1,500		73,352
Shimizu Corp.#(1)		12,000		49,168
Shin-Etsu Chemical Co., Ltd.(1)		8,000		401,642
Shinsei Bank, Ltd.(1)		27,000		27,319
Shionogi & Co., Ltd.(1)		119,300		1,400,503
Shiseido Co., Ltd.#(1)		6,900		128,079
Shizuoka Bank, Ltd.#(1)		11,000		114,130
Showa Denko KK#(1)		29,000		59,318
Showa Shell Sekiyu KK(1)		3,600		24,103
SMC Corp.#(1)		1,100		182,522
Softbank Corp.(1)		60,700		2,045,152
Sojitz Corp.#(1)		23,200		36,660
Sony Corp.(1)		129,900		2,339,445
Sony Financial Holdings, Inc.#(1)		3,387		55,767
Square Enix Holdings Co., Ltd.(1)		1,200		24,635
Stanley Electric Co., Ltd.(1)		2,800		41,215
Sumco Corp.†#(1)		2,200		18,620
Sumitomo Chemical Co., Ltd.(1)		31,000		118,328
Sumitomo Corp.#(1)		21,800		291,159
Sumitomo Electric Industries, Ltd.(1)		89,000		969,354
Sumitomo Heavy Industries, Ltd.(1)		11,000		67,050

123

VALIC Company I International Equities Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Japan (continued)
Sumitomo Metal Industries, Ltd.(1)		65,000	$	114,841
Sumitomo Metal Mining Co., Ltd.(1)		10,000		134,924
Sumitomo Mitsui Financial Group, Inc.(1)		67,600		1,866,700
Sumitomo Mitsui Trust Holdings, Inc.(1)		187,000		573,442
Sumitomo Realty & Development Co., Ltd.(1)		7,000		138,881
Sumitomo Rubber Industries, Ltd.(1)		3,400		40,879
Suruga Bank, Ltd.(1)		4,000		36,814
Suzuken Co., Ltd.#(1)		1,400		36,244
Suzuki Motor Corp.(1)		6,600		140,064
Sysmex Corp.#(1)		1,400		48,320
T&D Holdings, Inc.(1)		11,200		108,943
Taisei Corp.#(1)		20,000		51,810
Taisho Pharmaceutical Holdings Co., Ltd.†		1,000		66,916
Taiyo Nippon Sanso Corp.(1)		5,000		36,519
Takashimaya Co., Ltd.#(1)		5,000		35,696
Takeda Pharmaceutical Co., Ltd.(1)		33,900		1,388,261
TDK Corp.#(1)		2,400		122,149
Teijin, Ltd.(1)		18,000		55,155
Terumo Corp.(1)		3,300		160,816
THK Co., Ltd.#(1)		21,600		434,744
Tobu Railway Co., Ltd.#(1)		20,000		101,501
Toho Co., Ltd.#(1)		2,300		39,690
Toho Gas Co., Ltd.#(1)		8,000		47,167
Tohoku Electric Power Co., Inc.(1)		116,700		1,213,039
Tokio Marine Holdings, Inc.(1)		14,100		342,062
Tokyo Electric Power Co., Inc.†#(1)		47,300		177,488
Tokyo Electron, Ltd.(1)		3,300		181,066
Tokyo Gas Co., Ltd.(1)		48,000		206,204
Tokyu Corp.#(1)		22,000		106,236
Tokyu Land Corp.(1)		22,000		86,046
TonenGeneral Sekiyu KK#(1)		6,000		68,522
Toppan Printing Co., Ltd.#(1)		34,000		250,228
Toray Industries, Inc.#(1)		29,000		217,663
Toshiba Corp.(1)		78,000		360,889
Tosoh Corp.(1)		10,000		29,477
TOTO, Ltd.(1)		6,000		48,788
Toyo Seikan Kaisha, Ltd.(1)		3,000		41,646
Toyo Suisan Kaisha, Ltd.(1)		2,000		49,111
Toyoda Gosei Co., Ltd.#(1)		1,200		20,895
Toyota Boshoku Corp.#(1)		1,300		14,532
Toyota Industries Corp.(1)		3,500		97,361
Toyota Motor Corp.(1)		179,300		5,895,256
Toyota Tsusho Corp.(1)		4,100		68,925
Trend Micro, Inc.(1)		2,100		64,466
Tsumura & Co.(1)		1,200		33,207
Ube Industries, Ltd.(1)		20,000		56,599
Unicharm Corp.#(1)		2,200		104,211
Ushio, Inc.(1)		1,900		28,741
USS Co., Ltd.(1)		430		37,288
West Japan Railway Co.(1)		3,300		136,521
Yahoo Japan Corp.#(1)		282		89,242
Yakult Honsha Co., Ltd.#(1)		1,900		58,486
Yamada Denki Co., Ltd.#(1)		15,680		1,133,519
Yamaguchi Financial Group, Inc.(1)		4,000		38,371
Yamaha Corp.(1)		3,000		29,047
Yamaha Motor Co., Ltd.†(1)		12,000		167,713
Yamaichi Securities Co., Ltd. ADR#†(6)(7)(8)		6,000		0
Yamato Holdings Co., Ltd.(1)		7,700		123,928
Yamato Kogyo Co., Ltd.(1)		800		22,119
Yamazaki Baking Co., Ltd.(1)		2,000		26,581
Yaskawa Electric Corp.#(1)		4,000		34,918
Yokogawa Electric Corp.†(1)		4,000		37,992
				163,191,846

Security Description	Shares		Value (Note 2)
Jersey — 1.0%
Experian PLC(1)		30,968	$	411,963
Glencore International PLC#(1)		25,771		162,298
Petrofac, Ltd.(1)		113,184		2,587,365
Randgold Resources, Ltd.(1)		3,432		364,892
Shire PLC(1)		126,907		4,259,577
Wolseley PLC(1)		8,817		264,416
WPP PLC(1)		39,140		410,301
				8,460,812
Luxembourg — 0.4%
ArcelorMittal#(1)		26,584		503,934
Kernel Holding SA†(1)		1,755		37,057
Millicom International Cellular SA SDR#(1)		23,332		2,525,108
SES SA FDR(1)		9,274		228,722
Subsea 7 SA†(1)		8,764		173,323
Tenaris SA#(1)		14,638		272,611
				3,740,755
Malaysia — 0.3%
AirAsia Bhd(1)		180,300		216,817
Alliance Financial Group Bhd(1)		380,000		435,336
AMMB Holdings Bhd(1)		205,200		393,414
Berjaya Corp Bhd(1)		498,800		160,776
British American Tobacco Bhd(1)		28,600		421,729
Digi.com Berhad(1)		67,000		74,650
Genting Bhd(1)		23,200		81,501
Genting Plantations Bhd(1)		46,200		120,694
Hong Leong Financial Group Bhd(1)		76,200		278,082
Malayan Banking Bhd(1)		107,900		285,826
Parkson Holdings Bhd(1)		208,900		374,498
				2,843,323
Mauritius — 0.0%
Golden Agri-Resources, Ltd.(1)		511,000		289,380
Mexico — 0.3%
Alfa SA, Class A		14,728		172,784
America Movil SA de CV		827,931		984,841
Cemex SA de CV CPO(9)		88,478		41,203
Coca-Cola Femsa SA de CV, Series L		4,575		41,752
Fomento Economico Mexicano SAB de CV(9)		46,723		319,008
Grupo Bimbo SAB de CV, Class A		37,589		77,738
Grupo Carso SAB de CV Class A1		5,991		14,244
Grupo Elektra SA de CV		778		75,884
Grupo Financiero Banorte SAB de CV		32,121		108,713
Grupo Financiero Inbursa SA		40,581		75,860
Grupo Mexico SA de CV, Class B		82,698		221,547
Grupo Modelo SAB de CV, Class C		13,640		83,806
Grupo Televisa SAB		44,092		183,666
Industrias Penoles SAB de CV		447		20,325
Kimberly-Clark de Mexico SAB de CV, Class A		9,528		50,240
Mexichem SAB de CV		36,680		128,312
Telefonos de Mexico SAB de CV, Class L		176,949		132,364
Wal-Mart de Mexico SAB de CV, Series V		86,595		233,066
				2,965,353
Morocco — 0.0%
Attijariwafa Bank(1)		2,521		108,763
Douja Promotion Groupe Addoha SA(1)		6,974		58,703
Maroc Telecom SA(1)		1,690		28,636
				196,102
Netherlands — 2.8%
Aegon NV†(1)		301,092		1,318,423
Akzo Nobel NV(1)		15,780		801,301
ASML Holding NV(1)		23,223		906,153

124

VALIC Company I International Equities Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Netherlands (continued)
Corio NV(1)		1,842	$	82,185
Delta Lloyd NV(1)		12,111		213,062
European Aeronautic Defence and Space Co., NV(1)		85,459		2,562,946
Fugro NV CVA(1)		2,117		118,814
Heineken Holding NV(1)		71,846		2,887,875
Heineken NV(1)		62,882		2,953,241
ING Groep NV CVA†(1)		190,857		1,488,373
Koninklijke Ahold NV(1)		305,220		3,885,941
Koninklijke Boskalis Westminster NV(1)		2,195		73,933
Koninklijke DSM NV(1)		12,898		629,654
Koninklijke KPN NV(1)		235,751		2,887,959
Koninklijke Philips Electronics NV(1)		36,601		744,828
Koninklijke Vopak NV(1)		2,182		119,958
PostNL(1)		16		56
Qiagen NV†(1)		7,246		107,157
Randstad Holding NV(1)		3,689		115,246
Reed Elsevier NV(1)		75,657		892,810
SBM Offshore NV(1)		5,231		112,288
STMicroelectronics NV#(1)		19,739		125,001
TNT Express NV(1)		10,026		72,538
Unilever NV CVA(1)		50,461		1,718,514
Wolters Kluwer NV(1)		9,264		161,334
				24,979,590
New Zealand — 0.1%
Auckland International Airport, Ltd.(1)		67,373		125,164
Chorus, Ltd.†		29,811		76,584
Contact Energy, Ltd.†(1)		24,522		103,204
Fletcher Building, Ltd.(1)		54,056		255,753
Sky City Entertainment Group, Ltd.(1)		45,484		121,786
Telecom Corp. of New Zealand, Ltd.(1)		153,696		245,647
				928,138
Norway — 0.4%
Aker Solutions ASA(1)		5,033		58,902
DnB NOR ASA(1)		30,196		309,444
Gjensidige Forsikring ASA(1)		6,248		72,322
Norsk Hydro ASA(1)		28,807		139,313
Orkla ASA(1)		23,948		183,011
Statoil ASA(1)		59,247		1,533,662
Telenor ASA(1)		22,459		383,829
Yara International ASA(1)		15,405		629,179
				3,309,662
Peru — 0.0%
Cia de Minas Buenaventura SA ADR		6,307		246,919
Philippines — 0.1%
Aboitiz Power Corp.(1)		362,900		244,678
Bank of the Philippine Islands(1)		325,280		396,181
BDO Unibank, Inc.(1)		271,300		348,975
Globe Telecom, Inc.(1)		3,560		79,033
				1,068,867
Poland — 0.1%
Asseco Poland SA(1)		2,191		32,488
Bank Pekao SA(1)		1,626		71,306
BRE Bank SA†(1)		92		7,482
Cyfrowy Polsat SA†(1)		6,196		23,895
Enea SA(1)		1,048		5,926
Getin Holding SA†(1)		15,714		31,644
Grupa Lotos SA†(1)		5,947		44,681
Jastrzebska Spolka Weglowa SA†(1)		778		21,297
KGHM Polska Miedz SA(1)		2,820		112,543
PGE SA(1)		21,370		136,790
Polski Koncern Naftowy Orlen SA†(1)		4,981		59,976

Security Description	Shares		Value (Note 2)
Poland (continued)
Powszechna Kasa Oszczednosci Bank Polski SA(1)		13,471	$	135,363
Powszechny Zaklad Ubezpieczen SA(1)		318		30,400
Synthos SA(1)		19,929		25,533
Tauron Polska Energia SA(1)		15,367		24,941
Telekomunikacja Polska SA(1)		3,559		19,650
				783,915
Portugal — 0.1%
Banco Comercial Portugues SA†#(1)		1,158,319		198,310
Banco Espirito Santo SA#(1)		149,535		230,097
Cimpor Cimentos de Portugal SGPS SA(1)		14,889		104,171
EDP - Energias de Portugal SA(1)		84,852		272,011
Galp Energia SGPS SA Class B(1)		7,160		119,979
Jeronimo Martins SGPS SA(1)		6,814		124,391
Portugal Telecom SGPS SA(1)		20,807		129,053
				1,178,012
Russia — 0.4%
Federal Grid Co. Unified Energy System JSC		6,109,218		59,259
Federal Hydrogenerating Co., JSC		2,179,504		75,193
Gazprom OAO		197,790		1,107,624
Inter Rao Ues OAO		9,741,726		10,813
LUKOIL OAO		8,647		473,856
Magnit GDR(1)		7,611		169,135
Mechel ADR		3,962		43,146
MMC Norilsk Nickel OJSC		1,248		221,196
Mobile Telesystems OJSC ADR		9,411		162,622
NovaTek OAO GDR(1)		1,682		258,591
Novolipetsk Steel OJSC		3,513		6,850
Rosneft Oil Co.		30,364		189,775
Rostelecom OJSC†		4,920		23,616
Sberbank of Russia(1)		140,561		406,145
Severstal OAO		1,122		15,585
Surgutneftegaz CLS		116,735		112,066
Tatneft		22,505		122,427
Uralkali OJSC		29,803		240,212
VTB Bank OJSC		31,107,479		68,561
				3,766,672
Singapore — 1.3%
Ascendas Real Estate Investment Trust#(1)		124,000		199,249
CapitaLand, Ltd.(1)		179,000		363,071
CapitaMall Trust#(1)		150,000		208,055
CapitaMalls Asia, Ltd.#(1)		86,000		87,678
City Developments, Ltd.#(1)		35,000		270,604
ComfortDelGro Corp., Ltd.(1)		134,000		148,853
COSCO Corp. (Singapore), Ltd.#(1)		68,000		49,002
DBS Group Holdings, Ltd.(1)		133,000		1,324,181
Fraser and Neave, Ltd.#(1)		68,000		346,291
Global Logistic Properties, Ltd.†(1)		124,000		180,709
Jardine Cycle & Carriage, Ltd.(1)		8,000		292,450
Keppel Corp., Ltd.(1)		105,000		781,520
Keppel Land, Ltd.#(1)		46,000		89,145
Neptune Orient Lines, Ltd.#(1)		65,000		54,625
Olam International, Ltd.#(1)		110,000		206,211
Oversea-Chinese Banking Corp., Ltd.#(1)		194,000		1,239,956
SembCorp Industries, Ltd.(1)		73,000		245,546
SembCorp Marine, Ltd.#(1)		63,000		190,191
Singapore Airlines, Ltd.#(1)		42,000		344,880
Singapore Exchange, Ltd.#(1)		71,000		349,488
Singapore Press Holdings, Ltd.#(1)		112,000		346,067
Singapore Technologies Engineering, Ltd.(1)		114,000		240,314
Singapore Telecommunications, Ltd.(1)		593,000		1,440,001
StarHub, Ltd.(1)		48,000		107,253
United Overseas Bank, Ltd.#(1)		97,000		1,179,933

125

VALIC Company I International Equities Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Singapore (continued)
UOL Group, Ltd.(1)		25,000	$	84,287
Wilmar International, Ltd.#(1)		141,000		571,701
Yangzijiang Shipbuilding Holdings, Ltd.(1)		140,000		101,197
				11,042,458
South Africa — 0.5%
ABSA Group, Ltd.(1)		5,592		99,028
African Bank Investments, Ltd.(1)		5,387		23,222
African Rainbow Minerals, Ltd.(1)		2,742		61,151
Anglo American Platinum, Ltd.(1)		1,294		88,061
AngloGold Ashanti, Ltd.(1)		4,535		216,807
Arcelormittal South Africa, Ltd.(1)		4,687		35,668
Aspen Pharmacare Holdings, Ltd.†(1)		5,064		60,951
Aveng, Ltd.(1)		6,406		28,039
Barloworld, Ltd.(1)		3,881		34,726
Bidvest Group, Ltd.(1)		3,685		71,852
Discovery Holdings, Ltd.(1)		16,186		85,284
FirstRand, Ltd.(1)		42,251		104,825
Foschini, Ltd.(1)		7,791		102,202
Gold Fields, Ltd.(1)		13,527		228,456
Growthpoint Properties, Ltd.(1)(9)		26,338		59,725
Harmony Gold Mining Co., Ltd.(1)		7,886		111,516
Impala Platinum Holdings, Ltd.(1)		9,820		208,144
Imperial Holdings, Ltd.(1)		2,721		39,829
Kumba Iron Ore, Ltd.(1)		2,651		167,208
Liberty Holdings, Ltd.(1)		5,465		53,767
Massmart Holdings, Ltd.(1)		1,507		30,734
MTN Group, Ltd.(1)		31,477		566,333
Naspers, Ltd.(1)		7,527		339,989
Nedbank Group, Ltd.(1)		6,171		109,418
Network Healthcare Holdings, Ltd.(1)		11,290		18,171
Pick n Pay Stores, Ltd.(1)		4,735		25,457
Pretoria Portland Cement Co., Ltd.(1)		15,720		52,684
Redefine Properties, Ltd.(1)(9)		44,978		42,560
Remgro, Ltd.(1)		11,625		175,292
RMB Holdings, Ltd.(1)		7,160		23,210
Sanlam, Ltd.(1)		1,145		4,245
Sasol, Ltd.(1)		10,509		505,245
Shoprite Holdings, Ltd.(1)		6,158		103,888
Spar Group, Ltd.(1)		318		4,420
Standard Bank Group, Ltd.(1)		19,478		237,498
Steinhoff International Holdings, Ltd.†(1)		14,328		41,891
Tiger Brands, Ltd.(1)		2,198		66,506
Truworths International, Ltd.(1)		6,199		60,750
Vodacom Group, Ltd.(1)		7,682		86,798
Woolworths Holdings, Ltd.(1)		20,528		102,400
				4,477,950
South Korea — 1.0%
Amorepacific Corp.(1)		17		16,603
BS Financial Group, Inc.†(1)		11,580		120,575
Cheil Industries, Inc.(1)		1,177		106,885
CJ CheilJedang Corp.(1)		73		18,624
Daelim Industrial Co., Ltd.(1)		4,143		366,144
DGB Financial Group, Inc.†(1)		32,220		384,964
Dongbu Insurance Co., Ltd.(1)		8,640		402,018
Dongkuk Steel Mill Co., Ltd.(1)		11,990		244,357
Hanjin Shipping Co., Ltd.(1)		1,480		11,649
Hankook Tire Co., Ltd.(1)		10,370		428,473
Hanwha Chem Corp.(1)		11,720		279,019
Hynix Semiconductor, Inc.(1)		27,990		594,091
Hyosung Corp.(1)		5,219		295,380
Hyundai Heavy Industries Co., Ltd.(1)		1,165		293,756
Hyundai Mipo Dockyard Co., Ltd.(1)		3,201		336,140
Hyundai Mobis(1)		392		108,499

Security Description	Shares		Value (Note 2)
South Korea (continued)
Hyundai Motor Co.(1)		4,591	$	889,947
Industrial Bank of Korea(1)		30,400		405,847
KB Financial Group, Inc.(1)		1,590		55,330
Kia Motors Corp.(1)		3,842		243,750
Korea Exchange Bank(1)		27,200		200,533
KT&G Corp.(1)		5,288		356,602
LG Chemical Co., Ltd.(1)		327		97,095
LG Corp.(1)		7,194		406,820
LG Display Co., Ltd.(1)		1,540		36,678
LG Electronics, Inc.(1)		390		25,968
NHN Corp†(1)		1,677		371,409
OCI Co., Ltd.(1)		111		23,314
POSCO(1)		422		142,371
S - Oil Corp.(1)		176		17,545
Samsung Electro - Mechanics Co., Ltd.(1)		276		19,779
Samsung Electronics Co., Ltd.(1)		1,781		1,616,914
Samsung Heavy Industries Co., Ltd.(1)		570		15,994
Samsung SD Co., Ltd.(1)		128		15,862
Shinhan Financial Group Co., Ltd.(1)		1,100		41,647
SK Innovation Co., Ltd.(1)		336		50,975
				9,041,557
Spain — 2.5%
Abertis Infraestructuras SA(1)		35,350		564,930
Acciona SA(1)		788		73,440
Acerinox SA#(1)		14,410		195,747
ACS Actividades de Construccion y Servicios SA#(1)		19,657		638,592
Amadeus IT Holding SA(1)		44,024		744,464
Banco Bilbao Vizcaya Argentaria SA(1)		142,182		1,206,818
Banco de Sabadell SA#(1)		34,668		116,218
Banco Popular Espanol SA#(1)		29,868		127,542
Banco Santander SA(1)		529,048		3,969,296
Bankia SA†(1)		203,649		1,019,555
Bankinter SA#(1)		35,027		197,461
CaixaBank#(1)		23,039		117,922
Distribuidora Internacional de Alimentacion SA†#(1)		17,892		80,715
EDP Renovaveis SA†(1)		6,053		35,010
Enagas SA(1)		38,224		717,498
Ferrovial SA#(1)		15,965		198,038
Fomento de Construcciones y Contratas SA#(1)		1,575		40,811
Gas Natural SDG SA(1)		26,650		464,527
Grifols SA†#(1)		4,270		69,008
Iberdrola SA(1)		403,769		2,702,416
Inditex SA(1)		6,755		573,657
Indra Sistemas SA#(1)		3,064		43,222
International Consolidated Airlines Group SA†(1)		28,600		67,271
Mapfre SA#(1)		100,913		338,519
Mediaset Espana Comunicacion SA#(1)		7		41
Red Electrica Corp. SA(1)		3,355		147,549
Repsol YPF SA(1)		133,483		4,043,848
Sacyr Vallehermoso SA#(1)		144		869
Telefonica SA(1)		175,631		3,313,460
Zardoya Otis SA#(1)		4,525		63,735
				21,872,179
Sweden — 2.3%
Alfa Laval AB(1)		57,210		1,103,526
Assa Abloy AB, Class B(1)		47,981		1,182,656
Atlas Copco AB, Class A(1)		181,787		3,906,988
Atlas Copco AB, Class B(1)		102,020		1,942,415
Boliden AB(1)		62,004		898,616
Electrolux AB, Class B#(1)		18,710		325,147
Getinge AB, Class B(1)		26,457		681,846
Hennes & Mauritz AB, Class B(1)		31,671		1,005,511
Hexagon AB#(1)		7,810		119,334

126

VALIC Company I International Equities Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Sweden (continued)
Holmen AB, Class B(1)		1,364	$	37,760
Husqvarna AB, Class B(1)		13,719		67,835
Industrivarden AB, Class C(1)		3,211		39,150
Investor AB, Class B(1)		97,144		1,812,127
Kinnevik Investment AB, Class B(1)		6,421		130,374
Lundin Petroleum AB†		6,893		177,727
Modern Times Group AB, Class B(1)		1,483		72,027
Nordea Bank AB(1)		81,398		649,498
Ratos AB, Class B Series B(1)		5,554		64,720
Sandvik AB(1)		31,230		400,786
Scania AB, Class B(1)		18,861		288,883
Securitas AB, Class B(1)		9,703		85,339
Skandinaviska Enskilda Banken AB, Class A(1)		43,734		255,268
Skanska AB, Class B(1)		12,425		193,463
SKF AB, Class B(1)		12,078		258,364
SSAB AB, Class A#(1)		4,659		42,338
Svenska Cellulosa AB, Class B(1)		17,767		264,320
Svenska Handelsbanken AB, Class A(1)		15,131		399,495
Swedbank AB, Class A(1)		53,028		709,905
Swedish Match AB(1)		6,793		222,354
Tele2 AB, Class B(1)		9,837		195,754
Telefonaktiebolaget LM Ericsson, Class B(1)		135,637		1,443,488
TeliaSonera AB(1)		67,032		456,714
Volvo AB, Class B(1)		89,069		1,025,350
				20,459,078
Switzerland — 6.4%
ABB, Ltd.†(1)		91,149		1,727,352
Actelion, Ltd.†(1)		57,738		2,019,559
Adecco SA†(1)		4,105		178,336
Aryzta AG(1)		18,491		891,063
Baloise Holding AG(1)		1,473		104,461
Barry Callebaut AG†		56		51,029
Cie Financiere Richemont SA, Class A(1)		16,176		874,652
Credit Suisse Group AG†(1)		51,093		1,238,694
GAM Holding AG†(1)		22,216		258,623
Geberit AG†(1)		1,209		231,552
Givaudan SA†(1)		258		240,542
Holcim, Ltd.†(1)		53,716		3,008,850
Julius Baer Group, Ltd.†(1)		6,412		229,360
Kuehne & Nagel International AG(1)		1,676		204,466
Lindt & Spruengli AG(1)		5		176,343
Lindt & Spruengli AG (Participation Certificate)(1)		989		3,022,273
Lonza Group AG†(1)		33,659		2,061,512
Nestle SA(1)		244,135		13,689,140
Novartis AG(1)		127,870		6,900,228
Pargesa Holding SA(1)		837		60,349
Partners Group Holding AG		410		75,663
Roche Holding AG(1)		38,768		6,166,304
Schindler Holding AG(1)		677		82,625
Schindler Holding AG (Participation Certificate)(1)		8,331		999,914
SGS SA(1)		171		288,701
Sika AG(1)		63		118,048
Sonova Holding AG†(1)		19,498		2,036,922
Straumann Holding AG(1)		10,829		1,902,031
Sulzer AG(1)		746		83,208
Swatch Group AG(1)		1,364		95,821
Swatch Group AG, Class B(1)		953		371,446
Swiss Life Holding AG†(1)		946		99,110
Swiss Re AG†(1)		10,859		572,062
Swisscom AG(1)		3,878		1,464,164
Syngenta AG†(1)		2,932		864,792
Transocean, Ltd.(1)		16,070		699,977
UBS AG†(1)		181,244		2,227,918

Security Description	Shares		Value (Note 2)
Switzerland (continued)
Zurich Financial Services AG†(1)		4,512	$	992,248
				56,309,338
Taiwan — 0.8%
Acer, Inc.(1)		72,000		82,424
Advantech Co., Ltd.(1)		127,000		354,994
Asustek Computer, Inc.(1)		56,000		390,502
Catcher Technology Co., Ltd.(1)		12,000		58,599
Cathay Financial Holding Co., Ltd.(1)		21,000		21,980
Cheng Shin Rubber Industry Co., Ltd.(1)		211,000		466,618
Cheng Uei Precision Industry Co., Ltd.(1)		51,000		93,909
China Development Financial Holding Corp.(1)		1,206,000		352,235
China Life Insurance Co., Ltd.(1)		354,000		314,313
China Petrochemical Development Corp.(1)		214,000		190,715
Chunghwa Telecom Co., Ltd.(1)		190,000		628,502
Far EasTone Telecommunications Co., Ltd.(1)		228,000		435,055
Farglory Land Development Co., Ltd.(1)		126,000		221,366
Feng Hsin Iron & Steel Co.(1)		123,000		195,382
Formosa Plastics Corp.(1)		198,000		532,240
Formosa Taffeta Co., Ltd.(1)		365,000		331,693
Hon Hai Precision Industry Co., Ltd.(1)		47,000		127,582
HTC Corp.(1)		5,000		82,227
Inventec Co., Ltd.(1)		54,000		18,529
Lite-On Technology Corp.(1)		390,000		428,003
Motech Industries, Inc.(1)		51,000		87,683
Taishin Financial Holding Co., Ltd.(1)		744,000		278,375
Taiwan Semiconductor Manufacturing Co., Ltd.(1)		643,000		1,619,244
Vanguard International Semiconductor Corp.(1)		54,000		18,003
				7,330,173
Thailand — 0.2%
Advanced Info Service PCL (Local Exchange)(1)		56,200		256,689
Advanced Info Service PCL		8,600		38,489
Bangkok Bank PCL(1)		94,400		490,468
Bank of Ayudhya PCL(1)		71,400		47,488
Charoen Pokphand Foods PCL		86,700		91,790
Charoen Pokphand Foods PCL (Local Exchange)(1)		90,200		96,885
CP ALL PCL(1)		164,800		269,422
Indorama Ventures PCL(1)		14,900		14,948
PTT Global Chemical PCL†		14,100		29,630
PTT PCL(1)		5,500		55,496
Thai Airways International PCL(1)		302,300		188,267
				1,579,572
Turkey — 0.1%
Akbank TAS(1)		29,500		104,480
Anadolu Efes Biracilik ve Malt Sanayii AS(1)		4,829		58,699
BIM Birlesik Magazalar AS(1)		2,182		61,932
Coca-Cola Icecek AS(1)		956		11,202
Eregli Demir ve Celik Fabrikalari TAS(1)		24,284		45,479
Haci Omer Sabanci Holdings AS(1)		8,457		26,699
Tupras - Turkiye Petrol Rafinerileri AS(1)		1,309		29,884
Turk Telekomunikasyon AS(1)		5,192		21,389
Turkcell Iletisim Hizmet AS†(1)		16,767		84,172
Turkiye Garanti Bankasi AS(1)		29,517		101,291
Turkiye Halk Bankasi AS(1)		7,109		42,884
Turkiye Is Bankasi, Class C(1)		69,435		143,893
Turkiye Vakiflar Bankasi Tao(1)		8,465		12,577
				744,581
United Kingdom — 18.3%
3i Group PLC(1)		30,275		90,744
Admiral Group PLC#(1)		101,519		1,472,898
Aggreko PLC(1)		75,699		2,256,037
AMEC PLC(1)		10,317		141,283

127

VALIC Company I International Equities Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
United Kingdom (continued)
Anglo American PLC(1)		60,223	$	2,301,430
Antofagasta PLC(1)		120,720		2,260,942
ARM Holdings PLC(1)		77,034		723,153
Associated British Foods PLC(1)		11,064		193,233
AstraZeneca PLC(1)		155,475		7,200,814
Autonomy Corp. PLC†		54,931		2,197,623
Aviva PLC(1)		719,376		3,543,453
Babcock International Group PLC(1)		15,007		171,409
BAE Systems PLC(1)		643,035		2,775,448
Balfour Beatty PLC(1)		540,698		2,142,558
Barclays PLC(1)		601,749		1,731,470
BG Group PLC(1)		156,168		3,351,402
BHP Billiton PLC(1)		238,152		7,337,803
BP PLC(1)		1,214,093		8,827,947
British American Tobacco PLC(1)		212,462		9,860,834
British Land Co. PLC(1)		160,429		1,250,229
British Sky Broadcasting Group PLC(1)		282,624		3,409,517
BT Group PLC(1)		1,199,823		3,593,202
Bunzl PLC(1)		32,868		429,858
Burberry Group PLC(1)		39,803		797,892
Cairn Energy PLC†(1)		110,687		475,861
Capita Group PLC#(1)		18,954		188,257
Capital Shopping Centres Group PLC(1)		17,350		87,634
Carnival PLC(1)		5,664		196,821
Centrica PLC(1)		835,046		3,973,280
Cobham PLC(1)		35,832		99,724
Compass Group PLC(1)		58,591		542,585
Diageo PLC(1)		77,547		1,657,785
Essar Energy PLC†(1)		8,677		31,889
Eurasian Natural Resources Corp. PLC(1)		25,137		264,086
Fresnillo PLC(1)		5,553		150,120
G4S PLC(1)		179,156		720,994
GKN PLC(1)		47,886		147,131
GlaxoSmithKline PLC(1)		290,027		6,426,482
Hammerson PLC(1)		21,973		135,510
HSBC Holdings PLC (London)(1)		1,156,545		9,019,227
ICAP PLC(1)		17,457		97,825
Imperial Tobacco Group PLC(1)		49,083		1,766,069
Inmarsat PLC(1)		214,457		1,476,948
Intercontinental Hotels Group PLC(1)		51,767		898,271
International Power PLC(1)		47,303		250,035
Intertek Group PLC(1)		4,946		149,944
Invensys PLC(1)		25,149		80,508
Investec PLC(1)		21,629		122,996
ITV PLC(1)		114,342		116,592
J Sainsbury PLC(1)		37,615		180,453
Johnson Matthey PLC(1)		6,666		201,261
Kazakhmys PLC(1)		6,657		97,381
Kingfisher PLC(1)		628,343		2,532,022
Land Securities Group PLC(1)		23,910		258,404
Legal & General Group PLC(1)		182,042		305,020
Lloyds Banking Group PLC†(1)		2,150,751		846,028
London Stock Exchange Group PLC#(1)		28,332		384,419
Lonmin PLC#(1)		5,024		84,859
Man Group PLC, Class B(1)		58,329		130,897
Marks & Spencer Group PLC(1)		217,857		1,134,534
Meggitt PLC		24,114		144,840
National Grid PLC#(1)		110,437		1,085,074
Next PLC(1)		5,573		235,451
Old Mutual PLC(1)		169,184		302,850
Pearson PLC(1)		25,206		457,045
Prudential PLC(1)		78,869		776,383
Reckitt Benckiser Group PLC(1)		19,127		966,840
Reed Elsevier PLC(1)		37,725		313,376

Security Description	Shares		Value (Note 2)
United Kingdom (continued)
Rexam PLC(1)		377,705	$	2,048,889
Rio Tinto PLC(1)		144,644		7,656,792
Rolls-Royce Holdings PLC†(1)		58,017		666,027
Royal Bank of Scotland Group PLC†(1)		543,906		181,776
Royal Dutch Shell PLC, Class A(1)		336,313		11,787,322
Royal Dutch Shell PLC, Class B(1)		263,104		9,478,008
RSA Insurance Group PLC(1)		108,733		185,538
SABMiller PLC(1)		31,076		1,097,694
Sage Group PLC(1)		40,971		186,834
Schroders PLC(1)		102,253		2,164,629
Segro PLC(1)		161,381		572,896
Serco Group PLC(1)		29,232		226,262
Severn Trent PLC(1)		7,333		178,224
Smith & Nephew PLC(1)		27,666		253,167
Smiths Group PLC(1)		32,335		483,009
SSE PLC(1)		71,264		1,476,362
Standard Chartered PLC(1)		73,812		1,611,615
Standard Life PLC(1)		128,475		409,881
Tate & Lyle PLC		14,511		153,219
Tesco PLC(1)		296,680		1,892,177
TUI Travel PLC#(1)		14,424		39,143
Tullow Oil PLC(1)		28,044		612,766
Unilever PLC(1)		47,663		1,601,376
United Utilities Group PLC(1)		21,082		208,616
Vedanta Resources PLC#(1)		3,697		62,104
Vodafone Group PLC(1)		2,855,697		7,747,253
Weir Group PLC#(1)		6,508		211,795
Whitbread PLC(1)		5,493		141,991
WM Morrison Supermarkets PLC(1)		119,847		607,111
Xstrata PLC(1)		64,282		1,035,367
				162,552,733
United States — 0.1%
Southern Copper Corp.		5,994		186,593
Synthes, Inc.*(1)		2,026		335,034
				521,627
Total Common Stock
(cost $845,756,956)				784,676,315
EXCHANGE-TRADED FUNDS — 0.7%
United States — 0.7%
iShares MSCI Chile Investable Market Index Fund		14,800		870,684
iShares MSCI Emerging Markets Index Fund		3,002		120,200
Vanguard MSCI Emerging Markets ETF		73,296		2,990,477
Vanguard MSCI European ETF#		58,200		2,589,318
Total Exchange-Traded Funds
(cost $6,475,281)				6,570,679
PREFERRED STOCK — 1.7%
Brazil — 0.6%
AES Tiete SA		2,136		29,116
Banco Bradesco SA		35,683		584,670
Banco Estado Rio Grande Sul		3,074		32,791
Bradespar SA		4,108		75,306
Brasil Telecom SA		8,234		49,176
Braskem SA		2,967		22,954
Centrais Eletricas Brasileiras SA, Class B		813		10,583
Cia Brasileira de Distribuicao Grupo Pao de Acucar		2,405		87,976
Cia Energetica de Minas Gerais		7,128		122,272
Cia Energetica de Sao Paulo		3,192		55,620
Cia Paranaense de Energia		1,827		36,866
Companhia De Bebidas Das Americas		15,615		521,551
Eletropaulo Metropolitana Eletricidade de Sao Paulo SA		1,443		26,133
Gerdau SA		16,071		119,976

128

VALIC Company I International Equities Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares/ Principal Amount(5)		Value (Note 2)
PREFERRED STOCK (continued)
Brazil (continued)
Gol Linhas Aereas Inteligentes SA		4,849	$	36,200
Itau Unibanco Holding SA		41,844		738,144
Itausa - Investimentos Itau SA		44,592		260,152
Klabin SA		7,344		29,322
Lojas Americanas SA		5,679		47,420
Metalurgica Gerdau SA		6,593		62,417
Petroleo Brasileiro SA		75,686		922,872
Suzano Papel e Celulose SA		4,836		19,148
TAM SA		286		5,477
Tele Norte Leste Participacoes SA		7,200		66,929
Telefonica Brasil SA		2,613		70,514
Telemar Norte Leste SA		842		20,022
Usinas Siderurgicas de Minas Gerais SA, Class A		10,335		59,209
Vale Fertilizantes SA		2,925		40,017
Vale SA, Class A		33,713		727,635
				4,880,468
Colombia — 0.0%
BanColombia SA		2,412		34,597
Germany — 1.0%
Bayerische Motoren Werke AG(1)		30,001		1,572,818
Henkel AG & Co. KGaA(1)		61,413		3,646,166
Porsche Automobil Holding SE(1)		4,747		288,813
ProSiebenSat.1 Media AG(1)		2,040		40,110
RWE AG(1)		48,206		1,790,847
Volkswagen AG(1)		6,635		1,139,426
				8,478,180
Russia — 0.0%
AK Transneft OAO		56		89,040
Sberbank of Russia		35,994		80,986
Surgutneftegas OJSC		95,270		51,446
				221,472
South Korea — 0.1%
Hyundai Motor Co.(1)		4,021		240,892
LG Chem, Ltd.(1)		3,306		355,429
Samsung Electronics Co., Ltd.(1)		782		434,368
				1,030,689
United Kingdom — 0.0%
Rolls-Royce Holdings PLC†		4,613,616		7,238
Total Preferred Stock
(cost $14,795,644)				14,652,644
RIGHTS† — 0.0%
Australia — 0.0%
Blue Scope Steel, Ltd. Expires 12/14/11		75,705		856
South Korea — 0.0%
LG Electronics, Inc.  Expires 12/21/11		36		684
Total Rights
(cost $0.00)				1,540
FOREIGN CORPORATE BONDS & NOTES — 0.0%
United Kingdom — 0.0%
National Grid Gas PLC Company Guar.Bonds 4.19% due 12/14/22		GBP    5,000		14,875

Security Description	Shares/ Principal Amount(5)			Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
United Kingdom (continued)
National Grid Gas PLC Company Guar.Bonds 7.00% due 12/16/24		GBP    5,000			9,894
Total Foreign Corporate Bonds & Notes
(cost $15,427)					24,769
Total Long-Term Investment Securities
(cost $867,043,308)					805,925,947
SHORT-TERM INVESTMENT SECURITIES — 17.5%
Collective Investment Pool — 8.9%
Navigator Securities Lending Prime Portfolio(2)(3)		78,877,144		$	78,877,144
Time Deposits — 7.8%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 12/01/11	$	69,087,000			69,087,000
U.S. Government Treasuries — 0.8%
United States Treasury Bills
0.00% due 03/15/12@		3,200,000			3,199,888
0.01% due 12/08/11		200,000			200,000
0.01% due 03/15/12@		3,500,000			3,499,878
					6,899,766
Total Short-Term Investment Securities
(cost $154,863,991)					154,863,910
REPURCHASE AGREEMENT — 0.0%
Agreement with State Street Bank & Trust Co., bearing interest at 0.01%, dated 11/30/11, to be repurchased 12/01/11 in the amount of $289,000 and collateralized by $295,000 of Federal National Mtg. Assoc., bearing interest at 1.00% due 04/30/14 and having an approximate value of $295,369 (cost $289,000)		289,000			289,000
TOTAL INVESTMENTS —
(cost $1,022,196,299)(4)		108.4	%		961,078,857
Liabilities in excess of other assets		(8.4	)		(74,078,939	)
NET ASSETS —		100.0	%	$	886,999,918

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

† Non-income producing security

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2011, the aggregate value of these securities was $335,034 representing 0.0% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

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

(1) Security was valued using fair value procedures at November 30, 2011. The aggregate value of these securities was $779,396,154 representing 87.9% 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.

(2) At November 30, 2011, the Fund had loaned securities with a total value of $77,077,864. This was secured by collateral of $78,877,144, which was received in cash and subsequently invested in short-term investments currently valued at $78,877,144 as reported in the portfolio of investments. The remaining collateral of $829,125 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.

129

VALIC Company I International Equities Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

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

Securities	Coupon Range	Maturity Date Range
United States Treasury Notes/Bonds	0.25% to 7.12%	01/31/12 to 05/15/41

(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) Denominated in United States dollar unless otherwise indicated.

(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 November 30, 2011, the International Equities Fund held the following restricted securities:

Name	Acquisition Date		Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
Yamaichi Securities Co., Ltd. ADR Common Stock		8/4/1993		6,000	$	478,650	$	0	$	0		0.00	%

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

(8) Illiquid security. At November 30, 2011, the aggregate vale of these securities was $0 representing 0.0% of net assets.

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

ADR—American Depository Receipt

CPO—Certification de Participacion Ordinario

CVA—Certification Van Aandelen (Dutch Cert.)

FDR—Federal Depository Receipt

GDR—Global Depository Receipt

ISE—Irish Stock Exchange

LSE—London Stock Exchange

RSP—Risparmio Savings Shares

SDR—Swedish Depository Receipt

Open Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Value at Trade Date		Value as of November 30, 2011		Appreciation (Depreciation)
	219	Long	ASX SPI 200 Index		December 2011	$	23,258,548	$	23,074,854	$	(183,694	)
	466	Long	Emini MSCI EAFE Index		December 2011		32,109,771		33,791,990		1,682,219
	380	Long	Emini MSCI Emerging Market Index		December 2011		17,002,735		18,306,500		1,303,765
										$	2,802,290

Currency Legend

GBP—Pound Sterling

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2011 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs			Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Long-Term Investment Securities:
Common Stock:
Australia	$	234,665	$	62,212,773	#	$	0	$	62,447,438
France		—		56,823,276	#		—		56,823,276
Germany		—		63,228,225	#		—		63,228,225
Japan		119,294		163,072,552	#		0		163,191,846
Switzerland		126,692		56,182,646	#		—		56,309,338
United Kingdom		2,495,682		160,057,051	#		—		162,552,733
Other Countries*		11,812,697		208,310,762	#		0		220,123,459
Exchange Traded Funds		6,570,679		—			—		6,570,679
Preferred Stock		5,143,775		9,508,869	#		—		14,652,644
Rights		1,540		—			—		1,540
Foreign Corporate Bonds & Notes		—		24,769			—		24,769
Short-Term Investment Securities:
Collective Investment Pool		—		78,877,144			—		78,877,144
Time Deposits		—		69,087,000			—		69,087,000
U.S. Government Treasuries		—		6,899,766			—		6,899,766
Repurchase Agreement		—		289,000			—		289,000
Other Financial Instruments:†
Open Futures Contracts - Appreciation		2,985,984		—			—		2,985,984
Total Assets	$	29,491,008	$	934,573,833		$	0	$	964,064,841
LIABILITIES:
Other Financial Instruments:†
Open Futures Contracts - Depreciation	$	183,694	$	—		$	—	$	183,694

130

VALIC Company I International Equities Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (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 and swap 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 $779,396,154 representing 87.9% of net assets. See Note 2.

	Common Stock
Balance as of 5/31/2011	$	0
Accrued discounts		—
Accrued premiums		—
Realized gain		—
Realized loss		—
Change in unrealized appreciation(1)		—
Change in unrealized depreciation(1)		—
Net purchases		—
Net sales		—
Transfers into Level 3(2)		—
Transfers out of Level 3(2)		—
Balance as of 11/30/2011	$	0

(1) The total change in unrealized appreciation (depreciation) included in the statement of operations attributable to level 3 investments still held at November 30, 2011 includes:

Common Stock
$	—

(2) The Fund’s policy is to recognize transfers in and transfers out as of the end of the reporting period.

See Notes to Financial Statements

131

VALIC Company I International Government Bond Fund

PORTFOLIO PROFILE — November 30, 2011 (Unaudited)

Industry Allocation*

Sovereign	70.4	%
United States Treasury Notes	11.6
Time Deposits	3.1
Banks — Commercial	3.0
United States Treasury Bonds	2.7
Oil Companies — Exploration & Production	0.8
Steel — Producers	0.7
Real Estate Operations & Development	0.7
Sovereign Agency	0.6
Oil Companies — Integrated	0.6
Telephone — Integrated	0.5
Regional Authority	0.5
Building Products — Cement	0.4
Finance — Other Services	0.4
Transport — Services	0.3
Import/Export	0.3
Municipal Bonds	0.3
SupraNational Banks	0.3
Electric — Generation	0.3
Building & Construction Products — Misc.	0.2
Finance — Leasing Companies	0.2
Investment Companies	0.2
Independent Power Producers	0.2
Metal — Diversified	0.2
Multimedia	0.2
Computer Services	0.2
Electric — Transmission	0.2
Banks — Mortgage	0.2
Cellular Telecom	0.2
Retail — Consumer Electronics	0.2
Transport — Marine	0.1
Auto — Cars/Light Trucks	0.1
Building — Heavy Construction	0.1
Gold Mining	0.1
Diversified Financial Services	0.1
Medical — Drugs	0.1
Oil Refining & Marketing	0.1
Special Purpose Entities	0.1
Chemicals — Diversified	0.1
Banks — Super Regional	0.1
	100.7	%

Country Allocation*

Japan	20.0	%
United States	18.3
Germany	4.8
Brazil	4.7
United Kingdom	4.4
Russia	3.2
France	2.7
Mexico	2.5
Italy	2.1
Turkey	1.8
Hungary	1.9
Indonesia	1.7
Spain	1.7
Poland	1.7
Netherlands	1.6
Ukraine	1.4
Philippines	1.3
Argentina	1.3
Sri Lanka	1.3
Colombia	1.3
SupraNational	1.3
Venezuela	1.2
Cayman Islands	1.2
Canada	1.1

Dominican Republic	1.1
Finland	1.0
South Africa	1.0
Lithuania	1.0
Ireland	1.0
Croatia	1.0
Belgium	0.9
New Zealand	0.8
Panama	0.7
Australia	0.7
Denmark	0.6
Peru	0.6
Luxembourg	0.6
Chile	0.5
Qatar	0.5
Bermuda	0.5
Byelorussian Ssr	0.4
Serbia	0.4
Sweden	0.4
Norway	0.3
Uruguay	0.3
British Virgin Islands	0.3
Gabon	0.3
Malaysia	0.2
Portugal	0.2
Austria	0.2
Singapore	0.2
Thailand	0.1
Ivory Coast	0.1
Kazakhstan	0.1
El Salvador	0.1
United Arab Emirates	0.1
	100.7	%

Credit Quality Allocation†#

AAA	17.6	%
AA	39.2
A	6.4
BBB	16.5
BB	8.9
B	8.0
Not Rated@	3.4
	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.

132

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited)

Security Description	Principal Amount(4)		Value (Note 2)
CORPORATE BONDS & NOTES — 11.8%
Argentina — 0.1%
Banco de Galicia y Buenos Aires Senior Notes 8.75% due 05/04/18*	$	310,000	$	269,700
Australia — 0.2%
Australia & New Zealand Banking Group, Ltd. Senior Notes 2.13% due 01/10/14*		400,000		402,760
Bermuda — 0.4%
Alliance Oil Co., Ltd. Senior Notes 9.88% due 03/11/15		245,000		245,612
China Oriental Group Co., Ltd. Senior Sec. Notes 8.00% due 08/18/15		275,000		235,125
Qtel International Finance, Ltd. Company Guar. Notes 3.38% due 10/14/16		350,000		346,500
				827,237
Brazil — 0.7%
Banco ABC Brasil SA Sub. Notes 7.88% due 04/08/20*		215,000		199,950
Banco Cruzeiro do Sul SA Sub. Notes 8.88% due 09/22/20*		440,000		309,075
Banco do Brasil SA Sub. Notes 5.88% due 01/26/22*		375,000		369,375
Brasil Telecom SA Senior Notes 9.75% due 09/15/16*	BRL	500,000		270,965
Hypermarcas SA Senior Notes 6.50% due 04/20/21*		270,000		234,900
				1,384,265
British Virgin Islands — 0.3%
Gold Fields Orogen Holding BVI, Ltd. Company Guar. Notes 4.88% due 10/07/20*		320,000		276,662
QGOG Atlantic/Alaskan Rigs, Ltd. Senior Sec. Notes 5.25% due 07/30/18*		359,025		352,742
				629,404
Cayman Islands — 1.2%
Agile Property Holdings, Ltd. Senior Notes 8.88% due 04/28/17		270,000		209,250
China Resources Land, Ltd. Senior Notes 4.63% due 05/19/16*		350,000		340,151
Country Garden Holdings Co., Ltd. Senior Notes 11.13% due 02/23/18*		250,000		202,500
Country Garden Holdings Co., Ltd. Company Guar. Notes 11.25% due 04/22/17*		300,000		249,000
Fufeng Group, Ltd. Company Guar. Notes 7.63% due 04/13/16*		220,000		180,400

Security Description	Principal Amount(4)		Value (Note 2)
Cayman Islands (continued)
Longfor Properties Co., Ltd. Company Guar. Notes 9.50% due 04/07/16*	$	390,000	$	341,250
Marfrig Overseas, Ltd. Company Guar. Notes 9.50% due 05/04/20*		295,000		212,400
Marfrig Overseas, Ltd. Company Guar. Notes 9.50% due 05/04/20		100,000		72,000
MIE Holdings Corp. Company Guar. Notes 9.75% due 05/12/16		301,000		264,880
Minerva Overseas II, Ltd. Company Guar. Notes 10.88% due 11/15/19		365,000		313,900
				2,385,731
Chile — 0.2%
Inversiones Alsacia SA Company Guar. Notes 8.00% due 08/18/18*		540,000		426,485
Colombia — 0.4%
Emgesa SA ESP Senior Notes 8.75% due 01/25/21*	COP	752,000,000		409,616
Empresa de Energia de Bogota SA Senior Notes 6.13% due 11/10/21*		330,000		336,414
				746,030
Denmark — 0.2%
FIH Erhvervsbank A/S Government Guar. Notes 2.13% due 03/21/13	EUR	350,000		475,090
Germany — 0.3%
Daimler AG Senior Notes 4.63% due 09/02/14	EUR	200,000		285,689
Rearden G Holdings EINS GmbH Company Guar. Notes 7.88% due 03/30/20*		325,000		325,000
				610,689
Indonesia — 0.2%
Perusahaan Listrik Negara PT Senior Notes 5.50% due 11/22/21*		480,000		474,000
Ireland — 1.0%
Alfa Bank OJSC Via Alfa Bond Issuance PLC Senior Sec. Notes 7.88% due 09/25/17*		355,000		330,781
Irish Life & Permanent PLC Government Guar. Notes 3.13% due 04/22/13	EUR	217,000		246,971
Metalloinvest Finance, Ltd. Company Guar. Notes 6.50% due 07/21/16*		345,000		317,400
SCF Capital, Ltd. Company Guar. Notes 5.38% due 10/27/17		355,000		311,512
VEB - Leasing Via VEB Leasing Investment Ltd Senior Notes 5.13% due 05/27/16		525,000		506,625

133

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Principal Amount(4)		Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Ireland (continued)
Vimpel Communications Via VIP Finance Ireland, Ltd. OJSC Notes 7.75% due 02/02/21*	$	350,000	$	311,500
				2,024,789
Italy — 0.3%
Banco Popolare SC Senior Notes 4.00% due 04/06/13	EUR	150,000		182,403
Telecom Italia SpA Notes 4.75% due 05/25/18	EUR	400,000		440,341
				622,744
Kazakhstan — 0.1%
KazMunayGas National Co. Senior Notes 6.38% due 04/09/21*		250,000		258,750
Luxembourg — 0.6%
Evraz Group SA Senior Notes 6.75% due 04/27/18*		350,000		305,771
Gaz Capital SA Company Guar. Notes 8.15% due 04/11/18		330,000		376,200
Gazprom OAO Via Gaz Capital SA Senior Notes 6.00% due 01/23/21*		240,000		242,400
Severstal OAO Via Steel Capital SA Senior Notes 6.70% due 10/25/17*		280,000		261,794
				1,186,165
Mexico — 0.5%
Corp GEO SAB de CV Company Guar. Notes 9.25% due 06/30/20*		275,000		273,625
Desarrolladora Homex SAB de CV Company Guar. Notes 9.50% due 12/11/19*		270,000		267,300
Empresas ICA SAB de CV Company Guar. Notes 8.90% due 02/04/21*		310,000		279,000
Grupo Elektra SA de CV Company Guar. Notes 7.25% due 08/04/18		300,000		284,700
				1,104,625
Netherlands — 0.8%
DTEK Finance BV Company Guar. Notes 9.50% due 04/28/15		355,000		333,700
Lukoil International Finance BV Company Guar. Notes 7.25% due 11/05/19		370,000		394,975
Marfrig Holding Europe BV Company Guar. Notes 8.38% due 05/09/18*		300,000		216,000
Rabobank Nederland NV Senior Notes 4.20% due 05/13/14*		700,000		740,111
				1,684,786

Security Description	Principal Amount(4)		Value (Note 2)
New Zealand — 0.8%
ANZ National (International), Ltd. Government Guar. Notes 3.25% due 04/02/12*	$	700,000	$	705,448
Westpac Securities New Zealand, Ltd. Government Guar. Notes 3.45% due 07/28/14*		800,000		854,339
				1,559,787
Portugal — 0.2%
BANIF SGPS SA Government Guar. Notes 3.25% due 05/08/12	EUR	350,000		452,578
Russia — 0.2%
Severstal JSC via Steel Capital SA Notes 6.25% due 07/26/16*		360,000		334,814
South Africa — 0.1%
Transnet SOC, Ltd. Senior Notes 4.50% due 02/10/16*		300,000		304,094
Spain — 0.3%
BBVA Senior Finance SAU Bank Guar. Notes 2.75% due 09/10/12	EUR	300,000		394,843
CEAMI Guaranteed Bonds I Government Guar. Notes 3.13% due 06/22/12	EUR	200,000		265,033
				659,876
SupraNational — 0.3%
European Investment Bank Senior Notes 3.50% due 04/15/16	EUR	400,000		554,950
Sweden — 0.1%
Skandinaviska Enskilda Banken AB Senior Notes 3.75% due 05/19/16	EUR	150,000		198,399
Thailand — 0.1%
Bangkok Bank PCL Senior Notes 4.80% due 10/18/20		300,000		289,065
Turkey — 0.1%
Finansbank AS Senior Notes 5.50% due 05/11/16*		350,000		306,250
United Arab Emirates — 0.1%
Abu Dhabi National Energy Co. Senior Notes 6.17% due 10/25/17		110,000		120,450
United Kingdom — 0.7%
City of Kyiv Via Kyiv Finance PLC Senior Notes 9.38% due 07/11/16*		750,000		594,300
Royal Bank of Scotland PLC Government Guar. Notes 2.63% due 05/11/12*		300,000		302,418
Vedanta Resources PLC Senior Notes 8.25% due 06/07/21		200,000		161,000

134

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Principal Amount(4)		Value (Note 2)
CORPORATE BONDS & NOTES (continued)
United Kingdom (continued)
Vedanta Resources PLC Senior Notes 8.25% due 06/07/21*	$	365,000	$	293,825
				1,351,543
United States — 0.9%
Cemex Finance LLC Senior Sec. Notes 9.50% due 12/14/16		500,000		392,573
Fifth Third Bancorp Senior Notes 3.63% due 01/25/16		112,000		112,300
Gerdau Holdings, Inc. Company Guar. Notes 7.00% due 01/20/20		290,000		302,325
International Business Machines Corp. Senior Notes 1.95% due 07/22/16		380,000		386,695
Reliance Holdings USA, Inc. Company Guar. Notes 4.50% due 10/19/20		250,000		227,367
Walt Disney Co. Senior Notes 2.75% due 08/16/21		400,000		394,285
				1,815,545
Venezuela — 0.4%
Petroleos de Venezuela SA Company Guar. Notes 5.38% due 04/12/27		300,000		144,750
Petroleos de Venezuela SA Company Guar. Notes 8.50% due 11/02/17		830,000		620,425
				765,175
Total Corporate Bonds & Notes
(cost $25,886,352)				24,225,776
GOVERNMENT AGENCIES — 66.0%
Argentina — 1.2%
Republic of Argentina Notes 2.50% due 12/31/38(1)		1,372,134		467,211
Republic of Argentina Bonds 7.00% due 04/17/17		800,000		628,000
Republic of Argentina Senior Bonds 8.28% due 12/31/33		1,322,547		958,847
Republic of Argentina Senior Notes 8.75% due 06/02/17		400,000		354,000
				2,408,058
Australia — 0.5%
New South Wales Treasury Corp. Local Government Guar. 6.00% due 04/01/16	AUD	900,000		993,191
Austria — 0.2%
Republic of Austria Senior Notes 3.50% due 09/15/21*	EUR	300,000		404,037

Security Description	Principal Amount(4)		Value (Note 2)
Belgium — 0.9%
Kingdom of Belgium Bonds 4.00% due 03/28/17	EUR	1,345,000	$	1,759,564
Kingdom of Belgium Bonds 4.25% due 03/28/41	EUR	100,000		112,406
				1,871,970
Bermuda — 0.1%
Government of Bermuda Senior Notes 5.60% due 07/20/20*		155,000		171,275
Brazil — 4.0%
Federal Republic of Brazil Senior Notes 4.88% due 01/22/21		1,440,000		1,594,800
Federal Republic of Brazil Senior Notes 5.63% due 01/07/41		536,000		607,020
Federal Republic of Brazil Senior Notes 5.88% due 01/15/19		950,000		1,107,700
Federal Republic of Brazil Senior Notes 7.13% due 01/20/37		300,000		401,250
Federal Republic of Brazil Senior Notes 8.00% due 01/15/18		1,018,334		1,186,358
Federal Republic of Brazil Senior Notes 8.75% due 02/04/25		794,000		1,171,150
Federal Republic of Brazil Senior Notes 10.25% due 01/10/28	BRL	1,800,000		1,134,736
Federal Republic of Brazil Notes 11.00% due 08/17/40		680,000		892,500
				8,095,514
Byelorussian SSR — 0.4%
Republic of Belarus Bonds 8.75% due 08/03/15		470,000		401,850
Republic of Belarus Senior Notes 8.95% due 01/26/18		480,000		408,000
				809,850
Canada — 1.1%
Government of Canada Bonds 2.00% due 03/01/14	CAD	690,000		691,042
Government of Canada Bonds 3.25% due 06/01/21	CAD	590,000		633,992
Government of Canada Bonds 5.00% due 06/01/37	CAD	670,000		931,411
				2,256,445
Chile — 0.3%
Republic of Chile Bonds 5.50% due 08/05/20	CLP	343,000,000		691,787

135

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Principal Amount(4)		Value (Note 2)
GOVERNMENT AGENCIES (continued)
Colombia — 0.9%
Republic of Colombia Bonds 4.38% due 07/12/21	$	420,000	$	441,000
Republic of Colombia Senior Notes 7.38% due 03/18/19		580,000		726,450
Republic of Colombia Senior Notes 7.38% due 09/18/37		270,000		366,525
Republic of Colombia Senior Notes 8.13% due 05/21/24		260,000		352,560
				1,886,535
Croatia — 1.0%
Republic of Croatia Senior Notes 6.38% due 03/24/21		810,000		708,750
Republic of Croatia Senior Notes 6.63% due 07/14/20		850,000		752,250
Republic of Croatia Senior Notes 6.75% due 11/05/19		600,000		542,250
				2,003,250
Denmark — 0.4%
Kingdom of Denmark Bonds 3.00% due 11/15/21	DKK	4,100,000		801,935
Dominican Republic — 1.1%
Dominican Republic Senior Notes 7.50% due 05/06/21*		1,019,000		1,019,000
Dominican Republic Senior Notes 7.50% due 05/06/21		1,200,000		1,200,000
				2,219,000
El Salvador — 0.1%
Republic of El Salvador Senior Bonds 8.25% due 04/10/32		200,000		216,000
Finland — 1.0%
Government of Finland Senior Notes 3.13% due 09/15/14	EUR	600,000		855,818
Government of Finland Senior Bonds 3.38% due 04/15/20	EUR	560,000		786,152
Government of Finland Senior Bonds 4.38% due 07/04/19	EUR	320,000		481,002
				2,122,972
France — 2.7%
Government of France Bonds 2.50% due 07/25/16	EUR	1,260,000		1,712,870
Government of France Bonds 3.25% due 04/25/16	EUR	450,000		632,836
Government of France Bonds 3.25% due 10/25/21	EUR	1,100,000		1,465,905

Security Description	Principal Amount(4)		Value (Note 2)
France (continued)
Government of France Bonds 4.00% due 04/25/18	EUR	$350,000	$	503,963
Government of France Bonds 4.00% due 04/25/60	EUR	350,000		465,159
Government of France Bonds 4.50% due 04/25/41	EUR	440,000		641,607
Government of France Bonds 5.50% due 04/25/29	EUR	347		557
				5,422,897
Gabon — 0.3%
Republic of Gabon Bonds 8.20% due 12/12/17		432,000		495,180
Germany — 4.5%
Federal Republic of Germany Bonds 0.75% due 09/13/13	EUR	1,450,000		1,964,653
Federal Republic of Germany Bonds 1.25% due 10/14/16	EUR	800,000		1,079,904
Federal Republic of Germany Bonds 2.25% due 09/04/20	EUR	350,000		476,451
Federal Republic of Germany Bonds 3.25% due 07/04/15	EUR	150,000		219,370
Federal Republic of Germany Bonds 3.25% due 07/04/42	EUR	300,000		430,791
Federal Republic of Germany Bonds 3.50% due 07/04/19	EUR	900,000		1,346,830
Federal Republic of Germany Bonds 4.00% due 10/11/13	EUR	200,000		287,159
Federal Republic of Germany Bonds 4.00% due 01/04/37	EUR	205,000		324,077
Federal Republic of Germany Bonds 4.25% due 07/04/17	EUR	600,000		931,168
Federal Republic of Germany Bonds 4.25% due 07/04/18	EUR	290,000		453,182
Federal Republic of Germany Bonds 4.25% due 07/04/39	EUR	100,000		166,767
Federal Republic of Germany Bonds 4.75% due 07/04/28	EUR	900,000		1,474,173
				9,154,525
Hungary — 1.9%
Republic of Hungary Sec. Notes 4.75% due 02/03/15		1,230,000		1,137,750
Republic of Hungary Senior Notes 6.25% due 01/29/20		540,000		492,750

136

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Principal Amount(4)		Value (Note 2)
GOVERNMENT AGENCIES (continued)
Hungary (continued)
Republic of Hungary Senior Notes 6.38% due 03/29/21	$	670,000	$	619,750
Republic of Hungary Bonds 6.75% due 02/24/17	HUF	82,000,000		331,948
Republic of Hungary Senior Notes 7.63% due 03/29/41		1,328,000		1,228,400
				3,810,598
Indonesia — 1.5%
Republic of Indonesia Senior Notes 4.88% due 05/05/21		290,000		301,962
Republic of Indonesia Senior Notes 5.88% due 03/13/20		550,000		610,500
Republic of Indonesia Senior Bonds 6.88% due 01/17/18		530,000		618,775
Republic of Indonesia Senior Bonds 8.50% due 10/12/35		670,000		954,750
Republic of Indonesia Senior Notes 11.63% due 03/04/19		390,000		570,375
				3,056,362
Ivory Coast — 0.1%
Republic of Ivory Coast Senior Notes 2.50% due 12/31/32†(2)		560,000		285,600
Japan — 20.0%
Government of Japan Senior Notes 0.10% due 09/15/13	JPY	77,000,000		992,139
Government of Japan Senior Bonds 0.20% due 06/15/12	JPY	28,000,000		361,181
Government of Japan Senior Notes 0.30% due 09/20/16	JPY	20,000,000		256,623
Government of Japan Senior Bonds 0.40% due 06/20/15	JPY	232,400,000		3,009,535
Government of Japan Senior Bonds 0.40% due 09/20/15	JPY	80,000,000		1,035,211
Government of Japan Senior Bonds 0.50% due 12/20/14	JPY	284,000,000		3,692,729
Government of Japan Senior Bonds 0.80% due 03/20/13	JPY	360,000,000		4,681,912
Government of Japan Senior Bonds 1.00% due 09/20/20	JPY	185,000,000		2,398,266
Government of Japan Senior Notes 1.10% due 06/20/20	JPY	43,000,000		562,809
Government of Japan Senior Bonds 1.30% due 12/20/19	JPY	255,000,000		3,411,454

Security Description	Principal Amount(4)		Value (Note 2)
Japan (continued)
Government of Japan Senior Bonds 1.40% due 09/20/13	JPY	120,000,000	$	1,582,267
Government of Japan Senior Bonds 1.40% due 12/20/14	JPY	34,000,000		453,768
Government of Japan Senior Bonds 1.40% due 12/20/15	JPY	42,850,000		576,182
Government of Japan Senior Notes 1.50% due 09/20/14	JPY	50,000,000		667,766
Government of Japan Senior Bonds 1.50% due 09/20/18	JPY	190,000,000		2,588,730
Government of Japan Senior Bonds 1.70% due 12/20/16	JPY	266,000,000		3,647,156
Government of Japan Senior Bonds 1.70% due 09/20/17	JPY	61,000,000		839,398
Government of Japan Bonds 1.70% due 03/20/18	JPY	30,000,000		413,494
Government of Japan Senior Notes 1.90% due 09/20/23	JPY	46,000,000		631,736
Government of Japan Senior Bonds 2.00% due 03/20/25	JPY	134,700,000		1,859,093
Government of Japan Senior Bonds 2.00% due 09/20/40	JPY	266,000,000		3,451,580
Government of Japan Senior Bonds 2.10% due 03/20/27	JPY	160,000,000		2,207,585
Government of Japan Senior Bonds 2.10% due 09/20/29	JPY	85,000,000		1,157,905
Government of Japan Senior Notes 2.20% due 03/20/51	JPY	33,000,000		427,664
				40,906,183
Lithuania — 1.0%
Republic of Lithuania Senior Notes 6.13% due 03/09/21		640,000		622,400
Republic of Lithuania Senior Notes 6.75% due 01/15/15		690,000		714,150
Republic of Lithuania Senior Notes 7.38% due 02/11/20		660,000		699,600
				2,036,150
Malaysia — 0.2%
Federation of Malaysia Senior Notes 4.26% due 09/15/16	MYR	1,440,000		471,085
Mexico — 2.0%
United Mexican States Senior Notes 5.13% due 01/15/20		634,000		709,446

137

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Principal Amount(4)		Value (Note 2)
GOVERNMENT AGENCIES (continued)
Mexico (continued)
United Mexican States Senior Notes 6.05% due 01/11/40	$	350,000	$	414,750
United Mexican States Senior Notes 6.75% due 09/27/34		600,000		765,000
United Mexican States Bonds 7.25% due 12/15/16	MXN	70,000		558,140
United Mexican States Senior Notes 7.50% due 04/08/33		440,000		607,200
United Mexican States Bonds 8.00% due 12/17/15	MXN	84,500		685,281
United Mexican States Bonds 8.00% due 06/11/20	MXN	37,000		304,980
				4,044,797
Netherlands — 0.8%
Government of Netherlands Bonds 3.25% due 07/15/21	EUR	600,000		844,596
Government of Netherlands Bonds 4.00% due 07/15/19	EUR	510,000		762,868
				1,607,464
Norway — 0.3%
Kingdom of Norway Bonds 3.75% due 05/25/21	NOK	3,600,000		687,875
Panama — 0.7%
Republic of Panama Bonds 5.20% due 01/30/20		770,000		868,175
Republic of Panama Bonds 6.70% due 01/26/36		500,000		647,500
				1,515,675
Peru — 0.6%
Republic of Peru Senior Bonds 5.63% due 11/18/50		250,000		263,500
Republic of Peru Senior Bonds 6.55% due 03/14/37		176,000		214,720
Republic of Peru Senior Bonds 7.35% due 07/21/25		291,000		376,845
Republic of Peru Senior Bonds 8.75% due 11/21/33		280,000		412,300
				1,267,365
Philippines — 1.3%
Republic of the Philippines Bonds 4.00% due 01/15/21		760,000		775,200
Republic of the Philippines Senior Bonds 6.25% due 01/14/36	PHP	19,000,000		426,324

Security Description	Principal Amount(4)		Value (Note 2)
Philippines (continued)
Republic of the Philippines Senior Bonds 6.50% due 01/20/20	$	315,000	$	374,850
Republic of the Philippines Senior Bonds 7.75% due 01/14/31		290,000		386,425
Republic of the Philippines Bonds 9.88% due 01/15/19		270,000		375,975
Republic of the Philippines Senior Bonds 10.63% due 03/16/25		230,000		361,962
				2,700,736
Poland — 1.7%
Republic of Poland Senior Notes 5.00% due 03/23/22		370,000		358,900
Republic of Poland Bonds 5.13% due 04/21/21		510,000		504,900
Republic of Poland Bonds 5.25% due 10/25/20	PLN	1,900,000		541,089
Republic of Poland Bonds 5.75% due 04/25/14	PLN	1,800,000		545,295
Republic of Poland Bonds 6.25% due 10/24/15	PLN	2,250,000		695,731
Republic of Poland Bonds 6.38% due 07/15/19		710,000		768,575
				3,414,490
Qatar — 0.5%
Government of Qatar Senior Notes 4.50% due 01/20/22*		1,100,000		1,090,375
Russia — 3.0%
Russian Federation Bonds 5.00% due 04/29/20		800,000		826,800
Russian Federation Senior Notes 7.50% due 03/31/30(1)		1,874,575		2,197,939
Russian Federation Bonds 7.85% due 03/10/18	RUB	30,000,000		1,009,729
Russian Federation Bonds 7.85% due 03/10/18*	RUB	15,000,000		502,012
Russian Federation Notes 12.75% due 06/24/28		970,000		1,668,400
				6,204,880
Serbia — 0.4%
Republic of Serbia Senior Notes 7.25% due 09/28/21*		760,000		746,700
Singapore — 0.2%
Republic of Singapore Senior Bonds 2.38% due 04/01/17	SGD	370,000		312,383

138

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Principal Amount(4)		Value (Note 2)
GOVERNMENT AGENCIES (continued)
South Africa — 0.9%
Republic of South Africa Bonds 5.88% due 05/30/22	$	671,000	$	756,552
Republic of South Africa Bonds 6.25% due 03/08/41		235,000		264,375
Republic of South Africa Senior Bonds 6.88% due 05/27/19		660,000		778,800
				1,799,727
Spain — 1.4%
Kingdom of Spain Bonds 3.30% due 10/31/14	EUR	340,000		427,217
Kingdom of Spain Bonds 3.40% due 04/30/14	EUR	350,000		443,488
Kingdom of Spain Bonds 3.63% due 06/17/13		250,000		242,830
Kingdom of Spain Senior Bonds 4.60% due 07/30/19	EUR	350,000		431,224
Kingdom of Spain Senior Bonds 4.70% due 07/30/41	EUR	300,000		306,706
Kingdom of Spain Bonds 5.50% due 04/30/21	EUR	800,000		1,005,410
				2,856,875
Sri Lanka — 1.3%
Republic of Sri Lanka Senior Notes 6.25% due 10/04/20		700,000		696,500
Republic of Sri Lanka Bonds 6.25% due 07/27/21*		904,000		890,378
Republic of Sri Lanka Senior Sec. Notes 7.40% due 01/22/15		508,000		536,575
Republic of Sri Lanka Senior Notes 8.25% due 10/24/12		500,000		512,500
				2,635,953
SupraNational — 1.0%
European Union Notes 2.38% due 10/04/18	EUR	320,000		413,299
European Union Government Guar. Bonds 2.50% due 12/04/15	EUR	400,000		542,077
European Union Notes 2.75% due 06/03/16	EUR	400,000		544,109
European Union Senior Notes 3.25% due 04/04/18	EUR	355,000		487,288
				1,986,773
Sweden — 0.3%
Kingdom of Sweden Bonds 4.50% due 08/12/15	SEK	3,100,000		515,823

Security Description	Principal Amount(4)		Value (Note 2)
Turkey — 1.7%
Republic of Turkey Bonds zero coupon due 02/20/13	TRY	600,000	$	290,868
Republic of Turkey Senior Notes 6.75% due 04/03/18		480,000		526,176
Republic of Turkey Senior Notes 6.88% due 03/17/36		335,000		357,612
Republic of Turkey Senior Bonds 7.00% due 09/26/16		530,000		583,000
Republic of Turkey Senior Notes 7.00% due 06/05/20		230,000		255,300
Republic of Turkey Senior Notes 7.50% due 11/07/19		310,000		352,625
Republic of Turkey Senior Notes 8.00% due 02/14/34		387,000		464,400
Republic of Turkey Bonds 11.88% due 01/15/30		440,000		728,200
				3,558,181
Ukraine — 1.4%
Financing of Infrastrucural Projects State Enterprise Government Guar. Bonds 7.40% due 04/20/18		810,000		652,050
Government of Ukraine Senior Notes 6.25% due 06/17/16		330,000		287,100
Government of Ukraine Notes 7.65% due 06/11/13		700,000		672,000
Government of Ukraine Bonds 7.75% due 09/23/20		1,100,000		948,750
Government of Ukraine Bonds 7.95% due 02/23/21		440,000		385,000
				2,944,900
Uruguay — 0.3%
Republic of Uruguay Bonds 8.00% due 11/18/22		510,000		678,300
Venezuela — 0.8%
Republic of Venezuela Senior Bonds 8.50% due 10/08/14		475,000		437,000
Republic of Venezuela Bonds 9.00% due 05/07/23		470,000		318,425
Republic of Venezuela Senior Bonds 9.38% due 01/13/34		550,000		363,000
Republic of Venezuela Senior Notes 11.95% due 08/05/31		480,000		381,600

139

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Principal Amount(4)		Value (Note 2)
GOVERNMENT AGENCIES (continued)
Venezuela (continued)
Republic of Venezuela Bonds 12.75% due 08/23/22	$	170,000	$	148,750
				1,648,775
Total Government Agencies
(cost $130,894,057)				134,808,446
GOVERNMENT TREASURIES — 19.8%
Italy — 1.8%
Republic of Italy Bonds 2.00% due 06/01/13	EUR	350,000		438,014
Republic of Italy Bonds 4.25% due 09/01/19	EUR	700,000		765,922
Republic of Italy Bonds 4.50% due 02/01/18	EUR	230,000		263,837
Republic of Italy Senior Bonds 5.00% due 03/01/25	EUR	275,000		294,461
Republic of Italy Bonds 5.00% due 09/01/40	EUR	1,200,000		1,219,456
Republic of Italy Bonds 9.00% due 11/01/23	EUR	532,912		745,962
				3,727,652
United Kingdom — 3.7%
United Kingdom Gilt Treasury Bonds 3.75% due 09/07/20	GBP	900,000		1,595,713
United Kingdom Gilt Treasury Bonds 4.00% due 09/07/16	GBP	370,000		657,815
United Kingdom Gilt Treasury Bonds 4.25% due 03/07/36	GBP	1,175,000		2,239,249
United Kingdom Gilt Treasury Bonds 4.25% due 12/07/40	GBP	450,000		861,679
United Kingdom Gilt Treasury Bonds 4.50% due 03/07/13	GBP	400,000		659,490
United Kingdom Gilt Treasury Bonds 4.50% due 09/07/34	GBP	290,000		568,772
United Kingdom Gilt Treasury Bonds 4.75% due 03/07/20	GBP	330,000		625,634
United Kingdom Gilt Treasury Bonds 5.00% due 03/07/18	GBP	200,000		378,237
				7,586,589
United States — 14.3%
United States Treasury Bonds
3.88% due 08/15/40		300,000		348,094
4.38% due 11/15/39		165,000		207,642
4.38% due 05/15/41		300,000		378,563
4.75% due 02/15/41		810,000		1,081,856
5.38% due 02/15/31		700,000		972,343
5.50% due 08/15/28		1,250,000		1,725,000
6.00% due 02/15/26		600,000		848,063

Security Description	Principal Amount(4)			Value (Note 2)
United States (continued)
United States Treasury Notes
0.50% due 05/31/13	$	3,300,000		$	3,314,051
0.63% due 01/31/13		800,000			804,125
0.75% due 06/15/14		2,700,000			2,727,842
1.13% due 12/15/12		400,000			403,984
1.25% due 09/30/15		2,020,000			2,068,290
1.38% due 11/30/15		1,800,000			1,850,485
1.75% due 04/15/13		1,000,000			1,021,250
1.88% due 08/31/17		2,700,000			2,805,257
2.13% due 12/31/15		700,000			741,125
2.38% due 08/31/14		1,650,000			1,739,847
2.38% due 09/30/14		700,000			739,157
2.38% due 03/31/16		388,000			414,796
2.38% due 06/30/18		750,000			794,942
2.75% due 12/31/17		300,000			326,297
3.00% due 08/31/16		208,000			228,589
3.13% due 05/15/21		2,600,000			2,853,703
4.50% due 11/15/15		700,000			805,218
					29,200,519
Total Government Treasuries
(cost $39,860,795)					40,514,760
Total Long-Term Investment Securities
(cost $196,641,204)					199,548,982
SHORT-TERM INVESTMENT SECURITIES — 3.1%
Time Deposits — 3.1%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 12/01/11 (cost $6,303,000)		6,303,000			6,303,000
TOTAL INVESTMENTS
(cost $202,944,204)(3)		100.7	%		205,851,982
Liabilities in excess of other assets		(0.7	)		(1,504,459	)
NET ASSETS —		100.0	%	$	204,347,523

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2011, the aggregate value of these securities was $18,507,042 representing 9.1% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

† Non-income producing security

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

(2) Bond in default.

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

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

140

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Open Forward Foreign Currency Contracts
Counterparty	Contract to Deliver			In Exchange For			Delivery Date		Gross Unrealized Appreciation		Gross Unrealized Depreciation
Citibank N.A.		CAD	600,000		USD	579,980		12/22/2011	$	–	$	(7,980	)
Royal Bank of Scotland PLC		AUD	950,000		USD	934,235		12/22/2011		–		(40,474	)
State Street Bank London		EUR	1,040,000		USD	1,409,086		12/22/2011		11,359		–
		USD	986,651		AUD	950,000		12/22/2011		–		(11,942	)
		USD	1,389,687		EUR	1,040,000		12/22/2011		8,040		–
										19,399		(11,942	)
UBS AG London		CAD	610,000		USD	597,190		12/22/2011		–		(569	)
		JPY	48,000,000		USD	624,949		12/22/2011		5,736		–
		USD	600,335		CAD	610,000		12/22/2011		–		(2,576	)
										–		–
										5,736		(3,145	)
									$	25,135	$	(63,541	)

Currency Legend

AUD—Australian Dollar

BRL—Brazillian Real

CHF—Switzerland Franc

CLP—Chilean Peso

COP—Colombian Peso

DKK—Danish Krone

EUR—Euro Dollar

GBP—British Pound

HUF—Hungary Forint

JPY—Japanese Yen

MXN—Mexican Peso

MYR—Malaysia Ringgit

NOK—Norwegian Krone

PHP—Phillipine Peso

PLN—Polish Zloty

RUB—Russian Ruble

SEK—Swedish Krona

SGD—Singapore Dollar

TRY—Turkish Lira

USD—United States Dollar

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2011 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Long-Term Investment Securities:
Corporate Bonds & Notes	$	—	$	24,225,776	$	—	$	24,225,776
Government Agencies		—		134,808,446		—		134,808,446
Government Treasuries		—		40,514,760		—		40,514,760
Short-Term Investment Securities:
Time Deposits		—		6,303,000		—		6,303,000
Other Financial Instruments:†
Open Forward Foreign Currency Contracts - Appreciation		—		25,135		—		25,135
Total	$	—	$	205,877,117	$	—	$	205,877,117
LIABILITIES:
Other Financial Instruments:†
Open Forward Foreign Currency Contracts - Depreciation	$	—	$	63,541	$	—	$	63,541

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

See Notes to Financial Statements

141

VALIC Company I International Growth Fund**

PORTFOLIO PROFILE — November 30, 2011 (Unaudited)

Industry Allocation*

Collective Investment Pool	11.1	%
Banks — Commercial	7.5
Medical — Drugs	5.1
Oil Companies — Integrated	4.5
Food — Misc.	4.4
Cellular Telecom	3.0
Diversified Banking Institutions	3.0
Auto — Cars/Light Trucks	2.6
Time Deposits	2.6
Food — Retail	2.4
Tobacco	2.2
Diversified Operations	2.2
Industrial Gases	1.9
Chemicals — Diversified	1.8
Diversified Minerals	1.8
Electronic Components — Semiconductors	1.8
Brewery	1.7
Oil — Field Services	1.7
Enterprise Software/Service	1.6
Agricultural Chemicals	1.4
Transport — Rail	1.3
Beverages — Wine/Spirits	1.3
Food — Catering	1.2
Metal — Iron	1.2
Retail — Apparel/Shoe	1.2
Semiconductor Components — Integrated Circuits	1.1
Oil Companies — Exploration & Production	1.1
Electronic Components — Misc.	1.1
Industrial Automated/Robotic	1.1
Cosmetics & Toiletries	1.1
Engineering/R&D Services	1.1
Web Portals/ISP	1.1
Office Automation & Equipment	1.0
Auto/Truck Parts & Equipment — Original	1.0
Insurance — Property/Casualty	1.0
Machinery — Construction & Mining	0.9
Soap & Cleaning Preparation	0.9
Power Converter/Supply Equipment	0.9
Aerospace/Defense — Equipment	0.9
Dialysis Centers	0.8
Human Resources	0.8
Gas — Distribution	0.8
Distribution/Wholesale	0.8
Cable/Satellite TV	0.7
Insurance — Reinsurance	0.7
Insurance — Multi-line	0.7
Computer Services	0.7
Wireless Equipment	0.7
Apparel Manufacturers	0.7
Retail — Convenience Store	0.7
Athletic Footwear	0.7
Diversified Manufacturing Operations	0.6
Advertising Agencies	0.6
Electric Products — Misc.	0.6
Rubber — Tires	0.6
Medical Products	0.6
Retail — Jewelry	0.6
Retail — Building Products	0.5
Finance — Leasing Companies	0.5
Import/Export	0.5
Oil & Gas Drilling	0.5
E-Commerce/Services	0.5
Retail — Consumer Electronics	0.5
Medical — Generic Drugs	0.5
Finance — Other Services	0.5
Retail — Home Furnishings	0.4
Publishing — Books	0.4
Retail — Misc./Diversified	0.4
Machinery — Pumps	0.4

Commercial Services	0.4	%
Transactional Software	0.4
Metal — Copper	0.4
Diversified Operations/Commercial Services	0.3
Telephone — Integrated	0.3
Beverages — Non-alcoholic	0.3
Satellite Telecom	0.3
Machinery — General Industrial	0.3
Optical Supplies	0.3
Electronics — Military	0.3
Advertising Services	0.3
Cruise Lines	0.3
Electronic Measurement Instruments	0.3
Entertainment Software	0.3
Commercial Services — Finance	0.2
Precious Metals	0.2
Semiconductor Equipment	0.2
Broadcast Services/Program	0.2
Telecom Services	0.2
Chemicals — Specialty	0.2
Multimedia	0.2
Medical — Biomedical/Gene	0.2
Filtration/Separation Products	0.2
Casino Hotels	0.2
Hotels/Motels	0.2
Real Estate Investment Trusts	0.2
Electric — Integrated	0.2
Real Estate Operations & Development	0.1
Computer Aided Design	0.1
E-Commerce/Products	0.1
Investment Companies	0.1
Publishing — Periodicals	0.1
Electric — Transmission	0.1
Steel — Producers	0.1
	110.6	%

* Calculated as a percentage of net assets

** Note 1

142

VALIC Company I International Growth Fund**

PORTFOLIO PROFILE — November 30, 2011 (Unaudited) — (continued)

Country Allocation*

United Kingdom	20.6	%
United States	14.0
Japan	12.7
France	8.7
Germany	8.4
Switzerland	8.3
Australia	4.1
Netherlands	3.5
Canada	3.3
South Korea	2.3
Jersey	2.3
Sweden	2.2
Taiwan	1.8
Hong Kong	1.7
Spain	1.7
Singapore	1.4
Italy	1.4
Brazil	1.3
Belgium	1.2
Bermuda	1.1
Denmark	1.1
Mexico	0.9
Cayman Islands	0.9
India	0.8
Russia	0.7
Portugal	0.6
China	0.6
Luxembourg	0.5
Israel	0.5
Turkey	0.4
Indonesia	0.4
Finland	0.3
Thailand	0.3
South Africa	0.2
Poland	0.2
Czech Republic	0.2
	110.6	%

* Calculated as a percentage of net assets

** See Note 1

143

VALIC Company I International Growth Fund**

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCK — 96.0%
Australia — 4.1%
BHP Billiton, Ltd.(1)		169,198	$	6,318,039
Brambles, Ltd.(1)		228,441		1,706,545
Commonwealth Bank of Australia#(1)		45,938		2,304,060
CSL, Ltd.(1)		33,099		1,085,890
Iluka Resources, Ltd.(1)		36,170		580,152
QBE Insurance Group, Ltd.#(1)		174,862		2,507,048
Wesfarmers, Ltd.#(1)		58,790		1,889,618
Westpac Banking Corp.#(1)		95,640		2,089,153
WorleyParsons, Ltd.(1)		69,958		1,913,956
				20,394,461
Austria — 0.0%
Erste Group Bank AG(1)		4,269		74,263
Belgium — 1.2%
Anheuser - Busch InBev NV(1)		78,826		4,715,522
Umicore SA(1)		27,120		1,167,995
				5,883,517
Bermuda — 1.1%
Li & Fung, Ltd.#(1)		1,118,800		2,288,025
Seadrill, Ltd.#(1)		75,400		2,634,723
VimpelCom, Ltd. ADR		41,911		499,579
				5,422,327
Brazil — 0.6%
Banco do Brasil SA#		112,700		1,508,192
BM&FBovespa SA		126,000		688,407
Tim Participacoes SA ADR		28,780		685,252
				2,881,851
Canada — 3.3%
Agrium, Inc.		15,259		1,071,025
Bank of Nova Scotia		27,810		1,405,565
Canadian National Railway Co. (TSX)		46,972		3,632,219
Canadian National Railway Co. (NYSE)		39,800		3,086,888
Canadian Natural Resources, Ltd.		29,264		1,099,175
Cenovus Energy, Inc.		37,027		1,238,287
Fairfax Financial Holdings, Ltd.		2,906		1,188,099
Potash Corp. of Saskatchewan, Inc.		35,200		1,534,381
Suncor Energy, Inc.#		69,408		2,090,508
				16,346,147
Cayman Islands — 0.9%
Baidu, Inc. ADR†#		23,980		3,141,140
Sands China, Ltd.†(1)		351,200		1,065,126
				4,206,266
China — 0.6%
Industrial & Commercial Bank of China#(1)		4,846,615		2,874,306
Czech Republic — 0.2%
Komercni Banka AS(1)		5,022		829,961
Denmark — 1.1%
Christian Hansen Holding A/S(1)		39,751		841,814
Novo Nordisk A/S, Class B(1)		38,362		4,363,043
				5,204,857
Finland — 0.3%
Kone Oyj, Class B(1)		28,390		1,600,310
France — 8.7%
Air Liquide SA(1)		35,112		4,456,575
BNP Paribas SA(1)		25,281		1,014,495
Cap Gemini SA(1)		37,399		1,416,334
Cie Generale d’Optique Essilor International SA(1)		22,210		1,587,903
Cie Generale des Etablissements Michelin, Class B(1)		12,092		771,636

Security Description	Shares		Value (Note 2)
France (continued)
Danone(1)		98,359	$	6,505,955
Dassault Systemes SA(1)		8,710		713,601
Eutelsat Communications SA#(1)		42,769		1,662,256
L’Oreal SA(1)		8,078		874,032
Legrand SA(1)		43,416		1,405,933
LVMH Moet Hennessy Louis Vuitton SA(1)		34,363		5,402,205
Pernod - Ricard SA(1)		37,647		3,545,903
Publicis Groupe SA#(1)		14,792		706,398
Safran SA(1)		52,900		1,567,879
Sanofi(1)		30,640		2,144,732
Schneider Electric SA(1)		74,896		4,248,645
Technip SA(1)		25,910		2,476,330
Total SA(1)		17,366		897,085
Zodiac SA(1)		21,220		1,740,348
				43,138,245
Germany — 8.1%
Adidas AG(1)		45,907		3,236,738
BASF SE(1)		19,080		1,386,817
Bayer AG(1)		48,152		3,163,429
Bayerische Motoren Werke AG(1)		26,695		2,009,594
Beiersdorf AG(1)		40,719		2,328,053
Deutsche Boerse AG†(1)		23,661		1,444,733
Fresenius Medical Care AG & Co. KGaA(1)		56,999		3,895,221
Kabel Deutschland Holding AG†(1)		49,738		2,759,206
Linde AG(1)		32,275		4,956,180
Merck KGaA(1)		16,102		1,599,289
Muenchener Rueckversicherungs AG(1)		20,400		2,579,714
SAP AG(1)		130,070		7,760,356
Siemens AG(1)		20,780		2,097,294
ThyssenKrupp AG(1)		20,040		517,023
				39,733,647
Hong Kong — 1.7%
China Mobile, Ltd.(1)		139,500		1,377,058
China Unicom Hong Kong, Ltd.#(1)		572,000		1,231,978
China Unicom Hong Kong, Ltd. ADR#		124,581		2,687,212
CNOOC, Ltd.(1)		358,000		689,511
Hutchison Whampoa, Ltd.(1)		180,000		1,585,903
Link REIT(1)		272,500		982,982
				8,554,644
India — 0.8%
HDFC Bank, Ltd. ADR#		24,100		666,606
ICICI Bank, Ltd. ADR#		54,250		1,579,217
Infosys, Ltd. ADR#		37,200		1,920,264
				4,166,087
Indonesia — 0.4%
Bank Mandiri Tbk PT(1)		2,668,995		1,954,581
Ireland — 0.0%
Anglo Irish Bank Corp., Ltd.†(2)		58,907		0
Israel — 0.5%
Teva Pharmaceutical Industries, Ltd. ADR		57,006		2,258,008
Italy — 1.4%
Pirelli & C. SpA#(1)		206,750		1,946,253
Prada SpA†(1)		118,610		585,215
Saipem SpA(1)		95,799		4,284,744
				6,816,212
Japan — 12.7%
Canon, Inc.(1)		107,800		4,878,454
Daihatsu Motor Co., Ltd.(1)		161,000		2,829,733
Denso Corp.#(1)		113,000		3,229,738

144

VALIC Company I International Growth Fund**

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Japan (continued)
Dentsu, Inc.(1)		26,600	$	773,574
FANUC Corp.(1)		33,000		5,417,525
Fast Retailing Co., Ltd.#(1)		7,700		1,247,059
Honda Motor Co., Ltd.(1)		45,600		1,441,557
Hoya Corp.#(1)		66,700		1,423,518
Inpex Corp.(1)		370		2,486,584
Japan Tobacco, Inc.(1)		590		2,812,817
JGC Corp.(1)		55,000		1,381,620
Keyence Corp.#(1)		5,200		1,330,114
Komatsu, Ltd.#(1)		104,300		2,655,559
Konami Corp.(1)		44,100		1,327,056
Lawson, Inc.#(1)		54,600		3,237,367
Mitsubishi Corp.(1)		127,800		2,640,094
Mitsubishi UFJ Financial Group, Inc.#(1)		350,300		1,521,863
Murata Manufacturing Co., Ltd.#(1)		35,000		2,072,862
Nidec Corp.#(1)		16,400		1,481,143
Nitori Holdings Co., Ltd.#(1)		21,200		1,982,763
ORIX Corp.#(1)		31,410		2,644,410
Rakuten, Inc.#(1)		2,425		2,594,972
Shin-Etsu Chemical Co., Ltd.#(1)		53,000		2,660,881
Softbank Corp.(1)		44,000		1,482,482
Sumitomo Realty & Development Co., Ltd.#(1)		36,000		714,244
Toyota Motor Corp.(1)		50,275		1,653,006
Unicharm Corp.#(1)		45,400		2,150,532
Yamada Denki Co., Ltd.#(1)		33,770		2,441,259
				62,512,786
Jersey — 2.3%
Experian PLC(1)		88,057		1,171,410
Informa PLC(1)		191,051		1,087,430
Petrofac, Ltd.(1)		54,806		1,252,855
Shire PLC(1)		97,749		3,280,902
Wolseley PLC(1)		43,480		1,303,937
WPP PLC(1)		304,759		3,194,760
				11,291,294
Luxembourg — 0.5%
Millicom International Cellular SA SDR(1)		24,895		2,694,264
Mexico — 0.9%
America Movil SAB de CV, Series L ADR		72,589		1,729,070
Fomento Economico Mexicano SAB de CV ADR#		24,414		1,665,279
Grupo Televisa SA ADR#		54,972		1,141,219
				4,535,568
Netherlands — 3.5%
Akzo Nobel NV(1)		39,873		2,024,731
ASML Holding NV(1)		29,270		1,142,105
European Aeronautic Defence and Space Co., NV#(1)		73,470		2,203,392
Heineken NV#(1)		76,390		3,587,641
ING Groep NV CVA†(1)		294,154		2,293,921
Koninklijke Ahold NV(1)		103,651		1,319,644
Koninklijke KPN NV(1)		16,106		197,299
Randstad Holding NV(1)		47,655		1,488,760
Unilever NV(1)		52,409		1,784,855
Wolters Kluwer NV(1)		37,123		646,504
X5 Retail Group NV GDR†(1)		22,886		605,491
				17,294,343
Poland — 0.2%
Powszechna Kasa Oszczednosci Bank Polski SA(1)		111,827		1,123,692
Portugal — 0.6%
Jeronimo Martins SGPS SA(1)		161,350		2,945,472
Russia — 0.7%
Gazprom OAO ADR(1)		114,755		1,329,529

Security Description	Shares		Value (Note 2)
Russia (continued)
Sberbank of Russia(1)		652,210	$	1,884,532
				3,214,061
Singapore — 1.4%
DBS Group Holdings, Ltd.(1)		119,000		1,184,794
Keppel Corp., Ltd.(1)		498,500		3,710,361
Singapore Telecommunications, Ltd.#(1)		246,950		599,677
United Overseas Bank, Ltd.(1)		114,000		1,386,725
				6,881,557
South Africa — 0.2%
MTN Group, Ltd.(1)		67,055		1,206,450
South Korea — 2.3%
Hyundai Mobis(1)		5,733		1,586,796
Hyundai Motor Co.(1)		13,483		2,613,626
NHN Corp†(1)		9,203		2,038,207
Samsung Electronics Co., Ltd.(1)		2,860		2,596,504
Samsung Electronics Co., Ltd. GDR (LSE)(1)		5,153		2,356,597
Samsung Electronics Co., Ltd. GDR (OTC US)†*		349		159,249
				11,350,979
Spain — 1.7%
Amadeus IT Holding SA(1)		108,886		1,841,308
Banco Bilbao Vizcaya Argentaria SA(1)		200,734		1,703,798
Banco Santander SA(1)		176,292		1,322,668
Grifols SA†(1)		82,080		1,326,508
Inditex SA(1)		20,060		1,703,562
Red Electrica Corp. SA(1)		13,559		596,311
				8,494,155
Sweden — 2.2%
Alfa Laval AB(1)		55,400		1,068,612
Atlas Copco AB, Class A(1)		88,550		1,903,127
Hennes & Mauritz AB, Class B(1)		30,470		967,381
Kinnevik Investment AB, Class B(1)		33,072		671,506
Svenska Cellulosa AB, Class B(1)		12,011		178,688
Swedbank AB, Class A(1)		176,036		2,356,658
Telefonaktiebolaget LM Ericsson, Class B(1)		268,430		2,856,710
Volvo AB, Class B(1)		81,681		940,300
				10,942,982
Switzerland — 8.3%
ABB, Ltd.†(1)		103,591		1,963,139
Adecco SA†(1)		17,037		740,148
Cie Financiere Richemont SA, Class A(1)		16,837		910,393
Givaudan SA†(1)		1,170		1,090,831
Julius Baer Group, Ltd.†(1)		100,569		3,597,395
Nestle SA(1)		185,730		10,414,255
Novartis AG(1)		92,460		4,989,404
Roche Holding AG(1)		25,164		4,002,499
SGS SA(1)		640		1,080,517
Sonova Holding AG†(1)		8,011		836,895
Swatch Group AG, Class B(1)		4,470		1,742,251
Swiss Re AG†(1)		16,188		852,799
Syngenta AG†(1)		15,436		4,552,842
UBS AG†(1)		241,430		2,967,747
Zurich Financial Services AG†(1)		5,130		1,128,154
				40,869,269
Taiwan — 1.8%
Hon Hai Precision Industry Co., Ltd.(1)		745,100		2,022,588
HTC Corp.(1)		29,100		478,562
MediaTek, Inc.(1)		96,000		912,528
Taiwan Semiconductor Manufacturing Co., Ltd.(1)		710,269		1,788,646

145

VALIC Company I International Growth Fund**

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Taiwan (continued)
Taiwan Semiconductor Manufacturing Co., Ltd. ADR#		297,810	$	3,847,705
				9,050,029
Thailand — 0.3%
Kasikornbank PCL NVDR(1)		393,900		1,515,516
Turkey — 0.4%
Akbank TAS(1)		261,997		927,911
Turkiye Garanti Bankasi AS(1)		351,578		1,206,480
				2,134,391
United Kingdom — 20.6%
Admiral Group PLC(1)		68,575		994,927
Aggreko PLC(1)		26,454		788,402
Antofagasta PLC(1)		90,258		1,690,425
ARM Holdings PLC(1)		255,500		2,398,493
Barclays PLC(1)		201,260		579,105
BG Group PLC(1)		361,788		7,764,056
British American Tobacco PLC(1)		121,407		5,634,769
British Sky Broadcasting Group PLC(1)		56,620		683,052
Burberry Group PLC(1)		136,910		2,744,501
Capita Group PLC#(1)		112,972		1,122,070
Carnival PLC(1)		41,637		1,446,867
Centrica PLC(1)		265,683		1,264,161
Compass Group PLC(1)		661,871		6,129,286
Diageo PLC(1)		148,188		3,167,934
GlaxoSmithKline PLC(1)		156,129		3,459,541
Hays PLC(1)		446,345		516,205
HSBC Holdings PLC (Hong Kong)#(1)		188,940		1,490,106
HSBC Holdings PLC (London)#(1)		479,618		3,740,264
Imperial Tobacco Group PLC(1)		74,164		2,668,515
International Power PLC(1)		179,564		949,143
Kingfisher PLC(1)		661,474		2,665,530
Lloyds Banking Group PLC†(1)		2,185,841		859,831
National Grid PLC(1)		250,260		2,458,874
Next PLC(1)		39,991		1,689,562
Reckitt Benckiser Group PLC(1)		84,192		4,255,772
Reed Elsevier PLC(1)		235,389		1,955,343
Rio Tinto PLC(1)		108,520		5,744,553
Royal Dutch Shell PLC, Class A(1)		69,430		2,433,429
Royal Dutch Shell PLC, Class B(1)		181,915		6,553,271
Smith & Nephew PLC(1)		127,570		1,167,373
Smiths Group PLC(1)		76,633		1,144,716
Standard Chartered PLC(1)		185,634		4,053,142
Tesco PLC(1)		633,617		4,041,107
Unilever PLC(1)		64,590		2,170,087
Vodafone Group PLC(1)		1,281,983		3,477,906
Weir Group PLC(1)		57,700		1,877,778
Whitbread PLC(1)		40,040		1,035,009
WM Morrison Supermarkets PLC(1)		566,240		2,868,414
Xstrata PLC(1)		122,260		1,969,198
				101,652,717
United States — 0.3%
MercadoLibre, Inc.#		7,760		680,474
Synthes, Inc.*(1)		4,179		691,069
				1,371,543
Total Common Stock
(cost $458,728,335)				473,420,758

Security Description	Shares/ Principal Amount			Value (Note 2)
PREFERRED STOCK — 1.0%
Brazil — 0.7%
Banco Bradesco SA ADR		136,170		$	2,246,805
Petroleo Brasileiro SA ADR		42,281			1,059,985
					3,306,790
Germany — 0.3%
Volkswagen AG(1)		8,778			1,507,442
Total Preferred Stock
(cost $4,885,409)					4,814,232
Total Long-Term Investment Securities
(cost $463,613,745)					478,234,990
SHORT-TERM INVESTMENT SECURITIES — 13.7%
Collective Investment Pool — 11.1%
Navigator Securities Lending Prime Portfolio(4)		54,834,050			54,834,050
Commercial Paper — 0.01%
Barclays U.S. Funding LLC(1) 0.12% due 12/01/11	$	541,000			541,000
Time Deposits — 2.5%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 12/01/11		12,307,000			12,307,000
Total Short-Term Investment Securities
(cost $67,682,049)					67,682,050
TOTAL INVESTMENTS —
(cost $531,295,794)(3)		110.6	%		545,917,040
Liabilities in excess of other assets		(10.6	)		(52,157,608	)
NET ASSETS —		100.0	%	$	493,759,432

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

† Non-income producing security

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2011, the aggregate value of these securities was $850,318 representing 0.2% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

** See Note 1

(1) Security was valued using fair value procedures at November 30, 2011. The aggregate value of these securities was $433,725,180 representing 87.8% 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.

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

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

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

ADR—American Depository Receipt

CVA—Certification Van Aandelen (Dutch Cert.)

GDR—Global Depository Receipt

LSE—London Stock Exchange

NVDR—Non-Voting Depository Receipt

NYSE—New York Stock Exchange

OTC—Over The Counter US

SDR—Swedish Depository Receipt

TSX—Toronto Stock Exchange

146

VALIC Company I International Growth Fund**

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2011 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs			Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Long-Term Investment Securities:
Common Stock:
France	$	—	$	43,138,245	#	$	—	$	43,138,245
Germany		—		39,733,647	#		—		39,733,647
Japan		—		62,512,786	#		—		62,512,786
Switzerland		—		40,869,269	#		—		40,869,269
United Kingdom		—		101,652,717	#		—		101,652,717
Other Countries*		41,203,020		144,311,074	#		0		185,514,094
Preferred Stock		3,306,790		1,507,442	#		—		4,814,232
Short-Term Investment Securities:
Collective Investment Pool		—		54,834,050			—		54,834,050
Commercial Paper		—		541,000			—		541,000
Time Deposits		—		12,307,000			—		12,307,000
Total	$	44,509,810	$	501,407,230		$	0	$	545,917,040

* 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.

** See Note 1

# 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 $433,725,180 representing 87.8% 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 5/31/2011	$	0
Accrued discounts		—
Accrued premiums		—
Realized gain		—
Realized loss		—
Change in unrealized appreciation(1)		—
Change in unrealized depreciation(1)		—
Net purchases		—
Net sales		—
Transfers into Level 3(2)		—
Transfers out of Level 3(2)		—
Balance as of 11/30/2011	$	0

(1) The total change in unrealized appreciation (depreciation) included in the statement of operations attributable to level 3 investments still held at November 30, 2011 includes:

Common Stock
$	—

(2) The Fund’s policy is to recognize transfers in and transfers out as of the end of the reporting period.

See Notes to Financial Statements

147

VALIC Company I Large Cap Core Fund

PORTFOLIO PROFILE — November 30, 2011 (Unaudited)

Industry Allocation*

Collective Investment Pool	7.8	%
Oil Companies — Integrated	6.9
Medical — Drugs	5.3
Computers	4.9
Diversified Banking Institutions	4.4
Oil Companies — Exploration & Production	3.1
Web Portals/ISP	2.9
Semiconductor Components — Integrated Circuits	2.8
Commercial Services — Finance	2.7
Oil — Field Services	2.7
Computer Services	2.7
Tobacco	2.6
Cosmetics & Toiletries	2.5
Diversified Manufacturing Operations	2.4
Food — Misc.	2.4
Investment Management/Advisor Services	2.3
Medical Products	2.3
Electronic Security Devices	2.3
Auto/Truck Parts & Equipment — Original	2.2
Chemicals — Diversified	2.1
Medical — HMO	2.1
E-Commerce/Products	2.0
Insurance — Reinsurance	1.8
Repurchase Agreements	1.8
Cable/Satellite TV	1.7
Instruments — Controls	1.7
Pharmacy Services	1.7
Retail — Drug Store	1.7
Enterprise Software/Service	1.5
Beverages — Non-alcoholic	1.5
Publishing — Periodicals	1.4
Computers — Memory Devices	1.3
Aerospace/Defense — Equipment	1.3
Banks — Fiduciary	1.2
Banks — Super Regional	1.0
Retail — Regional Department Stores	1.0
Transport — Rail	0.9
Beverages — Wine/Spirits	0.9
Cellular Telecom	0.9
Retail — Building Products	0.9
Medical — Biomedical/Gene	0.9
Broadcast Services/Program	0.9
Medical — Generic Drugs	0.9
Medical — Wholesale Drug Distribution	0.9
Oil Field Machinery & Equipment	0.9
Home Decoration Products	0.9
Multimedia	0.8
Entertainment Software	0.8
Telecom Equipment — Fiber Optics	0.7
Instruments — Scientific	0.7
Applications Software	0.6
Transport — Services	0.6
Agricultural Chemicals	0.6
Insurance — Multi-line	0.6
Electronic Components — Semiconductors	0.5
Electric — Integrated	0.5
Vitamins & Nutrition Products	0.3
Semiconductor Equipment	0.3
	108.0	%

* Calculated as a percentage of net assets

148

VALIC Company I Large Cap Core Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCK — 98.4%
Aerospace/Defense - Equipment — 1.3%
United Technologies Corp.		20,900	$	1,600,940
Agricultural Chemicals — 0.6%
Monsanto Co.		6,713		493,070
Potash Corp. of Saskatchewan, Inc.		5,546		240,363
				733,433
Applications Software — 0.6%
Microsoft Corp.		31,270		799,887
Auto/Truck Parts & Equipment - Original — 2.2%
Delphi Automotive PLC†		41,705		869,132
Johnson Controls, Inc.		60,400		1,901,392
				2,770,524
Banks - Fiduciary — 1.2%
State Street Corp.		37,553		1,488,976
Banks - Super Regional — 1.0%
Wells Fargo & Co.		48,500		1,254,210
Beverages - Non-alcoholic — 1.5%
PepsiCo, Inc.#		28,700		1,836,800
Beverages - Wine/Spirits — 0.9%
Diageo PLC ADR		13,500		1,155,735
Broadcast Services/Program — 0.9%
Discovery Communications, Inc., Class A†#		26,600		1,116,668
Cable/Satellite TV — 1.7%
Comcast Corp., Class A		93,700		2,124,179
Cellular Telecom — 0.9%
Vodafone Group PLC ADR		42,100		1,143,015
Chemicals - Diversified — 2.1%
Air Products & Chemicals, Inc.#		10,000		837,500
Celanese Corp., Series A#		24,900		1,157,601
E.I. du Pont de Nemours & Co.		13,700		653,764
				2,648,865
Commercial Services - Finance — 2.7%
Mastercard, Inc., Class A		9,000		3,370,950
Computer Services — 2.7%
International Business Machines Corp.#		17,600		3,308,800
Computers — 4.9%
Apple, Inc.†		15,900		6,076,980
Computers - Memory Devices — 1.3%
EMC Corp.†		70,700		1,626,807
Cosmetics & Toiletries — 2.5%
Procter & Gamble Co.		47,606		3,073,919
Diversified Banking Institutions — 4.4%
Citigroup, Inc.		28,092		771,968
Goldman Sachs Group, Inc.		16,100		1,543,346
JPMorgan Chase & Co.		102,500		3,174,425
				5,489,739
Diversified Manufacturing Operations — 2.4%
General Electric Co.		187,400		2,981,534
E-Commerce/Products — 2.0%
eBay, Inc.†		85,900		2,541,781
Electric - Integrated — 0.5%
Exelon Corp.		13,600		602,616
Electronic Components - Semiconductors — 0.5%
Rovi Corp.†		22,246		617,326

Security Description	Shares		Value (Note 2)
Electronic Security Devices — 2.3%
Tyco International, Ltd.		58,600	$	2,810,456
Enterprise Software/Service — 1.5%
Oracle Corp.		58,800		1,843,380
Entertainment Software — 0.8%
Electronic Arts, Inc.†#		42,600		987,894
Food - Misc. — 2.4%
Kraft Foods, Inc., Class A		48,901		1,767,771
Unilever NV		34,595		1,180,036
				2,947,807
Home Decoration Products — 0.9%
Newell Rubbermaid, Inc.#		69,700		1,066,410
Instruments - Controls — 1.7%
Honeywell International, Inc.		39,200		2,122,680
Instruments - Scientific — 0.7%
Thermo Fisher Scientific, Inc.†		17,500		826,875
Insurance - Multi - line — 0.6%
MetLife, Inc.		23,200		730,336
Insurance - Reinsurance — 1.8%
Berkshire Hathaway, Inc., Class B†		28,500		2,244,660
Investment Management/Advisor Services — 2.3%
BlackRock, Inc.#		9,400		1,617,176
Invesco, Ltd.#		63,200		1,279,800
				2,896,976
Medical Products — 2.3%
Baxter International, Inc.		19,252		994,558
CareFusion Corp.†		24,800		614,544
Covidien PLC		26,598		1,211,539
				2,820,641
Medical - Biomedical/Gene — 0.9%
Celgene Corp.†#		18,000		1,135,440
Medical - Drugs — 5.3%
Abbott Laboratories		21,800		1,189,190
Johnson & Johnson		42,016		2,719,276
Pfizer, Inc.		134,100		2,691,387
				6,599,853
Medical - Generic Drugs — 0.9%
Teva Pharmaceutical Industries, Ltd. ADR		28,100		1,113,041
Medical - HMO — 2.1%
Cigna Corp.		27,996		1,238,263
WellPoint, Inc.		19,800		1,396,890
				2,635,153
Medical - Wholesale Drug Distribution — 0.9%
Cardinal Health, Inc.		26,132		1,109,565
Multimedia — 0.8%
Viacom, Inc., Class B		22,300		998,148
Oil Companies - Exploration & Production — 3.1%
Apache Corp.		13,400		1,332,496
Devon Energy Corp.		19,400		1,269,924
Occidental Petroleum Corp.		12,000		1,186,800
				3,789,220

149

VALIC Company I Large Cap Core Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Oil Companies - Integrated — 6.9%
Chevron Corp.		30,800	$	3,166,856
ConocoPhillips		21,200		1,511,984
Exxon Mobil Corp.		47,800		3,845,032
				8,523,872
Oil Field Machinery & Equipment — 0.9%
National Oilwell Varco, Inc.#		15,000		1,075,500
Oil - Field Services — 2.7%
Baker Hughes, Inc.		23,500		1,283,335
Halliburton Co.		21,301		783,877
Weatherford International, Ltd.†		82,336		1,248,214
				3,315,426
Pharmacy Services — 1.7%
Express Scripts, Inc.†#		21,000		958,650
Medco Health Solutions, Inc.†		20,300		1,150,401
				2,109,051
Publishing - Periodicals — 1.4%
Nielsen Holdings NV†		61,800		1,795,290
Retail - Building Products — 0.9%
Home Depot, Inc.		29,000		1,137,380
Retail - Drug Store — 1.7%
CVS Caremark Corp.		53,700		2,085,708
Retail - Regional Department Stores — 1.0%
Kohl’s Corp.#		23,021		1,238,530
Semiconductor Components - Integrated Circuits — 2.8%
Analog Devices, Inc.		32,023		1,116,322
QUALCOMM, Inc.		43,100		2,361,880
				3,478,202
Semiconductor Equipment — 0.3%
Lam Research Corp.†		7,852		320,126
Telecom Equipment - Fiber Optics — 0.7%
Corning, Inc.		64,905		861,289
Tobacco — 2.6%
Philip Morris International, Inc.		43,100		3,285,944
Transport - Rail — 0.9%
Union Pacific Corp.		11,300		1,168,533
Transport - Services — 0.6%
FedEx Corp.		9,019		749,299
Vitamins & Nutrition Products — 0.3%
Herbalife, Ltd.		7,400		409,220
Web Portals/ISP — 2.9%
Google, Inc., Class A†		6,000		3,596,340
Total Long-Term Investment Securities
(cost $117,042,621)				122,191,929
SHORT-TERM INVESTMENT SECURITIES — 7.8%
Collective Investment Pool — 7.8%
Navigator Securities Lending Prime Portfolio(1)(2) (cost $9,654,776)		9,654,776		9,654,776

Security Description	Principal Amount			Value (Note 2)
REPURCHASE AGREEMENT — 1.8%
Agreement with State Street Bank & Trust Co., bearing interest at 0.01% dated 11/30/11 to be repurchased 12/01/11 in the amount of $2,186,001 and collateralized by $2,025,000 of Federal Home Loan Mtg. Corp. Notes, bearing interest at 0.01%, due 01/15/14 and having an approximate value of $2,232,563 (cost $2,186,000)	$	2,186,000		$	2,186,000
TOTAL INVESTMENTS
(cost $128,883,397)(3)		108.0	%		134,032,705
Liabilities in excess of other assets		(8.0	)		(9,925,833	)
NET ASSETS		100.0	%	$	124,106,872

† 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 November 30, 2011, the Fund had loaned securities with a total value of $13,149,121. This was secured by collateral of $9,654,776, which was received in cash and subsequently invested in short-term investments currently valued at $9,654,776 as reported in the portfolio of investments. The remaining collateral of $3,378,656 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	5.20%	07/15/14
Federal Home Loan Mtg. Corp.	4.00% to 5.00%	03/15/32 to 06/15/40
Federal National Mtg. Assoc.	4.00%	08/15/37 to 08/25/41
United States Treasury Bills	zero coupon	12/22/11

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

ADR—American Depository Receipt

150

VALIC Company I Large Cap Core Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2011 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Long-Term Investment Securities:
Common Stock:
Medical-Drugs	$	6,599,853	$	—	$	—	$	6,599,853
Oil Companies - Integrated		8,523,872		—		—		8,523,872
Other Industries*		107,068,204		—		—		107,068,204
Short-Term Investment Securities:
Collective Investment Pool		—		9,654,776		—		9,654,776
Repurchase Agreement		—		2,186,000		—		2,186,000
Total	$	122,191,929	$	11,840,776	$	—	$	134,032,705

* 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

151

VALIC Company I Large Capital Growth Fund

PORTFOLIO PROFILE — November 30, 2011 (Unaudited)

Industry Allocation*

Computers	7.2	%
Web Portals/ISP	4.8
Collective Investment Pool	4.8
Oil Companies — Exploration & Production	4.2
E-Commerce/Products	3.3
Commercial Services — Finance	3.2
Oil — Field Services	3.1
Retail — Restaurants	3.1
Computers — Memory Devices	2.9
Cable/Satellite TV	2.8
Semiconductor Components — Integrated Circuits	2.6
Cosmetics & Toiletries	2.5
Medical — Biomedical/Gene	2.5
Computer Services	2.4
Electronic Components — Semiconductors	2.2
Applications Software	2.1
Medical — Drugs	1.9
Oil Field Machinery & Equipment	1.8
Apparel Manufacturers	1.7
Repurchase Agreements	1.7
Retail — Discount	1.6
Metal Processors & Fabrication	1.5
Medical — HMO	1.5
Wireless Equipment	1.5
Transport — Rail	1.5
Oil & Gas Drilling	1.4
Athletic Footwear	1.4
Medical Products	1.4
Casino Hotels	1.3
Engineering/R&D Services	1.3
Diversified Manufacturing Operations	1.2
Investment Management/Advisor Services	1.2
Networking Products	1.2
Time Deposits	1.1
Agricultural Chemicals	1.1
Retail — Drug Store	1.1
Transport — Services	1.1
E-Commerce/Services	1.1
Retail — Regional Department Stores	1.0
Electronic Measurement Instruments	1.0
Instruments — Controls	1.0
Enterprise Software/Service	0.9
Diversified Banking Institutions	0.9
Medical Instruments	0.9
Mining	0.9
Pharmacy Services	0.8
Machinery — Construction & Mining	0.7
Computers — Integrated Systems	0.7
Beverages — Non-alcoholic	0.7
Finance — Credit Card	0.7
Software Tools	0.6
Electric Products — Misc.	0.5
Coffee	0.5
Aerospace/Defense	0.5
Engines — Internal Combustion	0.5
Metal — Copper	0.5
Medical Information Systems	0.5
Home Furnishings	0.5
Telecom Equipment — Fiber Optics	0.5
Transport — Truck	0.4
Steel — Producers	0.4
Chemicals — Diversified	0.4
Vitamins & Nutrition Products	0.4
Tobacco	0.4
Electronic Design Automation	0.4
Retail — Building Products	0.3
Medical — Generic Drugs	0.3
Cellular Telecom	0.3
Metal — Iron	0.3

Retail — Auto Parts	0.3
Hotels/Motels	0.3
Semiconductor Equipment	0.2
Coal	0.2
Food — Retail	0.2
Internet Infrastructure Software	0.2
Auto/Truck Parts & Equipment — Original	0.2
Metal — Diversified	0.1
	104.4	%

* Calculated as a percentage of net assets

152

VALIC Company I Large Capital Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCK — 96.8%
Aerospace/Defense — 0.5%
Boeing Co.		26,717	$	1,835,191
Agricultural Chemicals — 1.1%
Monsanto Co.#		18,740		1,376,453
Mosaic Co.		23,466		1,238,066
Potash Corp. of Saskatchewan, Inc.		28,236		1,223,748
				3,838,267
Apparel Manufacturers — 1.7%
Coach, Inc.		55,067		3,446,644
Prada SpA†(1)		243,000		1,198,947
Ralph Lauren Corp.#		7,853		1,114,027
				5,759,618
Applications Software — 2.1%
Check Point Software Technologies, Ltd.†#		24,941		1,380,235
Citrix Systems, Inc.†		32,368		2,310,752
Intuit, Inc.		16,016		852,692
Red Hat, Inc.†		18,631		933,040
Salesforce.com, Inc.†#		14,947		1,770,024
				7,246,743
Athletic Footwear — 1.4%
NIKE, Inc., Class B		50,179		4,826,216
Auto/Truck Parts & Equipment - Original — 0.2%
BorgWarner, Inc.†#		9,985		658,211
Beverages - Non-alcoholic — 0.7%
Coca-Cola Co.		24,094		1,619,840
Hansen Natural Corp.†		9,495		875,439
				2,495,279
Cable/Satellite TV — 2.8%
Comcast Corp., Class A		159,422		3,614,097
DIRECTV, Class A†		129,051		6,093,788
				9,707,885
Casino Hotels — 1.3%
Las Vegas Sands Corp.†		99,050		4,626,626
Cellular Telecom — 0.3%
America Movil SAB de CV, Series L ADR		40,962		975,715
Chemicals - Diversified — 0.4%
FMC Corp.		17,046		1,430,500
Coal — 0.2%
Alpha Natural Resources, Inc.†		33,636		807,264
Coffee — 0.5%
Green Mountain Coffee Roasters, Inc.†#		35,829		1,878,514
Commercial Services - Finance — 3.2%
Mastercard, Inc., Class A		14,820		5,550,831
Visa, Inc., Class A		56,605		5,488,987
				11,039,818
Computer Services — 2.4%
Accenture PLC, Class A		18,664		1,081,206
Cognizant Technology Solutions Corp., Class A†		54,486		3,669,632
International Business Machines Corp.		18,088		3,400,544
				8,151,382
Computers — 7.2%
Apple, Inc.†		65,102		24,881,984
Computers - Integrated Systems — 0.7%
Riverbed Technology, Inc.†#		40,552		1,054,352
Teradata Corp.†		27,395		1,485,631
				2,539,983

Security Description	Shares		Value (Note 2)
Computers - Memory Devices — 2.9%
EMC Corp.†#		309,974	$	7,132,502
NetApp, Inc.†		58,864		2,167,961
SanDisk Corp.†		12,599		621,257
				9,921,720
Cosmetics & Toiletries — 2.5%
Colgate - Palmolive Co.		9,656		883,524
Estee Lauder Cos., Inc., Class A		14,206		1,676,024
Procter & Gamble Co.		94,295		6,088,628
				8,648,176
Diversified Banking Institutions — 0.9%
JPMorgan Chase & Co.		103,656		3,210,226
Diversified Manufacturing Operations — 1.2%
Danaher Corp.		61,304		2,965,887
Ingersoll - Rand PLC#		39,198		1,298,238
				4,264,125
E-Commerce/Products — 3.3%
Amazon.com, Inc.†		44,846		8,623,437
eBay, Inc.†		49,923		1,477,222
MercadoLibre, Inc.#		16,339		1,432,767
				11,533,426
E-Commerce/Services — 1.1%
IAC/InterActive Corp.#		33,076		1,385,223
priceline.com, Inc.†		4,605		2,237,523
				3,622,746
Electric Products - Misc. — 0.5%
AMETEK, Inc.		43,920		1,881,533
Electronic Components - Semiconductors — 2.2%
Broadcom Corp., Class A†		70,527		2,140,142
Rovi Corp.†#		77,659		2,155,037
Texas Instruments, Inc.		81,888		2,464,829
Xilinx, Inc.		22,582		738,657
				7,498,665
Electronic Design Automation — 0.4%
Cadence Design Systems, Inc.†#		115,883		1,267,760
Electronic Measurement Instruments — 1.0%
Agilent Technologies, Inc.†		89,782		3,366,825
Engineering/R&D Services — 1.3%
ABB, Ltd. ADR†		138,155		2,620,800
Foster Wheeler AG†#		94,509		1,753,142
				4,373,942
Engines - Internal Combustion — 0.5%
Cummins, Inc.		18,130		1,746,463
Enterprise Software/Service — 0.9%
Oracle Corp.		104,181		3,266,074
Finance - Credit Card — 0.7%
American Express Co.		50,327		2,417,709
Food - Retail — 0.2%
Kroger Co.		34,225		793,336
Home Furnishings — 0.5%
Tempur - Pedic International, Inc.†#		31,525		1,721,580
Hotel/Motels — 0.3%
Starwood Hotels & Resorts Worldwide, Inc.#		19,178		914,407
Instruments - Controls — 1.0%
Honeywell International, Inc.		61,992		3,356,867

153

VALIC Company I Large Capital Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Internet Infrastructure Software — 0.2%
F5 Networks, Inc.†#		5,907	$	667,668
Investment Management/Advisor Services — 1.2%
BlackRock, Inc.		11,476		1,974,331
Invesco, Ltd.		107,072		2,168,208
				4,142,539
Machinery - Construction & Mining — 0.7%
Caterpillar, Inc.		26,128		2,557,409
Medical Information Systems — 0.5%
Allscripts Healthcare Solutions, Inc.†#		88,688		1,725,868
Medical Instruments — 0.9%
Intuitive Surgical, Inc.†		4,186		1,817,603
St. Jude Medical, Inc.		34,465		1,324,835
				3,142,438
Medical Products — 1.4%
Baxter International, Inc.		24,019		1,240,822
Covidien PLC		39,354		1,792,575
Stryker Corp.#		35,328		1,725,066
				4,758,463
Medical - Biomedical/Gene — 2.5%
Alexion Pharmaceuticals, Inc.†#		23,791		1,633,490
Biogen Idec, Inc.†		17,065		1,961,622
Celgene Corp.†		38,638		2,437,285
Gilead Sciences, Inc.†		61,039		2,432,404
				8,464,801
Medical - Drugs — 1.9%
Allergan, Inc.		62,666		5,246,397
Pharmasset, Inc.†#		9,718		1,272,961
				6,519,358
Medical - Generic Drugs — 0.3%
Watson Pharmaceuticals, Inc.†#		15,638		1,010,528
Medical - HMO — 1.5%
UnitedHealth Group, Inc.		108,654		5,299,056
Metal Processors & Fabrication — 1.5%
Precision Castparts Corp.		32,331		5,326,532
Metal - Copper — 0.5%
Freeport - McMoRan Copper & Gold, Inc.		43,927		1,739,509
Metal - Diversified — 0.1%
Molycorp, Inc.†#		11,912		403,221
Metal - Iron — 0.3%
Cliffs Natural Resources, Inc.		14,078		954,629
Mining — 0.9%
Goldcorp, Inc.		56,892		3,054,531
Networking Products — 1.2%
Acme Packet, Inc.†#		58,206		1,945,827
Cisco Systems, Inc.		111,586		2,079,963
				4,025,790
Oil & Gas Drilling — 1.4%
Ensco PLC ADR		96,161		4,997,487
Oil Companies - Exploration & Production — 4.2%
Anadarko Petroleum Corp.		77,112		6,266,892
Apache Corp.		11,178		1,111,540
Cabot Oil & Gas Corp.		23,821		2,110,303
Noble Energy, Inc.		12,205		1,200,850
Occidental Petroleum Corp.		37,467		3,705,486
				14,395,071

Security Description	Shares		Value (Note 2)
Oil Field Machinery & Equipment — 1.8%
Cameron International Corp.†		110,069	$	5,942,625
National Oilwell Varco, Inc.#		5,005		358,859
				6,301,484
Oil - Field Services — 3.1%
Halliburton Co.		137,537		5,061,362
Schlumberger, Ltd.		46,483		3,501,564
Weatherford International, Ltd.†		146,738		2,224,548
				10,787,474
Pharmacy Services — 0.8%
Express Scripts, Inc.†		63,687		2,907,312
Retail - Auto Parts — 0.3%
AutoZone, Inc.†		2,881		946,063
Retail - Building Products — 0.3%
Home Depot, Inc.		26,499		1,039,291
Retail - Discount — 1.6%
Costco Wholesale Corp.		28,604		2,439,921
Dollar Tree, Inc.†#		6,714		547,124
Target Corp.		46,940		2,473,738
				5,460,783
Retail - Drug Store — 1.1%
CVS Caremark Corp.		95,611		3,713,531
Retail - Regional Department Stores — 1.0%
Macy’s, Inc.		106,866		3,454,978
Retail - Restaurants — 3.1%
Chipotle Mexican Grill, Inc.†#		2,191		704,538
McDonald’s Corp.		43,700		4,174,224
Starbucks Corp.		130,252		5,663,357
				10,542,119
Semiconductor Components - Integrated Circuits — 2.6%
Atmel Corp.†#		13,411		118,955
QUALCOMM, Inc.		164,101		8,992,735
				9,111,690
Semiconductor Equipment — 0.2%
Lam Research Corp.†		19,875		810,304
Software Tools — 0.6%
VMware, Inc., Class A†		22,870		2,211,072
Steel - Producers — 0.4%
Carpenter Technology Corp.#		27,965		1,514,025
Telecom Equipment - Fiber Optics — 0.5%
Corning, Inc.		127,556		1,692,668
Tobacco — 0.4%
Lorillard, Inc.#		11,633		1,298,475
Transport - Rail — 1.5%
Union Pacific Corp.		50,584		5,230,891
Transport - Services — 1.1%
United Parcel Service, Inc., Class B		51,580		3,700,865
Transport - Truck — 0.4%
J.B. Hunt Transport Services, Inc.#		33,456		1,529,608
Vitamins & Nutrition Products — 0.4%
Mead Johnson Nutrition Co.		17,358		1,308,099
Web Portals/ISP — 4.8%
Baidu, Inc. ADR†		32,867		4,305,248
Google, Inc., Class A†		20,414		12,235,948
				16,541,196

154

VALIC Company I Large Capital Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
COMMON STOCK (continued)
Wireless Equipment — 1.5%
American Tower Corp., Class A†		59,749		$	3,525,191
Crown Castle International Corp.†		40,563			1,716,627
					5,241,818
Total Long-Term Investment Securities
(cost $307,613,407)					335,033,420
SHORT-TERM INVESTMENT SECURITIES — 5.9%
Collective Investment Pool — 4.8%
Navigator Securities Lending Prime Portfolio(2)(5)		16,511,690			16,511,690
Time Deposits — 1.1%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 12/01/11	$	3,893,000			3,893,000
Total Short-Term Investment Securities
(cost $20,404,690)					20,404,690
REPURCHASE AGREEMENT — 1.7%
State Street Bank & Trust Co., Joint Repurchase Agreement(3) (cost $5,727,000)		5,727,000			5,727,000
TOTAL INVESTMENTS
(cost $333,745,097)(4)		104.4	%		361,165,110
Liabilities in excess of other assets		(4.4	)		(15,080,524	)
NET ASSETS		100.0	%	$	346,084,586

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

† Non-income producing security

(1) Security was valued using fair value procedures at November 30, 2011. The aggregate value of these securities was $1,198,947 representing 0.4% 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.

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

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

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

(5) At November 30, 2011, the Fund had loaned securities with a total value of $17,097,494. This was secured by collateral of $16,511,690, which was received in cash and subsequently invested in short-term investments currently valued at $16,511,690 as reported in the portfolio of investments. The remaining collateral of $269,005 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 Mtg. Corp.	0.26%	01/10/13
United States Treasury Notes/Bonds	0.75% to 1.88%	04/30/12 to 07/15/19

ADR—American Depository Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2011 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs			Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Long-Term Investment Securities:
Common Stock:
Computers	$	24,881,984	$	—		$	—	$	24,881,984
Other Industries*		308,952,489		1,198,947	#		—		310,151,436
Short-Term Investment Securities:
Collective Investment Pool		—		16,511,690			—		16,511,690
Time Deposits		—		3,893,000			—		3,893,000
Repurchase Agreement		—		5,727,000			—		5,727,000
Total	$	333,834,473	$	27,330,637		$	—	$	361,165,110

* Sum of all other industries each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of 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 $1,198,947 representing 0.4% of net assets. See Note 2.

See Notes to Financial Statements

155

VALIC Company I Mid Cap Index Fund

PORTFOLIO PROFILE — November 30, 2011 (Unaudited)

Industry Allocation*

Collective Investment Pool	13.2	%
Real Estate Investment Trusts	7.9
Banks — Commercial	3.6
Electric — Integrated	3.5
Gas — Distribution	2.5
Oil Companies — Exploration & Production	2.4
Diversified Manufacturing Operations	1.8
Distribution/Wholesale	1.8
Retail — Apparel/Shoe	1.8
Chemicals — Specialty	1.7
Electronic Components — Semiconductors	1.7
Oil — Field Services	1.5
Computers — Integrated Systems	1.4
Insurance — Property/Casualty	1.4
Insurance — Reinsurance	1.2
Containers — Paper/Plastic	1.2
Medical Products	1.2
Commercial Services — Finance	1.2
Consulting Services	1.1
Engineering/R&D Services	1.1
Repurchase Agreements	1.1
Medical — Biomedical/Gene	1.1
Investment Management/Advisor Services	1.0
Retail — Discount	1.0
Machinery — General Industrial	1.0
Retail — Restaurants	1.0
Aerospace/Defense — Equipment	1.0
Savings & Loans/Thrifts	0.9
Food — Misc.	0.9
Medical — Hospitals	0.9
Web Hosting/Design	0.8
Electronic Measurement Instruments	0.8
Medical — Generic Drugs	0.8
Transport — Truck	0.8
Steel — Producers	0.8
Transactional Software	0.8
Enterprise Software/Service	0.8
Building — Residential/Commercial	0.7
Electronic Design Automation	0.7
Semiconductor Components — Integrated Circuits	0.7
Medical — HMO	0.7
Transport — Marine	0.7
Oil & Gas Drilling	0.7
Instruments — Controls	0.7
Transport — Rail	0.7
Auto/Truck Parts & Equipment — Original	0.7
Beverages — Non-alcoholic	0.7
Electric Products — Misc.	0.6
Beverages — Wine/Spirits	0.6
Electronic Parts Distribution	0.6
Coatings/Paint	0.6
Machine Tools & Related Products	0.6
Pharmacy Services	0.6
Oil Field Machinery & Equipment	0.6
Soap & Cleaning Preparation	0.6
Insurance — Multi-line	0.6
Metal Processors & Fabrication	0.6
Medical — Drugs	0.6
Rental Auto/Equipment	0.6
Consumer Products — Misc.	0.6
Insurance Brokers	0.5
Finance — Investment Banker/Broker	0.5
Electronic Components — Misc.	0.5
Computer Aided Design	0.5
Retail — Pet Food & Supplies	0.5
Apparel Manufacturers	0.5
Multimedia	0.5
Telecom Services	0.5
Filtration/Separation Products	0.5

Retail — Gardening Products	0.5
Data Processing/Management	0.5
Retail — Auto Parts	0.5
Semiconductor Equipment	0.5
Batteries/Battery Systems	0.5
Oil Refining & Marketing	0.4
X-Ray Equipment	0.4
Internet Infrastructure Software	0.4
Coal	0.4
Machinery — Farming	0.4
Medical Instruments	0.4
Diagnostic Kits	0.4
Footwear & Related Apparel	0.4
Recreational Vehicles	0.4
Decision Support Software	0.4
Food — Meat Products	0.4
Respiratory Products	0.4
Retail — Mail Order	0.4
Power Converter/Supply Equipment	0.4
Retail — Jewelry	0.4
Human Resources	0.3
Retail — Sporting Goods	0.3
Research & Development	0.3
Non-Hazardous Waste Disposal	0.3
Medical Information Systems	0.3
Building & Construction Products — Misc.	0.3
Telecommunication Equipment	0.3
Building Products — Cement	0.3
Applications Software	0.3
Insurance — Life/Health	0.3
Miscellaneous Manufacturing	0.3
Containers — Metal/Glass	0.3
Airlines	0.3
Physicians Practice Management	0.3
Retail — Catalog Shopping	0.3
Textile — Home Furnishings	0.3
Diagnostic Equipment	0.3
Water	0.3
Networking Products	0.3
Publishing — Books	0.3
Paper & Related Products	0.3
Hazardous Waste Disposal	0.3
Industrial Automated/Robotic	0.3
Real Estate Management/Services	0.3
Medical Labs & Testing Services	0.3
Electronic Connectors	0.3
Schools	0.2
Machinery — Pumps	0.2
Quarrying	0.2
Telephone — Integrated	0.2
Funeral Services & Related Items	0.2
Office Furnishings — Original	0.2
Retail — Automobile	0.2
Food — Baking	0.2
Casino Services	0.2
Machinery — Electrical	0.2
Lighting Products & Systems	0.2
Auction Houses/Art Dealers	0.2
Medical — Outpatient/Home Medical	0.2
Private Corrections	0.2
Printing — Commercial	0.2
Cable/Satellite TV	0.2
Intimate Apparel	0.2
Machinery — Print Trade	0.2
Transport — Equipment & Leasing	0.2
Food — Retail	0.2
Steel Pipe & Tube	0.2
E-Marketing/Info	0.2
Auto — Heavy Duty Trucks	0.2

156

VALIC Company I Mid Cap Index Fund

PORTFOLIO PROFILE — November 30, 2011 (Unaudited) — (continued)

Industry Allocation* (continued)

Medical Sterilization Products	0.2	%
Building Products — Air & Heating	0.2
Recreational Centers	0.2
Wireless Equipment	0.2
Veterinary Diagnostics	0.2
Machinery — Construction & Mining	0.2
Aerospace/Defense	0.2
Transport — Services	0.1
Computer Services	0.1
Commercial Services	0.1
Shipbuilding	0.1
Chemicals — Diversified	0.1
Retail — Major Department Stores	0.1
Building — Maintance & Services	0.1
Advertising Sales	0.1
Investment Companies	0.1
Web Portals/ISP	0.1
Wire & Cable Products	0.1
Motion Pictures & Services	0.1
U.S. Government Treasuries	0.1
Patient Monitoring Equipment	0.1
Agricultural Chemicals	0.1
Telecom Equipment — Fiber Optics	0.1
Leisure Products	0.1
Retail — Consumer Electronics	0.1
Tobacco	0.1
Environmental Monitoring & Detection	0.1
Building — Mobile Home/Manufactured Housing	0.1
Retail — Hair Salons	0.1
Publishing — Newspapers	0.1
Building — Heavy Construction	0.1
Retail — Bookstores	0.1
Racetracks	0.1
Retail — Office Supplies	0.1
Food — Confectionery	0.1
	113.1	%

* Calculated as a percentage of net assets

157

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCK — 98.7%
Advertising Sales — 0.1%
Lamar Advertising Co., Class A†#		125,400	$	3,045,966
Aerospace/Defense — 0.2%
Esterline Technologies Corp.†		65,600		3,533,872
Aerospace/Defense - Equipment — 1.0%
Alliant Techsystems, Inc.#		70,600		4,154,104
BE Aerospace, Inc.†		221,100		8,611,845
Exelis, Inc.		397,200		3,550,968
Triumph Group, Inc.#		98,900		5,883,561
				22,200,478
Agricultural Chemicals — 0.1%
Intrepid Potash, Inc.†#		112,800		2,612,448
Airlines — 0.3%
Alaska Air Group, Inc.†		77,200		5,359,224
JetBlue Airways Corp.†#		437,500		1,802,500
				7,161,724
Apparel Manufacturers — 0.5%
Hanesbrands, Inc.†		208,200		5,127,966
Under Armour, Inc., Class A†#		78,500		6,384,405
				11,512,371
Applications Software — 0.3%
Parametric Technology Corp.†		251,700		5,242,911
Quest Software, Inc.†		125,200		2,262,364
				7,505,275
Auction House/Art Dealers — 0.2%
Sotheby’s#		144,800		4,548,168
Auto - Heavy Duty Trucks — 0.2%
Oshkosh Corp.†		195,400		4,009,608
Auto/Truck Parts & Equipment - Original — 0.7%
BorgWarner, Inc.†#		234,900		15,484,608
Banks - Commercial — 3.6%
Associated Banc-Corp.		371,700		3,865,680
BancorpSouth, Inc.#		155,700		1,525,860
Bank of Hawaii Corp.#		101,000		4,297,550
Cathay General Bancorp, Class B#		168,600		2,338,482
City National Corp.		100,300		4,254,726
Commerce Bancshares, Inc.		173,985		6,477,462
Cullen/Frost Bankers, Inc.#		131,300		6,639,841
East West Bancorp, Inc.		319,200		6,246,744
FirstMerit Corp.		234,100		3,420,201
Fulton Financial Corp.		428,200		4,007,952
Hancock Holding Co.#		181,500		5,542,102
International Bancshares Corp.#		114,300		2,043,684
Prosperity Bancshares, Inc.#		100,500		4,018,995
Signature Bank†		98,700		5,767,041
SVB Financial Group†#		92,600		4,355,904
Synovus Financial Corp.#		1,695,400		2,526,146
TCF Financial Corp.#		342,200		3,442,532
Trustmark Corp.#		137,400		3,072,264
Valley National Bancorp.#		364,400		4,299,920
Webster Financial Corp.#		157,600		3,104,720
Westamerica Bancorporation#		61,100		2,805,101
				84,052,907
Batteries/Battery Systems — 0.5%
Energizer Holdings, Inc.†		147,400		10,654,072
Beverages - Non-alcoholic — 0.7%
Hansen Natural Corp.†		165,200		15,231,440

Security Description	Shares		Value (Note 2)
Beverages - Wine/Spirits — 0.6%
Green Mountain Coffee Roasters, Inc.†#		275,600	$	14,449,708
Building & Construction Products - Misc. — 0.3%
Fortune Brands Home & Security, Inc.†		331,100		5,522,748
Louisiana-Pacific Corp.†#		283,300		2,260,734
				7,783,482
Building Products - Air & Heating — 0.2%
Lennox International, Inc.		113,900		3,773,507
Building Products - Cement — 0.3%
Martin Marietta Materials, Inc.#		97,900		7,661,654
Building - Heavy Construction — 0.1%
Granite Construction, Inc.#		74,600		1,857,540
Building - Maintance & Services — 0.1%
Rollins, Inc.#		138,500		3,074,700
Building - Mobile Home/Manufactured Housing — 0.1%
Thor Industries, Inc.#		95,800		2,318,360
Building - Residential/Commercial — 0.7%
KB Home#		154,800		1,137,780
MDC Holdings, Inc.#		80,500		1,436,925
NVR, Inc.†		10,600		7,100,410
Ryland Group, Inc.#		95,200		1,431,808
Toll Brothers, Inc.†		315,300		6,403,743
				17,510,666
Cable/Satellite TV — 0.2%
AMC Networks, Inc., Class A†		122,900		4,424,400
Casino Services — 0.2%
Bally Technologies, Inc.†		95,100		3,646,134
Scientific Games Corp., Class A†		124,400		1,069,840
				4,715,974
Chemicals - Diversified — 0.1%
Olin Corp.#		171,900		3,266,100
Chemicals - Specialty — 1.7%
Albemarle Corp.		196,600		10,720,598
Ashland, Inc.		167,200		9,299,664
Cabot Corp.		140,200		4,651,836
Cytec Industries, Inc.		106,300		5,013,108
Minerals Technologies, Inc.#		38,700		2,244,600
NewMarket Corp.#		23,400		4,630,626
Sensient Technologies Corp.#		107,300		4,052,721
				40,613,153
Coal — 0.4%
Arch Coal, Inc.		456,700		7,485,313
Patriot Coal Corp.†#		195,800		2,038,278
				9,523,591
Coatings/Paint — 0.6%
RPM International, Inc.		281,000		6,631,600
Valspar Corp.#		200,300		7,387,064
				14,018,664
Commercial Services — 0.1%
Convergys Corp.†		257,200		3,323,024
Commercial Services - Finance — 1.2%
Alliance Data Systems Corp.†#		109,100		11,172,931
Global Payments, Inc.		172,200		7,616,406
Lender Processing Services, Inc.#		180,900		3,429,864
SEI Investments Co.		320,900		5,391,120
				27,610,321

158

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Computer Aided Design — 0.5%
ANSYS, Inc.†		197,700	$	12,251,469
Computer Services — 0.1%
DST Systems, Inc.		71,800		3,412,654
Computers - Integrated Systems — 1.4%
Diebold, Inc.		137,600		4,151,392
Jack Henry & Associates, Inc.		185,200		6,150,492
MICROS Systems, Inc.†		173,200		8,169,844
NCR Corp.†		337,200		5,897,628
Riverbed Technology, Inc.†		333,100		8,660,600
				33,029,956
Consulting Services — 1.1%
CoreLogic, Inc.†		228,100		3,029,168
Corporate Executive Board Co.#		74,100		2,903,979
FTI Consulting, Inc.†#		89,100		3,821,499
Gartner, Inc.†		206,900		7,827,027
Towers Watson & Co., Class A		112,800		7,350,048
				24,931,721
Consumer Products - Misc. — 0.6%
American Greetings Corp., Class A#		87,200		1,481,528
Scotts Miracle-Gro Co., Class A#		95,700		4,219,413
Tupperware Brands Corp.		122,900		7,160,154
				12,861,095
Containers - Metal/Glass — 0.3%
Greif, Inc., Class A		65,900		3,072,258
Silgan Holdings, Inc.#		106,700		4,154,898
				7,227,156
Containers - Paper/Plastic — 1.2%
Packaging Corp. of America		213,800		5,560,938
Rock-Tenn Co., Class A		152,600		8,888,950
Sonoco Products Co.		214,100		6,953,968
Temple-Inland, Inc.#		232,900		7,413,207
				28,817,063
Data Processing/Management — 0.5%
Acxiom Corp.†#		174,800		2,174,512
Broadridge Financial Solutions, Inc.		264,800		5,976,536
Fair Isaac Corp.#		76,600		2,785,942
				10,936,990
Decision Support Software — 0.4%
MSCI, Inc., Class A†		258,200		8,714,250
Diagnostic Equipment — 0.3%
Gen-Probe, Inc.†		103,300		6,506,867
Diagnostic Kits — 0.4%
IDEXX Laboratories, Inc.†#		121,800		9,158,142
Distribution/Wholesale — 1.8%
Arrow Electronics, Inc.†		246,300		9,004,728
Fossil, Inc.†		113,600		10,177,424
Ingram Micro, Inc., Class A†		337,500		6,078,375
LKQ Corp.†		313,900		9,583,367
Owens & Minor, Inc.#		136,700		4,210,360
Watsco, Inc.#		60,700		3,854,450
				42,908,704
Diversified Manufacturing Operations — 1.8%
Brink’s Co.#		100,300		2,469,386
Carlisle Cos., Inc.		132,000		5,887,200
Crane Co.		104,500		5,014,955
Harsco Corp.		173,000		3,570,720

Security Description	Shares		Value (Note 2)
Diversified Manufacturing Operations (continued)
ITT Corp.		198,600	$	4,005,762
Matthews International Corp., Class A#		62,700		2,079,759
Pentair, Inc.#		211,700		8,050,951
SPX Corp.		109,500		6,942,300
Trinity Industries, Inc.		171,800		4,910,044
				42,931,077
E-Marketing/Info — 0.2%
Digital River, Inc.†#		80,100		1,280,799
ValueClick, Inc.†#		177,600		2,745,696
				4,026,495
Electric Products - Misc. — 0.6%
AMETEK, Inc.		346,100		14,826,924
Electric - Integrated — 3.5%
Alliant Energy Corp.		237,900		10,041,759
Black Hills Corp.#		84,500		2,767,375
Cleco Corp.#		130,900		4,730,726
Great Plains Energy, Inc.		291,500		6,133,160
Hawaiian Electric Industries, Inc.#		205,500		5,324,505
IDACORP, Inc.#		106,600		4,369,534
MDU Resources Group, Inc.		404,700		8,688,909
NSTAR		222,000		10,098,780
NV Energy, Inc.		505,800		7,758,972
OGE Energy Corp.		210,000		11,121,600
PNM Resources, Inc.		170,800		3,263,988
Westar Energy, Inc.#		248,200		6,855,284
				81,154,592
Electronic Components - Misc. — 0.5%
Gentex Corp.#		306,800		9,044,464
Vishay Intertechnology, Inc.†#		336,900		3,331,941
				12,376,405
Electronic Components - Semiconductors — 1.7%
Cree, Inc.†#		248,000		6,170,240
Fairchild Semiconductor International, Inc.†		273,700		3,544,415
International Rectifier Corp.†		150,100		3,156,603
Intersil Corp., Class A		269,800		2,867,974
QLogic Corp.†		222,800		3,324,176
Rovi Corp.†		238,500		6,618,375
Semtech Corp.†		140,100		3,250,320
Silicon Laboratories, Inc.†#		89,700		3,876,834
Skyworks Solutions, Inc.†		399,300		6,512,583
				39,321,520
Electronic Connectors — 0.3%
Thomas & Betts Corp.†		112,600		5,856,326
Electronic Design Automation — 0.7%
Cadence Design Systems, Inc.†		576,800		6,310,192
Mentor Graphics Corp.†		200,000		2,548,000
Synopsys, Inc.†		308,800		8,637,136
				17,495,328
Electronic Measurement Instruments — 0.8%
Itron, Inc.†		87,200		3,089,496
National Instruments Corp.		198,300		5,215,290
Trimble Navigation, Ltd.†		263,200		11,338,656
				19,643,442
Electronic Parts Distribution — 0.6%
Avnet, Inc.†		327,500		9,756,225
Tech Data Corp.†		93,000		4,578,390
				14,334,615

159

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Engineering/R&D Services — 1.1%
Aecom Technology Corp.†		256,000	$	5,491,200
KBR, Inc.		323,200		9,340,480
Shaw Group, Inc.†		154,800		3,842,136
URS Corp.†		170,600		6,165,484
				24,839,300
Enterprise Software/Service — 0.8%
Advent Software, Inc.†#		70,600		1,906,200
Concur Technologies, Inc.†#		99,500		4,699,385
Informatica Corp.†		228,700		10,281,209
ManTech International Corp., Class A#		49,600		1,676,480
				18,563,274
Environmental Monitoring & Detection — 0.1%
Mine Safety Appliances Co.#		65,900		2,320,998
Filtration/Separation Products — 0.5%
Donaldson Co., Inc.		161,800		11,059,030
Finance - Investment Banker/Broker — 0.5%
Greenhill & Co., Inc.#		62,400		2,406,144
Jefferies Group, Inc.#		316,300		3,618,472
Raymond James Financial, Inc.		219,800		6,552,238
				12,576,854
Food - Baking — 0.2%
Flowers Foods, Inc.#		242,700		4,798,179
Food - Confectionery — 0.1%
Tootsie Roll Industries, Inc.#		53,300		1,285,063
Food - Meat Products — 0.4%
Smithfield Foods, Inc.†		353,700		8,662,113
Food - Misc. — 0.9%
Corn Products International, Inc.		164,500		8,552,355
Lancaster Colony Corp.#		42,800		3,013,120
RalCorp Holdings, Inc.†		118,200		9,612,024
				21,177,499
Food - Retail — 0.2%
Ruddick Corp.#		105,300		4,196,205
Footwear & Related Apparel — 0.4%
Deckers Outdoor Corp.†#		82,600		8,998,857
Funeral Services & Related Items — 0.2%
Service Corp. International		508,000		5,207,000
Gas - Distribution — 2.5%
AGL Resources, Inc.#		168,200		6,934,886
Atmos Energy Corp.		193,500		6,619,635
National Fuel Gas Co.		177,300		10,274,535
Questar Corp.		380,500		7,343,650
Southern Union Co.		267,400		11,022,228
UGI Corp.		239,600		7,178,416
Vectren Corp.		175,300		5,101,230
WGL Holdings, Inc.#		110,000		4,715,700
				59,190,280
Hazardous Waste Disposal — 0.3%
Clean Harbors, Inc.†		101,100		6,062,967
Human Resources — 0.3%
Korn/Ferry International†#		100,900		1,698,147
Manpower, Inc.		175,600		6,432,228
				8,130,375
Industrial Automated/Robotic — 0.3%
Nordson Corp.#		127,800		6,014,268

Security Description	Shares		Value (Note 2)
Instruments-Controls — 0.7%
Mettler-Toledo International, Inc.†		68,300	$	10,914,340
Woodward, Inc.#		128,300		5,432,222
				16,346,562
Insurance Brokers — 0.5%
Arthur J. Gallagher & Co.		241,200		7,472,376
Brown & Brown, Inc.		248,100		5,175,366
				12,647,742
Insurance - Life/Health — 0.3%
Protective Life Corp.		181,500		4,027,485
StanCorp Financial Group, Inc.#		95,500		3,367,330
				7,394,815
Insurance - Multi-line — 0.6%
American Financial Group, Inc.		168,000		6,048,000
Kemper Corp.		107,600		2,964,380
Old Republic International Corp.#		547,400		4,499,628
				13,512,008
Insurance - Property/Casualty — 1.4%
Fidelity National Financial, Inc., Class A		479,000		7,601,730
First American Financial Corp.		225,800		2,619,280
Hanover Insurance Group, Inc.		97,400		3,514,192
HCC Insurance Holdings, Inc.		235,800		6,338,304
Mercury General Corp.		77,600		3,490,448
WR Berkley Corp.#		243,300		8,298,963
				31,862,917
Insurance - Reinsurance — 1.2%
Aspen Insurance Holdings, Ltd.		151,800		4,025,736
Everest Re Group, Ltd.		116,500		10,220,545
Reinsurance Group of America, Inc.		158,800		8,178,200
Transatlantic Holdings, Inc.		123,100		6,726,184
				29,150,665
Internet Infrastructure Software — 0.4%
TIBCO Software, Inc.†		348,700		9,554,380
Intimate Apparel — 0.2%
Warnaco Group, Inc.†#		86,800		4,399,892
Investment Companies — 0.1%
Apollo Investment Corp.		421,000		3,035,410
Investment Management/Advisor Services — 1.0%
Affiliated Managers Group, Inc.†		111,600		10,554,012
Eaton Vance Corp.#		251,500		6,043,545
Janus Capital Group, Inc.#		399,900		2,639,340
Waddell & Reed Financial, Inc., Class A		184,500		5,014,710
				24,251,607
Leisure Products — 0.1%
WMS Industries, Inc.†#		119,500		2,505,915
Lighting Products & Systems — 0.2%
Acuity Brands, Inc.#		92,900		4,668,225
Machine Tools & Related Products — 0.6%
Kennametal, Inc.		174,200		6,638,762
Lincoln Electric Holdings, Inc.		180,500		7,126,140
				13,764,902
Machinery - Construction & Mining — 0.2%
Terex Corp.†#		234,900		3,624,507
Machinery - Electrical — 0.2%
Regal-Beloit Corp.		89,000		4,686,740

160

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Machinery - Farming — 0.4%
AGCO Corp.†		206,800	$	9,461,100
Machinery - General Industrial — 1.0%
Gardner Denver, Inc.		112,200		9,617,784
IDEX Corp.		178,100		6,493,526
Wabtec Corp.		103,400		7,057,050
				23,168,360
Machinery - Print Trade — 0.2%
Zebra Technologies Corp., Class A†		115,400		4,369,044
Machinery - Pumps — 0.2%
Graco, Inc.		130,400		5,605,896
Medical Information Systems — 0.3%
Allscripts Healthcare Solutions, Inc.†		402,900		7,840,434
Medical Instruments — 0.4%
Techne Corp.		79,500		5,365,455
Thoratec Corp.†		128,100		3,896,802
				9,262,257
Medical Labs & Testing Services — 0.3%
Covance, Inc.†#		130,200		5,977,482
Medical Products — 1.2%
Cooper Cos., Inc.		102,300		6,266,898
Henry Schein, Inc.†		198,100		12,745,754
Hill - Rom Holdings, Inc.		135,400		4,278,640
Teleflex, Inc.		87,200		5,308,736
				28,600,028
Medical Sterilization Products — 0.2%
STERIS Corp.#		127,000		3,818,890
Medical - Biomedical/Gene — 1.1%
Bio-Rad Laboratories, Inc., Class A†		42,100		3,970,030
Charles River Laboratories International, Inc.†		110,100		3,121,335
United Therapeutics Corp.†		111,200		4,549,192
Vertex Pharmaceuticals, Inc.†		446,000		12,929,540
				24,570,097
Medical - Drugs — 0.6%
Endo Pharmaceuticals Holdings, Inc.†		249,900		8,554,077
Medicis Pharmaceutical Corp., Class A		135,800		4,433,870
				12,987,947
Medical - Generic Drugs — 0.8%
Perrigo Co.#		198,900		19,472,310
Medical - HMO — 0.7%
AMERIGROUP Corp.†		106,400		6,082,888
Health Net, Inc.†		177,800		5,536,692
WellCare Health Plans, Inc.†#		91,600		5,354,020
				16,973,600
Medical - Hospitals — 0.9%
Community Health Systems, Inc.†		199,800		3,970,026
Health Management Associates, Inc., Class A†		544,600		4,476,612
LifePoint Hospitals, Inc.†#		103,300		4,052,459
Universal Health Services, Inc., Class B		209,600		8,430,112
				20,929,209
Medical - Outpatient/Home Medical — 0.2%
Lincare Holdings, Inc.#		189,800		4,498,260
Metal Processors & Fabrication — 0.6%
Commercial Metals Co.		247,600		3,461,448
Timken Co.		180,900		7,599,609
Worthington Industries, Inc.#		118,300		2,080,897
				13,141,954

Security Description	Shares		Value (Note 2)
Miscellaneous Manufacturing — 0.3%
Aptargroup, Inc.		143,100	$	7,268,049
Motion Pictures & Services — 0.1%
DreamWorks Animation SKG, Inc., Class A†#		152,200		2,826,354
Multimedia — 0.5%
FactSet Research Systems, Inc.#		98,200		9,155,186
Meredith Corp.#		80,100		2,322,900
				11,478,086
Networking Products — 0.3%
Polycom, Inc.†		379,100		6,406,790
Non-Hazardous Waste Disposal — 0.3%
Waste Connections, Inc.#		242,300		7,940,171
Office Furnishings - Original — 0.2%
Herman Miller, Inc.#		124,600		2,690,114
HNI Corp.#		96,000		2,515,200
				5,205,314
Oil & Gas Drilling — 0.7%
Atwood Oceanics, Inc.†#		121,100		4,965,100
Patterson-UTI Energy, Inc.		333,600		7,012,272
Unit Corp.†		88,800		4,495,056
				16,472,428
Oil Companies - Exploration & Production — 2.4%
Bill Barrett Corp.†		101,900		3,974,100
Cimarex Energy Co.		183,400		12,302,472
Comstock Resources, Inc.†#		102,100		1,697,923
Energen Corp.		154,500		7,836,240
Forest Oil Corp.†		245,100		3,931,404
Northern Oil And Gas, Inc.†#		135,300		3,313,497
Plains Exploration & Production Co.†		302,200		10,752,276
Quicksilver Resources, Inc.†#		256,700		2,079,270
SM Energy Co.		136,600		10,858,334
				56,745,516
Oil Field Machinery & Equipment — 0.6%
Dresser-Rand Group, Inc.†		161,200		8,393,684
Dril-Quip, Inc.†		73,800		5,249,394
				13,643,078
Oil Refining & Marketing — 0.4%
HollyFrontier Corp.		450,300		10,469,475
Oil - Field Services — 1.5%
CARBO Ceramics, Inc.#		42,700		6,077,064
Exterran Holdings, Inc.†#		137,000		1,570,020
Helix Energy Solutions Group, Inc.†		227,100		4,028,754
Oceaneering International, Inc.		232,600		11,062,456
Oil States International, Inc.†		110,000		8,277,500
Superior Energy Services, Inc.†		171,100		5,083,381
				36,099,175
Paper & Related Products — 0.3%
Domtar Corp.		78,100		6,133,193
Patient Monitoring Equipment — 0.1%
Masimo Corp.†#		128,500		2,654,810
Pharmacy Services — 0.6%
Catalyst Health Solutions, Inc.†		106,900		5,560,938
Omnicare, Inc.#		248,200		8,093,802
				13,654,740
Physicians Practice Management — 0.3%
Mednax, Inc.†		104,500		7,043,300

161

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Power Converter/Supply Equipment — 0.4%
Hubbell, Inc., Class B		128,500	$	8,406,470
Printing - Commercial — 0.2%
Deluxe Corp.#		109,400		2,500,884
Valassis Communications, Inc.†#		101,000		1,940,210
				4,441,094
Private Corrections — 0.2%
Corrections Corp. of America†		213,300		4,479,300
Publishing - Books — 0.3%
John Wiley & Sons, Inc., Class A		101,800		4,896,580
Scholastic Corp.		54,000		1,461,780
				6,358,360
Publishing - Newspapers — 0.1%
New York Times Co., Class A†#		259,100		1,886,248
Quarrying — 0.2%
Compass Minerals International, Inc.		70,500		5,403,825
Racetracks — 0.1%
International Speedway Corp., Class A		61,100		1,503,060
Real Estate Investment Trusts — 7.9%
Alexandria Real Estate Equities, Inc.		132,700		8,699,812
American Campus Communities, Inc.		149,000		5,861,660
BRE Properties, Inc.		160,200		7,795,332
Camden Property Trust		152,600		8,809,598
Corporate Office Properties Trust		154,100		3,212,985
Cousins Properties, Inc.#		222,300		1,322,685
Duke Realty Corp.#		541,800		6,284,880
Equity One, Inc.#		127,800		2,135,538
Essex Property Trust, Inc.#		70,100		9,312,785
Federal Realty Investment Trust#		134,600		11,902,678
Highwoods Properties, Inc.#		155,200		4,475,968
Home Properties, Inc.		100,700		5,535,479
Hospitality Properties Trust		264,600		5,829,138
Liberty Property Trust		247,900		7,389,899
Macerich Co.		282,800		14,168,280
Mack-Cali Realty Corp.		186,600		4,754,568
Omega Healthcare Investors, Inc.#		221,000		3,962,530
Potlatch Corp.#		86,100		2,768,976
Rayonier, Inc.		261,100		10,611,104
Realty Income Corp.#		271,900		9,206,534
Regency Centers Corp.		192,700		7,160,732
Senior Housing Properties Trust		345,900		7,578,669
SL Green Realty Corp.		183,200		12,061,888
Taubman Centers, Inc.		124,100		7,735,153
UDR, Inc.		469,600		11,035,600
Weingarten Realty Investors#		259,000		5,358,710
				184,971,181
Real Estate Management/Services — 0.3%
Jones Lang LaSalle, Inc.		93,100		5,997,502
Recreational Centers — 0.2%
Life Time Fitness, Inc.†#		90,700		3,694,211
Recreational Vehicles — 0.4%
Polaris Industries, Inc.		148,200		8,906,820
Rental Auto/Equipment — 0.6%
Aaron’s, Inc.		168,600		4,430,808
Rent-A-Center, Inc.		132,100		4,748,995
United Rentals, Inc.†#		134,300		3,779,202
				12,959,005
Research & Development — 0.3%
Pharmaceutical Product Development, Inc.		244,100		8,106,561

Security Description	Shares		Value (Note 2)
Respiratory Products — 0.4%
ResMed, Inc.†#		324,800	$	8,461,040
Retail - Apparel/Shoe — 1.8%
Aeropostale, Inc.†#		173,100		2,684,781
American Eagle Outfitters, Inc.		417,800		5,811,598
ANN, Inc.†#		112,000		2,627,520
Ascena Retail Group, Inc.†#		147,300		4,053,696
Chico’s FAS, Inc.		369,100		3,838,640
Collective Brands, Inc.†#		129,800		1,810,710
Foot Locker, Inc.		327,900		7,735,161
Guess?, Inc.		143,200		4,026,784
PVH Corp.		144,800		9,830,472
				42,419,362
Retail - Auto Parts — 0.5%
Advance Auto Parts, Inc.		158,000		10,936,760
Retail - Automobile — 0.2%
Copart, Inc.†		114,300		5,135,499
Retail - Bookstores — 0.1%
Barnes & Noble, Inc.†#		87,700		1,529,488
Retail - Catalog Shopping — 0.3%
MSC Industrial Direct Co., Class A		100,100		6,959,953
Retail - Consumer Electronics — 0.1%
RadioShack Corp.#		213,900		2,455,572
Retail - Discount — 1.0%
99 Cents Only Stores†		101,300		2,213,405
Dollar Tree, Inc.†		261,500		21,309,635
				23,523,040
Retail - Gardening Products — 0.5%
Tractor Supply Co.		153,100		11,058,413
Retail - Hair Salons — 0.1%
Regis Corp.#		123,700		2,006,414
Retail - Jewelry — 0.4%
Signet Jewelers, Ltd.		186,200		8,244,936
Retail - Mail Order — 0.4%
Williams-Sonoma, Inc.		224,000		8,460,480
Retail - Major Department Stores — 0.1%
Saks, Inc.†#		342,900		3,264,408
Retail - Office Supplies — 0.1%
Office Depot, Inc.†		600,200		1,350,450
Retail - Pet Food & Supplies — 0.5%
PetSmart, Inc.		241,700		11,662,025
Retail - Restaurants — 1.0%
Bob Evans Farms, Inc.#		65,000		2,176,200
Brinker International, Inc.#		177,200		4,266,976
Cheesecake Factory, Inc.†#		120,800		3,425,888
Panera Bread Co., Class A†		65,200		9,348,376
Wendy’s Co.		645,300		3,200,688
				22,418,128
Retail - Sporting Goods — 0.3%
Dick’s Sporting Goods, Inc.†		206,400		8,113,584
Savings & Loans/Thrifts — 0.9%
Astoria Financial Corp.#		179,500		1,353,430
First Niagara Financial Group, Inc.		632,000		5,561,600
New York Community Bancorp, Inc.#		937,600		11,288,704
Washington Federal, Inc.		236,400		3,075,564
				21,279,298

162

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Schools — 0.2%
Career Education Corp.†		129,100	$	911,446
ITT Educational Services, Inc.†#		43,400		2,385,264
Strayer Education, Inc.#		25,700		2,499,582
				5,796,292
Semiconductor Components - Integrated Circuits — 0.7%
Atmel Corp.†		997,900		8,851,373
Cypress Semiconductor Corp.†#		332,800		6,346,496
Integrated Device Technology, Inc.†#		313,300		1,817,140
				17,015,009
Semiconductor Equipment — 0.5%
Lam Research Corp.†		265,300		10,816,281
Shipbuilding — 0.1%
Huntington Ingalls Industries, Inc.†		104,600		3,321,050
Soap & Cleaning Preparation — 0.6%
Church & Dwight Co., Inc.		307,700		13,615,725
Steel Pipe & Tube — 0.2%
Valmont Industries, Inc.		48,200		4,105,676
Steel - Producers — 0.8%
Carpenter Technology Corp.		94,700		5,127,058
Reliance Steel & Aluminum Co.		160,500		7,882,155
Steel Dynamics, Inc.		468,700		6,177,466
				19,186,679
Telecom Equipment - Fiber Optics — 0.1%
Ciena Corp.†#		207,700		2,515,247
Telecom Services — 0.5%
NeuStar, Inc., Class A†		157,200		5,303,928
tw telecom, Inc.†		323,000		6,069,170
				11,373,098
Telecommunication Equipment — 0.3%
ADTRAN, Inc.#		138,100		4,561,443
Plantronics, Inc.#		93,300		3,215,118
				7,776,561
Telephone - Integrated — 0.2%
Telephone and Data Systems, Inc.#		197,100		5,319,729
Textile - Home Furnishings — 0.3%
Mohawk Industries, Inc.†		122,300		6,672,688
Tobacco — 0.1%
Universal Corp.#		49,800		2,359,524
Transactional Software — 0.8%
ACI Worldwide, Inc†#		71,700		2,156,736
Solera Holdings, Inc.		151,900		7,187,908
VeriFone Systems, Inc.†		222,300		9,747,855
				19,092,499
Transport - Equipment & Leasing — 0.2%
GATX Corp.#		99,900		4,264,731
Transport - Marine — 0.7%
Alexander & Baldwin, Inc.		89,400		3,387,366
Kirby Corp.†#		119,300		7,668,604
Tidewater, Inc.#		111,200		5,604,480
				16,660,450
Transport - Rail — 0.7%
Kansas City Southern†		235,400		16,014,262
Transport - Services — 0.1%
UTi Worldwide, Inc.		220,300		3,427,868

Security Description	Shares/ Principal Amount			Value (Note 2)
Transport - Truck — 0.8%
Con-way, Inc.		119,100		$	3,345,519
J.B. Hunt Transport Services, Inc.		198,400			9,070,848
Landstar System, Inc.		102,300			4,733,421
Werner Enterprises, Inc.#		95,200			2,231,488
					19,381,276
Veterinary Diagnostics — 0.2%
VCA Antech, Inc.†#		185,600			3,648,896
Water — 0.3%
Aqua America, Inc.#		296,700			6,497,730
Web Hosting/Design — 0.8%
Equinix, Inc.†#		100,800			10,082,016
Rackspace Hosting, Inc.†#		220,800			9,578,304
					19,660,320
Web Portals/ISP — 0.1%
AOL, Inc.†#		208,700			2,992,758
Wire & Cable Products — 0.1%
General Cable Corp.†#		111,800			2,962,700
Wireless Equipment — 0.2%
RF Micro Devices, Inc.†#		592,400			3,690,652
X-Ray Equipment — 0.4%
Hologic, Inc.†		561,900			9,895,059
Total Long-Term Investment Securities
(cost $2,191,821,004)					2,303,861,715
SHORT-TERM INVESTMENT SECURITIES — 13.3%
Collective Investment Pool — 13.2%
Navigator Securities Lending Prime Portfolio(1)(5)		308,900,225			308,900,225
U.S. Government Treasuries — 0.1%
United States Treasury Bills 0.00% due 12/15/11(2)	$	2,760,000			2,760,000
Total Short-Term Investment Securities
(cost $311,660,225)					311,660,225
REPURCHASE AGREEMENT — 1.1%
State Street Bank & Trust Co. Joint Repurchase Agreement(3) (cost $24,833,000)		24,833,000			24,833,000
TOTAL INVESTMENTS
(cost $2,528,314,229)(4)		113.1	%		2,640,354,940
Liabilities in excess of other assets		(13.1	)		(306,553,239	)
NET ASSETS		100.0	%	$	2,333,801,701

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

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

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

(5) At November 30, 2011, the Fund had loaned securities with a total value of $320,249,273. This was secured by collateral of $308,900,225, which was received in cash and subsequently invested in short-term investments currently valued at $308,900,225 as reported in the portfolio of investments. The remaining collateral of $1,938,720 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.

163

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

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

Securities	Coupon Range	Maturity Date Range
United States Treasury Notes/Bonds	4.00% to 4.25%	02/15/12 to 08/15/15

Open Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Value at Trade Date		Value as of November 30, 2011		Unrealized Appreciation (Depreciation)
	350	Long	S&P Midcap 400 E-mini Index		December 2011	$	30,726,357	$	30,908,500	$	182,143

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2011 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Long-Term Investment Securities:
Common Stock:
Real Estate Investment Trusts	$	184,971,181	$	—	$	—	$	184,971,181
Other Industries*		2,118,890,534		—		—		2,118,890,534
Short-Term Investment Securities:
Collective Investment Pool		—		308,900,225		—		308,900,225
U.S. Government Treasuries		—		2,760,000		—		2,760,000
Repurchase Agreement		—		24,833,000		—		24,833,000
Other Financial Instruments:†
Open Futures Contracts - Appreciation		182,143		—		—		182,143
Total	$	2,304,043,858	$	336,493,225	$	—	$	2,640,537,083

* 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 and swap contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.

See Notes to Financial Statements

164

VALIC Company I Mid Cap Strategic Growth Fund

PORTFOLIO PROFILE — November 30, 2011 (Unaudited)

Industry Allocation*

Collective Investment Pool	15.4	%
Oil Companies — Exploration & Production	4.5
Applications Software	4.3
Commercial Services	4.3
Medical Instruments	3.8
Electronic Components — Semiconductors	3.7
Consulting Services	3.6
Wireless Equipment	2.7
Multimedia	2.4
Distribution/Wholesale	2.4
Medical — Drugs	2.4
Vitamins & Nutrition Products	2.3
E-Commerce/Services	2.2
Transport — Services	2.2
Retail — Discount	1.9
Decision Support Software	1.8
Transactional Software	1.7
Computer Software	1.5
Retail — Restaurants	1.4
Metal — Diversified	1.2
Web Portals/ISP	1.2
Medical — Biomedical/Gene	1.2
Chemicals — Diversified	1.1
Medical Information Systems	1.1
Computer Services	1.1
E-Commerce/Products	1.0
Electric — Distribution	1.0
Internet Content — Information/News	1.0
Machinery — Electrical	1.0
Finance — Other Services	1.0
Diagnostic Equipment	1.0
Diagnostic Kits	1.0
Machinery — General Industrial	1.0
Oil Field Machinery & Equipment	1.0
Hazardous Waste Disposal	1.0
Commercial Services — Finance	1.0
Time Deposits	0.9
Semiconductor Components — Integrated Circuits	0.9
Schools	0.8
Finance — Investment Banker/Broker	0.8
Diversified Operations	0.8
Electric Products — Misc.	0.8
Retail — Sporting Goods	0.8
Agricultural Chemicals	0.7
Building Products — Cement	0.7
Electronic Measurement Instruments	0.7
Energy — Alternate Sources	0.7
Retail — Apparel/Shoe	0.7
Aerospace/Defense — Equipment	0.7
Food — Confectionery	0.7
Internet Content — Entertainment	0.7
Auto/Truck Parts & Equipment — Original	0.7
Retail — Hypermarkets	0.6
Retail — Gardening Products	0.6
Cellular Telecom	0.6
Television	0.6
Medical — Generic Drugs	0.6
Medical Products	0.6
Motorcycle/Motor Scooter	0.6
Engineering/R&D Services	0.6
Cosmetics & Toiletries	0.6
Internet Infrastructure Software	0.6
Oil & Gas Drilling	0.6
Broadcast Services/Program	0.6
Coal	0.5
Auto — Cars/Light Trucks	0.5
Entertainment Software	0.5
Industrial Automated/Robotic	0.5
Oil — Field Services	0.5

Banks — Commercial	0.5
Steel — Producers	0.5
Metal — Iron	0.5
Industrial Gases	0.5
Computers — Integrated Systems	0.5
Internet Security	0.4
X-Ray Equipment	0.4
Transport — Truck	0.4
Footwear & Related Apparel	0.4
Food — Retail	0.4
Telecommunication Equipment	0.4
Medical — HMO	0.4
Computers — Memory Devices	0.4
Dialysis Centers	0.4
Hotels/Motels	0.4
Pharmacy Services	0.4
Containers — Metal/Glass	0.4
Auto — Heavy Duty Trucks	0.3
Beverages — Non-alcoholic	0.3
Apparel Manufacturers	0.3
Toys	0.3
Machinery — Construction & Mining	0.3
Banks — Super Regional	0.3
Insurance — Property/Casualty	0.3
Chemicals — Specialty	0.3
Non — Hazardous Waste Disposal	0.2
Machine Tools & Related Products	0.2
Machinery — Pumps	0.2
Advertising Agencies	0.2
Diversified Manufacturing Operations	0.1
Investment Management/Advisor Services	0.1
Motion Pictures & Services	0.1
Internet Application Software	0.1
Physicians Practice Management	0.1
	115.2	%

* Calculated as a percentage of net assets.

165

VALIC Company I Mid Cap Strategic Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCK — 96.7%
Advertising Agencies — 0.2%
Interpublic Group of Cos., Inc.#		45,560	$	427,353
Aerospace/Defense - Equipment — 0.7%
BE Aerospace, Inc.†		37,180		1,448,161
Goodrich Corp.		3,220		392,872
				1,841,033
Agricultural Chemicals — 0.7%
Intrepid Potash, Inc.†#		84,725		1,962,231
Apparel Manufacturers — 0.3%
Ralph Lauren Corp.		5,640		800,090
Applications Software — 4.3%
Citrix Systems, Inc.†		21,292		1,520,036
Red Hat, Inc.†		112,748		5,646,420
Salesforce.com, Inc.†#		28,415		3,364,904
SuccessFactors, Inc.†#		37,005		947,328
				11,478,688
Auto - Heavy Duty Trucks — 0.3%
Navistar International Corp.†		24,500		912,135
Auto/Truck Parts & Equipment - Original — 0.7%
BorgWarner, Inc.†#		26,720		1,761,382
Banks - Commercial — 0.5%
Zions Bancorporation#		81,680		1,314,231
Banks - Super Regional — 0.3%
Fifth Third Bancorp#		60,515		731,626
Beverages - Non - alcoholic — 0.3%
Coca - Cola Enterprises, Inc.		33,620		878,154
Broadcast Services/Program — 0.6%
Discovery Communications, Inc., Class A†		27,025		1,134,510
Scripps Networks Interactive, Inc., Class A		10,565		420,698
				1,555,208
Building Products - Cement — 0.7%
Martin Marietta Materials, Inc.#		24,144		1,889,509
Cellular Telecom — 0.6%
Millicom International Cellular SA SDR(1)		15,165		1,641,234
Chemicals - Diversified — 1.1%
Celanese Corp., Series A		10,585		492,097
Rockwood Holdings, Inc.†		55,898		2,490,815
				2,982,912
Chemicals - Specialty — 0.3%
International Flavors & Fragrances, Inc.		13,045		707,822
Coal — 0.5%
Arch Coal, Inc.		35,750		585,942
Consol Energy, Inc.		20,590		857,368
				1,443,310
Commercial Services — 4.3%
Edenred(1)		229,976		6,133,969
Intertek Group PLC(1)		83,807		2,540,705
Weight Watchers International, Inc.#		46,877		2,754,961
				11,429,635
Commercial Services - Finance — 1.0%
Morningstar, Inc.#		41,909		2,525,017
Computer Services — 1.1%
IHS, Inc., Class A†#		31,665		2,798,553

Security Description	Shares		Value (Note 2)
Computer Software — 1.5%
Akamai Technologies, Inc.†#		137,591	$	3,977,756
Computers - Integrated Systems — 0.5%
Brocade Communications Systems, Inc.†		220,900		1,188,442
Computers - Memory Devices — 0.4%
Western Digital Corp.†		34,575		1,005,095
Consulting Services — 3.6%
Gartner, Inc.†		69,904		2,644,468
Qualicorp SA†		293,820		2,477,814
Verisk Analytics, Inc., Class A†		111,146		4,365,815
				9,488,097
Containers - Metal/Glass — 0.4%
Owens - Illinois, Inc.†#		48,020		937,831
Cosmetics & Toiletries — 0.6%
Natura Cosmeticos SA		79,315		1,592,133
Decision Support Software — 1.8%
MSCI, Inc., Class A†#		137,751		4,649,096
Diagnostic Equipment — 1.0%
Gen - Probe, Inc.†		41,905		2,639,596
Diagnostic Kits — 1.0%
IDEXX Laboratories, Inc.†#		34,815		2,617,740
Dialysis Centers — 0.4%
DaVita, Inc.†		13,170		1,003,291
Distribution/Wholesale — 2.4%
Fastenal Co.#		135,074		5,625,832
Fossil, Inc.†#		8,415		753,900
				6,379,732
Diversified Manufacturing Operations — 0.1%
Cooper Industries PLC		6,795		377,326
Diversified Operations — 0.8%
Leucadia National Corp.#		91,891		2,152,087
E - Commerce/Products — 1.0%
MercadoLibre, Inc.#		8,783		770,181
Netflix, Inc.†#		30,526		1,969,843
				2,740,024
E - Commerce/Services — 1.1%
Alibaba.com, Ltd.(1)		855,600		884,370
Ctrip.com International, Ltd. ADR†#		61,038		1,660,234
Groupon, Inc., Class A†#		23,456		410,480
				2,955,084
Electric Products - Misc. — 0.8%
AMETEK, Inc.		49,815		2,134,075
Electric - Distribution — 1.0%
Brookfield Infrastructure Partners LP		105,028		2,693,968
Electronic Components - Semiconductors — 3.7%
Altera Corp.		26,795		1,009,368
ARM Holdings PLC ADR#		105,535		2,983,474
Avago Technologies, Ltd.		27,765		830,729
First Solar, Inc.†#		30,968		1,482,129
Microchip Technology, Inc.#		29,995		1,047,125
NVIDIA Corp.†#		37,512		586,313
ON Semiconductor Corp.†		146,940		1,106,458
Skyworks Solutions, Inc.†		32,300		526,813
Xilinx, Inc.		9,055		296,189
				9,868,598

166

VALIC Company I Mid Cap Strategic Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Electronic Measurement Instruments — 0.7%
Agilent Technologies, Inc.†		50,145	$	1,880,437
Energy - Alternate Sources — 0.7%
Covanta Holding Corp.		123,974		1,850,932
Engineering/R&D Services — 0.6%
KBR, Inc.		55,155		1,593,979
Finance - Investment Banker/Broker — 0.8%
Greenhill & Co., Inc.#		29,170		1,124,795
Lazard, Ltd., Class A		30,730		793,449
TD Ameritrade Holding Corp.		15,320		249,563
				2,167,807
Finance - Other Services — 1.0%
IntercontinentalExchange, Inc.†		19,715		2,399,710
NASDAQ OMX Group, Inc.†		10,045		263,681
				2,663,391
Food - Confectionery — 0.7%
Hershey Co.#		17,580		1,014,015
J.M. Smucker Co.		10,840		823,623
				1,837,638
Food - Retail — 0.4%
Whole Foods Market, Inc.		15,850		1,079,385
Footwear & Related Apparel — 0.4%
Deckers Outdoor Corp.†#		9,990		1,088,361
Hazardous Waste Disposal — 1.0%
Stericycle, Inc.†#		31,307		2,536,493
Hotel/Motels — 0.4%
Starwood Hotels & Resorts Worldwide, Inc.		20,740		988,883
Industrial Automated/Robotic — 0.5%
Rockwell Automation, Inc.#		18,390		1,379,802
Industrial Gases — 0.5%
Airgas, Inc.		15,545		1,196,188
Insurance - Property/Casualty — 0.3%
Arch Capital Group, Ltd.†		18,890		713,475
Internet Content - Entertainment — 0.7%
Renren, Inc. ADR†#		34,795		128,741
Youku.com, Inc. ADR†#		84,437		1,649,055
				1,777,796
Internet Content - Information/News — 1.0%
LinkedIn Corp., Class A†#		40,566		2,674,516
Internet Infrastructure Software — 0.6%
TIBCO Software, Inc.†		57,620		1,578,788
Internet Security — 0.4%
Symantec Corp.†		72,005		1,177,282
Investment Management/Advisor Services — 0.1%
Invesco, Ltd.		14,715		297,979
Machine Tools & Related Products — 0.2%
Kennametal, Inc.		15,215		579,844
Machinery - Construction & Mining — 0.3%
Joy Global, Inc.		8,470		773,142
Machinery - Electrical — 1.0%
Schindler Holding AG(1)		22,260		2,671,719
Machinery - General Industrial — 1.0%
Gardner Denver, Inc.		17,820		1,527,530

Security Description	Shares		Value (Note 2)
Machinery - General Industrial (continued)
Roper Industries, Inc.#		12,390	$	1,055,504
				2,583,034
Machinery - Pumps — 0.2%
Flowserve Corp.		4,360		448,077
Medical Information Systems — 1.1%
athenahealth, Inc.†#		29,430		1,748,142
Cerner Corp.†		18,270		1,114,105
				2,862,247
Medical Instruments — 3.8%
Edwards Lifesciences Corp.†		9,615		634,878
Intuitive Surgical, Inc.†		13,766		5,977,335
St. Jude Medical, Inc.		30,340		1,166,270
Techne Corp.		32,124		2,168,049
				9,946,532
Medical Products — 0.6%
Cooper Cos., Inc.		18,750		1,148,625
Sirona Dental Systems, Inc.†		10,565		469,509
				1,618,134
Medical - Biomedical/Gene — 1.2%
Illumina, Inc.†#		79,887		2,222,456
Inhibitex, Inc.†		18,435		269,151
Seattle Genetics, Inc.†#		34,495		573,652
				3,065,259
Medical - Drugs — 2.4%
Ironwood Pharmaceuticals, Inc.†#		168,630		2,035,364
Shire PLC ADR#		13,120		1,329,319
Valeant Pharmaceuticals International, Inc.†#		64,486		2,979,898
				6,344,581
Medical - Generic Drugs — 0.6%
Watson Pharmaceuticals, Inc.†#		25,080		1,620,670
Medical - HMO — 0.4%
Centene Corp.†#		26,505		1,026,009
Metal - Diversified — 1.2%
Lynas Corp., Ltd.†(1)		631,816		852,973
Molycorp, Inc.†#		70,753		2,394,989
				3,247,962
Metal - Iron — 0.5%
Cliffs Natural Resources, Inc.#		18,765		1,272,455
Motion Pictures & Services — 0.1%
Dolby Laboratories, Inc., Class A†#		8,820		290,354
Motorcycle/Motor Scooter — 0.6%
Harley - Davidson, Inc.		43,455		1,597,840
Multimedia — 2.4%
FactSet Research Systems, Inc.#		27,943		2,605,126
McGraw - Hill Cos., Inc.#		88,645		3,785,141
				6,390,267
Non - Hazardous Waste Disposal — 0.2%
Republic Services, Inc.		21,825		599,096
Oil & Gas Drilling — 0.6%
Rowan Cos., Inc.†		46,155		1,565,116
Oil Companies - Exploration & Production — 4.5%
Cabot Oil & Gas Corp.		13,575		1,202,609
Energy XXI Bermuda, Ltd.†#		21,320		670,301

167

VALIC Company I Mid Cap Strategic Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Oil Companies - Exploration & Production (continued)
Pioneer Natural Resources Co.		23,165	$	2,190,019
Range Resources Corp.#		67,639		4,850,393
Ultra Petroleum Corp.†#		80,951		2,850,285
				11,763,607
Oil Field Machinery & Equipment — 1.0%
Cameron International Corp.†		47,025		2,538,880
Oil - Field Services — 0.5%
Weatherford International, Ltd.†		89,785		1,361,141
Pharmacy Services — 0.4%
SXC Health Solutions Corp.†		16,520		971,706
Physicians Practice Management — 0.1%
Mednax, Inc.†#		3,825		257,805
Retail - Apparel/Shoe — 0.7%
Lululemon Athletica, Inc.†#		31,574		1,569,228
Vera Bradley, Inc.†#		7,120		273,408
				1,842,636
Retail - Discount — 1.9%
Dollar Tree, Inc.†#		60,974		4,968,771
Retail - Gardening Products — 0.6%
Tractor Supply Co.#		22,975		1,659,484
Retail - Hypermarkets — 0.6%
Sun Art Retail Group, Ltd.†(1)		1,203,000		1,687,525
Retail - Restaurants — 1.4%
Chipotle Mexican Grill, Inc.†#		4,455		1,432,550
Dunkin’ Brands Group, Inc.†#		94,334		2,386,650
				3,819,200
Retail - Sporting Goods — 0.8%
Dick’s Sporting Goods, Inc.#		52,780		2,074,782
Schools — 0.8%
DeVry, Inc.#		17,345		598,576
New Oriental Education & Technology Group ADR†		65,050		1,641,862
				2,240,438
Semiconductor Components - Integrated Circuits — 0.9%
Analog Devices, Inc.		15,650		545,559
Atmel Corp.†#		41,310		366,420
Linear Technology Corp.#		10,485		321,155
Marvell Technology Group, Ltd.†		73,540		1,038,385
				2,271,519
Steel - Producers — 0.5%
Carpenter Technology Corp.#		24,110		1,305,315
Telecommunication Equipment — 0.4%
Juniper Networks, Inc.†		46,170		1,048,521
Television — 0.6%
CBS Corp., Class B		62,450		1,626,198
Toys — 0.3%
Hasbro, Inc.		21,710		777,435
Transactional Software — 1.7%
Solera Holdings, Inc.		93,911		4,443,868
Transport - Services — 2.2%
C.H. Robinson Worldwide, Inc.#		31,972		2,190,401
Expeditors International of Washington, Inc.#		81,678		3,553,810
				5,744,211

Security Description	Shares/ Principal Amount			Value (Note 2)
Transport - Truck — 0.4%
J.B. Hunt Transport Services, Inc.		25,630		$	1,171,804
Vitamins & Nutrition Products — 2.3%
Mead Johnson Nutrition Co.		79,310			5,976,802
Web Portals/ISP — 1.2%
Yandex NV, Class A†#		144,144			3,168,285
Wireless Equipment — 2.7%
Motorola Solutions, Inc.		154,321			7,202,161
X - Ray Equipment — 0.4%
Hologic, Inc.†		66,550			1,171,945
Total Common Stock
(cost $248,107,805)					255,559,603
CONVERTIBLE PREFERRED STOCK — 1.6%
Auto - Cars/Light Trucks — 0.5%
Better Place LLC Series B†(2)(3)(4)		314,972			1,429,975
E - Commerce/Services — 1.1%
Groupon, Inc. Series G†(2)(3)(4)		179,588			2,907,530
Total Convertible Preferred Stock
(cost $2,205,727)					4,337,505
PREFERRED STOCK — 0.6%
Entertainment Software — 0.5%
Zynga Game Network, Inc. Series C(2)(3)(4)		98,966			1,388,405
Internet Application Software — 0.1%
Workday, Inc. Series F(2)(3)(4)		20,604			273,209
Total Preferred Stock
(cost $1,661,614)					1,661,614
Total Long - Term Investment Securities
(cost $251,975,146)					261,558,722
SHORT - TERM INVESTMENT SECURITIES — 16.3%
Collective Investment Pool — 15.4%
Navigator Securities Lending Prime Portfolio(5)(6)		40,498,065			40,498,065
Time Deposits — 0.9%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 12/01/11	$	2,431,000			2,431,000
Total Short - Term Investment Securities
(cost $42,929,065)					42,929,065
TOTAL INVESTMENTS
(cost $294,904,211)(7)		115.2	%		304,487,787
Liabilities in excess of other assets		(15.2	)		(40,187,999	)
NET ASSETS —		100.0	%	$	264,299,788

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

† Non-income producing security

(1) Security was valued using fair value procedures at November 30, 2011. The aggregate value of these securities was $16,412,495 representing 6.2% 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.

(2) Illiquid security. At November 30, 2011, the aggregate value of these securities was $5,999,119 representing 2.3% 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

168

VALIC Company I Mid Cap Strategic Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 2011, 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 Series B Convertible Preferred Stock		01/25/10		262,477	$	787,431
		11/30/11		52,495		—
				314,972	$	787,431	$	1,429,975	$	4.54		0.54	%
Groupon, Inc. Series G Convertible Preferred Stock		11/02/11		179,588		1,418,296		2,907,530		16.19		1.10	%
Workday, Inc. Series F Preferred Stock		10/12/11		20,604		273,209		273,209		13.26		0.10	%
Zynga Game Network, Inc. Series C Preferred Stock		02/17/11		49,483		1,388,405
		04/18/11		49,483		–
				98,966		1,388,405		1,388,405		14.03		0.53	%
							$	5,999,119				2.27	%

(4) Fair valued security. Securities are classified as Level 3 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) At November 30, 2011, the Fund had loaned securities with a total value of $42,312,424. This was secured by collateral of $40,498,065 which was received in cash and subsequently invested in short-term investments currently valued at $40,498,065 as reported in the portfolio of investments. The remaining collateral of $791,386 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 Mtg. Corp.	0.29% to 5.00%	01/10/13 to 06/15/40
Federal National Mtg. Assoc.	4.00%	08/25/41
United States Treasury Notes/Bonds	0.75% to 1.88%	04/30/12 to 07/15/19

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

ADR—American Depository Receipt

SDR—Swedish Depository Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2011 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs			Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Long-Term Investment Securities:
Common Stock	$	239,147,108	$	16,412,495	#	$	—	$	255,559,603
Convertible Preferred Stock		—		2,907,530			1,429,975		4,337,505
Preferred Stock		—		—			1,661,614		1,661,614
Short-Term Investment Securities:
Collective Investment Pool		—		40,498,065			—		40,498,065
Time Deposits		—		2,431,000			—		2,431,000
Total	$	239,147,108	$	62,249,090		$	3,091,589	$	304,487,787

# 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 $16,412,495 representing 6.2% 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:

	Convertible Preferred Stock			Preferred Stock
Balance as of 5/31/2011	$	3,532,844		$	1,388,405
Accrued discounts		—			—
Accrued premiums		—			—
Realized gain		—			—
Realized loss		—			—
Change in unrealized appreciation(1)		642,544			—
Change in unrealized depreciation(1)		(1,327,117	)		—
Net purchases		—			273,209
Net sales		(1,418,296	)		—
Transfers into Level 3(2)		—			—
Transfers out of Level 3(2)		—			—
Balance as of 11/30/2011	$	1,429,975		$	1,661,614

169

VALIC Company I Mid Cap Strategic Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

(1) The total change in unrealized appreciation (depreciation) included in the statement of operations attributable to level 3 investments still held at November 30, 2011 includes:

Convertible Preferred Stock		Preferred Stock
$	642,544	$	—

(2) The Fund’s policy is to recognize transfers in and transfers out as of the end of the reporting period.

See Notes to Financial Statements

170

VALIC Company I Money Market I Fund

PORTFOLIO PROFILE — November 30, 2011 (Unaudited)

Industry Allocation*

U.S. Government Agencies	59.6	%
Repurchase Agreement	17.2
Money Center Banks	5.9
U.S. Government Treasuries	5.4
Commercial Banks — Canadian	4.0
Super — Regional Banks — US	4.0
Finance	2.1
Diversified Financial Services	1.8
	100.0	%
Weighted Average Days to Maturity	44.5

Credit Quality@#

A-1 100.0 % 

* Calculated as a percentage of net assets.

@ Source: Standard & Poors.

# Calculated as a percentage of total debt issues.

171

VALIC Company I Money Market I Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited)

Security Description	Principal Amount		Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 82.8%
Certificates of Deposit — 10.0%
Citibank NA 0.21% due 01/30/12	$	7,800,000	$	7,800,000
Rabobank Nederland NV 0.36% due 01/13/12		8,750,000		8,751,671
Royal Bank of Canada FRS 0.29% due 06/18/12		9,250,000		9,250,000
Royal Bank of Canada FRS 0.40% due 07/09/12		8,000,000		8,000,898
UBS AG Stamford CT 0.37% due 03/06/12		9,150,000		9,150,000
Total Certificates of Deposit
(amortized cost $42,952,569)				42,952,569
U.S. Corporate Bonds & Notes — 7.8%
Bank of America NA 0.25% due 12/15/11		9,000,000		9,000,000
Bear Stearns Cos. LLC FRS 0.62% due 02/01/12		8,250,000		8,252,630
General Electric Capital Corp. FRS 0.51% due 04/10/12		9,020,000		9,024,151
JPMorgan Chase & Co. FRS 0.58% due 02/22/12		7,300,000		7,301,878
Total U.S. Corporate Bonds & Notes
(amortized cost $33,578,659)				33,578,659
U.S. Government Agencies — 59.6%
Federal Farm Credit Bank FRS
0.16% due 10/19/12		7,000,000		6,999,382
0.21% due 05/23/12		6,300,000		6,301,829
0.23% due 03/27/12		7,050,000		7,049,775
0.23% due 02/11/13		16,000,000		16,000,000
0.23% due 08/17/12		2,400,000		2,399,827
0.26% due 11/13/12		2,000,000		2,000,972
Federal Home Loan Bank
0.01% due 01/20/12		18,000,000		17,999,750
0.02% due 02/27/12		8,000,000		7,999,562
0.03% due 01/20/12		4,000,000		3,999,833
0.03% due 02/15/12		10,000,000		9,999,472
0.03% due 03/16/12		5,000,000		4,999,558
0.08% due 04/16/12		3,000,000		2,999,087
0.09% due 04/13/12		3,300,000		3,298,894
0.11% due 02/08/12		7,400,000		7,398,440
0.11% due 08/01/12		4,200,000		4,196,869
0.12% due 03/01/12		3,500,000		3,498,938
0.12% due 06/25/12		11,450,000		11,442,099
0.17% due 01/04/12		6,500,000		6,498,956
0.19% due 10/03/12		3,000,000		2,995,139
Federal Home Loan Bank FRS
0.14% due 07/13/12		9,000,000		8,999,723
0.28% due 01/12/12		17,000,000		17,000,000
0.29% due 01/20/12		8,500,000		8,499,884
0.30% due 12/15/11		8,800,000		8,800,000
0.35% due 02/17/12		4,200,000		4,199,535
Federal Home Loan Mtg. Corp.
0.10% due 01/18/12		5,000,000		4,999,333
0.11% due 12/15/11		2,700,000		2,699,885
0.11% due 01/31/12		5,000,000		4,999,068
0.15% due 02/15/12		7,500,000		7,497,625
0.16% due 04/27/12		5,290,000		5,286,520
0.20% due 12/07/11		1,900,000		1,899,937
0.20% due 12/14/11		1,500,000		1,499,892
0.21% due 12/06/11		3,750,000		3,749,891
Federal Home Loan Mtg. Corp. FRS
0.21% due 08/10/12		8,660,000		8,658,499
0.22% due 10/12/12		1,000,000		1,000,346

Security Description	Principal Amount			Value (Note 2)
U.S. Government Agencies (continued)
Federal National Mtg. Assoc.
0.04% due 12/20/11	$	450,000		$	449,991
0.10% due 12/02/11		3,000,000			2,999,992
0.10% due 01/04/12		9,000,000			8,999,192
0.14% due 02/17/12		10,000,000			9,996,967
0.15% due 01/17/12		3,640,000			3,639,287
0.16% due 01/03/12		13,100,000			13,098,739
Total U.S. Government Agencies
(amortized cost $257,052,688)					257,052,688
U.S. Government Treasuries — 5.4%
United States Treasury Bills
0.02% due 12/22/11		11,500,000			11,499,899
0.02% due 03/01/12		3,300,000			3,299,875
0.10% due 12/22/11		1,420,000			1,419,921
0.11% due 12/08/11		3,250,000			3,249,931
United States Treasury Notes 1.88% due 06/15/12		3,630,000			3,662,151
Total U.S. Government Treasuries
(amortized cost $23,131,777)					23,131,777
Total Short-Term Investment Securities — 82.8%
(amortized cost $356,715,693)					356,715,693
REPURCHASE AGREEMENT — 17.2%
UBS Securities LLC Joint Repurchase Agreement(1) (cost $74,104,000)		74,104,000			74,104,000
TOTAL INVESTMENTS —
(amortized cost $430,819,693)(2)		100.0	%		430,819,693
Other assets less liabilities		0.0			1,354
NET ASSETS		100.0	%	$	430,821,047

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

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

FRS—Floating Rate Security

The rates shown on FRS are the current interest rates at November 30, 2011 and unless noted otherwise, the dates shown are the original maturity dates.

172

VALIC Company I Money Market I Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2011 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Short-Term Investment Securities:
Certificates of Deposit	$	—	$	42,952,569	$	—	$	42,952,569
U.S. Corporate Bonds & Notes		—		33,578,659		—		33,578,659
U.S. Government Agencies		—		257,052,688		—		257,052,688
U.S. Government Treasuries		—		23,131,777		—		23,131,777
Repurchase Agreement		—		74,104,000		—		74,104,000
Total	$	—	$	430,819,693	$	—	$	430,819,693

See Notes to Financial Statements

173

VALIC Company I Nasdaq-100 Index Fund

PORTFOLIO PROFILE — November 30, 2011 (Unaudited)

Industry Allocation*

Computers	15.0	%
Applications Software	9.8
Web Portals/ISP	8.0
Electronic Components — Semiconductors	7.2
Enterprise Software/Service	6.7
Medical — Biomedical/Gene	6.5
Collective Investment Pool	5.8
E-Commerce/Products	4.9
Semiconductor Components — Integrated Circuits	4.4
Networking Products	3.9
Cable/Satellite TV	3.1
Repurchase Agreements	2.6
Retail — Discount	1.8
E-Commerce/Services	1.7
Medical — Generic Drugs	1.4
Commercial Services — Finance	1.4
Computers — Memory Devices	1.2
Retail — Restaurants	1.2
Multimedia	1.2
Cellular Telecom	1.1
Semiconductor Equipment	1.0
Computer Services	0.9
Pharmacy Services	0.9
Entertainment Software	0.8
Transport — Services	0.8
Internet Security	0.7
Medical Instruments	0.6
Retail — Bedding	0.6
Casino Hotels	0.6
Auto — Heavy Duty Trucks	0.6
Retail — Apparel/Shoe	0.6
Internet Infrastructure Software	0.6
Electronic Forms	0.5
Distribution/Wholesale	0.5
Food — Retail	0.5
Electronic Components-Misc.	0.4
Retail — Auto Parts	0.4
Medical Information Systems	0.4
Retail — Office Supplies	0.4
Toys	0.4
Machinery — Construction & Mining	0.4
Data Processing/Management	0.3
Beverages — Wine/Spirits	0.3
Chemicals — Specialty	0.3
Computer Aided Design	0.3
U.S. Government Treasuries	0.3
Radio	0.3
Hazardous Waste Disposal	0.3
Telecom Services	0.3
Schools	0.3
Retail — Major Department Stores	0.2
Medical Products	0.2
Dental Supplies & Equipment	0.2
Electronic Measurement Instruments	0.2
Energy — Alternate Sources	0.2
Therapeutics	0.1
Diagnostic Kits	0.1
	105.4	%

* Calculated as a percentage of net assets

174

VALIC Company I Nasdaq-100 Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCK — 96.7%
Applications Software — 9.8%
Check Point Software Technologies, Ltd.†#		11,085	$	613,444
Citrix Systems, Inc.†		10,054		717,755
Intuit, Inc.		16,234		864,298
Microsoft Corp.		447,398		11,444,441
				13,639,938
Auto - Heavy Duty Trucks — 0.6%
PACCAR, Inc.#		19,518		791,845
Beverages - Wine/Spirits — 0.3%
Green Mountain Coffee Roasters, Inc.†#		8,175		428,615
Cable/Satellite TV — 3.1%
Comcast Corp., Class A		111,586		2,529,655
DIRECTV, Class A†#		39,424		1,861,601
				4,391,256
Casino Hotels — 0.6%
Wynn Resorts, Ltd.#		6,672		804,376
Cellular Telecom — 1.1%
NII Holdings, Inc.†#		9,137		210,243
Vodafone Group PLC ADR		47,989		1,302,901
				1,513,144
Chemicals - Specialty — 0.3%
Sigma - Aldrich Corp.#		6,519		422,496
Commercial Services - Finance — 1.4%
Automatic Data Processing, Inc.		26,149		1,335,953
Paychex, Inc.#		19,367		563,773
				1,899,726
Computer Aided Design — 0.3%
Autodesk, Inc.†#		12,218		416,267
Computer Services — 0.9%
Cognizant Technology Solutions Corp., Class A†		16,215		1,092,080
Infosys Technologies, Ltd. ADR#		4,496		232,084
				1,324,164
Computers — 15.0%
Apple, Inc.†		49,506		18,921,193
Dell, Inc.†		97,423		1,535,387
Research In Motion, Ltd.†		27,821		496,883
				20,953,463
Computers - Memory Devices — 1.2%
NetApp, Inc.†		19,886		732,401
SanDisk Corp.†		12,775		629,935
Seagate Technology PLC#		22,404		383,109
				1,745,445
Data Processing/Management — 0.3%
Fiserv, Inc.†		7,559		435,852
Dental Supplies & Equipment — 0.2%
DENTSPLY International, Inc.#		7,547		272,522
Diagnostic Kits — 0.1%
QIAGEN NV†#		12,491		186,241
Distribution/Wholesale — 0.5%
Fastenal Co.		15,759		656,362
E - Commerce/Products — 4.9%
Amazon.com, Inc.†		24,240		4,661,110
eBay, Inc.†		68,819		2,036,354
Netflix, Inc.†#		2,805		181,007
				6,878,471

Security Description	Shares		Value (Note 2)
E - Commerce/Services — 1.7%
Ctrip.com International, Ltd. ADR#		7,840	$	213,248
Expedia, Inc.#		13,278		369,327
Liberty Interactive Corp., Class A†		30,581		497,247
priceline.com, Inc.†		2,658		1,291,496
				2,371,318
Electronic Components - Misc. — 0.4%
Flextronics International, Ltd.†		39,062		233,200
Garmin, Ltd.#		10,364		379,219
				612,419
Electronic Components - Semiconductors — 7.2%
Altera Corp.#		17,302		651,766
Broadcom Corp., Class A†		25,685		779,411
Intel Corp.		280,402		6,984,814
Microchip Technology, Inc.#		10,178		355,314
Micron Technology, Inc.†#		53,612		321,136
NVIDIA Corp.†#		32,239		503,896
Xilinx, Inc.#		14,159		463,141
				10,059,478
Electronic Forms — 0.5%
Adobe Systems, Inc.†		26,372		723,120
Electronic Measurement Instruments — 0.2%
FLIR Systems, Inc.#		8,530		229,116
Energy - Alternate Sources — 0.2%
First Solar, Inc.†#		4,609		220,587
Enterprise Software/Service — 6.7%
BMC Software, Inc.†		9,373		334,241
CA, Inc.#		26,951		571,361
Oracle Corp.		270,134		8,468,701
				9,374,303
Entertainment Software — 0.8%
Activision Blizzard, Inc.#		61,026		757,943
Electronic Arts, Inc.†		17,619		408,585
				1,166,528
Food - Retail — 0.5%
Whole Foods Market, Inc.#		9,462		644,362
Hazardous Waste Disposal — 0.3%
Stericycle, Inc.†#		4,598		372,530
Internet Infrastructure Software — 0.6%
Akamai Technologies, Inc.†#		9,846		284,648
F5 Networks, Inc.†#		4,311		487,272
				771,920
Internet Security — 0.7%
Symantec Corp.†		40,036		654,589
VeriSign, Inc.#		8,886		298,392
				952,981
Machinery - Construction & Mining — 0.4%
Joy Global, Inc.		5,609		511,990
Medical Information Systems — 0.4%
Cerner Corp.†#		9,027		550,466
Medical Instruments — 0.6%
Intuitive Surgical, Inc.†		2,087		906,196
Medical Products — 0.2%
Henry Schein, Inc.†#		4,935		317,518
Medical - Biomedical/Gene — 6.5%
Alexion Pharmaceuticals, Inc.†#		9,854		676,576

175

VALIC Company I Nasdaq-100 Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Medical - Biomedical/Gene (continued)
Amgen, Inc.		49,346	$	2,857,627
Biogen Idec, Inc.†		12,952		1,488,832
Celgene Corp.†#		24,500		1,545,460
Gilead Sciences, Inc.†		41,196		1,641,660
Illumina, Inc.†#		6,640		184,725
Life Technologies Corp.†		9,637		373,241
Vertex Pharmaceuticals, Inc.†		11,112		322,137
				9,090,258
Medical - Generic Drugs — 1.4%
Mylan, Inc.†#		22,762		444,542
Teva Pharmaceutical Industries, Ltd. ADR		37,355		1,479,631
				1,924,173
Multimedia — 1.2%
News Corp., Class A		97,635		1,702,754
Networking Products — 3.9%
Cisco Systems, Inc.		293,709		5,474,736
Pharmacy Services — 0.9%
Express Scripts, Inc.†#		26,070		1,190,096
Radio — 0.3%
Sirius XM Radio, Inc.†#		210,886		379,595
Retail - Apparel/Shoe — 0.6%
Ross Stores, Inc.		6,245		556,367
Urban Outfitters, Inc.†#		8,412		226,956
				783,323
Retail - Auto Parts — 0.4%
O’Reilly Automotive, Inc.†		7,259		560,685
Retail - Bedding — 0.6%
Bed Bath & Beyond, Inc.†		13,311		805,449
Retail - Discount — 1.8%
Costco Wholesale Corp.		23,379		1,994,229
Dollar Tree, Inc.†#		6,515		530,907
				2,525,136
Retail - Major Department Stores — 0.2%
Sears Holdings Corp.†#		5,709		344,424
Retail - Office Supplies — 0.4%
Staples, Inc.#		37,871		545,721
Retail - Restaurants — 1.2%
Starbucks Corp.		39,842		1,732,330
Schools — 0.3%
Apollo Group, Inc., Class A†		7,331		355,407
Semiconductor Components - Integrated Circuits — 4.4%
Linear Technology Corp.#		12,170		372,767
Marvell Technology Group, Ltd.†		32,649		461,004
Maxim Integrated Products, Inc.		15,743		403,808
QUALCOMM, Inc.		89,698		4,915,450
				6,153,029
Semiconductor Equipment — 1.0%
Applied Materials, Inc.		70,356		758,437
KLA - Tencor Corp.#		8,918		411,120
Lam Research Corp.†		6,610		269,490
				1,439,047
Telecom Services — 0.3%
Virgin Media, Inc.#		16,783		371,911

Security Description	Shares/ Principal Amount			Value (Note 2)
Therapeutics — 0.1%
Warner Chilcott PLC, Class A†#		13,568		$	213,289
Toys — 0.4%
Mattel, Inc.#		18,310			527,511
Transport - Services — 0.8%
C.H. Robinson Worldwide, Inc.#		8,806			603,299
Expeditors International of Washington, Inc.#		11,325			492,751
					1,096,050
Web Portals/ISP — 8.0%
Baidu, Inc. ADR†		14,481			1,896,866
Google, Inc., Class A†		13,575			8,136,719
Yahoo!, Inc.†		67,423			1,059,216
					11,092,801
Total Long-Term Investment Securities
(cost $109,943,255)					134,852,740
SHORT-TERM INVESTMENT SECURITIES — 6.1%
Collective Investment Pool — 5.8%
Navigator Securities Lending Prime Portfolio(1)(2)		8,076,122			8,076,122
U.S. Government Treasuries — 0.3%
United States Treasury Bills 0.00% due 12/15/11(3)	$	400,000			400,000
Total Short-Term Investment Securities
(cost $8,476,122)					8,476,122
REPURCHASE AGREEMENT — 2.6%
State Street Bank & Trust Co. Joint Repurchase Agreement(4) (cost $3,703,000)		3,703,000			3,703,000
TOTAL INVESTMENTS
(cost $122,122,377)(5)		105.4	%		147,031,862
Liabilities in excess of other assets		(5.4	)		(7,569,260	)
NET ASSETS		100.0	%	$	139,462,602

† 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 November 30, 2011, the Fund had loaned securities with a total value of $8,716,826. This was secured by collateral of $8,076,122, which was received in cash and subsequently invested in short-term investments currently valued at $8,076,122 as reported in the portfolio of investments. The remaining collateral of $493,464 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	5.20%	07/15/14
Federal Home Loan Mortgage Corp.	0.26% to 5.00%	01/10/13 - 06/15/40
Federal National Mortgage Association	4.00%	08/25/41
United States Treasury Bills	zero coupon	12/22/11
United States Treasury Notes/Bonds	0.75% to 6.75%	04/30/12 - 08/15/40

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

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

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

ADR—American Depositary Receipt

176

VALIC Company I Nasdaq-100 Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Open Future Contracts
Number of Contracts		Type	Description	Expiration Month		Value at Trade Date		Value as of November 30, 2011		Unrealized Appreciation (Depreciation)
	95	Long	Nasdaq 100 E-mini Index		December 2011	$	4,382,665	$	4,360,500	$	(22,168	)

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2011 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Long-Term Investment Securities:
Common Stock:
Applications Software	$	13,639,938	$	—	$	—	$	13,639,938
Computers		20,953,463		—		—		20,953,463
Electronic Components-Semiconductors		10,059,478		—		—		10,059,478
Enterprise Software/Service		9,374,303		—		—		9,374,303
Medical — Biomedical/Gene		9,090,258		—		—		9,090,258
Web Portals/ISP		11,092,801		—		—		11,092,801
Other Industries*		60,642,499		—		—		60,642,499
Short-Term Investment Securities:
Collective Investment Pool		—		8,076,122		—		8,076,122
U.S. Government Treasuries		—		400,000		—		400,000
Repurchase Agreement		—		3,703,000		—		3,703,000
Totals	$	134,852,740	$	12,179,122	$	—	$	147,031,862
LIABILITIES:
Other Financial Instruments:†
Open Futures Contracts — Depreciation	$	22,168	$	—	$	—	$	22,168

* 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 and swap contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.

See Notes to Financial Statements

177

VALIC Company I Science & Technology Fund

PORTFOLIO PROFILE — November 30, 2011 (Unaudited)

Industry Allocation*

Computers	10.9	%
Web Portals/ISP	9.5
Electronic Components — Semiconductors	9.3
Applications Software	8.7
Collective Investment Pool	8.7
Enterprise Software/Service	6.4
Networking Products	4.6
Semiconductor Components — Integrated Circuits	4.1
Commercial Services — Finance	4.0
Wireless Equipment	3.5
Computers — Memory Devices	2.9
Computer Services	2.9
Semiconductor Equipment	2.8
E-Commerce/Services	2.7
Time Deposits	1.9
Internet Infrastructure Software	1.8
E-Commerce/Products	1.7
Toys	1.6
Electric Products — Misc.	1.3
Telecom Equipment — Fiber Optics	1.3
Computer Aided Design	1.1
Telecommunication Equipment	1.1
Web Hosting/Design	1.1
Internet Content — Information/News	1.1
Commercial Services	1.0
Entertainment Software	0.8
Software Tools	0.8
Consulting Services	0.7
Computer Software	0.7
Electronic Forms	0.7
E-Services/Consulting	0.7
Internet Content — Entertainment	0.6
Auto — Cars/Light Trucks	0.6
Computers — Periphery Equipment	0.6
Multimedia	0.5
Medical Information Systems	0.5
Internet Security	0.5
Metal Processors & Fabrication	0.4
Computers — Integrated Systems	0.4
Electronic Security Devices	0.4
Electronic Components — Misc.	0.3
Medical Instruments	0.3
Electronic Parts Distribution	0.3
Virtual Reality Products	0.3
Data Processing/Management	0.3
Registered Investment Companies	0.3
Advanced Materials	0.3
Medical — Biomedical/Gene	0.3
Electronic Measurement Instruments	0.2
Agricultural Chemicals	0.2
Medical Products	0.2
Internet Application Software	0.2
Instruments — Scientific	0.2
Internet Connectivity Services	0.1
Television	0.1
Electric — Distribution	0.1
	108.6	%

* Calculated as a percentage of net assets

178

VALIC Company I Science & Technology Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCK — 97.1%
Advanced Materials — 0.3%
STR Holdings, Inc.†#		210,600	$	1,929,096
Agricultural Chemicals — 0.2%
Monsanto Co.		22,600		1,659,970
Applications Software — 8.7%
Citrix Systems, Inc.†		40,641		2,901,361
Intuit, Inc.		198,930		10,591,033
Microsoft Corp.		1,197,025		30,619,900
Nuance Communications, Inc.†		173,235		4,258,116
Red Hat, Inc.†		53,542		2,681,383
Salesforce.com, Inc.†#		114,208		13,524,512
				64,576,305
Auto - Cars/Light Trucks — 0.6%
Tesla Motors, Inc.†#		134,225		4,394,527
Commercial Services — 1.0%
Alliance Data Systems Corp.†#		61,973		6,346,655
ExlService Holdings, Inc.†#		52,386		1,393,468
				7,740,123
Commercial Services - Finance — 4.0%
Automatic Data Processing, Inc.#		145,610		7,439,215
Mastercard, Inc., Class A		13,625		5,103,244
Visa, Inc., Class A		115,026		11,154,071
Western Union Co.		338,950		5,911,288
				29,607,818
Computer Aided Design — 1.1%
Autodesk, Inc.†		247,200		8,422,104
Computer Services — 2.9%
Accenture PLC, Class A#		86,128		4,989,395
Cognizant Technology Solutions Corp., Class A†		96,755		6,516,449
International Business Machines Corp.		51,519		9,685,572
				21,191,416
Computer Software — 0.7%
Akamai Technologies, Inc.†		178,880		5,171,421
Computers — 10.9%
Advantech Co., Ltd.(1)		548,000		1,531,786
Apple, Inc.†		139,651		53,374,612
Dell, Inc.†		656,100		10,340,136
Hewlett - Packard Co.#		553,090		15,458,866
				80,705,400
Computers - Integrated Systems — 0.4%
Teradata Corp.†#		56,822		3,081,457
Computers - Memory Devices — 2.9%
EMC Corp.†		465,310		10,706,783
NetApp, Inc.†#		82,300		3,031,109
SanDisk Corp.†		140,535		6,929,781
Spansion, Inc., Class A†		81,202		709,705
				21,377,378
Computers - Periphery Equipment — 0.6%
Synaptics, Inc.†#		130,000		4,219,800
Consulting Services — 0.7%
Genpact, Ltd.†		175,302		2,729,452
Huron Consulting Group, Inc.†#		80,555		2,796,870
				5,526,322
Data Processing/Management — 0.3%
CommVault Systems, Inc.†#		39,800		1,975,274

Security Description	Shares		Value (Note 2)
E - Commerce/Products — 1.7%
Amazon.com, Inc.†#		63,760	$	12,260,410
E - Commerce/Services — 2.6%
Ctrip.com International, Ltd. ADR†		55,800		1,517,760
eBay, Inc.†		165,055		4,883,977
Groupon, Inc., Class A†		11,100		194,250
Groupon, Inc. Series G†(2)(3)(4)		39,859		2,581,269
Liberty Interactive Corp., Class A†#		220,900		3,591,834
priceline.com, Inc.†#		14,445		7,018,681
				19,787,771
E - Services/Consulting — 0.7%
Sapient Corp.		414,874		5,094,653
Electric Products - Misc. — 1.3%
Hitachi, Ltd.#(1)		1,752,000		9,817,277
Electronic Components - Misc. — 0.3%
E Ink Holdings, Inc.(1)		435,000		803,040
Hon Hai Precision Industry Co., Ltd.(1)		615,000		1,669,429
				2,472,469
Electronic Components - Semiconductors — 9.3%
Advanced Micro Devices, Inc.†#		399,000		2,270,310
Applied Micro Circuits Corp.†#		313,300		2,337,218
Broadcom Corp., Class A†#		36,200		1,098,489
Cavium, Inc.†#		28,120		917,837
Cree, Inc.†#		56,800		1,413,184
Intel Corp.		379,595		9,455,711
Intersil Corp., Class A#		136,400		1,449,932
First Solar, Inc.†#		98,700		4,723,782
MEMC Electronic Materials, Inc.†#		216,800		904,056
Micron Technology, Inc.†#		1,535,500		9,197,645
NVIDIA Corp.†#		372,800		5,826,864
ON Semiconductor Corp.†#		759,600		5,719,788
Rovi Corp.†#		74,103		2,056,358
Samsung Electronics Co., Ltd.(1)		2,477		2,248,790
Samsung Electronics Co., Ltd. GDR†*		21,155		9,653,027
Spreadtrum Communications, Inc. ADR		148,980		3,687,255
Texas Instruments, Inc.		191,690		5,769,869
				68,730,115
Electronic Forms — 0.7%
Adobe Systems, Inc.†		188,400		5,165,928
Electronic Measurement Instruments — 0.2%
Chroma ATE, Inc.(1)		509,080		1,097,238
Trimble Navigation, Ltd.†		15,000		646,200
				1,743,438
Electronic Parts Distribution — 0.2%
Synnex Technology International Corp.(1)		686,000		1,645,355
Electronic Security Devices — 0.4%
Taser International, Inc.†#		435,100		2,619,302
Enterprise Software/Service — 6.4%
Ariba, Inc.†#		75,405		2,288,542
BMC Software, Inc.†		45,200		1,611,832
CA, Inc.#		246,300		5,221,560
hiSoft Technology International, Ltd. ADR†#		105,220		1,244,753
Informatica Corp.†		19,815		890,783
Oracle Corp.#		1,047,294		32,832,667
QLIK Technologies, Inc.†#		123,995		3,393,743
				47,483,880

179

VALIC Company I Science & Technology Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Entertainment Software — 0.8%
Activision Blizzard, Inc.		217,715	$	2,704,020
Electronic Arts, Inc.†#		58,976		1,367,653
UBISOFT Entertainment†(1)		232,700		1,692,598
				5,764,271
Instruments - Scientific — 0.2%
Hamamatsu Photonics KK#(1)		36,100		1,332,931
Internet Application Software — 0.2%
RealNetworks, Inc.#		178,324		1,353,479
Internet Connectivity Services — 0.1%
M3, Inc.(1)		209		1,038,188
Internet Content - Entertainment — 0.6%
NetEase.com, Inc. ADR†#		98,335		4,433,925
Renren, Inc. ADR†#		1,156		4,277
Youku.com, Inc., Class A†(2)(3)		16		18
				4,438,220
Internet Content - Information/News — 0.6%
Angies List, Inc.(2)(3)(4)		95,832		1,052,235
Kakaku.com, Inc.#(1)		84,500		3,251,947
LinkedIn Corp., Class A†		18,250		1,203,223
				5,507,405
Internet Infrastructure Software — 1.8%
F5 Networks, Inc.†		14,340		1,620,850
TIBCO Software, Inc.†		415,815		11,393,331
				13,014,181
Internet Security — 0.5%
VeriSign, Inc.		99,360		3,336,509
Lighting Products & Systems — 0.0%
Universal Display Corp.†#		1,240		48,310
Medical Information Systems — 0.5%
athenahealth, Inc.†#		43,998		2,613,481
Cerner Corp.†#		13,085		797,924
				3,411,405
Medical Instruments — 0.3%
Medtronic, Inc.		67,500		2,459,025
Medical Products — 0.2%
Stryker Corp.#		28,600		1,396,538
Medical - Biomedical/Gene — 0.3%
Amgen, Inc.		32,800		1,899,448
Metal Processors & Fabrication — 0.4%
Catcher Technology Co., Ltd. GDR		135,622		3,164,061
Multimedia — 0.5%
Time Warner, Inc.#		109,200		3,802,344
Networking Products — 4.6%
Calix, Inc.†#		139,300		1,256,486
Cisco Systems, Inc.		1,358,675		25,325,702
Ixia†#		96,700		1,063,700
Juniper Networks, Inc.†		295,215		6,704,333
				34,350,221
Semiconductor Components - Integrated Circuits — 4.1%
Analog Devices, Inc.#		171,775		5,988,077
Atmel Corp.†		659,100		5,846,217
Cypress Semiconductor Corp.†#		111,060		2,117,914
Linear Technology Corp.#		52,700		1,614,201
Marvell Technology Group, Ltd.†#		442,600		6,249,512
Maxim Integrated Products, Inc.#		67,580		1,733,427

Security Description	Shares		Value (Note 2)
Semiconductor Components - Integrated Circuits (continued)
Taiwan Semiconductor Manufacturing Co., Ltd.(1)		725,000	$	1,825,742
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		153,545		1,983,801
TriQuint Semiconductor, Inc.†		598,600		2,615,882
				29,974,773
Semiconductor Equipment — 2.8%
Applied Materials, Inc.		293,900		3,168,242
ASM Pacific Technology, Ltd.#(1)		158,800		1,760,484
ASML Holding NV#		150,180		5,936,615
Lam Research Corp.†		153,700		6,266,349
Tokyo Electron, Ltd.(1)		64,400		3,533,531
				20,665,221
Software Tools — 0.8%
VMware, Inc., Class A†#		57,330		5,542,664
Telecom Equipment - Fiber Optics — 1.3%
Ciena Corp.†#		149,200		1,806,812
IPG Photonics Corp.†		100,900		3,867,497
JDS Uniphase Corp.†#		332,700		3,653,046
				9,327,355
Telecommunication Equipment — 1.1%
ADTRAN, Inc.#		248,810		8,218,194
Television — 0.1%
Phoenix New Media, Ltd. ADR†#		118,711		731,260
Toys — 1.6%
Nintendo Co., Ltd.(1)		78,800		11,949,066
Virtual Reality Products — 0.3%
RealD, Inc.†#		229,000		2,193,820
Web Hosting/Design — 1.1%
Equinix, Inc.†#		42,100		4,210,842
Rackspace Hosting, Inc.†#		89,345		3,875,786
				8,086,628
Web Portals/ISP — 9.5%
AAC Acoustic Technologies Holdings, Inc.†#(1)		1,050,000		2,531,815
Baidu, Inc. ADR†		103,995		13,622,305
Bitauto Holdings, Ltd. ADR†#		18,900		92,043
Facebook, Inc., Class A†(2)(3)(4)		19,154		596,592
Facebook, Inc., Class B†(2)(3)(4)		47,699		1,485,685
Google, Inc., Class A†		70,240		42,101,154
SINA Corp.†		102,575		6,778,156
Sohu.com, Inc.†		20,200		998,688
Yahoo!, Inc.†		138,775		2,180,155
				70,386,593
Wireless Equipment — 3.5%
Aruba Networks, Inc.†#		373,820		7,887,602
QUALCOMM, Inc.		285,629		15,652,469
RF Micro Devices, Inc.†		410,500		2,557,415
				26,097,486
Total Common Stock
(cost $691,207,024)				717,888,605
CONVERTIBLE PREFERRED STOCK — 0.5%
Electric - Distribution — 0.1%
Silver Spring Networks Series E 8%(2)(3)(4)		46,800		421,200

180

VALIC Company I Science & Technology Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
CONVERTIBLE PREFERRED STOCK (continued)
Internet Content-Information/News — 0.5%
Twitter, Inc. Series E (2)(3)(4)		184,162		$	2,578,268
E - Commerce/Services — 0.1%
Coupon.com, Inc.(2)(3)(4)		108,436			595,677
Total Convertible Preferred Stock
(cost $1,653,596)					3,595,145
EQUITY CERTIFICATES — 0.1%
Electronic Parts Distribution — 0.1%
Deutsche Bank AG - Synnex Technology International Corp.†*(2)(3) (cost $614,073)		269,000			629,460
PREFERRED STOCK — 0.1%
Human Resources — 0.0%
Workday, Inc., Series F†(2)(3)(4) (cost $155,738)		11,745			155,738
Total Long-Term Investment Securities
(cost $693,630,431)					722,268,948
SHORT-TERM INVESTMENT SECURITIES — 10.9%
Collective Investment Pool — 8.7%
Navigator Securities Lending Prime Portfolio(5)(7)		64,291,027			64,291,027
Registered Investment Companies — 0.3%
T. Rowe Price Reserve Investment Fund		1,957,904			1,957,904
Time Deposits — 1.9%
Euro Time Deposit with State Street Bank & Trust Co. 0.01 % due 12/01/11	$	14,053,000			14,053,000
Total Short-Term Investment Securities
(cost $80,301,931)					80,301,931
TOTAL INVESTMENTS
(cost $773,932,362)(6)		108.6	%		802,570,879
Liabilities in excess of other assets		(8.6	)		(63,581,817	)
NET ASSETS —		100.0	%	$	738,989,062

† Non-income producing security

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

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At November 30, 2011, the aggregate value of these securities was $10,282,487 representing 1.4% of net assets. Unless otherwise indicated these securities are not considered to be illiquid.

(1) Security was valued using fair value procedures at November 30, 2011. The aggregate value of these securities was $47,729,217 representing 6.5% 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.

(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 November 30, 2011, 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
Angies List, Inc. Common Stock		03/15/11		85,152	$	752,927
		05/17/11		10,680		94,434
				95,832		847,361	$	1,052,235	$	5.49		0.14	%
Coupon. com, Inc. Conver tible Prefe rred Stock		06/01/11		54,218		595,677
		08/18/11		54,218		595,677
				108,436		1,191,354		595,677		5.49		0.08	%
Deutsche Bank AG- Synnex Techn ology Interna tional Corp. Equity Certifi cates		09/24/10		269,000		614,073		629,460		2.34		0.09	%
FaceBook Inc. Class A Common Stock		08/12/11		19,154		596,592		596,592		31.15		0.08	%
FaceBook Inc. Class B Common Stock		03/31/11		41,658		1,041,450
		05/19/11		1,988		49,700
		05/19/11		4,053		101,609
				47,699		1,192,759		1,485,685		31.15		0.20	%
Groupon, Inc. Series G Common Stock		12/17/10		159,436		1,259,146		2,581,269		64.76		0.35	%
Silver Spring Networks, Inc. Series E Conve rtible Prefe rred Stock		12/11/09		46,800		468,000		421,200		9.00		0.06	%
Twitter, Inc. Series E Conve rtible Pref erred Stock		09/24/09		38,367		613,197
		01/11/11		76,734		76,734
		08/22/11		115,101		115,101
				230,202		805,032		2,578,268		14.00		0.35	%
Workday, Inc., Series F Prefe rred Stock				11,745		155,739		155,738		0.01		0.02
Youku.Com, Inc. Class A Common Stock		07/11/11		16		0		18		1.13		0.00	%
							$	10,096,142				1.37	%

(3) Illiquid security. At November 30, 2011, the aggregate value of these securities was $10,096,143 representing 1.4% of net assets.

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

(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.

(7) At November 30, 2011, the Fund had loaned securities with a total value of $66,759,642. This was secured by collateral of $64,291,027, which was received in cash and subsequently invested in short-term investments currently valued at $64,291,027 as reported in the portfolio of investments. The remaining collateral of $1,127,928 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	5.20%	07/15/2014
Federal Home Loan Mtg. Corp.	4.00% to 5.00%	03/15/32 to 06/15/40
Federal National Mtg. Assoc.	4.00%	08/25/41
United States Treasury Bills	zero coupon	12/22/11
United States Treasury Notes/Bonds	1.13% to 4.38%	12/15/12 to 05/15/41

ADR—American Depository Receipt

GDR—Global Depository Receipt

181

VALIC Company I Science & Technology Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2011 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs			Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Long-Term Investment Securities:
Common Stock:
Application Software	$	64,576,305	$	—		$	—	$	64,576,305
Computers		79,173,614		1,531,786	#		—		80,705,400
Electronic Components — Semiconductors		66,481,325		2,248,790	#		—		68,730,115
Enterprise Software/Service		47,483,880		—			—		47,483,880
Web Portals/ISP		65,772,501		2,531,815	#		2,082,277		70,386,593
Other Industries*		340,955,965		45,050,347	#		—		386,006,312
Convertible Preferred Stock		—		—			3,595,145		3,595,145
Equity Certificates		—		629,460			—		629,460
Preferred Stock		—		—			155,738		155,738
Short-Term Investment Securities:
Collective Investment Pool		—		64,291,027			—		64,291,027
Registered Investment Companies		—		1,957,904			—		1,957,904
Time Deposits		—		14,053,000			—		14,053,000
Total	$	664,443,590	$	132,294,129		$	5,833,160	$	802,570,879

* 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 $47,729,217 representing 6.5% 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			Preferred Stock
Balance as of 5/31/2011	$	3,059,593		$	5,322,924		$	—
Accrued discounts		—			—			—
Accrued premiums		—			—			—
Realized gain		—			488,265			—
Realized loss		(5,754,683	)		—			—
Change in unrealized appreciation(1)		4,323,823			1,350,450			—
Change in unrealized depreciation(1)		—			—			—
Net purchases		596,591			595,677			155,738
Net sales		(143,047	)		(1,580,902	)		—
Transfers into Level 3(2)		—			—			—
Transfers out of Level 3(2)		—			(2,581,269	)		—
Balance as of 11/30/2011	$	2,082,277		$	3,595,145		$	155,738

(1) The total change in unrealized appreciation (depreciation) included in the statement of operations attributable to level 3 investments still held at November 30, 2011 includes:

Common Stock		Convertible Preferred Stock		Preferred Stock
$	133,643	$	1,206,525	$	—

(2) The Fund’s policy is to recognize transfers in and transfers out as of the end of the reporting period.

See Notes to Financial Statements

182

VALIC Company I Small Cap Aggressive Growth Fund

PORTFOLIO PROFILE — November 30, 2011 (Unaudited)

Industry Allocation*

Collective Investment Pool	10.4	%
Medical — Biomedical/Gene	4.2
Enterprise Software/Service	4.1
Oil Companies — Exploration & Production	3.6
Aerospace/Defense — Equipment	3.3
Oil — Field Services	3.1
Electronic Components — Semiconductors	3.0
Transport — Truck	2.9
Repurchase Agreements	2.9
Consulting Services	2.9
Medical Products	2.7
Medical — Drugs	2.6
Finance — Other Services	2.6
Machinery — General Industrial	2.1
Human Resources	1.9
Footwear & Related Apparel	1.9
Computer Data Security	1.8
Apparel Manufacturers	1.7
Containers — Paper/Plastic	1.6
Retail — Gardening Products	1.5
Networking Products	1.5
Retail — Perfume & Cosmetics	1.5
Therapeutics	1.4
Computer Services	1.4
Quarrying	1.4
Semiconductor Components — Integrated Circuits	1.4
Commercial Services	1.4
Distribution/Wholesale	1.4
Metal Processors & Fabrication	1.3
Medical Instruments	1.3
Auto/Truck Parts & Equipment — Replacement	1.3
Retail — Restaurants	1.3
E-Marketing/Info	1.3
Dental Supplies & Equipment	1.2
Oil Field Machinery & Equipment	1.2
Vitamins & Nutrition Products	1.2
Finance — Consumer Loans	1.2
Telecommunication Equipment	1.2
Pharmacy Services	1.2
Insurance — Property/Casualty	1.2
Commercial Services — Finance	1.1
Transactional Software	1.1
Hazardous Waste Disposal	1.1
Non-Ferrous Metals	1.1
Computers — Integrated Systems	1.0
Retail — Apparel/Shoe	1.0
Schools	1.0
E-Commerce/Services	1.0
Food — Misc.	1.0
Machinery — Pumps	0.9
Advertising Agencies	0.9
Wireless Equipment	0.9
Banks — Commercial	0.9
Research & Development	0.9
Investment Management/Advisor Services	0.8
Computer Aided Design	0.8
Internet Content — Information/News	0.8
Seismic Data Collection	0.7
Chemicals — Specialty	0.7
Hotels/Motels	0.7
Internet Telephone	0.6
Semiconductor Equipment	0.6
Food — Wholesale/Distribution	0.6
Cosmetics & Toiletries	0.6
Diversified Operations/Commercial Services	0.6
Telecom Equipment — Fiber Optics	0.5
Electronic Components — Misc.	0.5
Advanced Materials	0.4
Filtration/Separation Products	0.3
	110.2	%

* Calculated as a percentage of net assets

183

VALIC Company I Small Cap Aggressive Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCK — 96.9%
Advanced Materials — 0.4%
Hexcel Corp.†		12,630	$	314,740
Advertising Agencies — 0.9%
MDC Partners, Inc., Class A#		46,333		671,828
Aerospace/Defense - Equipment — 3.3%
BE Aerospace, Inc.†		31,210		1,215,629
Heico Corp.		29,363		1,202,415
				2,418,044
Apparel Manufacturers — 1.7%
Under Armour, Inc., Class A†#		15,530		1,263,055
Auto/Truck Parts & Equipment - Replacement — 1.3%
Commercial Vehicle Group, Inc.†#		83,820		938,784
Banks - Commercial — 0.9%
Signature Bank†#		11,290		659,675
Chemicals - Specialty — 0.7%
Balchem Corp.#		12,050		500,075
Commercial Services — 1.4%
HMS Holdings Corp.†#		33,260		1,008,776
Commercial Services - Finance — 1.1%
Wright Express Corp.†#		16,041		841,832
Computer Aided Design — 0.8%
Aspen Technology, Inc.†		33,730		602,080
Computer Data Security — 1.8%
Fortinet, Inc.†		57,080		1,369,349
Computer Services — 1.4%
j2 Global, Inc.		39,400		1,068,134
Computers - Integrated Systems — 1.0%
Riverbed Technology, Inc.†#		29,320		762,320
Consulting Services — 2.9%
Gartner, Inc.†		22,950		868,198
Huron Consulting Group, Inc.†#		16,740		581,213
ICF International, Inc.†#		25,390		658,617
				2,108,028
Containers - Paper/Plastic — 1.6%
Rock - Tenn Co., Class A#		19,790		1,152,767
Cosmetics & Toiletries — 0.6%
Elizabeth Arden, Inc.†#		11,700		442,260
Dental Supplies & Equipment — 1.2%
Align Technology, Inc.†#		37,750		924,875
Distribution/Wholesale — 1.4%
LKQ Corp.†#		33,010		1,007,795
Diversified Operations/Commercial Services — 0.6%
FirstService Corp.†		17,005		439,919
E-Commerce/Services — 1.0%
Ancestry.com, Inc.†#		29,820		707,032
E-Marketing/Info — 1.3%
comScore, Inc.†#		46,990		933,691
Electronic Components - Misc. — 0.5%
SemiLEDs Corp.†#		123,023		377,681
Electronic Components - Semiconductors — 3.0%
Cree, Inc.†#		45,590		1,134,279
Inphi Corp.†#		100,670		1,086,229
				2,220,508

Security Description	Shares		Value (Note 2)
Enterprise Software/Service — 4.1%
Concur Technologies, Inc.†#		22,910	$	1,082,039
Informatica Corp.†		22,160		996,203
Ultimate Software Group, Inc.†#		14,730		976,894
				3,055,136
Filtration/Separation Products — 0.3%
CLARCOR, Inc.#		4,750		229,995
Finance - Consumer Loans — 1.2%
Portfolio Recovery Associates, Inc.†#		12,670		878,918
Finance - Other Services — 2.6%
Higher One Holdings, Inc.†#		54,183		971,501
MarketAxess Holdings, Inc.#		32,088		928,627
				1,900,128
Food - Misc. — 1.0%
Hain Celestial Group, Inc.†		18,890		705,353
Food - Wholesale/Distribution — 0.6%
Chefs’ Warehouse Holdings LLC†		34,220		457,864
Footwear & Related Apparel — 1.9%
Crocs, Inc.†#		45,900		711,909
Deckers Outdoor Corp.†#		6,430		700,516
				1,412,425
Hazardous Waste Disposal — 1.1%
Clean Harbors, Inc.†		13,128		787,286
Hotel/Motels — 0.7%
Gaylord Entertainment Co.†#		23,250		493,365
Human Resources — 1.9%
Team Health Holdings, Inc.†#		64,750		1,421,910
Insurance - Property/Casualty — 1.2%
Amtrust Financial Services, Inc.#		32,254		855,054
Internet Content - Information/News — 0.8%
Dice Holdings, Inc.†		74,600		579,642
Internet Telephone — 0.6%
BroadSoft, Inc.†#		13,490		473,229
Investment Management/Advisor Services — 0.8%
Financial Engines, Inc.†#		27,530		604,834
Machinery - General Industrial — 2.1%
Gardner Denver, Inc.#		12,690		1,087,787
Robbins & Myers, Inc.#		8,540		454,328
				1,542,115
Machinery - Pumps — 0.9%
Graco, Inc.		16,240		698,158
Medical Instruments — 1.3%
DexCom, Inc.†#		70,670		566,773
Endologix, Inc.†#		34,100		386,694
				953,467
Medical Products — 2.7%
ABIOMED, Inc.†#		43,960		885,354
Cyberonics, Inc.†#		19,870		602,657
Zoll Medical Corp.†#		10,560		486,077
				1,974,088
Medical - Biomedical/Gene — 4.2%
Aegerion Pharmaceuticals, Inc.†#		33,080		530,272
Halozyme Therapeutics, Inc.†#		83,120		787,978
Inhibitex, Inc.†		33,490		488,954
Myriad Genetics, Inc.†		28,100		597,125

184

VALIC Company I Small Cap Aggressive Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Medical - Biomedical/Gene (continued)
NPS Pharmaceuticals, Inc.†#		116,720	$	662,970
				3,067,299
Medical - Drugs — 2.6%
Endocyte, Inc.†#		38,010		391,123
Idenix Pharmaceuticals, Inc.†		44,630		339,188
Medivation, Inc.†#		25,860		1,188,267
				1,918,578
Metal Processors & Fabrication — 1.3%
RBC Bearings, Inc.†#		23,095		975,764
Networking Products — 1.5%
Netgear, Inc.†		29,660		1,126,783
Non-Ferrous Metals — 1.1%
Globe Specialty Metals, Inc.#		52,377		781,989
Oil Companies - Exploration & Production — 3.6%
Berry Petroleum Co., Class A#		17,609		772,683
Georesources, Inc.†		28,140		802,271
Rosetta Resources, Inc.†#		19,640		1,067,238
				2,642,192
Oil Field Machinery & Equipment — 1.2%
Dril - Quip, Inc.†#		12,983		923,481
Oil - Field Services — 3.1%
CARBO Ceramics, Inc.#		7,794		1,109,242
Core Laboratories NV		10,070		1,168,624
				2,277,866
Pharmacy Services — 1.2%
Catalyst Health Solutions, Inc.†#		16,660		866,653
Quarrying — 1.4%
Compass Minerals International, Inc.		13,530		1,037,074
Research & Development — 0.9%
AVEO Pharmaceuticals, Inc.†#		38,360		648,284
Retail - Apparel/Shoe — 1.0%
Express, Inc.†		31,310		710,424
Retail - Gardening Products — 1.5%
Tractor Supply Co.#		15,600		1,126,788
Retail - Perfume & Cosmetics — 1.5%
Ulta Salon Cosmetics & Fragrance, Inc.†		15,600		1,086,228
Retail - Restaurants — 1.3%
BJ’s Restaurants, Inc.†#		19,480		936,598
Schools — 1.0%
Grand Canyon Education, Inc.†#		45,810		707,764
Seismic Data Collection — 0.7%
OYO Geospace Corp.†		5,650		514,037
Semiconductor Components - Integrated Circuits — 1.4%
Hittite Microwave Corp.†#		18,670		1,015,835

Security Description	Shares/ Principal Amount			Value (Note 2)
Semiconductor Equipment — 0.6%
Intermolecular, Inc.†#		52,840		$	466,577
Telecom Equipment - Fiber Optics — 0.5%
Oclaro, Inc.†#		122,070			379,638
Telecommunication Equipment — 1.2%
ADTRAN, Inc.#		26,400			871,992
Therapeutics — 1.4%
BioMarin Pharmaceutical, Inc.†#		30,930			1,070,797
Transactional Software — 1.1%
VeriFone Systems, Inc.†#		18,970			831,834
Transport - Truck — 2.9%
Old Dominion Freight Line, Inc.†		28,640			1,111,518
Roadrunner Transportation Systems, Inc.†#		73,669			1,050,520
					2,162,038
Vitamins & Nutrition Products — 1.2%
Vitamin Shoppe, Inc.†#		24,760			911,417
Wireless Equipment — 0.9%
Aruba Networks, Inc.†#		31,480			664,228
Total Long-Term Investment Securities
(cost $63,905,827)					71,478,373
SHORT-TERM INVESTMENT SECURITIES — 10.4%
Collective Investment Pool — 10.4%
Navigator Securities Lending Prime Portfolio(1) (cost $7,708,663)		7,708,663			7,708,663
REPURCHASE AGREEMENT — 2.9%
Agreement with State Street Bank & Trust Co., bearing interest at 0.01%, dated 11/30/11, to be repurchased 12/01/11 in the amount of $2,125,000 and collateralized by $1,970,000 of Federal Home Loan Mtg. Corp. Notes, bearing interest at 0.01% due 01/15/14 and having approximate value of $2,171,925 (cost $ 2,125,000)	$	2,125,000			2,125,000
TOTAL INVESTMENTS
(cost $73,739,490)(2)		110.2	%		81,312,036
Liabilities in excess of other assets		(10.2	)		(7,536,897	)
NET ASSETS		100.0	%	$	73,775,139

† 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.

ADR — American Depository Receipt

185

VALIC Company I Small Cap Aggressive Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2011 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Long-Term Investment Securities:
Common Stock	$	71,478,373	$	—	$	—	$	71,478,373
Collective Investment Pool		—		7,708,663		—		7,708,663
Repurchase Agreement		—		2,125,000		—		2,125,000
Total	$	71,478,373	$	9,833,663	$	—	$	81,312,036

See Notes to Financial Statements

186

VALIC Company I Small Cap Fund

PORTFOLIO PROFILE — November 30, 2011 (Unaudited)

Industry Allocation*

Collective Investment Pool	17.5	%
Banks — Commercial	5.1
Retail — Apparel/Shoe	4.5
Real Estate Investment Trusts	4.4
Oil Companies — Exploration & Production	3.6
Retail — Restaurants	3.0
Medical — Biomedical/Gene	2.9
Electronic Components — Semiconductors	2.8
Enterprise Software/Service	2.4
Medical — Drugs	2.3
Auto/Truck Parts & Equipment-Original	2.2
Oil — Field Services	2.1
Medical Products	2.0
Distribution/Wholesale	2.0
Machinery — General Industrial	2.0
Transport — Truck	1.8
Oil Field Machinery & Equipment	1.7
Chemicals — Diversified	1.6
Applications Software	1.6
Insurance — Property/Casualty	1.5
Aerospace/Defense — Equipment	1.3
Lasers — System/Components	1.3
Diversified Manufacturing Operations	1.2
Commercial Services	1.2
Time Deposits	1.2
Therapeutics	1.1
Computers — Integrated Systems	1.1
Medical — Hospitals	1.0
Vitamins & Nutrition Products	0.9
Food — Canned	0.9
Gas — Distribution	0.9
Steel Pipe & Tube	0.8
Medical — Outpatient/Home Medical	0.8
Wire & Cable Products	0.8
Investment Management/Advisor Services	0.8
Semiconductor Equipment	0.8
Telecommunication Equipment	0.8
Food — Misc.	0.8
Electronic Components — Misc.	0.8
Non-Hazardous Waste Disposal	0.8
Internet Infrastructure Software	0.8
Consulting Services	0.8
Electric — Integrated	0.8
E-Marketing/Info	0.7
Paper & Related Products	0.7
Retail — Regional Department Stores	0.7
Finance — Investment Banker/Broker	0.7
Insurance Brokers	0.7
Miscellaneous Manufacturing	0.7
Physicians Practice Management	0.7
Alternative Waste Technology	0.7
Quarrying	0.7
Insurance — Multi-line	0.7
Advertising Agencies	0.6
Food — Wholesale/Distribution	0.6
Retail — Automobile	0.6
Transport — Services	0.6
Building — Maintance & Services	0.6
Telecom Equipment — Fiber Optics	0.6
Electric Products — Misc.	0.6
Chemicals — Plastics	0.6
Savings & Loans/Thrifts	0.6
Casino Services	0.5
Aerospace/Defense	0.5
Gold Mining	0.5
Real Estate Management/Services	0.5
Metal Processors & Fabrication	0.5
Medical — HMO	0.4
Registered Investment Companies	0.4

Human Resources	0.4
Printing — Commercial	0.3
Instruments — Controls	0.3
Medical Instruments	0.3
Leisure Products	0.3
Advanced Materials	0.3
Lighting Products & Systems	0.3
Electronic Measurement Instruments	0.3
Consumer Products — Misc.	0.3
Retail — Sporting Goods	0.3
Auto Repair Centers	0.3
Coal	0.3
Wireless Equipment	0.3
Telephone — Integrated	0.3
Steel — Producers	0.2
Telecom Services	0.2
Building & Construction Products — Misc.	0.2
Pharmacy Services	0.2
Garden Products	0.2
Apparel Manufacturers	0.2
Computers — Periphery Equipment	0.2
Power Converter/Supply Equipment	0.2
Computer Software	0.2
Investment Companies	0.2
Electronic Design Automation	0.2
Internet Security	0.2
Food — Retail	0.2
Diagnostic Kits	0.2
Financial Guarantee Insurance	0.2
Machinery — Pumps	0.1
Environmental Monitoring & Detection	0.1
Retail — Discount	0.1
Independent Power Producers	0.1
Seismic Data Collection	0.1
Retail — Convenience Store	0.1
Rental Auto/Equipment	0.1
Computers — Memory Devices	0.1
Transport — Rail	0.1
E-Services/Consulting	0.1
Internet Content — Information/News	0.1
Retail — Home Furnishings	0.1
Commercial Services — Finance	0.1
Airlines	0.1
Building — Residential/Commercial	0.1
Publishing — Books	0.1
Multimedia	0.1
Home Furnishings	0.1
Electronic Security Devices	0.1
Semiconductor Components — Integrated Circuits	0.1
Energy — Alternate Sources	0.1
Networking Products	0.1
Broadcast Services/Program	0.1
Data Processing/Management	0.1
Medical Sterilization Products	0.1
Diversified Minerals	0.1
Transactional Software	0.1
Computer Services	0.1
Housewares	0.1
Internet Connectivity Services	0.1
Computer Data Security	0.1
Retail — Appliances	0.1
Cable/Satellite TV	0.1
Hotels/Motels	0.1
Food — Dairy Products	0.1
Office Furnishings — Original	0.1
Machinery — Material Handling	0.1
Industrial Audio & Video Products	0.1
Professional Sports	0.1
Communications Software	0.1

187

VALIC Company I Small Cap Fund

PORTFOLIO PROFILE — November 30, 2011 (Unaudited) — (continued)

Industry Allocation* (continued)

Circuit Boards	0.1	%
Retail — Leisure Products	0.1
Building — Mobile Home/Manufactured Housing	0.1
E-Commerce/Products	0.1
Recreational Vehicles	0.1
Insurance — Life/Health	0.1
Diversified Operations	0.1
Food — Baking	0.1
Internet Application Software	0.1
Medical Laser Systems	0.1
Casino Hotels	0.1
	116.8	%

* Calculated as a percentage of net assets

188

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCK — 97.6%
Advanced Materials — 0.3%
Core Molding Technologies, Inc.†		25,700	$	211,254
Hexcel Corp.†		21,400		533,288
STR Holdings, Inc.†#		24,600		225,336
				969,878
Advertising Agencies — 0.6%
Interpublic Group of Cos., Inc.		205,423		1,926,868
Aerospace/Defense — 0.5%
Aerovironment, Inc.†#		43,666		1,332,250
TransDigm Group, Inc.†		2,400		231,408
				1,563,658
Aerospace/Defense - Equipment — 1.3%
AAR Corp.#		80,776		1,474,970
Ducommun, Inc.		6,400		76,608
LMI Aerospace, Inc.†		6,100		101,260
Moog, Inc., Class A†#		7,000		292,740
Triumph Group, Inc.#		35,830		2,131,526
				4,077,104
Agricultural Chemicals — 0.0%
Intrepid Potash, Inc.†		4,700		108,852
Agricultural Operations — 0.0%
MGP Ingredients, Inc.		13,100		65,369
Airlines — 0.1%
Allegiant Travel Co.†#		6,200		322,896
Pinnacle Airlines Corp.†		16,700		33,567
				356,463
Alternative Waste Technology — 0.7%
Darling International, Inc.†#		143,476		2,061,750
Apparel Manufacturers — 0.2%
Carter’s, Inc.†#		5,600		222,712
Under Armour, Inc., Class A†#		4,400		357,852
				580,564
Applications Software — 1.6%
Actuate Corp.†		25,000		165,000
Bsquare Corp.†		13,900		60,326
Callidus Software, Inc†		19,500		99,840
China TransInfo Technology Corp.†		14,800		53,428
EPIQ Systems, Inc.#		20,800		280,800
Imperva, Inc.†		800		22,296
Parametric Technology Corp.†		81,023		1,687,709
PDF Solutions, Inc.†#		48,200		301,250
Progress Software Corp.†		14,950		304,532
Quest Software, Inc.†		97,772		1,766,740
RealPage, Inc.†#		1,200		30,036
				4,771,957
Auto Repair Centers — 0.3%
Midas, Inc.†		13,400		113,364
Monro Muffler Brake, Inc.#		16,425		659,464
TravelCenters of America LLC†		24,000		104,400
				877,228
Auto - Cars/Light Trucks — 0.0%
Tesla Motors, Inc.†#		1,200		39,288
Auto/Truck Parts & Equipment - Original — 2.2%
Dana Holding Corp.†		125,076		1,558,447
Miller Industries, Inc.		10,000		160,900
Modine Manufacturing Co.†#		135,802		1,314,563
SORL Auto Parts, Inc.†		15,300		44,064

Security Description	Shares		Value (Note 2)
Auto/Truck Parts & Equipment - Original (continued)
Strattec Security Corp.		8,300	$	169,901
Titan International, Inc.#		99,361		2,140,236
TRW Automotive Holdings Corp.†		40,330		1,317,178
				6,705,289
Auto/Truck Parts & Equipment - Replacement — 0.0%
Commercial Vehicle Group, Inc.†		6,700		75,040
Banks - Commercial — 5.1%
1st United Bancorp, Inc.†		14,300		78,793
Alliance Financial Corp.		4,500		133,380
American River Bankshares†		19,500		92,430
Ameris Bancorp†		11,900		119,000
Banner Corp.		8,471		137,061
Bryn Mawr Bank Corp.		6,400		118,464
Capital City Bank Group, Inc.		9,600		100,896
Citizens Holding Co.		4,500		80,370
CNB Financial Corp.		8,500		134,300
CoBiz Financial, Inc.		10,900		58,097
Commerce Bancshares, Inc.#		39,271		1,462,061
East West Bancorp, Inc.		111,915		2,190,176
Enterprise Bancorp, Inc.		10,621		153,367
Enterprise Financial Services Corp.		10,000		144,400
Farmers Capital Bank Corp.†		20,900		89,661
Financial Institutions, Inc.		6,500		108,225
First Community Bancshares, Inc.		9,300		115,320
First Merchants Corp.		14,728		119,297
Glacier Bancorp, Inc.#		25,571		307,108
Heritage Commerce Corp.†		25,500		127,500
Heritage Financial Corp.		8,300		102,422
LNB Bancorp, Inc.		16,300		72,046
Merchants Bancshares, Inc.		4,600		132,020
Northrim BanCorp, Inc.		7,100		129,930
Ohio Valley Banc Corp.		6,400		117,312
Pacific Continental Corp.		13,000		123,110
Pinnacle Financial Partners, Inc.†#		6,200		92,938
Preferred Bank†		3,320		25,066
Prosperity Bancshares, Inc.#		10,700		427,893
Sierra Bancorp		9,400		95,034
Signature Bank†		11,200		654,416
Southwest Bancorp, Inc.†		13,500		66,555
Suffolk Bancorp		9,100		79,534
Synovus Financial Corp.#		53,800		80,162
TCF Financial Corp.#		19,100		192,146
Texas Capital Bancshares, Inc.†#		90,311		2,606,376
United Community Banks, Inc.†		10,100		70,296
United Security Bancshares		18,772		42,800
Valley National Bancorp.#		24,831		293,006
Virginia Commerce Bancorp, Inc.†		17,900		119,572
Washington Banking Co.		13,800		155,526
Washington Trust Bancorp, Inc.#		7,100		169,051
West Bancorporation, Inc.		14,344		138,420
Westamerica Bancorporation#		7,800		358,098
Western Alliance Bancorp†		29,900		188,071
Wilshire Bancorp, Inc.†#		34,400		110,080
Wintrust Financial Corp.#		57,197		1,589,505
Zions Bancorporation#		82,662		1,330,032
				15,431,323
Banks - Mortgage — 0.0%
Walker & Dunlop, Inc.†		5,000		63,500
Beverages - Non-alcoholic — 0.0%
SkyPeople Fruit Juice, Inc.†		21,900		42,048
Brewery — 0.0%
Craft Brewers Alliance, Inc.†		18,800		121,260

189

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Broadcast Services/Program — 0.1%
Fisher Communications, Inc.†		6,000	$	179,400
Outdoor Channel Holdings, Inc.		18,800		131,412
				310,812
Building & Construction Products - Misc. — 0.2%
Gibraltar Industries, Inc.†		6,950		94,173
Interline Brands, Inc.†#		13,300		209,874
Quanex Building Products Corp.		21,100		318,188
				622,235
Building & Construction - Misc. — 0.0%
Aegion Corp.†#		5,500		83,380
Building Products - Cement — 0.0%
Martin Marietta Materials, Inc.#		1,100		86,086
Building - Maintance & Services — 0.6%
ABM Industries, Inc.#		80,803		1,755,849
Building - Mobile Home/Manufactured Housing — 0.1%
Cavco Industries, Inc.†		3,400		138,346
Skyline Corp.		6,500		37,505
				175,851
Building - Residential/Commercial — 0.1%
Meritage Homes Corp.†#		13,200		288,024
Standard Pacific Corp.†#		20,300		64,554
				352,578
Cable/Satellite TV — 0.1%
Knology, Inc.†#		14,800		210,900
Casino Hotels — 0.1%
Monarch Casino & Resort, Inc.†		15,000		143,850
Casino Services — 0.5%
Bally Technologies, Inc.†#		35,893		1,376,138
Multimedia Games, Inc.†		26,700		197,580
				1,573,718
Chemicals - Diversified — 1.6%
FMC Corp.		22,434		1,882,661
Innophos Holdings, Inc.#		43,842		2,159,219
Rockwood Holdings, Inc.†		16,900		753,064
				4,794,944
Chemicals - Plastics — 0.6%
Landec Corp.†		18,600		110,670
PolyOne Corp.#		147,022		1,581,957
				1,692,627
Chemicals - Specialty — 0.0%
KMG Chemicals, Inc.		7,800		122,070
Circuit Boards — 0.1%
DDi Corp.		11,000		99,110
UQM Technologies, Inc.†		57,300		88,242
				187,352
Coal — 0.3%
Cloud Peak Energy, Inc.†#		22,300		476,551
Walter Energy, Inc.		2,600		186,420
Westmoreland Coal Co.†#		19,700		201,925
				864,896
Commercial Services — 1.2%
CPI Corp.		10,200		48,960
HMS Holdings Corp.†#		12,700		385,191
Intersections, Inc.		12,500		129,125

Security Description	Shares		Value (Note 2)
Commercial Services (continued)
Mac - Gray Corp.		10,700	$	132,145
Providence Service Corp.†		7,700		90,167
Quanta Services, Inc.†		7,617		156,834
RPX Corp.†#		2,100		29,652
Team, Inc.†#		92,449		2,529,405
				3,501,479
Commercial Services - Finance — 0.1%
Global Payments, Inc.		7,100		314,033
Green Dot Corp., Class A†#		1,300		43,420
				357,453
Communications Software — 0.1%
Digi International, Inc.†		13,300		146,167
Velti PLC†#		5,600		41,440
				187,607
Computer Data Security — 0.1%
Fortinet, Inc.†		9,100		218,309
Computer Services — 0.1%
Carbonite, Inc.†#		6,200		75,144
Dynamics Research Corp.†		10,000		97,500
Tier Technologies, Inc.†		23,100		80,157
				252,801
Computer Software — 0.2%
Avid Technology, Inc.†#		20,900		166,364
DynaVox, Inc., Class A†#		10,000		39,700
SS&C Technologies Holdings, Inc.†		19,700		316,185
				522,249
Computers - Integrated Systems — 1.1%
3D Systems Corp.†#		19,600		305,956
Adept Technology, Inc.†		23,000		52,900
Cray, Inc.†#		9,300		57,474
Jack Henry & Associates, Inc.#		80,706		2,680,246
Mercury Computer Systems, Inc.†		5,800		79,982
Radisys Corp.†		15,700		68,138
				3,244,696
Computers - Memory Devices — 0.1%
Dot Hill Systems Corp.†		87,300		116,982
NetList, Inc.†		37,900		108,773
Xyratex, Ltd.#		11,500		155,940
				381,695
Computers - Periphery Equipment — 0.2%
iGo, Inc.†		35,000		22,750
Immersion Corp.†		25,600		155,648
Synaptics, Inc.†#		11,400		370,044
				548,442
Consulting Services — 0.8%
China Direct, Inc.†		54,700		39,657
Forrester Research, Inc.†#		4,700		152,139
Hackett Group, Inc.†		27,900		105,462
Information Services Group, Inc.†		42,400		53,000
MAXIMUS, Inc.		47,283		1,966,973
Zillow, Inc.†#		1,100		24,629
				2,341,860
Consumer Products - Misc. — 0.3%
Alpha Pro Tech, Ltd.†		30,000		36,900
Kid Brands, Inc.†		18,000		53,460
Prestige Brands Holdings, Inc.†#		83,553		825,504
				915,864

190

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Cosmetics & Toiletries — 0.0%
CCA Industries, Inc.		3,421	$	17,276
Data Processing/Management — 0.1%
CommVault Systems, Inc.†		5,800		287,854
Diagnostic Kits — 0.2%
Meridian Bioscience, Inc.#		23,900		457,207
Direct Marketing — 0.0%
ValueVision Media, Inc., Class A†		18,400		34,960
Distribution/Wholesale — 2.0%
Arrow Electronics, Inc.†		60,616		2,216,121
Beacon Roofing Supply, Inc.†#		96,076		1,876,364
Owens & Minor, Inc.#		52,720		1,623,776
Pool Corp.#		11,511		351,086
				6,067,347
Diversified Manufacturing Operations — 1.2%
A.O. Smith Corp.#		2,250		88,335
AZZ, Inc.#		5,700		241,395
Colfax Corp.†#		6,600		193,446
EnPro Industries, Inc.†#		11,600		388,252
Fabrinet†#		4,500		63,855
GP Strategies Corp.†		13,700		178,785
Koppers Holdings, Inc.		12,300		406,269
Lydall, Inc.†		14,100		126,900
Park - Ohio Holdings Corp.†		9,200		178,480
Trinity Industries, Inc.		65,780		1,879,992
				3,745,709
Diversified Minerals — 0.1%
AMCOL International Corp.#		8,300		274,979
Diversified Operations — 0.1%
Resource America, Inc., Class A		31,400		155,116
E-Commerce/Products — 0.1%
Stamps.com, Inc.†		6,300		172,431
E-Commerce/Services — 0.0%
OpenTable, Inc.†#		1,200		42,444
E-Marketing/Info — 0.7%
Active Network, Inc.†#		7,600		96,368
ValueClick, Inc.†		139,369		2,154,645
				2,251,013
E-Services/Consulting — 0.1%
Keynote Systems, Inc.		2,000		36,660
Saba Software, Inc.†#		17,600		118,800
Sapient Corp.#		17,400		213,672
				369,132
Electric Products - Misc. — 0.6%
GrafTech International, Ltd.†#		110,452		1,594,927
Graham Corp.		5,800		135,604
				1,730,531
Electric - Integrated — 0.8%
Cleco Corp.		3,400		122,876
El Paso Electric Co.		11,600		400,432
Empire District Electric Co.		5,900		124,195
NorthWestern Corp.		5,000		174,400
NV Energy, Inc.		15,000		230,100
OGE Energy Corp.		9,500		503,120
PNM Resources, Inc.#		23,200		443,352
Unisource Energy Corp.		7,600		280,288
				2,278,763

Security Description	Shares		Value (Note 2)
Electronic Components - Misc. — 0.8%
OSI Systems, Inc.†		47,928	$	2,291,438
Pulse Electronics Corp.		30,400		92,112
				2,383,550
Electronic Components - Semiconductors — 2.8%
AuthenTec, Inc.†		40,000		121,600
Cavium, Inc.†#		5,600		182,784
Diodes, Inc.†#		106,147		2,176,014
GT Advanced Technologies, Inc.†#		13,300		102,676
Intersil Corp., Class A		21,600		229,608
Kopin Corp.†#		17,100		60,192
Lattice Semiconductor Corp.†#		342,862		2,362,319
Mindspeed Technologies, Inc.†		2,902		14,945
PMC - Sierra, Inc.†		65,400		365,586
Semtech Corp.†		95,822		2,223,070
Silicon Laboratories, Inc.†#		12,000		518,640
Supertex, Inc.†#		4,100		75,891
				8,433,325
Electronic Design Automation — 0.2%
Cadence Design Systems, Inc.†		45,900		502,146
Electronic Measurement Instruments — 0.3%
CyberOptics Corp.†		18,900		147,609
ESCO Technologies, Inc.#		11,500		311,650
LeCroy Corp.†		14,300		129,415
Measurement Specialties, Inc.†#		6,000		171,180
National Instruments Corp.		2,200		57,860
Orbotech, Ltd.†		13,300		136,325
				954,039
Electronic Security Devices — 0.1%
American Science & Engineering, Inc.#		4,500		329,445
Energy - Alternate Sources — 0.1%
Ascent Solar Technologies, Inc.†		33,000		23,100
Comverge, Inc.†		17,400		23,664
FuelCell Energy, Inc.†		49,000		45,570
Headwaters, Inc.†		31,900		81,664
Ocean Power Technologies, Inc.†		17,900		65,693
REX American Resources Corp.†		4,600		84,548
				324,239
Enterprise Software/Service — 2.4%
American Software, Inc., Class A		21,500		181,460
Ariba, Inc.†#		82,916		2,516,501
Concur Technologies, Inc.†#		11,700		552,591
Informatica Corp.†		1,300		58,441
MedAssets, Inc.†		10,200		97,512
Omnicell, Inc.†#		87,074		1,407,116
Open Text Corp.†#		34,671		1,976,940
Opnet Technologies, Inc.#		3,100		110,577
PROS Holdings, Inc.†#		8,700		139,287
QLIK Technologies, Inc.†#		6,900		188,853
Taleo Corp., Class A†#		6,000		194,340
				7,423,618
Entertainment Software — 0.0%
Glu Mobile, Inc.†		33,100		102,279
Environmental Monitoring & Detection — 0.1%
Mine Safety Appliances Co.#		12,600		443,772
Finance - Consumer Loans — 0.0%
ASTA Funding, Inc.		13,200		109,428
Finance - Investment Banker/Broker — 0.7%
Diamond Hill Investment Group, Inc.		1,700		128,146

191

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Finance - Investment Banker/Broker (continued)
Evercore Partners, Inc., Class A#		60,012	$	1,661,732
Gleacher & Co., Inc.†#		20,600		26,574
JMP Group, Inc.		16,300		115,567
KBW, Inc.#		6,400		87,232
Penson Worldwide, Inc.†#		15,800		18,486
Piper Jaffray Cos.†#		5,100		105,570
				2,143,307
Finance - Leasing Companies — 0.0%
California First National Bancorp		6,000		95,100
Finance - Mortgage Loan/Banker — 0.0%
Federal Agricultural Mtg. Corp., Class C		5,000		84,950
Financial Guarantee Insurance — 0.1%
Assured Guaranty, Ltd.(1)		14,300		138,710
MGIC Investment Corp.†#		14,800		42,624
Radian Group, Inc.#		29,500		63,720
				245,054
Food - Baking — 0.1%
Flowers Foods, Inc.#		7,800		154,206
Food - Canned — 0.9%
Seneca Foods Corp., Class B†		600		12,906
TreeHouse Foods, Inc.†#		41,738		2,751,786
				2,764,692
Food - Dairy Products — 0.1%
Dean Foods Co.†		20,600		209,296
Food - Misc. — 0.8%
Corn Products International, Inc.		39,722		2,065,147
John B. Sanfilippo & Son, Inc.†		12,100		95,590
Overhill Farms, Inc.†		18,500		73,630
Senomyx, Inc.†#		47,700		184,122
				2,418,489
Food - Retail — 0.2%
Fresh Market, Inc.†#		12,600		494,298
Food - Wholesale/Distribution — 0.6%
United Natural Foods, Inc.†#		49,410		1,893,885
Footwear & Related Apparel — 0.0%
Heelys, Inc.†		56,600		102,446
Gambling (Non-Hotel) — 0.0%
Dover Downs Gaming & Entertainment, Inc.		5,034		10,118
Garden Products — 0.2%
Toro Co.		10,300		581,641
Gas - Distribution — 0.9%
Chesapeake Utilities Corp.#		1,500		64,485
Delta Natural Gas Co., Inc.		3,800		126,882
Southwest Gas Corp.		12,500		505,375
UGI Corp.		63,387		1,899,075
				2,595,817
Gold Mining — 0.5%
Allied Nevada Gold Corp.†#		15,583		559,274
Detour Gold Corp.†		18,763		546,913
Franco - Nevada Corp.		9,800		414,983
Sandstorm Gold, Ltd.†		28,600		37,855
				1,559,025
Heart Monitors — 0.0%
HeartWare International, Inc.†#		1,500		103,500

Security Description	Shares		Value (Note 2)
Home Furnishings — 0.1%
American Woodmark Corp.		8,900	$	113,297
Ethan Allen Interiors, Inc.#		2,700		54,810
Furniture Brands International, Inc.†		64,000		64,640
Sealy Corp.†		55,400		110,246
				342,993
Hotel/Motels — 0.1%
Gaylord Entertainment Co.†#		9,900		210,078
Housewares — 0.1%
Libbey, Inc.†#		11,200		136,080
Lifetime Brands, Inc.		8,000		95,360
				231,440
Human Resources — 0.4%
Barrett Business Services, Inc.		13,000		248,300
Cross Country Healthcare, Inc.†		20,000		103,400
CTPartners Executive Search, Inc.†#		3,400		17,408
Hudson Highland Group, Inc.†#		23,600		111,392
Kforce, Inc.†		21,200		259,700
Korn/Ferry International†		9,000		151,470
On Assignment, Inc.†		20,000		208,400
				1,100,070
Independent Power Producers — 0.1%
GenOn Energy, Inc.†		150,180		408,490
Synthesis Energy Systems, Inc.†#		4,300		5,977
				414,467
Industrial Audio & Video Products — 0.1%
Iteris, Inc.†		76,210		98,311
SRS Labs, Inc.†		14,700		94,815
				193,126
Instruments - Controls — 0.3%
Elster Group SE ADR†		21,800		280,784
Watts Water Technologies, Inc., Class A#		14,000		534,800
Woodward, Inc.#		5,700		241,338
				1,056,922
Insurance Brokers — 0.7%
Arthur J. Gallagher & Co.		65,208		2,020,144
Brown & Brown, Inc.		4,900		102,214
				2,122,358
Insurance - Life/Health — 0.1%
Independence Holding Co.		18,600		158,286
Insurance - Multi-line — 0.7%
American Financial Group, Inc.		54,926		1,977,336
Fortegra Financial Corp.†#		9,600		55,680
				2,033,016
Insurance - Property/Casualty — 1.5%
Hallmark Financial Services, Inc.†		13,000		103,350
HCC Insurance Holdings, Inc.		12,600		338,688
Infinity Property & Casualty Corp.		12,200		700,646
Markel Corp.†		1,200		481,680
RLI Corp.#		5,000		354,350
SeaBright Insurance Holdings, Inc.#		9,700		66,445
Selective Insurance Group, Inc.#		25,700		423,536
Stewart Information Services Corp.		13,200		139,260
Universal Insurance Holdings, Inc.		28,300		97,918
WR Berkley Corp.#		57,977		1,977,595
				4,683,468

192

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Internet Application Software — 0.1%
Vocus, Inc.†#		7,200	$	152,784
Internet Connectivity Services — 0.1%
Cogent Communications Group, Inc.†		4,400		74,844
PC - Tel, Inc.		21,200		148,188
				223,032
Internet Content - Information/News — 0.1%
Angie’s List, Inc.†#		8,000		92,440
Bankrate, Inc.†		14,700		266,511
				358,951
Internet Infrastructure Software — 0.8%
Openwave Systems, Inc.†		75,400		123,656
support.com, Inc.†		31,500		64,575
TIBCO Software, Inc.†		79,474		2,177,588
				2,365,819
Internet Security — 0.2%
Sourcefire, Inc.†#		11,500		380,880
Zix Corp.†		41,500		114,540
				495,420
Investment Companies — 0.2%
Arlington Asset Investment Corp., Class A		6,300		125,622
Gladstone Capital Corp.		12,000		90,000
Kohlberg Capital Corp.		16,700		105,377
NGP Capital Resources Co.		13,000		96,460
TICC Capital Corp.		10,000		88,800
				506,259
Investment Management/Advisor Services — 0.8%
Affiliated Managers Group, Inc.†		16,202		1,532,223
Cohen & Steers, Inc.#		11,200		304,864
Financial Engines, Inc.†#		18,000		395,460
Pzena Investment Management, Inc., Class A		3,700		18,204
Waddell & Reed Financial, Inc., Class A		7,800		212,004
				2,462,755
Lasers - System/Components — 1.3%
Cymer, Inc.†#		44,188		1,976,088
Electro Scientific Industries, Inc.†#		114,784		1,511,705
Newport Corp.†		9,100		118,573
Rofin - Sinar Technologies, Inc.†		10,800		259,848
				3,866,214
Leisure Products — 0.3%
Brunswick Corp.#		45,600		849,072
Marine Products Corp.†		23,100		124,509
				973,581
Lighting Products & Systems — 0.3%
Acuity Brands, Inc.#		19,200		964,800
Machinery - Construction & Mining — 0.0%
Terex Corp.†#		2,600		40,118
Machinery - General Industrial — 2.0%
DXP Enterprises, Inc.†		9,100		275,275
Gardner Denver, Inc.		34,475		2,955,197
IDEX Corp.		54,966		2,004,060
Kadant, Inc.†		7,300		149,212
Middleby Corp.†#		2,000		182,560
Tennant Co.#		5,700		239,286
Wabtec Corp.		2,200		150,150
				5,955,740

Security Description	Shares		Value (Note 2)
Machinery - Material Handling — 0.1%
Cascade Corp.		4,600	$	200,146
Machinery - Pumps — 0.1%
Graco, Inc.		10,400		447,096
Medical Instruments — 0.3%
AngioDynamics, Inc.†#		5,300		80,136
Bruker Corp.†		11,000		137,720
Cardiovascular Systems, Inc.†		12,200		125,538
CryoLife, Inc.†		17,000		70,040
Edwards Lifesciences Corp.†		1,200		79,236
Integra LifeSciences Holdings Corp.†		3,000		96,390
Stereotaxis, Inc.†#		11,800		12,154
Synergetics USA, Inc.†		31,361		183,148
TranS1, Inc.†		40,300		66,495
Vascular Solutions, Inc.†		15,000		161,700
				1,012,557
Medical Laser Systems — 0.1%
LCA - Vision, Inc.†		18,900		53,298
Palomar Medical Technologies, Inc.†		11,000		90,860
				144,158
Medical Products — 2.0%
Accuray, Inc.†#		1,037		4,158
Cardica, Inc.†		33,400		71,810
Chindex International, Inc.†		7,100		65,462
Cooper Cos., Inc.		30,481		1,867,266
Greatbatch, Inc.†#		82,810		1,831,757
Hanger Orthopedic Group, Inc.†#		1,443		23,088
PSS World Medical, Inc.†#		5,800		141,404
Span - America Medical Systems, Inc.		6,200		87,420
Synovis Life Technologies, Inc.†		8,400		158,256
Teleflex, Inc.#		28,527		1,736,724
Tornier NV†		1,600		28,752
Wright Medical Group, Inc.†#		13,500		198,180
				6,214,277
Medical Sterilization Products — 0.1%
STERIS Corp.#		9,200		276,644
Medical - Biomedical/Gene — 2.9%
Affymax, Inc.†		17,200		90,644
Alexion Pharmaceuticals, Inc.†		4,100		281,506
AMAG Pharmaceuticals, Inc.†		3,900		69,420
American Oriental Bioengineering, Inc.†		40,800		27,744
Astex Pharmaceuticals†		59,400		89,694
Bio - Rad Laboratories, Inc., Class A†		18,321		1,727,670
Biosante Pharmaceuticals, Inc.†		42,700		102,480
Celldex Therapeutics, Inc.†		5,500		14,630
Charles River Laboratories International, Inc.†		51,271		1,453,533
Cubist Pharmaceuticals, Inc.†#		66,575		2,567,798
Curis, Inc.†		13,900		50,179
Enzo Biochem, Inc.†		33,500		82,075
Exelixis, Inc.†#		28,400		130,924
GTx, Inc.†		37,700		102,544
Incyte Corp., Ltd.†#		34,400		473,688
Maxygen, Inc.†		18,100		102,989
Medicines Co.†		11,500		217,465
Oncothyreon, Inc.†		21,500		150,070
Regeneron Pharmaceuticals, Inc.†#		11,400		677,388
Repligen Corp.†		34,500		116,610
Sangamo Biosciences, Inc.†		16,900		51,207
Seattle Genetics, Inc.†#		6,700		111,421
Vical, Inc.†		60,285		265,857
				8,957,536

193

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Medical - Drugs — 2.3%
Alkermes PLC†#		17,000	$	259,930
Array Biopharma, Inc.†		32,900		69,419
BioSpecifics Technologies Corp.†		5,200		78,208
Cumberland Pharmaceuticals, Inc.†		12,800		76,288
Cytori Therapeutics, Inc.†		17,000		47,260
Endo Pharmaceuticals Holdings, Inc.†		57,319		1,962,029
Idenix Pharmaceuticals, Inc.†#		16,800		127,680
Myriad Pharmaceuticals, Inc.†		28,100		74,746
Pacira Pharmaceuticals, Inc.†		8,200		60,024
Pharmasset, Inc.†		5,000		654,950
Pozen, Inc.†		15,600		63,180
Progenics Pharmaceuticals, Inc.†		18,000		120,960
Rigel Pharmaceuticals, Inc.†#		9,900		75,438
Sciclone Pharmaceuticals, Inc.†		33,600		151,536
Targacept, Inc.†#		1,300		9,763
Vanda Pharmaceuticals, Inc.†		16,600		82,834
Viropharma, Inc.†#		123,858		2,973,831
XenoPort, Inc.†#		7,800		37,284
Zalicus, Inc.†		101,600		94,498
				7,019,858
Medical - HMO — 0.4%
AMERIGROUP Corp.†#		14,800		846,116
Centene Corp.†		7,800		301,938
Metropolitan Health Networks, Inc.†		27,500		199,100
				1,347,154
Medical - Hospitals — 1.0%
Health Management Associates, Inc., Class A†		45,900		377,298
LifePoint Hospitals, Inc.†#		9,700		380,531
Universal Health Services, Inc., Class B#		50,371		2,025,922
Vanguard Health Systems, Inc.†		10,200		104,448
				2,888,199
Medical - Outpatient/Home Medical — 0.8%
Amsurg Corp.†#		83,926		2,188,790
Gentiva Health Services, Inc.†#		50,501		293,916
				2,482,706
Metal Processors & Fabrication — 0.5%
Dynamic Materials Corp.		8,100		173,016
Haynes International, Inc.#		7,700		461,692
NN, Inc.†		14,900		98,191
RBC Bearings, Inc.†		11,100		468,975
Sun Hydraulics Corp.#		8,400		211,344
				1,413,218
Mining — 0.0%
Vista Gold Corp.†		24,300		87,723
Miscellaneous Manufacturing — 0.7%
Aptargroup, Inc.		34,253		1,739,710
FreightCar America, Inc.†		6,800		154,564
John Bean Technologies Corp.		13,100		215,626
				2,109,900
Multimedia — 0.1%
Media General, Inc., Class A†		13,200		50,820
Meredith Corp.#		10,200		295,800
				346,620
Networking Products — 0.1%
Ixia†#		26,300		289,300
Meru Networks, Inc.†#		5,000		23,500
				312,800

Security Description	Shares		Value (Note 2)
Non-Hazardous Waste Disposal — 0.8%
Waste Connections, Inc.#		72,591	$	2,378,807
Office Furnishings - Original — 0.1%
Knoll, Inc.#		13,400		203,144
Oil Companies - Exploration & Production — 3.6%
Bill Barrett Corp.†#		18,400		717,600
Callon Petroleum Co.†		13,100		70,347
Clayton Williams Energy, Inc.†#		4,800		355,008
Contango Oil & Gas Co.†#		6,400		403,200
Crimson Exploration, Inc.†		33,200		96,280
Double Eagle Petroleum Co.†		11,000		78,760
Energen Corp.		37,982		1,926,447
Evolution Petroleum Corp.†		26,100		190,530
FieldPoint Petroleum Corp.†		41,900		126,957
Forest Oil Corp.†		89,733		1,439,317
FX Energy, Inc.†		14,800		70,596
GeoMet, Inc.†#		26,800		28,676
Goodrich Petroleum Corp.†#		14,800		215,784
Lone Pine Resources, Inc.†		6,247		46,790
Oasis Petroleum, Inc.†#		27,500		837,925
PostRock Energy Corp.†		24,600		68,634
RAM Energy Resources, Inc.†		63,200		63,832
Rosetta Resources, Inc.†#		43,600		2,369,224
SandRidge Energy, Inc.†#		168,757		1,240,364
Swift Energy Co.†		10,200		299,778
Triangle Petroleum Corp.†		16,200		93,150
Venoco, Inc.†		6,000		55,920
Warren Resources, Inc.†		34,500		98,325
				10,893,444
Oil Field Machinery & Equipment — 1.7%
Bolt Technology Corp.		12,800		147,840
Complete Production Services, Inc.†		20,300		707,861
Dresser - Rand Group, Inc.†#		39,470		2,055,203
Gulf Island Fabrication, Inc.		10,300		292,829
Lufkin Industries, Inc.#		23,360		1,637,069
Mitcham Industries, Inc.†		6,900		101,016
Natural Gas Services Group, Inc.†		7,400		101,454
				5,043,272
Oil - Field Services — 2.1%
Key Energy Services, Inc.†		15,400		232,540
Oceaneering International, Inc.#		49,278		2,343,661
Oil States International, Inc.†		28,080		2,113,020
Superior Energy Services, Inc.†		52,963		1,573,531
Union Drilling, Inc.†#		22,500		164,700
				6,427,452
Optical Recognition Equipment — 0.0%
Digimarc Corp.†		3,100		80,569
Paper & Related Products — 0.7%
Neenah Paper, Inc.		1,500		28,065
Schweitzer - Mauduit International, Inc.#		30,980		2,206,396
				2,234,461
Patient Monitoring Equipment — 0.0%
CardioNet, Inc.†		44,400		103,008
Masimo Corp.†		1,000		20,660
				123,668
Pharmacy Services — 0.2%
Catalyst Health Solutions, Inc.†		8,300		431,766
SXC Health Solutions Corp.†		3,000		176,460
				608,226

194

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Physical Therapy/Rehabilitation Centers — 0.0%
U.S. Physical Therapy, Inc.		6,500	$	127,855
Physicians Practice Management — 0.7%
Healthways, Inc.†		5,700		37,107
IPC The Hospitalist Co., Inc.†#		44,209		2,038,035
				2,075,142
Pollution Control — 0.0%
Met-Pro Corp.		11,500		103,845
Power Converter/Supply Equipment — 0.2%
Advanced Energy Industries, Inc.†#		35,000		349,300
Power - One, Inc.†#		24,800		105,648
PowerSecure International, Inc.†		12,700		80,645
				535,593
Printing - Commercial — 0.3%
American Reprographics Co.†		31,000		146,010
Consolidated Graphics, Inc.†		8,100		412,695
Multi - Color Corp.#		19,050		499,491
				1,058,196
Professional Sports — 0.1%
Madison Square Garden, Co., Class A†		6,600		192,192
Publishing - Books — 0.1%
Courier Corp.		7,700		85,085
Scholastic Corp.		9,849		266,612
				351,697
Publishing - Newspapers — 0.0%
AH Belo Corp., Class A Class A		18,221		75,253
Lee Enterprises, Inc.†		86,500		46,796
				122,049
Quarrying — 0.7%
Compass Minerals International, Inc.		26,852		2,058,206
Real Estate Investment Trusts — 4.4%
Acadia Realty Trust#		8,200		160,556
CBL & Associates Properties, Inc.#		30,800		440,132
Chesapeake Lodging Trust		18,700		297,330
Colony Financial, Inc.#		6,900		102,120
Cousins Properties, Inc.		22,635		134,678
DiamondRock Hospitality Co.		65,908		578,672
Douglas Emmett, Inc.#		104,900		1,886,102
DuPont Fabros Technology, Inc.#		86,300		1,944,339
EastGroup Properties, Inc.#		11,200		476,784
Education Realty Trust, Inc.#		199,900		1,863,068
Equity One, Inc.#		16,700		279,057
Essex Property Trust, Inc.#		1,600		212,560
First Potomac Realty Trust		13,400		170,582
Kilroy Realty Corp.#		8,500		306,765
LaSalle Hotel Properties		91,440		2,140,611
Parkway Properties, Inc.#		9,300		94,023
Pebblebrook Hotel Trust		6,100		112,972
Starwood Property Trust, Inc.		5,000		89,200
Tanger Factory Outlet Centers#		74,700		2,117,745
				13,407,296
Real Estate Management/Services — 0.5%
Jones Lang LaSalle, Inc.		22,819		1,470,000
Real Estate Operations & Development — 0.0%
Consolidated - Tomoka Land Co.		3,100		81,809
Recreational Vehicles — 0.1%
Arctic Cat, Inc.†		8,000		159,040

Security Description	Shares		Value (Note 2)
Rental Auto/Equipment — 0.1%
Electro Rent Corp.		6,300	$	103,257
H&E Equipment Services, Inc.†		22,100		280,891
				384,148
Resort/Theme Parks — 0.0%
Great Wolf Resorts, Inc.†		51,200		127,488
Retail - Apparel/Shoe — 4.5%
American Eagle Outfitters, Inc.#		11,300		157,183
ANN, Inc.†#		28,750		674,475
Buckle, Inc.#		45,948		1,836,082
Casual Male Retail Group, Inc.†		39,600		127,908
Chico’s FAS, Inc.		16,300		169,520
Christopher & Banks Corp.		33,300		95,238
Express, Inc.†		108,779		2,468,195
Finish Line, Inc., Class A#		100,295		2,114,219
Francesca’s Holdings Corp.†#		6,400		105,600
Genesco, Inc.†#		50,889		3,004,995
HOT Topic, Inc.#		26,600		188,860
PVH Corp.		31,449		2,135,073
Rue21, Inc.†#		10,000		240,400
Vera Bradley, Inc.†#		1,500		57,600
Winmark Corp.		4,000		219,600
				13,594,948
Retail - Appliances — 0.1%
hhgregg, Inc.†#		13,700		217,008
Retail - Automobile — 0.6%
Penske Automotive Group, Inc.#		92,080		1,868,303
Retail - Convenience Store — 0.1%
Pantry, Inc.†		13,100		162,047
Susser Holdings Corp.†		9,900		227,502
				389,549
Retail - Discount — 0.1%
HSN, Inc.		11,900		426,020
Retail - Home Furnishings — 0.1%
Kirkland’s, Inc.†		9,700		120,959
Pier 1 Imports, Inc.†#		17,500		237,825
				358,784
Retail - Jewelry — 0.0%
Zale Corp.†		37,900		130,376
Retail - Leisure Products — 0.1%
MarineMax, Inc.†#		29,400		187,278
Retail - Misc./Diversified — 0.0%
Gaiam, Inc. Class A		17,400		65,076
Teavana Holdings, Inc.†#		1,500		29,955
				95,031
Retail - Regional Department Stores — 0.7%
Dillard’s, Inc., Class A#		46,215		2,172,105
Retail - Restaurants — 3.0%
BJ’s Restaurants, Inc.†#		11,100		533,688
Brinker International, Inc.#		17,200		414,176
Caribou Coffee Co., Inc.†		9,600		129,696
Cheesecake Factory, Inc.†#		13,600		385,696
DineEquity, Inc.†#		40,507		1,907,069
Famous Dave’s of America, Inc.†		16,700		151,469
Jack in the Box, Inc.†#		20,400		418,200
Jamba, Inc.†		2,600		3,770
Panera Bread Co., Class A†#		5,200		745,576
Papa John’s International, Inc.†#		39,906		1,512,437
PF Chang’s China Bistro, Inc.#		35,296		1,070,528

195

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Retail - Restaurants (continued)
Red Robin Gourmet Burgers, Inc.†		6,200	$	164,796
Sonic Corp.†		25,462		179,762
Texas Roadhouse, Inc.#		119,907		1,605,555
				9,222,418
Retail - Sporting Goods — 0.3%
Hibbett Sports, Inc.†#		9,600		436,896
Zumiez, Inc.†#		19,600		461,188
				898,084
Retirement/Aged Care — 0.0%
Five Star Quality Care, Inc.†		24,000		61,680
Savings & Loans/Thrifts — 0.6%
Bank Mutual Corp.		26,600		89,908
BankUnited, Inc.		12,900		279,801
Capitol Federal Financial, Inc.		21,040		238,173
Clifton Savings Bancorp, Inc.		7,000		70,910
First Defiance Financial Corp.		5,800		84,622
First Financial Holdings, Inc.		13,400		109,478
First Pactrust Bancorp, Inc.		10,000		114,000
Louisiana Bancorp, Inc.†		5,700		91,599
OceanFirst Financial Corp.		11,600		150,684
Pacific Premier Bancorp, Inc.†		12,600		83,034
Territorial Bancorp, Inc.		6,600		130,020
United Community Financial Corp.†		92,900		91,042
United Financial Bancorp, Inc.		8,687		146,549
				1,679,820
Schools — 0.0%
Learning Tree International, Inc.†		14,700		101,724
Seismic Data Collection — 0.1%
Dawson Geophysical Co.†		3,300		115,104
ION Geophysical Corp.†#		23,200		134,792
T.G.C. Industries, Inc.†		18,200		146,510
				396,406
Semiconductor Components - Integrated Circuits — 0.1%
Emulex Corp.†		24,000		189,600
TriQuint Semiconductor, Inc.†#		31,100		135,907
				325,507
Semiconductor Equipment — 0.8%
Amtech Systems, Inc.†		6,100		55,388
FSI International, Inc.†		34,200		88,920
Mattson Technology, Inc.†		34,500		40,710
Novellus Systems, Inc.†#		63,503		2,198,474
Rudolph Technologies, Inc.†		9,800		77,028
				2,460,520
Steel Pipe & Tube — 0.8%
Valmont Industries, Inc.#		30,197		2,572,180
Steel - Producers — 0.2%
AK Steel Holding Corp.#		20,400		172,584
Schnitzer Steel Industries, Inc., Class A#		12,000		556,680
				729,264
Telecom Equipment - Fiber Optics — 0.6%
Finisar Corp.†#		21,074		388,605
Harmonic, Inc.†		25,700		138,009
JDS Uniphase Corp.†		101,398		1,113,350
KVH Industries, Inc.†		14,357		111,697
				1,751,661

Security Description	Shares		Value (Note 2)
Telecom Services — 0.2%
Aviat Networks, Inc.†		46,800	$	82,368
FiberTower Corp.†		27,000		7,025
Premiere Global Services, Inc.†		21,900		181,113
tw telecom, Inc.†		19,200		360,768
UniTek Global Services, Inc.†		10,000		50,000
				681,274
Telecommunication Equipment — 0.8%
ADTRAN, Inc.#		67,703		2,236,230
ShoreTel, Inc.†		12,100		72,963
Westell Technologies, Inc. Class A†		41,700		92,991
ZST Digital Networks, Inc.†		19,800		40,194
				2,442,378
Telephone - Integrated — 0.3%
Alaska Communications Systems Group, Inc.#		135,655		725,754
Warwick Valley Telephone Co.		8,100		104,247
				830,001
Television — 0.0%
Gray Television, Inc.†		57,100		97,070
Textile - Apparel — 0.0%
Cherokee, Inc.		6,400		82,432
Unifi, Inc.†		6,000		46,800
				129,232
Therapeutics — 1.1%
AVANIR Pharmaceuticals, Inc., Class A†#		49,100		120,786
AVI BioPharma, Inc.†		45,900		33,507
BioMarin Pharmaceutical, Inc.†#		6,900		238,878
Cyclacel Pharmaceuticals, Inc.†		51,600		29,933
Nabi Biopharmaceuticals†		25,500		46,155
Onyx Pharmaceuticals, Inc.†		2,400		105,840
Questcor Pharmaceuticals, Inc.†#		56,597		2,544,035
Theragenics Corp.†		36,700		61,656
Theravance, Inc.†		3,300		77,022
				3,257,812
Transactional Software — 0.1%
Bottomline Technologies, Inc.†#		11,500		258,750
Transport - Rail — 0.1%
RailAmerica, Inc.†#		26,800		376,540
Transport - Services — 0.6%
UTi Worldwide, Inc.#		115,586		1,798,518
Transport - Truck — 1.8%
Celadon Group, Inc.		13,600		145,384
Covenant Transport, Inc. Class A†		14,200		43,594
Heartland Express, Inc.#		1,465		20,144
Knight Transportation, Inc.#		30,975		463,386
Landstar System, Inc.		44,427		2,055,637
Old Dominion Freight Line, Inc.†		66,916		2,597,010
Saia, Inc.†		9,600		111,648
				5,436,803
Travel Services — 0.0%
Ambassadors Group, Inc.		11,800		52,982
Virtual Reality Products — 0.0%
RealD, Inc.†#		14,200		136,036
Vitamins & Nutrition Products — 0.9%
GNC Holdings, Inc., Class A†#		89,928		2,452,337
Nutraceutical International Corp.†		8,200		95,940
Omega Protein Corp.†		9,000		75,870
Schiff Nutrition International, Inc.†		14,100		167,649
				2,791,796

196

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares/ Principal Amount		Value (Note 2)
COMMON STOCK (continued)
Water — 0.0%
York Water Co.		7,500	$	134,475
Web Portals/ISP — 0.0%
Pandora Media, Inc.†		2,500		25,450
Wire & Cable Products — 0.8%
Belden, Inc.#		61,055		2,017,257
Coleman Cable, Inc.†		100		882
General Cable Corp.†#		17,300		458,450
				2,476,589
Wireless Equipment — 0.3%
Aruba Networks, Inc.†		12,700		267,970
Globecomm Systems, Inc.†		7,300		99,937
RF Micro Devices, Inc.†		17,800		110,894
SBA Communications Corp., Class A†		4,800		196,272
Ubiquiti Networks, Inc.		8,300		164,008
				839,081
Wound, Burn & Skin Care — 0.0%
Obagi Medical Products, Inc.†#		11,900		120,309
Total Common Stock
(cost $258,016,344)				297,577,119
CONVERTIBLE PREFERRED STOCK — 0.1%
Banks - Commercial — 0.0%
Synovus Financial Corp. 8.25%		8,100		115,830
Electric - Distribution — 0.0%
Silver Spring Networks(2)(3)(4) Series E 8.00%		11,300		101,700
Financial Guarantee Insurance — 0.1%
Assured Guaranty, Ltd.(1) 8.50%		3,000		124,329
Oil Companies - Exploration & Production — 0.0%
GeoMet, Inc.(5)(6) Notes 8.00%		3,085		31,498
Total Convertible Preferred Stock
(cost $498,222)				373,357
PREFERRED STOCK — 0.1%
E-Commerce/Services — 0.0%
Coupon.com, Inc.(2)(3)(4) (Cost $88,805)		16,166		88,805
CONVERTIBLE BONDS & NOTES — 0.0%
Machinery - Construction & Mining — 0.0%
Terex Corp. 4.00% due 06/01/15# (cost $36,000)	$	36,000		43,110
Total Long-Term Investment Securities
(cost $258,639,371)				298,082,391
SHORT-TERM INVESTMENT SECURITIES — 19.1%
Collective Investment Pool — 17.5%
Navigator Securities Lending Prime Portfolio(7)(8)		53,494,230		53,494,230
Registered Investment Companies — 0.4%
T. Rowe Price Reserve Investment Fund		1,308,349		1,308,349

Security Description	Principal Amount			Value (Note 2)
Time Deposits — 1.2%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 12/01/11	$	3,499,000		$	3,499,000
Total Short-Term Investment Securities
(cost $58,301,579)					58,301,579
TOTAL INVESTMENTS(9)
(cost $316,940,950)(9)		116.8	%		356,383,970
Liabilities in excess of other assets		(16.8	)		(51,372,733	)
NET ASSETS		100.0	%	$	305,011,237

† Non-income producing security

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

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

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

(3) Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of November 30, 2011, the Small Cap Fund held the following restricted securities:

Name	Acquistion Date		Shares		Acquistion Cost		Value		Value Per Share		Value as a % of Net Assets
Silver Springs Networks, Inc Series E 8.00% Convertible Preferred Stock		12/11/09		11,300	$	113,000	$	101,700	$	9.00		0.03	%
Coupon.com, Inc. Preferred Stock		06/01/11		8,083		88,806
		08/18/11		8,083		88,806
				16,166	$	177,612		88,805		5.49		0.03	%
							$	190,505				0.06	%

(4) Illiquid security. At November 30, 2011, the aggregate value of these securities was $190,505 representing 0.1% of net assets.

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

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

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

(8) At November 30, 2011, the Fund had loaned securities with a total value of $55,253,066. This was secured by collateral of $53,494,230, which was received in cash and subsequently invested in short-term investments currently valued at $53,494,230 as reported in the portfolio of investments. The remaining collateral of $205,677 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.

197

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

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

Securities	Coupon Range	Maturity Date Range
Federal Home Loan Mortgage Corp.	0.26%	01/10/13
United States Treasury Notes/Bonds	0.75% to 4.38%	04/30/12-05/15/41

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

ADR—American Depository Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2011 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Long-Term Investment Securities:
Common Stock:
Banks-Commercial	$	15,431,323	$	—	$	—	$	15,431,323
Other Industries*		282,145,796		—		—		282,145,796
Convertible Preferred Stock		147,328		124,329		101,700		373,357
Preferred Stock		—		—		88,805		88,805
Convertible Bonds & Notes		—		43,110		—		43,110
Short-Term Investment Securities:
Collective Investment Pool		—		53,494,230		—		53,494,230
Registered Investment Companies		—		1,308,349		—		1,308,349
Time Deposits		—		3,499,000		—		3,499,000
Total	$	297,724,447	$	58,469,018	$	190,505	$	356,383,970

* Sum of all other industries each of which individually has an aggregate market value of less than 5% of net assets. For a detailed presentation of 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		Preferred Stock
Balance as of 5/31/2011	$	148,299		$	67,800	$	—
Accrued discounts		—			—		—
Accrued premiums		—			—		—
Realized gain		—			—		—
Realized loss		(161,310	)		—		—
Change in unrealized appreciation(1)		34,361			33,900		—
Change in unrealized depreciation(1)		—			—		—
Net purchases		—			—		88,805
Net sales		(21,350	)		—		—
Transfers into Level 3(2)		—			—		—
Transfers out of Level 3(2)		—			—		—
Balance as of 11/30/2011	$	—		$	101,700	$	88,805

(1) The total change in unrealized appreciation (depreciation) included in the statement of operations attributable to level 3 investments still held at November 30, 2011 includes:

Common Stock		Convertible Preferred Stock		Preferred Stock
$	—	$	33,900	$	—

(2) The Fund’s policy is to recognize transfers in and transfers out as of the end of the reporting period.

See Notes to Financial Statements

198

VALIC Company I Small Cap Index Fund

PORTFOLIO PROFILE — November 30, 2011 (Unaudited)

Industry Allocation*

Collective Investment Pool	15.4	%
Real Estate Investment Trusts	8.3
Banks — Commercial	6.0
Oil Companies — Exploration & Production	3.1
Medical — Biomedical/Gene	2.1
Electric — Integrated	2.0
Medical — Drugs	1.9
Retail — Apparel/Shoe	1.8
Electronic Components — Semiconductors	1.6
Repurchase Agreements	1.6
Retail — Restaurants	1.5
Enterprise Software/Service	1.4
Gas — Distribution	1.4
Commercial Services	1.3
Insurance — Property/Casualty	1.3
Diversified Manufacturing Operations	1.3
Medical Products	1.2
Applications Software	1.0
Aerospace/Defense — Equipment	1.0
Medical — HMO	1.0
Distribution/Wholesale	1.0
Chemicals — Specialty	1.0
Oil — Field Services	0.9
Machinery — General Industrial	0.9
Savings & Loans/Thrifts	0.9
Therapeutics	0.9
Medical Instruments	0.9
Semiconductor Equipment	0.9
Consulting Services	0.9
Rental Auto/Equipment	0.9
Computer Services	0.8
Oil Field Machinery & Equipment	0.8
Food — Misc.	0.8
Investment Companies	0.8
Telecommunication Equipment	0.8
Semiconductor Components — Integrated Circuits	0.7
Metal Processors & Fabrication	0.7
Wireless Equipment	0.7
Auto/Truck Parts & Equipment — Original	0.7
Transport — Truck	0.7
Computers — Integrated Systems	0.7
Commercial Services — Finance	0.7
Finance — Investment Banker/Broker	0.7
Insurance — Reinsurance	0.6
Networking Products	0.6
Footwear & Related Apparel	0.6
Airlines	0.6
Electronic Components — Misc.	0.6
Insurance — Life/Health	0.6
Apparel Manufacturers	0.6
Human Resources	0.5
Paper & Related Products	0.5
Data Processing/Management	0.5
Transport-Marine	0.5
Building & Construction Products — Misc.	0.5
Aerospace/Defense	0.5
Chemicals — Diversified	0.5
Lasers — System/Components	0.5
Medical Information Systems	0.4
Retail — Automobile	0.4
Schools	0.4
Office Furnishings — Original	0.4
Consumer Products — Misc.	0.4
Food — Retail	0.4
E-Marketing/Info	0.4
Finance — Consumer Loans	0.4
Investment Management/Advisor Services	0.4
Internet Application Software	0.4
Food — Wholesale/Distribution	0.4

Retail-Pawn Shops	0.4
Instruments — Controls	0.3
Telecom Services	0.3
Lighting Products & Systems	0.3
Non-Ferrous Metals	0.3
Printing — Commercial	0.3
Advanced Materials	0.3
Transport — Services	0.3
Hazardous Waste Disposal	0.3
U.S. Government Treasuries	0.3
Water	0.3
Retail — Discount	0.3
Oil Refining & Marketing	0.3
Building — Residential/Commercial	0.3
Telecom Equipment — Fiber Optics	0.3
Resorts/Theme Parks	0.3
Engineering/R&D Services	0.3
Building & Construction — Misc.	0.3
Retail — Petroleum Products	0.3
Computer Software	0.3
Retail-Sporting Goods	0.3
Precious Metals	0.3
Coal	0.3
Building — Maintance & Services	0.3
Transactional Software	0.3
Alternative Waste Technology	0.3
Filtration/Separation Products	0.3
Industrial Automated/Robotic	0.3
Electronic Measurement Instruments	0.3
Transport — Rail	0.2
E-Services/Consulting	0.2
Transport — Equipment & Leasing	0.2
Multilevel Direct Selling	0.2
Medical — Outpatient/Home Medical	0.2
Food — Canned	0.2
Diagnostic Equipment	0.2
Theaters	0.2
Medical — Generic Drugs	0.2
Retail — Convenience Store	0.2
Tobacco	0.2
Internet Connectivity Services	0.2
Home Furnishings	0.2
Vitamins & Nutrition Products	0.2
Computers — Memory Devices	0.2
Communications Software	0.2
Telephone — Integrated	0.2
E-Commerce/Services	0.2
Gold Mining	0.2
Wire & Cable Products	0.2
Power Converter/Supply Equipment	0.2
Intimate Apparel	0.2
Audio/Video Products	0.2
Internet Security	0.2
Energy — Alternate Sources	0.2
Auction Houses/Art Dealers	0.2
E-Commerce/Products	0.2
Finance — Other Services	0.2
Computers — Periphery Equipment	0.2
Patient Monitoring Equipment	0.2
Satellite Telecom	0.2
Internet Content — Information/News	0.2
Chemicals — Plastics	0.2
Hotels/Motels	0.2
Retail — Home Furnishings	0.2
Silver Mining	0.2
Funeral Services & Related Items	0.2
Identification Systems	0.2
Diagnostic Kits	0.2
Medical — Nursing Homes	0.2
Physical Therapy/Rehabilitation Centers	0.2
Recreational Centers	0.2

199

VALIC Company I Small Cap Index Fund

PORTFOLIO PROFILE — November 30, 2011 (Unaudited) — (continued)

Industry Allocation* (continued)

Miscellaneous Manufacturing	0.2	%
Building — Heavy Construction	0.2
Leisure Products	0.2
Medical Sterilization Products	0.2
Research & Development	0.2
Multimedia	0.2
Auto/Truck Parts & Equipment-Replacement	0.2
Pipelines	0.1
Instruments — Scientific	0.1
Electronic Design Automation	0.1
Building Products — Cement	0.1
Agricultural Operations	0.1
Seismic Data Collection	0.1
Television	0.1
Diversified Operations/Commercial Services	0.1
Computer Aided Design	0.1
Dental Supplies & Equipment	0.1
Racetracks	0.1
Batteries/Battery Systems	0.1
Environmental Consulting & Engineering	0.1
Oil & Gas Drilling	0.1
Circuit Boards	0.1
Metal — Aluminum	0.1
Poultry	0.1
Publishing — Newspapers	0.1
Linen Supply & Related Items	0.1
Transport — Air Freight	0.1
Cosmetics & Toiletries	0.1
Retail — Misc./Diversified	0.1
Retail — Video Rentals	0.1
Casino Services	0.1
Electric Products — Misc.	0.1
Entertainment Software	0.1
Insurance — Multi-line	0.1
Physicians Practice Management	0.1
Auto Repair Centers	0.1
Disposable Medical Products	0.1
Diversified Minerals	0.1
Web Portals/ISP	0.1
Private Corrections	0.1
Protection/Safety	0.1
Web Hosting/Design	0.1
Platinum	0.1
Electronic Security Devices	0.1
Machinery — Material Handling	0.1
Retail-Major Department Stores	0.1
Machinery — Electrical	0.1
Retirement/Aged Care	0.1
Broadcast Services/Program	0.1
Electric — Generation	0.1
Drug Delivery Systems	0.1
Retail — Office Supplies	0.1
Casino Hotels	0.1
Finance — Mortgage Loan/Banker	0.1
Financial Guarantee Insurance	0.1
Diversified Operations	0.1
Environmental Monitoring & Detection	0.1
Storage/Warehousing	0.1
Retail — Hair Salons	0.1
Office Supplies & Forms	0.1
Machinery — Farming	0.1
Brewery	0.1
Publishing — Books	0.1
Internet Incubators	0.1
Steel Pipe & Tube	0.1
Rubber — Tires	0.1
Heart Monitors	0.1
Veterinary Diagnostics	0.1
Containers — Paper/Plastic	0.1

Building Products — Air & Heating	0.1
Coffee	0.1
Firearms & Ammunition	0.1
Internet Telephone	0.1
Engines — Internal Combustion	0.1
Gambling (Non-Hotel)	0.1
Building Products-Doors & Windows	0.1
Toys	0.1
Retail — Drug Store	0.1
Health Care Cost Containment	0.1
Real Estate Operations & Development	0.1
Medical — Hospitals	0.1
Forestry	0.1
Water Treatment Systems	0.1
Machinery — Construction & Mining	0.1
Finance — Auto Loans	0.1
Independent Power Producers	0.1
Travel Services	0.1
Decision Support Software	0.1
Banks — Fiduciary	0.1
Retail-Auto Parts	0.1
Venture Capital	0.1
Real Estate Management/Services	0.1
Food — Confectionery	0.1
Ultra Sound Imaging Systems	0.1
Cellular Telecom	0.1
Machinery — Pumps	0.1
Building Products — Wood	0.1
	115.2	%

* Calculated as a percentage of net assets

200

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCK — 97.9%
Advanced Materials — 0.3%
Ceradyne, Inc.†		18,181	$	540,703
Hexcel Corp.†		71,533		1,782,602
Metabolix, Inc.†#		24,865		118,358
STR Holdings, Inc.†#		22,069		202,152
				2,643,815
Advertising Agencies — 0.0%
MDC Partners, Inc., Class A#		18,310		265,495
Advertising Services — 0.0%
Marchex, Inc., Class B#		15,604		107,824
Aerospace/Defense — 0.5%
Aerovironment, Inc.†#		12,346		376,677
Cubic Corp.		11,540		489,642
Esterline Technologies Corp.†		22,259		1,199,092
Kratos Defense & Security Solutions, Inc.†		24,185		120,925
National Presto Industries, Inc.#		3,507		331,306
Teledyne Technologies, Inc.†		26,826		1,520,498
				4,038,140
Aerospace/Defense - Equipment — 1.0%
AAR Corp.#		29,025		529,996
Astronics Corp.†#		7,507		267,700
Astronics Corp., Class B†		683		24,502
Curtiss - Wright Corp.		33,904		1,117,137
Ducommun, Inc.#		7,694		92,097
GenCorp, Inc.†#		42,874		233,235
HEICO Corp.#		30,468		1,807,971
Kaman Corp.#		19,187		595,373
LMI Aerospace, Inc.†		6,684		110,954
Moog, Inc., Class A†		33,170		1,387,169
Orbital Sciences Corp.†		42,674		633,709
Triumph Group, Inc.#		27,470		1,634,190
				8,434,033
Agricultural Operations — 0.1%
Alico, Inc.#		2,586		46,393
Andersons, Inc.		13,585		601,680
Cadiz, Inc.†#		8,806		75,203
Griffin Land & Nurseries, Inc.		1,822		51,016
Limoneira Co.		5,712		96,990
MGP Ingredients, Inc.#		8,782		43,822
Tejon Ranch Co.†		10,393		256,395
				1,171,499
Airlines — 0.6%
Alaska Air Group, Inc.†#		26,168		1,816,583
Allegiant Travel Co.†#		10,791		561,995
Hawaiian Holdings, Inc.†		36,813		219,037
JetBlue Airways Corp.†#		179,986		741,542
Republic Airways Holdings, Inc.†#		35,199		134,812
SkyWest, Inc.		38,627		468,546
Spirit Airlines, Inc.†		11,384		183,624
US Airways Group, Inc.†#		118,321		558,475
				4,684,614
Alternative Waste Technology — 0.3%
Calgon Carbon Corp.†#		41,244		613,711
Darling International, Inc.†		85,453		1,227,960
Rentech, Inc.†		162,774		242,533
				2,084,204
Apparel Manufacturers — 0.6%
Carter’s, Inc.†#		35,901		1,427,783
Columbia Sportswear Co.#		8,864		450,291
Delta Apparel, Inc.†#		5,173		93,114

Security Description	Shares		Value (Note 2)
Apparel Manufacturers (continued)
G-III Apparel Group, Ltd.†		12,059	$	222,247
Jones Group, Inc.		63,874		693,033
Maidenform Brands, Inc.†		17,094		315,213
Oxford Industries, Inc.#		9,376		355,632
Quiksilver, Inc.†		94,770		292,839
True Religion Apparel, Inc.†		18,827		662,711
				4,512,863
Applications Software — 1.0%
Actuate Corp.†		26,243		173,204
Callidus Software, Inc†		21,898		112,118
Deltek, Inc.†		16,209		132,103
Ebix, Inc.#		21,049		452,553
EPIQ Systems, Inc.#		22,937		309,649
Geeknet, Inc.†#		3,198		65,431
inContact, Inc.†		22,414		98,622
NetSuite, Inc.†#		19,877		805,814
Parametric Technology Corp.†		86,994		1,812,085
PDF Solutions, Inc.†		17,098		106,863
Progress Software Corp.†		48,950		997,111
Quest Software, Inc.†		44,665		807,097
RealPage, Inc.†#		22,145		554,289
SuccessFactors, Inc.†#		60,936		1,559,962
Tangoe, Inc.†		7,485		101,646
Verint Systems, Inc.†		15,468		437,590
				8,526,137
Athletic Equipment — 0.0%
Black Diamond, Inc.†		9,669		73,581
Athletic Footwear — 0.0%
K-Swiss, Inc., Class A†#		19,123		54,309
Auction House/Art Dealers — 0.2%
Sotheby’s		49,337		1,549,675
Audio/Video Products — 0.2%
Audiovox Corp., Class A		13,178		95,409
DTS, Inc.†#		12,709		365,892
Skullcandy, Inc.†#		7,035		104,258
TiVo, Inc.†		87,077		860,321
Universal Electronics, Inc.†#		10,971		179,047
				1,604,927
Auto Repair Centers — 0.1%
Monro Muffler Brake, Inc.#		22,267		894,020
Auto - Heavy Duty Trucks — 0.0%
Force Protection, Inc.†		51,866		286,300
Auto - Truck Trailers — 0.0%
Wabash National Corp.†		50,028		367,206
Auto/Truck Parts & Equipment - Original — 0.7%
Accuride Corp.†		29,541		180,495
American Axle & Manufacturing Holdings, Inc.†#		48,766		427,678
Amerigon, Inc.†#		16,243		254,690
Dana Holding Corp.†		106,828		1,331,077
Fuel Systems Solutions, Inc.†		12,152		216,306
Meritor, Inc.†		68,984		410,455
Miller Industries, Inc.		8,639		139,001
Modine Manufacturing Co.†		33,989		329,014
Spartan Motors, Inc.#		24,354		121,770
Superior Industries International, Inc.#		17,097		278,339
Tenneco, Inc.†		44,158		1,278,816
Titan International, Inc.#		30,730		661,924
Tower International, Inc.†		4,799		50,965
				5,680,530

201

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Auto/Truck Parts & Equipment - Replacement — 0.2%
Commercial Vehicle Group, Inc.†		21,020	$	235,424
Dorman Products, Inc.†#		7,900		305,572
Douglas Dynamics, Inc.		13,612		210,986
Exide Technologies†#		56,533		156,031
Motorcar Parts of America, Inc.†#		8,814		65,488
Standard Motor Products, Inc.		14,369		280,627
				1,254,128
B2B/E - Commerce — 0.0%
ePlus, Inc.†#		2,819		78,284
Global Sources, Ltd.†		8,321		51,424
SPS Commerce, Inc.†		6,152		144,264
				273,972
Banks - Commercial — 6.0%
1st Source Corp.		11,112		279,022
1st United Bancorp, Inc.†		19,886		109,572
Alliance Financial Corp.#		3,466		102,732
Ameris Bancorp†		17,358		173,580
Ames National Corp.		6,056		98,047
Arrow Financial Corp.#		7,403		175,155
Bancfirst Corp.#		4,912		182,383
Banco Latinoamericano de Comercio Exterior SA, Class E		20,324		332,501
Bancorp Rhode Island, Inc.#		2,716		117,494
Bancorp, Inc.†		21,360		170,880
BancorpSouth, Inc.		60,978		597,584
Bank of Kentucky Financial Corp.		4,206		88,999
Bank of Marin Bancorp#		3,886		143,471
Bank of the Ozarks, Inc.#		20,504		581,288
Banner Corp.		12,074		195,357
BBCN Bancorp, Inc.†		27,757		260,083
Bridge Bancorp, Inc.		4,918		94,967
Bridge Capital Holdings†#		6,679		69,261
Bryn Mawr Bank Corp.#		7,920		146,599
Camden National Corp.#		5,608		166,221
Capital Bank Corp.†#		10,214		20,122
Capital City Bank Group, Inc.#		8,343		87,685
Cardinal Financial Corp.#		21,132		225,901
Cascade Bancorp†		4,381		18,006
Cass Information Systems, Inc.		6,153		238,183
Cathay General Bancorp, Class B		57,433		796,596
Center Bancorp, Inc.		8,828		87,927
Center Financial Corp.†		26,032		191,856
Centerstate Banks, Inc.		21,937		123,725
Central Pacific Financial Corp.†		11,218		149,424
Century Bancorp, Inc., Class A#		2,517		70,350
Chemical Financial Corp.#		20,050		412,228
Citizens & Northern Corp.#		8,898		151,355
City Holding Co.#		11,130		362,393
CNB Financial Corp.		8,976		141,821
CoBiz Financial, Inc.		23,755		126,614
Columbia Banking System, Inc.		28,838		519,084
Community Bank System, Inc.#		26,869		709,879
Community Trust Bancorp, Inc.#		10,115		285,142
CSF Holdings, Inc.†(1)(2)		2,375		0
CVB Financial Corp.#		65,237		641,280
Eagle Bancorp, Inc.†		12,241		181,656
Encore Bancshares, Inc†#		6,165		74,381
Enterprise Bancorp, Inc.#		4,252		61,399
Enterprise Financial Services Corp.		11,615		167,721
Financial Institutions, Inc.		10,074		167,732
First Bancorp#		11,030		129,933
First Bancorp, Inc.#		6,407		93,030
First Busey Corp.		56,292		296,096
First Commonwealth Financial Corp.		76,623		356,297
First Community Bancshares, Inc.#		11,607		143,927

Security Description	Shares		Value (Note 2)
Banks - Commercial (continued)
First Connecticut Bancorp, Inc.		13,059	$	165,196
First Financial Bancorp		42,547		675,646
First Financial Bankshares, Inc.#		22,961		757,713
First Financial Corp.		8,136		270,847
First Interstate BancSystem, Inc.#		11,515		135,647
First Merchants Corp.		18,736		151,762
First Midwest Bancorp, Inc.		54,441		517,189
First of Long Island Corp.		5,575		144,671
FirstMerit Corp.		79,792		1,165,761
FNB Corp.#		92,693		988,107
Franklin Financial Corp.†#		10,144		110,975
German American Bancorp, Inc.		9,197		165,362
Glacier Bancorp, Inc.#		52,526		630,837
Great Southern Bancorp, Inc.		7,419		158,396
Hampton Roads Bankshares, Inc.†		7,169		22,296
Hancock Holding Co.		55,734		1,701,838
Hanmi Financial Corp.†		110,477		96,712
Heartland Financial USA, Inc.		9,725		149,862
Heritage Commerce Corp.†		15,232		76,160
Heritage Financial Corp.#		11,430		141,046
Home Bancshares, Inc.#		16,377		407,132
Hudson Valley Holding Corp.#		11,397		231,931
IBERIABANK Corp.#		21,573		1,074,767
Independent Bank Corp.#		15,655		409,222
International Bancshares Corp.		38,716		692,242
Lakeland Bancorp, Inc.#		15,830		136,929
Lakeland Financial Corp.#		11,833		290,145
MainSource Financial Group, Inc.		14,707		121,774
MB Financial, Inc.#		39,753		675,006
Merchants Bancshares, Inc.#		3,512		100,794
Metro Bancorp, Inc.†		10,121		85,725
MidSouth Bancorp, Inc.#		5,585		71,265
National Bankshares, Inc.		5,066		138,555
National Penn Bancshares, Inc.#		90,369		752,774
NBT Bancorp, Inc.#		25,154		535,780
Old National Bancorp#		69,192		776,334
OmniAmerican Bancorp, Inc.†#		8,647		127,976
Oriental Financial Group, Inc.		33,067		363,076
Orrstown Financial Services, Inc.		5,104		44,099
Pacific Capital Bancorp NA†#		3,004		77,653
Pacific Continental Corp.		13,459		127,457
PacWest Bancorp		22,093		412,697
Park National Corp.#		9,425		573,982
Park Sterling Corp.†#		23,398		91,018
Penns Woods Bancorp, Inc.		2,802		107,457
Peoples Bancorp, Inc.#		7,714		99,279
Pinnacle Financial Partners, Inc.†#		24,932		373,731
PrivateBancorp, Inc.		43,847		420,931
Prosperity Bancshares, Inc.#		34,245		1,369,457
Renasant Corp.#		18,301		271,221
Republic Bancorp, Inc., Class A		7,233		153,340
S&T Bancorp, Inc.#		20,492		378,282
S.Y. Bancorp, Inc.		8,800		186,912
Sandy Spring Bancorp, Inc.		17,593		304,535
SCBT Financial Corp.#		10,205		290,638
Seacoast Banking Corp. of Florida†		52,933		78,870
Sierra Bancorp		8,684		87,795
Signature Bank†		33,649		1,966,111
Simmons First National Corp., Class A#		12,658		335,437
Southside Bancshares, Inc.		12,008		260,453
Southwest Bancorp, Inc.†#		14,198		69,996
State Bancorp, Inc.#		11,051		129,186
State Bank Financial Corp.†#		23,088		346,551
StellarOne Corp.#		16,783		205,760
Sterling Bancorp		22,589		197,202

202

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Banks - Commercial (continued)
Sterling Financial Corp.†		19,590	$	311,089
Suffolk Bancorp		7,094		62,002
Sun Bancorp, Inc.†		27,466		70,862
Susquehanna Bancshares, Inc.		114,438		906,349
SVB Financial Group†#		31,324		1,473,481
Taylor Capital Group, Inc.†#		7,925		67,838
Texas Capital Bancshares, Inc.†		27,185		784,559
Tompkins Financial Corp.#		5,937		238,074
Tower Bancorp, Inc.		7,656		208,932
Towne Bank#		17,783		221,043
TriCo Bancshares#		10,266		151,629
Trustco Bank Corp.		67,931		357,996
Trustmark Corp.#		46,738		1,045,062
UMB Financial Corp.#		23,378		834,595
Umpqua Holdings Corp.#		83,734		1,046,675
Union First Market Bankshares Corp.#		14,793		193,640
United Bankshares, Inc.#		36,661		979,582
United Community Banks, Inc.†#		30,361		211,313
Univest Corp. of Pennsylvania		12,250		185,220
Virginia Commerce Bancorp, Inc.†#		17,105		114,261
Washington Banking Co.		11,199		126,213
Washington Trust Bancorp, Inc.#		10,410		247,862
Webster Financial Corp.		52,618		1,036,575
WesBanco, Inc.		16,879		331,503
West Bancorporation, Inc.#		11,364		109,663
West Coast Bancorp†		14,084		228,865
Westamerica Bancorporation#		21,092		968,334
Western Alliance Bancorp†		50,643		318,544
Wilshire Bancorp, Inc.†		44,935		143,792
Wintrust Financial Corp.#		25,536		709,645
				48,979,637
Banks - Fiduciary — 0.1%
Boston Private Financial Holdings, Inc.#		56,238		436,969
Banks - Mortgage — 0.0%
Walker & Dunlop, Inc.†		7,847		99,657
Batteries/Battery Systems — 0.1%
A123 Systems, Inc.†#		64,491		159,938
EnerSys†		36,679		882,130
Valence Technology, Inc.†#		52,748		48,101
				1,090,169
Beverages - Non-alcoholic — 0.0%
Coca - Cola Bottling Co. Consolidated#		3,342		187,152
National Beverage Corp.†#		8,170		136,602
Primo Water Corp.†#		10,724		32,923
				356,677
Beverages - Wine/Spirits — 0.0%
Central European Distribution Corp.†#		53,116		243,802
Brewery — 0.1%
Boston Beer Co., Inc., Class A†#		5,998		599,260
Craft Brewers Alliance, Inc.†#		7,603		49,040
				648,300
Broadcast Services/Program — 0.1%
Crown Media Holdings, Inc., Class A†#		25,482		37,713
Digital Generation, Inc.†		20,021		232,244
Fisher Communications, Inc.†#		6,445		192,705
Nexstar Broadcasting Group, Inc., Class A†#		8,000		63,600
Outdoor Channel Holdings, Inc.†		10,493		73,346
World Wrestling Entertainment, Inc., Class A#		19,906		191,496
				791,104

Security Description	Shares		Value (Note 2)
Building & Construction Products - Misc. — 0.5%
Broadwind Energy, Inc.†#		102,041	$	67,347
Builders FirstSource, Inc.†#		33,218		51,488
Drew Industries, Inc.#		13,958		302,889
Gibraltar Industries, Inc.†#		22,208		300,918
Interline Brands, Inc.†		24,363		384,448
Louisiana-Pacific Corp.†		96,521		770,238
NCI Building Systems, Inc.†		14,419		134,385
Quanex Building Products Corp.		27,682		417,444
Simpson Manufacturing Co., Inc.		30,377		1,005,479
Trex Co., Inc.†#		11,368		253,847
USG Corp.†#		52,157		510,617
				4,199,100
Building & Construction - Misc. — 0.3%
Aegion Corp.†#		28,841		437,229
Dycom Industries, Inc.†		25,720		515,686
Layne Christensen Co.†#		14,341		358,812
MasTec, Inc.†		41,359		662,158
MYR Group, Inc.†		14,703		257,891
				2,231,776
Building Products - Air & Heating — 0.1%
AAON, Inc.#		13,717		300,540
Comfort Systems USA, Inc.		27,691		288,817
				589,357
Building Products - Cement — 0.1%
Eagle Materials, Inc.		32,496		752,283
Texas Industries, Inc.		16,637		421,415
				1,173,698
Building Products - Doors & Windows — 0.1%
Apogee Enterprises, Inc.		20,509		217,395
Griffon Corp.		34,823		326,640
				544,035
Building Products - Light Fixtures — 0.0%
LSI Industries, Inc.#		14,226		92,327
Building Products - Wood — 0.1%
Universal Forest Products, Inc.#		14,261		397,454
Building - Heavy Construction — 0.2%
Granite Construction, Inc.		28,223		702,753
Orion Marine Group, Inc.†		19,724		118,541
Sterling Construction Co., Inc.†#		12,023		152,812
Tutor Perini Corp.†		22,784		375,708
				1,349,814
Building - Maintance & Services — 0.3%
ABM Industries, Inc.#		38,725		841,494
Rollins, Inc.#		46,409		1,030,280
Swisher Hygiene, Inc.†#		61,798		239,158
				2,110,932
Building - Mobile Home/Manufactured Housing — 0.0%
Cavco Industries, Inc.†#		4,980		202,636
Skyline Corp.#		5,007		28,890
Winnebago Industries, Inc.†#		21,270		136,979
				368,505
Building - Residential/Commercial — 0.3%
Beazer Homes USA, Inc.†#		55,647		119,641
Hovnanian Enterprises, Inc., Class A†#		44,737		63,079
KB Home#		56,209		413,136
M/I Homes, Inc.†#		13,666		123,541
MDC Holdings, Inc.#		27,394		488,983

203

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Building - Residential/Commercial (continued)
Meritage Homes Corp.†#		20,414	$	445,433
Ryland Group, Inc.		32,413		487,492
Standard Pacific Corp.†#		77,584		246,717
				2,388,022
Cable/Satellite TV — 0.0%
Knology, Inc.†		21,942		312,673
Capacitors — 0.0%
Kemet Corp.†		32,244		266,980
Casino Hotels — 0.1%
Ameristar Casinos, Inc.		23,534		411,845
Boyd Gaming Corp.†#		40,012		268,080
Monarch Casino & Resort, Inc.†		6,506		62,393
				742,318
Casino Services — 0.1%
Multimedia Games, Inc.†#		19,645		145,373
Scientific Games Corp., Class A†		42,497		365,474
Shuffle Master, Inc.†		39,463		437,645
				948,492
Cellular Telecom — 0.1%
Leap Wireless International, Inc.†#		44,606		404,576
Chemicals - Diversified — 0.5%
Aceto Corp.		19,443		133,185
Chemtura Corp.†		70,333		819,379
Codexis, Inc.†#		17,927		86,408
Georgia Gulf Corp.†#		24,810		476,600
Innophos Holdings, Inc.#		15,851		780,662
Innospec, Inc.†		17,314		503,145
Olin Corp.		58,203		1,105,857
				3,905,236
Chemicals - Fibers — 0.0%
Zoltek Cos., Inc.†#		20,288		166,564
Chemicals - Other — 0.0%
American Vanguard Corp.#		16,314		208,167
Chemicals - Plastics — 0.2%
A. Schulman, Inc.		22,537		465,840
Landec Corp.†#		19,272		114,668
PolyOne Corp.		68,209		733,929
Spartech Corp.†		22,546		96,046
				1,410,483
Chemicals - Specialty — 1.0%
Balchem Corp.#		21,075		874,613
Ferro Corp.†		63,219		367,302
H.B. Fuller Co.		36,101		832,489
Hawkins, Inc.		6,344		250,652
KMG Chemicals, Inc.#		5,239		81,990
Kraton Performance Polymers, Inc.†		23,293		489,619
Minerals Technologies, Inc.		13,343		773,894
NewMarket Corp.#		6,583		1,302,710
Oil - Dri Corp. of America		3,640		75,931
OM Group, Inc.†#		22,644		515,151
Omnova Solutions, Inc.†#		33,041		143,728
Quaker Chemical Corp.#		9,353		363,925
Sensient Technologies Corp.		36,564		1,381,022
Stepan Co.		5,918		480,778
Zep, Inc.		16,026		225,806
				8,159,610

Security Description	Shares		Value (Note 2)
Circuit Boards — 0.1%
DDi Corp.#		11,022	$	99,308
Multi - Fineline Electronix, Inc.†		6,598		138,096
Park Electrochemical Corp.		15,137		415,359
TTM Technologies, Inc.†		37,952		417,852
				1,070,615
Coal — 0.3%
Cloud Peak Energy, Inc.†		44,520		951,392
Hallador Energy Co.		3,267		32,115
James River Coal Co.†#		25,944		215,076
L&L Energy, Inc.†#		16,285		47,552
Patriot Coal Corp.†#		66,677		694,108
SunCoke Energy, Inc.†#		9,743		112,434
Westmoreland Coal Co.†#		7,226		74,066
				2,126,743
Coffee — 0.1%
Farmer Brothers Co.#		4,947		38,488
Peet’s Coffee & Tea, Inc.†		9,362		544,119
				582,607
Commercial Services — 1.3%
Acacia Research - Acacia Technologies†		31,239		1,087,742
Arbitron, Inc.		19,818		745,355
Convergys Corp.†		76,837		992,734
CoStar Group, Inc.†		18,469		1,228,927
ExlService Holdings, Inc.†#		11,805		314,013
Healthcare Services Group, Inc.#		48,479		875,531
HMS Holdings Corp.†		61,917		1,877,943
Intersections, Inc.#		6,713		69,345
Live Nation Entertainment, Inc.†		103,073		890,551
Mac - Gray Corp.#		8,686		107,272
Medifast, Inc.†#		10,064		139,990
National Research Corp.#		1,333		44,829
PHH Corp.†		41,088		631,112
Providence Service Corp.†		9,467		110,858
RPX Corp.†		6,980		98,557
ServiceSource International, Inc.†		7,299		97,369
Standard Parking Corp.†		11,558		209,200
Steiner Leisure, Ltd.†		10,976		515,872
Team, Inc.†		14,219		389,032
TeleTech Holdings, Inc.†		18,522		326,172
TMS International Corp.†#		9,404		94,040
				10,846,444
Commercial Services - Finance — 0.7%
Advance America Cash Advance Centers, Inc.		40,237		342,819
Cardtronics, Inc.†		31,456		854,974
CBIZ, Inc.†		28,787		173,298
DFC Global Corp.†		31,739		576,063
Euronet Worldwide, Inc.†#		37,401		673,218
Global Cash Access Holdings, Inc.†		47,110		211,995
Heartland Payment Systems, Inc.		28,152		634,828
MoneyGram International, Inc.†		7,636		131,110
PRGX Global, Inc.†#		14,266		85,881
TNS, Inc.†		18,599		363,238
Wright Express Corp.†		28,208		1,480,356
				5,527,780
Communications Software — 0.2%
Digi International, Inc.†		18,507		203,392
Seachange International, Inc.†		19,311		154,681
Smith Micro Software, Inc.†#		26,199		26,985
SolarWinds, Inc.†		41,614		1,364,523
				1,749,581

204

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Computer Aided Design — 0.1%
Aspen Technology, Inc.†		61,796	$	1,103,059
Computer Graphics — 0.0%
Monotype Imaging Holdings, Inc.†		26,120		387,360
Computer Services — 0.8%
CACI International, Inc., Class A†#		19,286		1,087,345
Carbonite, Inc.†#		5,249		63,618
CIBER, Inc.†		46,705		193,359
Computer Task Group, Inc.†#		11,041		143,975
Dynamics Research Corp.†		6,530		63,667
iGate Corp.†		22,594		350,659
Insight Enterprises, Inc.†		34,120		499,517
j2 Global, Inc.		33,587		910,543
KeyW Holding Corp.†#		13,459		109,422
LivePerson, Inc.†#		38,469		483,940
Manhattan Associates, Inc.†		14,924		673,669
Stream Global Services, Inc.†		6,691		20,675
SYKES Enterprises, Inc.†		30,570		497,985
Syntel, Inc.		11,250		538,200
Unisys Corp.†		31,431		759,059
Virtusa Corp.†#		11,044		173,832
				6,569,465
Computer Software — 0.3%
Accelrys, Inc.†#		40,455		288,444
Avid Technology, Inc.†#		21,637		172,230
Blackbaud, Inc.#		32,504		955,943
Convio, Inc.†		8,838		90,678
Cornerstone OnDemand, Inc.†#		8,333		134,328
DynaVox, Inc., Class A†#		6,855		27,214
Envestnet, Inc.†#		13,983		145,983
Guidance Software, Inc.†#		10,150		61,610
SS&C Technologies Holdings, Inc.†		18,417		295,593
				2,172,023
Computers — 0.0%
Silicon Graphics International Corp.†		22,633		337,684
Computers - Integrated Systems — 0.7%
3D Systems Corp.†#		30,612		477,853
Agilysys, Inc.†#		13,065		106,218
Cray, Inc.†		26,424		163,300
Echelon Corp.†#		25,642		126,159
Jack Henry & Associates, Inc.		63,053		2,093,990
Maxwell Technologies, Inc.†		20,414		346,426
Mercury Computer Systems, Inc.†		22,042		303,959
MTS Systems Corp.		11,394		457,811
NCI, Inc., Class A†#		4,866		58,879
Netscout Systems, Inc.†		27,278		482,002
Radisys Corp.†		14,186		61,567
Stratasys, Inc.†		15,434		474,133
Super Micro Computer, Inc.†		19,616		266,581
Wave Systems Corp., Class A†#		60,515		136,159
				5,555,037
Computers - Memory Devices — 0.2%
Dot Hill Systems Corp.†#		41,263		55,292
Imation Corp.†#		21,941		129,013
OCZ Technology Group, Inc.†#		37,529		262,328
Quantum Corp.†		164,629		442,852
Spansion, Inc., Class A†		36,747		321,169
STEC, Inc.†#		30,012		273,709
Xyratex, Ltd.#		20,685		280,489
				1,764,852

Security Description	Shares		Value (Note 2)
Computers - Periphery Equipment — 0.2%
Electronics for Imaging, Inc.†		34,094	$	504,250
Immersion Corp.†		20,836		126,683
Rimage Corp.		6,938		78,538
Synaptics, Inc.†		23,486		762,356
				1,471,827
Consulting Services — 0.9%
Accretive Health, Inc.†#		29,222		674,444
Advisory Board Co.†		11,576		837,871
Corporate Executive Board Co.#		25,209		987,941
CRA International, Inc.†		7,922		161,767
Forrester Research, Inc.†#		10,748		347,913
Franklin Covey Co.†#		9,743		91,292
FTI Consulting, Inc.†		30,713		1,317,280
Hackett Group, Inc.†		22,232		84,037
Hill International, Inc.†		18,306		100,683
Huron Consulting Group, Inc.†		16,214		562,950
ICF International, Inc.†		14,362		372,550
MAXIMUS, Inc.		25,348		1,054,477
Navigant Consulting, Inc.†		37,668		424,518
Pendrell Corp.†		110,415		301,433
Zillow, Inc.†#		3,000		67,170
				7,386,326
Consumer Products - Misc. — 0.4%
American Greetings Corp., Class A#		29,524		501,613
AT Cross Co., Class A†		6,991		76,552
Blyth, Inc.#		3,793		249,655
Central Garden and Pet Co., Class A†		34,594		307,195
CSS Industries, Inc.		5,921		125,821
Helen of Troy, Ltd.†#		22,543		673,359
Prestige Brands Holdings, Inc.†		36,727		362,863
Spectrum Brands Holdings, Inc.†		12,203		341,928
Summer Infant, Inc.†#		9,738		66,803
WD - 40 Co.		11,659		482,799
				3,188,588
Containers - Paper/Plastic — 0.1%
AEP Industries, Inc.†#		3,136		76,362
Graphic Packaging Holding Co.†		116,745		517,180
				593,542
Cosmetics & Toiletries — 0.1%
Elizabeth Arden, Inc.†#		17,853		674,844
Inter Parfums, Inc.#		11,759		201,549
Revlon, Inc., Class A†#		7,926		122,298
				998,691
Data Processing/Management — 0.5%
Acxiom Corp.†#		59,270		737,319
CommVault Systems, Inc.†		32,164		1,596,299
CSG Systems International, Inc.†		25,277		383,452
Fair Isaac Corp.		29,093		1,058,112
FalconStor Software, Inc.†		22,427		63,693
Pegasystems, Inc.#		12,144		350,719
Schawk, Inc.#		8,610		108,917
				4,298,511
Decision Support Software — 0.1%
DemandTec, Inc.†#		23,591		179,291
Interactive Intelligence Group†		10,406		232,054
QAD, Inc.†#		4,808		52,888
				464,233

205

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Dental Supplies & Equipment — 0.1%
Align Technology, Inc.†		44,787	$	1,097,281
Diagnostic Equipment — 0.2%
Affymetrix, Inc.†#		51,495		232,757
Cepheid, Inc.†#		45,118		1,547,548
Hansen Medical, Inc.†#		34,222		81,448
				1,861,753
Diagnostic Kits — 0.2%
BG Medicine, Inc.†#		5,609		26,026
Medtox Scientific, Inc.†		5,530		77,641
Meridian Bioscience, Inc.#		29,949		572,925
OraSure Technologies, Inc.†		34,100		323,950
Quidel Corp.†#		20,808		377,665
				1,378,207
Direct Marketing — 0.0%
Harte - Hanks, Inc.#		32,327		294,176
ValueVision Media, Inc., Class A†#		29,886		56,783
				350,959
Disposable Medical Products — 0.1%
ICU Medical, Inc.†		8,873		390,501
Medical Action Industries, Inc.†		11,966		56,838
Merit Medical Systems, Inc.†		30,599		425,020
				872,359
Distribution/Wholesale — 1.0%
Beacon Roofing Supply, Inc.†#		33,577		655,759
Brightpoint, Inc.†		49,808		497,582
Core - Mark Holding Co., Inc.		8,319		320,781
Houston Wire & Cable Co.		12,974		145,698
MWI Veterinary Supply, Inc.†		9,168		633,600
Owens & Minor, Inc.#		46,558		1,433,986
Pool Corp.#		35,185		1,073,143
Rentrak Corp.†		6,945		97,577
Scansource, Inc.†#		19,724		692,510
School Specialty, Inc.†#		11,756		49,140
Titan Machinery, Inc.†		11,254		244,212
United Stationers, Inc.		33,602		1,127,011
Watsco, Inc.#		20,541		1,304,353
				8,275,352
Diversified Manufacturing Operations — 1.3%
A.O. Smith Corp.		27,766		1,090,093
Actuant Corp., Class A#		50,102		1,148,338
AZZ, Inc.#		9,162		388,011
Barnes Group, Inc.#		39,774		990,770
Blount International, Inc.†#		35,529		543,949
Brink’s Co.#		34,091		839,320
Chase Corp.		4,677		58,135
Colfax Corp.†#		17,953		526,202
EnPro Industries, Inc.†#		15,098		505,330
ESCO Technologies, Inc.		19,432		526,607
Fabrinet†		14,903		211,474
Federal Signal Corp.†#		45,370		167,415
GP Strategies Corp.†#		10,834		141,384
Handy & Harman, Ltd.†		4,270		47,482
Koppers Holdings, Inc.#		15,048		497,036
LSB Industries, Inc.†#		13,413		419,425
Lydall, Inc.†		12,530		112,770
Matthews International Corp., Class A#		21,556		715,013
Park - Ohio Holdings Corp.†		6,089		118,127
Raven Industries, Inc.#		13,205		795,469
Standex International Corp.		9,123		291,297

Security Description	Shares		Value (Note 2)
Diversified Manufacturing Operations (continued)
Tredegar Corp.#		17,437	$	380,650
				10,514,297
Diversified Minerals — 0.1%
AMCOL International Corp.#		17,795		589,548
General Moly, Inc.†#		49,242		164,961
United States Lime & Minerals, Inc.†#		1,898		104,808
				859,317
Diversified Operations — 0.1%
Compass Diversified Holdings		29,486		378,011
Harbinger Group, Inc.†#		6,609		31,062
Horizon Pharma, Inc.†		4,016		20,923
Primoris Services Corp.		19,498		277,262
				707,258
Diversified Operations/Commercial Services — 0.1%
Chemed Corp.		15,536		833,662
Viad Corp.		14,881		276,042
				1,109,704
Drug Delivery Systems — 0.1%
Antares Pharma, Inc.†#		64,048		167,806
Depomed, Inc.†#		39,202		190,913
Nektar Therapeutics†#		83,317		416,585
				775,304
E - Commerce/Products — 0.2%
1-800-FLOWERS.COM, Inc., Class A†		18,981		45,934
Blue Nile, Inc.†#		9,381		356,384
Nutrisystem, Inc.#		19,686		229,145
Overstock.com, Inc.†		8,456		69,846
Shutterfly, Inc.†#		21,758		589,207
Stamps.com, Inc.†#		7,740		211,844
US Auto Parts Network, Inc.†#		10,797		44,376
				1,546,736
E - Commerce/Services — 0.2%
Ancestry.com, Inc.†		23,128		548,365
Move, Inc.†		28,981		188,376
OpenTable, Inc.†#		17,196		608,223
Orbitz Worldwide, Inc.†#		15,280		53,786
United Online, Inc.		64,740		341,827
				1,740,577
E - Marketing/Info — 0.4%
Active Network, Inc.†		8,978		113,841
comScore, Inc.†#		23,283		462,633
Constant Contact, Inc.†#		21,521		470,880
Digital River, Inc.†		28,961		463,086
Liquidity Services, Inc.†		13,720		467,303
QuinStreet, Inc.†		20,121		186,321
ReachLocal, Inc.†		7,284		59,000
ValueClick, Inc.†		57,468		888,455
				3,111,519
E - Services/Consulting — 0.2%
Keynote Systems, Inc.		10,187		186,727
Perficient, Inc.†		17,648		151,773
Saba Software, Inc.†#		20,669		139,516
Sapient Corp.		79,787		979,784
Websense, Inc.†		29,180		528,450
				1,986,250

206

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Educational Software — 0.0%
Rosetta Stone, Inc.†		8,011	$	55,516
Electric Products - Misc. — 0.1%
Graham Corp.		7,187		168,032
Littelfuse, Inc.		16,602		775,978
				944,010
Electric - Distribution — 0.0%
EnerNOC, Inc.†		16,984		167,122
Genie Energy, Ltd.†#		10,147		73,363
				240,485
Electric - Generation — 0.1%
Atlantic Power Corp.#		59,634		784,187
Electric - Integrated — 2.0%
Allete, Inc.		23,291		928,146
Ameresco, Inc., Class A†#		12,902		153,276
Avista Corp.		42,091		1,052,275
Black Hills Corp.		28,784		942,676
Central Vermont Public Service Corp.		9,786		344,369
CH Energy Group, Inc.		11,352		639,685
Cleco Corp.#		44,538		1,609,603
El Paso Electric Co.		30,755		1,061,663
Empire District Electric Co.		30,513		642,299
IDACORP, Inc.#		36,199		1,483,797
MGE Energy, Inc.#		16,882		755,301
NorthWestern Corp.		26,482		923,692
Otter Tail Corp.#		26,337		570,986
Pike Electric Corp.†		11,871		80,723
PNM Resources, Inc.		63,305		1,209,759
Portland General Electric Co.		55,017		1,378,176
UIL Holdings Corp.#		36,904		1,285,735
Unisource Energy Corp.		26,806		988,605
Unitil Corp.		7,980		221,285
				16,272,051
Electronic Components - Misc. — 0.6%
Bel Fuse, Inc., Class B#		7,679		140,372
Benchmark Electronics, Inc.†		44,346		612,418
CTS Corp.		25,073		213,371
Daktronics, Inc.#		25,285		237,679
Methode Electronics, Inc.		26,980		239,582
Microvision, Inc.†#		76,763		34,628
NVE Corp.†		3,488		204,327
OSI Systems, Inc.†		13,915		665,276
Plexus Corp.†		25,964		704,923
Pulse Electronics Corp.		30,384		92,064
Rogers Corp.†		11,664		463,061
Sanmina - SCI Corp.†		58,806		498,087
Stoneridge, Inc.†#		19,319		158,802
Viasystems Group, Inc.†#		2,085		38,030
Vishay Precision Group, Inc.†#		8,983		128,008
Zagg, Inc.†#		16,195		186,243
				4,616,871
Electronic Components - Semiconductors — 1.6%
Advanced Analogic Technologies, Inc.†		31,385		180,307
Alpha & Omega Semiconductor, Ltd.†#		10,731		94,004
Amkor Technology, Inc.†#		77,210		342,812
Applied Micro Circuits Corp.†#		46,278		345,234
AXT, Inc.†#		23,353		98,316
Cavium, Inc.†#		35,374		1,154,607
Ceva, Inc.†#		16,826		484,757
Diodes, Inc.†#		25,794		528,777
DSP Group, Inc.†		17,101		100,554

Security Description	Shares		Value (Note 2)
Electronic Components - Semiconductors (continued)
eMagin Corp.†#		13,611	$	57,166
Emcore Corp.†#		64,519		61,293
Entropic Communications, Inc.†		62,577		311,633
GSI Technology, Inc.†#		14,727		72,162
GT Advanced Technologies, Inc.†#		91,951		709,862
Inphi Corp.†#		14,986		161,699
Integrated Silicon Solution, Inc.†		19,550		182,402
IXYS Corp.†#		17,643		203,600
Kopin Corp.†#		47,155		165,986
Lattice Semiconductor Corp.†		86,036		592,788
Microsemi Corp.†		63,102		1,120,692
Mindspeed Technologies, Inc.†#		24,459		125,964
MIPS Technologies, Inc.†#		38,377		184,210
Monolithic Power Systems, Inc.†		21,877		263,399
MoSys, Inc.†#		23,832		74,594
Netlogic Microsystems, Inc.†		49,893		2,465,712
OmniVision Technologies, Inc.†#		42,343		456,881
PLX Technology, Inc.†#		32,515		100,471
Rambus, Inc.†		71,718		572,310
Richardson Electronics, Ltd.		10,300		127,411
Rubicon Technology, Inc.†		12,804		121,510
Semtech Corp.†		47,656		1,105,619
Silicon Image, Inc.†		58,062		285,084
Supertex, Inc.†#		8,090		149,746
Volterra Semiconductor Corp.†#		17,937		439,456
				13,441,018
Electronic Design Automation — 0.1%
Magma Design Automation, Inc.†		48,773		278,982
Mentor Graphics Corp.†		70,329		895,991
				1,174,973
Electronic Measurement Instruments — 0.3%
Analogic Corp.		9,164		513,275
Badger Meter, Inc.#		10,995		341,615
FARO Technologies, Inc.†		11,934		578,202
LeCroy Corp.†		11,976		108,383
Measurement Specialties, Inc.†		10,924		311,662
Zygo Corp.†#		11,612		189,624
				2,042,761
Electronic Security Devices — 0.1%
American Science & Engineering, Inc.#		6,631		485,455
Identive Group, Inc.†		28,262		54,828
Taser International, Inc.†		44,279		266,560
				806,843
Energy - Alternate Sources — 0.2%
Amyris, Inc.†#		12,883		145,192
Clean Energy Fuels Corp.†#		36,201		474,233
FuelCell Energy, Inc.†#		90,740		84,388
FutureFuel Corp.#		13,638		172,521
Gevo, Inc.†#		4,342		26,703
Green Plains Renewable Energy, Inc.†		15,135		159,523
Headwaters, Inc.†		44,415		113,702
KiOR, Inc., Class A†#		7,888		138,671
REX American Resources Corp.†		4,499		82,692
Solazyme, Inc.†#		8,012		93,500
Syntroleum Corp.†#		64,483		63,838
				1,554,963
Engineering/R&D Services — 0.3%
Argan, Inc.#		5,752		80,528
EMCOR Group, Inc.		48,823		1,251,333
Exponent, Inc.†#		10,235		484,934

207

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Engineering/R&D Services (continued)
Michael Baker Corp.†		6,105	$	121,184
Mistras Group, Inc.†		10,750		252,948
VSE Corp.#		3,017		78,714
				2,269,641
Engines - Internal Combustion — 0.1%
Briggs & Stratton Corp.#		36,833		555,073
Enterprise Software/Service — 1.4%
Advent Software, Inc.†#		23,969		647,163
American Software, Inc., Class A#		16,592		140,036
Concur Technologies, Inc.†#		32,607		1,540,029
JDA Software Group, Inc.†		30,902		974,031
ManTech International Corp., Class A#		17,021		575,310
MedAssets, Inc.†#		34,805		332,736
MicroStrategy, Inc., Class A†		5,834		718,340
Omnicell, Inc.†		24,190		390,910
Opnet Technologies, Inc.#		10,514		375,034
PROS Holdings, Inc.†		15,705		251,437
QLIK Technologies, Inc.†		51,410		1,407,092
RightNow Technologies, Inc.†		18,006		772,818
SciQuest, Inc.†		9,008		131,517
SYNNEX Corp.†#		18,370		539,160
Taleo Corp., Class A†		29,993		971,473
Tyler Technologies, Inc.†#		23,402		750,034
Ultimate Software Group, Inc.†#		18,872		1,251,591
				11,768,711
Entertainment Software — 0.1%
Glu Mobile, Inc.†#		34,649		107,065
Take - Two Interactive Software, Inc.†		53,686		748,920
THQ, Inc.†		49,698		84,487
				940,472
Environmental Consulting & Engineering — 0.1%
Tetra Tech, Inc.†		45,534		1,019,506
TRC Cos., Inc.†#		12,946		64,730
				1,084,236
Environmental Monitoring & Detection — 0.1%
Mine Safety Appliances Co.#		19,835		698,589
Female Health Care Products — 0.0%
Columbia Laboratories, Inc.†#		53,575		115,722
Female Health Co.#		13,490		60,705
				176,427
Filtration/Separation Products — 0.3%
CLARCOR, Inc.#		36,822		1,782,921
PMFG, Inc.†#		12,814		297,029
				2,079,950
Finance - Auto Loans — 0.1%
Credit Acceptance Corp.†#		4,878		400,045
Nicholas Financial, Inc.#		7,099		78,657
				478,702
Finance - Commercial — 0.0%
NewStar Financial, Inc.†#		19,926		197,068
Finance - Consumer Loans — 0.4%
Encore Capital Group, Inc.†		11,778		256,760
First Marblehead Corp.†		40,275		45,511
Nelnet, Inc., Class A		18,836		431,533
Ocwen Financial Corp.†		54,407		716,540
Portfolio Recovery Associates, Inc.†		12,493		866,639
World Acceptance Corp.†#		10,988		753,997
				3,070,980

Security Description	Shares		Value (Note 2)
Finance - Investment Banker/Broker — 0.7%
Cowen Group, Inc., Class A†#		48,829	$	120,119
Diamond Hill Investment Group, Inc.#		1,873		141,187
Duff & Phelps Corp., Class A		22,181		327,835
Evercore Partners, Inc., Class A		15,346		424,931
FBR & Co.†#		36,903		69,747
FXCM, Inc., Class A#		12,650		127,512
Gain Capital Holdings, Inc.		5,445		36,318
GFI Group, Inc.#		51,609		219,338
Gleacher & Co., Inc.†#		57,546		74,234
INTL FCStone, Inc.†		9,694		241,284
Investment Technology Group, Inc.†		30,130		320,884
JMP Group, Inc.		11,065		78,451
KBW, Inc.#		26,388		359,668
Knight Capital Group, Inc., Class A†#		73,304		925,830
Ladenburg Thalmann Financial Services, Inc.†		77,742		182,694
Oppenheimer Holdings, Inc., Class A#		7,534		116,476
Piper Jaffray Cos.†		11,545		238,982
Stifel Financial Corp.†#		39,236		1,243,781
SWS Group, Inc.#		21,289		136,675
				5,385,946
Finance - Leasing Companies — 0.0%
California First National Bancorp#		1,483		23,506
Marlin Business Services Corp.#		6,321		82,173
SeaCube Container Leasing, Ltd.#		8,070		124,197
				229,876
Finance - Mortgage Loan/Banker — 0.1%
Apollo Residential Mortgage, Inc.†		7,303		107,719
Doral Financial Corp.†		92,974		79,028
Federal Agricultural Mtg. Corp., Class C#		7,185		122,073
Walter Investment Management Corp.		18,974		424,259
				733,079
Finance - Other Services — 0.2%
BGC Parnters, Inc., Class A#		55,208		348,915
Higher One Holdings, Inc.†#		22,350		400,735
Imperial Holdings, Inc.†		12,853		24,292
MarketAxess Holdings, Inc.		20,960		606,582
Netspend Holdings, Inc.†		21,715		137,022
				1,517,546
Financial Guarantee Insurance — 0.1%
MGIC Investment Corp.†#		137,069		394,759
PMI Group, Inc.†#		111,273		2,670
Primus Guaranty, Ltd.†		18,396		107,433
Radian Group, Inc.#		97,225		210,006
				714,868
Firearms & Ammunition — 0.1%
Smith & Wesson Holding Corp.†		44,009		135,548
Sturm Ruger & Co., Inc.		13,783		443,261
				578,809
Food - Canned — 0.2%
Seneca Foods Corp., Class A†		6,746		153,269
TreeHouse Foods, Inc.†		25,931		1,709,631
				1,862,900
Food - Confectionery — 0.1%
Tootsie Roll Industries, Inc.#		17,367		418,718
Food - Dairy Products — 0.0%
Lifeway Foods, Inc.†#		3,350		34,539

208

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Food - Misc. — 0.8%
B&G Foods, Inc.		34,985	$	776,317
Cal - Maine Foods, Inc.		10,353		350,553
Chiquita Brands International, Inc.†		33,170		275,643
Diamond Foods, Inc.#		16,081		446,248
Dole Food Co., Inc.†		26,201		221,398
Hain Celestial Group, Inc.†		26,154		976,590
J&J Snack Foods Corp.		10,438		541,523
Lancaster Colony Corp.#		13,668		962,227
M&F Worldwide Corp.†#		7,738		192,986
Seaboard Corp.#		228		458,214
Senomyx, Inc.†#		28,902		111,562
Smart Balance, Inc.†		43,451		230,725
Snyders - Lance, Inc.#		34,503		729,048
				6,273,034
Food - Retail — 0.4%
Arden Group, Inc., Class A#		830		80,087
Fresh Market, Inc.†		20,540		805,784
Ingles Markets, Inc., Class A#		9,202		141,895
Ruddick Corp.#		35,888		1,430,137
Village Super Market Inc., Class A		4,565		140,054
Weis Markets, Inc.#		8,035		320,757
Winn - Dixie Stores, Inc.†#		40,769		225,453
				3,144,167
Food - Wholesale/Distribution — 0.4%
Calavo Growers, Inc.#		8,646		229,638
Chefs’ Warehouse Holdings LLC†		7,559		101,139
Fresh Del Monte Produce, Inc.		26,663		668,975
Nash Finch Co.#		8,844		245,421
Spartan Stores, Inc.#		16,496		297,423
United Natural Foods, Inc.†		35,327		1,354,084
				2,896,680
Footwear & Related Apparel — 0.6%
Crocs, Inc.†		62,463		968,801
Iconix Brand Group, Inc.†		53,274		919,509
R.G. Barry Corp.#		6,276		81,588
Skechers U.S.A., Inc., Class A†#		27,349		368,118
Steven Madden, Ltd.†		27,630		985,286
Weyco Group, Inc.#		5,232		129,021
Wolverine World Wide, Inc.		36,251		1,335,487
				4,787,810
Forestry — 0.1%
Deltic Timber Corp.#		7,883		504,906
Funeral Services & Related Items — 0.2%
Hillenbrand, Inc.#		45,789		1,040,784
Stewart Enterprises, Inc., Class A#		57,544		357,924
				1,398,708
Gambling (Non-Hotel) — 0.1%
Isle of Capri Casinos, Inc.†		14,906		73,487
Pinnacle Entertainment, Inc.†		45,225		478,028
				551,515
Gas - Distribution — 1.4%
Chesapeake Utilities Corp.#		6,976		299,898
Laclede Group, Inc.#		16,367		656,808
New Jersey Resources Corp.#		30,217		1,429,566
Nicor, Inc.		33,265		1,866,832
Northwest Natural Gas Co.#		19,482		916,823
Piedmont Natural Gas Co., Inc.#		52,430		1,728,617
South Jersey Industries, Inc.		21,877		1,229,050
Southwest Gas Corp.		33,487		1,353,879

Security Description	Shares		Value (Note 2)
Gas - Distribution (continued)
WGL Holdings, Inc.#		37,415	$	1,603,981
				11,085,454
Gold Mining — 0.2%
Gold Resource Corp.		20,747		418,259
Golden Star Resources, Ltd.†#		188,848		390,915
Jaguar Mining, Inc.†#		61,626		440,626
Midway Gold Corp.†		62,630		147,807
US Gold Corp.†#		76,998		319,542
				1,717,149
Golf — 0.0%
Callaway Golf Co.#		47,045		265,804
Hazardous Waste Disposal — 0.3%
Clean Harbors, Inc.†		34,218		2,052,053
EnergySolutions, Inc.†		58,288		184,190
Heritage - Crystal Clean, Inc.†#		3,458		57,230
US Ecology, Inc.		13,374		246,617
				2,540,090
Health Care Cost Containment — 0.1%
Corvel Corp.†		4,525		215,888
ExamWorks Group, Inc.†		19,758		132,774
Transcend Services, Inc.†#		6,426		174,144
				522,806
Healthcare Safety Devices — 0.0%
Unilife Corp.†		41,506		170,590
Heart Monitors — 0.1%
HeartWare International, Inc.†#		8,774		605,406
Home Furnishings — 0.2%
American Woodmark Corp.		6,852		87,226
Ethan Allen Interiors, Inc.		17,634		357,970
Furniture Brands International, Inc.†#		30,629		30,935
Kimball International, Inc., Class B#		22,884		138,906
La-Z-Boy, Inc.†		37,881		375,022
Sealy Corp.†#		36,119		71,877
Select Comfort Corp.†#		40,600		752,318
				1,814,254
Hotels/Motels — 0.2%
Gaylord Entertainment Co.†#		26,032		552,399
Marcus Corp.		14,892		182,427
Morgans Hotel Group Co.†		16,109		100,037
Orient - Express Hotels, Ltd., Class A†		69,603		500,445
Red Lion Hotels Corp.†		10,715		75,005
				1,410,313
Housewares — 0.0%
Libbey, Inc.†#		14,486		176,005
Lifetime Brands, Inc.#		6,777		80,782
				256,787
Human Resources — 0.5%
AMN Healthcare Services, Inc.†#		28,912		132,706
Barrett Business Services, Inc.		5,558		106,158
CDI Corp.		9,291		121,247
Cross Country Healthcare, Inc.†#		20,286		104,879
Heidrick & Struggles International, Inc.		12,990		276,687
Hudson Highland Group, Inc.†#		23,946		113,025
Insperity, Inc.		16,733		414,811
Kelly Services, Inc., Class A		19,468		281,897
Kenexa Corp.†		19,287		482,175
Kforce, Inc.†#		24,617		301,558

209

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Human Resources (continued)
Korn/Ferry International†		34,305	$	577,353
On Assignment, Inc.†		26,999		281,330
Resources Connection, Inc.		33,856		362,259
Team Health Holdings, Inc.†		19,471		427,583
TrueBlue, Inc.†		32,363		416,512
				4,400,180
Identification Systems — 0.2%
Brady Corp., Class A		34,685		1,038,469
Checkpoint Systems, Inc.†		29,280		353,702
				1,392,171
Independent Power Producers — 0.1%
Dynegy, Inc.†		75,200		221,840
Ormat Technologies, Inc.#		13,107		248,771
				470,611
Industrial Audio & Video Products — 0.0%
SRS Labs, Inc.†		8,808		56,812
Industrial Automated/Robotic — 0.3%
Cognex Corp.		30,281		1,080,123
Gerber Scientific, Inc.†#(1)(2)		18,362		0
Hurco Cos., Inc.†		4,704		111,626
Intermec, Inc.†		43,379		318,402
iRobot Corp.†#		17,350		550,863
				2,061,014
Instruments - Controls — 0.3%
Watts Water Technologies, Inc., Class A#		21,977		839,521
Woodward, Inc.#		44,913		1,901,617
X-Rite, Inc.†#		19,269		92,491
				2,833,629
Instruments - Scientific — 0.1%
FEI Co.†		28,262		1,140,654
Fluidigm Corp.†		4,710		63,538
				1,204,192
Insurance Brokers — 0.0%
Crawford & Co., Class B#		18,827		118,798
eHealth, Inc.†#		15,621		236,971
				355,769
Insurance - Life/Health — 0.6%
American Equity Investment Life Holding Co.#		43,456		480,623
CNO Financial Group, Inc.†#		161,968		1,023,638
Delphi Financial Group, Inc., Class A		35,253		969,457
FBL Financial Group, Inc., Class A#		9,368		318,325
Independence Holding Co.#		5,377		45,758
Kansas City Life Insurance Co.		3,124		100,718
National Western Life Insurance Co., Class A#		1,608		233,224
Phoenix Cos., Inc.†#		84,944		153,749
Presidential Life Corp.		15,833		161,813
Primerica, Inc.		24,834		570,189
Symetra Financial Corp.		49,350		465,864
				4,523,358
Insurance - Multi - line — 0.1%
Citizens, Inc.†#		27,692		238,705
Fortegra Financial Corp.†#		4,269		24,760
Horace Mann Educators Corp.		29,131		355,690
United Fire & Casualty Co.		15,727		308,092
				927,247

Security Description	Shares		Value (Note 2)
Insurance - Property/Casualty — 1.3%
American Safety Insurance Holdings, Ltd.†#		7,629	$	167,838
AMERISAFE, Inc.†		13,436		314,940
Amtrust Financial Services, Inc.#		17,599		466,549
Baldwin & Lyons, Inc., Class B#		6,108		134,376
Donegal Group, Inc., Class A		5,651		77,136
EMC Insurance Group, Inc.#		3,360		68,813
Employers Holdings, Inc.		28,165		489,226
Enstar Group, Ltd.†		5,032		508,786
First American Financial Corp.		76,818		891,089
Global Indemnity PLC†		9,886		186,252
Hallmark Financial Services, Inc.†		8,819		70,111
Harleysville Group, Inc.#		8,904		525,069
Hilltop Holdings, Inc.†		29,092		246,409
Infinity Property & Casualty Corp.#		9,057		520,143
Meadowbrook Insurance Group, Inc.		38,911		396,892
National Interstate Corp.#		5,027		117,280
Navigators Group, Inc.†		8,502		396,958
OneBeacon Insurance Group, Ltd.		16,205		249,071
ProAssurance Corp.		22,332		1,777,851
RLI Corp.#		13,318		943,847
Safety Insurance Group, Inc.		9,215		385,556
SeaBright Insurance Holdings, Inc.		14,611		100,085
Selective Insurance Group, Inc.		39,453		650,185
State Auto Financial Corp.		10,690		127,425
Stewart Information Services Corp.#		13,284		140,146
Tower Group, Inc.#		26,929		565,240
Universal Insurance Holdings, Inc.#		13,693		47,378
				10,564,651
Insurance - Reinsurance — 0.6%
Alterra Capital Holdings, Ltd.#		66,272		1,520,942
Argo Group International Holdings, Ltd.		20,045		587,319
Flagstone Reinsurance Holdings SA#		38,273		313,073
Greenlight Capital Re, Ltd. Class A†		20,470		488,005
Maiden Holdings, Ltd.		36,919		321,195
Montpelier Re Holdings, Ltd.#		45,551		775,278
Platinum Underwriters Holdings, Ltd.		27,221		937,219
				4,943,031
Internet Application Software — 0.4%
DealerTrack Holdings, Inc.†		30,030		777,777
eResearchTechnology, Inc.†		35,836		164,129
interCLICK, Inc.†		14,973		135,206
IntraLinks Holdings, Inc.†#		23,342		123,012
KIT Digital, Inc.†#		28,089		250,554
Lionbridge Technologies, Inc.†		44,987		100,321
RealNetworks, Inc.#		15,407		116,939
S1 Corp.†#		39,030		380,152
VirnetX Holding Corp.†#		29,731		589,863
Vocus, Inc.†		12,866		273,017
				2,910,970
Internet Connectivity Services — 0.2%
AboveNet, Inc.†		16,952		1,012,712
Boingo Wireless, Inc.†#		4,205		35,743
Cogent Communications Group, Inc.†#		33,577		571,145
Internap Network Services Corp.†#		38,171		198,107
				1,817,707
Internet Content - Entertainment — 0.0%
FriendFinder Networks. Inc.†#		4,260		4,001
Limelight Networks, Inc.†#		49,563		152,654
				156,655

210

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Internet Content - Information/News — 0.2%
Archipelago Learning, Inc.†		9,539	$	100,159
Bankrate, Inc.†		16,794		304,475
Dice Holdings, Inc.†		35,374		274,856
HealthStream, Inc.†		11,215		189,197
Loopnet, Inc.†		12,113		218,640
TechTarget, Inc.†		10,661		57,569
Travelzoo, Inc.†#		4,040		113,080
XO Group, Inc.†		23,069		170,019
				1,427,995
Internet Incubators — 0.1%
ICG Group, Inc.†		27,086		233,211
ModusLink Global Solutions, Inc.		31,986		139,139
Safeguard Scientifics, Inc.†#		15,105		254,519
				626,869
Internet Infrastructure Software — 0.0%
Openwave Systems, Inc.†#		62,241		102,075
Responsys, Inc.†#		6,922		57,729
support.com, Inc.†#		35,412		72,595
TeleCommunication Systems, Inc., Class A†#		33,881		91,140
				323,539
Internet Security — 0.2%
Blue Coat Systems, Inc.†		31,770		571,860
Sourcefire, Inc.†#		20,768		687,836
VASCO Data Security International, Inc.†#		19,739		166,400
Zix Corp.†		48,492		133,838
				1,559,934
Internet Telephone — 0.1%
BroadSoft, Inc.†		16,467		577,662
Intimate Apparel — 0.2%
Warnaco Group, Inc.†		32,135		1,628,923
Investment Companies — 0.8%
Apollo Investment Corp.		143,093		1,031,701
Arlington Asset Investment Corp., Class A		4,699		93,698
Blackrock Kelso Capital Corp		53,328		463,954
Capital Southwest Corp.#		2,141		184,083
Fifth Street Finance Corp.#		52,821		516,589
Gladstone Capital Corp.#		15,367		115,252
Gladstone Investment Corp.		16,127		121,436
Golub Capital BDC, Inc.#		7,484		119,744
Kohlberg Capital Corp.		13,961		88,094
Main Street Capital Corp.		16,755		326,890
MCG Capital Corp.#		56,284		248,775
Medallion Financial Corp.#		10,743		126,338
MVC Capital, Inc.		17,523		224,820
New Mountain Finance Corp.#		5,313		70,132
NGP Capital Resources Co.		15,797		117,214
PennantPark Investment Corp.#		33,292		352,895
Prospect Capital Corp.#		79,622		738,892
Solar Capital, Ltd.#		26,643		613,322
Solar Senior Capital, Ltd.#		5,662		89,177
THL Credit, Inc.		6,763		81,156
TICC Capital Corp.		23,561		209,222
Triangle Capital Corp.		16,159		292,639
				6,226,023
Investment Management/Advisor Services — 0.4%
Artio Global Investors, Inc.#		22,848		133,889
Calamos Asset Management, Inc., Class A#		13,853		163,881
CIFC Corp.†#		8,654		48,376
Cohen & Steers, Inc.#		12,977		353,234
Edelman Financial Group, Inc.#		14,795		100,606

Security Description	Shares		Value (Note 2)
Investment Management/Advisor Services (continued)
Epoch Holding Corp.#		10,782	$	262,326
Financial Engines, Inc.†#		27,973		614,567
GAMCO Investors, Inc., Class A#		4,959		234,114
Medley Capital Corp.		8,121		77,799
National Financial Partners Corp.†		32,195		444,291
Pzena Investment Management, Inc., Class A		6,367		31,326
Virtus Investment Partners, Inc.†#		4,005		303,939
Westwood Holdings Group, Inc.		4,555		173,227
				2,941,575
Lasers - System/Components — 0.5%
Coherent, Inc.†#		18,306		929,945
Cymer, Inc.†		22,290		996,809
Electro Scientific Industries, Inc.†		16,494		217,226
II-VI, Inc.†		37,794		739,629
Newport Corp.†		27,363		356,540
Rofin - Sinar Technologies, Inc.†		20,775		499,846
				3,739,995
Leisure Products — 0.2%
Brunswick Corp.		65,034		1,210,933
Johnson Outdoors, Inc. Class A†		3,526		58,144
Marine Products Corp.†#		7,458		40,198
				1,309,275
Lighting Products & Systems — 0.3%
Acuity Brands, Inc.		31,630		1,589,408
Universal Display Corp.†#		28,095		1,094,581
				2,683,989
Linen Supply & Related Items — 0.1%
G&K Services, Inc., Class A		13,666		408,613
UniFirst Corp.		10,344		598,194
				1,006,807
Machinery - Construction & Mining — 0.1%
Astec Industries, Inc.†		14,562		487,099
Machinery - Electrical — 0.1%
Franklin Electric Co., Inc.		16,992		799,813
Machinery - Farming — 0.1%
Alamo Group, Inc.		4,877		138,507
Lindsay Corp.		9,173		518,183
				656,690
Machinery - General Industrial — 0.9%
Albany International Corp., Class A		20,190		489,809
Altra Holdings, Inc.†		19,622		348,094
Applied Industrial Technologies, Inc.#		30,948		1,068,635
Chart Industries, Inc.†		21,454		1,305,691
DXP Enterprises, Inc.†		6,346		191,967
Flow International Corp.†		34,570		90,573
Intevac, Inc.†		16,681		124,941
Kadant, Inc.†		8,987		183,694
Middleby Corp.†#		13,687		1,249,349
Robbins & Myers, Inc.		28,795		1,531,894
Sauer - Danfoss, Inc.†		8,451		317,673
Tennant Co.#		13,982		586,964
Twin Disc, Inc.		6,179		261,990
				7,751,274
Machinery - Material Handling — 0.1%
Cascade Corp.		6,692		291,169
Columbus McKinnon Corp.†		14,061		176,606
NACCO Industries, Inc., Class A		4,260		338,031
				805,806

211

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Machinery - Pumps — 0.1%
Gorman - Rupp Co.		11,112	$	327,582
Tecumseh Products Co., Class A†#		13,498		69,919
				397,501
Machinery - Thermal Process — 0.0%
Global Power Equipment Group, Inc.†#		11,507		267,883
Marine Services — 0.0%
Great Lakes Dredge & Dock Corp.		42,957		259,890
Odyssey Marine Exploration, Inc.†#		53,168		135,578
				395,468
Medical Imaging Systems — 0.0%
IRIS International, Inc.†		12,999		126,220
Merge Healthcare, Inc.†		37,915		205,120
				331,340
Medical Information Systems — 0.4%
athenahealth, Inc.†		25,469		1,512,858
Computer Programs & Systems, Inc.		8,080		366,832
EPocrates, Inc.†		4,598		39,221
Medidata Solutions, Inc.†		15,366		310,086
MedQuist Holdings, Inc.†#		23,091		215,670
Quality Systems, Inc.#		28,300		1,000,405
				3,445,072
Medical Instruments — 0.9%
Abaxis, Inc.†#		16,447		455,089
AngioDynamics, Inc.†		18,242		275,819
Arthrocare Corp.†		19,948		594,650
AtriCure, Inc.†		10,259		104,026
Cardiovascular Systems, Inc.†#		10,572		108,786
Conceptus, Inc.†#		22,780		249,555
CONMED Corp.†#		20,671		543,441
CryoLife, Inc.†		20,402		84,056
Delcath Systems, Inc.†#		35,099		90,555
DexCom, Inc.†		48,989		392,892
Endologix, Inc.†		35,733		405,212
Genomic Health, Inc.†#		12,419		337,673
Integra LifeSciences Holdings Corp.†		15,228		489,276
Kensey Nash Corp.†		6,230		158,242
MAKO Surgical Corp.†#		23,364		672,883
Natus Medical, Inc.†		21,184		177,310
Neoprobe Corp.†		69,115		171,405
NuVasive, Inc.†#		28,977		399,883
Solta Medical, Inc.†#		44,261		100,473
Spectranetics Corp.†		24,353		173,880
Stereotaxis, Inc.†#		32,212		33,178
SurModics, Inc.†#		11,143		138,173
Symmetry Medical, Inc.†		26,566		208,012
Synergetics USA, Inc.†		16,248		94,888
Vascular Solutions, Inc.†		12,378		133,435
Volcano Corp.†		38,084		939,532
Young Innovations, Inc.#		4,124		119,596
				7,651,920
Medical Labs & Testing Services — 0.0%
Bio - Reference Labs, Inc.†		17,940		222,456
NeoStem, Inc.†#		33,293		16,646
				239,102
Medical Laser Systems — 0.0%
BioLase Technology, Inc.†#		22,352		65,045
Cynosure, Inc. Class A†#		7,060		86,485
Palomar Medical Technologies, Inc.†#		13,882		114,666
				266,196

Security Description	Shares		Value (Note 2)
Medical Products — 1.2%
ABIOMED, Inc.†#		23,134	$	465,919
Accuray, Inc.†#		49,942		200,267
Alphatec Holdings, Inc.†		39,383		80,341
Atrion Corp.#		1,151		279,486
Bacterin International Holdings, Inc.†		16,297		36,831
BioMimetic Therapeutics, Inc.†#		14,022		44,029
Cantel Medical Corp.		9,635		253,497
Cerus Corp.†		34,766		103,950
Chindex International, Inc.†#		8,296		76,489
Cyberonics, Inc.†		20,706		628,013
Exactech, Inc.†#		6,210		93,833
Greatbatch, Inc.†		17,021		376,505
Haemonetics Corp.†		18,758		1,111,036
Hanger Orthopedic Group, Inc.†		24,466		391,456
Invacare Corp.		20,940		430,108
Luminex Corp.†#		27,605		573,080
NxStage Medical, Inc.†		32,596		638,230
Orthofix International NV†#		13,187		451,918
PSS World Medical, Inc.†#		40,514		987,731
Rockwell Medical Technologies, Inc.†#		11,716		88,456
Synovis Life Technologies, Inc.†		8,371		157,710
Tornier NV†		7,698		138,333
Uroplasty, Inc.†		15,093		60,825
West Pharmaceutical Services, Inc.#		24,459		942,405
Wright Medical Group, Inc.†		28,500		418,380
Zoll Medical Corp.†		16,006		736,756
				9,765,584
Medical Sterilization Products — 0.2%
STERIS Corp.		43,253		1,300,618
Medical - Biomedical/Gene — 2.1%
Acorda Therapeutics, Inc.†		28,822		667,229
Aegerion Pharmaceuticals, Inc.†		6,675		107,000
Affymax, Inc.†#		25,844		136,198
Alnylam Pharmaceuticals, Inc.†#		26,885		190,884
AMAG Pharmaceuticals, Inc.†		15,455		275,099
Arena Pharmaceuticals, Inc.†#		106,559		168,363
Ariad Pharmaceuticals, Inc.†		96,407		1,165,561
Arqule, Inc.†#		38,987		218,717
Astex Pharmaceuticals†		41,186		62,191
BioCryst Pharmaceuticals, Inc.†		21,113		60,805
Biosante Pharmaceuticals, Inc.†#		80,024		192,058
BioTime, Inc.†		18,035		80,616
Cambrex Corp.†		21,487		148,475
Cell Therapeutics, Inc.†#		140,874		157,779
Celldex Therapeutics, Inc.†		32,232		85,737
Chelsea Therapeutics International, Inc.†		39,119		203,419
Cleveland Biolabs, Inc.†#		20,694		60,633
Clinical Data, Inc.†(1)(2)		9,058		0
Complete Genomics, Inc.†#		7,249		26,821
Cubist Pharmaceuticals, Inc.†		43,784		1,688,749
Curis, Inc.†#		55,765		201,312
Dynavax Technologies Corp.†#		90,143		280,345
Emergent Biosolutions, Inc.†		17,791		303,159
Enzo Biochem, Inc.†#		27,947		68,470
Enzon Pharmaceuticals, Inc.†#		27,488		194,340
Exact Sciences Corp.†#		38,140		323,809
Exelixis, Inc.†#		93,369		430,431
Geron Corp.†#		94,213		157,336
GTx, Inc.†#		15,993		43,501
Halozyme Therapeutics, Inc.†#		59,919		568,032
Harvard Bioscience, Inc.†		16,816		74,327
Immunogen, Inc.†#		54,867		666,634
Immunomedics, Inc.†#		48,033		161,391
Incyte Corp., Ltd.†#		64,607		889,638

212

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Medical - Biomedical/Gene (continued)
Inhibitex, Inc.†		46,431	$	677,893
Insmed, Inc.†#		18,134		58,391
InterMune, Inc.†		39,485		717,048
Lexicon Pharmaceuticals, Inc.†#		124,544		145,716
Ligand Pharmaceuticals, Inc., Class B†#		14,343		168,243
Maxygen, Inc.†#		22,058		125,510
Medicines Co.†		39,360		744,298
Micromet, Inc.†		66,852		409,803
Momenta Pharmaceuticals, Inc.†		33,688		506,668
Novavax, Inc.†#		70,167		96,830
NPS Pharmaceuticals, Inc.†		62,814		356,784
Nymox Pharmaceutical Corp.†		14,175		116,519
OncoGenex Pharmaceutical, Inc.†		7,098		84,608
Oncothyreon, Inc.†		30,381		212,059
Pacific Biosciences of California, Inc.†		24,775		70,609
PDL BioPharma, Inc.#		102,020		652,928
Peregrine Pharmaceuticals, Inc.†#		58,092		56,930
PharmAthene, Inc.†#		26,038		33,329
RTI Biologics, Inc.†		40,287		172,025
Sangamo Biosciences, Inc.†#		38,213		115,785
Seattle Genetics, Inc.†#		70,469		1,171,899
Sequenom, Inc.†#		72,350		302,423
Sunesis Pharmaceuticals, Inc.†		20,775		25,761
Transcept Pharmaceuticals, Inc.†#		3,770		26,277
Trius Therapeutics, Inc.†		5,604		41,582
Vical, Inc.†#		52,379		230,991
ZIOPHARM Oncology, Inc.†#		42,735		222,222
				17,602,190
Medical - Drugs — 1.9%
Achillion Pharmaceuticals, Inc.†#		34,642		230,369
Akorn, Inc.†#		40,951		440,633
Alimera Sciences, Inc.†#		8,196		10,819
Alkermes PLC†#		69,642		1,064,826
Amicus Therapeutics, Inc.†#		11,520		32,947
Ampio Pharmaceuticals, Inc.†#		14,478		105,110
Anacor Pharmaceuticals, Inc.†		7,939		39,933
Anthera Pharmaceuticals, Inc.†		15,376		89,488
Ardea Biosciences, Inc.†#		12,251		228,849
Array Biopharma, Inc.†		41,647		87,875
Auxilium Pharmaceuticals, Inc.†		34,942		609,039
BioSpecifics Technologies Corp.†		3,615		54,370
Cadence Pharmaceuticals, Inc.†		27,760		121,866
Corcept Therapeutics, Inc.†		29,991		94,772
Cytori Therapeutics, Inc.†#		35,372		98,334
Durect Corp.†		58,939		80,157
Dusa Pharmaceuticals, Inc.†		17,846		65,852
Endocyte, Inc.†		12,573		129,376
Furiex Pharmaceuticals, Inc.†		7,217		129,906
Hi - Tech Pharmacal Co., Inc.†#		7,570		314,306
Idenix Pharmaceuticals, Inc.†#		40,035		304,266
Infinity Pharmaceuticals, Inc.†		13,960		127,455
Ironwood Pharmaceuticals, Inc.†#		36,843		444,695
Jazz Pharmaceuticals, Inc.†		16,128		638,991
K - V Pharmaceutical Co., Class A†#		37,612		47,391
Keryx Biopharmaceuticals, Inc.†#		50,454		133,199
Lannett Co., Inc.†		11,860		46,847
MAP Pharmaceuticals, Inc.†#		15,966		219,532
Medicis Pharmaceutical Corp., Class A		45,092		1,472,254
Medivation, Inc.†		22,891		1,051,841
Opko Health, Inc.†#		79,533		394,484
Optimer Pharmaceuticals, Inc.†#		33,853		389,987
Orexigen Therapeutics, Inc.†#		23,528		42,115
Pacira Pharmaceuticals, Inc.†		3,575		26,169
Pain Therapeutics, Inc.†#		26,940		104,258

Security Description	Shares		Value (Note 2)
Medical - Drugs (continued)
Pernix Therapeutics Holdings†#		2,722	$	21,776
PharMerica Corp.†#		21,447		335,646
Pozen, Inc.†		19,330		78,287
Progenics Pharmaceuticals, Inc.†#		21,436		144,050
Raptor Pharmaceutical Corp.†		34,379		189,772
Rigel Pharmaceuticals, Inc.†#		50,089		381,678
Sagent Pharmaceuticals, Inc.†#		4,857		100,443
Salix Pharmaceuticals, Ltd.†		42,655		1,882,792
Santarus, Inc.†#		38,920		113,257
Savient Pharmaceuticals, Inc.†#		51,886		130,234
Sciclone Pharmaceuticals, Inc.†		25,246		113,859
SIGA Technologies, Inc.†#		25,119		52,750
Sucampo Pharmaceuticals, Inc. Class A†#		9,262		34,455
Synta Pharmaceuticals Corp.†#		17,006		71,255
Targacept, Inc.†#		20,122		151,116
Vanda Pharmaceuticals, Inc.†#		20,526		102,425
Viropharma, Inc.†		51,676		1,240,741
Vivus, Inc.†#		64,902		657,457
XenoPort, Inc.†		25,824		123,439
Zalicus, Inc.†#		54,314		50,517
Zogenix, Inc.†		15,445		27,801
				15,476,061
Medical - Generic Drugs — 0.2%
Acura Pharmaceuticals, Inc.†#		7,858		29,075
Impax Laboratories, Inc.†		47,681		960,295
Par Pharmaceutical Cos., Inc.†#		26,447		857,147
				1,846,517
Medical - HMO — 1.0%
Centene Corp.†		36,500		1,412,915
Healthspring, Inc.†		49,489		2,703,089
Magellan Health Services, Inc.†		23,434		1,187,166
Metropolitan Health Networks, Inc.†#		30,916		223,835
Molina Healthcare, Inc.†#		20,497		447,860
Triple - S Management Corp., Class B†#		14,435		281,194
Universal American Corp.		23,578		309,579
WellCare Health Plans, Inc.†		31,086		1,816,977
				8,382,615
Medical - Hospitals — 0.1%
Select Medical Holdings Corp.†#		32,677		283,310
Vanguard Health Systems, Inc.†		22,288		228,229
				511,539
Medical - Nursing Homes — 0.2%
Assisted Living Concepts, Inc., Class A		14,270		196,070
Ensign Group, Inc.		11,908		282,338
Kindred Healthcare, Inc.†#		37,957		470,667
National Healthcare Corp.#		7,475		311,334
Skilled Healthcare Group, Inc. Class A†#		14,140		60,378
Sun Healthcare Group, Inc.†#		18,327		56,447
				1,377,234
Medical - Outpatient/Home Medical — 0.2%
Air Methods Corp.†#		8,273		667,797
Almost Family, Inc.†#		6,006		89,910
Amedisys, Inc.†		21,527		255,525
Amsurg Corp.†		22,833		595,485
Gentiva Health Services, Inc.†		22,333		129,978
LHC Group, Inc.†		11,525		160,197
				1,898,892
Metal Processors & Fabrication — 0.7%
Ampco - Pittsburgh Corp.		6,224		127,903

213

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Metal Processors & Fabrication (continued)
CIRCOR International, Inc.#		12,587	$	409,078
Dynamic Materials Corp.		9,737		207,982
Haynes International, Inc.		8,913		534,424
Kaydon Corp.		23,811		751,951
LB Foster Co., Class A#		6,947		199,518
Mueller Industries, Inc.		27,649		1,054,533
NN, Inc.†		12,272		80,873
RBC Bearings, Inc.†		16,013		676,549
RTI International Metals, Inc.†#		22,049		601,938
Sun Hydraulics Corp.#		14,640		368,342
Worthington Industries, Inc.		41,985		738,516
				5,751,607
Metal Products - Distribution — 0.0%
A.M. Castle & Co.†		12,207		166,015
Lawson Products, Inc.#		2,548		40,157
Olympic Steel, Inc.#		6,679		158,559
				364,731
Metal - Aluminum — 0.1%
Century Aluminum Co.†#		37,669		362,753
Kaiser Aluminum Corp.#		11,892		554,167
Noranda Aluminium Holding Corp.		16,595		136,411
				1,053,331
Metal - Copper — 0.0%
Revett Minerals, Inc.†		18,300		91,500
Mining — 0.0%
Vista Gold Corp.†#		51,884		187,301
Miscellaneous Manufacturing — 0.2%
American Railcar Industries, Inc.†		7,111		169,171
FreightCar America, Inc.†		8,727		198,365
John Bean Technologies Corp.		20,920		344,343
Movado Group, Inc.		12,633		198,717
NL Industries, Inc.#		4,869		66,754
Trimas Corp.†		18,665		380,952
				1,358,302
Motion Pictures & Services — 0.0%
Lions Gate Entertainment Corp.†#		32,921		289,376
MRI/Medical Diagnostic Imaging — 0.0%
Alliance HealthCare Services, Inc.†#		17,878		21,811
RadNet, Inc.†		22,269		53,668
				75,479
Multilevel Direct Selling — 0.2%
Nu Skin Enterprises, Inc., Class A#		40,017		1,910,412
Multimedia — 0.2%
Demand Media, Inc.†		5,773		40,931
Entravision Communications Corp., Class A#		36,715		57,642
EW Scripps Co., Class A†		24,880		211,480
Journal Communications, Inc., Class A†		31,553		132,523
Martha Stewart Living Omnimedia, Class A#		19,876		59,230
Meredith Corp.#		26,539		769,631
				1,271,437
Networking Products — 0.6%
Anixter International, Inc.†		21,172		1,300,172
Black Box Corp.		13,126		374,485
Calix, Inc.†#		27,479		247,861
Dialogic, Inc.†		11,282		14,102
Extreme Networks, Inc.†#		67,255		203,110
Infinera Corp.†#		76,357		526,863
Ixia†		28,201		310,211

Security Description	Shares		Value (Note 2)
Networking Products (continued)
LogMeIn, Inc.†#		14,879	$	639,946
Meru Networks, Inc.†#		7,868		36,980
NeoPhotonics Corp.†#		6,320		29,957
Netgear, Inc.†		26,734		1,015,625
Procera Networks, Inc.†		10,511		169,122
				4,868,434
Non - Ferrous Metals — 0.3%
Globe Specialty Metals, Inc.#		46,033		687,273
Horsehead Holding Corp.†		31,901		296,360
Materion Corp.†		14,905		366,514
Thompson Creek Metals Co., Inc.†#		111,560		779,804
Ur - Energy, Inc.†		75,587		82,390
Uranerz Energy Corp.†#		47,154		91,007
Uranium Energy Corp.†#		54,965		167,643
Uranium Resources, Inc.†#		68,214		70,943
USEC, Inc.†#		84,767		119,522
				2,661,456
Non - Hazardous Waste Disposal — 0.0%
Casella Waste Systems, Inc., Class A†#		18,491		115,014
WCA Waste Corp.†#		12,291		60,349
				175,363
Office Furnishings - Original — 0.4%
CompX International, Inc.#		840		13,037
Herman Miller, Inc.		41,844		903,412
HNI Corp.		32,671		855,980
Interface, Inc., Class A		38,475		442,462
Knoll, Inc.		34,942		529,721
Steelcase, Inc., Class A#		58,093		455,449
				3,200,061
Office Supplies & Forms — 0.1%
ACCO Brands Corp.†		40,282		379,859
Ennis, Inc.#		19,022		282,477
				662,336
Oil & Gas Drilling — 0.1%
Hercules Offshore, Inc.†#		84,120		327,227
Parker Drilling Co.†		85,218		593,117
Vantage Drilling Co.†#		127,572		153,086
				1,073,430
Oil Companies - Exploration & Production — 3.1%
Abraxas Petroleum Corp.†#		60,100		216,961
Apco Oil & Gas International, Inc.		6,665		529,534
Approach Resources, Inc.†#		16,379		512,335
ATP Oil & Gas Corp.†#		32,516		238,667
Berry Petroleum Co., Class A#		37,644		1,651,819
Bill Barrett Corp.†		34,468		1,344,252
BPZ Resources, Inc.†#		74,571		237,882
Callon Petroleum Co.†		28,568		153,410
CAMAC Energy, Inc.†#		42,844		42,844
Carrizo Oil & Gas, Inc.†#		28,439		809,374
Clayton Williams Energy, Inc.†#		4,309		318,694
Comstock Resources, Inc.†#		34,785		578,475
Contango Oil & Gas Co.†#		8,913		561,519
Crimson Exploration, Inc.†		15,942		46,232
DLB Oil & Gas, Inc.†(1)(2)		3,000		0
Endeavour International Corp.†#		27,121		187,406
Energy Partners, Ltd.†		21,136		292,100
Energy XXI Bermuda, Ltd.†		55,006		1,729,389
Evolution Petroleum Corp.†		11,733		85,651
FX Energy, Inc.†		38,211		182,266
Gastar Exploration, Ltd.†#		42,400		135,680

214

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Oil Companies - Exploration & Production (continued)
Georesources, Inc.†#		14,653	$	417,757
GMX Resources, Inc.†#		43,801		57,817
Goodrich Petroleum Corp.†#		18,926		275,941
Gulfport Energy Corp.†		30,502		968,439
Harvest Natural Resources, Inc.†#		24,815		227,057
Houston American Energy Corp.†#		12,069		169,087
Hyperdynamics Corp.†#		113,620		418,122
Isramco, Inc.†		782		63,921
Kodiak Oil & Gas Corp.†#		152,856		1,357,361
Magnum Hunter Resources Corp.†#		81,340		391,245
McMoRan Exploration Co.†#		71,745		1,146,485
Miller Energy Resources, Inc.†#		22,686		69,192
Northern Oil And Gas, Inc.†		46,114		1,129,332
Oasis Petroleum, Inc.†#		43,474		1,324,653
Panhandle Oil and Gas, Inc., Class A#		5,137		173,271
Penn Virginia Corp.#		33,357		176,792
PetroCorp, Inc.†(1)(2)		2,364		0
Petroleum Development Corp.†#		17,162		575,785
Petroquest Energy, Inc.†#		40,920		281,120
Resolute Energy Corp.†		33,711		456,784
Rex Energy Corp.†#		25,475		411,421
Rosetta Resources, Inc.†#		38,706		2,103,284
Stone Energy Corp.†		35,792		1,012,556
Swift Energy Co.†		30,985		910,649
Triangle Petroleum Corp.†#		31,365		180,349
U.S. Energy Corp.†#		17,817		48,284
Vaalco Energy, Inc.†		37,355		235,337
Venoco, Inc.†		21,593		201,247
Voyager Oil & Gas, Inc.†		34,308		87,485
W&T Offshore, Inc.		25,455		509,609
Warren Resources, Inc.†#		52,164		148,667
Zion Oil & Gas, Inc.†		22,183		58,341
				25,441,880
Oil Field Machinery & Equipment — 0.8%
Complete Production Services, Inc.†		57,646		2,010,116
Dril - Quip, Inc.†		25,103		1,785,576
Flotek Industries, Inc.†#		36,468		332,224
Gulf Island Fabrication, Inc.		10,479		297,918
Lufkin Industries, Inc.		22,249		1,559,210
Mitcham Industries, Inc.†		8,782		128,568
Natural Gas Services Group, Inc.†		8,922		122,321
Thermon Group Holdings, Inc.†		7,304		112,920
				6,348,853
Oil Refining & Marketing — 0.3%
Alon USA Energy, Inc.#		8,280		70,794
Cheniere Energy, Inc.†#		60,480		610,848
CVR Energy, Inc.†		64,121		1,167,002
Delek US Holdings, Inc.		10,380		114,076
Western Refining, Inc.†#		38,538		458,217
				2,420,937
Oil - Field Services — 0.9%
Basic Energy Services, Inc.†		17,600		331,584
C&J Energy Services, Inc.†		8,705		170,966
Cal Dive International, Inc.†#		69,681		164,447
Exterran Holdings, Inc.†#		46,686		535,021
Global Industries, Ltd.†		73,936		590,009
Helix Energy Solutions Group, Inc.†		77,429		1,373,590
Hornbeck Offshore Services, Inc.†		16,683		562,884
Key Energy Services, Inc.†		91,127		1,376,018
Matrix Service Co.†		19,310		180,742
Newpark Resources, Inc.†		66,020		591,539
Pioneer Drilling Co.†		45,005		494,155

Security Description	Shares		Value (Note 2)
Oil - Field Services (continued)
Targa Resources Corp.		12,001	$	414,875
Tesco Corp.†		22,040		293,793
Tetra Technologies, Inc.†		56,109		515,081
Union Drilling, Inc.†#		11,059		80,952
Willbros Group, Inc.†		28,533		110,423
				7,786,079
Optical Recognition Equipment — 0.0%
Digimarc Corp.†		4,577		118,956
Optical Supplies — 0.0%
STAAR Surgical Co.†		25,959		255,177
Paper & Related Products — 0.5%
Boise, Inc.		76,160		454,675
Buckeye Technologies, Inc.		29,137		902,664
Clearwater Paper Corp.†		16,826		592,107
KapStone Paper and Packaging Corp.†		28,534		473,094
Neenah Paper, Inc.		10,897		203,883
P.H. Glatfelter Co.#		33,626		487,577
Schweitzer - Mauduit International, Inc.		11,766		837,975
Verso Paper Corp.†#		10,916		12,553
Wausau Paper Corp.		35,917		277,279
Xerium Technologies, Inc.†		8,039		59,569
				4,301,376
Patient Monitoring Equipment — 0.2%
CardioNet, Inc.†		17,796		41,287
Insulet Corp.†		33,572		623,768
Masimo Corp.†		38,366		792,641
				1,457,696
Petrochemicals — 0.0%
TPC Group, Inc.†		9,689		232,536
Pharmacy Services — 0.0%
BioScrip, Inc.†		29,727		182,524
Photo Equipment & Supplies — 0.0%
Eastman Kodak Co.†#		196,502		212,222
Physical Therapy/Rehabilitation Centers — 0.2%
Healthsouth Corp.†		69,479		1,200,597
U.S. Physical Therapy, Inc.		8,620		169,556
				1,370,153
Physicians Practice Management — 0.1%
American Dental Partners, Inc.†		11,268		212,289
Healthways, Inc.†#		24,805		161,480
IPC The Hospitalist Co., Inc.†#		11,956		551,172
				924,941
Pipelines — 0.1%
Crosstex Energy, Inc.		29,651		354,923
SemGroup Corp., Class A†		30,314		853,339
				1,208,262
Platinum — 0.1%
Stillwater Mining Co.†		75,252		820,999
Pollution Control — 0.0%
Fuel Tech, Inc.†#		13,322		77,135
Met - Pro Corp.#		10,707		96,684
				173,819
Poultry — 0.1%
Pilgrim’s Pride Corp.†#		36,970		212,208
Sanderson Farms, Inc.#		16,170		832,270
				1,044,478

215

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Power Converter/Supply Equipment — 0.2%
Active Power, Inc.†		58,427	$	40,899
Advanced Energy Industries, Inc.†		31,813		317,494
Capstone Turbine Corp.†#		179,663		186,849
Generac Holdings, Inc.†		18,209		456,500
Powell Industries, Inc.†#		6,440		195,261
Power - One, Inc.†		49,728		211,841
PowerSecure International, Inc.†		13,755		87,344
Satcon Technology Corp.†#		66,252		50,345
Vicor Corp.		14,310		114,766
				1,661,299
Precious Metals — 0.3%
Coeur d’Alene Mines Corp.†		65,386		1,913,848
Paramount Gold and Silver Corp.†#		85,548		225,847
				2,139,695
Printing - Commercial — 0.3%
American Reprographics Co.†		27,051		127,410
Cenveo, Inc.†#		40,219		122,668
Consolidated Graphics, Inc.†		6,570		334,742
Deluxe Corp.		37,554		858,484
Multi - Color Corp.#		8,327		218,334
Quad Graphics, Inc.#		18,433		295,297
Valassis Communications, Inc.†#		35,887		689,389
				2,646,324
Private Corrections — 0.1%
Geo Group, Inc.†		47,386		838,732
Protection/Safety — 0.1%
Ascent Media Corp., Class A†		10,516		489,310
Landauer, Inc.#		6,881		349,073
				838,383
Publishing - Books — 0.1%
Cambium Learning Group, Inc.†#		12,059		38,589
Courier Corp.#		7,519		83,085
Scholastic Corp.		19,405		525,293
				646,967
Publishing - Newspapers — 0.1%
AH Belo Corp., Class A Class A#		13,621		56,255
Dolan Co.†		22,181		202,513
McClatchy Co., Class A†#		42,150		49,315
New York Times Co., Class A†#		100,186		729,354
				1,037,437
Publishing - Periodicals — 0.0%
Value Line, Inc.#		983		11,708
Racetracks — 0.1%
Churchill Downs, Inc.		9,174		445,306
International Speedway Corp., Class A		21,508		529,097
Speedway Motorsports, Inc.#		8,624		120,563
				1,094,966
Radio — 0.0%
Cumulus Media, Inc., Class A†		27,524		83,673
Entercom Communications Corp., Class A†#		17,668		98,234
Saga Communications, Inc., Class A†#		2,633		92,945
Westwood One, Inc.#		3,679		14,753
				289,605
Real Estate Investment Trusts — 8.3%
Acadia Realty Trust		29,451		576,651
AG Mortgage Investment Trust, Inc.#		4,601		82,588
Agree Realty Corp.#		7,199		175,584

Security Description	Shares		Value (Note 2)
Real Estate Investment Trusts (continued)
Alexander’s, Inc.		1,499	$	594,518
American Assets Trust, Inc.		23,531		485,680
American Campus Communities, Inc.		49,604		1,951,421
American Capital Mortgage Investment Corp.#		5,843		104,064
Anworth Mortgage Asset Corp.		92,418		585,006
Apollo Commercial Real Estate Finance, Inc.#		15,017		204,231
ARMOUR Residential REIT, Inc.#		55,922		399,283
Ashford Hospitality Trust, Inc.#		38,119		303,427
Associated Estates Realty Corp.#		30,277		488,671
BioMed Realty Trust, Inc.#		95,862		1,707,302
Campus Crest Communities, Inc.		22,342		225,207
CapLease, Inc.#		49,707		206,284
Capstead Mortgage Corp.		61,641		769,280
CBL & Associates Properties, Inc.		108,362		1,548,493
Cedar Realty Trust, Inc.		40,949		136,770
Chatham Lodging Trust		10,095		108,117
Chesapeake Lodging Trust		23,486		373,427
Cogdell Spencer, Inc.		32,549		122,059
Colonial Properties Trust		60,969		1,209,625
Colony Financial, Inc.#		24,036		355,733
Coresite Realty Corp.#		14,510		243,042
Cousins Properties, Inc.		66,608		396,318
CreXus Investment Corp.		41,747		407,451
CubeSmart		72,631		724,131
CYS Investments, Inc.#		60,306		791,818
DCT Industrial Trust, Inc.#		179,433		863,073
DiamondRock Hospitality Co.		122,248		1,073,337
DuPont Fabros Technology, Inc.		42,961		967,911
Dynex Capital, Inc.#		29,451		262,114
EastGroup Properties, Inc.#		19,757		841,055
Education Realty Trust, Inc.		52,752		491,649
Entertainment Properties Trust#		34,067		1,522,795
Equity Lifestyle Properties, Inc.#		22,479		1,389,877
Equity One, Inc.		39,189		654,848
Excel Trust, Inc.#		22,608		248,462
Extra Space Storage, Inc.#		68,570		1,652,537
FelCor Lodging Trust, Inc.†		90,918		239,114
First Industrial Realty Trust, Inc.†		63,254		600,913
First Potomac Realty Trust		36,547		465,243
Franklin Street Properties Corp.#		51,569		562,618
Getty Realty Corp.#		18,853		301,648
Gladstone Commercial Corp.#		7,995		136,715
Glimcher Realty Trust		78,267		680,923
Government Properties Income Trust		25,855		562,346
Hatteras Financial Corp.#		54,594		1,463,119
Healthcare Realty Trust, Inc.#		56,845		1,001,609
Hersha Hospitality Trust		102,810		442,083
Highwoods Properties, Inc.#		52,678		1,519,234
Home Properties, Inc.#		35,084		1,928,567
Hudson Pacific Properties, Inc.		16,106		206,801
Inland Real Estate Corp.		56,319		417,887
Invesco Mortgage Capital, Inc.		84,276		1,329,033
Investors Real Estate Trust#		58,629		411,576
iStar Financial, Inc.†#		67,540		375,522
Kilroy Realty Corp.#		42,696		1,540,899
Kite Realty Group Trust		40,668		171,619
LaSalle Hotel Properties		62,146		1,454,838
Lexington Realty Trust		87,448		662,856
LTC Properties, Inc.		22,156		636,985
Medical Properties Trust, Inc.		81,596		780,058
MFA Financial, Inc.		260,060		1,789,213
Mid - America Apartment Communities, Inc.		26,804		1,536,405
Mission West Properties, Inc.		12,935		99,211
Monmouth Real Estate Invesment Corp., Class A		25,866		219,602
MPG Office Trust, Inc.†		35,821		74,149

216

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Real Estate Investment Trusts (continued)
National Health Investors, Inc.#		17,810	$	753,541
National Retail Properties, Inc.		69,663		1,843,283
Newcastle Investment Corp.		76,818		341,840
NorthStar Realty Finance Corp.#		70,014		307,361
Omega Healthcare Investors, Inc.		74,217		1,330,711
One Liberty Properties, Inc.		8,104		131,852
Parkway Properties, Inc.		16,041		162,175
Pebblebrook Hotel Trust		37,169		688,370
Pennsylvania Real Estate Investment Trust		40,645		379,218
PennyMac Mortgage Investment Trust#		20,278		326,881
Post Properties, Inc.		36,401		1,455,676
Potlatch Corp.		29,319		942,899
PS Business Parks, Inc.		13,592		716,298
RAIT Financial Trust#		27,776		123,881
Ramco - Gershenson Properties Trust		28,136		238,875
Redwood Trust, Inc.		57,370		592,632
Resource Capital Corp.#		52,019		277,261
Retail Opportunity Investments Corp.#		30,731		362,011
RLJ Lodging Trust		20,110		321,760
Sabra Healthcare REIT, Inc.		26,928		285,437
Saul Centers, Inc.		5,365		187,292
Sovran Self Storage, Inc.		20,221		842,002
STAG Industrial, Inc.#		11,594		121,621
Starwood Property Trust, Inc.		68,078		1,214,512
Strategic Hotels & Resorts, Inc.†		127,671		640,908
Summit Hotel Properties, Inc.		19,929		167,802
Sun Communities, Inc.		15,511		554,363
Sunstone Hotel Investors, Inc.†		86,319		657,751
Tanger Factory Outlet Centers		62,751		1,778,991
Terreno Realty Corp.#		6,786		86,861
Two Harbors Investment Corp.		102,677		961,057
UMH Properties, Inc.#		8,410		77,456
Universal Health Realty Income Trust		8,670		320,010
Urstadt Biddle Properties, Inc., Class A		16,827		283,871
Washington Real Estate Investment Trust#		48,165		1,310,570
Whitestone REIT, Class B#		5,486		65,558
Winthrop Realty Trust		20,953		195,701
				67,902,913
Real Estate Management/Services — 0.1%
HFF, Inc., Class A†		21,203		237,898
Kennedy - Wilson Holdings, Inc.#		17,373		192,145
				430,043
Real Estate Operations & Development — 0.1%
Avatar Holdings, Inc.†#		6,520		38,729
Consolidated - Tomoka Land Co.		3,063		80,833
Forestar Group, Inc.†		25,872		393,254
				512,816
Recreational Centers — 0.2%
Life Time Fitness, Inc.†#		30,889		1,258,109
Town Sports International Holdings, Inc.†		14,965		108,796
				1,366,905
Recreational Vehicles — 0.0%
Arctic Cat, Inc.†		8,862		176,177
Recycling — 0.0%
Metalico, Inc.†#		29,307		103,454
Rental Auto/Equipment — 0.9%
Avis Budget Group, Inc.†		76,680		904,824
Dollar Thrifty Automotive Group, Inc.†#		21,129		1,417,333
Electro Rent Corp.#		13,714		224,772
Essex Rental Corp.†		12,507		36,020

Security Description	Shares		Value (Note 2)
Rental Auto/Equipment (continued)
H&E Equipment Services, Inc.†		20,876	$	265,334
McGrath RentCorp		17,749		496,795
Rent-A-Center, Inc.		46,470		1,670,597
RSC Holdings, Inc.†		49,484		601,725
United Rentals, Inc.†#		45,651		1,284,619
Zipcar, Inc.†#		7,481		119,397
				7,021,416
Research & Development — 0.2%
Albany Molecular Research, Inc.†#		16,073		36,807
AVEO Pharmaceuticals, Inc.†		22,885		386,757
PAREXEL International Corp.†		42,999		862,130
				1,285,694
Resorts/Theme Parks — 0.3%
Six Flags Entertainment Corp.		30,452		1,157,176
Vail Resorts, Inc.#		26,299		1,170,305
				2,327,481
Retail - Apparel/Shoe — 1.8%
Aeropostale, Inc.†		58,959		914,454
ANN, Inc.†		38,019		891,926
Ascena Retail Group, Inc.†		45,876		1,262,508
Bebe Stores, Inc.		28,059		206,514
Body Central Corp.†		8,587		183,590
Brown Shoe Co., Inc.#		30,655		257,195
Buckle, Inc.		19,675		786,213
Casual Male Retail Group, Inc.†#		30,774		99,400
Cato Corp., Class A		20,201		516,944
Charming Shoppes, Inc.†#		84,899		329,408
Children’s Place Retail Stores, Inc.†#		19,057		1,026,601
Christopher & Banks Corp.#		26,143		74,769
Collective Brands, Inc.†#		44,958		627,164
Destination Maternity Corp.		7,837		114,812
Express, Inc.†		40,358		915,723
Finish Line, Inc., Class A		37,856		798,004
Francesca’s Holdings Corp.†		7,313		120,664
Genesco, Inc.†		17,302		1,021,683
HOT Topic, Inc.		32,683		232,049
Jos. A. Bank Clothiers, Inc.†#		20,178		994,372
Kenneth Cole Productions, Inc., Class A†		5,511		58,582
Liz Claiborne, Inc.†#		69,088		571,358
Men’s Wearhouse, Inc.		37,601		1,046,436
New York & Co., Inc.†#		19,860		53,225
Pacific Sunwear of California, Inc.†#		34,642		48,152
Rue21, Inc.†		10,939		262,974
Shoe Carnival, Inc.†#		6,686		158,993
Stein Mart, Inc.†		20,060		131,794
Talbots, Inc.†#		51,058		101,605
Vera Bradley, Inc.†#		14,467		555,533
Wet Seal, Inc., Class A†		66,108		228,073
Winmark Corp.		1,648		90,475
				14,681,193
Retail - Appliances — 0.0%
Conn’s, Inc.†		10,582		119,365
hhgregg, Inc.†#		13,202		209,120
				328,485
Retail - Auto Parts — 0.1%
PEP Boys - Manny Moe & Jack#		38,457		436,872
Retail - Automobile — 0.4%
America’s Car - Mart, Inc.†#		6,258		224,913
Asbury Automotive Group, Inc.†		21,321		420,450
Group 1 Automotive, Inc.#		17,545		861,635

217

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Retail - Automobile (continued)
Lithia Motors, Inc., Class A		16,116	$	357,936
Penske Automotive Group, Inc.#		32,609		661,637
Rush Enterprises, Inc., Class A†		23,664		453,402
Sonic Automotive, Inc., Class A		29,391		434,105
				3,414,078
Retail - Bookstores — 0.0%
Barnes & Noble, Inc.†#		21,210		369,902
Retail - Building Products — 0.0%
Lumber Liquidators Holdings, Inc.†		16,894		286,184
Retail - Catalog Shopping — 0.0%
Coldwater Creek, Inc.†#		53,172		45,914
Retail - Computer Equipment — 0.0%
PC Connection, Inc.		6,796		68,843
Systemax, Inc.†#		7,890		115,983
				184,826
Retail - Convenience Store — 0.2%
Casey’s General Stores, Inc.		27,719		1,479,640
Pantry, Inc.†		16,789		207,680
Susser Holdings Corp.†		5,869		134,870
				1,822,190
Retail - Discount — 0.3%
99 Cents Only Stores†		34,211		747,510
Citi Trends, Inc.†#		10,936		97,002
Fred’s, Inc., Class A#		28,714		386,491
Gordmans Stores, Inc.†		3,893		50,025
HSN, Inc.		29,194		1,045,145
Tuesday Morning Corp.†#		31,481		101,999
				2,428,172
Retail - Drug Store — 0.1%
Rite Aid Corp.†#		430,438		525,134
Retail - Hair Salons — 0.1%
Regis Corp.#		42,194		684,387
Retail - Home Furnishings — 0.2%
Cost Plus, Inc.†		13,871		112,216
Haverty Furniture Cos., Inc.#		13,720		165,875
Kirkland’s, Inc.†		12,235		152,571
Pier 1 Imports, Inc.†		71,660		973,859
				1,404,521
Retail - Jewelry — 0.0%
Zale Corp.†#		23,470		80,737
Retail - Leisure Products — 0.0%
MarineMax, Inc.†#		16,968		108,086
Steinway Musical Instruments, Inc.†		4,816		130,706
West Marine, Inc.†#		10,808		105,486
				344,278
Retail - Major Department Stores — 0.1%
Saks, Inc.†#		84,231		801,879
Retail - Misc./Diversified — 0.1%
Pricesmart, Inc.#		12,993		881,575
Teavana Holdings, Inc.†#		5,216		104,164
				985,739
Retail - Office Supplies — 0.1%
Office Depot, Inc.†		202,734		456,152
OfficeMax, Inc.†		62,791		291,978
				748,130

Security Description	Shares		Value (Note 2)
Retail - Pawn Shops — 0.4%
Cash America International, Inc.#		21,472	$	1,067,373
EZCORP, Inc., Class A†		34,276		997,089
First Cash Financial Services, Inc.†		22,868		830,108
				2,894,570
Retail - Pet Food & Supplies — 0.0%
PetMed Express, Inc.		15,803		147,284
Retail - Petroleum Products — 0.3%
World Fuel Services Corp.#		51,715		2,217,022
Retail - Regional Department Stores — 0.0%
Bon - Ton Stores, Inc.#		9,018		23,717
Stage Stores, Inc.		22,723		284,947
				308,664
Retail - Restaurants — 1.5%
AFC Enterprises, Inc.†		18,084		283,919
Benihana, Inc.†		9,729		99,528
Biglari Holdings, Inc.†		886		304,625
BJ’s Restaurants, Inc.†#		17,568		844,669
Bob Evans Farms, Inc.#		22,134		741,046
Bravo Brio Restaurant Group, Inc.†		14,067		242,374
Buffalo Wild Wings, Inc.†#		13,381		862,807
Caribou Coffee Co., Inc.†#		9,432		127,426
Carrols Restaurant Group, Inc.†		9,200		96,508
CEC Entertainment, Inc.		14,495		488,192
Cheesecake Factory, Inc.†#		42,180		1,196,225
Cracker Barrel Old Country Store, Inc.#		16,764		797,296
Denny’s Corp.†		72,246		245,636
DineEquity, Inc.†#		11,298		531,910
Domino’s Pizza, Inc.†		42,507		1,400,181
Einstein Noah Restaurant Group, Inc.		4,351		59,870
Jack in the Box, Inc.†		33,879		694,519
Jamba, Inc.†		48,134		69,794
Krispy Kreme Doughnuts, Inc.†#		42,714		321,209
Luby’s, Inc.†#		13,736		66,620
McCormick & Schmick’s Seafood Restaurants, Inc.†		9,764		84,947
O’Charley’s, Inc.†#		13,465		86,715
Papa John’s International, Inc.†		14,405		545,949
PF Chang’s China Bistro, Inc.		16,601		503,508
Red Robin Gourmet Burgers, Inc.†#		9,477		251,899
Ruby Tuesday, Inc.†		47,547		348,519
Ruth’s Hospitality Group, Inc.†		25,697		127,457
Sonic Corp.†#		45,139		318,681
Texas Roadhouse, Inc.#		45,958		615,378
				12,357,407
Retail - Sporting Goods — 0.3%
Big 5 Sporting Goods Corp.		16,057		146,440
Cabela’s, Inc.†#		31,597		744,741
Hibbett Sports, Inc.†#		20,014		910,837
Zumiez, Inc.†		15,511		364,974
				2,166,992
Retail - Toy Stores — 0.0%
Build-A-Bear Workshop, Inc.†		12,146		97,047
Retail - Video Rentals — 0.1%
Coinstar, Inc.†#		22,901		977,644
Retirement/Aged Care — 0.1%
Capital Senior Living Corp.†		20,118		149,477
Emeritus Corp.†#		22,315		354,808
Five Star Quality Care, Inc.†#		30,647		78,763
Sunrise Senior Living, Inc.†#		41,920		210,858
				793,906

218

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Rubber - Tires — 0.1%
Cooper Tire & Rubber Co.		45,355	$	607,757
Rubber/Plastic Products — 0.0%
Myers Industries, Inc.		23,144		283,745
Satellite Telecom — 0.2%
DigitalGlobe, Inc.†		25,743		383,571
GeoEye, Inc.†#		16,194		307,524
Globalstar, Inc.†#		74,691		32,789
Iridium Communications, Inc.†#		31,824		226,269
Loral Space & Communications, Inc.†		7,982		496,081
				1,446,234
Savings & Loans/Thrifts — 0.9%
Astoria Financial Corp.#		63,521		478,948
Bank Mutual Corp.#		33,590		113,534
BankFinancial Corp.#		15,391		86,497
Beneficial Mutual Bancorp, Inc.†#		24,289		212,286
Berkshire Hills Bancorp, Inc.#		15,144		301,668
BofI Holding, Inc.†		6,464		103,941
Brookline Bancorp, Inc.#		43,145		346,886
Cape Bancorp, Inc.†#		8,382		61,189
Charter Financial Corp.#		4,964		51,427
Clifton Savings Bancorp, Inc.#		6,242		63,231
Dime Community Bancshares, Inc.		22,733		269,159
ESB Financial Corp.		9,102		122,513
ESSA Bancorp, Inc.#		8,278		91,969
First Defiance Financial Corp.#		7,102		103,618
First Financial Holdings, Inc.#		12,071		98,620
First Pactrust Bancorp, Inc.		7,396		84,314
Flagstar Bancorp, Inc.†		142,806		74,259
Flushing Financial Corp.		22,925		296,650
Fox Chase Bancorp, Inc.#		10,627		135,069
Home Federal Bancorp, Inc.#		12,097		129,922
Investors Bancorp, Inc.†#		33,806		462,804
Kearny Financial Corp.#		9,731		95,753
Meridian Interstate Bancorp, Inc.†#		6,416		79,045
Northfield Bancorp, Inc.		12,451		178,672
Northwest Bancshares, Inc.#		77,490		962,426
OceanFirst Financial Corp.		10,709		139,110
Oritani Financial Corp.#		37,312		485,429
Provident Financial Services, Inc.#		44,160		578,054
Provident New York Bancorp.#		27,780		193,627
Rockville Financial, Inc.		21,550		218,733
Roma Financial Corp.		5,484		54,401
Territorial Bancorp, Inc.		8,751		172,395
United Financial Bancorp, Inc.		11,762		198,425
ViewPoint Financial Group		25,446		326,727
Westfield Financial, Inc.#		20,484		149,533
WSFS Financial Corp.#		4,690		171,373
				7,692,207
Schools — 0.4%
American Public Education, Inc.†#		13,061		500,497
Bridgepoint Education, Inc.†#		13,048		287,056
Capella Education Co.†#		10,558		358,972
Corinthian Colleges, Inc.†#		56,917		149,692
Grand Canyon Education, Inc.†#		20,937		323,477
K12, Inc.†#		18,984		474,030
Lincoln Educational Services Corp.		16,493		121,223
National American University Holdings, Inc.#		6,468		48,510
Strayer Education, Inc.		8,941		869,602
Universal Technical Institute, Inc.†		15,588		199,215
				3,332,274

Security Description	Shares		Value (Note 2)
Seismic Data Collection — 0.1%
Dawson Geophysical Co.†#		5,784	$	201,746
Geokinetics, Inc.†		7,798		19,807
Global Geophysical Services, Inc.†		13,230		92,081
ION Geophysical Corp.†#		95,952		557,481
OYO Geospace Corp.†		3,171		288,497
				1,159,612
Semiconductor Components - Integrated Circuits — 0.7%
Aeroflex Holding Corp.†#		14,491		139,693
Anadigics, Inc.†#		49,252		110,817
Cirrus Logic, Inc.†		48,368		787,915
Emulex Corp.†		64,096		506,359
Exar Corp.†		26,728		168,386
Hittite Microwave Corp.†		22,888		1,245,336
Integrated Device Technology, Inc.†		108,223		627,694
MaxLinear, Inc., Class A†		11,683		56,312
Micrel, Inc.		36,825		382,980
Pericom Semiconductor Corp.†#		18,281		142,409
Power Integrations, Inc.#		21,061		740,294
Sigma Designs, Inc.†#		23,228		161,899
Standard Microsystems Corp.†		16,807		420,679
TriQuint Semiconductor, Inc.†#		119,941		524,142
				6,014,915
Semiconductor Equipment — 0.9%
Amtech Systems, Inc.†		6,993		63,496
ATMI, Inc.†		23,114		478,460
Axcelis Technologies, Inc.†		77,491		98,414
Brooks Automation, Inc.		48,312		460,896
Cabot Microelectronics Corp.†		17,175		713,965
Cohu, Inc.		17,560		177,707
Entegris, Inc.†		98,125		827,194
Formfactor, Inc.†#		36,993		218,998
FSI International, Inc.†#		28,265		73,489
GSI Group, Inc.†		18,878		208,036
Kulicke & Soffa Industries, Inc.†		52,587		478,542
LTX - Credence Corp.†		36,127		220,013
MKS Instruments, Inc.		38,173		1,025,327
Nanometrics, Inc.†#		14,706		242,208
Photronics, Inc.†		42,936		248,599
Rudolph Technologies, Inc.†#		23,118		181,707
Tessera Technologies, Inc.†		37,336		647,780
Ultra Clean Holdings, Inc.†#		16,618		93,892
Ultratech, Inc.†		18,367		426,114
Veeco Instruments, Inc.†#		29,755		740,602
				7,625,439
Silver Mining — 0.2%
Golden Minerals Co.†#		20,368		140,132
Hecla Mining Co.#		203,920		1,262,265
				1,402,397
Steel Pipe & Tube — 0.1%
Furmanite Corp.†		26,986		183,775
Mueller Water Products, Inc., Class A#		113,560		254,374
Northwest Pipe Co.†#		6,801		158,395
Omega Flex, Inc.†		2,012		27,102
				623,646
Steel - Producers — 0.0%
Metals USA Holdings Corp.†		8,464		95,305
Shiloh Industries, Inc.#		3,928		33,152
				128,457

219

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Steel - Specialty — 0.0%
Universal Stainless & Alloy†		5,189	$	196,248
Storage/Warehousing — 0.1%
Mobile Mini, Inc.†#		26,843		483,979
Wesco Aircraft Holdings, Inc.†		15,337		203,369
				687,348
Sugar — 0.0%
Imperial Sugar Co.#		8,944		39,532
Superconductor Product & Systems — 0.0%
American Superconductor Corp.†#		32,625		129,521
Telecom Equipment - Fiber Optics — 0.3%
Finisar Corp.†		65,466		1,207,193
Harmonic, Inc.†#		83,842		450,232
KVH Industries, Inc.†#		10,865		84,530
Oclaro, Inc.†		36,857		114,625
Oplink Communications, Inc.†		14,266		235,532
Sycamore Networks, Inc.#		14,593		288,941
				2,381,053
Telecom Services — 0.3%
Aviat Networks, Inc.†#		44,272		77,919
Cbeyond, Inc.†		20,403		151,186
Consolidated Communications Holdings, Inc.#		19,091		352,611
Fairpoint Communications, Inc.†#		15,746		74,794
Lumos Networks Corp.		10,978		160,608
Motricity, Inc.†#		27,037		36,770
Neutral Tandem, Inc.†#		22,943		248,014
NTELOS Holdings Corp.#		10,978		231,746
ORBCOMM, Inc.†		25,295		83,473
PAETEC Holding Corp.†#		91,550		491,623
Premiere Global Services, Inc.†#		38,158		315,567
RigNet, Inc.†#		4,273		70,334
UniTek Global Services, Inc.†		8,020		40,100
USA Mobility, Inc.		16,142		226,311
Vonage Holdings Corp.†#		101,237		261,191
				2,822,247
Telecommunication Equipment — 0.8%
8x8, Inc.†#		45,366		166,947
ADTRAN, Inc.		47,234		1,560,139
Anaren, Inc.†#		11,041		184,716
Arris Group, Inc.†		90,399		971,789
Communications Systems, Inc.#		4,856		66,916
Comtech Telecommunications Corp.		17,137		519,080
Numerex Corp., Class A†#		6,979		56,111
Opnext, Inc.†		31,908		33,503
Plantronics, Inc.		35,134		1,210,718
Preformed Line Products Co.		1,779		94,589
ShoreTel, Inc.†		34,450		207,734
Sonus Networks, Inc.†#		154,115		402,240
Symmetricom, Inc.†		31,600		162,740
Tekelec†		44,992		495,812
Westell Technologies, Inc. Class A†#		38,780		86,479
				6,219,513
Telephone - Integrated — 0.2%
Alaska Communications Systems Group, Inc.#		32,991		176,502
Atlantic Tele - Network, Inc.#		6,847		283,466
Cincinnati Bell, Inc.†#		145,193		426,867
General Communication, Inc., Class A†		30,267		308,421
HickoryTech Corp.#		9,757		105,473
IDT Corp., Class B#		10,147		131,911
Shenandoah Telecomunications Co.#		17,359		191,643

Security Description	Shares		Value (Note 2)
Telephone - Integrated (continued)
SureWest Communications		10,269	$	117,991
				1,742,274
Television — 0.1%
Belo Corp., Class A		67,626		395,612
Central European Media Enterprises, Ltd., Class A†		26,755		225,545
Gray Television, Inc.†		36,230		61,591
LIN TV Corp., Class A†		21,654		73,840
Sinclair Broadcast Group, Inc., Class A		36,836		380,884
				1,137,472
Textile - Apparel — 0.0%
Cherokee, Inc.#		6,213		80,024
Perry Ellis International, Inc.†		9,470		135,421
Unifi, Inc.†#		10,174		79,357
				294,802
Theaters — 0.2%
Cinemark Holdings, Inc.		67,878		1,329,730
National CineMedia, Inc.		40,273		525,160
				1,854,890
Therapeutics — 0.9%
Allos Therapeutics, Inc.†		57,546		76,536
AVANIR Pharmaceuticals Inc., Class A†#		90,637		222,967
AVI BioPharma, Inc.†		99,015		72,281
Cornerstone Therapeutics, Inc.†		5,875		34,310
Dyax Corp.†#		72,096		102,376
Isis Pharmaceuticals, Inc.†		72,742		539,746
ISTA Pharmaceuticals, Inc.†		23,418		87,818
MannKind Corp.†#		56,411		172,618
Nabi Biopharmaceuticals†		31,258		56,577
Neurocrine Biosciences, Inc.†#		36,004		235,466
Onyx Pharmaceuticals, Inc.†		46,274		2,040,683
Osiris Therapeutics, Inc.†#		12,178		56,628
Pharmacyclics, Inc.†#		33,539		510,799
Questcor Pharmaceuticals, Inc.†		38,785		1,743,386
Spectrum Pharmaceuticals, Inc.†		38,011		526,452
Theravance, Inc.†#		50,365		1,175,519
				7,654,162
Tobacco — 0.2%
Alliance One International, Inc.†#		63,606		178,097
Star Scientific, Inc.†#		78,196		206,437
Universal Corp.#		16,916		801,480
Vector Group, Ltd.#		35,141		634,647
				1,820,661
Toys — 0.1%
Jakks Pacific, Inc.#		19,872		379,357
Leapfrog Enterprises, Inc.†		30,266		164,647
				544,004
Transactional Software — 0.3%
ACI Worldwide, Inc†		24,407		734,163
Bottomline Technologies, Inc.†		26,235		590,287
Ellie Mae, Inc.†		6,167		32,685
InnerWorkings, Inc.†#		18,829		170,967
Synchronoss Technologies, Inc.†		19,300		576,877
				2,104,979
Transport - Air Freight — 0.1%
Air Transport Services Group, Inc.†		39,315		190,285
Atlas Air Worldwide Holdings, Inc.†#		19,184		810,524
				1,000,809

220

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Transport - Equipment & Leasing — 0.2%
Aircastle, Ltd.		42,395	$	492,630
Amerco, Inc.†		6,330		493,740
Greenbrier Cos., Inc.†#		13,462		298,856
TAL International Group, Inc.#		16,051		422,462
Textainer Group Holdings, Ltd.#		8,315		225,337
				1,933,025
Transport - Marine — 0.5%
Baltic Trading, Ltd.#		11,908		61,207
CAI International, Inc.†		8,835		135,529
DHT Holdings, Inc.		47,071		38,598
Eagle Bulk Shipping, Inc.†#		45,693		50,719
Excel Maritime Carriers, Ltd.†#		33,388		63,103
Frontline, Ltd.#		37,646		116,703
Genco Shipping & Trading, Ltd.†#		21,584		163,607
General Maritime Corp.†#		84,753		1,653
Golar LNG, Ltd.		29,131		1,270,111
GulfMark Offshore, Inc., Class A†		17,342		777,442
International Shipholding Corp.#		3,965		74,621
Knightsbridge Tankers, Ltd.#		16,056		250,313
Nordic American Tankers, Ltd.#		34,492		432,185
Overseas Shipholding Group, Inc.#		19,448		205,176
Scorpio Tankers, Inc.†#		18,154		120,906
Ship Finance International, Ltd.#		32,883		329,159
Teekay Tankers, Ltd., Class A Class A#		30,957		117,637
Ultrapetrol Bahamas, Ltd.†#		15,594		42,260
				4,250,929
Transport - Rail — 0.2%
Genesee & Wyoming, Inc., Class A†		28,941		1,767,427
RailAmerica, Inc.†#		15,591		219,053
				1,986,480
Transport - Services — 0.3%
Bristow Group, Inc.		26,526		1,221,788
Echo Global Logistics, Inc.†		8,227		129,328
Hub Group, Inc., Class A†		26,885		800,635
Pacer International, Inc.†#		25,555		109,375
PHI, Inc.†#		9,528		227,910
Universal Truckload Services, Inc.#		4,005		55,069
				2,544,105
Transport - Truck — 0.7%
Arkansas Best Corp.		18,568		355,020
Celadon Group, Inc.		14,653		156,641
Covenant Transport, Inc. Class A†#		6,110		18,758
Forward Air Corp.#		21,456		688,738
Heartland Express, Inc.#		36,828		506,385
Knight Transportation, Inc.#		44,555		666,543
Marten Transport, Ltd.#		11,352		209,558
Old Dominion Freight Line, Inc.†		34,655		1,344,961
Patriot Transportation Holding, Inc.†#		4,507		102,669
Quality Distribution, Inc.†		10,924		110,332
Roadrunner Transportation Systems, Inc.†		6,639		94,672
Saia, Inc.†#		11,632		135,280
Swift Transporation Co.†		57,863		492,993
Werner Enterprises, Inc.		32,008		750,267
				5,632,817
Travel Services — 0.1%
Ambassadors Group, Inc.#		12,928		58,046
Interval Leisure Group, Inc.†		29,378		411,586
				469,632

Security Description	Shares		Value (Note 2)
Ultra Sound Imaging Systems — 0.1%
SonoSite, Inc.†#		10,084	$	417,478
Venture Capital — 0.1%
Fidus Investment Corp.		3,922		49,025
Harris & Harris Group, Inc.†		22,643		81,062
Hercules Technology Growth Capital, Inc.#		31,990		301,986
				432,073
Veterinary Diagnostics — 0.1%
Neogen Corp.†		16,938		596,726
Virtual Reality Products — 0.0%
RealD, Inc.†#		29,989		287,295
Vitamins & Nutrition Products — 0.2%
GNC Holdings, Inc., Class A†		16,686		455,027
Nature’s Sunshine Products, Inc.†		8,157		144,053
Nutraceutical International Corp.†		6,719		78,612
Omega Protein Corp.†		14,138		119,183
Schiff Nutrition International, Inc.†		8,914		105,987
Synutra International, Inc.†#		12,639		71,663
USANA Health Sciences, Inc.†#		4,969		169,642
Vitamin Shoppe, Inc.†		18,123		667,108
				1,811,275
Water — 0.3%
American States Water Co.		13,630		480,866
Artesian Resources Corp., Class A Class A		4,749		87,856
California Water Service Group		30,495		562,023
Connecticut Water Service, Inc.#		6,273		181,917
Consolidated Water Co., Ltd.#		10,634		87,518
Middlesex Water Co.#		11,388		210,678
Pennichuck Corp.		3,420		98,735
PICO Holdings, Inc.†#		16,580		367,081
SJW Corp.#		10,298		254,258
York Water Co.#		9,290		166,570
				2,497,502
Water Treatment Systems — 0.1%
Energy Recovery, Inc.†#		33,429		96,276
Heckmann Corp.†#		67,485		394,787
				491,063
Web Hosting/Design — 0.1%
NIC, Inc.		46,724		607,412
Web.Com Group, Inc.†		21,230		218,881
				826,293
Web Portals/ISP — 0.1%
EarthLink, Inc.#		80,351		506,211
InfoSpace, Inc.†		27,050		260,762
Quepasa Corp.†#		4,987		20,447
Towerstream Corp.†#		30,918		64,000
				851,420
Wire & Cable Products — 0.2%
Belden, Inc.		34,603		1,143,283
Coleman Cable, Inc.†		6,111		53,899
Encore Wire Corp.#		13,551		351,242
Insteel Industries, Inc.#		12,865		134,182
				1,682,606
Wireless Equipment — 0.7%
Aruba Networks, Inc.†		62,330		1,315,163
Globecomm Systems, Inc.†		16,377		224,201
InterDigital, Inc.		33,128		1,456,307
Novatel Wireless, Inc.†		23,408		75,140

221

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares/ Principal Amount		Value (Note 2)
COMMON STOCK (continued)
Wireless Equipment (continued)
Powerwave Technologies, Inc.†		23,129	$	53,659
RF Micro Devices, Inc.†#		201,674		1,256,429
TeleNav, Inc.†		12,029		98,879
Viasat, Inc.†#		26,498		1,253,885
				5,733,663
Wound, Burn & Skin Care — 0.0%
Obagi Medical Products, Inc.†		13,538		136,869
Total Common Stock
(cost $824,257,029)				805,195,890
RIGHTS — 0.0%
Banks - Commercial — 0.0%
Taylor Capital Group, Inc. Expires 12/14/11		7,925		861
Medical - Biomedical/Gene — 0.0%
Lexicon Pharmaceuticals, Inc. Expires 12/22/11		124,544		2,128
Total Rights
(cost $0)				2,989
WARRANTS — 0.0%
Oil Companies - Exploration & Production — 0.0%
Magnum Hunter Resources Corp. Expires 10/14/13† (strike price $10.50) (cost $0)		8,134		0
Total Long-Term Investment Securities
(cost $824,257,029)				805,198,879
SHORT-TERM INVESTMENT SECURITIES — 15.7%
Collective Investment Pool — 15.4%
Navigator Securities Lending Prime Portfolio(3)(4)		126,186,068		126,186,068
U.S. Government Treasuries — 0.3%
United States Treasury Bills 0.00% due 12/15/11(5)	$	2,500,000		2,500,000
Total Short-Term Investment Securities
(cost $128,686,068)				128,686,068

Security Description	Principal Amount			Value (Note 2)
REPURCHASE AGREEMENT — 1.6%
State Street Bank & Trust Co. Joint Repurchase Agreement(6) (cost $13,049,000)	$	13,049,000		$	13,049,000
TOTAL INVESTMENTS
(cost $965,992,097)(7)		115.2	%		946,933,947
Liabilities in excess of other assets		(15.2	)		(124,891,422	)
NET ASSETS		100.0	%	$	822,042,525

† Non-income producing security

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

(1) Illiquid security. At November 30, 2011, 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) The security is purchased with the cash collateral received from securities loaned (see Note 2).

(4) At November 30, 2011, the Fund had loaned securities with a total value of $129,849,788. This was secured by collateral of $126,186,068, which was received in cash and subsequently invested in short-term investments currently valued at $126,186,068 as reported in the portfolio of investments. The remaining collateral of $25,852 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	1.13% to 4.38%	12/15/12 to 05/15/41

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

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

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

Open Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Value at Trade Date		Value as of November 30, 2011		Unrealized Appreciation (Depreciation)
	224	Long	Russell 2000 Mini Index		December 2011	$	15,155,242	$	16,502,080	$	1,346,838

222

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2011 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Long-Term Investment Securities:
Common Stock:
Banks — Commercial	$	48,979,637	$	—	$	0	$	48,979,637
Real Estate Investment Trusts		67,902,913		—		—		67,902,913
Other Industries*		688,313,340		—		0		688,313,340
Rights		2,989		—		—		2,989
Warrants		0		—		—		0
Short-Term Investment Securities:
Collective Investment Pool		—		126,186,068		—		126,186,068
U.S. Government Treasuries		—		2,500,000		—		2,500,000
Repurchase Agreement		—		13,049,000		—		13,049,000
Other Financial Instruments:†
Open Futures Contracts — Appreciation		1,346,838		—		—		1,346,838
Totals	$	806,545,717	$	141,735,068	$	0	$	948,280,785

* 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 and swap 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 5/31/2011	$	63,224
Accrued discounts		—
Accrued premiums		—
Realized gain		—
Realized loss		(50,081	)
Change in unrealized appreciation(1)		38,015
Change in unrealized depreciation(1)		—
Net purchases		—
Net sales		(51,158	)
Transfers into Level 3(2)		—
Transfers out of Level 3(2)		—
Balance as of 11/30/2011	$	0

(1) The total change in unrealized appreciation (depreciation) included in the statement of operations attributable to level 3 investments still held at November 30, 2011 includes:

Common Stock
$	—

(2) The Fund’s policy is to recognize transfers in and transfers out as of the end of the reporting period.

See Notes to Financial Statements

223

VALIC Company I Small Cap Special Values Fund

PORTFOLIO PROFILE — November 30, 2011 (Unaudited)

Industry Allocation*

Collective Investment Pool	17.6	%
Banks — Commercial	9.0
Electric — Integrated	4.4
Consumer Products — Misc.	3.9
Time Deposits	3.6
Diversified Manufacturing Operations	3.0
Oil Companies — Exploration & Production	2.8
Real Estate Investment Trusts	2.8
Electronic Components — Semiconductors	2.6
Paper & Related Products	2.6
Insurance — Reinsurance	2.4
Building & Construction Products — Misc.	2.4
Medical Products	1.9
Electronic Components — Misc.	1.9
Funeral Services & Related Items	1.7
Machinery — General Industrial	1.6
Retail — Restaurants	1.6
Computers — Memory Devices	1.5
Retail — Apparel/Shoe	1.5
Apparel Manufacturers	1.4
Gold Mining	1.3
Human Resources	1.3
Insurance — Property/Casualty	1.1
Computer Services	1.1
Investment Management/Advisor Services	1.1
Finance — Investment Banker/Broker	1.1
Auto/Truck Parts & Equipment — Original	1.0
Semiconductor Equipment	1.0
Medical — Biomedical/Gene	1.0
Batteries/Battery Systems	1.0
Semiconductor Components — Integrated Circuits	1.0
Oil — Field Services	0.9
Investment Companies	0.9
Computers — Integrated Systems	0.9
Aerospace/Defense — Equipment	0.9
Chemicals — Specialty	0.9
Telecommunication Equipment	0.9
Auto/Truck Parts & Equipment — Replacement	0.8
Exchange — Traded Funds	0.8
Web Portals/ISP	0.8
Transactional Software	0.7
Medical Sterilization Products	0.7
Footwear & Related Apparel	0.7
Transport — Truck	0.7
Electronic Measurement Instruments	0.7
Computers — Periphery Equipment	0.7
Diversified Operations/Commercial Services	0.7
Precious Metals	0.7
Chemicals — Plastics	0.7
Savings & Loans/Thrifts	0.6
Machinery — Electrical	0.6
Networking Products	0.6
Office Supplies & Forms	0.6
Chemicals — Diversified	0.6
Metal Processors & Fabrication	0.6
Building — Mobile Home/Manufactured Housing	0.6
Home Furnishings	0.6
Gas — Distribution	0.5
Food — Misc.	0.5
Transport — Services	0.5
Engines — Internal Combustion	0.5
Insurance — Life/Health	0.5
Building — Heavy Construction	0.5
Medical — HMO	0.5
Toys	0.5
Recreational Centers	0.4
Engineering/R&D Services	0.4
Oil Refining & Marketing	0.4
Rubber — Tires	0.4

Insurance Brokers	0.4
Finance — Leasing Companies	0.4
Enterprise Software/Service	0.4
Racetracks	0.4
Medical — Hospitals	0.4
Wire & Cable Products	0.4
Multimedia	0.4
Distribution/Wholesale	0.4
Aerospace/Defense	0.4
Publishing — Books	0.4
Tobacco	0.4
Applications Software	0.4
Instruments — Scientific	0.4
Disposable Medical Products	0.4
Private Corrections	0.4
Dental Supplies & Equipment	0.3
Publishing — Newspapers	0.3
Transport — Marine	0.3
Medical — Drugs	0.3
Power Converter/Supply Equipment	0.3
Food — Retail	0.3
Non — Ferrous Metals	0.3
Miscellaneous Manufacturing	0.3
Commercial Services — Finance	0.3
Food — Canned	0.2
Medical — Generic Drugs	0.2
Coal	0.2
Medical — Outpatient/Home Medical	0.2
Textile — Products	0.2
Insurance — Multi-line	0.1
Commercial Services	0.1
Rubber/Plastic Products	0.1
Telecom Services	0.1
E-Services/Consulting	0.1
Medical Labs & Testing Services	0.1
Energy — Alternate Sources	0.1
	117.1	%

* Calculated as a percentage of net assets

224

VALIC Company I Small Cap Special Values Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCK — 95.1%
Aerospace/Defense — 0.4%
Esterline Technologies Corp.†		13,857	$	746,477
Aerospace/Defense - Equipment — 0.9%
Alliant Techsystems, Inc.		13,275		781,101
Curtiss - Wright Corp.		28,336		933,671
				1,714,772
Apparel Manufacturers — 1.4%
Delta Apparel, Inc.†#(1)		38,594		694,692
Hanesbrands, Inc.†#		27,925		687,792
Jones Group, Inc.#		67,588		733,330
Maidenform Brands, Inc.†#		26,054		480,436
				2,596,250
Applications Software — 0.4%
Progress Software Corp.†#		26,776		545,427
Quest Software, Inc.†		9,489		171,466
				716,893
Auto/Truck Parts & Equipment - Original — 1.0%
American Axle & Manufacturing Holdings, Inc.†#		73,225		642,183
Modine Manufacturing Co.†#		137,492		1,330,923
				1,973,106
Auto/Truck Parts & Equipment - Replacement — 0.8%
Commercial Vehicle Group, Inc.†#		60,669		679,493
Douglas Dynamics, Inc.#		49,300		764,150
				1,443,643
Banks - Commercial — 9.0%
Associated Banc-Corp.		68,705		714,532
BancorpSouth, Inc.#		43,854		429,769
Bank of Hawaii Corp.#		18,980		807,599
Chemical Financial Corp.#		4,350		89,436
City National Corp.#		12,859		545,479
East West Bancorp, Inc.		21,600		422,712
First Citizens BancShares, Inc., Class A		27,817		4,775,066
First Commonwealth Financial Corp.#		59,887		278,475
FirstMerit Corp.#		56,525		825,830
Fulton Financial Corp.#		89,450		837,252
Glacier Bancorp, Inc.#		6,757		81,152
Hancock Holding Co.#		22,875		698,488
Independent Bank Corp.#		3,050		79,727
International Bancshares Corp.#		4,197		75,042
Lakeland Financial Corp.		3,450		84,594
NBT Bancorp, Inc.#		3,625		77,213
Old National Bancorp#		89,697		1,006,400
Prosperity Bancshares, Inc.#		10,067		402,579
TCF Financial Corp.#		14,015		140,991
UMB Financial Corp.#		102,610		3,663,177
Umpqua Holdings Corp.#		7,525		94,063
Webster Financial Corp.#		13,925		274,322
WesBanco, Inc.#		3,804		74,711
Wintrust Financial Corp.#		22,839		634,696
				17,113,305
Batteries/Battery Systems — 1.0%
EnerSys†		76,471		1,839,128
Building & Construction Products - Misc. — 2.4%
Builders FirstSource, Inc.†#		86,152		133,536
Quanex Building Products Corp.#		175,016		2,639,241
Simpson Manufacturing Co., Inc.#		45,472		1,505,123
Trex Co., Inc.†#		12,033		268,697
				4,546,597

Security Description	Shares		Value (Note 2)
Building - Heavy Construction — 0.5%
Tutor Perini Corp.†#		54,551	$	899,546
Building - Mobile Home/Manufactured Housing — 0.6%
Cavco Industries, Inc.†#		19,368		788,084
Thor Industries, Inc.#		12,861		311,236
				1,099,320
Chemicals - Diversified — 0.6%
Huntsman Corp.		36,810		402,333
Olin Corp.#		39,375		748,125
				1,150,458
Chemicals - Plastics — 0.7%
A. Schulman, Inc.		61,782		1,277,034
Chemicals - Specialty — 0.9%
American Pacific Corp.†(1)		25,912		209,628
Cabot Corp.		18,275		606,364
H.B. Fuller Co.#		12,262		282,762
OM Group, Inc.†#		24,940		567,385
				1,666,139
Coal — 0.2%
James River Coal Co.†#		43,748		362,671
Commercial Services — 0.1%
Medifast, Inc.†#		17,288		240,476
Commercial Services - Finance — 0.3%
Global Payments, Inc.		4,625		204,564
TNS, Inc.†		14,082		275,021
				479,585
Computer Services — 1.1%
CACI International, Inc., Class A†#		15,035		847,673
DST Systems, Inc.		17,700		841,281
SYKES Enterprises, Inc.†		20,336		331,274
				2,020,228
Computers - Integrated Systems — 0.9%
NCR Corp.†		40,960		716,390
Netscout Systems, Inc.†		56,724		1,002,313
				1,718,703
Computers - Memory Devices — 1.5%
Imation Corp.†#		367,781		2,162,552
Quantum Corp.†#		279,216		751,091
				2,913,643
Computers - Periphery Equipment — 0.7%
Lexmark International, Inc., Class A#		23,000		769,580
Synaptics, Inc.†#		16,046		520,853
				1,290,433
Consumer Products - Misc. — 3.9%
Blyth, Inc.#		37,270		2,453,111
Central Garden & Pet Co.†#		27,167		234,995
Central Garden and Pet Co., Class A†#		29,303		260,211
Helen of Troy, Ltd.†#		27,975		835,613
Jarden Corp.#		27,931		869,771
Prestige Brands Holdings, Inc.†#		73,478		725,963
Spectrum Brands Holdings, Inc.†#		29,343		822,191
WD-40 Co.		28,281		1,171,116
				7,372,971
Dental Supplies & Equipment — 0.3%
Align Technology, Inc.†#		26,382		646,359

225

VALIC Company I Small Cap Special Values Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Disposable Medical Products — 0.4%
ICU Medical, Inc.†#		15,756	$	693,422
Distribution/Wholesale — 0.4%
Owens & Minor, Inc.#		24,942		768,214
Diversified Manufacturing Operations — 3.0%
Barnes Group, Inc.#		39,120		974,479
Brink’s Co.		37,200		915,864
Carlisle Cos., Inc.		18,649		831,745
Harsco Corp.#		34,950		721,368
ITT Corp.		26,285		530,169
SPX Corp.		15,050		954,170
Tredegar Corp.#		35,133		766,953
				5,694,748
Diversified Operations/Commercial Services — 0.7%
Viad Corp.#		69,482		1,288,891
E - Services/Consulting — 0.1%
Websense, Inc.†#		8,516		154,225
Electric - Integrated — 4.4%
Allete, Inc.#		117,192		4,670,101
IDACORP, Inc.		24,725		1,013,478
NV Energy, Inc.		53,608		822,347
Portland General Electric Co.		33,060		828,153
TECO Energy, Inc.#		51,275		962,944
				8,297,023
Electronic Components - Misc. — 1.9%
AVX Corp.#		122,912		1,590,481
Benchmark Electronics, Inc.†#		39,738		548,782
Pulse Electronics Corp.#		138,514		419,697
Vishay Intertechnology, Inc.†#		94,928		938,838
				3,497,798
Electronic Components - Semiconductors — 2.6%
Amkor Technology, Inc.†#		130,108		577,680
DSP Group, Inc.†		124,197		730,278
Lattice Semiconductor Corp.†		148,966		1,026,376
MEMC Electronic Materials, Inc.†#		64,369		268,419
Microsemi Corp.†		46,400		824,064
PMC - Sierra, Inc.†		130,150		727,538
QLogic Corp.†		55,542		828,687
				4,983,042
Electronic Measurement Instruments — 0.7%
Orbotech, Ltd.†		130,653		1,339,193
Energy - Alternate Sources — 0.1%
BioFuel Energy Corp.†		191,570		101,245
Engineering/R&D Services — 0.4%
EMCOR Group, Inc.		32,925		843,868
Engines - Internal Combustion — 0.5%
Briggs & Stratton Corp.#		65,210		982,715
Enterprise Software/Service — 0.4%
JDA Software Group, Inc.†#		25,113		791,562
Finance - Investment Banker/Broker — 1.1%
Investment Technology Group, Inc.†		114,417		1,218,541
Knight Capital Group, Inc., Class A†#		62,295		786,786
				2,005,327
Finance - Leasing Companies — 0.4%
Aircastle, Ltd.#		69,152		803,546
Food - Canned — 0.2%
Seneca Foods Corp., Class A†#		19,867		451,378

Security Description	Shares		Value (Note 2)
Food - Misc. — 0.5%
Corn Products International, Inc.		16,393	$	852,272
Diamond Foods, Inc.		4,947		137,279
				989,551
Food - Retail — 0.3%
Winn-Dixie Stores, Inc.†#		95,837		529,979
Footwear & Related Apparel — 0.7%
Skechers U.S.A., Inc., Class A†#		40,089		539,598
Wolverine World Wide, Inc.#		22,650		834,426
				1,374,024
Funeral Services & Related Items — 1.7%
Hillenbrand, Inc.#		78,702		1,788,896
Matthews International Corp., Class A#		43,794		1,452,647
				3,241,543
Gas - Distribution — 0.5%
Vectren Corp.		34,900		1,015,590
Gold Mining — 1.3%
AuRico Gold, Inc.†		78,501		784,225
Aurizon Mines, Ltd.†		104,257		635,968
Royal Gold, Inc.		13,057		1,063,492
				2,483,685
Home Furnishings — 0.6%
Furniture Brands International, Inc.†#		78,542		79,327
La - Z - Boy, Inc.†#		100,981		999,712
				1,079,039
Human Resources — 1.3%
AMN Healthcare Services, Inc.†#		59,061		271,090
Heidrick & Struggles International, Inc.#		77,918		1,659,654
Korn/Ferry International†#		29,433		495,357
				2,426,101
Instruments - Scientific — 0.4%
PerkinElmer, Inc.		36,900		698,148
Insurance Brokers — 0.4%
Brown & Brown, Inc.#		38,970		812,914
Insurance - Life/Health — 0.5%
Protective Life Corp.		41,075		911,454
Insurance - Multi-line — 0.1%
Fortegra Financial Corp.†#		44,910		260,478
Insurance - Property/Casualty — 1.1%
Hanover Insurance Group, Inc.		19,790		714,023
Stewart Information Services Corp.#		131,452		1,386,819
				2,100,842
Insurance - Reinsurance — 2.4%
Aspen Insurance Holdings, Ltd.#		32,950		873,834
Endurance Specialty Holdings, Ltd.		37,928		1,371,856
Platinum Underwriters Holdings, Ltd.#		42,197		1,452,842
Validus Holdings, Ltd.		30,698		923,703
				4,622,235
Investment Companies — 0.9%
Apollo Investment Corp.#		22,997		165,808
Kohlberg Capital Corp.		44,496		280,770
Steel Excel, Inc.†		49,920		1,302,912
				1,749,490

226

VALIC Company I Small Cap Special Values Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Investment Management/Advisor Services — 1.1%
CIFC Corp.†#(1)		33,696	$	188,360
Waddell & Reed Financial, Inc., Class A		29,665		806,295
Westwood Holdings Group, Inc.#(1)		26,589		1,011,180
				2,005,835
Machinery - Electrical — 0.6%
Franklin Electric Co., Inc.#		25,348		1,193,130
Machinery - General Industrial — 1.6%
Kadant, Inc.†#		146,920		3,003,045
Medical Labs & Testing Services — 0.1%
Bio - Reference Labs, Inc.†		12,096		149,990
Medical Products — 1.9%
Haemonetics Corp.†#		15,493		917,650
Hanger Orthopedic Group, Inc.†#		22,152		354,432
Hill - Rom Holdings, Inc.#		17,691		559,036
Teleflex, Inc.#		16,075		978,646
West Pharmaceutical Services, Inc.#		20,382		785,318
				3,595,082
Medical Sterilization Products — 0.7%
STERIS Corp.#		45,709		1,374,470
Medical - Biomedical/Gene — 1.0%
Cambrex Corp.†#		131,944		911,733
Charles River Laboratories International, Inc.†		25,475		722,216
Myriad Genetics, Inc.†		10,994		233,623
				1,867,572
Medical - Drugs — 0.3%
Lannett Co., Inc.†#		79,262		313,085
Salix Pharmaceuticals, Ltd.†#		6,694		295,473
				608,558
Medical - Generic Drugs — 0.2%
Par Pharmaceutical Cos., Inc.†#		12,233		396,472
Medical - HMO — 0.5%
Healthspring, Inc.†#		16,454		898,717
Medical - Hospitals — 0.4%
LifePoint Hospitals, Inc.†#		19,825		777,735
Medical - Outpatient/Home Medical — 0.2%
Amedisys, Inc.†#		29,198		346,580
Metal Processors & Fabrication — 0.6%
Kaydon Corp.#		7,970		251,693
Worthington Industries, Inc.#		49,048		862,754
				1,114,447
Miscellaneous Manufacturing — 0.3%
John Bean Technologies Corp.#		31,022		510,622
Multimedia — 0.4%
Meredith Corp.#		26,575		770,675
Networking Products — 0.6%
Black Box Corp.#		24,555		700,554
Ixia†#		44,772		492,492
				1,193,046
Non - Ferrous Metals — 0.3%
Thompson Creek Metals Co., Inc.†#		73,850		516,212
Office Supplies & Forms — 0.6%
ACCO Brands Corp.†#		122,818		1,158,174

Security Description	Shares		Value (Note 2)
Oil Companies - Exploration & Production — 2.8%
Comstock Resources, Inc.†#		100,551	$	1,672,163
Energen Corp.		16,459		834,801
Penn Virginia Corp.#		22,131		117,294
Stone Energy Corp.†#		42,898		1,213,584
Swift Energy Co.†#		21,687		637,381
W&T Offshore, Inc.#		38,647		773,713
				5,248,936
Oil Refining & Marketing — 0.4%
Tesoro Corp.†#		35,032		836,914
Oil - Field Services — 0.9%
Atwood Oceanics, Inc.†#		19,825		812,825
Cal Dive International, Inc.†#		102,322		241,480
Superior Energy Services, Inc.†		24,525		728,638
				1,782,943
Paper & Related Products — 2.6%
Clearwater Paper Corp.†#		25,572		899,879
Neenah Paper, Inc.#		110,567		2,068,708
P.H. Glatfelter Co.#		47,798		693,071
Schweitzer-Mauduit International, Inc.#		11,156		794,530
Wausau Paper Corp.#		57,783		446,085
				4,902,273
Power Converter/Supply Equipment — 0.3%
Advanced Energy Industries, Inc.†#		57,738		576,225
Precious Metals — 0.7%
Coeur d’Alene Mines Corp.†#		34,423		1,007,561
Minefinders Corp.†#		23,207		278,252
				1,285,813
Private Corrections — 0.4%
Geo Group, Inc.†		38,464		680,813
Publishing - Books — 0.4%
Courier Corp.#		67,032		740,704
Publishing - Newspapers — 0.3%
AH Belo Corp., Class A#		152,804		631,081
Publishing - Periodicals — 0.0%
Dex One Corp.†#		36,923		48,369
Racetracks — 0.4%
International Speedway Corp., Class A		31,825		782,895
Real Estate Investment Trusts — 2.8%
Brandywine Realty Trust#		85,275		742,745
CBL & Associates Properties, Inc.#		58,350		833,822
CommonWealth REIT		37,043		620,100
Duke Realty Corp.#		67,804		786,526
Hospitality Properties Trust#		32,699		720,359
Omega Healthcare Investors, Inc.#		47,625		853,916
Pennsylvania Real Estate Investment Trust		70,150		654,500
				5,211,968
Recreational Centers — 0.4%
Life Time Fitness, Inc.†#		20,746		844,985
Retail - Apparel/Shoe — 1.5%
Ascena Retail Group, Inc.†#		22,015		605,853
Christopher & Banks Corp.#		78,566		224,699
Collective Brands, Inc.†#		64,328		897,375
Kenneth Cole Productions, Inc., Class A†#		107,083		1,138,292
				2,866,219

227

VALIC Company I Small Cap Special Values Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Retail - Restaurants — 1.6%
Brinker International, Inc.#		35,050	$	844,004
Denny’s Corp.†#		434,799		1,478,317
Sonic Corp.†		86,268		609,052
				2,931,373
Rubber - Tires — 0.4%
Cooper Tire & Rubber Co.#		61,741		827,329
Rubber/Plastic Products — 0.1%
Plastec Technologies, Ltd.†		25,038		200,304
Savings & Loans/Thrifts — 0.6%
Provident New York Bancorp.#		64,084		446,665
Washington Federal, Inc.		58,775		764,663
				1,211,328
Semiconductor Components - Integrated Circuits — 1.0%
Exar Corp.†#		187,868		1,183,568
Standard Microsystems Corp.†		25,593		640,593
				1,824,161
Semiconductor Equipment — 1.0%
ATMI, Inc.†#		92,022		1,904,855
Telecom Services — 0.1%
Aviat Networks, Inc.†#		103,119		181,489
Telecommunication Equipment — 0.9%
Arris Group, Inc.†		76,113		818,215
Plantronics, Inc.#		23,725		817,563
				1,635,778
Textile - Products — 0.2%
Dixie Group, Inc.†#(1)		107,282		305,754
Tobacco — 0.4%
Universal Corp.#		15,384		728,894
Toys — 0.5%
Jakks Pacific, Inc.#		46,950		896,276
Transactional Software — 0.7%
ACI Worldwide, Inc†		46,461		1,397,547
Transport - Marine — 0.3%
Diana Shipping, Inc.†		81,675		611,746
Transport - Services — 0.5%
Ryder System, Inc.		18,875		986,785

Security Description	Shares/ Principal Amount			Value (Note 2)
Transport - Truck — 0.7%
Arkansas Best Corp.		51,292		$	980,703
Forward Air Corp.#		12,019			385,810
					1,366,513
Web Portals/ISP — 0.8%
EarthLink, Inc.#		226,205			1,425,092
Wire & Cable Products — 0.4%
General Cable Corp.†#		29,267			775,576
Total Common Stock
(cost $186,773,192)					179,950,307
EXCHANGE - TRADED FUNDS — 0.8%
iShares Russell 2000 Index Fund# (cost $1,389,214)		19,358			1,426,878
WARRANTS — 0.0%
Rubber/Plastic Products — 0.0%
Plastec Technologies, Ltd.† Expires 11/18/14 (Strike price $11.50) (cost $0)		19,280			1,928
Total Long - Term Investment Securities
(cost $188,162,406)					181,379,113
SHORT - TERM INVESTMENT SECURITIES — 21.2%
Collective Investment Pool — 17.6%
Navigator Securities Lending Prime Portfolio(2)		33,314,966			33,314,966
Time Deposits — 3.6%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 12/01/11	$	6,907,000			6,907,000
Total Short - Term Investment Securities
(cost $40,221,966)					40,221,966
TOTAL INVESTMENTS
(cost $228,384,372)(3)		117.1	%		221,601,079
Liabilities in excess of other assets		(17.1	)		(32,339,502	)
NET ASSETS —		100.0	%	$	189,261,577

† Non-income producing security

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

(1) Illiquid security. At November 30, 2011, the aggregate value of these securities was $2,409,614 representing 1.3% of net assets.

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

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

228

VALIC Company I Small Cap Special Values Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2011 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Long-Term Investment Securities:
Common Stock:
Banks — Commercial	$	17,113,305	$	—	$	—	$	17,113,305
Other Industries*		162,837,002		—		—		162,837,002
Exchange-Traded Funds		1,426,878		—		—		1,426,878
Warrants		1,928		—		—		1,928
Short-Term Investment Securities:
Collective Investment Pool		—		33,314,966		—		33,314,966
Time Deposits		—		6,907,000		—		6,907,000
Total	$	181,379,113	$	40,221,966	$	—	$	221,601,079

* 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

229

VALIC Company I Small-Mid Growth Fund

PORTFOLIO PROFILE — November 30, 2011 (Unaudited)

Industry Allocation*

Collective Investment Pool	14.5	%
Enterprise Software/Service	4.6
Medical Products	3.6
Machinery — General Industrial	3.2
Oil Companies — Exploration & Production	3.2
Medical — Biomedical/Gene	2.8
Networking Products	2.6
Electronic Components — Semiconductors	2.4
Time Deposits	2.3
Commercial Services — Finance	2.2
Retail — Apparel/Shoe	2.1
Internet Connectivity Services	2.1
Transactional Software	2.0
Vitamins & Nutrition Products	1.9
Oil Field Machinery & Equipment	1.9
Computer Services	1.8
Oil — Field Services	1.7
Web Hosting/Design	1.7
Footwear & Related Apparel	1.7
Computers — Integrated Systems	1.7
Internet Infrastructure Software	1.6
Communications Software	1.6
Semiconductor Components — Integrated Circuits	1.5
Medical — Drugs	1.5
Agricultural Chemicals	1.4
Retail — Perfume & Cosmetics	1.4
Retail — Sporting Goods	1.4
Pharmacy Services	1.4
Medical Instruments	1.3
Auto/Truck Parts & Equipment — Original	1.3
Finance — Other Services	1.3
Therapeutics	1.3
Computer Aided Design	1.3
Diversified Manufacturing Operations	1.2
Aerospace/Defense — Equipment	1.2
Investment Management/Advisor Services	1.1
Machinery — Farming	1.1
E-Marketing/Info	1.1
Retail — Restaurants	1.1
Transport — Rail	1.1
Machine Tools & Related Products	1.0
Retail — Auto Parts	1.0
Food — Wholesale/Distribution	1.0
Retail — Home Furnishings	1.0
Computer Software	1.0
Retail — Discount	1.0
Instruments — Controls	1.0
Batteries/Battery Systems	1.0
Real Estate Investment Trusts	1.0
Medical Information Systems	1.0
Filtration/Separation Products	1.0
Home Furnishings	0.9
Retail — Catalog Shopping	0.9
Metal Processors & Fabrication	0.9
Commercial Services	0.9
Internet Security	0.8
Gambling (Non-Hotel)	0.8
Non-Ferrous Metals	0.8
Medical — HMO	0.7
Steel — Producers	0.7
Transport — Truck	0.7
Advanced Materials	0.7
Physicians Practice Management	0.7
Chemicals — Diversified	0.6
Casino Services	0.6
Wireless Equipment	0.5
Internet Application Software	0.5
Distribution/Wholesale	0.5
Telecom Equipment — Fiber Optics	0.5

Apparel Manufacturers	0.5
Cosmetics & Toiletries	0.5
Consumer Products — Misc.	0.5
B2B/E-Commerce	0.5
E-Commerce/Services	0.4
Toys	0.4
Auction Houses/Art Dealers	0.4
Finance — Investment Banker/Broker	0.3
Schools	0.3
Transport — Air Freight	0.3
Hotels/Motels	0.3
Internet Content — Information/News	0.2
Seismic Data Collection	0.2
Oil Refining & Marketing	0.2
E-Commerce/Products	0.2
Retail — Video Rentals	0.1
	115.2	%

* Calculated as a percentage of net assets

230

VALIC Company I Small-Mid Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCK — 98.4%
Advanced Materials — 0.7%
Hexcel Corp.†		27,114	$	675,681
Aerospace/Defense - Equipment — 1.2%
BE Aerospace, Inc.†		30,150		1,174,342
Agricultural Chemicals — 1.4%
Intrepid Potash, Inc.†#		63,062		1,460,516
Apparel Manufacturers — 0.5%
Oxford Industries, Inc.#		12,800		485,504
Auction House/Art Dealers — 0.4%
Sotheby’s#		11,700		367,497
Auto/Truck Parts & Equipment - Original — 1.3%
Dana Holding Corp.†		37,900		472,234
Titan International, Inc.#		41,123		885,789
				1,358,023
B2B/E-Commerce — 0.5%
SPS Commerce, Inc.†#		19,846		465,389
Batteries/Battery Systems — 1.0%
EnerSys†		42,500		1,022,125
Casino Services — 0.6%
Shuffle Master, Inc.†#		50,700		562,263
Chemicals - Diversified — 0.6%
Rockwood Holdings, Inc.†		13,970		622,503
Commercial Services — 0.9%
HMS Holdings Corp.†#		29,700		900,801
Commercial Services - Finance — 2.2%
Cardtronics, Inc.†		44,700		1,214,946
Moody’s Corp.#		30,600		1,062,126
				2,277,072
Communications Software — 1.6%
SolarWinds, Inc.†#		50,100		1,642,779
Computer Aided Design — 1.3%
ANSYS, Inc.†#		20,600		1,276,582
Computer Services — 1.8%
KEYW Holding Corp.†#		71,198		578,840
LivePerson, Inc.†#		40,270		506,596
Syntel, Inc.#		15,700		751,088
				1,836,524
Computer Software — 1.0%
Akamai Technologies, Inc.†#		35,950		1,039,315
Computers - Integrated Systems — 1.7%
Riverbed Technology, Inc.†		66,000		1,716,000
Consumer Products - Misc. — 0.5%
SodaStream International, Ltd.†#		15,800		471,630
Cosmetics & Toiletries — 0.5%
Elizabeth Arden, Inc.†#		12,600		476,280
Distribution/Wholesale — 0.5%
MWI Veterinary Supply, Inc.†#		7,150		494,137
Diversified Manufacturing Operations — 1.2%
Barnes Group, Inc.#		47,600		1,185,716
E-Commerce/Products — 0.2%
Shutterfly, Inc.†#		5,800		157,064
E-Commerce/Services — 0.4%
OpenTable, Inc.†#		13,000		459,810

Security Description	Shares		Value (Note 2)
E-Marketing/Info — 1.1%
comScore, Inc.†#		54,838	$	1,089,631
Electronic Components - Semiconductors — 2.4%
Cavium, Inc.†#		26,700		871,488
Mellanox Technologies, Ltd.†#		8,200		287,082
Silicon Image, Inc.†		93,700		460,067
Volterra Semiconductor Corp.†#		35,000		857,500
				2,476,137
Enterprise Software/Service — 4.6%
Concur Technologies, Inc.†#		27,200		1,284,656
QLIK Technologies, Inc.†		35,300		966,161
Taleo Corp., Class A†		39,626		1,283,486
Ultimate Software Group, Inc.†#		17,251		1,144,086
				4,678,389
Filtration/Separation Products — 1.0%
Polypore International, Inc.†#		20,006		981,294
Finance - Investment Banker/Broker — 0.3%
Stifel Financial Corp.†#		11,200		355,040
Finance - Other Services — 1.3%
Higher One Holdings, Inc.†#		35,800		641,894
MarketAxess Holdings, Inc.		24,400		706,136
				1,348,030
Food - Wholesale/Distribution — 1.0%
United Natural Foods, Inc.†		27,200		1,042,576
Footwear & Related Apparel — 1.7%
Deckers Outdoor Corp.†#		10,700		1,165,711
Iconix Brand Group, Inc.†#		31,900		550,594
				1,716,305
Gambling (Non-Hotel) — 0.8%
Pinnacle Entertainment, Inc.†#		75,000		792,750
Home Furnishings — 0.9%
Tempur - Pedic International, Inc.†#		17,650		963,867
Hotel/Motels — 0.3%
Gaylord Entertainment Co.†#		12,100		256,762
Instruments - Controls — 1.0%
Sensata Technologies Holding NV†#		32,750		1,023,438
Internet Application Software — 0.5%
Vocus, Inc.†#		25,232		535,423
Internet Connectivity Services — 2.1%
AboveNet, Inc.†#		17,050		1,018,567
Cogent Communications Group, Inc.†#		68,000		1,156,680
				2,175,247
Internet Content - Information/News — 0.2%
Angie’s List, Inc.†#		19,160		221,394
Internet Infrastructure Software — 1.6%
F5 Networks, Inc.†		12,600		1,424,178
support.com, Inc.†#		121,756		249,600
				1,673,778
Internet Security — 0.8%
Sourcefire, Inc.†#		26,000		861,120
Investment Management/Advisor Services — 1.1%
Financial Engines, Inc.†#		52,000		1,142,440
Machine Tools & Related Products — 1.0%
Kennametal, Inc.#		27,600		1,051,836

231

VALIC Company I Small-Mid Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Machinery - Farming — 1.1%
AGCO Corp.†		24,450	$	1,118,587
Machinery - General Industrial — 3.2%
Chart Industries, Inc.†		16,350		995,061
Gardner Denver, Inc.#		13,000		1,114,360
Roper Industries, Inc.		13,700		1,167,103
				3,276,524
Medical Information Systems — 1.0%
Allscripts Healthcare Solutions, Inc.†#		50,600		984,676
Medical Instruments — 1.3%
DexCom, Inc.†#		78,908		632,842
Volcano Corp.†#		30,059		741,556
				1,374,398
Medical Products — 3.6%
CareFusion Corp.†		37,300		924,294
Cooper Cos., Inc.		14,950		915,837
Cyberonics, Inc.†#		38,400		1,164,672
NxStage Medical, Inc.†#		34,400		673,552
				3,678,355
Medical - Biomedical/Gene — 2.8%
Alexion Pharmaceuticals, Inc.†		15,350		1,053,931
Ariad Pharmaceuticals, Inc.†#		20,300		245,427
Cubist Pharmaceuticals, Inc.†#		18,700		721,259
Exact Sciences Corp.†#		64,500		547,605
Incyte Corp., Ltd.†#		24,100		331,857
				2,900,079
Medical - Drugs — 1.5%
Salix Pharmaceuticals, Ltd.†#		33,850		1,494,139
Medical - HMO — 0.7%
Coventry Health Care, Inc.†		23,750		758,575
Metal Processors & Fabrication — 0.9%
RBC Bearings, Inc.†#		21,500		908,375
Networking Products — 2.6%
Acme Packet, Inc.†#		36,500		1,220,195
LogMeIn, Inc.†#		33,500		1,440,835
				2,661,030
Non-Ferrous Metals — 0.8%
Materion Corp.†		31,852		783,241
Oil Companies - Exploration & Production — 3.2%
Berry Petroleum Co., Class A#		15,500		680,140
Energy XXI Bermuda, Ltd.†#		18,000		565,920
McMoRan Exploration Co.†#		29,200		466,616
Rosetta Resources, Inc.†#		9,300		505,362
Whiting Petroleum Corp.†#		22,400		1,041,824
				3,259,862
Oil Field Machinery & Equipment — 1.9%
Dril - Quip, Inc.†#		16,600		1,180,758
Lufkin Industries, Inc.#		10,100		707,808
				1,888,566
Oil Refining & Marketing — 0.2%
CVR Energy, Inc.†		10,500		191,100
Oil - Field Services — 1.7%
CARBO Ceramics, Inc.#		8,250		1,174,140
Key Energy Services, Inc.†#		39,000		588,900
				1,763,040

Security Description	Shares		Value (Note 2)
Pharmacy Services — 1.4%
SXC Health Solutions Corp.†		23,400	$	1,376,388
Physicians Practice Management — 0.7%
IPC The Hospitalist Co., Inc.†#		14,464		666,790
Real Estate Investment Trusts — 1.0%
Essex Property Trust, Inc.#		7,500		996,375
Retail - Apparel/Shoe — 2.1%
DSW, Inc., Class A		20,600		927,000
Lululemon Athletica, Inc.†#		8,700		432,390
Vera Bradley, Inc.†#		21,500		825,600
				2,184,990
Retail - Auto Parts — 1.0%
O’Reilly Automotive, Inc.†		13,600		1,050,464
Retail - Catalog Shopping — 0.9%
MSC Industrial Direct Co., Class A		13,500		938,655
Retail - Discount — 1.0%
Dollar Tree, Inc.†#		12,700		1,034,923
Retail - Home Furnishings — 1.0%
Pier 1 Imports, Inc.†		76,550		1,040,315
Retail - Perfume & Cosmetics — 1.4%
Sally Beauty Holdings, Inc.†#		37,450		752,745
Ulta Salon Cosmetics & Fragrance, Inc.†#		9,700		675,411
				1,428,156
Retail - Restaurants — 1.1%
Buffalo Wild Wings, Inc.†#		16,800		1,083,264
Retail - Sporting Goods — 1.4%
Dick’s Sporting Goods, Inc.†		24,600		967,026
Zumiez, Inc.†#		17,400		409,422
				1,376,448
Retail - Video Rentals — 0.1%
Coinstar, Inc.†#		1,700		72,573
Schools — 0.3%
K12, Inc.†#		11,500		287,155
Seismic Data Collection — 0.2%
ION Geophysical Corp.†#		35,900		208,579
Semiconductor Components - Integrated Circuits — 1.5%
Power Integrations, Inc.#		44,600		1,567,690
Steel - Producers — 0.7%
Steel Dynamics, Inc.#		57,000		751,260
Telecom Equipment - Fiber Optics — 0.5%
IPG Photonics Corp.†		12,850		492,541
Therapeutics — 1.3%
Questcor Pharmaceuticals, Inc.†		29,450		1,323,777
Toys — 0.4%
Leapfrog Enterprises, Inc.†#		75,700		411,808
Transactional Software — 2.0%
InnerWorkings, Inc.†#		90,367		820,532
VeriFone Systems, Inc.†		27,200		1,192,720
				2,013,252
Transport - Air Freight — 0.3%
Atlas Air Worldwide Holdings, Inc.†		6,600		278,850
Transport - Rail — 1.1%
Kansas City Southern†		15,900		1,081,677

232

VALIC Company I Small-Mid Growth Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Transport - Truck — 0.7%
Forward Air Corp.#		22,689	$	728,317
Vitamins & Nutrition Products — 1.9%
Herbalife, Ltd.#		17,850		987,105
Vitamin Shoppe, Inc.†		24,746		910,900
				1,898,005
Web Hosting/Design — 1.7%
Equinix, Inc.†		10,200		1,020,204
Rackspace Hosting, Inc.†#		16,500		715,770
				1,735,974
Wireless Equipment — 0.5%
Aruba Networks, Inc.†#		25,500		538,050
Total Long-Term Investment Securities
(cost $92,089,422)				100,119,833

Security Description	Shares/ Principal Amount			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 16.8%
Collective Investment Pool — 14.5%
Navigator Securities Lending Prime Portfolio(1)		14,695,165		$	14,695,165
Time Deposits — 2.3%
Euro Time Deposit with State Street Bank & Trust Co. 0.01% due 12/01/11	$	2,367,000			2,367,000
Total Short-Term Investment Securities
(cost $17,062,165)					17,062,165
TOTAL INVESTMENTS
(cost $109,151,587)(2)		115.2	%		117,181,998
Liabilities in excess of other assets		(15.2	)		(15,500,562	)
NET ASSETS		100.0	%	$	101,681,436

† 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 November 30, 2011 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Long-Term Investment Securities:
Common Stock	$	100,119,833	$	—	$	—	$	100,119,833
Short-Term Investment Securities:
Collective Investment Pool		—		14,695,165		—		14,695,165
Time Deposits		—		2,367,000		—		2,367,000
Total	$	100,119,833	$	17,062,165	$	—	$	117,181,998

See Notes to Financial Statements

233

VALIC Company I Stock Index Fund

PORTFOLIO PROFILE — November 30, 2011 (Unaudited)

Industry Allocation*

Oil Companies — Integrated	6.6	%
Collective Investment Pool	6.2
Medical — Drugs	5.7
Computers	3.8
Electric — Integrated	3.3
Diversified Manufacturing Operations	3.0
Diversified Banking Institutions	2.8
Oil Companies — Exploration & Production	2.8
Telephone — Integrated	2.7
Computer Services	2.5
Banks — Super Regional	2.4
Beverages — Non-alcoholic	2.4
Applications Software	2.2
Cosmetics & Toiletries	2.1
Electronic Components — Semiconductors	2.0
Tobacco	1.9
Real Estate Investment Trusts	1.7
Retail — Discount	1.6
Multimedia	1.6
Retail — Restaurants	1.5
Web Portals/ISP	1.5
Oil — Field Services	1.4
Commercial Services — Finance	1.3
Food — Misc.	1.3
Medical — Biomedical/Gene	1.3
Insurance — Reinsurance	1.2
Enterprise Software/Service	1.2
Aerospace/Defense	1.2
Medical — HMO	1.1
Cable/Satellite TV	1.0
Transport — Services	1.0
Insurance — Multi - line	1.0
Chemicals — Diversified	1.0
Medical Products	1.0
Semiconductor Components — Integrated Circuits	1.0
E-Commerce/Products	0.9
Networking Products	0.9
Transport — Rail	0.9
Retail — Building Products	0.8
Aerospace/Defense — Equipment	0.7
Medical Instruments	0.7
Retail — Drug Store	0.7
Computers — Memory Devices	0.7
Repurchase Agreements	0.7
Machinery — Construction & Mining	0.6
Investment Management/Advisor Services	0.6
Insurance — Life/Health	0.6
Pipelines	0.6
Agricultural Chemicals	0.6
Finance — Credit Card	0.5
Oil Field Machinery & Equipment	0.5
Insurance — Property/Casualty	0.5
Banks — Fiduciary	0.5
Wireless Equipment	0.4
Medical — Wholesale Drug Distribution	0.4
Pharmacy Services	0.4
Instruments — Controls	0.4
Electric Products — Misc.	0.4
Auto — Cars/Light Trucks	0.3
Apparel Manufacturers	0.3
Retail — Major Department Stores	0.3
Metal — Copper	0.3
Consumer Products — Misc.	0.3
Athletic Footwear	0.3
Finance — Other Services	0.3
Industrial Gases	0.3
Banks — Commercial	0.3
Chemicals — Specialty	0.3
Retail — Apparel/Shoe	0.3

Gold Mining	0.3
Food — Retail	0.3
Machinery — Farming	0.3
Distribution/Wholesale	0.3
Insurance Brokers	0.3
Gas — Distribution	0.3
E-Commerce/Services	0.3
Retail — Regional Department Stores	0.3
Oil & Gas Drilling	0.2
Instruments — Scientific	0.2
Semiconductor Equipment	0.2
Coal	0.2
Metal Processors & Fabrication	0.2
Non — Hazardous Waste Disposal	0.2
Telecom Equipment — Fiber Optics	0.2
Hotels/Motels	0.2
Electronic Security Devices	0.2
Auto/Truck Parts & Equipment — Original	0.2
Oil Refining & Marketing	0.2
Agricultural Operations	0.2
Beverages — Wine/Spirits	0.2
Retail — Auto Parts	0.2
Engines — Internal Combustion	0.2
Medical Labs & Testing Services	0.2
Internet Security	0.2
Telecommunication Equipment	0.2
Data Processing/Management	0.2
Food — Confectionery	0.2
Paper & Related Products	0.2
Television	0.2
Electronic Components — Misc.	0.2
Steel — Producers	0.2
Electronic Measurement Instruments	0.1
Food — Wholesale/Distribution	0.1
Advertising Agencies	0.1
Medical — Generic Drugs	0.1
Broadcast Services/Program	0.1
Vitamins & Nutrition Products	0.1
Cruise Lines	0.1
Finance — Investment Banker/Broker	0.1
Office Automation & Equipment	0.1
Auto — Heavy Duty Trucks	0.1
Engineering/R&D Services	0.1
Retail — Bedding	0.1
Internet Infrastructure Software	0.1
Toys	0.1
Tools — Hand Held	0.1
Electronic Forms	0.1
U.S. Government Treasuries	0.1
Industrial Automated/Robotic	0.1
Metal — Aluminum	0.1
Cellular Telecom	0.1
Retail — Office Supplies	0.1
Food — Meat Products	0.1
Machinery — Pumps	0.1
Commercial Services	0.1
Metal — Iron	0.1
Casino Hotels	0.1
Computers — Integrated Systems	0.1
Containers — Metal/Glass	0.1
Medical Information Systems	0.1
Motorcycle/Motor Scooter	0.1
Retail — Jewelry	0.1
Building — Residential/Commercial	0.1
Retail — Automobile	0.1
Retail — Consumer Electronics	0.1
Machinery — General Industrial	0.1
Electric — Generation	0.1
Dental Supplies & Equipment	0.1

234

VALIC Company I Stock Index Fund

PORTFOLIO PROFILE — November 30, 2011 (Unaudited) — (continued)

Industry Allocation* (continued)

Computer Aided Design	0.1	%
Schools	0.1
Entertainment Software	0.1
Electronic Connectors	0.1
Coatings/Paint	0.1
Savings & Loans/Thrifts	0.1
Disposable Medical Products	0.1
Dialysis Centers	0.1
Hazardous Waste Disposal	0.1
Airlines	0.1
Finance — Consumer Loans	0.1
Brewery	0.1
Electronics — Military	0.1
Filtration/Separation Products	0.1
Containers — Paper/Plastic	0.1
	106.0	%

* Calculated as a percentage of net assets

235

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCK — 99.0%
Advertising Agencies — 0.1%
Interpublic Group of Cos., Inc.		134,900	$	1,265,362
Omnicom Group, Inc.#		78,800		3,401,796
				4,667,158
Aerospace/Defense — 1.2%
Boeing Co.		209,000		14,356,210
General Dynamics Corp.		102,000		6,738,120
Lockheed Martin Corp.		77,600		6,064,440
Northrop Grumman Corp.#		73,700		4,206,059
Raytheon Co.		99,700		4,543,329
Rockwell Collins, Inc.#		43,300		2,377,170
				38,285,328
Aerospace/Defense - Equipment — 0.7%
Goodrich Corp.		35,200		4,294,752
United Technologies Corp.		256,200		19,624,920
				23,919,672
Agricultural Chemicals — 0.6%
CF Industries Holdings, Inc.		18,400		2,572,320
Monsanto Co.		150,800		11,076,260
Mosaic Co.		84,000		4,431,840
				18,080,420
Agricultural Operations — 0.2%
Archer - Daniels - Midland Co.		190,600		5,740,872
Airlines — 0.1%
Southwest Airlines Co.		226,700		1,899,746
Apparel Manufacturers — 0.3%
Coach, Inc.		81,500		5,101,085
Ralph Lauren Corp.		18,300		2,596,038
VF Corp.		24,400		3,384,036
				11,081,159
Appliances — 0.0%
Whirlpool Corp.#		21,500		1,054,790
Applications Software — 2.2%
Citrix Systems, Inc.†		53,100		3,790,809
Compuware Corp.†		61,600		508,816
Intuit, Inc.		85,700		4,562,668
Microsoft Corp.		2,102,500		53,781,950
Red Hat, Inc.†		54,400		2,724,352
Salesforce.com, Inc.†		38,200		4,523,644
				69,892,239
Athletic Footwear — 0.3%
NIKE, Inc., Class B		107,100		10,300,878
Audio/Video Products — 0.0%
Harman International Industries, Inc.		19,700		813,610
Auto - Cars/Light Trucks — 0.3%
Ford Motor Co.†#		1,071,400		11,356,840
Auto - Heavy Duty Trucks — 0.1%
PACCAR, Inc.#		103,100		4,182,767
Auto/Truck Parts & Equipment - Original — 0.2%
Johnson Controls, Inc.		191,700		6,034,716
Banks - Commercial — 0.3%
BB&T Corp.		196,500		4,552,905
First Horizon National Corp.#		74,400		572,880
M&T Bank Corp.#		35,400		2,583,492
Regions Financial Corp.		354,900		1,458,639
Zions Bancorporation#		52,000		836,680
				10,004,596

Security Description	Shares		Value (Note 2)
Banks - Fiduciary — 0.5%
Bank of New York Mellon Corp.		347,600	$	6,764,296
Northern Trust Corp.		68,000		2,558,840
State Street Corp.		142,100		5,634,265
				14,957,401
Banks - Super Regional — 2.4%
Capital One Financial Corp.#		129,500		5,783,470
Comerica, Inc.		56,700		1,429,974
Fifth Third Bancorp		259,400		3,136,146
Huntington Bancshares, Inc.		243,400		1,277,850
KeyCorp		268,700		1,958,823
PNC Financial Services Group, Inc.		148,400		8,044,764
SunTrust Banks, Inc.		151,400		2,744,882
US Bancorp		541,600		14,038,272
Wells Fargo & Co.		1,488,700		38,497,782
				76,911,963
Beverages - Non-alcoholic — 2.4%
Coca - Cola Co.#		647,400		43,524,702
Coca - Cola Enterprises, Inc.		89,900		2,348,188
Dr Pepper Snapple Group, Inc.		61,200		2,235,636
PepsiCo, Inc.		446,200		28,556,800
				76,665,326
Beverages - Wine/Spirits — 0.2%
Beam, Inc.		43,600		2,289,872
Brown - Forman Corp., Class B		28,400		2,266,604
Constellation Brands, Inc., Class A†#		49,100		955,977
				5,512,453
Brewery — 0.1%
Molson Coors Brewing Co., Class B		45,900		1,863,081
Broadcast Services/Program — 0.1%
Discovery Communications, Inc., Class A†#		77,200		3,240,856
Scripps Networks Interactive, Inc., Class A		27,800		1,106,996
				4,347,852
Building Products - Wood — 0.0%
Masco Corp.#		100,900		966,622
Building - Residential/Commercial — 0.1%
D.R. Horton, Inc.#		78,400		933,744
Lennar Corp., Class A#		45,300		833,973
PulteGroup, Inc.†#		95,000		580,450
				2,348,167
Cable/Satellite TV — 1.0%
Cablevision Systems Corp., Class A		63,400		951,000
Comcast Corp., Class A		775,200		17,573,784
DIRECTV, Class A†		208,200		9,831,204
Time Warner Cable, Inc.		91,700		5,546,016
				33,902,004
Casino Hotels — 0.1%
Wynn Resorts, Ltd.#		22,500		2,712,600
Casino Services — 0.0%
International Game Technology		84,200		1,436,452
Cellular Telecom — 0.1%
MetroPCS Communications, Inc.†		82,700		693,026
Sprint Nextel Corp.†		844,300		2,279,610
				2,972,636
Chemicals - Diversified — 1.0%
Air Products & Chemicals, Inc.		60,100		5,033,375
Dow Chemical Co.		333,100		9,230,201

236

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Chemicals - Diversified (continued)
E.I. du Pont de Nemours & Co.		262,900	$	12,545,588
FMC Corp.		20,200		1,695,184
PPG Industries, Inc.		44,400		3,896,100
				32,400,448
Chemicals - Specialty — 0.3%
Eastman Chemical Co.		39,600		1,568,952
Ecolab, Inc.#		84,600		4,823,892
International Flavors & Fragrances, Inc.		22,800		1,237,128
Sigma - Aldrich Corp.#		34,400		2,229,464
				9,859,436
Coal — 0.2%
Alpha Natural Resources, Inc.†		63,800		1,531,200
Consol Energy, Inc.#		63,900		2,660,796
Peabody Energy Corp.		76,400		2,997,172
				7,189,168
Coatings/Paint — 0.1%
Sherwin - Williams Co.		24,900		2,162,067
Commercial Services — 0.1%
Iron Mountain, Inc.		52,400		1,591,388
Quanta Services, Inc.†#		59,800		1,231,282
				2,822,670
Commercial Services - Finance — 1.3%
Automatic Data Processing, Inc.		138,100		7,055,529
Equifax, Inc.		34,500		1,281,675
H&R Block, Inc.#		86,200		1,355,926
Mastercard, Inc., Class A		30,100		11,273,955
Moody’s Corp.#		56,700		1,968,057
Paychex, Inc.		90,900		2,646,099
Total System Services, Inc.#		46,200		925,848
Visa, Inc., Class A		144,200		13,983,074
Western Union Co.		177,000		3,086,880
				43,577,043
Computer Aided Design — 0.1%
Autodesk, Inc.†		64,500		2,197,515
Computer Services — 2.5%
Accenture PLC, Class A		181,700		10,525,881
Cognizant Technology Solutions Corp., Class A†		85,600		5,765,160
Computer Sciences Corp.		43,700		1,067,591
International Business Machines Corp.		336,700		63,299,600
				80,658,232
Computers — 3.8%
Apple, Inc.†		261,400		99,907,080
Dell, Inc.†		437,300		6,891,848
Hewlett - Packard Co.		584,800		16,345,160
				123,144,088
Computers - Integrated Systems — 0.1%
Teradata Corp.†		47,500		2,575,925
Computers - Memory Devices — 0.7%
EMC Corp.†		582,200		13,396,422
NetApp, Inc.†		103,900		3,826,637
SanDisk Corp.†		67,500		3,328,425
Western Digital Corp.†		65,800		1,912,806
				22,464,290
Computers - Periphery Equipment — 0.0%
Lexmark International, Inc., Class A#		20,200		675,892

Security Description	Shares		Value (Note 2)
Consulting Services — 0.0%
SAIC, Inc.†		77,900	$	938,695
Consumer Products - Misc. — 0.3%
Clorox Co.#		37,100		2,410,016
Kimberly - Clark Corp.#		110,500		7,897,435
				10,307,451
Containers - Metal/Glass — 0.1%
Ball Corp.		46,100		1,618,571
Owens - Illinois, Inc.†		46,300		904,239
				2,522,810
Containers - Paper/Plastic — 0.1%
Bemis Co., Inc.#		29,200		861,108
Sealed Air Corp.		45,500		801,710
				1,662,818
Cosmetics & Toiletries — 2.1%
Avon Products, Inc.		121,400		2,063,800
Colgate - Palmolive Co.#		137,200		12,553,800
Estee Lauder Cos., Inc., Class A		31,900		3,763,562
Procter & Gamble Co.		774,800		50,028,836
				68,409,998
Cruise Lines — 0.1%
Carnival Corp.		130,400		4,329,280
Data Processing/Management — 0.2%
Dun & Bradstreet Corp.		13,900		971,193
Fidelity National Information Services, Inc.		69,900		1,683,891
Fiserv, Inc.†#		39,900		2,300,634
				4,955,718
Dental Supplies & Equipment — 0.1%
DENTSPLY International, Inc.#		39,900		1,440,789
Patterson Cos., Inc.#		26,400		796,488
				2,237,277
Dialysis Centers — 0.1%
DaVita, Inc.†		26,300		2,003,534
Disposable Medical Products — 0.1%
C.R. Bard, Inc.		24,400		2,127,436
Distribution/Wholesale — 0.3%
Fastenal Co.		83,200		3,465,280
Genuine Parts Co.		44,200		2,585,700
WW Grainger, Inc.		17,100		3,195,990
				9,246,970
Diversified Banking Institutions — 2.8%
Bank of America Corp.		2,857,500		15,544,800
Citigroup, Inc.		822,800		22,610,544
Goldman Sachs Group, Inc.		142,600		13,669,636
JPMorgan Chase & Co.		1,099,400		34,048,418
Morgan Stanley		418,600		6,191,094
				92,064,492
Diversified Manufacturing Operations — 3.0%
3M Co.		200,100		16,216,104
Cooper Industries PLC		46,500		2,582,145
Danaher Corp.		160,400		7,760,152
Dover Corp.#		52,500		2,885,925
Eaton Corp.		96,200		4,320,342
General Electric Co.		2,988,900		47,553,399
Illinois Tool Works, Inc.		138,600		6,297,984
Ingersoll - Rand PLC#		88,000		2,914,560
Leggett & Platt, Inc.#		39,900		892,962
Parker Hannifin Corp.		43,700		3,617,486

237

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Diversified Manufacturing Operations (continued)
Textron, Inc.#		78,200	$	1,519,426
				96,560,485
Diversified Operations — 0.0%
Leucadia National Corp.#		55,900		1,309,178
E - Commerce/Products — 0.9%
Amazon.com, Inc.†		102,400		19,690,496
eBay, Inc.†		323,400		9,569,406
Netflix, Inc.†#		15,600		1,006,668
				30,266,570
E - Commerce/Services — 0.3%
Expedia, Inc.#		54,900		1,527,043
priceline.com, Inc.†		14,000		6,802,460
				8,329,503
Electric Products - Misc. — 0.4%
Emerson Electric Co.		210,000		10,972,500
Molex, Inc.#		38,600		962,684
				11,935,184
Electric - Generation — 0.1%
AES Corp.†		185,300		2,238,424
Electric - Integrated — 3.3%
Ameren Corp.		68,100		2,302,461
American Electric Power Co., Inc.		136,000		5,396,480
CMS Energy Corp.#		71,000		1,485,320
Consolidated Edison, Inc.#		82,600		4,908,092
Constellation Energy Group, Inc.		56,800		2,281,088
Dominion Resources, Inc.		160,500		8,285,010
DTE Energy Co.		47,700		2,511,405
Duke Energy Corp.#		375,500		7,829,175
Edison International		91,900		3,612,589
Entergy Corp.#		49,800		3,503,928
Exelon Corp.		186,900		8,281,539
FirstEnergy Corp.		117,900		5,243,013
Integrys Energy Group, Inc.#		22,000		1,132,780
NextEra Energy, Inc.		119,100		6,602,904
Northeast Utilities		49,900		1,727,039
Pepco Holdings, Inc.#		63,800		1,261,964
PG&E Corp.		113,400		4,404,456
Pinnacle West Capital Corp.		30,800		1,460,228
PPL Corp.		162,900		4,890,258
Progress Energy, Inc.		83,100		4,518,978
Public Service Enterprise Group, Inc.		142,600		4,697,244
SCANA Corp.#		32,400		1,413,288
Southern Co.		241,800		10,617,438
TECO Energy, Inc.#		60,800		1,141,824
Wisconsin Energy Corp.#		65,900		2,186,562
Xcel Energy, Inc.		136,600		3,591,214
				105,286,277
Electronic Components - Misc. — 0.2%
Jabil Circuit, Inc.#		51,400		1,041,878
TE Connectivity, Ltd.#		122,200		3,874,962
				4,916,840
Electronic Components - Semiconductors — 2.0%
Advanced Micro Devices, Inc.†#		163,700		931,453
Altera Corp.		91,400		3,443,038
Broadcom Corp., Class A†		135,800		4,120,851
Intel Corp.		1,480,600		36,881,746
LSI Corp.†		161,500		907,630
MEMC Electronic Materials, Inc.†#		65,000		271,050
Microchip Technology, Inc.#		53,700		1,874,667

Security Description	Shares		Value (Note 2)
Electronic Components - Semiconductors (continued)
Micron Technology, Inc.†#		283,100	$	1,695,769
NVIDIA Corp.†#		170,200		2,660,226
Texas Instruments, Inc.		325,800		9,806,580
Xilinx, Inc.		74,800		2,446,708
				65,039,718
Electronic Connectors — 0.1%
Amphenol Corp., Class A		47,900		2,171,307
Electronic Forms — 0.1%
Adobe Systems, Inc.†#		139,300		3,819,606
Electronic Measurement Instruments — 0.1%
Agilent Technologies, Inc.†		97,900		3,671,250
FLIR Systems, Inc.#		45,000		1,208,700
				4,879,950
Electronic Security Devices — 0.2%
Tyco International, Ltd.		130,900		6,277,964
Electronics - Military — 0.1%
L-3 Communications Holdings, Inc.		28,100		1,863,030
Energy - Alternate Sources — 0.0%
First Solar, Inc.†#		16,500		789,690
Engineering/R&D Services — 0.1%
Fluor Corp.		49,000		2,686,180
Jacobs Engineering Group, Inc.†		36,000		1,495,440
				4,181,620
Engines - Internal Combustion — 0.2%
Cummins, Inc.		54,900		5,288,517
Enterprise Software/Service — 1.2%
BMC Software, Inc.†		49,500		1,765,170
CA, Inc.		106,700		2,262,040
Oracle Corp.		1,114,100		34,927,035
				38,954,245
Entertainment Software — 0.1%
Electronic Arts, Inc.†		94,300		2,186,817
Filtration/Separation Products — 0.1%
Pall Corp.		32,800		1,787,272
Finance - Consumer Loans — 0.1%
SLM Corp.		145,000		1,867,600
Finance - Credit Card — 0.5%
American Express Co.		292,800		14,066,112
Discover Financial Services		153,900		3,665,898
				17,732,010
Finance - Investment Banker/Broker — 0.1%
Charles Schwab Corp.		303,900		3,634,644
E*Trade Financial Corp.†		71,600		657,288
				4,291,932
Finance - Other Services — 0.3%
CME Group, Inc.		18,900		4,711,392
IntercontinentalExchange, Inc.†		20,700		2,519,604
NASDAQ OMX Group, Inc.†		35,900		942,375
NYSE Euronext		73,800		2,107,728
				10,281,099
Food - Confectionery — 0.2%
Hershey Co.		43,600		2,514,848
J.M. Smucker Co.		32,100		2,438,958
				4,953,806

238

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Food - Dairy Products — 0.0%
Dean Foods Co.†		51,800	$	526,288
Food - Meat Products — 0.1%
Hormel Foods Corp.#		39,200		1,180,312
Tyson Foods, Inc., Class A		83,600		1,683,704
				2,864,016
Food - Misc. — 1.3%
Campbell Soup Co.#		50,700		1,652,820
ConAgra Foods, Inc.		116,900		2,952,894
General Mills, Inc.#		182,300		7,282,885
H.J. Heinz Co.#		90,500		4,764,825
Kellogg Co.		70,400		3,460,864
Kraft Foods, Inc., Class A		498,000		18,002,700
McCormick & Co., Inc.#		37,300		1,816,510
Sara Lee Corp.		166,000		3,147,360
				43,080,858
Food - Retail — 0.3%
Kroger Co.		170,600		3,954,508
Safeway, Inc.#		98,700		1,974,000
SUPERVALU, Inc.#		59,800		439,530
Whole Foods Market, Inc.#		44,500		3,030,450
				9,398,488
Food - Wholesale/Distribution — 0.1%
Sysco Corp.#		167,100		4,769,034
Gas - Distribution — 0.3%
CenterPoint Energy, Inc.		120,100		2,389,990
Nicor, Inc.#		12,800		718,336
NiSource, Inc.#		79,100		1,812,181
Sempra Energy		67,500		3,590,325
				8,510,832
Gold Mining — 0.3%
Newmont Mining Corp.		139,300		9,594,984
Hazardous Waste Disposal — 0.1%
Stericycle, Inc.†#		24,300		1,968,786
Home Decoration Products — 0.0%
Newell Rubbermaid, Inc.		82,200		1,257,660
Hotels/Motels — 0.2%
Marriott International, Inc., Class A		75,600		2,314,872
Starwood Hotels & Resorts Worldwide, Inc.#		54,200		2,584,256
Wyndham Worldwide Corp.		43,100		1,527,895
				6,427,023
Human Resources — 0.0%
Monster Worldwide, Inc.†#		36,400		266,084
Robert Half International, Inc.#		40,800		1,080,792
				1,346,876
Independent Power Producers — 0.0%
NRG Energy, Inc.†#		68,000		1,338,240
Industrial Automated/Robotic — 0.1%
Rockwell Automation, Inc.#		40,400		3,031,212
Industrial Gases — 0.3%
Airgas, Inc.		19,200		1,477,440
Praxair, Inc.		85,200		8,690,400
				10,167,840
Instruments - Controls — 0.4%
Honeywell International, Inc.		220,600		11,945,490

Security Description	Shares		Value (Note 2)
Instruments - Scientific — 0.2%
PerkinElmer, Inc.		31,900	$	603,548
Thermo Fisher Scientific, Inc.†		107,700		5,088,825
Waters Corp.†		25,800		2,064,000
				7,756,373
Insurance Brokers — 0.3%
Aon Corp.		92,100		4,233,837
Marsh & McLennan Cos., Inc.		152,700		4,610,013
				8,843,850
Insurance - Life/Health — 0.6%
Aflac, Inc.		131,700		5,721,048
Lincoln National Corp.		86,900		1,753,642
Principal Financial Group, Inc.		88,400		2,133,092
Prudential Financial, Inc.		137,000		6,937,680
Torchmark Corp.#		29,600		1,260,664
Unum Group		85,600		1,926,856
				19,732,982
Insurance - Multi-line — 1.0%
ACE, Ltd.		95,300		6,626,209
Allstate Corp.		145,700		3,903,303
American International Group, Inc.†#(6)		123,200		2,871,792
Assurant, Inc.		26,600		1,043,784
Cincinnati Financial Corp.#		46,000		1,363,900
Genworth Financial, Inc., Class A†		138,400		912,056
Hartford Financial Services Group, Inc.#		125,600		2,230,656
Loews Corp.		87,700		3,370,311
MetLife, Inc.		298,200		9,387,336
XL Group PLC		92,600		1,909,412
				33,618,759
Insurance - Property/Casualty — 0.5%
Chubb Corp.		80,600		5,435,664
Progressive Corp.		180,100		3,396,686
Travelers Cos., Inc.		118,100		6,643,125
				15,475,475
Insurance - Reinsurance — 1.2%
Berkshire Hathaway, Inc., Class B†		495,900		39,057,084
Internet Infrastructure Software — 0.1%
Akamai Technologies, Inc.†		52,000		1,503,320
F5 Networks, Inc.†		22,800		2,577,084
				4,080,404
Internet Security — 0.2%
Symantec Corp.†		211,400		3,456,390
VeriSign, Inc.#		46,900		1,574,902
				5,031,292
Investment Management/Advisor Services — 0.6%
Ameriprise Financial, Inc.		66,600		3,057,606
BlackRock, Inc.		28,300		4,868,732
Federated Investors, Inc., Class B#		26,200		415,794
Franklin Resources, Inc.		41,000		4,133,620
Invesco, Ltd.		127,100		2,573,775
Legg Mason, Inc.#		35,100		931,203
T. Rowe Price Group, Inc.		72,300		4,103,748
				20,084,478
Linen Supply & Related Items — 0.0%
Cintas Corp.#		31,400		954,560
Machinery - Construction & Mining — 0.6%
Caterpillar, Inc.		182,200		17,833,736

239

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Machinery - Construction & Mining (continued)
Joy Global, Inc.		29,600	$	2,701,888
				20,535,624
Machinery - Farming — 0.3%
Deere & Co.		116,700		9,248,475
Machinery - General Industrial — 0.1%
Roper Industries, Inc.		27,100		2,308,649
Machinery - Pumps — 0.1%
Flowserve Corp.		15,700		1,613,489
Xylem, Inc.		52,200		1,247,580
				2,861,069
Medical Information Systems — 0.1%
Cerner Corp.†		41,000		2,500,180
Medical Instruments — 0.7%
Boston Scientific Corp.†		431,600		2,546,440
Edwards Lifesciences Corp.†		32,400		2,139,372
Intuitive Surgical, Inc.†		11,000		4,776,310
Medtronic, Inc.		297,700		10,845,211
St. Jude Medical, Inc.		92,900		3,571,076
				23,878,409
Medical Labs & Testing Services — 0.2%
Laboratory Corp. of America Holdings†		28,500		2,443,020
Quest Diagnostics, Inc.		44,600		2,616,236
				5,059,256
Medical Products — 1.0%
Baxter International, Inc.		160,200		8,275,932
Becton, Dickinson and Co.#		61,300		4,522,714
CareFusion Corp.†		63,100		1,563,618
Covidien PLC		139,100		6,336,005
Hospira, Inc.†#		46,500		1,310,835
Stryker Corp.#		93,100		4,546,073
Varian Medical Systems, Inc.†#		33,000		2,053,590
Zimmer Holdings, Inc.†		50,500		2,552,775
				31,161,542
Medical - Biomedical/Gene — 1.3%
Amgen, Inc.#		247,200		14,315,352
Biogen Idec, Inc.†		68,400		7,862,580
Celgene Corp.†		129,400		8,162,552
Gilead Sciences, Inc.†		217,500		8,667,375
Life Technologies Corp.†		50,900		1,971,357
				40,979,216
Medical - Drugs — 5.7%
Abbott Laboratories		438,900		23,941,995
Allergan, Inc.		86,700		7,258,524
Bristol - Myers Squibb Co.		480,900		15,735,048
Eli Lilly & Co.#		287,300		10,874,305
Forest Laboratories, Inc.†		77,400		2,318,904
Johnson & Johnson		772,700		50,009,144
Merck & Co., Inc.		868,700		31,056,025
Pfizer, Inc.		2,199,900		44,151,993
				185,345,938
Medical - Generic Drugs — 0.1%
Mylan, Inc.†		120,200		2,347,506
Watson Pharmaceuticals, Inc.†#		35,500		2,294,010
				4,641,516
Medical - HMO — 1.1%
Aetna, Inc.		105,100		4,395,282
Cigna Corp.		80,500		3,560,515

Security Description	Shares		Value (Note 2)
Medical - HMO (continued)
Coventry Health Care, Inc.†		41,900	$	1,338,286
Humana, Inc.		47,000		4,167,960
UnitedHealth Group, Inc.		303,400		14,796,818
WellPoint, Inc.		101,700		7,174,935
				35,433,796
Medical - Hospitals — 0.0%
Tenet Healthcare Corp.†		122,400		569,160
Medical - Wholesale Drug Distribution — 0.4%
AmerisourceBergen Corp.#		75,900		2,819,685
Cardinal Health, Inc.		97,200		4,127,112
McKesson Corp.		69,400		5,642,914
				12,589,711
Metal Processors & Fabrication — 0.2%
Precision Castparts Corp.		40,600		6,688,850
Metal - Aluminum — 0.1%
Alcoa, Inc.		300,100		3,007,002
Metal - Copper — 0.3%
Freeport - McMoRan Copper & Gold, Inc.		267,300		10,585,080
Metal - Iron — 0.1%
Cliffs Natural Resources, Inc.		41,200		2,793,772
Motorcycle/Motor Scooter — 0.1%
Harley - Davidson, Inc.		66,700		2,452,559
Multimedia — 1.6%
McGraw-Hill Cos., Inc.		85,000		3,629,500
News Corp., Class A		644,400		11,238,336
Time Warner, Inc.		294,600		10,257,972
Viacom, Inc., Class B		162,000		7,251,120
Walt Disney Co.		523,300		18,760,305
				51,137,233
Networking Products — 0.9%
Cisco Systems, Inc.		1,550,900		28,908,776
Non-Ferrous Metals — 0.0%
Titanium Metals Corp.#		23,600		367,688
Non-Hazardous Waste Disposal — 0.2%
Republic Services, Inc.		90,200		2,475,990
Waste Management, Inc.#		133,100		4,166,030
				6,642,020
Office Automation & Equipment — 0.1%
Pitney Bowes, Inc.#		57,000		1,061,910
Xerox Corp.		395,700		3,224,955
				4,286,865
Office Supplies & Forms — 0.0%
Avery Dennison Corp.		29,900		783,679
Oil & Gas Drilling — 0.2%
Diamond Offshore Drilling, Inc.#		19,600		1,178,940
Helmerich & Payne, Inc.#		30,200		1,720,192
Nabors Industries, Ltd.†		81,100		1,454,934
Noble Corp.†		71,200		2,458,536
Rowan Cos., Inc.†		35,900		1,217,369
				8,029,971
Oil Companies - Exploration & Production — 2.8%
Anadarko Petroleum Corp.		140,400		11,410,308
Apache Corp.		108,300		10,769,352
Cabot Oil & Gas Corp.		29,500		2,613,405
Chesapeake Energy Corp.		186,300		4,720,842

240

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Oil Companies - Exploration & Production (continued)
Denbury Resources, Inc.†		113,400	$	1,916,460
Devon Energy Corp.		117,400		7,685,004
EOG Resources, Inc.		75,700		7,853,118
EQT Corp.		42,100		2,610,621
Newfield Exploration Co.†		37,300		1,708,340
Noble Energy, Inc.		49,800		4,899,822
Occidental Petroleum Corp.		229,200		22,667,880
Pioneer Natural Resources Co.#		32,900		3,110,366
QEP Resources, Inc.		49,900		1,629,235
Range Resources Corp.		45,400		3,255,634
Southwestern Energy Co.†#		98,100		3,732,705
				90,583,092
Oil Companies - Integrated — 6.6%
Chevron Corp.		564,800		58,072,736
ConocoPhillips		387,100		27,607,972
Exxon Mobil Corp.		1,370,900		110,275,196
Hess Corp.		85,300		5,136,766
Marathon Oil Corp.		201,300		5,628,348
Marathon Petroleum Corp.		100,500		3,355,695
Murphy Oil Corp.		54,600		3,053,232
				213,129,945
Oil Field Machinery & Equipment — 0.5%
Cameron International Corp.†		69,100		3,730,709
FMC Technologies, Inc.†#		67,700		3,544,772
National Oilwell Varco, Inc.		119,500		8,568,150
				15,843,631
Oil Refining & Marketing — 0.2%
Sunoco, Inc.#		30,500		1,183,705
Tesoro Corp.†#		40,600		969,934
Valero Energy Corp.		161,300		3,592,151
				5,745,790
Oil - Field Services — 1.4%
Baker Hughes, Inc.		123,000		6,717,030
Halliburton Co.		259,300		9,542,240
Schlumberger, Ltd.		380,500		28,663,065
				44,922,335
Paper & Related Products — 0.2%
International Paper Co.		123,200		3,498,880
MeadWestvaco Corp.		48,100		1,435,785
				4,934,665
Pharmacy Services — 0.4%
Express Scripts, Inc.†		137,700		6,286,005
Medco Health Solutions, Inc.†		108,700		6,160,029
				12,446,034
Pipelines — 0.6%
El Paso Corp.		217,200		5,432,172
ONEOK, Inc.		29,200		2,428,272
Spectra Energy Corp.		183,400		5,395,628
Williams Cos., Inc.		166,000		5,358,480
				18,614,552
Printing - Commercial — 0.0%
R.R. Donnelley & Sons Co.#		53,000		796,060
Publishing - Newspapers — 0.0%
Gannett Co., Inc.#		67,900		737,394
Washington Post Co., Class B#		1,400		502,474
				1,239,868

Security Description	Shares		Value (Note 2)
Quarrying — 0.0%
Vulcan Materials Co.#		36,400	$	1,180,816
Real Estate Investment Trusts — 1.7%
Apartment Investment & Management Co., Class A#		34,100		742,698
AvalonBay Communities, Inc.#		26,500		3,308,525
Boston Properties, Inc.		41,400		3,948,732
Equity Residential		83,600		4,613,884
HCP, Inc.		114,800		4,437,020
Health Care REIT, Inc.		53,100		2,664,027
Host Hotels & Resorts, Inc.		199,100		2,817,265
Kimco Realty Corp.#		114,800		1,810,396
Plum Creek Timber Co., Inc.#		45,700		1,683,588
ProLogis, Inc.		129,400		3,599,908
Public Storage#		39,900		5,262,810
Simon Property Group, Inc.		82,800		10,295,352
Ventas, Inc.#		81,200		4,284,112
Vornado Realty Trust		52,000		3,871,400
Weyerhaeuser Co.		151,900		2,550,401
				55,890,118
Real Estate Management/Services — 0.0%
CBRE Group, Inc.†		91,700		1,541,477
Resort/Theme Parks — 0.0%
Marriott Vacations Worldwide Corp.†		7,560		120,809
Retail - Apparel/Shoe — 0.3%
Abercrombie & Fitch Co., Class A#		24,500		1,173,795
Gap, Inc.		97,800		1,827,882
Limited Brands, Inc.		69,800		2,954,634
Ross Stores, Inc.		32,600		2,904,334
Urban Outfitters, Inc.†#		31,300		844,474
				9,705,119
Retail - Auto Parts — 0.2%
AutoZone, Inc.†		8,200		2,692,716
O’Reilly Automotive, Inc.†		36,100		2,788,364
				5,481,080
Retail - Automobile — 0.1%
AutoNation, Inc.†#		14,000		505,540
CarMax, Inc.†#		63,800		1,834,888
				2,340,428
Retail - Bedding — 0.1%
Bed Bath & Beyond, Inc.†		69,000		4,175,190
Retail - Building Products — 0.8%
Home Depot, Inc.		441,100		17,299,942
Lowe’s Cos., Inc.		355,400		8,533,154
				25,833,096
Retail - Computer Equipment — 0.0%
GameStop Corp., Class A†#		39,200		906,304
Retail - Consumer Electronics — 0.1%
Best Buy Co., Inc.#		85,400		2,313,486
Retail - Discount — 1.6%
Big Lots, Inc.†		18,500		742,035
Costco Wholesale Corp.		123,400		10,526,020
Family Dollar Stores, Inc.		33,900		2,014,338
Target Corp.		190,400		10,034,080
Wal - Mart Stores, Inc.		495,600		29,190,840
				52,507,313
Retail - Drug Store — 0.7%
CVS Caremark Corp.		379,200		14,728,128

241

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Retail - Drug Store (continued)
Walgreen Co.		255,300	$	8,608,716
				23,336,844
Retail - Jewelry — 0.1%
Tiffany & Co.		35,900		2,406,736
Retail - Major Department Stores — 0.3%
J.C. Penney Co., Inc.#		40,300		1,291,212
Nordstrom, Inc.		46,200		2,091,936
Sears Holdings Corp.†#		10,900		657,597
TJX Cos., Inc.		107,400		6,626,580
				10,667,325
Retail - Office Supplies — 0.1%
Staples, Inc.		200,000		2,882,000
Retail - Regional Department Stores — 0.3%
Kohl’s Corp.		79,300		4,266,340
Macy’s, Inc.		120,400		3,892,532
				8,158,872
Retail - Restaurants — 1.5%
Chipotle Mexican Grill, Inc.†		8,800		2,829,728
Darden Restaurants, Inc.#		37,900		1,808,209
McDonald’s Corp.		290,900		27,786,768
Starbucks Corp.		210,400		9,148,192
Yum! Brands, Inc.		130,900		7,335,636
				48,908,533
Rubber - Tires — 0.0%
Goodyear Tire & Rubber Co.†		68,900		963,911
Savings & Loans/Thrifts — 0.1%
Hudson City Bancorp, Inc.		148,700		831,233
People’s United Financial, Inc.#		106,200		1,322,190
				2,153,423
Schools — 0.1%
Apollo Group, Inc., Class A†		32,800		1,590,144
DeVry, Inc.		17,400		600,474
				2,190,618
Semiconductor Components-Integrated Circuits — 1.0%
Analog Devices, Inc.		84,400		2,942,184
Linear Technology Corp.		64,300		1,969,509
QUALCOMM, Inc.		473,600		25,953,280
				30,864,973
Semiconductor Equipment — 0.2%
Applied Materials, Inc.		371,500		4,004,770
KLA-Tencor Corp.#		47,100		2,171,310
Novellus Systems, Inc.†#		19,600		678,552
Teradyne, Inc.†#		52,500		706,650
				7,561,282
Steel - Producers — 0.2%
AK Steel Holding Corp.#		31,100		263,106
Nucor Corp.#		89,200		3,517,156
United States Steel Corp.#		40,600		1,108,380
				4,888,642
Steel - Specialty — 0.0%
Allegheny Technologies, Inc.		30,000		1,506,600
Telecom Equipment - Fiber Optics — 0.2%
Corning, Inc.		443,000		5,878,610
JDS Uniphase Corp.†		64,300		706,014
				6,584,624

Security Description	Shares		Value (Note 2)
Telecommunication Equipment — 0.2%
Harris Corp.#		33,900	$	1,206,840
Juniper Networks, Inc.†		150,300		3,413,313
Tellabs, Inc.		102,900		408,513
				5,028,666
Telephone - Integrated — 2.7%
AT&T, Inc.		1,670,900		48,422,682
CenturyLink, Inc.		173,800		6,520,976
Frontier Communications Corp.#		280,600		1,605,032
Verizon Communications, Inc.		798,100		30,112,313
Windstream Corp.#		162,700		1,913,352
				88,574,355
Television — 0.2%
CBS Corp., Class B		188,900		4,918,956
Tobacco — 1.9%
Altria Group, Inc.		584,000		16,754,960
Lorillard, Inc.		39,000		4,353,180
Philip Morris International, Inc.		495,300		37,761,672
Reynolds American, Inc.#		95,300		3,989,258
				62,859,070
Tools - Hand Held — 0.1%
Snap-on, Inc.		16,400		841,320
Stanley Black & Decker, Inc.		47,500		3,107,925
				3,949,245
Toys — 0.1%
Hasbro, Inc.		34,100		1,221,121
Mattel, Inc.#		96,700		2,785,927
				4,007,048
Transport - Rail — 0.9%
CSX Corp.		308,800		6,704,048
Norfolk Southern Corp.		98,100		7,410,474
Union Pacific Corp.		137,600		14,229,216
				28,343,738
Transport - Services — 1.0%
C.H. Robinson Worldwide, Inc.#		46,500		3,185,715
Expeditors International of Washington, Inc.		59,800		2,601,898
FedEx Corp.		89,400		7,427,352
Ryder System, Inc.		14,400		752,832
United Parcel Service, Inc., Class B		276,500		19,838,875
				33,806,672
Vitamins & Nutrition Products — 0.1%
Mead Johnson Nutrition Co.		57,500		4,333,200
Web Portals/ISP — 1.5%
Google, Inc., Class A†		71,000		42,556,690
Yahoo!, Inc.†		356,000		5,592,760
				48,149,450
Wireless Equipment — 0.4%
American Tower Corp., Class A		111,600		6,584,400
Motorola Mobility Holdings, Inc.†		73,800		2,878,200
Motorola Solutions, Inc.		80,700		3,766,269
				13,228,869
Total Long-Term Investment Securities
(cost $2,624,635,800)				3,203,837,025

242

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 6.3%
Collective Investment Pool — 6.2%
Navigator Securities Lending Prime Portfolio(1)(2)		199,593,663		$	199,593,663
U.S. Government Treasuries — 0.1%
United States Treasury Bills 0.00% due 12/15/11(3)	$	3,200,000			3,200,000
Total Short-Term Investment Securities
(cost $202,793,663)					202,793,663
REPURCHASE AGREEMENT — 0.7%
State Street Bank & Trust Co. Joint Repurchase Agreement(4) (cost $21,948,000)		21,948,000			21,948,000
TOTAL INVESTMENTS
(cost $2,849,377,463)(5)		106.0	%		3,428,578,688
Liabilities in excess of other assets		(6.0	)		(192,787,064	)
NET ASSETS		100.0	%	$	3,235,791,624

# 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) At November 30, 2011, the Fund had loaned securities with a total value of $226,035,324. This was secured by collateral of $199,593,663, which was received in cash and subsequently invested in short-term investments currently valued at $199,593,663 as reported in the portfolio of investments. The remaining collateral of $23,274,533 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	5.20%	07/15/14
Federal Home Loan Mtg. Corp.	0.29% to 5.00%	01/10/13 to 06/15/40
Federal National Mtg. Assoc.	4.00%	08/15/37 to 08/25/41
United States Treasury Notes/Bonds	0.75% to 4.63%	04/30/12 to 08/15/40

(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.

(6) Security represents an investment in an affiliated company (see Note 3).

Open Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Value at Trade Date		Value as of November 30, 2011		Unrealized Appreciation (Depreciation)
	509	Long	S&P 500 E-Mini Index		December 2011	$	30,476,476	$	31,710,700	$	1,234,224

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2011 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Long-Term Investment Securities:
Common Stock:
Medical — Drugs	$	185,345,938	$	—	$	—	$	185,345,938
Oil Companies — Integrated		213,129,945		—		—		213,129,945
Other Industries*		2,805,361,142		—		—		2,805,361,142
Short-Term Investment Securities:
Collective Investment Pool		—		199,593,663		—		199,593,663
U.S. Government Treasuries		—		3,200,000		—		3,200,000
Repurchase Agreement		—		21,948,000		—		21,948,000
Other Financial Instruments:†
Open Futures Contracts — Appreciation		1,234,224		—		—		1,234,224
Total	$	3,205,071,249	$	224,741,663	$	—	$	3,429,812,912

* 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 and swap contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.

See Notes to Financial Statements

243

VALIC Company I Value Fund

PORTFOLIO PROFILE — November 30, 2011 (Unaudited)

Industry Allocation*

Oil Companies — Integrated	7.0	%
Banks — Super Regional	6.7
Medical — Drugs	5.3
Diversified Manufacturing Operations	5.2
Diversified Banking Institutions	5.1
Oil Companies — Exploration & Production	4.8
Medical Products	3.8
Electric — Integrated	3.8
Electronic Components — Semiconductors	3.7
Telephone — Integrated	3.1
Investment Management/Advisor Services	2.5
Insurance — Multi-line	2.4
Chemicals — Diversified	2.2
Food — Misc.	2.1
Cable/Satellite TV	2.0
Semiconductor Components — Integrated Circuits	1.9
Retail — Building Products	1.8
Tools — Hand Held	1.8
Insurance Brokers	1.8
Networking Products	1.7
Electronic Security Devices	1.6
Agricultural Chemicals	1.6
Tobacco	1.6
Medical — HMO	1.5
Insurance — Property/Casualty	1.5
Steel — Producers	1.5
Applications Software	1.4
Retail — Drug Store	1.4
Retail — Regional Department Stores	1.3
Toys	1.2
Medical — Biomedical/Gene	1.1
Brewery	1.1
Beverages — Non-alcoholic	1.1
Oil — Field Services	1.1
Insurance — Life/Health	1.1
Medical — Generic Drugs	1.1
Aerospace/Defense	1.1
Auto — Heavy Duty Trucks	0.9
Insurance — Reinsurance	0.8
Retail — Major Department Stores	0.8
Computers	0.7
Non-Hazardous Waste Disposal	0.7
Medical — Hospitals	0.6
Containers — Metal/Glass	0.5
Oil & Gas Drilling	0.5
Television	0.5
Rubber — Tires	0.5
Agricultural Operations	0.5
Retail — Office Supplies	0.5
Time Deposits	0.4
Food — Wholesale/Distribution	0.4
Auto — Cars/Light Trucks	0.3
	99.6	%

* Calculated as a percentage of net assets

244

VALIC Company I Value Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCK — 99.2%
Aerospace/Defense — 1.1%
Boeing Co.		17,847	$	1,225,910
Agricultural Chemicals — 1.6%
CF Industries Holdings, Inc.		5,979		835,864
Mosaic Co.		19,254		1,015,841
				1,851,705
Agricultural Operations — 0.5%
Archer - Daniels - Midland Co.		19,870		598,484
Applications Software — 1.4%
Microsoft Corp.		64,004		1,637,222
Auto - Cars/Light Trucks — 0.3%
General Motors Co.†		15,924		339,022
Auto - Heavy Duty Trucks — 0.9%
PACCAR, Inc.		24,110		978,143
Banks - Super Regional — 6.7%
PNC Financial Services Group, Inc.		41,248		2,236,054
US Bancorp		70,463		1,826,401
Wells Fargo & Co.		138,881		3,591,463
				7,653,918
Beverages - Non-alcoholic — 1.1%
PepsiCo, Inc.		19,942		1,276,288
Brewery — 1.1%
Anheuser - Busch InBev NV ADR		21,320		1,279,200
Cable/Satellite TV — 2.0%
Comcast Corp., Class A		100,049		2,268,111
Chemicals - Diversified — 2.2%
Dow Chemical Co.		48,743		1,350,669
E.I. du Pont de Nemours & Co.		24,532		1,170,667
				2,521,336
Computers — 0.7%
Hewlett - Packard Co.		29,764		831,904
Containers - Metal/Glass — 0.5%
Rexam PLC ADR		23,058		623,949
Diversified Banking Institutions — 5.1%
Bank of America Corp.		160,172		871,336
Credit Suisse Group AG ADR		28,779		696,739
Goldman Sachs Group, Inc.		14,717		1,410,772
JPMorgan Chase & Co.		93,697		2,901,796
				5,880,643
Diversified Manufacturing Operations — 5.2%
3M Co.		12,740		1,032,450
General Electric Co.		146,269		2,327,140
Illinois Tool Works, Inc.		27,637		1,255,825
Ingersoll - Rand PLC		41,724		1,381,899
				5,997,314
Electric - Integrated — 3.8%
Edison International		26,944		1,059,169
Entergy Corp.		16,175		1,138,073
NextEra Energy, Inc.		10,210		566,042
Northeast Utilities		32,184		1,113,888
PPL Corp.		14,850		445,797
				4,322,969
Electronic Components - Semiconductors — 3.7%
Intel Corp.		106,112		2,643,250
Xilinx, Inc.		50,781		1,661,046
				4,304,296

Security Description	Shares		Value (Note 2)
Electronic Security Devices — 1.6%
Tyco International, Ltd.		39,450	$	1,892,022
Food - Misc. — 2.1%
General Mills, Inc.		25,666		1,025,356
Kraft Foods, Inc., Class A		37,185		1,344,238
				2,369,594
Food - Wholesale/Distribution — 0.4%
Sysco Corp.		16,065		458,495
Insurance Brokers — 1.8%
Marsh & McLennan Cos., Inc.		68,955		2,081,751
Insurance - Life/Health — 1.1%
Principal Financial Group, Inc.		51,399		1,240,258
Insurance - Multi-line — 2.4%
ACE, Ltd.		39,594		2,752,971
Insurance - Property/Casualty — 1.5%
Chubb Corp.		24,918		1,680,470
Insurance - Reinsurance — 0.8%
Swiss Re AG†(1)		17,428		918,124
Investment Management/Advisor Services — 2.5%
Ameriprise Financial, Inc.		24,161		1,109,231
BlackRock, Inc.		9,998		1,720,056
				2,829,287
Medical Products — 3.8%
Baxter International, Inc.		20,590		1,063,679
Covidien PLC		30,462		1,387,544
Johnson & Johnson		19,843		1,284,239
Zimmer Holdings, Inc.†		13,203		667,412
				4,402,874
Medical - Biomedical/Gene — 1.1%
Amgen, Inc.		22,156		1,283,054
Medical - Drugs — 5.3%
Abbott Laboratories		20,300		1,107,365
Merck & Co., Inc.		52,318		1,870,369
Pfizer, Inc.		154,704		3,104,909
				6,082,643
Medical - Generic Drugs — 1.1%
Teva Pharmaceutical Industries, Ltd. ADR		31,227		1,236,901
Medical - HMO — 1.5%
UnitedHealth Group, Inc.		36,475		1,778,886
Medical - Hospitals — 0.6%
HCA Holdings, Inc.†		30,130		734,569
Networking Products — 1.7%
Cisco Systems, Inc.		103,409		1,927,544
Non-Hazardous Waste Disposal — 0.7%
Republic Services, Inc.		29,110		799,070
Oil & Gas Drilling — 0.5%
Noble Corp.†		17,600		607,728
Oil Companies - Exploration & Production — 4.8%
Apache Corp.		11,183		1,112,038
EOG Resources, Inc.		7,980		827,845
Occidental Petroleum Corp.		27,700		2,739,530
Southwestern Energy Co.†		22,959		873,590
				5,553,003
Oil Companies - Integrated — 7.0%
Chevron Corp.		39,396		4,050,697

245

VALIC Company I Value Fund

PORTFOLIO OF INVESTMENTS — November 30, 2011 (Unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Oil Companies - Integrated (continued)
Exxon Mobil Corp.		22,017	$	1,771,047
Marathon Oil Corp.		32,647		912,810
Royal Dutch Shell PLC ADR		17,300		1,248,887
				7,983,441
Oil - Field Services — 1.1%
Baker Hughes, Inc.		23,290		1,271,867
Retail - Building Products — 1.8%
Home Depot, Inc.		38,104		1,494,439
Lowe’s Cos., Inc.		24,600		590,646
				2,085,085
Retail - Drug Store — 1.4%
CVS Caremark Corp.		41,974		1,630,270
Retail - Major Department Stores — 0.8%
Nordstrom, Inc.		19,935		902,657
Retail - Office Supplies — 0.5%
Staples, Inc.		40,189		579,124
Retail - Regional Department Stores — 1.3%
Kohl’s Corp.		27,323		1,469,977
Rubber - Tires — 0.5%
Goodyear Tire & Rubber Co.†		43,250		605,068
Semiconductor Components - Integrated Circuits — 1.9%
Analog Devices, Inc.		33,139		1,155,226
Maxim Integrated Products, Inc.		37,883		971,699
				2,126,925
Steel - Producers — 1.5%
Nucor Corp.		15,040		593,027
Steel Dynamics, Inc.		82,121		1,082,355
				1,675,382

Security Description	Shares/ Principal Amount			Value (Note 2)
Telephone - Integrated — 3.1%
AT&T, Inc.		122,718		$	3,556,368
Television — 0.5%
CBS Corp., Class B		23,335			607,643
Tobacco — 1.6%
Philip Morris International, Inc.		23,382			1,782,644
Tools - Hand Held — 1.8%
Stanley Black & Decker, Inc.		31,858			2,084,469
Toys — 1.2%
Mattel, Inc.		47,924			1,380,690
Total Long-Term Investment Securities
(cost $118,699,987)					113,961,268
SHORT-TERM INVESTMENT SECURITIES — 0.4%
Time Deposits — 0.4%
Euro Time Deposit with State Street Bank & Trust Co. 0.01 % due 12/01/11 (cost $473,000)	$	473,000			473,000
TOTAL INVESTMENTS
(cost $119,172,987)(2)		99.6	%		114,434,268
Other assets less liabilities		0.4			430,009
NET ASSETS		100.0	%	$	114,864,277

† Non-income producing security

(1) Security was valued using fair value procedures at November 30, 2011. The aggregate value of these securities was $918,124 representing 0.8% 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.

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

ADR—American Depository Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2011 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Long-Term Investment Securities:
Common Stock:
Banks — Super Regional	$	7,653,918	$	—	$	—	$	7,653,918
Diversified Banking Institutions		5,880,643		—		—		5,880,643
Diversified Manufacturing Operations		5,997,314		—		—		5,997,314
Medical — Drugs		6,082,643		—		—		6,082,643
Oil Companies-Integrated		7,983,441		—		—		7,983,441
Other Industries*		79,445,185		918,124		—		80,363,309
Short-Term Investment Securities:
Time Deposits		—		473,000		—		473,000
Total	$	113,043,144	$	1,391,124	$	—	$	114,434,268

* 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

246

VALIC Company I

STATEMENTS OF ASSETS AND LIABILITIES — November 30, 2011 (Unaudited)

	ASSET ALLOCATION FUND			BLUE CHIP GROWTH FUND			BROAD CAP VALUE INCOME FUND			CAPITAL CONSERVATION FUND			CORE EQUITY FUND			DIVIDEND VALUE FUND			EMERGING ECONOMIES*
ASSETS:
Investment securities, at value (unaffiliated)*†	$	135,497,521		$	394,683,588		$	26,027,044		$	174,913,489		$	231,255,217		$	266,675,613		$	277,035,427
Investment securities, at value (affiliated)*†		–			–			–			–			–			–			–
Repurchase agreements (cost approximates value)		–			–			–			–			–			1,755,000			–
Total Investments		135,497,521			394,683,588			26,027,044			174,913,489			231,255,217			268,430,613			277,035,427
Cash		26,254			35,720			427			2,093			–			1,135			808
Foreign cash*		–			–			–			–			–			–			242,048
Receivable for:
Fund shares sold		55,704			192,005			42,927			1,645			3,685			201,263			2,642,318
Dividends and interest		631,483			458,814			83,729			920,765			834,941			937,004			362,282
Investments sold		849,733			1,027,948			17,393			2,065,693			3,383,430			–			–
Securities lending income		–			10,279			–			1,226			11,335			–			2,557
Prepaid expenses and other assets		18,523			4,974			2,581			6,702			8,593			4,129			3,384
Due from investment adviser for expense reimbursements/fee waivers		–			5,065			8,317			–			25,537			28,913			–
Variation margin on futures contracts		165,302			–			–			–			–			–			–
Unrealized appreciation on forward foreign currency contracts		–			–			–			–			–			–			–
TOTAL ASSETS		137,244,520			396,418,393			26,182,418			177,911,613			235,522,738			269,603,057			280,288,824
LIABILITIES:
Payable for:
Fund shares reacquired		33,728			51,570			15,025			1,588,458			83,205			56,176			25,575
Investments purchased		1,454,830			2,631,875			–			10,664,058			3,581,444			–			–
Accrued foreign tax on capital gains		–			–			–			–			–			–			308,061
Investment advisory and management fees		55,002			231,276			14,492			65,911			137,817			160,349			168,741
Administrative service fee		7,702			21,836			1,449			9,227			12,059			14,992			14,606
Transfer agent fees and expenses		92			141			97			92			138			–			73
Directors’ fees and expenses		2,822			3,919			1,473			2,125			7,162			3,550			2,821
Other accrued expenses		75,767			72,789			31,557			50,074			54,677			57,222			74,134
Collateral upon return of securities loaned		–			9,753,116			–			6,875,683			18,796,990			–			16,053,991
Due to custodian		–			–			–			–			34,134			–			–
Call and put options written, at value@		–			–			–			–			–			–			–
Unrealized depreciation on forward foreign currency contracts		–			–			–			–			–			–			–
TOTAL LIABILITIES		1,629,943			12,766,522			64,093			19,255,628			22,707,626			292,289			16,648,002
NET ASSETS	$	135,614,577		$	383,651,871		$	26,118,325		$	158,655,985		$	212,815,112		$	269,310,768		$	263,640,822
NET ASSETS REPRESENTED BY:
Capital shares at par value of $0.01 per share	$	128,938		$	359,512		$	26,603		$	159,670		$	177,933		$	298,465		$	354,728
Additional paid-in capital		132,288,575			319,111,009			27,590,781			150,591,300			312,304,251			276,343,050			369,340,504
Accumulated undistributed net investment income (loss)		4,857,129			71,378			403,997			7,241,251			4,113,295			6,970,707			3,500,780
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions		(3,199,216	)		(27,066,724	)		(3,045,312	)		(2,553,466	)		(112,408,023	)		(37,435,558	)		(135,573,361	)
Unrealized appreciation (depreciation) on investments		1,386,371			91,176,696			1,142,256			3,217,230			8,627,656			23,134,119			26,323,094
Unrealized appreciation (depreciation) on futures contracts and written options contracts		152,780			–			–			–			–			–			–
Unrealized foreign exchange gain (loss) on other assets and liabilities		–			–			–			–			–			(15	)		3,138
Accrued capital gains tax on unrealized appreciation (depreciation)		–			–			–			–			–			–			(308,061	)
NET ASSETS	$	135,614,577		$	383,651,871		$	26,118,325		$	158,655,985		$	212,815,112		$	269,310,768		$	263,640,822
CAPITAL SHARES:
Authorized (Par value $0.01 per share)		1,000,000,000			1,000,000,000			1,000,000,000			1,000,000,000			1,000,000,000			1,000,000,000			1,000,000,000
Outstanding		12,893,835			35,951,156			2,660,311			15,967,011			17,793,299			29,846,506			35,472,836
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	10.52		$	10.67		$	9.82		$	9.94		$	11.96		$	9.02		$	7.43
*   Cost
Investment securities (unaffiliated)	$	134,111,150		$	303,506,892		$	24,884,788		$	171,696,259		$	222,627,561		$	243,541,494		$	250,712,333
Investment securities (affiliated)	$	–		$	–		$	–		$	–		$	–		$	–		$	–
Foreign cash	$	–		$	–		$	–		$	–		$	–		$	–		$	240,705
@ Premiums received on options written	$	–		$	–		$	–		$	–		$	–		$	–		$	–
†  Including securities on loan	$	–		$	19,489,571		$	–		$	7,367,380		$	20,937,662		$	–		$	16,136,354

* See Note 1

See Notes to Financial Statements

247

VALIC Company I

STATEMENTS OF ASSETS AND LIABILITIES — November 30, 2011 (Unaudited) — (continued)

	FOREIGN VALUE FUND			GLOBAL REAL ESTATE FUND			GLOBAL SOCIAL AWARENESS FUND			GLOBAL STRATEGY FUND			GOVERNMENT SECURITIES FUND		GROWTH FUND			GROWTH & INCOME FUND
ASSETS:
Investment securities, at value (unaffiliated)*†	$	895,630,990		$	265,001,254		$	268,440,285		$	489,759,980		$	120,140,882	$	761,758,740		$	81,147,737
Investment securities, at value (affiliated)*†		–			–			–			–			–		–			–
Repurchase agreements (cost approximates value)		–			–			–			–			10,446,000		–			3,051,000
Total Investments		895,630,990			265,001,254			268,440,285			489,759,980			130,586,882		761,758,740			84,198,737
Cash		299			690			777			1,567			1,025		618			630
Foreign cash*		940,055			145,446			143,937			461,865			–		46,752			–
Receivable for:
Fund shares sold		277,615			195,556			42,787			7,903			48,329		20,835			16,376
Dividends and interest		2,427,024			440,688			785,128			3,506,248			697,016		1,562,837			201,011
Investments sold		7,530,546			820,344			–			–			–		2,161,060			1,245,274
Securities lending income		71,208			–			1,884			9,972			90		16,376			881
Prepaid expenses and other assets		7,587			2,523			13,176			4,694			64,658		10,358			4,580
Due from investment adviser for expense reimbursements/fee waivers		–			–			–			–			–		27,109			8,948
Variation margin on futures contracts		–			–			247,500			–			–		–			–
Unrealized appreciation on forward foreign currency contracts		–			–			–			1,656,356			–		–			–
TOTAL ASSETS		906,885,324			266,606,501			269,675,474			495,408,585			131,398,000		765,604,685			85,676,437
LIABILITIES:
Payable for:
Fund shares reacquired		108,751			39,183			15,886			830,768			96,216		296,446			13,965
Investments purchased		3,428,406			821,106			–			266			3,377,768		2,079,779			1,767,378
Accrued foreign tax on capital gains		–			–			–			29,328			–		–			–
Investment advisory and management fees		469,150			160,876			105,126			190,233			51,657		412,136			47,794
Administrative service fee		48,713			15,066			14,718			26,633			7,232		40,490			4,461
Transfer agent fees and expenses		155			150			149			96			159		116			118
Directors’ fees and expenses		8,997			1,874			6,305			4,695			2,542		11,104			2,357
Other accrued expenses		250,299			92,134			92,872			143,014			39,709		135,194			42,633
Collateral upon return of securities loaned		36,360,133			–			8,335,371			24,171,041			1,254,750		49,053,185			4,741,397
Due to custodian		–			–			–			–			–		–			–
Call and put options written, at value@		–			–			–			–			–		–			–
Unrealized depreciation on forward foreign currency contracts		–			–			–			3,694,852			–		–			–
TOTAL LIABILITIES		40,674,604			1,130,389			8,570,427			29,090,926			4,830,033		52,028,450			6,620,103
NET ASSETS	$	866,210,720		$	265,476,112		$	261,105,047		$	466,317,659		$	126,567,967	$	713,576,235		$	79,056,334
NET ASSETS REPRESENTED BY:
Capital shares at par value of $0.01 per share	$	1,041,680		$	347,142		$	186,616		$	421,474		$	112,222	$	646,702		$	68,404
Additional paid-in capital		1,037,101,560			243,342,575			421,128,578			466,128,095			115,128,654		763,339,727			106,955,559
Accumulated undistributed net investment income (loss)		34,156,854			1,280,450			7,290,348			29,457,138			4,203,361		7,720,400			1,060,414
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions		(100,328,161	)		25,384,466			(159,408,447	)		(16,644,233	)		2,051,001		(125,615,103	)		(31,792,591	)
Unrealized appreciation (depreciation) on investments		(105,737,366	)		(4,877,425	)		(8,530,708	)		(10,864,396	)		5,072,729		67,487,019			2,764,548
Unrealized appreciation (depreciation) on futures contracts and written options contracts		–			–			444,700			–			–		–			–
Unrealized foreign exchange gain (loss) on other assets and liabilities		(23,847	)		(1,096	)		(6,040	)		(2,151,091	)		–		(2,510	)		–
Accrued capital gains tax on unrealized appreciation (depreciation)		–			–			–			(29,328	)		–		–			–
NET ASSETS	$	866,210,720		$	265,476,112		$	261,105,047		$	466,317,659		$	126,567,967	$	713,576,235		$	79,056,334
CAPITAL SHARES:
Authorized (Par value $0.01 per share)		1,000,000,000			1,000,000,000			1,000,000,000			1,000,000,000			1,000,000,000		1,000,000,000			1,000,000,000
Outstanding		104,168,013			34,714,215			18,661,621			42,147,372			11,222,216		64,670,183			6,840,415
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	8.32		$	7.65		$	13.99		$	11.06		$	11.28	$	11.03		$	11.56
*   Cost
Investment securities (unaffiliated)	$	1,001,368,356		$	269,878,679		$	276,970,993		$	500,624,376		$	115,068,153	$	694,271,721		$	78,383,189
Investment securities (affiliated)	$	–		$	–		$	–		$	–		$	–	$	–		$	–
Foreign cash	$	943,293		$	146,286		$	144,104		$	458,535		$	–	$	49,440		$	–
@ Premiums received on options written	$	–		$	–		$	–		$	–		$	–	$	–		$	–
†  Including securities on loan	$	36,164,678		$	–		$	8,999,250		$	24,174,230		$	1,206,350	$	53,923,023		$	4,955,354

See Notes to Financial Statements

248

VALIC Company I

STATEMENTS OF ASSETS AND LIABILITIES — November 30, 2011 (Unaudited) — (continued)

	HEALTH SCIENCES FUND			INFLATION PROTECTED FUND			INTERNATIONAL EQUITIES FUND			INTERNATIONAL GOVERNMENT BOND FUND			INTERNATIONAL GROWTH FUND*			LARGE CAP CORE FUND		LARGE CAPITAL GROWTH FUND
ASSETS:
Investment securities, at value (unaffiliated)*†	$	214,837,061		$	371,516,406		$	960,789,857		$	205,851,982		$	545,917,040		$	131,846,705	$	355,438,110
Investment securities, at value (affiliated)*†		–			–			–			–			–			–		–
Repurchase agreements (cost approximates value)		–			–			289,000			–			–			2,186,000		5,727,000
Total Investments		214,837,061			371,516,406			961,078,857			205,851,982			545,917,040			134,032,705		361,165,110
Cash		–			31,167			58,161			266,454			2,115			582		845
Foreign cash*		376,497			159			1,169,520			1,358,162			183,024			–		–
Receivable for:
Fund shares sold		225,021			695,242			10,732			117,762			2,150,649			486,146		6,099
Dividends and interest		108,894			1,693,723			3,401,476			2,275,351			1,597,289			292,190		349,920
Investments sold		298,695			841,764			2,536,947			3,981,661			2,795,613			325,167		8,168,033
Securities lending income		–			–			51,880			–			21,050			819		3,989
Prepaid expenses and other assets		3,797			2,542			24,344			4,873			8,989			2,015		14,257
Due from investment adviser for expense reimbursements/fee waivers		–			–			–			–			58,712			–		–
Variation margin on futures contracts		–			–			2,672,685			–			–			–		–
Unrealized appreciation on forward foreign currency contracts		–			–			–			25,135			–			–		–
TOTAL ASSETS		215,849,965			374,781,003			971,004,602			213,881,380			552,734,481			135,139,624		369,708,253
LIABILITIES:
Payable for:
Fund shares reacquired		50,912			64,606			1,413,840			45,041			47,330			28,340		368,762
Investments purchased		46,234			4,823,956			3,143,798			9,258,755			3,491,336			1,234,126		6,467,887
Accrued foreign tax on capital gains		95,764			–			16,175			–			4,911			–		–
Investment advisory and management fees		164,803			144,225			219,790			83,802			367,021			69,764		180,623
Administrative service fee		11,536			20,841			50,066			11,732			27,754			6,977		19,756
Transfer agent fees and expenses		162			86			708			136			159			96		117
Directors’ fees and expenses		2,916			2,355			11,339			2,838			8,582			1,189		4,143
Other accrued expenses		58,258			67,002			271,824			68,012			193,906			37,484		70,689
Collateral upon return of securities loaned		–			–			78,877,144			–			54,834,050			9,654,776		16,511,690
Due to custodian		–			–			–			–			–			–		–
Call and put options written, at value@		5,077,639			–			–			–			–			–		–
Unrealized depreciation on forward foreign currency contracts		–			–			–			63,541			–			–		–
TOTAL LIABILITIES		5,508,224			5,123,071			84,004,684			9,533,857			58,975,049			11,032,752		23,623,667
NET ASSETS	$	210,341,741		$	369,657,932		$	886,999,918		$	204,347,523		$	493,759,432		$	124,106,872	$	346,084,586
NET ASSETS REPRESENTED BY:
Capital shares at par value of $0.01 per share	$	181,969		$	323,280		$	1,548,559		$	158,813		$	481,238		$	112,556	$	313,690
Additional paid-in capital		160,871,336			330,098,371			1,142,577,414			190,049,148			549,374,939			100,294,851		320,196,357
Accumulated undistributed net investment income (loss)		(684,253	)		10,938,685			33,377,415			6,468,903			10,927,834			1,909,515		1,235,593
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions		17,653,935			(2,112,584	)		(232,149,447	)		4,855,482			(81,708,848	)		16,640,642		(3,083,560	)
Unrealized appreciation (depreciation) on investments		32,507,972			30,413,254			(61,117,442	)		2,907,778			14,621,246			5,149,308		27,420,013
Unrealized appreciation (depreciation) on futures contracts and written options contracts		(82,692	)		–			2,802,290			–			–			–		–
Unrealized foreign exchange gain (loss) on other assets and liabilities		(10,762	)		(3,074	)		(22,696	)		(92,601	)		67,934			–		2,493
Accrued capital gains tax on unrealized appreciation (depreciation)		(95,764	)		–			(16,175	)		–			(4,911	)		–		–
NET ASSETS	$	210,341,741		$	369,657,932		$	886,999,918		$	204,347,523		$	493,759,432		$	124,106,872	$	346,084,586
CAPITAL SHARES:
Authorized (Par value $0.01 per share)		1,000,000,000			1,000,000,000			1,000,000,000			1,000,000,000			1,000,000,000			1,000,000,000		1,000,000,000
Outstanding		18,196,911			32,327,952			154,855,913			15,881,263			48,123,772			11,255,627		31,368,973
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	11.56		$	11.43		$	5.73		$	12.87		$	10.26		$	11.03	$	11.03
*   Cost
Investment securities (unaffiliated)	$	182,329,089		$	341,103,152		$	1,021,907,299		$	202,944,204		$	531,295,794		$	126,697,397	$	328,018,097
Investment securities (affiliated)	$	–		$	–		$	–		$	–		$	–		$	–	$	–
Foreign cash	$	386,926		$	151		$	1,167,781		$	1,384,538		$	181,079		$	–	$	–
@ Premiums received on options written	$	4,994,947		$	–		$	–		$	–		$	–		$	–	$	–
†  Including securities on loan	$	–		$	–		$	77,077,864		$	–		$	53,289,800		$	13,149,121	$	17,097,494

* See Note 1

See Notes to Financial Statements

249

VALIC Company I

STATEMENTS OF ASSETS AND LIABILITIES — November 30, 2011 (Unaudited) — (continued)

	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
ASSETS:
Investment securities, at value (unaffiliated)*†	$	2,615,521,940	$	304,487,787		$	356,715,693		$	143,328,862		$	802,570,879		$	79,187,036		$	356,383,970
Investment securities, at value (affiliated)*†		–		–			–			–			–			–			–
Repurchase agreements (cost approximates value)		24,833,000		–			74,104,000			3,703,000			–			2,125,000			–
Total Investments		2,640,354,940		304,487,787			430,819,693			147,031,862			802,570,879			81,312,036			356,383,970
Cash		802		425			415			66			759			3,513			810
Foreign cash*		–		–			–			–			119,430			–			–
Receivable for:
Fund shares sold		79,329		34,391			234,716			135,735			4,539			46,930			27,170
Dividends and interest		2,993,526		214,206			100,859			313,629			657,692			6,724			217,044
Investments sold		1,398,381		1,005,838			–			–			3,697,543			1,794,172			2,341,902
Securities lending income		79,143		42,253			–			8,730			47,541			2,685			23,750
Prepaid expenses and other assets		42,803		5,906			13,913			2,520			247,245			1,679			17,958
Due from investment adviser for expense reimbursements/fee waivers		–		29,409			129,961			29,802			–			22,200			34,786
Variation margin on futures contracts		1,389,500		–			–			156,750			–			–			–
Unrealized appreciation on forward foreign currency contracts		–		–			–			–			–			–			–
TOTAL ASSETS		2,646,338,424		305,820,215			431,299,557			147,679,094			807,345,628			83,189,939			359,047,390
LIABILITIES:
Payable for:
Fund shares reacquired		2,652,332		39,530			188,204			29,861			318,984			53,200			59,157
Investments purchased		–		745,843			–			–			2,995,009			1,566,834			138,588
Accrued foreign tax on capital gains		–		–			–			–			–			–			–
Investment advisory and management fees		511,364		150,388			141,376			45,258			538,640			50,076			217,985
Administrative service fee		131,707		15,095			24,741			7,920			42,671			4,124			17,108
Transfer agent fees and expenses		843		172			895			470			661			96			79
Directors’ fees and expenses		35,411		2,930			9,029			1,688			18,025			704			8,068
Other accrued expenses		304,841		68,404			114,265			55,173			151,549			31,103			100,938
Collateral upon return of securities loaned		308,900,225		40,498,065			–			8,076,122			64,291,027			7,708,663			53,494,230
Due to custodian		–		–			–			–			–			–			–
Call and put options written, at value@		–		–			–			–			–			–			–
Unrealized depreciation on forward foreign currency contracts		–		–			–			–			–			–			–
TOTAL LIABILITIES		312,536,723		41,520,427			478,510			8,216,492			68,356,566			9,414,800			54,036,153
NET ASSETS	$	2,333,801,701	$	264,299,788		$	430,821,047		$	139,462,602		$	738,989,062		$	73,775,139		$	305,011,237
NET ASSETS REPRESENTED BY:
Capital shares at par value of $0.01 per share	$	1,156,078	$	223,273		$	4,314,880		$	223,019		$	473,926		$	67,925		$	306,193
Additional paid-in capital		2,046,178,345		255,463,761			427,171,937			95,384,059			982,807,959			63,850,438			295,688,716
Accumulated undistributed net investment income (loss)		36,048,439		268,274			1,134			977,588			228,535			(182,912	)		137,241
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions		138,195,985		(1,238,855	)		(666,904	)		17,990,619			(273,166,582	)		2,467,142			(30,563,925	)
Unrealized appreciation (depreciation) on investments		112,040,711		9,583,576			–			24,909,485			28,638,517			7,572,546			39,443,020
Unrealized appreciation (depreciation) on futures contracts and written options contracts		182,143		–			–			(22,168	)		–			–			–
Unrealized foreign exchange gain (loss) on other assets and liabilities		–		(241	)		–			–			6,707			–			(8	)
Accrued capital gains tax on unrealized appreciation (depreciation)		–		–			–			–			–			–			–
NET ASSETS	$	2,333,801,701	$	264,299,788		$	430,821,047		$	139,462,602		$	738,989,062		$	73,775,139		$	305,011,237
CAPITAL SHARES:
Authorized (Par value $0.01 per share)		1,000,000,000		1,000,000,000			1,000,000,000			1,000,000,000			1,000,000,000			1,000,000,000			1,000,000,000
Outstanding		115,607,831		22,327,268			431,487,957			22,301,878			47,392,554			6,792,455			30,619,291
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	20.19	$	11.84		$	1.00		$	6.25		$	15.59		$	10.86		$	9.96
*   Cost
Investment securities (unaffiliated)	$	2,503,481,229	$	294,904,211		$	356,715,693		$	118,419,377		$	773,932,362		$	71,614,490		$	316,940,950
Investment securities (affiliated)	$	–	$	–		$	–		$	–		$	–		$	–		$	–
Foreign cash	$	–	$	–		$	–		$	–		$	115,340		$	–		$	–
@ Premiums received on options written	$	–	$	–		$	–		$	–		$	–		$	–		$	–
†  Including securities on loan	$	320,249,273	$	42,312,424		$	–		$	8,716,826		$	66,759,642		$	7,922,369		$	55,253,066

See Notes to Financial Statements

250

VALIC Company I

STATEMENTS OF ASSETS AND LIABILITIES — November 30, 2011 (Unaudited) — (continued)

	SMALL CAP INDEX FUND			SMALL CAP SPECIAL VALUES FUND			SMALL-MID GROWTH FUND			STOCK INDEX FUND		VALUE FUND
ASSETS:
Investment securities, at value (unaffiliated)*†	$	933,884,947		$	221,601,079		$	117,181,998		$	3,403,758,896	$	114,434,268
Investment securities, at value (affiliated)*†		–			–			–			2,871,792		–
Repurchase agreements (cost approximates value)		13,049,000			–			–			21,948,000		–
Total Investments		946,933,947			221,601,079			117,181,998			3,428,578,688		114,434,268
Cash		4,430			5,425			785			693		818
Foreign cash*		–			–			–			–		–
Receivable for:
Fund shares sold		16,052			8,196			143			646,780		13,816
Dividends and interest		773,178			275,705			15,611			8,833,562		431,776
Investments sold		13,318			1,427,568			663,680			56,636		198,854
Securities lending income		184,602			7,305			7,848			51,393		–
Prepaid expenses and other assets		13,025			3,054			4,085			137,333		101,039
Due from investment adviser for expense reimbursements/fee waivers		–			11,765			7,051			–		24,278
Variation margin on futures contracts		902,720			–			–			1,259,775		–
Unrealized appreciation on forward foreign currency contracts		–			–			–			–		–
TOTAL ASSETS		948,841,272			223,340,097			117,881,201			3,439,564,860		115,204,849
LIABILITIES:
Payable for:
Fund shares reacquired		166,871			136,617			51,235			1,203,882		11,008
Investments purchased		3,967			430,599			1,329,985			1,628,772		215,062
Accrued foreign tax on capital gains		–			–			–			–		–
Investment advisory and management fees		205,717			114,181			69,268			684,781		72,191
Administrative service fee		46,126			10,657			5,704			182,296		6,479
Transfer agent fees and expenses		705			155			96			928		158
Directors’ fees and expenses		12,681			2,274			1,110			67,989		1,745
Other accrued expenses		176,612			69,071			47,202			410,925		33,929
Collateral upon return of securities loaned		126,186,068			33,314,966			14,695,165			199,593,663		–
Due to custodian		–			–			–			–		–
Call and put options written, at value@		–			–			–			–		–
Unrealized depreciation on forward foreign currency contracts		–			–			–			–		–
TOTAL LIABILITIES		126,798,747			34,078,520			16,199,765			203,773,236		340,572
NET ASSETS	$	822,042,525		$	189,261,577		$	101,681,436		$	3,235,791,624	$	114,864,277
NET ASSETS REPRESENTED BY:
Capital shares at par value of $0.01 per share	$	602,217		$	217,561		$	98,792		$	1,294,390	$	124,075
Additional paid-in capital		844,807,907			234,767,580			102,377,482			2,442,225,874		174,168,167
Accumulated undistributed net investment income (loss)		14,302,426			2,329,769			(254,018	)		85,742,287		2,667,180
Accumulated undistributed net realized gain (loss) on investments, futures contracts, options contracts, and foreign exchange transactions		(19,958,771	)		(41,270,040	)		(8,571,231	)		126,093,624		(57,356,426	)
Unrealized appreciation (depreciation) on investments		(19,058,150	)		(6,783,293	)		8,030,411			579,201,225		(4,738,719	)
Unrealized appreciation (depreciation) on futures contracts and written options contracts		1,346,838			–			–			1,234,224		–
Unrealized foreign exchange gain (loss) on other assets and liabilities		58			–			–			–		–
Accrued capital gains tax on unrealized appreciation (depreciation)		–			–			–			–		–
NET ASSETS	$	822,042,525		$	189,261,577		$	101,681,436		$	3,235,791,624	$	114,864,277
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
Outstanding		60,221,728			21,756,088			9,879,219			129,439,001		12,407,501
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	13.65		$	8.70		$	10.29		$	25.00	$	9.26
*   Cost
Investment securities (unaffiliated)	$	952,943,097		$	228,384,372		$	109,151,587		$	2,823,891,364	$	119,172,987
Investment securities (affiliated)	$	–		$	–		$	–		$	3,538,099	$	–
Foreign cash	$	–		$	–		$	–		$	–	$	–
@ Premiums received on options written	$	–		$	–		$	–		$	–	$	–
†  Including securities on loan	$	129,849,788		$	34,439,572		$	15,149,967		$	226,035,324	$	–

See Notes to Financial Statements

251

VALIC Company I

STATEMENTS OF OPERATIONS — For the Period Ended November 30, 2011 (Unaudited)

	ASSET ALLOCATION FUND			BLUE CHIP GROWTH FUND			BROAD CAP VALUE INCOME FUND			CAPITAL CONSERVATION FUND			CORE EQUITY FUND			DIVIDEND VALUE FUND			EMERGING ECONOMIES FUND†
INVESTMENT INCOME:
Dividends (unaffiliated)	$	761,365		$	1,664,282		$	374,424		$	7,775		$	2,459,731		$	3,975,910		$	1,936,762
Dividends (affiliated)		–			–			–			–			–			–			–
Securities lending income		–			41,021			–			8,512			42,368			–			49,491
Interest (unaffiliated)		1,215,377			1,703			44			2,828,216			80			761			–
Total investment income*		1,976,742			1,707,006			374,468			2,844,503			2,502,179			3,976,671			1,986,253
EXPENSES:
Investment advisory and management fees		340,076			1,465,422			90,785			389,654			878,855			848,351			962,371
Administrative service fee		47,611			138,472			9,078			54,552			76,900			79,209			83,222
Transfer agent fees and expenses		642			730			485			659			583			570			543
Custodian fees		92,032			32,907			12,372			32,710			31,164			39,889			72,812
Reports to shareholders		9,878			24,355			2,453			11,975			15,017			20,856			28,856
Audit and tax fees		14,869			15,326			18,027			16,563			15,125			15,333			21,116
Legal fees		7,179			10,301			1,745			6,412			8,345			1,933			26,768
Directors’ fees and expenses		3,680			10,963			16			4,286			1,224			5,559			6,200
Interest expense		–			–			75			–			66			–			703
Other expenses		18,082			12,715			5,885			4,942			8,966			7,864			10,073
Total expenses before fee waivers, expense reimbursements, and fees paid indirectly		534,049			1,711,191			140,921			521,753			1,036,245			1,019,564			1,212,664
Fees waived and expenses reimbursed by investment adviser (Note 3)		–			(29,748	)		(30,683	)		–			(157,386	)		(91,685	)		–
Fees paid indirectly (Note 7)		(569	)		(3,263	)		(2,577	)		–			(5,472	)		–			–
Net expenses		533,480			1,678,180			107,661			521,753			873,387			927,879			1,212,664
Net investment income (loss)		1,443,262			28,826			266,807			2,322,750			1,628,792			3,048,792			773,589
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on investments (unaffiliated)**		1,658,421			9,706,709			(133,012	)		1,107,898			(2,623,925	)		1,530,727			(35,349,111	)
Net realized gain (loss) on investments (affiliated)		–			–			–			–			–			–			–
Net realized gain (loss) on futures contracts and written options contracts		(168,617	)		–			–			–			–			–			–
Net realized foreign exchange gain (loss) on other assets and liabilities		–			3,899			–			–			–			(14,122	)		(1,234,642	)
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 3)		–			–			–			–			–			–			–
Net increase from payment by affiliates (Note 3)		–			–			–			–			–			–			–
Net realized gain (loss) on investments and foreign currencies		1,489,804			9,710,608			(133,012	)		1,107,898			(2,623,925	)		1,516,605			(36,583,753	)
Change in unrealized appreciation (depreciation) on investments (unaffiliated)		(9,911,797	)		(29,741,731	)		(2,681,212	)		(818,540	)		(26,861,764	)		(7,442,881	)		2,041,658
Change in unrealized appreciation (depreciation) on investments (affiliated)		–			–			–			–			–			–			–
Change in unrealized appreciation (depreciation) on futures contracts and written options contracts		46,620			–			–			–			–			–			–
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		–			(2,146	)		–			–			–			75			94,674
Change in accrued capital gains tax on unrealized appreciation (depreciation)		–			–			–			–			–			–			(257,865	)
Net unrealized gain (loss) on investments and foreign currencies		(9,865,177	)		(29,743,877	)		(2,681,212	)		(818,540	)		(26,861,764	)		(7,442,806	)		1,878,467
Net realized and unrealized gain (loss) on investments and foreign currencies		(8,375,373	)		(20,033,269	)		(2,814,224	)		289,358			(29,485,689	)		(5,926,201	)		(34,705,286	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(6,932,111	)	$	(20,004,443	)	$	(2,547,417	)	$	2,612,108		$	(27,856,897	)	$	(2,877,409	)	$	(33,931,697	)
*   Net of foreign withholding taxes on interest and dividends of	$	(8	)	$	1,733		$	–		$	188		$	37,461		$	28,665		$	99,683
** Net of foreign withholding taxes on capital gains of	$	–		$	–		$	–		$	–		$	–		$	–		$	–

† See Note 1

See Notes to Financial Statements

252

VALIC Company I

STATEMENTS OF OPERATIONS — For the Period Ended November 30, 2011 (Unaudited) — (continued)

	FOREIGN VALUE FUND			GLOBAL REAL ESTATE FUND			GLOBAL SOCIAL AWARENESS FUND			GLOBAL STRATEGY FUND			GOVERNMENT SECURITIES FUND			GROWTH FUND			GROWTH & INCOME FUND
INVESTMENT INCOME:
Dividends (unaffiliated)	$	12,633,322		$	4,680,613		$	2,951,813		$	3,869,948		$	–		$	5,707,995		$	744,726
Dividends (affiliated)		–			–			–			–			–			–			–
Securities lending income		478,298			–			16,791			112,161			15,474			107,664			9,890
Interest (unaffiliated)		10,320			37,541			318			4,817,238			1,962,899			274			134
Total investment income*		13,121,940			4,718,154			2,968,922			8,799,347			1,978,373			5,815,933			754,750
EXPENSES:
Investment advisory and management fees		3,062,431			1,015,262			670,528			1,221,203			321,396			2,574,801			303,065
Administrative service fee		319,635			95,305			93,874			171,238			44,995			253,338			28,286
Transfer agent fees and expenses		775			956			899			528			885			582			550
Custodian fees		275,018			79,911			67,372			145,136			15,868			96,508			20,139
Reports to shareholders		71,077			17,803			18,026			43,623			6,909			57,965			5,496
Audit and tax fees		20,904			21,937			23,668			20,558			16,834			16,483			15,126
Legal fees		17,552			14,760			6,877			20,033			7,098			16,086			6,805
Directors’ fees and expenses		25,182			7,488			7,267			13,523			3,381			20,050			2,187
Interest expense		2,437			–			–			2,177			3,238			103			–
Other expenses		16,919			12,272			17,405			15,282			4,689			25,099			8,330
Total expenses before fee waivers, expense reimbursements, and fees paid indirectly		3,811,930			1,265,694			905,916			1,653,301			425,293			3,061,015			389,984
Fees waived and expenses reimbursed by investment adviser (Note 3)		–			–			–			–			–			(129,540	)		(46,510	)
Fees paid indirectly (Note 7)		(8,587	)		(435	)		(17,351	)		(682	)		–			–			(5,105	)
Net expenses		3,803,343			1,265,259			888,565			1,652,619			425,293			2,931,475			338,369
Net investment income (loss)		9,318,597			3,452,895			2,080,357			7,146,728			1,553,080			2,884,458			416,381
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on investments (unaffiliated)**		2,414,395			10,279,875			(6,668,904	)		8,276,339			4,140,215			15,542,567			(3,896,605	)
Net realized gain (loss) on investments (affiliated)		–			–			–			–			–			–			–
Net realized gain (loss) on futures contracts and written options contracts		–			–			(685,730	)		–			–			–			–
Net realized foreign exchange gain (loss) on other assets and liabilities		(17,984	)		(75,879	)		(88,091	)		1,143,908			–			(11,786	)		–
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 3)		–			–			–			–			(59,141	)		–			–
Net increase from payment by affiliates (Note 3)		–			–			–			–			59,141			–			–
Net realized gain (loss) on investments and foreign currencies		2,396,411			10,203,996			(7,442,725	)		9,420,247			4,140,215			15,530,781			(3,896,605	)
Change in unrealized appreciation (depreciation) on investments (unaffiliated)		(204,967,887	)		(59,112,818	)		(28,337,823	)		(62,586,691	)		1,204,045			(73,979,895	)		(5,319,596	)
Change in unrealized appreciation (depreciation) on investments (affiliated)		–			–			–			–			–			–			–
Change in unrealized appreciation (depreciation) on futures contracts and written options contracts		–			–			(63,269	)		–			–			–			–
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		(186,744	)		(7,529	)		(49,563	)		(3,289,800	)		–			3,019			–
Change in accrued capital gains tax on unrealized appreciation (depreciation)		–			–			–			(29,328	)		–			–			–
Net unrealized gain (loss) on investments and foreign currencies		(205,154,631	)		(59,120,347	)		(28,450,655	)		(65,905,819	)		1,204,045			(73,976,876	)		(5,319,596	)
Net realized and unrealized gain (loss) on investments and foreign currencies		(202,758,220	)		(48,916,351	)		(35,893,380	)		(56,485,572	)		5,344,260			(58,446,095	)		(9,216,201	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(193,439,623	)	$	(45,463,456	)	$	(33,813,023	)	$	(49,338,844	)	$	6,897,340		$	(55,561,637	)	$	(8,799,820	)
*   Net of foreign withholding taxes on interest and dividends of	$	1,118,687		$	192,526		$	114,514		$	325,684		$	–		$	43,615		$	742
** Net of foreign withholding taxes on capital gains of	$	–		$	–		$	–		$	–		$	–		$	–		$	–

See Notes to Financial Statements

253

VALIC Company I

STATEMENTS OF OPERATIONS — For the Period Ended November 30, 2011 (Unaudited) — (continued)

	HEALTH SCIENCES FUND			INFLATION PROTECTED FUND			INTERNATIONAL EQUITIES FUND			INTERNATIONAL GOVERNMENT BOND FUND			INTERNATIONAL GROWTH FUND†			LARGE CAP CORE FUND			LARGE CAPITAL GROWTH FUND
INVESTMENT INCOME:
Dividends (unaffiliated)	$	452,129		$	191,097		$	11,489,372		$	–		$	4,991,452		$	1,217,948		$	1,548,150
Dividends (affiliated)		–			–			–			–			–			–			–
Securities lending income		–			–			474,822			–			165,022			31,470			28,769
Interest (unaffiliated)		3,954			6,304,885			6,939			3,738,292			–			324			610
Total investment income*		456,083			6,495,982			11,971,133			3,738,292			5,156,474			1,249,742			1,577,529
EXPENSES:
Investment advisory and management fees		1,034,377			850,801			1,409,356			487,377			2,422,073			439,084			1,154,045
Administrative service fee		72,406			122,625			324,671			68,233			184,205			43,908			126,224
Transfer agent fees and expenses		1,035			882			4,724			678			681			528			560
Custodian fees		48,785			31,597			332,714			41,179			240,778			9,634			30,295
Reports to shareholders		17,495			34,652			66,337			15,545			38,849			10,174			25,422
Audit and tax fees		15,442			20,145			34,775			23,596			23,709			15,005			15,393
Legal fees		7,039			10,701			49,000			8,474			13,603			7,621			9,913
Directors’ fees and expenses		5,870			10,697			25,418			5,494			14,486			3,557			9,754
Interest expense		–			254			–			–			1,721			–			–
Other expenses		10,049			4,203			35,215			3,230			23,635			7,278			10,689
Total expenses before fee waivers, expense reimbursements, and fees paid indirectly		1,212,498			1,086,557			2,282,210			653,806			2,963,740			536,789			1,382,295
Fees waived and expenses reimbursed by investment adviser (Note 3)		–			–			–			–			(305,924	)		(3,617	)		–
Fees paid indirectly (Note 7)		(1,028	)		–			–			–			(1,193	)		–			(21,493	)
Net expenses		1,211,470			1,086,557			2,282,210			653,806			2,656,623			533,172			1,360,802
Net investment income (loss)		(755,387	)		5,409,425			9,688,923			3,084,486			2,499,851			716,570			216,727
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on investments (unaffiliated)**		6,014,979			1,495,529			(36,706,897	)		3,147,959			160,437			13,387,402			653,787
Net realized gain (loss) on investments (affiliated)		–			–			–			–			–			–			–
Net realized gain (loss) on futures contracts and written options contracts		367,460			–			(4,056,207	)		–			–			–			–
Net realized foreign exchange gain (loss) on other assets and liabilities		(16,672	)		(27,756	)		(197,973	)		(122,862	)		(65,152	)		18,223			106
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 3)		–			–			–			–						–			–
Net increase from payment by affiliates (Note 3)		–			–			–			–			–			–			–
Net realized gain (loss) on investments and foreign currencies		6,365,767			1,467,773			(40,961,077	)		3,025,097			95,285			13,405,625			653,893
Change in unrealized appreciation (depreciation) on investments (unaffiliated)		(26,564,620	)		10,596,244			(139,414,293	)		(6,107,358	)		(91,165,490	)		(29,088,064	)		(42,452,692	)
Change in unrealized appreciation (depreciation) on investments (affiliated)		–			–			–			–			–			–			–
Change in unrealized appreciation (depreciation) on futures contracts and written options contracts		(1,295,496	)		–			2,270,189			–			–			–			–
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		(19,408	)		(5,220	)		(216,410	)		(111,194	)		(53,755	)		(431	)		(1,103	)
Change in accrued capital gains tax on unrealized appreciation (depreciation)		(43,047	)		–			(16,175	)		–			(4,911	)		–			–
Net unrealized gain (loss) on investments and foreign currencies		(27,922,571	)		10,591,024			(137,376,689	)		(6,218,552	)		(91,224,156	)		(29,088,495	)		(42,453,795	)
Net realized and unrealized gain (loss) on investments and foreign currencies		(21,556,804	)		12,058,797			(178,337,766	)		(3,193,455	)		(91,128,871	)		(15,682,870	)		(41,799,902	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(22,312,191	)	$	17,468,222		$	(168,648,843	)	$	(108,969	)	$	(88,629,020	)	$	(14,966,300	)	$	(41,583,175	)
*   Net of foreign withholding taxes on interest and dividends of	$	5,216		$	3,519			662,240		$	804		$	320,849		$	–		$	2,550
** Net of foreign withholding taxes on capital gains of	$	12,726		$	–			–		$	–		$	–		$	–		$	–

† See Note 1

See Notes to Financial Statements

254

VALIC Company I

STATEMENTS OF OPERATIONS — For the Period Ended November 30, 2011 (Unaudited) — (continued)

	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
INVESTMENT INCOME:
Dividends (unaffiliated)	$	17,608,307		$	803,559		$	–		$	745,711		$	3,498,054		$	148,859		$	1,405,796
Dividends (affiliated)		–			–			–			–			–			–			–
Securities lending income		645,251			350,503			–			62,166			401,018			46,479			155,059
Interest (unaffiliated)		1,442			270			378,318			270			3,485			110			1,806
Total investment income*		18,255,000			1,154,332			378,318			808,147			3,902,557			195,448			1,562,661
EXPENSES:
Investment advisory and management fees		3,221,954			1,013,111			931,229			256,352			3,415,606			322,244			1,378,047
Administrative service fee		832,147			102,377			162,965			44,862			270,991			26,538			108,339
Transfer agent fees and expenses		5,792			760			6,017			4,286			4,484			528			570
Custodian fees		124,110			59,734			27,987			19,870			94,341			11,681			72,644
Reports to shareholders		225,129			50,873			28,508			12,217			62,558			22,001			25,957
Audit and tax fees		14,886			15,123			17,072			15,404			17,873			14,994			15,206
Legal fees		34,808			14,766			11,643			5,046			13,853			20,321			9,609
Directors’ fees and expenses		66,462			8,129			12,532			3,459			21,098			2,023			6,065
Interest expense		–			–			–			–			206			–			21
Other expenses		42,446			9,936			7,055			18,376			51,659			7,451			32,991
Total expenses before fee waivers, expense reimbursements, and fees paid indirectly		4,567,734			1,274,809			1,205,008			379,872			3,952,669			427,781			1,649,449
Fees waived and expenses reimbursed by investment adviser (Note 3)		–			(31,658	)		(850,064	)		(40,210	)		–			(52,460	)		(210,086	)
Fees paid indirectly (Note 7)		–			(15,657	)		–			–			(46,005	)		–			(20,279	)
Net expenses		4,567,734			1,227,494			354,944			339,662			3,906,664			375,321			1,419,084
Net investment income (loss)		13,687,266			(73,162	)		23,374			468,485			(4,107	)		(179,873	)		143,577
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on investments (unaffiliated)**		42,791,900			9,318,229			1,872			2,386,503			32,764,300			(1,996,477	)		11,195,836
Net realized gain (loss) on investments (affiliated)		–			–			–			–			–			–			–
Net realized gain (loss) on futures contracts and written options contracts		(4,857,946	)		–			–			(84,210	)		–			–			–
Net realized foreign exchange gain (loss) on other assets and liabilities		–			(77,197	)		–			–			145,555			–			(85	)
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 3)		–			–			–			–			–			–			–
Net increase from payment by affiliates (Note 3)		–			–			173,000			–			–			–			–
Net realized gain (loss) on investments and foreign currencies		37,933,954			9,241,032			174,872			2,302,293			32,909,855			(1,996,477	)		11,195,751
Change in unrealized appreciation (depreciation) on investments (unaffiliated)		(352,584,161	)		(53,215,236	)		–			(5,854,091	)		(131,987,417	)		(10,395,337	)		(52,209,018	)
Change in unrealized appreciation (depreciation) on investments (affiliated)		–			–			–			–			–			–			–
Change in unrealized appreciation (depreciation) on futures contracts and written options contracts		359,539			–			–			(48,284	)		–			–			–
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		–			(2,742	)		–			–			(127,884	)		–			(8	)
Change in accrued capital gains tax on unrealized appreciation (depreciation)		–			–			–			–			–			–			–
Net unrealized gain (loss) on investments and foreign currencies		(352,224,622	)		(53,217,978	)		–			(5,902,375	)		(132,115,301	)		(10,395,337	)		(52,209,026	)
Net realized and unrealized gain (loss) on investments and foreign currencies		(314,290,668	)		(43,976,946	)		174,872			(3,600,082	)		(99,205,446	)		(12,391,814	)		(41,013,275	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(300,603,402	)	$	(44,050,108	)	$	198,246		$	(3,131,597	)	$	(99,209,553	)	$	(12,571,687	)	$	(40,869,698	)
*   Net of foreign withholding taxes on interest and dividends of	$	–		$	9,188		$	–		$	3,531		$	104,695		$	1,342		$	343
** Net of foreign withholding taxes on capital gains of	$	–		$	–		$	–		$	–		$	–		$	–		$	–

See Notes to Financial Statements

255

VALIC Company I

STATEMENTS OF OPERATIONS — For the Period Ended November 30, 2011 (Unaudited) — (continued)

	SMALL CAP INDEX FUND			SMALL CAP SPECIAL VALUES FUND			SMALL-MID GROWTH FUND			STOCK INDEX FUND			VALUE FUND
INVESTMENT INCOME:
Dividends (unaffiliated)	$	6,199,557		$	1,561,791		$	166,032		$	35,875,318		$	1,594,981
Dividends (affiliated)		–			–			–			–			–
Securities lending income		1,093,243			72,278			54,353			491,803			–
Interest (unaffiliated)		1,248			868			86			1,791			495
Total investment income*		7,294,048			1,634,937			220,471			36,368,912			1,595,476
EXPENSES:
Investment advisory and management fees		1,296,241			734,563			444,867			4,232,802			483,304
Administrative service fee		292,948			68,559			36,636			1,131,815			43,374
Transfer agent fees and expenses		4,780			775			528			6,206			697
Custodian fees		129,030			56,089			37,471			157,009			14,649
Reports to shareholders		68,886			14,575			7,811			302,100			28,785
Audit and tax fees		16,363			15,248			15,131			15,023			14,951
Legal fees		15,902			8,165			7,167			43,652			10,628
Directors’ fees and expenses		22,905			5,136			2,862			87,546			3,327
Interest expense		–			364			1,716			–			–
Other expenses		6,115			10,830			9,606			58,442			3,858
Total expenses before fee waivers, expense reimbursements, and fees paid indirectly		1,853,170			914,304			563,795			6,034,595			603,573
Fees waived and expenses reimbursed by investment adviser (Note 3)		–			(32,825	)		(40,422	)		–			(76,893	)
Fees paid indirectly (Note 7)		–			(2,419	)		(14,928	)		–			(967	)
Net expenses		1,853,170			879,060			508,445			6,034,595			525,713
Net investment income (loss)		5,440,878			755,877			(287,974	)		30,334,317			1,069,763
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on investments (unaffiliated)**		34,438,392			3,344,682			2,219,022			38,773,807			(2,794,876	)
Net realized gain (loss) on investments (affiliated)		–			–			–			(1,221,105	)		–
Net realized gain (loss) on futures contracts and written options contracts		(4,001,072	)		–			–			(1,177,797	)		–
Net realized foreign exchange gain (loss) on other assets and liabilities		(303	)		–			–			–			(632	)
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 3)		–			–			(334,751	)		–			–
Net increase from payment by affiliates (Note 3)		–			–			334,751			–			–
Net realized gain (loss) on investments and foreign currencies		30,437,017			3,344,682			2,219,022			36,374,905			(2,795,508	)
Change in unrealized appreciation (depreciation) on investments (unaffiliated)		(157,946,586	)		(27,296,866	)		(16,786,699	)		(296,574,033	)		(14,599,933	)
Change in unrealized appreciation (depreciation) on investments (affiliated)		–			–			–			573,812			–
Change in unrealized appreciation (depreciation) on futures contracts and written options contracts		1,047,683			–			–			943,058			–
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		58			–			–			–			–
Change in accrued capital gains tax on unrealized appreciation (depreciation)		–			–			–			–			–
Net unrealized gain (loss) on investments and foreign currencies		(156,898,845	)		(27,296,866	)		(16,786,699	)		(295,057,163	)		(14,599,933	)
Net realized and unrealized gain (loss) on investments and foreign currencies		(126,461,828	)		(23,952,184	)		(14,567,677	)		(258,682,258	)		(17,395,441	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(121,020,950	)	$	(23,196,307	)	$	(14,855,651	)	$	(228,347,941	)	$	(16,325,678	)
*   Net of foreign withholding taxes on interest and dividends of	$	5,205		$	–		$	–		$	3,299		$	2,935
** Net of foreign withholding taxes on capital gains of	$	–		$	–		$	–		$	–		$	–

See Notes to Financial Statements

256

VALIC Company I

STATEMENTS OF CHANGES IN NET ASSETS

	ASSET ALLOCATION FUND						BLUE CHIP GROWTH FUND						BROAD CAP VALUE INCOME FUND						CAPITAL CONSERVATION FUND
	For the Six Months Ended November 30, 2011 (Unaudited)			For the Year Ended May 31, 2011			For the Six Months Ended November 30, 2011 (Unaudited)			For the Year Ended May 31, 2011			For the Six Months Ended November 30, 2011 (Unaudited)			For the Year Ended May 31, 2011			For the Six Months Ended November 30, 2011 (Unaudited)			For the Year Ended May 31, 2011
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	1,443,262		$	3,299,894		$	28,826		$	55,144		$	266,807		$	380,012		$	2,322,750		$	4,770,112
Net realized gain (loss) on investments and foreign currencies		1,489,804			12,924,705			9,710,608			42,599,563			(133,012	)		360,444			1,107,898			3,880,394
Net unrealized gain (loss) on investments and foreign currencies		(9,865,177	)		8,466,256			(29,743,877	)		56,775,870			(2,681,212	)		4,674,970			(818,540	)		1,502,778
Net increase (decrease) in net assets resulting from operations		(6,932,111	)		24,690,855			(20,004,443	)		99,430,577			(2,547,417	)		5,415,426			2,612,108			10,153,284
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		–			(2,715,898	)		–			(164,917	)		–			(389,897	)		–			(4,468,964	)
Net realized gain on securities		–			–			–			–			–			–			–			–
Total distributions to shareholders		–			(2,715,898	)		–			(164,917	)		–			(389,897	)		–			(4,468,964	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(2,502,289	)		(4,055,265	)		(40,435,676	)		(80,139,859	)		(357,299	)		3,695,938			13,391,645			6,810,891
TOTAL INCREASE (DECREASE) IN NET ASSETS		(9,434,400	)		17,919,692			(60,440,119	)		19,125,801			(2,904,716	)		8,721,467			16,003,753			12,495,211
NET ASSETS:
Beginning of period		145,048,977			127,129,285			444,091,990			424,966,189			29,023,041			20,301,574			142,652,232			130,157,021
End of period†	$	135,614,577		$	145,048,977		$	383,651,871		$	444,091,990		$	26,118,325		$	29,023,041		$	158,655,985		$	142,652,232
†  Includes accumulated undistributed net investment income (loss)	$	4,857,129		$	3,413,867		$	71,378		$	42,552		$	403,997		$	137,190		$	7,241,251		$	4,918,501

See Notes to Financial Statements

257

VALIC Company I

STATEMENTS OF CHANGES IN NET ASSETS — (continued)

	CORE EQUITY FUND						DIVIDEND VALUE FUND						EMERGING ECONOMIES FUND*						FOREIGN VALUE FUND
	For the Six Months Ended November 30, 2011 (Unaudited)			For the Year Ended May 31, 2011			For the Six Months Ended November 30, 2011 (Unaudited)			For the Year Ended May 31, 2011			For the Six Months Ended November 30, 2011 (Unaudited)			For the Year Ended May 31, 2011			For the Six Months Ended November 30, 2011 (Unaudited)			For the Year Ended May 31, 2011
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	1,628,792		$	2,483,519		$	3,048,792		$	3,888,479		$	773,589		$	2,661,452		$	9,318,597		$	24,935,819
Net realized gain (loss) on investments and foreign currencies		(2,623,925	)		23,492,484			1,516,605			(1,543,795	)		(36,583,753	)		18,664,996			2,396,411			35,953,964
Net unrealized gain (loss) on investments and foreign currencies		(26,861,764	)		28,303,895			(7,442,806	)		33,290,350			1,878,467			34,550,976			(205,154,631	)		212,427,984
Net increase (decrease) in net assets resulting from operations		(27,856,897	)		54,279,898			(2,877,409	)		35,635,034			(33,931,697	)		55,877,424			(193,439,623	)		273,317,767
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		–			(2,827,908	)		–			(1,825,993	)		–			(4,203,630	)		–			(15,826,838	)
Net realized gain on securities		–			–			–			–			–			–			–			–
Total distributions to shareholders		–			(2,827,908	)		–			(1,825,993	)		–			(4,203,630	)		–			(15,826,838	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(11,289,770	)		(19,662,215	)		80,868,840			35,741,649			40,012,276			(15,315,026	)		(7,926,569	)		44,819,419
TOTAL INCREASE (DECREASE) IN NET ASSETS		(39,146,667	)		31,789,775			77,991,431			69,550,690			6,080,579			36,358,768			(201,366,192	)		302,310,348
NET ASSETS:
Beginning of period		251,961,779			220,172,004			191,319,337			121,768,647			257,560,243			221,201,475			1,067,576,912			765,266,564
End of period†	$	212,815,112		$	251,961,779		$	269,310,768		$	191,319,337		$	263,640,822		$	257,560,243		$	866,210,720		$	1,067,576,912
†   Includes accumulated undistributed net investment income (loss)	$	4,113,295		$	2,484,503		$	6,970,707		$	3,921,915		$	3,500,780		$	2,727,191		$	34,156,854		$	24,838,257

* See Note 1

See Notes to Financial Statements

258

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 Six Months Ended November 30, 2011 (Unaudited)			For the Year Ended May 31, 2011			For the Six Months Ended November 30, 2011 (Unaudited)			For the Year Ended May 31, 2011			For the Six Months Ended November 30, 2011 (Unaudited)			For the Year Ended May 31, 2011			For the Six Months Ended November 30, 2011 (Unaudited)		For the Year Ended May 31, 2011
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	3,452,895		$	5,513,840		$	2,080,357		$	4,946,257		$	7,146,728		$	15,427,752		$	1,553,080	$	2,622,302
Net realized gain (loss) on investments and foreign currencies		10,203,996			55,556,329			(7,442,725	)		20,199,416			9,420,247			21,302,012			4,140,215		490,988
Net unrealized gain (loss) on investments and foreign currencies		(59,120,347	)		16,856,569			(28,450,655	)		44,077,728			(65,905,819	)		66,504,787			1,204,045		624,131
Net increase (decrease) in net assets resulting from operations		(45,463,456	)		77,926,738			(33,813,023	)		69,223,401			(49,338,844	)		103,234,551			6,897,340		3,737,421
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		–			(16,597,111	)		–			(4,402,588	)		–			(15,053,864	)		–		(3,564,524	)
Net realized gain on securities		–			(3,335,070	)		–			–			–			–			–		–
Total distributions to shareholders		–			(19,932,181	)		–			(4,402,588	)		–			(15,053,864	)		–		(3,564,524	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(2,841,468	)		(20,901,235	)		2,683,913			(32,731,268	)		(30,843,481	)		63,771,084			8,552,219		(14,107,974	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(48,304,924	)		37,093,322			(31,129,110	)		32,089,545			(80,182,325	)		151,951,771			15,449,559		(13,935,077	)
NET ASSETS:
Beginning of period		313,781,036			276,687,714			292,234,157			260,144,612			546,499,984			394,548,213			111,118,408		125,053,485
End of period†	$	265,476,112		$	313,781,036		$	261,105,047		$	292,234,157		$	466,317,659		$	546,499,984		$	126,567,967	$	111,118,408
†  Includes accumulated undistributed net investment income (loss)	$	1,280,450		$	(2,172,445	)	$	7,290,348		$	5,209,991		$	29,457,138		$	22,310,410		$	4,203,361	$	2,650,281

See Notes to Financial Statements

259

VALIC Company I

STATEMENTS OF CHANGES IN NET ASSETS — (continued)

	GROWTH FUND						GROWTH & INCOME FUND						HEALTH SCIENCES FUND						INFLATION PROTECTED FUND
	For the Six Months Ended November 30, 2011 (Unaudited)			For the Year Ended May 31, 2011			For the Six Months Ended November  30, 2011 (Unaudited)			For the Year Ended May 31, 2011			For the Six Months Ended November 30, 2011 (Unaudited)			For the Year Ended May 31, 2011			For the Six Months Ended November 30, 2011 (Unaudited)		For the Year Ended May 31, 2011
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	2,884,458		$	5,127,071		$	416,381		$	652,589		$	(755,387	)	$	14,661		$	5,409,425	$	8,841,915
Net realized gain (loss) on investments and foreign currencies		15,530,781			92,344,631			(3,896,605	)		7,079,621			6,365,767			13,652,789			1,467,773		2,095,230
Net unrealized gain (loss) on investments and foreign currencies		(73,976,876	)		88,976,179			(5,319,596	)		10,198,659			(27,922,571	)		52,270,045			10,591,024		14,361,197
Net increase (decrease) in net assets resulting from operations		(55,561,637	)		186,447,881			(8,799,820	)		17,930,869			(22,312,191	)		65,937,495			17,468,222		25,298,342
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		–			(4,559,911	)		–			(1,026,650	)		–			–			–		(5,626,559	)
Net realized gain on securities		–			–			–			–			–			–			–		–
Total distributions to shareholders		–			(4,559,911	)		–			(1,026,650	)		–			–			–		(5,626,559	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(30,884,614	)		(38,245,637	)		(3,258,142	)		(5,391,896	)		3,584,959			(7,084,090	)		4,243,210		97,736,511
TOTAL INCREASE (DECREASE) IN NET ASSETS		(86,446,251	)		143,642,333			(12,057,962	)		11,512,323			(18,727,232	)		58,853,405			21,711,432		117,408,294
NET ASSETS:
Beginning of period		800,022,486			656,380,153			91,114,296			79,601,973			229,068,973			170,215,568			347,946,500		230,538,206
End of period†	$	713,576,235		$	800,022,486		$	79,056,334		$	91,114,296		$	210,341,741		$	229,068,973		$	369,657,932	$	347,946,500
†  Includes accumulated undistributed net investment income (loss)	$	7,720,400		$	4,835,942		$	1,060,414		$	644,033		$	(684,253	)	$	71,134		$	10,938,685	$	5,529,260

See Notes to Financial Statements

260

VALIC Company I

STATEMENTS OF CHANGES IN NET ASSETS — (continued)

	INTERNATIONAL EQUITIES FUND						INTERNATIONAL GOVERNMENT BOND FUND						INTERNATIONAL GROWTH FUND*						LARGE CAP CORE FUND
	For the Six Months Ended November 30, 2011 (Unaudited)			For the Year Ended May 31, 2011			For the Six Months Ended November 30, 2011 (Unaudited)			For the Year Ended May 31, 2011			For the Six Months Ended November  30, 2011 (Unaudited)			For the Year Ended May 31, 2011			For the Six Months Ended November  30, 2011 (Unaudited)			For the Year Ended May 31, 2011
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	9,688,923		$	23,177,250		$	3,084,486		$	5,450,749		$	2,499,851		$	8,518,720		$	716,570		$	1,185,814
Net realized gain (loss) on investments and foreign currencies		(40,961,077	)		14,672,833			3,025,097			6,837,108			95,285			32,656,067			13,405,625			8,705,697
Net unrealized gain (loss) on investments and foreign currencies		(137,376,689	)		196,033,529			(6,218,552	)		7,410,859			(91,224,156	)		120,323,490			(29,088,495	)		30,025,034
Net increase (decrease) in net assets resulting from operations		(168,648,843	)		233,883,612			(108,969	)		19,698,716			(88,629,020	)		161,498,277			(14,966,300	)		39,916,545
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		–			(21,806,627	)		–			(7,384,808	)		–			(7,823,021	)		–			(1,344,726	)
Net realized gain on securities		–			–			–			–			–			–			–			–
Total distributions to shareholders		–			(21,806,627	)		–			(7,384,808	)		–			(7,823,021	)		–			(1,344,726	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		27,451,881			32,280,461			15,147,167			29,063,386			(35,331,338	)		(7,719,280	)		(6,902,104	)		(8,823,763	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(141,196,962	)		244,357,446			15,038,198			41,377,294			(123,960,358	)		145,955,976			(21,868,404	)		29,748,056
NET ASSETS:
Beginning of period		1,028,196,880			783,839,434			189,309,325			147,932,031			617,719,790			471,763,814			145,975,276			116,227,220
End of period†	$	886,999,918		$	1,028,196,880		$	204,347,523		$	189,309,325		$	493,759,432		$	617,719,790		$	124,106,872		$	145,975,276
†   Includes accumulated undistributed net investment income (loss)	$	33,377,415		$	23,688,492		$	6,468,903		$	3,384,417		$	10,927,834		$	8,427,983		$	1,909,515		$	1,192,945

* See Note 1

See Notes to Financial Statements

261

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 Six Months Ended November 30, 2011 (Unaudited)			For the Year Ended May 31, 2011			For the Six Months Ended November 30, 2011 (Unaudited)			For the Year Ended May 31, 2011			For the Six Months Ended November 30, 2011 (Unaudited)			For the Year Ended May 31, 2011			For the Six Months Ended November 30, 2011 (Unaudited)			For the Year Ended May 31, 2011
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	216,727		$	1,003,021		$	13,687,266		$	22,232,866		$	(73,162	)	$	349,167		$	23,374		$	51,205
Net realized gain (loss) on investments and foreign currencies		653,893			45,651,594			37,933,954			123,248,272			9,241,032			33,241,876			174,872			(1,181	)
Net unrealized gain (loss) on investments and foreign currencies		(42,453,795	)		42,624,972			(352,224,622	)		532,464,733			(53,217,978	)		58,188,422			–			–
Net increase (decrease) in net assets resulting from operations		(41,583,175	)		89,279,587			(300,603,402	)		677,945,871			(44,050,108	)		91,779,465			198,246			50,024
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		–			(1,510,142	)		–			(23,994,410	)		–			(170,688	)		(23,374	)		(49,917	)
Net realized gain on securities		–			–			–			–			–			–			–
Total distributions to shareholders		–			(1,510,142	)		–			(23,994,410	)		–			(170,688	)		(23,374	)		(49,917	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(15,308,786	)		(32,524,355	)		(101,826,752	)		(19,360,540	)		(32,891,034	)		1,522,985			(42,796,786	)		(67,715,711	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(56,891,961	)		55,245,090			(402,430,154	)		634,590,921			(76,941,142	)		93,131,762			(42,621,914	)		(67,715,604	)
NET ASSETS:
Beginning of period		402,976,547			347,731,457			2,736,231,855			2,101,640,934			341,240,930			248,109,168			473,442,961			541,158,565
End of period†	$	346,084,586		$	402,976,547		$	2,333,801,701		$	2,736,231,855		$	264,299,788		$	341,240,930		$	430,821,047		$	473,442,961
†  Includes accumulated undistributed net investment income (loss)	$	1,235,593		$	1,018,866		$	36,048,439		$	22,361,173		$	268,274		$	341,436		$	1,134		$	1,134

See Notes to Financial Statements

262

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 Six Months Ended November 30, 2011 (Unaudited)			For the Year Ended May 31, 2011			For the Six Months Ended November 30, 2011 (Unaudited)			For the Year Ended May 31, 2011			For the Six Months Ended November 30, 2011 (Unaudited)			For the Year Ended May 31, 2011			For the Six Months Ended November 30, 2011 (Unaudited)			For the Year Ended May 31, 2011
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	468,485		$	500,384		$	(4,107	)	$	(1,711,180	)	$	(179,873	)	$	(516,630	)	$	143,577		$	192,239
Net realized gain (loss) on investments and foreign currencies		2,302,293			19,620,399			32,909,855			156,171,141			(1,996,477	)		9,881,623			11,195,751			25,052,548
Net unrealized gain (loss) on investments and foreign currencies		(5,902,375	)		8,441,720			(132,115,301	)		88,685,393			(10,395,337	)		12,848,410			(52,209,026	)		70,272,977
Net increase (decrease) in net assets resulting from operations		(3,131,597	)		28,562,503			(99,209,553	)		243,145,354			(12,571,687	)		22,213,403			(40,869,698	)		95,517,764
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		–			(280,420	)		–			(20,804	)		–			–			–			(532,422	)
Net realized gain on securities		–			–			–			–			–			–			–			–
Total distributions to shareholders		–			(280,420	)		–			(20,804	)		–			–			–			(532,422	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		15,434,228			(3,824,815	)		(50,719,292	)		(64,303,894	)		(4,979,162	)		(17,598,157	)		(11,689,745	)		(24,202,691	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		12,302,631			24,457,268			(149,928,845	)		178,820,656			(17,550,849	)		4,615,246			(52,559,443	)		70,782,651
NET ASSETS:
Beginning of period		127,159,971			102,702,703			888,917,907			710,097,251			91,325,988			86,710,742			357,570,680			286,788,029
End of period†	$	139,462,602		$	127,159,971		$	738,989,062		$	888,917,907		$	73,775,139		$	91,325,988		$	305,011,237		$	357,570,680
†  Includes accumulated undistributed net investment income (loss)	$	977,588		$	509,103		$	228,535		$	232,642		$	(182,912	)	$	(3,039	)	$	137,241		$	(6,336	)

See Notes to Financial Statements

263

VALIC Company I

STATEMENTS OF CHANGES IN NET ASSETS — (continued)

	SMALL CAP INDEX FUND						SMALL CAP SPECIAL VALUES FUND						SMALL-MID GROWTH FUND
	For the Six Months Ended November  30, 2011 (Unaudited)			For the Year Ended May 31, 2011			For the Six Months Ended November 30, 2011 (Unaudited)			For the Year Ended May 31, 2011			For the Six Months Ended November 30, 2011 (Unaudited)			For the Year Ended May 31, 2011
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	5,440,878		$	8,209,617		$	755,877		$	1,414,327		$	(287,974	)	$	(634,749	)
Net realized gain (loss) on investments and foreign currencies		30,437,017			13,949,563			3,344,682			16,742,114			2,219,022			24,992,987
Net unrealized gain (loss) on investments and foreign currencies		(156,898,845	)		205,108,020			(27,296,866	)		22,304,486			(16,786,699	)		9,678,253
Net increase (decrease) in net assets resulting from operations		(121,020,950	)		227,267,200			(23,196,307	)		40,460,927			(14,855,651	)		34,036,491
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		–			(7,454,783	)		–			(1,370,590	)		–			(719	)
Net realized gain on securities		–			–			–			–			–			–
Total distributions to shareholders		–			(7,454,783	)		–			(1,370,590	)		–			(719	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(35,528,504	)		(50,238,624	)		(15,492,635	)		(20,260,747	)		(4,496,275	)		(8,321,449	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(156,549,454	)		169,573,793			(38,688,942	)		18,829,590			(19,351,926	)		25,714,323
NET ASSETS:
Beginning of period		978,591,979			809,018,186			227,950,519			209,120,929			121,033,362			95,319,039
End of period†	$	822,042,525		$	978,591,979		$	189,261,577		$	227,950,519		$	101,681,436		$	121,033,362
†  Includes accumulated undistributed net investment income (loss)	$	14,302,426		$	8,861,548		$	2,329,769		$	1,573,892		$	(254,018	)	$	33,956

See Notes to Financial Statements

264

VALIC Company I

STATEMENTS OF CHANGES IN NET ASSETS — (continued)

	STOCK INDEX FUND						VALUE FUND
	For the Six Months Ended November 30, 2011 (Unaudited)			For the Year Ended May 31, 2011			For the Six Months Ended November 30, 2011 (Unaudited)			For the Year Ended May 31, 2011
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	30,334,317		$	55,561,020		$	1,069,763		$	1,572,748
Net realized gain (loss) on investments and foreign currencies		36,374,905			172,249,100			(2,795,508	)		23,062,372
Net unrealized gain (loss) on investments and foreign currencies		(295,057,163	)		518,340,529			(14,599,933	)		6,502,293
Net increase (decrease) in net assets resulting from operations		(228,347,941	)		746,150,649			(16,325,678	)		31,137,413
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		–			(51,510,288	)		–			(999,315	)
Net realized gain on securities		–			(48,916,826	)		–			–
Total distributions to shareholders		–			(100,427,114	)		–			(999,315	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(87,467,831	)		(84,704,900	)		(21,266,675	)		(32,716,079	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(315,815,772	)		561,018,635			(37,592,353	)		(2,577,981	)
NET ASSETS:
Beginning of period		3,551,607,396			2,990,588,761			152,456,630			155,034,611
End of period†	$	3,235,791,624		$	3,551,607,396		$	114,864,277		$	152,456,630
†  Includes accumulated undistributed net investment income (loss)	$	85,742,287		$	55,407,970		$	2,667,180		$	1,597,417

See Notes to Financial Statements

265

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (Unaudited)

Note 1 — Organization

VALIC Company I (the “Series” or “VC I”) was incorporated under the laws of Maryland on December 7, 1984, by The Variable Annuity Life Insurance Company (“VALIC”). 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	International Growth Fund (formerly International Growth I Fund)*
Blue Chip Growth Fund	International Government Bond Fund
Broad Cap Value Income Fund	Large Cap Core Fund
Capital Conservation Fund	Large Capital Growth Fund
Core Equity Fund	Mid Cap Index Fund
Dividend Value Fund	Mid Cap Strategic Growth Fund
Emerging Economies Fund (formerly Global Equity Fund)*	Money Market I Fund
Foreign Value Fund	Nasdaq-100® Index Fund
Global Real Estate Fund	Science & Technology Fund
Global Social Awareness Fund	Small Cap Aggressive Growth Fund
Global Strategy Fund	Small Cap Fund
Government Securities Fund	Small Cap Index Fund
Growth Fund	Small Cap Special Values Fund
Growth & Income Fund	Small-Mid Growth Fund
Health Sciences Fund	Stock Index Fund
Inflation Protected Fund	Value Fund
International Equities Fund

* On October 1, 2011, the name of the Global Equity Fund was changed to Emerging Economies Fund and the name of the International Growth I Fund was changed to International Growth Fund.

Each Fund is diversified with the exception of International Government Bond Fund, Nasdaq-100^® Index Fund and Inflation Protected 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 the security. This determination will be based on review of a number of factors, including developments in foreign markets, the performance of U.S. securities markets, and the performance of instruments trading in U.S. markets that represent foreign securities and baskets of foreign securities. If 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 of Directors (“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 and foreign equity futures contracts, the Fund uses an outside pricing service to provide it with closing market prices and information used for adjusting those prices.

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.

266

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (Unaudited) — (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 traded on national securities exchanges are valued at the quoted daily settlement price established by the exchange on which they trade. 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 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 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 indices, quoted prices in inactive markets, adjusted quoted prices in active markets, adjusted quoted prices on foreign equity securities that were adjusted in accordance with pricing procedures approved by the Board, 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 November 30, 2011 are reported on a schedule following the Portfolio of Investments.

B. Derivative Instruments

The following tables represent the value of derivatives held as of November 30, 2011, by their primary underlying risk exposure and respective location on the Statement of Assets and Liabilities and the effect of derivatives on the Statement of Operations for the period ended November 30, 2011:

	Asset Allocation Fund
	Asset Derivatives 2011			Liability Derivatives 2011
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	$	161,005	Variation margin on futures contracts	$	—
Equity contracts(3)(4)	Variation margin on futures contracts		4,297	Variation margin on futures contracts		—
		$	165,302		$	—

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	$	(2,860	)	$	6,916
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		(165,757	)		39,704
		$	(168,617	)	$	46,620

267

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)

(1) The Fund’s derivative contracts held during the period ended November 30, 2011, are not accounted for as hedging instruments under accounting principles generally accepted in the United States of America.

(2) The average value outstanding for interest rate futures contracts was $237,130

(3) The average value outstanding for equity futures contracts was $2,147,566

(4) The variation margin on futures contracts is included in the cumulative unrealized appreciation (depreciation) of $152,780 as reported in the Portfolio of Investments.

	Emerging Economies Fund†
	Asset Derivatives 2011			Liability Derivatives 2011
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	$	—	Unrealized depreciation on forward foreign currency 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
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	$	(861,465	)	$	131,002

† See Note 1

(1) The Fund’s derivative contracts held during the period ended November 30, 2011, 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 $71,505,447

	Global Social Awareness Fund
	Asset Derivatives 2011			Liability Derivatives 2011
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	$	247,500	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(3)	Net realized gain (loss) on futures contracts and written options contracts/Change in unrealized appreciation (depreciation) on futures contracts and written options contracts	$	(685,730	)	$	(63,269	)

(1) The Fund’s derivative contracts held during the period ended November 30, 2011, are not accounted for as hedging instruments under accounting principles generally accepted in the United States of America.

(2) The variation margin on futures contracts is included in the cumulative unrealized appreciation (depreciation) of $444,700 as reported in the Portfolio of Investments.

(3) The average value outstanding for equity futures contracts was $8,722,242

	Global Strategy Fund
	Asset Derivatives 2011			Liability Derivatives 2011
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	$	1,656,356	Unrealized depreciation on forward foreign currency contracts	$	3,694,852

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	$	1,179,569	$	(3,065,649	)

268

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)

(1) The Fund’s derivative contracts held during the period ended November 30, 2011, are not accounted for as hedging instruments under accounting principals generally accepted in the United States of America.

(2) The average notional amount outstanding for forward foreign currency contracts was $157,433,189.

	Growth Fund
	Asset Derivatives 2011			Liability Derivatives 2011
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	$	—	Unrealized depreciation on forward foreign currency 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
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	$	(18,572	)	$	20,215

(1) The Fund’s derivative contracts held during the period ended November 30, 2011, 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 $16,529.

	Health Sciences Fund
	Asset Derivatives 2011			Liability Derivatives 2011
Derivative Contracts(1)	Statements of Assets and Liabilities Location	Value		Statements of Assets and Liabilities Location	Value
Equity contracts(2)(3)(5)	Call and put options written, at value	$	—	Call and put options written, at value	$	5,077,639
	Call and put options purchased, at value		158,050	Call and put options purchased, at value		—
		$	158,050		$	5,077,639

Derivative Contracts(1)	Location of Gain (Loss) on Derivatives Recognized in Statement of Operations	Realized Gain (Loss) on Derivatives Recognized in Statement of Operations			Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations
Equity contracts(2)(3)(4)(6)	Net realized gain (loss) on futures contracts and written options contracts/Change in unrealized appreciation (depreciation) on futures contracts and written options contracts	$	367,460		$	(1,295,496	)
	Net realized gain (loss) on purchased options/Change in unrealized appreciation (depreciation) on purchased options		(11,876	)		68,421
		$	355,584		$	(1,227,075	)

(1) The Fund’s derivative contracts held during the period ended November 30, 2011, are not accounted for as hedging instruments under accounting principles generally accepted in the United States of America.

(2) The average value outstanding for written options equity contracts was $5,159,013

(3) The average value outstanding for purchased options equity contracts was $55,277

(4) The options purchased are included in net realized gain (loss) on investments

(5) Purchased options contracts are included in investments at value (unaffiliated)

(6) The change in unrealized appreciation (depreciation) on purchased options contracts is included in change in unrealized appreciation (depreciation) on investments (unaffiliated)

	International Equities Fund
	Asset Derivatives 2011			Liability Derivatives 2011
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	$	2,672,685	Variation margin on futures contracts	$	—

269

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)

Derivative Contracts(1)	Location of Gain (Loss) on Derivatives Recognized in Statement of Operations	Realized Gain (Loss) on Derivatives Recognized in Statement of  Operations			Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations
Equity contracts(2)	Net realized gain (loss) on futures contracts and written options contracts/Change in unrealized appreciation (depreciation) on futures contracts and written options contracts	$	(4,056,207	)	$	2,270,189

(1) The Fund’s derivative contracts held during the period ended November 30, 2011, are not accounted for as hedging instruments under accounting principles generally accepted in the United States of America.

(2) The average value outstanding for equity futures contracts was $31,837,712

(3) The variation margin on futures contracts is included in the cumulative unrealized appreciation (depreciation) of $2,802,290 as reported in the Portfolio of Investments.

	International Government Bond Fund
	Asset Derivatives 2011			Liability Derivatives 2011
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	$	25,135	Unrealized depreciation on forward foreign currency contracts	$	63,541

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(2)	Net realized foreign exchange gain (loss) on other assets and liabilities/Change in unrealized foreign exchange gain (loss) on other assets and liabilities	$	(92,392	)	$	13,128

(1) The Fund’s derivative contracts held during the period ended November 30, 2011, 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 $6,326,821

	Mid Cap Index Fund
	Asset Derivatives 2011			Liability Derivatives 2011
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	$	1,389,500	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	$	(4,857,946	)	$	359,539

(1) The Fund’s derivative contracts held during the period ended November 30, 2011, are not accounted for as hedging instruments under accounting principles generally accepted in the United States of America.

(2) The average value outstanding for equity futures contracts was $26,786,722

(3) The variation margin on futures contracts is included in the cumulative unrealized appreciation (depreciation) of $182,143 as reported in the Portfolio of Investments.

	Nasdaq-100® Index Fund
	Asset Derivatives 2011			Liability Derivatives 2011
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	$	156,750	Variation margin on futures contracts	$	—

270

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)

Derivative Contracts(1)	Location of Gain (Loss) on Derivatives Recognized in Statement of Operations	Realized Gain (Loss) on Derivatives Recognized in Statement of Operations			Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement  of Operations
Equity contracts(2)	Net realized gain (loss) on futures contracts and written options contracts/Change in unrealized appreciation (depreciation) on futures contracts and written options contracts	$	(84,210	)	$	(48,284	)

(1) The Fund’s derivative contracts held during the period ended November 30, 2011, are not accounted for as hedging instruments under accounting principles generally accepted in the United States of America.

(2) The average value outstanding for equity futures contracts was $4,234,026

(3) The variation margin on futures contracts is included in the cumulative unrealized appreciation (depreciation) of $(22,168) as reported in the Portfolio of Investments.

	Small Cap Index Fund
	Asset Derivatives 2011			Liability Derivatives 2011
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	$	902,720	Variation margin on futures contracts	$	—

Derivative Contracts(1)	Location of Gain (Loss) on Derivatives Recognized in Statement of Operations	Realized Gain (Loss) on Derivatives Recognized in Statement of Operations			Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations
Equity contracts(2)	Net realized gain (loss) on futures contracts and written options contracts/Change in unrealized appreciation (depreciation) on futures contracts and written options contracts	$	(4,001,072	)	$	1,047,683

(1) The Fund’s derivative contracts held during the period ended November 30, 2011, are not accounted for as hedging instruments under accounting principles generally accepted in the United States of America.

(2) The average value outstanding for equity futures contracts was $22,010,745

(3) The variation margin on futures contracts is included in the cumulative unrealized appreciation (depreciation) of $1,346,838 as reported in the Portfolio of Investments.

	Stock Index Fund
	Asset Derivatives 2011			Liability Derivatives 2011
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	$	1,259,775	Variation margin on futures contracts	$	—

Derivative Contracts(1)	Location of Gain (Loss) on Derivatives Recognized in Statement of Operations	Realized Gain (Loss) on Derivatives Recognized in Statement of Operations			Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations
Equity contracts(2)	Net realized gain (loss) on futures contracts and written options contracts/Change in unrealized appreciation (depreciation) on futures contracts and written options contracts	$	(1,177,797	)	$	943,058

(1) The Fund’s derivative contracts held during the period ended November 30, 2011, are not accounted for as hedging instruments under accounting principles generally accepted in the United States of America.

(2) The average value outstanding for equity futures contracts was $30,876,895

(3) The variation margin on futures contracts is included in the cumulative unrealized appreciation (depreciation) of $1,234,224 as reported in the Portfolio of Investments.

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, to hedge portfolio exposure to benchmark currency allocations, to manage and/or gain exposure to certain foreign currencies or to enhance return. During the period ended November 30, 2011, the Emerging Economies Fund used Forward Currency Contracts to hedge portfolio exposure to benchmark currency allocations and enhance returns. The Growth Fund and International Government Bond Fund used Forward Foreign Currency Contracts to protect securities and related receivables and payables against changes in

271

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)

future foreign exchange rates. The Global Strategy Fund used Forward Contracts to protect securities and related receivables and payables against changes in future foreign exchange rates and to enhance return. As of November 30, 2011, the following Funds had open forward contracts: Global Strategy 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 cumulative change in market value is recorded by the Fund as unrealized appreciation or depreciation 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, market risk and illiquidity risk. Counterparty risk arises upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts. If the counterparty defaults, the Fund’s loss will generally consist of the net amount of contractual payments that the Fund has not yet received though the Fund’s maximum risk due to counterparty credit risk could extend to the notional amount of the contract. Market risk is the risk that the value of the forward contract will depreciate due to unfavorable changes in the exchange rates. These contracts may involve market risk in excess of the unrealized appreciation or depreciation reflected on the Statement of Assets and Liabilities. Illiquidity risk arises because the secondary market for forwards may have less liquidity relative to markets for other securities. Currency transactions are also subject to risks different from those of other Fund transactions. Because currency control is of great importance to the issuing governments and influences economic planning and policy, purchases and sales of currency and related instruments can be adversely affected by government exchange controls, limitations or restrictions on repatriation of currency, and manipulations or exchange restrictions imposed by governments.

Futures 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, to manage duration and yield curve positioning or to enhance income or total return. During the period ended November 30, 2011, the 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, used futures contracts to increase exposure to equity or bond markets. As of November 30, 2011, 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 on the Statement of Assets and Liabilities. When a contract is closed, the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

The primary risk to the Funds of entering into futures contracts is market risk. Market risk is the risk that there will be an unfavorable change in the interest rate, value or currency rate of the underlying security(ies). Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed on the Statement of Assets and Liabilities. There may also be trading restrictions or limitations imposed by an exchange, and government regulations may restrict trading in futures contracts. While the Funds will generally only purchase exchange-traded futures, due to market conditions, there may not always be a liquid secondary market for a futures contract and, as a result, a Fund may be unable to close out its futures contracts at a time which is advantageous. In addition, if a Fund has insufficient cash to meet margin requirements, the Fund may need to sell other investments, including at disadvantageous times. There is generally minimal counterparty credit risk to the Funds since the futures are generally exchange-traded.

Options. Certain Funds may enter into option contracts for various purposes, including to facilitate trading, increase or decrease a Fund’s market exposure, to seek higher investment returns, to seek protection against a decline in the value of a Fund’s securities or an increase in prices of securities that may be purchased, or to generate income. During the period ended November 30, 2011, the Health Sciences Fund used options contracts to generate income and seek protection against a decline in the value of the Fund’s securities or an increase in prices of securities that may be purchased. As of November 30, 2011, 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.

272

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)

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.

During the period ended November 30, 2011 the following Funds had options written:

	Written Options
	Health Sciences
	Number of Contracts			Premiums Received
Options Outstanding as of May 31, 2011		7,507		$	4,663,729
Options Written		4,753			2,393,724
Options terminated in closing purchase transactions		(2,454	)		(1,392,074	)
Options exercised		(353	)		(261,273	)
Options expired		(1,564	)		(409,159	)
Options Outstanding as of November 30, 2011		7,889		$	4,994,947

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 November 30, 2011, the following funds held an undivided interest in the joint repurchase agreement with State Street Bank & Trust Co.:

Fund	Percentage Ownership			Principal Amount
Dividend Value		0.52	%	$	1,755,000
Government Securities		1.40	%		4,695,000
Growth & Income		0.91	%		3,051,000
Large Capital Growth		1.71	%		5,727,000
Mid Cap Index		7.39	%		24,833,000
Nasdaq-100® Index		1.10	%		3,703,000
Small Cap Index		3.89	%		13,049,000
Stock Index		6.53	%		21,948,000

As of such date, the repurchase agreement in that joint account and the collateral therefore were as follows:

State Street Bank & Trust Co., dated November 30, 2011, bearing interest at a rate of 0.01% per annum, with a principal amount of $335,868,000, a repurchase price of $335,868,093, and a maturity date of December 1, 2011. The repurchase agreement is collateralized by the following:

Type of Collateral	Interest Rate			Maturity Date		Principal Amount		Market Value
U.S. Treasury Notes		0.75	%		12/15/13	$	152,580,000	$	154,487,250
U.S. Treasury Notes		1.00	%		01/15/14		75,000,000		76,312,500
U.S. Treasury Notes		1.38	%		11/30/15		50,000,000		51,351,550
U.S. Treasury Notes		1.75	%		07/31/15		50,000,000		52,375,000
U.S. Treasury Notes		2.25	%		11/30/17		7,625,000		8,063,438

As of November 30, 2011, the following funds held an undivided interest in the joint repurchase agreement with UBS Securities LLC:

Fund	Percentage Ownership			Principal Amount
Money Market I		29.64	%	$	74,104,000

As of such date, the repurchase agreement in that joint account and the collateral therefore were as follows:

273

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)

UBS Securities LLC, dated November 30, 2011, bearing interest at a rate of 0.08% per annum, with a principal amount of $250,000,000, a repurchase price of 250,000,556 and a maturity date of December 1, 2011. 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		1.88	%		07/15/19	$	34,182,600	$	42,856,435
U.S. Treasury Inflation Index Notes		2.00	%		07/15/14		115,000,000		150,793,750
U.S. Treasury Inflation Index Notes		2.38	%		01/15/25		40,000,000		61,350,000

D. 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.

The Series 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.

E. Investment Securities Loaned

To realize additional income, a Fund, except for the Money Market I Fund, may lend portfolio securities with a value of up to 33 ¹/3% of its total assets. 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 from the investment of cash collateral, in addition to lending fees and rebates paid by borrower, less expenses associated with the loan. 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.

F. 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 Real Estate Investment Trusts (“REIT”) investments are recharacterized based on information provided by the REIT into the following categories: ordinary income, long-term and short-term capital gains, and return of capital. If information is not available on a timely basis from the REIT, the recharacterization will be based on available information which may include the previous year’s allocation. If new or additional information becomes available from the REIT at a later date, a recharacterization will be made in the following year. The amount recharacterized as ordinary income is recorded as dividend income and the amount recharacterized as capital gain is recorded as realized gain in the Statement of Operations. The amount recharacterized as return of capital is recorded as a reduction to the cost of investments in the Statement of Assets and Liabilities. These recharacterizations are reflected in the accompanying financial statements. 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 2007.

274

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)

G. Mortgage-Backed Dollar Rolls

During the period ended November 30, 2011, the Government Securities Fund entered into dollar rolls using “to be announced” (“TBA”) mortgage-backed securities (“TBA Rolls”). The Fund accounts for the 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 into which the transaction is entered. As of November 30, 2011, none of the Funds had TBA Rolls outstanding.

Dollar roll transactions involve the risk that the market value of the securities held by the Fund may decline below the price of the securities that the Fund has sold but is obligated to repurchase under the agreement. In the event that the buyer of securities in a dollar roll transaction files bankruptcy or becomes insolvent, the Fund’s use of the proceeds from the sale of the securities may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce the Fund’s obligation to repurchase the securities. The return earned by the Fund with the proceeds of the dollar roll transaction may not exceed the transaction costs. For the period ended November 30, 2011, the Government Securities Fund had realized gains from mortgage-backed dollar rolls of $351,563.

Note 3 — Advisory Fees and Other Transactions with Affiliates

VALIC, an indirect wholly owned subsidiary of AIG, serves as investment adviser to VC I. Certain officers and directors of VC I are officers and directors of VALIC or affiliates of VALIC.

VALIC receives from VC I a monthly fee based on each fund’s average daily net asset value at the following annual rates.

International Equities Fund	0.35% on the first $500 million
	0.25% on the next $500 million
	0.24% on assets over $1 billion
Mid Cap Index Fund	0.35% on the first $500 million
Small Cap Index Fund	0.25% on the next $2.5 billion
Stock Index Fund	0.20% on the next $2 billion
	0.15% on assets over $5 billion
Blue Chip Growth Fund	0.75% on the first $250 million
	0.725% on the next $250 million
	0.70% on assets over $500 million
Core Equity Fund	0.80% on the first $250 million
	0.75% on the next $250 million
	0.70% on the next $500 million
	0.65% on assets over $1 billion
Growth & Income Fund	0.75% on the first $500 million
	0.725% on assets over $500 million
Science & Technology Fund	0.90% on first $500 million
	0.85% on assets over $500 million
Small Cap Fund	0.90% on the first $250 million
	0.85% on the next $250 million
	0.80% on the next $500 million
	0.75% on assets over $1 billion
Health Sciences Fund	1.00% on first $500 million
	0.95% on assets over $500 million
Inflation Protected Fund	0.50% on the first $250 million
	0.45% on the next $250 million
	0.40% on assets over $500 million
International Growth Fund†	0.95% on the first $250 million
	0.90% on the next $250 million
	0.85% on the next $500 million
	0.80% on assets over $1 billion
Large Capital Growth Fund	0.64% on the first $750 million
	0.59% on assets over $750 million
Mid Cap Strategic Growth Fund	0.70% on the first $250 million
	0.65% on the next $250 million
	0.60% on assets over $500 million

275

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)

Asset Allocation Fund	0.50% on first $300 million
	0.475% on next $200 million
	0.45% on assets over $500 million
Global Social Awareness Fund	0.50% on first $500 million
	0.475% on next $500 million
	0.45% on assets over $1 billion
Global Strategy Fund	0.50% on the first $500 million
	0.46% on assets over $500 million
Capital Conservation Fund	0.50% on the first $250 million
Government Securities Fund	0.45% on the next $250 million
International Government Bond Fund	0.40% on the next $500 million
	0.35% on assets over $1 billion
Money Market I Fund	0.40%
Nasdaq-100® Index Fund	0.40% on the first $250 million
	0.38% on the next $250 million
	0.36% on assets over $500 million
Dividend Value Fund	0.75% on the first $250 million
	0.72% on the next $250 million
	0.67% on the next $500 million
	0.62% on assets over $1 billion
Value Fund	0.78% on the first $250 million
	0.73% on the next $250 million
	0.68% on the next $500 million
	0.63% on assets over $1 billion
Broad Cap Value Income Fund	0.70% on the first $250 million
Large Cap Core Fund	0.65% on the next $250 million
	0.60% on the next $500 million
	0.55% on assets over $1 billion
Foreign Value Fund	0.73% on the first $250 million
	0.68% on the next $250 million
	0.63% on the next $500 million
	0.58% on assets over $1 billion
Emerging Economies Fund†	0.81% on the first $250 million
	0.76% on the next $250 million
	0.71% on the next $500 million
	0.66% on assets over $1 billion
Small Cap Aggressive Growth Fund	0.85% on the first $250 million
Small-Mid Growth Fund	0.75% on assets over $250 million
Small Cap Special Values Fund	0.75% on the first $500 million
	0.70% on assets over $500 million
Growth Fund	0.73% on the first $500 million
	0.67% on the next $500 million
	0.64% on the next $500 million
	0.61% on assets over $1.5 billion
Global Real Estate Fund	0.75% on the first $250 million
	0.70% on the next $250 million
	0.65% on assets over $500 million

† See Note 1

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, 2012. For the purposes of the waived fee and/or reimbursed expense calculations, annual fund operating expenses shall not include extraordinary expenses, as determined under generally accepted accounting principles, or acquired fund fees and expenses. The contractual expense waivers and fee reimbursements will continue indefinitely, subject to termination by the Board, including a majority of the Directors who are not deemed to be interested persons of the Series or VALIC as defined by Section 2(a)(19) of the 1940 Act (“the Disinterested Directors”).

276

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)

Fund	Maximum Expense Limitation
Blue Chip Growth		0.85	%
Broad Cap Value Income		0.85	%
Core Equity		0.80	%
Dividend Value		0.82	%
Global Real Estate		0.95	%
Government Securities		0.67	%
Growth		0.81	%
Growth & Income		0.85	%
Inflation Protected		0.65	%
International Growth*		1.01	%
Large Cap Core		0.85	%
Large Capital Growth		0.80	%
Mid Cap Strategic Growth		0.85	%
Money Market I		0.55	%
Nasdaq-100® Index		0.53	%
Small Cap Aggressive Growth		0.99	%
Small Cap		0.93	%
Small Cap Special Values		0.90	%
Small-Mid Growth		1.00	%
Value		0.85	%

For the period ended November 30, 2011, pursuant to the contractual expense limitations in the previous table, VALIC has reimbursed expenses as follows:

Fund	Amount
Blue Chip Growth	$	29,748
Broad Cap Value Income		30,683
Core Equity		157,386
Dividend Value		91,685
Growth		129,540
Growth & Income		46,510
International Growth*		305,924
Large Cap Core		3,617
Mid Cap Strategic Growth		31,658
Nasdaq-100® Index		40,210
Small Cap Aggressive Growth		52,460
Small Cap		210,086
Small Cap Special Values		32,825
Small-Mid Growth		40,422
Value		76,893

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 November 30, 2011, VALIC voluntarily waived $850,064 of expenses for the Money Market I Fund.

VALIC has entered into sub-advisory agreements with the following:

American Century Investment Management, Inc. (“American Century”)—subadviser for the Growth Fund and a portion of the International Growth Fund.

Barrow, Hanley, Mewhinney & Strauss, LLC—subadviser for the Broad Cap Value Income Fund.

BlackRock Investment Management, LLC (“BlackRock”)—subadviser for the Core Equity Fund and a portion of the Dividend Value Fund.

Bridgeway Capital Management, Inc.—subadviser for a portion of the Small Cap Fund.

Century Capital Management, LLC (“Century Capital”)—subadviser for a portion of the Small-Mid Growth Fund.

Columbia Management Investment Advisers, LLC (“Columbia”)#—subadviser for the Large Cap Core Fund.

Dreman Value Management, LLC—subadviser for a portion of the Small Cap Special Values Fund.

Franklin Advisers, Inc.—subadviser for a portion of the Global Strategy Fund.

Goldman Sachs Asset Management, L.P.—subadviser for 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 Fund, a portion of the Global Real Estate Fund, and a portion of the Small Cap Fund.

* See Note 1

277

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)

J.P. Morgan Investment Management, Inc. (“JPMIM”)*@—subadviser for the Emerging Economies Fund and a portion of the Government Securities Fund.

Massachusetts Financial Services Company (“MFS”)—subadviser for a portion of the International Growth Fund.

Morgan Stanley Investment Management, Inc.—subadviser for a portion of the Mid Cap Strategic Growth Fund.

PineBridge Investments, LLC (“PineBridge”)—subadviser for the Asset Allocation Fund, Capital Conservation Fund, Global Social Awareness Fund, Inflation Protected Fund, International Equities Fund, and International Government Bond Fund.

RCM Capital Management, LLC (“RCM”)—subadviser for a portion of the Mid Cap Strategic Growth Fund and a portion of the Science & Technology Fund.

RS Investment Management Co. LLC (“RS Investments”)†—subadviser for the Small Cap Aggressive Growth Fund

SunAmerica Asset Management Corp. (“SunAmerica”)—subadviser for the Growth & Income Fund, Money Market I Fund, Mid Cap Index Fund, Nasdaq-100^® Index Fund, Small Cap Index Fund, Stock Index Fund, a portion of the Dividend Value Fund, a portion of the Government Securities Fund and a portion of the Large Capital Growth Fund.

T. Rowe Price Associates, Inc.—subadviser for the Blue Chip Growth Fund, Health Sciences Fund, a portion of the Science & Technology Fund and a portion of the Small Cap Fund.

Templeton Global Advisors, Ltd.—subadviser for the Foreign Value Fund.

Templeton Investment Counsel, LLC—subadviser for a portion of the Global Strategy Fund.

Wellington Management Company, LLP—subadviser for the Value Fund and a portion of the Science & Technology Fund.

Wells Capital Management, Inc. —subadviser for a portion of the Small-Mid Growth Fund and a portion of the Small Cap Special Values Fund.

^† Effective August 22, 2011, RS Investments replaced Wells Capital Management, Inc. as subadviser of the Small Cap Aggressive Growth Fund.

* Effective October 1, 2011, JPMIM replaced BlackRock as subadviser for the Emerging Economies Fund.

@ Effective November 14, 2011, JPMIM became a subadviser for a portion of the Government Securities Fund.

# Effective November 14, 2011, Columbia replaced Wells Capital Management, Inc. as subadviser for the Large Cap Core 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 November 30, 2011, VC I expensed $5,559,538 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 November 30, 2011, the Series expensed $54,231 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 November 30, 2011, certain directors of VC I have deferred $11,700 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. The freeze of future accruals does not apply to Directors that have commenced receiving benefits under the retirement plan on or before December 31, 2008. 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 November 30, 2011		Retirement  Plan Expense		Retirement  Plan Payments
			For the period ended November 30, 2011
Asset Allocation	$	—	$	—	$	200
Blue Chip Growth		—		—		—

278

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)

Fund	Retirement Plan Liability as of November 30, 2011		Retirement  Plan Expense		Retirement  Plan Payments
			For the period ended November 30, 2011
Broad Cap Value Income	$	—	$	—	$	—
Capital Conservation		—		—		193
Core Equity		—		—		355
Dividend Value		—		—		—
Emerging Economies**		—		—		—
Foreign Value		—		—		—
Global Real Estate		—		—		—
Global Social Awareness		—		—		426
Global Strategy		—		—		—
Government Securities		—		—		206
Growth		—		—		—
Growth & Income		—		—		129
Health Sciences		—		—		—
Inflation Protected		—		—		—
International Equities		—		—		1,344
International Government Bond		—		—		245
International Growth**		—		—		—
Large Cap Core		—		—		—
Large Capital Growth		—		—		—
Mid Cap Index		—		—		3,187
Mid Cap Strategic Growth		—		—		—
Money Market I		—		—		951
Nasdaq-100® Index		—		—		—
Science & Technology		—		—		1,091
Small Cap Aggressive Growth		—		—		—
Small Cap		—		—		—
Small Cap Index		—		—		1,208
Small Cap Special Values		—		—		—
Small-Mid Growth		—		—		—
Stock Index		—		—		4,765
Value		—		—		—

At November 30, 2011, 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%		—
Dividend Value		99.98%		*
Emerging Economies**		100.00%		—
Foreign Value		100.00%		—
Global Real Estate		100.00%		—
Global Social Awareness		100.00%		—
Global Strategy		100.00%		—
Government Securities		97.28%		—
Growth		100.00%		—
Growth & Income		96.44%		—
Health Sciences		99.96%		*
Inflation Protected		100.00%		—
International Equities		99.51%		*
International Government Bond		100.00%		—
International Growth**		100.00%		—
Large Cap Core		100.00%		—
Large Capital Growth		100.00%		—
Mid Cap Index		99.22%		*

** See Note 1

279

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)

Fund	VALIC		AGL
Mid Cap Strategic Growth		100.00%		—
Money Market I		92.53%		6.48%
Nasdaq-100® Index		97.26%		*
Science & Technology		99.80%		*
Small Cap Aggressive Growth		100.00%		—
Small Cap		100.00%		—
Small Cap Index		98.84%		*
Small Cap Special Values		100.00%		—
Small-Mid Growth		100.00%		—
Stock Index		97.88%		*
Value		100.00%		—

* Less than 5% ownership.

As disclosed in the Portfolio of Investments, certain funds own securities issued by AIG or an affiliate thereof. During the period ended November 30, 2011, 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 05/31/11		Purchases		Sales		Realized Gain/(Loss)			Change in Unrealized Gain/(Loss)		Market Value at 11/30/11
Stock Index	American International Group, Inc. Common Stock		—	$	3,562,500	$	23,655	$	67,072	$	(1,221,095	)	$	573,804	$	2,871,792
Stock Index	American International Group, Inc. Warrants		—		9		—		7		(10	)		8		—

During the period, the following funds incurred brokerage commissions with brokers which are affiliates of a sub-adviser:

Affiliated Broker	Global Real Estate Fund
Goldman Sachs International	$	213

On August 16, 2011, SAAMCo, the subadviser to the Government Securities Fund, purchased $10,000,000 par value of the foreign security Temasek Financial I, Ltd, 4.50%, due 09/21/2015, causing the Fund to exceed its 20% limit on investments in high quality foreign securities. On August 25, 2011, the Fund reduced its high quality foreign investment exposure to below 20% by selling $6,000,000 par value of Province of Ontario 2.30%, due 05/10/2016. The over purchase of Temasek Financial I, Ltd., 4.50%, due 09/21/2015 resulted in a loss to the Fund of $59,141.

From September 2010 through June 2011, Century Capital Management LLC, a subadviser to a portion of the Small-Mid Growth Fund, periodically placed trades that were affected by inaccurate weightings in its trading system. On June 6, 2011, securities were bought and sold to correct the weightings, resulting in a net loss of $334,751 to the Fund, which was reimbursed by Century Capital Management LLC.

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 $173,000 and $0 for the periods ended November 30, 2011 and May 31, 2011, respectively.

On September 22, 2008, American International Group, Inc. (“AIG”), the ultimate parent of VALIC, the Funds’ investment adviser, American General Distributors, Inc., the Funds’ distributor and SunAmerica, the subadvisor to a portion of the Government Securities Fund, Growth & Income Fund, Money Market I Fund, Mid Cap Index Fund, Nasdaq-100^® Index Fund, Small Cap Index Fund, Stock Index Fund, a portion of the Dividend Value Fund, and a portion of the Large Capital Growth Fund and the Funds’ administrator, entered into a revolving credit facility (“FRBNY Credit Facility”) with the Federal Reserve Bank of New York (“NY Fed”). In connection with the FRBNY Credit Facility, on March 4, 2009, AIG issued its Series C Perpetual, Convertible, Participating Preferred Stock (the “Series C Preferred Stock”) to the AIG Credit Facility Trust, a trust established for the sole benefit of the United States Treasury (the “Trust”). The Series C Preferred Stock was entitled to approximately 77.8% of the voting power of AIG’s outstanding stock.

On January 14, 2011, AIG completed a series of previously announced integrated transactions (the “Recapitalization”) to recapitalize AIG. In the Recapitalization, AIG repaid the NY Fed approximately $21 billion in cash, representing all amounts owing under the FRBNY Credit Facility and the facility was terminated. Also as part of the Recapitalization, (i) the Series C Preferred Stock was exchanged for shares of AIG Common Stock, which was then transferred to the U.S. Department of the Treasury, and the Trust, which had previously held all shares of the Series C Preferred Stock, was terminated, and, (ii) AIG’s Series E Preferred Shares and Series F Preferred Shares were exchanged for shares of AIG Common Stock and a new Series G Preferred Shares (which functions as a $2 billion commitment to provide funding that AIG will have the discretion and option to use). As a result of the Recapitalization, the United States Treasury held a majority of outstanding shares of AIG Common Stock.

Note 4 — Investment Activity

The cost of purchases and proceeds from sales and maturities of long-term investments, during the period ended November 30, 2011, were as follows:

280

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)

Fund	Purchases of Investment Securities (Excluding  U.S. Government Securities)		Sales of Investment Securities (Excluding  U.S. Government Securities)		Purchase of U.S. Government Securities		Sales of U.S. Government Securities
Asset Allocation	$	64,563,598	$	59,438,773	$	12,657,727	$	11,241,039
Blue Chip Growth		51,880,329		89,669,397		—		—
Broad Cap Value Income		3,870,392		3,679,480		—		—
Capital Conservation		65,684,032		63,256,027		56,405,007		37,543,965
Core Equity		87,155,857		95,587,626		—		—
Dividend Value		105,392,806		28,447,163		—		—
Emerging Economies*		312,531,832		277,281,960		—		—
Foreign Value		159,136,201		150,367,845		—		—
Global Real Estate		125,505,652		122,715,155		—		—
Global Social Awareness		150,269,915		141,713,783		—		—
Global Strategy		55,798,229		49,452,575		—		—
Government Securities		44,154,666		24,427,948		214,275,703		231,183,475
Growth		370,679,441		401,468,193		—		—
Growth & Income		75,024,465		78,708,670		—		—
Health Sciences		32,445,762		26,376,599		—		—
Inflation Protected		66,647,793		55,233,391		22,577,678		31,347,048
International Equities		555,224,171		574,505,958		—		—
International Government Bond		98,548,633		89,828,330		23,544,204		12,372,581
International Growth*		130,819,406		163,951,914		—		—
Large Cap Core		90,755,426		88,887,552		—		—
Large Capital Growth		253,010,234		274,103,522		—		—
Mid Cap Index		135,429,710		158,822,923		—		—
Mid Cap Strategic Growth		96,552,387		126,653,251		—		—
Nasdaq-100® Index		22,835,373		8,012,093		—		—
Science & Technology		419,071,470		466,680,313		—		—
Small Cap Aggressive Growth		84,860,179		91,843,738		—		—
Small Cap		64,646,665		76,028,983		—		—
Small Cap Index		91,256,614		93,842,120		—		—
Small Cap Special Values		63,653,172		77,501,857		—		—
Small-Mid Growth		66,610,999		80,446,210		—		—
Stock Index		56,870,340		113,639,545		—		—
Value		5,568,851		24,449,423		—		—

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, partnerships, post October losses, defaulted securities, deferred compensation, foreign taxes payable, 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 November 30, 2011.

Fund	Identified Cost of Investments Owned		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Asset Allocation	$	135,050,286	$	7,428,351	$	(6,981,116	)	$	447,235
Blue Chip Growth		304,822,434		97,549,124		(7,687,970	)		89,861,154
Broad Cap Value Income		25,068,119		3,067,082		(2,108,157	)		958,925
Capital Conservation		171,812,981		5,788,418		(2,687,910	)		3,100,508
Core Equity		226,864,581		17,750,513		(13,359,877	)		4,390,636
Dividend Value		247,978,477		28,919,798		(8,467,662	)		20,452,136
Emerging Economies*		1,001,867,982		80,809,645		(187,046,637	)		(106,236,992	)
Foreign Value		251,082,047		28,748,672		(2,795,292	)		25,953,380
Global Real Estate		283,337,310		17,014,702		(35,350,758	)		(18,336,056	)
Global Social Awareness		279,495,899		17,386,870		(28,442,484	)		(11,055,614	)
Global Strategy		500,579,846		40,796,447		(51,616,313	)		(10,819,866	)
Government Securities		125,740,161		5,395,832		(549,111	)		4,846,721

* See Note 1

281

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)

Fund	Identified Cost of Investments Owned		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Growth	$	703,483,907	$	87,146,714	$	(28,871,881	)	$	58,274,833
Growth & Income		83,123,242		4,738,576		(3,663,081	)		1,075,495
Health Sciences		185,106,811		51,936,186		(22,205,936	)		29,730,250
Inflation Protected		341,107,121		36,179,082		(5,769,797	)		30,409,285
International Equities		1,051,770,562		43,886,886		(134,578,591	)		(90,691,705	)
International Government Bond*		203,108,624		8,750,066		(6,006,708	)		2,743,358
International Growth**		539,881,873		46,980,558		(40,945,391	)		6,035,167
Large Cap Core		129,980,610		7,294,005		(3,241,910	)		4,052,095
Large Capital Growth		335,516,042		36,905,216		(11,256,148	)		25,649,068
Mid Cap Index		2,571,376,043		411,566,169		(342,587,272	)		68,978,897
Mid Cap Strategic Growth		297,366,798		33,568,842		(26,447,854	)		7,120,988
Money Market I		430,819,693		—		—			—
Nasdaq-100® Index		123,241,134		30,977,474		(7,186,746	)		23,790,728
Science & Technology		793,346,501		77,284,581		(68,060,203	)		9,224,378
Small Cap Aggressive Growth		74,504,351		10,044,114		(3,236,429	)		6,807,685
Small Cap		318,861,925		64,733,679		(27,211,634	)		37,522,045
Small Cap Index		970,792,093		166,792,372		(190,650,518	)		(23,858,146	)
Small Cap Special Values		232,161,068		18,507,916		(29,067,905	)		(10,559,989	)
Small-Mid Growth		110,101,476		12,680,850		(5,600,328	)		7,080,522
Stock Index		2,948,023,830		969,092,559		(488,537,701	)		480,554,858
Value		120,311,480		7,207,693		(13,084,905	)		(5,877,212	)

* The tax adjustments for International Government Bond Fund are for the 12 months ended, September 30, 2011.

The tax basis distributable earnings at May 31, 2011 and the tax character of distributions paid during the year ended May 31, 2011 were as follows:

	Distributable Earnings							Tax Distributions
	For the year ended May 31, 2011
Fund	Ordinary Income		Long- Term Gains/ Capital And Other Losses			Unrealized Appreciation (Depreciation)†		Ordinary Income		Long-Term Capital Gains
Asset Allocation	$	3,429,852	$	(3,643,724	)	$	10,359,032	$	2,715,898	$	—
Blue Chip Growth		69,981		(35,487,093	)		119,605,031		164,917		—
Broad Cap Value		137,325		(2,728,968	)		3,640,137		389,897		—
Capital Conservation		4,938,015		(3,552,006	)		3,919,048		4,468,964		—
Core Equity		2,493,466		(105,544,814	)		31,252,400		2,827,908		—
Dividend Value		3,936,226		(36,270,182	)		27,894,927		1,825,993		—
Foreign Value		25,185,079		(102,303,188	)		98,893,792		15,826,838		—
Emerging Economies**		2,741,053		(98,747,255	)		23,900,930		4,203,630		—
Global Real Estate		9,971,969		16,495,424			40,783,195		16,597,111		3,335,070
Global Social Awareness		5,476,438		(149,127,957	)		17,325,732		4,402,588		—
Global Strategy		22,146,749		(26,119,523	)		53,597,138		15,053,864		—
Government Securities		3,795,043		—			3,642,676		3,564,524		—
Growth		5,228,447		(132,262,957	)		132,249,260		4,559,911		—
Growth & Income		649,859		(26,206,846	)		6,395,091		1,026,650		—
Health Sciences		4,686,128		9,542,159			57,463,603		—		—
Inflation Protected		5,725,808		(3,576,388	)		19,815,187		5,626,559		—
International Equities		27,457,051		(164,885,798	)		48,916,302		21,806,627		—
International Government Bond*		7,282,500		2,117,005			3,560,348		7,384,808		—
International Growth**		8,988,884		(73,753,204	)		97,324,022		7,823,021		—
Large Cap Core		1,184,532		4,344,944			33,140,590		1,344,726		—
Large Capital Growth		1,035,533		(1,980,626	)		68,105,356		1,510,142		—
Mid Cap Index		29,971,390		135,307,414			421,563,059		23,994,410		—
Mid Cap Strategic Growth		1,341,519		(9,036,660	)		60,338,796		170,688		—
Money Market I		8,577		(840,492	)		—		49,917		—
Nasdaq-100® Index		518,181		16,828,508			29,644,818		280,420		—
Science & Technology		—		(286,688,971	)		141,346,386		20,804		—
Small Cap Aggressive Growth		—		5,225,815			17,203,021		—		—
Small Cap		413,165		(40,243,835	)		89,731,063		532,422		—

** See Note 1

282

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)

	Distributable Earnings							Tax Distributions
	For the year ended May 31, 2011
Fund	Ordinary Income		Long- Term Gains/ Capital And Other Losses			Unrealized Appreciation (Depreciation)†		Ordinary Income		Long-Term Capital Gains
Small Cap Index	$	8,530,986	$	(45,475,869	)	$	134,088,440	$	7,454,783	$	—
Small Cap Special Values		1,537,790		(40,927,307	)		16,736,877		1,370,590		—
Small-Mid Growth		—		(9,843,000	)		23,867,221		719		—
Stock Index		59,349,036		185,980,211			776,555,079		57,526,788		42,900,326
Value		1,598,533		(53,422,423	)		8,722,721		999,315		—

* The Distributable Earnings for International Government Bond Fund are for the tax period ended September 30, 2011.

† Unrealized appreciation (depreciation) includes amounts for derivatives and other assets and liabilities denominated in foreign currency.

As of May 31, 2011, 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	2012		2013		2014		2015		2016		2017		2018		2019
Asset Allocation	$	—	$	—	$	—	$	—	$	—	$	—	$	3,643,724	$	—
Blue Chip Growth		—		—		—		—		—		—		35,487,093		—
Broad Cap Value		—		—		—		—		—		953,767		1,775,201		—
Capital Conservation		—		—		—		—		—		3,552,006		—		—
Core Equity		32,639,490		—		—		—		—		24,335,917		48,569,407		—
Dividend Value		—		—		—		—		—		9,349,929		21,908,895		5,011,358
Foreign Value		—		—		—		—		—		—		102,303,188		—
Emerging Economies**		—		—		—		—		—		26,872,567		71,874,688		—
Global Real Estate		—		—		—		—		—		—		—		—
Global Social Awareness		—		—		—		—		—		47,411,740		101,716,217		—
Global Strategy		—		—		—		—		—		—		26,119,523		—
Government Securities		—		—		—		—		—		—		—		—
Growth		—		—		—		—		—		32,339,809		99,923,148		—
Growth & Income		—		—		—		—		—		7,729,966		18,476,880		—
Health Sciences		—		—		—		—		—		—		—		—
Inflation Protected		—		—		—		—		—		288,881		3,287,507		—
International Equities		—		—		—		—		—		36,713,038		128,172,760		—
International Government Bond*		—		—		—		—		—		—		—		—
International Growth**		—		—		—		—		—		13,782,961		59,970,243		—
Large Cap Core		—		—		—		—		—		—		—		—
Large Capital Growth		—		—		—		—		—		—		1,980,626		—
Mid Cap Index		—		—		—		—		—		—		—		—
Mid Cap Strategic Growth		—		—		—		—		—		—		9,036,660		—
Money Market I		—		—		—		—		—		840,492		—		—
Nasdaq-100® Index		—		—		—		—		—		—		—		—
Science & Technology		171,964,888		—		—		—		—		38,732,224		75,991,859		—
Small Cap Aggressive Growth		—		—		—		—		—		—		—		—
Small Cap		—		—		—		—		—		10,977,204		29,266,631		—
Small Cap Index		—		—		—		—		—		—		45,475,869		—
Small Cap Special Values		—		—		—		—		—		2,847,582		38,079,725		—
Small-Mid Growth		—		—		—		—		—		2,088,621		7,754,379		—
Stock Index		—		—		—		—		—		—		—		—
Value		—		—		—		—		—		4,825,365		48,597,058		—

* The Capital Loss Carryforward for International Government Bond Fund are for the 12 months ended, September 30, 2011.

Under the current tax law, capital losses related to securities and foreign currency losses 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, 2011, 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		—		—
Broad Cap Value		—		—
Capital Conservation		—		—

** See Note 1

283

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)

Fund	Deferred Post-October Capital Loss		Deferred Post-October Currency Loss
Core Equity	$	—	$	—
Dividend Value		—		—
Foreign Value		—		—
Emerging Economies*		—		—
Global Real Estate		—		—
Global Social Awareness		—		—
Global Strategy		—		—
Government Securities		2,995,709		—
Growth		—		51,036
Growth & Income		—		—
Health Sciences		—		—
Inflation Protected		—		195,350
International Equities		—		—
International Government Bond†		—		—
International Growth*		—		95,203
Large Cap Core		—		3,672
Large Capital Growth		—		—
Mid Cap Index		—		—
Mid Cap Strategic Growth		—		17,301
Money Market I		1,282		—
Nasdaq-100® Index		—		—
Science & Technology		—		—
Small Cap Aggressive Growth		—		—
Small Cap		—		466
Small Cap Index		—		—
Small Cap Special Values		—		—
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, 2011.

Note 6 — Capital Share Transactions

Transactions in capital shares of each Fund were as follows:

	Asset Allocation												Blue Chip Growth
	For the six months ended November 30,  2011 (Unaudited)						For the year ended May 31, 2011						For the six months ended November 30,  2011 (Unaudited)						For the year ended May 31, 2011
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		808,965		$	8,413,985			1,803,437		$	18,537,203			1,559,121		$	16,300,589			3,967,012		$	40,911,994
Reinvested dividends		—			—			262,152			2,715,898			—			—			15,842			164,917
Shares redeemed		(1,044,109	)		(10,916,274	)		(2,487,715	)		(25,308,366	)		(5,314,784	)		(56,736,265	)		(12,729,006	)		(121,216,770	)
Net increase (decrease)		(235,144	)	$	(2,502,289	)		(422,126	)	$	(4,055,265	)		(3,755,663	)	$	(40,435,676	)		(8,746,152	)	$	(80,139,859	)
	Broad Cap Value Income												Capital Conservation
	For the six months ended November 30,  2011 (Unaudited)						For the year ended May 31, 2011						For the six months ended November 30,  2011 (Unaudited)						For the year ended May 31, 2011
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		458,046		$	4,420,170			679,149		$	6,608,810			2,835,650		$	27,915,854			3,623,815		$	34,775,098
Reinvested dividends		—			—			40,488			389,897			—			—			476,944			4,468,964
Shares redeemed		(505,876	)		(4,777,469	)		(348,546	)		(3,302,769	)		(1,468,044	)		(14,524,209	)		(3,372,395	)		(32,433,171	)
Net increase (decrease)		(47,830	)	$	(357,299	)		371,091		$	3,695,938			1,367,606		$	13,391,645			728,364		$	6,810,891

* See Note 1

284

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)

	Core Equity												Dividend Value
	For the six months ended November 30,  2011 (Unaudited)						For the year ended May 31, 2011						For the six months ended November 30,  2011 (Unaudited)						For the year ended May 31, 2011
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		634,906		$	7,369,370			539,407		$	6,343,213			11,084,607		$	96,580,951			6,346,030		$	53,675,216
Reinvested dividends		—			—			234,876			2,827,908			—			—			215,329			1,825,993
Shares redeemed		(1,584,346	)		(18,659,140	)		(2,476,456	)		(28,833,336	)		(1,797,509	)		(15,712,111	)		(2,352,299	)		(19,759,560	)
Net increase (decrease)		(949,440	)	$	(11,289,770	)		(1,702,173	)	$	(19,662,215	)		9,287,098		$	80,868,840			4,209,060		$	35,741,649
	Emerging Economies†												Foreign Value
	For the six months ended November 30,  2011 (Unaudited)						For the year ended May 31, 2011						For the six months ended November 30,  2011 (Unaudited)						For the year ended May 31, 2011
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		7,266,920		$	54,805,805			1,972,015		$	15,218,930			7,286,140		$	62,899,063			15,818,648		$	133,779,124
Reinvested dividends		—			—			522,190			4,203,630			—			—			1,743,044			15,826,838
Shares redeemed		(1,981,157	)		(14,793,529	)		(4,459,765	)		(34,737,586	)		(8,000,917	)		(70,825,632	)		(11,551,550	)		(104,786,543	)
Net increase (decrease)		5,285,763		$	40,012,276			(1,965,560	)	$	(15,315,026	)		(714,777	)	$	(7,926,569	)		6,010,142		$	44,819,419
	Global Real Estate												Global Social Awareness
	For the six months ended November 30,  2011 (Unaudited)						For the year ended May 31, 2011						For the six months ended November 30, 2011 (Unaudited)						For the year ended May 31, 2011
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		2,942,309		$	22,898,658			4,708,438		$	39,510,559			1,343,121		$	19,495,909			1,591,521		$	21,923,931
Reinvested dividends		—			—			2,488,412			19,932,181			—			—			302,583			4,402,588
Shares redeemed		(3,097,149	)		(25,740,126	)		(9,526,468	)		(80,343,975	)		(1,187,630	)		(16,811,996	)		(4,101,249	)		(59,057,787	)
Net increase (decrease)		(154,840	)	$	(2,841,468	)		(2,329,618	)	$	(20,901,235	)		155,491		$	2,683,913			(2,207,145	)	$	(32,731,268	)
	Global Strategy												Government Securities
	For the six months ended November 30,  2011 (Unaudited)						For the year ended May 31, 2011						For the six months ended November 30,  2011 (Unaudited)						For the year ended May 31, 2011
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		1,603,377		$	18,586,979			7,819,489		$	88,143,514			3,609,317		$	39,292,525			1,246,712		$	13,454,267
Reinvested dividends		—			—			1,357,427			15,053,864			—			—			345,400			3,564,524
Shares redeemed		(4,274,063	)		(49,430,460	)		(3,527,982	)		(39,426,294	)		(2,775,996	)		(30,740,306	)		(2,923,820	)		(31,126,765	)
Net increase (decrease)		(2,670,686	)	$	(30,843,481	)		5,648,934		$	63,771,084			833,321		$	8,552,219			(1,331,708	)	$	(14,107,974	)
	Growth												Growth & Income
	For the six months ended November 30, 2011 (Unaudited)						For the year ended May 31, 2011						For the six months ended November 30, 2011 (Unaudited)						For the year ended May 31, 2011
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		1,597,203		$	17,342,480			3,272,922		$	35,934,644			365,470		$	4,136,374			464,776		$	5,430,704
Reinvested dividends		—			—			415,671			4,559,911			—			—			85,984			1,026,650
Shares redeemed		(4,412,679	)		(48,227,094	)		(7,568,638	)		(78,740,192	)		(643,594	)		(7,394,516	)		(1,030,236	)		(11,849,250	)
Net increase (decrease)		(2,815,476	)	$	(30,884,614	)		(3,880,045	)	$	(38,245,637	)		(278,124	)	$	(3,258,142	)		(479,476	)	$	(5,391,896	)
	Health Sciences												Inflation Protected
	For the six months ended November 30, 2011 (Unaudited)						For the year ended May 31, 2011						For the six months ended November 30, 2011 (Unaudited)						For the year ended May 31, 2011
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		1,494,829		$	17,311,021			1,708,528		$	18,668,858			4,365,281		$	49,061,882			11,885,599		$	125,547,162
Reinvested dividends		—			—			—			—			—			—			543,629			5,626,559
Shares redeemed		(1,217,793	)		(13,726,062	)		(2,564,590	)		(25,752,948	)		(3,993,320	)		(44,818,672	)		(3,146,565	)		(33,437,210	)
Net increase (decrease)		277,036		$	3,584,959			(856,062	)	$	(7,084,090	)		371,961		$	4,243,210			9,282,663		$	97,736,511

† See Note 1

285

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)

	International Equities												International Government Bond
	For the six months ended November 30, 2011 (Unaudited)						For the year ended May 31, 2011						For the six months ended November 30, 2011 (Unaudited)						For the year ended May 31, 2011
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		16,395,752		$	101,324,979			19,835,124		$	126,182,913			2,860,387		$	37,330,253			4,962,751		$	62,894,888
Reinvested dividends		—			—			3,455,884			21,806,627			—			—			604,321			7,384,808
Shares redeemed		(11,960,439	)		(73,873,098	)		(18,663,416	)		(115,709,079	)		(1,699,677	)		(22,183,086	)		(3,255,665	)		(41,216,310	)
Net increase (decrease)		4,435,313		$	27,451,881			4,627,592		$	32,280,461			1,160,710		$	15,147,167			2,311,407		$	29,063,386
	International Growth†												Large Cap Core
	For the six months ended November 30, 2011 (Unaudited)						For the year ended May 31, 2011						For the six months ended November 30, 2011 (Unaudited)						For the year ended May 31, 2011
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		2,691,088		$	29,093,451			7,338,854		$	79,914,358			891,198		$	9,946,321			3,995,492		$	39,914,483
Reinvested dividends		—			—			714,431			7,823,022			—			—			120,387			1,344,726
Shares redeemed		(5,861,499	)		(64,424,789	)		(8,966,485	)		(95,456,660	)		(1,478,096	)		(16,848,425	)		(4,679,519	)		(50,082,972	)
Net increase (decrease)		(3,170,411	)	$	(35,331,338	)		(913,200	)	$	(7,719,280	)		(586,898	)	$	(6,902,104	)		(563,640	)	$	(8,823,763	)
	Large Capital Growth												Mid Cap Index
	For the six months ended November 30,  2011 (Unaudited)						For the year ended May 31, 2011						For the six months ended November 30,  2011 (Unaudited)						For the year ended May 31, 2011
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		738,367		$	8,105,380			878,422		$	9,616,180			4,434,351		$	88,867,533			9,424,919		$	185,485,284
Reinvested dividends		—			—			131,775			1,510,142			—			—			1,174,469			23,994,410
Shares redeemed		(2,104,094	)		(23,414,166	)		(4,011,224	)		(43,650,677	)		(9,300,940	)		(190,694,285	)		(11,583,528	)		(228,840,234	)
Net increase (decrease)		(1,365,727	)	$	(15,308,786	)		(3,001,027	)	$	(32,524,355	)		(4,866,589	)	$	(101,826,752	)		(984,140	)	$	(19,360,540	)
	Mid Cap Strategic Growth												Money Market I
	For the six months ended November 30, 2011 (Unaudited)						For the year ended May 31, 2011						For the six months ended November 30, 2011 (Unaudited)						For the year ended May 31, 2011
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		860,192		$	10,576,424			3,121,922		$	37,079,109			120,804,264		$	120,804,264			251,095,249		$	251,095,246
Reinvested dividends		—			—			13,945			170,688			23,374			23,374			49,917			49,917
Shares redeemed		(3,584,980	)		(43,467,458	)		(3,092,830	)		(35,726,812	)		(163,624,420	)		(163,624,424	)		(318,860,874	)		(318,860,874	)
Net increase (decrease)		(2,724,788	)	$	(32,891,034	)		43,037		$	1,522,985			(42,796,782	)	$	(42,796,786	)		(67,715,708	)	$	(67,715,711	)
	Nasdaq-100® Index												Science & Technology
	For the six months ended November 30, 2011 (Unaudited)						For the year ended May 31, 2011						For the six months ended November 30, 2011 (Unaudited)						For the year ended May 31, 2011
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		5,035,070		$	30,398,649			3,195,572		$	18,572,201			1,387,124		$	21,368,997			2,004,173		$	31,080,555
Reinvested dividends		—			—			46,504			280,420			—			—			1,299			20,804
Shares redeemed		(2,446,215	)		(14,964,421	)		(3,951,637	)		(22,677,436	)		(4,576,629	)		(72,088,289	)		(6,335,484	)		(95,405,253	)
Net increase (decrease)		2,588,855		$	15,434,228			(709,561	)	$	(3,824,815	)		(3,189,505	)	$	(50,719,292	)		(4,330,012	)	$	(64,303,894	)
	Small Cap Aggressive												Small Cap
	For the six months ended November 30, 2011 (Unaudited)						For the year ended May 31, 2011						For the six months ended November 30, 2011 (Unaudited)						For the year ended May 31, 2011
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		559,784		$	6,035,583			1,850,476		$	18,640,333			1,267,338		$	12,647,517			1,903,287		$	17,266,173
Reinvested dividends		—			—			—			—			—			—			53,189			532,422
Shares redeemed		(997,584	)		(11,014,745	)		(3,429,156	)		(36,238,490	)		(2,505,237	)		(24,337,262	)		(4,608,226	)		(42,001,286	)
Net increase (decrease)		(437,800	)	$	(4,979,162	)		(1,578,680	)	$	(17,598,157	)		(1,237,899	)	$	(11,689,745	)		(2,651,750	)	$	(24,202,691	)

† See Note 1

286

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)

	Small Cap Index												Small Cap Special Values
	For the six months ended November 30, 2011 (Unaudited)						For the year ended May 31, 2011						For the six months ended November 30, 2011 (Unaudited)						For the year ended May 31, 2011
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		2,627,246		$	34,657,211			3,274,051		$	43,537,191			1,343,960		$	11,861,234			1,439,048		$	12,268,556
Reinvested dividends		—			—			520,585			7,454,783			—			—			150,284			1,370,590
Shares redeemed		(5,155,254	)		(70,185,715	)		(7,648,768	)		(101,230,598	)		(3,157,260	)		(27,353,869	)		(3,887,179	)		(33,899,893	)
Net increase (decrease)		(2,528,008	)	$	(35,528,504	)		(3,854,132	)	$	(50,238,624	)		(1,813,300	)	$	(15,492,635	)		(2,297,847	)	$	(20,260,747	)
	Small-Mid Growth												Stock Index
	For the six months ended November 30, 2011 (Unaudited)						For the year ended May 31, 2011						For the six months ended November 30,  2011 (Unaudited)						For the year ended May 31, 2011
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		390,620		$	4,036,014			740,318		$	7,191,329			6,924,615		$	168,785,812			8,875,956		$	213,232,632
Reinvested dividends		—			—			68			719			—			—			4,085,725			100,427,114
Shares redeemed		(840,214	)		(8,532,289	)		(1,576,981	)		(15,513,497	)		(10,459,606	)		(256,253,643	)		(16,368,264	)		(398,364,646	)
Net increase (decrease)		(449,594	)	$	(4,496,275	)		(836,595	)	$	(8,321,449	)		(3,534,991	)	$	(87,467,831	)		(3,406,583	)	$	(84,704,900	)
	Value
	For the six months ended November 30,  2011 (Unaudited)						For the year ended May 31, 2011
	Shares			Amount			Shares			Amount
Shares sold		725,478		$	6,808,741			1,132,752		$	10,478,791
Reinvested dividends		—			—			104,860			999,315
Shares redeemed		(3,142,849	)		(28,075,416	)		(5,128,398	)		(44,194,185	)
Net increase (decrease)		(2,417,371	)	$	(21,266,675	)		(3,890,786	)	$	(32,716,079	)

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 November 30, 2011, 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	$	569
Blue Chip Growth		3,263
Broad Cap Value Income		2,577
Core Equity		5,472
Foreign Value		8,587
Global Real Estate		435
Global Social Awareness		17,351
Global Strategy		682
Growth & Income		5,105
Health Sciences		1,028
International Growth*		1,193
Large Capital Growth		21,493
Mid Cap Strategic Growth		15,657
Science & Technology		46,005
Small Cap		20,279
Small Cap Special Values		2,419
Small-Mid Growth		14,928
Value		967

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,

* See Note 1

287

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)

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 37.8%, 64.6% and 59.6%, respectively, of their total net assets invested in such securities.

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 Emerging Economies Fund, Foreign Value Fund, Global Real Estate Fund, International Equities Fund, International Growth Fund, and the International Government Bond Fund. The Emerging Economies Fund had 18.9%, 16.8% and 11.6% of its net assets invested in equities domiciled in Brazil, South Korea and China, respectively. The Foreign Value had 19.4% and 12.4% of its net assets invested in equity securities domiciled in the United Kingdom and France, respectively. The Global Real Estate Fund had 10.4% and 10.4% of its net assets invested in equity securities domiciled in Japan and Hong Kong, respectively. The International Equities Fund had 18.4% and 18.3% of its net assets invested in equity securities domiciled in Japan and the United Kingdom, respectively. The International Growth Fund had 20.6%, and 12.7% of its net assets invested in equity securities domiciled in the United Kingdom and Japan, respectively. The International Government Bond Fund had 20.0% 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 November 30, 2011, the Global Real Estate Fund had 69.9% of its net assets invested in Real Estate Investment Trusts.

Note 9 — Lines of Credit

The Series and VALIC Company II have established a $85 million committed and $40 million uncommitted line of credit with State Street Bank & 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 of credit. State Street’s discretionary bid rate is used on the uncommitted line of credit. There is also a commitment fee of 10 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 14, 2011, the commitment fee was 12.5 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 November 30, 2011, the following funds had borrowings:

Fund	Days Outstanding		Interest Charges		Average Debt Utilized		Weighted Average Interest
Broad Cap Value Income		5	$	75	$	388,112		1.40	%
Core Equity		11		66		154,552		1.39	%
Emerging Economies*		3		703		6,055,867		1.39	%
Foreign Value		1		2,437		63,104,686		1.39	%
Global Strategy		27		2,177		2,104,180		1.38	%
Government Securities		39		3,238		2,145,230		1.39	%
Growth		12		103		222,122		1.39	%
Inflation Protected		9		254		729,024		1.39	%
International Growth*		67		1,721		666,358		1.39	%
Science & Technology		18		206		295,867		1.39	%
Small Cap		4		21		133,064		1.39	%
Small Cap Special Values		6		364		1,570,112		1.39	%
Small-Mid Growth		7		1,716		6,410,196		1.38	%

At November 30, 2011, there were no borrowings outstanding.

* See Note 1

288

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (Unaudited) — (continued)

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 November 30, 2011, 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 a common investment adviser or investment advisers which are affiliated persons of each other, common directors, and/or common officers in compliance with Rule 17a-7 of the 1940 Act. Pursuant to the Act, such a transaction must be either a purchase or a sale, for no consideration other than cash payment against prompt delivery of the security at the current market price. No brokerage commission or fee (except for customary transfer fees), or other remuneration is paid in connection with such transaction. For the period November 30, 2011, the following Funds engaged in security transactions with affiliated Funds:

Fund	Cost of Purchases		Proceeds from Sales		Realized Gain/ (Loss)
Blue Chip Growth	$	—	$	208,131	$	(27,935	)
Core Equity		69,706		9,445		(5,243	)
Emerging Economies*		180,172		—		—
Growth		514,089		917,684		(98,474	)
Health Sciences		105,504		—		—
International Growth*		5,180		65,652		11,433
Large Capital Growth		1,018,314		523,194		6,808
Mid Cap Strategic Growth		555,599		5,592,610		1,383,273
Science & Technology		249,777		219,600		147,533

Note 12 — Unfunded Commitment

At November 30, 2011, the Health Sciences Fund had the following unfunded commitment:

Name	Type	Amount
Tesaro, Inc.	Convertible Preferred Stock Series B	$	206,139

* See Note 1

289

VALIC Company I

FINANCIAL HIGHLIGHTS

	Asset Allocation Fund																		Blue Chip Growth Fund
	Six Months Ended November 30, 2011#			Year Ended May 31,															Six Months Ended November 30, 2011#			Year Ended May 31,
				2011			2010			2009			2008			2007						2011			2010			2009			2008			2007
PER SHARE DATA
Net asset value at beginning of period	$	11.05		$	9.38		$	8.08		$	10.68		$	12.16		$	12.01		$	11.18		$	8.77		$	7.29		$	10.54		$	10.80		$	8.92
Income (loss) from investment operations:
Net investment income (loss)(d)		0.11			0.25			0.20			0.25			0.31			0.34			0.00			0.00			0.00			0.02			0.03			0.03
Net realized and unrealized gain (loss) on investments and foreign currencies		(0.64	)		1.63			1.36			(2.06	)		(0.75	)		1.71			(0.51	)		2.41			1.50			(3.25	)		(0.23	)		1.87
Total income (loss) from investment operations		(0.53	)		1.88			1.56			(1.81	)		(0.44	)		2.05			(0.51	)		2.41			1.50			(3.23	)		(0.20	)		1.90
Distributions from:
Net investment income		–			(0.21	)		(0.26	)		(0.34	)		(0.35	)		(0.21	)		–			(0.00	)		(0.02	)		(0.01	)		(0.02	)		(0.02	)
Net realized gain on securities		–			–			–			(0.45	)		(0.69	)		(1.69	)		–			–			–			(0.01	)		(0.04	)		–
Return of capital		–			–			–			–			–			–			–			–			–			–			–			–
Total distributions		–			(0.21	)		(0.26	)		(0.79	)		(1.04	)		(1.90	)		–			(0.00	)		(0.02	)		(0.02	)		(0.06	)		(0.02	)
Net asset value at end of period	$	10.52		$	11.05		$	9.38		$	8.08		$	10.68		$	12.16		$	10.67		$	11.18		$	8.77		$	7.29		$	10.54		$	10.80
TOTAL RETURN(a)		(4.80	)%		20.16	%		19.38	%(e)		(16.41	)%		(3.84	)%(f)		18.14	%		(4.56	)%		27.53	%		20.54	%		(30.63	)%		(1.84	)%(g)		21.30	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.79	%@		0.74	%		0.78	%		0.73	%		0.69	%		0.70	%		0.85	%@		0.85	%		0.85	%		0.85	%		0.87	%		0.96	%
Ratio of expenses to average net assets(c)		0.79	%@		0.74	%		0.78	%		0.73	%		0.69	%		0.70	%		0.87	%@		0.87	%		0.88	%		0.89	%		0.91	%		0.99	%
Ratio of expense reductions to average net assets		0.00	%@		0.00	%		0.00	%		0.02	%		0.00	%		0.00	%		0.00	%@		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Ratio of net investment income (loss) to average net assets(b)		2.12	%@		2.43	%		2.18	%		2.88	%		2.71	%		2.87	%		0.01	%@		0.01	%		0.01	%		0.29	%		0.31	%		0.35	%
Ratio of net investment income (loss) to average net assets(c)		2.12	%@		2.43	%		2.18	%		2.88	%		2.71	%		2.87	%		(0.00	)%@		(0.01	)%		(0.02	)%		0.25	%		0.27	%		0.32	%
Portfolio turnover rate		54	%		133	%		143	%		108	%		124	%		129	%		13	%		38	%		47	%		58	%		20	%		25	%
Number of shares outstanding at end of period (000’s)		12,894			13,129			13,551			13,693			14,626			14,567			35,951			39,707			48,453			49,573			39,703			10,495
Net assets at end of period (000’s)	$	135,615		$	145,049		$	127,129		$	110,655		$	156,260		$	177,095		$	383,652		$	444,092		$	424,966		$	361,592		$	418,429		$	113,352

# Unaudited

@ Annualized

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

^(d)  The per share amounts are calculated using the average share method.

^(e)  The Fund’s performance figure was increased by less than 0.01% from gains on the disposal of investments in violation of investment restrictions.

^(f)  The Fund’s performance figure was increased by 0.17% from a reimbursement by an affiliate.

^(g)  The Fund’s performance figure was increased by less than 0.01% from a reimbursement by an affiliate.

See Notes to Financial Statements

290

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Broad Cap Value Income Fund																		Capital Conservation Fund
	Six Months Ended November 30, 2011#			Year Ended May  31,															Six Months Ended November 30, 2011#			Year Ended May 31,
				2011			2010			2009			2008			2007						2011			2010			2009			2008			2007
PER SHARE DATA
Net asset value at beginning of period	$	10.72		$	8.69		$	7.12		$	10.54		$	12.65		$	10.21		$	9.77		$	9.38		$	8.78		$	9.54		$	9.91		$	9.45
Income (loss) from investment operations:
Net investment income (loss)(d)		0.10			0.15			0.16			0.20			0.19			0.17			0.15			0.32			0.34			0.43			0.52			0.48
Net realized and unrealized gain (loss) on investments and foreign currencies		(1.00	)		2.04			1.58			(3.41	)		(1.69	)		2.38			0.02			0.38			0.70			(0.46	)		(0.31	)		0.13
Total income (loss) from investment operations		(0.90	)		2.19			1.74			(3.21	)		(1.50	)		2.55			0.17			0.70			1.04			(0.03	)		0.21			0.61
Distributions from:
Net investment income		–			(0.16	)		(0.17	)		(0.21	)		(0.19	)		(0.11	)		–			(0.31	)		(0.44	)		(0.73	)		(0.58	)		(0.15	)
Net realized gain on securities		–			–			–			(0.00	)		(0.42	)		–			–			–			–			–			–			–
Return of capital		–			–			–			–			–			–			–			–			–			–			–			–
Total distributions		–			(0.16	)		(0.17	)		(0.21	)		(0.61	)		(0.11	)		–			(0.31	)		(0.44	)		(0.73	)		(0.58	)		(0.15	)
Net asset value at end of period	$	9.82		$	10.72		$	8.69		$	7.12		$	10.54		$	12.65		$	9.94		$	9.77		$	9.38		$	8.78		$	9.54		$	9.91
TOTAL RETURN(a)		(8.40	)%		25.42	%		24.41	%		(30.34	)%		(12.08	)%		25.09	%		1.74	%		7.56	%		12.04	%(e)(f)		(0.06	)%		2.09	%		6.46	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.85	%@		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%		0.67	%@		0.67	%		0.69	%		0.69	%		0.68	%		0.67	%
Ratio of expenses to average net assets(c)		1.09	%@		1.15	%		1.14	%		1.26	%		1.03	%		1.05	%		0.67	%@		0.67	%		0.69	%		0.69	%		0.68	%		0.67	%
Ratio of expense reductions to average net assets		0.02	%@		0.01	%		0.01	%		0.01	%		0.01	%		–			–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		2.04	%@		1.60	%		1.90	%		2.57	%		1.65	%		1.50	%		2.98	%@		3.37	%		3.71	%		4.83	%		5.27	%		4.89	%
Ratio of net investment income (loss) to average net assets(c)		1.80	%@		1.30	%		1.61	%		2.16	%		1.47	%		1.30	%		2.98	%@		3.37	%		3.71	%		4.83	%		5.27	%		4.89	%
Portfolio turnover rate		14	%		21	%		22	%		24	%		21	%		27	%		67	%		164	%		170	%		122	%		136	%		203	%
Number of shares outstanding at end of period (000’s)		2,660			2,708			2,337			2,330			2,481			2,582			15,967			14,599			13,871			12,387			13,389			17,897
Net assets at end of period (000’s)	$	26,118		$	29,023		$	20,302		$	16,590		$	26,151		$	32,646		$	158,656		$	142,652		$	130,157		$	108,805		$	127,695		$	177,290

# Unaudited

@ Annualized

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

^(d)  The per share amounts are calculated using the average share method.

^(e)  The Fund’s performance figure was increased by less than 0.01% from a reimbursement by an affiliate.

^(f) The Fund’s performance was increased by less than 0.01% from gains on the disposal of investments in violation of investment restrictions.

See Notes to Financial Statements

291

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Core Equity Fund																		Dividend Value Fund
	Six Months Ended November 30, 2011#			Year Ended May 31,															Six Months Ended November 30, 2011#			Year Ended May 31,
				2011			2010			2009			2008			2007						2011			2010			2009			2008			2007
PER SHARE DATA
Net asset value at beginning of period	$	13.44		$	10.77		$	9.24		$	13.85		$	15.37		$	13.00		$	9.31		$	7.45		$	6.49		$	10.66		$	12.98		$	10.41
Income (loss) from investment operations:
Net investment income (loss)(d)		0.09			0.13			0.14			0.17			0.12			0.12			0.11			0.21			0.12			0.18			0.20			0.19
Net realized and unrealized gain (loss) on investments and foreign currencies		(1.57	)		2.69			1.59			(4.66	)		(1.50	)		2.35			(0.40	)		1.75			1.02			(3.64	)		(1.89	)		2.47
Total income (loss) from investment operations		(1.48	)		2.82			1.73			(4.49	)		(1.38	)		2.47			(0.29	)		1.96			1.14			(3.46	)		(1.69	)		2.66
Distributions from:
Net investment income		–			(0.15	)		(0.20	)		(0.12	)		(0.14	)		(0.10	)		–			(0.10	)		(0.18	)		(0.24	)		(0.22	)		(0.09	)
Net realized gain on securities		–			–			–			–			–			–			–			–			–			(0.47	)		(0.41	)		–
Return of capital		–			–			–			–			–			–			–			–			–			–			–			–
Total distributions		–			(0.15	)		(0.20	)		(0.12	)		(0.14	)		(0.10	)		–			(0.10	)		(0.18	)		(0.71	)		(0.63	)		(0.09	)
Net asset value at end of period	$	11.96		$	13.44		$	10.77		$	9.24		$	13.85		$	15.37		$	9.02		$	9.31		$	7.45		$	6.49		$	10.66		$	12.98
TOTAL RETURN(a)		(11.01	)%		26.32	%		18.73	%(h)		(32.34	)%		(9.00	)%(f)		19.02	%(e)		(3.11	)%		26.50	%		17.49	%		(32.20	)%		(13.28	)%(g)		25.67	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.80	%@		0.80	%		0.80	%		0.82	%		0.85	%		0.85	%		0.82	%@		0.82	%		0.83	%		0.83	%		0.83	%		0.83	%
Ratio of expenses to average net assets(c)		0.94	%@		0.94	%		0.95	%		0.95	%		0.91	%		0.90	%		0.90	%@		0.96	%		1.00	%		0.97	%		0.92	%		0.92	%
Ratio of expense reductions to average net assets		0.00	%@		0.01	%		0.00	%		0.00	%		0.00	%		0.00	%		–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		1.48	%@		1.07	%		1.30	%		1.65	%		0.84	%		0.85	%		2.69	%@		2.58	%		1.60	%		2.35	%		1.75	%		1.61	%
Ratio of net investment income (loss) to average net assets(c)		1.33	%@		0.93	%		1.16	%		1.52	%		0.78	%		0.79	%		2.61	%@		2.44	%		1.43	%		2.21	%		1.65	%		1.51	%
Portfolio turnover rate		39	%		103	%		103	%		88	%		69	%		110	%		13	%		70	%		41	%		39	%		37	%		30	%
Number of shares outstanding at end of period (000’s)		17,793			18,743			20,445			21,909			25,275			29,484			29,847			20,559			16,350			15,228			16,855			19,083
Net assets at end of period (000’s)	$	212,815		$	251,962		$	220,172		$	202,490		$	349,995		$	453,147		$	269,311		$	191,319		$	121,769		$	98,820		$	179,697		$	247,711

# Unaudited

@ Annualized

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

^(d)  The per share amounts are calculated using the average share method.

^(e)  The Fund’s performance figure was increased by less than 0.01% 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.

See Notes to Financial Statements

292

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Emerging Economies Fund†																		Foreign Value Fund
	Six Months Ended November 30, 2011#			Year Ended May 31,															Six Months Ended November 30, 2011#			Year Ended May 31,
				2011			2010			2009			2008			2007						2011			2010			2009			2008			2007
PER SHARE DATA
Net asset value at beginning of period	$	8.53		$	6.88		$	6.17		$	11.67		$	13.82		$	10.74		$	10.18		$	7.74		$	7.26		$	12.41		$	13.21		$	10.76
Income (loss) from investment operations:
Net investment income (loss)(d)		0.02			0.09			0.10			0.17			0.18			0.17			0.09			0.24			0.17			0.23			0.36			0.25
Net realized and unrealized gain (loss) on investments and foreign currencies		(1.12	)		1.70			0.63			(4.85	)		(1.44	)		3.06			(1.95	)		2.35			0.52			(4.23	)		(0.67	)		2.33
Total income (loss) from investment operations		(1.10	)		1.79			0.73			(4.68	)		(1.26	)		3.23			(1.86	)		2.59			0.69			(4.00	)		(0.31	)		2.58
Distributions from:
Net investment income		–			(0.14	)		(0.02	)		(0.12	)		(0.23	)		(0.15	)		–			(0.15	)		(0.21	)		(0.36	)		(0.11	)		(0.13	)
Net realized gain on securities		–			–			–			(0.70	)		(0.66	)		(0.00	)		–			–			–			(0.79	)		(0.38	)		0.00
Return of capital		–			–			–			–			–			–			–			–			–			–			–			–
Total distributions		–			(0.14	)		(0.02	)		(0.82	)		(0.89	)		(0.15	)		–			(0.15	)		(0.21	)		(1.15	)		(0.49	)		(0.13	)
Net asset value at end of period	$	7.43		$	8.53		$	6.88		$	6.17		$	11.67		$	13.82		$	8.32		$	10.18		$	7.74		$	7.26		$	12.41		$	13.21
TOTAL RETURN(a)		(12.90	)%		26.09	%(f)		11.86	%(e)		(39.30	)%		(9.39	)%		30.35	%		(18.27	)%		33.69	%		9.23	%		(30.15	)%		(2.44	)%		24.08	%
RATIOS/ SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		1.02	%@		1.00	%		1.02	%		1.01	%		0.97	%		0.95	%		0.83	%@		0.84	%		0.84	%		0.94	%		0.86	%		0.86	%
Ratio of expenses to average net assets(c)		1.02	%@		1.00	%		1.02	%		1.01	%		0.97	%		0.95	%		0.83	%@		0.84	%		0.84	%		0.94	%		0.86	%		0.86	%
Ratio of expense reductions to average net assets		–			–			0.01	%		0.03	%		0.01	%		0.01	%		0.00	%@		0.00	%		0.00	%		–			–			–
Ratio of net investment income (loss) to average net assets(b)		0.65	%@		1.09	%		1.44	%		2.32	%		1.38	%		1.41	%		2.04	%@		2.60	%		1.98	%		3.01	%		2.82	%		2.17	%
Ratio of net investment income (loss) to average net assets(c)		0.65	%@		1.09	%		1.44	%		2.32	%		1.38	%		1.41	%		2.04	%@		2.60	%		1.98	%		3.01	%		2.82	%		2.17	%
Portfolio turnover rate		116	%		131	%		236	%		109	%		93	%		86	%		16	%		25	%		28	%		22	%		34	%		31	%
Number of shares outstanding at end of period (000’s)		35,473			30,187			32,153			34,373			33,870			34,198			104,168			104,883			98,873			91,924			76,318			79,082
Net assets at end of period (000’s)	$	263,641		$	257,560		$	221,201		$	212,124		$	395,426		$	472,642		$	866,211		$	1,067,577		$	765,267		$	667,342		$	946,934		$	1,044,980

# Unaudited

@ Annualized

† See Note 1

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

^(d)  The per share amounts are calculated using the average share method.

^(e)  The Fund’s performance figure was increased by less than 0.01% from a reimbursement by an affiliate.

^(f) The Fund’s performance figure was increased by less than 0.01% from reimbursement for losses realized on the disposal of investments in violation of investment restrictions.

See Notes to Financial Statements

293

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Global Real Estate Fund															Global Social Awareness Fund
	Six Months Ended November 30, 2011#			Year Ended May 31,									March 10, 2008* to May 31, 2008			Six Months Ended November 30, 2011#			Year Ended May 31,
				2011			2010			2009									2011			2010			2009			2008			2007
PER SHARE DATA
Net asset value at beginning of period	$	9.00		$	7.44		$	6.45		$	11.21		$	10.00		$	15.79		$	12.56		$	11.21		$	20.21		$	24.25		$	20.82
Income (loss) from investment operations:
Net investment income (loss)(d)		0.10			0.16			0.20			0.20			0.04			0.11			0.25			0.21			0.27			0.41			0.30
Net realized and unrealized gain (loss) on investments and foreign currencies		(1.45	)		2.04			1.64			(4.87	)		1.17			(1.91	)		3.21			1.48			(7.47	)		(1.71	)		4.25
Total income (loss) from investment operations		(1.35	)		2.20			1.84			(4.67	)		1.21			(1.80	)		3.46			1.69			(7.20	)		(1.30	)		4.55
Distributions from:
Net investment income		–			(0.53	)		(0.85	)		(0.09	)		–			–			(0.23	)		(0.34	)		(0.40	)		(0.29	)		(0.16	)
Net realized gain on securities		–			(0.11	)		–			–			–			–			–			–			(1.40	)		(2.45	)		(0.96	)
Return of capital		–			–			–			–			–			–			–			–			–			–			–
Total distributions		–			(0.64	)		(0.85	)		(0.09	)		–			–			(0.23	)		(0.34	)		(1.80	)		(2.74	)		(1.12	)
Net asset value at end of period	$	7.65		$	9.00		$	7.44		$	6.45		$	11.21		$	13.99		$	15.79		$	12.56		$	11.21		$	20.21		$	24.25
TOTAL RETURN(a)		(15.00	)%		30.56	%		28.56	%		(41.58	)%		12.10	%		(11.40	)%		27.71	%		14.88	%		(34.56	)%		(5.35	)%(e)		22.35	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.93	%@		0.92	%		0.93	%		0.95	%		0.95	%@		0.68	%@		0.67	%		0.69	%		0.72	%		0.65	%		0.62	%
Ratio of expenses to average net assets(c)		0.93	%@		0.92	%		0.93	%		1.01	%		5.04	%@		0.68	%@		0.67	%		0.69	%		0.72	%		0.65	%		0.62	%
Ratio of expense reductions to average net assets		0.00	%@		0.00	%		0.00	%		0.01	%		–			0.01	%@		0.01	%		0.01	%		0.01	%		0.01	%		0.02	%
Ratio of net investment income (loss) to average net assets(b)		2.54	%@		1.88	%		2.68	%		3.54	%		2.22	%@		1.54	%@		1.74	%		1.63	%		2.03	%		1.95	%		1.31	%
Ratio of net investment income (loss) to average net assets(c)		2.54	%@		1.88	%		2.68	%		3.48	%		(1.87	)%@		1.54	%@		1.74	%		1.63	%		2.03	%		1.95	%		1.31	%
Portfolio turnover rate		45	%		75	%		86	%		88	%		11	%		54	%		119	%		91	%		95	%		165	%		153	%
Number of shares outstanding at end of period (000’s)		34,714			34,869			37,199			35,436			2,599			18,662			18,506			20,713			24,562			27,983			19,308
Net assets at end of period (000’s)	$	265,476		$	313,781		$	276,688		$	228,590		$	29,131		$	261,105		$	292,234		$	260,145		$	275,293		$	565,483		$	468,159

# Unaudited

@ Annualized

* 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 0.12% from a reimbursement by an affiliate.

See Notes to Financial Statements

294

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Global Strategy Fund																		Government Securities Fund
	Six Months Ended November 30, 2011#			Year Ended May 31,															Six Months Ended November 30, 2011#			Year Ended May 31,
				2011			2010			2009			2008			2007						2011			2010			2009			2008			2007
PER SHARE DATA
Net asset value at beginning of period	$	12.19		$	10.07		$	9.74		$	12.77		$	13.08		$	10.92		$	10.70		$	10.67		$	10.50		$	10.42		$	10.12		$	9.86
Income (loss) from investment operations:
Net investment income (loss)(d)		0.17			0.36			0.37			0.32			0.41			0.31			0.13			0.24			0.28			0.28			0.40			0.43
Net realized and unrealized gain (loss) on investments and foreign currencies		(1.30	)		2.11			0.99			(2.39	)		(0.33	)		2.05			0.45			0.12			0.29			0.05			0.36			0.07
Total income (loss) from investment operations		(1.13	)		2.47			1.36			(2.07	)		0.08			2.36			0.58			0.36			0.57			0.33			0.76			0.50
Distributions from:
Net investment income		–			(0.35	)		(1.03	)		(0.71	)		(0.19	)		(0.16	)		–			(0.33	)		(0.40	)		(0.25	)		(0.46	)		(0.24	)
Net realized gain on securities		–			–			–			(0.25	)		(0.20	)		(0.04	)		–			–			–			–			–			–
Return of capital		–			–			–			–			–			–			–			–			–			–			–			–
Total distributions		–			(0.35	)		(1.03	)		(0.96	)		(0.39	)		(0.20	)		–			(0.33	)		(0.40	)		(0.25	)		(0.46	)		(0.24	)
Net asset value at end of period	$	11.06		$	12.19		$	10.07		$	9.74		$	12.77		$	13.08		$	11.28		$	10.70		$	10.67		$	10.50		$	10.42		$	10.12
TOTAL RETURN(a)		(9.27	)%		24.85	%		13.79	%(e)		(15.60	)%		0.63	%		21.86	%		5.42	%(f)		3.45	%		5.56	%(e)		3.04	%		7.54	%		5.12	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.68	%@		0.68	%		0.68	%		0.71	%		0.73	%		0.71	%		0.66	%@		0.65	%		0.71	%		0.65	%		0.66	%		0.67	%
Ratio of expenses to average net assets(c)		0.68	%@		0.68	%		0.68	%		0.71	%		0.73	%		0.71	%		0.66	%@		0.65	%		0.71	%		0.65	%		0.66	%		0.67	%
Ratio of expense reductions to average net assets		0.00	%@		0.00	%		–			–			–			–			–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		2.92	%@		3.26	%		3.47	%		3.16	%		3.17	%		2.60	%		2.42	%@		2.22	%		2.58	%		2.63	%		3.92	%		4.22	%
Ratio of net investment income (loss) to average net assets(c)		2.92	%@		3.26	%		3.47	%		3.16	%		3.17	%		2.60	%		2.42	%@		2.22	%		2.58	%		2.63	%		3.92	%		4.22	%
Portfolio turnover rate		11	%		17	%		20	%		25	%		25	%		31	%		202	%		353	%		216	%		126	%		67	%		141	%
Number of shares outstanding at end of period (000’s)		42,147			44,818			39,169			36,697			38,838			38,988			11,222			10,389			11,721			13,789			16,472			10,221
Net assets at end of period (000’s)	$	466,318		$	546,500		$	394,548		$	357,538		$	495,975		$	509,885		$	126,568		$	111,118		$	125,053		$	144,793		$	171,641		$	103,483

# Unaudited

@ Annualized

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

^(d)  The per share amounts are calculated using the average share method.

^(e)  The Fund’s performance figure was increased by less than 0.01% from a reimbursement by an affiliate.

^(f)  The Fund’s performance was increased by less than 0.01% from reimbursements for losses realized on the disposal of investments in violation of investment restrictions (Note 3).

See Notes to Financial Statements

295

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Growth Fund																		Growth & Income Fund
	Six Months Ended November 30, 2011#			Year Ended May 31,															Six Months Ended November 30, 2011#			Year Ended May 31,
				2011			2010			2009			2008			2007						2011			2010			2009			2008			2007
PER SHARE DATA
Net asset value at beginning of period	$	11.85		$	9.20		$	7.60		$	11.17		$	10.26		$	9.22		$	12.80		$	10.48		$	9.35		$	16.14		$	17.73		$	14.70
Income (loss) from investment operations:
Net investment income (loss)(d)		0.04			0.07			0.06			0.05			0.02			(0.01	)		0.06			0.09			0.13			0.24			0.26			0.19
Net realized and unrealized gain (loss) on investments and foreign currencies		(0.86	)		2.65			1.61			(3.62	)		0.89			1.05			(1.30	)		2.37			1.24			(5.79	)		(0.85	)		2.95
Total income (loss) from investment operations		(0.82	)		2.72			1.67			(3.57	)		0.91			1.04			(1.24	)		2.46			1.37			(5.55	)		(0.59	)		3.14
Distributions from:
Net investment income		–			(0.07	)		(0.07	)		0.00			–			0.00			–			(0.14	)		(0.24	)		(0.28	)		(0.22	)		(0.11	)
Net realized gain on securities		–			–			–			0.00			–			–			–			–			–			(0.96	)		(0.78	)		–
Return of capital		–			–			–			–			–			–			–			–			–			–			–			–
Total distributions		–			(0.07	)		(0.07	)		0.00			–			0.00			–			(0.14	)		(0.24	)		(1.24	)		(1.00	)		(0.11	)
Net asset value at end of period	$	11.03		$	11.85		$	9.20		$	7.60		$	11.17		$	10.26		$	11.56		$	12.80		$	10.48		$	9.35		$	16.14		$	17.73
TOTAL RETURN(a)		(6.92	)%		29.60	%		22.01	%(f)		(31.94	)%		8.87	%		11.29	%		(9.69	)%		23.60	%		14.58	%(f)		(33.90	)%		(3.44	)%(e)		21.40	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.81	%@		0.81	%		0.85	%		0.94	%		0.95	%		0.94	%		0.85	%@		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%
Ratio of expenses to average net assets(c)		0.85	%@		0.85	%		0.88	%		0.94	%		0.95	%		0.94	%		0.97	%@		0.96	%		0.95	%		0.95	%		0.89	%		0.89	%
Ratio of expense reductions to average net assets		–			–			–			–			–			–			0.01	%@		0.01	%		0.01	%		0.02	%		0.03	%		0.02	%
Ratio of net investment income (loss) to average net assets(b)		0.80	%@		0.71	%		0.67	%		0.64	%		0.22	%		(0.09	)%		1.02	%@		0.76	%		1.21	%		2.15	%		1.53	%		1.18	%
Ratio of net investment income (loss) to average net assets(c)		0.76	%@		0.67	%		0.64	%		0.64	%		0.22	%		(0.09	)%		0.90	%@		0.65	%		1.11	%		2.05	%		1.49	%		1.13	%
Portfolio turnover rate		51	%		95	%		99	%		114	%		203	%		103	%		94	%		167	%		174	%		189	%		238	%		169	%
Number of shares outstanding at end of period (000’s)		64,670			67,486			71,366			75,864			86,259			99,984			6,840			7,119			7,598			7,861			8,034			8,422
Net assets at end of period (000’s)	$	713,576		$	800,022		$	656,380		$	576,502		$	963,368		$	1,025,501		$	79,056		$	91,114		$	79,602		$	73,508		$	129,657		$	149,283

# Unaudited

@ Annualized

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

^(d)  The per share amounts are calculated using the average share method.

^(e) The Fund’s performance figure was increased by 0.17% 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.

See Notes to Financial Statements

296

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Health Sciences Fund																		Inflation Protected Fund
	Six Months Ended November 30, 2011#			Year Ended May 31,															Six Months Ended November 30, 2011#			Year Ended May 31,
				2011			2010			2009			2008			2007						2011			2010			2009			2008			2007
PER SHARE DATA
Net asset value at beginning of period	$	12.78		$	9.07		$	7.18		$	10.56		$	11.53		$	10.64		$	10.89		$	10.17		$	9.20		$	10.01		$	9.59		$	9.60
Income (loss) from investment operations:
Net investment income (loss)(d)		(0.04	)		0.00			(0.05	)		(0.04	)		(0.07	)		(0.06	)		0.17			0.34			0.24			0.20			0.49			0.39
Net realized and unrealized gain (loss) on investments and foreign currencies		(1.18	)		3.71			1.94			(2.45	)		0.13			2.37			0.37			0.62			0.81			(0.61	)		0.29			(0.07	)
Total income (loss) from investment operations		(1.22	)		3.71			1.89			(2.49	)		0.06			2.31			0.54			0.96			1.05			(0.41	)		0.78			0.32
Distributions from:
Net investment income		–			–			–			–			–			–			–			(0.24	)		(0.08	)		(0.39	)		(0.36	)		(0.33	)
Net realized gain on securities		–			–			–			(0.89	)		(1.03	)		(1.42	)		–			–			–			–			–			–
Return of capital		–			–			–			–			–			–			–			–			–			(0.01	)		–			–
Total distributions		–			–			–			(0.89	)		(1.03	)		(1.42	)		–			(0.24	)		(0.08	)		(0.40	)		(0.36	)		(0.33	)
Net asset value at end of period	$	11.56		$	12.78		$	9.07		$	7.18		$	10.56		$	11.53		$	11.43		$	10.89		$	10.17		$	9.20		$	10.01		$	9.59
TOTAL RETURN(a)		(9.55	)%		40.90	%		26.32	%		(23.05	)%		0.05	%		23.19	%		4.96	%		9.57	%		11.47	%		(4.08	)%		8.22	%		3.35	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		1.17	%@		1.17	%		1.18	%		1.19	%		1.17	%		1.17	%		0.62	%@		0.63	%		0.65	%		0.65	%		0.65	%		0.65	%
Ratio of expenses to average net assets(c)		1.17	%@		1.17	%		1.18	%		1.19	%		1.17	%		1.17	%		0.62	%@		0.63	%		0.65	%		0.66	%		0.73	%		1.05	%
Ratio of expense reductions to average net assets		0.00	%@		0.00	%		0.00	%		0.01	%		0.00	%		0.01	%		–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		(0.73	)%@		0.01	%		(0.62	)%		(0.55	)%		(0.63	)%		(0.57	)%		3.09	%@		3.30	%		2.55	%		2.18	%		5.59	%		4.00	%
Ratio of net investment income (loss) to average net assets(c)		(0.73	)%@		0.01	%		(0.62	)%		(0.55	)%		(0.63	)%		(0.57	)%		3.09	%@		3.30	%		2.55	%		2.16	%		5.51	%		3.61	%
Portfolio turnover rate		12	%		38	%		38	%		43	%		44	%		47	%		25	%		49	%		48	%		39	%		70	%		37	%
Number of shares outstanding at end of period (000’s)		18,197			17,920			18,776			19,699			18,782			17,035			32,328			31,956			22,673			16,219			15,887			1,640
Net assets at end of period (000’s)	$	210,342		$	229,069		$	170,216		$	141,470		$	198,368		$	196,444		$	369,658		$	347,947		$	230,538		$	149,178		$	159,074		$	15,722

# Unaudited

@ Annualized

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

^(d)  The per share amounts are calculated using the average share method.

See Notes to Financial Statements

297

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	International Equities Fund																		International Government Bond Fund
	Six Months Ended November 30, 2011#			Year Ended May 31,															Six Months Ended November 30, 2011#			Year Ended May 31,
				2011			2010			2009			2008			2007						2011			2010			2009			2008			2007
PER SHARE DATA
Net asset value at beginning of period	$	6.84		$	5.38		$	5.15		$	10.37		$	11.29		$	9.79		$	12.86		$	11.92		$	11.55		$	12.39		$	12.05		$	12.08
Income (loss) from investment operations:
Net investment income (loss)(d)		0.06			0.16			0.13			0.19			0.31			0.25			0.20			0.42			0.45			0.46			0.49			0.49
Net realized and unrealized gain (loss) on investments and foreign currencies		(1.17	)		1.45			0.25			(4.18	)		(0.75	)		2.02			(0.19	)		1.12			0.40			(0.56	)		0.57			0.42
Total income (loss) from investment operations		(1.11	)		1.61			0.38			(3.99	)		(0.44	)		2.27			0.01			1.54			0.85			(0.10	)		1.06			0.91
Distributions from:
Net investment income		–			(0.15	)		(0.15	)		(0.28	)		(0.26	)		(0.16	)		–			(0.60	)		(0.48	)		(0.73	)		(0.63	)		(0.52	)
Net realized gain on securities		–			–			–			(0.95	)		(0.22	)		(0.61	)		–			–			–			(0.01	)		(0.09	)		(0.42	)
Return of capital		–			–			–			–			–			–			–			–			–			–			–			–
Total distributions		–			(0.15	)		(0.15	)		(1.23	)		(0.48	)		(0.77	)		–			(0.60	)		(0.48	)		(0.74	)		(0.72	)		(0.94	)
Net asset value at end of period	$	5.73		$	6.84		$	5.38		$	5.15		$	10.37		$	11.29		$	12.87		$	12.86		$	11.92		$	11.55		$	12.39		$	12.05
TOTAL RETURN(a)		(16.23	)%		30.18	%		7.06	%		(37.10	)%		(3.91	)%		24.05	%		0.08	%		13.16	%		7.32	%		(0.70	)%		8.94	%		7.60	%(e)
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.49	%@		0.47	%		0.52	%		0.55	%		0.51	%		0.50	%		0.67	%@		0.67	%		0.68	%		0.72	%		0.68	%		0.70	%
Ratio of expenses to average net assets(c)		0.49	%@		0.47	%		0.52	%		0.55	%		0.51	%		0.50	%		0.67	%@		0.67	%		0.68	%		0.72	%		0.68	%		0.70	%
Ratio of expense reductions to average net assets		–			–			–			–			–			–			–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		2.09	%@		2.53	%		2.29	%		3.18	%		2.87	%		2.45	%		3.16	%@		3.34	%		3.70	%		3.96	%		4.07	%		4.04	%
Ratio of net investment income (loss) to average net assets(c)		2.09	%@		2.53	%		2.29	%		3.18	%		2.87	%		2.45	%		3.16	%@		3.34	%		3.70	%		3.96	%		4.07	%		4.04	%
Portfolio turnover rate		61	%		56	%		66	%		81	%		104	%		47	%		54	%		113	%		147	%		224	%		183	%		164	%
Number of shares outstanding at end of period (000’s)		154,856			150,421			145,793			141,492			106,313			97,164			15,881			14,721			12,409			13,016			14,457			11,264
Net assets at end of period (000’s)	$	887,000		$	1,028,197		$	783,839		$	728,784		$	1,102,850		$	1,097,046		$	204,348		$	189,309		$	147,932		$	150,314		$	179,191		$	135,777

# Unaudited

@ Annualized

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

^(d)  The per share amounts are calculated using the average share method.

^(e)  The Fund’s performance figure was increased by less than 0.01% from reimbursements for losses realized on the disposal of investments in violation of investment restrictions.

See Notes to Financial Statements

298

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	International Growth Fund†																		Large Cap Core Fund
	Six Months Ended November 30, 2011#			Year Ended May 31,															Six Months Ended November 30, 2011#			Year Ended May 31,
				2011			2010			2009			2008			2007						2011			2010			2009			2008			2007
PER SHARE DATA
Net asset value at beginning of period	$	12.04		$	9.04		$	8.29		$	13.15		$	12.91		$	10.30		$	12.33		$	9.37		$	7.92		$	10.78		$	11.91		$	10.10
Income (loss) from investment operations:
Net investment income (loss)(d)		0.05			0.17			0.13			0.18			0.20			0.14			0.06			0.09			0.10			0.13			0.11			0.13
Net realized and unrealized gain (loss) on investments and foreign currencies		(1.83	)		2.98			0.80			(4.86	)		0.16			2.65			(1.36	)		2.98			1.47			(2.51	)		(0.65	)		1.78
Total income (loss) from investment operations		(1.78	)		3.15			0.93			(4.68	)		0.36			2.79			(1.30	)		3.07			1.57			(2.38	)		(0.54	)		1.91
Distributions from:
Net investment income		–			(0.15	)		(0.18	)		(0.18	)		(0.12	)		(0.18	)		–			(0.11	)		(0.12	)		(0.04	)		(0.09	)		(0.10	)
Net realized gain on securities		–			–			–			–			–			–			–			–			–			(0.44	)		(0.50	)		–
Return of capital		–			–			–			–			–			–			–			–			–			–			–			–
Total distributions		–			(0.15	)		(0.18	)		(0.18	)		(0.12	)		(0.18	)		–			(0.11	)		(0.12	)		(0.48	)		(0.59	)		(0.10	)
Net asset value at end of period	$	10.26		$	12.04		$	9.04		$	8.29		$	13.15		$	12.91		$	11.03		$	12.33		$	9.37		$	7.92		$	10.78		$	11.91
TOTAL RETURN(a)		(14.78	)%		35.00	%(e)		11.07	%		(35.39	)%		2.78	%		27.31	%		(10.54	)%		32.94	%		19.81	%		(21.36	)%		(4.73	)%		19.01	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		1.01	%@		1.01	%		1.01	%		1.01	%		1.01	%		1.01	%		0.85	%@		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%
Ratio of expenses to average net assets(c)		1.13	%@		1.12	%		1.12	%		1.14	%		1.11	%		1.11	%		0.86	%@		0.85	%		0.88	%		0.89	%		1.00	%		0.91	%
Ratio of expense reductions to average net assets		0.00	%@		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		–			0.01	%		0.01	%		0.02	%		0.02	%		0.01	%
Ratio of net investment income (loss) to average net assets(b)		0.95	%@		1.53	%		1.35	%		2.11	%		1.56	%		1.19	%		1.14	%@		0.85	%		1.08	%		1.60	%		0.96	%		1.15	%
Ratio of net investment income (loss) to average net assets(c)		0.83	%@		1.42	%		1.24	%		1.97	%		1.46	%		1.09	%		1.14	%@		0.85	%		1.05	%		1.56	%		0.81	%		1.09	%
Portfolio turnover rate		25	%		67	%		79	%		70	%		64	%		74	%		73	%		44	%		33	%		41	%		62	%		24	%
Number of shares outstanding at end of period (000’s)		48,124			51,294			52,207			53,649			55,226			51,765			11,256			11,843			12,406			12,312			7,869			7,405
Net assets at end of period (000’s)	$	493,759		$	617,720		$	471,764		$	444,783		$	726,258		$	668,274		$	124,107		$	145,975		$	116,227		$	97,480		$	84,844		$	88,186

# Unaudited

@ Annualized

† See Note 1

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

^(d)  The per share amounts are calculated using the average share method.

^(e) The Fund’s performance figure was increased by less than 0.01% from gains on the disposal of investments in violation of investment restrictions.

See Notes to Financial Statements

299

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Large Capital Growth Fund																		Mid Cap Index Fund
	Six Months Ended November 30, 2011#			Year Ended May 31,															Six Months Ended November 30, 2011#			Year Ended May 31,
				2011			2010			2009			2008			2007						2011			2010			2009			2008			2007
PER SHARE DATA
Net asset value at beginning of period	$	12.31		$	9.73		$	8.23		$	12.45		$	12.38		$	10.43		$	22.71		$	17.30		$	13.32		$	23.88		$	26.62		$	23.72
Income (loss) from investment operations:
Net investment income (loss)(d)		0.01			0.03			0.04			0.06			0.03			0.05			0.12			0.18			0.19			0.25			0.26			0.30
Net realized and unrealized gain (loss) on investments and foreign currencies		(1.29	)		2.59			1.53			(4.01	)		0.07			1.93			(2.64	)		5.43			4.40			(8.65	)		(1.05	)		4.38
Total income (loss) from investment operations		(1.28	)		2.62			1.57			(3.95	)		0.10			1.98			(2.52	)		5.61			4.59			(8.40	)		(0.79	)		4.68
Distributions from:
Net investment income		–			(0.04	)		(0.07	)		(0.03	)		(0.03	)		(0.03	)		–			(0.20	)		(0.25	)		(0.27	)		(0.30	)		(0.12	)
Net realized gain on securities		–			–			–			(0.24	)		–			–			–			–			(0.36	)		(1.89	)		(1.65	)		(1.66	)
Return of capital		–			–			–			–			–			–			–			–			–			–			–			–
Total distributions		–			(0.04	)		(0.07	)		(0.27	)		(0.03	)		(0.03	)		–			(0.20	)		(0.61	)		(2.16	)		(1.95	)		(1.78	)
Net asset value at end of period	$	11.03		$	12.31		$	9.73		$	8.23		$	12.45		$	12.38		$	20.19		$	22.71		$	17.30		$	13.32		$	23.88		$	26.62
TOTAL RETURN(a)		(10.40	)%		27.01	%		19.08	%(f)		(31.55	)%		0.78	%(e)		18.97	%		(11.10	)%		32.54	%(e)		34.73	%		(33.91	)%		(2.73	)%		20.77	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.77	%@		0.78	%		0.78	%		0.79	%		0.78	%		0.76	%		0.38	%@		0.39	%		0.39	%		0.40	%		0.38	%		0.38	%
Ratio of expenses to average net assets(c)		0.77	%@		0.78	%		0.78	%		0.79	%		0.78	%		0.76	%		0.38	%@		0.39	%		0.39	%		0.40	%		0.38	%		0.38	%
Ratio of expense reductions to average net assets		0.01	%@		0.01	%		0.00	%		0.00	%		0.01	%		0.01	%		–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		0.11	%@		0.25	%		0.41	%		0.61	%		0.27	%		0.42	%		1.15	%@		0.93	%		1.17	%		1.64	%		1.08	%		1.27	%
Ratio of net investment income (loss) to average net assets(c)		0.11	%@		0.25	%		0.41	%		0.61	%		0.27	%		0.42	%		1.15	%@		0.93	%		1.17	%		1.64	%		1.08	%		1.27	%
Portfolio turnover rate		71	%		129	%		59	%		49	%		49	%		78	%		6	%		18	%		12	%		22	%		21	%		14	%
Number of shares outstanding at end of period (000’s)		31,369			32,735			35,736			38,018			41,724			47,394			115,608			120,474			121,459			123,279			112,050			115,417
Net assets at end of period (000’s)	$	346,085		$	402,977		$	347,731		$	312,755		$	519,294		$	586,875		$	2,333,802		$	2,736,232		$	2,101,641		$	1,642,120		$	2,676,198		$	3,071,995

# Unaudited

@ Annualized

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

^(d)  The per share amounts are calculated using the average share method.

^(e)  The Fund’s performance figure was increased by less than 0.01% from gains on the disposal of investments in violation of investment restrictions.

^(f)  The Fund’s performance figure was increased by less than 0.01% by a reimbursement by an affiliate.

See Notes to Financial Statements

300

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Mid Cap Strategic Growth Fund																		Money Market I Fund
	Six Months Ended November 30, 2011#			Year Ended May 31,															Six Months Ended November 30, 2011#			Year Ended May 31,
				2011			2010			2009			2008			2007						2011			2010			2009			2008			2007
PER SHARE DATA
Net asset value at beginning of period	$	13.62		$	9.92		$	7.83		$	15.03		$	14.14		$	11.76		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income (loss) from investment operations:
Net investment income (loss)(d)		(0.00	)		0.01			(0.00	)		0.02			0.01			0.00			0.00			0.00			0.00			0.01			0.04			0.05
Net realized and unrealized gain (loss) on investments and foreign currencies		(1.78	)		3.70			2.14			(5.95	)		1.23			2.39			0.00			(0.00	)		0.00			–			–			–
Total income (loss) from investment operations		(1.78	)		3.71			2.14			(5.93	)		1.24			2.39			0.00			0.00			0.00			0.01			0.04			0.05
Distributions from:
Net investment income		–			(0.01	)		(0.05	)		–			–			(0.01	)		(0.00	)		(0.00	)		(0.00	)		(0.01	)		(0.04	)		(0.05	)
Net realized gain on securities		–			–			–			(1.27	)		(0.35	)		–			–			–			(0.00	)		–			–			–
Return of capital		–			–			–			–			–			–			–			–			–			–			–			–
Total distributions		–			(0.01	)		(0.05	)		(1.27	)		(0.35	)		(0.01	)		(0.00	)		(0.00	)		(0.00	)		(0.01	)		(0.04	)		(0.05	)
Net asset value at end of period	$	11.84		$	13.62		$	9.92		$	7.83		$	15.03		$	14.14		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
TOTAL RETURN(a)		(13.07	)%		37.37	%		27.35	%(f)		(37.52	)%		8.71	%		20.30	%		0.01	%(g)		0.01	%		0.04	%(e)		1.33	%		3.82	%		4.90	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.85	%@		0.84	%		0.85	%		0.85	%		0.84	%		0.83	%		0.15	%@		0.24	%		0.41	%		0.54	%		0.51	%		0.52	%
Ratio of expenses to average net assets(c)		0.87	%@		0.84	%		0.86	%		0.87	%		0.84	%		0.83	%		0.52	%@		0.52	%		0.55	%		0.59	%		0.51	%		0.52	%
Ratio of expense reductions to average net assets		0.01	%@		0.02	%		0.04	%		0.04	%		0.01	%		0.00	%		–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		(0.06	)%@		0.10	%		(0.09	)%		0.21	%		0.03	%		0.00	%		0.01	%@		0.01	%		0.03	%		1.31	%		3.72	%		4.80	%
Ratio of net investment income (loss) to average net assets(c)		(0.08	)%@		0.10	%		(0.10	)%		0.19	%		0.03	%		0.00	%		(0.36	)%@		(0.27	)%		(0.10	)%		1.26	%		3.72	%		4.80	%
Portfolio turnover rate		33	%		134	%		239	%		293	%		151	%		242	%		N/A			N/A			N/A			N/A			N/A			N/A
Number of shares outstanding at end of period (000’s)		22,327			25,052			25,009			26,125			24,438			23,317			431,488			474,285			542,000			612,933			572,369			516,352
Net assets at end of period (000’s)	$	264,300		$	341,241		$	248,109		$	204,470		$	367,295		$	329,635		$	430,821		$	473,443		$	541,159		$	611,356		$	572,434		$	516,352

# Unaudited

@ Annualized

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

^(d)  The per share amounts are calculated using the average share method.

^(e)  The Fund’s performance figure was increased by less than 0.01% from the effect of payments by an affiliate.

^(f) The Fund’s performance figure was increased by less than 0.01% from 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 the effect of payments by an affiliate (See Note 3).

See Notes to Financial Statements

301

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Nasdaq-100® Index Fund																		Science & Technology Fund
	Six Months Ended November 30, 2011#			Year Ended May 31,															Six Months Ended November 30, 2011#			Year Ended May 31,
				2011			2010			2009			2008			2007						2011			2010			2009			2008			2007
PER SHARE DATA
Net asset value at beginning of period	$	6.45		$	5.03		$	3.89		$	5.62		$	5.34		$	4.38		$	17.57		$	12.93		$	9.98		$	14.41		$	13.67		$	11.50
Income (loss) from investment operations:
Net investment income (loss)(d)		0.02			0.02			0.01			0.01			0.01			0.00			(0.00	)		(0.03	)		(0.02	)		0.01			(0.01	)		(0.05	)
Net realized and unrealized gain (loss) on investments and foreign currencies		(0.22	)		1.41			1.14			(1.68	)		0.27			0.96			(1.98	)		4.67			2.98			(4.44	)		0.75			2.22
Total income (loss) from investment operations		(0.20	)		1.43			1.15			(1.67	)		0.28			0.96			(1.98	)		4.64			2.96			(4.43	)		0.74			2.17
Distributions from:
Net investment income		–			(0.01	)		(0.01	)		(0.01	)		–			(0.00	)		–			(0.00	)		(0.01	)		–			–			–
Net realized gain on securities		–			–			–			(0.05	)		–			–			–			–			–			–			–			–
Return of capital		–			–			–			–			–			–			–			–			–			–			–			–
Total distributions		–			(0.01	)		(0.01	)		(0.06	)		–			(0.00	)		–			(0.00	)		(0.01	)		–			–			–
Net asset value at end of period	$	6.25		$	6.45		$	5.03		$	3.89		$	5.62		$	5.34		$	15.59		$	17.57		$	12.93		$	9.98		$	14.41		$	13.67
TOTAL RETURN(a)		(3.10	)%		28.53	%		29.60	%(f)		(29.36	)%		5.32	%		22.01	%		(11.27	)%		35.89	%		29.67	%(f)		(30.74	)%(e)		5.41	%		18.87	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.53	%@		0.53	%		0.54	%		0.55	%		0.56	%		0.63	%		1.02	%@		1.02	%		1.02	%		1.06	%		1.00	%		1.03	%
Ratio of expenses to average net assets(c)		0.59	%@		0.63	%		0.60	%		0.66	%		0.60	%		0.63	%		1.02	%@		1.02	%		1.02	%		1.06	%		1.00	%		1.03	%
Ratio of expense reductions to average net assets		–			–			–			–			–			–			0.01	%@		0.01	%		0.02	%		0.01	%		0.01	%		0.02	%
Ratio of net investment income (loss) to average net assets(b)		0.73	%@		0.43	%		0.25	%		0.35	%		0.27	%		0.08	%		(0.01	)%@		(0.22	)%		(0.20	)%		0.09	%		(0.11	)%		(0.39	)%
Ratio of net investment income (loss) to average net assets(c)		0.67	%@		0.33	%		0.18	%		0.24	%		0.23	%		0.08	%		(0.01	)%@		(0.22	)%		(0.20	)%		0.09	%		(0.11	)%		(0.39	)%
Portfolio turnover rate		6	%		29	%		6	%		9	%		8	%		5	%		55	%		111	%		138	%		150	%		145	%		163	%
Number of shares outstanding at end of period (000’s)		22,302			19,713			20,423			18,892			17,471			15,678			47,393			50,582			54,912			56,476			63,061			70,630
Net assets at end of period (000’s)	$	139,463		$	127,160		$	102,703		$	73,521		$	98,269		$	83,647		$	738,989		$	888,918		$	710,097		$	563,610		$	908,590		$	965,650

# Unaudited

@ Annualized

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

^(d)  The per share amounts are calculated using the average share method.

^(e)  The Fund’s performance figure was increased by 0.07% from reimbursements for losses realized on the disposal of investments in violation of investment restrictions.

^(f)  The Fund’s performance figure was increased by less than 0.01% by a reimbursement by an affiliate.

See Notes to Financial Statements

302

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Small Cap Aggressive Growth Fund																		Small Cap Fund
	Six Months Ended November 30, 2011#			Year Ended May 31,															Six Months Ended November 30, 2011#			Year Ended May 31,
				2011			2010			2009			2008			2007						2011			2010			2009			2008			2007
PER SHARE DATA
Net asset value at beginning of period	$	12.63		$	9.84		$	7.05		$	11.17		$	11.71		$	10.22		$	11.22		$	8.31		$	6.39		$	9.82		$	13.22		$	12.64
Income (loss) from investment operations:
Net investment income (loss)(d)		(0.03	)		(0.06	)		(0.05	)		(0.03	)		(0.05	)		(0.08	)		0.00			0.01			0.01			0.03			0.04			0.01
Net realized and unrealized gain (loss) on investments and foreign currencies		(1.74	)		2.85			2.84			(3.17	)		(0.49	)		1.58			(1.26	)		2.92			1.95			(2.98	)		(2.04	)		1.58
Total income (loss) from investment operations		(1.77	)		2.79			2.79			(3.20	)		(0.54	)		1.50			(1.26	)		2.93			1.96			(2.95	)		(2.00	)		1.59
Distributions from:
Net investment income		–			–			(0.00	)		–			–			–			–			(0.02	)		(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	)		–			(0.02	)		(0.04	)		(0.48	)		(1.40	)		(1.01	)
Net asset value at end of period	$	10.86		$	12.63		$	9.84		$	7.05		$	11.17		$	11.71		$	9.96		$	11.22		$	8.31		$	6.39		$	9.82		$	13.22
TOTAL RETURN(a)		(14.01	)%		28.35	%		39.59	%(e)		(26.42	)%		(4.59	)%		14.70	%		(11.23	)%		35.24	%		30.65	%		(29.56	)%		(15.29	)%		13.29	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.99	%@		0.99	%		0.99	%		0.99	%		1.00	%		1.00	%		0.93	%@		0.93	%		0.94	%		0.95	%		0.95	%		0.95	%
Ratio of expenses to average net assets(c)		1.13	%@		1.05	%		1.10	%		1.12	%		1.14	%		1.15	%		1.07	%@		1.05	%		1.06	%		1.07	%		1.05	%		1.02	%
Ratio of expense reductions to average net assets		–			0.04	%		0.02	%		0.01	%		0.03	%		0.02	%		0.01	%@		0.01	%		0.01	%		0.01	%		0.00	%		0.00	%
Ratio of net investment income (loss) to average net assets(b)		(0.47	)%@		(0.62	)%		(0.56	)%		(0.37	)%		(0.52	)%		(0.83	)%		0.08	%@		0.05	%		0.13	%		0.40	%		0.31	%		0.04	%
Ratio of net investment income (loss) to average net assets(c)		(0.61	)%@		(0.68	)%		(0.66	)%		(0.50	)%		(0.66	)%		(0.98	)%		(0.06	)%@		(0.07	)%		0.00	%		0.28	%		0.21	%		(0.03	)%
Portfolio turnover rate		112	%		42	%		73	%		74	%		98	%		192	%		21	%		38	%		37	%		40	%		119	%		87	%
Number of shares outstanding at end of period (000’s)		6,792			7,230			8,809			6,553			5,823			4,434			30,619			31,857			34,509			37,152			39,852			41,863
Net assets at end of period (000’s)	$	73,775		$	91,326		$	86,711		$	46,179		$	65,033		$	51,911		$	305,011		$	357,571		$	286,788		$	237,444		$	391,306		$	553,319

# Unaudited

@ Annualized

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

^(d)  The per share amounts are calculated using the average share method.

^(e)  The Fund’s performance figure was increased by less than 0.01% by a reimbursement by an affiliate.

See Notes to Financial Statements

303

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Small Cap Index Fund																		Small Cap Special Values Fund
	Six Months Ended November 30, 2011#			Year Ended May 31,															Six Months Ended November 30, 2011#			Year Ended May 31,
				2011			2010			2009			2008			2007						2011			2010			2009			2008			2007
PER SHARE DATA
Net asset value at beginning of period	$	15.60		$	12.15		$	9.43		$	15.80		$	19.41		$	17.24		$	9.67		$	8.08		$	6.03		$	9.73		$	12.62		$	10.59
Income (loss) from investment operations:
Net investment income (loss)(d)		0.09			0.13			0.11			0.18			0.23			0.21			0.03			0.06			0.05			0.10			0.12			0.13
Net realized and unrealized gain (loss) on investments and foreign currencies		(2.04	)		3.44			3.06			(5.35	)		(2.27	)		2.93			(1.00	)		1.59			2.12			(3.43	)		(2.31	)		2.01
Total income (loss) from investment operations		(1.95	)		3.57			3.17			(5.17	)		(2.04	)		3.14			(0.97	)		1.65			2.17			(3.33	)		(2.19	)		2.14
Distributions from:
Net investment income		–			(0.12	)		(0.18	)		(0.23	)		(0.20	)		(0.07	)		–			(0.06	)		(0.12	)		(0.10	)		(0.09	)		(0.06	)
Net realized gain on securities		–			–			(0.27	)		(0.97	)		(1.37	)		(0.90	)		–			–			–			(0.27	)		(0.61	)		(0.05	)
Return of capital		–			–			–			–			–			–			–			–			–			–			–			–
Total distributions		–			(0.12	)		(0.45	)		(1.20	)		(1.57	)		(0.97	)		–			(0.06	)		(0.12	)		(0.37	)		(0.70	)		(0.11	)
Net asset value at end of period	$	13.65		$	15.60		$	12.15		$	9.43		$	15.80		$	19.41		$	8.70		$	9.67		$	8.08		$	6.03		$	9.73		$	12.62
TOTAL RETURN(a)		(12.50	)%		29.44	%		34.01	%		(32.19	)%		(10.71	)%		18.66	%		(10.03	)%		20.40	%		36.20	%(e)		(33.97	)%		(17.39	)%		20.30	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.44	%@		0.44	%		0.46	%		0.47	%		0.42	%		0.43	%		0.90	%@		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Ratio of expenses to average net assets(c)		0.44	%@		0.44	%		0.46	%		0.47	%		0.42	%		0.43	%		0.93	%@		0.92	%		0.98	%		0.96	%		0.92	%		0.90	%
Ratio of expense reductions to average net assets		–			–			–			–			–			–			0.00	%@		0.01	%		0.01	%		0.04	%		0.03	%		0.02	%
Ratio of net investment income (loss) to average net assets(b)		1.30	%@		0.95	%		0.98	%		1.65	%		1.34	%		1.20	%		0.77	%@		0.65	%		0.69	%		1.48	%		1.09	%		1.10	%
Ratio of net investment income (loss) to average net assets(c)		1.30	%@		0.95	%		0.98	%		1.65	%		1.34	%		1.20	%		0.74	%@		0.63	%		0.61	%		1.42	%		1.07	%		1.10	%
Portfolio turnover rate		11	%		13	%		15	%		24	%		20	%		18	%		33	%		41	%		98	%		67	%		51	%		64	%
Number of shares outstanding at end of period (000’s)		60,222			62,750			66,604			67,300			62,690			62,786			21,756			23,569			25,867			26,857			26,379			30,647
Net assets at end of period (000’s)	$	822,043		$	978,592		$	809,018		$	634,336		$	990,398		$	1,218,827		$	189,262		$	227,951		$	209,121		$	162,069		$	256,767		$	386,817

# Unaudited

@ Annualized

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursements, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

^(d)  The per share amounts are calculated using the average share method.

^(e)  The Fund’s performance figure was increased by less than 0.01% from a reimbursement by an affiliate.

See Notes to Financial Statements

304

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Small-Mid Growth Fund																		Stock Index Fund
	Six Months Ended November 30, 2011#			Year Ended May 31,															Six Months Ended November 30, 2011#			Year Ended May 31,
				2011			2010			2009			2008			2007						2011			2010			2009			2008			2007
PER SHARE DATA
Net asset value at beginning of period	$	11.72		$	8.54		$	6.79		$	10.05		$	11.65		$	10.33		$	26.71		$	21.93		$	19.06		$	34.60		$	39.80		$	33.87
Income (loss) from investment operations:
Net investment income (loss)(d)		(0.03	)		(0.06	)		(0.05	)		0.01			(0.03	)		(0.02	)		0.23			0.41			0.37			0.53			0.60			0.58
Net realized and unrealized gain (loss) on investments and foreign currencies		(1.40	)		3.24			1.82			(2.98	)		(1.57	)		1.34			(1.94	)		5.12			3.66			(12.20	)		(3.30	)		6.86
Total income (loss) from investment operations		(1.43	)		3.18			1.77			(2.97	)		(1.60	)		1.32			(1.71	)		5.53			4.03			(11.67	)		(2.70	)		7.44
Distributions from:
Net investment income		–			(0.00	)		(0.02	)		(0.01	)		–			–			–			(0.43	)		(0.49	)		(0.70	)		(0.61	)		(0.31	)
Net realized gain on securities		–			–			–			(0.28	)		–			–			–			(0.32	)		(0.67	)		(3.17	)		(1.89	)		(1.20	)
Return of capital		–			–			–			–			–			–			–			–			–			–			–			–
Total distributions		–			(0.00	)		(0.02	)		(0.29	)		–			–			–			(0.75	)		(1.16	)		(3.87	)		(2.50	)		(1.51	)
Net asset value at end of period	$	10.29		$	11.72		$	8.54		$	6.79		$	10.05		$	11.65		$	25.00		$	26.71		$	21.93		$	19.06		$	34.60		$	39.80
TOTAL RETURN(a)		(12.20	)%(f)		37.24	%		26.03	%(e)		(29.01	)%		(13.73	)%		12.78	%		(6.40	)%		25.55	%		21.06	%		(32.99	)%		(6.98	)%		22.37	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		1.00	%@		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		0.37	%@		0.38	%		0.38	%		0.39	%		0.35	%		0.35	%
Ratio of expenses to average net assets(c)		1.08	%@		1.15	%		1.09	%		1.15	%		1.03	%		1.01	%		0.37	%@		0.38	%		0.38	%		0.39	%		0.35	%		0.35	%
Ratio of expense reductions to average net assets		0.03	%@		0.02	%		0.04	%		0.06	%		0.01	%		0.01	%		–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		(0.58	)%@		(0.61	)%		(0.63	)%		0.01	%		(0.33	)%		(0.20	)%		1.88	%@		1.70	%		1.70	%		2.31	%		1.64	%		1.58	%
Ratio of net investment income (loss) to average net assets(c)		(0.66	)%@		(0.76	)%		(0.72	)%		(0.14	)%		(0.36	)%		(0.21	)%		1.88	%@		1.70	%		1.70	%		2.31	%		1.64	%		1.58	%
Portfolio turnover rate		62	%		155	%		74	%		91	%		196	%		83	%		2	%		11	%		7	%		7	%		5	%		4	%
Number of shares outstanding at end of period (000’s)		9,879			10,329			11,165			11,464			11,803			13,987			129,439			132,974			136,381			130,783			124,600			133,576
Net assets at end of period (000’s)	$	101,681		$	121,033		$	95,319		$	77,843		$	118,628		$	162,946		$	3,235,792		$	3,551,607		$	2,990,589		$	2,493,280		$	4,311,083		$	5,316,922

# Unaudited

@ Annualized

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

^(d)  The per share amounts are calculated using the average share method.

^(e)  The Fund’s performance figure was increased by less than 0.01% from a reimbursement from an affiliate.

^(f)  The Fund’s performance was increased by 0.26% from reimbursements for losses realized on the disposal of investments in violation of investment restrictions (Note 3).

See Notes to Financial Statements

305

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Value Fund
	Six Months Ended November 30, 2011#			Year Ended May 31,
				2011			2010			2009			2008			2007
PER SHARE DATA
Net asset value at beginning of period	$	10.28		$	8.28		$	7.20		$	11.01		$	13.41		$	12.19
Income (loss) from investment operations:
Net investment income (loss)(d)		0.08			0.10			0.05			0.15			0.15			0.08
Net realized and unrealized gain (loss) on investments and foreign currencies		(1.10	)		1.97			1.20			(3.76	)		(1.65	)		3.10
Total income (loss) from investment operations		(1.02	)		2.07			1.25			(3.61	)		(1.50	)		3.18
Distributions from:
Net investment income		–			(0.07	)		(0.17	)		(0.09	)		(0.04	)		(0.24	)
Net realized gain on securities		–			–			–			(0.11	)		(0.86	)		(1.72	)
Return of capital		–			–			–			–			–			–
Total distributions		–			(0.07	)		(0.17	)		(0.20	)		(0.90	)		(1.96	)
Net asset value at end of period	$	9.26		$	10.28		$	8.28		$	7.20		$	11.01		$	13.41
TOTAL RETURN(a)		(9.92	)%		25.03	%		17.30	%		(32.55	)%(e)		(11.44	)%		28.42	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.85	%@		0.85	%		0.85	%		0.85	%		0.88	%		1.03	%
Ratio of expenses to average net assets(c)		0.97	%@		0.93	%		0.94	%		0.94	%		0.93	%		1.03	%
Ratio of expense reductions to average net assets		0.00	%@		–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		1.72	%@		1.10	%		0.56	%		1.89	%		1.39	%		0.65	%
Ratio of net investment income (loss) to average net assets(c)		1.60	%@		1.02	%		0.47	%		1.79	%		1.34	%		0.64	%
Portfolio turnover rate		4	%		157	%		105	%		173	%		142	%		116	%
Number of shares outstanding at end of period (000’s)		12,408			14,825			18,716			21,631			25,199			6,691
Net assets at end of period (000’s)	$	114,864		$	152,457		$	155,035		$	155,725		$	277,346		$	89,740

# Unaudited

@ Annualized

^(a)  Total return is not annualized. It does include, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

^(d)  The per share amounts are calculated using the average share method.

^(e)  The Fund’s performance figure was increased by less than 0.01% from gains on the disposal of investments in violation of investment restrictions.

See Notes to Financial Statements

306

VALIC Company I

APPROVAL OF ADVISORY AGREEMENTS (Unaudited)

At an in-person meeting held on October 24-25, 2011, the Board of Directors (the “Board”), including the Directors that are not interested persons of VC I, as such term is defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Directors”), approved an amendment to the existing investment sub-advisory agreement between The Variable Annuity Life Insurance Company (“VALIC”) and J.P. Morgan Investment Management Inc. (“JPMIM”) to reflect that JPMIM will manage a portion of the assets of the Government Securities Fund (“Government Securities Fund”) (the “Amended JPMIM Sub-Advisory Agreement”). In addition, the Board approved an investment advisory agreement between VALIC and Columbia Management Investment Advisers, LLC (“Columbia”) with respect to the Large Cap Core Fund (“Large Cap Core Fund”) (the “Columbia Sub-Advisory Agreement”).

The Amended JPMIM Sub-Advisory Agreement and the Columbia Sub-Advisory Agreement are collectively referred to as the “Sub-Advisory Agreements” and each a “Sub-Advisory Agreement.” JPMIM and Columbia are collectively referred to as the “Sub-advisers” and each a “Sub-adviser.” Government Securities Fund and Large Cap Core Fund are collectively referred to as the “Funds,” and each a “Fund.”

In connection with the approval of the Sub-Advisory Agreements, the Board approved the termination of Wells Capital Management, Inc. (“Wells Capital”) as the existing sub-adviser to Large Cap Core Fund. It was noted that SunAmerica Asset Management Corp. (“SAAMCo”) will continue to serve as a co-sub-adviser of Government Securities Fund.

Factors Considered by the Board of Directors

At an in-person meeting held on October 24-25, 2011 (the “Meeting”), the Board, including the Independent Directors, approved the Amended JPMIM Sub-Advisory Agreement and the Columbia Sub-Advisory Agreement. As indicated above, JPMIM was appointed as an additional sub-adviser to the Government Securities Fund and Columbia was appointed as sub-adviser to the Large Cap Core Fund, replacing Wells Capital as the existing sub-adviser. The Board also approved the termination of Wells Capital as the sub-adviser of the Large-Cap Core 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 the Sub-advisers; (2) each Sub-adviser’s sub-advisory fee rate compared to the sub-advisory fee rates of a peer group of funds with similar investment objectives (“Sub-advisory Expense Group/Universe”), as selected by Lipper, Inc., an independent third-party provider of investment company data; (3) the investment performance of each Fund compared to the performance of comparable funds in its Morningstar category (“Performance Group”), and against each Fund’s benchmark (“Benchmark”), and the investment performance of a comparable fund managed by each Sub-adviser against the relevant Fund’s Performance Group and Benchmark; (4) the costs of services and the benefits potentially to be derived by the Sub-advisers; (5) whether the Funds would benefit from possible economies of scale by engaging the Sub-advisers; (6) the profitability of the Sub-advisers; and (7) the terms of the Sub-Advisory Agreements.

In considering whether to approve the Sub-Advisory Agreements, the Board also took into account presentations made at the Meeting by members of management as well as presentations made by representatives from each Sub-adviser who responded to questions posed by the Board and management. The Independent Directors were separately represented by independent counsel 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 Funds by the Sub-advisers. The Board also considered that each Sub-adviser’s management of a Fund is subject to the oversight of VALIC and the Board, and each Fund must be managed in accordance with its investment objective, policies and restrictions as set forth in its prospectus and statement of additional information. The Board considered information provided to it regarding the services to be provided by the Sub-advisers. The Board considered the qualifications, background and responsibilities of the Sub-advisers’ investment personnel who would be responsible for providing investment management services to the Funds. The Board also considered the investment strategies, investment style and investment processes that would be implemented by the Sub-advisers’ portfolio management teams. The Board further took into account the financial condition of the Sub-advisers. In addition, the Board noted that JPMIM currently sub-advises the VALIC Company II (“VC II”) Small Cap Growth Fund and a portion of VC II Small Cap Value Fund and that management is familiar with JPMIM’s business, legal, operations and compliance staff.

The Board, including a majority of the Independent Directors, concluded that the scope and quality of advisory services to be provided by the Sub-advisers under the Sub-Advisory Agreements would be satisfactory.

Fees and Expenses; Investment Performance. The Board received and reviewed each Fund’s sub-advisory fee rates compared against the relevant Sub-advisory Expense Group/Universe. The Board also considered that VALIC negotiated the sub-advisory fee rates at arms-length and that the sub-advisory fees are paid by VALIC out of the advisory fees it receives from the Funds. The Board considered that the sub-advisory fee rate payable to each Sub-adviser contains breakpoints. The Sub-adviser provided, and the Board also considered, expense information of comparable accounts managed by the Sub-advisers, as applicable.

Government Securities Fund. The Board considered that the sub-advisory fee payable to JPMIM is equal to the sub-advisory fee payable to SAAMCo based on the Fund’s current assets but that once the Fund’s assets exceed $150 million the sub-advisory fee payable to JPMIM would be lower than the sub-advisory fee payable to SAAMCo. The Board further noted that once Fund assets exceed $150 million, the amount of the advisory fee that VALIC retains would increase relative to what it would retain under the existing fee and structure with SAAMCo as the sole sub-adviser. The Board also considered that the sub-advisory fee rate payable to JPMIM was equal to the median in the Sub-advisory Expense Group (which consisted of only two other funds) and above the median of the Fund’s Sub-advisory Expense Universe.

Large Cap Core Fund. The Board considered that the sub-advisory fee payable to Columbia under the Columbia Sub-Advisory Agreement is equal to the sub-advisory fee payable to Wells Capital on assets below $100 million and on assets above $250 million, and higher than the sub-advisory fee payable to Wells Capital on assets between $100 million and $250 million. The Board considered that the Fund’s total assets as of September 30, 2011 were approximately $111 million, and that at this asset level, the sub-advisory fee payable to Columbia would be higher than the sub-advisory fee payable to Wells Capital which would reduce the amount of the advisory fee that VALIC retains. The Board also considered that the sub-advisory fee rate payable to Columbia was equal to the median of the Sub-advisory Expense Group (which consisted of only three other funds) and was above the median of the Fund’s Sub-advisory Expense Universe.

307

VALIC Company I

APPROVAL OF ADVISORY AGREEMENTS (Unaudited) — (continued)

The Board also took into account management’s discussion of each Fund’s expenses, and noted that each Fund’s advisory fee rate would remain the same.

The Board received and reviewed information prepared by management regarding the Funds’ investment performance compared against the Benchmark and their respective Performance Group as of the period ended August 31, 2011. The Board also noted that it regularly reviews detailed performance information about the Funds.

With respect to the Government Securities Fund’s performance, the Board considered that management has closely monitored the Fund’s performance for more than two years, and that performance has been inconsistent with periods of underperformance outweighing stronger periods. The Board also considered the performance of another fund managed by JPMIM with a similar investment objective and investment style as the Fund (the “JPMIM Comparable Fund”). The Board noted that the JPMIM Comparable Fund outperformed the Fund’s Benchmark and Performance Group for the year-to-date, one- and three-year periods ended August 31, 2011. The Board also considered information presented by management regarding the hypothetical performance of the Fund had it been sub-advised by JPMIM with the proposed allocation between JPMIM and the Fund’s current sub-adviser, SAAMCo.

With respect to the Large Cap Core Fund’s performance, the Board considered the performance of another fund managed by Columbia with a similar investment objective and investment style as the Fund (the “Columbia Comparable Fund” and together with the “JPMIM Comparable Fund,” the “Comparable Funds”). The Board noted that the Columbia Comparable Fund underperformed the Benchmark for the year-to-date period ended August 31, 2011, and outperformed the Benchmark for the one-, three- and five-year periods ended August 31, 2011. The Board also noted that the Columbia Comparable Fund outperformed its Performance Group for the year-to-date, one-, three- and five-year periods ended August 31, 2011.

The Board concluded that the sub-advisory fees payable to each Sub-adviser 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 Board also took into account management’s discussion of each Fund’s past performance and the performance of the Comparable Funds.

Cost of Services and Benefits Derived and Profitability/Economies of Scale. The Board was provided with information relating to the cost of services and benefits derived in connection with the Sub-Advisory Agreements. 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 a Fund are de minimis. Because sub-advisory fees are paid by VALIC and not by a Fund, the Board concluded that the costs of the services to be provided by each Sub-adviser and the profitability to each Sub-adviser from its relationship with the Funds was not a material factor in its 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 each Sub-adviser’s management of the Funds was not a material factor in approving the Sub-Advisory Agreements although the Board noted that the proposed sub-advisory fee schedules contained breakpoints.

Terms of the Sub-Advisory Agreements. The Board reviewed the terms of the Sub-Advisory Agreements, including the duties and responsibilities undertaken by each Sub-adviser. The Board also reviewed the terms of payment for services to be rendered by each Sub-adviser and noted that VALIC would compensate each Sub-adviser out of the advisory fees it receives from the Funds. The Board noted that the Sub-Advisory Agreements provide that each Sub-adviser will pay all of its own expenses in connection with the performance of its duties as well as the cost of maintaining the staff and personnel as necessary for it to perform its obligations. The Board also considered the termination and liability provisions of the Sub-Advisory Agreements and other terms contained therein. 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 its 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 Sub-Advisory Agreements.

308

VALIC Company I

SUPPLEMENT TO PROSPECTUS

Supplement to the Prospectus dated October 1, 2011

Growth & IncomeFund and Large Capital Growth Fund (the “Funds”)

In each Fund’s Portfolio Summary, in the Investment Adviser section, the information about the current portfolio manager John Massey is deleted in its entirety and replaced with the following:

Name	Portfolio Manager of the Portfolio Since	Title
Janet Walsh	2011	Senior Vice President and Portfolio Manager

In the Management section under Investment Sub-Advisers – SunAmerica Asset Management Corp. (“SAAMCo”), the portfolio manager information for each Fund with respect to John Massey is deleted in its entirety and replaced with the following:

The Growth & Income Fund is managed by Steven A. Neimeth and Janet Walsh. Ms. Walsh joined SAAMCo in September 2011 as Senior Vice President and Portfolio Manager and co-heads the SAAMCo Large Cap Equity Team. Ms. Walsh has over 15 years of investment experience with extensive expertise in the technology and telecom sectors. Prior to joining SAAMCo, she was a portfolio manager and Global Technology Sector Head at AllianceBernstein L.P.

A portion of the assets of the Large Capital Growth Fund is managed by Janet Walsh. Please see above for Ms. Walsh’s biography.

All changes reflected herein are effective immediately.

Date: October 11, 2011

Supplement to the Prospectus dated October 1, 2011

At a meeting held on October 24-25, 2011, the Board of Directors (the “Board”) of VALIC Company I (“VC I”) approved the appointment of J.P. Morgan Investment Management Inc. (“JPMIM”) as an additional sub-adviser to the Government Securities Fund (“Government Securities”); the termination of Wells Capital Management Incorporated (“Wells Capital”) as the sub-adviser to the Large Cap Core Fund (“Large Cap Core”) and approved the appointment of Columbia Management Investment Advisers, LLC (“Columbia”) as the sub-adviser to Large Cap Core. At the meeting, the Board approved a new investment sub-advisory agreement between each of The Variable Annuity Life Insurance Company (“VALIC”) and JPMIM and between VALIC and Columbia (collectively, the “Sub-Advisory Agreements”) to specifically include Government Securities and Large Cap Core, respectively.

With respect to the Sub-Advisory Agreements, the Board has authority, pursuant to an exemptive order granted by the Securities and Exchange Commission, to enter into sub-advisory agreements without a shareholder vote; however, an information statement explaining each respective sub-adviser change will be mailed to the shareholders of Government Securities and Large Cap Core. The effective date of each Sub-advisory Agreement will be on or about November 14, 2011 (the “Effective Date”). The following changes will take place upon the Effective Date:

Government Securities

The “Investment Adviser” section of the Fund Summary is amended to reflect the addition of “J.P. Morgan Investment Management Inc.” as an additional sub-adviser to the Fund and the addition of the following portfolio managers:

Name	Portfolio Manager of the Fund Since		Title
Michael Sais		2011		Portfolio Manager
Robert Manning		2011		Portfolio Manager

Large Cap Core

The “Principal Investment Strategies of the Fund” in the Fund Summary is modified by deleting the first sentence in the third paragraph referencing convertible bonds, including junk bonds and convertible preferred stock

The “Principal Risks of Investing in the Fund” in the Fund Summary is modified by deleting Convertible Securities Risk and Interest Rate Risk and adding Growth Style Risk and Value Style Risk as described below.

Growth Style Risk. Growth stocks can be volatile for several reasons. Since the issuers usually reinvest a high portion of earnings in their own business, growth stocks may lack the comfortable dividend yield associated with value stocks that can cushion total return in a bear market. Also, growth stocks normally carry a higher price/earnings ratio than many other stocks. Consequently, if earnings expectations are not met, the market price of growth stocks will often go down more than other stocks. However, the market frequently rewards growth stocks with price increases when expectations are met or exceeded.

Value Style Risk. Value securities are securities of companies that may have experienced, for example, adverse business, industry or other developments or may be subject to special risks that have caused the securities to be out of favor and, in turn, potentially undervalued. The market value of a portfolio security may not meet the Sub-adviser’s future value assessment of that security, or may decline. There is also a risk that it may take longer than expected for the value of these investments to rise to the believed value. In addition, value securities, at times, may not perform as well as growth securities or the stock market in general, and may be out of favor with investors for varying periods of time.

VALIC Company I

SUPPLEMENT TO PROSPECTUS — (continued)

The “Performance Information” section of the Fund Summary is modified to reflect that effective November 14, 2011 the Fund will transition its benchmark from the S&P 500 Index to the Russell 1000 Index because management believes the Russell 1000 Index better reflects the investment style of the new sub-adviser, Columbia.

Average Annual Total Returns (For the period ended December 31, 2010)

	1 Year			5 Years			Since Inception (12/05/2005)
Fund		16.74	%		6.79	%		5.41	%
S&P 500® Index		15.06	%		2.29	%		2.01	%
Russell 1000 Index		16.10	%		2.59	%		2.32	%

The “Investment Adviser” section of the Fund Summary is amended to delete Wells Capital as a sub-adviser of the Fund, to reflect the addition of “Columbia Management Investment Advisers, LLC” as the sub-adviser to the Fund and the addition of the following portfolio managers:

Name	Portfolio Manager of the Fund Since		Title
Guy Pope		2011	Portfolio Manager

The “Additional Information About the Funds’ Investment Strategies and Risks” for the Fund is deleted in its entirety and replaced with the following disclosure:

The sub-adviser combines fundamental and quantitative analysis with risk management in identifying investment opportunities and constructing the Fund’s portfolio. The sub-adviser considers, among other factors:

• Various measures of valuation, including price-to-cash flow, price-to-earnings, price-to-sales, and price-to-book value. The sub-adviser believes that companies with lower valuations are generally more likely to provide opportunities for capital appreciation.

• Potential indicators of stock price appreciation, such as anticipated earnings growth, company restructuring, changes in management, business model changes, new product opportunities, or anticipated improvements in macroeconomic factors.

• The financial condition and management of a company, including its competitive position, the quality of its balance sheet and earnings, its future prospects, and the potential for growth and stock price appreciation.

• Overall economic and market conditions.

The sub-adviser may sell a security when the security’s price reaches a target set by the sub-adviser; if the sub-adviser believes that there is deterioration in the issuer’s financial circumstances or fundamental prospects, or that other investments are more attractive; or for other reasons.

The Fund will be able to invest in derivatives, including futures, forwards, options, swap contracts and other derivative instruments. The Fund may invest in derivatives for both hedging and non-hedging purposes. The Fund may also invest in real estate securities and in REITs, warrants and rights and in unseasoned issuers.

The “Management – Investment Sub-Advisers” section is amended to add JPMIM as serving as sub-adviser to Government Securities and to delete references to Wells Capital as serving as sub-adviser to Large Cap Core and add information that Columbia serves as sub-adviser to Large Cap Core as follows:

The Government Securities Fund is managed by a team led by Michael Sais and Robert Manning. Mr. Sais is the Managing Director of JPMIM. He is a Fixed Income Fund Manager for the Insurance Asset Management Team responsible for managing investments consistent with the unique requirements of insurance industry clients. Additionally, he is a member of the Columbus Taxable Bond Team where he has served as lead manager for the JPMIM Ultra Short-Term Bond Fund since 1995 and Government Bond Products since 1996. Mr. Sais joined the firm in 1994 as a senior fixed income research analyst responsible for the valuation and analysis of the mortgage-backed securities market. Mr. Manning is Vice President of JPMIM. He is a portfolio manager for Insurance Solutions. Previously, he was a member of the Fixed Income Portfolio Management Group that supports Mid-Institutional Portfolios. Mr. Manning joined the firm in 1999.

Large Cap Core Fund

Columbia Management Investment Advisers, LLC (“Columbia”)

225 Franklin Street, Boston, MA 02110

Columbia is a registered investment adviser and a wholly-owned subsidiary of Ameriprise Financial, Inc., which is a financial planning and financial services company that has been offering solutions for clients’ asset accumulation, income management and protection needs for more than 110 years. Columbia’s management experience covers all major asset classes, including equity securities, fixed-income securities and money market instruments. In addition to serving as an investment adviser to mutual funds, Columbia acts as an investment manager for itself, its affiliates, individuals, corporations, retirement plans, private investment companies and financial intermediaries. Columbia managed $327 billion in assets as of June 30, 2011.

The Large Cap Core Fund is managed by Guy Pope. Mr. Pope is a managing Director and a Senior Portfolio Manager for Columbia. He joined the firm as part of its acquisition of the long-term asset management business of Columbia Management Group, LLC (“CMG”) from Bank of America. Mr. Pope joined CMG in 1993 and has been a member of the investment community since 1993.

Date: October 26, 2011

VALIC Company I

SUPPLEMENT TO PROSPECTUS — (continued)

Supplement to the Prospectus dated October 1, 2011

Mid Cap Index Fund, Nasdaq 100 Index Fund, Small Cap Index Fund and the Stock Index Fund (the “Funds”)

In each Fund’s Portfolio Summary, in the Investment Adviser section, the information about the current portfolio manager James Kurtz is deleted in its entirety and replaced with the following:

Name	Portfolio Manager of the Portfolio Since		Title
Brendan Voege		2011		Portfolio Manager

In the Management section under Investment Sub-Advisers – SunAmerica Asset Management Corp. (“SAAMCo”), the portfolio manager information for each Fund with respect to James Kurtz is deleted in its entirety and replaced with the following:

Brendan Voege serves as the portfolio manager of the Nasdaq-100 Index Fund, Mid Cap Index Fund, Small Cap Index Fund and Stock Index Fund. Mr. Voege is a portfolio manager and quantitative analyst at SAAMCo. He evaluates portfolios on the theory and application of attribution, risk characteristics, and style analysis. Mr. Voege joined SAAMCo in November 2004. He holds the CFA designation

All changes reflected herein are effective December 23, 2011.

Date: December 22, 2011

Supplement to the Statutory Prospectus dated October 1, 2011

Emerging Economies Fund.

Effective October 1, 2011, Fund Summary disclosure with respect to the “Principal Investment Strategies of the Fund” section is amended by adding the following as the last paragraph:

“The Fund may also invest in depositary receipts.”

Additionally, Fund Summary disclosure with respect to the “Principal Risks of Investing in the Fund” section is amended to include the following disclosure “Depositary Receipts Risk” as a principal investment risk of the Fund:

“Depositary Receipts Risk: Depositary receipts are generally subject to the same risks as foreign securities. Unlike sponsored depositary receipts, the issuers of unsponsored depositary receipts are not obligated to disclose material information in the United States and, therefore, such information may not be reflected in the market value of such depositary receipts.”

Accordingly, in the section Additional Information About the Funds’ Investment Strategies and Principal Risks, the Fund’s disclosure is amended to include reference to “Depositary Receipts Risk.”

In the Management section under How VALIC is Paid for its Services, the first sentence is deleted and replaced with the following disclosure:

“Each Fund pays VALIC a monthly fee calculated on net asset value.”

Date: January 17, 2012

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.

4500 Main Street

Kansas City, MO 64111

Barrow, Hanley, Mewhinney & Strauss, LLC

2200 Ross Avenue, 31st Floor

Dallas, TX 75201-2761

BlackRock Investment Management, LLC

1 University Square Drive

Princeton, NJ 08540

Bridgeway Capital Management, Inc.

20 Greenway Plaza

Suite 450

Houston, TX 77046

Century Capital Management, LLC

100 Federal Street

Boston, MA 02110

Columbia Management Investment Advisers, LLC

225 Franklin Street

Boston, MA 02110

Dreman Value Management, LLC

Harborside Financial Center

Plaza 10, Suite 800

Jersey City, NJ 07311

Franklin Advisers, Inc.

One Franklin Parkway

San Mateo, CA 94403-1906

Goldman Sachs Asset Management, L.P.

200 West Street

New York, NY 10282

Invesco Advisers, Inc.

1555 Peachtree St. NE

Atlanta, GA 30309

J.P. Morgan Investment Management, Inc.

270 Park Avenue

New York, NY 10017

Massachusetts Financial Services Company

500 Boylston Street

Boston, MA 02116

Morgan Stanley Investment Management, Inc.

522 Fifth Avenue

New York, NY 10036

Pinebridge Investments, LLC

399 Park Avenue

New York, NY 10022

RCM Capital Management, LLC

555 Mission St. Suite 1700

San Francisco, CA 94105

RS Investment Management Co., LLC

388 Market Street, Suite 1700

San Francisco, CA 94111

SunAmerica Asset Management Corp.

Harborside Financial Center

3200 Plaza 5

Jersey City, NJ 07311

T. Rowe Price Associates, Inc.

100 East Pratt Street

Baltimore, MD 21202

Templeton Global Advisors Ltd.

Lyford Cay

Nassau, Bahamas

Templeton Investment Counsel, LLC

300 SE 2nd Street

Ft. Lauderdale, FL 33301

Wellington Management Company, LLP

280 Congress Street

Boston, MA 02210

Wells Capital Management, Inc.

525 Market St.

10th Floor

San Francisco, CA 94105

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

PricewaterhouseCoopers LLP

1201 Louisiana Street, Suite 2900

Houston, TX 77002

TRANSFER AND SHAREHOLDER SERVICE AGENT

The Variable Annuity

Life Insurance Company (VALIC)

2929 Allen Parkway

Houston, Texas 77019

OFFICERS

Kurt W. Bernlohr,

President and Principal Executive Officer

John Packs,

Vice President and Senior Investment Officer

Gregory R. Kingston,

Treasurer and Principal Financial Officer

Nori L. Gabert,

Vice President, Chief Legal Officer and Secretary

Gregory N. Bressler,

Vice President

Katherine Stoner,

Vice President and Chief Compliance Officer

Donna Handel,

Vice President and Assistant Treasurer

Diedre L. Shepherd,

Assistant Treasurer

Shawn Parry,

Assistant Treasurer

Shana L. Walker,

Assistant Secretary

Matthew J. Hackethal,

Anti-Money Laundering

Compliance Officer

Thomas M. Ward,

Vice President

312

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.

The accompanying report has not been audited by independent accountants and accordingly no opinion has been expressed thereon.

313

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Go paperless Sign up for Personal Deliver-e today! CLICK VALIC.com CALL 1-800-448-2542 VISIT your VALIC financial advisor

Convenience. See your account statements, certain regulatory documents and transaction confirmations online, print as you wish. Days faster than paper delivery through the mail. Security. Password-protected documents online are more secure than paper. Eco-friendly delivery. Less paper, less waste. One more way that together we can make a difference. Ready to go paperless? >  Visit our website at VALIC.com >  Select “Access Your Account” under Links to Login >  Follow the registration instructions >  You can also enroll by contacting our Client Care Center at 1-800-448-2542 We know privacy is important to you, so please be assured that your e-mail address and other information you share with us is kept private and never sold. Review our Privacy Policy online for more information. Securities and investment advisory services are offered by VALIC Financial Advisors, Inc., member FINRA and an SEC-registered investment advisor. VALIC represents The Variable Annuity Life Insurance Company and its subsidiaries, VALIC Financial Advisors, Inc. and VALIC Retirement Services Company.

Copyright © The Variable Annuity Life Insurance Company. All rights reserved. VC 10855 (12/2010) 79619 EE

VALIC Online — Account Access

You will need to create an online security profile with a unique user ID and password. With your PIN, you can also access your account via the 24-hour VALIC automated phone line at 1.800.448.2542. Account access Manage your VALIC account online today CLICK VALIC.com CALL 1.800.448.2542 VISIT your VALIC financial advisor Manage your account online! Enjoy quick, easy and secure access—now or anytime. Powerful features: You’ll find a long list of powerful features to track and analyze your portfolio values with graphs and charts. You can print and download account transaction confirmations and tax statements, view transaction history and download it to Quicken using Direct Connect^SM. The Account Aggregation Feature allows you to display information from other accounts in addition to your VALIC accounts. Account information is also available for viewing on your cell phone or mobile device. You can easily manage your personal profile to update your contact information (phone, address, e-mail), reset your password and more. Your financial advisor’s contact information is also readily accessible. You can also request forms for a variety of services. With VALIC Online you can initiate account transactions including: • Allocation changes • Transfer money among investment options • Rebalance account to your desired allocation mix • Change contributions Personal Deliver-e^® is an electronic document delivery service with these attractive features: • Elect to receive notification when account statements, certain regulatory documents and transaction confirmations are available for viewing and printing • Select which notifications you want to receive electronically • Days faster than paper delivery • Less paper, less waste Start exploring VALIC Online today! >  Go to VALIC.com and 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 the VALIC 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 Copyright © The Variable Annuity Life Insurance Company. All rights reserved. VC 23800 (12/2011) J80543 EE

VALIC Company I P.O. Box 3206 Houston, TX 77253-3206 PRST STD U.S. POSTAGE PAID LANCASTER, PA PERMIT NO. 1765

VC 4873 (11/2011) J74499

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

Included in Item 1 to the Form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Directors that were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by 22(b)(15)) of Schedule 14A (17 CFR 240.14a-101), or this Item 10.

Item 11. Controls and Procedures.

(a) An evaluation was performed within 90 days of the filing of this report, under the supervision and with the participation of the registrant’s management, including the President and Treasurer, of the effectiveness of the design and operation of the registrant’s disclosure controls and procedures (as defined under Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))). Based on that evaluation, the registrant’s management, including the President and Treasurer, concluded that the registrant’s disclosure controls and procedures are effective.

(b) There was no change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.3a-3(d))) that occurred during the registrant’s last fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a) (1) Not applicable.

(2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.

(3) Not applicable.

(b) Certification pursuant to Rule 30a-2 (b) under the Investment Company Act of 1940 (17 CFR 270.30a-2 (a)) and Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto as Exhibit 99.906.CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

VALIC Company I
By:	/s/ Kurt W. Bernlohr
	Kurt W. Bernlohr
	President

Date: February 7, 2012

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Kurt W. Bernlohr
	Kurt W. Bernlohr
	President

Date: February 7, 2012

By:	/s/ Gregory R. Kingston
	Gregory R. Kingston
	Treasurer

Date: February 7, 2012