UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-03738

VALIC Company I

(Exact name of registrant as specified in charter)

2929 Allen Parkway, Houston, TX 77019

(Address of principal executive offices) (Zip code)

John T. Genoy

Senior Vice President

SunAmerica Asset Management, LLC

Harborside 5

185 Hudson Street,

Suite 3300

Jersey City, NJ 07311

(Name and address of agent for service)

Registrant’s telephone number, including area code: (201) 324-6414

Date of fiscal year end: May 31

Date of reporting period: May 31, 2020

Item 1. Reports to Stockholders

SAVING : INVESTING : PLANNING

VALIC Company I

Annual Report, May 31, 2020

This disclosure does not apply to investors who own fund shares beneficially through a variable insurance contract. Each applicable insurance company will provide information regarding delivery of fund shareholder reports to its contract owners.

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Registrant’s shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the Registrant. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Registrant or VALIC Retirement Services Company (VRSCO), as your retirement plan recordkeeper, electronically by contacting us at 1-800-448-2542 or logging into your account at VALIC Online at www.valic.com.

You may elect to receive all future reports in paper free of charge. You can inform the Registrant or VRSCO that you wish to continue receiving paper copies of your shareholder reports by contacting 1-866-345-5954 or visiting FundReports.com and providing the 20-digit unique ID located above or below your mailing address. Your election to receive reports in paper will apply to all funds held within your employer-sponsored retirement plan account with VRSCO.

VALIC Company I

Statement Regarding Liquidity Risk Management Program

Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a liquidity risk management program. The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to VC I, has been designated by the Board to administer the Funds’ liquidity risk management program (the “Program”). VALIC has appointed a Liquidity Risk Management Committee (the “Committee”) comprised of certain officers as well as certain personnel of SunAmerica Asset Management, LLC, in its capacity as the Funds’ administrator. The Committee is subject to the oversight of VALIC. VALIC and the Committee are referred to collectively herein as the “Program Administrator.” The Program is designed to assess, manage and periodically review each Fund’s liquidity risk, based on factors specific to the circumstances of each Fund. “Liquidity risk” means the risk that a Fund could not meet requests to redeem shares issued by the Fund without significant dilution of remaining investors’ interests in the Fund. During the fiscal year, the Program Administrator provided the Board with a report addressing the operations of the program and assessing its adequacy and effectiveness of implementation.

During the period covered by the liquidity Program report to the Board, the Program supported each Fund’s ability to honor redemption requests timely and VALIC’s management of each Fund’s liquidity profile, including during periods of market volatility and net redemptions. The Program Administrator reported that it has reviewed the Program and believes that the Program is reasonably designed to assess and manage the liquidity risk of each Portfolio of the Funds, that the Program has been effectively implemented to monitor and respond to liquidity developments (where necessary) and is operating effectively, and that the Program addresses potential liquidity risks in connection with the management of the Portfolios. Furthermore, the Program Administrator reported that each Fund operated as a “Primarily Highly Liquid Fund” during the review period, and therefore, did not have to comply with the Highly Liquid Investment Minimum requirements. Finally, the Program Administrator reported that each Fund had no breaches of the limit on illiquid investments, and therefore, no Board notification or regulatory filings were required.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

VALIC Company I

ANNUAL REPORT MAY 31, 2020

TABLE OF CONTENTS

President’s Letter	1
Expense Example	2
Portfolio of Investments:
Asset Allocation Fund	4
Blue Chip Growth Fund	29
Capital Conservation Fund	33
Core Equity Fund	49
Dividend Value Fund	52
Dynamic Allocation Fund	56
Emerging Economies Fund	59
Global Real Estate Fund	62
Global Strategy Fund	65
Government Money Market I Fund	79
Government Securities Fund	81
Growth Fund	86
Health Sciences Fund	93
Inflation Protected Fund	99
International Equities Index Fund	105
International Government Bond Fund	116
International Growth Fund	124
International Socially Responsible Fund	127
International Value Fund	135
Large Cap Core Fund	138
Large Capital Growth Fund	141
Mid Cap Index Fund	144
Mid Cap Strategic Growth Fund	153
Nasdaq-100® Index Fund	158
Science & Technology Fund	162
Small Cap Aggressive Growth Fund	167
Small Cap Fund	171
Small Cap Index Fund	187
Small Cap Special Values Fund	211
Small-Mid Growth Fund	215
Stock Index Fund	219
Systematic Core Fund	229
Systematic Value Fund	243
Value Fund	247
Statements of Assets and Liabilities	250
Statements of Operations	255
Statements of Changes in Net Assets	260
Notes to Financial Statements	269
Financial Highlights	296
Report of Independent Registered Public Accounting Firm	313
Approval of Advisory Agreements	314
Director and Officer Information	318
Shareholder Tax Information	320
Comparisons: Funds vs. Indexes	321
Supplements to the Prospectus	370
Proxy Votes	371

VALIC Company I

PRESIDENT’S LETTER

Dear Valued Investor:

We are pleased to provide you with the following Annual Report for VALIC Company I consisting of investment portfolio information and financial statements for the twelve-month period ended May 31, 2020. We encourage you to carefully read this report.

We continue to believe that maintaining a well-diversified investment portfolio focused on the long-term can help smooth the inevitable ups-and-downs of market performance. Your financial advisor can assist by reviewing your financial situation and tax considerations to develop a plan that employs appropriate investment strategies and a diversified allocation among asset classes.

Our highest priority is to assist you in improving the likelihood of reaching your long-term investment goals.

Thank you for your investment.

Sincerely,

John T. Genoy,

President VALIC Company I

Note: All performance figures quoted are for the VALIC Company I Funds. They do not reflect fees and charges associated with the variable annuity. Past performance is no guarantee of future results. Annuities are long-term investment vehicles designed for retirement purposes. Early withdrawal may be subject to withdrawal charges and if taken prior to age 591/2, a 10% federal tax penalty may apply. An investment in a variable annuity involves investment risk, including possible loss of principal. The contract, when redeemed, may be worth more or less than the total amount invested.

Investments in stocks and bonds are subject to risks, including stock market and interest rate fluctuations. Investments in growth stocks as well as small and mid-cap company stocks may be subject to volatile price swings and therefore present a greater potential for loss than other investments. Investments in non-U.S. stocks and bonds are subject to additional risks such as fluctuations in foreign currencies, political and economic instability, differences in securities regulation and accounting standards, foreign tax laws, and limited availability of public information. Income seeking investment strategies may not be realized due to changes in dividend policies or the availability of capital resources.

Investments that concentrate on one economic sector or geographic region are generally subject to greater volatility than more diverse investments. Investments in real estate investment trusts (REITs) involve risks such as refinancing, economic conditions in the real estate industry, changes in property values, dependency on real estate management, and other risks associated with a concentration in one sector or geographic region. Investments in securities related to gold and other precious metals and minerals are speculative and impacted by a host of worldwide economic, financial and political factors.

Investments in debt securities are subject to credit risk (i.e., the risk that an issuer might not pay interest when due or repay principal at maturity of the obligation). Investments in lower-rated bonds and “junk bonds” are considered speculative due to the heightened risk of default and are subject to unpredictable losses as a result of changes in the issuer’s creditworthiness.

Investments in derivatives are subject to heightened risk; gains or losses from non-hedging positions may be substantially greater than the cost of the position. Active trading may result in high portfolio turnover and correspondingly greater transaction costs for the portfolio and underlying portfolios.

There can be no assurance that the Portfolios will meet their investment objectives. A full description of the investment goals, principal strategies, and risks for each Portfolio are provided in the prospectus.

Investments are not guaranteed or endorsed by any bank, are not a deposit or obligation of any bank, and are not federally insured by Federal Deposit Corporation (FDIC), the Federal Reserve Board or any other federal government agency.

* Not FDIC or NCUA/NCUSIF Insured

* May Lose Value * No Bank of Credit Union Guarantee

* Not a Deposit * Not insured by any Federal Government Agency

1

VALIC Company I

EXPENSE EXAMPLE — May 31, 2020 (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 December 1, 2019 and held until May 31, 2020. Shares of VC I are currently issued and redeemed only in connection with investments in and payments under variable annuity contracts and variable life insurance policies (“Variable Contracts”), qualified retirement plans (the “Plans”) and Individual Retirement Accounts (“IRAs”) offered by The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to VC I, and other life insurance companies affiliated with VALIC. The fees and expenses associated with the Variable Contracts, Plans and IRA’s are not included in these Examples, and had such fees and expenses been included, your costs would have been higher. Please see your Variable Contract prospectus or Plan/IRA document for more details on the fees associated with the Variable Contract, Plans or IRAs.

Actual Expenses

The “Actual” section of the table provides information about your actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the column under the heading entitled “Expenses Paid During the Six Months ended May 31, 2020” to estimate the expenses you paid on your account during this period. The “Expenses Paid During the Six Months ended May 31, 2020” column and the “Annualized Expense Ratio” column do not include fees and expenses that may be charged by the Variable Contracts, Plans or IRAs, in which the Funds are offered. Had these fees and expenses been included, the “Expenses Paid During the Six Months ended May 31, 2020” column would have been higher and the “Ending Account Value” column would have been lower.

Hypothetical Example for Comparison Purposes

The “Hypothetical” section of the table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an annual rate of return of 5% before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in these Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. The “Expenses Paid During the Six Months ended May 31, 2020” column and the “Annualized Expense Ratio” column do not include fees and expenses that may be charged by the Variable Contracts, Plans or IRAs, in which the Funds are offered. Had these fees and expenses been included, the “Expenses Paid During the Six Months ended May 31, 2020” column would have been higher and the “Ending Account Value” column would have been lower.

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

2

VALIC Company I

EXPENSE EXAMPLE — May 31, 2020 (unaudited) — (continued)

	Actual						Hypothetical
Fund	Beginning Account Value at December 1, 2019		Ending Account Value Using Actual Return at May  31, 2020		Expenses Paid During the Six Months Ended May  31, 2020		Beginning Account Value at December 1, 2019		Ending Account Value Using a Hypothetical 5% Annual Return at May 31, 2020		Expenses Paid During the Six Months Ended May 31, 2020		Annualized Expense Ratio*
Asset Allocation	$	1,000.00	$	935.36	$	3.77	$	1,000.00	$	1,021.10	$	3.94		0.78	%
Blue Chip Growth	$	1,000.00	$	1,089.31	$	4.34	$	1,000.00	$	1,020.85	$	4.19		0.83	%
Capital Conservation	$	1,000.00	$	1,051.86	$	3.28	$	1,000.00	$	1,021.80	$	3.23		0.64	%
Core Equity#	$	1,000.00	$	960.31	$	3.72	$	1,000.00	$	1,021.20	$	3.84		0.76	%
Dividend Value#	$	1,000.00	$	873.76	$	3.28	$	1,000.00	$	1,021.50	$	3.54		0.70	%
Dynamic Allocation#	$	1,000.00	$	1,006.98	$	1.56	$	1,000.00	$	1,023.45	$	1.57		0.31	%
Emerging Economies	$	1,000.00	$	897.45	$	4.36	$	1,000.00	$	1,020.40	$	4.65		0.92	%
Global Real Estate	$	1,000.00	$	836.67	$	3.95	$	1,000.00	$	1,020.70	$	4.34		0.86	%
Global Strategy#	$	1,000.00	$	942.94	$	3.84	$	1,000.00	$	1,021.05	$	3.99		0.79	%
Government Money Market I	$	1,000.00	$	1,003.04	$	1.95	$	1,000.00	$	1,023.05	$	1.97		0.39	%
Government Securities	$	1,000.00	$	1,055.76	$	3.44	$	1,000.00	$	1,021.65	$	3.39		0.67	%
Growth#	$	1,000.00	$	1,118.88	$	3.44	$	1,000.00	$	1,021.75	$	3.29		0.65	%
Health Sciences#	$	1,000.00	$	1,090.71	$	5.54	$	1,000.00	$	1,019.70	$	5.35		1.06	%
Inflation Protected	$	1,000.00	$	1,021.10	$	2.88	$	1,000.00	$	1,022.15	$	2.88		0.57	%
International Equities Index	$	1,000.00	$	883.24	$	2.02	$	1,000.00	$	1,022.85	$	2.17		0.43	%
International Government Bond	$	1,000.00	$	1,012.69	$	3.27	$	1,000.00	$	1,021.75	$	3.29		0.65	%
International Growth#	$	1,000.00	$	983.83	$	4.31	$	1,000.00	$	1,020.65	$	4.39		0.87	%
International Socially Responsible†	$	1,000.00	$	892.07	$	3.03	$	1,000.00	$	1,021.80	$	3.23		0.64	%
International Value#	$	1,000.00	$	826.17	$	3.38	$	1,000.00	$	1,021.30	$	3.74		0.74	%
Large Cap Core	$	1,000.00	$	1,007.04	$	4.32	$	1,000.00	$	1,020.70	$	4.34		0.86	%
Large Capital Growth	$	1,000.00	$	1,006.99	$	3.81	$	1,000.00	$	1,021.20	$	3.84		0.76	%
Mid Cap Index	$	1,000.00	$	883.45	$	1.70	$	1,000.00	$	1,023.20	$	1.82		0.36	%
Mid Cap Strategic Growth	$	1,000.00	$	1,002.71	$	4.11	$	1,000.00	$	1,020.90	$	4.14		0.82	%
Nasdaq -100® Index#	$	1,000.00	$	1,139.86	$	2.84	$	1,000.00	$	1,022.35	$	2.68		0.53	%
Science & Technology	$	1,000.00	$	1,143.02	$	5.20	$	1,000.00	$	1,020.15	$	4.90		0.97	%
Small Cap Aggressive Growth#	$	1,000.00	$	1,027.54	$	5.02	$	1,000.00	$	1,020.05	$	5.00		0.99	%
Small Cap#	$	1,000.00	$	914.41	$	4.45	$	1,000.00	$	1,020.35	$	4.70		0.93	%
Small Cap Index	$	1,000.00	$	862.90	$	2.19	$	1,000.00	$	1,022.65	$	2.38		0.47	%
Small Cap Special Values	$	1,000.00	$	792.34	$	4.03	$	1,000.00	$	1,020.50	$	4.55		0.90	%
Small-Mid Growth#	$	1,000.00	$	1,091.60	$	5.02	$	1,000.00	$	1,020.20	$	4.85		0.96	%
Stock Index#	$	1,000.00	$	976.91	$	1.43	$	1,000.00	$	1,023.55	$	1.47		0.29	%
Systematic Core#†	$	1,000.00	$	1,000.35	$	4.25	$	1,000.00	$	1,020.75	$	4.29		0.85	%
Systematic Value#†	$	1,000.00	$	863.74	$	3.73	$	1,000.00	$	1,021.00	$	4.04		0.80	%
Value#	$	1,000.00	$	895.18	$	4.03	$	1,000.00	$	1,020.75	$	4.29		0.85	%

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

# During the stated period, the investment adviser either waived a portion of or all fees and assumed a portion of or all expenses for the Funds or through recoupment provisions, recovered a portion of or all fees and expenses waived or reimbursed in the previous two fiscal years. As a result, if these fees and expenses had not been waived or assumed, the “Actual/Hypothetical Ending Account Value” would have been lower and the “Actual/Hypothetical Expenses Paid During the Six Months Ended May 31, 2020” and the “Annualized Expense Ratio” would have been higher. If these fees and expenses had not been recouped, the “Actual/Hypothetical Ending Account Value” would have been higher and the “Actual/Hypothetical Expenses Paid During the Six Months Ended May 31, 2020” and the “Annualized Expense Ratio” would have been lower.

† See Note 1 to Financial Statements

3

VALIC Company I Asset Allocation Fund

PORTFOLIO PROFILE — May 31, 2020 (unaudited)

Industry Allocation*

Registered Investment Companies	14.7	%
Diversified Banking Institutions	6.8
Electronic Components — Semiconductors	3.6
Exchange — Traded Funds	3.0
Applications Software	2.7
Banks — Commercial	2.7
Oil Companies — Exploration & Production	2.6
Electric — Integrated	2.5
Telephone — Integrated	2.0
Sovereign	1.9
U.S. Government Treasuries	1.8
Computers	1.7
Banks — Super Regional	1.6
Oil Companies — Integrated	1.6
Web Portals/ISP	1.6
Computer Services	1.5
E-Commerce/Products	1.2
Internet Content — Entertainment	1.1
Real Estate Investment Trusts	1.1
Finance — Credit Card	1.1
Diversified Financial Services	1.0
Medical — Drugs	0.9
Auto — Cars/Light Trucks	0.9
Real Estate Operations & Development	0.9
Diversified Manufacturing Operations	0.9
Insurance — Life/Health	0.9
Enterprise Software/Service	0.8
Cable/Satellite TV	0.8
Electric — Generation	0.8
Multimedia	0.7
Transport — Rail	0.7
Retail — Building Products	0.7
Cellular Telecom	0.6
Energy — Alternate Sources	0.6
Pharmacy Services	0.6
Commercial Services — Finance	0.5
Medical — Biomedical/Gene	0.5
Independent Power Producers	0.5
Industrial Automated/Robotic	0.5
Aerospace/Defense	0.5
Electric — Distribution	0.5
Semiconductor Components — Integrated Circuits	0.5
Food — Misc./Diversified	0.5
Networking Products	0.5
Brewery	0.5
Retail — Restaurants	0.4
Insurance — Property/Casualty	0.4
Pipelines	0.4
Auto/Truck Parts & Equipment — Original	0.4
Chemicals — Diversified	0.4
Banks — Fiduciary	0.4
Electronic Components — Misc.	0.4
Building & Construction — Misc.	0.4
Beverages — Non — alcoholic	0.4
Finance — Other Services	0.4
Transport — Marine	0.3
Web Hosting/Design	0.3
Retail — Discount	0.3
Building — Heavy Construction	0.3
Instruments — Controls	0.3
Internet Security	0.3
Coal	0.3
Semiconductor Equipment	0.3
Insurance — Multi-line	0.3
Computer Software	0.3
Steel — Producers	0.3
Building Products — Air & Heating	0.3
Computers — Integrated Systems	0.3
Building & Construction Products — Misc.	0.3

Gas — Distribution	0.3
Medical — Generic Drugs	0.3
Oil Refining & Marketing	0.2
Industrial Gases	0.2
Appliances	0.2
Auto — Heavy Duty Trucks	0.2
Software Tools	0.2
Pastoral & Agricultural	0.2
Chemicals — Specialty	0.2
Finance — Investment Banker/Broker	0.2
Paper & Related Products	0.2
Medical — HMO	0.2
Machinery — General Industrial	0.2
Computer Data Security	0.2
Insurance — Mutual	0.2
Electronic Forms	0.2
Real Estate Management/Services	0.2
Data Processing/Management	0.2
Medical Instruments	0.2
Electronic Measurement Instruments	0.2
Oil — Field Services	0.2
United States Treasury Bonds	0.2
Building Products — Cement	0.2
Machinery — Electrical	0.2
Machinery — Farming	0.2
Banks — Special Purpose	0.2
Medical — Wholesale Drug Distribution	0.2
Television	0.2
Commercial Services	0.2
Beverages — Wine/Spirits	0.2
Aerospace/Defense — Equipment	0.2
Cosmetics & Toiletries	0.2
Retail — Apparel/Shoe	0.2
Transport — Services	0.1
Metal — Diversified	0.1
Medical Products	0.1
Wireless Equipment	0.1
Petrochemicals	0.1
Telecom Equipment — Fiber Optics	0.1
Entertainment Software	0.1
Athletic Footwear	0.1
Internet Content — Information/News	0.1
Machinery — Construction & Mining	0.1
Retail — Jewelry	0.1
Metal Processors & Fabrication	0.1
Computer Aided Design	0.1
E-Commerce/Services	0.1
Insurance — Reinsurance	0.1
Food — Retail	0.1
Engineering/R&D Services	0.1
Diagnostic Equipment	0.1
Containers — Paper/Plastic	0.1
Food — Dairy Products	0.1
Power Converter/Supply Equipment	0.1
Non — Hazardous Waste Disposal	0.1
Coatings/Paint	0.1
Shipbuilding	0.1
Lasers — System/Components	0.1
Miscellaneous Manufacturing	0.1
Consulting Services	0.1
Retail — Major Department Stores	0.1
Distribution/Wholesale	0.1
Retail — Drug Store	0.1
Insurance Brokers	0.1
Gold Mining	0.1
Tobacco	0.1
Medical Labs & Testing Services	0.1
Electric Products — Misc.	0.1
Airport Development/Maintenance	0.1

4

VALIC Company I Asset Allocation Fund

PORTFOLIO PROFILE — May 31, 2020 (unaudited) — (continued)

Industry Allocation* (continued)

Investment Companies	0.1
Food — Wholesale/Distribution	0.1
Gambling (Non — Hotel)	0.1
Industrial Audio & Video Products	0.1
Computers — Periphery Equipment	0.1
Containers — Metal/Glass	0.1
Retail — Auto Parts	0.1
Fisheries	0.1
Audio/Video Products	0.1
Tools — Hand Held	0.1
SupraNational Banks	0.1
Import/Export	0.1
Internet Infrastructure Software	0.1
Medical — Nursing Homes	0.1
Leisure Products	0.1
Agricultural Chemicals	0.1
Diagnostic Kits	0.1
Environmental Consulting & Engineering	0.1
Electronic Connectors	0.1
Trucking/Leasing	0.1
Transactional Software	0.1
Telecommunication Equipment	0.1
Investment Management/Advisor Services	0.1
Machinery — Material Handling	0.1
	94.6	%

* Calculated as a percentage of net assets

5

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 48.0%
Advertising Services — 0.0%
Stroeer SE & Co. KGaA		558	$	40,505
Aerospace/Defense — 0.5%
Boeing Co.		740		107,929
General Dynamics Corp.		330		48,454
Kawasaki Heavy Industries, Ltd.		2,700		42,827
Korea Aerospace Industries, Ltd.		926		19,024
Lockheed Martin Corp.		340		132,070
Northrop Grumman Corp.		284		95,197
Raytheon Technologies Corp.		1,974		127,362
Saab AB, Series B†		257		6,231
TransDigm Group, Inc.		60		25,489
				604,583
Aerospace/Defense - Equipment — 0.2%
HEICO Corp.		41		4,131
HEICO Corp., Class A		93		7,807
Howmet Aerospace Inc Common Stock		416		5,441
L3Harris Technologies, Inc.		968		193,068
				210,447
Agricultural Biotech — 0.0%
Corteva, Inc.		1,290		35,230
Agricultural Chemicals — 0.0%
CF Industries Holdings, Inc.		172		5,052
Airport Development/Maintenance — 0.1%
Enav SpA*		9,076		41,212
Flughafen Zurich AG†		393		54,349
				95,561
Apparel Manufacturers — 0.0%
VF Corp.		470		26,367
Wacoal Holdings Corp.		700		14,498
				40,865
Appliances — 0.2%
Coway Co, Ltd.		554		29,869
De’Longhi SpA†		561		12,031
Gree Electric Appliances, Inc. of Zhuhai, Class A		31,100		248,192
Rational AG		45		24,067
				314,159
Applications Software — 2.6%
CDK Global, Inc.		1,336		52,518
Intuit, Inc.		432		125,418
Microsoft Corp.		10,994		2,014,650
Nemetschek SE		872		68,385
Nuance Communications, Inc.†		145		3,318
PTC, Inc.†		216		16,498
salesforce.com, Inc.†		3,283		573,836
ServiceNow, Inc.†		1,312		508,964
				3,363,587
Athletic Footwear — 0.1%
NIKE, Inc., Class B		1,740		171,529
Audio/Video Products — 0.1%
LG Electronics, Inc.		1,073		51,528
Sony Corp.		500		31,929
				83,457
Auto - Cars/Light Trucks — 0.5%
Dongfeng Motor Group Co., Ltd.		32,000		20,251
Ford Motor Co.		5,510		31,462
General Motors Co.		1,790		46,325
Hyundai Motor Co.		1,518		120,529

Security Description	Shares		Value (Note 2)
Auto - Cars/Light Trucks (continued)
Hyundai Motor Co. (2nd Preference Shares)		339	$	16,523
Kia Motors Corp.		2,522		69,994
SAIC Motor Corp., Ltd., Class A		48,700		122,333
Suzuki Motor Corp.		700		24,365
Tesla, Inc.†		194		161,990
Toyota Motor Corp.		1,200		75,292
				689,064
Auto - Heavy Duty Trucks — 0.2%
Cummins, Inc.		200		33,920
PACCAR, Inc.		440		32,498
Zhengzhou Yutong Bus Co., Ltd., Class A†		143,000		242,414
				308,832
Auto/Truck Parts & Equipment-Original — 0.4%
Aptiv PLC		330		24,865
Brembo SpA†#		3,962		37,188
Georg Fischer AG		71		59,013
Hanon Systems		2,415		19,033
Hyundai Mobis Co., Ltd.		639		102,525
Koito Manufacturing Co., Ltd.		500		21,204
Rheinmetall AG		739		59,657
Weifu High-Technology Group Co., Ltd., Class A		69,300		190,992
				514,477
Banks - Commercial — 1.5%
Agricultural Bank of China, Ltd., Class A		286,800		136,550
Banca Generali SpA		384		10,437
Banque Cantonale Vaudoise		730		71,104
BAWAG Group AG†*		1,745		57,837
BPER Banca†#		14,349		34,379
Cembra Money Bank AG		607		60,219
China Everbright Bank Co., Ltd., Class A		151,400		80,812
China Minsheng Banking Corp., Ltd., Class A		171,900		136,996
Citizens Financial Group, Inc.		2,867		69,095
Concordia Financial Group, Ltd.		2,800		9,160
First Republic Bank		1,112		120,285
Industrial & Commercial Bank of China, Ltd., Class A		143,900		103,180
Industrial Bank Co., Ltd., Class A		84,900		191,527
M&T Bank Corp.		869		91,819
Regions Financial Corp.		6,361		71,943
Ringkjoebing Landbobank A/S		1,180		82,230
Shinhan Financial Group Co., Ltd.		4,524		110,502
SVB Financial Group†		340		73,015
Truist Financial Corp.		8,839		325,098
Unione di Banche Italiane SpA†		10,322		29,317
Valiant Holding AG		753		67,431
Zions Bancorp NA		1,119		36,821
				1,969,757
Banks - Fiduciary — 0.4%
Bank of New York Mellon Corp.		5,534		205,699
Northern Trust Corp.		1,399		110,535
State Street Corp.		2,398		146,182
				462,416
Banks - Super Regional — 1.2%
Comerica, Inc.		954		34,678
Fifth Third Bancorp		4,680		90,745
Huntington Bancshares, Inc.		6,806		60,505
KeyCorp		6,495		76,966
PNC Financial Services Group, Inc.		2,891		329,690
US Bancorp		9,375		333,375
Wells Fargo & Co.		25,380		671,808
				1,597,767

6

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Batteries/Battery Systems — 0.0%
W-Scope Corp.†		2,800	$	12,052
Beverages - Wine/Spirits — 0.2%
Kweichow Moutai Co., Ltd., Class A		1,100		210,648
Bicycle Manufacturing — 0.0%
Shimano, Inc.		100		18,389
Brewery — 0.1%
Asahi Group Holdings, Ltd.		600		22,626
Royal Unibrew A/S†		582		46,752
				69,378
Broadcast Services/Program — 0.0%
Discovery, Inc., Class C†		38		744
Building & Construction Products - Misc. — 0.2%
Forbo Holding AG		32		45,810
ROCKWOOL International A/S, Class B		141		39,588
Suzhou Gold Mantis Construction Decoration Co., Ltd., Class A		91,200		101,328
Wienerberger AG		2,064		41,405
				228,131
Building & Construction - Misc. — 0.4%
China State Construction Engineering Corp., Ltd., Class A		397,300		278,376
Frontdoor, Inc.†		296		13,512
GS Engineering & Construction Corp.		783		18,118
JM AB		889		17,472
Peab AB†		4,436		36,222
Penta-Ocean Construction Co., Ltd.		3,500		18,277
Samsung C&T Corp.		863		69,253
				451,230
Building Products - Air & Heating — 0.2%
Belimo Holding AG		7		52,765
Carrier Global Corp.†		1,110		22,722
Daikin Industries, Ltd.		200		29,449
Johnson Controls International PLC		1,174		36,875
Nibe Industrier AB, Class B†		3,875		86,315
				228,126
Building Products - Cement — 0.2%
Anhui Conch Cement Co., Ltd., Class A		23,500		187,102
Buzzi Unicem SpA		863		17,226
Martin Marietta Materials, Inc.		13		2,497
				206,825
Building - Heavy Construction — 0.3%
Acciona SA		1,528		153,196
Ackermans & van Haaren NV†		303		41,731
Boskalis Westminster NV†		448		8,315
China Railway Construction Corp., Ltd., Class A		82,800		100,368
Daelim Industrial Co., Ltd.		372		27,800
Hyundai Engineering & Construction Co., Ltd.		869		24,082
Infrastrutture Wireless Italiane SpA*		3,751		38,269
NCC AB, Class B		1,124		17,832
				411,593
Building - Maintenance & Services — 0.0%
Bravida Holding AB†*		6,124		59,341
Building - Residential/Commercial — 0.0%
NVR, Inc.†		5		16,108
PulteGroup, Inc.		280		9,512
				25,620

Security Description	Shares		Value (Note 2)
Cable/Satellite TV — 0.3%
Charter Communications, Inc., Class A†		247	$	134,368
Comcast Corp., Class A		5,800		229,680
Sirius XM Holdings, Inc.		2,838		16,517
				380,565
Casino Hotels — 0.0%
Kangwon Land, Inc.		1,431		28,040
Las Vegas Sands Corp.		480		23,011
				51,051
Cellular Telecom — 0.1%
Hikari Tsushin, Inc.		100		21,937
LG Uplus Corp.		2,308		24,563
SK Telecom Co., Ltd.		239		41,753
Sunrise Communications Group AG*		588		49,483
T-Mobile US, Inc.†		430		43,017
				180,753
Chemicals - Diversified — 0.2%
Dow, Inc.		1,506		58,132
DuPont de Nemours, Inc.		1,240		62,905
Hanwha Solutions Corp.		1,224		16,028
K+S AG		7,936		50,272
LyondellBasell Industries NV, Class A		440		28,054
PPG Industries, Inc.		400		40,668
				256,059
Chemicals - Other — 0.0%
Wanhua Chemical Group Co., Ltd.†		4,000		26,103
Chemicals - Plastics — 0.0%
Sumitomo Bakelite Co., Ltd.		200		5,634
Chemicals - Specialty — 0.2%
Ecolab, Inc.		460		97,787
IMCD NV		923		87,320
Shin-Etsu Chemical Co., Ltd.		300		35,203
				220,310
Circuit Boards — 0.0%
Meiko Electronics Co.		700		9,346
Coatings/Paint — 0.1%
OC Oerlikon Corp. AG		4,827		39,353
Sherwin-Williams Co.		140		83,139
				122,492
Commercial Services — 0.2%
Cintas Corp.		196		48,600
CoreLogic, Inc.		222		11,002
CoStar Group, Inc.†		50		32,840
Elis SA†		4,949		61,309
Wirecard AG		403		42,487
				196,238
Commercial Services - Finance — 0.5%
Automatic Data Processing, Inc.		550		80,570
Experian PLC		3,040		106,138
FleetCor Technologies, Inc.†		160		39,006
Global Payments, Inc.		353		63,360
IHS Markit, Ltd.		774		53,762
MarketAxess Holdings, Inc.		43		21,869
Moody’s Corp.		8		2,139
PayPal Holdings, Inc.†		1,445		223,990
S&P Global, Inc.		96		31,202
Square, Inc., Class A†		400		32,432
Worldline SA†*		445		33,422
				687,890

7

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Computer Aided Design — 0.1%
Autodesk, Inc.†		562	$	118,233
Synopsys, Inc.†		201		36,363
				154,596
Computer Data Security — 0.2%
Check Point Software Technologies, Ltd.†		768		84,227
Fortinet, Inc.†		1,311		182,491
				266,718
Computer Services — 1.1%
Accenture PLC, Class A		1,249		251,823
Atos SE†		838		63,505
CACI International, Inc., Class A†		52		13,041
CANCOM SE		511		32,162
Capgemini SE		727		74,649
Cognizant Technology Solutions Corp., Class A		2,142		113,526
DXC Technology Co.		2,066		29,358
Fujitsu, Ltd.		1,300		134,071
Indra Sistemas SA†		4,575		35,472
International Business Machines Corp.		2,156		269,284
Leidos Holdings, Inc.		855		90,023
NEC Corp.		500		22,464
Netcompany Group A/S†*#		343		20,893
Nihon Unisys, Ltd.		1,100		34,049
Nomura Research Institute, Ltd.		1,900		50,259
NTT Data Corp.		4,600		53,225
Perspecta, Inc.		1,309		29,021
Samsung SDS Co., Ltd.		367		56,613
Sopra Steria Group		459		54,341
				1,427,779
Computer Software — 0.3%
Akamai Technologies, Inc.†		174		18,409
Software AG		556		21,503
Splunk, Inc.†		629		116,894
Zhejiang Dahua Technology Co., Ltd., Class A		100,600		210,176
				366,982
Computers — 1.6%
Apple, Inc.		6,246		1,985,853
Hewlett Packard Enterprise Co.		1,680		16,313
HP, Inc.		1,830		27,706
				2,029,872
Computers - Integrated Systems — 0.3%
Bechtle AG		482		84,390
Ingenico Group SA		474		65,774
Net One Systems Co., Ltd.		1,500		45,425
OBIC Co., Ltd.		400		69,399
Otsuka Corp.		1,200		57,957
				322,945
Computers - Periphery Equipment — 0.1%
Logitech International SA		1,498		88,692
Consulting Services — 0.1%
Booz Allen Hamilton Holding Corp.		938		74,815
Verisk Analytics, Inc.		210		36,263
				111,078
Consumer Products - Misc. — 0.0%
Kimberly-Clark Corp.		120		16,973
Containers - Metal/Glass — 0.1%
Ball Corp.		550		39,193
Gerresheimer AG		566		48,047
				87,240

Security Description	Shares		Value (Note 2)
Containers - Paper/Plastic — 0.1%
Huhtamaki Oyj†		1,440	$	58,310
Rengo Co., Ltd.		4,000		31,644
				89,954
Cosmetics & Toiletries — 0.2%
Amorepacific Corp.		351		46,418
AMOREPACIFIC Group		334		15,654
Colgate-Palmolive Co.		117		8,463
Fancl Corp.#		700		19,904
LG Household & Health Care, Ltd.		101		111,960
				202,399
Cruise Lines — 0.0%
Carnival Corp.#		560		8,814
Royal Caribbean Cruises, Ltd.		270		14,005
				22,819
Data Processing/Management — 0.2%
CompuGroup Medical SE		178		14,536
Fidelity National Information Services, Inc.		750		104,122
Fiserv, Inc.†		750		80,078
Paychex, Inc.		370		26,744
				225,480
Dental Supplies & Equipment — 0.0%
Lifco AB†		286		17,540
Diagnostic Kits — 0.1%
DiaSorin SpA		338		70,954
Direct Marketing — 0.0%
DKSH Holding AG		724		39,977
Distribution/Wholesale — 0.1%
Copart, Inc.†		21		1,877
Fastenal Co.		750		30,945
LG Corp.		1,022		52,247
Pool Corp.		86		23,136
				108,205
Diversified Banking Institutions — 3.8%
Bank of America Corp.		53,361		1,287,067
Citigroup, Inc.		14,403		690,048
Goldman Sachs Group, Inc.		2,106		413,808
JPMorgan Chase & Co.		20,680		2,012,371
Mitsubishi UFJ Financial Group, Inc.		6,000		24,760
Morgan Stanley		8,108		358,373
Sumitomo Mitsui Financial Group, Inc.		1,300		37,663
Woori Financial Group, Inc.		6,420		47,486
				4,871,576
Diversified Financial Services — 0.1%
Hana Financial Group, Inc.		3,081		74,314
KB Financial Group, Inc.		3,851		106,118
				180,432
Diversified Manufacturing Operations — 0.5%
3M Co.		800		125,152
Aalberts NV†#		1,937		53,316
Eaton Corp. PLC		560		47,544
General Electric Co.		12,040		79,103
Illinois Tool Works, Inc.		450		77,607
Indutrade AB†		1,778		68,081
Parker-Hannifin Corp.		170		30,595
Siemens AG		1,059		115,594
Trane Technologies PLC		330		29,769
				626,761

8

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Diversified Minerals — 0.0%
Sumitomo Metal Mining Co., Ltd.		400	$	11,157
Drug Delivery Systems — 0.0%
DexCom, Inc.†		12		4,540
E-Commerce/Products — 1.2%
Amazon.com, Inc.†		614		1,499,615
eBay, Inc.		1,520		69,221
Rocket Internet SE†*		1,658		32,978
				1,601,814
E-Commerce/Services — 0.1%
Booking Holdings, Inc.†		67		109,841
MercadoLibre, Inc.†		50		42,584
				152,425
E-Services/Consulting — 0.0%
Reply SpA		207		18,145
Electric Products - Misc. — 0.1%
AMETEK, Inc.		300		27,513
Emerson Electric Co.		850		51,867
LG Innotek Co., Ltd.		143		17,094
				96,474
Electric - Distribution — 0.3%
E.ON SE		12,000		127,011
Orsted A/S*		1,170		137,748
SSE PLC		7,720		118,918
				383,677
Electric - Generation — 0.3%
EDP Renovaveis SA		9,750		129,383
Engie SA†		11,310		134,044
GD Power Development Co., Ltd. Class A		128,500		32,754
SDIC Power Holdings Co., Ltd., Class A Class A		41,100		43,464
				339,645
Electric - Integrated — 1.0%
A2A SpA		10,565		14,698
ACEA SpA		6,584		127,737
Avangrid, Inc.		2,780		123,655
EDP - Energias de Portugal SA		26,720		125,796
Enel SpA		17,910		137,819
Enersis Chile SA ADR		28,155		104,455
Fortum Oyj		7,050		135,272
Hera SpA		8,017		30,805
Iberdrola SA		12,520		135,129
Iren SpA		11,744		29,250
Korea Electric Power Corp.†		2,515		43,960
NextEra Energy, Inc.		510		130,336
Public Service Enterprise Group, Inc.		119		6,074
RWE AG		4,050		133,430
				1,278,416
Electronic Components - Misc. — 0.4%
Barco NV		105		18,342
Hoya Corp.		300		28,159
LG Display Co., Ltd.†		2,399		19,824
Luxshare Precision Industry Co., Ltd., Class A		12,300		76,927
Minebea Mitsumi, Inc.		1,200		21,103
Murata Manufacturing Co., Ltd.		500		27,947
Nidec Corp.		800		49,238
Omron Corp.		1,400		92,919
Samsung Electro-Mechanics Co., Ltd.		531		53,785

Security Description	Shares		Value (Note 2)
Electronic Components - Misc. (continued)
TKH Group NV CVA		1,893	$	67,019
				455,263
Electronic Components - Semiconductors — 3.4%
Advanced Micro Devices, Inc.†		1,278		68,756
ams AG†		2,952		44,577
Broadcom, Inc.		851		247,871
Dialog Semiconductor PLC†		1,482		58,667
Intel Corp.		5,962		375,189
IPG Photonics Corp.†		110		17,094
Marvell Technology Group, Ltd.		812		26,488
Microchip Technology, Inc.#		1,469		141,053
Micron Technology, Inc.†		1,350		64,679
NVIDIA Corp.		1,263		448,390
ON Semiconductor Corp.†		776		12,796
Samsung Electronics Co., Ltd.		44,387		1,822,455
Samsung Electronics Co., Ltd. (Preference Shares)		7,502		260,371
SK Hynix, Inc.		5,053		333,640
SOITEC†		198		19,313
STMicroelectronics NV		2,375		58,665
Texas Instruments, Inc.		2,464		292,575
Xilinx, Inc.		994		91,398
				4,383,977
Electronic Connectors — 0.1%
Amphenol Corp., Class A		360		34,762
TE Connectivity, Ltd.		400		32,500
				67,262
Electronic Forms — 0.2%
Adobe, Inc.†		686		265,208
Electronic Measurement Instruments — 0.1%
FLIR Systems, Inc.		273		12,613
Fortive Corp.		420		25,611
Keysight Technologies, Inc.†		198		21,410
National Instruments Corp.		278		10,764
Roper Technologies, Inc.		130		51,194
Trimble, Inc.†		446		17,447
Yokogawa Electric Corp.		1,800		25,975
				165,014
Electronic Parts Distribution — 0.0%
SYNNEX Corp.		56		5,972
Electronic Security Devices — 0.0%
dormakaba Holding AG		77		43,469
Energy - Alternate Sources — 0.5%
ERG SpA		6,330		139,995
First Solar, Inc.†		2,670		124,475
LONGi Green Energy Technology Co., Ltd., Class A		7,500		34,139
NEL ASA†#		12,249		19,009
Siemens Gamesa Renewable Energy SA†		8,110		137,091
Vestas Wind Systems A/S		1,350		138,218
				592,927
Engineering/R&D Services — 0.1%
AF POYRY AB†		1,159		24,839
Alten SA		601		48,393
COMSYS Holdings Corp.		600		16,723
Gaztransport Et Technigaz SA		387		28,808
Samsung Engineering Co., Ltd.†		1,764		17,310
				136,073

9

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Enterprise Software/Service — 0.7%
Atlassian Corp. PLC, Class A†		7	$	1,297
Guidewire Software, Inc.†		1,137		116,633
Oracle Corp.		3,063		164,697
Oracle Corp. Japan		400		46,756
RIB Software SE†		183		5,891
Tyler Technologies, Inc.†		354		132,860
Veeva Systems, Inc., Class A†		1,018		222,810
Workday, Inc., Class A†		1,360		249,465
				940,409
Entertainment Software — 0.1%
Activision Blizzard, Inc.		1,029		74,068
Capcom Co., Ltd.		700		24,730
Electronic Arts, Inc.†		380		46,694
Netmarble Corp.†*		287		21,419
Take-Two Interactive Software, Inc.†		49		6,672
				173,583
Environmental Consulting & Engineering — 0.1%
Sweco AB, Class B		1,663		69,955
Finance - Auto Loans — 0.0%
Credit Acceptance Corp.†		2		740
Finance - Credit Card — 0.7%
Mastercard, Inc., Class A		1,282		385,741
Visa, Inc., Class A		2,533		494,543
				880,284
Finance - Investment Banker/Broker — 0.2%
CITIC Securities Co., Ltd.†		43,800		136,716
Haitong Securities Co., Ltd.		92,800		70,465
Korea Investment Holdings Co., Ltd.		494		21,115
Mirae Asset Daewoo Co., Ltd.		5,604		28,031
NH Investment & Securities Co., Ltd.		2,440		19,235
Samsung Securities Co. Ltd.		898		20,334
				295,896
Finance - Leasing Companies — 0.0%
GRENKE AG		610		49,048
Tokyo Century Corp.		300		13,066
				62,114
Finance - Mortgage Loan/Banker — 0.0%
Zenkoku Hosho Co., Ltd.		100		3,852
Finance - Other Services — 0.2%
Bolsas y Mercados Espanoles		858		31,385
Cboe Global Markets, Inc.		71		7,558
eGuarantee, Inc.		600		12,168
Euronext NV*		936		86,482
Intertrust NV*		3,582		56,770
				194,363
Fisheries — 0.1%
Bakkafrost P/F†		651		40,658
Leroy Seafood Group ASA#		3,588		20,196
Salmar ASA		523		23,593
				84,447
Food - Confectionery — 0.0%
Orion Corp.		267		28,510
Food - Dairy Products — 0.1%
Emmi AG		38		32,911
Inner Mongolia Yili Industrial Group Co., Ltd., Class A†		15,100		60,201
Morinaga Milk Industry Co., Ltd.		800		33,646
				126,758

Security Description	Shares		Value (Note 2)
Food - Misc./Diversified — 0.3%
AAK AB†		2,236	$	40,810
Axfood AB		1,943		43,596
CJ CheilJedang Corp.		100		24,044
Corbion NV		1,696		62,435
Fuji Oil Holdings, Inc.		800		21,478
Glanbia PLC (LSE)		2,154		23,633
Glanbia PLC (Euronext Dublin)		3,633		39,697
Viscofan SA#		1,229		81,000
				336,693
Food - Retail — 0.1%
GS Holdings Corp.		839		25,609
HelloFresh SE†		1,907		77,730
Seven & i Holdings Co., Ltd.		700		23,962
				127,301
Food - Wholesale/Distribution — 0.0%
Lacto Japan Co., Ltd.		500		17,844
Gambling (Non-Hotel) — 0.1%
Evolution Gaming Group AB†*		1,554		92,036
Gas - Distribution — 0.1%
Italgas SpA		4,659		25,365
Rubis SCA		1,052		50,326
				75,691
Gold Mining — 0.1%
Newmont Corp.		1,390		81,273
Hotels/Motels — 0.0%
Hilton Worldwide Holdings, Inc.		364		28,869
Marriott International, Inc., Class A		370		32,745
				61,614
Human Resources — 0.0%
Recruit Holdings Co., Ltd.		500		17,251
Import/Export — 0.1%
ITOCHU Corp.		1,900		40,780
Mitsubishi Corp.		1,600		37,376
				78,156
Independent Power Producers — 0.2%
Atlantica Yield PLC		5,070		132,834
Clearway Energy, Inc., Class A		3,028		61,438
Clearway Energy, Inc., Class C		2,900		63,539
				257,811
Industrial Audio & Video Products — 0.1%
Hangzhou Hikvision Digital Technology Co., Ltd., Class A		23,300		89,861
Industrial Automated/Robotic — 0.5%
Cognex Corp.		1,228		69,677
FANUC Corp.		400		71,424
Harmonic Drive Systems, Inc.		900		52,028
Keyence Corp.		600		247,096
Rockwell Automation, Inc.		637		137,694
THK Co., Ltd.#		1,500		39,063
Yaskawa Electric Corp.		500		17,993
				634,975
Industrial Gases — 0.2%
Air Products & Chemicals, Inc.		370		89,411
Linde PLC		960		194,246
				283,657

10

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Instruments - Controls — 0.3%
ABB, Ltd.		2,846	$	56,202
Honeywell International, Inc.		1,966		286,741
Mettler-Toledo International, Inc.†		1		795
Shenzhen Inovance Technology Co., Ltd., Class A		12,400		59,699
Woodward, Inc.		107		7,338
				410,775
Insurance - Life/Health — 0.1%
Aflac, Inc.		267		9,737
Dai-ichi Life Holdings, Inc.		2,300		30,002
Samsung Life Insurance Co., Ltd.		883		32,686
				72,425
Insurance - Multi-line — 0.3%
Allstate Corp.		79		7,727
ASR Nederland NV		1,563		43,111
Chubb, Ltd.		29		3,536
Hartford Financial Services Group, Inc.		5		192
Helvetia Holding AG		178		15,841
Ping An Insurance Group Co of China, Ltd., Class A		10,700		106,022
Storebrand ASA†		14,022		72,388
Topdanmark A/S		511		21,270
Unipol Gruppo SpA†		15,812		55,695
				325,782
Insurance - Property/Casualty — 0.1%
Assurant, Inc.		16		1,641
Berkshire Hathaway, Inc., Class B†		42		7,794
Fidelity National Financial, Inc.		120		3,828
MS&AD Insurance Group Holdings, Inc.		1,500		44,101
Progressive Corp.		12		932
Samsung Fire & Marine Insurance Co., Ltd.		336		49,629
				107,925
Internet Connectivity Services — 0.0%
Masmovil Ibercom SA†		1,455		30,319
Internet Content - Entertainment — 1.1%
Adevinta ASA, Class B†		695		7,401
Facebook, Inc., Class A†		3,262		734,244
Kakao Corp.		1,359		289,989
NCSoft Corp.		157		100,396
Netflix, Inc.†		556		233,370
Twitter, Inc.†		860		26,634
				1,392,034
Internet Content - Information/News — 0.1%
Scout24 AG*		1,257		96,205
SINA Corp.†		2,361		73,923
				170,128
Internet Financial Services — 0.0%
Cerved Group SpA†		5,425		37,630
Internet Infrastructure Software — 0.1%
F5 Networks, Inc.†		520		75,358
Internet Security — 0.3%
NortonLifeLock, Inc.		4,488		102,237
Palo Alto Networks, Inc.†		699		164,454
Trend Micro, Inc.		2,400		132,016
				398,707
Investment Companies — 0.1%
KBC Ancora		1,420		47,568
Sofina SA		175		47,978
				95,546

Security Description	Shares		Value (Note 2)
Investment Management/Advisor Services — 0.1%
Azimut Holding SpA		1,818	$	30,276
LPL Financial Holdings, Inc.		7		500
T. Rowe Price Group, Inc.		99		11,969
Vontobel Holding AG		379		23,161
				65,906
Lasers-System/Components — 0.1%
Han’s Laser Technology Industry Group Co., Ltd., Class A		28,200		120,436
Leisure Products — 0.1%
Thule Group AB*		2,520		57,949
Yamaha Corp.		300		14,611
				72,560
Lighting Products & Systems — 0.0%
Signify NV†*		1,594		34,186
Machinery - Construction & Mining — 0.1%
Caterpillar, Inc.		820		98,506
Komatsu, Ltd.		1,000		20,258
				118,764
Machinery - Electrical — 0.2%
Disco Corp.		100		22,369
Fuji Electric Co., Ltd.		800		21,418
Hitachi, Ltd.		3,000		96,291
Mitsubishi Electric Corp.		6,600		87,020
Union Tool Co.#		200		5,220
				232,318
Machinery - Farming — 0.1%
Deere & Co.		410		62,369
Kubota Corp.		2,000		26,928
				89,297
Machinery - General Industrial — 0.2%
Beijer Ref AB		306		9,102
Bucher Industries AG		170		49,083
Conzzeta AG		30		26,462
Hexagon AB, Class B†		1,476		81,468
Otis Worldwide Corp.		555		29,221
SIG Combibloc Group AG		2,030		34,038
Valmet Oyj†		1,461		38,091
				267,465
Machinery - Material Handling — 0.1%
Daifuku Co., Ltd.		800		62,281
Machinery - Pumps — 0.0%
Curtiss-Wright Corp.		30		3,009
Ingersoll Rand, Inc.†		302		8,516
Interpump Group SpA		1,379		41,334
				52,859
Medical Information Systems — 0.0%
Cerner Corp.		35		2,552
Medical Instruments — 0.2%
Ambu A/S, Class B		1,843		61,527
Edwards Lifesciences Corp.†		112		25,169
Elekta AB, Series B		3,492		36,980
Getinge AB, Class B†		698		12,924
Shimadzu Corp.		1,000		27,081
Tecan Group AG		241		84,447
Topcon Corp.		600		5,272
				253,400

11

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical Labs & Testing Services — 0.0%
Evotec SE†		1,446	$	38,742
Medical Products — 0.1%
Abbott Laboratories		285		27,052
Arjo AB, Class B		428		2,421
GN Store Nord A/S		1,373		74,328
Henry Schein, Inc.†		249		15,119
Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Class A		1,300		50,812
Terumo Corp.		500		19,654
				189,386
Medical - Biomedical/Gene — 0.3%
Amgen, Inc.		20		4,594
Argenx SE† (NYSE)		293		62,616
Argenx SE† (Euronext Brussels)		71		15,093
Biogen, Inc.†		35		10,748
Idorsia, Ltd.†		1,345		41,117
Illumina, Inc.†		10		3,630
JCR Pharmaceuticals Co., Ltd.†		200		22,986
MorphoSys AG†		437		56,553
Regeneron Pharmaceuticals, Inc.†		3		1,838
Samsung Biologics Co, Ltd.†*		160		80,535
Swedish Orphan Biovitrum AB†		1,923		41,989
Vertex Pharmaceuticals, Inc.†		77		22,173
				363,872
Medical - Drugs — 0.4%
ALK-Abello A/S†		44		11,739
Daiichi Sankyo Co., Ltd.		500		46,842
Eli Lilly & Co.		60		9,177
Fagron		1,138		27,215
Hanmi Pharm Co., Ltd.		94		18,032
Helixmith Co., Ltd.†		255		12,923
Huadong Medicine Co., Ltd., Class A		31,700		100,663
Hubei Jumpcan Pharmaceutical Co., Ltd.		15,100		46,476
Jiangsu Hengrui Medicine Co., Ltd.†		7,200		79,378
Merck & Co., Inc.		133		10,736
Otsuka Holdings Co., Ltd.		400		18,076
Pfizer, Inc.		205		7,829
Santen Pharmaceutical Co., Ltd.		2,400		44,340
Siegfried Holding AG†		109		45,329
Zoetis, Inc.		29		4,042
				482,797
Medical - Generic Drugs — 0.2%
Celltrion Healthcare Co., Ltd.†		551		40,514
Celltrion, Inc.†		903		156,181
				196,695
Medical - HMO — 0.0%
Humana, Inc.		51		20,943
UnitedHealth Group, Inc.		117		35,668
				56,611
Medical - Hospitals — 0.0%
Universal Health Services, Inc., Class B		81		8,541
Medical - Nursing Homes — 0.1%
Korian SA#		685		24,702
Orpea		407		47,862
				72,564
Medical - Outpatient/Home Medical — 0.0%
Chemed Corp.		17		8,135

Security Description	Shares		Value (Note 2)
Medical - Wholesale Drug Distribution — 0.1%
Amplifon SpA†		947	$	26,378
Galenica AG*		959		71,053
Guangxi Liuzhou Pharmaceutical Co., Ltd., Class A		10,400		46,694
				144,125
Metal Processors & Fabrication — 0.1%
Aurubis AG		1,106		64,069
VAT Group AG*		501		90,715
				154,784
Metal Products - Fasteners — 0.0%
SFS Group AG		222		20,089
Metal - Aluminum — 0.0%
Arconic Corp.†		48		695
Miscellaneous Manufacturing — 0.1%
China Railway Signal & Communication Corp., Ltd.†*		67,000		29,618
Stadler Rail AG#		357		15,122
Towa Corp.		700		7,285
Zhuzhou CRRC Times Electric Co., Ltd.		24,900		64,548
				116,573
Multimedia — 0.2%
Nordic Entertainment Group AB, Class B†		1,627		49,056
Walt Disney Co.		2,230		261,579
				310,635
Networking Products — 0.5%
Arista Networks, Inc.†		339		79,143
Cisco Systems, Inc.		9,045		432,532
LogMeIn, Inc.		1,006		85,409
				597,084
Non - Ferrous Metals — 0.0%
Korea Zinc Co., Ltd.		93		28,445
Non - Hazardous Waste Disposal — 0.1%
Republic Services, Inc.		320		27,347
Waste Connections, Inc.		370		34,795
Waste Management, Inc.		600		64,050
				126,192
Office Automation & Equipment — 0.0%
Zebra Technologies Corp., Class A†		199		52,003
Office Supplies & Forms — 0.0%
Societe BIC SA		404		21,528
Oil Companies - Exploration & Production — 1.4%
Apache Corp.#		9,830		106,066
Cabot Oil & Gas Corp.		1,070		21,229
Cimarex Energy Co.		4,565		119,968
Concho Resources, Inc.		2,260		123,215
ConocoPhillips		3,900		164,502
Continental Resources, Inc.#		7,971		97,485
Devon Energy Corp.		830		8,972
Diamondback Energy, Inc.		2,680		114,115
EOG Resources, Inc.		2,960		150,871
Hess Corp.		2,720		129,119
Inpex Corp.		1,500		10,474
Marathon Oil Corp.		19,660		104,984
Noble Energy, Inc.		12,610		110,085
Occidental Petroleum Corp.		7,980		103,341
Parsley Energy, Inc., Class A		12,290		112,331
PDC Energy, Inc.†		9,193		111,971
Pioneer Natural Resources Co.		1,430		130,988
WPX Energy, Inc.†		19,291		109,380
				1,829,096

12

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Oil Companies - Integrated — 0.5%
Chevron Corp.		2,254	$	206,692
China Petroleum & Chemical Corp., Class A†		43,900		25,445
Exxon Mobil Corp.		5,030		228,714
Murphy Oil Corp.#		10,410		124,400
				585,251
Oil Refining & Marketing — 0.2%
HollyFrontier Corp.		360		11,322
Hyundai Heavy Industries Holdings Co., Ltd.		117		25,659
Marathon Petroleum Corp.		750		26,355
Phillips 66		540		42,260
S-Oil Corp.		477		27,317
SK Holdings Co., Ltd.		360		69,722
SK Innovation Co., Ltd.		548		52,651
Valero Energy Corp.		370		24,657
				279,943
Oil - Field Services — 0.1%
Baker Hughes Co.		830		13,703
Halliburton Co.		1,350		15,863
Saipem SpA		10,791		25,711
SBM Offshore NV		2,212		30,364
Schlumberger, Ltd.		1,720		31,768
TechnipFMC PLC		760		5,624
TGS NOPEC Geophysical Co. ASA		3,805		54,480
				177,513
Paper & Related Products — 0.1%
BillerudKorsnas AB		2,427		33,170
Holmen AB†		1,215		40,022
Svenska Cellulosa AB SCA, Class B†		6,436		80,625
				153,817
Pastoral & Agricultural — 0.2%
Guangdong Haid Group Co., Ltd., Class A		33,300		225,848
Liaoning Wellhope Agri-Tech JSC, Ltd., Class A		36,900		73,434
				299,282
Petrochemicals — 0.1%
LG Chem, Ltd.		466		147,508
Lotte Chemical Corp.		193		29,407
				176,915
Pharmacy Services — 0.0%
CVS Health Corp.		237		15,540
Power Converter/Supply Equipment — 0.1%
Schneider Electric SE		1,265		126,199
Real Estate Investment Trusts — 0.9%
Aedifica SA		543		58,145
Alstria Office REIT-AG		4,427		64,440
American Tower Corp.		730		188,464
AvalonBay Communities, Inc.		220		34,322
Boston Properties, Inc.		268		23,043
Crown Castle International Corp.		680		117,069
Digital Realty Trust, Inc.		320		45,939
Equinix, Inc.		121		84,413
Equity Residential		666		40,333
Essex Property Trust, Inc.		90		21,849
Highwoods Properties, Inc.		25		957
Inmobiliaria Colonial Socimi SA		4,215		38,233
Life Storage, Inc.		18		1,755
Omega Healthcare Investors, Inc.		7		218
Prologis, Inc.		1,010		92,415
Public Storage		277		56,159
Realty Income Corp.		510		28,208

Security Description	Shares		Value (Note 2)
Real Estate Investment Trusts (continued)
SBA Communications Corp.		171	$	53,716
Simon Property Group, Inc.		644		37,159
Ventas, Inc.		600		20,970
Warehouses De Pauw CVA		1,659		43,841
Welltower, Inc.		690		34,962
Weyerhaeuser Co.		1,240		25,036
				1,111,646
Real Estate Management/Services — 0.2%
Entra ASA*		4,046		55,031
Fabege AB		2,149		26,110
Fastighets AB Balder, Class B†		793		32,528
Hufvudstaden AB, Class A		1,551		20,004
Kungsleden AB		6,645		48,369
Wallenstam AB		1,200		13,874
Wihlborgs Fastigheter AB		3,751		60,486
				256,402
Real Estate Operations & Development — 0.4%
CA Immobilien Anlagen AG		1,171		39,513
Castellum AB		1,595		29,973
China Vanke Co., Ltd., Class A†		32,900		118,500
Grand City Properties SA		2,122		48,099
IMMOFINANZ AG		1,539		28,863
LEG Immobilien AG		550		68,591
Mitsui Fudosan Co., Ltd.		2,600		50,101
Nexity SA		1,914		58,717
TAG Immobilien AG		1,974		45,877
				488,234
Recreational Vehicles — 0.0%
Dometic Group AB†*		4,581		40,292
Recycling — 0.0%
Tomra Systems ASA		1,367		49,318
Respiratory Products — 0.0%
ResMed, Inc.		59		9,488
Retail - Apparel/Shoe — 0.1%
Burlington Stores, Inc.†		21		4,403
HUGO BOSS AG		1,542		41,866
Lululemon Athletica, Inc.†		140		42,014
Ross Stores, Inc.		500		48,480
				136,763
Retail - Auto Parts — 0.1%
AutoZone, Inc.†		34		39,027
O’Reilly Automotive, Inc.†		112		46,731
				85,758
Retail - Building Products — 0.5%
Home Depot, Inc.		1,646		408,998
Lowe’s Cos., Inc.		1,058		137,910
Nitori Holdings Co., Ltd.		300		54,413
				601,321
Retail - Consumer Electronics — 0.0%
Best Buy Co., Inc.		56		4,373
Retail - Discount — 0.2%
Costco Wholesale Corp.		5		1,542
Dollar General Corp.		337		64,539
Dollar Tree, Inc.†		320		31,318
E-MART Inc.		256		23,520
Target Corp.		724		88,567
Uniform Mtg. Backed Securities		2,100		42,334
				251,820

13

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail - Drug Store — 0.0%
Kusuri no Aoki Holdings Co., Ltd.		100	$	8,245
Retail - Jewelry — 0.1%
Lao Feng Xiang Co., Ltd., Class A		24,600		160,716
Retail - Major Department Stores — 0.1%
Shinsegae, Inc.		85		16,875
TJX Cos., Inc.		1,750		92,330
				109,205
Retail - Misc./Diversified — 0.0%
Hotel Shilla Co., Ltd.		339		21,801
Retail - Restaurants — 0.3%
Chipotle Mexican Grill, Inc.†		30		30,117
Domino’s Pizza, Inc.		5		1,929
McDonald’s Corp.		1,081		201,412
Starbucks Corp.		1,680		131,023
Yum! Brands, Inc.		410		36,790
				401,271
Rubber - Tires — 0.0%
Hankook Tire & Technology Co., Ltd.		962		18,275
Rubber/Plastic Products — 0.0%
Hexpol AB†		6,250		46,887
Savings & Loans/Thrifts — 0.0%
People’s United Financial, Inc.		2,934		33,594
Security Services — 0.0%
Loomis AB, Series B†		1,167		29,407
Semiconductor Components - Integrated Circuits — 0.5%
Analog Devices, Inc.		1,063		120,066
Maxim Integrated Products, Inc.		827		47,701
NXP Semiconductors NV		1,502		144,342
QUALCOMM, Inc.		3,050		246,684
Renesas Electronics Corp.†#		9,700		50,449
				609,242
Semiconductor Equipment — 0.3%
Applied Materials, Inc.		1,434		80,562
ASM International NV		454		53,079
ASM Pacific Technology, Ltd.		4,800		43,823
BE Semiconductor Industries NV		1,205		46,189
KLA Corp.		180		31,673
Lam Research Corp.		207		56,650
Siltronic AG		355		34,715
Teradyne, Inc.		645		43,228
				389,919
Shipbuilding — 0.1%
HLB, Inc.†		327		29,944
Huntington Ingalls Industries, Inc.		7		1,399
Korea Shipbuilding & Offshore Engineering Co., Ltd.†		406		29,888
Samsung Heavy Industries Co., Ltd.†		5,242		20,461
				81,692
Software Tools — 0.2%
VMware, Inc., Class A†		1,628		254,408
Steel - Producers — 0.2%
Baoshan Iron & Steel Co., Ltd., Class A		183,800		125,915
Hyundai Steel Co.		980		17,354
POSCO		742		108,728
Reliance Steel & Aluminum Co.		93		9,021
SSAB AB, Class B†		14,392		35,211
				296,229

Security Description	Shares		Value (Note 2)
Telecom Equipment - Fiber Optics — 0.0%
Corning, Inc.		1,050	$	23,929
Telecommunication Equipment — 0.1%
Juniper Networks, Inc.		2,757		66,885
Telephone - Integrated — 0.6%
AT&T, Inc.		9,630		297,182
Freenet AG†		2,679		45,903
KDDI Corp.		800		23,296
Nippon Telegraph & Telephone Corp.		3,600		81,509
SoftBank Group Corp.		800		35,932
Verizon Communications, Inc.		5,450		312,721
				796,543
Television — 0.1%
ION Media Networks, Inc.†(1)(2)		18		10,851
ProSiebenSat.1 Media SE		8,756		112,122
				122,973
Theaters — 0.0%
CTS Eventim AG & Co. KGaA†		955		43,384
Tobacco — 0.1%
Altria Group, Inc.		348		13,589
KT&G Corp.		1,236		83,861
				97,450
Tools - Hand Held — 0.0%
Stanley Black & Decker, Inc.		200		25,090
Transactional Software — 0.1%
SimCorp A/S		607		66,964
Transport - Marine — 0.0%
Euronav NV		4,006		40,041
Transport - Rail — 0.3%
Central Japan Railway Co.		100		17,127
CSX Corp.		1,352		96,776
Kansas City Southern		95		14,299
Norfolk Southern Corp.		350		62,402
Tokyu Corp.		1,300		20,621
Union Pacific Corp.		900		152,874
				364,099
Transport - Services — 0.1%
C.H. Robinson Worldwide, Inc.		37		3,002
FedEx Corp.		340		44,391
Sankyu, Inc.		600		24,500
United Parcel Service, Inc., Class B		1,000		99,710
				171,603
Transport - Truck — 0.0%
Hyundai Glovis Co., Ltd.		216		19,766
XPO Logistics, Inc.†		67		5,280
				25,046
Water Treatment Systems — 0.0%
Kurita Water Industries, Ltd.		400		11,101
Web Hosting/Design — 0.3%
GoDaddy, Inc., Class A†		1,236		95,481
Shopify, Inc., Class A†		409		309,940
VeriSign, Inc.†		120		26,281
				431,702
Web Portals/ISP — 1.4%
Alphabet, Inc., Class A†		398		570,541
Alphabet, Inc., Class C†		414		591,573
Baidu, Inc. ADR†		1,171		124,770

14

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares Principal Amount(8)		Value (Note 2)
COMMON STOCKS (continued)
Web Portals/ISP (continued)
NAVER Corp.		2,216	$	405,578
United Internet AG		1,791		72,317
				1,764,779
Wireless Equipment — 0.1%
Motorola Solutions, Inc.		227		30,720
Samsung SDI Co., Ltd.		519		150,976
				181,696
Total Common Stocks
(cost $57,885,711)				61,762,606
EXCHANGE - TRADED FUNDS — 3.0%
iShares MSCI Europe Small-Cap ETF		3,900		179,400
iShares Russell 1000 Growth ETF#		107		19,722
VanEck Vectors Gold Miners ETF		106,000		3,637,920
Total Exchange-Traded Funds
(cost $3,138,388)				3,837,042
PREFERRED SECURITIES/CAPITAL SECURITIES — 1.0%
Diversified Banking Institutions — 0.0%
JPMorgan Chase & Co. Series U 6.13% due 04/30/2024(3)	$	38,000		38,522
Finance - Other Services — 0.2%
China Huadian Overseas Development Management Co., Ltd. 4.00% due 05/29/2024(3)		200,000		202,047
Insurance - Life/Health — 0.4%
Dai-ichi Life Insurance Co., Ltd. 4.00% due 07/24/2026(3)		200,000		211,500
Nippon Life Insurance Co. 3.40% due 01/23/2050		200,000		204,144
Prudential Financial, Inc. 5.63% due 06/15/2043		27,000		27,954
Prudential Financial, Inc. 5.70% due 09/15/2048		20,000		21,516
				465,114
Insurance - Multi-line — 0.0%
Voya Financial, Inc. 4.70% due 01/23/2048		33,000		30,030
Insurance - Property/Casualty — 0.2%
Mitsui Sumitomo Insurance Co., Ltd. 4.95% due 03/06/2029(3)		200,000		223,000
Metal - Diversified — 0.1%
Chinalco Capital Holdings, Ltd. 4.10% due 12/31/09/11/2024(3)		200,000		196,052
Pipelines — 0.1%
Enbridge, Inc. 5.50% due 07/15/2077		60,000		55,309
Enterprise Products Operating LLC 4.88% due 08/16/2077		33,000		28,883
Enterprise Products Operating LLC 5.25% due 08/16/2077		24,000		21,624
				105,816
Total Preferred Securities/Capital Securities
(cost $1,234,763)				1,260,581
RIGHTS — 0.0%
Real Estate Operations & Development — 0.0%
BUWOG AG†#(1) (cost $0)		1,461		0

Security Description	Principal Amount(8)		Value (Note 2)
ASSET BACKED SECURITIES — 0.7%
Diversified Financial Services — 0.7%
Bain Capital Credit CLO, Limit Bcc 2020 2a C 144a*(4) 1.00% due 07/19/2031	$	400,000	$	400,000
Bain Capital Credit CLO, Limit Bcc 2020 2a D 144a*(4) 1.00% due 07/19/2031		250,000		245,000
Voya CLO, Ltd. CLO FRS Series 2015-1A, Class BR 2.84% (3 ML+1.70%) due 01/18/2029*(4)		250,000		233,125
Total Asset Backed Securities
(cost $878,125)				878,125
U.S. CORPORATE BONDS & NOTES — 14.2%
Advertising Agencies — 0.0%
Omnicom Group, Inc. Senior Notes 4.20% due 06/01/2030		29,000		31,421
Aerospace/Defense — 0.0%
Lockheed Martin Corp. Senior Notes 1.85% due 06/15/2030		28,000		28,671
Applications Software — 0.1%
Microsoft Corp. Senior Notes 3.95% due 08/08/2056		135,000		176,791
Auto - Cars/Light Trucks — 0.4%
American Honda Finance Corp. FRS Senior Notes 1.42% (3 ML+0.28%) due 10/19/2020		240,000		240,000
Ford Motor Co.# Senior Notes 9.63% due 04/22/2030		18,000		19,980
Toyota Motor Credit Corp. FRS Senior Notes 1.59% (3 ML+0.28%) due 04/13/2021		190,000		190,019
				449,999
Banks - Commercial — 0.3%
PNC Bank NA FRS Senior Notes 1.35% (3 ML+0.25%) due 01/22/2021		370,000		370,413
Banks - Super Regional — 0.4%
Wells Fargo & Co. FRS Senior Notes 2.01% (3 ML+1.01%) due 12/07/2020		215,000		215,778
Wells Fargo & Co. Senior Notes 3.07% due 04/30/2041		34,000		34,475
Wells Fargo & Co. Senior Notes 5.01% due 04/04/2051		130,000		169,894
Wells Fargo & Co. Sub. Notes 5.61% due 01/15/2044		28,000		37,012
				457,159
Beverages - Non-alcoholic — 0.4%
Coca-Cola Co. Senior Notes 2.60% due 06/01/2050		48,000		47,461

15

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Principal Amount(8)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Beverages - Non - alcoholic (continued)
Coca-Cola Co. Senior Bonds 2.75% due 06/01/2060	$	48,000	$	46,849
Keurig Dr Pepper, Inc. Company Guar. Notes 3.80% due 05/01/2050		61,000		66,538
Keurig Dr Pepper, Inc. Company Guar. Bonds 4.50% due 11/15/2045		80,000		95,848
Keurig Dr Pepper, Inc. Company Guar. Notes 4.99% due 05/25/2038		24,000		30,225
PepsiCo, Inc. Senior Notes 2.88% due 10/15/2049		154,000		162,044
				448,965
Brewery — 0.4%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.90% due 02/01/2046		353,000		408,688
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.60% due 04/15/2048		64,000		71,283
Constellation Brands, Inc. Senior Bonds 3.75% due 05/01/2050		32,000		33,124
				513,095
Broadcast Services/Program — 0.0%
Discovery Communications LLC Company Guar. Notes 4.95% due 05/15/2042		49,000		52,487
Building & Construction Products - Misc. — 0.1%
Owens Corning Senior Notes 4.30% due 07/15/2047		70,000		66,685
Building Products - Air & Heating — 0.1%
Carrier Global Corp. Senior Notes 3.38% due 04/05/2040*		88,000		78,253
Carrier Global Corp. Senior Notes 3.58% due 04/05/2050*		28,000		24,860
				103,113
Building Products - Cement — 0.0%
Vulcan Materials Co. Senior Notes 3.50% due 06/01/2030		27,000		28,115
Cable/Satellite TV — 0.5%
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Bonds 3.70% due 04/01/2051		40,000		38,340
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 4.80% due 03/01/2050		41,000		45,660
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 6.38% due 10/23/2035		63,000		82,507

Security Description	Principal Amount(8)		Value (Note 2)
Cable/Satellite TV (continued)
Comcast Corp. FRS Company Guar. Notes 1.87% (3 ML+0.44%) due 10/01/2021	$	205,000	$	205,601
Comcast Corp. Company Guar. Notes 3.20% due 07/15/2036		7,000		7,510
Comcast Corp. Company Guar. Notes 3.75% due 04/01/2040		29,000		33,099
Comcast Corp. Company Guar. Notes 3.90% due 03/01/2038		14,000		16,341
Comcast Corp. Company Guar. Notes 3.97% due 11/01/2047		54,000		63,815
Comcast Corp. Company Guar. Notes 4.60% due 10/15/2038		116,000		144,270
Time Warner Cable LLC Senior Sec. Notes 6.55% due 05/01/2037		32,000		40,872
				678,015
Cellular Telecom — 0.1%
T-Mobile USA, Inc. Senior Sec. Notes 3.88% due 04/15/2030*		72,000		77,921
T-Mobile USA, Inc. Senior Sec. Notes 4.38% due 04/15/2040*		19,000		20,984
				98,905
Chemicals - Diversified — 0.0%
LYB International Finance III LLC Company Guar. Notes 4.20% due 10/15/2049		16,000		17,007
Chemicals - Specialty — 0.0%
Huntsman International LLC Senior Notes 4.50% due 05/01/2029		53,000		53,862
Commercial Services — 0.0%
RELX Capital, Inc. Company Guar. Notes 3.00% due 05/22/2030		17,000		17,854
Computer Services — 0.4%
IBM Corp. FRS Senior Notes 0.83% (3 ML+0.40%) due 05/13/2021		310,000		310,971
International Business Machines Corp.# Senior Notes 4.70% due 02/19/2046		100,000		132,081
Leidos, Inc. Company Guar. Notes 4.38% due 05/15/2030*		44,000		48,959
				492,011
Computers — 0.1%
Apple, Inc. Senior Notes 2.65% due 05/11/2050		40,000		41,305

16

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Principal Amount(8)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Computers (continued)
Dell International LLC/EMC Corp. Senior Sec. Notes 6.20% due 07/15/2030*	$	22,000	$	25,113
Dell International LLC/EMC Corp. Senior Sec. Notes 8.10% due 07/15/2036*		58,000		70,330
Hewlett Packard Enterprise Co. Senior Notes 6.20% due 10/15/2035		5,000		5,970
				142,718
Consumer Products - Misc. — 0.0%
Kimberly-Clark Corp. Senior Notes 3.20% due 07/30/2046		31,000		34,669
Containers - Paper/Plastic — 0.0%
Sonoco Products Co Senior Notes 3.13% due 05/01/2030		39,000		39,579
Data Processing/Management — 0.0%
Fiserv, Inc. Senior Notes 4.40% due 07/01/2049		23,000		27,950
Dental Supplies & Equipment — 0.0%
DENTSPLY SIRONA, Inc. Senior Notes 3.25% due 06/01/2030		27,000		27,654
Diversified Banking Institutions — 1.7%
Bank of America Corp. FRS Senior Notes 2.02% (3 ML + 1.00%) due 04/24/2023		290,000		288,899
Bank of America Corp. Senior Notes 3.71% due 04/24/2028		23,000		25,415
Bank of America Corp. Senior Notes 4.08% due 03/20/2051		172,000		203,715
Bank of America Corp. Sub. Notes 6.11% due 01/29/2037		127,000		173,267
Citigroup, Inc. Senior Notes 4.65% due 07/23/2048		142,000		176,209
Citigroup, Inc. Sub. Notes 4.75% due 05/18/2046		28,000		33,628
Citigroup, Inc. Sub. Notes 6.00% due 10/31/2033		56,000		71,187
Goldman Sachs Group, Inc. FRS Senior Notes 2.10% (3 ML+1.11%) due 04/26/2022		370,000		370,377
Goldman Sachs Group, Inc. Senior Notes 4.02% due 10/31/2038		59,000		65,295
Goldman Sachs Group, Inc. Senior Notes 4.41% due 04/23/2039		146,000		168,198

Security Description	Principal Amount(8)		Value (Note 2)
Diversified Banking Institutions (continued)
Goldman Sachs Group, Inc. Sub. Notes 6.75% due 10/01/2037	$	62,000	$	86,544
JPMorgan Chase & Co. Sub. Notes 2.96% due 05/13/2031		17,000		17,541
JPMorgan Chase & Co. Senior Notes 3.11% due 04/22/2051		76,000		76,721
JPMorgan Chase & Co. Senior Notes 3.88% due 07/24/2038		80,000		91,543
JPMorgan Chase & Co. Senior Notes 4.49% due 03/24/2031		9,000		10,693
JPMorgan Chase & Co. Senior Notes 5.50% due 10/15/2040		115,000		158,580
Morgan Stanley Senior Notes 3.62% due 04/01/2031		23,000		25,560
Morgan Stanley Senior Notes 3.97% due 07/22/2038		79,000		90,288
				2,133,660
Diversified Manufacturing Operations — 0.1%
General Electric Co. Senior Notes 4.35% due 05/01/2050		35,000		34,181
Parker-Hannifin Corp. Senior Notes 4.00% due 06/14/2049		74,000		83,584
				117,765
Drug Delivery Systems — 0.0%
Becton Dickinson and Co. Senior Notes 4.69% due 12/15/2044		37,000		45,476
E-Commerce/Products — 0.0%
Amazon.com, Inc. Senior Notes 4.80% due 12/05/2034		24,000		32,508
Electric - Distribution — 0.0%
Oklahoma Gas & Electric Co. Senior Notes 3.85% due 08/15/2047		3,000		3,269
Electric - Generation — 0.0%
Emera US Finance LP Company Guar. Notes 4.75% due 06/15/2046		42,000		47,423
Electric - Integrated — 1.2%
AEP Texas, Inc. Senior Notes 4.15% due 05/01/2049		35,000		40,923
Berkshire Hathaway Energy Co. Senior Notes 4.25% due 10/15/2050*		36,000		45,255
Black Hills Corp. Senior Notes 3.88% due 10/15/2049		45,000		45,242

17

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Principal Amount(8)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Electric - Integrated (continued)
CenterPoint Energy Houston Electric LLC General Refunding Mtg. 4.25% due 02/01/2049	$	31,000	$	38,368
Cleveland Electric Illuminating Co. Senior Notes 5.95% due 12/15/2036		20,000		25,397
Consolidated Edison Co. of New York, Inc. Senior Notes 3.95% due 04/01/2050		25,000		29,327
Dominion Energy South Carolina, Inc. 1st Mtg. Bonds 5.10% due 06/01/2065		11,000		15,413
Dominion Resources, Inc. Senior Notes 5.25% due 08/01/2033		19,000		22,285
DTE Electric Co. 1st Mtg. Bonds 2.95% due 03/01/2050		44,000		45,693
DTE Electric Co. General Refunding Mtg. 3.95% due 03/01/2049		76,000		91,687
DTE Electric Co. General Refunding Mtg. 4.05% due 05/15/2048		18,000		22,194
Duke Energy Carolinas LLC 1st Mtg. Bonds 3.75% due 06/01/2045		88,000		101,790
Duke Energy Indiana LLC 1st Mtg. Notes 3.25% due 10/01/2049		74,000		80,425
Duke Energy Ohio, Inc. 1st Mtg. Bonds 2.13% due 06/01/2030		19,000		19,511
Entergy Corp. Senior Notes 3.75% due 06/15/2050		20,000		21,806
Entergy Texas, Inc. 1st Mtg. Notes 4.50% due 03/30/2039		89,000		106,096
Evergy Kansas Central, Inc. 1st Mtg. Bonds 3.45% due 04/15/2050		60,000		65,658
Exelon Corp. Senior Notes 4.70% due 04/15/2050		33,000		41,700
FirstEnergy Corp. Senior Notes 7.38% due 11/15/2031		58,000		85,175
Georgia Power Co. Senior Notes 4.30% due 03/15/2042		42,000		48,602
Interstate Power & Light Co. Senior Notes 3.50% due 09/30/2049		31,000		33,046
Kentucky Utilities Co. 1st Mtg. Bonds 3.30% due 06/01/2050		18,000		18,838
Mississippi Power Co. Senior Notes 4.25% due 03/15/2042		49,000		53,514
PacifiCorp 1st Mtg. Notes 3.30% due 03/15/2051		35,000		38,042

Security Description	Principal Amount(8)		Value (Note 2)
Electric - Integrated (continued)
PacifiCorp 1st Mtg. Notes 4.15% due 02/15/2050	$	73,000	$	90,482
PECO Energy Co. 1st Mtg. Bonds 3.00% due 09/15/2049		35,000		37,318
Public Service Co. of Colorado 1st Mtg. Bonds 2.70% due 01/15/2051		75,000		75,611
Public Service Co. of Colorado 1st Mtg. Bonds 4.10% due 06/15/2048		24,000		29,410
Public Service Electric & Gas Co. 1st. Mtg. Notes 3.20% due 08/01/2049		29,000		32,090
Puget Sound Energy, Inc. 1st. Mtg. Notes 4.22% due 06/15/2048		72,000		88,489
Southern California Edison Co. 1st Mtg. Bonds 3.65% due 02/01/2050		67,000		70,565
				1,559,952
Electric - Transmission — 0.0%
AEP Transmission Co. LLC Senior Bonds 3.80% due 06/15/2049		44,000		51,628
Electronic Components - Semiconductors — 0.2%
Broadcom, Inc. Company Guar. Notes 4.15% due 11/15/2030*		35,000		36,649
Broadcom, Inc. Company Guar. Notes 5.00% due 04/15/2030*		22,000		24,399
Intel Corp. Senior Notes 3.10% due 02/15/2060		73,000		77,345
Intel Corp. Senior Notes 3.90% due 03/25/2030		27,000		32,318
NVIDIA Corp. Senior Notes 3.50% due 04/01/2050		23,000		26,209
NVIDIA Corp. Senior Notes 3.70% due 04/01/2060		44,000		52,038
				248,958
Electronic Measurement Instruments — 0.1%
Trimble, Inc. Senior Notes 4.90% due 06/15/2028		71,000		77,460
Enterprise Software/Service — 0.1%
Oracle Corp. Senior Notes 3.85% due 07/15/2036		76,000		88,066
Oracle Corp. Senior Notes 4.00% due 11/15/2047		48,000		56,353
				144,419
Finance - Commercial — 0.0%
GE Capital Funding LLC Company Guar. Notes 4.40% due 05/15/2030*		40,000		41,463

18

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Principal Amount(8)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Finance - Credit Card — 0.4%
American Express Co. FRS Senior Notes 0.91% (3 ML + 0.53%) due 05/17/2021	$	300,000	$	300,445
Mastercard, Inc. Senior Notes 3.80% due 11/21/2046		72,000		89,652
Mastercard, Inc. Senior Notes 3.85% due 03/26/2050		17,000		21,730
Visa, Inc. Senior Notes 3.65% due 09/15/2047		38,000		47,133
				458,960
Finance - Other Services — 0.0%
Intercontinental Exchange, Inc. Senior Notes 3.00% due 06/15/2050		26,000		26,342
Food - Meat Products — 0.0%
Smithfield Foods, Inc. Senior Notes 5.20% due 04/01/2029*		20,000		21,016
Food - Misc./Diversified — 0.2%
Campbell Soup Co. Senior Bonds 3.13% due 04/24/2050		41,000		40,658
Conagra Brands, Inc. Senior Notes 5.40% due 11/01/2048		84,000		111,611
Mars, Inc. Company Guar. Notes 3.88% due 04/01/2039*		102,000		119,457
				271,726
Food - Retail — 0.0%
Kroger Co. Senior Notes 3.95% due 01/15/2050		19,000		21,356
Food - Wholesale/Distribution — 0.1%
Sysco Corp. Company Guar. Notes 6.60% due 04/01/2050		58,000		75,183
Gas - Distribution — 0.2%
Brooklyn Union Gas Co. Senior Notes 4.49% due 03/04/2049*		6,000		7,330
NiSource, Inc. Senior Notes 3.95% due 03/30/2048		45,000		50,698
NiSource, Inc. Senior Notes 5.65% due 02/01/2045		41,000		54,956
ONE Gas, Inc. Senior Notes 4.50% due 11/01/2048		72,000		88,470
				201,454
Industrial Gases — 0.0%
Air Products and Chemicals, Inc. Senior Notes 2.70% due 05/15/2040		36,000		37,363

Security Description	Principal Amount(8)		Value (Note 2)
Insurance Brokers — 0.1%
Willis North America, Inc. Company Guar. Notes 3.88% due 09/15/2049	$	61,000	$	65,218
Willis North America, Inc. Company Guar. Notes 5.05% due 09/15/2048		28,000		34,610
				99,828
Insurance - Life/Health — 0.3%
Brighthouse Financial, Inc. Senior Notes 4.70% due 06/22/2047		104,000		90,967
Prudential Financial, Inc. Senior Notes 3.00% due 03/10/2040		29,000		29,004
Prudential Financial, Inc. Senior Notes 5.70% due 12/14/2036		98,000		128,974
Teachers Insurance & Annuity Association of America Sub. Notes 4.27% due 05/15/2047*		94,000		110,721
				359,666
Insurance - Multi-line — 0.0%
Guardian Life Insurance Co. of America Sub. Notes 3.70% due 01/22/2070*		15,000		14,347
Insurance - Mutual — 0.2%
Liberty Mutual Group, Inc. Company Guar. Notes 3.95% due 05/15/2060*		14,000		14,162
Liberty Mutual Group, Inc. Company Guar. Notes 4.50% due 06/15/2049*		43,000		46,163
New York Life Insurance Co. Sub. Notes 3.75% due 05/15/2050*		31,000		34,882
New York Life Insurance Co. Sub. Notes 4.45% due 05/15/2069*		74,000		90,635
Northwestern Mutual Life Insurance Co. Sub. Notes 3.63% due 09/30/2059*		74,000		80,290
				266,132
Insurance - Property/Casualty — 0.1%
Assurant, Inc. Senior Notes 6.75% due 02/15/2034		2,000		2,336
Progressive Corp. Senior Notes 3.95% due 03/26/2050		14,000		17,596
Progressive Corp. Senior Notes 4.20% due 03/15/2048		103,000		133,288
				153,220
Insurance - Reinsurance — 0.1%
Berkshire Hathaway Finance Corp. Company Guar. Notes 4.25% due 01/15/2049		121,000		151,861
Machinery - Construction & Mining — 0.0%
Caterpillar, Inc. Senior Bonds 3.25% due 09/19/2049		44,000		48,778

19

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Principal Amount(8)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Machinery - Farming — 0.1%
Deere & Co. Senior Notes 3.75% due 04/15/2050	$	94,000	$	113,768
Medical Labs & Testing Services — 0.1%
Laboratory Corp. of America Holdings Senior Notes 4.70% due 02/01/2045		48,000		57,915
Medical - Biomedical/Gene — 0.2%
Amgen, Inc. Senior Notes 3.15% due 02/21/2040		112,000		118,073
Amgen, Inc. Senior Notes 3.38% due 02/21/2050		35,000		37,600
Amgen, Inc. Senior Notes 5.15% due 11/15/2041		35,000		46,287
Baxalta, Inc. Company Guar. Notes 5.25% due 06/23/2045		49,000		65,886
Biogen, Inc. Senior Bonds 3.15% due 05/01/2050		26,000		25,383
				293,229
Medical - Drugs — 0.5%
AbbVie, Inc. Senior Notes 4.05% due 11/21/2039*		79,000		88,224
AbbVie, Inc. Senior Notes 4.25% due 11/21/2049*		101,000		116,031
AbbVie, Inc. Senior Notes 4.50% due 05/14/2035		30,000		35,428
Bristol-Myers Squibb Co. FRS Senior Notes 0.59% (3 ML + 0.20%) due 11/16/2020*		233,000		233,123
Bristol-Myers Squibb Co. Senior Notes 4.25% due 10/26/2049*		102,000		134,385
Bristol-Myers Squibb Co. Senior Notes 4.63% due 05/15/2044*		15,000		20,063
Pfizer, Inc. Senior Notes 2.55% due 05/28/2040		39,000		39,513
Pfizer, Inc. Senior Notes 2.63% due 04/01/2030		9,000		9,835
Wyeth Company Guar. Notes 5.95% due 04/01/2037		14,000		20,346
				696,948
Medical - Generic Drugs — 0.1%
Mylan, Inc. Company Guar. Notes 5.20% due 04/15/2048		48,000		55,205
Medical - HMO — 0.2%
Humana, Inc. Senior Notes 4.88% due 04/01/2030		74,000		91,398

Security Description	Principal Amount(8)		Value (Note 2)
Medical - HMO (continued)
UnitedHealth Group, Inc. Senior Notes 3.13% due 05/15/2060	$	28,000	$	29,428
UnitedHealth Group, Inc. Senior Notes 4.25% due 06/15/2048		74,000		94,212
				215,038
Medical - Wholesale Drug Distribution — 0.1%
Cardinal Health, Inc. Senior Notes 4.60% due 03/15/2043		12,000		12,721
Cardinal Health, Inc. Senior Notes 4.90% due 09/15/2045		53,000		58,570
				71,291
Metal - Copper — 0.0%
Southern Copper Corp. Senior Notes 3.88% due 04/23/2025		35,000		37,298
Multimedia — 0.4%
Viacom, Inc. Senior Notes 5.85% due 09/01/2043		65,000		70,527
Walt Disney Co. FRS Company Guar. Notes 0.60% (3 ML + 0.25%) due 09/01/2021		345,000		344,149
Walt Disney Co. Company Guar. Notes 3.50% due 05/13/2040		58,000		63,771
Walt Disney Co. Company Guar. Notes 3.80% due 05/13/2060		16,000		18,248
				496,695
Office Supplies & Forms — 0.0%
Avery Dennison Corp. Senior Notes 2.65% due 04/30/2030		22,000		21,955
Oil Companies - Exploration & Production — 0.2%
EOG Resources, Inc. Senior Notes 4.38% due 04/15/2030		16,000		18,932
EOG Resources, Inc. Senior Bonds 4.95% due 04/15/2050		50,000		65,152
Hess Corp. Senior Notes 7.13% due 03/15/2033		61,000		66,355
Noble Energy, Inc. Senior Notes 4.95% due 08/15/2047		27,000		23,297
Noble Energy, Inc. Senior Notes 5.25% due 11/15/2043		115,000		101,917
				275,653
Oil Companies - Integrated — 0.1%
BP Capital Markets America, Inc. Company Guar. Notes 3.00% due 02/24/2050		161,000		157,389

20

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Principal Amount(8)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Oil Refining & Marketing — 0.0%
Marathon Petroleum Corp. Senior Notes 4.50% due 04/01/2048	$	48,000	$	45,676
Oil - Field Services — 0.1%
Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor, Inc. Senior Notes 4.49% due 05/01/2030		18,000		20,323
Halliburton Co. Senior Notes 2.92% due 03/01/2030		44,000		40,881
				61,204
Paper & Related Products — 0.1%
Domtar Corp. Company Guar. Notes 6.75% due 02/15/2044		84,000		87,546
Georgia-Pacific LLC Senior Notes 2.30% due 04/30/2030*		48,000		49,102
				136,648
Pharmacy Services — 0.6%
Cigna Corp. Company Guar. Notes 4.80% due 08/15/2038		18,000		22,512
Cigna Corp. Company Guar. Notes 4.90% due 12/15/2048		68,000		89,244
CVS Health Corp. FRS Senior Notes 1.72% (3 ML + 0.72%) due 03/09/2021		370,000		370,575
CVS Health Corp Senior Notes 4.13% due 04/01/2040		14,000		16,175
CVS Health Corp Senior Notes 4.25% due 04/01/2050		22,000		25,838
CVS Health Corp. Senior Notes 4.78% due 03/25/2038		28,000		34,182
CVS Health Corp. Senior Notes 5.05% due 03/25/2048		129,000		165,454
				723,980
Pipelines — 0.3%
Cheniere Corpus Christi Holdings LLC Senior Sec. Notes 3.70% due 11/15/2029*		30,000		29,840
Colonial Enterprises, Inc. Company Guar. Notes 3.25% due 05/15/2030*		17,000		17,985
Energy Transfer Operating LP Company Guar. Notes 5.15% due 02/01/2043		23,000		21,760
Energy Transfer Operating LP Company Guar. Notes 6.05% due 06/01/2041		23,000		24,241
Energy Transfer Operating LP Company Guar. Notes 6.13% due 12/15/2045		25,000		26,198
Enterprise Products Operating LLC Company Guar. Notes 4.25% due 02/15/2048		39,000		42,326

Security Description	Principal Amount(8)		Value (Note 2)
Pipelines (continued)
Enterprise Products Operating LLC Company Guar. Notes 4.85% due 03/15/2044	$	10,000	$	11,421
ONEOK, Inc. Company Guar. Notes 3.10% due 03/15/2030		44,000		39,650
ONEOK, Inc. Company Guar. Notes 7.15% due 01/15/2051		18,000		21,283
Sabine Pass Liquefaction LLC Senior Sec. Notes 4.50% due 05/15/2030*		14,000		15,354
Sunoco Logistics Partners Operations LP Company Guar. Notes 5.35% due 05/15/2045		30,000		29,539
Williams Cos., Inc. Senior Notes 5.75% due 06/24/2044		34,000		39,643
Williams Partners LP Senior Notes 5.40% due 03/04/2044		86,000		94,723
				413,963
Real Estate Investment Trusts — 0.2%
Crown Castle International Corp. Senior Notes 4.15% due 07/01/2050		30,000		35,008
Crown Castle International Corp. Senior Notes 5.20% due 02/15/2049		48,000		62,994
Prologis LP Senior Notes 3.00% due 04/15/2050		46,000		46,192
Simon Property Group LP Senior Notes 3.25% due 09/13/2049		132,000		107,033
				251,227
Retail - Apparel/Shoe — 0.1%
Ross Stores, Inc. Senior Notes 5.45% due 04/15/2050		45,000		56,251
Retail - Automobile — 0.0%
AutoNation, Inc. Senior Notes 4.75% due 06/01/2030		18,000		18,750
Retail - Building Products — 0.2%
Home Depot, Inc. Senior Notes 3.35% due 04/15/2050		53,000		60,035
Home Depot, Inc. Senior Notes 4.40% due 03/15/2045		39,000		50,096
Home Depot, Inc. Senior Notes 4.50% due 12/06/2048		34,000		45,019
Lowe’s Cos., Inc. Senior Notes 4.05% due 05/03/2047		73,000		83,809
				238,959

21

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Principal Amount(8)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Retail - Discount — 0.1%
Target Corp. Senior Notes 3.63% due 04/15/2046	$	48,000	$	57,709
Walmart, Inc. FRS Senior Notes 1.43% (3 ML+0.23%) due 06/23/2021		105,000		105,208
				162,917
Retail - Drug Store — 0.1%
Walgreens Boots Alliance, Inc. Senior Notes 4.10% due 04/15/2050		98,000		95,227
Retail - Restaurants — 0.1%
McDonald’s Corp. FRS Senior Notes 1.32% (3 ML+0.43%) due 10/28/2021		55,000		54,928
McDonald’s Corp. Senior Notes 3.63% due 09/01/2049		26,000		28,329
McDonald’s Corp. Senior Notes 4.20% due 04/01/2050		25,000		29,743
McDonald’s Corp. Senior Notes 4.45% due 03/01/2047		26,000		31,777
				144,777
Shipbuilding — 0.0%
Huntington Ingalls Industries, Inc. Company Guar. Notes 4.20% due 05/01/2030*		36,000		38,995
Software Tools — 0.0%
VMware, Inc. Senior Notes 4.70% due 05/15/2030		43,000		46,973
Steel - Producers — 0.1%
Nucor Corp. Senior Notes 2.70% due 06/01/2030		14,000		14,245
Steel Dynamics, Inc. Senior Notes 3.45% due 04/15/2030		56,000		55,326
				69,571
Telecom Equipment - Fiber Optics — 0.1%
Corning, Inc. Senior Notes 5.45% due 11/15/2079		132,000		150,891
Telephone - Integrated — 1.0%
AT&T, Inc. FRS Senior Notes 2.17% (3 ML+0.95%) due 07/15/2021		375,000		377,089
AT&T, Inc. Senior Notes 4.50% due 05/15/2035		37,000		41,630
AT&T, Inc. Senior Notes 4.50% due 03/09/2048		35,000		39,681
AT&T, Inc. Senior Notes 4.75% due 05/15/2046		88,000		102,424

Security Description	Principal Amount(8)		Value (Note 2)
Telephone - Integrated (continued)
AT&T, Inc. Senior Notes 4.80% due 06/15/2044	$	46,000	$	53,047
AT&T, Inc. Senior Notes 4.85% due 07/15/2045		142,000		162,899
AT&T, Inc. Senior Notes 4.90% due 08/15/2037		74,000		86,879
AT&T, Inc. Senior Notes 5.35% due 12/15/2043		35,000		42,487
Verizon Communications, Inc. Senior Notes 3.15% due 03/22/2030		22,000		24,401
Verizon Communications, Inc. Senior Notes 4.00% due 03/22/2050		9,000		11,008
Verizon Communications, Inc. Senior Notes 4.27% due 01/15/2036		21,000		25,492
Verizon Communications, Inc. Senior Notes 4.40% due 11/01/2034		44,000		54,080
Verizon Communications, Inc. Senior Notes 5.25% due 03/16/2037		237,000		318,177
				1,339,294
Television — 0.1%
Viacom, Inc. Senior Notes 4.38% due 03/15/2043		35,000		33,425
ViacomCBS, Inc. Senior Notes 4.95% due 01/15/2031		16,000		17,628
ViacomCBS, Inc. Senior Notes 4.95% due 05/19/2050		39,000		40,122
				91,175
Tools - Hand Held — 0.1%
Stanley Black & Decker, Inc. Senior Notes 4.85% due 11/15/2048		31,000		41,182
Stanley Black & Decker, Inc. Company Guar. Notes 5.20% due 09/01/2040		13,000		16,671
				57,853
Transport - Rail — 0.4%
Burlington Northern Santa Fe LLC Senior Notes 4.05% due 06/15/2048		24,000		28,921
Burlington Northern Santa Fe LLC Senior Notes 4.45% due 03/15/2043		121,000		149,447
CSX Corp. Senior Notes 3.80% due 04/15/2050		44,000		51,182
Kansas City Southern Company Guar. Notes 2.88% due 11/15/2029		33,000		34,378
Kansas City Southern Company Guar. Notes 3.50% due 05/01/2050		60,000		63,786

22

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Principal Amount(8)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Transport - Rail (continued)
Kansas City Southern Company Guar. Notes 4.70% due 05/01/2048	$	72,000	$	90,131
Norfolk Southern Corp. Senior Notes 4.10% due 05/15/2049		74,000		89,001
				506,846
Transport - Services — 0.0%
United Parcel Service, Inc. Senior Notes 5.30% due 04/01/2050		18,000		25,470
Trucking/Leasing — 0.1%
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 3.35% due 11/01/2029*		67,000		67,172
Water — 0.0%
American Water Capital Corp. Senior Bonds 3.45% due 05/01/2050		13,000		14,285
Essential Utilities, Inc. Senior Bonds 3.35% due 04/15/2050		27,000		27,511
				41,796
Total U.S. Corporate Bonds & Notes
(cost $17,870,279)				18,346,350
FOREIGN CORPORATE BONDS & NOTES — 9.1%
Agricultural Chemicals — 0.1%
Nutrien, Ltd. Senior Notes 3.95% due 05/13/2050		43,000		46,973
Yara International ASA Senior Notes 3.15% due 06/04/2030*		19,000		19,257
				66,230
Banks - Commercial — 0.9%
Banco de Credito e Inversiones SA Senior Notes 3.50% due 10/12/2027		200,000		205,871
Bangkok Bank PCL Senior Notes 4.45% due 09/19/2028		200,000		220,627
First Abu Dhabi Bank PJSC Senior Notes 3.00% due 03/30/2022		200,000		205,000
Sumitomo Mitsui Banking Corp. FRS Company Guar. Notes 1.55% (3 ML+0.37%) due 10/16/2020		375,000		375,533
Toronto-Dominion Bank FRS Senior Notes 1.20% (3 ML+0.43%) due 06/11/2021		143,000		143,161
				1,150,192
Banks - Special Purpose — 0.2%
Korea Development Bank Senior Notes 3.00% due 01/13/2026		200,000		217,368

Security Description	Principal Amount(8)		Value (Note 2)
Cellular Telecom — 0.4%
America Movil SAB de CV Senior Notes 4.38% due 04/22/2049	$	200,000	$	236,400
Turkcell Iletisim Hizmetleri AS Senior Notes 5.80% due 04/11/2028		200,000		188,960
Vodafone Group PLC Senior Notes 4.88% due 06/19/2049		21,000		26,106
Vodafone Group PLC Senior Notes 5.25% due 05/30/2048		64,000		83,123
				534,589
Chemicals - Diversified — 0.2%
CNAC HK Finbridge Co., Ltd. Company Guar. Notes 3.38% due 06/19/2024		200,000		204,642
Chemicals - Specialty — 0.0%
Albemarle Wodgina Pty, Ltd. Company Guar. Notes 3.45% due 11/15/2029*		25,000		23,672
Coal — 0.3%
Adaro Indonesia PT Company Guar. Notes 4.25% due 10/31/2024		250,000		226,875
Indika Energy Capital III Pte, Ltd. Senior Sec. Notes 5.88% due 11/09/2024		200,000		169,112
				395,987
Diagnostic Equipment — 0.1%
DH Europe Finance II SARL Company Guar. Notes 3.25% due 11/15/2039		122,000		133,091
Diversified Banking Institutions — 1.3%
HSBC Holdings PLC FRS Senior Notes 2.02% (3 ML+1.66%) due 05/25/2021		200,000		201,693
HSBC Holdings PLC Senior Notes 4.95% due 03/31/2030		200,000		236,241
Mitsubishi UFJ Financial Group, Inc. Senior Notes 2.19% due 02/25/2025		200,000		204,968
Mitsubishi UFJ Financial Group, Inc. Senior Notes 3.20% due 07/18/2029		200,000		215,423
Mizuho Financial Group, Inc. Senior Notes 2.72% due 07/16/2023		200,000		205,210
Mizuho Financial Group, Inc. Senior Notes 2.87% due 09/13/2030		200,000		208,608
Sumitomo Mitsui Financial Group, Inc. Senior Notes 2.35% due 01/15/2025		200,000		206,557
UniCredit SpA Sub. Notes 5.86% due 06/19/2032*		200,000		199,426
				1,678,126

23

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Principal Amount(8)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Diversified Financial Services — 0.2%
GE Capital International Funding Co. ULC Company Guar. Notes 4.42% due 11/15/2035	$	200,000	$	199,835
Diversified Manufacturing Operations — 0.3%
Ingersoll-Rand Luxembourg Finance SA Company Guar. Notes 4.50% due 03/21/2049		72,000		82,929
Siemens Financieringsmaatschappij NV Company Guar. Notes 3.30% due 09/15/2046*		250,000		275,866
				358,795
Diversified Minerals — 0.0%
Teck Resources, Ltd. Senior Notes 6.13% due 10/01/2035		29,000		30,003
Teck Resources, Ltd. Senior Notes 6.25% due 07/15/2041		21,000		21,186
				51,189
Electric - Distribution — 0.2%
State Grid Overseas Investment 2016, Ltd. Company Guar. Notes 4.25% due 05/02/2028		200,000		231,265
Electric - Generation — 0.5%
Electricite de France SA Senior Notes 5.00% due 09/21/2048*		200,000		249,560
Korea East-West Power Co., Ltd. Senior Notes 1.75% due 05/06/2025*		200,000		206,140
Three Gorges Finance I Cayman Islands, Ltd. Company Guar. Notes 2.30% due 10/16/2024		200,000		204,404
				660,104
Electric - Integrated — 0.3%
Korea Electric Power Corp. Senior Notes 2.50% due 06/24/2024		200,000		210,763
Orazul Energy Egenor SCA Company Guar. Notes 5.63% due 04/28/2027		200,000		197,250
				408,013
Electronic Components - Semiconductors — 0.0%
NXP BV/NXP Funding LLC Company Guar. Notes 3.40% due 05/01/2030*		18,000		18,557
Energy - Alternate Sources — 0.1%
ReNew Power Synthetic Senior Sec. Notes 6.67% due 03/12/2024		200,000		194,614
Gold Mining — 0.0%
Newcrest Finance Pty, Ltd. Company Guar. Notes 4.20% due 05/13/2050*		16,000		17,269
Independent Power Producers — 0.3%
Cometa Energia SA de CV Senior Sec. Notes 6.38% due 04/24/2035		190,000		187,815

Security Description	Principal Amount(8)		Value (Note 2)
Independent Power Producers (continued)
Termocandelaria Power, Ltd. Company Guar. Notes 7.88% due 01/30/2029	$	200,000	$	204,010
				391,825
Insurance - Life/Health — 0.1%
Athene Holding, Ltd. Senior Notes 6.15% due 04/03/2030		32,000		34,597
Manulife Financial Corp. Sub. Notes 4.06% due 02/24/2032		48,000		50,133
				84,730
Insurance - Property/Casualty — 0.0%
Enstar Group, Ltd. Senior Notes 4.95% due 06/01/2029		43,000		44,246
Machinery - Farming — 0.0%
CNH Industrial NV Senior Notes 3.85% due 11/15/2027		27,000		26,515
Multimedia — 0.1%
Globo Comunicacao e Participacoes SA Senior Notes 4.88% due 01/22/2030*		200,000		172,200
Oil Companies - Exploration & Production — 1.0%
CNPC HK Overseas Capital, Ltd. Company Guar. Notes 5.95% due 04/28/2041		200,000		282,005
Korea National Oil Corp. Senior Notes 3.25% due 10/01/2025		200,000		215,661
PTTEP Treasury Center Co., Ltd. Company Guar. Notes 3.90% due 12/06/2059		200,000		197,489
Sinopec Group Overseas Development 2017, Ltd. Company Guar. Notes 4.25% due 04/12/2047		200,000		232,935
Tengizchevroil Finance Co. International, Ltd. Senior Sec. Notes 4.00% due 08/15/2026		200,000		201,366
Tullow Oil PLC Company Guar. Notes 7.00% due 03/01/2025		200,000		112,500
				1,241,956
Oil Companies - Integrated — 1.0%
Ecopetrol SA Senior Notes 5.88% due 05/28/2045		30,000		31,200
Equinor ASA Company Guar. Notes 2.38% due 05/22/2030		40,000		41,269
Equinor ASA Company Guar. Bonds 3.25% due 11/18/2049		44,000		46,416
Equinor ASA Company Guar. Bonds 3.70% due 04/06/2050		27,000		30,393
Pertamina Persero PT Senior Notes 4.30% due 05/20/2023		200,000		207,992

24

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Principal Amount(8)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Oil Companies - Integrated (continued)
Petro-Canada Senior Notes 5.95% due 05/15/2035	$	22,000	$	25,451
Petrobras Global Finance BV Company Guar. Notes 5.75% due 02/01/2029		200,000		200,710
Petronas Capital, Ltd. Company Guar. Notes 4.55% due 04/21/2050*		200,000		241,737
Saudi Arabian Oil Co. Senior Notes 3.50% due 04/16/2029		200,000		212,425
Shell International Finance BV Company Guar. Notes 3.63% due 08/21/2042		9,000		10,075
Shell International Finance BV Company Guar. Notes 4.00% due 05/10/2046		134,000		156,047
Total Capital International SA Company Guar. Notes 3.46% due 07/12/2049		42,000		45,376
				1,249,091
Real Estate Operations & Development — 0.5%
Country Garden Holdings Co., Ltd. Senior Sec. Notes 7.25% due 04/08/2026		200,000		214,859
Sun Hung Kai Properties Capital Market, Ltd. Company Guar. Notes 3.75% due 02/25/2029		200,000		216,961
Yuzhou Properties Co., Ltd. Senior Sec. Notes 8.50% due 02/26/2024		200,000		196,000
				627,820
Retail - Convenience Store — 0.0%
Alimentation Couche-Tard, Inc. Senior Notes 3.80% due 01/25/2050*		36,000		34,140
SupraNational Banks — 0.1%
Inter-American Development Bank Senior Notes 4.38% due 01/24/2044		54,000		82,763
Telephone - Integrated — 0.4%
Deutsche Telekom AG Senior Notes 3.63% due 01/21/2050*		150,000		162,400
Telecom Italia Capital SA Company Guar. Notes 7.72% due 06/04/2038		35,000		42,483
Telefonica Emisiones SAU Company Guar. Notes 4.67% due 03/06/2038		150,000		171,477
Telefonica Emisiones SAU Company Guar. Notes 5.21% due 03/08/2047		150,000		182,268
				558,628
Transport - Marine — 0.3%
PSA Treasury Pte, Ltd. Company Guar. Notes 2.13% due 09/05/2029		400,000		416,128

Security Description	Shares/ Principal Amount(8)		Value (Note 2)
Transport - Rail — 0.0%
Canadian Pacific Railway Co. Senior Notes 6.13% due 09/15/2115	$	23,000	$	34,602
Web Portals/ISP — 0.2%
Baidu, Inc. Senior Notes 3.08% due 04/07/2025		200,000		208,183
Total Foreign Corporate Bonds & Notes
(cost $11,527,468)				11,716,365
FOREIGN GOVERNMENT OBLIGATIONS — 1.9%
Sovereign — 1.9%
United Mexican States Senior Bonds 4.75% due 03/08/2044		41,000		42,804
United Mexican States Senior Notes 8.50% due 05/31/2029		MXN 47,000,000		2,456,137
Total Foreign Government Obligations
(cost $2,496,098)				2,498,941
U.S. GOVERNMENT TREASURIES — 0.2%
United States Treasury Bonds — 0.2%
United States Treasury Bonds 2.38% due 11/15/2049 (cost $238,907)		191,000		236,079
ESCROWS AND LITIGATION TRUSTS — 0.0%
Lehman Brothers Holdings Capital Trust VII Escrow Security 0.00%(1)†		45,000		4
Lehman Brothers Holdings, Inc. Escrow Notes 5.50% due 04/04/2016†		44,000		493
Lehman Brothers Holdings, Inc. Escrow Notes 6.75% due 12/28/2017(1)†		71,000		7
Lehman Brothers Holdings, Inc. Escrow Notes 7.50% due 05/11/2038(1)†		69,000		7
Total Escrows And Litigation Trusts
(cost $0)				511
Total Long-Term Investment Securities
(cost $95,269,739)				100,536,600
SHORT-TERM INVESTMENT SECURITIES — 16.5%
Registered Investment Companies — 14.7%
State Street Institutional U.S. Government Money Market Fund, Premier Class  0.13%(7)		18,596,370		18,596,370
State Street Navigator Securities Lending Government Money Market Portfolio 0.13%(5)(7)		337,214		337,214
				18,933,584

25

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Principal Amount(8)			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES (continued)
U.S. Government Treasuries — 1.8%
United States Treasury Bills 0.25% due 06/04/2020(6)	$	55,000		$	55,000
0.34% due 06/04/2020(6)		355,000			354,997
0.40% due 06/04/2020(6)		190,000			189,998
0.92% due 06/04/2020(6)		310,000			309,998
1.46% due 06/04/2020(6)		1,230,000			1,229,990
1.49% due 06/04/2020(6)		110,000			109,999
					2,249,982
Total Short-Term Investment Securities
(cost $21,183,380)					21,183,566
TOTAL INVESTMENTS
(cost $116,453,119)(9)		94.6	%		121,720,166
Other assets less liabilities		5.4			6,909,330
NET ASSETS		100.0	%	$	128,629,496

† Non-income producing security

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2020, the aggregate value of these securities was $5,625,286 representing 4.4% of net assets.

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

(1) Securities classified as Level 3 (see Note 2).

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

for which secondary markets exist. As of May 31, 2020, the Fund held the following restricted securities:

Description	Acquisition Date		Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
Common Stocks
ION Media Networks, Inc.		3/5/2014		18	$	0	$	10,851		602.83		0.01	%

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

(4) Collateralized Loan Obligation

(5) At May 31, 2020, the Fund had loaned securities with a total value of $790,057. This was secured by collateral of $337,214, which was received in cash and subsequently invested in short-term investments currently valued at $337,214 as reported in the Portfolio of Investments. Additional collateral of $489,617 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range		Value as of May 31, 2020
United States Treasury Bills	0.00%		06/18/2020 to 07/23/2020	$	14,121
United States Treasury Notes/Bonds	0.13% to 8.13%		06/15/2020 to 11/15/2049		475,496

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

(7) The rate shown is the 7-day yield as of May 31, 2020.

(8) Denominated in Unites Sates dollars unless otherwise indicated.

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

ADR—American Depositary Receipt

CLO—Collateralized Loan Obligation

CVA—Certification Van Aandelen (Dutch Cert.)

ETF—Exchange Traded Fund

Euronext Brussels—Euronext Stock Exchange, Brussels

Euronext Dublin—Euronext Stock Exchange, Dublin

LSE—London Stock Exchange

MXN—Mexican Peso

NYSE—New York Stock Exchange

FRS—Floating Rate Security

The rates shown on FRS are the current interest rate as of May 31, 2020, and unless noted otherwise, the dates shown are the original maturity date.

Index Legend

3ML—3 Month USD LIBOR

Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Notional Basis*		Notional Value*		Unrealized Appreciation
	5	Long	MSCI Europe Index		June 2020	$	248,011	$	300,200	$	52,189
	44	Long	Nasdaq 100 E-mini Index		June 2020		8,101,104		8,413,020		311,916
	95	Long	Russell 2000 E-mini Index		June 2020		6,359,612		6,615,800		256,188
										$	620,293
										Unrealized (Depreciation)
	354	Short	FTSE China A50 Index		June 2020		4,638,410		4,671,030		(32,620	)
	28	Short	Russell 1000 E-mini Growth Index		June 2020		1,923,958		2,596,720		(672,762	)
	17	Short	U.S. Treasury 10 Year Notes		September 2020		2,663,653		2,674,578		(10,925	)
	38	Short	U.S. Treasury Long Bonds		September 2020		6,740,170		6,778,250		(38,080	)
	31	Short	U.S. Treasury Ultra Long Bonds		September 2020		6,694,966		6,758,969		(64,003	)
										$	(818,390	)
			Net Unrealized Appreciation (Depreciation)							$	(198,097	)

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

26

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Forward Foreign Currency Contracts
Counterparty	Contract to Deliver			In Exchange For			Delivery Date		Unrealized Appreciation		Unrealized Depreciation
Morgan Stanley Capital Services Inc		CAD	470,000		USD	334,259		06/17/2020	$	–	$	(7,102	)
		CNH	53,120,000		USD	7,483,288		06/17/2020		48,874		–
		EUR	1,520,000		USD	1,654,064		06/17/2020		–		(33,721	)
		JPY	96,830,000		USD	912,758		06/17/2020		14,720		–
		KRW	2,645,600,000		USD	2,156,593		06/17/2020		20,490		–
		MXN	56,400,000		USD	2,498,882		09/17/2020		–		(5,993	)
		SEK	14,130,000		USD	1,455,772		06/17/2020		–		(44,029	)
		USD	457,236		AUD	720,000		06/17/2020		22,690		–
		USD	2,172,068		CAD	3,000,000		06/17/2020		6,836		–
		USD	1,669,342		CHF	1,570,000		06/17/2020		–		(36,357	)
		USD	3,024,987		CNH	21,300,000		06/17/2020		–		(43,944	)
		USD	16,631,967		EUR	14,860,000		06/17/2020		–		(131,650	)
		USD	2,580,145		GBP	2,060,000		06/17/2020		–		(35,898	)
		USD	9,752,520		JPY	1,029,350,000		06/17/2020		–		(205,935	)
		USD	711,012		SEK	7,370,000		06/17/2020		71,261		–
										184,871		(544,629	)
										–		–
Net Unrealized Appreciation/(Depreciation)									$	184,871	$	(544,629	)

AUD—Australian Dollar

CAD—Canadian Dollar

CHF—Swiss Franc

CNH—Yuan Renminbi Offshore

EUR—Euro Currency

GBP—British Pound

JPY—Japanese Yen

KRW—South Korean Won

MXN—Mexican Peso

SEK—Swedish Krona

USD—United States Dollar

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2020 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs			Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks:
Television	$	—	$	112,122	**	$	10,851	$	122,973
Other Industries		37,533,863		24,105,770	**		—		61,639,633
Exchange-Traded Funds		3,837,042		—			—		3,837,042
Preferred Securitites/Capital Securities		—		1,260,581			—		1,260,581
Rights		—		—			0		0
Asset Backed Securities		—		878,125			—		878,125
U.S. Corporate Bonds & Notes		—		18,346,350			—		18,346,350
Foreign Corporate Bonds & Notes		—		11,716,365			—		11,716,365
Foreign Government Obligations		—		2,498,941			—		2,498,941
U.S. Government Treasuries		—		236,079			—		236,079
Escrows and Lititgation Trusts		—		493			18		511
Short-Term Investment Securities:
Registered Investment Companies		18,933,584		—			—		18,933,584
U.S. Government Treasuries		—		2,249,982			—		2,249,982
Total Investments at Value	$	60,304,489	$	61,404,808		$	10,869	$	121,720,166
Other Financial Instruments:†
Futures Contracts	$	620,293	$	—		$	—	$	620,293
Forward Foreign Currency Contracts		—		184,871			—		184,871
Total Other Financial Instruments	$	620,293	$	184,871		$	—	$	805,164

27

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable  Inputs		Total
LIABILITIES:
Other Financial Instruments:†
Futures Contracts	$	818,390	$	—	$	—	$	818,390
Forward Foreign Currency Contracts		—		544,629		—	$	544,629
Total Other Financial Instruments	$	818,390	$	544,629	$	—	$	1,363,019

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

** Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 2).

† Amounts represent unrealized appreciation/depreciation as of the end of the reporting period

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

There were no Level 3 transfers during the reporting period.

See Notes to Financial Statements

28

VALIC Company I Blue Chip Growth Fund

PORTFOLIO PROFILE — May 31, 2020 (unaudited)

Industry Allocation*

E-Commerce/Products	14.9	%
Applications Software	11.8
Internet Content — Entertainment	9.0
Web Portals/ISP	6.7
Finance — Credit Card	6.4
Commercial Services — Finance	5.5
Medical — HMO	4.1
Data Processing/Management	3.5
Computers	3.3
Medical — Biomedical/Gene	2.9
Internet Content — Information/News	2.9
Diagnostic Equipment	2.4
Electronic Components — Semiconductors	2.3
Pharmacy Services	1.9
Enterprise Software/Service	1.7
E-Commerce/Services	1.5
Medical Products	1.5
Retail — Apparel/Shoe	1.4
Medical Instruments	1.4
Retail — Discount	1.3
Insurance Brokers	1.3
Computer Software	1.0
Transport — Rail	0.9
Diversified Banking Institutions	0.8
Drug Delivery Systems	0.8
Electronic Measurement Instruments	0.7
Semiconductor Equipment	0.7
Commercial Services	0.6
Computer Aided Design	0.6
Retail — Restaurants	0.6
Finance — Other Services	0.6
Hotels/Motels	0.6
Medical — Hospitals	0.4
Software Tools	0.4
Medical — Drugs	0.3
Industrial Gases	0.3
Entertainment Software	0.3
Aerospace/Defense — Equipment	0.3
Registered Investment Companies	0.3
Semiconductor Components — Integrated Circuits	0.2
Diversified Financial Services	0.2
Web Hosting/Design	0.2
Coatings/Paint	0.2
Athletic Footwear	0.2
Aerospace/Defense	0.2
Retail — Major Department Stores	0.2
Finance — Investment Banker/Broker	0.2
Decision Support Software	0.1
Insurance — Multi — line	0.1
Internet Brokers	0.1
Electric — Distribution	0.1
Instruments — Controls	0.1
Brewery	0.1
	100.1	%

* Calculated as a percentage of net assets

29

VALIC Company I Blue Chip Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 99.8%
Aerospace/Defense — 0.2%
Boeing Co.		1,027	$	149,788
Northrop Grumman Corp.		3,362		1,126,942
				1,276,730
Aerospace/Defense - Equipment — 0.3%
L3Harris Technologies, Inc.		11,234		2,240,621
Airlines — 0.0%
United Airlines Holdings, Inc.†		451		12,646
Applications Software — 11.8%
Intuit, Inc.		57,736		16,761,916
Microsoft Corp.		247,210		45,301,232
salesforce.com, Inc.†		89,683		15,675,692
ServiceNow, Inc.†		52,294		20,286,411
				98,025,251
Athletic Footwear — 0.2%
NIKE, Inc., Class B		13,469		1,327,774
Auto - Cars/Light Trucks — 0.0%
Ferrari NV		347		58,542
Auto/Truck Parts & Equipment-Original — 0.0%
Aptiv PLC		3,432		258,601
Banks - Fiduciary — 0.0%
State Street Corp.		6,196		377,708
Brewery — 0.1%
Constellation Brands, Inc., Class A		2,387		412,235
Casino Hotels — 0.0%
Wynn Resorts, Ltd.		4,241		353,191
Coatings/Paint — 0.2%
Sherwin-Williams Co.		2,613		1,551,730
Commercial Services — 0.6%
Cintas Corp.		3,240		803,390
CoStar Group, Inc.†		6,687		4,392,022
				5,195,412
Commercial Services - Finance — 5.5%
Automatic Data Processing, Inc.		600		87,894
Equifax, Inc.		19,500		2,994,420
FleetCor Technologies, Inc.†		7,039		1,716,038
Global Payments, Inc.		89,909		16,137,766
IHS Markit, Ltd.		2,360		163,925
PayPal Holdings, Inc.†		117,163		18,161,437
S&P Global, Inc.		19,700		6,402,894
				45,664,374
Computer Aided Design — 0.6%
Synopsys, Inc.†		27,178		4,916,772
Computer Software — 1.0%
Citrix Systems, Inc.		4,600		681,352
Splunk, Inc.†		40,255		7,480,989
Twilio, Inc., Class A†		900		177,840
				8,340,181
Computers — 3.3%
Apple, Inc.		86,815		27,601,961
Data Processing/Management — 3.5%
DocuSign, Inc.†		25,055		3,501,186
Fidelity National Information Services, Inc.		100,290		13,923,260
Fiserv, Inc.†		110,836		11,833,960
				29,258,406

Security Description	Shares		Value (Note 2)
Decision Support Software — 0.1%
MSCI, Inc.		3,400	$	1,118,090
Diagnostic Equipment — 2.4%
Danaher Corp.		64,724		10,783,666
Thermo Fisher Scientific, Inc.		27,091		9,459,906
				20,243,572
Disposable Medical Products — 0.0%
Teleflex, Inc.		239		86,724
Diversified Banking Institutions — 0.8%
Goldman Sachs Group, Inc.		15,905		3,125,173
JPMorgan Chase & Co.		1,099		106,944
Morgan Stanley		78,180		3,455,556
				6,687,673
Diversified Financial Services — 0.2%
ANT International Co., Ltd., Class C†(1)(2)		273,650		1,921,023
Diversified Manufacturing Operations — 0.0%
General Electric Co.		14,300		93,951
Drug Delivery Systems — 0.8%
Becton Dickinson and Co.		25,262		6,237,946
E-Commerce/Products — 14.9%
Alibaba Group Holding, Ltd. ADR†		162,829		33,769,106
Amazon.com, Inc.†		36,937		90,213,821
Etsy, Inc.†		800		64,784
				124,047,711
E-Commerce/Services — 1.5%
Booking Holdings, Inc.†		4,280		7,016,718
IAC/InterActiveCorp†		19,357		5,233,552
Match Group, Inc.†#		873		77,732
Trip.com Group, Ltd . ADR†		10,299		273,644
				12,601,646
Electric - Distribution — 0.1%
Sempra Energy		4,691		592,520
Electric - Integrated — 0.0%
NextEra Energy, Inc.		260		66,446
Electronic Components - Semiconductors — 2.3%
Advanced Micro Devices, Inc.†		72,000		3,873,600
Marvell Technology Group, Ltd.		140,901		4,596,191
NVIDIA Corp.		26,183		9,295,489
Texas Instruments, Inc.		10,571		1,255,200
				19,020,480
Electronic Measurement Instruments — 0.7%
Agilent Technologies, Inc.		1,853		163,324
Fortive Corp.		8,084		492,962
Roper Technologies, Inc.		13,493		5,313,543
				5,969,829
Enterprise Software/Service — 1.7%
Atlassian Corp. PLC, Class A†		15,427		2,858,623
Coupa Software, Inc.†		1,400		318,514
Paycom Software, Inc.†		5,737		1,705,208
Veeva Systems, Inc., Class A†		6,300		1,378,881
Workday, Inc., Class A†		43,697		8,015,341
				14,276,567
Entertainment Software — 0.3%
Electronic Arts, Inc.†		10,350		1,271,808
Sea, Ltd. ADR†		16,900		1,348,620
				2,620,428

30

VALIC Company I Blue Chip Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Finance - Credit Card — 6.4%
Mastercard, Inc., Class A		80,607	$	24,253,840
Visa, Inc., Class A		149,549		29,197,947
				53,451,787
Finance - Investment Banker/Broker — 0.2%
Charles Schwab Corp.		34,809		1,249,991
Finance - Other Services — 0.6%
Intercontinental Exchange, Inc.		49,427		4,806,776
Hotels/Motels — 0.6%
Hilton Worldwide Holdings, Inc.		25,418		2,015,902
Marriott International, Inc., Class A		29,179		2,582,341
				4,598,243
Industrial Gases — 0.3%
Air Products & Chemicals, Inc.		385		93,035
Linde PLC		12,560		2,541,391
				2,634,426
Instruments - Controls — 0.1%
Honeywell International, Inc.		3,305		482,034
Insurance Brokers — 1.3%
Marsh & McLennan Cos., Inc.		28,258		2,993,087
Willis Towers Watson PLC		37,229		7,553,764
				10,546,851
Insurance - Multi-line — 0.1%
Chubb, Ltd.		8,815		1,074,901
Internet Brokers — 0.1%
TD Ameritrade Holding Corp.		26,128		973,791
Internet Content - Entertainment — 9.0%
Facebook, Inc., Class A†		246,773		55,546,135
Netflix, Inc.†		43,974		18,457,207
Snap, Inc., Class A†		46,900		888,286
				74,891,628
Internet Content - Information/News — 2.9%
Spotify Technology SA†		16,100		2,912,973
Tencent Holdings, Ltd.		389,600		20,766,240
				23,679,213
Medical Instruments — 1.4%
Intuitive Surgical, Inc.†		19,455		11,284,484
Medical Products — 1.5%
Abbott Laboratories		1,196		113,524
Stryker Corp.		62,520		12,237,040
				12,350,564
Medical - Biomedical/Gene — 2.9%
Alexion Pharmaceuticals, Inc.†		22,554		2,704,224
Amgen, Inc.		371		85,219
Exact Sciences Corp.†		18,845		1,618,409
Incyte Corp.†		28,201		2,873,964
Regeneron Pharmaceuticals, Inc.†		1,000		612,810
Seattle Genetics, Inc.†		4,075		640,631
Vertex Pharmaceuticals, Inc.†		55,471		15,973,429
				24,508,686
Medical - Drugs — 0.3%
AbbVie, Inc.		2,044		189,418
Zoetis, Inc.		17,914		2,497,032
				2,686,450

Security Description	Shares		Value (Note 2)
Medical - HMO — 4.1%
Anthem, Inc.		25,647	$	7,543,039
Centene Corp.†		100,915		6,685,619
Humana, Inc.		5,000		2,053,250
UnitedHealth Group, Inc.		57,453		17,514,547
				33,796,455
Medical - Hospitals — 0.4%
HCA Healthcare, Inc.		29,812		3,186,903
Oil Companies - Exploration & Production — 0.0%
Pioneer Natural Resources Co.		1,767		161,857
Pharmacy Services — 1.9%
Cigna Corp.		80,108		15,806,911
Real Estate Investment Trusts — 0.0%
American Tower Corp.		792		204,471
Retail - Apparel/Shoe — 1.4%
Lululemon Athletica, Inc.†		18,381		5,516,046
Ross Stores, Inc.		61,779		5,990,092
				11,506,138
Retail - Discount — 1.3%
Dollar General Corp.		55,237		10,578,438
Dollar Tree, Inc.†		4,799		469,678
				11,048,116
Retail - Major Department Stores — 0.2%
TJX Cos., Inc.		24,096		1,271,305
Retail - Restaurants — 0.6%
Chipotle Mexican Grill, Inc.†		2,300		2,308,993
McDonald’s Corp.		5,200		968,864
Restaurant Brands International, Inc.		3,299		179,994
Yum! Brands, Inc.		15,751		1,413,337
				4,871,188
Semiconductor Components - Integrated Circuits — 0.2%
Maxim Integrated Products, Inc.		13,395		772,623
QUALCOMM, Inc.		15,778		1,276,125
				2,048,748
Semiconductor Equipment — 0.7%
Applied Materials, Inc.		57,789		3,246,586
KLA Corp.		2,113		371,803
Lam Research Corp.		8,379		2,293,081
				5,911,470
Software Tools — 0.4%
VMware, Inc., Class A†#		18,868		2,948,502
Transport - Rail — 0.9%
Canadian Pacific Railway, Ltd.		7,305		1,823,693
Kansas City Southern		10,023		1,508,662
Norfolk Southern Corp.		7,767		1,384,779
Union Pacific Corp.		14,277		2,425,091
				7,142,225
Web Hosting/Design — 0.2%
Wix.com, Ltd.†		8,300		1,845,339
Web Portals/ISP — 6.7%
Alphabet, Inc., Class A†		7,081		10,150,755
Alphabet, Inc., Class C†		32,085		45,846,898
				55,997,653

31

VALIC Company I Blue Chip Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares			Value (Note 2)
COMMON STOCKS (continued)
Wireless Equipment — 0.0%
Motorola Solutions, Inc.		430		$	58,191
Total Long-Term Investment Securities
(cost $450,571,815)					829,482,038
SHORT-TERM INVESTMENT SECURITIES — 0.3%
Registered Investment Companies — 0.3%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.13%(3)		500,065			500,065
State Street Navigator Securities Lending Government Money Market Portfolio 0.13%(3)(4)		79,225			79,225
T. Rowe Price Government Reserve Fund† 0.16%(3)		1,587,797			1,587,797
Total Short-Term Investment Securities
(cost $2,167,087)					2,167,087
TOTAL INVESTMENTS
(cost $452,738,902)		100.1	%		831,649,125
Liabilities in excess of other assets		(0.1	)		(643,023	)
NET ASSETS		100.0	%	$	831,006,102

† Non-income producing security

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

(1) Securities classified as Level 3 (see Note 2).

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

restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of May 31, 2020, the Fund held the following restricted securities:

Description	Acquisition Date		Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
Common Stocks
ANT International Co., Ltd., Class C		06/07/2018		273,650	$	1,535,177	$	1,921,023	$	7.02		0.23	%

(3) The rate shown is the 7-day yield as of May 31, 2020.

(4) At May 31, 2020, the Fund had loaned securities with a total value of $3,026,234. This was secured by collateral of $79,225, which was received in cash and subsequently invested in short-term investments currently valued at $79,225 as reported in the Portfolio of Investments. Additional collateral of $2,760,834 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of May 31,  2020
United States Treasury Bills	0.00%	06/18/2020 to 07/23/2020	$	134,226
United States Treasury Notes/Bonds	0.13% to 6.13%	07/15/2020 to 05/15/2048		2,626,608

ADR—American Depositary Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2020 (see Note 2):

	Level 1 - Unadjusted Quoted  Prices		Level 2 - Other Observable Inputs			Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks:
Diversified Financial Services	$	—	$	—		$	1,921,023	$	1,921,023
Other Industries		806,794,775		20,766,240	**		—		827,561,015
Short-Term Investment Securities		2,167,087		—			—		2,167,087
Total Investments at Value	$	808,961,862	$	20,766,240		$	1,921,023	$	831,649,125

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

** Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 2).

At the beginning and end of the reporting period, Level 3 investments in securities were not considered a material portion of the Fund. There were no Level 3 transfers during the reporting period.

See Notes to Financial Statements

32

VALIC Company I Capital Conservation Fund

PORTFOLIO PROFILE — May 31, 2020 (unaudited)

Industry Allocation*

Federal National Mtg. Assoc.	19.4	%
United States Treasury Notes	13.6
Federal Home Loan Mtg. Corp.	12.8
United States Treasury Bonds	6.6
Government National Mtg. Assoc.	6.2
Registered Investment Companies	5.7
Diversified Banking Institutions	4.8
Diversified Financial Services	3.2
Banks — Commercial	2.8
Electric — Integrated	2.5
Telephone — Integrated	1.1
Banks — Super Regional	0.8
Pipelines	0.7
Oil Companies — Integrated	0.7
Insurance — Life/Health	0.7
Medical — Drugs	0.7
Cable/Satellite TV	0.5
Beverages — Non-alcoholic	0.5
Federal Home Loan Bank	0.5
SupraNational Banks	0.5
Auto — Cars/Light Trucks	0.5
Oil Companies — Exploration & Production	0.5
Food — Misc./Diversified	0.5
Electric — Distribution	0.5
Medical — Biomedical/Gene	0.4
Paper & Related Products	0.4
Brewery	0.4
Machinery — Farming	0.4
Computer Services	0.4
Medical — HMO	0.4
Computers	0.4
Aerospace/Defense	0.4
Pharmacy Services	0.4
Cellular Telecom	0.4
Real Estate Investment Trusts	0.3
Finance — Consumer Loans	0.3
Television	0.3
Chemicals — Specialty	0.3
Savings & Loans/Thrifts	0.3
Retail — Restaurants	0.3
Electric — Generation	0.3
Transport — Rail	0.3
Electronic Components — Semiconductors	0.2
Trucking/Leasing	0.2
Diversified Manufacturing Operations	0.2
Sovereign	0.2
Advertising Agencies	0.2
Finance — Credit Card	0.2
Enterprise Software/Service	0.2
Medical Products	0.2
Diversified Minerals	0.2
Food — Wholesale/Distribution	0.2
Tools — Hand Held	0.2
Transport — Equipment & Leasing	0.2
Retail — Building Products	0.2
Chemicals — Diversified	0.2
Oil — Field Services	0.2
Telecom Equipment — Fiber Optics	0.2
Food — Meat Products	0.2
Sovereign Agency	0.2
Insurance — Property/Casualty	0.1
Insurance Brokers	0.1
Building Products — Air & Heating	0.1
Finance — Commercial	0.1
Electronic Measurement Instruments	0.1
Energy — Alternate Sources	0.1
Agricultural Chemicals	0.1
Building Products — Cement	0.1
Multimedia	0.1

Building & Construction Products — Misc.	0.1
Containers — Paper/Plastic	0.1
Transport — Services	0.1
Retail — Discount	0.1
Retail — Drug Store	0.1
Retail — Regional Department Stores	0.1
Insurance — Mutual	0.1
Medical Labs & Testing Services	0.1
Retail — Apparel/Shoe	0.1
Machinery — Electrical	0.1
Medical — Wholesale Drug Distribution	0.1
Steel — Producers	0.1
Machinery — Construction & Mining	0.1
Water	0.1
Retail — Major Department Stores	0.1
Retail — Auto Parts	0.1
Software Tools	0.1
Beverages — Wine/Spirits	0.1
Diagnostic Equipment	0.1
Oil Refining & Marketing	0.1
Shipbuilding	0.1
Broadcast Services/Program	0.1
Medical — Generic Drugs	0.1
Investment Management/Advisor Services	0.1
Industrial Gases	0.1
Drug Delivery Systems	0.1
Medical — Hospitals	0.1
Gas — Distribution	0.1
Electric — Transmission	0.1
Retail — Convenience Store	0.1
Petrochemicals	0.1
Semiconductor Components — Integrated Circuits	0.1
Transport — Marine	0.1
E-Commerce/Products	0.1
Transport — Truck	0.1
Dental Supplies & Equipment	0.1
Finance — Other Services	0.1
Building — Residential/Commercial	0.1
Insurance — Multi-line	0.1
	101.1	%

Credit Quality†#

Aaa	64.1	%
Aa	1.4
A	11.2
Baa	19.2
Ba	1.0
Not Rated@	3.1
	100.0	%

* Calculated as a percentage of net assets

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

† Source: Moody’s

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

33

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES — 3.0%
Diversified Financial Services — 3.0%
American Express Credit Account Master Trust Series 2018-4, Class A 2.99% due 12/15/2023	$	125,000	$	128,088
BA Credit Card Trust Series 2019-A1, Class A1 1.74% due 01/15/2025		100,000		102,710
BA Credit Card Trust Series 2018-A2, Class A2 3.00% due 09/15/2023		262,000		267,853
BANK Series 2019-BN16, Class A2 3.93% due 02/15/2052(1)		400,000		428,325
Benchmark Mtg. Trust Series 2018-B1, Class A2 3.57% due 01/15/2051(1)		186,000		193,993
Benchmark Mtg. Trust Series 2019-B9, Class AAB 3.93% due 03/15/2052(1)		500,000		556,647
BX Commercial Mtg. Trust FRS Series 2019-IMC, Class A 1.18% (1 ML+1.00%) due 04/15/2034*(1)		100,000		91,974
Capital One Prime Auto Receivables Trust Series 2019-2, Class A3 1.92% due 05/15/2024		200,000		204,233
CarMax Auto Owner Trust Series 2019-3, Class A3 2.18% due 08/15/2024		230,000		235,999
CarMax Auto Owner Trust Series 2018-4, Class A3 3.36% due 09/15/2023		250,000		257,968
Chase Mtg. Finance Corp. VRS Series 2016-SH2, Class M2 3.75% due 12/25/2045*(2)(3)		194,323		192,655
COMM Mtg. Trust VRS Series 2016-787S, Class B 3.83% due 02/10/2036*(1)(2)		125,000		129,820
CSAIL Commercial Mtg. Trust Series 2017-C8, Class A2 2.99% due 06/15/2050(1)		1,764,000		1,797,892
Ford Credit Auto Owner Trust Series 2016-C, Class B 1.73% due 03/15/2022		125,000		125,326
GM Financial Consumer Automobile Receivables Trust Series 2017-3A, Class 4A 2.13% due 03/16/2023*		200,000		202,126
GM Financial Consumer Automobile Receivables Trust Series 2019-3, Class A3 2.18% due 04/16/2024		75,000		76,753
Honda Auto Receivables Owner Trust Series 2020-2, Class A4 1.09% due 10/15/2026		100,000		100,972
Honda Auto Receivables Owner Trust Series 2019-1, Class A3 2.83% due 03/20/2023		23,000		23,661
ILPT Trust Series 2019-SURF, Class A 4.15% due 02/11/2041*(1)		410,000		450,961
Jackson Park Trust Series 2019-LIC, Class A 2.77% due 10/14/2039*(1)		200,000		207,942
JP Morgan Mtg. Trust VRS Series 2017-6, Class A6 3.00% due 12/25/2048*(2)(3)		470,012		475,563

Security Description	Principal Amount		Value (Note 2)
Diversified Financial Services (continued)
Mercedes-Benz Auto Lease Trust Series 2019-A, Class A4 3.25% due 10/15/2024	$	31,000	$	31,670
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C23, Class A2 2.98% due 07/15/2050(1)		23,863		23,849
Morgan Stanley Capital Barclays Bank Trust Series 2016-MART, Class A 2.20% due 09/13/2031*(1)		34,000		33,814
MSDB Trust VRS Series 2017-712F, Class A 3.32% due 07/11/2039*(1)(2)		790,000		829,084
MTRO Commercial Mtg. Trust FRS Series 2019-TECH, Class A 1.08% (1 ML+0.90%) due 12/15/2033*(1)		250,000		235,622
One Bryant Park Trust Series 2019-OBP, Class A 2.52% due 09/15/2054*(1)		270,000		275,770
Toyota Auto Loan Extended Note Trust Series 2019-1A, Class A 2.56% due 11/25/2031*		100,000		103,535
Toyota Auto Receivables Owner Trust Series 2018-C, Class A4 3.13% due 02/15/2024		225,000		235,221
Verizon Owner Trust Series 2018-1A, Class C 3.20% due 09/20/2022*		100,000		101,527
World Financial Network Credit Card Master Trust Series 2019-C, Class M 2.71% due 07/15/2026		100,000		97,040
Total Asset Backed Securities
(cost $8,064,896)				8,218,593
U.S. CORPORATE BONDS & NOTES — 25.3%
Advertising Agencies — 0.2%
Interpublic Group of Cos., Inc. Senior Notes 4.20% due 04/15/2024		90,000		95,271
Omnicom Group, Inc. Senior Notes 2.45% due 04/30/2030		395,000		369,045
Omnicom Group, Inc. Senior Notes 4.20% due 06/01/2030		147,000		159,272
				623,588
Aerospace/Defense — 0.3%
BAE Systems Holdings, Inc. Company Guar. Notes 3.85% due 12/15/2025*		352,000		386,405
Lockheed Martin Corp. Senior Notes 1.85% due 06/15/2030		154,000		157,691
Lockheed Martin Corp. Senior Notes 2.80% due 06/15/2050		4,000		4,182
Northrop Grumman Corp. Senior Notes 5.25% due 05/01/2050		193,000		279,253
				827,531
Agricultural Operations — 0.0%
Archer-Daniels-Midland Co. Senior Notes 2.75% due 03/27/2025		105,000		113,153

34

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Auto - Cars/Light Trucks — 0.5%
BMW US Capital LLC Company Guar. Notes 3.10% due 04/12/2021*	$	193,000	$	195,492
Daimler Finance North America LLC Company Guar. Notes 2.00% due 07/06/2021*		257,000		255,871
General Motors Co. Senior Notes 6.80% due 10/01/2027		191,000		218,105
Hyundai Capital America Senior Notes 3.40% due 06/20/2024*		168,000		164,828
Nissan Motor Acceptance Corp. Senior Notes 2.65% due 07/13/2022*		119,000		110,830
Volkswagen Group of America Finance LLC Company Guar. Notes 3.35% due 05/13/2025*		452,000		470,805
				1,415,931
Auto/Truck Parts & Equipment - Original — 0.0%
Lear Corp. Senior Notes 5.25% due 05/15/2049		127,000		115,246
Banks - Commercial — 1.4%
BankUnited, Inc. Senior Notes 4.88% due 11/17/2025		707,000		759,217
Citizens Financial Group, Inc. Senior Notes 2.50% due 02/06/2030		61,000		58,440
Citizens Financial Group, Inc. Senior Notes 3.25% due 04/30/2030		102,000		104,765
Citizens Financial Group, Inc. Sub. Notes 4.15% due 09/28/2022*		340,000		354,746
Citizens Financial Group, Inc. Sub. Notes 4.30% due 12/03/2025		135,000		147,400
Discover Bank Senior Notes 2.70% due 02/06/2030		250,000		235,717
First Horizon Bank Sub. Notes 5.75% due 05/01/2030		250,000		254,278
Regions Financial Corp. Senior Notes 2.25% due 05/18/2025		223,000		227,133
Regions Financial Corp. Sub. Notes 7.38% due 12/10/2037		309,000		434,088
Santander Holdings USA, Inc. Senior Notes 3.45% due 06/02/2025		120,000		121,153
SunTrust Bank Senior Notes 3.20% due 04/01/2024		422,000		454,845
SunTrust Bank Senior Notes 3.50% due 08/02/2022		4,000		4,119
Synovus Bank Senior Notes 2.29% due 02/10/2023		250,000		246,945

Security Description	Principal Amount		Value (Note 2)
Banks - Commercial (continued)
Truist Bank Sub. Notes 2.25% due 03/11/2030	$	250,000	$	246,701
Zions Bancorp NA Sub. Notes 3.25% due 10/29/2029		397,000		378,282
				4,027,829
Banks - Super Regional — 0.8%
Wells Fargo & Co. Senior Notes 2.39% due 06/02/2028		409,000		412,551
Wells Fargo & Co. Senior Notes 3.07% due 04/30/2041		370,000		375,169
Wells Fargo & Co. Sub. Notes 4.30% due 07/22/2027		863,000		970,511
Wells Fargo & Co. Senior Notes 5.01% due 04/04/2051		191,000		249,614
Wells Fargo & Co. Sub. Notes 5.61% due 01/15/2044		135,000		178,449
				2,186,294
Beverages - Non-alcoholic — 0.5%
Coca-Cola Co. Senior Bonds 2.75% due 06/01/2060		255,000		248,886
Coca-Cola Co. Senior Notes 2.95% due 03/25/2025		237,000		261,441
Keurig Dr Pepper, Inc. Company Guar. Notes 3.80% due 05/01/2050		157,000		171,253
Keurig Dr Pepper, Inc. Company Guar. Notes 4.42% due 05/25/2025		309,000		352,037
PepsiCo, Inc. Senior Notes 2.25% due 03/19/2025		252,000		269,083
PepsiCo, Inc. Senior Notes 2.88% due 10/15/2049		192,000		202,029
				1,504,729
Brewery — 0.4%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.90% due 02/01/2046		497,000		575,405
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.60% due 04/15/2048		365,000		406,535
Constellation Brands, Inc. Senior Bonds 3.75% due 05/01/2050		158,000		163,553
				1,145,493
Broadcast Services/Program — 0.1%
Discovery Communications LLC Company Guar. Notes 5.30% due 05/15/2049		185,000		210,122

35

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Building & Construction Products - Misc. — 0.1%
Owens Corning Senior Notes 4.30% due 07/15/2047	$	364,000	$	346,761
Building Products - Air & Heating — 0.1%
Carrier Global Corp. Senior Notes 3.38% due 04/05/2040*		314,000		279,220
Carrier Global Corp. Senior Notes 3.58% due 04/05/2050*		134,000		118,972
				398,192
Building Products - Cement — 0.1%
Martin Marietta Materials, Inc. Senior Notes 3.50% due 12/15/2027		193,000		206,486
Vulcan Materials Co. Senior Notes 3.50% due 06/01/2030		137,000		142,656
				349,142
Building - Residential/Commercial — 0.1%
Toll Brothers Finance Corp. Company Guar. Notes 4.35% due 02/15/2028		137,000		139,740
Cable/Satellite TV — 0.5%
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Bonds 3.70% due 04/01/2051		62,000		59,426
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 4.80% due 03/01/2050		189,000		210,481
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 5.38% due 04/01/2038		33,000		39,384
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 6.38% due 10/23/2035		108,000		141,441
Comcast Corp. Company Guar. Notes 3.30% due 02/01/2027		240,000		267,472
Comcast Corp. Company Guar. Notes 3.75% due 04/01/2040		100,000		114,133
Comcast Corp. Company Guar. Notes 3.90% due 03/01/2038		71,000		82,872
Comcast Corp. Company Guar. Notes 4.60% due 10/15/2038		258,000		320,877
Time Warner Cable LLC Senior Sec. Notes 6.55% due 05/01/2037		224,000		286,103
				1,522,189
Cellular Telecom — 0.2%
T-Mobile USA, Inc. Senior Sec. Notes 3.88% due 04/15/2030*		367,000		397,178

Security Description	Principal Amount		Value (Note 2)
Cellular Telecom (continued)
T-Mobile USA, Inc. Senior Sec. Notes 4.38% due 04/15/2040*	$	99,000	$	109,338
				506,516
Chemicals - Diversified — 0.0%
LYB International Finance III LLC Company Guar. Notes 4.20% due 10/15/2049		32,000		34,014
Chemicals - Specialty — 0.3%
Ecolab, Inc. Senior Notes 2.38% due 08/10/2022		243,000		252,309
Huntsman International LLC Senior Notes 4.50% due 05/01/2029		247,000		251,016
Lubrizol Corp. Company Guar. Notes 6.50% due 10/01/2034		146,000		224,028
				727,353
Commercial Services — 0.0%
RELX Capital, Inc. Company Guar. Notes 3.00% due 05/22/2030		88,000		92,419
Computer Services — 0.4%
IBM Credit LLC Senior Notes 3.00% due 02/06/2023		628,000		668,557
Leidos, Inc. Company Guar. Notes 3.63% due 05/15/2025*		146,000		156,648
Leidos, Inc. Company Guar. Notes 4.38% due 05/15/2030*		224,000		249,247
				1,074,452
Computers — 0.4%
Apple, Inc. Senior Notes 2.05% due 09/11/2026		167,000		178,409
Dell International LLC/EMC Corp. Senior Sec. Notes 6.20% due 07/15/2030*		104,000		118,716
Dell International LLC/EMC Corp. Senior Sec. Notes 8.10% due 07/15/2036*		253,000		306,785
Hewlett Packard Enterprise Co. Senior Notes 4.65% due 10/01/2024		212,000		233,546
Hewlett Packard Enterprise Co. Senior Notes 6.20% due 10/15/2035		190,000		226,874
				1,064,330
Consumer Products - Misc. — 0.0%
Kimberly-Clark Corp. Senior Notes 3.10% due 03/26/2030		4,000		4,572
Containers - Paper/Plastic — 0.1%
Sonoco Products Co Senior Notes 3.13% due 05/01/2030		336,000		340,988

36

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Data Processing/Management — 0.0%
Fiserv, Inc. Senior Notes 4.40% due 07/01/2049	$	112,000	$	136,105
Dental Supplies & Equipment — 0.1%
DENTSPLY SIRONA, Inc. Senior Notes 3.25% due 06/01/2030		138,000		141,344
Diversified Banking Institutions — 2.7%
Bank of America Corp. Senior Notes 1.49% due 05/19/2024		478,000		485,648
Bank of America Corp. Senior Notes 2.46% due 10/22/2025		392,000		407,839
Bank of America Corp. Senior Notes 3.50% due 05/17/2022		151,000		154,631
Bank of America Corp. Senior Notes 3.71% due 04/24/2028		264,000		291,720
Bank of America Corp. Senior Notes 4.08% due 03/20/2051		119,000		140,942
Bank of America Corp. Sub. Notes 4.18% due 11/25/2027		277,000		310,643
Bank of America Corp. Sub. Notes 6.11% due 01/29/2037		234,000		319,248
Citigroup, Inc. Senior Notes 3.67% due 07/24/2028		180,000		196,196
Citigroup, Inc. Senior Notes 4.41% due 03/31/2031		234,000		270,103
Citigroup, Inc. Sub. Notes 4.45% due 09/29/2027		223,000		248,279
Citigroup, Inc. Sub. Notes 4.75% due 05/18/2046		115,000		138,114
Citigroup, Inc. Sub. Notes 5.88% due 02/22/2033		155,000		194,139
Citigroup, Inc. Sub. Notes 6.00% due 10/31/2033		295,000		375,002
Goldman Sachs Group, Inc. Senior Notes 2.35% due 11/15/2021		414,000		416,738
Goldman Sachs Group, Inc. Senior Notes 3.80% due 03/15/2030		225,000		249,586
Goldman Sachs Group, Inc. Sub. Notes 4.25% due 10/21/2025		230,000		254,967
Goldman Sachs Group, Inc. Sub. Notes 6.75% due 10/01/2037		430,000		600,225
JPMorgan Chase & Co. Senior Notes 2.01% due 03/13/2026		134,000		136,442

Security Description	Principal Amount		Value (Note 2)
Diversified Banking Institutions (continued)
JPMorgan Chase & Co. Sub. Notes 2.96% due 05/13/2031	$	92,000	$	94,928
JPMorgan Chase & Co. Senior Notes 3.11% due 04/22/2051		97,000		97,920
JPMorgan Chase & Co. Senior Notes 3.21% due 04/01/2023		611,000		634,731
JPMorgan Chase & Co. Senior Notes 3.51% due 01/23/2029		339,000		370,211
JPMorgan Chase & Co. Senior Notes 3.88% due 07/24/2038		129,000		147,614
Morgan Stanley Senior Notes 3.62% due 04/01/2031		114,000		126,691
Morgan Stanley Senior Notes 3.63% due 01/20/2027		605,000		670,984
Morgan Stanley Sub. Notes 5.00% due 11/24/2025		54,000		62,199
				7,395,740
Diversified Manufacturing Operations — 0.1%
Carlisle Cos., Inc. Senior Notes 2.75% due 03/01/2030		142,000		139,197
General Electric Co. Senior Notes 4.35% due 05/01/2050		86,000		83,989
Illinois Tool Works, Inc. Senior Notes 3.50% due 03/01/2024		180,000		197,185
				420,371
Drug Delivery Systems — 0.1%
Becton Dickinson and Co. Senior Notes 2.82% due 05/20/2030		184,000		194,922
E-Commerce/Products — 0.1%
Amazon.com, Inc. Senior Notes 4.80% due 12/05/2034		118,000		159,833
Electric - Distribution — 0.3%
National Rural Utilities Cooperative Finance Corp. Collateral Trust Bonds 2.85% due 01/27/2025		584,000		634,628
NSTAR Electric Co. Senior Notes 3.95% due 04/01/2030		210,000		251,185
				885,813
Electric - Generation — 0.1%
Emera US Finance LP Company Guar. Notes 4.75% due 06/15/2046		205,000		231,471
Electric - Integrated — 2.2%
AEP Texas, Inc. Senior Notes 4.15% due 05/01/2049		92,000		107,568

37

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Electric - Integrated (continued)
Appalachian Power Co. Senior Notes 3.70% due 05/01/2050	$	233,000	$	253,175
Avangrid, Inc. Senior Notes 3.20% due 04/15/2025		558,000		597,016
Berkshire Hathaway Energy Co. Senior Notes 4.25% due 10/15/2050*		105,000		131,993
Black Hills Corp. Senior Notes 3.88% due 10/15/2049		111,000		111,596
Consolidated Edison Co. of New York, Inc. Senior Notes 3.95% due 04/01/2050		54,000		63,345
Dominion Energy South Carolina, Inc. 1st Mtg. Bonds 5.10% due 06/01/2065		246,000		344,695
Dominion Resources, Inc. Senior Notes 5.25% due 08/01/2033		261,000		306,124
DTE Electric Co. General Refunding Mtg. 3.95% due 03/01/2049		372,000		448,786
Duke Energy Ohio, Inc. 1st Mtg. Bonds 2.13% due 06/01/2030		102,000		104,743
Entergy Corp. Senior Notes 3.75% due 06/15/2050		104,000		113,394
Entergy Texas, Inc. 1st Mtg. Notes 4.50% due 03/30/2039		416,000		495,908
Exelon Corp. Senior Notes 4.70% due 04/15/2050		157,000		198,391
Exelon Generation Co. LLC Senior Notes 3.25% due 06/01/2025		198,000		204,967
FirstEnergy Corp. Senior Notes 7.38% due 11/15/2031		456,000		669,652
Interstate Power & Light Co. Senior Notes 3.50% due 09/30/2049		138,000		147,110
Kentucky Utilities Co. 1st Mtg. Bonds 3.30% due 06/01/2050		102,000		106,752
Mississippi Power Co. Senior Notes 4.25% due 03/15/2042		234,000		255,559
PECO Energy Co. 1st Mtg. Bonds 3.00% due 09/15/2049		162,000		172,729
Public Service Co. of Colorado 1st Mtg. Bonds 2.70% due 01/15/2051		385,000		388,137
Public Service Co. of Colorado 1st Mtg. Bonds 3.70% due 06/15/2028		219,000		250,548
Public Service Co. of Colorado 1st Mtg. Bonds 4.10% due 06/15/2048		155,000		189,937

Security Description	Principal Amount		Value (Note 2)
Electric - Integrated (continued)
Southern California Edison Co. 1st Mtg. Bonds 3.65% due 02/01/2050	$	116,000	$	122,171
Union Electric Co. Senior Sec. Notes 2.95% due 06/15/2027		227,000		245,461
				6,029,757
Electric - Transmission — 0.1%
ITC Holdings Corp. Senior Notes 2.95% due 05/14/2030*		167,000		175,573
Electronic Components - Semiconductors — 0.2%
Broadcom, Inc. Company Guar. Notes 4.15% due 11/15/2030*		177,000		185,341
Broadcom, Inc. Company Guar. Notes 5.00% due 04/15/2030*		103,000		114,232
Intel Corp. Senior Notes 3.90% due 03/25/2030		168,000		201,088
NVIDIA Corp. Senior Notes 3.50% due 04/01/2050		122,000		139,024
				639,685
Electronic Measurement Instruments — 0.1%
Trimble, Inc. Senior Notes 4.75% due 12/01/2024		22,000		23,519
Trimble, Inc. Senior Notes 4.90% due 06/15/2028		333,000		363,297
				386,816
Electronic Parts Distribution — 0.0%
Arrow Electronics, Inc. Senior Notes 4.00% due 04/01/2025		126,000		133,259
Energy - Alternate Sources — 0.1%
Hanwha Energy USA Holdings Corp. Company Guar. Notes 2.38% due 07/30/2022*		356,000		365,068
Enterprise Software/Service — 0.2%
Oracle Corp. Senior Notes 2.95% due 11/15/2024		535,000		580,284
Finance - Commercial — 0.1%
GE Capital Funding LLC Company Guar. Notes 3.45% due 05/15/2025*		385,000		390,599
Finance - Consumer Loans — 0.3%
Synchrony Financial Senior Notes 4.50% due 07/23/2025		860,000		867,061
Finance - Credit Card — 0.2%
American Express Co. Senior Notes 3.40% due 02/22/2024		158,000		170,988

38

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Finance - Credit Card (continued)
American Express Co. Senior Notes 4.20% due 11/06/2025	$	122,000	$	140,525
Mastercard, Inc. Senior Notes 2.00% due 03/03/2025		257,000		271,598
				583,111
Finance - Other Services — 0.1%
Intercontinental Exchange, Inc. Senior Notes 3.00% due 06/15/2050		139,000		140,827
Food - Meat Products — 0.2%
Smithfield Foods, Inc. Senior Notes 2.65% due 10/03/2021*		92,000		90,796
Smithfield Foods, Inc. Company Guar. Notes 4.25% due 02/01/2027*		162,000		162,354
Smithfield Foods, Inc. Senior Notes 5.20% due 04/01/2029*		168,000		176,534
				429,684
Food - Misc./Diversified — 0.5%
Campbell Soup Co. Senior Bonds 3.13% due 04/24/2050		198,000		196,351
Conagra Brands, Inc. Senior Notes 4.60% due 11/01/2025		188,000		216,226
Conagra Brands, Inc. Senior Notes 5.40% due 11/01/2048		8,000		10,630
Conagra Brands, Inc. Senior Notes 7.00% due 10/01/2028		211,000		282,647
Kraft Heinz Foods Co. Company Guar. Notes 3.95% due 07/15/2025		98,000		102,793
Kraft Heinz Foods Co. Sec. Notes 4.88% due 02/15/2025*		133,000		136,238
Nestle Holdings, Inc. Company Guar. Notes 3.50% due 09/24/2025*		297,000		332,373
				1,277,258
Food - Retail — 0.0%
Kroger Co. Senior Notes 3.95% due 01/15/2050		96,000		107,904
Food - Wholesale/Distribution — 0.2%
Sysco Corp. Company Guar. Notes 2.40% due 02/15/2030		199,000		185,807
Sysco Corp. Company Guar. Notes 5.95% due 04/01/2030		182,000		218,136
Sysco Corp. Company Guar. Notes 6.60% due 04/01/2050		94,000		121,849
				525,792

Security Description	Principal Amount		Value (Note 2)
Gas - Distribution — 0.1%
NiSource, Inc. Senior Notes 5.65% due 02/01/2045	$	131,000	$	175,590
Industrial Gases — 0.1%
Air Products and Chemicals, Inc. Senior Notes 2.70% due 05/15/2040		188,000		195,118
Insurance Brokers — 0.1%
Marsh & McLennan Cos., Inc. Senior Notes 3.50% due 12/29/2020		119,000		120,983
Willis North America, Inc. Company Guar. Notes 3.88% due 09/15/2049		137,000		146,472
Willis North America, Inc. Company Guar. Notes 5.05% due 09/15/2048		129,000		159,453
				426,908
Insurance - Life/Health — 0.4%
Brighthouse Financial, Inc. Senior Notes 4.70% due 06/22/2047		178,000		155,694
Brighthouse Financial, Inc. Senior Notes 5.63% due 05/15/2030		285,000		296,033
Prudential Financial, Inc. Senior Notes 1.50% due 03/10/2026		527,000		530,660
Prudential Financial, Inc. Senior Notes 3.91% due 12/07/2047		56,000		59,604
Unum Group Senior Notes 4.50% due 03/15/2025		94,000		97,612
				1,139,603
Insurance - Mutual — 0.1%
Liberty Mutual Group, Inc. Company Guar. Notes 3.95% due 05/15/2060*		68,000		68,788
MassMutual Global Funding II Senior Sec. Notes 2.75% due 06/22/2024*		200,000		213,350
New York Life Global Funding Sec. Notes 1.95% due 09/28/2020*		9,000		9,044
				291,182
Insurance - Property/Casualty — 0.0%
Assurant, Inc. Senior Notes 6.75% due 02/15/2034		29,000		33,875
Investment Management/Advisor Services — 0.1%
Ameriprise Financial, Inc. Senior Notes 3.00% due 03/22/2022		192,000		199,331
Machinery - Construction & Mining — 0.1%
Caterpillar Financial Services Corp. Senior Notes 1.45% due 05/15/2025		253,000		259,120

39

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Machinery - Electrical — 0.1%
ABB Finance USA, Inc. Company Guar. Notes 3.38% due 04/03/2023	$	267,000	$	280,062
Machinery - Farming — 0.4%
CNH Industrial Capital LLC Company Guar. Notes 4.20% due 01/15/2024		276,000		281,077
John Deere Capital Corp. Senior Notes 2.95% due 04/01/2022		352,000		367,353
John Deere Capital Corp. Senior Notes 3.45% due 01/10/2024		254,000		277,142
John Deere Capital Corp. Senior Notes 3.65% due 10/12/2023		112,000		123,618
				1,049,190
Medical Labs & Testing Services — 0.1%
Laboratory Corp. of America Holdings Senior Notes 3.25% due 09/01/2024		269,000		289,440
Medical Products — 0.2%
Baxter International, Inc. Senior Notes 3.75% due 10/01/2025*		501,000		565,293
Medical - Biomedical/Gene — 0.4%
Amgen, Inc. Senior Notes 3.15% due 02/21/2040		890,000		938,255
Amgen, Inc. Senior Notes 3.38% due 02/21/2050		159,000		170,810
Biogen, Inc. Senior Bonds 3.15% due 05/01/2050		139,000		135,702
				1,244,767
Medical - Drugs — 0.5%
AbbVie, Inc. Senior Notes 4.05% due 11/21/2039*		181,000		202,134
AbbVie, Inc. Senior Notes 4.25% due 11/21/2049*		329,000		377,963
Bristol-Myers Squibb Co. Senior Notes 3.63% due 05/15/2024*		226,000		248,394
Bristol-Myers Squibb Co. Senior Notes 4.63% due 05/15/2044*		151,000		201,961
GlaxoSmithKline Capital, Inc. Company Guar. Notes 3.38% due 05/15/2023		181,000		194,871
Pfizer, Inc. Senior Notes 2.55% due 05/28/2040		201,000		203,644
				1,428,967
Medical - Generic Drugs — 0.1%
Mylan, Inc. Company Guar. Notes 4.55% due 04/15/2028		180,000		202,206

Security Description	Principal Amount		Value (Note 2)
Medical - HMO — 0.4%
Humana, Inc. Senior Notes 4.88% due 04/01/2030	$	362,000	$	447,108
UnitedHealth Group, Inc. Senior Notes 1.25% due 01/15/2026		293,000		297,300
UnitedHealth Group, Inc. Senior Notes 3.13% due 05/15/2060		153,000		160,803
UnitedHealth Group, Inc. Senior Notes 3.75% due 07/15/2025		144,000		164,738
				1,069,949
Medical - Hospitals — 0.1%
HCA, Inc. Senior Sec. Notes 5.25% due 06/15/2026		157,000		178,597
Medical - Wholesale Drug Distribution — 0.1%
Cardinal Health, Inc. Senior Notes 4.60% due 03/15/2043		263,000		278,811
Multimedia — 0.1%
Walt Disney Co. Company Guar. Notes 3.50% due 05/13/2040		316,000		347,444
Office Supplies & Forms — 0.0%
Avery Dennison Corp. Senior Notes 2.65% due 04/30/2030		109,000		108,776
Oil Companies - Exploration & Production — 0.5%
Apache Corp. Senior Notes 5.10% due 09/01/2040		383,000		307,058
Diamondback Energy, Inc. Company Guar. Notes 4.75% due 05/31/2025		130,000		136,142
EOG Resources, Inc. Senior Notes 4.38% due 04/15/2030		137,000		162,102
EOG Resources, Inc. Senior Bonds 4.95% due 04/15/2050		141,000		183,728
Marathon Oil Corp. Senior Notes 6.60% due 10/01/2037		103,000		98,392
Marathon Oil Corp. Senior Notes 6.80% due 03/15/2032		141,000		141,727
Noble Energy, Inc. Senior Notes 4.95% due 08/15/2047		125,000		107,855
Noble Energy, Inc. Senior Notes 5.25% due 11/15/2043		209,000		185,224
Occidental Petroleum Corp. Senior Notes 6.45% due 09/15/2036		66,000		46,860
				1,369,088

40

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Oil Companies - Integrated — 0.3%
BP Capital Markets America, Inc. Company Guar. Notes 3.00% due 02/24/2050	$	177,000	$	173,031
BP Capital Markets America, Inc. Company Guar. Notes 3.63% due 04/06/2030		216,000		242,304
Chevron Corp. Senior Notes 1.55% due 05/11/2025		447,000		458,941
				874,276
Oil Refining & Marketing — 0.1%
Valero Energy Corp. Senior Notes 2.85% due 04/15/2025		211,000		221,706
Oil - Field Services — 0.2%
Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor, Inc. Senior Notes 4.49% due 05/01/2030		88,000		99,356
Halliburton Co. Senior Notes 2.92% due 03/01/2030		199,000		184,895
Schlumberger Holdings Corp. Senior Notes 4.00% due 12/21/2025*		187,000		202,190
				486,441
Paper & Related Products — 0.4%
Domtar Corp. Company Guar. Notes 6.75% due 02/15/2044		359,000		374,152
Georgia-Pacific LLC Senior Notes 2.30% due 04/30/2030*		256,000		261,879
Georgia-Pacific LLC Senior Notes 3.73% due 07/15/2023*		288,000		306,495
Georgia-Pacific LLC Company Guar. Notes 5.40% due 11/01/2020*		222,000		226,403
				1,168,929
Petrochemicals — 0.1%
Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP Senior Notes 3.30% due 05/01/2023*		165,000		171,954
Pharmacy Services — 0.4%
Cigna Corp. Company Guar. Notes 4.80% due 08/15/2038		100,000		125,069
Cigna Corp. Company Guar. Notes 4.90% due 12/15/2048		115,000		150,927
CVS Health Corp Senior Notes 4.25% due 04/01/2050		116,000		136,235
CVS Health Corp. Senior Notes 4.78% due 03/25/2038		385,000		470,001
CVS Health Corp. Senior Notes 5.05% due 03/25/2048		119,000		152,629
				1,034,861

Security Description	Principal Amount		Value (Note 2)
Pipelines — 0.7%
Cheniere Corpus Christi Holdings LLC Senior Sec. Notes 3.70% due 11/15/2029*	$	133,000	$	132,292
Colonial Enterprises, Inc. Company Guar. Notes 3.25% due 05/15/2030*		88,000		93,098
Enable Midstream Partners LP Senior Notes 4.95% due 05/15/2028		159,000		134,894
Energy Transfer Operating LP Company Guar. Notes 4.90% due 03/15/2035		253,000		246,564
Energy Transfer Operating LP Company Guar. Notes 5.50% due 06/01/2027		114,000		123,363
Energy Transfer Operating LP Company Guar. Notes 6.13% due 12/15/2045		119,000		124,701
EnLink Midstream Partners LP Senior Notes 5.05% due 04/01/2045		28,000		16,282
Enterprise Products Operating LLC Company Guar. Notes 4.25% due 02/15/2048		174,000		188,840
ONEOK, Inc. Company Guar. Notes 3.10% due 03/15/2030		205,000		184,732
ONEOK, Inc. Company Guar. Notes 7.15% due 01/15/2051		92,000		108,783
Sabine Pass Liquefaction LLC Senior Sec. Notes 4.50% due 05/15/2030*		71,000		77,866
Transcontinental Gas Pipe Line Co. LLC Senior Notes 3.25% due 05/15/2030*		158,000		168,233
Williams Cos., Inc. Senior Notes 5.75% due 06/24/2044		343,000		399,925
				1,999,573
Real Estate Investment Trusts — 0.3%
Columbia Property Trust Operating Partnership LP Company Guar. Notes 4.15% due 04/01/2025#		282,000		290,746
Crown Castle International Corp. Senior Notes 4.15% due 07/01/2050		97,000		113,191
Prologis LP Senior Notes 3.00% due 04/15/2050		194,000		194,811
Sabra Health Care LP/Sabra Capital Corp. Company Guar. Notes 3.90% due 10/15/2029		188,000		158,712
Sabra Health Care LP/Sabra Capital Corp. Company Guar. Notes 4.80% due 06/01/2024		125,000		121,815
				879,275
Retail - Apparel/Shoe — 0.1%
Ross Stores, Inc. Senior Notes 5.45% due 04/15/2050		229,000		286,257

41

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Retail - Auto Parts — 0.1%
Advance Auto Parts, Inc. Company Guar. Notes 3.90% due 04/15/2030*	$	232,000	$	237,745
Retail - Automobile — 0.0%
AutoNation, Inc. Senior Notes 4.75% due 06/01/2030		97,000		101,042
Retail - Building Products — 0.2%
Home Depot, Inc. Senior Notes 3.35% due 04/15/2050		106,000		120,071
Lowe’s Cos., Inc. Senior Notes 4.05% due 05/03/2047		33,000		37,886
Lowe’s Cos., Inc. Senior Notes 5.13% due 04/15/2050		249,000		337,044
				495,001
Retail - Discount — 0.1%
Walmart, Inc. Senior Notes 2.55% due 04/11/2023		293,000		308,696
Retail - Drug Store — 0.1%
Walgreens Boots Alliance, Inc. Senior Notes 4.10% due 04/15/2050		317,000		308,031
Retail - Major Department Stores — 0.1%
TJX Cos, Inc. Senior Notes 3.75% due 04/15/2027		217,000		246,292
Retail - Regional Department Stores — 0.1%
Kohl’s Corp. Senior Notes 5.55% due 07/17/2045		230,000		180,268
Kohl’s Corp. Senior Notes 9.50% due 05/15/2025#		108,000		115,084
				295,352
Retail - Restaurants — 0.3%
Darden Restaurants, Inc. Senior Notes 4.55% due 02/15/2048		204,000		189,575
McDonald’s Corp. Senior Notes 3.63% due 09/01/2049		128,000		139,464
McDonald’s Corp. Senior Notes 4.20% due 04/01/2050		136,000		161,800
McDonald’s Corp. Senior Notes 4.45% due 03/01/2047		206,000		251,775
				742,614
Savings & Loans/Thrifts — 0.3%
First Niagara Financial Group, Inc. Sub. Notes 7.25% due 12/15/2021		312,000		334,671
New York Community Bancorp, Inc. Sub. Notes 5.90% due 11/06/2028		446,000		439,775
				774,446

Security Description	Principal Amount		Value (Note 2)
Semiconductor Components - Integrated Circuits — 0.1%
Analog Devices, Inc. Senior Notes 2.95% due 04/01/2025	$	160,000	$	170,425
Shipbuilding — 0.1%
Huntington Ingalls Industries, Inc. Company Guar. Notes 4.20% due 05/01/2030*		200,000		216,637
Software Tools — 0.1%
VMware, Inc. Senior Notes 4.70% due 05/15/2030		217,000		237,049
Steel - Producers — 0.1%
Nucor Corp. Senior Notes 2.70% due 06/01/2030		73,000		74,280
Steel Dynamics, Inc. Senior Notes 3.45% due 04/15/2030		203,000		200,556
				274,836
Telecom Equipment - Fiber Optics — 0.2%
Corning, Inc. Senior Notes 5.45% due 11/15/2079		416,000		475,535
Telephone - Integrated — 0.9%
AT&T, Inc. Senior Notes 4.50% due 05/15/2035		755,000		849,482
AT&T, Inc. Senior Notes 4.50% due 03/09/2048		187,000		212,009
AT&T, Inc. Senior Notes 4.85% due 07/15/2045		135,000		154,869
AT&T, Inc. Senior Notes 4.90% due 08/15/2037		350,000		410,912
Verizon Communications, Inc. Senior Notes 3.15% due 03/22/2030		119,000		131,984
Verizon Communications, Inc. Senior Notes 4.00% due 03/22/2050		45,000		55,041
Verizon Communications, Inc. Senior Notes 4.27% due 01/15/2036		106,000		128,673
Verizon Communications, Inc. Senior Notes 4.40% due 11/01/2034		80,000		98,328
Verizon Communications, Inc. Senior Notes 5.25% due 03/16/2037		323,000		433,633
				2,474,931
Television — 0.3%
Viacom, Inc. Senior Notes 4.38% due 03/15/2043		578,000		551,995
ViacomCBS, Inc. Senior Notes 4.95% due 01/15/2031		79,000		87,036
ViacomCBS, Inc. Senior Notes 4.95% due 05/19/2050		217,000		223,242
				862,273

42

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Tools - Hand Held — 0.1%
Stanley Black & Decker, Inc. Senior Notes 3.40% due 03/01/2026	$	158,000	$	172,841
Transport - Equipment & Leasing — 0.2%
GATX Corp. Senior Notes 4.00% due 06/30/2030		167,000		172,927
GATX Corp. Senior Notes 4.35% due 02/15/2024		309,000		334,260
				507,187
Transport - Marine — 0.1%
Kirby Corp. Senior Notes 4.20% due 03/01/2028		176,000		169,668
Transport - Rail — 0.2%
Kansas City Southern Company Guar. Notes 2.88% due 11/15/2029		157,000		163,558
Kansas City Southern Company Guar. Notes 4.70% due 05/01/2048		103,000		128,937
Norfolk Southern Corp. Senior Notes 4.10% due 05/15/2049		195,000		234,530
				527,025
Transport - Services — 0.1%
United Parcel Service, Inc. Senior Notes 3.90% due 04/01/2025		160,000		181,848
United Parcel Service, Inc. Senior Notes 5.30% due 04/01/2050		97,000		137,254
				319,102
Transport - Truck — 0.1%
JB Hunt Transport Services, Inc. Company Guar. Notes 3.88% due 03/01/2026		135,000		151,885
Trucking/Leasing — 0.2%
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 3.35% due 11/01/2029*		38,000		38,098
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 3.40% due 11/15/2026*		506,000		522,636
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 4.20% due 04/01/2027*		132,000		139,643
				700,377
Water — 0.1%
American Water Capital Corp. Senior Bonds 3.45% due 05/01/2050		105,000		115,383
Essential Utilities, Inc. Senior Bonds 3.35% due 04/15/2050		130,000		132,459
				247,842
Total U.S. Corporate Bonds & Notes
(cost $66,361,887)				70,242,282

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES — 6.9%
Aerospace/Defense — 0.1%
BAE Systems PLC Senior Notes 3.40% due 04/15/2030*	$	206,000	$	223,624
Agricultural Chemicals — 0.1%
Nutrien, Ltd. Senior Notes 3.95% due 05/13/2050		236,000		257,808
Yara International ASA Senior Notes 3.15% due 06/04/2030*		102,000		103,377
				361,185
Banks - Commercial — 1.4%
Australia & New Zealand Banking Group, Ltd. Sub. Notes 2.95% due 07/22/2030*		200,000		200,919
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand Senior Notes 5.38% due 04/17/2025*		228,000		244,758
Bank of Montreal Senior Notes 2.05% due 11/01/2022		525,000		539,919
Barclays Bank PLC Senior Notes 1.70% due 05/12/2022		207,000		209,607
Canadian Imperial Bank of Commerce Senior Notes 2.25% due 01/28/2025		359,000		368,165
Credit Suisse AG Senior Notes 2.10% due 11/12/2021		349,000		355,893
Danske Bank A/S Senior Notes 3.24% due 12/20/2025*		200,000		204,313
Danske Bank A/S Senior Notes 3.88% due 09/12/2023*		239,000		248,688
DBS Group Holdings, Ltd. Senior Notes 2.85% due 04/16/2022*		231,000		237,736
ING Groep NV Senior Notes 4.63% due 01/06/2026*		220,000		253,406
National Australia Bank, Ltd. Sub. Notes 3.93% due 08/02/2034*		200,000		212,120
National Bank of Canada Senior Notes 2.15% due 10/07/2022*		387,000		395,375
Shinhan Bank Co., Ltd. Sub. Notes 4.00% due 04/23/2029*		200,000		211,368
Standard Chartered PLC Senior Notes 4.64% due 04/01/2031*		200,000		223,041
				3,905,308
Beverages - Wine/Spirits — 0.1%
Diageo Capital PLC Company Guar. Notes 2.13% due 04/29/2032		233,000		235,774

43

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Cellular Telecom — 0.2%
SK Telecom Co., Ltd. Senior Notes 3.75% due 04/16/2023*	$	200,000	$	212,838
Vodafone Group PLC Senior Notes 4.88% due 06/19/2049		107,000		133,015
Vodafone Group PLC Senior Notes 5.25% due 05/30/2048		136,000		176,636
				522,489
Chemicals - Diversified — 0.2%
Braskem Netherlands Finance BV Company Guar. Notes 4.50% due 01/10/2028*#		209,000		189,668
Braskem Netherlands Finance BV Company Guar. Notes 4.50% due 01/31/2030*		300,000		263,250
				452,918
Chemicals - Specialty — 0.0%
Albemarle Wodgina Pty, Ltd. Company Guar. Notes 3.45% due 11/15/2029*		121,000		114,573
Diagnostic Equipment — 0.1%
DH Europe Finance II SARL Company Guar. Notes 3.25% due 11/15/2039		216,000		235,636
Diversified Banking Institutions — 2.0%
Banco Santander SA Senior Notes 2.71% due 06/27/2024		200,000		206,874
BNP Paribas SA Senior Notes 3.05% due 01/13/2031*		399,000		408,891
BNP Paribas SA Senior Notes 4.71% due 01/10/2025*		424,000		463,513
Credit Suisse Group AG Senior Notes 2.59% due 09/11/2025*		256,000		261,946
Credit Suisse Group AG Senior Notes 4.19% due 04/01/2031*		250,000		277,150
Deutsche Bank AG Senior Notes 4.25% due 02/04/2021		182,000		183,785
HSBC Holdings PLC Senior Notes 2.10% due 06/04/2026		225,000		224,874
HSBC Holdings PLC Senior Notes 3.40% due 03/08/2021		340,000		346,959
HSBC Holdings PLC Senior Notes 4.95% due 03/31/2030		200,000		236,241
Mitsubishi UFJ Financial Group, Inc. Senior Notes 2.19% due 02/25/2025		302,000		309,502
Mizuho Financial Group, Inc. Senior Notes 2.56% due 09/13/2025		536,000		550,016
NatWest Markets PLC Senior Notes 3.63% due 09/29/2022*		315,000		327,430

Security Description	Principal Amount		Value (Note 2)
Diversified Banking Institutions (continued)
Royal Bank of Scotland Group PLC Senior Notes 2.36% due 05/22/2024	$	414,000	$	417,993
Royal Bank of Scotland Group PLC Sub. Notes 3.75% due 11/01/2029		400,000		404,559
UBS AG Senior Notes 1.75% due 04/21/2022*		217,000		220,504
UBS Group Funding Switzerland AG Senior Notes 3.49% due 05/23/2023*		200,000		208,270
UniCredit SpA Senior Notes 6.57% due 01/14/2022*		377,000		392,873
UniCredit SpA Sub. Notes 7.30% due 04/02/2034*		200,000		218,330
				5,659,710
Diversified Financial Services — 0.2%
GE Capital International Funding Co. ULC Company Guar. Notes 4.42% due 11/15/2035		445,000		444,632
Diversified Manufacturing Operations — 0.1%
Siemens Financieringsmaatschappij NV Company Guar. Notes 3.25% due 05/27/2025*		250,000		276,073
Diversified Minerals — 0.2%
Anglo American Capital PLC Company Guar. Notes 5.38% due 04/01/2025*		200,000		219,598
Teck Resources, Ltd. Senior Notes 6.13% due 10/01/2035		212,000		219,333
Teck Resources, Ltd. Senior Notes 6.25% due 07/15/2041		103,000		103,914
				542,845
Electric - Generation — 0.2%
Electricite de France SA Senior Notes 5.00% due 09/21/2048*		400,000		499,120
Electric - Integrated — 0.2%
Enel Finance International NV Company Guar. Notes 4.75% due 05/25/2047*		248,000		302,160
Engie Energia Chile SA Senior Notes 3.40% due 01/28/2030*		209,000		210,643
				512,803
Electronic Components - Semiconductors — 0.0%
NXP BV/NXP Funding LLC Company Guar. Notes 3.40% due 05/01/2030*		90,000		92,784
Gold Mining — 0.0%
Newcrest Finance Pty, Ltd. Company Guar. Notes 4.20% due 05/13/2050*		79,000		85,264

44

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Insurance - Life/Health — 0.2%
Athene Holding, Ltd. Senior Notes 6.15% due 04/03/2030	$	166,000	$	179,473
Manulife Financial Corp. Sub. Notes 4.06% due 02/24/2032		229,000		239,176
				418,649
Insurance - Property/Casualty — 0.1%
Enstar Group, Ltd. Senior Notes 4.95% due 06/01/2029		392,000		403,362
Machinery - Farming — 0.0%
CNH Industrial NV Senior Notes 3.85% due 11/15/2027		78,000		76,598
Medical - Drugs — 0.2%
GlaxoSmithKline Capital PLC Company Guar. Notes 3.13% due 05/14/2021		6,000		6,159
Shire Acquisitions Investments Ireland DAC Company Guar. Notes 3.20% due 09/23/2026		397,000		438,627
				444,786
Oil Companies - Integrated — 0.4%
BP Capital Markets PLC Company Guar. Notes 3.51% due 03/17/2025		541,000		595,518
Equinor ASA Company Guar. Notes 1.75% due 01/22/2026		132,000		134,842
Equinor ASA Company Guar. Bonds 3.70% due 04/06/2050		138,000		155,341
Petro-Canada Senior Notes 5.95% due 05/15/2035		103,000		119,157
Total Capital International SA Company Guar. Notes 3.46% due 07/12/2049		93,000		100,476
				1,105,334
Retail - Convenience Store — 0.1%
Alimentation Couche-Tard, Inc. Senior Notes 3.80% due 01/25/2050*		183,000		173,547
SupraNational Banks — 0.5%
African Development Bank Senior Notes 0.75% due 04/03/2023		311,000		314,343
European Bank for Reconstruction & Development Senior Notes 1.50% due 02/13/2025		381,000		396,805
International Bank for Reconstruction & Development Senior Notes 3.13% due 11/20/2025		235,000		267,449
International Finance Corp. Senior Notes 0.50% due 03/20/2023#		455,000		457,084
				1,435,681

Security Description	Principal Amount		Value (Note 2)
Telephone - Integrated — 0.2%
Deutsche Telekom AG Senior Notes 3.63% due 01/21/2050*	$	150,000	$	162,400
Telecom Italia Capital SA Company Guar. Notes 7.72% due 06/04/2038		157,000		190,566
Telefonica Emisiones SAU Company Guar. Notes 4.67% due 03/06/2038		212,000		242,355
				595,321
Transport - Rail — 0.1%
Canadian Pacific Railway Co. Senior Notes 6.13% due 09/15/2115		110,000		165,488
Total Foreign Corporate Bonds & Notes
(cost $18,094,130)				18,983,504
U.S. GOVERNMENT AGENCIES — 38.9%
Federal Home Loan Bank — 0.5%
2.13% due 09/14/2029		1,000,000		1,085,719
5.50% due 07/15/2036		250,000		390,233
				1,475,952
Federal Home Loan Mtg. Corp. — 12.8%
2.50% due 01/01/2028		148,209		156,353
2.50% due 04/01/2028		726,676		766,627
2.50% due 03/01/2031		495,971		520,083
2.50% due 10/01/2032		662,824		695,080
3.00% due 08/01/2027		103,494		109,505
3.00% due 10/01/2042		381,019		415,029
3.00% due 11/01/2042		496,451		531,597
3.00% due 04/01/2043		525,593		562,819
3.00% due 05/01/2043		710,568		774,020
3.00% due 08/01/2043		509,957		545,810
3.00% due 10/01/2045		327,069		346,563
3.00% due 08/01/2046		1,956,762		2,068,891
3.00% due 08/01/2049		963,394		1,013,932
3.00% due 10/01/2049		1,769,917		1,862,763
3.00% due 01/01/2050		4,240,113		4,462,539
3.50% due 01/01/2032		1,109,242		1,176,687
3.50% due 11/01/2041		410,501		444,027
3.50% due 03/01/2042		148,545		161,288
3.50% due 04/01/2042		849,615		922,585
3.50% due 06/01/2042		972,295		1,055,679
3.50% due 08/01/2042		197,883		216,816
3.50% due 03/01/2045		671,913		722,051
3.50% due 07/01/2045		878,894		948,078
3.50% due 08/01/2045		504,178		548,474
3.50% due 11/01/2045		318,776		342,436
3.50% due 12/01/2046		636,313		680,849
3.50% due 11/01/2047		4,853,569		5,159,404
4.00% due 09/01/2040		205,372		225,661
4.00% due 10/01/2045		538,404		583,857
4.00% due 12/01/2048		1,090,074		1,158,831
4.00% due 07/01/2049		581,627		633,609
4.00% due 01/01/2050		1,930,976		2,053,983
4.50% due 04/01/2044		110,752		122,977
5.00% due 10/01/2033		316		355
5.00% due 06/01/2039		264,107		303,313
5.00% due 11/01/2043		353,885		406,011
5.50% due 02/01/2035		64,913		71,440
6.00% due 10/01/2033		79,585		88,931
6.00% due 03/01/2040		434		503
6.50% due 02/01/2035		1,688		1,956
6.75% due 09/15/2029		500,000		755,760
6.75% due 03/15/2031		250,000		394,173

45

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal Home Loan Mtg. Corp. (continued)
Federal Home Loan Mtg. Corp. FRS 3.36% (6 ML+1.49%) due 02/01/2037	$	17,366	$	17,824
4.01% (12 ML+1.88%) due 11/01/2037		233,103		247,101
Federal Home Loan Mtg. Corp. REMIC
Series 4740, Class BA 3.00% due 09/15/2045(3)		568,032		585,460
Series 4800, Class KG 3.50% due 11/15/2045(3)		100,000		103,631
Federal Home Loan Mtg. Corp. REMIC FRS Series 3572, Class JS 6.62% (6.80%-1 ML) due 09/15/2039(3)(4)(5)		129,204		21,399
Federal Home Loan Mtg. Corp. Structured Agency Credit Risk FRS
Series 2015-DNA1, Class M2 2.34% (1 ML+1.85%) due 10/25/2027(3)		81,972		81,825
Series 2014-DN1, Class M2 2.69% (1 ML+2.20%) due 02/25/2024(3)		172,387		165,348
Series 2014-HQ2, Class M2 2.69% (1 ML+2.20%) due 09/25/2024(3)		244,359		245,358
				35,479,291
Federal National Mtg. Assoc. — 19.4%
2.50% due 04/01/2028		212,122		223,747
2.50% due 01/01/2032		545,322		571,806
2.50% due 04/01/2035		1,753,486		1,835,946
3.00% due 10/01/2027		57,314		60,540
3.00% due 12/01/2027		589,387		622,659
3.00% due 01/01/2028		503,307		531,749
3.00% due 03/01/2030		1,217,786		1,298,994
3.00% due 10/01/2030		362,707		383,088
3.00% due 02/01/2033		226,981		239,259
3.00% due 07/01/2034		57,287		60,374
3.00% due 11/01/2039		1,090,590		1,149,244
3.00% due 03/01/2042		551,177		589,690
3.00% due 12/01/2042		509,349		547,064
3.00% due 02/01/2045		450,292		477,915
3.00% due 09/01/2046		78,670		83,201
3.00% due 01/01/2047		411,520		434,934
3.00% due 04/01/2048		1,924,671		2,025,635
3.50% due 08/01/2026		82,436		87,111
3.50% due 09/01/2026		26,578		28,089
3.50% due 08/01/2027		22,276		23,520
3.50% due 10/01/2028		281,640		300,759
3.50% due 03/01/2033		1,006,041		1,065,087
3.50% due 08/01/2033		572,522		603,952
3.50% due 12/01/2041		377,203		413,181
3.50% due 08/01/2042		1,079,634		1,166,096
3.50% due 07/01/2045		338,994		364,124
3.50% due 08/01/2045		387,004		417,313
3.50% due 09/01/2045		324,368		347,780
3.50% due 10/01/2045		559,798		611,868
3.50% due 11/01/2045		221,586		237,100
3.50% due 12/01/2045		1,863,016		2,000,476
3.50% due 02/01/2046		538,604		578,273
3.50% due 03/01/2046		293,151		313,842
3.50% due 07/01/2046		1,252,702		1,358,500
3.50% due 01/01/2047		1,962,206		2,097,169
3.50% due 12/01/2047		3,987,915		4,221,425
3.50% due 04/01/2048		2,118,607		2,282,457
3.50% due 08/01/2049		226,243		238,468
4.00% due 07/01/2040		101,500		111,788

Security Description	Principal Amount		Value (Note 2)
Federal National Mtg. Assoc. (continued)
4.00% due 10/01/2040	$	56,027	$	61,659
4.00% due 12/01/2040		694,242		764,557
4.00% due 10/01/2041		365,632		402,474
4.00% due 11/01/2041		367,005		404,043
4.00% due 01/01/2043		444,610		492,608
4.00% due 02/01/2045		793,297		875,899
4.00% due 06/01/2046		214,797		231,674
4.00% due 01/01/2047		477,951		515,561
4.00% due 05/01/2047		600,020		643,887
4.00% due 06/01/2047		1,577,970		1,732,581
4.00% due 07/01/2047		1,400,701		1,497,867
4.00% due 08/01/2047		1,510,225		1,617,919
4.00% due 12/01/2048		761,395		809,420
4.00% due 01/01/2049		1,516,967		1,614,065
4.00% due 03/01/2049		512,464		545,052
4.50% due 11/01/2022		9,918		10,458
4.50% due 10/01/2024		106,609		113,826
4.50% due 08/01/2045		1,677,311		1,916,182
4.50% due 06/01/2048		1,147,470		1,238,136
4.50% due 10/01/2048		825,706		891,558
4.50% due 11/01/2048		363,193		392,755
4.50% due 12/01/2048		2,169,152		2,339,611
5.00% due 10/01/2033		1,707		1,953
5.00% due 03/01/2034		30,202		34,478
5.00% due 05/01/2040		66,857		76,828
5.00% due 06/01/2040		39,270		45,127
5.00% due 02/01/2045		228,913		260,650
5.50% due 12/01/2029		44,217		48,766
5.50% due 04/01/2033		39,505		45,528
5.50% due 12/01/2033		34,091		39,763
5.50% due 07/01/2037		167,353		189,291
5.50% due 08/01/2037		152,803		178,094
5.50% due 06/01/2038		18,392		21,352
6.00% due 12/01/2020		10		10
6.00% due 12/01/2036		236,769		273,936
6.00% due 11/01/2038		65,516		75,798
6.00% due 06/01/2040		50,880		58,879
6.50% due 10/01/2037		14,424		16,412
Federal National Mtg. Assoc. FRS 3.37% (6 ML+1.54%) due 09/01/2035		209,744		215,767
3.72% (12 ML+1.67%) due 07/01/2039		166,902		175,004
3.73% (12 ML+1.77%) due 05/01/2040		219,130		229,202
3.76% (12 ML+1.83%) due 10/01/2040		98,774		103,319
3.82% (12 ML+1.57%) due 05/01/2037		38,611		40,346
4.07% (12 ML+1.82%) due 10/01/2040		40,116		41,980
4.27% (12 ML+1.91%) due 08/01/2035		123,792		130,653
4.27% (1 Yr USTYCR+2.22%) due 10/01/2035		160,939		167,877
4.35% (1 Yr USTYCR+2.26%) due 11/01/2036		73,324		76,817
Federal National Mtg. Assoc. REMIC
Series 2017-100, Class NP 3.00% due 12/25/2047(3)		233,128		249,431
Series 2018-27, Class EA 3.00% due 05/25/2048(3)		1,113,261		1,169,890
Series 2018-35, Class CD 3.00% due 05/25/2048(3)		711,737		744,637
				53,827,803

46

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Government National Mtg. Assoc. — 6.2%
2.50% due 05/20/2050	$	3,000,000	$	3,159,718
3.00% due 02/20/2045		385,969		411,364
3.00% due 05/20/2045		296,195		316,265
3.00% due 07/20/2045		50,400		53,713
3.00% due 11/20/2045		1,028,620		1,094,829
3.00% due 12/20/2045		473,328		503,668
3.00% due 01/20/2046		1,493,918		1,590,190
3.00% due 04/20/2046		1,966,837		2,093,166
3.00% due 09/20/2047		1,565,091		1,660,643
3.00% due 05/20/2050		2,000,000		2,120,061
3.50% due 03/20/2045		248,671		267,521
3.50% due 04/20/2045		469,649		505,196
3.50% due 07/20/2045		105,585		113,604
3.50% due 07/20/2046		145,012		155,904
3.50% due 03/20/2047		427,094		458,087
4.00% due 07/20/2045		149,586		163,090
4.00% due 05/20/2048		2,056,885		2,204,788
Government National Mtg. Assoc. REMIC VRS Series 2013-118, Class B 2.50% due 10/16/2043(1)(2)		200,000		206,830
				17,078,637
Total U.S. Government Agencies
(cost $104,127,583)				107,861,683
U.S. GOVERNMENT TREASURIES — 20.2%
United States Treasury Bonds — 6.6%
2.38% due 11/15/2049		5,400,000		6,674,484
2.75% due 11/15/2042		406,000		518,998
2.88% due 11/15/2046#		384,000		510,855
3.00% due 11/15/2045		1,729,000		2,331,178
3.00% due 05/15/2047		1,441,000		1,964,151
3.13% due 11/15/2041		2,303,000		3,113,548
3.13% due 02/15/2042		392,000		530,961
3.88% due 08/15/2040		167,000		248,778
4.25% due 05/15/2039		256,000		396,260
4.38% due 11/15/2039		105,000		165,211
4.38% due 05/15/2040		192,000		303,660
4.75% due 02/15/2037		564,000		901,871
5.00% due 05/15/2037		153,000		251,506
5.25% due 11/15/2028		354,000		491,382
				18,402,843
United States Treasury Notes — 13.6%
0.63% due 03/31/2027		600,000		605,672
1.38% due 10/15/2022		3,000,000		3,084,961
1.50% due 11/30/2024		1,500,000		1,582,266
1.50% due 02/15/2030		1,030,000		1,113,969
1.63% due 08/15/2022		2,296,000		2,369,454
1.63% due 08/31/2022		1,921,000		1,983,432
1.63% due 12/15/2022		400,000		414,703
1.63% due 02/15/2026		4,839,000		5,175,084
1.63% due 11/30/2026		1,600,000		1,719,250
1.63% due 08/15/2029#		900,000		982,266
1.75% due 09/30/2022		5,137,000		5,325,022
1.75% due 11/15/2029		3,500,000		3,865,586
2.00% due 02/15/2025		1,729,000		1,866,104
2.00% due 11/15/2026		384,000		421,605
2.25% due 04/30/2024		167,000		180,040
2.25% due 11/15/2024#		596,000		647,917
2.25% due 08/15/2027		576,000		647,618
2.38% due 05/15/2029		500,000		577,422
2.50% due 02/28/2021		2,401,000		2,442,361
2.50% due 01/15/2022		2,401,000		2,491,225
2.63% due 02/15/2029#		171,000		200,598
				37,696,555
Total U.S. Government Treasuries
(cost $50,450,957)				56,099,398

Security Description	Principal Amount/ Shares		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS — 0.4%
Sovereign — 0.2%
Republic of Italy Senior Notes 4.00% due 10/17/2049	$	200,000	$	197,070
United Mexican States Senior Notes 4.50% due 04/22/2029		228,000		246,470
United Mexican States Senior Bonds 4.75% due 03/08/2044		207,000		216,110
				659,650
Sovereign Agency — 0.2%
Kommunalbanken AS Senior Notes 1.75% due 09/15/2020*		394,000		395,436
Total Foreign Government Obligations
(cost $1,020,517)				1,055,086
PREFERRED SECURITIES — 0.1%
Electric - Distribution — 0.1%
Entergy Louisiana LLC 4.70%# (cost $175,590)		7,025		180,332
PREFERRED SECURITIES/CAPITAL SECURITIES — 0.6%
Banks - Super Regional — 0.0%
Wells Fargo & Co. 5.95% due 12/01/2086		74,000		85,821
Diversified Banking Institutions — 0.1%
JPMorgan Chase & Co. Series U 6.13% due 04/30/2024#(6)		225,000		228,094
Electric - Distribution — 0.1%
National Rural Utilities Cooperative Finance Corp. 4.75% due 04/30/2043		156,000		155,651
Electric - Integrated — 0.1%
CMS Energy Corp. 4.75% due 06/01/2050		160,000		163,730
Dominion Resources, Inc. 5.75% due 10/01/2054		115,000		117,438
				281,168
Insurance - Life/Health — 0.1%
Prudential Financial, Inc. 5.63% due 06/15/2043		218,000		225,702
Prudential Financial, Inc. 5.70% due 09/15/2048		143,000		153,839
				379,541
Insurance - Multi-line — 0.1%
Voya Financial, Inc. 4.70% due 01/23/2048		150,000		136,500
Pipelines — 0.0%
Enterprise Products Operating LLC 5.25% due 08/16/2077		118,000		106,319
Tools - Hand Held — 0.1%
Stanley Black & Decker, Inc. 4.00% due 03/15/2060		350,000		346,986
Total Preferred Securities/Capital Securities
(cost $1,692,442)				1,720,080

47

VALIC Company I Capital Conservation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Principal Amount/ Shares			Value (Note 2)
ESCROWS AND LITIGATION TRUSTS — 0.0%
Lehman Brothers Holdings Capital Trust VII Escrow Security 0.00%†(7)	$	78,000		$	8
Lehman Brothers Holdings, Inc. Escrow Notes 5.50% due 04/04/2016†		89,000			997
Lehman Brothers Holdings, Inc. Escrow Notes 6.75% due 12/28/2017†(7)		87,000			9
Lehman Brothers Holdings, Inc. Escrow Notes 7.50% due 05/11/2038†(7)		112,000			11
Total Escrows And Litigation Trusts
(cost $0)					1,025
Total Long-Term Investment Securities
(cost $249,988,002)					264,361,983
SHORT-TERM INVESTMENT SECURITIES — 5.7%
Registered Investment Companies — 5.7%
State Street Institutional U.S. Government Money Market Fund, Premier Class  0.13%(8)		14,535,182			14,535,182
State Street Navigator Securities Lending Government Money Market Portfolio 0.13%(8)(9)		1,320,590			1,320,590
Total Short-Term Investment Securities
(cost $15,855,772)					15,855,772
TOTAL INVESTMENTS
(cost $265,843,774)(10)		101.1	%		280,217,755
Liabilities in excess of other assets		(1.1	)		(2,940,727	)
NET ASSETS		100.0	%	$	277,277,028

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2020, the aggregate value of these securities was $22,683,657 representing 8.2% of net assets.

† Non-income producing security

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

(1) Commercial Mortgage Backed Security

(2) Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.

(3) Collateralized Mortgage Obligation

(4) Interest Only

(5) Inverse Floating Rate Security that pays interest that varies inversely to changes in the market interest rates. The interest rate shown is the current interest rate at May 31, 2020.

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

(7) Securities classified as Level 3 (see Note 2).

(8) The rate shown is the 7-day yield as of May 31, 2020.

(9) At May 31, 2020, the Fund had loaned securities with a total value of $2,877,855. This was secured by collateral of $1,320,590, which was received in cash and subsequently invested in short-term investments currently valued at $1,320,590 as reported in the Portfolio of Investments. Additional collateral of $1,604,440 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2020
Federal Home Loan Mtg. Corp.	zero coupon to 21.62%	12/25/2020 to 06/25/2050	$	541,797
Federal National Mtg. Assoc.	0.47% to 27.69%	08/25/2026 to 02/25/2060		445,021
Government National Mtg. Assoc.	0.62% to 29.66%	10/16/2032 to 02/16/2062		394,567
United States Treasury Bills	0.00%	06/18/2020 to 07/23/2020		10,845
United States Treasury Notes/Bonds	0.13% to 6.13%	07/15/2020 to 05/15/2048		212,210

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

REMIC—Real Estate Mortgage Investment Conduit

FRS—Floating Rate Security

VRS—Variable Rate Security

The rates shown on FRS and VRS are the current interest rates at May 31, 2020 and unless noted otherwise, the dates shown are the original maturity dates.

Index Legend

1 ML—1 Month USD LIBOR

6 ML—6 Month USD LIBOR

12 ML—12 Month USD LIBOR

1 Yr USTYCR—1 Year US Treasury Yield Curve Rate

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2020 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs		Level 3 - Signifcant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Asset Backed Securities	$	—	$	8,218,593	$	—	$	8,218,593
U.S. Corporate Bonds & Notes		—		70,242,282		—		70,242,282
Foreign Corporate Bonds & Notes		—		18,983,504		—		18,983,504
U.S. Government Agencies		—		107,861,683		—		107,861,683
U.S. Government Treasuries		—		56,099,398		—		56,099,398
Foreign Government Obligations		—		1,055,086		—		1,055,086
Preferred Securities		180,332		—		—		180,332
Preferred Securities/Capital Securities		—		1,720,080		—		1,720,080
Escrows and Litigation Trusts		—		997		28		1,025
Short-Term Investment Securities		15,855,772		—		—		15,855,772
Total Investment at Value	$	16,036,104	$	264,181,623	$	28	$	280,217,755

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

At the beginning and end of the reporting period, Level 3 investments in securities were not considered a material portion of the Fund. There were no Level 3 transfers during the reporting period.

See Notes to Financial Statements

48

VALIC Company I Core Equity Fund

PORTFOLIO PROFILE — May 31, 2020 (unaudited)

Industry Allocation*

Applications Software	7.4	%
Computers	6.1
Retail — Discount	5.8
Web Portals/ISP	5.5
E-Commerce/Products	5.2
Medical — Drugs	5.1
Medical — HMO	4.7
Internet Content — Entertainment	3.7
Diversified Banking Institutions	3.5
Finance — Credit Card	3.1
Cable/Satellite TV	2.6
Networking Products	2.6
Oil Companies — Integrated	2.3
Medical Labs & Testing Services	2.3
Commercial Services	2.0
Agricultural Biotech	2.0
Tobacco	2.0
Cosmetics & Toiletries	1.9
Semiconductor Components — Integrated Circuits	1.9
Telephone — Integrated	1.8
Computer Services	1.7
Repurchase Agreements	1.7
Retail — Building Products	1.6
Medical — Biomedical/Gene	1.5
Insurance — Property/Casualty	1.5
Medical Products	1.4
Retail — Auto Parts	1.3
Electronic Measurement Instruments	1.3
Aerospace/Defense	1.3
Electronic Components — Misc.	1.3
Auto — Cars/Light Trucks	1.2
Broadcast Services/Program	1.1
Oil Companies — Exploration & Production	1.1
Machinery — General Industrial	1.1
Human Resources	1.1
Banks — Super Regional	1.0
Electric — Integrated	1.0
Transport — Rail	0.9
Finance — Auto Loans	0.8
Internet Brokers	0.7
Investment Management/Advisor Services	0.7
Building — Residential/Commercial	0.7
E-Commerce/Services	0.6
Retail — Apparel/Shoe	0.6
Footwear & Related Apparel	0.6
Rental Auto/Equipment	0.3
Financial Guarantee Insurance	0.2
	99.8	%

* Calculated as a percentage of net assets

49

VALIC Company I Core Equity Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.1%
Aerospace/Defense — 1.3%
BAE Systems PLC ADR		116,628	$	2,866,716
Agricultural Biotech — 2.0%
Corteva, Inc.		162,571		4,439,814
Applications Software — 7.4%
CDK Global, Inc.		65,937		2,591,983
Microsoft Corp.		75,958		13,919,304
				16,511,287
Auto - Cars/Light Trucks — 1.2%
General Motors Co.		99,000		2,562,120
Banks - Super Regional — 1.0%
US Bancorp		62,469		2,221,398
Broadcast Services/Program — 1.1%
Fox Corp., Class A		87,212		2,543,974
Building - Residential/Commercial — 0.7%
D.R. Horton, Inc.		27,087		1,497,911
Cable/Satellite TV — 2.6%
Comcast Corp., Class A		147,742		5,850,583
Commercial Services — 2.0%
Quanta Services, Inc.		123,267		4,552,250
Computer Services — 1.7%
Cognizant Technology Solutions Corp., Class A		72,544		3,844,832
Computers — 6.1%
Apple, Inc.		42,909		13,642,487
Cosmetics & Toiletries — 1.9%
Unilever NV		83,417		4,297,644
Diversified Banking Institutions — 3.5%
Bank of America Corp.		151,355		3,650,683
JPMorgan Chase & Co.		43,149		4,198,829
				7,849,512
E-Commerce/Products — 5.2%
Alibaba Group Holding, Ltd. ADR†		16,374		3,395,804
Amazon.com, Inc.†		3,367		8,223,460
				11,619,264
E-Commerce/Services — 0.6%
Booking Holdings, Inc.†		833		1,365,637
Electric - Integrated — 1.0%
AES Corp.		174,873		2,184,164
Electronic Components - Misc. — 1.3%
Hubbell, Inc.		23,325		2,855,447
Electronic Measurement Instruments — 1.3%
Fortive Corp.		47,538		2,898,867
Finance - Auto Loans — 0.8%
Ally Financial, Inc.		106,209		1,852,285
Finance - Credit Card — 3.1%
Visa, Inc., Class A		35,420		6,915,401
Financial Guarantee Insurance — 0.2%
Assured Guaranty, Ltd.		17,478		453,205
Footwear & Related Apparel — 0.6%
Skechers U.S.A., Inc., Class A†		40,718		1,275,288
Human Resources — 1.1%
Robert Half International, Inc.		46,430		2,355,858
Insurance - Property/Casualty — 1.5%
Berkshire Hathaway, Inc., Class B†		15,710		2,915,462

Security Description	Shares		Value (Note 2)
Insurance - Property/Casualty (continued)
Fidelity National Financial, Inc.		11,065	$	352,973
				3,268,435
Internet Brokers — 0.7%
E*TRADE Financial Corp.		35,710		1,626,233
Internet Content - Entertainment — 3.7%
Facebook, Inc., Class A†		36,568		8,231,091
Investment Management/Advisor Services — 0.7%
Raymond James Financial, Inc.		23,422		1,622,676
Machinery - General Industrial — 1.1%
Otis Worldwide Corp.		47,475		2,499,559
Medical Labs & Testing Services — 2.3%
Laboratory Corp. of America Holdings†		28,960		5,077,267
Medical Products — 1.4%
Koninklijke Philips NV†		70,456		3,202,930
Medical - Biomedical/Gene — 1.5%
Biogen, Inc.†		11,136		3,419,754
Medical - Drugs — 5.1%
Novo Nordisk A/S ADR		35,771		2,358,740
Pfizer, Inc.		125,289		4,784,787
Sanofi ADR		85,711		4,209,267
				11,352,794
Medical - HMO — 4.7%
Anthem, Inc.		14,777		4,346,063
UnitedHealth Group, Inc.		20,170		6,148,825
				10,494,888
Networking Products — 2.6%
Cisco Systems, Inc.		121,625		5,816,107
Oil Companies - Exploration & Production — 1.1%
ConocoPhillips		59,727		2,519,285
Oil Companies - Integrated — 2.3%
BP PLC ADR#		93,225		2,157,227
Chevron Corp.		32,505		2,980,708
				5,137,935
Rental Auto/Equipment — 0.3%
United Rentals, Inc.†		5,027		698,200
Retail - Apparel/Shoe — 0.6%
Ross Stores, Inc.		13,731		1,331,358
Retail - Auto Parts — 1.3%
O’Reilly Automotive, Inc.†		7,041		2,937,787
Retail - Building Products — 1.6%
Lowe’s Cos., Inc.		26,855		3,500,549
Retail - Discount — 5.8%
Dollar General Corp.		20,070		3,843,605
Dollar Tree, Inc.†		52,733		5,160,979
Walmart, Inc.		31,165		3,866,330
				12,870,914
Semiconductor Components - Integrated Circuits — 1.9%
NXP Semiconductors NV		5,570		547,289
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		72,848		3,666,440
				4,213,729
Telephone - Integrated — 1.8%
Verizon Communications, Inc.		70,475		4,043,855

50

VALIC Company I Core Equity Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
COMMON STOCKS (continued)
Tobacco — 2.0%
Altria Group, Inc.		113,332		$	4,425,615
Transport - Rail — 0.9%
Norfolk Southern Corp.		10,700			1,907,703
Web Portals/ISP — 5.5%
Alphabet, Inc., Class A†		4,255			6,099,628
Alphabet, Inc., Class C†		4,275			6,108,633
					12,208,261
Total Long-Term Investment Securities
(cost $187,253,165)					218,862,869
REPURCHASE AGREEMENTS — 1.7%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% , dated 05/29/2020, to be repurchased 06/01/2020 in the amount $3,725,000 collateralized by $3,505,000 of United States Treasury Notes, bearing interest at 2.38% due 02/29/2024 and having an approximate value of $3,800,391 (cost $3,725,000)	$	3,725,000			3,725,000
TOTAL INVESTMENTS
(cost $190,978,165)(1)		99.8	%		222,587,869
Other assets less liabilities		0.2			477,672
NET ASSETS		100.0	%	$	223,065,541

† Non-income producing security

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

At May 31, 2020, the Fund had loaned securities with a total value of $2,157,227. This was secured by collateral of $2,227,536 received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2020
United States Treasury Bills	0.00%	06/18/2020 to 07/23/2020	$	108,299
United States Treasury Notes/Bonds	0.13% to 6.13%	07/15/2020 to 05/15/2048		2,119,237

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

ADR — American Depositary Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2020 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	218,862,869	$	—	$	—	$	218,862,869
Repurchase Agreements		—		3,725,000		—		3,725,000
Total Investments at Value	$	218,862,869	$	3,725,000	$	—	$	222,587,869

See Notes to Financial Statements

51

VALIC Company I Dividend Value Fund

PORTFOLIO PROFILE — May 31, 2020 (unaudited)

Industry Allocation*

Medical — Drugs	8.5	%
Diversified Banking Institutions	7.3
Telephone — Integrated	3.8
Tobacco	3.7
Oil Companies — Integrated	2.9
Chemicals — Diversified	2.9
Diversified Manufacturing Operations	2.8
Electric — Integrated	2.6
Medical — Biomedical/Gene	2.6
Medical — HMO	2.4
Steel — Producers	2.4
Food — Misc./Diversified	2.3
Computer Services	2.3
Medical Instruments	2.2
Insurance — Multi-line	2.1
Medical — Wholesale Drug Distribution	2.1
Networking Products	1.9
Advertising Agencies	1.9
Pipelines	1.9
Insurance Brokers	1.8
Electronic Components — Semiconductors	1.6
Oil Companies — Exploration & Production	1.5
Banks — Super Regional	1.4
Cosmetics & Toiletries	1.4
Medical Products	1.3
Aerospace/Defense	1.3
Electric Products-Misc.	1.2
Machinery — Construction & Mining	1.2
Cable/Satellite TV	1.2
Computers — Memory Devices	1.1
Brewery	1.1
Finance — Credit Card	1.1
Data Processing/Management	1.0
Computers	1.0
Applications Software	1.0
Pharmacy Services	1.0
Insurance — Life/Health	1.0
Apparel Manufacturers	0.9
Oil Refining & Marketing	0.9
Commercial Services — Finance	0.9
Retail — Building Products	0.9
Auto — Cars/Light Trucks	0.8
Investment Management/Advisor Services	0.8
Insurance — Property/Casualty	0.8
Finance — Investment Banker/Broker	0.8
Soap & Cleaning Preparation	0.8
Retail — Discount	0.7
Broadcast Services/Program	0.7
Distribution/Wholesale	0.6
Repurchase Agreements	0.5
Transport — Rail	0.5
Audio/Video Products	0.5
Wireless Equipment	0.5
Finance — Other Services	0.4
Agricultural Biotech	0.4
Home Decoration Products	0.3
Semiconductor Components — Integrated Circuits	0.3
Transport — Services	0.3
Beverages — Non-alcoholic	0.2
Retail — Apparel/Shoe	0.2
Water Treatment Systems	0.2
Medical Labs & Testing Services	0.1
Building Products — Cement	0.1
Gas — Distribution	0.1
Enterprise Software/Service	0.1
	95.1	%

* Calculated as a percentage of net assets

52

VALIC Company I Dividend Value Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 94.6%
Advertising Agencies — 1.9%
Interpublic Group of Cos., Inc.		620,454	$	10,615,968
Omnicom Group, Inc.#		162,350		8,895,156
				19,511,124
Aerospace/Defense — 1.3%
BAE Systems PLC		1,423,347		8,763,010
Lockheed Martin Corp.		10,588		4,112,803
				12,875,813
Agricultural Biotech — 0.4%
Corteva, Inc.		129,885		3,547,159
Apparel Manufacturers — 0.9%
Hanesbrands, Inc.#		905,877		8,931,947
Applications Software — 1.0%
Microsoft Corp.		55,971		10,256,686
Audio/Video Products — 0.5%
Sony Corp.		76,900		4,910,650
Auto - Cars/Light Trucks — 0.8%
General Motors Co.		331,886		8,589,210
Auto/Truck Parts & Equipment - Original — 0.0%
Lear Corp.		3,700		392,385
Banks - Super Regional — 1.4%
US Bancorp		50,461		1,794,393
Wells Fargo & Co.		485,039		12,838,982
				14,633,375
Beverages - Non-alcoholic — 0.2%
PepsiCo, Inc.		18,265		2,402,761
Brewery — 1.1%
Constellation Brands, Inc., Class A		64,570		11,151,239
Broadcast Services/Program — 0.7%
Fox Corp., Class A		197,970		5,774,785
Fox Corp., Class B		30,040		864,551
				6,639,336
Building Products - Cement — 0.1%
CRH PLC		40,130		1,306,480
Cable/Satellite TV — 1.2%
Comcast Corp., Class A		312,259		12,365,456
Chemicals - Diversified — 2.9%
Dow, Inc.		325,021		12,545,811
DuPont de Nemours, Inc.		119,018		6,037,783
LyondellBasell Industries NV, Class A		164,655		10,498,403
				29,081,997
Commercial Services - Finance — 0.9%
H&R Block, Inc.#		511,587		8,696,979
Computer Services — 2.3%
Cognizant Technology Solutions Corp., Class A		226,911		12,026,283
International Business Machines Corp.		91,507		11,429,224
				23,455,507
Computers — 1.0%
HP, Inc.		678,851		10,277,804
Computers - Memory Devices — 1.1%
NetApp, Inc.		254,536		11,337,033
Cosmetics & Toiletries — 1.4%
Unilever NV		267,549		13,784,124

Security Description	Shares		Value (Note 2)
Data Processing/Management — 1.0%
Paychex, Inc.		143,689	$	10,385,841
Distribution/Wholesale — 0.6%
Ferguson PLC		80,934		6,392,675
Diversified Banking Institutions — 7.3%
Bank of America Corp.		902,495		21,768,179
Citigroup, Inc.		399,302		19,130,559
JPMorgan Chase & Co.		221,977		21,600,582
Morgan Stanley		253,118		11,187,816
				73,687,136
Diversified Manufacturing Operations — 2.8%
3M Co.		77,850		12,178,854
General Electric Co.		1,088,954		7,154,428
Siemens AG		83,017		9,061,644
				28,394,926
Electric Products - Misc. — 1.2%
Emerson Electric Co.		206,675		12,611,309
Electric - Integrated — 2.6%
Edison International		89,470		5,199,102
FirstEnergy Corp.		316,099		13,358,344
PPL Corp.		12,210		341,147
Public Service Enterprise Group, Inc.		149,378		7,624,253
				26,522,846
Electronic Components - Semiconductors — 1.6%
Broadcom, Inc.		25,717		7,490,590
Samsung Electronics Co., Ltd. GDR		8,501		8,763,846
				16,254,436
Enterprise Software/Service — 0.1%
Constellation Software, Inc.		735		835,509
Finance - Credit Card — 1.1%
American Express Co.		29,760		2,829,283
Visa, Inc., Class A		41,237		8,051,112
				10,880,395
Finance - Investment Banker/Broker — 0.8%
Charles Schwab Corp.		219,956		7,898,620
Finance - Other Services — 0.4%
CME Group, Inc.		22,630		4,132,238
Food - Misc./Diversified — 2.3%
Conagra Brands, Inc.		65,247		2,269,943
Kraft Heinz Co.		475,779		14,496,986
Nestle SA		64,082		6,938,117
				23,705,046
Gas - Distribution — 0.1%
NiSource, Inc.		49,580		1,181,491
Home Decoration Products — 0.3%
Newell Brands, Inc.		257,830		3,390,465
Insurance Brokers — 1.8%
Arthur J. Gallagher & Co.		94,504		8,909,837
Willis Towers Watson PLC		45,804		9,293,632
				18,203,469
Insurance - Life/Health — 1.0%
Equitable Holdings, Inc.		265,272		5,069,348
Prudential Financial, Inc.		76,212		4,645,883
				9,715,231

53

VALIC Company I Dividend Value Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Insurance - Multi-line — 2.1%
Allstate Corp.		46,328	$	4,531,342
Hartford Financial Services Group, Inc.		110,663		4,237,286
MetLife, Inc.		347,471		12,512,431
				21,281,059
Insurance - Property/Casualty — 0.8%
Berkshire Hathaway, Inc., Class B†		36,205		6,718,924
Fidelity National Financial, Inc.		37,240		1,187,956
				7,906,880
Investment Management/Advisor Services — 0.8%
Raymond James Financial, Inc.		114,160		7,909,005
Machinery - Construction & Mining — 1.2%
Caterpillar, Inc.		104,419		12,543,854
Medical Instruments — 2.2%
Alcon, Inc.†		103,475		6,689,226
Medtronic PLC		155,473		15,326,528
				22,015,754
Medical Labs & Testing Services — 0.1%
Quest Diagnostics, Inc.		11,484		1,358,328
Medical Products — 1.3%
Koninklijke Philips NV†		296,433		13,504,199
Medical - Biomedical/Gene — 2.6%
Amgen, Inc.		48,676		11,180,877
Gilead Sciences, Inc.		196,968		15,330,020
				26,510,897
Medical - Drugs — 8.5%
AbbVie, Inc.		155,613		14,420,657
AstraZeneca PLC		102,257		10,872,402
Bayer AG		167,928		11,217,107
Bristol-Myers Squibb Co.		258,604		15,443,831
Pfizer, Inc.		481,750		18,398,032
Sanofi		156,620		15,274,462
				85,626,491
Medical - HMO — 2.4%
Anthem, Inc.		49,879		14,669,913
UnitedHealth Group, Inc.		31,820		9,700,327
				24,370,240
Medical - Wholesale Drug Distribution — 2.1%
Cardinal Health, Inc.		282,082		15,427,064
McKesson Corp.		33,483		5,312,748
				20,739,812
Networking Products — 1.9%
Cisco Systems, Inc.		412,338		19,718,003
Oil Companies - Exploration & Production — 1.5%
ConocoPhillips		135,510		5,715,812
Pioneer Natural Resources Co.		101,446		9,292,453
				15,008,265
Oil Companies - Integrated — 2.9%
BP PLC		935,454		3,552,189
Chevron Corp.		105,403		9,665,455
Equinor ASA		563,369		8,224,737
Exxon Mobil Corp.		178,837		8,131,718
				29,574,099

Security Description	Shares/ Principal Amount			Value (Note 2)
Oil Refining & Marketing — 0.9%
Marathon Petroleum Corp.		249,322		$	8,761,175
Pharmacy Services — 1.0%
CVS Health Corp.		154,329			10,119,353
Pipelines — 1.9%
Enterprise Products Partners LP		503,865			9,623,821
Williams Cos., Inc.		453,609			9,267,232
					18,891,053
Retail - Apparel/Shoe — 0.2%
Ross Stores, Inc.		21,710			2,105,002
Retail - Building Products — 0.9%
Lowe’s Cos., Inc.		66,662			8,689,392
Retail - Discount — 0.7%
Dollar General Corp.		37,612			7,203,074
Semiconductor Components - Integrated Circuits — 0.3%
NXP Semiconductors NV		34,770			3,341,397
Soap & Cleaning Preparation — 0.8%
Henkel AG & Co. KGaA (Preference Shares)†		86,400			7,673,136
Steel - Producers — 2.4%
Nucor Corp.		273,583			11,561,618
Steel Dynamics, Inc.		462,652			12,288,037
					23,849,655
Telephone - Integrated — 3.8%
Verizon Communications, Inc.		674,734			38,716,237
Tobacco — 3.7%
Altria Group, Inc.		594,732			23,224,285
British American Tobacco PLC		41,200			1,629,333
Philip Morris International, Inc.		170,775			12,528,054
					37,381,672
Transport - Rail — 0.5%
Union Pacific Corp.		29,824			5,065,905
Transport - Services — 0.3%
FedEx Corp.		20,404			2,663,946
Water Treatment Systems — 0.2%
Pentair PLC		43,819			1,715,076
Wireless Equipment — 0.5%
Motorola Solutions, Inc.		34,100			4,614,753
Total Long-Term Investment Securities
(cost $1,008,875,056)					957,196,410
REPURCHASE AGREEMENTS — 0.5%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00%, dated 05/29/2020, to be repurchased 06/01/2020 in the amount of $5,382,000 collateralized by $5,115,000 of United States Treasury Notes, bearing interest at 2.13% due 03/31/2024 and having an approximate value of $5,492,840 (cost $5,382,000)	$	5,382,000			5,382,000
TOTAL INVESTMENTS
(cost $1,014,257,056)(1)		95.1	%		962,578,410
Other assets less liabilities		4.9			49,438,456
NET ASSETS		100.0	%	$	1,012,016,866

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

54

VALIC Company I Dividend Value Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

At May 31, 2020, the Fund had loaned securities with a total value of $17,559,173. This was secured by collateral of $18,373,460 received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2020
Federal Home Loan Mtg. Corp.	2.50% to 3.50%	12/01/2047 to 03/01/2050	$	2,927,843
Federal National Mtg. Assoc.	1.85% to 4.00%	01/25/2030 to 03/01/2050		5,121,240
Government National Mtg. Assoc.	2.50%	09/20/2046		382,572
United States Treasury Bills	0.00%	06/18/2020 to 07/23/2020		118,201
United States Treasury Notes/Bonds	0.13% to 6.25%	06/15/2020 to 11/15/2049		9,823,604

† Non-income producing security

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

GDR—Global Depositary Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2020 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs			Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	832,423,197	$	124,773,213	**	$	—	$	957,196,410
Repurchase Agreements		—		5,382,000			—		5,382,000
Total Investments at Value	$	832,423,197	$	130,155,213		$	—	$	962,578,410

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

** Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 2).

55

VALIC Company I Dynamic Allocation Fund

PORTFOLIO PROFILE — May 31, 2020 (unaudited)

Industry Allocation*

Domestic Equity Investment Companies	50.9	%
Domestic Fixed Income Investment Companies	19.8
United States Treasury Notes	16.7
International Equity Investment Companies	9.0
Registered Investment Companies	3.0
Options — Purchased .	0.8
International Fixed Income Investment Companies	0.4
United States Treasury Bonds	0.2
	100.8	%

* Calculated as a percentage of net assets

56

VALIC Company I Dynamic Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020

Security Description	Shares		Value (Note 2)
AFFILIATED REGISTERED INVESTMENT COMPANIES — 80.1%(1)@
Domestic Equity Investment Companies — 50.9%
VALIC Co. I Blue Chip Growth Fund†		346,482	$	7,206,817
VALIC Co. I Dividend Value Fund		716,569		7,151,356
VALIC Co. I Growth Fund		413,627		7,784,470
VALIC Co. I Large Cap Core Fund		651,934		7,601,545
VALIC Co. I Large Capital Growth Fund		358,303		6,026,657
VALIC Co. I Mid Cap Index Fund		148,390		3,079,082
VALIC Co. I Small Cap Aggressive Growth Fund†		57,743		781,838
VALIC Co. I Small Cap Index Fund		89,227		1,345,538
VALIC Co. I Small Cap Special Values Fund		140,310		1,233,324
VALIC Co. I Stock Index Fund		553,179		22,276,531
VALIC Co. I Systematic Core Fund		167,410		3,443,623
VALIC Co. I Systematic Value Fund		548,754		6,469,814
VALIC Co. I Value Fund		460,028		7,199,448
VALIC Co. II Capital Appreciation Fund		353,005		5,729,263
VALIC Co. II Large Cap Value Fund		185,739		3,404,596
VALIC Co. II Mid Cap Growth Fund		209,756		2,175,166
VALIC Co. II Mid Cap Value Fund		124,952		1,915,516
VALIC Co. II Small Cap Growth Fund		23,459		458,849
VALIC Co. II Small Cap Value Fund		35,821		324,180
VALIC Co. II U.S. Socially Responsible Fund		64,574		1,480,689
Total Domestic Equity Investment Companies
(cost $92,384,818)				97,088,302
Domestic Fixed Income Investment Companies — 19.8%
VALIC Co. I Capital Conservation Fund		1,203,383		12,647,556
VALIC Co. I Government Securities Fund		776,023		8,706,982
VALIC Co. I Inflation Protected Fund		235,856		2,674,604
VALIC Co. II Core Bond Fund		809,744		9,741,217
VALIC Co. II High Yield Bond Fund		189,546		1,419,698
VALIC Co. II Strategic Bond Fund		222,230		2,537,863
Total Domestic Fixed Income Investment Companies
(cost $35,639,874)				37,727,920
International Equity Investment Companies — 9.0%
VALIC Co. I Emerging Economies Fund		154,300		1,115,590
VALIC Co. I Global Real Estate Fund		184,312		1,262,539
VALIC Co. I International Equities Index Fund		747,703		4,628,283
VALIC Co. I International Growth Fund		433,206		5,402,085
VALIC Co. I International Socially Responsible Fund		29,419		705,171
VALIC Co. I International Value Fund		522,903		4,068,187
VALIC Co. II International Opportunities Fund		5,386		101,424
Total International Equity Investment Companies
(cost $17,902,907)				17,283,279
International Fixed Income Investment Companies — 0.4%
VALIC Co. I International Government Bond Fund (cost $685,690)		58,975		715,369
Total Affiliated Registered Investment Companies
(cost $146,613,289)				152,814,870

Security Description	Principal Amount/ Shares			Value (Note 2)
U.S. GOVERNMENT TREASURIES — 16.9%
United States Treasury Bonds — 0.2%
6.13% due 11/15/2027	$	316,000		$	446,585
United States Treasury Notes — 16.7%
1.50% due 02/15/2030		2,675,000			2,893,075
1.63% due 08/15/2029		2,784,600			3,039,130
1.75% due 11/15/2029		2,652,400			2,929,451
2.25% due 08/15/2027#		2,066,500			2,323,440
2.25% due 11/15/2027#		3,848,800			4,339,071
2.38% due 05/15/2029		5,844,900			6,749,946
2.63% due 02/15/2029		787,200			923,453
2.75% due 02/15/2028		2,396,100			2,798,851
2.88% due 05/15/2028		2,390,600			2,825,671
3.13% due 11/15/2028		2,534,100			3,068,538
					31,890,626
Total U.S. Government Treasuries
(cost $28,949,125)					32,337,211
OPTIONS - PURCHASED — 0.8%
Over the Counter Purchased Put Options(2) (cost $2,704,958)		30,000			1,472,660
Total Long-Term Investment Securities
(cost $178,267,372)					186,624,741
SHORT-TERM INVESTMENT SECURITIES — 3.0%
Registered Investment Companies — 3.0%
AB Government Money Market Portfolio, Class AB 0.25%(3) (cost $5,676,971)		5,676,971			5,676,971
TOTAL INVESTMENTS
(cost $183,944,343)(4)		100.8	%		192,301,712
Liabilities in excess of other assets		(0.8	)		(1,560,915	)
NET ASSETS		100.0	%	$	190,740,797

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

† Non-income producing security

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

(1) See Note 3

(2) Options — Purchased

Over the Counter Purchased Put Options
Issue	Counter Party		Expiration Month		Strike Price		No. of Contracts		Notional Amount*		Premiums Paid		Value at May 31, 2020		Unrealized Appreciation (Depreciation)
S&P 500 Index		Citibank, N.A.		October 2020	$	2,300		1,000	$	3,044,310	$	56,803	$	38,510	$	(18,293	)
S&P 500 Index		Goldman Sachs International		October 2020		2,300		8,000		24,354,480		751,320		308,081		(443,239	)
S&P 500 Index		UBS AG		October 2020		2,300		5,000		15,221,550		518,404		192,550		(325,854	)
S&P 500 Index		Citibank, N.A.		November 2020		2,200		9,000		27,398,790		724,500		384,300		(340,200	)
S&P 500 Index		UBS AG		November 2020		2,200		2,000		6,088,620		148,807		85,400		(63,407	)
S&P 500 Index		Citibank, N.A.		December 2020		2,500		4,000		12,177,240		407,326		371,055		(36,271	)
S&P 500 Index		UBS AG		December 2020		2,500		1,000		3,044,310		97,798		92,764		(5,034	)
								30,000	$	91,329,300	$	2,704,958	$	1,472,660	$	(1,232,298	)

57

VALIC Company I Dynamic Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

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

(3) The rate shown is the 7-day yield as of May 31, 2020.

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

Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Notional Basis#		Notional Value#		Unrealized Appreciation (Depreciation)
	90	Short	S&P 500 E-Mini Index		June 2020	$	13,244,595	$	13,689,000	$	(444,405	)

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

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2020 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Affiliated Registered Investment Companies	$	152,814,870	$	—	$	—	$	152,814,870
U.S. Government Treasuries		—		32,337,211		—		32,337,211
Options Purchased		—		1,472,660		—		1,472,660
Short-Term Investment Securities		5,676,971		—		—		5,676,971
Total Investments at Value	$	158,491,841	$	33,809,871	$	—	$	192,301,712
LIABILITIES:
Other Financial Instruments:†
Futures Contracts	$	444,405	$	—	$	—	$	444,405

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

† Amounts represent unrealized appreciation/depreciation as of the end of the reporting period.

See Notes to Financial Statements

58

VALIC Company I Emerging Economies Fund

PORTFOLIO PROFILE — May 31, 2020 (unaudited)

Industry Allocation*

Banks — Commercial	12.9	%
E-Commerce/Products	10.7
Internet Content — Information/News	7.5
Electronic Components — Semiconductors	6.9
Semiconductor Components — Integrated Circuits	6.8
Real Estate Operations & Development	3.6
Oil Companies — Integrated	3.1
Entertainment Software	2.4
Food — Retail	2.0
Building Products — Cement	1.8
Medical — Drugs	1.8
Auto — Cars/Light Trucks	1.7
Tobacco	1.6
Insurance — Multi-line	1.6
Finance — Mortgage Loan/Banker	1.5
Metal — Iron	1.4
Steel — Producers	1.4
Retail — Restaurants	1.3
Appliances	1.2
Gold Mining	1.2
Metal — Diversified	1.1
Diversified Financial Services	1.1
Auto/Truck Parts & Equipment — Original	1.0
Registered Investment Companies	1.0
Circuit Boards	0.9
Oil Refining & Marketing	0.8
Banks — Money Center	0.8
Computer Services	0.7
Food — Misc./Diversified	0.7
Electric — Generation	0.6
Home Furnishings	0.6
Electronic Components — Misc.	0.6
Semiconductor Equipment	0.6
Electric — Integrated	0.6
Food — Flour & Grain	0.6
Auto/Truck Parts & Equipment — Replacement	0.6
Cosmetics & Toiletries	0.5
Schools	0.5
Water	0.5
Coal	0.5
Rubber/Plastic Products	0.5
Machinery — Construction & Mining	0.5
Building & Construction — Misc.	0.5
Disposable Medical Products	0.5
Paper & Related Products	0.4
Metal Processors & Fabrication	0.4
Transport — Truck	0.4
Banks — Special Purpose	0.4
Building — Heavy Construction	0.4
Consulting Services	0.3
Platinum	0.3
Retail — Drug Store	0.3
Transport — Services	0.3
Building Products — Doors & Windows	0.3
Retail — Misc./Diversified	0.3
Beverages — Non-alcoholic	0.3
Consumer Products — Misc.	0.3
Food — Meat Products	0.3
Tools — Hand Held	0.3
Computers — Periphery Equipment	0.3
Retail — Discount	0.3
Telecom Equipment — Fiber Optics	0.3
Retail — Hypermarkets	0.3
Building & Construction Products — Misc.	0.3
Engineering/R&D Services	0.3
Airport Development/Maintenance	0.3

Athletic Footwear	0.3
Computers	0.3
Gambling (Non-Hotel)	0.2
Retail — Apparel/Shoe	0.2
Gas — Distribution	0.2
Diversified Operations	0.2
Medical — Hospitals	0.2
Apparel Manufacturers	0.2
Advertising Agencies	0.2
Insurance — Reinsurance	0.2
Real Estate Investment Trusts	0.2
Telephone — Integrated	0.1
E-Commerce/Services	0.1
	98.4	%

Country Allocation*

Cayman Islands	22.5	%
China	17.5
South Korea	15.1
Taiwan	10.4
Russia	7.7
Brazil	7.5
India	4.3
South Africa	3.0
United States	2.3
Mexico	2.1
Turkey	2.1
Poland	1.0
Hungary	0.5
Hong Kong	0.5
Netherlands	0.5
Bermuda	0.4
Thailand	0.4
Colombia	0.3
Greece	0.2
Argentina	0.1
	98.4	%

* Calculated as a percentage of net assets

59

VALIC Company I Emerging Economies Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 97.4%
Argentina — 0.1%
Banco Macro SA ADR#		37,426	$	642,230
Bermuda — 0.4%
Nine Dragons Paper Holdings, Ltd.		3,318,000		2,907,644
Brazil — 7.5%
Atacadao SA		557,710		1,932,436
Banco do Brasil SA		1,188,253		6,867,253
Cia de Saneamento Basico do Estado de Sao Paulo		355,903		3,622,857
Cia Paranaense de Energia, Class B (Preference Shares)		357,229		4,237,505
Construtora Tenda SA		316,675		1,488,930
Cyrela Brazil Realty SA Empreendimentos e Participacoes		364,029		1,156,286
Hypera SA		418,973		2,529,713
IRB Brasil Resseguros S/A		819,217		1,274,198
Itau Unibanco Holding SA ADR		1,463,202		6,218,608
Minerva SA†		861,080		2,160,647
Petrobras Distribuidora SA		556,385		2,256,277
Qualicorp Consultoria e Corretora de Seguros SA		544,205		2,419,006
Raia Drogasil SA		112,532		2,307,873
Smiles Fidelidade SA		184,216		417,017
Vale SA ADR		996,841		9,729,168
YDUQS Part†		701,370		3,743,234
				52,361,008
Cayman Islands — 22.5%
Alibaba Group Holding, Ltd. ADR†		279,369		57,938,337
China Lesso Group Holdings, Ltd.		1,580,000		1,923,418
China Resources Cement Holdings, Ltd.		3,468,000		4,380,639
Country Garden Holdings Co., Ltd.		6,145,000		7,672,607
Geely Automobile Holdings, Ltd.		2,037,000		2,817,407
JD.com, Inc. ADR†		233,885		12,706,972
NetEase, Inc. ADR		30,223		11,572,387
Silicon Motion Technology Corp. ADR		53,648		2,417,915
Tencent Holdings, Ltd.		863,000		45,999,141
Tingyi Cayman Islands Holding Corp.		2,280,000		3,925,128
Vipshop Holdings, Ltd. ADR†		248,764		4,313,568
Zhen Ding Technology Holding, Ltd.		574,000		2,289,169
				157,956,688
China — 17.5%
Anhui Conch Cement Co., Ltd.		1,091,000		8,226,237
China Construction Bank Corp.		21,865,000		17,272,693
China Merchants Bank Co., Ltd.		2,283,500		10,746,012
China Vanke Co., Ltd.		2,312,100		7,573,191
Dongfeng Motor Group Co., Ltd.		2,160,000		1,366,935
Greendland Holdings Corp., Ltd., Class A		4,177,386		3,131,658
Hang Zhou Great Star Industrial Co., Ltd., Class A		1,370,281		2,050,157
Hangzhou Robam Appliances Co., Ltd.		892,718		4,258,019
Industrial & Commercial Bank of China, Ltd.		19,871,000		12,892,502
Livzon Pharmaceutical Group, Inc.		1,076,400		4,341,393
Midea Group Co., Ltd.		508,699		4,206,585
Ping An Insurance Group Co. of China, Ltd.		1,106,500		10,985,578
Poly Developments and Holdings Group Co., Ltd., Class A		2,145,174		4,317,413
Postal Savings Bank of China Co., Ltd.*		9,037,000		5,778,933
Sany Heavy Industry Co., Ltd., Class A		766,112		1,969,163
Shandong Weigao Group Medical Polymer Co., Ltd.		1,792,000		3,150,329
Shanghai Construction Group Co., Ltd., Class A		4,176,656		1,808,118
Suofeiya Home Collection Co., Ltd., Class A		1,255,100		4,548,981
Weichai Power Co., Ltd.		2,229,881		3,891,922
Xiamen C & D, Inc., Class A		1,803,798		2,206,069
Yangtze Optical Fibre and Cable Joint Stock Ltd., Co.*#		1,110,000		1,968,086
Yanzhou Coal Mining Co., Ltd.		2,250,000		1,724,560
YiChang HEC ChangJiang Pharmaceutical Co., Ltd.*		539,200		1,915,472
Zhuzhou Kibing Group Co., Ltd., Class A		2,698,693		2,195,947
				122,525,953

Security Description	Shares		Value (Note 2)
Colombia — 0.3%
Ecopetrol SA ADR#		183,088	$	1,905,946
Greece — 0.2%
OPAP SA		197,411		1,848,543
Hong Kong — 0.5%
Beijing Enterprises Holdings, Ltd.		495,500		1,650,423
Lenovo Group, Ltd.		3,250,000		1,771,472
				3,421,895
Hungary — 0.5%
Richter Gedeon Nyrt		157,926		3,449,573
India — 4.3%
HDFC Bank, Ltd. ADR		163,367		6,833,642
Housing Development Finance Corp., Ltd.		482,928		10,612,450
Infosys, Ltd. ADR		516,334		4,698,640
ITC, Ltd.		1,646,363		4,286,107
Kotak Mahindra Bank, Ltd.		220,216		3,576,281
				30,007,120
Mexico — 2.1%
Arca Continental SAB de CV		490,289		2,189,602
Fibra Uno Administracion SA de CV		1,485,516		1,139,535
Grupo Aeroportuario del Centro Norte SAB de CV		408,024		1,796,818
Grupo Financiero Banorte SAB de CV, Class O		2,423,343		7,382,210
Kimberly-Clark de Mexico SAB de CV, Class A		1,402,746		2,183,715
				14,691,880
Netherlands — 0.5%
X5 Retail Group NV GDR		115,917		3,403,323
Poland — 1.0%
CD Projekt SA		34,733		3,515,645
Polski Koncern Naftowy Orlen SA		223,217		3,733,310
				7,248,955
Russia — 7.7%
Inter RAO UES PJSC†		32,549,406		2,273,609
Lukoil PJSC ADR		156,959		11,817,443
Magnitogorsk Iron & Steel Works PJSC†		2,027,248		1,159,272
MMC Norilsk Nickel PJSC ADR#		247,853		7,876,768
Polyus PJSC GDR		96,815		7,996,919
Polyus PJSC GDR		4,435		365,315
RusHydro PJSC†		234,874,512		2,301,300
Sberbank of Russia PJSC ADR		813,011		9,300,846
Severstal PAO GDR		252,722		3,315,713
Surgutneftegas PJSC (Preference Shares)†		5,769,320		2,920,643
Tatneft PJSC ADR#		111,722		4,713,551
				54,041,379
South Africa — 3.0%
Absa Group, Ltd.		641,175		2,978,957
Clicks Group, Ltd.		164,768		2,192,578
Exxaro Resources, Ltd.		254,815		1,806,084
Foschini Group, Ltd.		497,339		1,776,655
Impala Platinum Holdings, Ltd.		354,932		2,381,679
Naspers, Ltd., Class N		37,715		5,996,915
Netcare, Ltd.		1,777,693		1,446,086
Telkom SA SOC, Ltd.		885,717		908,616
Woolworths Holdings, Ltd.		1,191,620		1,970,842
				21,458,412
South Korea — 15.1%
Cheil Worldwide, Inc.		100,140		1,347,117
Daelim Industrial Co., Ltd.		34,548		2,581,842
Doosan Bobcat, Inc.		72,321		1,389,110

60

VALIC Company I Emerging Economies Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
South Korea (continued)
E-MART Inc.		21,509	$	1,976,100
F&F Co., Ltd.		17,407		1,402,642
GS Engineering & Construction Corp.		65,419		1,513,717
GS Holdings Corp.		46,992		1,434,359
Hana Financial Group, Inc.		311,177		7,505,611
Hyundai Glovis Co., Ltd.		29,841		2,730,640
Hyundai Mobis Co., Ltd.		45,428		7,288,760
Industrial Bank of Korea		402,632		2,700,427
KEPCO Plant Service & Engineering Co., Ltd.		74,818		1,867,814
Kia Motors Corp.		243,913		6,769,418
KT&G Corp.		102,377		6,946,123
LG Household & Health Care, Ltd.		3,538		3,921,945
NongShim Co., Ltd.†		7,861		2,003,432
Samsung Electronics Co., Ltd.		783,717		32,178,088
Shinhan Financial Group Co., Ltd.#		276,304		6,748,918
SK Hynix, Inc.		212,333		14,019,937
				106,326,000
Taiwan — 10.4%
Catcher Technology Co., Ltd.		387,000		2,813,331
Chipbond Technology Corp.		806,000		1,650,290
Elite Material Co., Ltd.		717,000		3,528,859
FLEXium Interconnect, Inc.		571,072		2,064,766
Globalwafers Co., Ltd.		355,000		4,280,787
International Games System Co., Ltd.†		101,000		1,886,435
ITEQ Corp.		531,000		2,390,843
Lite-On Technology Corp.		1,274,000		2,043,473
Nanya Technology Corp.		1,958,000		3,908,370
Novatek Microelectronics Corp.		398,000		2,720,647
Pou Chen Corp.		1,823,000		1,796,681
Powertech Technology, Inc.		731,000		2,364,749
Radiant Opto-Electronics Corp.		688,000		2,364,792
Simplo Technology Co., Ltd.†		201,000		2,143,010
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		697,579		35,109,151
United Microelectronics Corp.		3,898,000		2,007,084
				73,073,268
Thailand — 0.4%
Charoen Pokphand Foods PCL		2,645,900		2,620,115
Turkey — 2.1%
BIM Birlesik Magazalar AS		451,742		4,314,847
Eregli Demir ve Celik Fabrikalari TAS		4,050,683		4,770,291
Ford Otomotiv Sanayi AS		129,404		1,175,768
KOC Holding AS		676,154		1,603,270
Migros Ticaret AS†		561,222		2,744,246
				14,608,422

Security Description	Shares			Value (Note 2)
United States — 1.3%
Yum China Holdings, Inc.		193,434		$	8,963,731
Total Long-Term Investment Securities
(cost $675,912,750)					683,462,085
SHORT-TERM INVESTMENT SECURITIES — 1.0%
Registered Investment Companies — 1.0%
State Street Navigator Securities Lending Government Money Market Portfolio 0.13%(1)(2) (cost $6,798,425)		6,798,425			6,798,425
TOTAL INVESTMENTS
(cost $682,711,175)(3)		98.4	%		690,260,510
Other assets less liabilities		1.6			11,210,676
NET ASSETS		100.0	%	$	701,471,186

† Non-income producing security

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

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2020, the aggregate value of these securities was $9,662,491 representing 1.4% of net assets.

(1) At May 31, 2020, the Fund had loaned securities with a total value of $10,060,498. This was secured by collateral of $6,798,425, which was received in cash and subsequently invested in short-term investments currently valued at $6,798,425 as reported in the Portfolio of Investments. Additional collateral of $4,234,180 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2020
United States Treasury Bills	0.00%	06/18/2020 to 07/23/2020	$	134,756
United States Treasury Notes/Bonds	0.13% to 6.25%	06/15/2020 to 11/15/2049		4,099,424

(2) The rate shown is the 7-day yield as of May 31, 2020.

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

ADR—American Depositary Receipt

GDR—Global Depositary Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2020 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs			Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks:
Russia	$	45,386,555	$	8,654,824		$	—	$	54,041,379
Other Countries		219,813,530		409,607,176	**		—		629,420,706
Short-Term Investment Securities		6,798,425		—			—		6,798,425
Total Investments at Value	$	271,998,510	$	418,262,000		$	—	$	690,260,510

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

** Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 2).

See Notes to Financial Statements

61

VALIC Company I Global Real Estate Fund

PORTFOLIO PROFILE — May 31, 2020 (unaudited)

Industry Allocation*

Real Estate Investment Trusts	75.3	%
Real Estate Operations & Development	10.9
Real Estate Management/Services	9.2
Registered Investment Companies	1.5
Private Equity	1.2
Hotels/Motels	0.7
Building — Heavy Construction	0.3
	99.1%

Country Allocation*

United States	49.1	%
Japan	13.2
Germany	6.4
United Kingdom	5.8
Australia	4.4
Hong Kong	4.2
Canada	3.1
Singapore	3.0
Cayman Islands	2.1
France	1.7
Sweden	1.4
Switzerland	1.3
Spain	1.0
Norway	0.9
Belgium	0.7
Ireland	0.6
SupraNational	0.2
	99.1	%

* Calculated as a percentage of net assets

62

VALIC Company I Global Real Estate Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 97.6%
Australia — 4.4%
BGP Holdings PLC†(1)		479,213	$	0
Centuria Industrial REIT		1,607,726		3,154,688
Goodman Group		804,488		8,155,336
Ingenia Communities Group		1,170,299		3,391,399
Mirvac Group		674,112		1,043,466
				15,744,889
Belgium — 0.7%
Warehouses De Pauw CVA		90,897		2,402,044
Canada — 3.1%
Allied Properties Real Estate Investment Trust		97,363		2,828,573
Canadian Apartment Properties REIT		104,952		3,578,056
Summit Industrial Income REIT		602,112		4,596,141
				11,002,770
Cayman Islands — 2.1%
CK Asset Holdings, Ltd.		1,352,000		7,431,743
France — 1.7%
Gecina SA		40,164		5,178,086
Klepierre SA#		49,684		943,993
				6,122,079
Germany — 6.4%
Alstria Office REIT-AG		172,833		2,515,767
Deutsche Wohnen AG		87,163		3,898,648
Instone Real Estate Group AG†*		51,801		1,122,090
Vonovia SE		270,512		15,606,720
				23,143,225
Hong Kong — 4.2%
Link REIT		924,700		6,962,647
Sun Hung Kai Properties, Ltd.		498,504		5,766,695
Swire Properties, Ltd.		1,003,400		2,234,764
				14,964,106
Ireland — 0.6%
Dalata Hotel Group PLC		271,529		983,812
Hibernia REIT PLC		1,104,729		1,336,308
				2,320,120
Japan — 13.2%
Activia Properties, Inc.#		1,047		3,567,503
ESCON Japan Reit Investment Corp.		1,737		1,703,771
GLP J-REIT		3,286		4,388,415
Japan Rental Housing Investments, Inc.		2,913		2,674,846
Kyoritsu Maintenance Co., Ltd.		47,900		1,532,807
Mitsubishi Estate Co., Ltd.		647,600		10,310,684
Mitsui Fudosan Co., Ltd.		235,700		4,541,868
Mitsui Fudosan Logistics Park, Inc.		634		2,761,261
Nippon Prologis REIT, Inc.#		1,870		5,274,316
Sankei Real Estate, Inc.		4,092		3,918,122
Sumitomo Realty & Development Co., Ltd.		239,200		6,634,794
				47,308,387
Norway — 0.9%
Entra ASA*		226,209		3,076,761
Singapore — 3.0%
Ascendas India Trust#		3,810,800		3,840,994
Ascendas Real Estate Investment Trust		528,100		1,174,798
CapitaLand, Ltd.†		624,400		1,282,585
Elite Commercial REIT†		2,029,800		1,693,262
Keppel DC REIT		1,628,900		2,971,044
				10,962,683

Security Description	Shares		Value (Note 2)
Spain — 1.0%
Aedas Homes SA†*		52,941	$	869,831
Cellnex Telecom SA*		17,144		973,329
Merlin Properties Socimi SA		226,361		1,903,306
				3,746,466
SupraNational — 0.2%
Unibail-Rodamco-Westfield (Euronext Paris)		1,270		67,246
Unibail-Rodamco-Westfield (Euronext Amsterdam)		13,228		704,055
				771,301
Sweden — 1.4%
Castellum AB		268,760		5,050,525
Switzerland — 1.3%
PSP Swiss Property AG		40,629		4,622,534
United Kingdom — 5.8%
Big Yellow Group PLC		269,914		3,342,053
Derwent London PLC		121,821		4,437,147
Segro PLC		500,052		5,205,003
Tritax Big Box REIT PLC		889,326		1,528,866
Tritax EuroBox PLC* (GBP)		672,689		748,448
Tritax EuroBox PLC* (EUR)		1,469,492		1,617,713
UNITE Group PLC		381,811		4,106,891
				20,986,121
United States — 47.6%
Agree Realty Corp.		43,482		2,729,365
Alexandria Real Estate Equities, Inc.		1,323		203,372
American Assets Trust, Inc.		35,539		930,056
American Homes 4 Rent, Class A		63,083		1,592,215
American Tower Corp.		99,129		25,592,134
Americold Realty Trust		32,999		1,178,394
Apartment Investment & Management Co., Class A		106,997		3,944,979
Apple Hospitality REIT, Inc.		189,804		1,937,899
AvalonBay Communities, Inc.		15,634		2,439,060
Boston Properties, Inc.		24,580		2,113,388
CareTrust REIT, Inc.		47,947		893,253
CoreSite Realty Corp.		17,124		2,137,418
Crown Castle International Corp.		101,951		17,551,884
CubeSmart		45,510		1,295,215
CyrusOne, Inc.		36,663		2,725,527
DiamondRock Hospitality Co.		244,385		1,463,866
Digital Realty Trust, Inc.		35,399		5,081,880
Duke Realty Corp.		68,214		2,352,019
Equinix, Inc.		11,961		8,344,352
Equity LifeStyle Properties, Inc.		41,115		2,561,465
Equity Residential		52,904		3,203,866
Essential Properties Realty Trust, Inc.		97,935		1,335,833
Extra Space Storage, Inc.		19,628		1,899,009
Federal Realty Investment Trust		24,587		1,964,747
Gaming and Leisure Properties, Inc.		107,489		3,712,670
Healthcare Realty Trust, Inc.		60,787		1,866,161
Healthcare Trust of America, Inc., Class A		66,008		1,747,232
Healthpeak Properties, Inc.		206,722		5,093,630
Hudson Pacific Properties, Inc.		35,474		857,407
Invitation Homes, Inc.		258,030		6,786,189
Kilroy Realty Corp.		21,909		1,251,442
Kimco Realty Corp.		195,814		2,175,494
Mid-America Apartment Communities, Inc.		27,053		3,147,887
National Retail Properties, Inc.		110,755		3,476,600
Omega Healthcare Investors, Inc.		13,480		419,767
Pebblebrook Hotel Trust		129,979		1,775,513
Prologis, Inc.		84,007		7,686,641
QTS Realty Trust, Inc., Class A		27,625		1,895,075
Regency Centers Corp.		36,754		1,572,704

63

VALIC Company I Global Real Estate Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares			Value (Note 2)
COMMON STOCKS (continued)
United States (continued)
Retail Opportunity Investments Corp.		56,907		$	534,357
Rexford Industrial Realty, Inc.		21,470			854,506
RLJ Lodging Trust		171,785			1,771,103
SBA Communications Corp.		1,602			503,236
STAG Industrial, Inc.		81,799			2,200,393
Sun Communities, Inc.		16,859			2,312,886
Sunstone Hotel Investors, Inc.		138,877			1,229,062
UDR, Inc.		172,310			6,372,024
Ventas, Inc.		176,855			6,181,082
VEREIT, Inc.		752,561			4,124,034
VICI Properties, Inc.		86,329			1,693,775
Weyerhaeuser Co.		223,976			4,522,075
					171,234,141
Total Long-Term Investment Securities
(cost $363,372,197)					350,889,895
SHORT-TERM INVESTMENT SECURITIES — 1.5%
Registered Investment Companies — 1.5%
State Street Institutional U.S. Government Money Market Fund, Administration Class 0.00%(2)		4,307,473			4,307,473
State Street Navigator Securities Lending Government Money Market Portfolio 0.13%(2)(3)		1,020,792			1,020,792
Total Short-Term Investment Securities
(cost $5,328,265)					5,328,265
TOTAL INVESTMENTS
(cost $368,700,462)(4)		99.1	%		356,218,160
Other assets less liabilities		0.9			3,224,205
NET ASSETS		100.0	%	$	359,442,365

† Non-income producing security

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

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2020, the aggregate value of these securities was $8,408,172 representing 2.3% of net assets.

(1) Securities classified as Level 3 (see Note 2).

(2) The rate shown is the 7-day yield as of May 31, 2020.

(3) At May 31, 2020, the Fund had loaned securities with a total value of $10,300,173. This was secured by collateral of $1,020,792, which was received in cash and subsequently invested in short-term investments currently valued at $1,020,792 as reported in the Portfolio of Investments. Additional collateral of $9,834,005 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2020
United States Treasury Notes/Bonds	0.63% to 8.13%	07/31/2020 to 11/15/2049	$	9,834,005

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

CVA—Certification Van Aandelen (Dutch Cert.)

EUR—Euro Currency

GBP—British Pound

Euronext Paris—Euronext Stock Exchange, Paris

Euronext Amsterdam—Euronext Stock Exchange, Amsterdam

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2020 (See Note 2):

	Level 1 - Unadjusted Quoted  Prices		Level 2 - Other Observable  Inputs			Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks:
Australia	$	—	$	15,744,889	**	$	0	$	15,744,889
Other Countries		182,304,157		152,840,849	**		—		335,145,006
Short-Term Investment Securities		5,328,265		—			—		5,328,265
Total Investments at Value	$	187,632,422	$	168,585,738		$	0	$	356,218,160

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

** Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 2).

At the beginning and end of the reporting period, Level 3 investments in securities were not considered a material portion of the Fund. There were no Level 3 transfers during the reporting period.

See Notes to Financial Statements

64

VALIC Company I Global Strategy Fund

PORTFOLIO PROFILE — May 31, 2020 (unaudited)

Industry Allocation*

Sovereign	20.0	%
Foreign Government Obligations	7.9
Medical — Drugs	6.7
Electronic Components — Semiconductors	3.1
U.S. Government Agencies	3.0
Medical — Biomedical/Gene	2.5
Telephone — Integrated	2.5
United States Treasury Notes	2.4
Banks — Commercial	2.4
Repurchase Agreements	2.1
Cosmetics & Toiletries	2.1
Computer Services	1.9
Tobacco	1.9
Electric — Integrated	1.8
Retail — Building Products	1.5
Applications Software	1.4
Cellular Telecom	1.4
Real Estate Investment Trusts	1.2
Metal — Diversified	1.1
Food — Misc./Diversified	1.1
Retail — Apparel/Shoe	1.1
Semiconductor Equipment	1.0
Oil Companies — Integrated	0.9
Food — Retail	0.9
Athletic Footwear	0.8
Beverages — Non-alcoholic	0.8
Semiconductor Components — Integrated Circuits	0.8
Internet Content — Entertainment	0.8
Building — Residential/Commercial	0.8
Diversified Minerals	0.7
Computers	0.7
Networking Products	0.7
Commercial Services — Finance	0.7
Retail — Discount	0.7
Retail — Restaurants	0.7
Finance — Credit Card	0.6
Multimedia	0.6
Aerospace/Defense	0.6
Auto — Cars/Light Trucks	0.6
Telecom Services	0.6
Transport — Services	0.6
Retail — Major Department Stores	0.5
Consumer Products — Misc.	0.5
Oil Refining & Marketing	0.5
Transport — Rail	0.5
Gold Mining	0.5
Chemicals — Diversified	0.4
Distribution/Wholesale	0.4
Commercial Services	0.4
Electronic Components — Misc.	0.4
Medical Products	0.4
Soap & Cleaning Preparation	0.4
Apparel Manufacturers	0.3
Metal — Iron	0.3
Auto — Heavy Duty Trucks	0.3
Casino Hotels	0.3
Data Processing/Management	0.3
Diversified Manufacturing Operations	0.3
Import/Export	0.3
Airport Development/Maintenance	0.3
Oil Companies — Exploration & Production	0.2
Steel — Producers	0.2
Rubber — Tires	0.2
E — Commerce/Services	0.2
Non — Hazardous Waste Disposal	0.2
Retail — Auto Parts	0.2
Industrial Gases	0.2

Food — Meat Products	0.2	%
Diversified Financial Services	0.2
Retail — Drug Store	0.2
Food — Wholesale/Distribution	0.2
Precious Metals	0.2
Finance — Other Services	0.2
Transport — Truck	0.2
Investment Management/Advisor Services	0.1
Computers — Memory Devices	0.1
Auto/Truck Parts & Equipment — Original	0.1
Food — Confectionery	0.1
Electric — Distribution	0.1
Enterprise Software/Service	0.1
Food — Catering	0.1
Insurance — Multi-line	0.1
Real Estate Operations & Development	0.1
Containers — Paper/Plastic	0.1
Electronic Connectors	0.1
Insurance — Life/Health	0.1
Building Products — Cement	0.1
Retail — Consumer Electronics	0.1
Office Automation & Equipment	0.1
Electric — Generation	0.1
Private Equity	0.1
Chemicals — Plastics	0.1
Computer Aided Design	0.1
Insurance — Property/Casualty	0.1
Industrial Automated/Robotic	0.1
Petrochemicals	0.1
Diversified Operations	0.1
Retail — Gardening Products	0.1
Photo Equipment & Supplies	0.1
Building & Construction Products — Misc.	0.1
Television	0.1
Coal	0.1
Computer Software	0.1
Retail — Hypermarkets	0.1
Resorts/Theme Parks	0.1
Retail — Perfume & Cosmetics	0.1
Computer Data Security	0.1
Diversified Operations/Commercial Services	0.1
Diversified Banking Institutions	0.1
Diamonds/Precious Stones	0.1
Registered Investment Companies	0.1
Respiratory Products	0.1
Advertising Agencies	0.1
Toys	0.1
Food — Dairy Products	0.1
Diagnostic Kits	0.1
Textile — Apparel	0.1
Paper & Related Products	0.1
Beverages — Wine/Spirits	0.1
Computers — Integrated Systems	0.1
Fisheries	0.1
Internet Infrastructure Software	0.1
Instruments — Controls	0.1
Investment Companies	0.1
Central Bank	0.1
MRI/Medical Diagnostic Imaging	0.1
Entertainment Software	0.1
Agricultural Chemicals	0.1
Retail — Convenience Store	0.1
Brewery	0.1
	99.4	%

* Calculated as a percentage of net assets

65

VALIC Company I Global Strategy Fund

PORTFOLIO PROFILE — May 31, 2020 (unaudited) — (continued)

Country Allocation*

United States	41.1	%
Japan	10.8
South Korea	7.3
Mexico	4.6
United Kingdom	4.1
Australia	3.8
Brazil	3.4
India	2.2
Norway	2.3
Indonesia	2.2
Switzerland	2.0
Canada	1.7
Taiwan	1.5
China	1.3
Russia	1.3
Denmark	1.0
Netherlands	0.9
Ireland	0.8
Spain	0.8
Argentina	0.6
Colombia	0.7
Ghana	0.7
Italy	0.6
Hong Kong	0.6
France	0.4
Cayman Islands	0.4
Thailand	0.3
Germany	0.3
Singapore	0.3
Jersey	0.2
Sweden	0.2
South Africa	0.2
New Zealand	0.1
Finland	0.1
Malaysia	0.1
Turkey	0.1
Israel	0.1
Bermuda	0.1
United Arab Emirates	0.1
Belgium	0.1
	99.4	%

* Calculated as a percentage of net assets

66

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 63.8%
Australia — 3.8%
AGL Energy, Ltd.		11,479	$	127,526
Alumina, Ltd.#		60,728		59,427
Aristocrat Leisure, Ltd.		4,809		81,519
ASX, Ltd.		2,306		134,594
Aurizon Holdings, Ltd.		38,699		121,722
Australia & New Zealand Banking Group, Ltd.		34,983		411,535
Bendigo & Adelaide Bank, Ltd.#		8,057		32,682
BHP Group, Ltd.		59,407		1,389,328
BlueScope Steel, Ltd.		9,893		71,873
Boral, Ltd.#		9,919		20,329
Brambles, Ltd.		28,250		217,697
CIMIC Group, Ltd.#		1,856		30,908
Coca-Cola Amatil, Ltd.		9,549		55,350
Cochlear, Ltd.		1,292		166,376
Coles Group, Ltd.		12,951		131,810
Commonwealth Bank of Australia		22,261		934,524
Crown Resorts, Ltd.		7,407		47,431
CSL, Ltd.		8,481		1,547,190
Dexus#		19,690		117,105
Flight Centre Travel Group, Ltd.		1,117		9,759
Fortescue Metals Group, Ltd.		41,438		380,217
Goodman Group		24,806		251,466
GPT Group		35,171		92,591
Harvey Norman Holdings, Ltd.#		13,737		29,889
Magellan Financial Group, Ltd.		1,534		59,897
Medibank Private, Ltd.		62,121		117,279
Mirvac Group		59,297		91,786
National Australia Bank, Ltd.		49,092		575,620
Newcrest Mining, Ltd.		6,922		139,880
Qantas Airways, Ltd.		8,478		22,336
REA Group, Ltd.		1,066		70,481
Rio Tinto, Ltd.		9,095		562,111
Scentre Group#		77,712		114,142
Sonic Healthcare, Ltd.		7,450		140,053
South32, Ltd.#		87,059		109,314
Telstra Corp., Ltd.		87,578		188,199
Wesfarmers, Ltd.		23,889		636,759
Westpac Banking Corp.		45,005		510,232
Woodside Petroleum, Ltd.		15,438		230,048
Woolworths Group, Ltd.		24,859		582,216
				10,613,201
Austria — 0.0%
OMV AG		2,507		83,103
Belgium — 0.1%
Colruyt SA		1,062		64,239
Proximus SADP		3,103		64,932
				129,171
Bermuda — 0.1%
Invesco, Ltd.		3,300		26,301
Jardine Matheson Holdings, Ltd.		3,300		132,767
Kerry Properties, Ltd.		15,500		36,897
Nine Dragons Paper Holdings, Ltd.		28,000		24,537
NWS Holdings, Ltd.		28,000		22,045
Yue Yuen Industrial Holdings, Ltd.		13,000		18,816
				261,363
Brazil — 0.5%
AMBEV SA		39,000		91,209
Cia de Saneamento Basico do Estado de Sao Paulo		5,700		58,022
Cielo SA		22,600		17,322
Cosan SA		2,500		30,850
Engie Brasil Energia SA		4,200		33,379
Hapvida Participacoes e Investimentos SA*		2,100		21,589

Security Description	Shares		Value (Note 2)
Brazil (continued)
Hypera SA		6,200	$	37,435
IRB Brasil Resseguros S/A		10,400		16,176
Itau Unibanco Holding SA (Preference Shares)		59,700		257,761
Itausa - Investimentos Itau SA (Preference Shares)		95,300		158,229
Localiza Rent a Car SA		4,800		34,613
Lojas Renner SA		9,800		70,796
Petrobras Distribuidora SA		10,100		40,958
Porto Seguro SA		1,400		12,409
Telefonica Brasil SA (Preference Shares)		9,300		82,155
Tim Participacoes SA		11,500		29,352
Vale SA		26,500		263,198
				1,255,453
British Virgin Islands — 0.0%
Capri Holdings, Ltd.†		2,800		42,112
Canada — 1.7%
Air Canada†		1,000		11,548
Algonquin Power & Utilities Corp.		4,600		64,414
BCE, Inc.		2,700		112,228
Canadian Apartment Properties REIT		600		20,455
Canadian Imperial Bank of Commerce		6,900		442,460
Canadian National Railway Co.		11,900		1,025,050
CGI, Inc.†		2,700		172,529
CI Financial Corp.		4,300		50,968
Constellation Software, Inc.		300		341,024
Empire Co., Ltd., Class A		2,100		47,526
First Capital Real Estate Investment Trust		2,900		27,571
Franco-Nevada Corp.		1,300		182,473
Gildan Activewear, Inc.		3,800		52,714
Great-West Lifeco, Inc.#		3,100		50,479
H&R Real Estate Investment Trust		2,800		19,726
Hydro One, Ltd.*		4,200		81,386
IGM Financial, Inc.		1,100		26,125
Inter Pipeline, Ltd.		6,500		59,531
Keyera Corp.		1,900		30,111
Kirkland Lake Gold, Ltd.		3,800		146,414
Magna International, Inc.		6,700		282,530
Metro, Inc., Class A		4,500		187,667
Pembina Pipeline Corp.		4,200		104,935
Power Corp. of Canada		8,245		134,198
Quebecor, Inc., Class B		2,400		52,764
RioCan Real Estate Investment Trust		2,800		29,610
Rogers Communications, Inc., Class B		5,700		238,871
Saputo, Inc.		3,800		93,368
Shaw Communications, Inc., Class B		3,600		60,739
SmartCentres Real Estate Investment Trust		1,100		16,058
Teck Resources, Ltd., Class B		8,200		77,900
TELUS Corp. (Non Voting Shares)		6,900		119,784
Thomson Reuters Corp.		2,200		147,354
West Fraser Timber Co., Ltd.		900		24,356
Wheaton Precious Metals Corp.		3,500		150,793
				4,685,659
Cayman Islands — 0.4%
ANTA Sports Products, Ltd.		20,000		179,516
China Conch Venture Holdings, Ltd.		28,500		128,728
China Medical System Holdings, Ltd.		25,000		28,643
China Resources Cement Holdings, Ltd.		42,000		53,053
Country Garden Services Holdings Co., Ltd.		14,000		65,880
Dali Foods Group Co., Ltd.*		38,500		24,477
Kingboard Holdings, Ltd.		10,500		25,454
Kingboard Laminates Holdings, Ltd.		19,000		16,670
Lee & Man Paper Manufacturing, Ltd.		27,000		14,646
Longfor Group Holdings, Ltd.*		33,500		153,156
Sands China, Ltd.		51,600		202,913

67

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Cayman Islands (continued)
Shenzhou International Group Holdings, Ltd.		11,600	$	139,431
Wynn Macau, Ltd.		23,200		39,408
Zhen Ding Technology Holding, Ltd.		8,000		31,905
				1,103,880
Chile — 0.0%
Cia Cervecerias Unidas SA		2,635		19,055
Enel Americas SA		331,149		48,199
Enel Chile SA		503,506		37,738
				104,992
China — 1.3%
Agricultural Bank of China, Ltd.		510,000		207,271
Agricultural Bank of China, Ltd., Class A		49,700		23,663
Anhui Conch Cement Co., Ltd.		24,000		180,962
Anhui Conch Cement Co., Ltd., Class A		3,600		28,662
Bank of China, Ltd.		1,496,000		549,463
Bank of Communications Co., Ltd.		162,000		98,949
Bank of Communications Co., Ltd., Class A		26,700		19,108
China Cinda Asset Management Co., Ltd.		153,000		28,334
China CITIC Bank Corp., Ltd.		187,000		81,555
China Construction Bank Corp.		1,190,000		940,064
China Everbright Bank Co., Ltd.		56,000		22,750
China Minsheng Banking Corp., Ltd.		130,500		91,232
China Minsheng Banking Corp., Ltd., Class A		24,600		19,605
China Petroleum & Chemical Corp.		402,000		187,741
China Shenhua Energy Co., Ltd.		70,000		128,687
China Telecom Corp., Ltd.		172,000		57,297
China Yangtze Power Co., Ltd.		13,500		32,901
Chongqing Rural Commercial Bank Co., Ltd.		46,000		17,669
Dongfeng Motor Group Co., Ltd.		58,000		36,705
Foshan Haitian Flavouring & Food Co., Ltd., Class A		2,160		34,763
Fuyao Glass Industry Group Co., Ltd.*		8,400		18,495
Guangzhou Automobile Group Co., Ltd.		54,000		44,573
Industrial & Commercial Bank of China, Ltd.		793,000		514,506
Jiangsu Expressway Co., Ltd.		22,000		25,974
Kweichow Moutai Co., Ltd., Class A		600		114,899
Postal Savings Bank of China Co., Ltd.#*		64,000		40,926
Sinopec Shanghai Petrochemical Co., Ltd.		70,000		17,388
Wuliangye Yibin Co., Ltd., Class A		1,900		39,477
				3,603,619
Colombia — 0.0%
Ecopetrol SA		83,612		44,608
Czech Republic — 0.0%
Moneta Money Bank AS*		9,760		21,648
Denmark — 1.0%
Coloplast A/S, Class B		2,772		464,991
Novo Nordisk A/S, Class B		33,783		2,202,547
Pandora A/S		2,792		139,405
Tryg A/S		1,513		42,471
				2,849,414
Egypt — 0.0%
Commercial International Bank Egypt SAE		17,432		68,902
Finland — 0.1%
Elisa Oyj		2,854		179,055
Nokian Renkaat Oyj		2,384		55,672
Orion Oyj, Class B		1,946		104,141
				338,868

Security Description	Shares		Value (Note 2)
France — 0.4%
Cie Generale des Etablissements Michelin SCA		2,743	$	277,954
Covivio		718		42,139
Hermes International		579		482,713
Peugeot SA†		11,112		159,053
Renault SA†		2,441		55,135
Societe Generale SA†		12,131		179,524
				1,196,518
Germany — 0.3%
adidas AG†		1,479		387,842
Covestro AG†*		3,566		132,206
Deutsche Lufthansa AG†		4,144		41,911
Porsche Automobil Holding SE (Preference Shares)		2,754		148,907
TUI AG		7,813		42,536
				753,402
Greece — 0.0%
JUMBO SA		1,686		30,649
Motor Oil Hellas Corinth Refineries SA		920		15,382
OPAP SA		1,818		17,024
				63,055
Hong Kong — 0.6%
China Mobile, Ltd.		115,500		811,575
CNOOC, Ltd.		224,000		253,347
Galaxy Entertainment Group, Ltd.		31,000		211,472
Guangdong Investment, Ltd.		50,000		98,770
Power Assets Holdings, Ltd.		18,000		100,862
Sino Land Co., Ltd.		26,000		30,380
Vitasoy International Holdings, Ltd.		8,000		29,744
Wharf Holdings, Ltd.#		11,000		19,741
				1,555,891
Hungary — 0.0%
MOL Hungarian Oil & Gas PLC		7,801		49,370
India — 1.0%
Asian Paints, Ltd.		2,371		52,421
Bajaj Auto, Ltd.		1,499		53,738
Bharat Petroleum Corp., Ltd.		12,655		57,011
Bharti Infratel, Ltd.		7,225		21,689
Britannia Industries, Ltd.		895		40,088
Coal India, Ltd.		26,225		48,842
Dabur India, Ltd.		9,197		56,974
Eicher Motors, Ltd.		240		52,418
GAIL India, Ltd.		25,071		30,246
HCL Technologies, Ltd.		20,140		147,180
HDFC Asset Management Co., Ltd.*		528		17,668
HDFC Life Insurance Co., Ltd.†*		4,500		30,675
Hero MotoCorp, Ltd.		1,440		44,553
Hindustan Petroleum Corp., Ltd.		13,679		34,913
Hindustan Unilever, Ltd.		15,414		420,912
ICICI Lombard General Insurance Co., Ltd.*		1,589		27,350
Indian Oil Corp., Ltd.		34,289		37,964
Infosys, Ltd.		67,220		616,130
ITC, Ltd.		61,740		160,733
Marico, Ltd.		8,376		38,187
Nestle India, Ltd.		456		105,991
Oil & Natural Gas Corp., Ltd.		41,772		46,032
Page Industries, Ltd.		91		22,407
Petronet LNG, Ltd.		10,050		33,927
Pidilite Industries, Ltd.		1,991		38,716
REC, Ltd.		11,763		13,860
SBI Life Insurance Co., Ltd.†*		3,266		32,989
Tata Consultancy Services, Ltd.		19,126		501,102
Tech Mahindra, Ltd.		7,989		56,129
				2,840,845

68

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Indonesia — 0.2%
Adaro Energy Tbk PT		262,200	$	19,838
Charoen Pokphand Indonesia Tbk PT		90,400		35,837
Gudang Garam Tbk PT		7,800		26,049
Hanjaya Mandala Sampoerna Tbk PT		225,100		29,977
Indofood CBP Sukses Makmur Tbk PT		37,200		20,780
Telekomunikasi Indonesia Persero Tbk PT		972,100		210,147
Unilever Indonesia Tbk PT		177,600		94,455
United Tractors Tbk PT		33,200		35,773
				472,856
Ireland — 0.8%
Accenture PLC, Class A		9,400		1,895,228
AIB Group PLC†#		10,314		11,503
Jazz Pharmaceuticals PLC†		400		47,728
Seagate Technology PLC		5,900		312,936
				2,267,395
Israel — 0.1%
Azrieli Group, Ltd.		487		25,543
Check Point Software Technologies, Ltd.†		2,000		219,340
ICL Group, Ltd.		9,695		33,557
				278,440
Italy — 0.6%
Assicurazioni Generali SpA		12,949		180,321
Enel SpA		105,249		809,901
Intesa Sanpaolo SpA†		233,246		404,571
Moncler SpA†		3,197		119,393
Poste Italiane SpA*		8,732		76,918
Recordati SpA		1,436		65,452
Snam SpA		24,001		111,924
				1,768,480
Japan — 3.3%
ABC-Mart, Inc.		500		30,411
Advantest Corp.		2,500		123,654
Astellas Pharma, Inc.		35,000		622,185
Bandai Namco Holdings, Inc.		3,700		206,080
Bridgestone Corp.		10,800		358,848
Canon, Inc.#		15,800		324,039
Daito Trust Construction Co., Ltd.		1,100		116,299
Daiwa House Industry Co., Ltd.		7,500		186,410
Hoya Corp.		7,200		675,811
Iida Group Holdings Co., Ltd.		2,400		35,677
ITOCHU Corp.		26,600		570,915
Japan Airlines Co., Ltd.		2,400		47,228
Japan Post Bank Co., Ltd.		6,100		50,410
Japan Tobacco, Inc.		22,100		438,529
Kakaku.com, Inc.		2,900		70,244
Kao Corp.		7,400		594,053
KDDI Corp.		38,300		1,115,278
Marubeni Corp.		24,700		120,116
Mitsubishi Chemical Holdings Corp.		19,500		114,909
Mitsubishi Gas Chemical Co., Inc.		2,800		41,754
Nexon Co., Ltd.		6,300		131,354
Nippon Building Fund, Inc.		10		62,755
Nippon Telegraph & Telephone Corp.		26,700		604,524
NTT DOCOMO, Inc.		30,600		836,863
Obayashi Corp.		5,100		47,248
Oracle Corp. Japan†		500		58,445
Oriental Land Co., Ltd.		1,600		232,068
Sekisui House, Ltd.		8,700		165,870
Shionogi & Co., Ltd.		4,400		259,983
Showa Denko KK		1,600		38,296
Softbank Corp.		15,900		201,570

Security Description	Shares		Value (Note 2)
Japan (continued)
Subaru Corp.		11,700	$	258,543
Tokyo Electron, Ltd.		2,600		519,759
Tosoh Corp.		5,100		70,988
ZOZO, Inc.		3,100		57,157
				9,388,273
Jersey — 0.2%
Amcor PLC		25,800		263,418
Ferguson PLC		1,856		146,599
Polymetal International PLC		1,729		34,888
Polymetal International PLC		10,913		218,774
				663,679
Luxembourg — 0.0%
Aroundtown SA		14,530		79,891
Malaysia — 0.1%
DiGi.Com Bhd		69,800		73,163
Hartalega Holdings Bhd		23,800		68,727
Nestle Malaysia Bhd		1,500		47,910
Petronas Chemicals Group Bhd		49,300		71,568
Petronas Gas Bhd		10,700		46,885
				308,253
Mexico — 0.1%
Fibra Uno Administracion SA de CV		58,700		45,028
Grupo Aeroportuario del Pacifico SAB de CV, Class B		6,700		44,597
Kimberly-Clark de Mexico SAB de CV, Class A		27,700		43,122
Promotora y Operadora de Infraestructura SAB de CV†		2,785		21,040
Wal-Mart de Mexico SAB de CV		94,600		236,772
				390,559
Netherlands — 0.9%
Ferrari NV		968		163,957
Koninklijke Ahold Delhaize NV		20,149		511,768
LyondellBasell Industries NV, Class A		6,700		427,192
Unilever NV		24,962		1,292,420
X5 Retail Group NV GDR		1,604		47,939
				2,443,276
New Zealand — 0.1%
Fisher & Paykel Healthcare Corp., Ltd.		11,310		210,828
Meridian Energy, Ltd.		15,679		46,476
Spark New Zealand, Ltd.		44,710		122,902
				380,206
Norway — 0.2%
Equinor ASA		8,730		127,451
Mowi ASA		8,567		161,950
Orkla ASA		6,842		61,614
Telenor ASA		13,441		204,302
				555,317
Panama — 0.0%
Carnival Corp.#		7,000		110,180
Philippines — 0.0%
Globe Telecom, Inc.		615		27,723
Manila Electric Co.		4,420		24,728
				52,451
Poland — 0.0%
Powszechny Zaklad Ubezpieczen SA		7,293		54,466
Portugal — 0.0%
Jeronimo Martins SGPS SA		4,041		69,184

69

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Russia — 1.3%
Alrosa PJSC		226,910	$	213,739
Inter RAO UES PJSC		2,229,000		156,272
Magnitogorsk Iron & Steel Works PJSC		142,800		81,868
MMC Norilsk Nickel PJSC		3,344		1,057,414
Mobile TeleSystems PJSC ADR		39,600		352,044
Moscow Exchange MICEX-RTS PJSC		58,130		94,496
Novolipetsk Steel PJSC		134,670		262,292
PhosAgro PJSC GDR		8,225		113,505
Polyus PJSC		1,665		276,426
Severstal PJSC		20,678		274,212
Tatneft PJSC		83,041		639,895
				3,522,163
Singapore — 0.3%
CapitaLand Mall Trust		42,000		60,613
ComfortDelGro Corp., Ltd.		42,300		43,276
Mapletree Commercial Trust		17,700		25,169
SATS, Ltd.		12,800		24,225
Singapore Exchange, Ltd.		22,500		132,489
Singapore Technologies Engineering, Ltd.		27,200		61,647
Singapore Telecommunications, Ltd.		155,000		273,992
Venture Corp., Ltd.		4,700		51,211
Yangzijiang Shipbuilding Holdings, Ltd.		50,100		33,543
				706,165
South Africa — 0.2%
AngloGold Ashanti, Ltd.		3,766		92,026
Capitec Bank Holdings, Ltd.		692		33,646
Clicks Group, Ltd.		4,263		56,728
Exxaro Resources, Ltd.		5,846		41,436
Kumba Iron Ore, Ltd.		1,660		44,882
Mr. Price Group, Ltd.		5,754		43,089
RMB Holdings, Ltd.		13,008		39,363
Tiger Brands, Ltd.		2,775		24,884
Vodacom Group, Ltd.		12,179		87,848
				463,902
South Korea — 1.5%
BNK Financial Group, Inc.		5,564		22,895
Coway Co, Ltd.		1,137		61,302
Daelim Industrial Co., Ltd.		393		29,370
DB Insurance Co., Ltd.		881		30,944
Hana Financial Group, Inc.		6,165		148,700
Hankook Tire & Technology Co., Ltd.		1,287		24,449
Hyundai Marine & Fire Insurance Co., Ltd.		1,169		22,927
Industrial Bank of Korea		5,667		38,008
Kangwon Land, Inc.		2,080		40,757
KB Financial Group, Inc.		7,814		215,322
Kia Motors Corp.		3,265		90,615
Korea Zinc Co., Ltd.		143		43,738
KT&G Corp.		2,242		152,116
LG Corp.		1,578		80,671
LG Household & Health Care, Ltd. (Preference Shares)		35		20,238
Lotte Chemical Corp.		341		51,957
NCSoft Corp.		239		152,833
S-1 Corp.		297		22,389
Samsung Electronics Co., Ltd.		39,022		1,602,177
Samsung Electronics Co., Ltd. (Preference Shares)		7,464		259,052
Shinhan Financial Group Co., Ltd.		6,318		154,322
SK Hynix, Inc.		13,703		904,783
SK Telecom Co., Ltd.		406		70,928
Woori Financial Group, Inc.		5,034		37,234
				4,277,727

Security Description	Shares		Value (Note 2)
Spain — 0.8%
Aena SME SA†*		827	$	118,360
Banco de Sabadell SA		90,604		27,412
Enagas SA		3,475		78,239
Endesa SA		6,087		144,771
Iberdrola SA		77,892		840,694
Industria de Diseno Textil SA		20,756		580,207
Red Electrica Corp. SA		6,680		117,788
Repsol SA		22,479		210,493
				2,117,964
SupraNational — 0.0%
HKT Trust & HKT, Ltd.		71,000		101,301
Sweden — 0.2%
Boliden AB		4,705		102,573
Hennes & Mauritz AB, Class B		15,720		238,597
ICA Gruppen AB		746		35,089
Skanska AB, Class B†		2,735		54,864
Swedbank AB, Class A†		6,826		85,816
Telia Co AB		40,532		139,328
				656,267
Switzerland — 2.0%
EMS-Chemie Holding AG		151		112,053
Garmin, Ltd.		2,200		198,374
Geberit AG		496		241,888
Nestle SA		18,176		1,967,904
Partners Group Holding AG		383		318,256
Roche Holding AG		6,141		2,131,688
Swisscom AG		458		238,621
TE Connectivity, Ltd.		4,400		357,500
				5,566,284
Taiwan — 1.5%
Accton Technology Corp.		4,000		32,222
Advantech Co., Ltd.		5,000		49,527
Catcher Technology Co., Ltd.		10,000		72,696
Chicony Electronics Co., Ltd.		10,000		28,663
China Development Financial Holding Corp.		192,000		58,199
Chunghwa Telecom Co., Ltd.		65,000		239,276
Eclat Textile Co., Ltd.		4,000		41,245
Far EasTone Telecommunications Co., Ltd.		27,000		58,213
Feng TAY Enterprise Co., Ltd.		6,000		36,232
Formosa Chemicals & Fibre Corp.		56,000		134,479
Formosa Petrochemical Corp.		20,000		58,492
Formosa Plastics Corp.		72,000		199,303
Globalwafers Co., Ltd.		2,000		24,117
Largan Precision Co., Ltd.		2,000		255,590
Lite-On Technology Corp.		36,000		57,743
Nan Ya Plastics Corp.		82,000		172,067
Nanya Technology Corp.		27,000		53,895
Nien Made Enterprise Co., Ltd.		3,000		25,726
Novatek Microelectronics Corp.		10,000		68,358
Phison Electronics Corp.		4,000		36,712
Powertech Technology, Inc.		12,000		38,819
President Chain Store Corp.		10,000		98,453
Shanghai Commercial & Savings Bank, Ltd.		36,000		51,400
Taiwan Business Bank		69,000		24,393
Taiwan Cement Corp.		41,000		58,175
Taiwan Mobile Co., Ltd.		29,000		103,873
Taiwan Semiconductor Manufacturing Co., Ltd.		181,914		1,771,699
Vanguard International Semiconductor Corp.		16,000		39,214
Walsin Technology Corp.†		5,000		31,158
WPG Holdings, Ltd.		23,000		30,101
Yageo Corp.		7,000		86,427
Yuanta Financial Holding Co., Ltd.		121,000		65,590
				4,102,057

70

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Thailand — 0.3%
Advanced Info Service PCL		24,100	$	143,191
Airports of Thailand PCL		71,300		138,969
Bumrungrad Hospital PCL		7,300		27,539
Electricity Generating PCL		3,400		29,500
Home Product Center PCL		89,500		40,234
Intouch Holdings PCL		38,200		64,547
Land & Houses PCL		93,500		21,016
PTT Exploration & Production PCL		21,200		55,982
PTT Global Chemical PCL		40,900		55,288
PTT PCL		173,900		191,339
Ratch Group PCL		10,000		22,006
Siam Cement PCL		11,600		125,080
				914,691
Turkey — 0.1%
BIM Birlesik Magazalar AS		8,470		80,902
Eregli Demir ve Celik Fabrikalari TAS		35,174		41,423
Ford Otomotiv Sanayi AS		1,635		14,855
Haci Omer Sabanci Holding AS		13,979		17,055
Tupras Turkiye Petrol Rafinerileri AS†		2,683		33,756
Turkcell Iletisim Hizmetleri AS		19,172		39,805
Turkiye Garanti Bankasi AS†		33,253		38,007
Turkiye Is Bankasi, Class C†		28,480		20,733
				286,536
United Arab Emirates — 0.1%
Abu Dhabi Commercial Bank PJSC		37,941		45,514
Aldar Properties PJSC		69,393		32,732
Dubai Islamic Bank PJSC		30,905		29,912
Emirates Telecommunications Group Co. PJSC		32,397		137,985
				246,143
United Kingdom — 4.1%
Admiral Group PLC		4,481		129,566
Anglo American PLC		17,761		375,738
Auto Trader Group PLC*		16,568		114,650
Barratt Developments PLC		23,137		142,835
Berkeley Group Holdings PLC		2,531		128,606
BHP Group PLC		34,157		669,875
British American Tobacco PLC		19,537		772,628
British Land Co. PLC		16,611		83,914
BT Group PLC		167,043		240,891
Burberry Group PLC		7,771		144,329
Centrica PLC		72,493		32,872
Compass Group PLC		27,825		409,018
Direct Line Insurance Group PLC		26,493		86,981
easyJet PLC#		2,021		17,078
Evraz PLC		10,541		37,056
GlaxoSmithKline PLC		88,601		1,834,901
Hargreaves Lansdown PLC		5,629		128,068
Imperial Brands PLC		21,302		387,187
Intertek Group PLC		2,630		179,653
ITV PLC		82,811		82,479
Kingfisher PLC		34,459		83,031
Land Securities Group PLC		11,220		84,305
M&G PLC		25,119		43,647
Marks & Spencer Group PLC		32,461		39,357
Micro Focus International PLC		3,121		15,749
Mondi PLC		8,190		153,397
Next PLC		3,227		194,734
Persimmon PLC		8,388		238,842
RELX PLC		37,377		868,148
Rio Tinto PLC		23,077		1,236,946
Royal Dutch Shell PLC, Class A		37,176		582,494
Royal Dutch Shell PLC, Class B		31,764		484,708

Security Description	Shares		Value (Note 2)
United Kingdom (continued)
Smith & Nephew PLC		7,521	$	153,186
SSE PLC		16,869		259,848
Taylor Wimpey PLC		80,820		144,077
Unilever PLC		19,317		1,036,534
				11,617,328
United States — 33.5%
AbbVie, Inc.		19,300		1,788,531
Air Products & Chemicals, Inc.		2,500		604,125
Altria Group, Inc.		38,600		1,507,330
American Electric Power Co., Inc.		8,100		690,525
American Tower Corp.		5,600		1,445,752
Amgen, Inc.		8,600		1,975,420
Apple, Inc.		6,300		2,003,022
Applied Materials, Inc.		17,300		971,914
AT&T, Inc.		50,700		1,564,602
Best Buy Co., Inc.		4,200		327,978
Biogen, Inc.†		3,700		1,136,233
Booking Holdings, Inc.†		300		491,826
BorgWarner, Inc.		2,500		80,375
Bristol-Myers Squibb Co.		30,500		1,821,460
Broadcom, Inc.		4,700		1,368,969
Broadridge Financial Solutions, Inc.		1,700		205,870
Burlington Stores, Inc.†		1,000		209,670
C.H. Robinson Worldwide, Inc.		2,200		178,486
Cabot Oil & Gas Corp.		5,500		109,120
Cadence Design Systems, Inc.†		3,200		292,128
Campbell Soup Co.		3,000		152,940
Celanese Corp.		1,500		134,865
Church & Dwight Co., Inc.		2,500		187,675
Cisco Systems, Inc.		42,200		2,018,004
Citrix Systems, Inc.		1,600		236,992
Clorox Co.		2,600		536,250
Cognizant Technology Solutions Corp., Class A		8,500		450,500
Copart, Inc.†		3,300		294,987
Cummins, Inc.		2,700		457,920
D.R. Horton, Inc.		4,400		243,320
Darden Restaurants, Inc.		2,300		176,778
Delta Air Lines, Inc.		2,900		73,109
Dollar General Corp.		4,500		861,795
Dominion Energy, Inc.		9,300		790,593
Dow, Inc.		8,700		335,820
Eli Lilly & Co.		14,800		2,263,660
Equity LifeStyle Properties, Inc.		1,800		112,140
Erie Indemnity Co., Class A		200		36,048
Estee Lauder Cos., Inc., Class A		3,700		730,639
Expeditors International of Washington, Inc.		2,700		206,199
Extra Space Storage, Inc.		1,700		164,475
F5 Networks, Inc.†		1,100		159,412
Facebook, Inc., Class A†		9,100		2,048,319
FactSet Research Systems, Inc.		300		92,253
Fastenal Co.		10,600		437,356
Fox Corp., Class A		3,900		113,763
Fox Corp., Class B		1,900		54,682
Gap, Inc.		5,100		45,390
General Mills, Inc.		10,300		649,312
General Motors Co.		23,900		618,532
Gilead Sciences, Inc.		23,450		1,825,113
Hanesbrands, Inc.#		5,500		54,230
Healthpeak Properties, Inc.		6,000		147,840
Hershey Co.		3,100		420,608
HollyFrontier Corp.		2,500		78,625
Home Depot, Inc.		8,300		2,062,384
Hormel Foods Corp.#		5,400		263,682
IDEXX Laboratories, Inc.†		600		185,328

71

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
United States (continued)
Illinois Tool Works, Inc.		4,200	$	724,332
Ingredion, Inc.		900		75,807
Intel Corp.		29,800		1,875,314
International Business Machines Corp.		14,000		1,748,600
Intuit, Inc.		4,900		1,422,568
Jack Henry & Associates, Inc.		1,100		198,946
JB Hunt Transport Services, Inc.		1,200		143,604
Johnson & Johnson		13,900		2,067,625
Kellogg Co.		3,500		228,585
Kimberly-Clark Corp.		5,700		806,208
Kimco Realty Corp.		6,000		66,660
KLA Corp.		3,000		527,880
Kohl’s Corp.		3,200		61,504
Kroger Co.		13,200		430,584
Lam Research Corp.		2,200		602,074
Lamb Weston Holdings, Inc.		1,100		66,066
Las Vegas Sands Corp.		6,200		297,228
Lear Corp.		900		95,445
Leggett & Platt, Inc.		2,100		64,239
Lockheed Martin Corp.		4,200		1,631,448
Lowe’s Cos., Inc.		13,500		1,759,725
Lululemon Athletica, Inc.†		1,800		540,171
MarketAxess Holdings, Inc.		500		254,295
Mastercard, Inc., Class A		6,100		1,835,429
Match Group, Inc.†#		500		44,520
Maxim Integrated Products, Inc.		4,600		265,328
Medical Properties Trust, Inc.		4,200		75,936
Merck & Co., Inc.		22,900		1,848,488
Mettler-Toledo International, Inc.†		200		159,000
Microsoft Corp.		12,100		2,217,325
Monster Beverage Corp.†		4,900		352,359
Moody’s Corp.		2,000		534,820
NetApp, Inc.		3,000		133,620
NIKE, Inc., Class B		20,100		1,981,458
Nordstrom, Inc.#		2,000		32,260
Nucor Corp.		3,800		160,588
NVR, Inc.†		70		225,513
O’Reilly Automotive, Inc.†		1,500		625,860
Occidental Petroleum Corp.		9,700		125,615
OGE Energy Corp.		2,300		72,036
Old Dominion Freight Line, Inc.		1,150		196,754
Omnicom Group, Inc.#		3,800		208,202
PACCAR, Inc.		4,500		332,370
Packaging Corp. of America		900		91,269
Paychex, Inc.		5,700		411,996
PepsiCo, Inc.		14,400		1,894,320
Pfizer, Inc.		53,700		2,050,803
Philip Morris International, Inc.		23,100		1,694,616
Phillips 66		6,200		485,212
PPL Corp.		8,500		237,490
Procter & Gamble Co.		15,900		1,843,128
Public Service Enterprise Group, Inc.		7,800		398,112
Public Storage		3,500		709,590
PulteGroup, Inc.		4,300		146,071
Ralph Lauren Corp.		600		45,306
Regeneron Pharmaceuticals, Inc.†		700		428,967
Robert Half International, Inc.		2,300		116,702
Rockwell Automation, Inc.		1,300		281,008
Rollins, Inc.		2,400		100,320
Ross Stores, Inc.		8,100		785,376
S&P Global, Inc.		3,800		1,235,076
Simon Property Group, Inc.		6,600		380,820
Skyworks Solutions, Inc.		3,300		391,182
Snap-on, Inc.		600		77,814

Security Description	Shares/ Principal Amount(3)		Value (Note 2)
United States (continued)
Southwest Airlines Co.		2,400	$	77,040
Starbucks Corp.		22,800		1,778,172
Steel Dynamics, Inc.		2,700		71,712
Sysco Corp.		8,500		468,860
T. Rowe Price Group, Inc.		1,700		205,530
Tapestry, Inc.		5,000		68,000
Target Corp.		9,100		1,113,203
Texas Instruments, Inc.		15,700		1,864,218
TJX Cos., Inc.		25,800		1,361,208
Tractor Supply Co.		2,200		268,444
Tyson Foods, Inc., Class A		5,000		307,200
Ulta Beauty, Inc.†		900		219,609
United Parcel Service, Inc., Class B		10,400		1,036,984
Valero Energy Corp.		6,700		446,488
Ventas, Inc.		4,700		164,265
Verizon Communications, Inc.		32,200		1,847,636
VF Corp.		5,300		297,330
ViacomCBS, Inc., Class B		7,600		157,624
Walgreens Boots Alliance, Inc.		11,800		506,692
Walt Disney Co.		13,200		1,548,360
Waste Management, Inc.		4,800		512,400
Waters Corp.†		400		79,940
WEC Energy Group, Inc.		5,200		476,996
Western Union Co.		4,200		84,084
WW Grainger, Inc.		600		185,772
Xilinx, Inc.		2,500		229,875
				94,794,083
Total Common Stocks
(cost $193,746,482)				180,320,591
FOREIGN GOVERNMENT OBLIGATIONS — 20.1%
Argentina — 0.6%
Republic of Argentina Bonds 1.20% due 03/18/2022(1)(2)	ARS	70,765,334		533,912
Republic of Argentina Bonds 1.40% due 03/25/2023(1)(2)	ARS	40,580,167		281,140
Republic of Argentina Bonds 1.50% due 03/25/2024(1)(2)	ARS	40,580,167		259,857
Republic of Argentina Bonds 15.50% due 10/17/2026(1)	ARS	79,847,000		297,408
Republic of Argentina Bonds 16.00% due 10/17/2023(1)	ARS	43,574,000		202,877
Republic of Argentina Notes 18.20% due 10/03/2021(1)	ARS	40,723,000		268,874
Republic of Argentina FRS Bonds 25.50% (BADLARPP+2.00%) due 04/03/2022(1)	ARS	2,800,000		22,845
				1,866,913
Brazil — 2.9%
Federative Republic of Brazil Bills zero coupon due 07/01/2020%	BRL	12,231,000		2,286,977
Federative Republic of Brazil Bills zero coupon due 10/01/2020	BRL	15,230,000		2,831,691
Federative Republic of Brazil Bills zero coupon due 07/01/2021	BRL	10,820,000		1,971,389

72

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Principal Amount(3)		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Brazil (continued)
Federative Republic of Brazil Series F Notes 10.00% due 01/01/2021	BRL	5,356,000	$	1,087,488
				8,177,545
Colombia — 0.7%
Republic of Colombia Senior Notes 4.38% due 03/21/2023	COP	64,000,000		16,902
Republic of Colombia Bonds 6.00% due 04/28/2028	COP	2,472,300,000		683,210
Republic of Colombia Bonds 7.50% due 08/26/2026	COP	2,400,700,000		731,178
Republic of Colombia Senior Notes 7.75% due 04/14/2021	COP	329,000,000		90,490
Republic of Colombia Bonds 10.00% due 07/24/2024	COP	1,269,000,000		417,290
				1,939,070
Ghana — 0.7%
Republic of Ghana Bonds 18.75% due 01/24/2022	GHS	1,400,000		243,817
Republic of Ghana Bonds 19.00% due 11/02/2026	GHS	4,210,000		683,798
Republic of Ghana Bonds 19.75% due 03/25/2024	GHS	1,400,000		243,986
Republic of Ghana Bonds 19.75% due 03/15/2032	GHS	4,210,000		675,639
Republic of Ghana Bonds 24.50% due 06/21/2021	GHS	50,000		9,117
Republic of Ghana Bonds 24.75% due 03/01/2021	GHS	50,000		9,006
Republic of Ghana Bonds 24.75% due 07/19/2021	GHS	50,000		9,168
				1,874,531
India — 1.2%
Republic of India Bonds 6.79% due 05/15/2027	INR	118,010,000		1,629,522
Republic of India Bonds 6.84% due 12/19/2022	INR	40,000,000		559,096
Republic of India Bonds 7.16% due 05/20/2023	INR	96,000,000		1,345,306
				3,533,924
Indonesia — 2.0%
Republic of Indonesia Bonds 5.63% due 05/15/2023	IDR	87,000,000		5,807

Security Description	Principal Amount(3)		Value (Note 2)
Indonesia (continued)
Republic of Indonesia Bonds 7.00% due 05/15/2022	IDR	294,000,000	$	20,441
Republic of Indonesia Bonds 8.25% due 07/15/2021	IDR	4,525,000,000		318,949
Republic of Indonesia Bonds 8.38% due 03/15/2024	IDR	42,198,000,000		3,039,354
Republic of Indonesia Bonds 10.25% due 07/15/2022	IDR	116,000,000		8,563
Republic of Indonesia Bonds 11.00% due 11/15/2020	IDR	13,282,000,000		935,013
Republic of Indonesia Bonds 12.80% due 06/15/2021	IDR	7,078,000,000		520,264
Republic of Indonesia Bonds 12.90% due 06/15/2022	IDR	10,859,000,000		837,354
				5,685,745
Japan — 0.2%
Government of Japan Bills (0.23)% due 09/23/2020	JPY	70,000,000		649,373
Mexico — 4.1%
United Mexican States Bonds 2.50% due 12/10/2020(2)	MXN	2,685,933		121,295
United Mexican States Bonds 6.50% due 06/10/2021	MXN	20,960,000		957,716
United Mexican States Bonds 6.50% due 06/09/2022	MXN	75,590,000		3,497,399
United Mexican States Senior Notes 7.25% due 12/09/2021	MXN	89,440,000		4,156,039
United Mexican States Bonds 8.00% due 06/11/2020	MXN	17,060,000		769,060
United Mexican States Bonds 8.00% due 12/07/2023	MXN	35,640,000		1,745,684
United Mexican States Bonds 10.00% due 12/05/2024	MXN	6,840,000		364,563
				11,611,756
Norway — 1.9%
Kingdom of Norway Bonds 1.50% due 02/19/2026*	NOK	2,523,000		276,722
Kingdom of Norway Bonds 1.75% due 03/13/2025*	NOK	4,250,000		468,374
Kingdom of Norway Bonds 2.00% due 05/24/2023*	NOK	13,317,000		1,443,369
Kingdom of Norway Bonds 3.00% due 03/14/2024*	NOK	12,091,000		1,374,012

73

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Principal Amount(3)		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Norway (continued)
Kingdom of Norway Bonds 3.75% due 05/25/2021*	NOK	15,973,000	$	1,700,533
				5,263,010
South Korea — 5.8%
Republic of South Korea Senior Notes 1.18% due 08/02/2021	KRW	176,000,000		142,884
Republic of South Korea Bonds 1.38% due 09/10/2021	KRW	1,470,700,000		1,197,861
Republic of South Korea Bonds 1.38% due 09/10/2024	KRW	2,374,500,000		1,941,388
Republic of South Korea Bonds 1.38% due 12/10/2029	KRW	9,776,590,000		7,898,920
Republic of South Korea Bonds 1.88% due 03/10/2022	KRW	257,000,000		211,495
Republic of South Korea Bonds 1.88% due 03/10/2024	KRW	2,889,000,000		2,406,653
Republic of South Korea Bonds 2.00% due 12/10/2021	KRW	321,000,000		264,131
Republic of South Korea Bonds 2.25% due 09/10/2023	KRW	742,000,000		624,641
Republic of South Korea Bonds 3.00% due 09/10/2024	KRW	579,100,000		505,185
Republic of South Korea Bonds 4.25% due 06/10/2021	KRW	1,400,000,000		1,172,179
				16,365,337
Total Foreign Government Obligations
(cost $72,320,695)				56,967,204
U.S. GOVERNMENT TREASURIES — 2.4%
United States Treasury Notes — 2.4%
1.50% due 10/31/2024		1,040,000		1,095,819
1.63% due 10/31/2026		1,210,000		1,299,474
2.13% due 05/31/2026		550,000		605,537
2.63% due 12/31/2025		2,227,000		2,503,026
1.63% due 02/15/2026		1,210,000		1,294,038
Total U.S. Government Treasuries
(cost $6,573,285)				6,797,894
Total Long-Term Investment Securities
(cost $272,640,462)				244,085,689
SHORT-TERM INVESTMENT SECURITIES — 11.0%
Foreign Government Obligations — 7.9%
Republic of Argentina(6)
due 12/04/2020(1)(2)	ARS	15,500,328		124,895
due 04/17/2021(1)(2)	ARS	14,833,238		120,512
				245,407
Government of Japan
(0.13)% due 08/24/2020	JPY	13,500,000		125,215
(0.15)%-(0.16)% due 08/11/2020	JPY	176,200,000		1,634,247
(0.16)% due 07/10/2020	JPY	91,900,000		852,290
(0.17)% due 07/06/2020	JPY	304,000,000		2,819,289
(0.18)% due 08/11/2020	JPY	642,000,000		5,954,521
(0.19)% due 11/10/2020	JPY	155,800,000		1,445,856

Security Description	Principal Amount(3)			Value (Note 2)
Foreign Government Obligations (continued)
(0.22)% due 10/12/2020	JPY	77,000,000		$	714,406
(0.27)% due 09/10/2020	JPY	74,800,000			693,845
(0.49)% due 06/15/2020	JPY	679,200,000			6,298,285
					20,537,954
Kingdom of Norway
1.16%-1.23% due 06/17/2020*	NOK	2,278,000			234,303
1.15%-1.16% due 09/16/2020*	NOK	1,374,000			141,162
					375,465
United Mexican States
5.36% due 10/22/2020	MXN	50,563,000			223,321
5.46% due 09/24/2020	MXN	90,291,000			400,314
5.67%-5.68% due 08/13/2020	MXN	57,419,000			256,082
5.73% due 07/16/2020	MXN	36,116,000			161,726
5.75% due 07/23/2020	MXN	21,670,000			96,939
					1,138,382
					22,297,208
Registered Investment Companies — 0.1%
State Street Navigator Securities Lending Government Money Market Portfolio 0.13%(4)(5)		211,516			211,516
U.S. Government Agencies — 3.0%
Federal Home Loan Bank zero coupon due 06/01/2020	$	8,550,000			8,550,000
Total Short-Term Investment Securities
(cost $31,013,844)					31,058,724
REPURCHASE AGREEMENTS — 2.1%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00%, dated 05/29/2020, to be repurchased 06/01/2020 in the amount of $5,536,000 collateralized by $4,680,000 of United States Treasury Notes, bearing interest at 3.13% due 11/15/2028 and having an approximate value of $5,650,318		5,536,000			5,536,000
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00%, dated 05/29/2020, to be repurchased 06/01/2020 in the amount of $354,000 collateralized by $300,000 of United States Treasury Notes, bearing interest at 3.13% due 11/15/2028 and having an approximate value of $362,200		354,000			354,000
Total Repurchase Agreements
(cost $5,890,000)					5,890,000
TOTAL INVESTMENTS
(cost $309,544,306)(7)		99.4	%		281,034,413
Other assets less liabilities		0.6			1,673,524
NET ASSETS		100.0	%	$	282,707,937

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

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2020, the aggregate value of these securities was $6,550,968 representing 2.3% of net assets.

† Non-income producing security

74

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

(1) Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of May 31, 2020, the Fund held the following restricted securities:

Description	Acquistion Date		Principal Amount		Acquistion Cost		Value		Value Per Share		% of Net Assets
Foreign Government Obligations
Republic of Argentina 1.20% due 03/18/2022		03/19/2020 - 04/24/2020		ARS 64,631,188	$	1,073,868	$	533,912	$	0.01		0.19	%
Republic of Argentina 1.40% due 03/25/2023		03/26/2020 - 04/24/2020		ARS 37,208,142		684,556		281,140		0.01		0.10
Republic of Argentina 1.50% due 03/25/2024		03/26/2020 - 04/24/2020		ARS 37,208,142		684,556		259,857		0.01		0.09
Republic of Argentina 15.50% due 10/17/2026		10/17/2016 - 05/17/2018		ARS 79,847,000		4,460,922		297,408		0.00		0.11
Republic of Argentina 16.00% due 10/17/2023		10/17/2016 - 05/17/2018		ARS 43,574,000		2,079,973		202,877		0.00		0.07
Republic of Argentina 18.20% due 10/03/2021		10/03/2016 - 08/01/2018		ARS 40,723,000		2,672,053		268,874		0.01		0.10
Republic of Argentina 25.50% (BADLARPP +2.00%) due 04/03/2022		04/03/2017		ARS   2,800,000		186,226		22,845		0.01		0.01
Republic of Argentina discount note due 12/04/2020		04/03/2020		ARS 14,297,600		161,012		124,895		0.01		0.04
Republic of Argentina discount note due 04/17/2021		05/07/2020		ARS 13,814,000		126,492		120,512		0.01		0.04
							$	2,112,320				0.75	%

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

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

(4) At May 31, 2020, the Fund had loaned securities with a total value of $1,126,735. This was secured by collateral of $211,516, which was received in cash and subsequently invested in short-term investments currently valued at $211,516 as reported in the Portfolio of Investments. Additional collateral of $974,265 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2020
Federal Home Loan Mtg. Corp.	2.50% to 3.50%	12/01/2047 to 03/01/2050		$134,457
Federal National Mtg. Assoc.	1.85% to 4.00%	01/25/2030 to 03/01/2050		235,186
Government National Mtg. Assoc.	2.50%	09/20/2046		17,569
United States Treasury Bills	0.00%	06/18/2020 to 08/13/2020		4,762
United States Treasury Notes/Bonds	0.13% to 8.75%	07/15/2020 to 08/15/2049		582,291

(5) The rate shown is the 7-day yield as of May 31, 2020.

(6) The security was issued on a discount basis with no stated coupon rate

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

ADR—American Depositary Receipt

ARS—Argentine Peso

BRL—Brazilian Real

COP—Colombian Peso

GDR—Global Depositary Receipt

GHS—Ghanaian Cedi

IDR —Indonesian Rupiah

INR—Indian Rupee

JPY—Japanese Yen

KRW—South Korean Won

MXN—Mexican Peso

NOK—Norwegian Krone

FRS—Floating Rate Security

The rates shown on the FRS are the current interest rates at May 31, 2020 and unless noted otherwise, the dates shown are the original maturity dates.

Index Legend

BADLARPP—Argentina Deposit Rates Badlar 30-35 days

75

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Forward Foreign Currency Contracts
Counterparty	Contract to Deliver			In Exchange For			Delivery Date		Unrealized Appreciation		Unrealized Depreciation
Bank of America, N.A.		EUR	431,144		USD	475,512		08/31/2020	$	–	$	(3,985	)
		EUR	584,552		USD	661,596		10/16/2020		10,827		–
		EUR	36,820		USD	40,090		10/30/2020		–		(914	)
										10,827		(4,899	)
Barclays Bank PLC		EUR	183,000		USD	198,996		06/15/2020		–		(4,196	)
		EUR	47,026		USD	51,649		06/30/2020		–		(582	)
										–		(4,778	)
BNP Paribas SA		EUR	118,000		USD	129,737		08/28/2020		–		(1,488	)
		JPY	249,916,570		USD	2,321,577		06/24/2020		3,492		–
		USD	2,386,998		JPY	249,916,570		06/24/2020		–		(68,913	)
										3,492		(70,401	)
Citibank N.A.		AUD	5,644,750		JPY	400,873,210		06/09/2020		–		(45,195	)
		BRL	2,842,695		USD	485,605		06/02/2020		–		(47,104	)
		BRL	4,830,079		USD	895,926		07/02/2020		–		(7,746	)
		BRL	1,762,475		USD	303,847		08/04/2020		–		(25,546	)
		BRL	4,622,695		USD	849,040		09/02/2020		–		(13,886	)
		BRL	4,999,700		USD	912,191		11/04/2020		–		(19,066	)
		EUR	927,117		BRL	5,260,000		07/02/2020		–		(45,671	)
		EUR	1,104,900		USD	1,200,485		08/05/2020		–		(27,643	)
		EUR	1,906,904		USD	2,076,351		08/14/2020		–		(43,638	)
		EUR	89,576		USD	101,060		10/15/2020		1,339		–
		JPY	130,275,000		USD	1,212,830		08/26/2020		3,291		–
		KRW	524,000,000		USD	437,999		06/22/2020		14,916		–
		KRW	538,612,000		USD	469,236		07/17/2020		34,330		–
		KRW	1,049,895,196		USD	904,926		07/29/2020		57,130		–
		KRW	889,209,609		USD	749,629		08/26/2020		31,547		–
		KRW	1,049,895,195		USD	870,127		08/31/2020		22,277		–
		KRW	1,051,000,000		USD	858,800		11/16/2020		9,406		–
		KRW	1,245,000,000		USD	1,015,001		11/23/2020		8,748		–
		MXN	20,773,000		USD	1,021,764		06/17/2020		87,116		–
		MXN	12,274,000		USD	539,040		10/08/2020		–		(4,601	)
		MXN	4,669,000		USD	226,250		10/09/2020		19,477		–
		MXN	15,565,000		USD	752,725		10/13/2020		63,765		–
		MXN	22,911,000		USD	1,111,979		10/15/2020		98,122		–
		MXN	20,978,000		USD	1,027,543		10/16/2020		99,344		–
		MXN	18,134,000		USD	715,136		10/27/2020		–		(86,087	)
		MXN	30,327,000		USD	1,188,940		10/29/2020		–		(150,667	)
		USD	533,839		BRL	2,842,695		06/02/2020		–		(1,130	)
		USD	1,196,898		JPY	132,394,900		08/26/2020		32,323		–
		USD	3,489,338		JPY	373,520,000		08/31/2020		–		(21,120	)
										583,131		(539,100	)
Deutsche Bank AG		EUR	2,024,052		SEK	21,440,300		06/15/2020		28,310		–
		EUR	985,394		SEK	10,720,200		06/16/2020		43,719		–
		EUR	977,933		SEK	10,720,200		07/15/2020		51,655		–
		EUR	2,020,742		SEK	21,440,300		08/13/2020		30,429		–
		EUR	2,907,096		USD	3,191,410		08/26/2020		–		(41,375	)
		EUR	60,000		USD	65,132		10/08/2020		–		(1,653	)
		EUR	540,927		USD	610,176		10/15/2020		7,988		–
		EUR	133,000		USD	151,410		10/26/2020		3,311		–
		EUR	68,877		USD	74,611		10/27/2020		–		(2,087	)
		EUR	154,729		USD	168,395		10/30/2020		–		(3,915	)
		KRW	920,000,000		USD	764,755		07/06/2020		21,936		–
		KRW	920,000,000		USD	776,175		08/07/2020		33,247		–
		KRW	2,075,000,000		USD	1,680,706		11/27/2020		3,550		–
		SEK	12,880,000		EUR	1,182,727		06/15/2020		–		(53,868	)
		USD	2,397,932		JPY	256,287,860		10/30/2020		–		(15,733	)
										224,145		(118,631	)
Goldman Sachs International		EUR	1,600,080		CHF	1,730,108		08/12/2020		23,647		–
		EUR	670,937		CHF	705,054		08/13/2020		–		(11,337	)
		EUR	789,427		CHF	865,054		11/12/2020		24,373		–
										48,020		(11,337	)
HSBC Bank PLC		AUD	2,615,000		JPY	192,654,465		06/12/2020		43,549		–
		AUD	3,040,000		JPY	205,898,592		06/15/2020		–		(116,830	)
		AUD	880,000		JPY	57,749,120		06/16/2020		–		(50,997	)
		AUD	1,725,000		JPY	116,873,925		09/14/2020		–		(64,275	)
		BRL	3,272,300		USD	648,442		06/02/2020		35,227		–
		BRL	1,410,100		USD	273,965		06/25/2020		10,051		–

76

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Forward Foreign Currency Contracts
Counterparty	Contract to Deliver			In Exchange For			Delivery Date		Unrealized Appreciation		Unrealized Depreciation
		BRL	3,285,500		USD	648,434		07/02/2020	$	33,742	$	–
		BRL	2,223,816		USD	389,651		08/04/2020		–		(25,964	)
		BRL	2,763,195		USD	474,826		09/02/2020		–		(40,984	)
		BRL	3,272,300		USD	613,825		10/02/2020		3,618		–
		EUR	1,065,913		JPY	127,435,249		06/25/2020		–		(1,734	)
		EUR	235,000		USD	256,065		08/14/2020		–		(5,195	)
		EUR	2,131,771		JPY	251,803,394		08/24/2020		–		(32,699	)
		EUR	1,065,885		JPY	129,223,689		08/25/2020		14,486		–
		EUR	517,579		USD	581,625		10/13/2020		5,453		–
		EUR	1,065,885		JPY	125,899,192		11/24/2020		–		(16,895	)
		INR	51,400,000		USD	670,301		08/26/2020		–		(3,804	)
		JPY	49,033,920		USD	455,412		06/08/2020		716		–
		KRW	1,103,729,587		USD	960,642		07/17/2020		69,428		–
		KRW	250,870,413		USD	203,703		07/28/2020		1,125		–
		KRW	3,737,958,907		USD	3,048,409		07/29/2020		29,985		–
		KRW	3,173,000,000		USD	2,600,820		08/11/2020		38,512		–
		KRW	1,485,000,000		USD	1,216,017		10/20/2020		16,205		–
		MXN	80,900,000		USD	3,278,888		10/06/2020		–		(305,267	)
		MXN	60,330,000		USD	2,891,129		10/07/2020		218,644		–
		USD	617,182		BRL	3,272,300		06/02/2020		–		(3,967	)
		USD	464,866		JPY	49,033,920		06/08/2020		–		(10,170	)
		USD	461,883		JPY	49,033,910		09/09/2020		–		(6,521	)
		USD	2,147,554		JPY	232,440,560		09/24/2020		11,613		–
										532,354		(685,302	)
JPMorgan Chase Bank N.A.		AUD	3,990,000		JPY	294,821,769		06/12/2020		74,489		–
		AUD	2,260,000		JPY	168,762,110		07/14/2020		59,393		–
		AUD	4,773,844		JPY	342,356,422		08/21/2020		–		(3,606	)
		AUD	2,040,000		JPY	138,499,782		09/14/2020		–		(73,377	)
		AUD	1,363,406		JPY	99,913,673		11/24/2020		20,494		–
		BRL	5,498,100		USD	1,139,923		06/02/2020		109,602		–
		BRL	6,994,800		USD	1,378,889		07/02/2020		70,214		–
		BRL	8,728,400		USD	1,745,332		08/04/2020		114,059		–
		BRL	3,712,800		USD	711,878		10/02/2020		19,528		–
		EUR	2,120,000		USD	2,375,789		06/04/2020		22,391		–
		JPY	46,569,920		USD	445,000		06/08/2020		13,152		–
		JPY	98,894,610		USD	945,678		06/22/2020		28,418		–
		NOK	10,783,100		USD	1,038,917		06/15/2020		–		(70,474	)
		NOK	10,979,000		USD	1,058,479		06/19/2020		–		(71,106	)
		USD	1,033,089		BRL	5,498,100		06/02/2020		–		(2,768	)
		USD	442,020		JPY	46,569,920		06/08/2020		–		(10,173	)
		USD	1,178,359		NOK	10,783,100		06/15/2020		–		(68,967	)
		USD	1,178,350		NOK	10,717,400		06/16/2020		–		(75,709	)
		USD	1,218,170		NOK	10,979,000		06/19/2020		–		(88,585	)
		USD	935,157		JPY	98,894,610		06/22/2020		–		(17,896	)
		USD	1,061,597		NOK	11,353,925		06/30/2020		106,671		–
		USD	1,079,054		JPY	118,186,100		08/27/2020		18,262		–
		USD	1,066,299		NOK	9,620,500		09/21/2020		–		(75,886	)
		USD	312,068		JPY	33,441,948		11/16/2020		–		(1,131	)
										656,673		(559,678	)
Morgan Stanley and Co., Inc.		EUR	138,000		USD	151,002		11/27/2020		–		(2,772	)
Standard Chartered Bank		EUR	3,642,368		USD	4,082,552		06/05/2020		39,106		–
		INR	114,436,600		USD	1,581,337		06/03/2020		68,093		–
		INR	45,804,000		USD	627,302		08/27/2020		26,647		–
		INR	55,008,000		USD	750,031		08/28/2020		28,748		–
		INR	114,436,600		USD	1,490,720		09/03/2020		–		(8,922	)
		USD	1,509,399		INR	114,436,600		06/03/2020		3,844		–
										166,438		(8,922	)
UBS AG		EUR	176,932		USD	198,323		06/05/2020		1,908		–
		EUR	1,679,100		USD	1,906,534		07/23/2020		40,680		–
		EUR	1,627,422		CHF	1,762,892		08/10/2020		27,375		–
		EUR	226,932		USD	248,281		10/09/2020		–		(4,319	)
		EUR	804,122		CHF	881,446		11/09/2020		25,104		–
		USD	1,657,815		EUR	1,470,776		07/23/2020		–		(23,454	)
										95,067		(27,773	)
Net Unrealized Appreciation (Depreciation)									$	2,320,147	$	(2,033,593	)

77

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

AUD—Australian Dollar

BRL—Brazilian Real

CHF—Swiss Franc

EUR—Euro Currency

INR—Indian Rupee

JPY—Japanese Yen

KRW—South Korean Won

MXN—Mexican Peso

NOK—Norwegian Krone

SEK—Swedish Krona

USD—United States Dollar

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2020 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs			Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	106,555,902	$	73,764,689	**	$	—	$	180,320,591
Foreign Government Obligations		—		56,967,204			—		56,967,204
U.S. Government Treasuries		—		6,797,894			—		6,797,894
Short-Term Investment Securities:
Registered Investment Companies		211,516		—			—		211,516
Other Short-Term Investments		—		30,847,208			—		30,847,208
Repurchase Agreements		—		5,890,000			—		5,890,000
Total Investments at Value	$	106,767,418	$	174,266,995		$	—	$	281,034,413
Other Financial Instruments:†
Forward Foreign Currency Contracts	$	—	$	2,320,147		$	—	$	2,320,147
LIABILITIES:
Other Financial Instruments:†
Forward Foreign Currency Contracts	$	—	$	2,033,593		$	—	$	2,033,593

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

** Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 2).

† Amounts represent unrealized appreciation/depreciation as of the end of the reporting period.

See Notes to Financial Statements

78

VALIC Company I Government Money Market I Fund

PORTFOLIO PROFILE — May 31, 2020 (unaudited)

Industry Allocation*

U.S. Government Treasuries	51.2	%
U.S. Government Agencies	47.1
Repurchase Agreements	1.2
	99.5	%

Credit Quality Allocation@#

P-1 98.3 % 

* Calculated as a percentage of net assets

@ Source: Moody’s

# Calculated as a percentage of total debt issues

Weighted Average days to Maturity - 35.7 days

79

VALIC Company I Government Money Market I Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020

Security Description	Principal Amount		Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 98.3%
U.S. Government Agencies — 47.1%
Federal Farm Credit Bank 0.01% due 06/01/2020	$	9,000,000	$	9,000,000
Federal Farm Credit Bank FRS 0.18% (1 ML+0.00%) due 12/16/2020		8,000,000		8,000,000
Federal Home Loan Bank 0.00% due 06/01/2020		32,000,000		32,000,000
0.17% due 06/19/2020		5,400,000		5,399,541
0.30% due 10/22/2020		5,500,000		5,493,446
0.30% due 10/23/2020		5,500,000		5,493,400
0.30% due 10/26/2020		5,500,000		5,493,262
0.32% due 11/25/2020		10,100,000		10,084,109
0.32% due 12/15/2020		7,500,000		7,486,867
0.35% due 12/24/2020		8,500,000		8,482,976
0.35% due 12/28/2020		8,500,000		8,482,646
Federal Home Loan Bank FRS 0.19% (SOFR + 0.13%) due 10/16/2020		8,000,000		8,000,000
Federal Home Loan Mtg. Corp. FRS 0.07% (SOFR+0.01%) due 06/10/2020		8,000,000		8,000,000
0.07% (SOFR + 0.01%) due 07/22/2020		9,000,000		9,000,000
0.07% (SOFR+0.01%) due 08/05/2020		8,000,000		8,000,000
0.07% (SOFR + 0.01%) due 08/07/2020		7,000,000		7,000,000
0.07% (SOFR+0.01%) due 08/25/2020		5,000,000		5,000,000
0.08% (SOFR + 0.02%) due 06/05/2020		8,000,000		8,000,000
0.09% (SOFR + 0.03%) due 06/02/2020		8,000,000		8,000,000
0.09% (SOFR + 0.03%) due 06/17/2020		8,000,000		8,000,000
0.09% (SOFR+0.03%) due 02/24/2021		5,000,000		5,000,000
0.10% (SOFR+0.04%) due 12/04/2020		5,000,000		5,000,000
Federal National Mtg. Assoc. FRS 0.09% (SOFR+0.03%) due 09/04/2020		5,000,000		5,000,000
0.10% (SOFR+0.04%) due 09/11/2020		6,000,000		6,000,000
Total U.S. Government Agencies
(amortized cost $195,416,247)				195,416,247

Security Description	Principal Amount			Value (Note 2)
U.S. Government Treasuries — 51.2%
United States Treasury Bills
0.05% due 09/17/2020	$	6,400,000		$	6,399,098
0.06% due 06/09/2020		10,000,000			9,999,857
0.07% due 06/02/2020		7,000,000			6,999,986
0.07% due 06/04/2020		33,000,000			32,999,804
0.07% due 06/11/2020		10,000,000			9,999,803
0.07% due 06/16/2020		17,000,000			16,999,518
0.07% due 06/18/2020		8,000,000			7,999,745
0.07% due 06/23/2020		11,000,000			10,999,530
0.07% due 07/09/2020		10,000,000			9,999,282
0.08% due 06/09/2020		15,000,000			14,999,733
0.08% due 06/23/2020		7,000,000			6,999,647
0.08% due 06/30/2020		11,000,000			10,999,291
0.09% due 06/18/2020		11,000,000			10,999,533
0.09% due 06/25/2020		4,000,000			3,999,773
0.09% due 06/30/2020		6,000,000			5,999,555
0.09% due 07/02/2020		10,000,000			9,999,212
0.10% due 06/11/2020		10,000,000			9,999,722
0.10% due 06/25/2020		7,000,000			6,999,557
0.10% due 07/07/2020		9,500,000			9,499,098
0.16% due 09/10/2020		9,700,000			9,695,782
Total U.S. Government Treasuries
(amortized cost $212,587,526)					212,587,526
Total Short-Term Investment Securities — 98.3%
(amortized cost $408,003,773)					408,003,773
REPURCHASE AGREEMENTS — 1.2%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00%, dated 05/29/2020, to be repurchased 06/01/2020 in the amount of $5,138,000 and collateralized by $4,790,000 of United States Treasury Notes, bearing interest at 2.63%, due 12/31/2023 and having an approximate value of $5,245,888 (cost $5,138,000)		5,138,000			5,138,000
TOTAL INVESTMENTS
(amortized cost $413,141,773)(1)		99.5	%		413,141,773
Other assets less liabilities		0.5			2,059,207
NET ASSETS		100.0	%	$	415,200,980

(1) 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 May 31, 2020 and unless noted otherwise, the dates shown are the original maturity dates.

Index Legend

1 ML — 1 Month USD LIBOR

SOFR — Secured Overnight Financing Rate

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2020 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Short-Term Investment Securities	$	—	$	408,003,773	$	—	$	408,003,773
Repurchase Agreements		—		5,138,000		—		5,138,000
Total Investments at Value	$	—	$	413,141,773	$	—	$	413,141,773

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

See Notes to Financial Statements

80

VALIC Company I Government Securities Fund

PORTFOLIO PROFILE — May 31, 2020 (unaudited)

Industry Allocation*

Federal National Mtg. Assoc.	36.8	%
United States Treasury Notes	17.1
Federal Home Loan Mtg. Corp.	13.7
United States Treasury Bonds	10.3
Diversified Financial Services	5.7
Government National Mtg. Assoc.	4.9
Repurchase Agreements	2.3
Sovereign	1.7
Resolution Funding Corp	1.4
Federal Farm Credit Bank	1.2
Diversified Banking Institutions	1.0
Banks — Super Regional	0.6
Airlines	0.5
Telephone — Integrated	0.5
Multimedia	0.3
Tennessee Valley Authority	0.3
Pharmacy Services	0.3
Pipelines	0.2
Electric — Integrated	0.2
Real Estate Investment Trusts	0.2
Medical — Biomedical/Gene	0.1
Insurance — Mutual	0.1
Medical — Drugs	0.1
Transport — Rail	0.1
Oil Companies — Exploration & Production	0.1
Finance — Credit Card	0.1
Medical Instruments	0.1
	99.9	%

Credit Quality Allocation†#

Aaa	92.6	%
A	2.5
Baa	2.0
Not Rated@	2.9
	100.0	%

* Calculated as a percentage of net assets.

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

† Source: Moody’s

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

81

VALIC Company I Government Securities Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES — 5.7%
Diversified Financial Services — 5.7%
BANK Series 2020-BN26, Class A4 2.40% due 03/15/2063(1)	$	500,000	$	515,474
BBCMS Trust Series 2015-VFM, Class A1 2.47% due 03/10/2036*(1)		294,576		287,489
Citigroup Commercial Mtg. Trust Series 2020-GC46, Class A5 2.72% due 02/15/2053(1)		1,250,000		1,329,493
COMM Mtg. Trust VRS Series 2012-CR2, Class XA 1.63% due 08/15/2045(1)(2)(3)		758,698		20,991
COMM Mtg. Trust VRS Series 2020-CBM, Class A1 2.24% due 02/10/2037*(1)(3)		600,000		566,499
DBUBS Mtg. Trust Series 2011-LC2A, Class A1 3.53% due 07/10/2044*(1)		32,636		32,799
Eleven Madison Mtg. Trust VRS Series 2015-11MD, Class A 3.55% due 09/10/2035*(1)(3)		398,000		424,006
GS Mtg. Securities Trust Series 2017-GS7, ClassA4 3.43% due 08/10/2050(1)		1,100,000		1,210,615
Progress Residential Trust Series 2017-SFR1, Class A 2.77% due 08/17/2034*		298,742		302,766
Sofi Professional Loan Program Trust Series 2018-B, Class A2FX 3.34% due 08/25/2047*		1,000,000		1,028,140
Tricon American Homes Trust Series 2016-SFR1, Class A 2.59% due 11/17/2033*		540,020		542,751
UBS Commercial Mtg. Trust Series 2018-C14, Class A2 4.26% due 12/15/2051(1)		1,500,000		1,626,635
UBS-BAMLL Trust Series 2012-WRM, Class A 3.66% due 06/10/2030*(1)		217,000		220,966
WF-RBS Commercial Mtg. Trust Series 2011-C3, Class A4 4.38% due 03/15/2044*(1)		296,844		299,899
Total Asset Backed Securities
(cost $8,196,282)				8,408,523
U.S. CORPORATE BONDS & NOTES — 4.1%
Airlines — 0.5%
American Airlines Pass-Through Trust Pass-Through Certs. Series 2016-3, Class A 3.00% due 04/15/2030		633,421		554,769
American Airlines Pass-Through Trust Pass-Through Certs. Series 2017-2, Class AA 3.35% due 04/15/2031		291,604		255,454
				810,223
Banks - Super Regional — 0.6%
Wells Fargo & Co. Senior Notes 2.16% due 02/11/2026		900,000		911,485
Diversified Banking Institutions — 0.6%
Citigroup, Inc. Senior Notes 3.40% due 05/01/2026		400,000		433,811

Security Description	Principal Amount		Value (Note 2)
Diversified Banking Institutions (continued)
Citigroup, Inc. Senior Notes 4.50% due 01/14/2022	$	162,000	$	171,164
Morgan Stanley Senior Notes 2.50% due 04/21/2021		319,000		324,425
				929,400
Electric - Integrated — 0.2%
San Diego Gas & Electric Co. 1st Mtg. Bonds 6.00% due 06/01/2026		200,000		248,521
Finance - Credit Card — 0.1%
American Express Co. Sub. Notes 3.63% due 12/05/2024		104,000		114,201
Insurance - Mutual — 0.1%
New York Life Global Funding Senior Sec. Notes 2.00% due 04/13/2021*		154,000		156,246
Medical Instruments — 0.1%
Medtronic, Inc. Company Guar. Notes 3.15% due 03/15/2022		99,000		103,701
Medical - Biomedical/Gene — 0.1%
Gilead Sciences, Inc. Senior Notes 3.50% due 02/01/2025		144,000		160,476
Medical - Drugs — 0.1%
AbbVie, Inc. Senior Notes 3.45% due 03/15/2022*		126,000		130,986
Multimedia — 0.3%
Walt Disney Co. Company Guar. Notes 2.00% due 09/01/2029		500,000		506,622
Oil Companies - Exploration & Production — 0.1%
Noble Energy, Inc. Senior Notes 3.90% due 11/15/2024#		116,000		114,639
Pharmacy Services — 0.3%
CVS Health Corp. Senior Notes 4.30% due 03/25/2028		440,000		502,936
Pipelines — 0.2%
Enterprise Products Operating LLC Company Guar. Notes 3.70% due 02/15/2026		127,000		139,840
Magellan Midstream Partners LP Senior Notes 3.20% due 03/15/2025		137,000		140,141
				279,981
Real Estate Investment Trusts — 0.2%
Boston Properties LP Senior Notes 2.75% due 10/01/2026		240,000		247,770
Telephone - Integrated — 0.5%
AT&T, Inc. Senior Notes 3.60% due 07/15/2025		500,000		543,467

82

VALIC Company I Government Securities Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Telephone - Integrated (continued)
AT&T, Inc. Senior Notes 3.95% due 01/15/2025	$	171,000	$	187,370
				730,837
Transport - Rail — 0.1%
Norfolk Southern Corp. Senior Notes 2.90% due 02/15/2023		89,000		93,659
Norfolk Southern Corp. Senior Notes 5.59% due 05/17/2025		19,000		22,444
				116,103
Total U.S. Corporate Bonds & Notes
(cost $5,901,777)				6,064,127
FOREIGN CORPORATE BONDS & NOTES — 0.4%
Diversified Banking Institutions — 0.4%
Mitsubishi UFJ Financial Group, Inc. Senior Notes 2.76% due 09/13/2026		217,000		229,995
Mizuho Financial Group, Inc. Senior Notes 2.95% due 02/28/2022		363,000		375,307
Total Foreign Corporate Bonds & Notes
(cost $580,000)				605,302
U.S. GOVERNMENT AGENCIES — 58.3%
Federal Farm Credit Bank — 1.2%
3.33% due 04/28/2037		500,000		616,439
3.35% due 10/21/2025		1,000,000		1,142,780
				1,759,219
Federal Home Loan Mtg. Corp. — 13.7%
2.50% due 05/01/2050		798,623		832,038
3.50% due 06/01/2033		1,044,858		1,121,567
4.50% due 09/01/2039		338,007		376,115
4.50% due 11/01/2039		178,723		198,769
4.50% due 02/01/2040		251,870		280,120
4.50% due 04/01/2040		24,601		27,353
4.50% due 06/01/2040		57,165		63,478
4.50% due 08/01/2040		275,773		306,483
4.50% due 03/01/2041		914,977		1,002,140
4.50% due 04/01/2041		123,568		137,339
4.50% due 06/01/2041		229,261		255,206
5.00% due 10/01/2034		20,917		22,827
5.50% due 12/01/2036		9,861		10,852
6.00% due 11/01/2033		52,498		60,619
6.50% due 02/01/2032		18,473		21,139
8.00% due 02/01/2030		342		344
8.00% due 08/01/2030		141		169
8.00% due 06/01/2031		1,281		1,489
Federal Home Loan Mtg. Corp. FRS 3.96% (12 ML+1.83%) due 12/01/2035		5,317		5,421
Federal Home Loan Mtg. Corp. STRIPS Series 264, Class 30 3.00% due 07/15/2042(4)		720,807		778,961
Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs.
Series KJ14, Class A2 2.81% due 09/25/2024(1)		591,000		634,378
Series K049, Class A2 3.01% due 07/25/2025(1)		430,000		473,282

Security Description	Principal Amount		Value (Note 2)
Federal Home Loan Mtg. Corp. (continued)
Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs. VRS Series K048, Class A2 3.28% due 06/25/2025(1)(3)	$	1,000,000	$	1,111,693
Federal Home Loan Mtg. Corp. REMIC
Series 4150, Class GE 2.00% due 01/15/2033(4)		863,840		893,985
Series 4186, Class JE 2.00% due 03/15/2033(4)		253,834		266,329
Series 4594, Class GN 2.50% due 02/15/2045(4)		643,510		672,603
Series 3981, Class PA 3.00% due 04/15/2031(4)		177,078		182,641
Series 4097, Class YK 3.00% due 08/15/2032(4)		1,750,000		1,964,694
Series 4150, Class IG 3.00% due 01/15/2033(2)(4)		2,554,485		216,481
Series 4838, Class CY 3.00% due 01/15/2038(4)		1,000,000		1,142,433
Series 4365, Class HZ 3.00% due 01/15/2040(4)		831,611		891,928
Series 4599, Class PA 3.00% due 09/15/2045(4)		1,138,696		1,212,362
Series 4057, Class WY 3.50% due 06/15/2027(4)		1,000,000		1,098,178
Series 3813, Class D 4.00% due 02/15/2026(4)		1,000,000		1,082,477
Series 3917, Class B 4.50% due 08/15/2026(4)		465,000		516,283
Series 3927, Class AY 4.50% due 09/15/2026(4)		1,494,968		1,657,474
Series 3786, Class PB 4.50% due 07/15/2040(4)		675,269		711,013
Federal Home Loan Mtg. Corp. REMIC FRS Series 4039, Class SA 6.32% (6.50%-1 ML) due 05/15/2042(2)(4)(5)		361,547		67,539
				20,298,202
Federal National Mtg. Assoc. — 36.8%
2.55% due 09/01/2034		700,000		759,603
2.81% due 04/01/2025		800,000		863,403
2.94% due 01/01/2026		1,561,961		1,703,747
3.00% due 03/01/2043		902,064		967,075
3.00% due 02/01/2050		982,939		1,040,176
3.12% due 07/01/2029		3,500,000		3,993,939
3.30% due 02/01/2030		2,942,043		3,325,213
3.50% due 07/01/2049		1,297,177		1,368,014
3.64% due 07/01/2028		1,500,000		1,730,272
3.69% due 05/01/2030		1,484,534		1,741,339
4.00% due 09/01/2040		79,462		87,461
4.00% due 10/01/2040		61,426		67,502
4.00% due 12/01/2040		112,130		123,436
4.00% due 01/01/2041		234,133		257,715
4.00% due 02/01/2041		768,870		846,356
4.00% due 03/01/2041		1,270,138		1,398,249
4.00% due 06/01/2042		640,774		691,166
4.00% due 03/01/2043		1,973,835		2,159,558
5.00% due 12/01/2036		9,213		10,051
5.50% due 12/01/2033		13,356		15,020
5.50% due 10/01/2034		7,245		7,982
6.50% due 07/01/2032		4,046		4,608
7.00% due 09/01/2031		12,342		13,997

83

VALIC Company I Government Securities Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal National Mtg. Assoc. (continued)
Federal National Mtg. Assoc. FRS 3.37% (12 ML+1.37%) due 02/01/2035	$	849	$	856
3.37% (6 ML+1.50%) due 01/01/2036		8,474		8,621
3.98% (1 Yr USTYCR+2.23%) due 11/01/2034		8,142		8,191
Federal National Mtg. Assoc. STRIPS Series 384, Class 23 6.00% due 08/25/2037(2)(4)		145,935		30,090
Federal National Mtg. Assoc. VRS 2.64% due 12/01/2026(3)		1,905,981		2,058,682
Federal National Mtg. Assoc. Grantor Trust Series 2017-T1, Class A 2.90% due 06/25/2027		1,125,012		1,213,205
Federal National Mtg. Assoc. REMIC
Series 2002-34, Class AO zero coupon due 05/18/2032(4)(6)		172,937		166,355
Series 2020-M8, Class A2 1.82% due 02/25/2030(1)		800,000		834,313
Series 2013-15, Class DC 2.00% due 03/25/2033(4)		645,467		668,554
Series 2011-126, Class EC 2.00% due 04/25/2040(4)		138,123		139,696
Series 2020-12, Class JC 2.00% due 03/25/2050(4)		1,481,869		1,534,835
Series 2013-23, Class KJ 2.25% due 05/25/2042(4)		1,209,009		1,249,720
Series 2012-93, Class ME 2.50% due 01/25/2042(4)		1,426,354		1,488,335
Series 2013-73, Class TD 2.50% due 09/25/2042(4)		484,607		502,825
Series 2019-M31, Class A2 2.85% due 04/25/2034(1)		1,000,000		1,098,007
Series 2013-100, Class DE 3.00% due 11/25/2030(4)		1,704,839		1,757,817
Series 2013-106, Class PY 3.00% due 10/25/2033(4)		2,900,000		3,229,474
Series 2016-30, Class PA 3.00% due 04/25/2045(4)		633,461		671,315
Series 2016-25, Class LA 3.00% due 07/25/2045(4)		454,894		483,030
Series 2016-33, Class JA 3.00% due 07/25/2045(4)		459,295		487,415
Series 2015-97, Class N 3.00% due 11/25/2045(4)		2,000,000		2,172,720
Series 2016-38, Class NA 3.00% due 01/25/2046(4)		815,332		837,476
Series 2016-30, Class LY 3.50% due 05/25/2036(4)		800,000		950,565
Series 2012-50, Class VB 4.00% due 01/25/2029(4)		1,355,000		1,445,919
Series 2012-47, Class VB 4.00% due 04/25/2031(4)		2,000,000		2,148,812
Series 2004-90, Class GC 4.35% due 11/25/2034(4)		27,067		27,131
Series 2010-117, Class DY 4.50% due 10/25/2025(4)		974,930		1,067,220
Series 2010-134, Class MB 4.50% due 12/25/2040(4)		250,000		307,114
Series 2007-116, Class PB 5.50% due 08/25/2035(4)		49,193		57,589
Federal National Mtg. Assoc. REMIC VRS
Series 2015-M13, Class A2 2.71% due 06/25/2025(1)(3)		515,000		554,432

Security Description	Principal Amount		Value (Note 2)
Federal National Mtg. Assoc. (continued)
Series 2016-M1, Class A2 2.94% due 01/25/2026(1)(3)	$	1,239,000	$	1,327,752
Series 2014-M13, Class A2 3.02% due 08/25/2024(1)(3)		1,220,693		1,307,609
Series 2018-M4, Class A2 3.05% due 03/25/2028(1)(3)		1,400,000		1,574,729
				54,586,286
Government National Mtg. Assoc. — 4.9%
3.50% due 09/15/2048		873,055		963,512
3.50% due 10/15/2048		1,030,450		1,136,210
3.50% due 02/15/2049		990,842		1,093,216
4.00% due 01/20/2050		977,311		1,042,085
4.50% due 03/15/2038		17,365		19,187
4.50% due 03/15/2039		4,265		4,751
4.50% due 05/15/2039		123,785		137,848
4.50% due 06/15/2039		100,820		112,207
4.50% due 07/15/2039		178,030		197,096
4.50% due 09/15/2039		2,852		3,177
4.50% due 12/15/2039		61,047		66,844
4.50% due 04/15/2040		85,103		94,813
4.50% due 06/15/2040		206,438		229,842
4.50% due 08/15/2040		37,529		41,784
5.00% due 09/15/2035		1,228		1,414
5.00% due 02/15/2036		44,981		51,136
5.00% due 05/15/2036		5,809		6,404
6.00% due 01/15/2032		6,060		6,798
7.50% due 02/15/2029		2,403		2,414
7.50% due 07/15/2030		114		117
7.50% due 01/15/2031		4,284		4,890
Government National Mtg. Assoc. REMIC
Series 2014-58, Class EP 4.00% due 04/20/2044(4)		432,000		524,933
Series 2004-18, Class Z 4.50% due 03/16/2034(4)		222,918		248,783
Series 2008-6, Class GL 4.50% due 02/20/2038(4)		780,812		854,369
Series 2005-21, Class Z 5.00% due 03/20/2035(4)		395,627		452,996
				7,296,826
Resolution Funding Corp — 1.4%
zero coupon due 07/15/2020 STRIPS		2,000,000		1,999,347
Tennessee Valley Authority — 0.3%
0.75% due 05/15/2025		500,000		505,065
Total U.S. Government Agencies
(cost $80,998,906)				86,444,945
U.S. GOVERNMENT TREASURIES — 27.4%
United States Treasury Bonds — 10.3%
zero coupon due 08/15/2024 STRIPS		2,040,000		2,010,092
2.88% due 08/15/2045#		1,000,000		1,318,320
3.00% due 02/15/2048		750,000		1,027,090
3.13% due 02/15/2043		1,000,000		1,354,961
3.75% due 08/15/2041#		4,000,000		5,883,125
3.75% due 11/15/2043		1,000,000		1,488,399
3.88% due 08/15/2040		1,500,000		2,234,531
				15,316,518
United States Treasury Notes — 17.1%
0.63% due 03/31/2027		5,000,000		5,047,265
1.75% due 05/15/2023		8,000,000		8,366,250
2.50% due 08/15/2023		3,000,000		3,219,844

84

VALIC Company I Government Securities Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
U.S. GOVERNMENT TREASURIES (continued)
United States Treasury Notes (continued)
2.75% due 02/15/2024	$	2,500,000		$	2,732,031
2.88% due 08/15/2028		5,000,000			5,930,469
					25,295,859
Total U.S. Government Treasuries
(cost $34,765,721)					40,612,377
FOREIGN GOVERNMENT OBLIGATIONS — 1.7%
Sovereign — 1.7%
Israel Government AID Government Guar. Notes zero coupon due 02/15/2024 (cost $2,442,577)		2,641,000			2,557,845
Total Long-Term Investment Securities
(cost $132,885,263)					144,693,119
SHORT-TERM INVESTMENT SECURITIES — 0.0%
Registered Investment Companies — 0.0%
State Street Navigator Securities Lending Government Money Market Portfolio 0.13%(7)(8) (cost $16,040)		16,040			16,040
REPURCHASE AGREEMENTS — 2.3%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00%, dated 05/29/2020, to be repurchased 06/01/2020 in the amount of $3,432,000 collateralized by $3,265,000 of United States Treasury Notes, bearing interest at 2.38% due 02/29/2024 and having an approximate value of $3,540,164 (cost $3,432,000)		3,432,000			3,432,000
TOTAL INVESTMENTS
(cost $136,333,303)(9)		99.9	%		148,141,159
Other assets less liabilities		0.1			197,056
NET ASSETS		100.0	%	$	148,338,215

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2020, the aggregate value of these securities was $3,992,547 representing 2.7% of net assets.

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

(1) Commercial Mortgage Backed Security

(2) Interest Only

(3) Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.

(4) Collateralized Mortgage Obligation

(5) Inverse Floating Rate Security that pays interest that varies inversely to changes in the market interest rates. The interest rate shown is the current interest rate at May 31, 2020.

(6) Principal Only

(7) The rate shown is the 7-day yield as of May 31, 2020.

(8) At May 31, 2020, the Fund had loaned securities with a total value of $7,269,672. This was secured by collateral of $16,040, which was received in cash and subsequently invested in short-term investments currently valued at $16,040 as reported in the Portfolio of Investments. Additional collateral of $7,334,565 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2020
Federal Home Loan Mtg. Corp.	zero coupon to 21.62%	12/25/2020 to 06/25/2050	$	2,876,712
Federal National Mtg. Assoc.	0.47% to 27.69%	08/25/2026 to 02/25/2060		2,362,869
Government National Mtg. Assoc.	0.62% to 29.66%	10/16/2032 to 02/16/2062		2,094,984

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

REMIC—Real Estate Mortgage Investment Conduit

STRIPS—Separate Trading of Registered Interest and Principal Securities

FRS—Floating Rate Security

VRS—Variable Rate Security

The rates shown on FRS and VRS are the current interest rates as of May 31, 2020 and unless noted otherwise, the dates shown are the original maturity dates.

Index Legend

1 ML—1 Month USD LIBOR

6 ML—6 Month USD LIBOR

12 ML—12 Month USD LIBOR

1 Yr USTYCR—1 Year US Treasury Yield Curve Rate

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2020 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Asset Backed Securities	$	—	$	8,408,523	$	—	$	8,408,523
U.S. Corporate Bonds & Notes		—		6,064,127		—		6,064,127
Foreign Corporate Bonds & Notes		—		605,302		—		605,302
U.S. Government Agencies		—		86,444,945		—		86,444,945
U.S. Government Treasuries		—		40,612,377		—		40,612,377
Foreign Government Obligations		—		2,557,845		—		2,557,845
Short-Term Investment Securities		16,040		—		—		16,040
Repurchase Agreements		—		3,432,000		—		3,432,000
Total Investments at Value	$	16,040	$	148,125,119	$	—	$	148,141,159

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

See Notes to Financial Statements

85

VALIC Company I Growth Fund

PORTFOLIO PROFILE — May 31, 2020 (unaudited)

Industry Allocation*

Applications Software	13.5	%
E-Commerce/Products	12.1
Finance — Credit Card	8.0
Internet Content — Entertainment	6.4
Commercial Services — Finance	6.3
Medical — Drugs	4.4
Web Portals/ISP	3.7
Computers	3.6
Medical Instruments	3.5
Real Estate Investment Trusts	2.3
Electronic Forms	2.3
E-Commerce/Services	2.2
Semiconductor Equipment	2.2
Retail — Building Products	2.1
Commercial Services	1.9
Distribution/Wholesale	1.9
Athletic Footwear	1.9
Finance — Other Services	1.7
Data Processing/Management	1.5
Medical — HMO	1.5
Medical Labs & Testing Services	1.5
Auto — Cars/Light Trucks	1.3
Diagnostic Equipment	1.3
Semiconductor Components — Integrated Circuits	1.3
Retail — Major Department Stores	1.2
Electronic Components — Semiconductors	1.2
Coatings/Paint	1.0
Containers — Metal/Glass	0.6
Exchange — Traded Funds	0.5
Registered Investment Companies	0.4
Medical — Biomedical/Gene	0.4
Aerospace/Defense	0.4
Cosmetics & Toiletries	0.4
Retail — Restaurants	0.4
Medical Products	0.3
Cable/Satellite TV	0.3
Beverages — Non-alcoholic	0.3
Retail — Discount	0.3
Diversified Banking Institutions	0.2
Transport — Rail	0.2
Industrial Gases	0.2
Multimedia	0.2
Computer Aided Design	0.2
Repurchase Agreements	0.2
Oil Companies — Exploration & Production	0.2
Computer Services	0.1
Enterprise Software/Service	0.1
Insurance Brokers	0.1
Electronic Measurement Instruments	0.1
Tobacco	0.1
Investment Management/Advisor Services	0.1
Electric — Integrated	0.1
Chemicals — Diversified	0.1
Instruments — Controls	0.1
Retail — Auto Parts	0.1
Diversified Manufacturing Operations	0.1
Aerospace/Defense — Equipment	0.1
Hotels/Motels	0.1
Electronic Connectors	0.1
Auto — Heavy Duty Trucks	0.1
Electric Products — Misc.	0.1
Building — Residential/Commercial	0.1
Machinery — Construction & Mining	0.1
Transport — Services	0.1
Retail — Apparel/Shoe	0.1
Drug Delivery Systems	0.1
Entertainment Software	0.1
Non — Hazardous Waste Disposal	0.1
Consulting Services	0.1

Finance — Investment Banker/Broker	0.1
Machinery — Farming	0.1
Decision Support Software	0.1
Insurance — Property/Casualty	0.1
Chemicals — Specialty	0.1
Diagnostic Kits	0.1
Building Products — Cement	0.1
	100.6	%

* Calculated as a percentage of net assets

86

VALIC Company I Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 99.5%
Aerospace/Defense — 0.4%
Boeing Co.		4,976	$	725,750
Lockheed Martin Corp.		5,250		2,039,310
Northrop Grumman Corp.		3,315		1,111,188
Raytheon Technologies Corp.		16,454		1,061,612
TransDigm Group, Inc.		1,053		447,335
				5,385,195
Aerospace/Defense - Equipment — 0.1%
Howmet Aerospace Inc Common Stock		4,096		53,575
L3Harris Technologies, Inc.		4,675		932,429
				986,004
Apparel Manufacturers — 0.0%
VF Corp.		3,670		205,887
Applications Software — 13.5%
Intuit, Inc.		92,464		26,844,148
Microsoft Corp.		531,085		97,321,326
salesforce.com, Inc.†		127,607		22,304,428
ServiceNow, Inc.†		94,054		36,486,368
				182,956,270
Athletic Footwear — 1.9%
NIKE, Inc., Class B		261,486		25,777,290
Auto - Cars/Light Trucks — 1.3%
Ferrari NV		105,401		17,782,203
Auto - Heavy Duty Trucks — 0.1%
Cummins, Inc.		2,042		346,323
PACCAR, Inc.		7,315		540,286
				886,609
Banks - Commercial — 0.0%
First Republic Bank		1,747		188,973
SVB Financial Group†		699		150,110
				339,083
Beverages - Non-alcoholic — 0.3%
Coca - Cola Co.		32,620		1,522,702
Monster Beverage Corp.†		5,409		388,961
PepsiCo, Inc.		14,156		1,862,222
				3,773,885
Beverages - Wine/Spirits — 0.0%
Brown - Forman Corp., Class B		3,853		254,028
Building & Construction Products - Misc. — 0.0%
Fortune Brands Home & Security, Inc.		2,942		179,344
Building Products - Air & Heating — 0.0%
Carrier Global Corp.†		9,094		186,154
Building Products - Cement — 0.1%
Martin Marietta Materials, Inc.		1,323		254,135
Vulcan Materials Co.		2,799		303,188
				557,323
Building Products - Wood — 0.0%
Masco Corp.		6,008		280,273
Building - Maintenance & Services — 0.0%
Rollins, Inc.		1,399		58,478
Building - Residential/Commercial — 0.1%
D.R. Horton, Inc.		7,093		392,243
NVR, Inc.†		85		273,837
PulteGroup, Inc.		5,387		182,996
				849,076

Security Description	Shares		Value (Note 2)
Cable/Satellite TV — 0.3%
Charter Communications, Inc., Class A†		3,316	$	1,803,904
Comcast Corp., Class A		53,767		2,129,173
				3,933,077
Casino Hotels — 0.0%
Las Vegas Sands Corp.		4,074		195,308
MGM Resorts International		6,644		114,144
Wynn Resorts, Ltd.		2,044		170,224
				479,676
Chemicals - Diversified — 0.1%
Celanese Corp.		2,556		229,810
Dow, Inc.		15,682		605,325
FMC Corp.		2,741		269,742
PPG Industries, Inc.		2,551		259,360
				1,364,237
Chemicals - Specialty — 0.1%
Ecolab, Inc.		2,705		575,029
Coatings/Paint — 1.0%
Sherwin - Williams Co.		22,587		13,413,290
Commercial Services — 1.9%
Cintas Corp.		1,772		439,385
CoStar Group, Inc.†		39,306		25,816,181
Quanta Services, Inc.		1,355		50,040
				26,305,606
Commercial Services - Finance — 6.3%
Adyen NV†*		15,539		20,443,281
Automatic Data Processing, Inc.		5,675		831,331
Equifax, Inc.		1,537		236,022
FleetCor Technologies, Inc.†		1,835		447,355
Global Payments, Inc.		3,114		558,932
IHS Markit, Ltd.		6,191		430,027
MarketAxess Holdings, Inc.		801		407,380
Moody’s Corp.		3,434		918,286
PayPal Holdings, Inc.†		24,833		3,849,363
S&P Global, Inc.		122,535		39,826,326
TransUnion		204,986		17,688,242
				85,636,545
Computer Aided Design — 0.2%
ANSYS, Inc.†		1,811		512,513
Autodesk, Inc.†		4,654		979,108
Cadence Design Systems, Inc.†		5,934		541,715
Synopsys, Inc.†		3,180		575,294
				2,608,630
Computer Data Security — 0.0%
Fortinet, Inc.†		3,002		417,878
Computer Services — 0.1%
Accenture PLC, Class A		8,462		1,706,109
Leidos Holdings, Inc.		1,408		148,248
				1,854,357
Computer Software — 0.0%
Akamai Technologies, Inc.†		2,460		260,268
Citrix Systems, Inc.		1,264		187,224
				447,492
Computers — 3.6%
Apple, Inc.		152,424		48,461,687
Computers - Memory Devices — 0.0%
NetApp, Inc.		2,220		98,879
Seagate Technology PLC		2,934		155,619
				254,498

87

VALIC Company I Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Consulting Services — 0.1%
Gartner, Inc.†		1,892	$	230,257
Verisk Analytics, Inc.		2,390		412,705
				642,962
Consumer Products - Misc. — 0.0%
Kimberly - Clark Corp.		3,552		502,395
Containers - Metal/Glass — 0.6%
Ball Corp.		116,171		8,278,345
Cosmetics & Toiletries — 0.4%
Colgate - Palmolive Co.		8,157		589,996
Coty, Inc., Class A		2,938		10,665
Estee Lauder Cos., Inc., Class A		4,706		929,294
Procter & Gamble Co.		30,590		3,545,992
				5,075,947
Data Processing/Management — 1.5%
Broadridge Financial Solutions, Inc.		1,697		205,507
Fair Isaac Corp.†		46,425		18,693,026
Fiserv, Inc.†		12,078		1,289,568
Jack Henry & Associates, Inc.		846		153,007
Paychex, Inc.		4,514		326,272
				20,667,380
Decision Support Software — 0.1%
MSCI, Inc.		1,792		589,299
Dental Supplies & Equipment — 0.0%
Align Technology, Inc.†		1,516		372,360
DENTSPLY SIRONA, Inc.		2,493		115,974
				488,334
Diagnostic Equipment — 1.3%
Adaptive Biotechnologies Corp.†		342,623		13,259,510
Danaher Corp.		8,517		1,419,018
Thermo Fisher Scientific, Inc.		8,480		2,961,131
				17,639,659
Diagnostic Kits — 0.1%
IDEXX Laboratories, Inc.†		1,814		560,308
Disposable Medical Products — 0.0%
Teleflex, Inc.		979		355,240
Distribution/Wholesale — 1.9%
Copart, Inc.†		288,244		25,766,131
Fastenal Co.		8,491		350,339
LKQ Corp.†		3,370		92,540
				26,209,010
Diversified Banking Institutions — 0.2%
JPMorgan Chase & Co.		31,840		3,098,350
Diversified Manufacturing Operations — 0.1%
Illinois Tool Works, Inc.		3,773		650,691
Parker - Hannifin Corp.		1,495		269,055
Trane Technologies PLC		3,141		283,350
				1,203,096
Drug Delivery Systems — 0.1%
DexCom, Inc.†		1,928		729,382
E-Commerce/Products — 12.1%
Alibaba Group Holding, Ltd. ADR†		129,745		26,907,815
Amazon.com, Inc.†		56,023		136,828,895
eBay, Inc.		16,174		736,564
				164,473,274

Security Description	Shares		Value (Note 2)
E-Commerce/Services — 2.2%
Booking Holdings, Inc.†		885	$	1,450,887
Match Group, Inc.†#		81,231		7,232,808
MercadoLibre, Inc.†		24,657		20,999,627
				29,683,322
E-Services/Consulting — 0.0%
CDW Corp.		3,039		337,055
Electric Products - Misc. — 0.1%
AMETEK, Inc.		4,834		443,326
Emerson Electric Co.		6,956		424,455
				867,781
Electric - Distribution — 0.0%
Sempra Energy		2,683		338,890
Electric - Integrated — 0.1%
NextEra Energy, Inc.		5,478		1,399,958
Electronic Components - Misc. — 0.0%
Garmin, Ltd.		3,056		275,560
Electronic Components - Semiconductors — 1.2%
Advanced Micro Devices, Inc.†		24,737		1,330,851
Broadcom, Inc.		8,389		2,443,464
Intel Corp.		52,439		3,299,986
IPG Photonics Corp.†		376		58,430
Microchip Technology, Inc.#		5,054		485,285
Micron Technology, Inc.†		23,414		1,121,765
NVIDIA Corp.		12,943		4,595,024
Qorvo, Inc.†		2,456		257,241
Skyworks Solutions, Inc.		2,090		247,749
Texas Instruments, Inc.		12,256		1,455,278
Xilinx, Inc.		3,298		303,251
				15,598,324
Electronic Connectors — 0.1%
Amphenol Corp., Class A		6,270		605,431
TE Connectivity, Ltd.		3,537		287,381
				892,812
Electronic Forms — 2.3%
Adobe, Inc.†		79,111		30,584,313
Electronic Measurement Instruments — 0.1%
Agilent Technologies, Inc.		3,729		328,674
FLIR Systems, Inc.		1,361		62,878
Keysight Technologies, Inc.†		3,968		429,060
Roper Technologies, Inc.		2,200		866,360
				1,686,972
Electronic Security Devices — 0.0%
Allegion PLC		1,965		195,911
Enterprise Software/Service — 0.1%
Oracle Corp.		27,490		1,478,137
Paycom Software, Inc.†		1,038		308,525
				1,786,662
Entertainment Software — 0.1%
Electronic Arts, Inc.†		3,272		402,063
Take - Two Interactive Software, Inc.†		2,393		325,855
				727,918
Finance - Consumer Loans — 0.0%
Synchrony Financial		11,937		243,157
Finance - Credit Card — 8.0%
American Express Co.		8,514		809,426
Discover Financial Services		4,110		195,266
Mastercard, Inc., Class A		166,620		50,134,292

88

VALIC Company I Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Finance - Credit Card (continued)
Visa, Inc., Class A		292,221	$	57,053,228
Western Union Co.		8,867		177,517
				108,369,729
Finance - Investment Banker/Broker — 0.1%
Charles Schwab Corp.		17,650		633,811
Finance - Other Services — 1.7%
Cboe Global Markets, Inc.		2,345		249,649
CME Group, Inc.		119,527		21,825,630
Intercontinental Exchange, Inc.		6,477		629,888
Nasdaq, Inc.		1,140		135,045
				22,840,212
Food - Confectionery — 0.0%
Hershey Co.		2,102		285,199
Food - Meat Products — 0.0%
Tyson Foods, Inc., Class A		2,997		184,136
Food - Misc./Diversified — 0.0%
Campbell Soup Co.		1,572		80,141
Lamb Weston Holdings, Inc.		1,699		102,042
McCormick & Co., Inc.		1,333		233,488
				415,671
Food - Wholesale/Distribution — 0.0%
Sysco Corp.		4,855		267,802
Home Furnishings — 0.0%
Leggett & Platt, Inc.		1,837		56,194
Hotels/Motels — 0.1%
Hilton Worldwide Holdings, Inc.		5,968		473,322
Marriott International, Inc., Class A		5,739		507,902
				981,224
Independent Power Producers — 0.0%
NRG Energy, Inc.		5,321		191,822
Industrial Automated/Robotic — 0.0%
Rockwell Automation, Inc.		1,392		300,895
Industrial Gases — 0.2%
Air Products & Chemicals, Inc.		4,662		1,126,572
Linde PLC		8,066		1,632,075
				2,758,647
Instruments - Controls — 0.1%
Honeywell International, Inc.		6,951		1,013,803
Mettler - Toledo International, Inc.†		325		258,375
				1,272,178
Instruments - Scientific — 0.0%
PerkinElmer, Inc.		1,339		134,530
Waters Corp.†		845		168,873
				303,403
Insurance Brokers — 0.1%
Aon PLC, Class A		3,120		614,484
Arthur J. Gallagher & Co.		2,012		189,691
Marsh & McLennan Cos., Inc.		6,510		689,539
Willis Towers Watson PLC		1,305		264,785
				1,758,499
Insurance - Multi - line — 0.0%
Cincinnati Financial Corp.		1,478		87,128
Insurance - Property/Casualty — 0.1%
Progressive Corp.		7,542		585,863

Security Description	Shares		Value (Note 2)
Internet Content - Entertainment — 6.4%
Facebook, Inc., Class A†		162,710	$	36,624,394
Netflix, Inc.†		81,285		34,117,753
Snap, Inc., Class A†		885,281		16,767,222
				87,509,369
Internet Security — 0.0%
NortonLifeLock, Inc.		7,519		171,283
Investment Management/Advisor Services — 0.1%
Ameriprise Financial, Inc.		1,741		243,862
BlackRock, Inc.		1,644		869,084
T. Rowe Price Group, Inc.		3,658		442,252
				1,555,198
Machinery - Construction & Mining — 0.1%
Caterpillar, Inc.		6,895		828,296
Machinery - Farming — 0.1%
Deere & Co.		3,929		597,679
Machinery - General Industrial — 0.0%
IDEX Corp.		918		146,302
Otis Worldwide Corp.		4,547		239,399
				385,701
Machinery - Pumps — 0.0%
Dover Corp.		1,813		176,314
Ingersoll Rand, Inc.†		5,341		150,616
Xylem, Inc.		2,247		149,066
				475,996
Medical Information Systems — 0.0%
Cerner Corp.		4,186		305,159
Medical Instruments — 3.5%
Boston Scientific Corp.†		371,087		14,097,595
Edwards Lifesciences Corp.†		4,411		991,240
Intuitive Surgical, Inc.†		56,003		32,483,420
				47,572,255
Medical Labs & Testing Services — 1.5%
IQVIA Holdings, Inc.†		2,633		393,686
Lonza Group AG		38,978		19,193,105
				19,586,791
Medical Products — 0.3%
Abbott Laboratories		21,679		2,057,771
ABIOMED, Inc.†		545		122,025
Baxter International, Inc.		4,859		437,358
Cooper Cos., Inc.		597		189,237
Hologic, Inc.†		3,062		162,286
STERIS PLC		968		160,581
Stryker Corp.		4,494		879,611
Varian Medical Systems, Inc.†		1,056		128,188
West Pharmaceutical Services, Inc.		1,565		338,103
				4,475,160
Medical - Biomedical/Gene — 0.4%
Alexion Pharmaceuticals, Inc.†		2,714		325,409
Amgen, Inc.		7,414		1,702,996
Illumina, Inc.†		1,866		677,451
Incyte Corp.†		3,781		385,322
Regeneron Pharmaceuticals, Inc.†		1,429		875,705
Vertex Pharmaceuticals, Inc.†		5,439		1,566,214
				5,533,097

89

VALIC Company I Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Medical - Drugs — 4.4%
AbbVie, Inc.		19,763	$	1,831,437
AstraZeneca PLC ADR		320,833		17,517,482
Bristol - Myers Squibb Co.		27,267		1,628,385
Eli Lilly & Co.		9,828		1,503,193
Johnson & Johnson		23,377		3,477,329
Merck & Co., Inc.		29,615		2,390,523
Roche Holding AG		34,842		12,094,491
Zoetis, Inc.		135,375		18,869,921
				59,312,761
Medical - HMO — 1.5%
Humana, Inc.		50,148		20,593,276
Metal - Copper — 0.0%
Freeport - McMoRan, Inc.		16,877		153,074
Multimedia — 0.2%
Walt Disney Co.		23,252		2,727,460
Networking Products — 0.0%
Arista Networks, Inc.†		1,147		267,779
Non - Hazardous Waste Disposal — 0.1%
Republic Services, Inc.		2,048		175,022
Waste Management, Inc.		4,787		511,012
				686,034
Office Automation & Equipment — 0.0%
Xerox Holdings Corp.		3,932		62,440
Zebra Technologies Corp., Class A†		1,140		297,905
				360,345
Office Supplies & Forms — 0.0%
Avery Dennison Corp.		1,255		138,891
Oil Companies - Exploration & Production — 0.2%
Apache Corp.		4,931		53,206
Cabot Oil & Gas Corp.		5,435		107,830
ConocoPhillips		23,206		978,829
EOG Resources, Inc.		6,152		313,568
Hess Corp.		5,477		259,993
Pioneer Natural Resources Co.		2,172		198,955
				1,912,381
Oil Field Machinery & Equipment — 0.0%
National Oilwell Varco, Inc.		2,530		31,549
Oil Refining & Marketing — 0.0%
Phillips 66		4,699		367,744
Real Estate Investment Trusts — 2.3%
Alexandria Real Estate Equities, Inc.		1,400		215,208
American Tower Corp.		9,368		2,418,537
Boston Properties, Inc.		1,338		115,041
Crown Castle International Corp.		5,100		878,016
Duke Realty Corp.		4,586		158,125
Equinix, Inc.		1,865		1,301,080
Essex Property Trust, Inc.		699		169,696
Extra Space Storage, Inc.		1,588		153,639
Federal Realty Investment Trust		624		49,864
Healthpeak Properties, Inc.		4,919		121,204
Mid - America Apartment Communities, Inc.		1,085		126,251
Prologis, Inc.		8,901		814,441
Public Storage		1,398		283,430
Realty Income Corp.		3,261		180,366
SBA Communications Corp.		75,189		23,619,121
Simon Property Group, Inc.		2,597		149,847
UDR, Inc.		2,913		107,723
				30,861,589

Security Description	Shares		Value (Note 2)
Real Estate Management/Services — 0.0%
CBRE Group, Inc., Class A†		7,079	$	311,334
Rental Auto/Equipment — 0.0%
United Rentals, Inc.†		1,589		220,696
Respiratory Products — 0.0%
ResMed, Inc.		3,041		489,054
Retail - Apparel/Shoe — 0.1%
Ross Stores, Inc.		7,650		741,744
Retail - Auto Parts — 0.1%
AutoZone, Inc.†		503		577,374
O’Reilly Automotive, Inc.†		1,600		667,584
				1,244,958
Retail - Automobile — 0.0%
CarMax, Inc.†		3,478		306,238
Retail - Building Products — 2.1%
Home Depot, Inc.		16,380		4,070,103
Lowe’s Cos., Inc.		189,658		24,721,920
				28,792,023
Retail - Discount — 0.3%
Costco Wholesale Corp.		5,512		1,700,287
Dollar General Corp.		5,384		1,031,090
Target Corp.		6,859		839,061
				3,570,438
Retail - Gardening Products — 0.0%
Tractor Supply Co.		1,228		149,841
Retail - Jewelry — 0.0%
Tiffany & Co.		2,283		292,521
Retail - Major Department Stores — 1.2%
TJX Cos., Inc.		315,461		16,643,722
Retail - Perfume & Cosmetics — 0.0%
Ulta Beauty, Inc.†		666		162,511
Retail - Restaurants — 0.4%
Chipotle Mexican Grill, Inc.†		541		543,115
Darden Restaurants, Inc.		1,269		97,536
Domino’s Pizza, Inc.		817		315,231
McDonald’s Corp.		7,008		1,305,731
Starbucks Corp.		24,977		1,947,956
Yum! Brands, Inc.		6,397		574,003
				4,783,572
Semiconductor Components - Integrated Circuits — 1.3%
Analog Devices, Inc.		134,681		15,212,219
Maxim Integrated Products, Inc.		2,517		145,181
QUALCOMM, Inc.		24,149		1,953,171
				17,310,571
Semiconductor Equipment — 2.2%
Applied Materials, Inc.		19,536		1,097,532
ASML Holding NV		81,445		26,836,942
KLA Corp.		3,337		587,179
Lam Research Corp.		3,068		839,620
				29,361,273
Shipbuilding — 0.0%
Huntington Ingalls Industries, Inc.		511		102,144
Soap & Cleaning Preparation — 0.0%
Church & Dwight Co., Inc.		2,803		210,421
Telecom Equipment - Fiber Optics — 0.0%
Corning, Inc.		7,645		174,230

90

VALIC Company I Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Theaters — 0.0%
Live Nation Entertainment, Inc.†		1,996	$	98,123
Tobacco — 0.1%
Altria Group, Inc.		15,408		601,682
Philip Morris International, Inc.		14,478		1,062,106
				1,663,788
Transport - Rail — 0.2%
CSX Corp.		8,223		588,602
Kansas City Southern		2,096		315,490
Norfolk Southern Corp.		2,979		531,126
Union Pacific Corp.		9,103		1,546,236
				2,981,454
Transport - Services — 0.1%
Expeditors International of Washington, Inc.		1,872		142,965
United Parcel Service, Inc., Class B		6,669		664,966
				807,931
Transport - Truck — 0.0%
JB Hunt Transport Services, Inc.		1,064		127,329
Old Dominion Freight Line, Inc.		2,026		346,628
				473,957
Water — 0.0%
American Water Works Co., Inc.		1,912		242,824
Web Hosting/Design — 0.0%
VeriSign, Inc.†		1,157		253,395
Web Portals/ISP — 3.7%
Alphabet, Inc., Class A†		28,946		41,494,670
Alphabet, Inc., Class C†		6,320		9,030,774
				50,525,444
Wireless Equipment — 0.0%
Motorola Solutions, Inc.		3,623		490,301
Total Common Stocks
(cost $1,039,480,154)				1,351,446,508
EXCHANGE-TRADED FUNDS — 0.5%
SPDR Portfolio S&P 500 Growth ETF# (cost $7,238,242)		171,600		7,421,700
Total Long-Term Investment Securities
(cost $1,046,712,186)				1,358,868,208

Security Description	Shares/ Principal Amount			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 0.4%
Registered Investment Companies — 0.4%
State Street Navigator Securities Lending Government Money Market Portfolio 0.13%(1)(2)		5,962,655		$	5,962,655
U.S. Government Treasuries — 0.0%
United States Treasury Bills Disc. Notes 0.14% due 11/12/2020(3)	$	100,000			99,924
Total Short-Term Investment Securities
(cost $6,062,591)					6,062,579
REPURCHASE AGREEMENTS — 0.2%
Agreement with Fixed Income Clearing Corp. Repurchase Agreement, bearing interest at 0.00%, dated 05/29/2020, to be repurchased 06/01/2020 in the amount of $2,466,000 collateralized by $2,325,000 of United States Treasury Notes, bearing interest at 2.00% due 02/29/2020 and having an approximate value of $2,520,944 (cost $2,466,000)		2,466,000			2,466,000
TOTAL INVESTMENTS
(cost $1,055,240,777)(4)		100.6	%		1,367,396,787
Liabilities in excess of other assets		(0.6	)		(8,703,300	)
NET ASSETS		100.0	%	$	1,358,693,487

† Non-income producing security

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

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2020, the aggregate value of these securities was $20,443,281 representing 1.5% of net assets.

(1) At May 31, 2020, the Fund had loaned securities with a total value of $5,917,100. This was secured by collateral of $5,962,655, which was received in cash and subsequently invested in short-term investments currently valued at $5,962,655 as reported in the Portfolio of Investments. Additional collateral of $67,008 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2020
United States Treasury Notes/Bonds	1.13% to 6.50%	11/30/2020 to 02/15/2048	$ 67,008

(2) The rate shown is the 7-day yield as of May 31, 2020.

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

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

ADR — American Depositary Receipt

ETF — Exchange-Traded Funds

Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	6	Long	S&P 500 E-Mini Index		June 2020	$	821,606	$	912,600	$	90,994

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

91

VALIC Company I Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2020 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs			Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	1,299,715,631	$	51,730,877	**	$	—	$	1,351,446,508
Exchange-Traded Funds		7,421,700		—			—		7,421,700
Short-Term Investment Securities:
Registered Investment Companies		5,962,655		—			—		5,962,655
U.S Government Treasuries		—		99,924			—		99,924
Repurchase Agreements		—		2,466,000			—		2,466,000
Total Investments at Value	$	1,313,099,986	$	54,296,801		$	—	$	1,367,396,787
Other Financial Instruments:†
Futures Contracts	$	90,994	$	—		$	—	$	90,994

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

** Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 2).

† Amounts represent unrealized appreciation/depreciation as of the end of the reporting period.

See Notes to Financial Statements

92

VALIC Company I Health Sciences Fund

PORTFOLIO PROFILE — May 31, 2020 (unaudited)

Industry Allocation*

Medical — Biomedical/Gene	32.2	%
Medical — Drugs	17.0
Medical — HMO	11.8
Medical Products	7.0
Diagnostic Equipment	6.7
Medical Instruments	4.5
Drug Delivery Systems	4.1
Therapeutics	2.3
Pharmacy Services	2.3
Electronic Measurement Instruments	2.0
Medical Labs & Testing Services	2.0
Registered Investment Companies	1.5
Diagnostic Kits	1.4
Medical — Hospitals	1.2
Disposable Medical Products	1.0
Enterprise Software/Service	0.5
Patient Monitoring Equipment	0.5
Medical — Outpatient/Home Medical	0.4
Medical — Wholesale Drug Distribution	0.3
Instruments — Controls	0.3
Medical Information Systems	0.3
Applications Software	0.3
Diversified Manufacturing Operations	0.3
Medical — Generic Drugs	0.2
Veterinary Diagnostics	0.2
Healthcare Safety Devices	0.2
Commercial Services	0.2
Insurance Brokers	0.1
Medical Imaging Systems	0.1
	101.1	%

* Calculated as a percentage of net assets

93

VALIC Company I Health Sciences Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.1%
Applications Software — 0.0%
Outset Medical, Inc.†(1)(2)		88,985	$	195,767
Diagnostic Equipment — 6.7%
10X Genomics, Inc., Class A†		17,732		1,382,564
Adaptive Biotechnologies Corp.†		30,802		1,192,037
Avantor, Inc.†		243,993		4,628,547
Danaher Corp.		104,700		17,444,067
GenMark Diagnostics, Inc.†		92,065		873,697
Quanterix Corp.†		43,893		1,211,008
Repligen Corp.†		3,680		481,970
Thermo Fisher Scientific, Inc.		86,331		30,145,922
				57,359,812
Diagnostic Kits — 1.4%
DiaSorin SpA		22,938		4,815,187
Quidel Corp.†		40,956		7,167,300
				11,982,487
Disposable Medical Products — 1.0%
ICU Medical, Inc.†		10,714		2,138,729
Teleflex, Inc.		17,081		6,198,011
				8,336,740
Diversified Manufacturing Operations — 0.3%
General Electric Co.		335,200		2,202,264
Drug Delivery Systems — 4.1%
Becton Dickinson and Co.		103,052		25,446,630
DexCom, Inc.†		25,434		9,621,937
				35,068,567
Electronic Measurement Instruments — 2.0%
Agilent Technologies, Inc.		139,589		12,303,375
Sartorius AG (Preference Shares)†		13,251		4,915,671
				17,219,046
Enterprise Software/Service — 0.5%
Veeva Systems, Inc., Class A†		21,300		4,661,931
Healthcare Safety Devices — 0.2%
Tandem Diabetes Care, Inc.†		21,000		1,746,150
Instruments-Controls — 0.3%
Mettler-Toledo International, Inc.†		2,876		2,286,420
Insurance Brokers — 0.1%
Selectquote, Inc.†		41,191		1,133,576
Medical Imaging Systems — 0.1%
Lantheus Holdings, Inc.†		58,468		802,766
Medical Information Systems — 0.2%
Phreesia, Inc.†		17,329		508,086
Schrodinger, Inc.†		14,872		1,017,989
				1,526,075
Medical Instruments — 4.5%
Alcon, Inc.†		80,822		5,224,804
Bruker Corp.		94,423		4,086,627
Intuitive Surgical, Inc.†		50,564		29,328,637
				38,640,068
Medical Labs & Testing Services — 1.6%
Alignment Healthcare Partners, Class A-1†(1)(2)		87,707		1,062,886
Catalent, Inc.†		43,589		3,388,173
Evotec SE†		74,149		1,986,649
Lonza Group AG		5,277		2,598,440
PPD, Inc.†		47,279		1,287,880
Teladoc Health, Inc.†		10,800		1,879,848
Wuxi Biologics Cayman, Inc.†*		65,000		1,026,739
				13,230,615

Security Description	Shares		Value (Note 2)
Medical Products — 7.0%
AtriCure, Inc.†		38,426	$	1,837,147
Cooper Cos., Inc.		14,875		4,715,077
Envista Holdings Corp.†		140,161		2,963,004
Hologic, Inc.†		159,760		8,467,280
Inari Medical, Inc.†		10,170		447,480
iRhythm Technologies, Inc.†		18,429		2,290,909
Nevro Corp.†		36,949		4,640,794
Novocure, Ltd.†		23,850		1,608,205
Penumbra, Inc.†#		20,947		3,611,682
Shockwave Medical, Inc.†#		57,872		2,546,947
Stryker Corp.		88,248		17,272,781
West Pharmaceutical Services, Inc.		31,820		6,874,393
Zimmer Biomet Holdings, Inc.		15,950		2,015,123
				59,290,822
Medical - Biomedical/Gene — 32.2%
Abcam PLC		48,876		911,194
ACADIA Pharmaceuticals, Inc.†#		172,575		8,573,526
Acceleron Pharma, Inc.†#		77,534		7,662,685
Acerta Pharma BV, Class B†(1)		9,771,120		1,074,823
ADC Therapeutics SA†		12,124		447,982
Adverum Biotechnologies, Inc.†		75,495		1,557,462
Agenus, Inc.†		20,192		75,316
Akero Therapeutics, Inc.†		9,896		251,556
Alexion Pharmaceuticals, Inc.†		102,662		12,309,174
Allakos, Inc.†#		7,184		466,960
Allogene Therapeutics, Inc.†#		51,899		2,499,456
Alnylam Pharmaceuticals, Inc.†		72,108		9,754,049
Amarin Corp. PLC ADR†#		148,852		1,021,125
Amgen, Inc.		78,500		18,031,450
Apellis Pharmaceuticals, Inc.†		55,218		1,860,294
Applied Therapeutics, Inc.†#		1,800		81,936
Aprea Therapeutics, Inc.†		7,500		201,450
Arcturus Therapeutics Holdings, Inc.†		15,028		585,190
Arcutis Biotherapeutics, Inc.†#		14,920		500,566
Ardelyx, Inc.†		71,911		527,108
Argenx SE ADR†		47,249		10,361,706
Ascendis Pharma A/S ADR†		62,504		9,093,707
Assembly Biosciences, Inc.†		20,599		401,474
Avrobio, Inc.†		16,443		332,477
Beam Therapeutics, Inc.†		6,923		176,883
BeiGene, Ltd. ADR†		15,084		2,497,005
BELLUS Health, Inc.†#		42,032		440,916
Biogen, Inc.†		38,048		11,684,160
BioMarin Pharmaceutical, Inc.†		46,751		4,981,319
Bluebird Bio, Inc.†		28,926		1,840,561
Blueprint Medicines Corp.†		32,979		2,148,252
Cara Therapeutics, Inc.†#		51,080		810,640
ChemoCentryx, Inc.†		3,283		204,826
Compugen, Ltd.†#		11,900		183,141
Constellation Pharmaceuticals, Inc.†		11,600		412,148
Cortexyme, Inc.†		2,800		129,052
CRISPR Therapeutics AG†		17,967		1,160,309
Deciphera Pharmaceuticals, Inc.†		28,382		1,662,334
Denali Therapeutics, Inc.†		45,542		1,267,434
DermTech, Inc.†		16,942		210,081
Dicerna Pharmaceuticals, Inc.†		54,867		1,183,481
Epizyme, Inc.†		45,000		789,750
Esperion Therapeutics, Inc.†#		8,500		360,145
Exact Sciences Corp.†		76,042		6,530,487
Exelixis, Inc.†		280,713		6,936,418
Fate Therapeutics, Inc.†#		28,166		913,423
FibroGen, Inc.†		38,893		1,300,582
Guardant Health, Inc.†		21,222		1,918,257
Halozyme Therapeutics, Inc.†		17,100		415,017

94

VALIC Company I Health Sciences Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical - Biomedical/Gene (continued)
Homology Medicines, Inc.†#		42,595	$	606,553
HTG Molecular Diagnostics, Inc.†		91,620		48,549
IGM Biosciences, Inc.†		15,643		1,013,354
Immunomedics, Inc.†		81,967		2,753,272
Incyte Corp.†		140,865		14,355,552
Insmed, Inc.†		87,905		2,135,212
Intercept Pharmaceuticals, Inc.†		12,119		875,719
Ionis Pharmaceuticals, Inc.†		78,782		4,428,336
Iovance Biotherapeutics, Inc.†		149,353		4,792,738
Karuna Therapeutics, Inc.†#		25,118		2,357,575
Karyopharm Therapeutics, Inc.†		37,524		693,819
Kodiak Sciences, Inc.†		69,528		4,492,204
Krystal Biotech, Inc.†#		18,865		969,850
Livongo Health, Inc.†#		11,400		683,202
Mersana Therapeutics, Inc.†		21,439		485,379
Mirati Therapeutics, Inc.†#		23,390		2,320,054
Moderna, Inc.†#		28,278		1,739,097
MorphoSys AG†		8,069		1,044,219
Nektar Therapeutics†#		38,129		827,399
Orchard Therapeutics PLC ADR†		32,851		312,084
PTC Therapeutics, Inc.†		19,270		977,182
Puma Biotechnology, Inc.†#		40,700		415,547
Radius Health, Inc.†#		36,062		456,545
RAPT Therapeutics, Inc.†		26,257		479,978
Regeneron Pharmaceuticals, Inc.†		30,349		18,598,171
REGENXBIO, Inc.†		15,867		597,551
REVOLUTION Medicines, Inc.†		7,466		229,356
Rocket Pharmaceuticals, Inc.†		34,732		653,309
Sage Therapeutics, Inc.†		49,195		1,757,245
Scholar Rock Holding Corp.†#		13,078		240,635
Seattle Genetics, Inc.†		81,868		12,870,468
Stoke Therapeutics, Inc.†		23,049		637,535
Translate Bio, Inc.†#		34,200		708,624
Turning Point Therapeutics, Inc.†		22,037		1,526,062
Ultragenyx Pharmaceutical, Inc.†		74,412		5,094,246
United Therapeutics Corp.†		9,100		1,073,345
Verily Life Sciences LLC, Series B†(1)(2)		6,986		637,210
Vertex Pharmaceuticals, Inc.†		128,008		36,861,184
WaVe Life Sciences, Ltd.†#		39,568		402,802
Xencor, Inc.†#		54,889		1,660,392
Zai Lab, Ltd. ADR†		8,004		595,498
Zeneca, Inc. CVR†(1)		23,110		14,213
Zentalis Pharmaceuticals, Inc.†		19,067		995,679
Zymeworks, Inc.†		28,517		1,087,068
				274,243,299
Medical - Drugs — 17.0%
AbbVie, Inc.		186,585		17,290,832
Aimmune Therapeutics, Inc.†#		58,928		978,794
Alector, Inc.†		31,243		1,021,646
Alkermes PLC†		75,438		1,234,166
Astellas Pharma, Inc.		152,900		2,718,058
AstraZeneca PLC ADR		272,254		14,865,068
Bayer AG		40,568		2,709,826
Bristol-Myers Squibb Co.		146,363		8,740,798
Bristol-Myers Squibb Co. CVR†		193,509		636,645
Chugai Pharmaceutical Co., Ltd.		45,200		6,670,393
Cyclerion Therapeutics, Inc.†#		24,300		96,714
Daiichi Sankyo Co., Ltd.		64,200		6,014,509
Eisai Co., Ltd.		38,200		2,994,502
Eli Lilly & Co.		114,841		17,564,931
Enanta Pharmaceuticals, Inc.†		23,260		1,197,657
Galapagos NV†		5,180		1,061,429
Global Blood Therapeutics, Inc.†		51,814		3,622,835
Gritstone Oncology, Inc.†		17,600		113,696

Security Description	Shares		Value (Note 2)
Medical - Drugs (continued)
Horizon Therapeutics PLC†		35,600	$	1,805,988
Intra-Cellular Therapies, Inc.†		34,982		730,424
Ipsen SA		28,472		2,241,725
Kadmon Holdings, Inc.†#		115,854		514,392
Merck & Co., Inc.		135,892		10,969,202
Milestone Pharmaceuticals, Inc.†		24,122		76,226
MyoKardia, Inc.†		45,769		4,681,711
Novartis AG		37,570		3,256,928
Novo Nordisk A/S, Class B		25,247		1,646,026
Odonate Therapeutics, Inc.†		23,853		779,278
Passage Bio, Inc.†		9,999		220,278
PhaseBio Pharmaceuticals, Inc.†#		37,926		227,935
PRA Health Sciences, Inc.†		22,600		2,339,100
Principia Biopharma, Inc.†		22,446		1,434,075
Progenics Pharmaceuticals, Inc.†		54,000		229,230
Protagonist Therapeutics, Inc.†		36,052		595,940
Reata Pharmaceuticals, Inc., Class A†		12,103		1,758,808
Roche Holding AG		40,519		14,065,114
Sanofi		42,965		4,190,188
Tricida, Inc.†		45,434		1,220,357
uniQure NV†		11,600		779,056
Zealand Pharma A/S†		12,264		482,373
Zogenix, Inc.†		27,465		800,055
				144,576,908
Medical - Generic Drugs — 0.2%
Arvinas, Inc.†#		4,800		159,696
Momenta Pharmaceuticals, Inc.†		48,033		1,512,079
Perrigo Co. PLC		740		40,530
				1,712,305
Medical - HMO — 11.8%
Anthem, Inc.		36,699		10,793,543
Centene Corp.†		265,966		17,620,248
Humana, Inc.		43,317		17,788,126
Molina Healthcare, Inc.†		35,493		6,595,309
UnitedHealth Group, Inc.		155,768		47,485,875
				100,283,101
Medical - Hospitals — 1.2%
Acadia Healthcare Co., Inc.†		35,110		1,004,497
HCA Healthcare, Inc.		88,526		9,463,430
				10,467,927
Medical - Outpatient/Home Medical — 0.4%
Amedisys, Inc.†		11,990		2,302,679
Pennant Group, Inc.†		37,591		958,195
				3,260,874
Medical - Wholesale Drug Distribution — 0.3%
Cardinal Health, Inc.		22,200		1,214,118
McKesson Corp.		8,300		1,316,961
				2,531,079
Patient Monitoring Equipment — 0.5%
CareDx, Inc.†		7,495		240,739
Insulet Corp.†		19,400		3,658,258
				3,898,997
Pharmacy Services — 2.0%
Cigna Corp.		78,443		15,478,373
JAND, Inc. (dba Warby Parker), Class A†(1)(2)		36,095		703,603
Option Care Health, Inc.†		29,489		448,233
				16,630,209

95

VALIC Company I Health Sciences Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Therapeutics — 2.3%
Agios Pharmaceuticals, Inc.†		36,829	$	1,905,532
Axsome Therapeutics, Inc.†		20,777		1,599,413
G1 Therapeutics, Inc.†#		20,312		344,695
GW Pharmaceuticals PLC ADR†#		13,310		1,633,803
Neurocrine Biosciences, Inc.†		71,264		8,890,897
Sarepta Therapeutics, Inc.†		33,483		5,098,456
				19,472,796
Veterinary Diagnostics — 0.2%
Elanco Animal Health, Inc.†		76,388		1,635,467
Total Common Stocks
(cost $580,384,952)				834,396,068
CONVERTIBLE PREFERRED SECURITIES — 1.4%
Applications Software — 0.2%
Outset Medical, Inc Series C(1)(2)		320,192		704,422
Outset Medical, Inc. Series D(1)(2)		171,126		496,950
Outset Medical, Inc. Series E(1)(2)		152,385		335,247
				1,536,619
Commercial Services — 0.2%
Ginkgo Bioworks Series E†(1)(2)		8,722		1,309,957
Health Care Providers & Services — 0.0%
Freenome Holdings, Inc. Series B†(1)(2)		94,602		319,017
Medical Information Systems — 0.1%
Doximity, Inc. Series C†(1)(2)		64,785		751,506
Medical Instruments — 0.0%
RefleXion Medical, Inc. Series C†(1)(2)		160,251		305,509
Reflexion Medical, Inc. Series D†(1)(2)		67,040		127,808
				433,317
Medical Labs & Testing Services — 0.4%
Tempus Labs, Inc. Series D†(1)(2)		60,677		1,646,950
Tempus Labs, Inc. Series E†(1)(2)		39,722		1,107,549
Tempus Labs, Inc. Series F†(1)(2)		10,551		297,502
Tempus Labs, Inc. Series G†(1)(2)		6,661		189,044
				3,241,045
Medical Products — 0.0%
Kardium, Inc. Series D-5†(1)(2)		542,402		388,902
Medical - Biomedical/Gene — 0.2%
Atea Pharmaceuticals, Inc. Series D†(1)(2)		44,888		315,114
Generation Bio Series C†(1)(2)		85,638		478,836
Seer, Inc. Series D†(1)(2)		142,683		535,061
Seer, Inc. Series D-1†(1)(2)		121,873		457,024
				1,786,035

Security Description	Shares/ Principal Amount			Value (Note 2)
Medical - Wholesale Drug Distribution — 0.0%
Insitro,Inc. Series B†(1)(2)		52,029		$	324,177
Pharmacy Services — 0.3%
JAND, Inc. (dba Warby Parker). Series D†(1)(2)		75,264			1,467,129
JAND, Inc. (dba Warby Parker) Series E†(1)(2)		2,948			57,465
JAND, Inc. (dba Warby Parker) Series F†(1)		34,881			679,939
					2,204,533
Veterinary Diagnostics — 0.0%
Elanco Animal Health, Inc. 5.00%		3,982			151,436
Total Convertible Preferred Securities
(cost $10,236,311)					12,446,544
CONVERTIBLE BONDS & NOTES — 0.1%
Applications Software — 0.1%
Color Genomics, Inc. Notes 3.00% due 06/30/2021(1)(2) (cost $543,971)	$	543,971			543,971
Total Long-Term Investment Securities
(cost $591,165,234)					847,386,583
SHORT-TERM INVESTMENT SECURITIES — 1.5%
Registered Investment Companies — 1.5%
State Street Institutional U.S. Government Money Market Fund, Premier Class  0.13%(3)		500,079			500,079
State Street Navigator Securities Lending Government Money Market Portfolio 0.13%(3)(4)		5,817,616			5,817,616
T. Rowe Price Government Reserve Fund† 0.16%(3)		6,232,269			6,232,269
Total Short-Term Investment Securities
(cost $12,549,964)					12,549,964
TOTAL INVESTMENTS
(cost $603,715,198)(5)		101.1	%		859,936,547
Liabilities in excess of other assets		(1.1	)		(9,179,431	)
NET ASSETS		100.0	%	$	850,757,116

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

† Non-income producing security

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2020, the aggregate value of these securities was $1,026,739 representing 0.12% of net assets.

(1) Securities classified as Level 3 (see Note 2).

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

96

VALIC Company I Health Sciences Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of May 31, 2020, the Fund held the following restricted securities:

Description	Acquisition Date		Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
Common Stocks
Alignment Healthcare Partners, Class A1 Class A-1		2/28/2020		87,707	$	1,062,887	$	1,062,886	$	12.12		0.12%
JAND, Inc. (dba Warby Parker). Class A		4/23/2015		33,706		387,123
		3/9/2018		2,389		37,548
				36,095		424,671		703,603		19.49		0.08
Outset Medical, Inc.		1/28/2020		88,985		195,769		195,767		2.20		0.02
Verily Life Sciences LLC Series B		1/25/2019		6,986		861,094		637,210		91.21		0.08
Convertible Preferred Securities
Atea Pharmaceuticals, Inc. Series D		5/19/2020		44,888		315,114		315,114		7.02		0.04
Doximity, Inc. Series C		4/10/2014		64,785		312,316		751,506		11.60		0.09
Freenome Holdings, Inc. Series B		6/24/2019		94,602		431,111		319,017		3.37		0.04
Generation Bio Series C		1/9/2020		85,638		478,836		478,836		5.59		0.06
Gingko Bioworks Series E		9/9/2019		6,443		967,674
		9/30/2019		2,279		324,284
				8,722		1,291,958		1,309,957		150.19		0.15
Insitro, Inc. Series B		5/21/2020		52,029		324,177		324,177		6.23		0.04
JAND, Inc. (dba Warby Parker). Series D		4/23/2015		75,264		864,430		1,467,129		19.49		0.17
JAND, Inc. (dba Warby Parker). Series E		3/9/2018		2,948		46,334		57,465		19.49		0.01
Kardium, Inc. Series D-5		11/29/2018		542,402		525,533		388,902		0.72		0.04
Outset Medical, Inc. Series C		4/19/2017		320,192		829,778		704,422		2.20		0.08
Outset Medical, Inc. Series D		8/20/2018		171,126		532,202		496,950		2.90		0.06
Outset Medical, Inc. Series E		1/27/2020		152,385		335,247		335,247		2.20		0.04

Description	Acquisition Date		Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
RefleXion Medical, Inc. Series C		4/23/2018		160,251		271,145		305,509		1.91		0.04
RefleXion Medical, Inc. Series D		4/4/2020		67,040		127,808		127,808		1.91		0.02
Seer, Inc. Series D		11/15/2019		142,683		463,720		535,061		3.75		0.06
Seer, Inc. Series D-1		5/12/2020		121,873		457,024		457,024		3.75		0.05
Tempus Labs, Inc. Series D		3/20/2018		60,677		568,780		1,646,950		27.14		0.19
Tempus Labs, Inc. Series E		8/23/2018		39,722		665,058		1,107,549		27.88		0.13
Tempus Labs, Inc. Series F		5/1/2019		10,551		261,239		297,502		28.20		0.04
Tempus Labs, Inc. Series G		2/6/2020		6,661		255,465		189,044		28.38		0.02
Convertible Bonds & Notes
Color Genomics, Inc.		1/13/2020		543,971		543,971		543,971		1.00		0.06
							$	14,758,606				1.73%

(3) The rate shown is the 7-day yield as of May 31, 2020.

(4) At May 31, 2020, the Fund had loaned securities with a total value of $20,089,817. This was secured by collateral of $5,817,616, which was received in cash and subsequently invested in short-term investments currently valued at $5,817,616 as reported in the Portfolio of Investments. Additional collateral of $14,889,442 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2020
Federal Home Loan Mtg. Corp.	2.50% to 3.50%	12/01/2047 to 03/01/2050	$	122,127
Federal National Mtg. Assoc.	1.85% to 4.00%	01/25/2030 to 03/01/2050		213,619
Government National Mtg. Assoc.	2.50% to 2.50%	9/20/2046		15,958
United States Treasury Bills	0.00%	06/18/2020 to 07/23/2020		165,946
United States Treasury Notes/Bonds	0.13% to 8.75%	06/15/2020 to 11/15/2049		14,371,792

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

ADR—American Depositary Receipt

CVR—Contingent Value Rights

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2020 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs			Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks:
Application Software	$	—	$	—		$	195,767	$	195,767
Medical Labs & Testing Services		6,555,901		5,611,828	**		1,062,886		13,230,615
Medical — Biomedical/Gene		270,561,640		1,955,413	**		1,726,246		274,243,299
Pharmacy Services		15,926,606		—			703,603		16,630,209
Other Industries		467,089,445		63,006,733	**		—		530,096,178
Convertible Preferred Securities:
Veterinary Diagnostics		151,436		—			—		151,436
Other Industries		—		—			12,295,108		12,295,108
Convertible Bonds & Notes:		—		—			543,971		543,971
Short-Term Investment Securities		12,549,964		—			—		12,549,964
Total Investments at Value	$	772,834,992	$	70,573,974		$	16,527,581	$	859,936,547

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

** Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 2).

97

VALIC Company I Health Sciences Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

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

	Common Stocks			Convertible Preferred Securities			Convertible Bonds & Notes
Balance as of May 31, 2019	$	2,209,214		$	6,643,599		$	—
Accrued Discounts		—			—			—
Accrued Premiums		—			—			—
Realized Gain		—			—			—
Realized Loss		—			—			—
Change in unrealized appreciation(1)		444,520			1,132,894			—
Change in unrealized depreciation(1)		(223,888	)		(641,783	)		—
Net purchases		1,258,656			5,160,398			543,971
Net sales		—			—			—
Transfers into Level 3		—			—			—
Transfers out of Level 3		—			—			—
Balance as of May 31, 2020	$	3,688,502		$	12,295,108		$	543,971

(1) The total change in unrealized appreciation (depreciation) attributable to Level 3 investments still held at May 31, 2020 includes:

Common Stocks		Convertible Preferred Securities		Convertible Bonds & Notes
$	220,632	$	491,111	$	—

Any differences between the change in appreciation (depreciation) in the Level 3 reconciliation and the total change in unrealized appreciation (depreciation) is attributable to securities sold/no longer held at May 31, 2020.

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

Description	Fair Value at 5/31/20		Valuation Technique(s)	Unobservable Input(1)	Range (weighted average)
Common Stocks	$	1,962,256	Market Approach	Market Transaction Price*	$2.20 - $19.49361 ($11.27073)
	$	637,210	Market Approach	Transaction Price* Discount for Market Volatility	$123.260 26.0%
	$	1,089,036	Income Approach	Estimated Future Cash Distribution*	$0.11 - $0.615 ($0.3625)
Convertible Preferred Securities	$	7,849,195	Market Approach	Market Transaction Price*	$1.906434 - $150.19000 ($18.20173)
	$	896,964	Market Approach	Transaction Price* Discount for Market Volatility	$0.96892 - $38.3524($14.62613) 26.0%
	$	496,950	Market Approach	Market Transaction Price* Conversion Rate*	$2.2000 1.3200
	$	3,052,001	Market Approach	Market Transaction Price* Est. Discount Rate for Future Dividend Payout Discount for Market Volatility	$38.3524 15.0% 26.0%
Convertible Bonds & Notes	$	543,971	Market Approach	Market Transaction Price*	$100.0000

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

See Notes to Financial Statements

98

VALIC Company I Inflation Protected Fund

PORTFOLIO PROFILE — May 31, 2020 (unaudited)

Industry Allocation*

United States Treasury Notes	30.2	%
Sovereign	22.7
United States Treasury Bonds	21.8
Diversified Banking Institutions	8.4
Registered Investment Companies	2.8
Banks — Commercial	2.1
Federal Home Loan Bank	1.6
Pipelines	1.5
Insurance — Life/Health	1.2
Diversified Financial Services	1.0
Gold Mining	0.9
Oil Companies — Integrated	0.7
Diversified Minerals	0.6
Chemicals — Diversified	0.5
Industrial Gases	0.5
Insurance — Multi-line	0.4
Paper & Related Products	0.4
Brewery	0.4
Building Products — Wood	0.4
Steel — Producers	0.4
Food — Meat Products	0.4
Chemicals — Specialty	0.3
Agricultural Chemicals	0.3
Building Products — Cement	0.3
Oil Companies — Exploration & Production	0.3
Federal Home Loan Mtg. Corp.	0.3
Banks — Super Regional	0.2
Finance — Consumer Loans	0.2
Trucking/Leasing	0.2
Machinery — Farming	0.2
Federal National Mtg. Assoc.	0.1
Banks — Money Center	0.1
Metal — Diversified	0.1
Cellular Telecom	0.1
Food — Misc./Diversified	0.1
Electric — Integrated	0.1
	101.8	%

Credit Quality†#

Aaa	72.7	%
Aa	1.9
A	9.2
Baa	10.9
Ba	1.9
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: Moody’s

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

99

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020

Security Description	Principal Amount(1)		Value (Note 2)
ASSET BACKED SECURITIES — 1.0%
Diversified Financial Services — 1.0%
CAMB Commercial Mtg. Trust FRS Series 2019-LIFE, Class A 1.25% (1 ML+1.07%) due 12/15/2037*(2)	$	750,000	$	722,117
Jackson Park Trust Series 2019-LIC, Class A 2.77% due 10/14/2039*(2)		3,000,000		3,119,127
One Bryant Park Trust Series 2019-OBP, Class A 2.52% due 09/15/2054*(2)		2,040,000		2,083,597
Store Master Funding I-VII Series 2018-1A, Class A1 3.96% due 10/20/2048*		1,644,386		1,644,195
Total Asset Backed Securities
(cost $7,410,318)				7,569,036
U.S. CORPORATE BONDS & NOTES — 12.4%
Banks - Commercial — 0.7%
Truist Bank Sub. Notes 2.25% due 03/11/2030		1,627,000		1,605,532
Zions Bancorp NA Sub. Notes 3.25% due 10/29/2029		3,600,000		3,430,261
				5,035,793
Banks - Super Regional — 0.2%
Wells Fargo & Co. FRS Senior Notes 3.84% (CPIYOY+1.50%) due 03/31/2021		2,000,000		1,939,600
Brewery — 0.4%
Constellation Brands, Inc. Senior Notes 2.88% due 05/01/2030		3,000,000		3,099,546
Building Products - Cement — 0.3%
Martin Marietta Materials, Inc. Senior Notes 3.50% due 12/15/2027		2,000,000		2,139,751
Building Products - Wood — 0.4%
Masco Corp. Senior Notes 3.50% due 11/15/2027		3,009,000		3,019,084
Cellular Telecom — 0.1%
T-Mobile USA, Inc. Senior Sec. Notes 4.38% due 04/15/2040*		726,000		801,811
Chemicals - Diversified — 0.5%
Dow Chemical Co. Senior Notes 4.80% due 05/15/2049		1,915,000		2,238,044
DowDuPont, Inc. Senior Notes 5.32% due 11/15/2038		1,228,000		1,559,048
				3,797,092
Chemicals - Specialty — 0.2%
Huntsman International LLC Senior Notes 4.50% due 05/01/2029		1,800,000		1,829,266

Security Description	Principal Amount(1)		Value (Note 2)
Diversified Banking Institutions — 5.5%
Bank of America Corp. Senior Notes 2.59% due 04/29/2031	$	7,000,000	$	7,180,913
Bank of America Corp. FRS Senior Notes 3.43% (CPIYOY+1.10%) due 11/19/2024		2,000,000		2,015,000
Bank of America Corp. Sub. Notes 4.18% due 11/25/2027		2,614,000		2,931,478
Bank of America Corp. Senior Notes 4.24% due 04/24/2038		2,721,000		3,199,959
Citigroup, Inc. FRS Senior Notes 0.45% (CPIYOY+0.00%) due 03/27/2025		2,000,000		1,985,000
Citigroup, Inc. FRS Senior Notes 1.33% (CPIYOY+1.00%) due 09/29/2024		2,000,000		2,024,400
Citigroup, Inc. Senior Notes 4.65% due 07/23/2048		2,902,000		3,601,115
Goldman Sachs Group, Inc. FRS Senior Notes 3.73% (CPIYOY+1.40%) due 08/30/2023		4,000,000		4,070,544
JPMorgan Chase & Co. FRS Senior Notes 2.79% (CPIYOY+1.25%) due 12/20/2023		2,000,000		2,008,600
JPMorgan Chase & Co. Sub. Notes 2.96% due 05/13/2031		3,013,000		3,108,900
JPMorgan Chase & Co. FRS Senior Notes 4.33% (CPIYOY+2.00%) due 02/25/2021		1,000,000		1,000,900
Morgan Stanley FRS Senior Notes 2.33% (CPIYOY+2.00%) due 06/09/2023		664,000		660,680
Morgan Stanley FRS Senior Notes 3.88% (CPIYOY+1.55%) due 08/24/2023		468,000		456,300
Morgan Stanley FRS Senior Notes 4.09% (CPIYOY+1.60%) due 09/26/2028		1,402,000		1,435,298
Morgan Stanley FRS Senior Notes 4.33% (CPIYOY+2.00%) due 04/25/2023		3,870,000		3,811,950
Morgan Stanley Sub. Notes 5.00% due 11/24/2025		2,340,000		2,695,297
				42,186,334

100

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Principal Amount(1)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Finance - Consumer Loans — 0.2%
SLM Corp. FRS Senior Notes 4.49% (CPIYOY+2.15%) due 12/15/2020	$	2,017,000	$	1,923,714
Food - Meat Products — 0.4%
Smithfield Foods, Inc. Senior Notes 5.20% due 04/01/2029*		2,709,000		2,846,622
Food - Misc./Diversified — 0.1%
General Mills, Inc. Senior Notes 2.88% due 04/15/2030		615,000		664,344
Gold Mining — 0.5%
Newmont Corp. Company Guar. Notes 2.25% due 10/01/2030		4,266,000		4,229,122
Industrial Gases — 0.5%
Air Products and Chemicals, Inc. Senior Notes 2.70% due 05/15/2040		3,500,000		3,632,514
Metal - Diversified — 0.1%
Glencore Funding LLC Company Guar. Notes 4.00% due 04/16/2025*		912,000		961,777
Oil Companies - Exploration & Production — 0.3%
Apache Corp. Senior Notes 4.25% due 01/15/2030#		1,800,000		1,583,328
Noble Energy, Inc. Senior Notes 3.85% due 01/15/2028		478,000		434,922
				2,018,250
Oil Companies - Integrated — 0.4%
BP Capital Markets America, Inc. Company Guar. Notes 3.00% due 02/24/2050		3,161,000		3,090,110
Paper & Related Products — 0.4%
Georgia-Pacific LLC Senior Notes 2.30% due 04/30/2030*		3,040,000		3,109,819
Pipelines — 0.6%
Cheniere Corpus Christi Holdings LLC Senior Sec. Notes 3.70% due 11/15/2029*		580,000		576,910
Enable Midstream Partners LP Senior Notes 4.95% due 05/15/2028		887,000		752,523
Energy Transfer Operating LP Company Guar. Notes 5.80% due 06/15/2038		1,159,000		1,196,801
EnLink Midstream LLC Company Guar. Notes 5.38% due 06/01/2029		524,000		405,676
MPLX LP Senior Notes 4.25% due 12/01/2027		1,274,000		1,335,065
				4,266,975

Security Description	Principal Amount(1)		Value (Note 2)
Steel - Producers — 0.4%
Nucor Corp. Senior Notes 2.70% due 06/01/2030	$	598,000	$	608,483
Steel Dynamics, Inc. Senior Notes 3.45% due 04/15/2030		2,385,000		2,356,294
				2,964,777
Trucking/Leasing — 0.2%
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 3.35% due 11/01/2029*		1,398,000		1,401,592
Total U.S. Corporate Bonds & Notes
(cost $93,441,301)				94,957,893
FOREIGN CORPORATE BONDS & NOTES — 5.4%
Agricultural Chemicals — 0.3%
Nutrien, Ltd. Senior Notes 2.95% due 05/13/2030		2,083,000		2,176,753
Banks - Commercial — 1.3%
Barclays Bank PLC FRS Senior Notes 3.33% (CPIYOY+1.00%) due 05/22/2023		9,800,000		9,427,600
Danske Bank A/S Senior Notes 3.24% due 12/20/2025*		675,000		689,556
				10,117,156
Chemicals - Specialty — 0.1%
Albemarle Wodgina Pty, Ltd. Company Guar. Notes 3.45% due 11/15/2029*		910,000		861,663
Diversified Banking Institutions — 2.2%
BNP Paribas SA FRS Senior Notes 2.68% (CPIYOY+1.14%) due 12/21/2020		431,000		416,454
Credit Agricole SA Sub. Notes 4.00% due 01/10/2033*		2,548,000		2,747,667
Royal Bank of Scotland Group PLC VRS Sub. Notes 3.75% due 11/01/2029		2,729,000		2,760,103
Societe Generale SA VRS Company Guar. Notes 3.60% due 05/03/2023(3)(4)		10,000,000		9,640,000
UniCredit SpA VRS Sub. Notes 5.86% due 06/19/2032*		738,000		735,882
UniCredit SpA Sub. Notes 7.30% due 04/02/2034*		828,000		903,886
				17,203,992
Diversified Minerals — 0.6%
Teck Resources, Ltd. Senior Notes 6.13% due 10/01/2035		4,157,000		4,300,794
Gold Mining — 0.4%
Newcrest Finance Pty, Ltd. Company Guar. Notes 4.20% due 05/13/2050*		810,000		874,226

101

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Principal Amount(1)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Gold Mining (continued)
Newcrest Finance Pty, Ltd. Company Guar. Notes 5.75% due 11/15/2041*	$	1,807,000	$	2,221,602
				3,095,828
Machinery - Farming — 0.2%
CNH Industrial NV Senior Notes 3.85% due 11/15/2027		1,392,000		1,366,979
Oil Companies - Integrated — 0.3%
Cenovus Energy, Inc. Senior Notes 4.25% due 04/15/2027#		2,352,000		2,138,789
Total Foreign Corporate Bonds & Notes
(cost $41,569,834)				41,261,954
U.S. GOVERNMENT AGENCIES — 2.0%
Federal Home Loan Bank — 1.6%
1.75% due 03/08/2030		5,100,000		5,356,801
3.25% due 11/16/2028#		6,000,000		7,146,393
				12,503,194
Federal Home Loan Mtg. Corp. — 0.3%
Federal Home Loan Mtg. Corp. REMIC FRS Series 4012, Class NF 0.63% (1 ML+0.45%) due 12/15/2038(5)		229,627		230,149
Series 3925, Class FL 0.63% (1 ML+0.45%) due 01/15/2041(5)		955,284		955,058
Series 4001, Class FM 0.68% (1 ML+0.50%) due 02/15/2042(5)		312,472		312,950
Series 3355, Class BF 0.88% (1 ML+0.70%) due 08/15/2037(5)		318,673		323,922
				1,822,079
Federal National Mtg. Assoc. — 0.1%
Federal National Mtg. Assoc. REMIC FRS Series 2012-93, Class BF 0.57% (1 ML+0.40%) due 09/25/2042(5)		543,923		541,959
Series 2011-103, Class FD 0.62% (1 ML+0.45%) due 05/25/2040(5)		505,867		507,265
				1,049,224
Government National Mtg. Assoc. — 0.0%
Government National Mtg. Assoc. REMIC FRS Series 2010-14, Class FN 0.73% (1 ML+0.55%) due 02/16/2040(5)		280,334		281,712
Total U.S. Government Agencies
(cost $15,204,893)				15,656,209
U.S. GOVERNMENT TREASURIES — 52.0%
United States Treasury Bonds — 21.8%
United States Treasury Bonds TIPS(6) 0.25% due 02/15/2050		3,514,140		3,840,639
0.63% due 02/15/2043		6,562,474		7,565,170
0.75% due 02/15/2042		3,236,363		3,795,757
0.75% due 02/15/2045		8,597,637		10,296,764
0.88% due 02/15/2047		4,170,465		5,210,708
1.00% due 02/15/2046		7,527,456		9,569,378

Security Description	Principal Amount(1)		Value (Note 2)
United States Treasury Bonds (continued)
1.00% due 02/15/2048	$	5,547,934	$	7,182,947
1.00% due 02/15/2049#		5,129,100		6,714,554
1.38% due 02/15/2044		4,746,023		6,355,708
1.75% due 01/15/2028		14,046,624		16,490,641
2.00% due 01/15/2026		4,565,001		5,205,893
2.13% due 02/15/2040		2,866,296		4,136,117
2.13% due 02/15/2041		4,915,346		7,193,467
2.38% due 01/15/2025		4,108,290		4,650,281
2.38% due 01/15/2027		5,120,040		6,111,942
2.50% due 01/15/2029		10,219,550		12,871,154
3.63% due 04/15/2028		18,034,574		23,857,190
3.88% due 04/15/2029		18,450,085		25,547,281
				166,595,591
United States Treasury Notes — 30.2%
United States Treasury Notes TIPS(6) 0.50% due 04/15/2024		9,211,410		9,526,770
0.13% due 04/15/2021		6,425,926		6,386,971
0.13% due 01/15/2022		5,702,450		5,715,985
0.13% due 04/15/2022		11,038,768		11,060,683
0.13% due 07/15/2022		2,581,750		2,608,806
0.13% due 01/15/2023		12,190,024		12,310,623
0.13% due 07/15/2024		9,158,986		9,407,573
0.13% due 10/15/2024		10,061,100		10,356,658
0.13% due 04/15/2025		8,994,150		9,284,131
0.13% due 07/15/2026		6,872,022		7,158,470
0.13% due 01/15/2030#		4,715,510		4,995,304
0.25% due 01/15/2025		7,737,864		7,989,095
0.25% due 07/15/2029		10,091,500		10,811,331
0.38% due 07/15/2023		11,092,100		11,384,111
0.38% due 07/15/2025		7,572,329		7,933,071
0.38% due 01/15/2027		9,339,651		9,880,749
0.38% due 07/15/2027		15,693,678		16,744,604
0.50% due 01/15/2028		10,988,145		11,833,278
0.63% due 07/15/2021		5,497,440		5,538,112
0.63% due 04/15/2023		13,198,094		13,527,259
0.63% due 01/15/2024		8,297,250		8,598,601
0.63% due 01/15/2026		6,148,528		6,532,521
0.75% due 07/15/2028		10,489,170		11,598,974
1.13% due 01/15/2021		6,490,110		6,488,565
1.25% due 07/15/2020		13,019,930		12,946,281
				230,618,526
Total U.S. Government Treasuries
(cost $361,959,123)				397,214,117
FOREIGN GOVERNMENT OBLIGATIONS — 22.7%
Sovereign — 22.7%
Commonwealth of Australia Senior Notes 0.75% due 11/21/2027(6)	AUD	22,704,000		15,914,376
Commonwealth of Australia Senior Notes 3.74% due 09/20/2025(6)	AUD	16,291,600		12,554,499
Government of Canada Bonds 4.00% due 12/01/2031(6)	CAD	25,416,700		27,228,368
Government of Canada Bonds 4.25% due 12/01/2021(6)	CAD	37,825,110		28,800,215
Government of Canada Bonds 4.25% due 12/01/2026(6)	CAD	11,667,375		10,832,944
Government of New Zealand Senior Notes 2.19% due 09/20/2025(6)	NZD	54,965,000		37,891,523

102

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Principal Amount(1)		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Sovereign (continued)
Kingdom of Spain Bonds 0.30% due 11/30/2021(6)	EUR	2,614,375	$	2,933,053
Kingdom of Spain Senior Notes 1.00% due 11/30/2030*(6)	EUR	9,657,463		12,016,437
Republic of Italy Senior Notes 0.55% due 05/21/2026*	EUR	10,487,455		11,173,611
United Kingdom Gilt Treasury Bonds 0.13% due 03/22/2024(6)	GBP	6,638,060		9,123,308
United Kingdom Gilt Treasury Bonds 1.25% due 11/22/2032(6)	GBP	2,694,960		5,368,572
United Mexican States Bonds 2.50% due 12/10/2020(6)	MXN	73		3
Total Foreign Government Obligations
(cost $177,457,417)				173,836,909
PREFERRED SECURITIES — 0.0%
Diversified Banking Institutions — 0.0%
Banco Santander SA FRS 1.00% (3 ML+0.52%) due 09/05/2020 (cost $238,831)		9,950		207,060
PREFERRED SECURITIES/CAPITAL SECURITIES — 3.5%
Banks - Commercial — 0.1%
Corestates Capital II FRS 1.87% (3 ML+0.65%) due 01/15/2027*		669,000		587,752
Banks - Money Center — 0.1%
BBVA Bancomer SA 5.13% due 01/18/2033*		1,145,000		1,041,950
Diversified Banking Institutions — 0.7%
BAC Capital Trust XIV FRS Series G 4.00% (3 ML+0.40%) due 06/19/2020(7)		3,161,000		2,770,648
Goldman Sachs Group, Inc. Series P 5.00% due 11/10/2022(7)		2,799,000		2,561,958
Royal Bank of Scotland Group PLC 8.63% due 08/15/2021(7)		366,000		380,040
				5,712,646
Electric - Integrated — 0.1%
WEC Energy Group, Inc. FRS 2.50% (3 ML+2.11%) due 05/15/2067		819,000		660,328
Insurance - Life/Health — 1.2%
Prudential Financial, Inc. 5.70% due 09/15/2048		8,376,000		9,010,901
Insurance - Multi-line — 0.4%
Genworth Holdings, Inc. FRS 2.39% (3 ML+2.00%) due 11/15/2066		800,000		248,000
Hartford Financial Services Group, Inc. FRS 2.52% (3 ML+2.13%) due 02/12/2067*		3,832,000		3,036,860
				3,284,860

Security Description	Principal Amount(1)			Value (Note 2)
Pipelines — 0.9%
Enbridge, Inc. 5.50% due 07/15/2077	$	2,670,000		$	2,461,233
Energy Transfer Operating LP 6.25% due 02/15/2023(7)		2,554,000			1,941,040
EnLink Midstream Partners LP 6.00% due 12/15/2022(7)		475,000			133,000
Enterprise Products Operating LLC 5.25% due 08/16/2077		1,029,000			927,139
MPLX LP Series B 6.88% due 02/15/2023(7)		1,271,000			1,085,460
					6,547,872
Total Preferred Securities/Capital Securities
(cost $29,098,073)					26,846,309
ESCROWS AND LITIGATION TRUSTS — 0.0%
Lehman Brothers Holdings, Inc. FRS Escrow Notes 1.00% due 04/14/2011†		400,000			4,080
Lehman Brothers Holdings, Inc. FRS Escrow Notes 1.00% due 06/10/2014†		578,000			6,474
Lehman Brothers Holdings, Inc. FRS Escrow Notes 1.00% due 11/01/2014†		1,000,000			10,200
Total Escrows And Litigation Trusts
(cost $0)					20,754
Total Long-Term Investment Securities
(cost $726,379,790)					757,570,241
SHORT-TERM INVESTMENT SECURITIES — 2.8%
Registered Investment Companies — 2.8%
State Street Institutional U.S. Government Money Market Fund, Premier Class  0.13%(8)		4,005,313			4,005,313
State Street Navigator Securities Lending Government Money Market Portfolio 0.13%(8)(9)		17,035,095			17,035,095
Total Short-Term Investment Securities
(cost $21,040,408)					21,040,408
TOTAL INVESTMENTS
(cost $747,420,198)(10)		101.8	%		778,610,649
Liabilities in excess of other assets		(1.8	)		(14,003,810	)
NET ASSETS		100.0	%	$	764,606,839

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2020, the aggregate value of these securities was $54,158,659 representing 7.1% of net assets.

† Non-income producing security

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

(1) Denominated in United States dollars unless otherwise indicated.

(2) Commercial Mortgage Backed Security

(3) Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.

(4) Securities classified as Level 3 (see Note 2).

(5) Collateralized Mortgage Obligation

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

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

(8) The rate shown is the 7-day yield as of May 31, 2020.

103

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

(9) At May 31, 2020, the Fund had loaned securities with a total value of $17,723,036. This was secured by collateral of $17,035,095, which was received in cash and subsequently invested in short-term investments currently valued at $17,035,095 as reported in the Portfolio of Investments. Additional collateral of $1,126,815 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2020
United States Treasury Notes/Bonds	0.13% to 3.88%	01/15/2021 to 11/15/2048		1,126,815

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

AUD—Australian Dollar

CAD—Canadian Dollar

EUR—Euro Currency

GBP—British Pound

MXN—Mexican Peso

NZD—New Zealand Dollar

REMIC—Real Estate Mortgage Investment Conduit

TIPS—Treasury Inflation Protected Securities

FRS—Floating Rate Security

VRS—Variable Rate Security

The rates shown on FRS and VRS are the current interest rates at May 31, 2020 and unless noted otherwise, the dates shown are the original maturity dates.

Index Legend

1 ML—1 Month USD LIBOR

3 ML—3 Month USD LIBOR

CPIYOY—CPI Urban Consumers YoY NSA

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2020 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Asset Backed Securities	$	—	$	7,569,036	$	—	$	7,569,036
U.S. Corporate Bonds & Notes		—		94,957,893		—		94,957,893
Foreign Corporate Bonds & Notes:
Diversified Banking Institutions		—		7,563,992		9,640,000		17,203,992
Other Industries		—		24,057,962		—		24,057,962
U.S. Government Agencies		—		15,656,209		—		15,656,209
U.S. Government Treasuries		—		397,214,117		—		397,214,117
Foreign Government Obligations		—		173,836,909		—		173,836,909
Preferred Securities		207,060		—		—		207,060
Preferred Securities/Capital Securities		—		26,846,309		—		26,846,309
Escrows and Litigation Trusts		—		20,754		—		20,754
Short-Term Investment Securities		21,040,408		—		—		21,040,408
Total Investment at Value	$	21,247,468	$	747,723,181	$	9,640,000	$	778,610,649

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

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

	Foreign Corporate Bonds & Notes
Balance as of 05/31/2019	$	10,080,000
Accrued Discounts		—
Accrued Premiums		—
Realized Gain		—
Realized Loss		—
Change in unrealized appreciation(1)
Change in unrealized depreciation(1)		(440,000	)
Net purchases		—
Net sales		—
Transfers into Level 3		—
Transfers out of Level 3		—
Balance as of 05/31/2020	$	9,640,000

(1) The total change in unrealized appreciation (depreciation) attributable to Level 3 investments still held at May 31, 2020 includes:

Foreign Corporate Bonds & Notes
$	(440,000	)

Any differences between the change in appreciation (depreciation) in the Level 3 reconciliation and the total change in unrealized appreciation (depreciation) is attributable to securities sold/no longer held at May 31, 2020.

The Fund’s security classified as Level 3, with a fair value of $9,640,000 at May 31, 2020, is attributable to valuations from a single broker which was deemed to be an indicative quote (which does not necessarily represent a price the broker may be willing to trade on).

See Notes to Financial Statements

104

VALIC Company I International Equities Index Fund

PORTFOLIO PROFILE — May 31, 2020 (unaudited)

Industry Allocation*

Medical — Drugs	9.7	%
Repurchase Agreements	4.2
Banks — Commercial	3.9
Registered Investment Companies	3.7
Diversified Banking Institutions	3.7
Food — Misc./Diversified	2.9
Oil Companies — Integrated	2.7
Auto — Cars/Light Trucks	2.6
Exchange — Traded Funds	2.5
Cosmetics & Toiletries	2.3
Telephone — Integrated	2.2
Electric — Integrated	2.0
Insurance — Life/Health	1.9
Semiconductor Equipment	1.4
Medical Products	1.4
Transport — Rail	1.4
Food — Retail	1.3
Chemicals — Diversified	1.3
Industrial Automated/Robotic	1.2
Insurance — Multi-line	1.1
Cellular Telecom	1.1
Electronic Components — Misc.	1.1
Tobacco	1.1
Metal — Diversified	1.1
Real Estate Investment Trusts	1.0
Enterprise Software/Service	1.0
Finance — Other Services	1.0
Chemicals — Specialty	1.0
U.S. Government Treasuries	0.9
Brewery	0.9
Commercial Services	0.9
Diversified Minerals	0.9
Textile — Apparel	0.9
Import/Export	0.9
Retail — Apparel/Shoe	0.9
Beverages — Wine/Spirits	0.8
Real Estate Operations & Development	0.8
Medical — Biomedical/Gene	0.8
Audio/Video Products	0.8
Building — Heavy Construction	0.8
Computer Services	0.8
Machinery — General Industrial	0.7
Diversified Manufacturing Operations	0.7
Soap & Cleaning Preparation	0.7
Machinery — Electrical	0.7
Building & Construction Products — Misc.	0.7
Gas — Distribution	0.6
Insurance — Property/Casualty	0.6
Transport — Services	0.6
Real Estate Management/Services	0.6
Commercial Services — Finance	0.6
Apparel Manufacturers	0.6
Internet Content — Information/News	0.5
Aerospace/Defense — Equipment	0.5
Industrial Gases	0.5
Electric — Distribution	0.5
Medical Instruments	0.5
Food — Dairy Products	0.5
Electronic Components — Semiconductors	0.5
Paper & Related Products	0.5
Investment Companies	0.4
Insurance — Reinsurance	0.4
Human Resources	0.4
Building Products — Cement	0.4
Toys	0.4
Athletic Footwear	0.4
Medical Labs & Testing Services	0.4
Power Converter/Supply Equipment	0.4
Building & Construction — Misc.	0.4

Building Products — Air & Heating	0.4
Auto/Truck Parts & Equipment — Original	0.3
Building — Residential/Commercial	0.3
Rubber — Tires	0.3
Machinery — Construction & Mining	0.3
Retail — Building Products	0.3
Oil Refining & Marketing	0.3
Office Automation & Equipment	0.3
Investment Management/Advisor Services	0.3
Electric — Generation	0.3
Telecom Services	0.3
Dialysis Centers	0.3
Optical Supplies	0.3
Oil Companies — Exploration & Production	0.3
Instruments — Controls	0.3
Public Thoroughfares	0.3
Water	0.3
Gold Mining	0.3
Retail — Jewelry	0.2
Aerospace/Defense	0.2
Casino Hotels	0.2
Multimedia	0.2
Gambling (Non-Hotel)	0.2
Food — Catering	0.2
Private Equity	0.2
Coatings/Paint	0.2
Diversified Operations	0.2
Resorts/Theme Parks	0.2
Computers — Integrated Systems	0.2
Steel — Producers	0.2
Auto — Heavy Duty Trucks	0.2
Electronic Measurement Instruments	0.2
Distribution/Wholesale	0.2
Beverages — Non-alcoholic	0.2
Networking Products	0.2
Entertainment Software	0.2
Finance — Investment Banker/Broker	0.2
Energy — Alternate Sources	0.2
Food — Confectionery	0.2
Retail — Discount	0.2
Wireless Equipment	0.2
Computer Aided Design	0.2
Publishing — Periodicals	0.2
Electric — Transmission	0.2
Applications Software	0.2
Electronic Security Devices	0.2
E-Commerce/Services	0.2
Advertising Services	0.2
Airport Development/Maintenance	0.1
Security Services	0.1
Electric Products — Misc.	0.1
Finance — Leasing Companies	0.1
Hotels/Motels	0.1
Machinery — Farming	0.1
Web Portals/ISP	0.1
E-Commerce/Products	0.1
Computer Data Security	0.1
Metal — Iron	0.1
Diagnostic Kits	0.1
Machine Tools & Related Products	0.1
Retail — Drug Store	0.1
Medical — Generic Drugs	0.1
Bicycle Manufacturing	0.1
Rental Auto/Equipment	0.1
Diagnostic Equipment	0.1
Miscellaneous Manufacturing	0.1
Pipelines	0.1
Fisheries	0.1
Consulting Services	0.1

105

VALIC Company I International Equities Index Fund

PORTFOLIO PROFILE — May 31, 2020 (unaudited) — (continued)

Industry Allocation* (continued)

Casino Services	0.1	%
Diversified Operations/Commercial Services	0.1
Transport — Marine	0.1
Telecommunication Equipment	0.1
Machinery — Material Handling	0.1
Building — Maintenance & Services	0.1
Web Hosting/Design	0.1
Respiratory Products	0.1
Printing — Commercial	0.1
Computers — Periphery Equipment	0.1
Metal Processors & Fabrication	0.1
Gas — Transportation	0.1
Advertising Agencies	0.1
Food — Flour & Grain	0.1
MRI/Medical Diagnostic Imaging	0.1
Food — Meat Products	0.1
Medical — Hospitals	0.1
Electronics — Military	0.1
Tools — Hand Held	0.1
Metal Products — Distribution	0.1
Internet Security	0.1
Leisure Products	0.1
Building Products — Doors & Windows	0.1
	103.5	%

Country Allocation*

Japan	24.2	%
United Kingdom	12.6
United States	11.3
Switzerland	9.6
France	9.2
Germany	8.2
Australia	5.9
Netherlands	4.6
Sweden	2.7
Hong Kong	2.2
Spain	2.2
Denmark	2.2
Italy	1.7
Finland	1.1
Singapore	1.0
Belgium	0.8
Ireland	0.7
Israel	0.6
Jersey	0.6
Cayman Islands	0.5
Norway	0.5
New Zealand	0.3
Luxembourg	0.2
Bermuda	0.2
Portugal	0.2
Austria	0.1
SupraNational	0.1
	103.5	%

* Calculated as a percentage of net assets

106

VALIC Company I International Equities Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 92.2%
Australia — 5.9%
Afterpay, Ltd.†		19,326	$	614,214
AGL Energy, Ltd.		57,821		642,365
AMP, Ltd.†#		310,963		338,430
Ampol, Ltd.		22,595		404,145
APA Group		106,764		821,272
Aristocrat Leisure, Ltd.		52,001		881,489
ASX, Ltd.		17,518		1,022,471
Aurizon Holdings, Ltd.		176,716		555,834
AusNet Services		168,613		196,806
Australia & New Zealand Banking Group, Ltd.		256,634		3,019,008
BGP Holdings PLC†(1)		835,027		0
BHP Group, Ltd.		266,558		6,233,887
BlueScope Steel, Ltd.		45,744		332,331
Brambles, Ltd.		139,643		1,076,099
CIMIC Group, Ltd.		8,788		146,345
Coca-Cola Amatil, Ltd.		45,858		265,814
Cochlear, Ltd.		5,801		747,016
Coles Group, Ltd.		120,702		1,228,454
Commonwealth Bank of Australia		160,181		6,724,453
Computershare, Ltd.		44,048		380,249
Crown Resorts, Ltd.#		33,700		215,801
CSL, Ltd.		41,070		7,492,404
Dexus		99,209		590,040
Evolution Mining, Ltd.		146,513		590,832
Fortescue Metals Group, Ltd.		153,231		1,405,980
Goodman Group		148,901		1,509,454
GPT Group		176,260		464,020
Insurance Australia Group, Ltd.		209,117		844,308
Lendlease Group		59,849		509,539
Macquarie Group, Ltd.		30,463		2,203,297
Magellan Financial Group, Ltd.		11,546		450,830
Medibank Private, Ltd.		249,198		470,463
Mirvac Group		355,966		551,004
National Australia Bank, Ltd.		289,207		3,391,051
Newcrest Mining, Ltd.		73,104		1,477,289
Northern Star Resources, Ltd.		66,964		653,587
Orica, Ltd.		36,606		419,833
Origin Energy, Ltd.		159,365		618,311
Qantas Airways, Ltd.		66,099		174,141
QBE Insurance Group, Ltd.		131,282		762,933
Ramsay Health Care, Ltd.		16,180		747,825
REA Group, Ltd.#		4,767		315,183
Rio Tinto, Ltd.		33,590		2,076,010
Santos, Ltd.		160,217		565,446
Scentre Group		474,033		696,249
SEEK, Ltd.#		30,264		401,564
Sonic Healthcare, Ltd.		40,836		767,679
South32, Ltd.		443,356		556,690
Stockland		215,750		507,009
Suncorp Group, Ltd.		114,098		702,755
Sydney Airport		100,196		391,690
Tabcorp Holdings, Ltd.		183,259		389,934
Telstra Corp., Ltd.		376,661		809,417
TPG Telecom, Ltd.#		33,582		188,548
Transurban Group		247,481		2,361,312
Treasury Wine Estates, Ltd.		65,145		419,940
Vicinity Centres		288,982		306,785
Washington H. Soul Pattinson & Co., Ltd.#		9,748		123,170
Wesfarmers, Ltd.		102,596		2,734,688
Westpac Banking Corp.		326,806		3,705,072
WiseTech Global, Ltd.#		12,964		176,522
Woodside Petroleum, Ltd.		85,264		1,270,552
Woolworths Group, Ltd.		114,122		2,672,820
				73,312,659

Security Description	Shares		Value (Note 2)
Austria — 0.1%
ANDRITZ AG†		6,587	$	247,523
Erste Group Bank AG†		25,279		557,626
OMV AG		13,326		441,735
Raiffeisen Bank International AG		13,394		247,389
Verbund AG#		6,162		275,090
voestalpine AG		10,502		205,261
				1,974,624
Belgium — 0.8%
Ageas SA		16,155		553,379
Anheuser-Busch InBev SA#		68,946		3,227,696
Colruyt SA		5,010		303,048
Elia Group SA/NV		2,795		328,667
Galapagos NV†		3,803		779,269
Groupe Bruxelles Lambert SA		7,300		591,920
KBC Group NV		22,607		1,187,327
Proximus SADP		13,764		288,021
Sofina SA		1,395		382,453
Solvay SA#		6,706		511,899
Telenet Group Holding NV		4,147		170,329
UCB SA		11,440		1,146,624
Umicore SA		17,837		792,986
				10,263,618
Bermuda — 0.2%
CK Infrastructure Holdings, Ltd.		60,000		300,472
Dairy Farm International Holdings, Ltd.		30,626		129,582
Hongkong Land Holdings, Ltd.		105,600		398,466
Jardine Matheson Holdings, Ltd.		19,886		800,058
Jardine Strategic Holdings, Ltd.		20,061		401,366
Kerry Properties, Ltd.		59,500		141,636
NWS Holdings, Ltd.		142,000		111,800
				2,283,380
Cayman Islands — 0.5%
ASM Pacific Technology, Ltd.		27,800		253,806
BeiGene, Ltd. ADR†#		3,491		577,900
Budweiser Brewing Co. APAC, Ltd.*#		155,800		438,874
CK Asset Holdings, Ltd.		233,808		1,285,208
CK Hutchison Holdings, Ltd.		244,308		1,509,129
Melco Resorts & Entertainment, Ltd. ADR		19,770		316,913
Sands China, Ltd.		219,600		863,559
WH Group, Ltd.*		866,000		751,153
Wharf Real Estate Investment Co., Ltd.#		96,000		370,649
Wynn Macau, Ltd.		141,200		239,848
				6,607,039
Denmark — 2.2%
Ambu A/S, Class B		14,773		493,189
AP Moller - Maersk A/S, Series A#		292		268,050
AP Moller - Maersk A/S, Series B		592		581,165
Carlsberg A/S, Class B		9,679		1,253,546
Chr. Hansen Holding A/S		9,545		925,955
Coloplast A/S, Class B		10,750		1,803,267
Danske Bank A/S†		62,412		774,827
Demant A/S†		9,988		282,945
DSV PANALPINA A/S		19,138		2,029,835
Genmab A/S†		5,888		1,813,922
GN Store Nord A/S		11,586		627,213
H. Lundbeck A/S		6,307		242,588
Novo Nordisk A/S, Class B		160,109		10,438,611
Novozymes A/S, Class B		19,322		1,058,650
Orsted A/S*		17,117		2,015,232
Pandora A/S		9,049		451,818
Tryg A/S		10,936		306,982

107

VALIC Company I International Equities Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Denmark (continued)
Vestas Wind Systems A/S		17,998	$	1,842,702
				27,210,497
Finland — 1.1%
Elisa Oyj		12,870		807,443
Fortum Oyj		40,189		771,128
Kone Oyj, Class B		30,755		2,064,549
Metso Oyj		9,523		309,870
Neste Oyj		38,281		1,550,954
Nokia Oyj		511,596		2,024,206
Nordea Bank Abp†		293,170		1,989,579
Orion Oyj, Class B		9,515		509,199
Sampo Oyj, Class A		42,621		1,526,245
Stora Enso Oyj, Class R†		52,640		647,584
UPM-Kymmene Oyj		48,295		1,398,581
Wartsila Oyj Abp		40,157		314,578
				13,913,916
France — 9.2%
Accor SA†		17,144		486,378
Aeroports de Paris		2,686		280,648
Air Liquide SA		42,809		5,825,610
Alstom SA		17,380		733,996
Amundi SA†*		5,488		409,428
Arkema SA		6,240		545,768
Atos SE†		8,893		673,926
AXA SA		175,014		3,202,796
BioMerieux		3,749		538,648
BNP Paribas SA†		101,780		3,671,192
Bollore SA		79,849		228,643
Bouygues SA†		20,621		633,611
Bureau Veritas SA		26,581		542,266
Capgemini SE		14,557		1,494,730
Carrefour SA		54,785		833,358
Casino Guichard Perrachon SA#		3,924		147,598
Cie de Saint-Gobain		46,822		1,519,950
Cie Generale des Etablissements Michelin SCA		15,355		1,555,956
CNP Assurances†		15,532		164,116
Covivio#		4,343		254,889
Credit Agricole SA†		104,409		913,737
Danone SA		55,876		3,830,175
Dassault Aviation SA†		227		194,046
Dassault Systemes SE		11,896		2,019,448
Edenred		22,041		923,012
Eiffage SA†		7,537		689,516
Electricite de France SA		56,167		498,694
Engie SA†		165,269		1,958,740
EssilorLuxottica SA		25,734		3,323,078
Eurazeo SE†		3,557		173,429
Faurecia SE		6,870		266,022
Gecina SA		4,148		534,775
Getlink SE†		39,814		575,411
Hermes International		2,866		2,389,386
ICADE		2,698		193,475
Iliad SA		1,339		236,228
Ingenico Group SA		5,477		760,009
Ipsen SA		3,413		268,720
JCDecaux SA†		7,703		156,976
Kering SA		6,856		3,594,082
Klepierre SA#		17,801		338,218
L’Oreal SA†		22,726		6,635,752
La Francaise des Jeux SAEM†*		7,777		265,763
Legrand SA#		24,155		1,650,192
LVMH Moet Hennessy Louis Vuitton SE		25,134		10,525,121
Natixis SA†		85,593		190,921

Security Description	Shares		Value (Note 2)
France (continued)
Orange SA		180,523	$	2,181,297
Orpea		4,677		549,996
Pernod Ricard SA		19,214		3,000,495
Peugeot SA†#		53,218		761,743
Publicis Groupe SA		19,580		557,025
Remy Cointreau SA#		2,042		242,783
Renault SA†		17,393		392,859
Safran SA†		28,996		2,781,928
Sanofi		102,110		9,958,340
Sartorius Stedim Biotech†		2,502		680,606
Schneider Electric SE		50,028		4,990,896
SCOR SE†		14,347		355,202
SEB SA#		2,048		281,426
Societe Generale SA†		73,357		1,085,593
Sodexo SA#		8,006		540,127
Suez SA#		31,272		355,962
Teleperformance		5,313		1,261,270
Thales SA		9,641		738,838
TOTAL SA		223,661		8,409,322
Ubisoft Entertainment SA†		8,188		635,981
Valeo SA		20,720		512,678
Veolia Environnement SA		48,763		1,070,455
Vinci SA		46,626		4,323,298
Vivendi SA		75,031		1,708,241
Wendel SE		2,426		223,308
Worldline SA†*		12,407		931,833
				115,379,935
Germany — 8.2%
adidas AG†		17,228		4,517,743
Allianz SE		37,748		6,849,476
BASF SE		83,109		4,481,932
Bayer AG		88,895		5,937,930
Bayerische Motoren Werke AG		29,960		1,744,139
Bayerische Motoren Werke AG (Preference Shares)		5,146		235,866
Beiersdorf AG		9,121		952,310
Brenntag AG		13,980		733,137
Carl Zeiss Meditec AG†		3,642		373,458
Commerzbank AG†		90,656		353,653
Continental AG†		9,954		973,855
Covestro AG†*		15,731		583,212
Daimler AG		77,444		2,861,894
Delivery Hero SE†*		11,583		1,103,617
Deutsche Bank AG†		177,663		1,484,328
Deutsche Boerse AG		17,192		2,832,906
Deutsche Lufthansa AG†#		21,635		218,811
Deutsche Post AG		89,509		2,772,884
Deutsche Telekom AG†		301,591		4,680,937
Deutsche Wohnen SE		30,922		1,383,087
E.ON SE		203,151		2,150,205
Evonik Industries AG		18,975		465,929
Fraport AG Frankfurt Airport Services Worldwide†		3,765		187,051
Fresenius Medical Care AG & Co. KGaA		19,283		1,611,023
Fresenius SE & Co. KGaA		37,826		1,804,480
Fuchs Petrolub SE (Preference Shares)		6,289		250,905
GEA Group AG		13,882		412,046
Hannover Rueck SE		5,456		875,420
HeidelbergCement AG		13,465		666,530
Henkel AG & Co. KGaA†		9,403		747,912
Henkel AG & Co. KGaA (Preference Shares)†		16,121		1,431,697
HOCHTIEF AG		2,237		195,963
Infineon Technologies AG		113,191		2,359,080
KION Group AG		5,877		326,470
Knorr-Bremse AG		4,376		461,457
LANXESS AG		7,517		387,307

108

VALIC Company I International Equities Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Germany (continued)
LEG Immobilien AG		6,244	$	778,694
Merck KGaA		11,695		1,344,509
METRO AG		16,293		152,300
MTU Aero Engines AG†		4,804		771,013
Muenchener Rueckversicherungs-Gesellschaft AG		13,059		2,964,883
Nemetschek SE		5,226		409,838
Porsche Automobil Holding SE (Preference Shares)		13,856		749,183
Puma SE†		7,506		532,968
RWE AG		52,844		1,740,983
SAP SE		94,488		11,764,708
Sartorius AG (Preference Shares)†		3,218		1,193,769
Scout24 AG*		9,736		745,141
Siemens AG		69,222		7,555,864
Siemens Healthineers AG*		13,573		701,567
Symrise AG		11,641		1,270,385
TeamViewer AG†		11,763		599,249
Telefonica Deutschland Holding AG		94,218		289,936
thyssenkrupp AG†		36,615		246,001
Uniper SE		18,213		566,093
United Internet AG		9,275		374,507
Volkswagen AG		2,937		462,409
Volkswagen AG (Preference Shares)		16,793		2,461,908
Vonovia SE		46,615		2,689,371
Wirecard AG#		10,622		1,119,829
Zalando SE†*		13,728		923,909
				101,817,667
Hong Kong — 2.2%
AIA Group, Ltd.		1,093,800		8,917,515
Bank of East Asia, Ltd.		118,400		214,276
BOC Hong Kong Holdings, Ltd.		335,000		940,267
CLP Holdings, Ltd.		148,500		1,457,408
Galaxy Entertainment Group, Ltd.		196,000		1,337,050
Hang Lung Properties, Ltd.		183,000		385,946
Hang Seng Bank, Ltd.		69,200		1,055,672
Henderson Land Development Co., Ltd.		131,231		471,362
Hong Kong & China Gas Co., Ltd.		918,616		1,553,858
Hong Kong Exchanges & Clearing, Ltd.		108,400		3,792,767
Link REIT		186,800		1,406,534
MTR Corp., Ltd.		139,500		672,983
New World Development Co., Ltd.		555,000		561,476
PCCW, Ltd.		384,000		210,966
Power Assets Holdings, Ltd.		125,500		703,232
Sino Land Co., Ltd.		284,000		331,839
SJM Holdings, Ltd.		180,000		202,220
Sun Hung Kai Properties, Ltd.		118,000		1,365,024
Swire Pacific, Ltd., Class A		45,000		235,945
Swire Properties, Ltd.		105,800		235,637
Techtronic Industries Co., Ltd.		124,000		1,079,189
Wheelock & Co., Ltd.		65,000		440,920
				27,572,086
Ireland — 0.7%
CRH PLC		71,055		2,324,955
DCC PLC		8,904		743,574
Flutter Entertainment PLC†#		12,422		1,597,003
James Hardie Industries PLC CDI		40,085		685,391
Kerry Group PLC, Class A		14,375		1,785,863
Kingspan Group PLC		13,921		861,745
Smurfit Kappa Group PLC		20,450		668,362
				8,666,893
Isle of Man — 0.0%
GVC Holdings PLC		52,730		518,989

Security Description	Shares		Value (Note 2)
Israel — 0.6%
Azrieli Group, Ltd.		3,862	$	202,558
Bank Hapoalim BM		103,275		639,876
Bank Leumi Le-Israel BM		133,424		712,825
Check Point Software Technologies, Ltd.†		10,533		1,155,154
CyberArk Software, Ltd.†		3,428		355,758
Elbit Systems, Ltd.		2,211		309,636
ICL Group, Ltd.		64,082		221,809
Israel Discount Bank, Ltd., Class A		105,927		339,532
Mizrahi Tefahot Bank, Ltd.		12,821		253,638
NICE, Ltd.†		5,654		1,049,452
Teva Pharmaceutical Industries, Ltd. ADR†		98,894		1,239,142
Wix.com, Ltd.†		4,629		1,029,166
				7,508,546
Italy — 1.7%
Assicurazioni Generali SpA		99,429		1,384,599
Atlantia SpA†		44,833		730,848
Davide Campari-Milano SpA		52,554		427,738
DiaSorin SpA		2,278		478,201
Enel SpA		735,952		5,663,217
Eni SpA		230,189		2,088,039
FinecoBank Banca Fineco SpA†		55,136		647,043
Infrastrutture Wireless Italiane SpA*		21,717		221,567
Intesa Sanpaolo SpA†		1,346,724		2,335,929
Leonardo SpA		36,620		229,144
Mediobanca Banca di Credito Finanziario SpA		56,197		366,402
Moncler SpA†		17,530		654,665
Nexi SpA†*		34,083		562,211
Pirelli & C SpA*#		36,194		162,768
Poste Italiane SpA*		47,274		416,424
Prysmian SpA		21,837		466,591
Recordati SpA		9,461		431,225
Snam SpA		184,311		859,497
Telecom Italia SpA†		756,616		280,069
Telecom Italia SpA (RSP)		545,429		210,884
Terna Rete Elettrica Nazionale SpA		127,313		861,466
UniCredit SpA†		191,984		1,645,281
				21,123,808
Japan — 24.2%
ABC-Mart, Inc.		3,000		182,464
Acom Co., Ltd.		36,100		147,193
Advantest Corp.		18,100		895,253
Aeon Co., Ltd.		59,200		1,310,312
Aeon Mall Co., Ltd.		9,300		130,921
AGC, Inc.		17,500		496,160
Air Water, Inc.		16,600		241,290
Aisin Seiki Co., Ltd.		14,700		463,914
Ajinomoto Co., Inc.		42,200		719,811
Alfresa Holdings Corp.		17,000		343,080
Amada Co., Ltd.		30,000		267,890
ANA Holdings, Inc.†		10,400		251,190
Aozora Bank, Ltd.		10,700		199,092
Asahi Group Holdings, Ltd.		35,000		1,319,847
Asahi Intecc Co., Ltd.		17,700		542,395
Asahi Kasei Corp.		113,500		896,630
Astellas Pharma, Inc.		168,500		2,995,375
Bandai Namco Holdings, Inc.#		18,100		1,008,120
Bank of Kyoto, Ltd.		5,100		183,396
Benesse Holdings, Inc.		6,500		176,116
Bridgestone Corp.		48,400		1,608,173
Brother Industries, Ltd.		20,200		380,961
Calbee, Inc.		7,900		228,423
Canon, Inc.#		90,500		1,856,047
Casio Computer Co., Ltd.		17,600		310,324

109

VALIC Company I International Equities Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Japan (continued)
Central Japan Railway Co.		13,100	$	2,243,637
Chiba Bank, Ltd.		48,000		228,384
Chubu Electric Power Co., Inc.		58,300		785,293
Chugai Pharmaceutical Co., Ltd.		20,300		2,995,774
Chugoku Electric Power Co., Inc.		26,300		361,169
Coca-Cola Bottlers Japan Holdings, Inc.		11,202		222,713
Concordia Financial Group, Ltd.		95,800		313,412
Cosmos Pharmaceutical Corp.		1,810		259,841
CyberAgent, Inc.		9,149		461,385
Dai Nippon Printing Co., Ltd.		22,000		500,571
Dai-ichi Life Holdings, Inc.		97,600		1,273,113
Daicel Corp.		22,500		190,650
Daifuku Co., Ltd.		9,191		715,530
Daiichi Sankyo Co., Ltd.		51,300		4,805,986
Daikin Industries, Ltd.		22,500		3,312,957
Daito Trust Construction Co., Ltd.		5,800		613,214
Daiwa House Industry Co., Ltd.		51,200		1,272,559
Daiwa House REIT Investment Corp.		179		442,812
Daiwa Securities Group, Inc.		130,700		542,468
Denso Corp.		39,200		1,504,692
Dentsu Group, Inc.		19,600		525,820
Disco Corp.		2,600		581,599
East Japan Railway Co.		27,400		2,150,046
Eisai Co., Ltd.		22,800		1,787,295
Electric Power Development Co., Ltd.		12,400		234,069
FamilyMart Co., Ltd.		22,900		429,843
FANUC Corp.		17,500		3,124,792
Fast Retailing Co., Ltd.		5,300		2,981,981
Fuji Electric Co., Ltd.		11,500		307,889
FUJIFILM Holdings Corp.		32,600		1,506,165
Fujitsu, Ltd.		17,800		1,835,734
Fukuoka Financial Group, Inc.		15,600		254,113
GLP J-REIT		330		440,711
GMO Payment Gateway, Inc.		3,700		416,796
Hakuhodo DY Holdings, Inc.		21,100		262,508
Hamamatsu Photonics KK		12,700		575,591
Hankyu Hanshin Holdings, Inc.		20,700		765,151
Hikari Tsushin, Inc.		1,900		416,812
Hino Motors, Ltd.		26,000		176,169
Hirose Electric Co., Ltd.		2,935		350,864
Hisamitsu Pharmaceutical Co., Inc.		4,600		232,069
Hitachi Construction Machinery Co., Ltd.		9,700		255,225
Hitachi Metals, Ltd.		19,400		223,968
Hitachi, Ltd.		87,500		2,808,491
Honda Motor Co., Ltd.		147,500		3,815,809
Hoshizaki Corp.		4,600		371,680
Hoya Corp.		34,200		3,210,103
Hulic Co., Ltd.#		27,400		277,532
Idemitsu Kosan Co., Ltd.		17,776		394,778
Iida Group Holdings Co., Ltd.#		13,300		197,710
Inpex Corp.		92,600		646,618
Isetan Mitsukoshi Holdings, Ltd.		30,500		204,353
Isuzu Motors, Ltd.		49,900		468,120
Ito En, Ltd.		4,843		277,526
ITOCHU Corp.		121,900		2,616,335
Itochu Techno-Solutions Corp.		8,700		294,286
Japan Airlines Co., Ltd.		10,300		202,689
Japan Airport Terminal Co., Ltd.#		4,600		202,679
Japan Exchange Group, Inc.		46,100		991,631
Japan Post Bank Co., Ltd.#		36,600		302,462
Japan Post Holdings Co., Ltd.		142,500		1,037,728
Japan Post Insurance Co., Ltd.		20,400		259,324
Japan Prime Realty Investment Corp.		71		216,938
Japan Real Estate Investment Corp.		119		649,964
Japan Retail Fund Investment Corp.		237		313,370

Security Description	Shares		Value (Note 2)
Japan (continued)
Japan Tobacco, Inc.		108,600	$	2,154,944
JFE Holdings, Inc.		44,500		327,451
JGC Holdings Corp.		19,900		214,439
JSR Corp.		18,400		361,181
JTEKT Corp.		18,600		150,303
JXTG Holdings, Inc.		277,700		1,068,765
Kajima Corp.		40,700		462,073
Kakaku.com, Inc.		12,200		295,511
Kamigumi Co., Ltd.		8,900		174,078
Kansai Electric Power Co., Inc.		63,700		634,936
Kansai Paint Co., Ltd.		16,000		331,653
Kao Corp.		43,600		3,500,098
Kawasaki Heavy Industries, Ltd.		12,900		204,619
KDDI Corp.		149,200		4,344,635
Keihan Holdings Co., Ltd.		8,700		413,487
Keikyu Corp.		19,999		334,428
Keio Corp.		9,300		552,722
Keisei Electric Railway Co., Ltd.		11,700		384,286
Keyence Corp.		16,500		6,795,156
Kikkoman Corp.		13,200		664,936
Kintetsu Group Holdings Co., Ltd.		15,500		761,289
Kirin Holdings Co., Ltd.		74,400		1,525,054
Kobayashi Pharmaceutical Co., Ltd.		4,501		401,023
Kobe Bussan Co., Ltd.		5,570		288,197
Koito Manufacturing Co., Ltd.		9,500		402,884
Komatsu, Ltd.		79,200		1,604,422
Konami Holdings Corp.		8,400		295,488
Kose Corp.		2,979		373,432
Kubota Corp.		93,900		1,264,282
Kuraray Co., Ltd.		28,900		303,957
Kurita Water Industries, Ltd.		8,900		247,003
Kyocera Corp.		29,000		1,571,239
Kyowa Kirin Co., Ltd.		24,400		662,306
Kyushu Electric Power Co., Inc.		34,300		285,311
Kyushu Railway Co.#		13,500		382,845
Lasertec Corp.†		6,825		560,075
Lawson, Inc.		4,500		248,929
LINE Corp.†		5,500		274,478
Lion Corp.		20,300		464,408
LIXIL Group Corp.		24,100		336,896
M3, Inc.		39,900		1,608,908
Makita Corp.		20,300		688,529
Marubeni Corp.		149,400		726,529
Marui Group Co., Ltd.		17,200		310,610
Maruichi Steel Tube, Ltd.		5,100		130,652
Mazda Motor Corp.		51,500		329,816
McDonald’s Holdings Co. Japan, Ltd.#		6,000		319,154
Mebuki Financial Group, Inc.		85,400		193,494
Medipal Holdings Corp.		16,600		329,494
MEIJI Holdings Co., Ltd.		10,400		782,810
Mercari, Inc.†		7,700		229,778
Minebea Mitsumi, Inc.		32,800		576,805
MISUMI Group, Inc.		25,700		683,238
Mitsubishi Chemical Holdings Corp.		115,900		682,970
Mitsubishi Corp.		122,300		2,856,924
Mitsubishi Electric Corp.		165,100		2,176,814
Mitsubishi Estate Co., Ltd.		107,000		1,703,587
Mitsubishi Gas Chemical Co., Inc.		14,300		213,242
Mitsubishi Heavy Industries, Ltd.		29,000		751,035
Mitsubishi Materials Corp.		10,100		230,191
Mitsubishi Motors Corp.#		60,700		171,460
Mitsubishi UFJ Financial Group, Inc.		1,106,100		4,564,543
Mitsubishi UFJ Lease & Finance Co., Ltd.		36,500		178,457
Mitsui & Co., Ltd.		149,800		2,275,449
Mitsui Chemicals, Inc.		16,700		347,549

110

VALIC Company I International Equities Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Japan (continued)
Mitsui Fudosan Co., Ltd.		84,200	$	1,622,509
Miura Co., Ltd.		7,936		338,501
Mizuho Financial Group, Inc.		2,182,800		2,727,183
MonotaRO Co., Ltd.		11,300		410,797
MS&AD Insurance Group Holdings, Inc.		40,300		1,184,843
Murata Manufacturing Co., Ltd.		52,000		2,906,512
Nabtesco Corp.		10,200		317,117
Nagoya Railroad Co., Ltd.		16,900		509,942
NEC Corp.		20,400		916,539
Nexon Co., Ltd.		43,800		913,220
NGK Insulators, Ltd.		23,700		347,801
NGK Spark Plug Co., Ltd.		14,200		229,255
NH Foods, Ltd.		7,500		277,325
Nidec Corp.		40,500		2,492,683
Nihon M&A Center, Inc.		13,524		544,019
Nikon Corp.		27,200		250,171
Nintendo Co., Ltd.		10,100		4,081,975
Nippon Building Fund, Inc.		115		721,687
Nippon Express Co., Ltd.		6,700		344,852
Nippon Paint Holdings Co., Ltd.		13,300		925,524
Nippon Prologis REIT, Inc.		190		535,893
Nippon Shinyaku Co., Ltd.		4,100		353,295
Nippon Steel Corp.		73,100		674,203
Nippon Telegraph & Telephone Corp.		116,500		2,637,717
Nippon Yusen KK		13,900		200,655
Nissan Chemical Corp.		11,200		495,002
Nissan Motor Co., Ltd.		210,100		782,581
Nisshin Seifun Group, Inc.		17,900		279,105
Nissin Foods Holdings Co., Ltd.		5,700		476,188
Nitori Holdings Co., Ltd.		7,300		1,324,050
Nitto Denko Corp.		14,400		780,071
Nomura Holdings, Inc.		284,500		1,223,696
Nomura Real Estate Holdings, Inc.		10,500		194,638
Nomura Real Estate Master Fund, Inc.		384		473,047
Nomura Research Institute, Ltd.		29,000		767,114
NSK, Ltd.		32,400		237,334
NTT Data Corp.		57,100		660,686
NTT DOCOMO, Inc.		105,600		2,887,998
Obayashi Corp.		58,800		544,745
OBIC Co., Ltd.		6,300		1,093,039
Odakyu Electric Railway Co., Ltd.		26,699		666,668
Oji Holdings Corp.		78,000		390,637
Olympus Corp.		105,400		1,833,868
Omron Corp.		16,800		1,115,022
Ono Pharmaceutical Co., Ltd.		33,500		957,400
Oracle Corp. Japan†		3,500		409,114
Oriental Land Co., Ltd.		18,100		2,625,267
ORIX Corp.		119,900		1,592,635
Orix JREIT, Inc.		237		343,215
Osaka Gas Co., Ltd.		33,900		677,557
Otsuka Corp.		9,500		458,821
Otsuka Holdings Co., Ltd.		35,300		1,595,232
Pan Pacific International Holdings Corp.		37,300		751,932
Panasonic Corp.		199,830		1,788,265
Park24 Co., Ltd.		9,800		190,476
PeptiDream, Inc.†		8,500		381,720
Persol Holdings Co., Ltd.		16,074		212,915
Pigeon Corp.		10,500		409,487
Pola Orbis Holdings, Inc.		8,332		162,205
Rakuten, Inc.		77,900		706,438
Recruit Holdings Co., Ltd.		115,083		3,970,608
Renesas Electronics Corp.†#		69,600		361,980
Resona Holdings, Inc.		189,300		682,071
Ricoh Co., Ltd.		60,700		449,035
Rinnai Corp.		3,300		277,922

Security Description	Shares		Value (Note 2)
Japan (continued)
Rohm Co., Ltd.		8,000	$	539,337
Ryohin Keikaku Co., Ltd.		21,640		327,705
Santen Pharmaceutical Co., Ltd.		32,600		602,279
SBI Holdings, Inc.		21,400		459,338
SCSK Corp.		4,714		230,730
Secom Co., Ltd.		19,000		1,646,936
Sega Sammy Holdings, Inc.		15,700		204,751
Seibu Holdings, Inc.		19,600		256,266
Seiko Epson Corp.		25,300		285,484
Sekisui Chemical Co., Ltd.		32,900		460,035
Sekisui House, Ltd.		56,200		1,071,480
Seven & i Holdings Co., Ltd.		68,200		2,334,584
Seven Bank, Ltd.		53,300		151,965
SG Holdings Co., Ltd.		14,528		474,034
Sharp Corp.#		19,300		209,424
Shimadzu Corp.		20,100		544,323
Shimamura Co., Ltd.		2,000		140,787
Shimano, Inc.		6,700		1,232,065
Shimizu Corp.		49,900		422,771
Shin-Etsu Chemical Co., Ltd.		32,000		3,754,927
Shinsei Bank, Ltd.#		14,100		180,136
Shionogi & Co., Ltd.		24,400		1,441,722
Shiseido Co., Ltd.		36,200		2,209,767
Shizuoka Bank, Ltd.		38,300		244,052
Showa Denko KK		12,200		292,006
SMC Corp.		5,200		2,617,621
Softbank Corp.		173,300		2,196,991
SoftBank Group Corp.		141,800		6,369,004
Sohgo Security Services Co., Ltd.		6,500		319,929
Sompo Holdings, Inc.		30,400		1,082,409
Sony Corp.		115,200		7,356,396
Sony Financial Holdings, Inc.		13,800		332,851
Square Enix Holdings Co., Ltd.		8,300		403,099
Stanley Electric Co., Ltd.		11,800		287,291
Subaru Corp.		55,700		1,230,843
SUMCO Corp.		23,904		367,061
Sumitomo Chemical Co., Ltd.		134,800		418,498
Sumitomo Corp.		107,500		1,296,377
Sumitomo Dainippon Pharma Co., Ltd.		16,200		229,274
Sumitomo Electric Industries, Ltd.		68,300		796,472
Sumitomo Heavy Industries, Ltd.		10,000		228,674
Sumitomo Metal Mining Co., Ltd.		21,100		588,544
Sumitomo Mitsui Financial Group, Inc.		118,000		3,418,619
Sumitomo Mitsui Trust Holdings, Inc.		30,600		901,685
Sumitomo Realty & Development Co., Ltd.		28,000		776,648
Sumitomo Rubber Industries, Ltd.		15,500		157,804
Sundrug Co., Ltd.		6,480		218,325
Suntory Beverage & Food, Ltd.		12,600		514,885
Suzuken Co., Ltd.		6,100		221,789
Suzuki Motor Corp.		33,300		1,159,059
Sysmex Corp.		15,100		1,207,263
T&D Holdings, Inc.		48,700		440,545
Taiheiyo Cement Corp.		10,900		258,060
Taisei Corp.		17,300		601,181
Taisho Pharmaceutical Holdings Co., Ltd.		3,100		196,934
Taiyo Nippon Sanso Corp.		13,700		230,598
Takeda Pharmaceutical Co., Ltd.		142,600		5,552,509
TDK Corp.		11,700		1,096,731
Teijin, Ltd.		16,100		263,773
Terumo Corp.		58,400		2,295,569
THK Co., Ltd.		10,900		283,855
TIS, Inc.		20,256		432,442
Tobu Railway Co., Ltd.		17,300		613,569
Toho Co., Ltd.		10,100		371,398
Toho Gas Co., Ltd.		6,700		329,604

111

VALIC Company I International Equities Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Japan (continued)
Tohoku Electric Power Co., Inc.		38,700	$	400,919
Tokio Marine Holdings, Inc.		57,800		2,505,705
Tokyo Century Corp.#		3,916		170,557
Tokyo Electric Power Co. Holdings, Inc.†		130,900		441,201
Tokyo Electron, Ltd.		13,500		2,698,748
Tokyo Gas Co., Ltd.		34,000		811,408
Tokyu Corp.		45,200		716,979
Tokyu Fudosan Holdings Corp.		55,400		281,266
Toppan Printing Co., Ltd.		23,700		405,851
Toray Industries, Inc.		125,500		611,164
Toshiba Corp.		35,000		957,493
Tosoh Corp.		23,500		327,101
TOTO, Ltd.		12,800		507,133
Toyo Suisan Kaisha, Ltd.		8,000		417,415
Toyoda Gosei Co., Ltd.		5,900		126,281
Toyota Industries Corp.		13,300		680,590
Toyota Motor Corp.		191,900		12,040,451
Toyota Tsusho Corp.		19,200		487,203
Trend Micro, Inc.		12,100		665,583
Tsuruha Holdings, Inc.#		3,304		488,287
Unicharm Corp.		36,500		1,358,694
United Urban Investment Corp.#		268		284,649
USS Co., Ltd.		19,799		345,287
Welcia Holdings Co., Ltd.		4,300		360,414
West Japan Railway Co.		14,700		949,159
Yakult Honsha Co., Ltd.		10,800		661,719
Yamada Denki Co., Ltd.		65,600		319,197
Yamaha Corp.		12,100		589,308
Yamaha Motor Co., Ltd.		25,300		365,727
Yamato Holdings Co., Ltd.		27,900		618,090
Yamazaki Baking Co., Ltd.		11,000		196,828
Yaskawa Electric Corp.		21,700		780,916
Yokogawa Electric Corp.		20,700		298,710
Yokohama Rubber Co., Ltd.		10,700		161,849
Z Holdings Corp.		240,000		981,527
ZOZO, Inc.#		9,893		182,405
				301,752,029
Jersey — 0.6%
Experian PLC		82,185		2,869,404
Ferguson PLC		20,395		1,610,925
Glencore PLC		904,245		1,686,373
WPP PLC		111,968		850,581
				7,017,283
Luxembourg — 0.2%
ArcelorMittal SA		64,863		625,143
Aroundtown SA		104,257		573,242
Eurofins Scientific SE#		1,194		808,740
SES SA FDR		34,697		257,125
Tenaris SA#		42,729		266,914
				2,531,164
Netherlands — 4.6%
ABN AMRO Bank NV CVA*		38,275		308,257
Adyen NV†*		1,634		2,149,709
Aegon NV		161,912		435,240
AerCap Holdings NV†		11,912		384,043
Airbus SE†#		53,150		3,377,020
Akzo Nobel NV		18,061		1,482,465
Altice Europe NV†		56,355		227,037
ASML Holding NV		38,516		12,608,293
CNH Industrial NV†		92,594		563,523
EXOR NV		9,813		531,257
Ferrari NV		11,406		1,931,917

Security Description	Shares		Value (Note 2)
Netherlands (continued)
Fiat Chrysler Automobiles NV†		99,287	$	880,554
Heineken Holding NV		10,425		860,948
Heineken NV		23,454		2,155,792
ING Groep NV		352,604		2,289,555
Just Eat Takeaway.com NV†*		10,981		1,195,677
Koninklijke Ahold Delhaize NV#		99,600		2,529,758
Koninklijke DSM NV		15,596		2,001,645
Koninklijke KPN NV		323,253		793,771
Koninklijke Philips NV†		81,142		3,696,477
Koninklijke Vopak NV		6,362		349,306
NN Group NV		26,424		819,054
Prosus NV†		44,102		3,671,867
QIAGEN NV†		20,887		911,697
Randstad NV		10,781		453,803
STMicroelectronics NV		57,715		1,426,440
Unilever NV		132,174		6,843,376
Wolters Kluwer NV		24,704		1,973,939
				56,852,420
New Zealand — 0.3%
a2 Milk Co., Ltd.†		66,587		787,195
Auckland International Airport, Ltd.		109,957		444,087
Fisher & Paykel Healthcare Corp., Ltd.		51,989		969,120
Mercury NZ, Ltd.		61,634		177,995
Meridian Energy, Ltd.		115,957		343,718
Ryman Healthcare, Ltd.		36,194		271,813
Spark New Zealand, Ltd.		166,226		456,934
				3,450,862
Norway — 0.5%
DNB ASA		85,797		1,172,727
Equinor ASA#		90,630		1,323,126
Gjensidige Forsikring ASA†		18,097		329,197
Mowi ASA		39,773		751,866
Norsk Hydro ASA†		121,690		310,625
Orkla ASA		67,961		612,005
Schibsted ASA, Class B†		8,869		213,511
Telenor ASA		65,261		991,960
Yara International ASA		16,022		550,512
				6,255,529
Papua New Guinea — 0.0%
Oil Search, Ltd.		178,549		407,784
Portugal — 0.2%
Banco Espirito Santo SA†(1)		213,818		0
EDP - Energias de Portugal SA		231,605		1,090,382
Galp Energia SGPS SA		45,357		541,970
Jeronimo Martins SGPS SA		22,777		389,950
				2,022,302
Singapore — 1.0%
Ascendas Real Estate Investment Trust		278,248		618,984
CapitaLand Commercial Trust		244,300		303,868
CapitaLand Mall Trust		233,700		337,269
CapitaLand, Ltd.†		232,400		477,375
City Developments, Ltd.		41,100		225,170
DBS Group Holdings, Ltd.		162,400		2,246,321
Genting Singapore, Ltd.		547,200		305,500
Jardine Cycle & Carriage, Ltd.		8,900		138,260
Keppel Corp., Ltd.#		131,600		552,009
Mapletree Commercial Trust		194,500		276,572
Mapletree Logistics Trust		240,709		349,273
Oversea-Chinese Banking Corp., Ltd.		299,200		1,819,191
Singapore Airlines, Ltd.#		122,149		331,137
Singapore Exchange, Ltd.		72,700		428,086

112

VALIC Company I International Equities Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Singapore (continued)
Singapore Technologies Engineering, Ltd.		141,300	$	320,248
Singapore Telecommunications, Ltd.		738,800		1,306,324
Suntec Real Estate Investment Trust		178,100		186,175
United Overseas Bank, Ltd.		106,400		1,473,800
UOL Group, Ltd.		42,000		204,437
Venture Corp., Ltd.		24,952		271,875
Wilmar International, Ltd.		173,800		492,744
Yangzijiang Shipbuilding Holdings, Ltd.		233,700		156,465
				12,821,083
Spain — 2.2%
ACS Actividades de Construccion y Servicios SA		23,118		592,837
Aena SME SA†*		6,108		874,177
Amadeus IT Group SA		39,024		2,043,412
Banco Bilbao Vizcaya Argentaria SA		603,349		1,883,535
Banco Santander SA		1,503,702		3,421,247
Bankinter SA		61,001		259,513
CaixaBank SA		324,741		609,077
Cellnex Telecom SA*		22,663		1,286,664
Enagas SA		22,521		507,055
Endesa SA		28,741		683,564
Ferrovial SA		43,851		1,194,581
Grifols SA#		26,991		845,961
Iberdrola SA		525,562		5,672,431
Industria de Diseno Textil SA		98,704		2,759,141
Mapfre SA		97,529		172,089
Naturgy Energy Group SA#		26,715		497,169
Red Electrica Corp. SA		39,168		690,645
Repsol SA		127,534		1,194,230
Siemens Gamesa Renewable Energy SA†#		21,572		364,653
Telefonica SA		422,833		1,995,036
				27,547,017
SupraNational — 0.1%
HK Electric Investments & HK Electric Investments, Ltd.		239,769		238,051
HKT Trust & HKT, Ltd.		343,000		489,383
Unibail-Rodamco-Westfield#		12,521		666,425
				1,393,859
Sweden — 2.7%
Alfa Laval AB†		28,466		576,534
Assa Abloy AB, Class B		90,694		1,843,677
Atlas Copco AB, Class A		60,762		2,392,532
Atlas Copco AB, Class B		35,309		1,251,067
Boliden AB		24,749		539,550
Electrolux AB, Series B		20,409		335,612
Epiroc AB, Class A		59,631		664,680
Epiroc AB, Class B		35,287		394,498
EQT AB†		21,558		340,785
Essity AB, Class B†		54,879		1,816,005
Evolution Gaming Group AB†*		11,504		681,324
Hennes & Mauritz AB, Class B		72,694		1,103,343
Hexagon AB, Class B†		25,466		1,405,602
Husqvarna AB, Class B		37,814		279,186
ICA Gruppen AB		9,100		428,034
Industrivarden AB, Class C†		14,358		320,533
Investment AB Latour, Class B		13,396		241,223
Investor AB, Class B		41,215		2,202,115
Kinnevik AB, Class B†		21,890		553,301
L E Lundbergforetagen AB, Class B†		6,877		342,377
Lundin Energy AB		16,817		407,477
Nibe Industrier AB, Class B†		28,217		628,530
Sandvik AB†		102,154		1,700,051
Securitas AB, Class B†		28,333		376,872

Security Description	Shares		Value (Note 2)
Sweden (continued)
Skandinaviska Enskilda Banken AB, Class A†		147,267	$	1,283,003
Skanska AB, Class B†		30,780		617,448
SKF AB, Class B		34,444		634,921
Svenska Cellulosa AB SCA, Class B†		54,822		686,759
Svenska Handelsbanken AB, Class A†		140,780		1,337,313
Swedbank AB, Class A†		81,944		1,030,195
Swedish Match AB		15,378		1,070,762
Tele2 AB, Class B		45,187		603,171
Telefonaktiebolaget LM Ericsson, Class B		264,108		2,410,840
Telia Co AB		228,542		785,608
Volvo AB, Class B†		134,535		1,912,725
				33,197,653
Switzerland — 9.6%
ABB, Ltd.		166,759		3,293,112
Adecco Group AG		14,041		669,478
Alcon, Inc.†		44,492		2,876,221
Baloise Holding AG		4,195		598,793
Banque Cantonale Vaudoise		2,726		265,520
Barry Callebaut AG		273		549,784
Chocoladefabriken Lindt & Spruengli AG		9		782,444
Chocoladefabriken Lindt & Spruengli AG (Participation Certificate)		98		818,717
Cie Financiere Richemont SA		47,234		2,761,207
Clariant AG†#		18,021		331,718
Coca-Cola HBC AG		18,084		457,054
Credit Suisse Group AG		219,718		2,017,988
EMS-Chemie Holding AG		741		549,877
Geberit AG		3,352		1,634,695
Givaudan SA		836		3,008,126
Julius Baer Group, Ltd.		20,252		866,429
Kuehne & Nagel International AG†		4,886		706,209
LafargeHolcim, Ltd.		47,373		1,968,348
Logitech International SA		14,881		881,055
Lonza Group AG		6,738		3,317,850
Nestle SA		269,286		29,155,421
Novartis AG		194,388		16,851,419
Pargesa Holding SA		3,493		264,403
Partners Group Holding AG		1,691		1,405,146
Roche Holding AG		63,572		22,067,362
Schindler Holding AG (Participation Certificate)		3,684		857,940
Schindler Holding AG		1,821		422,773
SGS SA		548		1,290,798
Sika AG		12,829		2,204,451
Sonova Holding AG		4,953		1,088,686
Straumann Holding AG		934		760,051
Swatch Group AG (TRQX)#		4,761		185,939
Swatch Group AG (XEGT)		2,618		525,494
Swiss Life Holding AG		2,888		1,019,037
Swiss Prime Site AG		6,874		640,965
Swiss Re AG		26,663		1,815,049
Swisscom AG#		2,344		1,221,240
Temenos AG#		5,925		909,194
UBS Group AG		331,730		3,574,569
Vifor Pharma AG		4,117		628,216
Zurich Insurance Group AG		13,537		4,379,784
				119,622,562
United Kingdom — 12.6%
3i Group PLC		88,049		902,270
Admiral Group PLC		17,273		499,441
Anglo American PLC		111,139		2,351,171
Antofagasta PLC#		35,682		388,694
Ashtead Group PLC		40,793		1,214,082

113

VALIC Company I International Equities Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
United Kingdom (continued)
Associated British Foods PLC		32,236	$	728,120
AstraZeneca PLC		118,734		12,624,307
Auto Trader Group PLC*		87,417		604,924
AVEVA Group PLC		5,846		296,628
Aviva PLC		354,861		1,091,738
BAE Systems PLC		290,095		1,786,005
Barclays PLC		1,567,694		2,246,613
Barratt Developments PLC		92,140		568,821
Berkeley Group Holdings PLC		11,391		578,802
BHP Group PLC		191,112		3,748,020
BP PLC		1,832,633		6,959,036
British American Tobacco PLC		207,564		8,208,517
British Land Co. PLC#		79,658		402,410
BT Group PLC		804,779		1,160,561
Bunzl PLC		30,475		712,644
Burberry Group PLC		36,617		680,080
Coca-Cola European Partners PLC		18,573		700,202
Compass Group PLC		161,403		2,372,566
Croda International PLC		11,663		750,161
Diageo PLC		211,460		7,312,550
Direct Line Insurance Group PLC		124,418		408,486
Evraz PLC		45,982		161,647
GlaxoSmithKline PLC		453,914		9,400,428
Halma PLC		34,353		992,929
Hargreaves Lansdown PLC		30,043		683,523
Hikma Pharmaceuticals PLC		13,156		418,864
HSBC Holdings PLC		1,838,098		8,452,887
Imperial Brands PLC		85,636		1,556,526
Informa PLC		135,920		767,387
InterContinental Hotels Group PLC		15,648		748,814
Intertek Group PLC		14,604		997,587
ITV PLC		327,818		326,501
J Sainsbury PLC		160,187		385,052
JD Sports Fashion PLC		39,629		323,591
Johnson Matthey PLC#		17,512		459,387
Kingfisher PLC		190,936		460,073
Land Securities Group PLC		63,737		478,910
Legal & General Group PLC		539,787		1,333,394
Lloyds Banking Group PLC		6,359,822		2,335,161
London Stock Exchange Group PLC		28,482		2,835,761
M&G PLC		235,255		408,776
Melrose Industries PLC		439,603		629,422
Mondi PLC		43,936		822,912
National Grid PLC		317,448		3,642,338
Next PLC		12,030		725,954
Ocado Group PLC†#		41,822		1,135,604
Pearson PLC#		69,468		396,903
Persimmon PLC		28,858		821,711
Prudential PLC		235,382		3,070,070
Reckitt Benckiser Group PLC		64,222		5,744,745
RELX PLC		174,950		4,063,527
Rentokil Initial PLC		167,338		1,031,158
Rio Tinto PLC		101,496		5,440,270
Rolls-Royce Holdings PLC#		174,728		589,552
Royal Bank of Scotland Group PLC		437,731		599,912
Royal Dutch Shell PLC, Class A		372,433		5,835,486
Royal Dutch Shell PLC, Class B		336,976		5,142,140
RSA Insurance Group PLC		93,350		456,967
Sage Group PLC		98,771		845,852
Schroders PLC		11,249		412,370
Segro PLC		99,231		1,032,888
Severn Trent PLC		21,531		651,691
Smith & Nephew PLC		79,139		1,611,879
Smiths Group PLC		35,851		581,888

Security Description	Shares/ Principal Amount		Value (Note 2)
United Kingdom (continued)
Spirax-Sarco Engineering PLC		6,666	$	815,881
SSE PLC		93,195		1,435,565
St James’s Place PLC#		48,411		552,109
Standard Chartered PLC		245,830		1,124,400
Standard Life Aberdeen PLC		210,700		676,243
Taylor Wimpey PLC		297,112		529,660
Tesco PLC		886,172		2,507,730
Unilever PLC		105,735		5,673,653
United Utilities Group PLC		61,701		702,195
Vodafone Group PLC		2,422,411		3,998,513
Whitbread PLC†#		18,238		572,448
WM Morrison Supermarkets PLC#		217,614		503,436
				157,201,119
Total Common Stocks
(cost $1,183,155,479)				1,150,226,323
EXCHANGE-TRADED FUNDS — 2.5%
United States — 2.5%
iShares MSCI EAFE ETF# (cost $28,952,913)		518,100		30,899,484
RIGHTS — 0.0%
Italy — 0.0%
Davide Campari-Milano SpA† Expires 06/21/2020		52,853		0
Spain — 0.0%
Ferrovial SA†# Expires 05/28/2020		40,206		15,154
United Kingdom — 0.0%
Whitbread PLC† Expires 06/09/2020		6,084		75,282
Total Rights
(cost $140,534)				90,436
Total Long-Term Investment Securities
(cost $1,212,248,926)				1,181,216,243
SHORT-TERM INVESTMENT SECURITIES — 4.6%
Registered Investment Companies — 3.7%
State Street Navigator Securities Lending Government Money Market Portfolio 0.13%(2)(3)		45,757,607		45,757,607
U.S. Government Treasuries — 0.9%
United States Treasury Bills
0.07% due 02/25/2021(4)	$	6,000,000		5,991,986
0.17% due 12/31/2020(4)		750,000		749,229
0.22% due 09/10/2020(4)		2,000,000		1,999,088
0.34% due 08/13/2020(4)		2,500,000		2,499,322
1.52% due 07/16/2020(4)		500,000		499,917
				11,739,542
Total Short-Term Investment Securities
(cost $57,500,057)				57,497,149

114

VALIC Company I International Equities Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Principal Amount			Value (Note 2)
REPURCHASE AGREEMENTS — 4.2%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00%, dated 05/29/2020 to be repurchased 06/01/2020 in the amount of $52,247,000 and collateralized by $49,630,000 of United States Treasury Notes, bearing interest at 2.13%, due 03/31/2024 and having an approximate value of $53,296,118 (cost $52,247,000)	$	52,247,000		$	52,247,000
TOTAL INVESTMENTS
(cost $1,321,995,983)(5)		103.5	%		1,290,960,392
Liabilities in excess of other assets		(3.5	)		(44,155,994	)
NET ASSETS		100.0	%	$	1,246,804,398

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

† Non-income producing security

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2020, the aggregate value of these securities was $17,333,431 representing 1.4% of net assets.

(1) Securities classified as Level 3 (see Note 2).

(2) At May 31, 2020, the Fund had loaned securities with a total value of $51,896,426. This was secured by collateral of $45,757,607, which was received in cash and subsequently invested in short-term investments currently valued at $45,757,607 as reported in the Portfolio of Investments. Additional collateral of $8,798,714 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2020
United States Treasury Bills	0.00%	08/13/2020	$	7,603
United States Treasury Notes/Bonds	0.13% to 8.13%	07/31/2020 to 11/15/2049		8,791,111

(3) The rate shown is the 7-day yield as of May 31, 2020.

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

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

ADR—American Depositary Receipt

CDI—Chess Depositary Interest

CVA—Certification Van Aandelen (Dutch Cert.)

ETF—Exchange Traded Fund

FDR—Fiduciary Depositary Receipt

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

TRQX—Turquoise Stock Exchange

XEGT—Equiduct Stock Exchange

Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	752	Long	MSCI EAFE Index		June 2020	$	60,433,197	$	64,882,560	$	4,449,363

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

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2020 (see Note 2):

	Level 1 - Unadjusted Quoted  Prices		Level 2 - Other Observable Inputs			Level 3 - Signifcant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks:
Australia	$	—	$	73,312,659	**	$	0	$	73,312,659
Portugal		—		2,022,302	**		0		2,022,302
Other Countries		7,912,635		1,066,978,727	**		—		1,074,891,362
Exchange-Traded Funds		30,899,484		—			—		30,899,484
Rights:
United Kingdom		75,282		—			—		75,282
Other Countries		—		15,154			—		15,154
Short-Term Investment Securities:
Registered Investment Companies		45,757,607		—			—		45,757,607
U.S. Government Treasuries		—		11,739,542			—		11,739,542
Repurchase Agreements		—		52,247,000			—		52,247,000
Total Investments at Value	$	84,645,008	$	1,206,315,384		$	0	$	1,290,960,392
Other Financial Instruments:†
Futures Contracts	$	4,449,363	$	—		$	—	$	4,449,363

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

** Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 2).

† Amounts represent unrealized appreciation/depreciation as of the end of the reporting period

At the beginning and end of the reporting period, Level 3 investments in securities were not considered a material portion of the Fund. There were no Level 3 transfers during the reporting period.

See Notes to Financial Statements

115

VALIC Company I International Government Bond Fund

PORTFOLIO PROFILE — May 31, 2020 (unaudited)

Industry Allocation*

Sovereign	67.1	%
United States Treasury Notes	17.0
United States Treasury Bonds	4.7
Registered Investment Companies	4.0
Oil Companies — Integrated	1.3
Banks — Commercial	0.9
Chemicals — Diversified	0.9
Electric — Generation	0.3
Independent Power Producers	0.3
Airport Development/Maintenance	0.3
Investment Companies	0.3
Oil Companies — Exploration & Production	0.3
Metal — Diversified	0.3
Transport — Marine	0.3
Electric — Distribution	0.2
Building & Construction — Misc.	0.2
Industrial Gases	0.2
Multimedia	0.2
Oil Refining & Marketing	0.2
Metal — Copper	0.2
Platinum	0.2
Transport — Rail	0.2
Petrochemicals	0.2
Food — Meat Products	0.2
Chemicals — Other	0.1
Energy — Alternate Sources	0.1
Cellular Telecom	0.1
Electric — Integrated	0.1
	100.4	%

Country Allocation*

United States	26.1	%
Japan	9.7
Italy	6.6
France	4.2
Mexico	3.7
Egypt	3.0
United Kingdom	2.6
Spain	2.5
Bahrain	2.3
Ivory Coast	2.2
Germany	2.1
Philippines	1.9
Ukraine	1.9
Turkey	1.9
Dominican Republic	1.7
Australia	1.7
Canada	1.6
Qatar	1.5
Indonesia	1.4
Sri Lanka	1.3
Panama	1.2
Kenya	1.1
South Africa	1.0
Oman	1.0
Ghana	1.0
Cayman Islands	0.9
Angola	1.0
Saudi Arabia	0.9
Pakistan	0.9
United Arab Emirates	0.8
British Virgin Islands	0.8
Hong Kong	0.8
Chile	0.7
Paraguay	0.7
Romania	0.7
Serbia	0.7
Honduras	0.6

El Salvador	0.6
Colombia	0.6
Guatemala	0.6
Cameroon, United Republic of	0.5
Brazil	0.5
Ireland	0.4
Luxembourg	0.3
Poland	0.3
Malaysia	0.3
Netherlands	0.3
Croatia	0.3
China	0.2
Uruguay	0.2
Nigeria	0.2
Georgia	0.2
Armenia	0.1
India	0.1
	100.4	%

Credit Quality†#

Aaa	27.9	%
Aa	7.8
A	12.3
Baa	18.1
Ba	10.0
B	10.9
Caa	1.0
Not Rated@	12.0
	100.0	%

* Calculated as a percentage of net assets

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

† Source: Moody’s

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

116

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020

Security Description	Principal Amount(1)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES — 6.8%
Brazil — 0.5%
BRF SA Senior Notes 4.88% due 01/24/2030*	$	300,000	$	278,250
Centrais Eletricas Brasileiras SA Senior Notes 3.63% due 02/04/2025*		200,000		186,200
Globo Comunicacao e Participacoes SA Senior Notes 4.88% due 01/22/2030*		400,000		344,400
				808,850
British Virgin Islands — 0.8%
Chinalco Capital Holdings, Ltd. Company Guar. Notes 4.25% due 04/21/2022		440,000		441,688
Huarong Finance 2019 Co., Ltd. Company Guar. Notes 3.75% due 05/29/2024		300,000		303,660
Huarong Finance II Co., Ltd. Company Guar. Notes 4.63% due 06/03/2026		200,000		210,796
Yingde Gases Investment, Ltd. Company Guar. Notes 6.25% due 01/19/2023		400,000		408,370
				1,364,514
Canada — 0.1%
MEGlobal Canada ULC Company Guar. Notes 5.88% due 05/18/2030*		235,000		249,394
Cayman Islands — 0.9%
Energuate Trust Company Guar. Notes 5.88% due 05/03/2027		200,000		191,276
Grupo Aval, Ltd. Company Guar. Notes 4.38% due 02/04/2030*		695,000		632,012
Lamar Funding, Ltd. Company Guar. Notes 3.96% due 05/07/2025		280,000		246,413
Termocandelaria Power, Ltd. Company Guar. Notes 7.88% due 01/30/2029		550,000		561,028
				1,630,729
Chile — 0.5%
Banco de Credito e Inversiones SA Senior Notes 3.50% due 10/12/2027		510,000		524,971
Empresa Nacional del Petroleo Senior Notes 5.25% due 11/06/2029		300,000		329,386
				854,357
Colombia — 0.1%
Ecopetrol SA Senior Notes 5.88% due 05/28/2045		175,000		182,002
Hong Kong — 0.6%
CNAC HK Finbridge Co., Ltd. Company Guar. Notes 3.38% due 06/19/2024		290,000		296,731

Security Description	Principal Amount(1)		Value (Note 2)
Hong Kong (continued)
CNAC HK Finbridge Co., Ltd. Company Guar. Notes 4.13% due 07/19/2027	$	200,000	$	212,178
CNAC HK Finbridge Co., Ltd. Company Guar. Notes 5.13% due 03/14/2028		420,000		470,271
				979,180
India — 0.1%
ReNew Power, Ltd. Senior Sec. Notes 6.45% due 09/27/2022		230,000		224,480
Indonesia — 0.8%
Pertamina Persero PT Senior Notes 6.50% due 05/27/2041		300,000		355,421
Perusahaan Listrik Negara PT Senior Notes 4.13% due 05/15/2027		200,000		207,500
PT Pelabuhan Indonesia II Senior Notes 4.25% due 05/05/2025*		400,000		404,000
Saka Energi Indonesia PT Senior Notes 4.45% due 05/05/2024		400,000		340,011
				1,306,932
Luxembourg — 0.3%
Millicom International Cellular SA Senior Notes 6.63% due 10/15/2026*		200,000		211,422
SPIC Luxembourg Latin America Renewable Energy Investment Co. SARL Company Guar. Notes 4.65% due 10/30/2023		370,000		393,203
				604,625
Mexico — 1.3%
Mexico City Airport Trust Senior Sec. Notes 4.25% due 10/31/2026		600,000		549,300
Petroleos Mexicanos Company Guar. Notes 5.35% due 02/12/2028		640,000		521,376
Petroleos Mexicanos Company Guar. Notes 6.38% due 01/23/2045		500,000		370,500
Petroleos Mexicanos Company Guar. Notes 6.63% due 06/15/2035		490,000		392,441
Petroleos Mexicanos Company Guar. Notes 6.75% due 09/21/2047		500,000		382,500
				2,216,117
Netherlands — 0.3%
Braskem Netherlands Finance BV Company Guar. Notes 4.50% due 01/31/2030		200,000		175,500
Equate Petrochemical BV Company Guar. Notes 4.25% due 11/03/2026		300,000		297,305
				472,805

117

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Principal Amount(1)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Philippines — 0.2%
Philippine National Bank Senior Notes 3.28% due 09/27/2024	$	300,000	$	300,017
Turkey — 0.2%
Petkim Petrokimya Holding AS Senior Notes 5.88% due 01/26/2023*		300,000		287,910
United Kingdom — 0.1%
Tullow Oil PLC Company Guar. Notes 7.00% due 03/01/2025		300,000		168,750
Total Foreign Corporate Bonds & Notes
(cost $11,944,837)				11,650,662
FOREIGN GOVERNMENT OBLIGATIONS — 67.1%
Angola — 0.9%
Republic of Angola Senior Notes 8.00% due 11/26/2029		1,350,000		835,650
Republic of Angola Senior Notes 9.13% due 11/26/2049		870,000		520,260
Republic of Angola Senior Notes 9.50% due 11/12/2025		410,000		274,802
				1,630,712
Armenia — 0.1%
Republic of Armenia Senior Notes 3.95% due 09/26/2029		260,000		258,437
Australia — 1.7%
Commonwealth of Australia Senior Notes 2.50% due 05/21/2030	AUD	1,000,000		768,806
Commonwealth of Australia Senior Notes 2.75% due 04/21/2024	AUD	1,000,000		729,148
Commonwealth of Australia Senior Notes 2.75% due 06/21/2035	AUD	1,000,000		806,769
Commonwealth of Australia Senior Notes 3.25% due 06/21/2039	AUD	800,000		686,632
				2,991,355
Bahrain — 2.3%
Kingdom of Bahrain Senior Bonds 5.63% due 09/30/2031*		420,000		395,459
Kingdom of Bahrain Bonds 6.00% due 09/19/2044		200,000		179,570
Kingdom of Bahrain Senior Notes 7.00% due 01/26/2026		700,000		745,887
Kingdom of Bahrain Senior Notes 7.00% due 10/12/2028		1,000,000		1,044,250
Kingdom of Bahrain Senior Notes 7.38% due 05/14/2030*		510,000		540,702

Security Description	Principal Amount(1)		Value (Note 2)
Bahrain (continued)
Kingdom of Bahrain Senior Notes 7.50% due 09/20/2047	$	950,000	$	966,925
				3,872,793
Cameroon, United Republic of — 0.5%
Republic of Cameroon Senior Notes 9.50% due 11/19/2025		850,000		821,156
Canada — 1.5%
Government of Canada Bonds 1.00% due 06/01/2027	CAD	2,400,000		1,811,352
Government of Canada Bonds 1.25% due 06/01/2030	CAD	1,000,000		777,485
				2,588,837
Chile — 0.2%
Republic of Chile Senior Notes 3.50% due 01/25/2050		350,000		374,500
Colombia — 0.5%
Republic of Colombia Senior Notes 5.00% due 06/15/2045		400,000		453,604
Republic of Colombia Senior Bonds 7.38% due 09/18/2037		300,000		410,250
				863,854
Croatia — 0.3%
Republic of Croatia Senior Notes 6.38% due 03/24/2021		420,000		434,280
Dominican Republic — 1.7%
Dominican Republic Senior Notes 5.88% due 01/30/2060*		450,000		380,250
Dominican Republic Senior Bonds 6.60% due 01/28/2024		1,300,000		1,339,650
Dominican Republic Senior Bonds 6.85% due 01/27/2045		1,370,000		1,280,950
				3,000,850
Egypt — 3.0%
Arab Republic of Egypt Senior Notes 5.63% due 04/16/2030	EUR	500,000		489,821
Arab Republic of Egypt Senior Notes 5.75% due 05/29/2024*		550,000		549,890
Arab Republic of Egypt Senior Notes 6.38% due 04/11/2031#	EUR	500,000		501,399
Arab Republic of Egypt Senior Notes 6.59% due 02/21/2028*#		650,000		630,500
Arab Republic of Egypt Senior Notes 6.88% due 04/30/2040	$	260,000		228,150

118

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Principal Amount(1)		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Egypt (continued)
Arab Republic of Egypt Senior Notes 7.05% due 01/15/2032	$	500,000	$	472,500
Arab Republic of Egypt Senior Notes 7.50% due 01/31/2027		200,000		207,750
Arab Republic of Egypt Senior Notes 7.60% due 03/01/2029		770,000		779,240
Arab Republic of Egypt Senior Notes 8.50% due 01/31/2047		687,000		666,046
Arab Republic of Egypt Senior Notes 8.88% due 05/29/2050*		600,000		591,096
				5,116,392
El Salvador — 0.6%
Republic of El Salvador Senior Notes 6.38% due 01/18/2027		420,000		345,454
Republic of El Salvador Senior Notes 7.65% due 06/15/2035		900,000		731,259
				1,076,713
France — 4.2%
Government of France Bonds 0.50% due 05/25/2029	EUR	1,050,000		1,230,873
Government of France Bonds 1.75% due 06/25/2039*	EUR	800,000		1,109,962
Government of France Bonds 1.75% due 05/25/2066*	EUR	250,000		385,087
Government of France Bonds 2.00% due 05/25/2048*	EUR	1,490,000		2,231,001
Government of France Bonds 5.50% due 04/25/2029	EUR	450,347		752,766
Government of France Bonds 6.00% due 10/25/2025	EUR	1,000,000		1,497,513
				7,207,202
Georgia — 0.2%
Republic of Georgia Notes 6.88% due 04/12/2021		270,000		276,750
Germany — 2.1%
Federal Republic of Germany Bonds 0.50% due 02/15/2028	EUR	1,000,000		1,202,429
Federal Republic of Germany Bonds 1.50% due 02/15/2023	EUR	1,000,000		1,175,737
Federal Republic of Germany Bonds 2.50% due 07/04/2044	EUR	600,000		1,087,631

Security Description	Principal Amount(1)		Value (Note 2)
Germany (continued)
Federal Republic of Germany Bonds 4.75% due 07/04/2034	EUR	50,000	$	95,973
				3,561,770
Ghana — 1.0%
Republic of Ghana Senior Notes 6.38% due 02/11/2027*		600,000		535,500
Republic of Ghana Senior Notes 8.75% due 03/11/2061*		314,000		271,610
Republic of Ghana Senior Notes 8.95% due 03/26/2051		980,000		850,150
				1,657,260
Guatemala — 0.6%
Republic of Guatemala Senior Notes 4.90% due 06/01/2030*		400,000		421,000
Republic of Guatemala Senior Notes 5.38% due 04/24/2032*		500,000		541,000
				962,000
Honduras — 0.6%
Republic of Honduras Senior Notes 6.25% due 01/19/2027		1,050,000		1,105,136
Indonesia — 0.6%
Republic of Indonesia Senior Notes 3.38% due 07/30/2025	EUR	500,000		593,877
Republic of Indonesia Senior Bonds 7.75% due 01/17/2038		300,000		444,942
				1,038,819
Ireland — 0.4%
Republic of Ireland Bonds 1.00% due 05/15/2026	EUR	600,000		711,600
Italy — 6.6%
Republic of Italy Senior Notes 0.35% due 02/01/2025	EUR	800,000		865,706
Republic of Italy Bonds 1.25% due 12/01/2026	EUR	500,000		557,778
Republic of Italy Bonds 1.35% due 04/01/2030	EUR	1,000,000		1,096,712
Republic of Italy Bonds 1.50% due 06/01/2025	EUR	800,000		910,682
Republic of Italy Bonds 2.00% due 02/01/2028	EUR	500,000		582,437
Republic of Italy Bonds 2.25% due 09/01/2036*	EUR	1,500,000		1,737,636
Republic of Italy Senior Notes 2.70% due 03/01/2047*	EUR	500,000		595,431

119

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Principal Amount(1)		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Italy (continued)
Republic of Italy Bonds 3.00% due 08/01/2029	EUR	190,000	$	238,920
Republic of Italy Bonds 3.85% due 09/01/2049*	EUR	550,000		792,331
Republic of Italy Bonds 4.50% due 03/01/2024	EUR	750,000		947,095
Republic of Italy Senior Notes 4.75% due 09/01/2028*	EUR	150,000		209,993
Republic of Italy Bonds 6.00% due 05/01/2031	EUR	600,000		954,883
Republic of Italy Bonds 6.50% due 11/01/2027	EUR	750,000		1,132,811
Republic of Italy Bonds 9.00% due 11/01/2023	EUR	532,912		758,192
				11,380,607
Ivory Coast — 2.2%
Republic of Ivory Coast Senior Notes 5.75% due 12/31/2032		1,607,400		1,514,299
Republic of Ivory Coast Senior Notes 6.13% due 06/15/2033		1,360,000		1,277,856
Republic of Ivory Coast Senior Notes 6.38% due 03/03/2028		550,000		539,110
Republic of Ivory Coast Senior Notes 6.63% due 03/22/2048	EUR	500,000		485,925
				3,817,190
Japan — 9.7%
Government of Japan Senior Notes 0.10% due 06/20/2028	JPY	150,000,000		1,410,914
Government of Japan Senior Notes 0.10% due 12/20/2029	JPY	200,000,000		1,872,947
Government of Japan Senior Bonds 0.80% due 06/20/2023	JPY	150,000,000		1,432,069
Government of Japan Senior Notes 1.30% due 06/20/2035	JPY	75,000,000		804,856
Government of Japan Senior Notes 1.50% due 03/20/2034	JPY	90,000,000		983,503
Government of Japan Senior Bonds 1.80% due 12/20/2031	JPY	53,000,000		588,192
Government of Japan Senior Notes 1.90% due 09/20/2042	JPY	120,000,000		1,469,197
Government of Japan Senior Bonds 2.00% due 09/20/2040	JPY	85,000,000		1,040,989
Government of Japan Bonds 2.00% due 09/20/2041	JPY	100,000,000		1,234,967

Security Description	Principal Amount(1)		Value (Note 2)
Japan (continued)
Government of Japan Senior Notes 2.00% due 03/20/2042	JPY	130,000,000	$	1,611,195
Government of Japan Senior Notes 2.10% due 12/20/2027	JPY	60,000,000		649,082
Government of Japan Senior Bonds 2.10% due 09/20/2029	JPY	128,000,000		1,420,706
Government of Japan Senior Bonds 2.20% due 03/20/2051	JPY	33,000,000		453,417
Government of Japan Senior Notes 2.30% due 12/20/2036	JPY	130,000,000		1,598,188
				16,570,222
Kenya — 1.1%
Republic of Kenya Senior Notes 6.88% due 06/24/2024		1,100,000		1,057,650
Republic of Kenya Senior Notes 7.00% due 05/22/2027		420,000		400,134
Republic of Kenya Senior Notes 8.25% due 02/28/2048		400,000		373,760
				1,831,544
Malaysia — 0.3%
Government of Malaysia Bonds 3.89% due 08/15/2029	MYR	2,000,000		499,892
Mexico — 2.4%
United Mexican States Senior Notes 4.50% due 01/31/2050		800,000		824,000
United Mexican States Senior Notes 5.00% due 04/27/2051		380,000		408,120
United Mexican States Bonds 6.50% due 06/10/2021	MXN	22,000,000		1,005,237
United Mexican States Bonds 7.50% due 06/03/2027	MXN	16,500,000		811,089
United Mexican States Bonds 8.50% due 05/31/2029	MXN	10,000,000		522,582
United Mexican States Bonds 10.00% due 12/05/2024	MXN	10,000,000		532,986
				4,104,014
Nigeria — 0.2%
Federal Republic of Nigeria Senior Notes 7.63% due 11/28/2047		370,000		305,250
Oman — 1.0%
Sultanate of Oman Senior Notes 4.75% due 06/15/2026		620,000		512,864
Sultanate of Oman Senior Notes 6.00% due 08/01/2029		470,000		392,243

120

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Principal Amount(1)		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Oman (continued)
Sultanate of Oman Senior Notes 6.75% due 01/17/2048	$	1,020,000	$	767,893
				1,673,000
Pakistan — 0.9%
Islamic Republic of Pakistan Senior Notes 6.88% due 12/05/2027		1,020,000		948,680
Islamic Republic of Pakistan Senior Notes 8.25% due 04/15/2024		550,000		550,000
				1,498,680
Panama — 1.3%
Republic of Panama Senior Notes 3.87% due 07/23/2060		500,000		546,250
Republic of Panama Senior Notes 4.50% due 04/01/2056		200,000		235,802
Republic of Panama Senior Notes 6.70% due 01/26/2036		500,000		695,630
Republic of Panama Senior Bonds 7.13% due 01/29/2026		370,000		462,041
Republic of Panama Senior Bonds 9.38% due 04/01/2020		140,000		204,751
				2,144,474
Paraguay — 0.7%
Republic of Paraguay Senior Notes 4.95% due 04/28/2031*		650,000		698,750
Republic of Paraguay Senior Notes 5.40% due 03/30/2050		450,000		496,580
				1,195,330
Philippines — 1.7%
Republic of the Philippines Senior Notes 0.70% due 02/03/2029	EUR	1,000,000		1,024,022
Republic of the Philippines Senior Notes 2.95% due 05/05/2045		700,000		726,934
Republic of the Philippines Senior Notes 5.50% due 03/30/2026		350,000		415,678
Republic of the Philippines Senior Notes 7.75% due 01/14/2031		500,000		743,145
				2,909,779
Poland — 0.3%
Republic of Poland Bonds 2.75% due 04/25/2028	PLN	2,000,000		561,349
Qatar — 1.5%
State of Qatar Senior Notes 3.40% due 04/16/2025*		480,000		512,515

Security Description	Principal Amount(1)		Value (Note 2)
Qatar (continued)
State of Qatar Senior Notes 4.40% due 04/16/2050*	$	880,000	$	1,046,109
State of Qatar Senior Notes 4.82% due 03/14/2049		390,000		490,123
State of Qatar Senior Notes 5.10% due 04/23/2048		420,000		547,529
				2,596,276
Romania — 0.7%
Government of Romania Bonds 3.62% due 05/26/2030*	EUR	500,000		583,523
Government of Romania Senior Notes 4.63% due 04/03/2049	EUR	500,000		621,229
				1,204,752
Saudi Arabia — 0.9%
Kingdom of Saudi Arabia Senior Notes 3.25% due 10/22/2030*		995,000		1,030,860
Kingdom of Saudi Arabia Senior Notes 4.50% due 04/22/2060*		500,000		552,330
				1,583,190
Serbia — 0.7%
Republic of Serbia Senior Notes 3.13% due 05/15/2027*	EUR	1,000,000		1,163,111
South Africa — 1.0%
Republic of South Africa Senior Notes 4.30% due 10/12/2028		560,000		502,523
Republic of South Africa Senior Notes 5.38% due 07/24/2044		350,000		286,125
Republic of South Africa Senior Notes 8.25% due 03/31/2032	ZAR	10,000,000		512,017
Republic of South Africa Senior Notes 9.00% due 01/31/2040	ZAR	9,500,000		457,978
				1,758,643
Spain — 2.5%
Kingdom of Spain Senior Notes 1.00% due 10/31/2050*	EUR	500,000		508,053
Kingdom of Spain Notes 1.30% due 10/31/2026*	EUR	1,000,000		1,192,869
Kingdom of Spain Senior Notes 1.40% due 04/30/2028*	EUR	1,000,000		1,204,625
Kingdom of Spain Bonds 5.15% due 10/31/2044*	EUR	400,000		810,978
Kingdom of Spain Bonds 6.00% due 01/31/2029	EUR	300,000		493,195
				4,209,720
Sri Lanka — 1.3%
Republic of Sri Lanka Senior Notes 5.75% due 04/18/2023		720,000		432,000

121

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Principal Amount(1)		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Sri Lanka (continued)
Republic of Sri Lanka Senior Notes 6.20% due 05/11/2027	$	720,000	$	388,789
Republic of Sri Lanka Senior Notes 6.25% due 07/27/2021		250,000		175,000
Republic of Sri Lanka Senior Notes 7.55% due 03/28/2030*		1,570,000		847,763
Republic of Sri Lanka Senior Notes 7.55% due 03/28/2030		800,000		431,981
				2,275,533
Turkey — 1.7%
Republic of Turkey Senior Notes 5.13% due 02/17/2028		700,000		619,500
Republic of Turkey Senior Notes 5.75% due 05/11/2047		1,000,000		776,900
Republic of Turkey Senior Notes 6.88% due 03/17/2036		950,000		869,335
Republic of Turkey Senior Notes 7.63% due 04/26/2029		600,000		610,500
				2,876,235
Ukraine — 1.9%
Government of Ukraine Senior Notes 4.38% due 01/27/2030*	EUR	1,000,000		904,738
Government of Ukraine Senior Notes 7.75% due 09/01/2022		370,000		373,245
Government of Ukraine Senior Notes 7.75% due 09/01/2023		680,000		685,644
Government of Ukraine Senior Notes 7.75% due 09/01/2024		460,000		462,377
Government of Ukraine Senior Notes 9.75% due 11/01/2028		700,000		750,837
				3,176,841
United Arab Emirates — 0.8%
Emirate of Abu Dhabi Senior Notes 3.13% due 10/11/2027		1,050,000		1,128,750
Emirate of Abu Dhabi Senior Bonds 3.88% due 04/16/2050*		215,000		244,831
				1,373,581
United Kingdom — 2.5%
United Kingdom Gilt Treasury Bonds 1.63% due 10/22/2028	GBP	400,000		559,247
United Kingdom Gilt Treasury Bonds 1.75% due 07/22/2057	GBP	400,000		702,947
United Kingdom Gilt Treasury Bonds 2.25% due 09/07/2023	GBP	300,000		398,214

Security Description	Principal Amount(1)		Value (Note 2)
United Kingdom (continued)
United Kingdom Gilt Treasury Bonds 3.25% due 01/22/2044	GBP	400,000	$	783,139
United Kingdom Gilt Treasury Bonds 3.75% due 09/07/2021	GBP	700,000		905,228
United Kingdom Gilt Treasury Notes 3.75% due 07/22/2052	GBP	200,000		479,795
United Kingdom Gilt Treasury Bonds 4.25% due 12/07/2055	GBP	200,000		544,778
				4,373,348
Uruguay — 0.2%
Oriental Republic of Uruguay Senior Notes 4.98% due 04/20/2055		350,000		425,691
Total Foreign Government Obligations
(cost $114,482,268)				115,058,668
U.S. CORPORATE BONDS & NOTES — 0.4%
United States — 0.4%
Southern Copper Corp. Senior Notes 3.88% due 04/23/2025		300,000		319,694
Stillwater Mining Co. Company Guar. Notes 7.13% due 06/27/2025		300,000		308,439
Total U.S. Corporate Bonds & Notes
(cost $611,190)				628,133
U.S. GOVERNMENT TREASURIES — 21.7%
United States — 21.7%
United States Treasury Bonds
2.00% due 02/15/2050#		600,000		687,656
2.50% due 02/15/2045		500,000		616,641
2.88% due 05/15/2049		400,000		541,063
3.00% due 02/15/2048		700,000		958,617
3.00% due 02/15/2049		600,000		828,094
3.13% due 08/15/2044		900,000		1,227,727
3.38% due 05/15/2044		700,000		990,062
3.38% due 11/15/2048		950,000		1,396,129
3.75% due 11/15/2043		500,000		744,199
United States Treasury Notes
1.38% due 06/30/2023		1,000,000		1,036,172
1.50% due 11/30/2024		1,000,000		1,054,844
1.50% due 02/15/2030		2,000,000		2,163,047
1.75% due 05/15/2023		2,000,000		2,091,562
2.00% due 11/30/2022		2,500,000		2,613,184
2.00% due 02/15/2025		1,037,400		1,119,663
2.00% due 08/15/2025		2,000,000		2,170,625
2.13% due 12/31/2022		2,100,000		2,204,918
2.13% due 03/31/2024		1,500,000		1,607,930
2.13% due 05/15/2025#		500,000		544,238
2.25% due 11/15/2024#		1,500,000		1,630,664
2.25% due 11/15/2025		1,000,000		1,101,406
2.25% due 11/15/2027		600,000		676,430
2.38% due 08/15/2024#		2,050,000		2,230,896
2.50% due 08/15/2023		2,000,000		2,146,561
2.50% due 05/15/2024		1,700,000		1,850,543
2.75% due 11/15/2023		1,500,000		1,630,957

122

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Principal Amount(1)/ Shares			Value (Note 2)
U.S. GOVERNMENT TREASURIES (continued)
United States (continued)
2.75% due 02/15/2024#	$	1,200,000		$	1,311,375
Total U.S. Government Treasuries
(cost $33,846,315)					37,175,203
PREFERRED SECURITIES/CAPITAL SECURITIES — 0.4%
China — 0.2%
China Minmetals Corp. 3.75% due 11/13/2022(2)		430,000			427,828
Hong Kong — 0.2%
CRCC Chengan, Ltd. 3.97% due 06/27/2024(2)		300,000			300,126
Total Preferred Securities/Capital Securities
(cost $713,717)					727,954
Total Long-Term Investment Securities
(cost $161,598,327)					165,240,620
SHORT-TERM INVESTMENT SECURITIES — 4.0%
Registered Investment Companies — 4.0%
State Street Institutional U.S. Government Money Market Fund, Premier Class  0.13%(3)		4,627,197			4,627,197
State Street Navigator Securities Lending Government Money Market Portfolio 0.13%(3)(4)		2,256,560			2,256,560
Total Short-Term Investment Securities
(cost $6,883,757)					6,883,757
TOTAL INVESTMENTS
(cost $168,482,084)(5)		100.4	%		172,124,377
Liabilities in excess of other assets		(0.4	)		(680,294	)
NET ASSETS		100.0	%	$	171,444,083

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2020, the aggregate value of these securities was $25,813,091 representing 15.1% of net assets.

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

(1) Denominated in United States dollars unless otherwise indicated.

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

(3) The rate shown is the 7-day yield as of May 31, 2020.

(4) At May 31, 2020, the Fund had loaned securities with a total value of $7,971,944. This was secured by collateral of $2,256,560, which was received in cash and subsequently invested in short-term investments currently valued at $2,256,560 as reported in the Portfolio of Investments. Additional collateral of $5,977,973 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2020
Federal Home Loan Mtg. Corp.	zero coupon to 21.62%	12/25/2020 to 06/25/2050	$	1,811,454
Federal National Mtg. Assoc.	0.47% to 27.69%	08/25/2026 to 02/25/2060		2,820,929
Government National Mtg. Assoc.	0.62% to 29.66%	10/16/2032 to 11/20/2069		1,345,590

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

AUD—Australian Dollar

CAD—Canada Dollar

EUR—Euro Currency

GBP—British Pound

JPY—Japanese Yen

MXN—Mexican Peso

MYR—Malaysian Ringgit

PLN—Polish Zloty

ZAR—South Africa Rand

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2020 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Foreign Corporate Bonds & Notes	$	—	$	11,650,662	$	—	$	11,650,662
Foreign Government Obligations		—		115,058,668		—		115,058,668
U.S. Corporate Bonds & Notes		—		628,133		—		628,133
U.S. Government Treasuries		—		37,175,203		—		37,175,203
Preferred Securities/Capital Securities		—		727,954		—		727,954
Short-Term Investment Securities		6,883,757		—		—		6,883,757
Total Investments at Value	$	6,883,757	$	165,240,620	$	—	$	172,124,377

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

See Notes to Financial Statements

123

VALIC Company I International Growth Fund

PORTFOLIO PROFILE — May 31, 2020 (unaudited)

Industry Allocation*

Apparel Manufacturers	8.8	%
Transport — Services	8.1
Computer Services	6.5
Industrial Automated/Robotic	6.1
Food — Misc./Diversified	5.7
Banks — Commercial	5.7
Retail — Apparel/Shoe	5.6
Semiconductor Equipment	4.7
Beverages — Wine/Spirits	4.3
E-Commerce/Services	4.0
Schools	3.8
Cosmetics & Toiletries	3.4
Chemicals — Specialty	3.1
Registered Investment Companies	2.9
Electric — Transmission	2.8
Medical — Biomedical/Gene	2.8
Commercial Services — Finance	2.3
E-Commerce/Products	2.3
Insurance — Life/Health	2.3
Private Equity	2.2
Semiconductor Components — Integrated Circuits	1.9
Food — Confectionery	1.8
Medical Products	1.7
Computer Aided Design	1.7
Athletic Footwear	1.5
Enterprise Software/Service	1.0
Short-Term Investment Securities	0.1
	97.1	%

Country Allocation*

Japan	11.4	%
Denmark	9.6
United States	9.5
France	9.5
Italy	7.2
Netherlands	7.0
Cayman Islands	6.1
Canada	6.0
India	5.7
United Kingdom	5.2
Switzerland	4.8
China	3.8
Bermuda	2.8
Sweden	2.8
Hong Kong	2.3
Taiwan	1.9
Germany	1.5
	97.1	%

* Calculated as a percentage of net assets

124

VALIC Company I International Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 94.1%
Bermuda — 2.8%
Brookfield Infrastructure Partners LP		317,155	$	12,895,522
Canada — 6.0%
Brookfield Asset Management, Inc., Class A		329,784		10,342,026
Brookfield Infrastructure Corp., Class A		35,239		1,529,373
Canada Goose Holdings, Inc.†#		583,793		11,395,639
Constellation Software, Inc.		3,935		4,473,099
				27,740,137
Cayman Islands — 6.1%
Alibaba Group Holding, Ltd. ADR†		50,584		10,490,616
TAL Education Group ADR†		311,789		17,603,607
				28,094,223
China — 3.8%
Foshan Haitian Flavouring & Food Co., Ltd., Class A		1,104,512		17,775,794
Denmark — 9.6%
Chr. Hansen Holding A/S		145,605		14,125,052
DSV PANALPINA A/S		284,572		30,182,587
				44,307,639
France — 9.5%
Dassault Systemes SE		45,755		7,767,305
Hermes International		34,637		28,876,894
Pernod Ricard SA		44,921		7,014,949
				43,659,148
Germany — 1.5%
adidas AG†		26,539		6,959,390
Hong Kong — 2.3%
AIA Group, Ltd.		1,278,918		10,426,742
India — 5.7%
HDFC Bank, Ltd.		1,675,782		21,027,618
Kotak Mahindra Bank, Ltd.		340,440		5,528,705
				26,556,323
Italy — 7.2%
Davide Campari-Milano SpA		892,184		7,261,498
Moncler SpA†		690,497		25,786,883
				33,048,381
Japan — 11.4%
Calbee, Inc.		304,800		8,813,075
Keyence Corp.		68,300		28,127,829
Pigeon Corp#.		404,000		15,755,483
				52,696,387
Netherlands — 7.0%
Adyen NV†*		8,029		10,563,042
ASML Holding NV		66,609		21,804,596
				32,367,638

Security Description	Shares			Value (Note 2)
Sweden — 2.8%
Vitrolife AB		624,531		$	12,834,907
Switzerland — 4.8%
Chocoladefabriken Lindt & Spruengli AG		99			8,606,883
Kuehne & Nagel International AG†		40,868			5,906,952
Straumann Holding AG#		9,589			7,803,136
					22,316,971
Taiwan — 1.9%
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		173,441			8,729,286
United Kingdom — 5.2%
Diageo PLC		158,015			5,464,355
Rightmove PLC		2,540,563			18,468,432
					23,932,787
United States — 6.5%
EPAM Systems, Inc.†		131,216			30,263,658
Total Common Stocks
(cost $354,632,275)					434,604,933
OPTIONS - PURCHASED†(1) — 0.1%
Over the Counter Purchased Put Options on Currency Contracts (cost $952,686)		180,594,948			167,912
RIGHTS — 0.0%
Italy — 0.0%
Davide Campari-Milano SpA† Expires 06/21/2020 (strike price 8.38 EUR) (cost $0)		892,184			0
Total Long-Term Investment Securities
(cost $355,584,961)					434,772,845
SHORT-TERM INVESTMENT SECURITIES — 2.9%
Registered Investment Companies — 2.9%
State Street Navigator Securities Lending Government Money Market Portfolio 0.13%(2)(3) (cost $13,410,289)		13,410,289			13,410,289
TOTAL INVESTMENTS
(cost $368,995,250)(4)		97.1	%		448,183,134
Other assets less liabilities		2.9			13,590,974
NET ASSETS		100.0	%	$	461,774,108

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

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2020, the aggregate value of these securities was $10,563,042 representing 2.3% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid.

† Non-income producing security

(1) Options — Purchased

Over the Counter Purchased Put Options on Currency Contracts
Issue	Counterparty		Expiration Month		Strike Price			Notional Amount(000’s)		Premiums Paid		Value at May 31, 2020		Unrealized Appreciation (Depreciation)
Put option to sell Chinese Yuan in exchange for U.S. Dollars in a strike price of 7.8470 CNY per $1 USD		NatWest Markets PLC		June 2020		CNY	7.85	$	92,764	$	478,662	$	6,215	$	(472,447	)
Put option to sell Chinese Yuan in exchange for U.S. Dollars in a strike price of 8.0925 CNY per $1 USD		NatWest Markets PLC		September 2020		CNY	8.09		87,831		474,024		161,697		(312,327	)
								$	180,595	$	952,686	$	167,912	$	(784,774	)

125

VALIC Company I International Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

(2) The rate shown is the 7-day yield as of May 31, 2020.

(3) At May 31, 2020, the Fund had loaned securities with a total value of $17,201,069. This was secured by collateral of $13,410,289, which was received in cash and subsequently invested in short-term investments currently valued at $13,410,289 as reported in the Portfolio of Investments. Additional collateral of $4,695,656 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2020
United States Treasury Notes/Bonds	2.25% to 3.38%	05/15/2044 to 11/15/2046	$4,695,656

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

ADR—American Depositary Receipt

CNY—Chinese Yuan

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2020 (see Note 2):

	Level 1 - Unadjusted Quoted  Prices		Level 2 - Other Observable Inputs			Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	107,722,826	$	326,882,107	**	$	—	$	434,604,933
Options — Purchased		—		167,912			—		167,912
Rights		—		0			—		0
Short-Term Investment Securities		13,410,289		—			—		13,410,289
Total Investments at Value	$	121,133,115	$	327,050,019		$	—	$	448,183,134

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

** Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 2).

See Notes to Financial Statements

126

VALIC Company I International Socially Responsible Fund

PORTFOLIO PROFILE — May 31, 2020 (unaudited)

Industry Allocation*

Medical — Drugs	6.7	%
Repurchase Agreements	5.5
Banks — Commercial	3.4
Insurance — Life/Health	3.3
Cosmetics & Toiletries	2.9
Telephone — Integrated	2.8
Insurance — Multi-line	2.6
Auto — Cars/Light Trucks	2.0
Gas — Distribution	1.7
Real Estate Operations & Development	1.7
Transport — Rail	1.6
Commercial Services	1.6
Real Estate Investment Trusts	1.6
Semiconductor Equipment	1.5
Enterprise Software/Service	1.4
Investment Companies	1.4
Chemicals — Specialty	1.4
Finance — Other Services	1.3
Medical Products	1.3
Oil Companies — Integrated	1.3
Chemicals — Diversified	1.2
Food — Retail	1.2
U.S. Government Treasuries	1.2
Import/Export	1.1
Industrial Automated/Robotic	1.1
Diversified Banking Institutions	1.1
Machinery — General Industrial	1.1
Medical — Biomedical/Gene	1.0
Food — Dairy Products	1.0
Apparel Manufacturers	1.0
Insurance — Reinsurance	1.0
Food — Misc./Diversified	1.0
Electronic Components — Misc.	1.0
Real Estate Management/Services	0.9
Industrial Gases	0.9
Oil Refining & Marketing	0.9
Audio/Video Products	0.9
Building & Construction Products — Misc.	0.8
Steel — Producers	0.8
Oil Companies — Exploration & Production	0.8
Insurance — Property/Casualty	0.8
Machinery — Electrical	0.8
Electric — Integrated	0.8
Rubber — Tires	0.8
Investment Management/Advisor Services	0.7
Cellular Telecom	0.7
Water	0.7
Instruments — Controls	0.7
Power Converter/Supply Equipment	0.6
Transport — Services	0.6
Private Equity	0.6
Medical Labs & Testing Services	0.6
Distribution/Wholesale	0.6
Internet Content — Information/News	0.6
Auto/Truck Parts & Equipment — Original	0.6
Machinery — Construction & Mining	0.6
Electric — Distribution	0.5
Beverages — Non-alcoholic	0.5
Optical Supplies	0.5
Paper & Related Products	0.5
Soap & Cleaning Preparation	0.5
Electric — Transmission	0.5
Medical Instruments	0.5
Retail — Apparel/Shoe	0.5
Office Automation & Equipment	0.5
Building — Residential/Commercial	0.5
Airport Development/Maintenance	0.4
Human Resources	0.4
Telecom Services	0.4
Gas — Transportation	0.4
Pipelines	0.4

Toys	0.4	%
Building Products — Cement	0.4
Food — Catering	0.4
Auto — Heavy Duty Trucks	0.4
Building — Heavy Construction	0.3
Computer Services	0.3
Hotels/Motels	0.3
Public Thoroughfares	0.3
Building Products — Air & Heating	0.3
Finance — Leasing Companies	0.3
Coatings/Paint	0.3
Multimedia	0.3
Retail — Jewelry	0.3
Rental Auto/Equipment	0.3
Computer Aided Design	0.3
Building & Construction — Misc.	0.3
Retail — Discount	0.3
Publishing — Periodicals	0.3
Electric Products — Misc.	0.3
Electronic Components — Semiconductors	0.3
Semiconductor Components — Integrated Circuits	0.3
Gold Mining	0.3
Metal — Copper	0.3
Electronic Measurement Instruments	0.3
Steel Pipe & Tube	0.3
Diversified Operations	0.2
Networking Products	0.2
Machinery — Farming	0.2
Building — Maintenance & Services	0.2
Diagnostic Kits	0.2
Resorts/Theme Parks	0.2
Retail — Building Products	0.2
Wireless Equipment	0.2
Diversified Manufacturing Operations	0.2
Applications Software	0.2
Web Portals/ISP	0.2
MRI/Medical Diagnostic Imaging	0.2
Fisheries	0.2
Metal — Iron	0.2
Metal — Diversified	0.2
Security Services	0.2
Advertising Agencies	0.2
Energy — Alternate Sources	0.2
Diversified Minerals	0.2
Electronic Security Devices	0.2
Advertising Services	0.2
Computer Data Security	0.2
E-Commerce/Services	0.1
Diversified Operations/Commercial Services	0.1
Medical — Hospitals	0.1
Telecommunication Equipment	0.1
Chemicals — Plastics	0.1
Steel — Specialty	0.1
Commercial Services — Finance	0.1
Diagnostic Equipment	0.1
Food — Meat Products	0.1
Television	0.1
Bicycle Manufacturing	0.1
Retail — Convenience Store	0.1
Consulting Services	0.1
Food — Flour & Grain	0.1
Retail — Major Department Stores	0.1
E-Commerce/Products	0.1
Retail — Regional Department Stores	0.1
Travel Services	0.1
Food — Baking	0.1
Electric — Generation	0.1
	99.1%

* Calculated as a percentage of net assets

127

VALIC Company I International Socially Responsible Fund

PORTFOLIO PROFILE — May 31, 2020 (unaudited) — (continued)

Country Allocation*

Japan	24.7	%
United Kingdom	11.2
France	9.6
Switzerland	8.3
United States	6.7
Germany	6.1
Australia	5.2
Netherlands	5.1
Sweden	3.1
Hong Kong	2.7
Denmark	2.5
Spain	2.1
Finland	2.0
Italy	1.7
Singapore	1.5
Belgium	1.2
Norway	1.0
Ireland	0.9
Portugal	0.6
Israel	0.5
Jersey	0.5
Cayman Islands	0.5
Austria	0.4
Luxembourg	0.3
Bermuda	0.3
New Zealand	0.2
Papua New Guinea	0.1
SupraNational	0.1
	99.1%

* Calculated as a percentage of net assets

128

VALIC Company I International Socially Responsible Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 92.4%
Australia — 5.2%
AGL Energy, Ltd.		25,046	$	278,249
Ampol, Ltd.		23,515		420,601
APA Group		75,332		579,484
ASX, Ltd.		9,202		537,092
Aurizon Holdings, Ltd.		120,207		378,094
BGP Holdings PLC†(1)		60,919		0
BlueScope Steel, Ltd.		27,529		199,999
Brambles, Ltd.		63,470		489,105
Coca-Cola Amatil, Ltd.		65,362		378,868
Coles Group, Ltd.		47,183		480,208
Computershare, Ltd.		16,395		141,532
CSL, Ltd.		15,005		2,737,364
Dexus		28,278		168,182
Fortescue Metals Group, Ltd.		70,883		650,391
Goodman Group		51,282		519,861
GPT Group		61,897		162,949
Insurance Australia Group, Ltd.		62,321		251,621
Macquarie Group, Ltd.		16,161		1,168,876
Newcrest Mining, Ltd.		41,495		838,533
Origin Energy, Ltd.		123,475		479,063
QBE Insurance Group, Ltd.		37,063		215,388
Ramsay Health Care, Ltd.		9,388		433,905
Santos, Ltd.		109,662		387,025
Scentre Group		277,553		407,664
Sonic Healthcare, Ltd.		34,789		654,001
Stockland		85,968		202,023
Suncorp Group, Ltd.		60,881		374,979
Sydney Airport		81,224		317,524
Telstra Corp., Ltd.		194,029		416,954
Transurban Group		119,194		1,137,276
Vicinity Centres		166,785		177,060
Washington H. Soul Pattinson & Co., Ltd.		2,906		36,718
Woodside Petroleum, Ltd.		84,232		1,255,173
Worley, Ltd.		14,702		81,026
				16,956,788
Austria — 0.4%
Erste Group Bank AG		12,326		271,898
OMV AG		15,366		509,357
voestalpine AG		23,831		465,776
				1,247,031
Belgium — 1.2%
Ageas		2,563		87,794
Colruyt SA		4,364		263,972
Galapagos NV†		723		148,149
Groupe Bruxelles Lambert SA		12,657		1,026,292
KBC Group NV		12,320		647,050
Proximus SADP		2,316		48,464
Solvay SA		3,637		277,629
UCB SA		11,341		1,136,701
Umicore SA		4,987		221,709
				3,857,760
Bermuda — 0.3%
CK Infrastructure Holdings, Ltd.		8,000		40,063
Dairy Farm International Holdings, Ltd.		27,500		116,356
Hongkong Land Holdings, Ltd.		55,100		207,912
Jardine Matheson Holdings, Ltd.		8,700		350,020
Jardine Strategic Holdings, Ltd.		8,800		176,064
				890,415
Cayman Islands — 0.5%
BeiGene, Ltd. ADR†		317		52,477
CK Asset Holdings, Ltd.		103,808		570,617

Security Description	Shares		Value (Note 2)
Cayman Islands (continued)
CK Hutchison Holdings, Ltd.		63,000	$	389,161
WH Group, Ltd.*		424,000		367,770
Wharf Real Estate Investment Co., Ltd.		49,000		189,185
				1,569,210
Denmark — 2.5%
Chr. Hansen Holding A/S		2,578		250,090
Demant A/S†		2,605		73,796
DSV PANALPINA A/S		5,197		551,210
Genmab A/S†		2,025		623,844
H. Lundbeck A/S		3,753		144,352
Novo Nordisk A/S, Class B		69,830		4,552,700
Novozymes A/S, Class B		4,284		234,720
Orsted A/S*		7,392		870,280
Pandora A/S		3,725		185,990
Vestas Wind Systems A/S		5,332		545,910
				8,032,892
Finland — 2.0%
Elisa Oyj		4,829		302,964
Kone Oyj, Class B		14,452		970,147
Metso Oyj		3,945		128,367
Neste Oyj		21,971		890,155
Nokia Oyj		195,633		774,051
Nokian Renkaat Oyj		2,132		49,787
Nordea Bank Abp†		149,115		1,011,960
Orion Oyj, Class B		11,247		601,887
Sampo Oyj, Class A		18,222		652,524
Stora Enso Oyj, Class R		30,154		370,958
UPM-Kymmene Oyj		26,756		774,830
				6,527,630
France — 9.6%
Accor SA†		6,150		174,477
Aeroports de Paris		2,264		236,555
Air Liquide SA		22,577		3,072,363
Arkema SA		3,503		306,382
Atos SE		4,174		316,312
AXA SA		115,432		2,112,432
Bouygues SA		21,140		649,558
Bureau Veritas SA		11,721		239,114
Capgemini SE		7,401		759,943
Carrefour SA		31,256		475,448
Casino Guichard Perrachon SA		3,862		145,266
Cie de Saint-Gobain		23,752		771,044
Cie Generale des Etablissements Michelin SCA		8,332		844,300
CNP Assurances		21,713		229,426
Covivio		2,035		119,433
Danone SA		39,110		2,680,903
Dassault Systemes SE		5,470		928,580
Edenred		9,742		407,966
Eiffage SA		5,995		548,447
EssilorLuxottica SA		13,318		1,719,777
Eurazeo SE		5,026		245,054
Eutelsat Communications SA		11,227		112,053
Gecina SA		1,567		202,023
Getlink SE		26,210		378,800
Hermes International		3,229		2,692,020
Iliad SA		719		126,847
Ipsen SA		3,610		284,231
Klepierre SA		13,440		255,359
L’Oreal SA		13,417		3,917,623
Legrand SA		13,096		894,676
Natixis SA		125,128		279,107
Publicis Groupe SA		11,512		327,501

129

VALIC Company I International Socially Responsible Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
France (continued)
Sartorius Stedim Biotech		2,629	$	715,153
Schneider Electric SE		20,895		2,084,528
SCOR SE		5,897		145,998
Sodexo SA		3,824		257,987
Suez SA		33,168		377,544
Ubisoft Entertainment SA†		1,031		80,080
Veolia Environnement SA		37,405		821,122
Wendel SE		2,016		185,569
Worldline SA†*		3,214		241,389
				31,362,390
Germany — 6.1%
Allianz SE		9,745		1,768,256
Beiersdorf AG		7,876		822,321
Brenntag AG		2,406		126,175
Commerzbank AG		68,685		267,943
Continental AG		5,691		556,782
Covestro AG*		5,315		197,049
Delivery Hero SE†*		1,186		113,001
Deutsche Boerse AG		6,646		1,095,131
Deutsche Wohnen SE		17,209		769,728
Evonik Industries AG		4,042		99,251
Fraport AG Frankfurt Airport Services Worldwide		1,451		72,088
Hannover Rueck SE		1,641		263,300
HeidelbergCement AG		7,777		384,969
Henkel AG & Co. KGaA		4,203		334,306
Henkel AG & Co. KGaA (Preference Shares)		14,936		1,326,458
Infineon Technologies AG		23,094		481,316
Knorr-Bremse AG		755		79,616
LANXESS AG		1,424		73,370
Merck KGaA		12,248		1,408,084
Muenchener Rueckversicherungs-Gesellschaft AG		6,793		1,542,266
Puma SE		1,687		119,786
SAP SE		33,393		4,157,765
Sartorius AG		627		232,596
Siemens Healthineers AG*		13,780		712,266
Symrise AG		3,803		415,022
Telefonica Deutschland Holding AG		107,196		329,873
TUI AG		34,581		188,270
United Internet AG		5,128		207,059
Vonovia SE		21,799		1,257,655
Wirecard AG		3,317		349,696
Zalando SE†*		4,241		285,424
				20,036,822
Hong Kong — 2.7%
AIA Group, Ltd.		333,000		2,714,877
BOC Hong Kong Holdings, Ltd.		126,500		355,056
Hang Lung Properties, Ltd.		86,000		181,374
Hang Seng Bank, Ltd.		22,000		335,618
Henderson Land Development Co., Ltd.		106,503		382,543
Hong Kong & China Gas Co., Ltd.		500,048		845,842
Hong Kong Exchanges & Clearing, Ltd.		29,700		1,039,162
Link REIT		50,500		380,246
MTR Corp., Ltd.		77,000		371,467
New World Development Co., Ltd.		325,000		328,792
Power Assets Holdings, Ltd.		44,000		246,552
Sun Hung Kai Properties, Ltd.		73,500		850,248
Swire Pacific, Ltd., Class A		31,000		162,540
Swire Properties, Ltd.		54,200		120,714
Vitasoy International Holdings, Ltd.		18,000		66,923
Wheelock & Co., Ltd.		73,000		495,187
				8,877,141

Security Description	Shares		Value (Note 2)
Ireland — 0.9%
CRH PLC		27,491	$	899,519
DCC PLC		7,978		666,243
Kerry Group PLC, Class A		9,975		1,239,234
				2,804,996
Israel — 0.5%
Bank Hapoalim BM		58,066		359,768
Bank Leumi Le-Israel BM		74,268		396,781
Check Point Software Technologies, Ltd.†		4,323		474,103
NICE, Ltd.†		2,256		418,742
Wix.com, Ltd.†		307		68,255
				1,717,649
Italy — 1.7%
Assicurazioni Generali SpA		107,154		1,492,173
FinecoBank Banca Fineco SpA		13,037		152,994
Mediobanca Banca di Credito Finanziario SpA		56,238		366,670
Moncler SpA		4,941		184,524
Poste Italiane SpA*		44,625		393,090
Recordati SpA		15,145		690,297
Snam SpA		284,615		1,327,244
Terna Rete Elettrica Nazionale SpA		141,587		958,052
				5,565,044
Japan — 24.7%
Aeon Co., Ltd.		37,200		823,372
Ajinomoto Co., Inc.		27,500		469,071
Aozora Bank, Ltd.		2,300		42,795
Astellas Pharma, Inc.		92,800		1,649,678
Bridgestone Corp.		26,500		880,508
Canon, Inc.		41,300		847,014
Central Japan Railway Co.		7,400		1,267,398
Chiba Bank, Ltd.		7,900		37,588
Chubu Electric Power Co., Inc.		27,900		375,809
Chugai Pharmaceutical Co., Ltd.		11,500		1,697,113
Concordia Financial Group, Ltd.		24,700		80,807
Dai Nippon Printing Co., Ltd.		5,700		129,693
Dai-ichi Life Holdings, Inc.		35,200		459,155
Daiichi Sankyo Co., Ltd.		20,900		1,957,994
Daikin Industries, Ltd.		7,400		1,089,595
Denso Corp.		21,200		813,762
Dentsu Group, Inc.		7,500		201,207
East Japan Railway Co.		16,300		1,279,042
Eisai Co., Ltd.		10,400		815,257
FamilyMart Co., Ltd.		9,900		185,828
FANUC Corp.		5,700		1,017,789
FUJIFILM Holdings Corp.		12,100		559,037
Hankyu Hanshin Holdings, Inc.		9,200		340,067
Hisamitsu Pharmaceutical Co., Inc.		5,700		287,563
Hitachi Metals, Ltd.		34,000		392,521
Hitachi, Ltd.		25,800		828,104
Hoya Corp.		10,700		1,004,330
Idemitsu Kosan Co., Ltd.		9,300		206,539
Inpex Corp.		68,800		480,425
Isetan Mitsukoshi Holdings, Ltd.		29,100		194,973
Isuzu Motors, Ltd.		19,400		181,995
J. Front Retailing Co., Ltd.		5,200		44,220
JFE Holdings, Inc.		94,400		694,638
JXTG Holdings, Inc.		156,300		601,541
Kajima Corp.		22,500		255,446
Kao Corp.		17,300		1,388,800
KDDI Corp.		51,500		1,499,656
Keikyu Corp.		400		6,689
Keio Corp.		2,000		118,865
Keyence Corp.		4,600		1,894,407

130

VALIC Company I International Socially Responsible Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Japan (continued)
Kintetsu Group Holdings Co., Ltd.		7,700	$	378,189
Kobayashi Pharmaceutical Co., Ltd.		400		35,639
Komatsu, Ltd.		29,200		591,529
Kose Corp.		1,300		162,961
Kubota Corp.		32,100		432,199
Kyocera Corp.		6,200		335,920
Kyowa Kirin Co., Ltd.		25,100		681,307
Lawson, Inc.		2,600		143,826
Lion Corp.		4,200		96,084
LIXIL Group Corp.		3,000		41,937
M3, Inc.		1,200		48,388
Marubeni Corp.		85,200		414,326
Maruichi Steel Tube, Ltd.		7,200		184,449
Mazda Motor Corp.		40,800		261,291
MEIJI Holdings Co., Ltd.		8,200		617,216
Mitsubishi Chemical Holdings Corp.		59,600		351,208
Mitsubishi Corp.		54,500		1,273,118
Mitsubishi Electric Corp.		57,500		758,127
Mitsubishi Estate Co., Ltd.		37,600		598,644
Mitsui & Co., Ltd.		91,200		1,385,320
Mitsui Fudosan Co., Ltd.		37,100		714,906
MS&AD Insurance Group Holdings, Inc.		13,100		385,147
Murata Manufacturing Co., Ltd.		14,700		821,649
Nexon Co., Ltd.		2,000		41,700
NGK Spark Plug Co., Ltd.		1,300		20,988
NH Foods, Ltd.		2,400		88,744
Nidec Corp.		13,200		812,430
Nikon Corp.		1,100		10,117
Nintendo Co., Ltd.		3,200		1,293,299
Nippon Express Co., Ltd.		2,400		123,529
Nippon Paint Holdings Co., Ltd.		900		62,629
Nippon Shinyaku Co., Ltd.		1,500		129,254
Nippon Steel Corp.		114,300		1,054,191
Nippon Telegraph & Telephone Corp.		50,000		1,132,068
Nisshin Seifun Group, Inc.		16,400		255,717
Nissin Foods Holdings Co., Ltd.		2,000		167,084
Nitori Holdings Co., Ltd.		2,000		362,753
NTT DOCOMO, Inc.		42,600		1,165,045
Odakyu Electric Railway Co., Ltd.		5,700		142,328
Ono Pharmaceutical Co., Ltd.		35,300		1,008,843
Oriental Land Co., Ltd.		5,400		783,229
ORIX Corp.		58,800		781,042
Osaka Gas Co., Ltd.		28,100		561,633
Otsuka Holdings Co., Ltd.		29,700		1,342,164
Panasonic Corp.		65,600		587,050
Pigeon Corp.		5,800		226,193
Rakuten, Inc.		27,100		245,757
Recruit Holdings Co., Ltd.		30,300		1,045,414
Resona Holdings, Inc.		98,100		353,466
Ryohin Keikaku Co., Ltd.		5,000		75,717
Santen Pharmaceutical Co., Ltd.		27,600		509,905
Secom Co., Ltd.		6,500		563,425
Sekisui House, Ltd.		11,000		209,720
SG Holdings Co., Ltd.		2,300		75,047
Shimano, Inc.		1,800		331,003
Shin-Etsu Chemical Co., Ltd.		11,100		1,302,490
Shionogi & Co., Ltd.		16,300		963,117
Shiseido Co., Ltd.		12,800		781,354
Shizuoka Bank, Ltd.		4,500		28,675
SMC Corp.		1,500		755,083
Softbank Corp.		54,200		687,114
SoftBank Group Corp.		43,500		1,953,820
Sony Corp.		33,800		2,158,387
Sumitomo Chemical Co., Ltd.		44,800		139,085
Sumitomo Corp.		63,600		766,973

Security Description	Shares		Value (Note 2)
Japan (continued)
Sumitomo Dainippon Pharma Co., Ltd.		13,300	$	188,231
Sumitomo Electric Industries, Ltd.		43,100		502,605
Sumitomo Metal Mining Co., Ltd.		19,300		538,337
Sumitomo Mitsui Financial Group, Inc.		68,600		1,987,434
Sumitomo Mitsui Trust Holdings, Inc.		21,000		618,803
Sumitomo Realty & Development Co., Ltd.		11,100		307,886
Suntory Beverage & Food, Ltd.		8,500		347,343
Sysmex Corp.		4,700		375,771
Taisho Pharmaceutical Holdings Co., Ltd.		6,900		438,338
Terumo Corp.		19,100		750,777
Tobu Railway Co., Ltd.		4,000		141,866
Toho Gas Co., Ltd.		600		29,517
Tohoku Electric Power Co., Inc.		17,900		185,438
Tokio Marine Holdings, Inc.		18,800		815,005
Tokyo Electron, Ltd.		3,000		599,722
Tokyo Gas Co., Ltd.		24,900		594,237
Tokyu Corp.		18,500		293,454
Toppan Printing Co., Ltd.		8,100		138,709
Toray Industries, Inc.		42,100		205,020
TOTO, Ltd.		800		31,696
Toyo Suisan Kaisha, Ltd.		2,100		109,572
Toyota Industries Corp.		8,900		455,432
Toyota Motor Corp.		88,800		5,571,610
Toyota Tsusho Corp.		5,200		131,951
Unicharm Corp.		21,100		785,437
Uniform Mtg. Backed Securities		3,800		76,604
Welcia Holdings Co., Ltd.		700		58,672
West Japan Railway Co.		7,500		484,265
Yakult Honsha Co., Ltd.		6,300		386,003
Yamazaki Baking Co., Ltd.		8,700		155,673
Z Holdings Corp.		81,500		333,310
				80,549,971
Jersey — 0.5%
Ferguson PLC		14,538		1,148,302
WPP PLC		72,061		547,422
				1,695,724
Luxembourg — 0.3%
Aroundtown SA		43,901		241,384
SES SA FDR		13,958		103,437
Tenaris SA		89,317		557,933
				902,754
Netherlands — 5.1%
ABN AMRO Bank NV CVA*		40,437		325,669
Adyen NV†*		113		148,664
Aegon NV		159,801		429,565
AerCap Holdings NV†		9,300		299,832
Akzo Nobel NV		11,961		981,771
ASML Holding NV		12,465		4,080,444
CNH Industrial NV		68,258		415,415
EXOR NV		8,039		435,216
Ferrari NV		4,742		803,187
ING Groep NV		127,273		826,419
Just Eat Takeaway.com NV†*		2,005		218,316
Koninklijke DSM NV		7,823		1,004,031
Koninklijke KPN NV		179,435		440,616
Koninklijke Vopak NV		13,031		715,467
NN Group NV		28,286		876,770
NXP Semiconductors NV		8,951		860,191
Prosus NV†		21,492		1,789,392
QIAGEN NV†		18,059		788,257
STMicroelectronics NV		15,441		381,628
Wolters Kluwer NV		11,208		895,560
				16,716,410

131

VALIC Company I International Socially Responsible Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
New Zealand — 0.2%
a2 Milk Co., Ltd.†		28,722	$	339,553
Auckland International Airport, Ltd.		28,716		115,976
Fisher & Paykel Healthcare Corp., Ltd.		3,942		73,483
Fletcher Building, Ltd.		14,028		30,587
Meridian Energy, Ltd.		42,966		127,359
Spark New Zealand, Ltd.		26,250		72,158
				759,116
Norway — 1.0%
Equinor ASA		95,688		1,396,968
Mowi ASA		28,738		543,261
Orkla ASA		68,334		615,365
Telenor ASA		36,831		559,827
Yara International ASA		2,341		80,436
				3,195,857
Papua New Guinea — 0.1%
Oil Search, Ltd.		177,283		404,892
Portugal — 0.6%
Banco Espirito Santo SA†(1)		126,030		0
EDP - Energias de Portugal SA		194,077		913,703
Galp Energia SGPS SA		62,555		747,468
Jeronimo Martins SGPS SA		15,979		273,566
				1,934,737
Singapore — 1.5%
CapitaLand, Ltd.		198,400		407,535
City Developments, Ltd.		20,800		113,955
ComfortDelGro Corp., Ltd.		16,400		16,779
DBS Group Holdings, Ltd.		84,200		1,164,656
Jardine Cycle & Carriage, Ltd.		10,700		166,223
Keppel Corp., Ltd.		121,200		508,385
Oversea-Chinese Banking Corp., Ltd.		157,800		959,453
Singapore Telecommunications, Ltd.		401,500		709,920
United Overseas Bank, Ltd.		66,200		916,969
				4,963,875
Spain — 2.1%
Aena SME SA†*		4,547		650,767
Amadeus IT Group SA		17,484		915,514
Banco de Sabadell SA		255,795		77,390
Bankia SA		128,235		113,685
Bankinter SA		29,064		123,645
CaixaBank SA		173,134		324,726
Cellnex Telecom SA*		2,809		159,478
Enagas SA		29,593		666,280
Ferrovial SA		3,878		105,644
Grifols SA		19,249		603,309
Red Electrica Corp. SA		33,714		594,475
Repsol SA		164,746		1,542,683
Telefonica SA		246,900		1,164,938
				7,042,534
SupraNational — 0.1%
Unibail-Rodamco-Westfield (Euronext Amsterdam)		7,305		388,806
Sweden — 3.1%
Assa Abloy AB, Class B		26,280		534,234
Atlas Copco AB, Class B		37,418		1,325,793
Boliden AB		26,697		582,018
Epiroc AB, Class A		22,823		254,398
Essity AB, Class B		38,080		1,260,108
Hennes & Mauritz AB, Class B		27,444		416,542
Hexagon AB, Class B		5,502		303,684
Industrivarden AB, Class C		2,994		66,839
Investor AB, Class B		29,152		1,557,590

Security Description	Shares		Value (Note 2)
Sweden (continued)
Sandvik AB		36,253	$	603,324
Skandinaviska Enskilda Banken AB, Class A		75,933		661,535
Svenska Handelsbanken AB, Class A		79,367		753,932
Telefonaktiebolaget LM Ericsson, Class B		93,191		850,669
Volvo AB, Class B		60,577		861,242
				10,031,908
Switzerland — 8.3%
ABB, Ltd.		108,821		2,148,968
Adecco Group AG		6,603		314,832
Alcon, Inc.†		23,158		1,497,068
Baloise Holding AG		3,177		453,484
Coca-Cola HBC AG		24,531		619,995
EMS-Chemie Holding AG		545		404,430
Geberit AG		2,039		994,374
Givaudan SA		554		1,993,423
Julius Baer Group, Ltd.		13,548		579,616
Kuehne & Nagel International AG		5,934		857,685
Lonza Group AG		3,956		1,947,969
Pargesa Holding SA		10,987		831,663
Partners Group Holding AG		1,194		992,161
Schindler Holding AG (Participation Certificate)		3,620		843,035
Schindler Holding AG		215		49,915
SGS SA		344		810,282
Sika AG		6,257		1,075,162
Sonova Holding AG		2,318		509,504
Straumann Holding AG		453		368,633
Swatch Group AG		3,991		801,087
Swiss Life Holding AG		2,980		1,051,499
Swiss Prime Site AG		5,084		474,057
Swiss Re AG		18,604		1,266,443
Swisscom AG		2,858		1,489,038
Temenos AG		2,443		374,880
Vifor Pharma AG		4,670		712,599
Zurich Insurance Group AG		11,057		3,577,401
				27,039,203
United Kingdom — 11.2%
3i Group PLC		74,419		762,598
Admiral Group PLC		14,949		432,244
Antofagasta PLC		76,756		836,125
Ashtead Group PLC		31,569		939,557
Auto Trader Group PLC*		66,834		462,490
Aviva PLC		384,999		1,184,458
Barratt Developments PLC		42,101		259,908
Berkeley Group Holdings PLC		5,382		273,471
British Land Co. PLC		99,532		502,808
BT Group PLC		452,868		653,075
Bunzl PLC		26,567		621,257
Burberry Group PLC		34,562		641,913
Centrica PLC		425,667		193,021
Coca-Cola European Partners PLC		8,714		328,518
Compass Group PLC		67,664		994,637
Croda International PLC		13,657		878,414
Direct Line Insurance Group PLC		113,212		371,695
Evraz PLC		106,219		373,406
Halma PLC		19,981		577,525
Hargreaves Lansdown PLC		17,251		392,486
Informa PLC		115,137		650,049
InterContinental Hotels Group PLC		10,143		485,380
Intertek Group PLC		12,850		877,773
ITV PLC		339,979		338,614
J Sainsbury PLC		245,839		590,940
Johnson Matthey PLC		16,550		434,151
Kingfisher PLC		172,440		415,505

132

VALIC Company I International Socially Responsible Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
United Kingdom (continued)
Land Securities Group PLC		62,054	$	466,264
Legal & General Group PLC		292,750		723,158
London Stock Exchange Group PLC		16,352		1,628,059
M&G PLC		19,032		33,070
Marks & Spencer Group PLC		207,182		251,196
Melrose Industries PLC		227,485		325,712
Micro Focus International PLC		19,540		98,599
Mondi PLC		28,293		529,922
National Grid PLC		195,085		2,238,368
Next PLC		9,684		584,384
Ocado Group PLC†		13,495		366,433
Pearson PLC		65,779		375,826
Persimmon PLC		13,999		398,612
Prudential PLC		65,427		853,359
RELX PLC		90,689		2,106,415
Rentokil Initial PLC		128,793		793,639
RSA Insurance Group PLC		84,074		411,559
Sage Group PLC		80,754		691,558
Schroders PLC		17,665		647,570
Segro PLC		67,895		706,714
Smith & Nephew PLC		57,248		1,166,010
Smiths Group PLC		46,568		755,832
Spirax-Sarco Engineering PLC		5,213		638,042
SSE PLC		72,392		1,115,118
St James’s Place PLC		58,462		666,737
Taylor Wimpey PLC		143,400		255,638
United Utilities Group PLC		88,464		1,006,774
Weir Group PLC		15,798		189,828
Whitbread PLC†		10,271		322,383
WM Morrison Supermarkets PLC		364,283		842,745
				36,661,542
Total Common Stocks
(cost $300,057,281)				301,733,097
RIGHTS† — 0.0%
Spain
Ferrovial SA Expires 05/28/2020		3,878		1,462
United Kingdom
Whitbread PLC Expires 06/09/2020 (strike price 15.00 GBP)		5,136		63,550
Total Rights
(cost $112,144)				65,012
Total Long-Term Investment Securities
(cost $300,169,425)				301,798,109

Security Description	Principal Amount			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 1.2%
U.S. Government Treasuries — 1.2%
United States Treasury Bills
0.07% due 02/25/2021(2)	$	700,000		$	699,065
0.11% due 12/31/2020(2)		600,000			599,383
0.15% due 03/25/2021(2)		900,000			898,534
0.17% due 05/20/2021(2)		500,000			499,093
0.17% due 12/31/2020(2)		500,000			499,486
0.22% due 09/10/2020(2)		300,000			299,863
0.34% due 08/13/2020(2)		250,000			249,932
Total Short-Term Investment Securities
(cost $3,746,451)					3,745,356
REPURCHASE AGREEMENTS — 5.5%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00%, dated 05/29/2020, to be repurchased 06/01/2020 in the amount of $18,103,000 collateralized by $17,195,000 of United States Treasury Notes, bearing interest at 2.13% due 03/31/2024 and having an approximate value of $18,465,177 (cost $18,103,000)		18,103,000			18,103,000
TOTAL INVESTMENTS
(cost $322,018,876)(3)		99.1	%		323,646,465
Other assets less liabilities		0.9			3,024,120
NET ASSETS		100.0	%	$	326,670,585

@ See Note 1

† Non-income producing security

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2020, the aggregate value of these securities was $5,145,653 representing 1.6% of net assets.

(1) Securities classified as Level 3 (see Note 2).

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

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

ADR—American Depositary Receipt

CVA—Certification Van Aandelen (Dutch Cert.)

FDR—Fiduciary Depositary Receipt

Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	297	Long	MSCI EAFE Index		June 2020	$	21,005,144	$	25,625,160	$	4,620,016

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

133

VALIC Company I International Socially Responsible Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2020 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs			Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks:
Australia	$	—	$	16,956,788	**	$	0	$	16,956,788
Portugal		—		1,934,737	**		0		1,934,737
Other Countries		2,083,376		280,758,196	**		—		282,841,572
Rights
Spain		—		1,462			—		1,462
United Kingdom		63,550		—			—		63,550
Short-Term Investment Securities		—		3,745,356			—		3,745,356
Repurchase Agreements		—		18,103,000			—		18,103,000
Total Investments at Value	$	2,146,926	$	321,499,539		$	0	$	323,646,465
Other Financial Instruments:†
Futures Contracts	$	4,620,016	$	—		$	—	$	4,620,016

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

** Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 2).

† Amounts represent unrealized appreciation/depreciation as of the end of the reporting period.

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

There were no Level 3 transfers during the reporting period.

See Notes to Financial Statements

134

VALIC Company I International Value Fund

PORTFOLIO PROFILE — May 31, 2020 (unaudited)

Industry Allocation*

Medical — Drugs	8.3	%
Cellular Telecom	7.5
Appliances	4.7
Registered Investment Companies	4.4
Electronic Components — Misc.	4.2
Diversified Manufacturing Operations	4.0
Banks — Commercial	3.8
Containers — Paper/Plastic	3.0
Insurance — Life/Health	2.9
Medical Products	2.9
Insurance — Reinsurance	2.8
Building & Construction Products — Misc.	2.7
Diversified Financial Services	2.7
Computer Data Security	2.6
Wire & Cable Products	2.6
Electronic Components — Semiconductors	2.5
Auto/Truck Parts & Equipment — Original	2.5
E-Commerce/Products	2.3
Diversified Minerals	2.3
Diversified Banking Institutions	2.3
Machinery-Electrical	2.2
Finance — Investment Banker/Broker	2.2
Building Products — Doors & Windows	2.2
Building — Heavy Construction	2.0
Building Products — Cement	2.0
Enterprise Software/Service	1.9
Communications Software	1.7
Oil — Field Services	1.6
Airlines	1.6
Food — Misc./Diversified	1.5
Retail — Drug Store	1.5
Home Furnishings	1.4
Industrial Automated/Robotic	1.4
Retail — Auto Parts	1.3
Investment Companies	1.3
Agricultural Chemicals	1.2
Retail — Building Products	1.1
Silver Mining	1.0
Banks — Mortgage	0.7
Investment Management/Advisor Services	0.6
Food — Retail	0.5
Energy — Alternate Sources	0.3
Apparel Manufacturers	0.2
	102.4%

Country Allocation*

United States	11.4	%
Japan	10.5
South Korea	9.4
Germany	8.8
United Kingdom	8.5
France	8.4
Netherlands	7.0
China	5.7
Switzerland	4.6
Cayman Islands	4.5
Canada	3.0
Norway	2.8
Israel	2.6
Italy	2.6
Singapore	2.0
Russia	1.8
India	1.7
Australia	1.6
Ireland	1.5
British Virgin Islands	1.4
Hong Kong	0.8
Thailand	0.6
Jersey	0.6
Malaysia	0.4
Luxembourg	0.2
	102.4%

* Calculated as a percentage of net assets

135

VALIC Company I International Value Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.0%
Australia — 1.6%
Qantas Airways, Ltd.		3,624,802	$	9,549,720
British Virgin Islands — 1.4%
Hollysys Automation Technologies, Ltd.		664,029		8,293,722
Canada — 3.0%
Home Capital Group, Inc.†#		325,600		4,490,790
Lundin Mining Corp.		2,984,750		13,743,919
				18,234,709
Cayman Islands — 4.5%
Alibaba Group Holding, Ltd.†		548,488		14,139,621
Xinyi Glass Holdings, Ltd.		12,510,000		13,261,630
				27,401,251
China — 5.7%
LONGi Green Energy Technology Co., Ltd., Class A		381,500		1,736,514
Midea Group Co., Ltd.		1,839,112		15,208,169
Oppein Home Group, Inc., Class A		494,900		8,396,240
Shanghai Pharmaceuticals Holding Co., Ltd.		5,753,000		9,113,735
				34,454,658
France — 8.4%
Cie de Saint-Gobain		509,066		16,525,451
Orange SA		1,451,012		17,532,878
Sanofi		170,085		16,587,644
				50,645,973
Germany — 8.8%
METRO AG		345,133		3,226,158
Muenchener Rueckversicherungs-Gesellschaft AG		74,774		16,976,502
Rheinmetall AG		183,645		14,825,027
SAP SE		93,243		11,609,693
Siemens AG		57,592		6,286,402
				52,923,782
Hong Kong — 0.8%
China Mobile, Ltd.		649,500		4,563,795
India — 1.7%
Tech Mahindra, Ltd.		1,455,525		10,226,197
Ireland — 1.5%
Greencore Group PLC		5,539,597		9,282,520
Israel — 2.6%
Check Point Software Technologies, Ltd.†		145,681		15,976,835
Italy — 2.6%
Prysmian SpA		722,916		15,446,526
Japan — 10.5%
Alps Alpine Co., Ltd.		450,500		5,454,938
Daiwa Securities Group, Inc.		3,196,800		13,268,270
Hitachi, Ltd.		418,100		13,419,774
Mitsubishi UFJ Financial Group, Inc.		3,286,800		13,563,638
Takeda Pharmaceutical Co., Ltd.		452,000		17,599,819
				63,306,439
Jersey — 0.6%
Man Group PLC		2,035,302		3,595,886
Luxembourg — 0.2%
Samsonite International SA*		1,334,100		1,236,775
Malaysia — 0.4%
CIMB Group Holdings Bhd		2,874,556		2,498,911

Security Description	Shares/ Principal Amount			Value (Note 2)
Netherlands — 7.0%
Koninklijke Philips NV†		380,196		$	17,320,078
NN Group NV		560,871			17,385,093
OCI NV†#		657,114			7,454,759
					42,159,930
Norway — 2.8%
DNB ASA		1,259,768			17,219,302
Russia — 1.8%
Mobile TeleSystems PJSC ADR		1,225,889			10,898,153
Singapore — 2.0%
Keppel Corp., Ltd.#		2,875,800			12,062,825
South Korea — 9.4%
Coway Co, Ltd.		249,445			13,449,068
Hana Financial Group, Inc.		669,175			16,140,547
Samsung Electronics Co., Ltd.		361,850			14,856,946
SK Telecom Co., Ltd.		69,290			12,104,845
					56,551,406
Switzerland — 4.6%
LafargeHolcim, Ltd.		285,678			11,869,919
Novartis AG		181,387			15,724,367
					27,594,286
Thailand — 0.6%
Siam Commercial Bank PCL		1,659,500			3,860,516
United Kingdom — 8.5%
Fresnillo PLC#		660,486			6,433,444
John Wood Group PLC#		4,020,761			9,619,006
Kingfisher PLC		2,778,501			6,694,976
Melrose Industries PLC		5,481,544			7,848,456
Sensata Technologies Holding PLC†		96,284			3,432,524
Smiths Group PLC#		1,082,880			17,575,925
					51,604,331
United States — 11.4%
Advance Auto Parts, Inc.		57,846			8,059,105
Berry Global Group, Inc.†		406,805			18,269,612
Gentex Corp.		603,695			15,961,696
					42,290,413
Total Long-Term Investment Securities
(cost $672,068,630)					591,878,861
SHORT-TERM INVESTMENT SECURITIES — 4.4%
Registered Investment Companies — 4.4%
State Street Institutional U.S. Government Money Market Fund, Premier Class  0.13%(1)	$	15,694,034			15,694,034
State Street Navigator Securities Lending Government Money Market Portfolio 0.13%(1)(2)		11,178,756			11,178,756
Total Short-Term Investment Securities
(cost $26,872,790)					26,872,790
TOTAL INVESTMENTS
(cost $698,941,420)(3)		102.4	%		618,751,651
Liabilities in excess of other assets		(2.4	)		(14,629,001	)
NET ASSETS		100.0	%	$	604,122,650

136

VALIC Company I International Value Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

† Non-income producing security

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

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2020, the aggregate value of these securities was $1,236,775 representing 0.2% of net assets.

(1) The rate shown is the 7-day yield as of May 31, 2020.

(2) At May 31, 2020, the Fund had loaned securities with a total value of $22,879,908. This was secured by collateral of $11,178,756, which was received in cash and subsequently invested in short-term investments currently valued at $11,178,756 as reported in the Portfolio of Investments. Additional collateral of $13,331,934 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2020
United States Treasury Notes/Bonds	0.13% to 3.63%	10/31/2020 to 02/15/2047	$13,331,934

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

ADR—American Depositary Receipt

Forward Foreign Currency Contracts

Counterparty

Contract to Deliver

In Exchange For

Delivery Date

Unrealized Appreciation

Unrealized Depreciation

Barclays Bank PLC

EUR

25,583,000

USD

28,735,803

06/09/2020

$

333,546

$

–

EUR—Euro Currency

USD—United States Dollar

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2020 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs			Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	102,986,873	$	488,891,988	**	$	—	$	591,878,861
Short-Term Investment Securities		26,872,790		—			—		26,872,790
Total Investments at Value	$	129,859,663	$	488,891,988		$	—	$	618,751,651
Other Financial Instruments:†
Forward Foreign Currency Contracts	$	—	$	333,546		$	—	$	333,546

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

** Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 2).

† Amounts represent unrealized appreciation/depreciation as of the end of the reporting period.

See Notes to Financial Statements

137

VALIC Company I Large Cap Core Fund

PORTFOLIO PROFILE — May 31, 2020

Industry Allocation*

Applications Software	6.7	%
E-Commerce/Products	6.5
Computers	5.7
Medical — Drugs	5.5
Web Portals/ISP	4.1
Diversified Banking Institutions	4.0
Insurance — Property/Casualty	3.4
Data Processing/Management	3.3
Electronic Components — Semiconductors	3.0
Cable/Satellite TV	2.6
Finance — Credit Card	2.5
Internet Content — Entertainment	2.2
Retail — Building Products	2.1
Medical Instruments	2.1
Aerospace/Defense	2.0
Tobacco	2.0
Medical Products	1.9
Oil Companies — Integrated	1.7
Commercial Services — Finance	1.7
Oil Companies — Exploration & Production	1.6
Electronic Forms	1.6
Investment Management/Advisor Services	1.5
Transport — Rail	1.5
Gold Mining	1.3
Food — Confectionery	1.2
Real Estate Investment Trusts	1.2
Medical Labs & Testing Services	1.2
Food — Misc./Diversified	1.1
Electric — Integrated	1.1
Pharmacy Services	1.1
Semiconductor Equipment	1.0
Multimedia	1.0
Retail — Discount	1.0
E-Commerce/Services	1.0
Computer Services	1.0
Entertainment Software	1.0
Agricultural Biotech	1.0
Networking Products	0.9
Telephone — Integrated	0.9
Cellular Telecom	0.9
Tools — Hand Held	0.9
Medical — HMO	0.9
Repurchase Agreements	0.9
Industrial Gases	0.8
Drug Delivery Systems	0.8
Insurance Brokers	0.8
Electronic Connectors	0.8
Retail — Restaurants	0.8
Medical — Biomedical/Gene	0.7
Building Products — Air & Heating	0.7
Retail — Auto Parts	0.6
Internet Security	0.6
Computers — Memory Devices	0.6
Cosmetics & Toiletries	0.5
Finance — Investment Banker/Broker	0.5
Instruments — Controls	0.4
Dental Supplies & Equipment	0.4
Coatings/Paint	0.3
Computer Aided Design	0.3
Banks — Super Regional	0.3
Registered Investment Companies	0.3
Semiconductor Components — Integrated Circuits	0.2
Insurance — Life/Health	0.2
	100.4	%

* Calculated as a percentage of net assets

138

VALIC Company I Large Cap Core Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 99.2%
Aerospace/Defense — 2.0%
Northrop Grumman Corp.		7,560	$	2,534,112
Raytheon Technologies Corp.		15,560		1,003,931
				3,538,043
Agricultural Biotech — 1.0%
Corteva, Inc.		60,948		1,664,490
Applications Software — 6.7%
Intuit, Inc.		3,135		910,153
Microsoft Corp.		58,565		10,732,036
				11,642,189
Banks - Super Regional — 0.3%
PNC Financial Services Group, Inc.		4,110		468,704
Building Products - Air & Heating — 0.7%
Carrier Global Corp.†		60,603		1,240,543
Cable/Satellite TV — 2.6%
Comcast Corp., Class A		112,868		4,469,573
Cellular Telecom — 0.9%
T-Mobile US, Inc.†		15,810		1,581,632
Coatings/Paint — 0.3%
Sherwin-Williams Co.		928		551,093
Commercial Services - Finance — 1.7%
Automatic Data Processing, Inc.		10,335		1,513,974
PayPal Holdings, Inc.†		8,875		1,375,714
				2,889,688
Computer Aided Design — 0.3%
Autodesk, Inc.†		2,305		484,926
Computer Services — 1.0%
International Business Machines Corp.		13,930		1,739,857
Computers — 5.7%
Apple, Inc.		31,228		9,928,630
Computers - Memory Devices — 0.6%
Western Digital Corp.		22,445		995,885
Cosmetics & Toiletries — 0.5%
Colgate-Palmolive Co.		12,530		906,295
Data Processing/Management — 3.3%
Fidelity National Information Services, Inc.		25,165		3,493,657
Fiserv, Inc.†		21,292		2,273,347
				5,767,004
Dental Supplies & Equipment — 0.4%
DENTSPLY SIRONA, Inc.		14,300		665,236
Diversified Banking Institutions — 4.0%
Citigroup, Inc.		19,216		920,639
JPMorgan Chase & Co.		47,358		4,608,407
Morgan Stanley		32,240		1,425,008
				6,954,054
Drug Delivery Systems — 0.8%
Becton Dickinson and Co.		5,764		1,423,305
E-Commerce/Products — 6.5%
Amazon.com, Inc.†		3,765		9,195,523
eBay, Inc.		46,420		2,113,967
				11,309,490
E-Commerce/Services — 1.0%
Lyft, Inc., Class A†		20,130		629,264
Uber Technologies, Inc.†		30,810		1,119,019
				1,748,283

Security Description	Shares		Value (Note 2)
Electric - Integrated — 1.1%
American Electric Power Co., Inc.		15,745	$	1,342,261
FirstEnergy Corp.		14,585		616,362
				1,958,623
Electronic Components - Semiconductors — 3.0%
Intel Corp.		43,815		2,757,278
Marvell Technology Group, Ltd.		30,730		1,002,412
NVIDIA Corp.		4,040		1,434,281
				5,193,971
Electronic Connectors — 0.8%
TE Connectivity, Ltd.		16,595		1,348,344
Electronic Forms — 1.6%
Adobe, Inc.†		7,080		2,737,128
Entertainment Software — 1.0%
Activision Blizzard, Inc.		24,134		1,737,165
Finance - Credit Card — 2.5%
American Express Co.		5,810		552,357
Mastercard, Inc., Class A		12,697		3,820,400
				4,372,757
Finance - Investment Banker/Broker — 0.5%
Charles Schwab Corp.		23,090		829,162
Food - Confectionery — 1.2%
Mondelez International, Inc., Class A		41,090		2,141,611
Food - Misc./Diversified — 1.1%
Conagra Brands, Inc.		56,478		1,964,870
Gold Mining — 1.3%
Newmont Corp.		37,630		2,200,226
Industrial Gases — 0.8%
Air Products & Chemicals, Inc.		6,020		1,454,733
Instruments - Controls — 0.4%
Honeywell International, Inc.		5,366		782,631
Insurance Brokers — 0.8%
Aon PLC		7,147		1,407,602
Insurance - Life/Health — 0.2%
Principal Financial Group, Inc.		10,738		414,702
Insurance - Property/Casualty — 3.4%
Berkshire Hathaway, Inc., Class B†		32,176		5,971,222
Internet Content - Entertainment — 2.2%
Facebook, Inc., Class A†		17,305		3,895,182
Internet Security — 0.6%
Palo Alto Networks, Inc.†		4,275		1,005,779
Investment Management/Advisor Services — 1.5%
BlackRock, Inc.		5,068		2,679,148
Medical Instruments — 2.1%
Medtronic PLC		36,729		3,620,745
Medical Labs & Testing Services — 1.2%
Quest Diagnostics, Inc.		17,135		2,026,728
Medical Products — 1.9%
Abbott Laboratories		20,736		1,968,261
Stryker Corp.		7,195		1,408,277
				3,376,538
Medical - Biomedical/Gene — 0.7%
Alexion Pharmaceuticals, Inc.†		10,500		1,258,950

139

VALIC Company I Large Cap Core Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Medical - Drugs — 5.5%
Johnson & Johnson		32,788	$	4,877,215
Merck & Co., Inc.		30,345		2,449,448
Pfizer, Inc.		61,090		2,333,027
				9,659,690
Medical - HMO — 0.9%
Anthem, Inc.		5,319		1,564,371
Multimedia — 1.0%
Walt Disney Co.		15,230		1,786,479
Networking Products — 0.9%
Cisco Systems, Inc.		34,740		1,661,267
Oil Companies - Exploration & Production — 1.6%
Canadian Natural Resources, Ltd.#		82,785		1,498,408
EOG Resources, Inc.		25,280		1,288,522
				2,786,930
Oil Companies - Integrated — 1.7%
Chevron Corp.		31,890		2,924,313
Pharmacy Services — 1.1%
Cigna Corp.		9,714		1,916,766
Real Estate Investment Trusts — 1.2%
American Tower Corp.		8,120		2,096,340
Retail - Auto Parts — 0.6%
AutoZone, Inc.†		920		1,056,031
Retail - Building Products — 2.1%
Lowe’s Cos., Inc.		28,595		3,727,358
Retail - Discount — 1.0%
Dollar Tree, Inc.†		18,150		1,776,341
Retail - Restaurants — 0.8%
McDonald’s Corp.		7,220		1,345,230
Semiconductor Components - Integrated Circuits — 0.2%
NXP Semiconductors NV		4,565		438,697
Semiconductor Equipment — 1.0%
Lam Research Corp.		6,655		1,821,274
Telephone - Integrated — 0.9%
Verizon Communications, Inc.		28,278		1,622,592
Tobacco — 2.0%
Philip Morris International, Inc.		47,090		3,454,522

Security Description	Shares/ Principal Amount			Value (Note 2)
Tools - Hand Held — 0.9%
Stanley Black & Decker, Inc.		12,535		$	1,572,516
Transport - Rail — 1.5%
Union Pacific Corp.		15,375			2,611,598
Web Portals/ISP — 4.1%
Alphabet, Inc., Class A†		2,442			3,500,656
Alphabet, Inc., Class C†		2,578			3,683,756
					7,184,412
Total Long-Term Investment Securities
(cost $132,486,197)					173,353,464
SHORT-TERM INVESTMENT SECURITIES — 0.3%
Registered Investment Companies — 0.3%
State Street Navigator Securities Lending Government Money Market Portfolio 0.13%(1)(2) (cost $437,025)		437,025			437,025
REPURCHASE AGREEMENTS — 0.9%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00%, dated 05/29/2020, repurchased 06/01/2020 in the amount of $1,531,000 collateralized by $1,445,000 of United States Treasury Notes, bearing interest at 2.38% due 02/29/2024 and having an approximate value of $1,566,780 (cost $1,531,000)	$	1,531,000			1,531,000
TOTAL INVESTMENTS
(cost $134,454,222)(3)		100.4	%		175,321,489
Liabilities in excess of other assets		(0.4	)		(621,316	)
NET ASSETS		100.0	%	$	174,700,173

† Non-income producing security

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

(1) At May 31, 2020, the Fund had loaned securities with a total value of $421,875. This was secured by collateral of $437,025, which was received in cash and subsequently invested in short-term investments currently valued at $437,025 as reported in the Portfolio of Investments.

(2) The rate shown is the 7-day yield as of May 31, 2020.

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

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2020 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	173,353,464	$	—	$	—	$	173,353,464
Short-Term Investment Securities		437,025		—		—		437,025
Repurchase Agreements		—		1,531,000		—		1,531,000
Total Investments at Value	$	173,790,489	$	1,531,000	$	—	$	175,321,489

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

See Notes to Financial Statements

140

VALIC Company I Large Capital Growth Fund

PORTFOLIO PROFILE — May 31, 2020 (unaudited)

Industry Allocation*

Applications Software	8.3	%
Web Portals/ISP	6.6
Computer Services	5.4
Finance — Credit Card	4.7
Insurance Brokers	4.3
Data Processing/Management	4.1
Computers	3.8
Cosmetics & Toiletries	3.8
Diagnostic Equipment	3.7
Athletic Footwear	3.5
Electronic Connectors	3.3
Electronic Measurement Instruments	3.1
Medical Products	3.0
Commercial Services — Finance	2.6
Cable/Satellite TV	2.6
Transport — Rail	2.5
Beverages — Non-alcoholic	2.4
Entertainment Software	2.3
Medical Instruments	2.1
Drug Delivery Systems	2.1
Machinery — General Industrial	2.0
Soap & Cleaning Preparation	2.0
Medical — Drugs	2.0
Semiconductor Components — Integrated Circuits	1.7
E-Commerce/Products	1.6
Finance — Investment Banker/Broker	1.6
Electronic Components — Semiconductors	1.6
Textile — Apparel	1.5
Coatings/Paint	1.4
Retail — Discount	1.4
Retail — Restaurants	1.3
Pharmacy Services	1.3
Internet Content — Information/News	0.9
Retail — Apparel/Shoe	0.9
Private Equity	0.8
Apparel Manufacturers	0.7
Instruments — Controls	0.6
Retail — Major Department Stores	0.6
Consulting Services	0.5
Chemicals — Specialty	0.5
	99.1	%

* Calculated as a percentage of net assets

141

VALIC Company I Large Capital Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 99.1%
Apparel Manufacturers — 0.7%
VF Corp.		61,726	$	3,462,829
Applications Software — 8.3%
Microsoft Corp.		236,373		43,315,352
Athletic Footwear — 3.5%
adidas AG		31,703		8,313,559
NIKE, Inc., Class B		101,638		10,019,474
				18,333,033
Beverages - Non-alcoholic — 2.4%
PepsiCo, Inc.		94,170		12,388,063
Cable/Satellite TV — 2.6%
Comcast Corp., Class A		347,195		13,748,922
Chemicals - Specialty — 0.5%
Ecolab, Inc.		12,625		2,683,822
Coatings/Paint — 1.4%
Sherwin-Williams Co.		12,725		7,556,741
Commercial Services - Finance — 2.6%
Equifax, Inc.		41,149		6,318,841
Moody’s Corp.		27,847		7,446,566
				13,765,407
Computer Services — 5.4%
Accenture PLC, Class A		105,616		21,294,298
Cognizant Technology Solutions Corp., Class A		133,823		7,092,619
				28,386,917
Computers — 3.8%
Apple, Inc.		62,940		20,011,144
Consulting Services — 0.5%
Verisk Analytics, Inc.		16,378		2,828,153
Cosmetics & Toiletries — 3.8%
Colgate-Palmolive Co.		181,157		13,103,086
Estee Lauder Cos., Inc., Class A		34,034		6,720,694
				19,823,780
Data Processing/Management — 4.1%
Fidelity National Information Services, Inc.		83,239		11,556,070
Fiserv, Inc.†		91,241		9,741,802
				21,297,872
Diagnostic Equipment — 3.7%
Danaher Corp.		41,198		6,863,999
Thermo Fisher Scientific, Inc.		35,855		12,520,207
				19,384,206
Drug Delivery Systems — 2.1%
Becton Dickinson and Co.		44,328		10,945,913
E-Commerce/Products — 1.6%
Alibaba Group Holding, Ltd. ADR†		40,789		8,459,231
Electronic Components - Semiconductors — 1.6%
Texas Instruments, Inc.		68,883		8,179,167
Electronic Connectors — 3.3%
Amphenol Corp., Class A		112,236		10,837,508
TE Connectivity, Ltd.		80,732		6,559,475
				17,396,983
Electronic Measurement Instruments — 3.1%
Agilent Technologies, Inc.		98,783		8,706,733
Fortive Corp.		125,809		7,671,833
				16,378,566

Security Description	Shares		Value (Note 2)
Entertainment Software — 2.3%
Electronic Arts, Inc.†		97,661	$	12,000,584
Finance - Credit Card — 4.7%
Mastercard, Inc., Class A		21,160		6,366,832
Visa, Inc., Class A		92,678		18,094,453
				24,461,285
Finance - Investment Banker/Broker — 1.6%
Charles Schwab Corp.		231,497		8,313,057
Instruments - Controls — 0.6%
Mettler-Toledo International, Inc.†		4,164		3,310,380
Insurance Brokers — 4.3%
Aon PLC, Class A		70,979		13,979,314
Marsh & McLennan Cos., Inc.		80,120		8,486,310
				22,465,624
Internet Content - Information/News — 0.9%
Tencent Holdings, Ltd.		90,100		4,802,460
Machinery - General Industrial — 2.0%
Nordson Corp.		25,536		4,809,706
Otis Worldwide Corp.		111,399		5,865,157
				10,674,863
Medical Instruments — 2.1%
Boston Scientific Corp.†		296,185		11,252,068
Medical Products — 3.0%
Abbott Laboratories		55,664		5,283,627
Stryker Corp.		53,329		10,438,085
				15,721,712
Medical - Drugs — 2.0%
PRA Health Sciences, Inc.†		46,296		4,791,636
Roche Holding AG		15,717		5,455,747
				10,247,383
Pharmacy Services — 1.3%
Cigna Corp.		34,456		6,798,858
Private Equity — 0.8%
Blackstone Group, Inc., Class A		75,857		4,308,678
Retail - Apparel/Shoe — 0.9%
Ross Stores, Inc.		47,836		4,638,179
Retail - Discount — 1.4%
Dollarama, Inc.		208,968		7,084,741
Retail - Major Department Stores — 0.6%
TJX Cos., Inc.		61,933		3,267,585
Retail - Restaurants — 1.3%
Starbucks Corp.		88,787		6,924,498
Semiconductor Components - Integrated Circuits — 1.7%
Analog Devices, Inc.		49,478		5,588,540
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		70,912		3,569,001
				9,157,541
Soap & Cleaning Preparation — 2.0%
Church & Dwight Co., Inc.		139,986		10,508,749
Textile - Apparel — 1.5%
LVMH Moet Hennessy Louis Vuitton SE		18,325		7,673,782
Transport - Rail — 2.5%
Canadian Pacific Railway, Ltd.		15,701		3,919,755
Union Pacific Corp.		52,855		8,977,950
				12,897,705

142

VALIC Company I Large Capital Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares			Value (Note 2)
COMMON STOCKS (continued)
Web Portals/ISP — 6.6%
Alphabet, Inc., Class A†		24,301		$	34,835,970
TOTAL INVESTMENTS
(cost $363,407,031)(1)		99.1	%		519,691,803
Other assets less liabilities		0.9			4,938,308
NET ASSETS		100.0	%	$	524,630,111

† Non-income producing security

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

ADR—American Depositary Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2020 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs			Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	493,446,256	$	26,245,547	**	$	—	$	519,691,803

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

** Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 2).

See Notes to Financial Statements

143

VALIC Company I Mid Cap Index Fund

PORTFOLIO PROFILE — May 31, 2020 (unaudited)

Industry Allocation*

Real Estate Investment Trusts	9.1	%
Banks — Commercial	5.7
Medical Products	2.4
Repurchase Agreements	2.2
Enterprise Software/Service	2.1
Medical — Biomedical/Gene	2.0
Insurance — Property/Casualty	1.8
Electric — Integrated	1.8
Gas — Distribution	1.6
Medical Labs & Testing Services	1.6
Electronic Components — Semiconductors	1.5
Electronic Components — Misc.	1.4
Semiconductor Equipment	1.3
Chemicals — Specialty	1.3
Retail — Restaurants	1.3
Investment Management/Advisor Services	1.3
Food — Misc./Diversified	1.3
Distribution/Wholesale	1.2
Transport — Truck	1.2
Medical — Outpatient/Home Medical	1.2
Registered Investment Companies	1.2
Medical Instruments	1.2
Computer Services	1.2
Electronic Parts Distribution	1.1
Steel — Producers	1.1
Insurance — Reinsurance	1.0
Building & Construction Products — Misc.	1.0
Energy — Alternate Sources	0.9
Electronic Measurement Instruments	0.9
Human Resources	0.9
Diversified Manufacturing Operations	0.9
Aerospace/Defense	0.9
Data Processing/Management	0.8
Garden Products	0.8
Applications Software	0.8
Machinery — General Industrial	0.8
Machinery — Pumps	0.8
Auto/Truck Parts & Equipment — Original	0.8
Multimedia	0.7
Medical — HMO	0.7
Building — Residential/Commercial	0.7
Oil Companies — Exploration & Production	0.7
Engineering/R&D Services	0.7
Apparel Manufacturers	0.7
Insurance — Life/Health	0.6
Insurance — Multi-line	0.6
Retail — Home Furnishings	0.6
Hotels/Motels	0.6
Coatings/Paint	0.6
Industrial Automated/Robotic	0.6
Machine Tools & Related Products	0.6
Lighting Products & Systems	0.6
E-Commerce/Products	0.6
Recreational Vehicles	0.6
Cable/Satellite TV	0.6
Water	0.6
Insurance Brokers	0.6
Retail — Discount	0.6
Savings & Loans/Thrifts	0.6
Finance — Investment Banker/Broker	0.6
Racetracks	0.6
Gold Mining	0.6
Medical — Drugs	0.5
Telecom Equipment — Fiber Optics	0.5
Commercial Services	0.5
Commercial Services — Finance	0.5
Publishing — Newspapers	0.5
Schools	0.5
Casino Hotels	0.5

Hazardous Waste Disposal	0.5	%
Lasers — System/Components	0.5
Building Products — Air & Heating	0.5
Retail — Misc./Diversified	0.5
Physical Therapy/Rehabilitation Centers	0.5
E-Commerce/Services	0.5
Funeral Services & Related Items	0.5
Building Products — Cement	0.4
Miscellaneous Manufacturing	0.4
Power Converter/Supply Equipment	0.4
Finance — Other Services	0.4
Finance — Consumer Loans	0.4
U.S. Government Treasuries	0.4
Diagnostic Equipment	0.4
Computer Software	0.4
Filtration/Separation Products	0.4
Machinery — Construction & Mining	0.4
Retail — Convenience Store	0.4
Computers — Other	0.4
Retail — Apparel/Shoe	0.4
Batteries/Battery Systems	0.3
Real Estate Management/Services	0.3
Brewery	0.3
Containers — Paper/Plastic	0.3
Resorts/Theme Parks	0.3
Electronics — Military	0.3
Medical — Hospitals	0.3
Building — Mobile Home/Manufactured Housing	0.3
Containers — Metal/Glass	0.3
Consumer Products — Misc.	0.3
Food — Baking	0.3
Consulting Services	0.3
Firearms & Ammunition	0.3
Oil Refining & Marketing	0.3
Health Care Cost Containment	0.3
Environmental Consulting & Engineering	0.3
Tools — Hand Held	0.3
Footwear & Related Apparel	0.3
Semiconductor Components — Integrated Circuits	0.3
Networking Products	0.3
Wireless Equipment	0.3
Computers — Integrated Systems	0.3
Electric Products — Misc.	0.2
Instruments — Controls	0.2
Disposable Medical Products	0.2
Pastoral & Agricultural	0.2
Rental Auto/Equipment	0.2
Building — Heavy Construction	0.2
Poultry	0.2
Building & Construction — Misc.	0.2
Machinery — Farming	0.2
Television	0.2
Machinery — Electrical	0.2
Toys	0.2
Casino Services	0.2
Retail — Catalog Shopping	0.2
Transport — Marine	0.2
Pipelines	0.2
Retail — Pawn Shops	0.2
Food — Retail	0.2
Home Furnishings	0.2
Airlines	0.2
Metal Processors & Fabrication	0.2
Steel Pipe & Tube	0.2
Office Furnishings — Original	0.2
Retail — Automobile	0.1
Retail — Sporting Goods	0.1
Chemicals — Plastics	0.1
Transport — Equipment & Leasing	0.1

144

VALIC Company I Mid Cap Index Fund

PORTFOLIO PROFILE — May 31, 2020 (unaudited) — (continued)

Industry Allocation* (continued)

Multilevel Direct Selling	0.1	%
Security Services	0.1
Telephone — Integrated	0.1
Chemicals — Diversified	0.1
Transport — Services	0.1
Oil Companies — Integrated	0.1
Food — Catering	0.1
Rubber — Tires	0.1
Publishing — Books	0.1
Dental Supplies & Equipment	0.1
Retail — Petroleum Products	0.1
Cosmetics & Toiletries	0.1
Quarrying	0.1
Theaters	0.1
Oil — Field Services	0.1
Internet Content — Information/News	0.1
Wire & Cable Products	0.1
Paper & Related Products	0.1
Metal Products — Distribution	0.1
Steel — Specialty	0.1
Medical Information Systems	0.1
Printing — Commercial	0.1
Retail — Bedding	0.1
	101.5	%

* Calculated as a percentage of net assets

145

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 97.7%
Aerospace/Defense — 0.9%
Teledyne Technologies, Inc.†		62,792	$	23,491,743
Airlines — 0.2%
JetBlue Airways Corp.†		497,061		5,005,404
Apparel Manufacturers — 0.7%
Carter’s, Inc.		76,010		6,530,019
Columbia Sportswear Co.		49,993		3,652,489
Deckers Outdoor Corp.†		48,168		8,792,105
				18,974,613
Applications Software — 0.8%
CDK Global, Inc.		209,018		8,216,498
PTC, Inc.†		178,966		13,669,423
				21,885,921
Auto/Truck Parts & Equipment-Original — 0.8%
Adient PLC†		149,876		2,549,391
Dana, Inc.		247,807		3,132,280
Delphi Technologies PLC†		148,195		1,908,752
Lear Corp.		94,744		10,047,601
Visteon Corp.†		48,149		3,466,728
				21,104,752
Banks-Commercial — 5.7%
Associated Banc-Corp		274,348		3,843,615
BancorpSouth Bank		165,209		3,672,596
Bank of Hawaii Corp.		69,342		4,460,771
Bank OZK		208,134		4,680,934
Cathay General Bancorp		130,375		3,544,896
CIT Group, Inc.		163,090		2,958,453
Commerce Bancshares, Inc.#		178,564		11,379,884
Cullen/Frost Bankers, Inc.#		98,026		7,447,035
East West Bancorp, Inc.		250,731		8,763,048
First Financial Bankshares, Inc.		233,892		7,166,451
First Horizon National Corp.		535,776		5,009,506
FNB Corp.		559,442		4,145,465
Fulton Financial Corp.		282,579		3,167,711
Hancock Whitney Corp.		150,161		3,246,481
Home BancShares, Inc.		267,145		3,865,588
International Bancshares Corp.		98,780		3,040,448
PacWest Bancorp		206,320		3,571,399
Pinnacle Financial Partners, Inc.		123,917		4,938,092
Prosperity Bancshares, Inc.		162,541		10,628,556
Signature Bank		92,956		9,566,102
Synovus Financial Corp.		252,315		4,841,925
TCF Financial Corp.		264,129		7,638,611
Texas Capital Bancshares, Inc.†		86,640		2,318,486
Trustmark Corp.		110,640		2,632,126
UMB Financial Corp.		74,381		3,814,258
Umpqua Holdings Corp.		379,160		4,318,632
United Bankshares, Inc.		218,533		6,354,940
Valley National Bancorp		674,390		5,381,632
Webster Financial Corp.		158,457		4,484,333
Wintrust Financial Corp.		98,264		4,162,463
				155,044,437
Batteries/Battery Systems — 0.3%
Energizer Holdings, Inc.		110,770		4,860,587
EnerSys		72,806		4,608,620
				9,469,207
Brewery — 0.3%
Boston Beer Co., Inc., Class A†		15,868		8,961,136
Building & Construction Products-Misc. — 1.0%
Louisiana-Pacific Corp.		202,225		4,774,532

Security Description	Shares		Value (Note 2)
Building & Construction Products-Misc. (continued)
Owens Corning		187,304	$	9,833,460
Trex Co., Inc.†		100,442		12,065,093
				26,673,085
Building & Construction-Misc. — 0.2%
EMCOR Group, Inc.		96,681		6,144,078
Building Products-Air & Heating — 0.5%
Lennox International, Inc.		60,371		12,909,735
Building Products-Cement — 0.4%
Eagle Materials, Inc.		71,679		4,785,290
MDU Resources Group, Inc.		345,013		7,507,483
				12,292,773
Building-Heavy Construction — 0.2%
Arcosa, Inc.		1		38
Dycom Industries, Inc.†#		54,277		2,285,062
MasTec, Inc.†		103,825		4,064,749
				6,349,849
Building-Mobile Home/Manufactured Housing — 0.3%
Thor Industries, Inc.#		95,039		8,192,362
Building-Residential/Commercial — 0.7%
KB Home		147,502		4,879,366
Taylor Morrison Home Corp.†		227,727		4,401,963
Toll Brothers, Inc.		207,834		6,715,117
TRI Pointe Group, Inc.†		239,734		3,432,991
				19,429,437
Cable/Satellite TV — 0.6%
Cable One, Inc.		8,653		16,327,259
Casino Hotels — 0.5%
Boyd Gaming Corp.		137,807		2,946,314
Caesars Entertainment Corp.†		960,977		10,945,528
				13,891,842
Casino Services — 0.2%
Eldorado Resorts, Inc.†#		112,477		3,988,434
Scientific Games Corp.†		93,123		1,464,825
				5,453,259
Chemicals-Diversified — 0.1%
Olin Corp.		274,914		3,307,215
Chemicals-Plastics — 0.1%
PolyOne Corp.		155,385		3,850,440
Chemicals-Specialty — 1.3%
Ashland Global Holdings, Inc.		103,698		6,964,358
Cabot Corp.		98,102		3,504,203
Chemours Co.		281,509		3,690,583
Ingevity Corp.†		72,011		3,792,819
Minerals Technologies, Inc.		60,012		2,959,192
NewMarket Corp.		12,714		5,544,957
Sensient Technologies Corp.		72,863		3,651,894
Valvoline, Inc.		324,373		5,952,244
				36,060,250
Coatings/Paint — 0.6%
RPM International, Inc.		223,278		16,696,729
Commercial Services — 0.5%
CoreLogic, Inc.		136,913		6,785,408
LiveRamp Holdings, Inc.†		116,556		5,877,919
WW International, Inc.†		79,979		1,911,498
				14,574,825

146

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Commercial Services-Finance — 0.5%
Sabre Corp.		471,565	$	3,286,808
WEX, Inc.†		74,535		11,037,143
				14,323,951
Computer Services — 1.2%
CACI International, Inc., Class A†		43,117		10,812,881
MAXIMUS, Inc.		110,156		7,933,435
Perspecta, Inc.		236,756		5,248,881
Science Applications International Corp.		84,479		7,437,531
				31,432,728
Computer Software — 0.4%
J2 Global, Inc.#		79,707		6,241,058
Teradata Corp.†		193,698		4,147,074
				10,388,132
Computers-Integrated Systems — 0.3%
NCR Corp.†		219,696		3,965,513
NetScout Systems, Inc.†		113,391		3,114,851
				7,080,364
Computers-Other — 0.4%
Lumentum Holdings, Inc.†		132,920		9,745,694
Consulting Services — 0.3%
FTI Consulting, Inc.†		64,791		7,804,724
Consumer Products-Misc. — 0.3%
Helen of Troy, Ltd.†		43,327		7,882,048
Containers-Metal/Glass — 0.3%
Greif, Inc., Class A		45,210		1,536,236
O-I Glass, Inc.		267,959		2,052,566
Silgan Holdings, Inc.		133,501		4,464,273
				8,053,075
Containers-Paper/Plastic — 0.3%
Sonoco Products Co.		172,344		8,929,143
Cosmetics & Toiletries — 0.1%
Edgewell Personal Care Co.†		93,331		2,839,129
Data Processing/Management — 0.8%
CommVault Systems, Inc.†		72,407		2,929,587
Fair Isaac Corp.†		49,866		20,078,545
				23,008,132
Dental Supplies & Equipment — 0.1%
Patterson Cos., Inc.		148,326		2,920,539
Diagnostic Equipment — 0.4%
Repligen Corp.†		80,669		10,565,219
Disposable Medical Products — 0.2%
ICU Medical, Inc.†		33,103		6,608,021
Distribution/Wholesale — 1.2%
KAR Auction Services, Inc.#		221,716		3,181,624
Pool Corp.		68,935		18,544,894
Resideo Technologies, Inc.†		211,463		1,492,929
Watsco, Inc.		56,212		10,000,677
				33,220,124
Diversified Manufacturing Operations — 0.9%
Carlisle Cos., Inc.		97,577		11,695,579
ITT, Inc.		150,998		8,712,585
Trinity Industries, Inc.		168,987		3,374,670
				23,782,834

Security Description	Shares		Value (Note 2)
E-Commerce/Products — 0.6%
Etsy, Inc.†		204,009	$	16,520,649
E-Commerce/Services — 0.5%
GrubHub, Inc.†#		157,453		8,933,883
TripAdvisor, Inc.		180,907		3,487,887
				12,421,770
Electric Products-Misc. — 0.2%
Littelfuse, Inc.		41,939		6,814,668
Electric-Integrated — 1.8%
ALLETE, Inc.		88,960		5,224,621
Black Hills Corp.		105,809		6,529,473
Hawaiian Electric Industries, Inc.		187,625		7,403,682
IDACORP, Inc.		86,772		8,089,754
NorthWestern Corp.		86,857		5,221,843
OGE Energy Corp.		344,655		10,794,595
PNM Resources, Inc.		137,145		5,598,259
				48,862,227
Electronic Components-Misc. — 1.4%
Gentex Corp.		435,557		11,516,127
Hubbell, Inc.		93,640		11,463,409
Jabil, Inc.		239,181		7,156,296
nVent Electric PLC		267,937		4,911,285
Vishay Intertechnology, Inc.		227,871		3,705,182
				38,752,299
Electronic Components-Semiconductors — 1.5%
Cree, Inc.†		185,451		9,771,413
Monolithic Power Systems, Inc.		69,556		14,589,371
Semtech Corp.†		114,060		6,065,711
Silicon Laboratories, Inc.†		74,678		6,994,342
Synaptics, Inc.†		57,617		3,671,355
				41,092,192
Electronic Measurement Instruments — 0.9%
National Instruments Corp.		203,087		7,863,529
Trimble, Inc.†		428,949		16,780,485
				24,644,014
Electronic Parts Distribution — 1.1%
Arrow Electronics, Inc.†		140,236		9,687,503
Avnet, Inc.		173,832		4,735,184
SYNNEX Corp.		70,351		7,502,934
Tech Data Corp.†		60,990		8,309,277
				30,234,898
Electronics-Military — 0.3%
Mercury Systems, Inc.†		95,621		8,543,736
Energy-Alternate Sources — 0.9%
Enphase Energy, Inc.†		136,967		7,970,110
First Solar, Inc.†		130,669		6,091,789
SolarEdge Technologies, Inc.†		83,697		11,876,604
				25,938,503
Engineering/R&D Services — 0.7%
AECOM†		270,464		10,485,889
Fluor Corp.		241,346		2,802,027
KBR, Inc.		243,997		5,721,730
				19,009,646
Enterprise Software/Service — 2.1%
ACI Worldwide, Inc.†		199,034		5,489,358
Blackbaud, Inc.		84,687		4,963,505
Ceridian HCM Holding, Inc.†		173,527		11,950,805

147

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Enterprise Software/Service (continued)
Manhattan Associates, Inc.†		110,022	$	9,725,945
Tyler Technologies, Inc.†		67,124		25,192,308
				57,321,921
Environmental Consulting & Engineering — 0.3%
Tetra Tech, Inc.		93,988		7,415,653
Filtration/Separation Products — 0.4%
Donaldson Co., Inc.		217,908		10,339,735
Finance-Consumer Loans — 0.4%
LendingTree, Inc.†#		13,205		3,433,564
Navient Corp.		292,928		2,179,384
SLM Corp.		726,872		5,509,690
				11,122,638
Finance-Investment Banker/Broker — 0.6%
Evercore, Inc., Class A		67,297		3,708,738
Interactive Brokers Group, Inc., Class A		132,143		5,596,256
Jefferies Financial Group, Inc.		411,844		6,033,514
				15,338,508
Finance-Other Services — 0.4%
SEI Investments Co.		217,312		11,782,657
Firearms & Ammunition — 0.3%
Axon Enterprise, Inc.†		102,171		7,760,909
Food-Baking — 0.3%
Flowers Foods, Inc.		331,400		7,817,726
Food-Catering — 0.1%
Healthcare Services Group, Inc.#		127,615		3,052,551
Food-Confectionery — 0.0%
Tootsie Roll Industries, Inc.#		29,753		1,059,802
Food-Misc./Diversified — 1.3%
Hain Celestial Group, Inc.†#		138,321		4,354,345
Ingredion, Inc.		114,952		9,682,407
Lancaster Colony Corp.		34,072		5,228,689
Post Holdings, Inc.†		114,436		9,962,798
TreeHouse Foods, Inc.†		96,786		5,101,590
				34,329,829
Food-Retail — 0.2%
Sprouts Farmers Market, Inc.†		203,407		5,111,618
Footwear & Related Apparel — 0.3%
Skechers U.S.A., Inc., Class A†		230,568		7,221,390
Funeral Services & Related Items — 0.5%
Service Corp. International		314,708		12,408,936
Garden Products — 0.8%
Scotts Miracle-Gro Co.		68,219		9,725,983
Toro Co.		183,543		13,044,401
				22,770,384
Gas-Distribution — 1.6%
National Fuel Gas Co.#		148,631		6,238,043
New Jersey Resources Corp.		164,433		5,774,887
ONE Gas, Inc.		90,800		7,624,476
Southwest Gas Holdings, Inc.		94,053		7,143,325
Spire, Inc.		87,770		6,400,189
UGI Corp.		359,867		11,458,165
				44,639,085
Gold Mining — 0.6%
Royal Gold, Inc.		112,934		15,042,809

Security Description	Shares		Value (Note 2)
Hazardous Waste Disposal — 0.5%
Clean Harbors, Inc.†		88,403	$	5,250,254
Stericycle, Inc.†#		156,900		8,602,827
				13,853,081
Health Care Cost Containment — 0.3%
HealthEquity, Inc.†		122,036		7,562,571
Home Furnishings — 0.2%
Tempur Sealy International, Inc.†		78,229		5,102,878
Hotels/Motels — 0.6%
Choice Hotels International, Inc.		54,694		4,420,916
Wyndham Destinations, Inc.		156,170		4,966,206
Wyndham Hotels & Resorts, Inc.		163,855		7,525,860
				16,912,982
Human Resources — 0.9%
ASGN, Inc.†		90,909		5,599,085
Insperity, Inc.		64,735		3,355,862
ManpowerGroup, Inc.		101,519		7,019,024
Paylocity Holding Corp.†		61,731		8,025,339
				23,999,310
Industrial Automated/Robotic — 0.6%
Cognex Corp.		294,243		16,695,348
Instruments-Controls — 0.2%
Woodward, Inc.		97,087		6,658,226
Insurance Brokers — 0.6%
Brown & Brown, Inc.		402,631		16,185,766
Insurance-Life/Health — 0.6%
Brighthouse Financial, Inc.†		188,126		5,589,224
CNO Financial Group, Inc.		260,227		3,734,257
Primerica, Inc.		71,212		8,092,532
				17,416,013
Insurance-Multi-line — 0.6%
American Financial Group, Inc.		128,867		7,762,948
Genworth Financial, Inc., Class A†		866,585		2,643,084
Kemper Corp.		107,865		6,838,641
				17,244,673
Insurance-Property/Casualty — 1.8%
Alleghany Corp.		24,781		12,715,131
First American Financial Corp.		193,415		9,765,523
Hanover Insurance Group, Inc.		67,824		6,806,139
Mercury General Corp.		46,701		1,878,781
Old Republic International Corp.		491,314		7,659,585
RLI Corp.		68,705		5,424,947
Selective Insurance Group, Inc.		102,276		5,364,376
				49,614,482
Insurance-Reinsurance — 1.0%
Essent Group, Ltd.		169,395		5,600,198
Reinsurance Group of America, Inc.		107,801		9,782,941
RenaissanceRe Holdings, Ltd.		76,036		12,763,403
				28,146,542
Internet Content-Information/News — 0.1%
Yelp, Inc.†		109,992		2,391,226
Investment Management/Advisor Services — 1.3%
Affiliated Managers Group, Inc.		84,835		5,651,708
Eaton Vance Corp.		194,806		7,022,756
Federated Hermes, Inc.		165,415		3,662,288
Janus Henderson Group PLC		267,930		5,776,571
Legg Mason, Inc.		140,487		7,000,467

148

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Investment Management/Advisor Services (continued)
Stifel Financial Corp.		117,723	$	5,616,564
				34,730,354
Lasers-System/Components — 0.5%
Coherent, Inc.†		41,584		6,038,413
II-VI, Inc.†#		150,163		7,137,247
				13,175,660
Lighting Products & Systems — 0.6%
Acuity Brands, Inc.		68,221		5,877,239
Universal Display Corp.		73,002		10,702,093
				16,579,332
Machine Tools & Related Products — 0.6%
Colfax Corp.†		143,952		4,039,293
Kennametal, Inc.		142,660		3,957,389
Lincoln Electric Holdings, Inc.		105,284		8,651,186
				16,647,868
Machinery-Construction & Mining — 0.4%
Oshkosh Corp.		117,178		8,415,724
Terex Corp.		112,941		1,775,432
				10,191,156
Machinery-Electrical — 0.2%
Regal Beloit Corp.		70,492		5,606,934
Machinery-Farming — 0.2%
AGCO Corp.		107,925		5,960,698
Machinery-General Industrial — 0.8%
Crane Co.		87,779		4,891,046
Nordson Corp.		88,095		16,592,693
				21,483,739
Machinery-Pumps — 0.8%
Curtiss-Wright Corp.		73,500		7,372,050
Graco, Inc.		287,154		13,843,694
				21,215,744
Medical Information Systems — 0.1%
Allscripts Healthcare Solutions, Inc.†		279,555		1,766,788
Medical Instruments — 1.2%
Bio-Techne Corp.		65,620		17,376,176
Cantel Medical Corp.		64,510		2,714,581
Integra LifeSciences Holdings Corp.†		122,707		6,394,262
NuVasive, Inc.†		89,659		5,433,335
				31,918,354
Medical Labs & Testing Services — 1.6%
Catalent, Inc.†		266,451		20,711,236
Charles River Laboratories International, Inc.†		84,089		15,107,430
MEDNAX, Inc.†		145,141		2,254,040
Syneos Health, Inc.†		107,227		6,539,774
				44,612,480
Medical Products — 2.4%
Avanos Medical, Inc.†		82,522		2,398,089
Globus Medical, Inc., Class A†		132,529		7,242,710
Haemonetics Corp.†		87,264		9,571,116
Hill-Rom Holdings, Inc.		114,948		11,686,763
LivaNova PLC†		83,333		4,457,482
Masimo Corp.†		84,469		20,288,609
Penumbra, Inc.†#		55,305		9,535,688
				65,180,457

Security Description	Shares		Value (Note 2)
Medical-Biomedical/Gene — 2.0%
Arrowhead Pharmaceuticals, Inc.†#		172,358	$	5,556,822
Bio-Rad Laboratories, Inc., Class A†		37,203		18,278,578
Exelixis, Inc.†		523,149		12,927,012
Ligand Pharmaceuticals, Inc.†#		28,418		2,886,416
Nektar Therapeutics†#		302,895		6,572,822
United Therapeutics Corp.†		75,552		8,911,358
				55,133,008
Medical-Drugs — 0.5%
PRA Health Sciences, Inc.†		108,898		11,270,943
Prestige Consumer Healthcare, Inc.†		86,489		3,649,836
				14,920,779
Medical-HMO — 0.7%
Molina Healthcare, Inc.†		107,955		20,060,198
Medical-Hospitals — 0.3%
Acadia Healthcare Co., Inc.†		152,496		4,362,911
Tenet Healthcare Corp.†		178,882		3,892,472
				8,255,383
Medical-Outpatient/Home Medical — 1.2%
Amedisys, Inc.†		55,535		10,665,497
Chemed Corp.		27,563		13,189,171
LHC Group, Inc.†		51,000		8,288,010
				32,142,678
Metal Processors & Fabrication — 0.2%
Timken Co.		116,721		4,965,311
Metal Products-Distribution — 0.1%
Worthington Industries, Inc.		63,550		1,901,416
Miscellaneous Manufacturing — 0.4%
AptarGroup, Inc.		110,067		12,260,363
Multilevel Direct Selling — 0.1%
Nu Skin Enterprises, Inc., Class A		95,638		3,555,821
Multimedia — 0.7%
FactSet Research Systems, Inc.		65,332		20,090,243
Networking Products — 0.3%
LogMeIn, Inc.		84,048		7,135,675
Office Furnishings-Original — 0.2%
Herman Miller, Inc.		101,684		2,340,766
HNI Corp.		73,733		1,877,979
				4,218,745
Oil & Gas Drilling — 0.0%
Transocean, Ltd.†#		990,270		1,317,059
Oil Companies-Exploration & Production — 0.7%
Cimarex Energy Co.		175,292		4,606,674
CNX Resources Corp.†		321,258		3,273,619
EQT Corp.		440,155		5,871,668
Matador Resources Co.†#		188,778		1,480,019
WPX Energy, Inc.†		717,527		4,068,378
				19,300,358
Oil Companies-Integrated — 0.1%
Murphy Oil Corp.#		257,176		3,073,253
Oil Refining & Marketing — 0.3%
Murphy USA, Inc.†		49,784		5,779,922
PBF Energy, Inc., Class A		175,391		1,862,653
				7,642,575

149

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Oil-Field Services — 0.1%
Apergy Corp.†		133,367	$	1,209,639
NOW, Inc.†		187,328		1,395,593
				2,605,232
Paper & Related Products — 0.1%
Domtar Corp.		98,610		2,011,644
Pastoral & Agricultural — 0.2%
Darling Ingredients, Inc.†		281,871		6,570,413
Physical Therapy/Rehabilitation Centers — 0.5%
Encompass Health Corp.		169,765		12,435,286
Pipelines — 0.2%
Antero Midstream Corp.		511,393		2,444,458
Equitrans Midstream Corp.#		350,886		2,838,668
				5,283,126
Poultry — 0.2%
Pilgrim’s Pride Corp.†		90,237		1,865,199
Sanderson Farms, Inc.		33,947		4,481,683
				6,346,882
Power Converter/Supply Equipment — 0.4%
Generac Holdings, Inc.†		107,682		11,981,776
Printing-Commercial — 0.1%
Deluxe Corp.		72,490		1,691,192
Publishing-Books — 0.1%
John Wiley & Sons, Inc., Class A		75,324		3,028,025
Publishing-Newspapers — 0.5%
New York Times Co., Class A		247,510		9,709,817
TEGNA, Inc.		373,456		4,376,905
				14,086,722
Quarrying — 0.1%
Compass Minerals International, Inc.		58,340		2,810,821
Racetracks — 0.6%
Churchill Downs, Inc.		61,037		8,097,779
Penn National Gaming, Inc.†#		216,857		7,115,078
				15,212,857
Real Estate Investment Trusts — 9.1%
American Campus Communities, Inc.		236,578		7,641,469
Brixmor Property Group, Inc.		512,819		5,723,060
Camden Property Trust		166,721		15,266,642
CoreCivic, Inc.		205,054		2,466,800
CoreSite Realty Corp.		69,401		8,662,633
Corporate Office Properties Trust		192,938		4,817,662
Cousins Properties, Inc.		252,689		7,863,682
CyrusOne, Inc.		194,903		14,489,089
Douglas Emmett, Inc.		283,794		8,332,192
EastGroup Properties, Inc.		66,133		7,687,961
EPR Properties		135,085		4,264,633
First Industrial Realty Trust, Inc.		218,581		8,279,848
GEO Group, Inc.		208,806		2,501,496
Healthcare Realty Trust, Inc.		230,261		7,069,013
Highwoods Properties, Inc.		178,622		6,835,864
Hudson Pacific Properties, Inc.		266,804		6,448,653
JBG SMITH Properties		203,222		6,041,790
Kilroy Realty Corp.		167,924		9,591,819
Lamar Advertising Co., Class A		148,090		9,818,367
Life Storage, Inc.		80,320		7,829,594
Macerich Co.#		189,715		1,291,959
Mack-Cali Realty Corp.		155,912		2,371,421
Medical Properties Trust, Inc.		890,906		16,107,580

Security Description	Shares		Value (Note 2)
Real Estate Investment Trusts (continued)
National Retail Properties, Inc.		295,519	$	9,276,341
Omega Healthcare Investors, Inc.		376,207		11,715,086
Park Hotels & Resorts, Inc.		412,166		4,051,592
Pebblebrook Hotel Trust		224,920		3,072,407
Physicians Realty Trust		339,253		5,858,899
PotlatchDeltic Corp.		115,738		3,933,935
PS Business Parks, Inc.		34,485		4,608,575
Rayonier, Inc.		238,403		5,662,071
Sabra Health Care REIT, Inc.		353,432		4,757,195
Service Properties Trust		283,341		1,912,552
Spirit Realty Capital, Inc.		171,710		4,881,715
STORE Capital Corp.		367,891		7,115,012
Taubman Centers, Inc.		105,406		4,357,484
Urban Edge Properties		198,281		1,933,240
Weingarten Realty Investors		208,251		3,723,528
				248,262,859
Real Estate Management/Services — 0.3%
Jones Lang LaSalle, Inc.		88,730		9,085,952
Recreational Vehicles — 0.6%
Brunswick Corp.		140,451		7,726,210
Polaris, Inc.		99,006		8,647,184
				16,373,394
Rental Auto/Equipment — 0.2%
Aaron’s, Inc.		115,620		4,267,534
Avis Budget Group, Inc.†#		97,874		2,107,227
				6,374,761
Resorts/Theme Parks — 0.3%
Marriott Vacations Worldwide Corp.		64,424		5,787,208
Six Flags Entertainment Corp.		135,343		3,110,182
				8,897,390
Retail-Apparel/Shoe — 0.4%
American Eagle Outfitters, Inc.#		273,459		2,504,884
Foot Locker, Inc.		184,295		5,104,972
Urban Outfitters, Inc.†		121,456		2,057,465
				9,667,321
Retail-Automobile — 0.1%
AutoNation, Inc.†		101,377		4,002,364
Retail-Bedding — 0.1%
Bed Bath & Beyond, Inc.#		217,916		1,584,249
Retail-Catalog Shopping — 0.2%
MSC Industrial Direct Co., Inc., Class A		77,556		5,377,733
Retail-Convenience Store — 0.4%
Casey’s General Stores, Inc.		63,332		10,116,020
Retail-Discount — 0.6%
BJ’s Wholesale Club Holdings, Inc.†		210,342		7,572,312
Ollie’s Bargain Outlet Holdings, Inc.†		94,157		8,610,658
				16,182,970
Retail-Home Furnishings — 0.6%
RH†		28,129		6,100,899
Williams-Sonoma, Inc.		133,629		11,119,269
				17,220,168
Retail-Misc./Diversified — 0.5%
Five Below, Inc.†		95,856		10,031,331
Sally Beauty Holdings, Inc.†		200,285		2,611,716
				12,643,047

150

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Retail-Pawn Shops — 0.2%
FirstCash, Inc.		73,483	$	5,126,909
Retail-Petroleum Products — 0.1%
World Fuel Services Corp.		112,590		2,868,793
Retail-Regional Department Stores — 0.0%
Dillard’s, Inc., Class A#		16,972		509,330
Retail-Restaurants — 1.3%
Brinker International, Inc.		64,344		1,695,464
Cheesecake Factory, Inc.#		70,701		1,518,658
Cracker Barrel Old Country Store, Inc.		41,425		4,437,860
Dunkin’ Brands Group, Inc.		142,636		9,110,161
Jack in the Box, Inc.		40,723		2,729,256
Papa John’s International, Inc.		37,953		2,956,159
Texas Roadhouse, Inc.		112,335		5,824,570
Wendy’s Co.		316,868		6,736,614
				35,008,742
Retail-Sporting Goods — 0.1%
Dick’s Sporting Goods, Inc.		109,497		3,948,462
Rubber-Tires — 0.1%
Goodyear Tire & Rubber Co.		400,419		3,047,189
Savings & Loans/Thrifts — 0.6%
New York Community Bancorp, Inc.		804,665		8,086,883
Sterling Bancorp		347,874		4,278,850
Washington Federal, Inc.		134,893		3,488,333
				15,854,066
Schools — 0.5%
Adtalem Global Education, Inc.†		92,967		3,110,676
Graham Holdings Co., Class B		7,489		2,682,784
Grand Canyon Education, Inc.†		83,032		8,103,093
				13,896,553
Security Services — 0.1%
Brink’s Co.		86,131		3,453,853
Semiconductor Components-Integrated Circuits — 0.3%
Cirrus Logic, Inc.†		99,516		7,212,920
Semiconductor Equipment — 1.3%
Cabot Microelectronics Corp.		50,110		7,258,935
MKS Instruments, Inc.		93,853		9,913,692
Teradyne, Inc.		288,528		19,337,147
				36,509,774
Steel Pipe & Tube — 0.2%
Valmont Industries, Inc.		37,063		4,225,182
Steel-Producers — 1.1%
Carpenter Technology Corp.		82,162		1,920,126
Commercial Metals Co.		204,286		3,505,548
Reliance Steel & Aluminum Co.		114,767		11,132,399
Steel Dynamics, Inc.		370,956		9,852,591
United States Steel Corp.#		292,765		2,353,831
				28,764,495
Steel-Specialty — 0.1%
Allegheny Technologies, Inc.†		217,088		1,884,324
Telecom Equipment-Fiber Optics — 0.5%
Ciena Corp.†		266,349		14,718,446
Telephone-Integrated — 0.1%
Telephone & Data Systems, Inc.		168,393		3,450,373
Television — 0.2%
AMC Networks, Inc., Class A†		75,885		2,145,269

Security Description	Shares/ Principal Amount		Value (Note 2)
Television (continued)
World Wrestling Entertainment, Inc., Class A		81,709	$	3,780,675
				5,925,944
Theaters — 0.1%
Cinemark Holdings, Inc.		183,549		2,758,741
Tools-Hand Held — 0.3%
MSA Safety, Inc.		61,361		7,298,277
Toys — 0.2%
Mattel, Inc.†#		596,959		5,497,992
Transport-Equipment & Leasing — 0.1%
GATX Corp.		60,434		3,791,629
Transport-Marine — 0.2%
Kirby Corp.†		103,214		5,292,814
Transport-Services — 0.1%
Ryder System, Inc.		91,756		3,143,561
Transport-Truck — 1.2%
Knight-Swift Transportation Holdings, Inc.#		211,544		8,802,346
Landstar System, Inc.		67,945		7,899,286
Werner Enterprises, Inc.		76,259		3,524,691
XPO Logistics, Inc.†		158,918		12,524,327
				32,750,650
Water — 0.6%
Essential Utilities, Inc.		371,626		16,262,354
Wire & Cable Products — 0.1%
Belden, Inc.		66,527		2,264,579
Wireless Equipment — 0.3%
InterDigital, Inc.		53,604		2,946,612
ViaSat, Inc.†		99,297		4,170,474
				7,117,086
Total Long-Term Investment Securities
(cost $2,328,802,633)				2,671,305,730
SHORT-TERM INVESTMENT SECURITIES — 1.6%
Registered Investment Companies — 1.2%
State Street Navigator Securities Lending Government Money Market Portfolio 0.13%(1)(2)		32,122,640		32,122,640
U.S. Government Treasuries— 0.4%
United States Cash Management Bills 0.12% due 09/15/2020(3)	$	150,000		149,936
United States Treasury Bills 0.15% due 03/25/2021(3)		400,000		399,348
0.16% due 04/22/2021(3)		3,500,000		3,494,194
0.21% due 09/10/2020(3)		2,000,000		1,999,088
0.34% due 08/13/2020(3)		900,000		899,756
1.52% due 07/16/2020(3)		3,500,000		3,499,420
1.54% due 07/02/2020(3)		350,000		349,958
				10,791,700
Total Short-Term Investment Securities
(cost $42,908,245)				42,914,340

151

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Principal Amount			Value (Note 2)
REPURCHASE AGREEMENTS — 2.2%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00%, dated 05/29/2020, to be repurchased 06/01/2020 in the amount of $59,545,000 collateralized by $56,560,000 of United States Treasury Notes, bearing interest at 2.13% due 03/31/2024 and having an approximate value of $60,738,031 (cost $59,545,000)	$	59,545,000			59,545,000
TOTAL INVESTMENTS
(cost $2,431,255,878)(4)		101.5	%		2,773,765,070
Liabilities in excess of other assets		(1.5	)		(39,651,037	)
NET ASSETS		100.0	%	$	2,734,114,033

† Non-income producing security

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

(1) At May 31, 2020, the Fund had loaned securities with a total value of $81,419,499. This was secured by collateral of $32,122,640, which was received in cash and subsequently invested in short-term investments currently valued at $32,122,640 as reported in the Portfolio of Investments. Additional collateral of $52,218,085 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2020
Federal Home Loan Mtg. Corp.	2.50% to 3.50%	12/01/2047 to 03/01/2050	$	5,057,624
Federal National Mtg. Assoc.	1.85% to 4.00%	01/25/2030 to 03/01/2050		8,846,549
Government National Mtg. Assoc.	2.50% to 2.50%	09/20/2046		660,863
United States Treasury Bills	0.00%	06/18/2020 to 08/13/2020		969,166
United States Treasury Notes/Bonds	zero coupon to 8.75%	06/15/2020 to 11/15/2049		36,683,883

(2) The rate shown is the 7-day yield as of May 31, 2020.

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

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

Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	354	Long	S&P Mid Cap 400 E-Mini Index		June 2020	$	59,449,676	$	62,385,420	$	2,935,744

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

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2020 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	2,671,305,730	$	—	$	—	$	2,671,305,730
Short-Term Investment Securities:
Registered Investment Companies		32,122,640		—		—		32,122,640
U.S. Government Treasuries		—		10,791,700		—		10,791,700
Repurchase Agreements		—		59,545,000		—		59,545,000
Total Investments at Value	$	2,703,428,370	$	70,336,700	$	—	$	2,773,765,070
Other Financial Instruments:†
Futures Contracts	$	2,935,744	$	—	$	—	$	2,935,744

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

† Amounts represent unrealized appreciation/depreciation as of the end of the reporting period.

See Notes to Financial Statements

152

VALIC Company I Mid Cap Strategic Growth Fund

PORTFOLIO PROFILE — May 31, 2020 (unaudited)

Industry Allocation*

Commercial Services — Finance	5.3	%
Electronic Components — Semiconductors	4.5
Enterprise Software/Service	4.7
Medical Products	3.8
Semiconductor Equipment	3.2
Data Processing/Management	3.2
Computer Software	3.0
Real Estate Investment Trusts	2.9
Medical Labs & Testing Services	2.8
Insurance — Property/Casualty	2.5
Electronic Measurement Instruments	2.2
Computer Services	2.1
Entertainment Software	2.1
Insurance Brokers	2.0
Web Hosting/Design	1.9
Consulting Services	1.9
Instruments — Scientific	1.9
Medical Instruments	1.8
Short-Term Investment Securities	1.8
Retail — Restaurants	1.7
Telecommunication Equipment	1.7
Electronic Connectors	1.7
Medical — Drugs	1.6
Electronic Components — Misc.	1.6
Dental Supplies & Equipment	1.3
Drug Delivery Systems	1.3
Commercial Services	1.2
Investment Management/Advisor Services	1.1
Retail — Apparel/Shoe	1.1
Distribution/Wholesale	1.0
Disposable Medical Products	1.0
Aerospace/Defense — Equipment	0.9
Aerospace/Defense	0.9
Machinery — General Industrial	0.9
Retail — Automobile	0.9
Finance — Investment Banker/Broker	0.8
Containers — Metal/Glass	0.8
Therapeutics	0.8
Veterinary Diagnostics	0.8
Internet Brokers	0.8
Apparel Manufacturers	0.8
Auction Houses/Art Dealers	0.7
Retail — Pet Food & Supplies	0.7
Diagnostic Kits	0.7
Hazardous Waste Disposal	0.7
Non-Hazardous Waste Disposal	0.7
E-Commerce/Products	0.7
Electric Products — Misc.	0.7
E-Commerce/Services	0.7
Computer Data Security	0.7
Retail — Discount	0.7
Food — Wholesale/Distribution	0.7
Metal Processors & Fabrication	0.6
Printing — Commercial	0.6
Chemicals — Diversified	0.6
Containers — Paper/Plastic	0.6
Transport — Rail	0.6
Audio/Video Products	0.6
Transport — Truck	0.6
Advertising Services	0.6
Food — Misc./Diversified	0.5
Building — Maintenance & Services	0.5
Retail — Floor Coverings	0.5
Rental Auto/Equipment	0.5
Medical — HMO	0.5
Cruise Lines	0.5
Real Estate Management/Services	0.5
Finance — Other Services	0.5
Airlines	0.4

Hotels/Motels	0.4
Building & Construction — Misc.	0.4
Finance — Credit Card	0.4
Food — Catering	0.4
Electronics — Military	0.4
Electric — Integrated	0.4
Decision Support Software	0.3
Banks — Commercial	0.3
Diversified Manufacturing Operations	0.3
Machinery — Pumps	0.3
Broadcast Services/Program	0.3
Registered Investment Companies	0.3
Auto/Truck Parts & Equipment — Original	0.3
Medical — Biomedical/Gene	0.2
Retail — Home Furnishings	0.1
Wire & Cable Products	0.1
	100.1	%

* Calculated as a percentage of net assets

153

VALIC Company I Mid Cap Strategic Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 97.3%
Advertising Services — 0.6%
Trade Desk, Inc., Class A†#		5,881	$	1,832,284
Aerospace/Defense — 0.9%
Teledyne Technologies, Inc.†		7,509		2,809,267
Aerospace/Defense - Equipment — 0.9%
L3Harris Technologies, Inc.		14,725		2,936,901
Airlines — 0.4%
Ryanair Holdings PLC ADR†		19,348		1,388,606
Apparel Manufacturers — 0.8%
Gildan Activewear, Inc.		87,484		1,216,902
VF Corp.		21,970		1,232,517
				2,449,419
Auction Houses/Art Dealers — 0.7%
Ritchie Bros. Auctioneers, Inc.		54,653		2,364,835
Audio/Video Products — 0.6%
Dolby Laboratories, Inc., Class A		30,476		1,850,807
Auto/Truck Parts & Equipment - Original — 0.3%
Visteon Corp.†#		11,494		827,568
Banks - Commercial — 0.3%
SVB Financial Group†		4,938		1,060,436
Broadcast Services/Program — 0.3%
Liberty Media Corp. — Liberty Formula One, Series C†		26,823		929,417
Building & Construction - Misc. — 0.4%
Frontdoor, Inc.†		26,393		1,204,840
Building - Maintenance & Services — 0.5%
ServiceMaster Global Holdings, Inc.†		52,786		1,736,659
Chemicals - Diversified — 0.6%
FMC Corp.		19,829		1,951,372
Commercial Services — 1.2%
CoStar Group, Inc.†		3,625		2,380,900
Edenred		33,361		1,397,060
				3,777,960
Commercial Services - Finance — 5.3%
Equifax, Inc.		16,569		2,544,336
Euronet Worldwide, Inc.†		8,062		763,713
Global Payments, Inc.		23,489		4,216,041
IHS Markit, Ltd.		18,510		1,285,704
Repay Holdings Corp.†#		110,270		2,540,621
Square, Inc., Class A†		24,060		1,950,785
WEX, Inc.†		23,223		3,438,862
				16,740,062
Computer Data Security — 0.7%
Zscaler, Inc.†#		21,425		2,101,578
Computer Services — 2.1%
Amdocs, Ltd.		47,122		2,933,816
EPAM Systems, Inc.†		15,870		3,660,257
				6,594,073
Computer Software — 3.0%
Dynatrace, Inc.†		4,149		159,612
Slack Technologies, Inc., Class A†		40,880		1,432,844
Splunk, Inc.†		19,658		3,653,243
SS&C Technologies Holdings, Inc.		71,406		4,134,050
				9,379,749

Security Description	Shares		Value (Note 2)
Consulting Services — 1.9%
Booz Allen Hamilton Holding Corp.		32,305	$	2,576,647
Verisk Analytics, Inc.		19,846		3,427,007
				6,003,654
Containers - Metal/Glass — 0.8%
Crown Holdings, Inc.†		39,585		2,590,047
Containers - Paper/Plastic — 0.6%
Sealed Air Corp.		58,210		1,868,541
Cruise Lines — 0.5%
Royal Caribbean Cruises, Ltd.		28,033		1,454,072
Data Processing/Management — 3.2%
Broadridge Financial Solutions, Inc.		29,634		3,588,677
Fidelity National Information Services, Inc.		47,009		6,526,260
				10,114,937
Decision Support Software — 0.3%
MSCI, Inc.		3,235		1,063,830
Dental Supplies & Equipment — 1.3%
Align Technology, Inc.†		10,660		2,618,309
DENTSPLY SIRONA, Inc.		30,224		1,406,021
				4,024,330
Diagnostic Kits — 0.7%
IDEXX Laboratories, Inc.†		7,465		2,305,789
Disposable Medical Products — 1.0%
ICU Medical, Inc.†		6,402		1,277,967
Teleflex, Inc.		4,872		1,767,854
				3,045,821
Distribution/Wholesale — 1.0%
Ferguson PLC		14,883		1,175,553
IAA, Inc.†		48,905		2,005,105
				3,180,658
Diversified Manufacturing Operations — 0.3%
Carlisle Cos., Inc.		8,128		974,222
Drug Delivery Systems — 1.3%
DexCom, Inc.†		10,621		4,018,031
E-Commerce/Products — 0.7%
Wayfair, Inc., Class A†#		13,079		2,243,702
Electric Products - Misc. — 0.7%
AMETEK, Inc.		24,348		2,232,955
Electric - Integrated — 0.4%
Alliant Energy Corp.		23,898		1,179,605
Electronic Components - Misc. — 1.6%
Flex, Ltd.†		172,800		1,677,888
Sensata Technologies Holding PLC†		90,606		3,230,104
				4,907,992
Electronic Components - Semiconductors — 4.5%
Advanced Micro Devices, Inc.†		43,660		2,348,908
IPG Photonics Corp.†		6,220		966,588
Microchip Technology, Inc.#		47,249		4,536,849
Monolithic Power Systems, Inc.		10,502		2,202,794
ON Semiconductor Corp.†		133,138		2,195,446
Xilinx, Inc.		19,665		1,808,197
				14,058,782

154

VALIC Company I Mid Cap Strategic Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Electronic Connectors — 1.7%
TE Connectivity, Ltd.		64,979	$	5,279,544
Electronic Measurement Instruments — 2.2%
Agilent Technologies, Inc.		15,134		1,333,911
Keysight Technologies, Inc.†		16,030		1,733,324
National Instruments Corp.		60,076		2,326,142
Trimble, Inc.†		35,507		1,389,034
				6,782,411
Electronics - Military — 0.4%
Mercury Systems, Inc.†		13,260		1,184,781
Enterprise Software/Service — 4.7%
Atlassian Corp. PLC, Class A†		28,987		5,371,291
Ceridian HCM Holding, Inc.†		29,105		2,004,461
Clarivate PLC†		67,815		1,552,285
Constellation Software, Inc.		5,181		5,889,486
				14,817,523
Entertainment Software — 2.1%
Take-Two Interactive Software, Inc.†		22,005		2,996,421
Zynga, Inc., Class A†		381,772		3,493,214
				6,489,635
Finance - Credit Card — 0.4%
Discover Financial Services		25,320		1,202,953
Finance - Investment Banker/Broker — 0.8%
Tradeweb Markets, Inc.		40,510		2,672,040
Finance - Other Services — 0.5%
Cboe Global Markets, Inc.		13,579		1,445,620
Food - Catering — 0.4%
Aramark		45,984		1,190,526
Food - Misc./Diversified — 0.5%
Lamb Weston Holdings, Inc.		28,985		1,740,839
Food - Wholesale/Distribution — 0.7%
Grocery Outlet Holding Corp.†		56,390		2,075,716
Hazardous Waste Disposal — 0.7%
Clean Harbors, Inc.†		38,360		2,278,200
Hotels/Motels — 0.4%
Hyatt Hotels Corp., Class A		22,470		1,237,872
Instruments - Scientific — 1.9%
PerkinElmer, Inc.		39,278		3,946,261
Waters Corp.†		10,225		2,043,466
				5,989,727
Insurance Brokers — 2.0%
Aon PLC, Class A		20,125		3,963,619
Willis Towers Watson PLC		11,282		2,289,118
				6,252,737
Insurance - Property/Casualty — 2.5%
Intact Financial Corp.		32,362		3,089,415
James River Group Holdings, Ltd.		57,855		2,237,253
WR Berkley Corp.		46,051		2,668,655
				7,995,323
Internet Brokers — 0.8%
TD Ameritrade Holding Corp.		67,417		2,512,632
Investment Management/Advisor Services — 1.1%
LPL Financial Holdings, Inc.		49,092		3,504,678

Security Description	Shares		Value (Note 2)
Machinery - General Industrial — 0.9%
Middleby Corp.†		11,741	$	799,562
Westinghouse Air Brake Technologies Corp.		32,617		1,991,920
				2,791,482
Machinery - Pumps — 0.3%
Ingersoll Rand, Inc.†		33,521		945,292
Medical Instruments — 1.8%
Boston Scientific Corp.†		101,097		3,840,675
Edwards Lifesciences Corp.†		8,137		1,828,547
				5,669,222
Medical Labs & Testing Services — 2.8%
Catalent, Inc.†		76,900		5,977,437
IQVIA Holdings, Inc.†		19,021		2,844,020
				8,821,457
Medical Products — 3.8%
Cooper Cos., Inc.		16,945		5,371,226
Haemonetics Corp.†		17,360		1,904,045
STERIS PLC		21,235		3,522,674
Varian Medical Systems, Inc.†		8,925		1,083,406
				11,881,351
Medical - Biomedical/Gene — 0.2%
Ascendis Pharma A/S ADR†		718		104,462
Immunomedics, Inc.†		18,270		613,689
				718,151
Medical - Drugs — 1.6%
Bristol-Myers Squibb Co.		16,783		1,002,281
Horizon Therapeutics PLC†		49,185		2,495,155
PRA Health Sciences, Inc.†		14,100		1,459,350
				4,956,786
Medical - HMO — 0.5%
Molina Healthcare, Inc.†		8,565		1,591,548
Metal Processors & Fabrication — 0.6%
Rexnord Corp.		68,378		2,058,178
Non-Hazardous Waste Disposal — 0.7%
Waste Connections, Inc.		23,981		2,255,173
Printing - Commercial — 0.6%
Cimpress PLC†#		21,899		1,973,757
Real Estate Investment Trusts — 2.9%
Crown Castle International Corp.		27,509		4,735,949
Lamar Advertising Co., Class A		46,752		3,099,658
Terreno Realty Corp.		23,855		1,221,137
				9,056,744
Real Estate Management/Services — 0.5%
CBRE Group, Inc., Class A†		32,956		1,449,405
Rental Auto/Equipment — 0.5%
United Rentals, Inc.†		11,541		1,602,929
Retail - Apparel/Shoe — 1.1%
Lululemon Athletica, Inc.†		11,240		3,373,068
Retail - Automobile — 0.9%
CarMax, Inc.†#		30,615		2,695,651
Retail - Discount — 0.7%
Dollar Tree, Inc.†		21,423		2,096,669

155

VALIC Company I Mid Cap Strategic Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
COMMON STOCKS (continued)
Retail - Floor Coverings — 0.5%
Floor & Decor Holdings, Inc., Class A†		32,601		$	1,695,252
Retail - Home Furnishings — 0.1%
Williams-Sonoma, Inc.#		5,415			450,582
Retail - Pet Food & Supplies — 0.7%
Freshpet, Inc.†		30,515			2,355,148
Retail - Restaurants — 1.7%
Chipotle Mexican Grill, Inc.†		3,145			3,157,297
Dunkin’ Brands Group, Inc.		35,716			2,281,181
					5,438,478
Semiconductor Equipment — 3.2%
Entegris, Inc.		29,765			1,782,328
KLA Corp.		19,812			3,486,119
Lam Research Corp.		18,186			4,976,963
					10,245,410
Telecommunication Equipment — 1.7%
NICE, Ltd., ADR†#		28,668			5,336,262
Therapeutics — 0.8%
Neurocrine Biosciences, Inc.†		11,263			1,405,172
Sarepta Therapeutics, Inc.†		7,463			1,136,391
					2,541,563
Transport - Rail — 0.6%
Kansas City Southern		12,400			1,866,448
Transport - Truck — 0.6%
XPO Logistics, Inc.†#		23,328			1,838,480
Veterinary Diagnostics — 0.8%
Elanco Animal Health, Inc.†		118,106			2,528,649
Web Hosting/Design — 1.9%
GoDaddy, Inc., Class A†		50,795			3,923,914
Wix.com, Ltd.†		9,588			2,131,700
					6,055,614
Wire & Cable Products — 0.1%
Belden, Inc.		8,019			272,967
Total Common Stocks
(cost $213,520,945)					306,417,274
CONVERTIBLE PREFERRED SECURITIES — 0.7%
E-Commerce/Services — 0.7%
Airbnb, Inc., Series D†(1)(2) (cost $1,197,696)		29,418			2,192,524
Total Long-Term Investment Securities
(cost $214,718,641)					308,609,798
SHORT-TERM INVESTMENT SECURITIES — 2.1%
Commercial Paper — 1.8%
Credit Agricole 0.04% due 06/01/2020	$	5,600,000			5,599,960
Registered Investment Companies — 0.3%
State Street Navigator Securities Lending Government Money Market Portfolio 0.13%(3)(4)		878,168			878,168
Total Short-Term Investment Securities
(cost $6,478,168)					6,478,128
TOTAL INVESTMENTS
(cost $221,196,809)(5)		100.1	%		315,087,926
Liabilities in excess of other assets		(0.1	)		(243,241	)
NET ASSETS		100.0	%	$	314,844,685

† Non-income producing security

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

(1) Securities classified as Level 3 (see Note 2).

(2) Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of May 31, 2020, the Fund held the following restricted securities:

Description	Acquistion Date		Shares		Acquistion Cost		Value		Value Per Share		% of Net Assets
Convertible Preferred Stocks
Airbnb, Inc. Series D		04/16/2014		29,418	$	1,197,696	$	2,192,524	$	74.53		0.68	%

(3) At May 31, 2020, the Fund had loaned securities with a total value of $10,698,793. This was secured by collateral of $878,168, which was received in cash and subsequently invested in short-term investments currently valued at $878,168 as reported in the Portfolio of Investments. Additional collateral of $9,323,210 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2020
Federal Home Loan Mtg. Corp.	2.50% to 3.50%	12/01/2047 to 03/01/2050	$	543,429
Federal National Mtg. Assoc.	1.85% to 4.00%	01/25/2030 to 03/01/2050		950,540
Government National Mtg. Assoc.	2.50%	09/20/2046		71,008
United States Treasury Bills	0.00%	06/18/2020 to 07/23/2020		122,306
United States Treasury Notes/Bonds	0.13% to 8.75%	06/15/2020 to 11/15/2049		7,635,927

(4) The rate shown is the 7-day yield as of May 31, 2020.

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

ADR—American Depositary Receipt

156

VALIC Company I Mid Cap Strategic Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2020 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs			Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks:
Commercial Services	$	2,380,900	$	1,397,060	**	$	—	$	3,777,960
Distribution/Wholesale		2,005,105		1,175,553	**		—		3,180,658
Other Industries		299,458,656		—			—		299,458,656
Convertible Preffered Securities:		—		—			2,192,524		2,192,524
Short-Term Investment Securities:
Commercial Paper		—		5,599,960			—		5,599,960
Registered Investment Companies		878,168		—			—		878,168
Total Investments at Value	$	304,722,829	$	8,172,573		$	2,192,524	$	315,087,926

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

** Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 2).

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

	Convertible Preferred Securities
Balance as of 05/31/2019	$	3,600,175
Accrued discounts		—
Accrued premiums		—
Realized Gain		—
Realized Loss		—
Change in unrealized appreciation(1)		—
Change in unrealized depreciation(1)		(1,407,651	)
Net Purchases		—
Net Sales		—
Transfers into Level 3		—
Transfers out of Level 3		—
Balance as of 05/31/2020	$	2,192,524

(1) The total change in unrealized appreciation (depreciation) attributable to Level 3 investments still held at May 31, 2020 includes:

Convertible Preferred Securities
$	(1,407,651	)

Any differences between the change in appreciation (depreciation) in the Level 3 reconciliation and the total change in unrealized appreciation (depreciation) is attributable to securities sold/no longer held at May 31, 2020.

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

See Notes to Financial Statements

157

VALIC Company I Nasdaq-100 Index Fund

PORTFOLIO PROFILE — May 31, 2020 (unaudited)

Industry Allocation*

Applications Software	11.2	%
Computers	10.5
E-Commerce/Products	9.9
Electronic Components — Semiconductors	8.6
Web Portals/ISP	7.7
Repurchase Agreements	6.1
Internet Content — Entertainment	5.8
Medical — Biomedical/Gene	5.5
Cable/Satellite TV	3.2
Commercial Services — Finance	2.3
Beverages — Non-alcoholic	2.1
Networking Products	1.9
Electronic Forms	1.8
Semiconductor Components — Integrated Circuits	1.7
Retail — Discount	1.5
Auto — Cars/Light Trucks	1.5
Semiconductor Equipment	1.4
Entertainment Software	1.3
E-Commerce/Services	1.3
Cellular Telecom	1.2
Computer Aided Design	1.2
Data Processing/Management	0.9
Retail — Restaurants	0.9
U.S. Government Treasuries	0.9
Computer Software	0.7
Food — Confectionery	0.7
Retail — Apparel/Shoe	0.7
Electric — Integrated	0.7
Medical Instruments	0.6
Transport — Rail	0.5
Commercial Services	0.5
Distribution/Wholesale	0.4
Retail — Drug Store	0.4
Food — Misc./Diversified	0.4
Drug Delivery Systems	0.3
Retail — Auto Parts	0.3
Enterprise Software/Service	0.3
Computer Services	0.3
Hotels/Motels	0.3
Consulting Services	0.3
Diagnostic Kits	0.3
Auto — Heavy Duty Trucks	0.2
Web Hosting/Design	0.2
Computers — Memory Devices	0.2
Medical Information Systems	0.2
Dental Supplies & Equipment	0.2
Broadcast Services/Program	0.2
Computer Data Security	0.2
E-Services/Consulting	0.2
Retail — Perfume & Cosmetics	0.1
Airlines	0.1
	99.9%

* Calculated as a percentage of net assets

158

VALIC Company I Nasdaq-100 Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 92.9%
Airlines — 0.1%
United Airlines Holdings, Inc.†		17,342	$	486,270
Applications Software — 11.2%
Intuit, Inc.		15,553		4,515,347
Microsoft Corp.		356,019		65,240,482
				69,755,829
Auto - Cars/Light Trucks — 1.5%
Tesla, Inc.†		10,993		9,179,155
Auto - Heavy Duty Trucks — 0.2%
PACCAR, Inc.		20,682		1,527,572
Beverages - Non-alcoholic — 2.1%
Monster Beverage Corp.†		32,057		2,305,219
PepsiCo, Inc.		82,967		10,914,309
				13,219,528
Broadcast Services/Program — 0.2%
Fox Corp., Class A		20,588		600,552
Fox Corp., Class B		15,645		450,263
				1,050,815
Cable/Satellite TV — 3.2%
Charter Communications, Inc., Class A†		12,537		6,820,128
Comcast Corp., Class A		271,289		10,743,045
Liberty Global PLC, Class A†		10,841		230,263
Liberty Global PLC, Class C†		26,205		540,609
Sirius XM Holdings, Inc.#		263,548		1,533,849
				19,867,894
Cellular Telecom — 1.2%
T-Mobile US, Inc.†		73,785		7,381,451
Commercial Services — 0.5%
Cintas Corp.		6,195		1,536,112
CoStar Group, Inc.†		2,188		1,437,079
				2,973,191
Commercial Services - Finance — 2.3%
Automatic Data Processing, Inc.		25,779		3,776,366
PayPal Holdings, Inc.†		70,035		10,856,125
				14,632,491
Computer Aided Design — 1.2%
ANSYS, Inc.†		5,130		1,451,790
Autodesk, Inc.†		13,111		2,758,292
Cadence Design Systems, Inc.†		16,728		1,527,099
Synopsys, Inc.†		8,970		1,622,763
				7,359,944
Computer Data Security — 0.2%
Check Point Software Technologies, Ltd.†		8,686		952,594
Computer Services — 0.3%
Cognizant Technology Solutions Corp., Class A		32,758		1,736,174
Computer Software — 0.7%
Citrix Systems, Inc.		7,306		1,082,165
Splunk, Inc.†		9,313		1,730,728
Zoom Video Communications, Inc., Class A†		10,004		1,795,518
				4,608,411
Computers — 10.5%
Apple, Inc.		204,805		65,115,702
Computers - Memory Devices — 0.2%
NetApp, Inc.		13,206		588,195
Western Digital Corp.		17,849		791,960
				1,380,155

Security Description	Shares		Value (Note 2)
Consulting Services — 0.3%
Verisk Analytics, Inc.		9,737	$	1,681,385
Data Processing/Management — 0.9%
Fiserv, Inc.†		40,548		4,329,310
Paychex, Inc.		21,399		1,546,720
				5,876,030
Dental Supplies & Equipment — 0.2%
Align Technology, Inc.†		4,702		1,154,905
Diagnostic Kits — 0.3%
IDEXX Laboratories, Inc.†		5,095		1,573,744
Distribution/Wholesale — 0.4%
Copart, Inc.†		13,954		1,247,348
Fastenal Co.		34,296		1,415,053
				2,662,401
Drug Delivery Systems — 0.3%
DexCom, Inc.†		5,469		2,068,977
E-Commerce/Products — 9.9%
Amazon.com, Inc.†		23,301		56,909,663
eBay, Inc.		41,846		1,905,667
JD.com, Inc. ADR†		55,344		3,006,840
				61,822,170
E-Commerce/Services — 1.3%
Booking Holdings, Inc.†		2,452		4,019,858
Expedia Group, Inc.		8,029		638,145
MercadoLibre, Inc.†		2,968		2,527,756
Trip.com Group, Ltd . ADR†		31,226		829,675
				8,015,434
E-Services/Consulting — 0.2%
CDW Corp.		8,525		945,508
Electric - Integrated — 0.7%
Exelon Corp.		58,175		2,228,684
Xcel Energy, Inc.		31,327		2,037,195
				4,265,879
Electronic Components - Semiconductors — 8.6%
Advanced Micro Devices, Inc.†		69,838		3,757,284
Broadcom, Inc.		23,851		6,947,081
Intel Corp.		255,371		16,070,497
Microchip Technology, Inc.#		14,302		1,373,278
Micron Technology, Inc.†		66,328		3,177,775
NVIDIA Corp.		36,541		12,972,786
Skyworks Solutions, Inc.		10,160		1,204,366
Texas Instruments, Inc.		55,766		6,621,655
Xilinx, Inc.		14,858		1,366,193
				53,490,915
Electronic Forms — 1.8%
Adobe, Inc.†		28,855		11,155,343
Enterprise Software/Service — 0.3%
Workday, Inc., Class A†		9,971		1,828,981
Entertainment Software — 1.3%
Activision Blizzard, Inc.		45,929		3,305,970
Electronic Arts, Inc.†		17,296		2,125,333
NetEase, Inc. ADR		4,356		1,667,912
Take-Two Interactive Software, Inc.†		6,772		922,143
				8,021,358
Food - Confectionery — 0.7%
Mondelez International, Inc., Class A		85,558		4,459,283

159

VALIC Company I Nasdaq-100 Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Food - Misc./Diversified — 0.4%
Kraft Heinz Co.		72,927	$	2,222,086
Hotels/Motels — 0.3%
Marriott International, Inc., Class A		19,358		1,713,183
Internet Content - Entertainment — 5.8%
Facebook, Inc., Class A†		112,607		25,346,710
Netflix, Inc.†		26,200		10,996,926
				36,343,636
Medical Information Systems — 0.2%
Cerner Corp.		18,625		1,357,762
Medical Instruments — 0.6%
Intuitive Surgical, Inc.†		6,925		4,016,708
Medical - Biomedical/Gene — 5.5%
Alexion Pharmaceuticals, Inc.†		13,219		1,584,958
Amgen, Inc.		35,216		8,089,115
Biogen, Inc.†		10,393		3,191,586
BioMarin Pharmaceutical, Inc.†		10,743		1,144,666
Gilead Sciences, Inc.		75,449		5,872,196
Illumina, Inc.†		8,777		3,186,490
Incyte Corp.†		12,943		1,319,021
Regeneron Pharmaceuticals, Inc.†		6,459		3,958,140
Seattle Genetics, Inc.†		10,285		1,616,905
Vertex Pharmaceuticals, Inc.†		15,480		4,457,621
				34,420,698
Networking Products — 1.9%
Cisco Systems, Inc.		253,214		12,108,693
Retail - Apparel/Shoe — 0.7%
Lululemon Athletica, Inc.†		7,364		2,209,899
Ross Stores, Inc.		21,428		2,077,659
				4,287,558
Retail - Auto Parts — 0.3%
O’Reilly Automotive, Inc.†		4,472		1,865,897
Retail - Discount — 1.5%
Costco Wholesale Corp.		26,376		8,136,205
Dollar Tree, Inc.†		14,131		1,383,001
				9,519,206
Retail - Drug Store — 0.4%
Walgreens Boots Alliance, Inc.		52,893		2,271,225
Retail - Perfume & Cosmetics — 0.1%
Ulta Beauty, Inc.†		3,413		832,806
Retail - Restaurants — 0.9%
Starbucks Corp.		70,079		5,465,461
Semiconductor Components - Integrated Circuits — 1.7%
Analog Devices, Inc.		21,986		2,483,319
Maxim Integrated Products, Inc.		16,085		927,783
NXP Semiconductors NV		16,703		1,605,158
QUALCOMM, Inc.		68,249		5,519,979
				10,536,239
Semiconductor Equipment — 1.4%
Applied Materials, Inc.		54,830		3,080,349
ASML Holding NV		4,415		1,454,787
KLA Corp.		9,361		1,647,162
Lam Research Corp.		8,690		2,378,192
				8,560,490
Transport - Rail — 0.5%
CSX Corp.		46,204		3,307,282

Security Description	Shares/ Principal Amount			Value (Note 2)
Web Hosting/Design — 0.2%
VeriSign, Inc.†		6,951		$	1,522,338
Web Portals/ISP — 7.7%
Alphabet, Inc., Class A†		16,106			23,088,273
Alphabet, Inc., Class C†		15,960			22,805,563
Baidu, Inc. ADR†		16,509			1,759,034
					47,652,870
Total Long-Term Investment Securities
(cost $211,170,007)					578,253,627
SHORT-TERM INVESTMENT SECURITIES — 0.9%
Registered Investment Companies — 0.0%
State Street Navigator Securities Lending Government Money Market Portfolio 0.13%(1)(2)		191,880			191,880
U.S. Government Treasuries — 0.9%
United States Treasury Bills
0.11% due 12/31/2020(3)	$	150,000			149,846
0.15% due 04/22/2021(3)		3,500,000			3,494,194
0.22% due 09/10/2020(3)		250,000			249,886
0.34% due 08/13/2020(3)		100,000			99,973
1.57% due 06/25/2020(3)		1,200,000			1,199,906
					5,193,805
Total Short-Term Investment Securities
(cost $5,385,664)					5,385,685
REPURCHASE AGREEMENTS — 6.1%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00%, dated 05/29/2020, to be repurchased 06/01/2020 in the amount $38,345,000 collateralized by $36,425,000 of United States Treasury Notes, bearing interest at 2.13% due 03/31/2024 and having an approximate value of $39,115,678 (cost $38,345,000)		38,345,000			38,345,000
TOTAL INVESTMENTS
(cost $254,900,671)(4)		99.9	%		621,984,312
Other assets less liabilities		0.1			534,528
NET ASSETS		100.0	%	$	622,518,840

† Non-income producing security

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

(1) The rate shown is the 7-day yield as of May 31, 2020.

(2) At May 31, 2020, the Fund had loaned securities with a total value of $305,885. This was secured by collateral of $191,880, which was received in cash and subsequently invested in short-term investments currently valued at $191,880 as reported in the Portfolio of Investments. Additional collateral of $116,570 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2020
United States Treasury Notes/Bonds	0.25% to 6.25%	06/15/2020 to 11/15/2048	$	116,570

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

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

ADR—American Depositary Receipt

160

VALIC Company I Nasdaq-100 Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Notional Basis*		Notional Value*		Unrealized Appreciation/ (Depreciation)
	232	Long	NASDAQ 100 E-Mini Index		June 2020	$	39,980,572	$	44,359,560	$	4,378,988

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

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2020 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	578,253,627	$	—	$	—	$	578,253,627
Short-Term Investment Securities:
Registered Investment Companies		191,880		—		—		191,880
U.S. Government Treasuries		—		5,193,805		—		5,193,805
Repurchase Agreements		—		38,345,000		—		38,345,000
Total Investments at Value	$	578,445,507	$	43,538,805	$	—	$	621,984,312
Other Financial Instruments:†
Futures Contracts	$	4,378,988	$	—	$	—	$	4,378,988

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

† Amounts represent unrealized appreciation/depreciation as of the end of the reporting period.

See Notes to Financial Statements

161

VALIC Company I Science & Technology Fund

PORTFOLIO PROFILE — May 31, 2020 (unaudited)

Industry Allocation*

Electronic Components — Semiconductors	10.9	%
Applications Software	10.5
E-Commerce/Products	7.9
Internet Content — Entertainment	7.3
Commercial Services — Finance	7.0
Computer Software	6.6
Web Portals/ISP	5.9
E-Commerce/Services	5.7
Enterprise Software/Service	4.7
Semiconductor Equipment	4.1
Registered Investment Companies	2.6
Entertainment Software	2.6
Finance — Credit Card	2.4
Computer Data Security	2.1
Computers	2.0
Retail — Apparel/Shoe	1.9
Semiconductor Components — Integrated Circuits	1.8
Computers — Memory Devices	1.7
Internet Application Software	1.3
Communications Software	0.9
Internet Content — Information/News	0.9
Data Processing/Management	0.9
Computer Services	0.7
Exchange — Traded Funds	0.6
Web Hosting/Design	0.6
Medical Instruments	0.5
Electronic Forms	0.5
Computers — Other	0.5
Electronic Components — Misc.	0.4
Aerospace/Defense	0.3
Auto — Cars/Light Trucks	0.3
Computer Aided Design	0.3
Internet Security	0.3
Wireless Equipment	0.3
Repurchase Agreements	0.2
Consulting Services	0.2
Electronic Measurement Instruments	0.2
Pharmacy Services	0.2
Publishing — Newspapers	0.1
Networking Products	0.1
Transport — Services	0.1
Industrial Automated/Robotic	0.1
Electronic Connectors	0.1
IT Services	0.1
Machinery — Electrical	0.1
	98.5	%

* Calculated as a percentage of net assets

162

VALIC Company I Science & Technology Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 94.6%
Aerospace/Defense — 0.3%
Boeing Co.		37,877	$	5,524,360
Applications Software — 10.5%
Elastic NV†		17,250		1,482,120
HubSpot, Inc.†		23,470		4,692,592
Intuit, Inc.		16,621		4,825,409
Microsoft Corp.		531,997		97,488,450
salesforce.com, Inc.†		247,901		43,330,616
ServiceNow, Inc.†		35,102		13,617,119
TeamViewer AG†		88,902		4,529,009
				169,965,315
Auto-Cars/Light Trucks — 0.2%
Tesla, Inc.†		4,430		3,699,050
Commercial Services-Finance — 7.0%
Adyen NV†*		1,575		2,072,087
Equifax, Inc.		29,996		4,606,186
FleetCor Technologies, Inc.†		41,120		10,024,645
Global Payments, Inc.		207,606		37,263,201
PayPal Holdings, Inc.†		267,635		41,486,101
Square, Inc., Class A†		145,149		11,768,681
WEX, Inc.†		46,458		6,879,501
				114,100,402
Communications Software — 0.9%
RingCentral, Inc., Class A†#		54,430		14,927,427
Computer Aided Design — 0.3%
Autodesk, Inc.†		6,595		1,387,456
Synopsys, Inc.†		20,453		3,700,152
				5,087,608
Computer Data Security — 2.1%
Crowdstrike Holdings, Inc., Class A†		212,720		18,678,943
Fortinet, Inc.†		7,522		1,047,063
Zscaler, Inc.†#		145,045		14,227,464
				33,953,470
Computer Services — 0.7%
DXC Technology Co.		53,995		767,269
EPAM Systems, Inc.†		10,565		2,436,712
Genpact, Ltd.		216,455		7,781,557
				10,985,538
Computer Software — 6.6%
Akamai Technologies, Inc.†		7,085		749,593
Citrix Systems, Inc.		48,938		7,248,696
Datadog, Inc., Class A†		31,005		2,209,726
MongoDB, Inc.†#		133,460		30,977,401
Slack Technologies, Inc., Class A†		228,936		8,024,207
Splunk, Inc.†		89,475		16,628,034
Twilio, Inc., Class A†#		161,115		31,836,324
Zoom Video Communications, Inc., Class A†		51,220		9,192,966
				106,866,947
Computers — 2.0%
Apple, Inc.		103,510		32,909,969
Computers-Memory Devices — 1.7%
NetApp, Inc.		53,740		2,393,580
Pure Storage, Inc., Class A†		1,400,296		24,659,212
				27,052,792
Computers-Other — 0.5%
Lumentum Holdings, Inc.†		100,260		7,351,063
Consulting Services — 0.2%
Verisk Analytics, Inc.		16,365		2,825,908

Security Description	Shares		Value (Note 2)
Data Processing/Management — 0.9%
DocuSign, Inc.†		10,620	$	1,484,039
Fidelity National Information Services, Inc.		45,715		6,346,614
Fiserv, Inc.†		62,490		6,672,057
				14,502,710
E-Commerce/Products — 7.9%
Alibaba Group Holding, Ltd. ADR†		115,671		23,989,009
Amazon.com, Inc.†		39,237		95,831,272
Etsy, Inc.†		79,587		6,444,955
JD.com, Inc. ADR†		26,635		1,447,079
				127,712,315
E-Commerce/Services — 5.6%
58.com, Inc. ADR†		374,257		17,968,079
Booking Holdings, Inc.†		21,558		35,342,616
Expedia Group, Inc.		8,245		655,313
GrubHub, Inc.†		7,130		404,556
Match Group, Inc.†#		24,069		2,143,104
Tongcheng-Elong Holdings, Ltd.†		1,927,600		3,472,468
Trainline PLC†*		409,590		2,479,890
Trip.com Group, Ltd . ADR†		906,132		24,075,927
Uber Technologies, Inc.†		124,321		4,515,339
				91,057,292
Electronic Components-Misc. — 0.4%
Flex, Ltd.†		744,274		7,226,901
Electronic Components-Semiconductors — 10.9%
Advanced Micro Devices, Inc.†		579,735		31,189,743
Cree, Inc.†		42,745		2,252,234
Intel Corp.		56,640		3,564,355
IPG Photonics Corp.†		8,995		1,397,823
Lattice Semiconductor Corp.†		286,920		7,135,701
Marvell Technology Group, Ltd.		552,236		18,013,938
Microchip Technology, Inc.		26,765		2,569,975
Micron Technology, Inc.†		743,586		35,625,205
NVIDIA Corp.		81,338		28,876,617
Qorvo, Inc.†		21,000		2,199,540
Samsung Electronics Co., Ltd.		666,855		27,379,933
SK Hynix, Inc.		91,155		6,018,788
Skyworks Solutions, Inc.		36,465		4,322,561
STMicroelectronics NV (Euronext Paris)		40,240		994,541
STMicroelectronics NV#		182,950		4,546,308
				176,087,262
Electronic Connectors — 0.1%
Amphenol Corp., Class A		11,020		1,064,091
Electronic Forms — 0.5%
Adobe, Inc.†		19,718		7,622,979
Electronic Measurement Instruments — 0.2%
Koh Young Technology, Inc.		25,228		1,908,670
Roper Technologies, Inc.		2,070		815,166
				2,723,836
Enterprise Software/Service — 4.7%
Alteryx, Inc., Class A†#		63,515		9,142,349
Atlassian Corp. PLC, Class A†		61,810		11,453,393
Guidewire Software, Inc.†		80,306		8,237,790
Paycom Software, Inc.†		39,880		11,853,532
SVMK, Inc.†		199,097		4,011,805
Veeva Systems, Inc., Class A†		52,200		11,425,014
Workday, Inc., Class A†		109,701		20,122,454
				76,246,337

163

VALIC Company I Science & Technology Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Entertainment Software — 2.6%
Activision Blizzard, Inc.		105,540	$	7,596,769
Electronic Arts, Inc.†		10,920		1,341,850
Mail.Ru Group, Ltd. GDR†		746,579		13,364,795
NetEase, Inc. ADR		8,170		3,128,293
Nexon Co., Ltd.		168,300		3,509,018
Take-Two Interactive Software, Inc.†		48,015		6,538,203
Zynga, Inc., Class A†		672,850		6,156,577
				41,635,505
Finance-Credit Card — 2.4%
Mastercard, Inc., Class A		46,815		14,086,165
Visa, Inc., Class A		123,477		24,107,650
				38,193,815
Industrial Automated/Robotic — 0.1%
Cognex Corp.		25,330		1,437,224
Internet Application Software — 1.3%
Okta, Inc.†		111,870		21,879,535
Internet Content-Entertainment — 7.3%
Facebook, Inc., Class A†		461,533		103,886,463
Netflix, Inc.†		30,995		13,009,531
Snap, Inc., Class A†		118,209		2,238,879
				119,134,873
Internet Content-Information/News — 0.9%
Naspers, Ltd., Class N		50,766		8,072,103
Tencent Holdings, Ltd.		80,071		4,267,899
Tencent Music Entertainment Group ADR†		174,831		2,258,817
				14,598,819
Internet Infrastructure Software — 0.0%
F5 Networks, Inc.†		4,605		667,357
Internet Security — 0.3%
Palo Alto Networks, Inc.†		5,805		1,365,742
Proofpoint, Inc.†		29,495		3,429,384
				4,795,126
Machinery-Electrical — 0.1%
Bloom Energy Corp. Class A†#		120,405		966,852
Medical Instruments — 0.5%
Intuitive Surgical, Inc.†		14,584		8,459,157
Networking Products — 0.1%
Cisco Systems, Inc.		16,020		766,077
Telefonaktiebolaget LM Ericsson ADR		153,280		1,400,979
				2,167,056
Pharmacy Services — 0.1%
JAND, Inc. (dba Warby Parker) Class A†(1)(2)		49,774		970,250
Publishing-Newspapers — 0.1%
News Corp., Class A		191,022		2,340,019
Real Estate Investment Trusts — 0.0%
Equinix, Inc.		1,045		729,023
Retail-Apparel/Shoe — 1.9%
Zalando SE†*		465,530		31,330,658
Semiconductor Components-Integrated Circuits — 1.8%
Maxim Integrated Products, Inc.		175,848		10,142,913
QUALCOMM, Inc.		181,954		14,716,439
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		94,135		4,737,815
				29,597,167

Security Description	Shares		Value (Note 2)
Semiconductor Equipment — 4.1%
Applied Materials, Inc.		192,281	$	10,802,347
ASML Holding NV		13,300		4,382,483
BE Semiconductor Industries NV		114,026		4,370,717
FormFactor, Inc.†		166,906		4,201,024
Globalwafers Co., Ltd.		269,000		3,243,752
KLA Corp.		91,715		16,138,171
Lam Research Corp.		40,425		11,063,110
Teradyne, Inc.		85,173		5,708,294
Tokyo Electron, Ltd.		35,221		7,040,933
				66,950,831
Web Hosting/Design — 0.6%
Shopify, Inc., Class A†		4,650		3,523,770
Wix.com, Ltd.†		25,205		5,603,828
				9,127,598
Web Portals/ISP — 5.9%
Alphabet, Inc., Class A†		15,146		21,712,094
Alphabet, Inc., Class C†		43,019		61,470,710
Baidu, Inc. ADR†		40,337		4,297,907
NAVER Corp.		48,122		8,807,417
				96,288,128
Wireless Equipment — 0.3%
Motorola Solutions, Inc.		4,765		644,848
Samsung SDI Co., Ltd.		13,525		3,934,383
				4,579,231
Total Common Stocks
(cost $1,164,810,491)				1,535,341,796
CONVERTIBLE PREFERRED SECURITIES — 0.5%
Auto-Cars/Light Trucks — 0.1%
GM Cruise Holdings LLC Class F†(1)(2)		89,700		1,637,025
E-Commerce/Services — 0.1%
Airbnb, Inc. Series E†(1)(2)		26,943		2,008,062
Xiaoju Kuaizhi, Inc. Series A-17†(1)(2)		11,731		442,139
				2,450,201
IT Services — 0.1%
Mesosphere, Inc. Series D†(1)(2)		151,129		981,915
Pharmacy Services — 0.1%
JAND, Inc. (dba Warby Parker) Series E†(1)(2)		61,401		1,196,896
Transport-Services — 0.1%
Waymo LLC Series A-2†(1)(2)		21,059		1,808,277
Total Convertible Preferred Securities
(cost $8,910,977)				8,074,314
EXCHANGE-TRADED FUNDS — 0.6%
Invesco QQQ Trust ETF, Series 1#		8,555		1,996,395
iShares S&P GSTI Technology Index Fund#		7,490		1,981,929
Technology Select Sector SPDR Fund		49,705		4,869,599
Total Exchange-Traded Funds
(cost $7,661,602)				8,847,923
Total Long-Term Investment Securities
(cost $1,181,383,070)				1,552,264,033

164

VALIC Company I Science & Technology Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 2.6%
Registered Investment Companies — 2.6%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.13%(3)		502,637		$	502,637
State Street Navigator Securities Lending Government Money Market Portfolio 0.13%(3)(4)		8,092,866			8,092,866
T. Rowe Price Government Reserve Fund 0.16%(3)		34,305,910			34,305,910
Total Short-Term Investment Securities
(cost $42,901,413)					42,901,413
REPURCHASE AGREEMENTS — 0.2%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00%, dated 05/29/2020, to be repurchased 06/01/2020 in the amount of $3,874,000 collateralized by $3,645,000 of United States Treasury Notes, bearing interest at 2.38% due 02/29/2024 and having an approximate value of $3,952,190 (cost $3,874,000)	$	3,874,000			3,874,000
TOTAL INVESTMENTS
(cost $1,228,158,483)(5)		98.5	%		1,599,039,446
Other assets less liabilities		1.5			24,043,604
NET ASSETS		100.0	%	$	1,623,083,050

† Non-income producing security

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2020, the aggregate value of these securities was $35,882,635 representing 2.2% of net assets.

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

(1) Securities classified as Level 3 (see Note 2).

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

for which secondary markets exist. As of May 31, 2020, the Fund held the following restricted securities:

Description	Acquistion Date		Shares		Acquistion Cost		Value		Value Per Share		% of Net Assets
Common Stocks
JAND, Inc., (dba Warby Parker), Class A		03/09/2018		49,774	$	782,298	$	970,250	$	19.49		0.06	%
Convertible Preferred Securities
Airbnb, Inc.,
Series E		06/24/2015		16,260		1,513,715
		07/14/2015		10,683		994,527
				26,943		2,508,242		2,008,062		74.53		0.12
GM Cruise Holdings, LLC Class F		05/07/2019		89,700		1,637,025		1,637,025		18.25		0.10
JAND, Inc., (dba Warby Parker), Series E		03/09/2018		61,401		965,040		1,196,896		19.49		0.08
Mesophere, Inc., Series D		05/04/2018		151,129		1,670,656		981,915		6.50		0.06
Waymo LLC Series A-2		05/08/2020		21,059		1,808,277		1,808,277		85.87		0.11
Xiaoju Kuaizhi, Inc., Series A-17		10/19/2015		11,731		321,737		442,139		37.69		0.03
							$	9,044,564				0.56	%

(3) The rate shown is the 7-day yield as of May 31, 2020.

(4) At May 31, 2020, the Fund had loaned securities with a total value of $51,962,144. This was secured by collateral of $8,092,866, which was received in cash and subsequently invested in short-term investments currently valued at $8,092,866 as reported in the Portfolio of Investments. Additional collateral of $40,574,364 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2020
Federal Home Loan Mtg. Corp.	2.50% to 3.50%	12/01/2047 to 03/01/2050	$	2,626,535
Federal National Mtg. Assoc.	1.85% to 4.00%	01/25/2030 to 03/01/2050		4,594,208
Government National Mtg. Assoc.	2.50%	09/20/2046		343,201
United States Treasury Bills	0.00%	06/18/2020 to 08/13/2020		502,525
United States Treasury Notes/Bonds	0.13% to 6.50%	06/15/2020 to 11/15/2049		32,507,895

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

ADR—American Depositary Receipt

ETF—Exchange-Traded Funds

GDR—Global Depositary Receipt

165

VALIC Company I Science & Technology Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2020 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs			Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks:
Pharmacy Services	$	—	$	—		$	970,250	$	970,250
Other Industries		1,397,574,485		136,797,061	**		—		1,534,371,546
Convertible Preferred Securities		—		—			8,074,314		8,074,314
Exchange -Traded Funds		8,847,923		—			—		8,847,923
Short-Term Investment Securities		42,901,413		—			—		42,901,413
Repurchase Agreements		—		3,874,000			—		3,874,000
Total Investments at Value	$	1,449,323,821	$	140,671,061		$	9,044,564	$	1,599,039,446

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

** Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 2).

At the beginning and end of the reporting period, Level 3 investments in securities were not considered a material portion of the Fund. There were no Level 3 transfers during the reporting period.

See Notes to Financial Statements

166

VALIC Company I Small Cap Aggressive Growth Fund

PORTFOLIO PROFILE — May 31, 2020 (unaudited)

Industry Allocation*

Medical — Biomedical/Gene	17.6	%
Medical Products	6.1
Computer Software	5.5
Enterprise Software/Service	4.7
Web Hosting/Design	4.4
Electronic Components — Semiconductors	4.2
Building & Construction Products — Misc.	2.9
Medical — Drugs	2.9
Repurchase Agreements	2.4
Registered Investment Companies	2.4
Medical — Outpatient/Home Medical	2.3
Computer Data Security	2.1
Schools	2.0
Electronic Components — Misc.	1.9
Food — Misc./Diversified	1.9
Electronics — Military	1.7
Consulting Services	1.7
Food — Baking	1.6
Commercial Services — Finance	1.5
Finance — Consumer Loans	1.5
Distribution/Wholesale	1.5
Instruments — Controls	1.4
Commercial Services	1.4
Communications Software	1.4
Educational Software	1.3
Semiconductor Equipment	1.3
Power Converter/Supply Equipment	1.2
Recreational Centers	1.2
Retail — Discount	1.2
Cosmetics & Toiletries	1.1
Firearms & Ammunition	1.0
Medical Labs & Testing Services	1.0
Health Care Cost Containment	1.0
Casino Services	1.0
Computer Services	0.9
Insurance Brokers	0.9
Water Treatment Systems	0.9
Medical Instruments	0.9
Building & Construction — Misc.	0.9
Electronic Measurement Instruments	0.9
Applications Software	0.9
Banks — Commercial	0.9
Medical Information Systems	0.8
Retail — Pawn Shops	0.8
Therapeutics	0.8
Retail — Restaurants	0.8
Transport — Services	0.8
Insurance — Reinsurance	0.7
Filtration/Separation Products	0.6
Banks — Mortgage	0.6
E-Commerce/Services	0.5
Building — Mobile Home/Manufactured Housing	0.5
Investment Management/Advisor Services	0.4
Steel Pipe & Tube	0.4
E-Marketing/Info	0.4
	103.6	%

* Calculated as a percentage of net assets

167

VALIC Company I Small Cap Aggressive Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.8%
Applications Software — 0.9%
Five9, Inc.†		13,230	$	1,378,566
Banks - Commercial — 0.9%
Western Alliance Bancorp		36,060		1,375,689
Banks - Mortgage — 0.6%
Walker & Dunlop, Inc.		23,060		933,930
Building & Construction Products - Misc. — 2.9%
Armstrong World Industries, Inc.		10,940		824,767
Simpson Manufacturing Co., Inc.		24,651		1,973,559
Trex Co., Inc.†#		16,070		1,930,328
				4,728,654
Building & Construction - Misc. — 0.9%
Frontdoor, Inc.†		32,320		1,475,408
Building - Mobile Home/Manufactured Housing — 0.5%
Skyline Champion Corp.†		29,290		727,564
Casino Services — 1.0%
Eldorado Resorts, Inc.†#		43,990		1,559,885
Commercial Services — 1.4%
LiveRamp Holdings, Inc.†		44,370		2,237,579
Commercial Services - Finance — 1.5%
Evo Payments, Inc., Class A†		81,320		1,800,425
Repay Holdings Corp.†		29,180		672,307
				2,472,732
Communications Software — 1.4%
Avaya Holdings Corp.†		151,060		2,205,476
Computer Data Security — 2.1%
Varonis Systems, Inc.†		40,280		3,399,229
Computer Services — 0.9%
WNS Holdings, Ltd. ADR†		31,350		1,515,459
Computer Software — 5.5%
Bandwidth, Inc., Class A†		49,140		5,447,169
Bill.com Holdings, Inc.†		5,830		406,001
Cornerstone OnDemand, Inc.†		21,420		827,883
Envestnet, Inc.†		29,050		2,109,321
				8,790,374
Consulting Services — 1.7%
FTI Consulting, Inc.†		22,010		2,651,325
Cosmetics & Toiletries — 1.1%
e.l.f. Beauty, Inc.†		100,540		1,723,256
Distribution/Wholesale — 1.5%
SiteOne Landscape Supply, Inc.†#		22,630		2,405,795
E-Commerce/Services — 0.5%
EverQuote, Inc., Class A†		16,090		867,573
E-Marketing/Info — 0.4%
Cardlytics, Inc.†#		8,270		563,104
Educational Software — 1.3%
Arco Platform, Ltd., Class A†		43,116		2,090,264
Electronic Components - Misc. — 1.9%
Advanced Energy Industries, Inc.†		44,820		2,995,321
Electronic Components - Semiconductors — 4.2%
Lattice Semiconductor Corp.†		118,810		2,954,805
MACOM Technology Solutions Holdings, Inc.†#		65,030		2,064,702
Silicon Laboratories, Inc.†		19,100		1,788,906
				6,808,413

Security Description	Shares		Value (Note 2)
Electronic Measurement Instruments — 0.9%
Itron, Inc.†		22,210	$	1,430,768
Electronics - Military — 1.7%
Mercury Systems, Inc.†		29,810		2,663,523
Enterprise Software/Service — 4.7%
ACI Worldwide, Inc.†		88,190		2,432,280
Everbridge, Inc.†#		35,000		5,119,100
				7,551,380
Filtration/Separation Products — 0.6%
ESCO Technologies, Inc.		12,070		997,103
Finance - Consumer Loans — 1.5%
LendingTree, Inc.†#		2,650		689,053
PRA Group, Inc.†		51,020		1,740,802
				2,429,855
Firearms & Ammunition — 1.0%
Axon Enterprise, Inc.†		21,880		1,662,005
Food - Baking — 1.6%
Hostess Brands, Inc.†		216,790		2,617,739
Food - Misc./Diversified — 1.9%
BellRing Brands, Inc., Class A†		149,140		2,994,731
Health Care Cost Containment — 1.0%
HealthEquity, Inc.†		25,720		1,593,868
Instruments - Controls — 1.4%
Watts Water Technologies, Inc., Class A		26,910		2,237,836
Insurance Brokers — 0.9%
eHealth, Inc.†		11,600		1,512,872
Insurance - Reinsurance — 0.7%
Essent Group, Ltd.		32,520		1,074,786
Investment Management/Advisor Services — 0.4%
AssetMark Financial Holdings, Inc.†		26,400		704,880
Medical Information Systems — 0.8%
Health Catalyst, Inc.†		49,920		1,354,829
Medical Instruments — 0.9%
Silk Road Medical, Inc.†		39,150		1,498,270
Medical Labs & Testing Services — 1.0%
Teladoc Health, Inc.†		9,400		1,636,164
Medical Products — 6.1%
Hanger, Inc.†		49,020		900,007
Inspire Medical Systems, Inc.†		24,280		1,979,791
iRhythm Technologies, Inc.†#		22,830		2,837,997
Masimo Corp.†		7,160		1,719,761
Nevro Corp.†		18,070		2,269,592
				9,707,148
Medical - Biomedical/Gene — 17.6%
Amicus Therapeutics, Inc.†		180,637		2,253,447
Apellis Pharmaceuticals, Inc.†		50,500		1,701,345
Arcus Biosciences, Inc.†		25,320		793,782
Arena Pharmaceuticals, Inc.†		33,350		1,993,329
Ascendis Pharma A/S ADR†		11,390		1,657,131
Assembly Biosciences, Inc.†		35,940		700,471
Bluebird Bio, Inc.†		28,998		1,845,143
Blueprint Medicines Corp.†		23,172		1,509,424
Celyad SA ADR†		28,186		319,911
Constellation Pharmaceuticals, Inc.†		26,980		958,599
CytomX Therapeutics, Inc.†		94,730		839,308
Epizyme, Inc.†#		92,810		1,628,815
Equillium, Inc.†		61,960		213,762

168

VALIC Company I Small Cap Aggressive Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical - Biomedical/Gene (continued)
Fate Therapeutics, Inc.†		87,890	$	2,850,273
Gossamer Bio, Inc.†#		62,470		759,011
Immunomedics, Inc.†		73,720		2,476,255
Iovance Biotherapeutics, Inc.†		72,468		2,325,498
Krystal Biotech, Inc.†		7,010		360,384
Mirati Therapeutics, Inc.†#		15,460		1,533,477
Sage Therapeutics, Inc.†		17,460		623,671
Twist Bioscience Corp.†#		23,020		873,609
				28,216,645
Medical - Drugs — 2.9%
Aimmune Therapeutics, Inc.†#		87,850		1,459,188
Kura Oncology, Inc.†		85,240		1,456,752
Myovant Sciences, Ltd.†		89,400		1,095,150
ORIC Pharmaceuticals, Inc.†#		24,460		709,829
				4,720,919
Medical - Outpatient/Home Medical — 2.3%
LHC Group, Inc.†		23,060		3,747,481
Power Converter/Supply Equipment — 1.2%
Generac Holdings, Inc.†		17,190		1,912,731
Recreational Centers — 1.2%
Planet Fitness, Inc., Class A†		29,440		1,902,707
Retail - Discount — 1.2%
BJ’s Wholesale Club Holdings, Inc.†		23,400		842,400
Ollie’s Bargain Outlet Holdings, Inc.†		11,040		1,009,608
				1,852,008
Retail - Pawn Shops — 0.8%
FirstCash, Inc.		19,250		1,343,073
Retail - Pet Food & Supplies — 0.0%
Freshpet, Inc.†		890		68,690
Retail - Restaurants — 0.8%
Denny’s Corp.†		15,770		171,026
Wingstop, Inc.		9,300		1,134,135
				1,305,161
Schools — 2.0%
Strategic Education, Inc.		18,860		3,199,222
Semiconductor Equipment — 1.3%
Cabot Microelectronics Corp.		14,030		2,032,386
Steel Pipe & Tube — 0.4%
Advanced Drainage Systems, Inc.		13,940		618,100
Therapeutics — 0.8%
GW Pharmaceuticals PLC ADR†#		10,760		1,320,790
Transport - Services — 0.8%
CryoPort, Inc.†#		49,990		1,228,254
Water Treatment Systems — 0.9%
Evoqua Water Technologies Corp.†		80,290		1,510,255
Web Hosting/Design — 4.4%
Q2 Holdings, Inc.†#		19,730		1,630,092
Wix.com, Ltd.†		24,290		5,400,396
				7,030,488
Total Long-Term Investment Securities
(cost $136,133,785)				158,582,263

Security Description	Shares/ Principal Amount			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 2.4%
Registered Investment Companies — 2.4%
State Street Navigator Securities Lending Government Money Market Portfolio 0.13%(1)(2) (cost $3,803,386)		3,803,386		$	3,803,386
REPURCHASE AGREEMENTS — 2.4%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00%, dated 05/29/2020, to be repurchased 06/01/2020 in the amount of $3,847,000 and collateralized by $3,620,000 of United States Treasury Notes, bearing interest at 2.38% due 02/29/2024 and having an approximate value of $3,925,083 (cost $3,847,000)	$	3,847,000			3,847,000
TOTAL INVESTMENTS
(cost $143,784,171)(3)		103.6	%		166,232,649
Liabilities in excess of other assets		(3.6	)		(5,705,945	)
NET ASSETS		100.0	%	$	160,526,704

† Non-income producing security

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

(1) At May 31, 2020, the Fund had loaned securities with a total value of $14,804,196. This was secured by collateral of $3,803,386, which was received in cash and subsequently invested in short-term investments currently valued at $3,803,386 as reported in the Portfolio of Investments. Additional collateral of $11,159,765 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2020
Federal Home Loan Mtg. Corp.	2.50% to 3.50%	12/01/2047 to 03/01/2050	$	718,922
Federal National Mtg. Assoc.	1.85% to 4.00%	01/25/2030 to 03/01/2050		1,257,502
Government National Mtg. Assoc.	2.50%	09/20/2046		93,939
United States Treasury Notes/Bonds	0.13% to 6.50%	06/15/2020 to 11/15/2049		9,089,402

(2) The rate shown is the 7-day yield as of May 31, 2020.

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

ADR—American Depositary Receipt

169

VALIC Company I Small Cap Aggressive Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2020 (see Note 2):

	Level 1 - Unadjusted Quoted  Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	158,582,263	$	—	$	—	$	158,582,263
Short-Term Investment Securities		3,803,386		—		—		3,803,386
Repurchase Agreements		—		3,847,000		—		3,847,000
Total Investments at Value	$	162,385,649	$	3,847,000	$	—	$	166,232,649

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

See Notes to Financial Statements

170

VALIC Company I Small Cap Fund

PORTFOLIO PROFILE — May 31, 2020 (unaudited)

Industry Allocation*

Banks — Commercial	7.9	%
Real Estate Investment Trusts	4.3
Medical — Biomedical/Gene	3.6
Distribution/Wholesale	2.9
Registered Investment Companies	2.6
Medical Labs & Testing Services	2.4
Insurance — Property/Casualty	2.4
Repurchase Agreements	2.4
Medical Products	2.4
Machinery — General Industrial	2.0
Enterprise Software/Service	2.0
Medical — Drugs	1.8
Electric — Integrated	1.8
Retail — Restaurants	1.7
Transport — Truck	1.7
Miscellaneous Manufacturing	1.6
Applications Software	1.6
Garden Products	1.6
Medical — HMO	1.6
Commercial Services	1.5
Retail — Discount	1.5
Building — Mobile Home/Manufactured Housing	1.4
Semiconductor Equipment	1.4
Electronic Components — Semiconductors	1.3
Computer Software	1.2
Chemicals — Specialty	1.2
Commercial Services — Finance	1.2
Electric Products — Misc.	1.2
Physical Therapy/Rehabilitation Centers	1.2
Investment Management/Advisor Services	1.1
Metal Processors & Fabrication	1.1
Oil Companies — Exploration & Production	1.1
Finance — Investment Banker/Broker	1.1
Chemicals — Diversified	0.9
Food — Wholesale/Distribution	0.9
Food — Misc./Diversified	0.9
Gas — Distribution	0.9
Disposable Medical Products	0.9
Tools — Hand Held	0.9
Machine Tools & Related Products	0.8
Medical — Outpatient/Home Medical	0.8
Recreational Vehicles	0.8
Real Estate Management/Services	0.8
Web Hosting/Design	0.8
Building & Construction Products — Misc.	0.7
Identification Systems	0.7
Multimedia	0.7
Computer Aided Design	0.6
Power Converter/Supply Equipment	0.6
Savings & Loans/Thrifts	0.6
Building & Construction — Misc.	0.6
Retail — Apparel/Shoe	0.6
Schools	0.6
Apparel Manufacturers	0.6
Instruments — Controls	0.6
Semiconductor Components — Integrated Circuits	0.6
Containers — Metal/Glass	0.5
Golf	0.5
Diagnostic Kits	0.5
Medical — Wholesale Drug Distribution	0.5
Brewery	0.5
Machinery — Pumps	0.5
Aerospace/Defense	0.5
Auto/Truck Parts & Equipment — Original	0.5
Water	0.4
Oil — Field Services	0.4
Finance — Consumer Loans	0.4
Cable/Satellite TV	0.4
Health Care Cost Containment	0.4

Recreational Centers	0.4	%
Beverages — Non-alcoholic	0.4
Gold Mining	0.4
Retail — Convenience Store	0.4
Medical Instruments	0.4
Consulting Services	0.3
Auto/Truck Parts & Equipment — Replacement	0.3
Insurance — Reinsurance	0.3
Finance — Other Services	0.3
Electronic Measurement Instruments	0.3
Building — Maintenance & Services	0.3
Auto Repair Centers	0.3
Filtration/Separation Products	0.3
Retail — Home Furnishings	0.3
Machinery — Electrical	0.3
Insurance Brokers	0.3
E-Commerce/Services	0.2
Entertainment Software	0.2
Retail — Misc./Diversified	0.2
Internet Security	0.2
Diversified Manufacturing Operations	0.2
Theaters	0.2
Retail — Vision Service Center	0.2
Gambling (Non — Hotel)	0.2
Rental Auto/Equipment	0.2
Finance — Mortgage Loan/Banker	0.2
Transport — Services	0.2
Poultry	0.2
Oil Field Machinery & Equipment	0.2
Home Furnishings	0.2
Security Services	0.2
Computers — Integrated Systems	0.2
Food — Retail	0.2
Metal — Aluminum	0.2
Therapeutics	0.2
Medical — Generic Drugs	0.1
Aerospace/Defense — Equipment	0.1
Internet Application Software	0.1
Healthcare Safety Devices	0.1
Building — Residential/Commercial	0.1
Energy — Alternate Sources	0.1
Electronic Components — Misc.	0.1
Electronic Security Devices	0.1
Pharmacy Services	0.1
Specified Purpose Acquisitions	0.1
Metal — Copper	0.1
Footwear & Related Apparel	0.1
E-Commerce/Products	0.1
Computers — Other	0.1
Hazardous Waste Disposal	0.1
Computer Services	0.1
Diversified Minerals	0.1
Building Products — Doors & Windows	0.1
Wireless Equipment	0.1
Advanced Materials	0.1
Radio	0.1
Telecommunication Equipment	0.1
Building — Heavy Construction	0.1
Telephone — Integrated	0.1
Consumer Products — Misc.	0.1
Financial Guarantee Insurance	0.1
Building Products — Air & Heating	0.1
Printing — Commercial	0.1
Human Resources	0.1
Retail — Automobile	0.1
Audio/Video Products	0.1
Environmental Consulting & Engineering	0.1
Retail — Sporting Goods	0.1
Forestry	0.1
Housewares	0.1

171

VALIC Company I Small Cap Fund

PORTFOLIO PROFILE — May 31, 2020 (unaudited) — (continued)

Industry Allocation* (continued)

Retail — Building Products	0.1	%
Real Estate Operations & Development	0.1
Diagnostic Equipment	0.1
Medical Information Systems	0.1
Auto — Cars/Light Trucks	0.1
Retail — Arts & Crafts	0.1
Building Products-Light Fixtures	0.1
Publishing-Newspapers	0.1
	102.1	%

* Calculated as a percentage of net assets

172

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 96.3%
Advanced Materials — 0.1%
Core Molding Technologies, Inc.†		7,500	$	35,625
Haynes International, Inc.		7,795		177,960
				213,585
Advertising Sales — 0.0%
National CineMedia, Inc.		32,706		89,942
Advertising Services — 0.0%
Marchex, Inc., Class B†		40,000		62,000
Marin Software, Inc.†		13,571		20,357
				82,357
Aerospace/Defense — 0.5%
Kratos Defense & Security Solutions, Inc.†		9,200		170,660
Teledyne Technologies, Inc.†		2,960		1,107,395
				1,278,055
Aerospace/Defense - Equipment — 0.1%
Aerojet Rocketdyne Holdings, Inc.†		6,655		291,822
CPI Aerostructures, Inc.†		28,000		76,720
				368,542
Agricultural Chemicals — 0.0%
Intrepid Potash, Inc.†		80,000		98,400
Agricultural Operations — 0.0%
Alico, Inc.		2,860		91,777
Airlines — 0.0%
Mesa Air Group, Inc.†		24,600		79,950
Apparel Manufacturers — 0.6%
Carter’s, Inc.#		13,738		1,180,232
Delta Apparel, Inc.†		5,500		67,705
Superior Group of Cos., Inc.		9,500		95,095
Tandy Leather Factory, Inc.†		15,000		52,350
Vince Holding Corp.†		10,000		62,400
				1,457,782
Appliances — 0.0%
Hamilton Beach Brands Holding Co., Class A		8,800		84,040
Applications Software — 1.4%
Descartes Systems Group, Inc.†		17,292		822,926
Five9, Inc.†		6,844		713,145
Medallia, Inc.†		35,022		990,422
PDF Solutions, Inc.†		13,840		236,111
RealPage, Inc.†		11,301		766,434
ServiceTitan, Inc.†(1)(2)		191		6,455
Toast, Inc.†(1)(2)		11		396
TransAct Technologies, Inc.		7,500		30,750
				3,566,639
Audio/Video Products — 0.1%
Emerson Radio Corp.†		10,000		7,350
Pixelworks, Inc.†		22,000		78,980
VOXX International Corp.†		20,000		95,400
				181,730
Auto Repair Centers — 0.3%
Monro, Inc.		13,225		728,698
Auto/Truck Parts & Equipment - Original — 0.5%
Gentherm, Inc.†		8,755		356,328
Meritor, Inc.†		25,400		517,652
Titan International, Inc.		55,400		68,142
Visteon Corp.†		3,930		282,960
				1,225,082

Security Description	Shares		Value (Note 2)
Auto/Truck Parts & Equipment - Replacement — 0.3%
Douglas Dynamics, Inc.		24,165	$	882,989
Banks - Commercial — 7.9%
1st Constitution Bancorp		6,400		82,176
AmeriServ Financial, Inc.		22,000		65,340
Atlantic Capital Bancshares, Inc.†		9,208		104,971
Bank of Commerce Holdings		7,640		58,293
Bank of Princeton		2,051		42,353
BankUnited, Inc.		77,191		1,426,490
Bridge Bancorp, Inc.		7,900		168,270
C&F Financial Corp.		3,000		108,120
Cadence BanCorp		16,464		132,864
Capital Bancorp, Inc.†		8,000		91,040
CenterState Bank Corp.		18,965		299,647
Chemung Financial Corp.		2,600		65,832
Citizens Holding Co.		4,500		101,250
Codorus Valley Bancorp, Inc.		3,645		48,296
Colony Bankcorp, Inc.		7,500		95,400
Columbia Banking System, Inc.		6,369		155,149
Commerce Bancshares, Inc.#		29,550		1,883,222
CrossFirst Bankshares, Inc.†#		14,328		139,411
Cullen/Frost Bankers, Inc.		15,538		1,180,422
East West Bancorp, Inc.		10,400		363,480
Equity Bancshares, Inc., Class A†		7,500		122,325
Evans Bancorp, Inc.		2,900		70,876
FB Financial Corp.		13,356		315,335
First Bancshares, Inc.		9,044		191,642
First Financial Bancorp		62,477		830,319
First Hawaiian, Inc.		73,838		1,273,706
First Horizon National Corp.		115,230		1,077,401
First Internet Bancorp		5,000		80,400
First Northwest Bancorp		6,500		88,140
Grasshopper Bancorp, Inc†(1)(2)		5,208		38,539
Hawthorn Bancshares, Inc.		3,244		63,907
Heritage Commerce Corp.		23,379		190,071
Heritage Financial Corp.		9,600		182,400
Home BancShares, Inc.		41,200		596,164
IBERIABANK Corp.		16,390		695,100
Live Oak Bancshares, Inc.		12,094		163,753
Meridian Corp.†		6,900		104,811
Northeast Bank		6,500		111,540
Northrim BanCorp, Inc.		3,600		83,052
Ohio Valley Banc Corp.		4,000		100,200
Origin Bancorp, Inc.		11,071		230,941
Pacific Mercantile Bancorp†		16,000		60,800
Peoples Bancorp of North Carolina, Inc.		6,050		105,875
Pinnacle Financial Partners, Inc.		11,558		460,586
Popular, Inc.		4,000		157,960
Prosperity Bancshares, Inc.		6,600		431,574
SB One Bancorp		6,000		101,940
Seacoast Banking Corp. of Florida†		19,824		431,172
Shore Bancshares, Inc.		8,000		80,000
Signature Bank		14,899		1,533,256
South State Corp.		4,236		222,687
Sterling Bancorp, Inc.		14,534		41,422
Towne Bank		9,839		185,564
United Bancshares, Inc.		6,000		93,000
United Security Bancshares		12,055		73,897
Unity Bancorp, Inc.		8,000		114,480
Webster Financial Corp.		9,627		272,444
Western Alliance Bancorp		55,638		2,122,590
Wintrust Financial Corp.		24,490		1,037,396
				20,749,291

173

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Banks - Regional — 0.0%
Sound Bank (Non-Voting Shares)†(1)(2)		3,056	$	16,044
Sound Bank (Voting Shares†(1)(2)		1,501		7,880
				23,924
Banks - Super Regional — 0.0%
Independent Bank Group, Inc.		1,647		62,388
Beverages - Non-alcoholic — 0.4%
Primo Water Corp.		91,809		1,104,462
Brewery — 0.5%
Boston Beer Co., Inc., Class A†#		2,377		1,342,363
Building & Construction Products - Misc. — 0.7%
Fortune Brands Home & Security, Inc.		23,510		1,433,170
Gibraltar Industries, Inc.†		11,355		499,733
				1,932,903
Building & Construction - Misc. — 0.6%
WillScot Corp.†#		114,048		1,521,400
Building Products - Air & Heating — 0.1%
SPX Corp.†		4,800		191,904
Building Products - Doors & Windows — 0.1%
PGT Innovations, Inc.†		16,009		217,882
Building Products - Light Fixtures — 0.1%
LSI Industries, Inc.		20,000		122,800
Building Products - Wood — 0.0%
Stella-Jones, Inc.		4,100		99,757
Building - Heavy Construction — 0.1%
Goldfield Corp.†		31,500		121,275
Orion Group Holdings, Inc.†		31,100		81,793
				203,068
Building - Maintenance & Services — 0.3%
BrightView Holdings, Inc.†		7,132		97,637
Rentokil Initial PLC		85,426		526,406
ServiceMaster Global Holdings, Inc.†		3,800		125,020
				749,063
Building - Mobile Home/Manufactured Housing — 1.4%
Cavco Industries, Inc.†		1,400		266,266
Horizon Global Corp.†		35,000		56,700
LCI Industries		21,128		2,090,193
Skyline Champion Corp.†		12,402		308,066
Thor Industries, Inc.		11,899		1,025,694
				3,746,919
Building - Residential/Commercial — 0.1%
New Home Co., Inc.†		10,500		32,445
TRI Pointe Group, Inc.†		19,517		279,483
				311,928
Cable/Satellite TV — 0.4%
Cable One, Inc.		592		1,117,039
Cellular Telecom — 0.0%
NII Holdings, Inc.†(1)		3,000		6,510
Chemicals - Diversified — 0.9%
Quaker Chemical Corp.#		14,562		2,487,918
Chemicals - Fibers — 0.0%
Rayonier Advanced Materials, Inc.		39,000		84,630
Chemicals - Plastics — 0.0%
China XD Plastics Co., Ltd†		20,000		18,122

Security Description	Shares		Value (Note 2)
Chemicals - Specialty — 1.2%
AgroFresh Solutions, Inc.†		61,800	$	164,388
Element Solutions, Inc.†		33,140		360,894
GCP Applied Technologies, Inc.†		55,856		1,124,940
Minerals Technologies, Inc.		7,700		379,687
Oil-Dri Corp. of America		4,900		173,607
PQ Group Holdings, Inc.†		82,109		1,030,468
				3,233,984
Circuit Boards — 0.0%
IEC Electronics Corp.†		12,300		97,047
Coal — 0.0%
Ramaco Resources, Inc.†#		30,000		81,300
Commercial Services — 1.5%
Acacia Research Corp.†		40,000		103,600
CoreLogic, Inc.		27,896		1,382,526
HMS Holdings Corp.†		14,400		449,856
Morningstar, Inc.		10,914		1,673,334
nCino, Inc.†(1)(2)		4,283		93,155
Performant Financial Corp.†		50,000		30,000
ServiceSource International, Inc.†		55,000		88,550
Team, Inc.†#		14,000		69,020
				3,890,041
Commercial Services-Finance — 1.2%
Avalara, Inc.†		600		64,236
Clarivate Analytics PLC†		35,987		823,742
Euronet Worldwide, Inc.†		4,200		397,866
Evo Payments, Inc., Class A†		3,900		86,346
MoneyGram International, Inc.†#		47,000		114,680
PRGX Global, Inc.†		26,500		104,410
StoneCo, Ltd., Class A†		7,742		245,267
WEX, Inc.†		8,905		1,318,652
				3,155,199
Computer Aided Design — 0.6%
Aspen Technology, Inc.†		15,700		1,658,548
Computer Services — 0.1%
ALJ Regional Holdings, Inc.†		40,000		26,000
Parsons Corp.†		4,943		200,982
				226,982
Computer Software — 1.1%
Bill.com Holdings, Inc.†#		14,031		977,119
Checkr, Inc.†(1)(2)		1,956		41,585
Computer Modelling Group, Ltd.		14,800		49,446
Envestnet, Inc.†		16,152		1,172,797
SS&C Technologies Holdings, Inc.		14,615		846,135
				3,087,082
Computers - Integrated Systems — 0.2%
Cubic Corp.		10,029		413,295
Computers - Memory Devices — 0.0%
Everspin Technologies, Inc.†#		10,000		58,900
Computers - Other — 0.1%
PlayAGS, Inc.†		45,000		234,450
Computers - Periphery Equipment — 0.0%
Key Tronic Corp.†		9,633		39,399
Consulting Services — 0.3%
Booz Allen Hamilton Holding Corp.		8,200		654,032
Franklin Covey Co.†		3,000		63,900
GP Strategies Corp.†		11,300		88,705
Hill International, Inc.†		30,000		44,100
Information Services Group, Inc.†		27,400		47,128
				897,865

174

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Consumer Products - Misc. — 0.1%
Acme United Corp.		4,570	$	97,753
Reynolds Consumer Products, Inc.		3,057		102,073
				199,826
Containers - Metal/Glass — 0.5%
Crown Holdings, Inc.†		21,763		1,423,953
Data Processing/Management — 0.0%
Innodata, Inc.†		52,600		71,536
Diagnostic Equipment — 0.1%
Adaptive Biotechnologies Corp.†		3,513		135,953
Diagnostic Kits — 0.5%
Quidel Corp.†		7,769		1,359,575
Disposable Medical Products — 0.9%
ICU Medical, Inc.†		10,987		2,193,225
Xtant Medical Holdings, Inc.†#		50,000		61,500
				2,254,725
Distribution/Wholesale — 2.9%
ADDvantage Technologies Group, Inc.†		25,000		46,000
Educational Development Corp.		16,000		132,160
Houston Wire & Cable Co.†		14,739		35,816
IAA, Inc.†		41,657		1,707,937
KAR Auction Services, Inc.		23,834		342,018
Pool Corp.		15,998		4,303,782
SiteOne Landscape Supply, Inc.†		10,226		1,087,126
				7,654,839
Diversified Manufacturing Operations — 0.2%
DIRTT Environmental Solutions†		78,000		102,180
Enerpac Tool Group Corp.		12,000		214,800
Federal Signal Corp.		6,400		186,496
LSB Industries, Inc.†		77,500		83,700
				587,176
Diversified Minerals — 0.1%
Covia Holdings Corp.†#		50,000		25,100
General Moly, Inc.†		125,000		23,050
Lundin Mining Corp.		38,196		175,882
				224,032
Diversified Operations — 0.0%
Professional Holding Corp., Class A†		3,490		49,488
Diversified Operations/Commercial Services — 0.0%
Volt Information Sciences, Inc.†		14,393		12,523
E-Commerce/Products — 0.1%
US Auto Parts Network, Inc.†		28,000		195,160
E-Commerce/Services — 0.1%
A Place For Rover, Inc.†(1)(2)		513		2,373
Leaf Group, Ltd.†		63,000		171,990
Travelzoo†		11,000		67,320
Upwork, Inc.†		6,400		79,616
				321,299
E-Marketing/Info — 0.0%
Inuvo, Inc.†		100,000		42,840
Educational Software — 0.0%
Zovio, Inc.†		25,000		70,000
Electric Products-Misc. — 1.2%
Graham Corp.		5,800		66,352
Littelfuse, Inc.		2,600		422,474
nLight, Inc.†		51,318		1,106,416
Novanta, Inc.†		13,383		1,374,568
Ultralife Corp.†		12,300		102,705
				3,072,515

Security Description	Shares		Value (Note 2)
Electric - Integrated — 1.8%
MGE Energy, Inc.		1,894	$	128,584
NorthWestern Corp.		31,421		1,889,030
PNM Resources, Inc.		22,338		911,837
Portland General Electric Co.		40,569		1,911,206
				4,840,657
Electronic Components - Misc. — 0.1%
Applied Optoelectronics, Inc.†#		5,000		44,150
Ballantyne Strong, Inc.†		14,000		23,240
Bel Fuse, Inc., Class B		6,000		56,220
IntriCon Corp.†		7,100		100,394
Sypris Solutions, Inc.†		24,000		16,776
ZAGG, Inc.†		20,000		59,700
				300,480
Electronic Components - Semiconductors — 1.3%
CTS Corp.		16,329		348,461
eMagin Corp.†		40,000		21,016
EMCORE Corp.†		25,700		77,871
GSI Technology, Inc.†		19,800		149,094
Inphi Corp.†		1,348		169,403
Intellicheck, Inc.†#		24,800		152,272
Lattice Semiconductor Corp.†		49,125		1,221,739
Monolithic Power Systems, Inc.		4,594		963,591
Semtech Corp.†		3,800		202,084
				3,305,531
Electronic Measurement Instruments — 0.3%
National Instruments Corp.		16,997		658,124
Stoneridge, Inc.†		8,500		174,930
				833,054
Electronic Security Devices — 0.1%
API Group Corp.†*		24,996		281,705
WidePoint Corp.†		70,000		39,900
				321,605
Energy - Alternate Sources — 0.1%
NextEra Energy Partners LP		6,100		311,771
Engines - Internal Combustion — 0.0%
Briggs & Stratton Corp.#		25,000		41,000
Enterprise Software/Service — 1.9%
Blackbaud, Inc.		3,951		231,568
Ceridian HCM Holding, Inc.†		11,394		784,705
Coupa Software, Inc.†		1,297		295,080
Guidewire Software, Inc.†		14,678		1,505,669
Network-1 Technologies, Inc.		20,000		44,400
Paycom Software, Inc.†		1,773		526,989
Tyler Technologies, Inc.†		4,322		1,622,090
				5,010,501
Entertainment Software — 0.2%
Zynga, Inc., Class A†		66,900		612,135
Environmental Consulting & Engineering — 0.1%
Tetra Tech, Inc.		2,300		181,470
Filtration/Separation Products — 0.3%
ESCO Technologies, Inc.		8,545		705,902
Finance - Auto Loans — 0.0%
Consumer Portfolio Services, Inc.†		24,500		63,455
Finance - Commercial — 0.0%
Marlin Business Services Corp.		7,500		56,175
On Deck Capital, Inc.†		55,000		41,135
				97,310

175

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Finance - Consumer Loans — 0.4%
Asta Funding, Inc.†		13,200	$	165,000
Elevate Credit, Inc.†		27,000		45,900
Encore Capital Group, Inc.†		10,932		347,309
PRA Group, Inc.†		11,740		400,569
Regional Management Corp.†		1,100		17,446
SLM Corp.		21,600		163,728
				1,139,952
Finance - Credit Card — 0.0%
Atlanticus Holdings Corp.†		7,434		107,793
Finance - Investment Banker/Broker — 1.1%
Arlington Asset Investment Corp., Class A		30,000		72,000
JMP Group LLC		16,300		46,944
Lazard, Ltd., Class A		47,831		1,284,741
Moelis & Co., Class A		40,927		1,376,375
				2,780,060
Finance - Mortgage Loan/Banker — 0.2%
PennyMac Financial Services, Inc.		15,555		522,337
Finance - Other Services — 0.3%
Cboe Global Markets, Inc.		7,916		842,737
Financial Guarantee Insurance — 0.1%
Radian Group, Inc.		12,100		192,148
Food - Confectionery — 0.0%
Rocky Mountain Chocolate Factory, Inc.		6,500		27,885
Food - Dairy Products — 0.0%
Lifeway Foods, Inc.†		6,700		15,879
Food - Misc./Diversified — 0.9%
BellRing Brands, Inc., Class A†		6,255		125,600
Cal-Maine Foods, Inc.†		12,351		550,361
Nomad Foods, Ltd.†		17,023		360,547
Post Holdings, Inc.†		6,500		565,890
Simply Good Foods Co.†		3,806		64,816
TreeHouse Foods, Inc.†		13,300		701,043
				2,368,257
Food - Retail — 0.1%
Blue Apron Holdings, Inc., Class A†		3,000		28,260
Natural Grocers by Vitamin Cottage, Inc.		9,000		129,600
				157,860
Food - Wholesale/Distribution — 0.9%
AMCON Distributing Co.		500		27,685
Grocery Outlet Holding Corp.†		1,000		36,810
Performance Food Group Co.†		89,330		2,380,644
				2,445,139
Footwear & Related Apparel — 0.1%
Iconix Brand Group, Inc.†		31,400		30,458
Rocky Brands, Inc.		6,711		139,186
Steven Madden, Ltd.		2,100		49,392
				219,036
Forestry — 0.1%
West Fraser Timber Co., Ltd.		6,400		173,195
Funeral Services & Related Items — 0.0%
StoneMor, Inc.†		65,000		48,003
Gambling (Non-Hotel) — 0.2%
Canterbury Park Holding Corp.		3,200		35,200
Monarch Casino & Resort, Inc.†		13,156		528,082
				563,282

Security Description	Shares		Value (Note 2)
Garden Products — 1.6%
Toro Co.		57,666	$	4,098,323
Gas - Distribution — 0.9%
Chesapeake Utilities Corp.		5,400		487,836
ONE Gas, Inc.		10,300		864,891
RGC Resources, Inc.		469		12,382
Southwest Gas Holdings, Inc.		12,037		914,210
				2,279,319
Gold Mining — 0.4%
Franco-Nevada Corp.		3,500		491,273
Northern Star Resources, Ltd.		61,472		599,984
				1,091,257
Golf — 0.5%
Acushnet Holdings Corp.		38,377		1,282,559
Drive Shack, Inc.†#		60,500		107,690
				1,390,249
Hazardous Waste Disposal — 0.1%
Centrus Energy Corp, Class A†		9,600		82,080
Heritage-Crystal Clean, Inc.†		8,900		150,944
				233,024
Health Care Cost Containment — 0.4%
HealthEquity, Inc.†#		17,893		1,108,829
Healthcare Safety Devices — 0.1%
Alpha Pro Tech, Ltd.†#		12,000		149,400
Retractable Technologies, Inc.†#		30,000		163,200
				312,600
Home Furnishings — 0.2%
Flexsteel Industries, Inc.		9,300		92,349
Tempur Sealy International, Inc.†		5,500		358,765
				451,114
Hotels/Motels — 0.0%
Red Lion Hotels Corp.†		50,000		88,000
Housewares — 0.1%
Libbey, Inc.†#		40,000		31,828
Lifetime Brands, Inc.		8,000		45,520
Tupperware Brands Corp.		28,500		92,055
				169,403
Human Resources — 0.1%
Computer Task Group, Inc.†		19,600		81,144
Cross Country Healthcare, Inc.†		12,791		77,641
RCM Technologies, Inc.†		20,000		27,400
				186,185
Identification Systems — 0.7%
Aware, Inc.†		21,900		77,745
Brady Corp., Class A		34,470		1,762,451
				1,840,196
Instruments - Controls — 0.6%
Woodward, Inc.		21,223		1,455,473
Insurance Brokers — 0.3%
Selectquote, Inc.†		14,231		391,637
Selectquote, Inc. Series E†(2)		4,444		116,184
				507,821
Insurance - Multi-line — 0.0%
Atlantic American Corp.†		2,000		3,540

176

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Insurance - Property/Casualty — 2.4%
Assurant, Inc.		5,923	$	607,581
Hallmark Financial Services, Inc.†		15,000		34,950
Hanover Insurance Group, Inc.		4,700		471,645
Kinsale Capital Group, Inc.		14,561		2,174,249
ProSight Global, Inc.†		1,507		13,352
RLI Corp.		25,911		2,045,933
Safety Insurance Group, Inc.		2,958		225,518
Selective Insurance Group, Inc.		13,100		687,095
State Auto Financial Corp.		6,461		128,832
				6,389,155
Insurance - Reinsurance — 0.3%
Axis Capital Holdings, Ltd.		11,650		437,341
Essent Group, Ltd.		12,441		411,175
				848,516
Internet Application Software — 0.1%
GlobalSCAPE, Inc.		12,200		115,290
RealNetworks, Inc.†		50,000		92,500
Zendesk, Inc.†		1,600		137,200
				344,990
Internet Content - Information/News — 0.0%
DHI Group, Inc.†		25,000		66,750
Internet Security — 0.2%
Proofpoint, Inc.†		5,100		592,977
Investment Companies — 0.0%
Altus Midstream Co., Class A†		30,000		20,700
Entasis Therapeutics Holdings, Inc.†		10,000		27,700
Medallion Financial Corp.†#		17,100		39,843
Portman Ridge Finance Corp.		16,700		21,710
				109,953
Investment Management/Advisor Services — 1.1%
AssetMark Financial Holdings, Inc.†		20,119		537,177
Eaton Vance Corp.		28,756		1,036,654
First Western Financial, Inc.†		5,000		64,900
Focus Financial Partners, Inc., Class A†		43,888		1,221,842
Manning & Napier, Inc.		8,400		26,796
Silvercrest Asset Management Group, Inc., Class A		10,000		112,700
				3,000,069
Leisure Games — 0.0%
Bowl America, Inc., Class A		3,000		25,590
Leisure Products — 0.0%
Escalade, Inc.		5,200		52,416
Machine Tools & Related Products — 0.8%
L.S. Starrett Co., Class A†		8,000		26,000
Lincoln Electric Holdings, Inc.		26,547		2,181,367
				2,207,367
Machinery - Electrical — 0.3%
Babcock & Wilcox Enterprises, Inc.†#		55,000		118,250
BWX Technologies, Inc.		8,473		530,156
				648,406
Machinery - General Industrial — 2.0%
Altra Industrial Motion Corp.		38,538		1,194,678
Applied Industrial Technologies, Inc.		22,229		1,289,282
Chart Industries, Inc.†		6,305		247,471
Gates Industrial Corp. PLC†		80,030		804,302
Intevac, Inc.†		6,100		31,781
Nordson Corp.		5,919		1,114,844
Twin Disc, Inc.†		12,500		68,625

Security Description	Shares		Value (Note 2)
Machinery - General Industrial (continued)
Welbilt, Inc.†		65,041	$	395,449
				5,146,432
Machinery - Print Trade — 0.0%
Eastman Kodak Co.†#		35,900		89,032
Machinery - Pumps — 0.5%
Graco, Inc.		8,800		424,248
Ingersoll Rand, Inc.†		20,174		568,907
Mueller Water Products, Inc., Class A		32,900		307,286
				1,300,441
Marine Services — 0.0%
SEACOR Marine Holdings, Inc.†		15,000		23,250
Medical Information Systems — 0.1%
Castlight Health, Inc., Class B†		63,500		50,019
Tabula Rasa HealthCare, Inc.†#		1,600		85,488
				135,507
Medical Instruments — 0.4%
Bruker Corp.		13,690		592,503
NuVasive, Inc.†		4,750		287,850
TransEnterix, Inc.†#		75,000		31,748
				912,101
Medical Labs & Testing Services — 2.4%
Alignment Healthcare Partners, Class A1(1)(2)		7,632		92,489
Catalent, Inc.†		60,260		4,684,010
Neuronetics, Inc.†		29,500		53,985
Syneos Health, Inc.†		25,975		1,584,215
				6,414,699
Medical Laser Systems — 0.0%
IRIDEX Corp.†		8,100		14,580
Medical Products — 2.4%
AtriCure, Inc.†		7,261		347,148
Avanos Medical, Inc.†		11,845		344,216
Axonics Modulation Technologies, Inc.†#		2,451		89,878
Conformis, Inc.†#		50,000		49,435
Electromed, Inc.†		8,200		118,244
Envista Holdings Corp.†		33,536		708,951
Hanger, Inc.†		21,871		401,552
Inari Medical, Inc.†		737		32,428
Intersect ENT, Inc.†		4,200		46,830
iRhythm Technologies, Inc.†		5,541		688,802
Nevro Corp.†		2,949		370,394
Novan, Inc.†		115,000		46,345
Penumbra, Inc.†#		1,371		236,388
RA Medical Systems, Inc.†#		35,000		18,060
Sientra, Inc.†#		43,400		168,392
T2 Biosystems, Inc.†#		25,000		20,983
United-Guardian, Inc.		3,500		55,160
West Pharmaceutical Services, Inc.		11,562		2,497,854
				6,241,060
Medical - Biomedical/Gene — 3.6%
ACADIA Pharmaceuticals, Inc.†		2,950		146,556
Acceleron Pharma, Inc.†		3,900		385,437
Acorda Therapeutics, Inc.†		23,606		17,648
Aduro Biotech, Inc.†		32,600		106,602
Advaxis, Inc.†#		70,000		48,020
Allena Pharmaceuticals, Inc.†		30,200		50,736
Allogene Therapeutics, Inc.†#		1,676		80,716
Altimmune, Inc.†#		15,000		139,200
Amarin Corp. PLC ADR†#		6,900		47,334

177

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical - Biomedical/Gene (continued)
Apellis Pharmaceuticals, Inc.†		1,700	$	57,273
Applied Genetic Technologies Corp.†		20,000		96,000
Arcutis Biotherapeutics, Inc.†#		1,317		44,185
Argenx SE ADR†		3,570		782,901
Ascendis Pharma A/S ADR†		6,835		994,424
Bellicum Pharmaceuticals, Inc.†#		3,900		29,757
Blueprint Medicines Corp.†		5,453		355,208
Cara Therapeutics, Inc.†#		4,346		68,971
Catabasis Pharmaceuticals, Inc.†#		12,500		77,625
Clearside Biomedical, Inc.†#		50,000		93,000
CRISPR Therapeutics AG†		653		42,171
Curis, Inc.†		51,300		42,846
Cymabay Therapeutics, Inc.†		40,000		148,200
Enzo Biochem, Inc.†		37,500		106,875
Equillium, Inc.†		15,000		51,750
Evelo Biosciences, Inc.†#		13,500		58,995
EyePoint Pharmaceuticals, Inc.†#		75,000		64,500
Five Prime Therapeutics, Inc.†		23,000		121,900
Harvard Bioscience, Inc.†		45,000		118,800
Homology Medicines, Inc.†		4,710		67,070
IGM Biosciences, Inc.†		2,027		131,309
Immunomedics, Inc.†		7,800		262,002
Infinity Pharmaceuticals, Inc.†		100,000		90,000
Insmed, Inc.†		17,192		417,594
Iovance Biotherapeutics, Inc.†		1,500		48,135
Kodiak Sciences, Inc.†		5,122		330,932
Krystal Biotech, Inc.†#		1,598		82,153
Lineage Cell Therapeutics, Inc.†#		6,712		5,918
LogicBio Therapeutics, Inc.†#		16,500		113,190
Marker Therapeutics, Inc.†#		36,000		81,720
Menlo Therapeutics, Inc.†#		19,400		46,366
Merrimack Pharmaceuticals, Inc.		5,000		16,950
Mustang Bio, Inc.†		27,500		102,575
Novavax, Inc.†#		1,800		82,872
Oncocyte Corp.†		50,000		138,000
Orchard Therapeutics PLC ADR†		11,673		110,894
Otonomy, Inc.†		35,000		89,600
Palatin Technologies, Inc.†#		195,000		98,846
Protalix BioTherapeutics, Inc.†		8,701		29,061
PTC Therapeutics, Inc.†		2,300		116,633
Radius Health, Inc.†#		18,086		228,969
Savara, Inc.†		26,000		63,440
Scholar Rock Holding Corp.†#		3,108		57,187
Seattle Genetics, Inc.†		2,600		408,746
Selecta Biosciences, Inc.†#		35,000		128,450
Sesen Bio, Inc.†		95,000		76,399
Sierra Oncology, Inc.†		7,500		105,075
Surface Oncology, Inc.†#		29,000		148,190
Synlogic, Inc.†		53,400		134,034
Synthetic Biologics, Inc.†		35,000		13,874
Tela Bio, Inc.†#		8,700		119,625
Tocagen, Inc.†#		13,300		16,093
Turning Point Therapeutics, Inc.†		2,819		195,216
Ultragenyx Pharmaceutical, Inc.†		6,633		454,095
VolitionRX, Ltd.†#		29,400		90,552
Xencor, Inc.†		8,493		256,913
Zentalis Pharmaceuticals, Inc.†		1,260		65,797
				9,402,105
Medical - Drugs — 1.8%
AcelRx Pharmaceuticals, Inc.†#		32,100		44,619
Aclaris Therapeutics, Inc.†#		70,000		98,700
Adamas Pharmaceuticals, Inc.†#		13,500		37,260
Aeglea BioTherapeutics, Inc.†		12,700		111,887
Aimmune Therapeutics, Inc.†#		8,475		140,770

Security Description	Shares		Value (Note 2)
Medical - Drugs (continued)
Alimera Sciences, Inc.†		7,667	$	37,798
Ampio Pharmaceuticals, Inc.†#		98,900		53,060
Assertio Holdings, Inc.†		3,400		3,315
cbdMD, Inc.†#		18,600		27,342
Chimerix, Inc.†		57,300		178,776
Corvus Pharmaceuticals, Inc.†#		20,000		69,000
Cumberland Pharmaceuticals, Inc.†		27,800		92,018
Cyclerion Therapeutics, Inc.†		20,000		79,600
Eloxx Pharmaceuticals, Inc.†		16,900		57,291
Enanta Pharmaceuticals, Inc.†		500		25,745
Global Blood Therapeutics, Inc.†#		9,584		670,113
KalVista Pharmaceuticals, Inc.†		700		7,875
Leap Therapeutics, Inc.†		29,500		69,915
MyoKardia, Inc.†		5,775		590,725
NanoViricides, Inc.†		6,000		45,120
Neos Therapeutics, Inc.†#		40,000		28,392
Odonate Therapeutics, Inc.†		1,159		37,864
PhaseBio Pharmaceuticals, Inc.†#		24,000		144,240
Prestige Consumer Healthcare, Inc.†		17,270		728,794
Principia Biopharma, Inc.†		3,229		206,301
Reata Pharmaceuticals, Inc., Class A†		2,137		310,549
Rockwell Medical, Inc.†#		45,000		96,300
scPharmaceuticals, Inc.†		11,500		95,795
SCYNEXIS, Inc.†		100,000		75,420
Tetraphase Pharmaceuticals, Inc.†#		10,000		21,600
TherapeuticsMD, Inc.†#		100,029		113,033
Tonix Pharmaceuticals Holding Corp.†		50,000		32,500
Trevena, Inc.†#		55,000		71,500
Tricida, Inc.†#		5,747		154,364
VIVUS, Inc.†#		24,100		26,992
Xeris Pharmaceuticals, Inc.†		30,000		154,200
Zynerba Pharmaceuticals, Inc.†#		21,500		113,090
				4,851,863
Medical - Generic Drugs — 0.1%
Momenta Pharmaceuticals, Inc.†		10,239		322,324
Unum Therapeutics, Inc.†		30,000		16,836
				339,160
Medical - HMO — 1.6%
Molina Healthcare, Inc.†		21,974		4,083,209
Medical - Nursing Homes — 0.0%
Genesis Healthcare, Inc.†		100,000		86,210
Medical - Outpatient/Home Medical — 0.8%
Amedisys, Inc.†		3,822		734,015
Chemed Corp.		1,987		950,799
Pennant Group, Inc.†		6,228		158,752
Providence Service Corp.†		3,300		265,650
				2,109,216
Medical - Wholesale Drug Distribution — 0.5%
Great Elm Capital Group, Inc.†		40,000		96,000
Premier, Inc., Class A†		36,049		1,254,145
				1,350,145
Metal Processors & Fabrication — 1.1%
Ampco-Pittsburgh Corp.†		19,500		64,155
AZZ, Inc.		10,600		335,596
Gulf Island Fabrication, Inc.†		9,100		27,209
Helios Technologies, Inc.		8,277		296,068
Mayville Engineering Co., Inc.†		10,000		61,200
RBC Bearings, Inc.†		14,809		2,082,886
Strattec Security Corp.		1,500		19,350
				2,886,464

178

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Metal Products - Distribution — 0.0%
Olympic Steel, Inc.		8,800	$	97,064
Metal Products - Fasteners — 0.0%
Eastern Co.		4,187		78,339
Metal - Aluminum — 0.2%
Alcoa Corp.†		17,800		163,938
Constellium SE†		28,600		234,806
				398,744
Metal - Copper — 0.1%
ERO Copper Corp.†		24,400		284,077
Mining Services — 0.0%
Contura Energy, Inc.†		17,000		65,280
Miscellaneous Manufacturing — 1.6%
AptarGroup, Inc.		31,926		3,556,237
FreightCar America, Inc.†		35,000		42,000
John Bean Technologies Corp.		8,817		724,317
				4,322,554
Multimedia — 0.7%
E.W. Scripps Co., Class A		35,062		303,988
FactSet Research Systems, Inc.		4,799		1,475,740
				1,779,728
Non-Ferrous Metals — 0.0%
Uranium Energy Corp.†#		100,500		105,525
Office Automation & Equipment — 0.0%
AstroNova, Inc.		7,000		45,010
Oil & Gas Drilling — 0.0%
Quintana Energy Services, Inc.†		15,000		10,680
Oil Companies - Exploration & Production — 1.1%
Amplify Energy Corp.#		25,500		28,050
Barnwell Industries, Inc.†		15,000		8,702
Chaparral Energy, Inc., Class A†		60,000		29,916
Contango Oil & Gas Co.†#		40,000		110,000
Denbury Resources, Inc.†#		300,000		63,900
Devon Energy Corp.		15,000		162,150
Diamondback Energy, Inc.		12,200		519,476
Earthstone Energy, Inc., Class A†#		33,400		99,532
Evolution Petroleum Corp.		23,100		56,364
Extraction Oil & Gas, Inc.†		190,000		55,100
Goodrich Petroleum Corp.†		9,000		72,360
Gran Tierra Energy, Inc.†#		215,000		51,213
HighPoint Resources Corp.†		165,000		39,600
Kosmos Energy, Ltd.		11,364		20,682
Laredo Petroleum, Inc.†		100,000		84,850
Lonestar Resources US, Inc., Class A†		30,000		17,505
Magnolia Oil & Gas Corp., Class A†#		46,420		257,631
Mammoth Energy Services, Inc.#		30,000		37,800
Montage Resources Corp., Class A†		2,600		15,912
Panhandle Oil and Gas, Inc., Class A		10,000		41,800
Parsley Energy, Inc., Class A		10,308		94,215
PEDEVCO Corp.†#		70,000		53,200
Penn Virginia Corp.†		19,800		173,844
QEP Resources, Inc.		145,000		123,772
Ring Energy, Inc.†#		125,000		148,750
SandRidge Energy, Inc.†		55,000		86,900
Seven Generations Energy, Ltd., Class A†		26,700		56,237
SilverBow Resources, Inc.†		10,000		37,800
VAALCO Energy, Inc.†		30,000		29,757
Venture Global LNG, Inc., Series B†(1)(2)		4		15,392
Venture Global LNG, Inc., Series C†(1)(2)		59		227,032
				2,819,442

Security Description	Shares		Value (Note 2)
Oil Field Machinery & Equipment — 0.2%
Dril-Quip, Inc.†#		4,200	$	127,638
Flotek Industries, Inc.†#		50,000		49,000
Forum Energy Technologies, Inc.†		100,000		29,000
Hi-Crush Partners LP†		90,000		22,653
Mitcham Industries, Inc.†		22,400		34,272
Natural Gas Services Group, Inc.†		10,400		65,104
Smart Sand, Inc.†#		15,000		15,900
Superior Drilling Products, Inc.†		56,000		42,398
Thermon Group Holdings, Inc.†		4,100		65,723
				451,688
Oil Refining & Marketing — 0.0%
Adams Resources & Energy, Inc.		3,314		86,943
Trecora Resources†		2,100		13,419
				100,362
Oil - Field Services — 0.4%
Enservco Corp.†		135,000		20,668
Era Group, Inc.†		19,000		95,190
Halliburton Co.		30,127		353,992
Independence Contract Drilling, Inc.†		7,000		43,190
KLX Energy Services Holdings, Inc.†#		14,000		20,720
Liberty Oilfield Services, Inc., Class A		37,444		192,837
NCS Multistage Holdings, Inc.†		94,500		49,131
Newpark Resources, Inc.†		40,000		80,800
NexTier Oilfield Solutions, Inc.†		55,000		159,500
Nine Energy Service, Inc.†#		20,000		40,600
Nuverra Environmental Solutions, Inc.†#		6,300		9,261
Ranger Energy Services, Inc.†		5,000		18,300
Superior Energy Services, Inc.†#		50,000		49,210
TETRA Technologies, Inc.†		75,000		24,750
				1,158,149
Pharmacy Services — 0.0%
JAND, Inc. (dba Warby Parker), Class A†(1)(2)		4,462		86,978
Physical Therapy/Rehabilitation Centers — 1.2%
Encompass Health Corp.		37,289		2,731,419
U.S. Physical Therapy, Inc.		4,321		320,359
				3,051,778
Pipelines — 0.0%
New Fortress Energy LLC†#		5,467		75,827
Pollution Control — 0.0%
Fuel Tech, Inc.†#		75,000		55,755
Poultry — 0.2%
Sanderson Farms, Inc.		3,600		475,272
Power Converter/Supply Equipment — 0.6%
Generac Holdings, Inc.†		14,330		1,594,499
LGL Group, Inc.†		5,000		43,000
				1,637,499
Printing-Commercial — 0.1%
ARC Document Solutions, Inc.		103,000		105,060
Quad/Graphics, Inc.		30,000		85,500
				190,560
Protection/Safety — 0.0%
ADT, Inc.#		16,024		113,450
Publishing - Newspapers — 0.1%
A.H. Belo Corp., Class A		15,000		23,250
Lee Enterprises, Inc.†		84,700		94,017
				117,267

179

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Radio — 0.1%
Beasley Broadcast Group, Inc., Class A		20,000	$	47,800
Cumulus Media, Inc., Class A†		14,500		74,965
Salem Media Group, Inc.		45,000		40,491
Townsquare Media, Inc., Class A		11,000		49,170
				212,426
Real Estate Investment Trusts — 4.3%
Acadia Realty Trust		7,900		92,667
American Campus Communities, Inc.		14,000		452,200
Community Healthcare Trust, Inc.		2,800		101,976
CubeSmart		76,789		2,185,415
Douglas Emmett, Inc.		2,700		79,272
EastGroup Properties, Inc.		26,004		3,022,965
First Industrial Realty Trust, Inc.		6,600		250,008
JBG SMITH Properties		19,532		580,686
National Retail Properties, Inc.		45,169		1,417,855
Outfront Media, Inc.		52,208		733,000
Paramount Group, Inc.		9,727		74,995
PS Business Parks, Inc.		5,656		755,868
Regency Centers Corp.		3,435		146,984
Rexford Industrial Realty, Inc.		13,200		525,360
RLJ Lodging Trust		68,192		703,060
Ryman Hospitality Properties, Inc.		10,694		365,521
				11,487,832
Real Estate Management/Services — 0.8%
Cushman & Wakefield PLC†#		108,312		1,110,198
FirstService Corp.		10,036		936,660
				2,046,858
Real Estate Operations & Development — 0.1%
CTO Realty Growth, Inc.		3,100		129,518
Trinity Place Holdings, Inc.†		10,000		17,200
				146,718
Recreational Centers — 0.4%
OneSpaWorld Holdings, Ltd.		14,640		95,745
Planet Fitness, Inc., Class A†		14,652		946,959
Town Sports International Holdings, Inc.†#		75,000		62,250
				1,104,954
Recreational Vehicles — 0.8%
Brunswick Corp.		37,558		2,066,066
Rental Auto/Equipment — 0.2%
Aaron’s, Inc.		14,715		543,131
Retail - Apparel/Shoe — 0.6%
Allbirds, Inc.†(1)(2)		5,670		54,066
Burlington Stores, Inc.†		5,450		1,142,702
Destination XL Group, Inc.†		40,000		17,096
Express, Inc.†		50,000		98,000
Francesca’s Holdings Corp.†#		14,100		45,966
J. Jill, Inc.†#		35,500		21,762
RTW RetailWinds, Inc.†		63,029		28,369
Tailored Brands, Inc.#		30,000		38,700
Tilly’s, Inc., Class A		10,968		56,156
				1,502,817
Retail - Arts & Crafts — 0.1%
Michaels Cos., Inc.†#		33,800		130,468
Retail - Automobile — 0.1%
Rush Enterprises, Inc., Class A		4,400		183,128
Retail - Bookstores — 0.0%
Barnes & Noble Education, Inc.†		54,000		83,700

Security Description	Shares		Value (Note 2)
Retail - Building Products — 0.1%
Aspen Aerogels, Inc.†		14,200	$	88,040
BlueLinx Holdings, Inc.†#		10,500		72,450
				160,490
Retail - Convenience Store — 0.4%
Casey’s General Stores, Inc.		6,044		965,408
Retail - Discount — 1.5%
BJ’s Wholesale Club Holdings, Inc.†		67,311		2,423,196
Citi Trends, Inc.		6,200		100,688
Ollie’s Bargain Outlet Holdings, Inc.†		14,699		1,344,224
				3,868,108
Retail - Home Furnishings — 0.3%
Bassett Furniture Industries, Inc.		6,500		41,600
Kirkland’s, Inc.†#		45,000		50,850
Lovesac Co.†#		8,000		146,480
RH†		1,852		401,680
Tuesday Morning Corp.†#		70,000		17,598
				658,208
Retail - Jewelry — 0.0%
Envela Corp.†		15,000		53,850
Retail - Misc./Diversified — 0.2%
Container Store Group, Inc.†#		35,000		99,750
Five Below, Inc.†		1,600		167,440
Gaia, Inc.†#		9,400		73,602
Party City Holdco, Inc.†#		200,000		258,000
				598,792
Retail - Petroleum Products — 0.0%
TravelCenters of America, Inc.†		5,800		78,996
Retail - Restaurants — 1.7%
Ark Restaurants Corp.		8,000		102,000
BBQ Holdings, Inc.†		8,250		24,585
BJ’s Restaurant, Inc. PIPE†(2)		12,221		252,168
Carrols Restaurant Group, Inc.†		40,000		171,600
Chuy’s Holdings, Inc.†		13,470		215,385
Darden Restaurants, Inc.		1,199		92,155
Denny’s Corp.†		18,000		195,210
Dunkin’ Brands Group, Inc.		14,369		917,748
Fiesta Restaurant Group, Inc.†		21,719		178,747
Flanigan’s Enterprises, Inc.†		44		722
J Alexander’s Holdings, Inc.†		13,000		55,120
Kura Sushi USA, Inc., Class A†#		4,500		65,655
Luby’s, Inc.†		60,000		48,960
Papa John’s International, Inc.		12,500		973,625
Potbelly Corp.†		30,000		63,000
Red Robin Gourmet Burgers, Inc.†		8,114		112,460
Wendy’s Co.		49,567		1,053,795
				4,522,935
Retail - Sporting Goods — 0.1%
Big 5 Sporting Goods Corp.#		95,000		176,700
Retail - Toy Stores — 0.0%
Build-A-Bear Workshop, Inc.†		10,500		23,835
Retail - Vision Service Center — 0.2%
National Vision Holdings, Inc.†		21,173		567,013
Retirement/Aged Care — 0.0%
Capital Senior Living Corp.†		23,500		15,510
Savings & Loans/Thrifts — 0.6%
BankFinancial Corp.		9,300		84,444
Capitol Federal Financial, Inc.		18,467		216,526

180

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Savings & Loans/Thrifts (continued)
ESSA Bancorp, Inc.		9,000	$	129,150
First Financial Northwest, Inc.		10,000		97,700
Investors Bancorp, Inc.		26,400		229,152
Lake Shore Bancorp, Inc.		10,000		111,600
Malvern Bancorp, Inc.†		3,800		45,144
Meridian Bancorp, Inc.		21,160		243,763
Pacific Premier Bancorp, Inc.		15,000		324,300
Provident Financial Holdings, Inc.		3,414		43,938
Prudential Bancorp, Inc.		5,000		61,100
				1,586,817
Schools — 0.6%
Bright Horizons Family Solutions, Inc.†		11,178		1,250,595
Lincoln Educational Services Corp.†		20,000		78,000
Strategic Education, Inc.		877		148,765
				1,477,360
Security Services — 0.2%
Brink’s Co.		11,202		449,200
Seismic Data Collection — 0.0%
Dawson Geophysical Co.†		19,927		26,304
Geospace Technologies Corp.†		8,900		70,132
				96,436
Semiconductor Components - Integrated Circuits — 0.6%
Power Integrations, Inc.		13,376		1,449,290
Semiconductor Equipment — 1.4%
Cabot Microelectronics Corp.		15,429		2,235,045
Entegris, Inc.		18,900		1,131,732
MKS Instruments, Inc.		1,400		147,882
Richardson Electronics, Ltd.		15,000		62,400
				3,577,059
Silver Mining — 0.0%
Golden Minerals Co.†		85,000		28,968
Specified Purpose Acquisitions — 0.1%
Collier Creek Holdings†		13,012		142,481
Conyers Park II Acquisition Corp.†		14,312		154,570
				297,051
Steel Pipe & Tube — 0.0%
Valmont Industries, Inc.		648		73,872
Steel - Producers — 0.0%
Friedman Industries, Inc.		10,000		44,600
Shiloh Industries, Inc.†		53,100		63,189
				107,789
Steel - Specialty — 0.0%
Universal Stainless & Alloy Products, Inc.†		7,500		58,800
Superconductor Product & Systems — 0.0%
American Superconductor Corp.†		10,500		76,125
Telecom Services — 0.0%
Consolidated Communications Holdings, Inc.†		1		6
RigNet, Inc.†		12,600		12,352
Spok Holdings, Inc.		4,800		49,296
				61,654
Telecommunication Equipment — 0.1%
Communications Systems, Inc.		30,000		154,200
Wireless Telecom Group, Inc.†		53,200		53,732
				207,932

Security Description	Shares		Value (Note 2)
Telephone - Integrated — 0.1%
Alaska Communications Systems Group, Inc.		77,000	$	200,970
Textile - Products — 0.0%
Culp, Inc.		11,500		88,665
Dixie Group, Inc.†		10,000		10,400
				99,065
Theaters — 0.2%
Cinemark Holdings, Inc.		38,056		571,982
Therapeutics — 0.2%
Agios Pharmaceuticals, Inc.†		3,033		156,927
CorMedix, Inc.†		11,800		52,156
G1 Therapeutics, Inc.†		2,875		48,789
Proteostasis Therapeutics, Inc.†		60,500		79,255
Trevi Therapeutics, Inc.†		15,000		40,800
				377,927
Tobacco — 0.0%
Greenlane Holdings, Inc., Class A†#		10,000		34,400
Tools - Hand Held — 0.9%
MSA Safety, Inc.		18,880		2,245,587
Toys — 0.0%
JAKKS Pacific, Inc.†#		30,000		18,000
Transport - Marine — 0.0%
Overseas Shipholding Group, Inc., Class A†		35,000		77,350
Transport - Services — 0.2%
Matson, Inc.		16,900		482,833
Steel Connect, Inc.†		71,500		37,109
				519,942
Transport - Truck — 1.7%
Knight-Swift Transportation Holdings, Inc.#		53,484		2,225,469
Landstar System, Inc.		15,317		1,780,755
P.A.M. Transportation Services, Inc.†		1,357		47,359
Patriot Transportation Holding, Inc.		5,000		42,025
Saia, Inc.†		2,200		238,568
USA Truck, Inc.†		4,000		25,640
XPO Logistics, Inc.†		1		79
YRC Worldwide, Inc.†#		30,000		44,400
				4,404,295
Venture Capital — 0.0%
Safeguard Scientifics, Inc.		14,100		89,253
Veterinary Diagnostics — 0.0%
Elanco Animal Health, Inc. CVR†(1)		3,000		0
Vitamins & Nutrition Products — 0.0%
Calyxt, Inc.†#		20,000		86,800
Water — 0.4%
California Water Service Group		6,600		310,200
Middlesex Water Co.		4,782		324,506
PICO Holdings, Inc.†		10,000		83,800
SJW Group		7,170		450,563
				1,169,069
Web Hosting/Design — 0.8%
Q2 Holdings, Inc.†		23,925		1,976,683
Web Portals/ISP — 0.0%
Synacor, Inc.†		44,000		48,400
Wire & Cable Products — 0.0%
Belden, Inc.		1,600		54,464

181

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Wireless Equipment — 0.1%
Frequency Electronics, Inc.†		10,000	$	81,000
Powerfleet, Inc.†		25,000		117,500
Sonim Technologies, Inc.†#		18,900		15,687
				214,187
Total Common Stocks
(cost $229,241,490)				254,844,499
CONVERTIBLE PREFERRED SECURITIES — 0.8%
Applications Software — 0.2%
Convoy, Inc., Series C Series C†(1)(2)		12,094		121,177
Convoy, Inc., Series D†(1)(2)		7,659		76,740
Haul Hub, Inc. Series B†(1)(2)		2,168		23,391
ServiceTitan, Inc., Series A-1†(1)(2)		4		135
ServiceTitan, Inc., Series D†(1)(2)		1,942		65,634
Toast, Inc., Series B Series B†(1)(2)		98		3,528
Toast, Inc. Series D†(1)(2)		7,194		258,984
Toast, Inc. Series F†(1)(2)		594		21,384
				570,973
Auto-Cars/Light Trucks — 0.1%
Rivian Automotive, Inc., Series D†(1)(2)		12,194		131,012
Computer Software — 0.1%
Checkr, Inc., Series C†(1)(2)		2,998		67,103
Checkr, Inc., Series D†(1)(2)		4,084		91,410
				158,513
E-Commerce/Products — 0.0%
1stdibs.com, Inc., Series D Series D†(1)(2)		11,111		41,201
E-Commerce/Services — 0.1%
Farmers Business Network, Inc., Series C†(1)(2)		8,287		142,935
Vroom, Inc. Series F†(1)(2)		5,863		159,433
Vroom, Inc. Series H†(1)(2)		1,919		52,183
				354,551
Enterprise Software/Service — 0.1%
Plex Systems, Inc., Series B†(1)(2)		50,422		108,579
Food - Retail — 0.1%
Roofoods, Ltd. Series F†(1)(2)		618		240,186
Roofoods, Ltd.†(1)(2)		16		6,686
				246,872
Footwear & Related Apparel — 0.0%
Allbirds, Inc., Series A†(1)(2)		1,850		17,641
Allbirds, Inc., Series B†(1)(2)		325		3,099

Security Description	Principal Amount/ Shares		Value (Note 2)
Footwear & Related Apparel (continued)
Allbirds, Inc., Series C†(1)(2)		3,110	$	29,655
Allbirds, Inc., Series SEED†(1)(2)		995		9,488
				59,883
Internet Content - Information/News — 0.0%
A Place For Rover, Inc. Series G†(1)(2)		7,335		33,924
Medical - Biomedical/Gene — 0.0%
Generation Bio, Series C†(1)(2)		7,499		41,930
Pharmacy Services — 0.1%
JAND, Inc. (dba Warby Parker) Series E†(1)(2)		5,505		107,310
JAND, Inc. (dba Warby Parker) Series F†(1)(2)		5,440		106,042
				213,352
Seismic Data Collection — 0.0%
Seismic Software Holdings, Inc., Series E†(1)(2)		2,336		61,211
Total Convertible Preferred Securities
(cost $1,855,000)				2,022,001
WARRANTS†— 0.0%
Banks - Commercial — 0.0%
Grasshopper Bancorp, Inc.(1)(2) Expires 10/12/2028		1,009		2,785
Banks - Regional — 0.0%
Sound Bank(1)(2) Expires 05/01/2024		456		0
Specified Purpose Acquisitions — 0.0%
J2 Acquisition, Ltd. Expires 10/10/2020 (strike price $11.50)		27,696		0
Total Warrants
(cost $277)				2,785
Total Long-Term Investment Securities
(cost $231,096,767)				256,869,285
SHORT-TERM INVESTMENT SECURITIES — 2.6%
Registered Investment Companies — 2.6%
State Street Institutional U.S. Government Money Market Fund, Premier Class  0.13%(4)	$	748,016		748,016
State Street Navigator Securities Lending Government Money Market Portfolio 0.13%(3)(4)		4,960,480		4,960,480
T. Rowe Price Government Reserve Fund 0.13%(4)		1,105,477		1,105,477
Total Short-Term Investment Securities
(cost $6,813,973)				6,813,973

182

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Principal Amount			Value (Note 2)
REPURCHASE AGREEMENTS — 2.4%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00%, dated 05/29/2020, to be repurchased 06/01/2020 in the amount of $6,371,000 collateralized by $5,995,000 of United States Treasury Notes, bearing interest at 2.38% due 02/29/2024 and having an approximate value of $6,500,241 (cost $6,371,000)	$	6,371,000		$	6,371,000
TOTAL INVESTMENTS
(cost $244,281,739)(5)		102.1	%		270,054,258
Liabilities in excess of other assets		(2.1	)		(5,559,727	)
NET ASSETS		100.0	%	$	264,494,531

† Non-income producing security

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

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2020, the aggregate value of these securities was $281,705 representing 0.1% of net assets.

(1) Securities classified as Level 3 (see Note 2).

(2) Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of May 31, 2020, the Fund held the following restricted securities:

Description	Acquisition Date		Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
Common Stocks
A Place for Rover, Inc.		05/25/2018		513	$	3,476	$	2,373	$	4.63		0.00	%
Alignment Healthcare Partners, Class A		02/28/2020		7,632		92,489		92,489		12.12		0.03
Allbirds, Inc.		10/10/2018		4,690		51,436
		12/21/2018		980		10,748
				5,670		62,184		54,066		9.54		0.02
BJ’s Restaurant, Inc. PIPE		05/05/2020		12,221		244,420		252,168		20.63		0.09
Checkr, Inc.		06/29/2018		700		8,603
		12/02/2019		1,256		36,085
				1,956		44,688		41,585		21.26		0.01
Grasshopper Bancorp, Inc.		10/12/2018		1,009		10,090
		05/02/2019		4,199		41,990
				5,208		52,080		38,539		7.40		0.01
JAND, Inc. (dba Warby Parker), Class A		03/09/2018		4,462		70,129		86,978		19.49		0.03
nCino, Inc.		09/16/2019		4,283		93,155		93,155		21.75		0.03
SelectQuote Inc., Series E		05/06/2020		4,444		80,000		116,184		26.14		0.04
ServiceTitan, Inc.		11/09/2018		191		5,022		6,455		33.80		0.00
Sound Bank (Non-voting Shares)		05/06/2019		3,056		30,560		16,044		5.25		0.01
Sound Bank (Voting Shares)		05/06/2019		1,501		15,010		7,880		5.25		0.00
Toast, Inc.		09/14/2018		11		190		396		36.00		0.00

Description	Acquisition Date		Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
Venture Global LNG, Inc., Series B		03/08/2018		4	$	12,080	$	15,392	$	3,848		0.01	%
Venture Global LNG, Inc., Series C		05/25/2017		28		99,904
		10/16/2017		27		101,817
		03/08/2018		4		12,080
				59		213,801		227,032		3,848		0.08
Convertible Preferred Securities
1stdibs.com, Inc., Series D		02/07/2019		11,111		55,677		41,201		3.71		0.02
A Place For Rover, Inc., Series G		05/11/2018		7,335		55,221		33,924		4.63		0.01
Allbirds, Inc., Series A		10/10/2018		1,850		20,289		17,641		9.54		0.01
Allbirds, Inc., Series B		10/10/2018		325		3,565		3,099		9.54		0.00
Allbirds, Inc., Series C		10/09/2018		3,110		34,108		29,655		9.54		0.01
Allbirds, Inc., Series SEED		10/10/2018		995		10,912		9,488		9.54		0.00
Checkr, Inc., Series C		04/10/2018		2,998		40,926		67,103		22.38		0.02
Checkr, Inc., Series D		09/06/2019		4,084		123,527		91,410		22.38		0.03
Convoy, Inc., Series C		09/14/2018		12,094		85,875		121,177		10.02		0.05
Convoy, Inc., Series D		10/30/2019		7,659		103,703		76,740		10.02		0.03
Farmers Business Network, Inc., Series D		11/03/2017		8,287		153,012		142,935		17.25		0.05
Generation Bio, Series C		01/09/2020		7,499		41,930		41,930		5.59		0.01
Haul Hub, Inc., Series B		02/14/2020		2,168		31,609		23,391		10.79		0.01
JAND, Inc. (dba Warby Parker), Series E		03/09/2018		5,505		86,522		107,310		19.49		0.04
JAND, Inc. (dba Warby Parker), Series F		04/03/2020		5,440		106,042		106,042		19.49		0.04
Plex Systems, Inc., Series B		06/09/2014		50,422		115,683		108,579		2.15		0.04
Rivian Automative, Inc. Series D		12/23/2019		12,194		131,012		131,012		10.74		0.05
Roofoods, Ltd., Series F		09/12/2017		618		218,506		240,186		388.65		0.09
Roofoods, Ltd., Series G		05/16/2019		16		6,686		6,686		417.88		0.00
Seismic Software Holdings, Inc., Series E		12/13/2018		2,336		73,632		61,211		26.20		0.02
ServiceTitan, Inc., Series A-1		11/09/2018		4		105		135		33.80		0.00
ServiceTitan, Inc., Series D		11/09/2018		1,942		51,065		65,634		33.80		0.02
Toast, Inc., Series B		09/14/2018		98		1,696		3,528		36.00		0.00
Toast, Inc., Series D		06/27/2018		7,194		124,507		258,984		36.00		0.10
Toast, Inc., Series F		02/14/2020		594		26,997		21,384		36.00		0.01
Vroom, Inc., Series F		06/30/2017		5,863		100,009		159,433		27.19		0.06
Vroom, Inc., Series H		11/21/2019		1,919		52,183		52,183		27.19		0.02
Warrants
Grasshopper Bancorp, Inc. Expires 10/12/2028		10/12/2018		1,009		0		2,785		2.76		0.06
Sound Bank Expires 05/01/2024		05/06/2019		456		0		0		0.00		—
							$	3,075,522				1.16

183

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

(3) At May 31, 2020, the Fund had loaned securities with a total value of $17,308,828. This was secured by collateral of $4,960,480, which was received in cash and subsequently invested in short-term investments currently valued at $4,960,480 as reported in the Portfolio of Investments. Additional collateral of $13,594,080 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2020
Federal Home Loan Mtg. Corp.	2.50% to 3.50%	12/01/2047 to 03/01/2050	$	1,139,751
Federal National Mtg. Assoc.	1.85% to 4.00%	01/25/2030 to 03/01/2050		1,993,597
Government National Mtg. Assoc.	2.50%	09/20/2046		148,928
United States Treasury Bills	0.00%	06/18/2020 to 08/13/2020		300,471
United States Treasury Notes/Bonds	0.00% to 8.75%	06/15/2020 to 11/15/2049		10,011,333

(4) The rate shown is the 7-day yield as of May 31, 2020.

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

ADR—American Depositary Receipt

CVR—Contingent Value Rights

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2020 (see Note 2)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs			Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks:
Applications Software	$	3,559,788	$	—		$	6,851	$	3,566,639
Banks-Commercial		20,710,752		—			38,539		20,749,291
Banks-Regional		—		—			23,924		23,924
Cellular Telecom		—		—			6,510		6,510
Commercial Services		3,796,886		—			93,155		3,890,041
Computer Software		3,045,497		—			41,585		3,087,082
E-Commerce\Services		318,926		—			2,373		321,299
Insurance Brokers		391,637		116,184			—		507,821
Medical Labs & Testing Services		6,322,210		—			92,489		6,414,699
Oil Companies-Exploration & Production		2,577,018		—			242,424		2,819,442
Pharmacy Services		—		—			86,978		86,978
Retail-Apparel/Shoe		1,448,751		—			54,066		1,502,817
Retail-Restaurants		4,270,767		252,168			—		4,522,935
Veterinary Diagnostics		—		—			0		0
Other Industries		206,218,631		1,126,390	**		—		207,345,021
Convertible Preferred Securities		—		—			2,022,001		2,022,001
Warrants:
Specified Purpose Acquisitions		—		0			—		0
Other Warrants		—		—			2,785		2,785
Short-Term Investment Securities		6,813,973		—			—		6,813,973
Repurchase Agreements		—		6,371,000			—		6,371,000
Total Investments at Value	$	259,474,836	$	7,865,742		$	2,713,680	$	270,054,258

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

** Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 2).

184

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

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

	Common Stocks			Convertible Preferred Securities			Warrants
Balance as of May 31, 2019	$	646,663		$	1,380,645		$	3,763
Accrued Discounts		—			—			—
Accrued Premiums		—			—			—
Realized Gain		—			—			—
Realized Loss		—			—			—
Change in unrealized appreciation(1)		20,241			215,886			—
Change in unrealized depreciation(1)		(184,640	)		(191,534	)		(978	)
Net purchases		229,935			617,004			—
Net Sales		—			—			—
Transfers into Level 3		—			—			—
Transfers out of Level 3(2)		(23,305	)		—			—
Balance as of May 31, 2020	$	688,894		$	2,022,001		$	2,785

(1) The total change in unrealized appreciation (depreciation) attributable to Level 3 investments still held at May 31 , 2020 includes:

Common Stocks			Convertible Preferred Securities		Warrants
$	(114,230	)	$	24,352	$	(978	)

(2) Private Common Stock was converted to Common Stock following the Company’s IPO listing. Securities are now valued using Level 1 inputs.

Any differences between the change in appreciation (depreciation) in the Level 3 reconciliation and the total change in unrealized appreciation (depreciation) is attributable to securities sold/no longer held at May 31, 2020.

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

Description	Fair Value at May 31, 2020		Valuation Technique(s)	Unobservable Input(1)	Range (weighted average)
Common Stocks	$	279,077	Market Approach	Market Transaction Price*	$12.118 - $33.7969 ($21.78965)
	$	376,614	Market Approach	Transaction Price*	$10.00 - $5,200.00 ($2,090.32316)
				Discount for Market Volatility	26.0%
	$	24,320	Market Approach	Pending Secondary Transaction Price*	$5.25 - $36.00 ($15.50)
	$	2,373	Market Approach	Transaction Price*	$7.5285
				2020 Estimated Revenue Multiple*	5.0x
				2021 Estimated Revenue Multiple*	3.9x
				2020 Estimated Gross Profit Multiple*	10.5x
				2021 Estimated Gross Profit Multiple*	7.8x
				Discount for Lack of Marketability	10.0%
				Discount for Market Volatility	26.0%
	$	6,510	Income Approach	Estimated Future Cash Distribution*	$0.00 - $2.17 ($1.085)
Preferred Securities	$	670,365	Market Approach	Market Transaction Price*	$5.59140 - $417.90113 ($66.13363)
	$	283,896	Market Approach	Pending Secondary Market	$36.0000
	$	480,904	Market Approach	Transaction Price*	$5.01101 - $30.24646 (15.87072)
				Discount for Market Volatility	26.0%
	$	240,186	Market Approach	Market Transaction Price*	$417.9011
				Discount for Potential Liquidation Preferences	7.0%
	$	33,924	Market Approach	Transaction Price*	$7.5285
				2020 Estimated Revenue Multiple*	5.0x
				2021 Estimated Revenue Multiple*	3.9x
				2020 Estimated Gross Profit Multiple*	10.5x
				2021 Estimated Gross Profit Multiple*	7.8x
				Discount for Lack of Marketability	10.0%
				Discount for Market Volatility	26.0%

185

VALIC Company I Small Cap Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Description	Fair Value at May 31, 2020		Valuation Technique(s)	Unobservable Input(1)	Range (weighted average)
	$	142,935	Market Approach	Transaction Price*	$23.3083
				2022 Estimated Gross Profit Multiple*	12.0x
				2023 Estimated Gross Profit Multiple*	10.9x
				Discount for Lack of Marketability	10.0%
				Discount for Market Volatility	26.0%
	$	108,579	Market Approach	2019 Revenue Multiple*	5.5x
				2020 Estimated Revenue Multiple*	4.9x
				2019 Gross Profit Multiple*	8.2x
				2020 Estimated Gross Profit Multiple*	7.3x
				Discount for Lack of Marketability	10.0%
				Discount for Market Volatility	26.0%
	$	61,211	Market Approach	Transaction Price*	$31.5200
				2019 Revenue Multiple*	12.1x
				2020 Estimated Revenue Multiple*	9.5x
				2021 Estimated Revenue Multiple*	7.6x
				Discount for Lack of Marketability	10.0%
				Discount for Market Volatility	26.0%
Warrants	$	2,785	Market Approach	Strike Price*	$10.0000
				Risk-Free Rate*	4.00%
				Volatility Rate *	22.51%
				Discount for Lack of Marketability	10.0%
				Discount for Market Volatility	26.0%
	$	0	Income Approach	Estimated Future Cash Distribution*	$0.0000

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

See Notes to Financial Statements

186

VALIC Company I Small Cap Index Fund

PORTFOLIO PROFILE — May 31, 2020 (unaudited)

Industry Allocation*

Medical — Biomedical/Gene	7.8	%
Banks — Commercial	7.2
Real Estate Investment Trusts	6.4
Repurchase Agreements	5.3
Registered Investment Companies	3.9
Medical Products	2.8
Medical — Drugs	2.7
Enterprise Software/Service	2.3
Electronic Components — Semiconductors	1.7
Electric — Integrated	1.5
Insurance — Property/Casualty	1.3
Retail — Restaurants	1.3
Medical Labs & Testing Services	1.2
Gas — Distribution	1.2
Building & Construction Products — Misc.	1.2
Computer Services	1.1
Computer Software	1.1
Investment Management/Advisor Services	1.0
Savings & Loans/Thrifts	1.0
Chemicals — Specialty	1.0
Building — Residential/Commercial	0.9
Electronic Components — Misc.	0.9
Schools	0.9
Applications Software	0.8
Energy — Alternate Sources	0.8
Human Resources	0.8
Medical — Outpatient/Home Medical	0.7
U.S. Government Treasuries	0.7
Auto/Truck Parts & Equipment — Original	0.7
Semiconductor Equipment	0.7
Distribution/Wholesale	0.7
Computer Data Security	0.7
Metal Processors & Fabrication	0.6
Machinery — General Industrial	0.6
Diagnostic Kits	0.6
Food — Misc./Diversified	0.6
Building & Construction — Misc.	0.6
Oil Companies — Exploration & Production	0.6
Commercial Services	0.6
Consulting Services	0.6
Diagnostic Equipment	0.5
Water	0.5
Aerospace/Defense — Equipment	0.5
Consumer Products — Misc.	0.5
E-Commerce/Services	0.5
Building — Heavy Construction	0.5
Racetracks	0.5
Finance — Investment Banker/Broker	0.5
Semiconductor Components — Integrated Circuits	0.5
Power Converter/Supply Equipment	0.4
Chemicals — Diversified	0.4
Electronic Measurement Instruments	0.4
Transport — Truck	0.4
Real Estate Management/Services	0.4
Engineering/R&D Services	0.4
Retail — Automobile	0.4
Diversified Manufacturing Operations	0.4
Computers — Other	0.4
Medical Information Systems	0.4
Commercial Services — Finance	0.4
Transport — Marine	0.4
Building — Mobile Home/Manufactured Housing	0.4
Therapeutics	0.4
Food — Wholesale/Distribution	0.4
Apparel Manufacturers	0.4
Retail — Apparel/Shoe	0.4
Rental Auto/Equipment	0.4
Oil — Field Services	0.3
Firearms & Ammunition	0.3

Insurance — Life/Health	0.3
Oil Refining & Marketing	0.3
Footwear & Related Apparel	0.3
Transport — Services	0.3
Athletic Equipment	0.3
Web Hosting/Design	0.3
Retail — Discount	0.3
Non — Hazardous Waste Disposal	0.3
Finance — Consumer Loans	0.3
Machinery — Pumps	0.3
Medical — Generic Drugs	0.3
Rubber/Plastic Products	0.3
Data Processing/Management	0.3
Retail — Home Furnishings	0.3
Medical Instruments	0.3
Insurance — Reinsurance	0.3
Office Furnishings — Original	0.3
Brewery	0.3
Health Care Cost Containment	0.3
Disposable Medical Products	0.3
Electronics — Military	0.3
Electronic Parts Distribution	0.3
Financial Guarantee Insurance	0.3
Building Products — Doors & Windows	0.3
Healthcare Safety Devices	0.3
Computers — Integrated Systems	0.3
Medical — Hospitals	0.3
Airlines	0.2
Resorts/Theme Parks	0.2
Retail — Building Products	0.2
Miscellaneous Manufacturing	0.2
Telecommunication Equipment	0.2
Veterinary Diagnostics	0.2
Environmental Consulting & Engineering	0.2
Lasers — System/Components	0.2
Electric Products — Misc.	0.2
Tools — Hand Held	0.2
Telecom Services	0.2
Building Products — Wood	0.2
Insurance Brokers	0.2
Building Products — Air & Heating	0.2
Retail — Pet Food & Supplies	0.2
Wireless Equipment	0.2
Networking Products	0.2
Aerospace/Defense	0.2
Internet Connectivity Services	0.2
Pastoral & Agricultural	0.2
Casino Services	0.2
Steel — Producers	0.2
Drug Delivery Systems	0.2
Paper & Related Products	0.2
Retail — Misc./Diversified	0.2
Telephone — Integrated	0.2
Machinery — Electrical	0.2
Printing — Commercial	0.2
Electric — Generation	0.2
Medical — Nursing Homes	0.2
Precious Metals	0.2
E-Commerce/Products	0.2
Transport — Equipment & Leasing	0.2
Cosmetics & Toiletries	0.2
Internet Content — Information/News	0.2
Retail — Pawn Shops	0.2
Machine Tools & Related Products	0.2
Telecom Equipment — Fiber Optics	0.2
Satellite Telecom	0.2
Publishing — Newspapers	0.2
Finance — Mortgage Loan/Banker	0.2
Linen Supply & Related Items	0.1

187

VALIC Company I Small Cap Index Fund

PORTFOLIO PROFILE — May 31, 2020 (unaudited) — (continued)

Industry Allocation* (continued)

Golf	0.1	%
Batteries/Battery Systems	0.1
Tobacco	0.1
Steel Pipe & Tube	0.1
Identification Systems	0.1
Machinery — Construction & Mining	0.1
Wire & Cable Products	0.1
Poultry	0.1
Medical — HMO	0.1
Instruments — Controls	0.1
Agricultural Operations	0.1
Building — Maintenance & Services	0.1
Gold Mining	0.1
Independent Power Producers	0.1
Electronic Security Devices	0.1
Chemicals — Plastics	0.1
E-Marketing/Info	0.1
Beverages — Non-alcoholic	0.1
Oil Field Machinery & Equipment	0.1
Transport — Air Freight	0.1
Banks — Super Regional	0.1
Filtration/Separation Products	0.1
Appliances	0.1
Retail — Vision Service Center	0.1
Auto/Truck Parts & Equipment — Replacement	0.1
Finance — Commercial	0.1
Real Estate Operations & Development	0.1
Recreational Vehicles	0.1
Metal — Iron	0.1
Coal	0.1
Machinery — Farming	0.1
Security Services	0.1
Containers — Paper/Plastic	0.1
Gambling (Non-Hotel)	0.1
Water Treatment Systems	0.1
Casino Hotels	0.1
Insurance — Multi-line	0.1
Auto Repair Centers	0.1
Food — Catering	0.1
Optical Supplies	0.1
Private Equity	0.1
Cable/Satellite TV	0.1
Dental Supplies & Equipment	0.1
Quarrying	0.1
Retail — Petroleum Products	0.1
Audio/Video Products	0.1
Auto — Heavy Duty Trucks	0.1
Television	0.1
Home Furnishings	0.1
Computer Aided Design	0.1
Advanced Materials	0.1
Food — Retail	0.1
Communications Software	0.1
Food — Baking	0.1
Metal — Aluminum	0.1
Internet Telephone	0.1
Storage/Warehousing	0.1
Vitamins & Nutrition Products	0.1
Retail — Office Supplies	0.1
Metal Products — Distribution	0.1
Patient Monitoring Equipment	0.1
Rubber — Tires	0.1
Retail — Sporting Goods	0.1
Hotels/Motels	0.1
Publishing — Books	0.1
Entertainment Software	0.1
Diversified Minerals	0.1
Circuit Boards	0.1
Banks — Mortgage	0.1

Containers — Metal/Glass	0.1
Steel — Specialty	0.1
E-Services/Consulting	0.1
Physical Therapy/Rehabilitation Centers	0.1
Hazardous Waste Disposal	0.1
Professional Sports	0.1
B2B/E-Commerce	0.1
Internet Application Software	0.1
Electric — Distribution	0.1
Motion Pictures & Services	0.1
X-Ray Equipment	0.1
Retail — Bedding	0.1
	103.9	%

* Calculated as a percentage of net assets

188

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 94.0%
Advanced Materials — 0.1%
Haynes International, Inc.		5,986	$	136,660
Lydall, Inc.†		8,216		88,897
Materion Corp.		9,781		513,503
				739,060
Advertising Agencies — 0.0%
MDC Partners, Inc., Class A†		27,257		35,843
Advertising Sales — 0.0%
Boston Omaha Corp., Class A†		5,052		82,449
Clear Channel Outdoor Holdings, Inc.†		23,544		22,739
National CineMedia, Inc.		30,022		82,560
				187,748
Advertising Services — 0.0%
Fluent, Inc.†		20,546		40,989
Marchex, Inc., Class B†		17,296		26,809
SharpSpring, Inc.†#		5,219		51,668
				119,466
Aerospace/Defense — 0.2%
AeroVironment, Inc.†		10,259		726,645
Kratos Defense & Security Solutions, Inc.†		43,424		805,515
National Presto Industries, Inc.		2,396		215,616
Park Aerospace Corp.		9,000		109,170
				1,856,946
Aerospace/Defense - Equipment — 0.5%
AAR Corp.		16,064		324,011
Aerojet Rocketdyne Holdings, Inc.†		35,204		1,543,696
Astronics Corp.†		11,015		100,567
Barnes Group, Inc.		22,712		858,059
Coda Octopus Group, Inc.†#		2,862		16,027
Ducommun, Inc.†		5,171		166,506
Kaman Corp.		13,336		533,440
Moog, Inc., Class A		14,946		811,418
Triumph Group, Inc.		23,900		179,011
				4,532,735
Agricultural Chemicals — 0.0%
Intrepid Potash, Inc.†		45,936		56,501
Marrone Bio Innovations, Inc.†		24,999		26,749
				83,250
Agricultural Operations — 0.1%
Alico, Inc.		2,508		80,482
Andersons, Inc.		15,170		196,603
Cadiz, Inc.†#		6,337		70,150
Fresh Del Monte Produce, Inc.		14,782		367,924
Limoneira Co.		7,535		100,668
Phibro Animal Health Corp., Class A		9,826		257,441
Tejon Ranch Co.†		10,117		145,078
				1,218,346
Airlines — 0.2%
Allegiant Travel Co.		6,264		667,429
Hawaiian Holdings, Inc.		21,921		316,320
Mesa Air Group, Inc.†#		13,896		45,162
SkyWest, Inc.		23,741		761,374
Spirit Airlines, Inc.†#		33,055		428,062
				2,218,347
Apparel Manufacturers — 0.4%
Deckers Outdoor Corp.†		13,539		2,471,274
Delta Apparel, Inc.†		2,977		36,647
Kontoor Brands, Inc.#		21,316		311,640

Security Description	Shares		Value (Note 2)
Apparel Manufacturers (continued)
Oxford Industries, Inc.		8,016	$	341,642
Superior Group of Cos., Inc.		5,131		51,361
Vince Holding Corp.†		1,486		9,272
				3,221,836
Appliances — 0.1%
Hamilton Beach Brands Holding Co., Class A		3,113		29,729
iRobot Corp.†#		13,365		985,268
				1,014,997
Applications Software — 0.8%
Agilysys, Inc.†		9,970		191,723
Appfolio, Inc., Class A†		7,571		1,200,079
Brightcove, Inc.†		18,728		150,386
Digi International, Inc.†		13,771		153,271
Ebix, Inc.		11,210		251,216
Five9, Inc.†		28,825		3,003,565
GTY Technology Holdings, Inc.†#		19,096		71,610
Ideanomics, Inc.†#		49,449		19,473
Immersion Corp.†		15,021		101,467
Majesco†		3,655		25,695
Model N, Inc.†		16,061		515,880
PDF Solutions, Inc.†		13,620		232,357
Sprout Social, Inc., Class A†		4,595		126,592
Upland Software, Inc.†		11,031		381,121
Verra Mobility Corp.†		61,478		670,725
				7,095,160
Athletic Equipment — 0.3%
Clarus Corp.		11,317		118,833
Fox Factory Holding Corp.†		18,132		1,307,498
Vista Outdoor, Inc.†		27,860		270,521
YETI Holdings, Inc.†		33,792		1,084,723
				2,781,575
Audio/Video Products — 0.1%
Daktronics, Inc.		17,656		74,862
Sonos, Inc.†		38,600		419,196
Universal Electronics, Inc.†		6,476		292,974
				787,032
Auto Repair Centers — 0.1%
Monro, Inc.		15,732		866,833
Auto - Heavy Duty Trucks — 0.1%
Blue Bird Corp.†		7,400		106,190
Navistar International Corp.†		23,893		600,670
REV Group, Inc.		13,086		79,825
				786,685
Auto - Truck Trailers — 0.0%
Wabash National Corp.		25,396		242,532
Auto/Truck Parts & Equipment - Original — 0.7%
Adient PLC†		42,259		718,826
American Axle & Manufacturing Holdings, Inc.†		53,972		383,741
Cooper-Standard Holdings, Inc.†		8,080		84,759
Dana, Inc.		69,613		879,908
Dorman Products, Inc.†		12,987		908,051
Gentherm, Inc.†		15,930		648,351
Meritor, Inc.†		34,222		697,444
Methode Electronics, Inc.		17,610		552,074
Miller Industries, Inc.		5,324		157,750
Modine Manufacturing Co.†		23,863		127,667
Spartan Motors, Inc.		16,242		277,413
Telenav, Inc.†		16,223		80,304
Tenneco, Inc., Class A†#		24,452		165,296
Titan International, Inc.		24,166		29,724

189

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Auto/Truck Parts & Equipment - Original (continued)
Visteon Corp.†		13,457	$	968,904
				6,680,212
Auto/Truck Parts & Equipment - Replacement — 0.1%
Commercial Vehicle Group, Inc.†		14,634		37,024
Douglas Dynamics, Inc.		10,796		394,486
Motorcar Parts of America, Inc.†		9,008		142,506
Standard Motor Products, Inc.		10,147		431,755
				1,005,771
B2B/E-Commerce — 0.1%
ePlus, Inc.†		6,432		474,103
Banks - Commercial — 7.2%
1st Constitution Bancorp		4,268		54,801
1st Source Corp.		6,799		235,177
ACNB Corp.		3,861		95,907
Alerus Financial Corp.		1,439		26,089
Allegiance Bancshares, Inc.		9,024		231,105
Amalgamated Bank, Class A		6,675		74,960
American National Bankshares, Inc.		5,154		128,128
Ameris Bancorp		29,446		713,477
Ames National Corp.		4,277		85,968
Arrow Financial Corp.		6,147		179,800
Atlantic Capital Bancshares, Inc.†		10,317		117,614
Atlantic Union Bankshares Corp.		38,496		891,182
BancFirst Corp.		8,973		342,051
Bancorp, Inc.†		24,197		212,934
BancorpSouth Bank		47,813		1,062,883
Bank First Corp.#		2,783		173,520
Bank of Commerce Holdings		8,350		63,710
Bank of Marin Bancorp		6,374		214,485
Bank of N.T. Butterfield & Son, Ltd.		25,517		623,380
Bank of Princeton#		2,705		55,858
Bank7 Corp.		1,791		18,268
Bankwell Financial Group, Inc.		3,203		46,892
Banner Corp.		16,917		635,402
Bar Harbor Bankshares		7,350		144,942
Baycom Corp.†		5,041		66,440
BCB Bancorp, Inc.		7,179		68,847
Bridge Bancorp, Inc.		7,856		167,333
Bridgewater Bancshares, Inc.†		10,771		112,234
Bryn Mawr Bank Corp.		9,585		266,175
Business First Bancshares, Inc.		6,013		87,128
Byline Bancorp, Inc.		11,225		136,384
C&F Financial Corp.		1,627		58,637
Cadence BanCorp		60,512		488,332
Cambridge Bancorp#		2,921		169,418
Camden National Corp.		7,234		242,628
Capital Bancorp, Inc.†		3,881		44,166
Capital City Bank Group, Inc.		6,472		131,705
Capstar Financial Holdings, Inc.		7,035		81,043
Carter Bank & Trust		10,912		77,039
Cathay General Bancorp		36,957		1,004,861
CBTX, Inc.		8,673		177,103
CenterState Bank Corp.		58,099		917,964
Central Pacific Financial Corp.		13,286		214,037
Central Valley Community Bancorp		5,364		80,782
Century Bancorp, Inc., Class A		1,366		102,996
Chemung Financial Corp.		1,729		43,778
Citizens & Northern Corp.		5,779		110,841
City Holding Co.		7,666		482,191
Civista Bancshares, Inc.		7,391		112,639
CNB Financial Corp.		6,995		123,951
Coastal Financial Corp.†		3,739		47,485
Codorus Valley Bancorp, Inc.		4,543		60,195

Security Description	Shares		Value (Note 2)
Banks - Commercial (continued)
Colony Bankcorp, Inc.		3,579	$	45,525
Columbia Banking System, Inc.		34,739		846,242
Community Bank System, Inc.		24,504		1,456,028
Community Financial Corp.		2,358		55,885
Community Trust Bancorp, Inc.		7,453		244,757
ConnectOne Bancorp, Inc.		16,359		239,823
CrossFirst Bankshares, Inc.†#		22,831		222,146
Customers Bancorp, Inc.†		13,663		151,523
CVB Financial Corp.		64,346		1,255,390
Eagle Bancorp, Inc.		15,614		505,269
Enterprise Bancorp, Inc.		4,320		99,533
Enterprise Financial Services Corp.		11,711		343,952
Equity Bancshares, Inc., Class A†		7,163		116,829
Esquire Financial Holdings, Inc.†		3,120		53,446
Evans Bancorp, Inc.		2,467		60,293
Farmers & Merchants Bancorp, Inc.		4,858		105,564
Farmers National Banc Corp.		12,339		144,983
FB Financial Corp.		8,199		193,578
Fidelity D&D Bancorp, Inc.		1,346		51,135
Financial Institutions, Inc.		7,457		131,914
First Bancorp, Inc.		4,938		101,772
First Bancorp/North Carolina		14,120		358,930
First BanCorp/Puerto Rico		103,445		565,844
First Bancshares, Inc.		8,975		190,180
First Bank		8,002		59,775
First Busey Corp.		24,751		443,290
First Business Financial Services, Inc.		3,977		65,819
First Choice Bancorp		4,860		68,283
First Commonwealth Financial Corp.		47,158		385,752
First Community Bankshares, Inc.		8,627		184,359
First Financial Bancorp		46,972		624,258
First Financial Bankshares, Inc.		62,515		1,915,460
First Financial Corp.		6,310		221,481
First Foundation, Inc.		18,838		280,686
First Guaranty Bancshares, Inc.		2,483		29,548
First Internet Bancorp		4,556		73,260
First Interstate BancSystem, Inc., Class A		18,239		569,969
First Merchants Corp.		26,004		729,672
First Mid Bancshares, Inc.		7,011		178,430
First Midwest Bancorp, Inc.		51,342		670,013
First Northwest Bancorp		4,221		57,237
First of Long Island Corp.		11,094		169,405
Flagstar Bancorp, Inc.		16,710		489,603
FNCB Bancorp, Inc.		8,243		45,831
Franklin Financial Network, Inc.		6,319		155,827
Franklin Financial Services Corp.		1,996		49,900
Fulton Financial Corp.		77,323		866,791
FVCBankcorp, Inc.†		5,906		65,734
German American Bancorp, Inc.		11,934		369,715
Glacier Bancorp, Inc.		41,861		1,724,255
Great Southern Bancorp, Inc.		5,335		216,388
Great Western Bancorp, Inc.		27,258		388,154
Guaranty Bancshares, Inc.		3,917		99,570
Hancock Whitney Corp.		41,823		904,213
Hanmi Financial Corp.		14,596		131,802
HarborOne Bancorp, Inc.†		12,632		100,677
Hawthorn Bancshares, Inc.		2,726		53,702
HBT Financial, Inc.		4,382		55,739
Heartland Financial USA, Inc.		16,754		536,296
Heritage Commerce Corp.		26,370		214,388
Heritage Financial Corp.		17,660		335,540
Hilltop Holdings, Inc.		33,692		629,703
Home BancShares, Inc.		74,779		1,082,052
HomeStreet, Inc.		10,582		252,063
Hope Bancorp, Inc.		58,125		551,897

190

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Banks - Commercial (continued)
Horizon Bancorp, Inc.		17,983	$	184,506
Howard Bancorp, Inc.†		6,208		64,004
IBERIABANK Corp.		25,154		1,066,781
Independent Bank Corp.		10,426		144,087
Independent Bank Corp.		16,003		1,111,728
International Bancshares Corp.		26,806		825,089
Investar Holding Corp.		4,438		57,916
Kearny Financial Corp.		37,503		321,401
Lakeland Bancorp, Inc.		23,482		260,650
Lakeland Financial Corp.#		11,873		506,858
LCNB Corp.		5,856		87,079
Level One Bancorp, Inc.		2,479		46,630
Live Oak Bancshares, Inc.		12,593		170,509
Luther Burbank Corp.		9,616		98,852
Macatawa Bank Corp.		12,531		92,604
Mackinac Financial Corp.		4,442		46,685
MainStreet Bancshares, Inc.†		3,421		45,397
Mercantile Bank Corp.		7,730		177,326
Merchants Bancorp		4,153		70,933
Meta Financial Group, Inc.		16,324		295,791
Metrocity Bankshares, Inc.		7,653		88,469
Metropolitan Bank Holding Corp.†		3,380		94,640
Mid Penn Bancorp, Inc.		3,322		61,989
Midland States Bancorp, Inc.		10,568		158,203
MidWestOne Financial Group, Inc.		5,719		109,748
MVB Financial Corp.		4,618		65,576
National Bankshares, Inc.		3,044		93,755
NBT Bancorp, Inc.		20,572		644,315
Nicolet Bankshares, Inc.†		4,450		248,799
Northeast Bank		3,980		68,297
Northrim BanCorp, Inc.		3,108		71,702
Norwood Financial Corp.		2,781		68,107
Oak Valley Bancorp#		3,297		45,367
OFG Bancorp		24,371		296,108
Ohio Valley Banc Corp.		1,995		49,975
Old National Bancorp		81,480		1,107,313
Old Second Bancorp, Inc.		13,974		107,600
OP Bancorp		6,323		40,088
Opus Bank		10,547		205,561
Origin Bancorp, Inc.		9,206		192,037
Orrstown Financial Services, Inc.		4,875		65,715
Pacific Mercantile Bancorp†		9,372		35,614
Park National Corp.		6,393		478,644
PCB Bancorp		5,860		52,857
PCSB Financial Corp.		7,470		99,799
Peapack-Gladstone Financial Corp.		8,923		168,020
Penns Woods Bancorp, Inc.		3,305		70,925
People’s Utah Bancorp		7,555		187,137
Peoples Bancorp of North Carolina, Inc.		2,218		38,815
Peoples Bancorp, Inc.		8,671		194,837
Peoples Financial Services Corp.		3,321		109,759
Pioneer Bancorp, Inc.†		5,322		50,825
Preferred Bank		6,608		248,263
Premier Financial Bancorp, Inc.		6,283		83,313
Provident Bancorp, Inc.		4,153		35,384
QCR Holdings, Inc.		7,110		215,931
RBB Bancorp		7,821		100,343
Red River Bancshares, Inc.		2,366		95,231
Reliant Bancorp, Inc.		4,919		68,866
Renasant Corp.		26,823		646,971
Republic Bancorp, Inc., Class A		4,669		149,641
Republic First Bancorp, Inc.†		21,043		49,872
Richmond Mutual BanCorp, Inc.		6,048		67,254
S&T Bancorp, Inc.		18,311		407,237
Sandy Spring Bancorp, Inc.		16,644		403,617

Security Description	Shares		Value (Note 2)
Banks - Commercial (continued)
SB One Bancorp		3,895	$	66,176
Seacoast Banking Corp. of Florida†		24,327		529,112
Select Bancorp, Inc.†		7,566		56,745
ServisFirst Bancshares, Inc.		22,923		799,554
Shore Bancshares, Inc.		5,959		59,590
Sierra Bancorp		6,818		128,451
Silvergate Capital Corp., Class A†		1,539		22,454
Simmons First National Corp., Class A		45,940		787,871
SmartFinancial, Inc.		6,132		94,433
South Plains Financial, Inc.		4,875		64,350
South State Corp.		16,126		847,744
Southern First Bancshares, Inc.†		3,412		99,153
Southern National Bancorp of Virginia, Inc.		9,497		95,540
Southside Bancshares, Inc.		15,450		435,690
Spirit of Texas Bancshares, Inc.†		6,622		79,729
Sterling Bancorp, Inc.		7,879		22,455
Stock Yards Bancorp, Inc.		9,765		332,303
Summit Financial Group, Inc.		5,311		89,225
Tompkins Financial Corp.		6,929		445,881
Towne Bank		32,117		605,727
TriCo Bancshares		12,896		365,860
TriState Capital Holdings, Inc.†		13,071		195,411
Triumph Bancorp, Inc.†		10,932		268,381
TrustCo Bank Corp.		45,822		288,679
Trustmark Corp.		31,001		737,514
UMB Financial Corp.		21,357		1,095,187
United Bankshares, Inc.		59,757		1,737,734
United Community Banks, Inc.		37,963		742,177
United Security Bancshares		6,489		39,778
Unity Bancorp, Inc.		3,800		54,378
Univest Financial Corp.		13,860		227,858
Valley National Bancorp		186,823		1,490,848
Veritex Holdings, Inc.		23,847		417,799
Washington Trust Bancorp, Inc.		7,286		232,933
WesBanco, Inc.		31,223		668,797
West Bancorporation, Inc.		7,706		135,934
Westamerica Bancorporation		12,561		740,848
Western New England Bancorp, Inc.		11,484		60,636
				64,472,223
Banks - Fiduciary — 0.0%
Parke Bancorp, Inc.		4,772		66,426
Union Bankshares, Inc.		1,876		36,770
				103,196
Banks - Mortgage — 0.1%
Walker & Dunlop, Inc.		13,347		540,553
Banks - Super Regional — 0.1%
Independent Bank Group, Inc.		17,181		650,816
National Bank Holdings Corp., Class A		14,214		373,828
				1,024,644
Batteries/Battery Systems — 0.1%
EnerSys		20,565		1,301,764
Beverages - Non-alcoholic — 0.1%
Celsius Holdings, Inc.†		14,553		134,906
Coca-Cola Consolidated, Inc.		2,264		551,126
National Beverage Corp.†#		5,691		324,273
New Age Beverages Corp.†#		36,136		54,565
				1,064,870
Beverages - Wine/Spirits — 0.0%
MGP Ingredients, Inc.		6,254		234,588

191

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Brewery — 0.3%
Boston Beer Co., Inc., Class A†#		4,026	$	2,273,603
Craft Brew Alliance, Inc.†		5,588		84,435
				2,358,038
Broadcast Services/Program — 0.0%
Hemisphere Media Group, Inc.†		8,385		82,173
MSG Networks, Inc., Class A†		20,702		256,291
				338,464
Building & Construction Products - Misc. — 1.2%
American Woodmark Corp.†		8,120		509,611
Armstrong Flooring, Inc.†		8,529		29,169
Builders FirstSource, Inc.†		54,926		1,143,010
Caesarstone, Ltd.#		10,864		121,025
Forterra, Inc.†		8,949		78,930
Gibraltar Industries, Inc.†		15,554		684,532
Louisiana-Pacific Corp.		54,303		1,282,094
Patrick Industries, Inc.		10,868		563,723
Select Interior Concepts, Inc., Class A†		9,996		32,087
Simpson Manufacturing Co., Inc.		21,587		1,728,256
Summit Materials, Inc., Class A†		54,827		832,822
Trex Co., Inc.†		28,318		3,401,558
				10,406,817
Building & Construction - Misc. — 0.6%
Comfort Systems USA, Inc.		17,527		648,499
Concrete Pumping Holdings, Inc.†		12,772		42,531
EMCOR Group, Inc.		26,901		1,709,558
IES Holdings, Inc.†		3,977		93,062
MYR Group, Inc.†		7,757		223,479
NV5 Global, Inc.†		4,989		235,281
TopBuild Corp.†		16,126		1,849,491
WillScot Corp.†		24,887		331,993
				5,133,894
Building Products - Air & Heating — 0.2%
AAON, Inc.		19,789		1,071,970
SPX Corp.†		21,051		841,619
				1,913,589
Building Products - Cement — 0.0%
US Concrete, Inc.†		7,699		160,601
Building Products - Doors & Windows — 0.3%
Apogee Enterprises, Inc.		12,608		260,355
Cornerstone Building Brands, Inc.†		22,156		120,085
Griffon Corp.		17,583		295,394
JELD-WEN Holding, Inc.†		32,544		443,575
Masonite International Corp.†		11,870		787,931
PGT Innovations, Inc.†		27,344		372,152
				2,279,492
Building Products - Wood — 0.2%
Boise Cascade Co.		18,715		636,871
UFP Industries, Inc.		28,694		1,312,177
				1,949,048
Building - Heavy Construction — 0.5%
Aegion Corp.†		14,679		220,332
Arcosa, Inc.		23,459		895,430
Construction Partners, Inc., Class A†		9,001		159,318
Dycom Industries, Inc.†		14,651		616,807
Granite Construction, Inc.		22,601		397,778
Great Lakes Dredge & Dock Corp.†		29,365		272,213
MasTec, Inc.†		28,924		1,132,375
Primoris Services Corp.		21,353		356,381

Security Description	Shares		Value (Note 2)
Building - Heavy Construction (continued)
Sterling Construction Co., Inc.†		12,580	$	113,849
Tutor Perini Corp.†		19,220		201,810
				4,366,293
Building - Maintenance & Services — 0.1%
ABM Industries, Inc.		32,085		985,972
BrightView Holdings, Inc.†		15,034		205,815
				1,191,787
Building - Mobile Home/Manufactured Housing — 0.4%
Cavco Industries, Inc.†		4,151		789,479
LCI Industries		11,759		1,163,318
Skyline Champion Corp.†		24,257		602,544
Winnebago Industries, Inc.		14,989		815,401
				3,370,742
Building - Residential/Commercial — 0.9%
Beazer Homes USA, Inc.†		14,043		137,902
Century Communities, Inc.†		13,780		407,061
Forestar Group, Inc.†		8,014		121,573
Green Brick Partners, Inc.†		11,716		125,361
Installed Building Products, Inc.†		10,914		701,552
KB Home		41,813		1,383,174
LGI Homes, Inc.†		9,653		805,253
M/I Homes, Inc.†		13,061		437,282
MDC Holdings, Inc.		24,338		827,249
Meritage Homes Corp.†		17,458		1,213,331
Taylor Morrison Home Corp., Class A†		62,964		1,217,094
TRI Pointe Group, Inc.†		66,690		955,001
				8,331,833
Cable/Satellite TV — 0.1%
Liberty Latin America, Ltd., Class A†		22,283		222,162
Liberty Latin America, Ltd., Class C†		54,854		526,598
WideOpenWest, Inc.†		11,871		77,280
				826,040
Casino Hotels — 0.1%
Boyd Gaming Corp.		38,834		830,271
Century Casinos, Inc.†		13,132		71,832
				902,103
Casino Services — 0.2%
Eldorado Resorts, Inc.†		31,746		1,125,713
Everi Holdings, Inc.†		38,703		240,345
Scientific Games Corp.†		26,879		422,807
				1,788,865
Cellular Telecom — 0.0%
Cambium Networks Corp.†		2,661		11,655
Chemicals - Diversified — 0.4%
AdvanSix, Inc.†		13,445		159,189
Codexis, Inc.†		25,473		316,375
Innospec, Inc.		11,713		902,955
Koppers Holdings, Inc.†		9,068		150,257
Orion Engineered Carbons SA		29,039		321,171
Quaker Chemical Corp.#		6,323		1,080,284
Stepan Co.		9,864		958,386
				3,888,617
Chemicals - Fibers — 0.0%
Rayonier Advanced Materials, Inc.		23,515		51,028
Chemicals - Other — 0.0%
American Vanguard Corp.		13,899		184,857

192

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Chemicals - Plastics — 0.1%
PolyOne Corp.		44,393	$	1,100,059
Chemicals - Specialty — 1.0%
Amyris, Inc.†#		28,746		107,223
Balchem Corp.		15,517		1,561,786
Ferro Corp.†		39,328		472,723
GCP Applied Technologies, Inc.†		26,066		524,969
H.B. Fuller Co.		24,541		923,232
Hawkins, Inc.		4,699		201,587
Ingevity Corp.†		20,262		1,067,200
Kraton Corp.†		15,082		230,001
Minerals Technologies, Inc.		16,608		818,940
Oil-Dri Corp. of America		2,533		89,744
PQ Group Holdings, Inc.†		18,252		229,063
Rogers Corp.†		8,917		965,354
Sensient Technologies Corp.		20,417		1,023,300
Tronox Holdings PLC, Class A		43,985		292,060
Valhi, Inc.		13,953		10,938
				8,518,120
Circuit Boards — 0.1%
TTM Technologies, Inc.†		47,729		552,225
Coal — 0.1%
Advanced Emissions Solutions, Inc.#		7,929		39,962
Arch Resources, Inc., Class A		7,265		239,454
CONSOL Energy, Inc.†		12,431		84,655
Hallador Energy Co.		9,795		6,892
NACCO Industries, Inc., Class A		1,777		46,700
Peabody Energy Corp.		30,853		97,187
Ramaco Resources, Inc.†		3,942		10,683
SunCoke Energy, Inc.		34,145		116,434
Warrior Met Coal, Inc.#		24,909		350,719
				992,686
Coatings/Paint — 0.0%
Kronos Worldwide, Inc.		10,914		106,521
Coffee — 0.0%
Farmer Brothers Co.†		5,158		39,768
Youngevity International, Inc.†#		4,152		6,976
				46,744
Commercial Services — 0.6%
Acacia Research Corp.†		23,721		61,438
Collectors Universe, Inc.		4,325		96,188
Emerald Holding, Inc.		11,909		26,438
HMS Holdings Corp.†		42,306		1,321,640
LiveRamp Holdings, Inc.†		32,300		1,628,889
Medifast, Inc.#		5,340		546,496
National Research Corp.		5,796		328,749
Progyny, Inc.†		5,717		142,696
SP Plus Corp.†		10,990		223,866
Team, Inc.†#		14,352		70,755
WW International, Inc.†		22,519		538,204
				4,985,359
Commercial Services - Finance — 0.4%
Cardtronics PLC, Class A†		17,719		428,623
Cass Information Systems, Inc.		6,785		273,707
CBIZ, Inc.†		24,723		559,976
EVERTEC, Inc.		29,225		851,032
Evo Payments, Inc., Class A†		19,254		426,284
Green Dot Corp., Class A†		23,311		890,014
PRGX Global, Inc.†		9,844		38,785
Priority Technology Holdings, Inc.†		3,158		5,905
				3,474,326

Security Description	Shares		Value (Note 2)
Communications Software — 0.1%
Avaya Holdings Corp.†		45,995	$	671,527
Pareteum Corp.†#		62,035		27,053
				698,580
Computer Aided Design — 0.1%
Altair Engineering, Inc., Class A†#		19,273		753,382
Computer Data Security — 0.7%
ForeScout Technologies, Inc.†#		20,820		491,144
OneSpan, Inc.†		15,784		320,731
Ping Identity Holding Corp.†		6,637		187,893
Qualys, Inc.†		16,221		1,870,606
Rapid7, Inc.†		23,749		1,161,089
SecureWorks Corp., Class A†		3,931		52,911
Tenable Holdings, Inc.†		18,156		567,738
Varonis Systems, Inc.†		14,455		1,219,857
				5,871,969
Computer Services — 1.1%
Conduent, Inc.†		83,393		199,309
ExlService Holdings, Inc.†		16,154		988,140
Insight Enterprises, Inc.†		16,836		863,013
MAXIMUS, Inc.		30,653		2,207,629
Parsons Corp.†#		9,259		376,471
Perspecta, Inc.		67,416		1,494,613
Rimini Street, Inc.†		9,791		45,137
Science Applications International Corp.		27,897		2,456,052
StarTek, Inc.†		7,997		33,667
Sykes Enterprises, Inc.†		18,423		502,211
TTEC Holdings, Inc.		8,353		353,833
Unisys Corp.†		24,545		278,831
Virtusa Corp.†		13,825		415,718
				10,214,624
Computer Software — 1.1%
Avid Technology, Inc.†		13,654		96,397
Bandwidth, Inc., Class A†		7,745		858,533
Box, Inc., Class A†		70,527		1,409,129
Cloudera, Inc.†#		119,130		1,221,082
Cornerstone OnDemand, Inc.†		27,452		1,061,020
Envestnet, Inc.†		23,260		1,688,909
J2 Global, Inc.#		22,473		1,759,636
Simulations Plus, Inc.		5,756		291,657
TiVo Corp.		59,913		364,870
Yext, Inc.†#		46,373		732,230
Zuora, Inc., Class A†		42,612		511,770
				9,995,233
Computers - Integrated Systems — 0.3%
Cubic Corp.		15,067		620,911
Diebold Nixdorf, Inc.†#		37,004		177,249
MTS Systems Corp.		9,342		164,512
NetScout Systems, Inc.†		34,155		938,238
PAR Technology Corp.†		5,572		139,356
				2,040,266
Computers - Other — 0.4%
3D Systems Corp.†#		55,422		408,460
Lumentum Holdings, Inc.†		36,051		2,643,259
PlayAGS, Inc.†		12,820		66,792
Stratasys, Ltd.†#		24,775		442,482
				3,560,993
Computers - Periphery Equipment — 0.0%
Mitek Systems, Inc.†		19,153		178,697

193

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Computers - Voice Recognition — 0.0%
Vocera Communications, Inc.†#		15,005	$	294,548
Consulting Services — 0.6%
CRA International, Inc.		3,632		146,697
Forrester Research, Inc.†		5,181		162,683
Franklin Covey Co.†		4,694		99,982
FTI Consulting, Inc.†		17,946		2,161,775
GP Strategies Corp.†		6,159		48,348
Hackett Group, Inc.		11,781		162,460
Huron Consulting Group, Inc.†		10,804		499,793
ICF International, Inc.		8,745		573,497
Information Services Group, Inc.†		17,190		29,567
Kelly Services, Inc., Class A		15,960		239,241
R1 RCM, Inc.†		50,012		530,627
Vectrus, Inc.†		5,440		298,765
				4,953,435
Consumer Products - Misc. — 0.5%
Central Garden & Pet Co.†		4,770		175,011
Central Garden & Pet Co., Class A†		19,480		667,385
Helen of Troy, Ltd.†		12,102		2,201,596
Quanex Building Products Corp.		15,899		197,147
WD-40 Co.		6,622		1,270,431
				4,511,570
Containers - Metal/Glass — 0.1%
Greif, Inc., Class A		12,464		423,527
Greif, Inc., Class B		2,905		111,377
				534,904
Containers - Paper/Plastic — 0.1%
Matthews International Corp., Class A		14,652		303,296
TriMas Corp.†		21,603		510,911
UFP Technologies, Inc.†		3,256		147,204
				961,411
Cosmetics & Toiletries — 0.2%
e.l.f. Beauty, Inc.†		12,642		216,684
Edgewell Personal Care Co.†		26,050		792,441
Inter Parfums, Inc.		8,482		393,650
Revlon, Inc., Class A†#		3,326		34,058
				1,436,833
Cruise Lines — 0.0%
Lindblad Expeditions Holdings, Inc.†		11,060		86,821
Data Processing/Management — 0.3%
Bottomline Technologies DE, Inc.†		20,868		1,055,921
CommVault Systems, Inc.†		20,118		813,974
CSG Systems International, Inc.		15,850		750,498
				2,620,393
Dental Supplies & Equipment — 0.1%
Patterson Cos., Inc.		40,284		793,192
Diagnostic Equipment — 0.5%
Accelerate Diagnostics, Inc.†#		13,142		109,736
BioTelemetry, Inc.†		15,990		754,408
GenMark Diagnostics, Inc.†		26,718		253,554
Quanterix Corp.†#		6,433		177,487
Repligen Corp.†		25,186		3,298,610
				4,593,795
Diagnostic Kits — 0.6%
Celcuity, Inc.†		2,835		27,585
Meridian Bioscience, Inc.†		20,292		313,714
Natera, Inc.†		30,031		1,316,859

Security Description	Shares		Value (Note 2)
Diagnostic Kits (continued)
OraSure Technologies, Inc.†		29,636	$	430,908
Precision BioSciences, Inc.†#		17,310		121,343
Quidel Corp.†		17,240		3,017,000
				5,227,409
Dialysis Centers — 0.0%
American Renal Associates Holdings, Inc.†		8,839		54,713
Direct Marketing — 0.0%
Quotient Technology, Inc.†		36,151		251,611
Disposable Medical Products — 0.3%
BioLife Solutions, Inc.†#		3,498		57,542
CONMED Corp.		13,127		963,653
Merit Medical Systems, Inc.†		25,817		1,161,507
Utah Medical Products, Inc.		1,677		166,828
				2,349,530
Distribution/Wholesale — 0.7%
Anixter International, Inc.†		14,688		1,405,789
Core-Mark Holding Co., Inc.		21,830		610,803
EVI Industries, Inc.†#		2,218		43,606
Fossil Group, Inc.†#		22,546		68,765
G-III Apparel Group, Ltd.†		21,265		219,668
H&E Equipment Services, Inc.		15,387		263,733
ScanSource, Inc.†		12,221		301,248
SiteOne Landscape Supply, Inc.†		19,693		2,093,563
Systemax, Inc.		5,959		125,079
Titan Machinery, Inc.†		9,126		95,549
Triton International, Ltd.		26,067		795,044
Veritiv Corp.†		6,244		77,800
				6,100,647
Diversified Manufacturing Operations — 0.4%
Chase Corp.		3,526		351,366
Enerpac Tool Group Corp.		26,496		474,278
EnPro Industries, Inc.		9,913		446,878
Fabrinet†		17,568		1,123,298
Federal Signal Corp.		28,792		838,999
LSB Industries, Inc.†		10,835		11,702
NL Industries, Inc.		4,030		12,614
Standex International Corp.		5,947		314,656
				3,573,791
Diversified Minerals — 0.1%
Covia Holdings Corp.†#		20,043		10,062
Livent Corp.†		70,676		476,356
United States Lime & Minerals, Inc.		967		71,713
				558,131
Diversified Operations — 0.0%
Professional Holding Corp., Class A†		1,645		23,326
Diversified Operations/Commercial Services — 0.0%
Viad Corp.		9,668		177,311
Drug Delivery Systems — 0.2%
Antares Pharma, Inc.†#		77,926		223,647
BioDelivery Sciences International, Inc.†		40,242		192,357
Heron Therapeutics, Inc.†#		40,499		737,892
Revance Therapeutics, Inc.†		24,869		519,762
Senseonics Holdings, Inc.†		59,002		27,536
				1,701,194
E-Commerce/Products — 0.2%
1-800-Flowers.com, Inc., Class A†		11,952		264,617
Lands’ End, Inc.†		5,117		32,135
Liquidity Services, Inc.†		12,789		73,025

194

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
E-Commerce/Products (continued)
Overstock.com, Inc.†		16,909	$	310,618
RealReal, Inc.†		24,986		335,062
Stitch Fix, Inc., Class A†#		19,922		460,597
				1,476,054
E-Commerce/Services — 0.5%
Cargurus, Inc.†		36,127		938,579
Cars.com, Inc.†		32,322		199,427
ChannelAdvisor Corp.†		12,864		179,453
Eventbrite, Inc., Class A†		17,605		151,755
EverQuote, Inc., Class A†		4,237		228,459
Groupon, Inc.†#		217,686		277,550
Leaf Group, Ltd.†		8,439		23,038
Shutterstock, Inc.		9,199		348,826
Stamps.com, Inc.†		7,958		1,576,878
Travelzoo†		2,533		15,502
TrueCar, Inc.†		50,522		136,409
Upwork, Inc.†		27,661		344,103
				4,419,979
E-Marketing/Info — 0.1%
Cardlytics, Inc.†		6,898		469,685
comScore, Inc.†		23,591		88,820
QuinStreet, Inc.†		22,294		226,061
Rubicon Project, Inc.†		47,112		295,392
				1,079,958
E-Services/Consulting — 0.1%
Perficient, Inc.†		15,393		523,978
Electric Products - Misc. — 0.2%
Graham Corp.		4,624		52,899
nLight, Inc.†		15,923		343,300
Novanta, Inc.†		16,227		1,666,675
				2,062,874
Electric - Distribution — 0.1%
Genie Energy, Ltd., Class B		6,838		58,875
Spark Energy, Inc., Class A#		5,703		46,879
Unitil Corp.		7,034		338,828
				444,582
Electric - Generation — 0.2%
Atlantic Power Corp.†		51,504		108,158
Charah Solutions, Inc.†#		4,485		8,297
Ormat Technologies, Inc.		19,124		1,392,419
				1,508,874
Electric - Integrated — 1.5%
ALLETE, Inc.		24,985		1,467,369
Ameresco, Inc., Class A†		10,825		232,305
Avista Corp.		32,087		1,256,848
Black Hills Corp.		29,431		1,816,187
El Paso Electric Co.		19,562		1,329,629
MGE Energy, Inc.		16,819		1,141,842
NorthWestern Corp.		24,412		1,467,649
Otter Tail Corp.		19,001		815,333
PNM Resources, Inc.		38,316		1,564,059
Portland General Electric Co.		43,270		2,038,450
				13,129,671
Electronic Components - Misc. — 0.9%
Advanced Energy Industries, Inc.†		18,344		1,225,930
Applied Optoelectronics, Inc.†#		9,158		80,865
Atkore International Group, Inc.†		22,874		613,938
Bel Fuse, Inc., Class B		4,756		44,564

Security Description	Shares		Value (Note 2)
Electronic Components - Misc. (continued)
Benchmark Electronics, Inc.		17,790	$	376,970
Comtech Telecommunications Corp.		11,432		203,604
IntriCon Corp.†		3,953		55,895
KEMET Corp.		27,432		741,487
Kimball Electronics, Inc.†		11,823		167,768
Knowles Corp.†		39,198		589,538
NVE Corp.		2,299		139,158
OSI Systems, Inc.†		8,134		616,313
Plexus Corp.†		13,929		894,520
Sanmina Corp.†		33,078		880,206
SMART Global Holdings, Inc.†		6,529		174,847
Transcat, Inc.†		3,363		84,210
Vishay Intertechnology, Inc.		63,935		1,039,583
Vishay Precision Group, Inc.†		5,025		118,691
ZAGG, Inc.†#		13,516		40,345
				8,088,432
Electronic Components - Semiconductors — 1.7%
Adesto Technologies Corp.†#		13,043		157,429
Alpha & Omega Semiconductor, Ltd.†		9,749		102,559
Ambarella, Inc.†		15,593		884,747
Amkor Technology, Inc.†		47,328		500,730
AXT, Inc.†		18,556		98,161
CEVA, Inc.†		10,463		360,660
CTS Corp.		15,660		334,184
Diodes, Inc.†		20,017		973,627
DSP Group, Inc.†		10,630		191,553
GSI Technology, Inc.†		7,733		58,230
Impinj, Inc.†		8,087		209,049
Inphi Corp.†		21,662		2,722,264
Lattice Semiconductor Corp.†#		60,790		1,511,847
MACOM Technology Solutions Holdings, Inc.†#		22,140		702,945
Photronics, Inc.†		30,658		367,589
Rambus, Inc.†		53,218		827,008
Semtech Corp.†		31,757		1,688,837
Silicon Laboratories, Inc.†		20,716		1,940,261
SiTime Corp.†		2,361		70,381
Synaptics, Inc.†		16,497		1,051,189
Xperi Corp.		23,732		326,315
				15,079,565
Electronic Measurement Instruments — 0.4%
Badger Meter, Inc.		13,782		843,321
FARO Technologies, Inc.†		8,302		467,237
Fitbit, Inc., Class A†		111,459		706,650
Itron, Inc.†		16,525		1,064,540
Mesa Laboratories, Inc.		1,926		508,946
Stoneridge, Inc.†		12,749		262,374
				3,853,068
Electronic Parts Distribution — 0.3%
Tech Data Corp.†		17,113		2,331,475
Electronic Security Devices — 0.1%
Alarm.com Holdings, Inc.†		20,435		966,371
Napco Security Technologies, Inc.†		5,573		126,618
Wrap Technologies, Inc.†#		3,944		25,439
				1,118,428
Electronics - Military — 0.3%
Mercury Systems, Inc.†		26,143		2,335,877
Energy - Alternate Sources — 0.8%
Clean Energy Fuels Corp.†		64,731		135,288
Enphase Energy, Inc.†		44,254		2,575,140
FutureFuel Corp.		12,441		162,728

195

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Energy - Alternate Sources (continued)
Green Plains, Inc.		16,532	$	141,349
Plug Power, Inc.†#		143,587		604,501
Renewable Energy Group, Inc.†		17,734		504,532
REX American Resources Corp.†		2,702		158,472
Sunnova Energy International, Inc.†#		15,314		229,710
SunPower Corp.†#		35,731		257,978
Sunrun, Inc.†		54,450		909,315
TerraForm Power, Inc., Class A		38,233		702,723
TPI Composites, Inc.†		13,916		288,757
Vivint Solar, Inc.†		21,269		159,943
				6,830,436
Engineering/R&D Services — 0.4%
Exponent, Inc.		24,933		1,851,026
Iteris, Inc.†		19,342		93,035
KBR, Inc.		68,245		1,600,345
Mistras Group, Inc.†		8,672		35,035
VSE Corp.		4,201		109,226
				3,688,667
Engines - Internal Combustion — 0.0%
Briggs & Stratton Corp.#		19,838		32,534
Enterprise Software/Service — 2.3%
ACI Worldwide, Inc.†		55,496		1,530,580
American Software, Inc., Class A		14,287		277,882
Appian Corp.†#		16,411		934,770
Benefitfocus, Inc.†#		14,277		181,746
Blackbaud, Inc.		23,546		1,380,031
Blackline, Inc.†		20,832		1,547,818
Daily Journal Corp.†#		546		152,935
Domo, Inc., Class B†		8,607		217,929
Donnelley Financial Solutions, Inc.†		15,022		122,429
eGain Corp.†		9,922		103,288
Everbridge, Inc.†		16,020		2,343,085
Evolent Health, Inc., Class A†		35,689		316,918
Exela Technologies, Inc.†#		21,603		7,017
Intelligent Systems Corp.†		3,286		105,251
LivePerson, Inc.†#		29,924		1,120,654
ManTech International Corp., Class A		12,905		1,003,235
MicroStrategy, Inc., Class A†		3,920		487,962
MobileIron, Inc.†		47,483		214,623
Omnicell, Inc.†		19,965		1,335,858
Phunware, Inc.†#		15,226		19,641
Progress Software Corp.		21,719		877,448
PROS Holdings, Inc.†		16,063		625,654
QAD, Inc., Class A		5,523		252,235
SailPoint Technologies Holding, Inc.†		41,317		943,267
SPS Commerce, Inc.†		16,857		1,148,973
SVMK, Inc.†		41,833		842,935
Verint Systems, Inc.†		32,008		1,484,211
Workiva, Inc.†		17,705		788,581
				20,366,956
Entertainment Software — 0.1%
Glu Mobile, Inc.†		55,807		556,954
Inspired Entertainment, Inc.†#		4,262		11,465
				568,419
Environmental Consulting & Engineering — 0.2%
Tetra Tech, Inc.		26,300		2,075,070
Filtration/Separation Products — 0.1%
ESCO Technologies, Inc.		12,311		1,017,012
Finance - Commercial — 0.1%
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		30,515		885,240

Security Description	Shares		Value (Note 2)
Finance - Commercial (continued)
Marlin Business Services Corp.		4,157	$	31,136
MMA Capital Holdings, Inc.†		2,317		57,833
NewStar Financial, Inc. CVR†(1)		17,919		9,676
On Deck Capital, Inc.†		28,000		20,941
				1,004,826
Finance - Consumer Loans — 0.3%
Curo Group Holdings Corp.		7,490		50,108
Elevate Credit, Inc.†		10,545		17,926
Encore Capital Group, Inc.†		14,889		473,023
Enova International, Inc.†		15,524		219,665
EZCORP, Inc., Class A†		24,504		126,441
International Money Express, Inc.†		8,687		95,818
LendingClub Corp.†		32,343		173,035
Nelnet, Inc., Class A		8,626		425,176
Ocwen Financial Corp.†		64,892		47,968
Paysign, Inc.†#		14,558		105,109
PRA Group, Inc.†		21,689		740,029
Regional Management Corp.†		4,126		65,438
World Acceptance Corp.†#		2,638		175,427
				2,715,163
Finance - Credit Card — 0.0%
I3 Verticals, Inc., Class A†#		7,054		203,578
Finance - Investment Banker/Broker — 0.5%
Amerant Bancorp, Inc.†		9,321		121,546
Arlington Asset Investment Corp., Class A#		17,386		41,726
Cowen, Inc., Class A		13,597		177,713
Diamond Hill Investment Group, Inc.		1,514		158,910
GAIN Capital Holdings, Inc.#		9,314		58,492
Greenhill & Co., Inc.		7,342		73,200
Houlihan Lokey, Inc.		20,281		1,226,595
INTL. FCStone, Inc.†		7,684		391,961
Moelis & Co., Class A		22,881		769,488
Oppenheimer Holdings, Inc., Class A		4,600		97,428
Piper Sandler Cos.		6,385		380,801
PJT Partners, Inc., Class A		10,896		595,902
Siebert Financial Corp.†		4,099		28,037
				4,121,799
Finance - Mortgage Loan/Banker — 0.2%
Ellington Financial, Inc.		19,199		195,830
Federal Agricultural Mtg. Corp., Class C		4,347		278,773
Mr. Cooper Group, Inc.†		36,674		408,915
Oportun Financial Corp.†		3,494		33,717
PennyMac Financial Services, Inc.		12,036		404,169
Velocity Financial, Inc.†		3,524		13,708
				1,335,112
Financial Guarantee Insurance — 0.3%
MBIA, Inc.†		36,251		256,657
NMI Holdings, Inc., Class A†		31,807		488,715
Radian Group, Inc.		97,534		1,548,840
				2,294,212
Firearms & Ammunition — 0.3%
American Outdoor Brands Corp.†.		26,067		308,112
Axon Enterprise, Inc.†		28,109		2,135,160
Sturm Ruger & Co., Inc.		8,057		502,273
				2,945,545
Food - Baking — 0.1%
Hostess Brands, Inc.†		57,582		695,303
Food - Canned — 0.0%
Landec Corp.†		12,478		133,140

196

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Food - Canned (continued)
Seneca Foods Corp., Class A†		3,148	$	114,808
				247,948
Food - Catering — 0.1%
Healthcare Services Group, Inc.		35,839		857,269
Food - Confectionery — 0.0%
Tootsie Roll Industries, Inc.#		8,084		287,952
Food - Meat Products — 0.0%
Nathan’s Famous, Inc.		1,412		79,114
Food - Misc./Diversified — 0.6%
B&G Foods, Inc.#		30,576		709,975
BellRing Brands, Inc., Class A†		19,165		384,833
Bridgford Foods Corp.†		834		13,144
Cal-Maine Foods, Inc.†		15,180		676,421
J&J Snack Foods Corp.		7,287		937,327
John B. Sanfilippo & Son, Inc.		4,156		361,322
Lancaster Colony Corp.		9,110		1,398,020
Simply Good Foods Co.†		39,761		677,130
				5,158,172
Food - Retail — 0.1%
Ingles Markets, Inc., Class A		6,817		290,472
Natural Grocers by Vitamin Cottage, Inc.		4,367		62,885
Village Super Market, Inc., Class A		3,976		95,146
Weis Markets, Inc.		4,598		256,246
				704,749
Food - Wholesale/Distribution — 0.4%
Calavo Growers, Inc.		7,809		456,905
Chefs’ Warehouse, Inc.†		11,771		174,211
HF Foods Group, Inc.†#		10,595		75,860
Performance Food Group Co.†		61,626		1,642,333
SpartanNash Co.		17,277		369,900
United Natural Foods, Inc.†		25,691		503,544
				3,222,753
Footwear & Related Apparel — 0.3%
Crocs, Inc.†		33,252		952,670
Rocky Brands, Inc.		3,341		69,292
Steven Madden, Ltd.		40,475		951,972
Weyco Group, Inc.		2,926		54,629
Wolverine World Wide, Inc.		38,367		803,405
				2,831,968
Funeral Services & Related Items — 0.0%
Carriage Services, Inc.		7,914		148,150
Gambling (Non-Hotel) — 0.1%
Golden Entertainment, Inc.†		8,241		100,499
Monarch Casino & Resort, Inc.†		5,462		219,245
Red Rock Resorts, Inc., Class A		33,642		464,260
Twin River Worldwide Holdings, Inc.		8,405		175,748
				959,752
Gas - Distribution — 1.2%
Chesapeake Utilities Corp.		7,700		695,618
New Jersey Resources Corp.		45,836		1,609,760
Northwest Natural Holding Co.		14,579		934,660
ONE Gas, Inc.		25,180		2,114,365
RGC Resources, Inc.		3,623		95,647
South Jersey Industries, Inc.		44,641		1,266,019
Southwest Gas Holdings, Inc.		26,172		1,987,763
Spire, Inc.		23,960		1,747,163
				10,450,995

Security Description	Shares		Value (Note 2)
Gold Mining — 0.1%
Gold Resource Corp.		29,249	$	114,071
Novagold Resources, Inc.†		111,527		1,066,198
				1,180,269
Golf — 0.1%
Acushnet Holdings Corp.		16,955		566,636
Callaway Golf Co.		45,041		690,028
Drive Shack, Inc.†#		29,119		51,832
				1,308,496
Hazardous Waste Disposal — 0.1%
Heritage-Crystal Clean, Inc.†		7,238		122,756
US Ecology, Inc.		11,619		391,212
				513,968
Health Care Cost Containment — 0.3%
CorVel Corp.†		4,261		289,279
HealthEquity, Inc.†#		33,372		2,068,063
				2,357,342
Healthcare Safety Devices — 0.3%
Tandem Diabetes Care, Inc.†		27,012		2,246,048
Home Furnishings — 0.1%
Casper Sleep, Inc.†#		3,249		22,938
Ethan Allen Interiors, Inc.		11,283		127,498
Flexsteel Industries, Inc.		3,644		36,185
Hooker Furniture Corp.		5,601		91,296
Purple Innovation, Inc.†#		4,009		57,489
Sleep Number Corp.†		13,457		419,455
				754,861
Hotels/Motels — 0.1%
BBX Capital Corp.		30,974		55,444
Bluegreen Vacations Corp.#		3,450		15,042
Marcus Corp.		10,778		145,287
Red Lion Hotels Corp.†		11,613		20,439
St. Joe Co.†		16,089		309,713
Target Hospitality Corp.†		15,656		37,261
				583,186
Housewares — 0.0%
Lifetime Brands, Inc.		5,716		32,524
Tupperware Brands Corp.		23,513		75,947
				108,471
Human Resources — 0.8%
AMN Healthcare Services, Inc.†		22,187		984,215
ASGN, Inc.†		24,625		1,516,654
Barrett Business Services, Inc.		3,495		177,196
BG Staffing, Inc.		4,783		49,935
Cross Country Healthcare, Inc.†		17,217		104,507
Heidrick & Struggles International, Inc.		9,069		201,150
Insperity, Inc.		17,828		924,204
Kforce, Inc.		9,747		294,359
Korn Ferry		26,610		805,219
Resources Connection, Inc.		14,734		161,927
TriNet Group, Inc.†		21,153		1,136,551
TrueBlue, Inc.†		18,635		288,097
Willdan Group, Inc.†		4,841		118,362
				6,762,376
Identification Systems — 0.1%
Brady Corp., Class A		23,327		1,192,710
Digimarc Corp.†#		5,648		97,089
				1,289,799

197

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Independent Power Producers — 0.1%
Clearway Energy, Inc., Class A		16,797	$	340,811
Clearway Energy, Inc., Class C		38,163		836,151
				1,176,962
Industrial Audio & Video Products — 0.0%
Akoustis Technologies, Inc.†#		14,579		107,739
GoPro, Inc., Class A†#		61,464		289,495
				397,234
Industrial Automated/Robotic — 0.0%
Ichor Holdings, Ltd.†		10,717		243,812
Instruments - Controls — 0.1%
Allied Motion Technologies, Inc.		3,407		123,299
Watts Water Technologies, Inc., Class A		13,301		1,106,111
				1,229,410
Instruments - Scientific — 0.0%
Fluidigm Corp.†		33,312		145,240
Insurance Brokers — 0.2%
BRP Group, Inc., Class A†		8,514		105,574
Crawford & Co., Class A		7,845		47,227
eHealth, Inc.†		10,982		1,432,272
Goosehead Insurance, Inc., Class A†		5,507		330,145
				1,915,218
Insurance - Life/Health — 0.3%
American Equity Investment Life Holding Co.		43,442		942,257
Benefytt Technologies, Inc.†		4,701		92,281
CNO Financial Group, Inc.		71,424		1,024,934
FBL Financial Group, Inc., Class A		4,666		166,623
GWG Holdings, Inc.†#		1,396		11,042
Independence Holding Co.		2,394		69,546
National Western Life Group, Inc., Class A		1,099		215,327
Trupanion, Inc.†#		13,881		418,096
				2,940,106
Insurance - Multi-line — 0.1%
Citizens, Inc.†#		23,835		144,917
Genworth Financial, Inc., Class A†		243,913		743,934
				888,851
Insurance - Property/Casualty — 1.3%
Ambac Financial Group, Inc.†		21,775		292,221
AMERISAFE, Inc.		9,208		565,187
Donegal Group, Inc., Class A		4,976		70,908
Employers Holdings, Inc.		15,212		454,687
Enstar Group, Ltd.†		5,540		788,896
FedNat Holding Co.		5,563		67,813
Hallmark Financial Services, Inc.†		6,294		14,665
HCI Group, Inc.		2,953		132,442
Heritage Insurance Holdings, Inc.		12,632		158,405
Horace Mann Educators Corp.		19,929		727,807
Investors Title Co.		672		84,739
James River Group Holdings, Ltd.		14,269		551,782
Kinsale Capital Group, Inc.		9,844		1,469,906
National General Holdings Corp.		32,659		662,978
NI Holdings, Inc.†		4,598		68,924
Palomar Holdings, Inc.†		8,906		662,785
ProAssurance Corp.		25,684		354,439
ProSight Global, Inc.†		4,275		37,877
Protective Insurance Corp., Class B		4,415		61,015
RLI Corp.		19,249		1,519,901
Safety Insurance Group, Inc.		7,116		542,524
Selective Insurance Group, Inc.		28,205		1,479,352
State Auto Financial Corp.		8,293		165,362

Security Description	Shares		Value (Note 2)
Insurance - Property/Casualty (continued)
Stewart Information Services Corp.		11,301	$	348,297
Tiptree, Inc.		11,983		73,096
United Fire Group, Inc.		10,206		273,827
United Insurance Holdings Corp.		9,935		77,890
Universal Insurance Holdings, Inc.		14,323		255,809
Watford Holdings, Ltd.†		8,590		126,874
				12,090,408
Insurance - Reinsurance — 0.3%
Argo Group International Holdings, Ltd.		15,735		482,907
Essent Group, Ltd.		46,423		1,534,280
Global Indemnity, Ltd.		4,007		97,210
Greenlight Capital Re, Ltd., Class A†#		14,052		101,737
Third Point Reinsurance, Ltd.†		35,613		262,824
				2,478,958
Internet Application Software — 0.1%
Tucows, Inc., Class A†#		4,548		273,198
VirnetX Holding Corp.#		29,561		196,581
				469,779
Internet Connectivity Services — 0.2%
Boingo Wireless, Inc.†		20,939		286,864
Cogent Communications Holdings, Inc.		20,446		1,564,528
				1,851,392
Internet Content - Entertainment — 0.0%
Limelight Networks, Inc.†		55,704		275,178
Internet Content - Information/News — 0.2%
DHI Group, Inc.†		24,132		64,432
HealthStream, Inc.†		12,552		285,935
LiveXLive Media, Inc.†#		16,085		46,003
TechTarget, Inc.†		11,099		305,112
Yelp, Inc.†		33,034		718,159
				1,419,641
Internet Security — 0.0%
Zix Corp.†		25,755		173,074
Internet Telephone — 0.1%
8x8, Inc.†		46,614		677,768
Investment Companies — 0.0%
Altus Midstream Co., Class A†		24,273		16,748
Medallion Financial Corp.†#		9,941		23,162
PDL Community Bancorp†		4,020		35,939
Rafael Holdings, Inc., Class B†		5,195		89,822
				165,671
Investment Management/Advisor Services — 1.0%
Altisource Portfolio Solutions SA†#		2,722		38,734
Ares Management Corp., Class A		34,452		1,300,907
Artisan Partners Asset Management, Inc., Class A		24,113		698,554
AssetMark Financial Holdings, Inc.†		6,637		177,208
Associated Capital Group, Inc., Class A		926		38,049
B. Riley Financial, Inc.		9,886		190,108
Blucora, Inc.†		23,438		284,772
Boston Private Financial Holdings, Inc.		39,965		274,559
BrightSphere Investment Group, Inc.		31,677		264,503
Cohen & Steers, Inc.		10,975		697,461
Columbia Financial, Inc.†		25,117		354,150
Federated Hermes, Inc.		46,467		1,028,779
Focus Financial Partners, Inc., Class A†		14,777		411,392
GAMCO Investors, Inc., Class A		2,495		32,235
Hamilton Lane, Inc., Class A		10,614		776,626
Pzena Investment Management, Inc., Class A		8,509		34,717

198

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Investment Management/Advisor Services (continued)
Sculptor Capital Management, Inc.		8,116	$	101,775
Silvercrest Asset Management Group, Inc., Class A		4,170		46,996
Stifel Financial Corp.		32,027		1,528,008
Virtus Investment Partners, Inc.		3,121		290,191
Waddell & Reed Financial, Inc., Class A#		32,753		427,099
Westwood Holdings Group, Inc.		3,888		68,934
WisdomTree Investments, Inc.		64,225		192,033
				9,257,790
Lasers - System/Components — 0.2%
II-VI, Inc.†#		43,536		2,069,266
Leisure Products — 0.0%
Escalade, Inc.		5,084		51,247
Johnson Outdoors, Inc., Class A		2,580		200,234
				251,481
Linen Supply & Related Items — 0.1%
UniFirst Corp.		7,295		1,311,641
Machine Tools & Related Products — 0.2%
Hurco Cos., Inc.		3,109		97,187
Kennametal, Inc.		39,576		1,097,838
Luxfer Holdings PLC		13,212		184,836
				1,379,861
Machinery - Construction & Mining — 0.1%
Astec Industries, Inc.		10,763		457,212
Hyster-Yale Materials Handling, Inc.		4,875		178,474
Manitowoc Co, Inc.†		16,906		158,071
Terex Corp.		30,538		480,057
				1,273,814
Machinery - Electrical — 0.2%
Argan, Inc.		7,093		262,370
Bloom Energy Corp., Class A†#		26,559		213,269
Franklin Electric Co., Inc.		22,273		1,129,686
				1,605,325
Machinery - Farming — 0.1%
Alamo Group, Inc.		4,697		485,294
Lindsay Corp.		5,203		488,666
				973,960
Machinery - General Industrial — 0.6%
Albany International Corp., Class A		14,759		889,968
Altra Industrial Motion Corp.		31,002		961,062
Applied Industrial Technologies, Inc.		18,481		1,071,898
Chart Industries, Inc.†		17,356		681,223
DXP Enterprises, Inc.†		7,836		138,149
Gencor Industries, Inc.†		4,377		52,130
Kadant, Inc.		5,294		512,618
Tennant Co.		8,669		554,296
Twin Disc, Inc.†		5,034		27,636
Welbilt, Inc.†		62,578		380,474
				5,269,454
Machinery - Material Handling — 0.0%
Columbus McKinnon Corp.		11,104		337,673
Machinery - Pumps — 0.3%
Cactus, Inc., Class A		22,689		432,906
CSW Industrials, Inc.		7,163		512,584
Gorman-Rupp Co.		8,490		260,304
Mueller Water Products, Inc., Class A		75,633		706,412
NN, Inc.		20,213		90,352
SPX FLOW, Inc.†		20,180		697,825
				2,700,383

Security Description	Shares		Value (Note 2)
Marine Services — 0.0%
SEACOR Marine Holdings, Inc.†		9,491	$	14,711
Medical Imaging Systems — 0.0%
Lantheus Holdings, Inc.†		18,588		255,213
Medical Information Systems — 0.4%
1Life Healthcare, Inc.†#		9,292		300,132
Allscripts Healthcare Solutions, Inc.†		77,967		492,752
Castlight Health, Inc., Class B†		49,113		38,686
Computer Programs & Systems, Inc.		6,120		135,374
Health Catalyst, Inc.†#		9,138		248,005
Inovalon Holdings, Inc., Class A†		35,063		659,886
NextGen Healthcare, Inc.†		26,348		271,911
Phreesia, Inc.†		13,117		384,590
Schrodinger, Inc.†		6,641		454,577
Tabula Rasa HealthCare, Inc.†#		9,398		502,135
				3,488,048
Medical Instruments — 0.3%
AngioDynamics, Inc.†		17,771		181,442
Apyx Medical Corp.†		16,044		71,235
Misonix, Inc.†		4,373		60,916
Natus Medical, Inc.†		16,255		347,857
NuVasive, Inc.†		25,023		1,516,394
Silk Road Medical, Inc.†		7,748		296,516
TransEnterix, Inc.†		11,453		4,848
				2,479,208
Medical Labs & Testing Services — 1.2%
Avalon GloboCare Corp.†#		10,443		16,604
Cellular Biomedicine Group, Inc.†#		5,830		80,279
Invitae Corp.†#		41,751		702,252
Medpace Holdings, Inc.†		13,301		1,234,599
Neuronetics, Inc.†#		6,427		11,762
OPKO Health, Inc.†#		185,786		423,592
Personalis, Inc.†		9,043		107,069
SI-BONE, Inc.†		9,223		161,310
Syneos Health, Inc.†		30,005		1,830,005
Teladoc Health, Inc.†		34,796		6,056,592
Vapotherm, Inc.†		7,237		192,721
				10,816,785
Medical Laser Systems — 0.0%
Cutera, Inc.†		6,756		89,720
Medical Products — 2.8%
Accuray, Inc.†		43,020		90,342
Alphatec Holdings, Inc.†		18,832		83,802
AtriCure, Inc.†		18,308		875,305
Atrion Corp.		690		442,973
Avanos Medical, Inc.†		22,793		662,365
AxoGen, Inc.†#		16,343		158,527
Axonics Modulation Technologies, Inc.†#		8,947		328,086
BioSig Technologies, Inc.†		7,774		72,920
Cardiovascular Systems, Inc.†		16,638		644,223
Castle Biosciences, Inc.†		4,566		175,471
Cerus Corp.†		75,649		470,537
Conformis, Inc.†#		31,146		30,794
CryoLife, Inc.†		17,566		399,275
CytoSorbents Corp.†#		14,752		150,618
Glaukos Corp.†		18,745		730,680
Globus Medical, Inc., Class A†		36,637		2,002,212
Haemonetics Corp.†		24,337		2,669,282
Hanger, Inc.†		17,455		320,474
Inogen, Inc.†		8,804		334,552
Inspire Medical Systems, Inc.†		6,488		529,032
Integer Holdings Corp.†		15,661		1,240,038

199

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical Products (continued)
Intersect ENT, Inc.†		14,799	$	165,009
Invacare Corp.#		16,203		99,810
iRadimed Corp.†		2,189		50,894
iRhythm Technologies, Inc.†		12,757		1,585,823
LeMaitre Vascular, Inc.		7,923		213,049
LivaNova PLC†		23,397		1,251,506
Luminex Corp.		20,248		630,928
NanoString Technologies, Inc.†		16,424		501,425
Nevro Corp.†		14,412		1,810,147
Novocure, Ltd.†		41,857		2,822,417
Orthofix Medical, Inc.†		8,707		296,735
OrthoPediatrics Corp.†#		4,831		222,854
Pulse Biosciences, Inc.†#		5,418		49,250
RTI Surgical Holdings, Inc.†		27,369		74,444
SeaSpine Holdings Corp.†		10,458		111,378
Shockwave Medical, Inc.†#		12,279		540,399
Sientra, Inc.†#		18,575		72,071
Soliton, Inc.†		2,679		26,602
Surmodics, Inc.†		6,315		233,529
Tactile Systems Technology, Inc.†		8,844		428,492
Wright Medical Group NV†#		60,802		1,796,699
Zynex, Inc.†#		7,619		147,809
				25,542,778
Medical - Biomedical/Gene — 7.8%
Abeona Therapeutics, Inc.†		26,321		87,123
ACADIA Pharmaceuticals, Inc.†		54,235		2,694,395
Acceleron Pharma, Inc.†#		21,699		2,144,512
Acer Therapeutics, Inc.†#		2,418		7,423
Acorda Therapeutics, Inc.†		21,622		16,165
ADMA Biologics, Inc.†#		33,857		111,390
Aduro Biotech, Inc.†		31,560		103,201
Adverum Biotechnologies, Inc.†		30,465		628,493
Affimed NV†		35,434		116,578
Agenus, Inc.†		51,562		192,326
AgeX Therapeutics, Inc.†#		10,545		11,916
Akero Therapeutics, Inc.†		4,033		102,519
Albireo Pharma, Inc.†		6,148		164,520
Alder Biopharmaceuticals, Inc. CVR†(1)		37,741		33,212
Aldeyra Therapeutics, Inc.†		11,049		54,361
Allakos, Inc.†#		9,383		609,895
Allogene Therapeutics, Inc.†#		18,689		900,062
AMAG Pharmaceuticals, Inc.†		16,222		125,072
Amicus Therapeutics, Inc.†		123,281		1,537,930
AnaptysBio, Inc.†		11,837		225,850
Anavex Life Sciences Corp.†#		23,746		97,596
ANI Pharmaceuticals, Inc.†		4,404		136,788
Apellis Pharmaceuticals, Inc.†		27,572		928,901
Applied Therapeutics, Inc.†#		3,922		178,529
Aprea Therapeutics, Inc.†		3,112		83,588
Arcus Biosciences, Inc.†		15,642		490,377
Arcutis Biotherapeutics, Inc.†		5,013		168,186
Ardelyx, Inc.†		30,086		220,530
Arena Pharmaceuticals, Inc.†		24,333		1,454,383
Arrowhead Pharmaceuticals, Inc.†#		48,236		1,555,129
Assembly Biosciences, Inc.†		13,691		266,838
Atara Biotherapeutics, Inc.†		24,806		285,269
Athersys, Inc.†#		64,525		187,768
Atreca, Inc., Class A†#		8,303		153,356
Avid Bioservices, Inc.†		27,005		157,709
Avrobio, Inc.†#		11,294		228,365
Baudax Bio, Inc.†#		3,925		16,681
Beam Therapeutics, Inc.†		5,918		151,205
BioCryst Pharmaceuticals, Inc.†		74,096		333,062
Biohaven Pharmaceutical Holding Co., Ltd.†		20,613		1,287,694

Security Description	Shares		Value (Note 2)
Medical - Biomedical/Gene (continued)
Black Diamond Therapeutics, Inc.†		5,814	$	227,037
Blueprint Medicines Corp.†		25,797		1,680,417
Bridgebio Pharma, Inc.†#		36,095		1,058,666
Cabaletta Bio, Inc.†		3,204		27,394
Calithera Biosciences, Inc.†		26,845		156,238
Cara Therapeutics, Inc.†#		19,185		304,466
CASI Pharmaceuticals, Inc.†#		24,296		64,141
CEL-SCI Corp.†#		15,841		211,161
Centogene NV†		903		15,911
Cerecor, Inc.†		10,980		35,465
ChemoCentryx, Inc.†		19,630		1,224,716
ChromaDex Corp.†#		19,765		95,070
Constellation Pharmaceuticals, Inc.†		9,108		323,607
Cortexyme, Inc.†#		5,483		252,711
Crinetics Pharmaceuticals, Inc.†		5,320		86,929
Cue Biopharma, Inc.†		9,618		266,226
Cymabay Therapeutics, Inc.†		33,189		122,965
CytomX Therapeutics, Inc.†		21,694		192,209
Deciphera Pharmaceuticals, Inc.†		10,105		591,850
Denali Therapeutics, Inc.†		25,121		699,117
Dicerna Pharmaceuticals, Inc.†		25,743		555,277
Dynavax Technologies Corp.†#		40,154		245,742
Editas Medicine, Inc.†#		24,922		674,639
Eidos Therapeutics, Inc.†		5,429		265,532
Eiger BioPharmaceuticals, Inc.†		11,294		136,319
ElectroCore, Inc.†#		6,254		5,813
Emergent BioSolutions, Inc.†		21,985		1,835,528
Enochian Biosciences, Inc.†#		6,635		23,554
Enzo Biochem, Inc.†		21,262		60,597
Epizyme, Inc.†#		37,415		656,633
Esperion Therapeutics, Inc.†#		12,196		516,745
Evelo Biosciences, Inc.†#		6,623		28,943
Evolus, Inc.†#		8,902		40,682
Exagen, Inc.†		1,596		18,498
EyePoint Pharmaceuticals, Inc.†#		30,391		26,136
Fate Therapeutics, Inc.†		29,230		947,929
FibroGen, Inc.†		37,850		1,265,704
Five Prime Therapeutics, Inc.†		16,433		87,095
Frequency Therapeutics, Inc.†		2,800		51,968
Galera Therapeutics, Inc.†		825		8,630
Geron Corp.†#		89,265		143,717
GlycoMimetics, Inc.†		16,294		46,112
Gossamer Bio, Inc.†		20,661		251,031
Halozyme Therapeutics, Inc.†		64,796		1,572,599
Homology Medicines, Inc.†#		11,945		170,097
IGM Biosciences, Inc.†		2,386		154,565
ImmunoGen, Inc.†		81,411		381,003
Immunomedics, Inc.†		98,202		3,298,605
Innoviva, Inc.†		30,778		429,969
Inovio Pharmaceuticals, Inc.†#		45,716		674,311
Insmed, Inc.†		42,904		1,042,138
Intercept Pharmaceuticals, Inc.†		12,122		875,936
Iovance Biotherapeutics, Inc.†		56,453		1,811,577
Kaleido Biosciences, Inc.†#		5,473		39,515
Karuna Therapeutics, Inc.†#		5,058		474,744
Karyopharm Therapeutics, Inc.†#		28,708		530,811
Kezar Life Sciences, Inc.†		14,938		71,254
Kindred Biosciences, Inc.†		17,847		76,564
Kiniksa Pharmaceuticals, Ltd., Class A†		6,722		140,288
Kodiak Sciences, Inc.†#		13,515		873,204
Krystal Biotech, Inc.†		5,057		259,980
Lexicon Pharmaceuticals, Inc.†#		19,997		38,194
Ligand Pharmaceuticals, Inc.†#		8,248		837,749
Lineage Cell Therapeutics, Inc.†#		52,107		45,943
Liquidia Technologies, Inc.†#		6,467		59,755

200

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical - Biomedical/Gene (continued)
Livongo Health, Inc.†#		24,796	$	1,486,024
LogicBio Therapeutics, Inc.†#		4,001		27,447
MacroGenics, Inc.†		22,966		441,866
Magenta Therapeutics, Inc.†		9,256		81,823
Marker Therapeutics, Inc.†#		13,056		29,637
MEI Pharma, Inc.†		48,820		178,437
MeiraGTx Holdings PLC†		8,249		122,415
Menlo Therapeutics, Inc.†#		22,332		53,373
Mersana Therapeutics, Inc.†		17,304		391,763
Mirati Therapeutics, Inc.†#		14,329		1,421,294
Molecular Templates, Inc.†		9,785		151,863
Mustang Bio, Inc.†		13,413		50,030
Myriad Genetics, Inc.†		34,266		497,885
NeoGenomics, Inc.†		45,937		1,226,059
NextCure, Inc.†		6,939		216,566
NGM Biopharmaceuticals, Inc.†#		11,765		232,123
Novavax, Inc.†#		15,474		712,423
Omeros Corp.†#		24,649		366,777
Oncocyte Corp.†		10,782		29,758
Oncternal Therapeutics, Inc. CVR†#(1)		368		754
Organogenesis Holdings, Inc.†		5,767		23,818
Osmotica Pharmaceuticals PLC†#		4,244		25,337
Oyster Point Pharma, Inc.†#		2,710		77,127
Pacific Biosciences of California, Inc.†		68,580		241,402
Palatin Technologies, Inc.†#		110,016		55,767
PDL BioPharma, Inc.†		54,281		177,499
Pfenex, Inc.†		14,374		105,074
Phathom Pharmaceuticals, Inc.†		5,185		219,222
Pieris Pharmaceuticals, Inc.†		22,299		80,276
PolarityTE, Inc.†		10,290		10,047
Precigen, Inc.†#		34,987		76,971
Prevail Therapeutics, Inc.†		6,761		112,773
Prothena Corp. PLC†		19,370		206,484
PTC Therapeutics, Inc.†		29,104		1,475,864
Puma Biotechnology, Inc.†#		14,821		151,322
Radius Health, Inc.†		21,712		274,874
RAPT Therapeutics, Inc.†		856		15,648
REGENXBIO, Inc.†		16,084		605,723
Replimune Group, Inc.†		6,471		121,525
resTORbio, Inc.†#		7,403		16,065
Retrophin, Inc.†		19,951		312,931
REVOLUTION Medicines, Inc.†		6,805		209,050
Rigel Pharmaceuticals, Inc.†		81,048		158,449
Rocket Pharmaceuticals, Inc.†#		15,434		290,314
Rubius Therapeutics, Inc.†#		16,835		108,586
Sangamo Therapeutics, Inc.†		55,348		619,344
Satsuma Pharmaceuticals, Inc.†		2,153		56,409
Savara, Inc.†#		16,716		40,787
Scholar Rock Holding Corp.†#		8,457		155,609
Solid Biosciences, Inc.†#		9,469		27,934
Sorrento Therapeutics, Inc.†		62,793		317,105
SpringWorks Therapeutics, Inc.†#		5,030		191,492
Stemline Therapeutics, Inc.†		22,149		263,130
Stoke Therapeutics, Inc.†		8,195		226,674
Sutro Biopharma, Inc.†		5,242		52,472
Strongbridge Biopharma PLC†		17,437		59,635
Syndax Pharmaceuticals, Inc.†		10,787		174,749
Synlogic, Inc.†		7,561		18,978
TCR2 Therapeutics, Inc.†		5,644		57,004
Theravance Biopharma, Inc.†		23,630		596,657
Tobira Therapeutics, Inc. CVR†(1)		4,989		0
Tocagen, Inc.†#		10,222		12,369
Translate Bio, Inc.†#		16,688		345,775
TransMedics Group, Inc.†#		6,861		90,634
Turning Point Therapeutics, Inc.†		13,344		924,072

Security Description	Shares		Value (Note 2)
Medical - Biomedical/Gene (continued)
Twist Bioscience Corp.†#		12,598	$	478,094
Tyme Technologies, Inc.†#		28,973		44,618
Ultragenyx Pharmaceutical, Inc.†		26,329		1,802,483
UNITY Biotechnology, Inc.†#		13,768		112,622
VBI Vaccines, Inc.†		73,792		160,867
Veracyte, Inc.†		22,732		566,936
Vericel Corp.†		21,564		310,090
Viela Bio, Inc.†		2,632		123,441
Viking Therapeutics, Inc.†#		31,266		223,552
Vir Biotechnology, Inc.†		3,471		118,639
WaVe Life Sciences, Ltd.†#		10,849		110,443
X4 Pharmaceuticals, Inc.†		7,432		63,469
XBiotech, Inc.†		6,323		88,332
Xencor, Inc.†		22,795		689,549
Y-mAbs Therapeutics, Inc.†		11,391		434,908
Zeneca, Inc. CVR†(1)		3,950		2,429
ZIOPHARM Oncology, Inc.†#		89,227		264,112
				70,332,696
Medical - Drugs — 2.7%
89bio, Inc.†#		1,416		36,476
AcelRx Pharmaceuticals, Inc.†#		37,753		52,477
Aclaris Therapeutics, Inc.†#		14,846		20,933
Adamas Pharmaceuticals, Inc.†		11,007		30,379
Aeglea BioTherapeutics, Inc.†		12,606		111,059
Aerie Pharmaceuticals, Inc.†#		20,339		285,356
Aimmune Therapeutics, Inc.†#		21,683		360,155
Akcea Therapeutics, Inc.†#		6,066		90,383
Alector, Inc.†		16,641		544,161
Amphastar Pharmaceuticals, Inc.†		17,288		322,248
Assertio Holdings, Inc.†		31,072		30,656
Athenex, Inc.†#		32,899		357,612
Axcella Health, Inc.†		3,758		22,548
Beyondspring, Inc.†#		6,189		105,213
BioSpecifics Technologies Corp.†		2,956		183,863
Bioxcel Therapeutics, Inc.†		3,344		155,697
Catalyst Pharmaceuticals, Inc.†		46,477		200,316
cbdMD, Inc.†#		15,406		22,647
Checkpoint Therapeutics, Inc.†#		16,972		35,981
Chiasma, Inc.†		16,505		103,156
Chimerix, Inc.†		23,097		72,063
Clovis Oncology, Inc.†#		24,258		167,865
Coherus Biosciences, Inc.†#		30,149		561,977
Collegium Pharmaceutical, Inc.†		15,485		341,444
Concert Pharmaceuticals, Inc.†		12,901		137,009
Corbus Pharmaceuticals Holdings, Inc.†#		31,721		236,639
Corcept Therapeutics, Inc.†		46,128		698,378
Cyclerion Therapeutics, Inc.†		11,377		45,280
Cytokinetics, Inc.†#		26,824		555,525
Eagle Pharmaceuticals, Inc.†		4,387		224,878
Eloxx Pharmaceuticals, Inc.†		12,121		41,090
Enanta Pharmaceuticals, Inc.†		9,168		472,060
Fulcrum Therapeutics, Inc.†#		6,089		121,232
Galectin Therapeutics, Inc.†#		19,299		58,476
Global Blood Therapeutics, Inc.†		27,911		1,951,537
Gritstone Oncology, Inc.†#		12,008		77,572
Harpoon Therapeutics, Inc.†		3,533		76,878
Hookipa Pharma, Inc.#		4,802		52,390
Intellia Therapeutics, Inc.†#		18,627		326,159
Intra-Cellular Therapies, Inc.†		25,391		530,164
Ironwood Pharmaceuticals, Inc.†		75,278		732,455
Jounce Therapeutics, Inc.†		7,796		42,020
Kadmon Holdings, Inc.†#		77,291		343,172
Kala Pharmaceuticals, Inc.†		11,429		140,691
KalVista Pharmaceuticals, Inc.†		6,081		68,411

201

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical - Drugs (continued)
Kura Oncology, Inc.†		16,534	$	282,566
Lannett Co., Inc.†#		15,653		119,745
Madrigal Pharmaceuticals, Inc.†#		4,348		504,455
Mallinckrodt PLC†#		40,489		114,179
Marinus Pharmaceuticals, Inc.†#		39,595		100,571
MediciNova, Inc.†		20,194		107,836
Millendo Therapeutics, Inc.†		5,976		15,896
Minerva Neurosciences, Inc.†		14,248		52,860
Mirum Pharmaceuticals, Inc.†#		2,509		42,277
Morphic Holding, Inc.†#		5,162		107,266
MyoKardia, Inc.†		23,847		2,439,310
Ocular Therapeutix, Inc.†#		20,350		143,264
Odonate Therapeutics, Inc.†#		4,633		151,360
Optinose, Inc.†#		13,340		57,629
Pacira BioSciences, Inc.†		19,746		867,837
Paratek Pharmaceuticals, Inc.†#		15,836		70,312
PhaseBio Pharmaceuticals, Inc.†#		6,611		39,732
Prestige Consumer Healthcare, Inc.†		24,299		1,025,418
Principia Biopharma, Inc.†		8,865		566,385
Progenics Pharmaceuticals, Inc.†		41,888		177,814
Protagonist Therapeutics, Inc.†		8,496		140,439
Reata Pharmaceuticals, Inc., Class A†		10,918		1,586,604
Rhythm Pharmaceuticals, Inc.†		14,121		273,806
Rockwell Medical, Inc.†#		31,543		67,502
Seres Therapeutics, Inc.†#		17,576		96,492
SIGA Technologies, Inc.†#		26,542		158,986
Spectrum Pharmaceuticals, Inc.†		53,718		157,931
Spero Therapeutics, Inc.†		6,207		73,367
Supernus Pharmaceuticals, Inc.†		23,760		573,091
Syros Pharmaceuticals, Inc.†		16,695		163,444
TG Therapeutics, Inc.†		41,520		774,348
TherapeuticsMD, Inc.†#		106,698		120,569
Tricida, Inc.†#		10,519		282,540
UroGen Pharma, Ltd.†#		9,027		211,864
Vanda Pharmaceuticals, Inc.†		25,090		294,055
Verrica Pharmaceuticals, Inc.†#		6,212		71,314
Voyager Therapeutics, Inc.†		11,631		140,735
Xeris Pharmaceuticals, Inc.†		17,165		88,228
Zogenix, Inc.†		20,552		598,680
Zynerba Pharmaceuticals, Inc.†#		11,026		57,997
				24,065,385
Medical - Generic Drugs — 0.3%
Amneal Pharmaceuticals, Inc.†#		56,963		277,410
Arvinas, Inc.†#		10,221		340,053
Endo International PLC†		108,326		418,138
Momenta Pharmaceuticals, Inc.†		54,660		1,720,697
				2,756,298
Medical - HMO — 0.1%
Magellan Health, Inc.†		10,574		792,944
Tivity Health, Inc.†#		22,871		243,576
Triple-S Management Corp., Class B†		11,032		219,537
				1,256,057
Medical - Hospitals — 0.3%
Community Health Systems, Inc.†		41,512		130,763
Select Medical Holdings Corp.†		53,011		855,597
Surgery Partners, Inc.†		11,714		157,026
Tenet Healthcare Corp.†		49,567		1,078,578
				2,221,964
Medical - Nursing Homes — 0.2%
Ensign Group, Inc.		24,380		1,065,894
Genesis Healthcare, Inc.†		40,355		34,790

Security Description	Shares		Value (Note 2)
Medical - Nursing Homes (continued)
National HealthCare Corp.		5,889	$	394,975
				1,495,659
Medical - Outpatient/Home Medical — 0.7%
Addus HomeCare Corp.†		6,001		593,859
Amedisys, Inc.†		15,115		2,902,836
Joint Corp.†#		6,291		95,057
LHC Group, Inc.†		14,505		2,357,207
Pennant Group, Inc.†		12,189		310,698
Providence Service Corp.†		5,619		452,329
				6,711,986
Medical - Wholesale Drug Distribution — 0.0%
Evofem Biosciences, Inc.†#		13,109		71,575
Owens & Minor, Inc.		29,701		235,529
				307,104
Metal Processors & Fabrication — 0.6%
AZZ, Inc.		12,518		396,320
CIRCOR International, Inc.†		9,407		151,264
Helios Technologies, Inc.		14,115		504,893
Lawson Products, Inc.†		2,013		62,524
LB Foster Co., Class A†		4,822		58,925
Mayville Engineering Co., Inc.†		3,038		18,593
Mueller Industries, Inc.		26,727		715,749
Park-Ohio Holdings Corp.		4,195		61,205
RBC Bearings, Inc.†		11,688		1,643,917
Rexnord Corp.		51,278		1,543,468
Tredegar Corp.		12,555		192,217
				5,349,075
Metal Products - Distribution — 0.1%
Olympic Steel, Inc.		4,444		49,018
Ryerson Holding Corp.†		7,797		38,907
Worthington Industries, Inc.		18,635		557,559
				645,484
Metal Products - Fasteners — 0.0%
Eastern Co.		2,604		48,721
Metal - Aluminum — 0.1%
Century Aluminum Co.†		24,198		144,220
Kaiser Aluminum Corp.		7,590		544,583
				688,803
Metal - Diversified — 0.0%
Ferroglobe Representation & Warranty Trust†(1)		36,833		0
Metal - Iron — 0.1%
Cleveland-Cliffs, Inc.#		190,233		993,016
Mining Services — 0.0%
Contura Energy, Inc.†#		8,735		33,542
Miscellaneous Manufacturing — 0.2%
Hillenbrand, Inc.		35,189		905,765
John Bean Technologies Corp.		15,031		1,234,796
				2,140,561
Motion Pictures & Services — 0.1%
Eros International PLC†#		35,161		113,570
IMAX Corp.†		25,207		317,860
				431,430
MRI/Medical Diagnostic Imaging — 0.0%
RadNet, Inc.†		20,246		344,992
Multimedia — 0.0%
E.W. Scripps Co., Class A		26,362		228,559
Entravision Communications Corp., Class A		28,826		43,239

202

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Multimedia (continued)
Media General, Inc. CVR†#(1)		61,443	$	0
				271,798
Networking Products — 0.2%
A10 Networks, Inc.†		24,029		163,397
Calix, Inc.†		22,512		317,419
Extreme Networks, Inc.†		56,214		185,506
Infinera Corp.†		85,973		428,146
Inseego Corp.†#		21,915		232,738
NeoPhotonics Corp.†		18,969		164,461
NETGEAR, Inc.†		14,356		369,380
				1,861,047
Night Clubs — 0.0%
RCI Hospitality Holdings, Inc.		4,163		60,322
Non-Ferrous Metals — 0.0%
Energy Fuels, Inc.†#		47,163		81,120
Uranium Energy Corp.†#		87,372		91,741
				172,861
Non-Hazardous Waste Disposal — 0.3%
Advanced Disposal Services, Inc.†		35,016		1,091,799
Casella Waste Systems, Inc., Class A†		22,096		1,125,791
Covanta Holding Corp.		56,863		511,767
				2,729,357
Office Automation & Equipment — 0.0%
AstroNova, Inc.		3,330		21,412
Pitney Bowes, Inc.		82,565		195,679
				217,091
Office Furnishings - Original — 0.3%
CompX International, Inc.		795		11,186
Herman Miller, Inc.		28,395		653,653
HNI Corp.		20,645		525,828
Interface, Inc.		27,883		236,727
Kimball International, Inc., Class B		17,185		192,300
Knoll, Inc.		23,626		249,490
Steelcase, Inc., Class A		42,465		491,745
				2,360,929
Office Supplies & Forms — 0.0%
ACCO Brands Corp.		46,444		287,488
Oil & Gas Drilling — 0.0%
Nabors Industries, Ltd.#		3,397		125,893
Noble Corp. PLC†#		119,552		15,542
Pacific Drilling SA†#		14,383		5,851
ProPetro Holding Corp.†		38,510		190,625
Seadrill, Ltd.†#		28,246		13,278
				351,189
Oil Companies - Exploration & Production — 0.6%
Abraxas Petroleum Corp.†		77,171		14,987
Amplify Energy Corp.		6,296		6,926
Berry Corp.		30,191		128,010
Bonanza Creek Energy, Inc.†		9,117		154,077
Brigham Minerals, Inc., Class A		13,594		180,120
California Resources Corp.†#		23,292		30,978
Callon Petroleum Co.†#		185,205		123,847
Chaparral Energy, Inc., Class A†#		14,968		7,463
CNX Resources Corp.†		89,839		915,459
Comstock Resources, Inc.†		7,463		40,002
Denbury Resources, Inc.†#		232,154		49,449
DLB Oil & Gas, Inc.†(1)		3,000		0

Security Description	Shares		Value (Note 2)
Oil Companies - Exploration & Production (continued)
Earthstone Energy, Inc., Class A†		9,529	$	28,396
Evolution Petroleum Corp.		13,095		31,952
Extraction Oil & Gas, Inc.†#		40,789		11,829
Falcon Minerals Corp.		18,591		46,292
Goodrich Petroleum Corp.†#		4,378		35,199
Gulfport Energy Corp.†#		77,178		116,539
HighPoint Resources Corp.†		54,131		12,991
Laredo Petroleum, Inc.†		86,938		73,767
Magnolia Oil & Gas Corp., Class A†		48,694		270,252
Mammoth Energy Services, Inc.#		6,262		7,890
Matador Resources Co.†#		53,508		419,503
Montage Resources Corp., Class A†#		10,308		63,085
Northern Oil and Gas, Inc.†#		142,903		111,364
Oasis Petroleum, Inc.†#		153,887		70,880
Panhandle Oil and Gas, Inc., Class A		7,391		30,894
PDC Energy, Inc.†		48,199		587,064
Penn Virginia Corp.†		6,530		57,333
PrimeEnergy Resources Corp.†		248		18,838
QEP Resources, Inc.		115,294		98,415
Ring Energy, Inc.†#		29,016		34,529
Rosehill Resources, Inc.†#		5,084		1,707
SandRidge Energy, Inc.†		14,851		23,465
SilverBow Resources, Inc.†#		3,409		12,886
SM Energy Co.		53,996		190,066
Southwestern Energy Co.†		261,957		788,490
Talos Energy, Inc.†		9,700		117,855
Tellurian, Inc.†#		45,499		45,494
W&T Offshore, Inc.†#		45,365		118,403
Whiting Petroleum Corp.†		43,842		30,685
				5,107,381
Oil Field Machinery & Equipment — 0.1%
Dril-Quip, Inc.†		17,439		529,971
Exterran Corp.†		13,972		89,700
Flotek Industries, Inc.†		25,903		25,385
Forum Energy Technologies, Inc.†		39,873		11,563
Natural Gas Services Group, Inc.†		6,171		38,631
Smart Sand, Inc.†#		10,391		11,014
Thermon Group Holdings, Inc.†		15,665		251,110
US Silica Holdings, Inc.#		35,322		104,200
				1,061,574
Oil Refining & Marketing — 0.3%
CVR Energy, Inc.		14,257		290,843
Delek US Holdings, Inc.		35,661		701,452
Murphy USA, Inc.†		14,047		1,630,857
Par Pacific Holdings, Inc.†		17,067		158,552
Trecora Resources†		10,284		65,715
				2,847,419
Oil - Field Services — 0.3%
Archrock, Inc.		62,089		394,265
DMC Global, Inc.		6,803		194,226
Era Group, Inc.†		9,393		47,059
Frank’s International NV†		51,369		115,580
FTS International, Inc. †#		780		4,789
Helix Energy Solutions Group, Inc.†		68,379		229,753
Independence Contract Drilling, Inc.†		1,144		7,059
KLX Energy Services Holdings, Inc.†#		10,446		15,460
Liberty Oilfield Services, Inc., Class A		25,644		132,067
Matrix Service Co.†		12,737		140,362
MRC Global, Inc.†		37,912		224,439
National Energy Services Reunited Corp.†		11,430		64,922
NCS Multistage Holdings, Inc.†		5,534		2,877
Newpark Resources, Inc.†		42,867		86,591

203

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Oil - Field Services (continued)
NexTier Oilfield Solutions, Inc.†		76,774	$	222,645
Nine Energy Service, Inc.†#		7,658		15,546
NOW, Inc.†		52,188		388,801
Oceaneering International, Inc.†		47,740		306,491
Oil States International, Inc.†		28,868		122,400
RPC, Inc.#		27,985		88,992
Select Energy Services, Inc., Class A†		28,017		166,421
Solaris Oilfield Infrastructure, Inc., Class A		14,984		103,839
TETRA Technologies, Inc.†		58,391		19,269
US Well Services, Inc.†		9,669		4,558
				3,098,411
Optical Supplies — 0.1%
STAAR Surgical Co.†		21,413		830,824
Paper & Related Products — 0.2%
Clearwater Paper Corp.†		7,702		223,127
Neenah, Inc.		8,066		407,817
P.H. Glatfelter Co.		20,984		323,363
Schweitzer-Mauduit International, Inc.		14,881		452,234
Verso Corp., Class A†		16,799		241,570
				1,648,111
Pastoral & Agricultural — 0.2%
Darling Ingredients, Inc.†		79,141		1,844,777
Patient Monitoring Equipment — 0.1%
CareDx, Inc.†#		19,814		636,426
Pharmacy Services — 0.0%
Option Care Health, Inc.†		14,837		225,522
Physical Therapy/Rehabilitation Centers — 0.1%
Catasys, Inc.†#		3,472		68,780
U.S. Physical Therapy, Inc.		6,055		448,918
				517,698
Physicians Practice Management — 0.0%
Apollo Medical Holdings, Inc.†#		4,075		76,977
Pipelines — 0.0%
NextDecade Corp.†#		6,048		9,132
Pollution Control — 0.0%
CECO Environmental Corp.†		14,804		78,609
Poultry — 0.1%
Sanderson Farms, Inc.		9,587		1,265,676
Power Converter/Supply Equipment — 0.4%
Energous Corp.†#		13,920		26,866
Generac Holdings, Inc.†		29,479		3,280,128
Powell Industries, Inc.		4,297		114,300
Vicor Corp.†		8,578		523,087
				3,944,381
Precious Metals — 0.2%
Coeur Mining, Inc.†		114,784		660,008
Hecla Mining Co.		249,793		829,313
				1,489,321
Printing - Commercial — 0.2%
Cimpress PLC†		9,015		812,522
Deluxe Corp.		20,334		474,392
Ennis, Inc.		12,284		218,655
Quad/Graphics, Inc.		15,491		44,149
RR Donnelley & Sons Co.		34,028		37,091
				1,586,809

Security Description	Shares		Value (Note 2)
Private Equity — 0.1%
Kennedy-Wilson Holdings, Inc.		59,130	$	829,003
Professional Sports — 0.1%
Liberty Media Corp. — Liberty Braves, Series A†		4,793		108,274
Liberty Media Corp. — Liberty Braves, Series C†		17,364		381,140
				489,414
Protection/Safety — 0.0%
ShotSpotter, Inc.†#		3,919		91,117
Publishing - Books — 0.1%
Gannett Co, Inc.#		56,569		74,105
Houghton Mifflin Harcourt Co.†		50,307		76,970
Scholastic Corp.		14,222		418,127
				569,202
Publishing - Newspapers — 0.2%
Lee Enterprises, Inc.†		25,797		28,635
TEGNA, Inc.		104,778		1,227,998
Tribune Publishing Co.		8,438		80,161
				1,336,794
Publishing - Periodicals — 0.0%
Meredith Corp.#		19,182		286,579
Value Line, Inc.		510		14,535
				301,114
Quarrying — 0.1%
Compass Minerals International, Inc.		16,441		792,127
Racetracks — 0.5%
Churchill Downs, Inc.		16,937		2,247,032
Penn National Gaming, Inc.†#		60,552		1,986,711
				4,233,743
Radio — 0.0%
Cumulus Media, Inc., Class A†		6,932		35,838
Entercom Communications Corp., Class A		57,442		95,928
Saga Communications, Inc., Class A		1,831		48,650
				180,416
Real Estate Investment Trusts — 6.4%
Acadia Realty Trust		41,221		483,522
AG Mortgage Investment Trust, Inc.#		15,681		38,575
Agree Realty Corp.		19,984		1,254,396
Alexander & Baldwin, Inc.		33,067		377,294
Alexander’s, Inc.		1,027		266,856
American Assets Trust, Inc.		23,294		609,604
American Finance Trust, Inc.		51,521		377,134
Anworth Mtg. Asset Corp.#		47,057		68,703
Apollo Commercial Real Estate Finance, Inc.		74,363		612,008
Ares Commercial Real Estate Corp.#		15,041		112,055
Armada Hoffler Properties, Inc.		26,941		232,231
ARMOUR Residential REIT, Inc.		28,396		222,341
Ashford Hospitality Trust, Inc.		43,379		29,932
Blackstone Mtg. Trust, Inc., Class A		61,825		1,458,452
Bluerock Residential Growth REIT, Inc.		11,338		72,903
Braemar Hotels & Resorts, Inc.		14,472		49,205
BRT Apartments Corp.		4,748		53,557
Capstead Mtg. Corp.		45,058		227,993
CareTrust REIT, Inc.		46,014		857,241
CatchMark Timber Trust, Inc., Class A		23,624		185,448
CBL & Associates Properties, Inc.†#		81,688		24,539
Cedar Realty Trust, Inc.		41,322		30,764
Chatham Lodging Trust		22,114		149,270
Cherry Hill Mtg. Investment Corp.		8,040		69,385
CIM Commercial Trust Corp.		5,717		56,598
City Office REIT, Inc.		25,707		238,561

204

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Real Estate Investment Trusts (continued)
Clipper Realty, Inc.		6,943	$	51,239
Colony Credit Real Estate, Inc.		38,984		192,971
Community Healthcare Trust, Inc.		9,246		336,739
CoreCivic, Inc.		57,415		690,702
CorEnergy Infrastructure Trust, Inc.#		6,201		62,010
CorePoint Lodging, Inc.		19,271		76,313
DiamondRock Hospitality Co.		97,054		581,353
Diversified Healthcare Trust		114,085		408,424
Dynex Capital, Inc.#		10,778		138,605
Easterly Government Properties, Inc.		35,856		898,910
EastGroup Properties, Inc.		18,522		2,153,183
Essential Properties Realty Trust, Inc.		44,131		601,947
Exantas Capital Corp.#		14,696		29,392
Farmland Partners, Inc.#		13,394		92,419
First Industrial Realty Trust, Inc.		60,775		2,302,157
Four Corners Property Trust, Inc.		33,791		730,561
Franklin Street Properties Corp.		50,022		267,117
Front Yard Residential Corp.		23,863		178,973
GEO Group, Inc.		57,357		687,137
Getty Realty Corp.		16,081		428,076
Gladstone Commercial Corp.		15,655		280,538
Gladstone Land Corp.		8,860		128,470
Global Medical REIT, Inc.		18,588		199,263
Global Net Lease, Inc.		43,395		608,832
Granite Point Mtg. Trust, Inc.		26,128		128,550
Great Ajax Corp.		8,605		70,561
Healthcare Realty Trust, Inc.		63,824		1,959,397
Hersha Hospitality Trust		16,556		83,442
Independence Realty Trust, Inc.		43,876		433,934
Industrial Logistics Properties Trust		31,235		585,656
Innovative Industrial Properties, Inc.		7,848		641,339
Invesco Mtg. Capital, Inc.#		79,971		221,520
Investors Real Estate Trust		5,613		397,962
iStar, Inc.#		28,631		312,937
Jernigan Capital, Inc.		10,741		129,644
Kite Realty Group Trust		39,931		387,331
KKR Real Estate Finance Trust, Inc.		12,168		197,000
Ladder Capital Corp.		49,609		394,392
Lexington Realty Trust		116,520		1,132,574
LTC Properties, Inc.		18,972		698,359
Mack-Cali Realty Corp.		41,744		634,926
Monmouth Real Estate Investment Corp.		45,625		592,213
National Health Investors, Inc.		20,529		1,139,154
National Storage Affiliates Trust		28,597		858,196
New Senior Investment Group, Inc.		40,343		116,995
New York Mtg. Trust, Inc.		182,268		379,117
NexPoint Residential Trust, Inc.		9,685		309,726
Office Properties Income Trust		22,990		581,417
One Liberty Properties, Inc.		7,494		118,780
Orchid Island Capital, Inc.#		31,225		130,208
Pebblebrook Hotel Trust		62,678		856,182
Pennsylvania Real Estate Investment Trust#		33,457		37,806
PennyMac Mtg. Investment Trust		47,628		524,384
Physicians Realty Trust		90,965		1,570,966
Piedmont Office Realty Trust, Inc., Class A		60,349		1,006,621
PotlatchDeltic Corp.		31,876		1,083,465
Preferred Apartment Communities, Inc., Class A		22,056		154,171
PS Business Parks, Inc.		9,645		1,288,958
QTS Realty Trust, Inc., Class A		27,732		1,902,415
Ready Capital Corp.#		18,746		110,039
Redwood Trust, Inc.		53,898		288,354
Retail Opportunity Investments Corp.		55,069		517,098
Retail Value, Inc.		7,188		83,309
Rexford Industrial Realty, Inc.		54,748		2,178,970
RLJ Lodging Trust		81,481		840,069

Security Description	Shares		Value (Note 2)
Real Estate Investment Trusts (continued)
RPT Realty		37,636	$	217,160
Ryman Hospitality Properties, Inc.		23,604		806,785
Sabra Health Care REIT, Inc.		97,206		1,308,393
Saul Centers, Inc.		5,802		176,265
Seritage Growth Properties, Class A†#		16,250		127,888
STAG Industrial, Inc.		72,138		1,940,512
Summit Hotel Properties, Inc.		49,888		311,800
Sunstone Hotel Investors, Inc.		108,186		957,446
Tanger Factory Outlet Centers, Inc.#		43,470		267,341
Terreno Realty Corp.		31,795		1,627,586
TPG RE Finance Trust, Inc.		23,888		177,010
UMH Properties, Inc.		17,452		217,801
Uniti Group, Inc.		89,180		735,735
Universal Health Realty Income Trust		6,179		577,057
Urban Edge Properties		55,474		540,872
Urstadt Biddle Properties, Inc., Class A		14,251		181,843
Washington Prime Group, Inc.#		90,036		57,677
Washington Real Estate Investment Trust		39,654		869,612
Western Asset Mtg. Capital Corp.#		25,046		49,591
Whitestone REIT		18,464		113,554
Xenia Hotels & Resorts, Inc.		54,628		491,652
				57,115,615
Real Estate Management/Services — 0.4%
Cushman & Wakefield PLC†		54,294		556,513
eXp World Holdings, Inc.†		9,940		106,259
Marcus & Millichap, Inc.†		11,065		305,062
Maui Land & Pineapple Co., Inc.†		3,253		34,189
Newmark Group, Inc., Class A		69,196		294,083
RE/MAX Holdings, Inc., Class A		8,610		240,994
Realogy Holdings Corp.#		54,832		332,282
Redfin Corp.†#		43,134		1,293,589
RMR Group, Inc., Class A		7,304		196,916
Safehold, Inc.#		6,128		335,753
				3,695,640
Real Estate Operations & Development — 0.1%
American Realty Investors, Inc.†		1,200		9,012
CTO Realty Growth, Inc.		2,357		98,476
FRP Holdings, Inc.†		3,355		132,690
Griffin Industrial Realty, Inc.		465		18,781
Legacy Housing Corp.†#		2,780		36,168
McGrath RentCorp		11,665		650,440
Stratus Properties, Inc.†		2,829		47,980
Transcontinental Realty Investors, Inc.†		511		10,322
				1,003,869
Recreational Centers — 0.0%
OneSpaWorld Holdings, Ltd.		21,883		143,115
Recreational Vehicles — 0.1%
Camping World Holdings, Inc., Class A#		15,865		336,021
Malibu Boats, Inc., Class A†		9,831		463,335
Marine Products Corp.		3,560		40,050
MasterCraft Boat Holdings, Inc.†		8,871		131,823
OneWater Marine, Inc., Class A†		2,208		32,568
				1,003,797
Recycling — 0.0%
Harsco Corp.†		37,581		419,404
Rental Auto/Equipment — 0.4%
Aaron’s, Inc.		32,561		1,201,827
Avis Budget Group, Inc.†#		27,722		596,855
CAI International, Inc.†		7,913		148,844
Herc Holdings, Inc.†		11,615		331,027

205

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Rental Auto/Equipment (continued)
Hertz Global Holdings, Inc.†#		48,901	$	48,901
Rent-A-Center, Inc.		23,772		605,235
Textainer Group Holdings, Ltd.†		25,107		205,375
				3,138,064
Resorts/Theme Parks — 0.2%
Marriott Vacations Worldwide Corp.		19,958		1,792,827
SeaWorld Entertainment, Inc.†		22,726		410,432
				2,203,259
Retail - Apparel/Shoe — 0.4%
Abercrombie & Fitch Co., Class A		30,251		351,517
American Eagle Outfitters, Inc.#		75,763		693,989
Ascena Retail Group, Inc.†#		3,773		6,301
Boot Barn Holdings, Inc.†		13,694		294,147
Buckle, Inc.		13,921		196,008
Caleres, Inc.		18,990		136,158
Cato Corp., Class A		10,685		103,644
Chico’s FAS, Inc.		56,248		75,935
Children’s Place, Inc.#		7,067		294,270
Designer Brands, Inc., Class A#		29,557		181,184
Duluth Holdings, Inc., Class B†#		5,174		23,490
Express, Inc.†		30,165		59,123
Genesco, Inc.†		6,840		126,472
Guess?, Inc.		22,163		212,100
J. Jill, Inc.†#		8,121		4,978
RTW RetailWinds, Inc.†		14,617		6,579
Shoe Carnival, Inc.		4,373		113,654
Tailored Brands, Inc.#		23,109		29,811
Tilly’s, Inc., Class A		10,591		54,226
Vera Bradley, Inc.†		9,674		50,788
Winmark Corp.		1,179		169,623
				3,183,997
Retail - Appliances — 0.0%
Conn’s, Inc.†		8,697		62,792
Retail - Arts & Crafts — 0.0%
Michaels Cos., Inc.†#		38,219		147,525
Retail - Automobile — 0.4%
America’s Car-Mart, Inc.†		2,962		235,686
Asbury Automotive Group, Inc.†		9,303		672,421
Group 1 Automotive, Inc.		8,499		534,927
Lithia Motors, Inc., Class A		10,807		1,303,216
Rush Enterprises, Inc., Class A		13,110		545,638
Rush Enterprises, Inc., Class B		2,169		79,407
Sonic Automotive, Inc., Class A#		11,735		308,396
				3,679,691
Retail - Bedding — 0.1%
Bed Bath & Beyond, Inc.#		58,751		427,120
Retail - Bookstores — 0.0%
Barnes & Noble Education, Inc.†		20,063		31,098
Retail - Building Products — 0.2%
At Home Group, Inc.†#		22,967		108,864
Beacon Roofing Supply, Inc.†		26,157		643,986
BlueLinx Holdings, Inc.†#		4,309		29,732
BMC Stock Holdings, Inc.†		32,096		839,952
Foundation Building Materials, Inc.†		9,804		130,589
GMS, Inc.†		19,447		398,469
				2,151,592
Retail - Computer Equipment — 0.0%
PC Connection, Inc.		5,423		234,707

Security Description	Shares		Value (Note 2)
Retail - Discount — 0.3%
Big Lots, Inc.		18,762	$	727,027
BJ’s Wholesale Club Holdings, Inc.†		53,765		1,935,540
Citi Trends, Inc.		5,253		85,309
				2,747,876
Retail - Drug Store — 0.0%
OptimizeRx Corp.†#		6,648		75,521
Rite Aid Corp.†#		26,582		349,022
				424,543
Retail - Floor Coverings — 0.0%
Lumber Liquidators Holdings, Inc.†		13,742		136,595
Retail - Hair Salons — 0.0%
Regis Corp.†		11,244		118,287
Retail - Home Furnishings — 0.3%
Bassett Furniture Industries, Inc.		4,598		29,427
Haverty Furniture Cos., Inc.		8,596		148,711
La-Z-Boy, Inc.		21,617		555,989
Lovesac Co.†#		4,232		77,488
RH†		8,147		1,767,003
				2,578,618
Retail - Jewelry — 0.0%
Movado Group, Inc.		7,584		79,632
Signet Jewelers, Ltd.#		24,978		263,518
				343,150
Retail - Leisure Products — 0.0%
MarineMax, Inc.†		10,158		193,307
Retail - Misc./Diversified — 0.2%
Container Store Group, Inc.†#		7,665		21,845
Gaia, Inc.†#		5,062		39,636
GameStop Corp., Class A†#		31,619		128,373
Hudson, Ltd., Class A†		19,112		96,325
Party City Holdco, Inc.†#		25,990		33,527
PriceSmart, Inc.		10,827		588,772
Sally Beauty Holdings, Inc.†		56,325		734,478
				1,642,956
Retail - Office Supplies — 0.1%
Office Depot, Inc.		261,911		646,920
Retail - Pawn Shops — 0.2%
FirstCash, Inc.		19,882		1,387,167
Retail - Pet Food & Supplies — 0.2%
Freshpet, Inc.†		16,585		1,280,031
PetIQ, Inc.†#		9,528		292,319
PetMed Express, Inc.#		9,442		340,856
				1,913,206
Retail - Petroleum Products — 0.1%
World Fuel Services Corp.		31,088		792,122
Retail - Regional Department Stores — 0.0%
Dillard’s, Inc., Class A#		4,748		142,487
Retail - Restaurants — 1.3%
Biglari Holdings, Inc., Class B†		458		27,883
BJ’s Restaurants, Inc.		9,216		200,172
Bloomin’ Brands, Inc.		41,936		478,490
Brinker International, Inc.		18,007		474,484
Cannae Holdings, Inc.†		35,603		1,311,258
Carrols Restaurant Group, Inc.†		16,822		72,166
Cheesecake Factory, Inc.#		20,043		430,524
Chuy’s Holdings, Inc.†		7,992		127,792
Cracker Barrel Old Country Store, Inc.		11,583		1,240,887

206

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail - Restaurants (continued)
Dave & Buster’s Entertainment, Inc.		14,870	$	196,135
Del Taco Restaurants, Inc.†		13,905		84,821
Denny’s Corp.†		27,912		302,706
Dine Brands Global, Inc.#		7,698		349,412
El Pollo Loco Holdings, Inc.†		9,425		130,725
Fiesta Restaurant Group, Inc.†		11,415		93,945
J Alexander’s Holdings, Inc.†		6,297		26,699
Jack in the Box, Inc.		11,125		745,597
Kura Sushi USA, Inc., Class A†#		1,621		23,650
Noodles & Co.†		13,757		80,616
Papa John’s International, Inc.		10,656		829,996
Potbelly Corp.†		10,015		21,032
Red Robin Gourmet Burgers, Inc.†		6,252		86,653
Ruth’s Hospitality Group, Inc.		13,307		107,920
Shake Shack, Inc., Class A†		13,978		776,478
Texas Roadhouse, Inc.		31,825		1,650,126
Waitr Holdings, Inc.†		27,814		68,701
Wingstop, Inc.		14,142		1,724,617
				11,663,485
Retail - Sporting Goods — 0.1%
Hibbett Sports, Inc.†		8,317		160,684
Sportsman’s Warehouse Holdings, Inc.†		20,446		228,382
Zumiez, Inc.†		9,616		234,342
				623,408
Retail - Vision Service Center — 0.1%
National Vision Holdings, Inc.†		37,752		1,010,999
Retail - Vitamins & Nutrition Supplements — 0.0%
GNC Holdings, Inc., Class A†#		39,402		29,725
Retirement/Aged Care — 0.0%
Brookdale Senior Living, Inc.†		88,941		325,524
Rubber - Tires — 0.1%
Cooper Tire & Rubber Co.		24,229		623,412
Rubber/Plastic Products — 0.3%
Myers Industries, Inc.		17,092		232,622
Proto Labs, Inc.†		12,997		1,642,171
Raven Industries, Inc.		17,285		370,764
Trinseo SA		18,928		389,538
				2,635,095
Satellite Telecom — 0.2%
Gogo, Inc.†#		26,461		55,039
Iridium Communications, Inc.†		47,724		1,097,652
KVH Industries, Inc.†		7,908		72,674
Loral Space & Communications, Inc.		6,185		116,464
				1,341,829
Savings & Loans/Thrifts — 1.0%
Axos Financial, Inc.†		27,860		607,348
Banc of California, Inc.		21,831		239,049
BankFinancial Corp.		6,716		60,981
Berkshire Hills Bancorp, Inc.		21,718		234,989
Brookline Bancorp, Inc.		37,788		351,428
Capitol Federal Financial, Inc.		63,642		746,202
Community Bankers Trust Corp.		10,529		59,278
Dime Community Bancshares, Inc.		14,897		214,964
ESSA Bancorp, Inc.		4,511		64,733
First Capital, Inc.		1,562		95,985
First Defiance Financial Corp.		17,786		295,426
First Financial Northwest, Inc.		3,773		36,862
Flushing Financial Corp.		13,026		147,715
FS Bancorp, Inc.		1,926		81,354
Greene County Bancorp, Inc.		1,594		35,116

Security Description	Shares		Value (Note 2)
Savings & Loans/Thrifts (continued)
Hingham Institution for Savings		669	$	109,816
Home Bancorp, Inc.		3,670		87,199
HomeTrust Bancshares, Inc.		7,456		114,972
Investors Bancorp, Inc.		109,541		950,816
Malvern Bancorp, Inc.†		3,639		43,231
Meridian Bancorp, Inc.		23,117		266,308
Northfield Bancorp, Inc.		21,036		229,924
Northwest Bancshares, Inc.		55,138		549,175
OceanFirst Financial Corp.		26,341		439,895
Pacific Premier Bancorp, Inc.		28,019		605,771
Provident Financial Holdings, Inc.		2,822		36,319
Provident Financial Services, Inc.		29,413		383,251
Prudential Bancorp, Inc.		4,215		51,507
Riverview Bancorp, Inc.		10,247		51,235
Southern Missouri Bancorp, Inc.		3,742		91,005
Territorial Bancorp, Inc.		3,752		95,413
Timberland Bancorp, Inc.		3,574		64,225
Washington Federal, Inc.		37,331		965,380
Waterstone Financial, Inc.		11,372		169,443
WSFS Financial Corp.		24,458		676,753
				9,253,068
Schools — 0.9%
Adtalem Global Education, Inc.†		25,448		851,490
American Public Education, Inc.†		7,283		228,905
Chegg, Inc.†		57,059		3,485,164
K12, Inc.†		18,929		466,032
Laureate Education, Inc., Class A†		54,321		528,543
Perdoceo Education Corp.†		33,223		540,870
Rosetta Stone, Inc.†		10,001		185,819
Strategic Education, Inc.		10,277		1,743,287
				8,030,110
Security Services — 0.1%
Brink’s Co.		24,056		964,646
Seismic Data Collection — 0.0%
Geospace Technologies Corp.†		6,374		50,227
Semiconductor Components - Integrated Circuits — 0.5%
Cirrus Logic, Inc.†		28,076		2,034,949
MaxLinear, Inc.†		31,840		551,469
Power Integrations, Inc.		13,647		1,478,652
				4,065,070
Semiconductor Equipment — 0.7%
Axcelis Technologies, Inc.†		15,542		417,303
Brooks Automation, Inc.		34,904		1,395,113
Cabot Microelectronics Corp.		13,974		2,024,274
Cohu, Inc.		19,398		292,134
FormFactor, Inc.†		36,365		915,307
Onto Innovation, Inc.†		23,192		720,807
Ultra Clean Holdings, Inc.†		19,044		394,782
Veeco Instruments, Inc.†		23,198		272,344
				6,432,064
Silver Mining — 0.0%
Pan American Silver Corp. CVR†		171,891		111,712
Software Tools — 0.0%
Digital Turbine, Inc.†		37,807		242,721
Steel Pipe & Tube — 0.1%
Advanced Drainage Systems, Inc.		20,907		927,016
Northwest Pipe Co.†		4,610		115,665
Omega Flex, Inc.		1,396		142,811
Synalloy Corp.†		4,007		37,425
TimkenSteel Corp.†		19,391		67,869
				1,290,786

207

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Steel - Producers — 0.2%
Carpenter Technology Corp.		22,697	$	530,429
Commercial Metals Co.		56,823		975,083
Schnitzer Steel Industries, Inc., Class A		12,550		197,035
				1,702,547
Steel - Specialty — 0.1%
Allegheny Technologies, Inc.†		60,614		526,129
Storage/Warehousing — 0.1%
Mobile Mini, Inc.		21,147		677,550
Superconductor Product & Systems — 0.0%
American Superconductor Corp.†		10,284		74,559
SupraNational Banks — 0.0%
Banco Latinoamericano de Comercio Exterior SA, Class E		14,868		175,442
Telecom Equipment - Fiber Optics — 0.2%
Clearfield, Inc.†		5,396		74,626
Viavi Solutions, Inc.†		110,781		1,283,952
				1,358,578
Telecom Services — 0.2%
ATN International, Inc.		5,332		316,721
Consolidated Communications Holdings, Inc.†		33,966		205,834
GTT Communications, Inc.†#		16,261		129,925
Ooma, Inc.†		9,834		123,318
ORBCOMM, Inc.†		35,227		96,522
RigNet, Inc.†		6,998		6,860
Spok Holdings, Inc.		8,476		87,049
Vonage Holdings Corp.†		109,115		1,050,778
				2,017,007
Telecommunication Equipment — 0.2%
Acacia Communications, Inc.†		18,273		1,233,427
ADTRAN, Inc.		22,967		261,824
Airgain, Inc.†		4,306		38,883
DASAN Zhone Solutions, Inc.†		3,792		27,871
Harmonic, Inc.†		42,948		231,490
Plantronics, Inc.#		16,289		212,246
Preformed Line Products Co.		1,480		73,452
				2,079,193
Telephone - Integrated — 0.2%
Cincinnati Bell, Inc.†		23,899		352,032
IDT Corp., Class B†		8,023		50,866
Shenandoah Telecommunications Co.		23,105		1,215,554
				1,618,452
Television — 0.1%
Central European Media Enterprises, Ltd., Class A†		42,728		170,912
Gray Television, Inc.†		43,878		611,659
				782,571
Textile - Apparel — 0.0%
Unifi, Inc.†		6,948		95,396
Textile - Products — 0.0%
Culp, Inc.		5,312		40,956
Theaters — 0.0%
AMC Entertainment Holdings, Inc., Class A#		24,857		127,516
Reading International, Inc., Class A†		7,841		27,444
				154,960
Therapeutics — 0.4%
Akebia Therapeutics, Inc.†		56,881		662,095
Anika Therapeutics, Inc.†		6,453		216,369
Axsome Therapeutics, Inc.†		13,010		1,001,510

Security Description	Shares		Value (Note 2)
Therapeutics (continued)
CorMedix, Inc.†		12,237	$	54,087
Flexion Therapeutics, Inc.†#		16,274		186,012
G1 Therapeutics, Inc.†		16,302		276,645
La Jolla Pharmaceutical Co.†#		9,979		47,101
MannKind Corp.†#		90,342		136,416
Portola Pharmaceuticals, Inc.†		36,735		659,393
Recro Pharma, Inc.†		9,457		42,746
				3,282,374
Tobacco — 0.1%
22nd Century Group, Inc.†#		55,752		46,180
Greenlane Holdings, Inc., Class A†#		4,853		16,694
Pyxus International, Inc.†#		4,108		11,544
Turning Point Brands, Inc.		3,987		95,648
Universal Corp.		11,687		514,929
Vector Group, Ltd.		53,470		611,162
				1,296,157
Tools - Hand Held — 0.2%
MSA Safety, Inc.		17,013		2,023,526
Toys — 0.0%
Funko, Inc., Class A†#		10,549		59,602
Traffic Management Sys — 0.0%
Arlo Technologies, Inc.†		36,173		79,942
Transactional Software — 0.0%
InnerWorkings, Inc.†		21,270		25,312
Synchronoss Technologies, Inc.†		18,719		51,009
				76,321
Transport - Air Freight — 0.1%
Air Transport Services Group, Inc.†		28,175		606,890
Atlas Air Worldwide Holdings, Inc.†		11,201		437,511
				1,044,401
Transport - Equipment & Leasing — 0.2%
GATX Corp.		16,878		1,058,926
General Finance Corp.†		5,595		33,178
Greenbrier Cos., Inc.		15,474		328,358
Willis Lease Finance Corp.†		1,405		29,618
				1,450,080
Transport - Marine — 0.4%
Ardmore Shipping Corp.		16,088		93,954
Costamare, Inc.		24,889		114,489
DHT Holdings, Inc.		53,308		316,650
Diamond S Shipping, Inc.†#		13,012		142,481
Dorian LPG, Ltd.†		13,070		107,435
Eagle Bulk Shipping, Inc.†#		21,327		37,749
GasLog, Ltd.		19,495		66,868
Genco Shipping & Trading, Ltd.		7,310		34,503
Golar LNG, Ltd.#		45,657		362,060
International Seaways, Inc.		12,149		275,539
Nordic American Tankers, Ltd.#		67,131		306,789
Overseas Shipholding Group, Inc., Class A†		31,177		68,901
Safe Bulkers, Inc.†		24,521		25,012
Scorpio Bulkers, Inc.#		2,627		45,736
Scorpio Tankers, Inc.#		21,249		376,957
SEACOR Holdings, Inc.†		8,382		224,638
SFL Corp., Ltd.		39,176		388,626
Teekay Corp.†		33,084		96,936
Teekay Tankers, Ltd., Class A†		11,471		199,366
Tidewater, Inc.†		18,997		90,616
				3,375,305

208

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Transport - Services — 0.3%
CryoPort, Inc.†#		15,184	$	373,071
Daseke, Inc.†		22,031		60,916
Echo Global Logistics, Inc.†		12,917		267,382
Forward Air Corp.		13,587		675,002
Hub Group, Inc., Class A†		15,575		728,443
Matson, Inc.		20,484		585,228
Radiant Logistics, Inc.†		18,832		75,139
Universal Logistics Holdings, Inc.		3,840		57,062
				2,822,243
Transport - Truck — 0.4%
ArcBest Corp.		12,272		274,770
Covenant Transportation Group, Inc., Class A†		6,077		76,570
Heartland Express, Inc.		22,131		484,669
Marten Transport, Ltd.		18,904		483,753
P.A.M. Transportation Services, Inc.†		918		32,038
Saia, Inc.†		12,497		1,355,175
US Xpress Enterprises, Inc., Class A†#		10,521		53,657
Werner Enterprises, Inc.		21,807		1,007,920
YRC Worldwide, Inc.†#		16,069		23,782
				3,792,334
Travel Services — 0.0%
Liberty TripAdvisor Holdings, Inc., Class A†		34,989		83,099
Venture Capital — 0.0%
Safeguard Scientifics, Inc.		9,391		59,445
Veterinary Diagnostics — 0.2%
Heska Corp.†		3,376		296,852
Neogen Corp.†		24,984		1,779,360
				2,076,212
Vitamins & Nutrition Products — 0.1%
Calyxt, Inc.†#		4,493		19,499
LifeVantage Corp.†		6,741		103,205
Nature’s Sunshine Products, Inc.†		4,214		40,876
USANA Health Sciences, Inc.†		6,042		511,878
				675,458
Water — 0.5%
American States Water Co.		17,670		1,449,117
Artesian Resources Corp., Class A		3,854		135,314
California Water Service Group		23,165		1,088,755
Consolidated Water Co., Ltd.		6,950		103,068
Global Water Resources, Inc.		5,948		63,941
Middlesex Water Co.		8,177		554,891
PICO Holdings, Inc.†		8,660		72,571
SJW Group		12,684		797,062
York Water Co.		6,222		276,257
				4,540,976
Water Treatment Systems — 0.1%
Energy Recovery, Inc.†#		18,107		139,152
Evoqua Water Technologies Corp.†		36,584		688,145
Pure Cycle Corp.†		9,329		94,783
				922,080
Web Hosting/Design — 0.3%
Endurance International Group Holdings, Inc.†		34,902		124,949
NIC, Inc.		31,685		762,341
Q2 Holdings, Inc.†#		22,838		1,886,876
				2,774,166
Web Portals/ISP — 0.0%
Meet Group, Inc.†		33,299		205,788

Security Description	Shares/ Principal Amount			Value (Note 2)
Wire & Cable Products — 0.1%
Belden, Inc.		18,805		$	640,123
Encore Wire Corp.		9,811			473,773
Insteel Industries, Inc.		8,888			156,873
					1,270,769
Wireless Equipment — 0.2%
Anterix, Inc.†		5,180			277,648
CalAmp Corp.†		15,993			123,146
Casa Systems, Inc.†		15,253			66,351
InterDigital, Inc.		15,031			826,254
Maxar Technologies, Inc.#		28,796			433,956
Ribbon Communications, Inc.†		28,754			126,518
Sonim Technologies, Inc.†#		4,793			3,978
TESSCO Technologies, Inc.		3,142			16,715
					1,874,566
X-Ray Equipment — 0.1%
Varex Imaging Corp.†		18,142			340,344
ViewRay, Inc.†#		50,786			88,875
					429,219
Total Common Stocks
(cost $771,124,466)					844,241,961
RIGHTS — 0.0%
Medical Products — 0.0%
Pulse Biosciences, Inc. Rights# (cost $0)		5,418			2,658
Total Long-Term Investment Securities
(cost $771,124,466)					844,244,619
SHORT-TERM INVESTMENT SECURITIES — 4.6%
Registered Investment Companies — 3.9%
State Street Navigator Securities Lending Government Money Market Portfolio 0.13%(2)(3)		35,025,880			35,025,880
U.S. Government Treasuries — 0.7%
United States Treasury Bills
0.14% due 06/09/2020(4)	$	100,000			99,998
0.15% due 04/22/2021(4)		3,500,000			3,494,194
0.16% due 04/22/2021(4)		100,000			99,834
1.57% due 06/25/2020(4)		3,000,000			2,999,765
					6,693,791
Total Short-Term Investment Securities
(cost $41,717,954)					41,719,671
REPURCHASE AGREEMENTS — 5.3%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00%, dated 05/29/2020, to be repurchased 06/01/2020 in the amount of $47,199,000 and collateralized by $44,835,000 of United States Treasury Notes, bearing interest at 2.13%, due 03/31/2024 and having an approximate value of $48,146,917 (cost $47,199,000)		47,199,000			47,199,000
TOTAL INVESTMENTS
(cost $860,041,420)(5)		103.9	%		933,163,290
Liabilities in excess of other assets		(3.9	)		(34,606,379	)
NET ASSETS		100.0	%	$	898,556,911

† Non-income producing security

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

(1) Securities classified as Level 3 (see Note 2).

209

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

(2) At May 31, 2020, the Fund had loaned securities with a total value of $62,037,275. This was secured by collateral of $35,025,880, which was received in cash and subsequently invested in short-term investments currently valued at $35,025,880 as reported in the Portfolio of Investments. Additional collateral of $29,903,408 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2020
Federal Home Loan Mtg. Corp.	2.50% to 3.50%	12/01/2047 to 03/01/2050	$	468,565
Federal National Mtg. Assoc.	1.85% to 4.00%	01/25/2030 to 03/01/2050		819,591
Government National Mtg. Assoc.	2.50% to 2.50%	09/20/2046		61,226
United States Treasury Bills	0.00%	06/11/2020 to 08/13/2020		729,830
United States Treasury Notes/Bonds	zero coupon to 8.75%	06/15/2020 to 11/15/2049		27,824,196

(3) The rate shown is the 7-day yield as of May 31, 2020.

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

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

CVR—Contingent Value Rights

Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	772	Long	E-mini Russell 2000 Index		June 2020	$	46,792,241	$	53,762,080	$	6,969,839

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

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2020 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs		Level 3 - Signifcant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks:
Finance-Commercial	$	995,150	$	—	$	9,676	$	1,004,826
Medical-Biomedical/Gene		70,296,301		—		36,395		70,332,696
Metal-Diversified		—		—		0		0
Multimedia		271,798		—		0		271,798
Oil Companies - Exploration & Production		5,107,381		—		0		5,107,381
Other Industries		767,525,260		—		—		767,525,260
Rights		—		2,658		—		2,658
Short-Term Investment Securities:
Registered Investment Companies		35,025,880		—		—		35,025,880
U.S. Government Treasuries		—		6,693,791		—		6,693,791
Repurchase Agreements		—		47,199,000		—		47,199,000
Total Investment at Value	$	879,221,770	$	53,895,449	$	46,071	$	933,163,290
Other Financial Instruments:†
Futures Contracts	$	6,969,839	$	—	$	—	$	6,969,839

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

† Amounts represent unrealized appreciation/depreciation as of the end of the reporting period.

At the beginning and end of the reporting period, Level 3 investments in securities were not considered a material portion of the Fund. There were no material Level 3 transfers during the reporting period.

See Notes to Financial Statements

210

VALIC Company I Small Cap Special Values Fund

PORTFOLIO PROFILE — May 31, 2020 (unaudited)

Industry Allocation*

Banks — Commercial	10.8	%
Consumer Products — Misc.	5.3
Food — Misc./Diversified	5.1
Insurance — Property/Casualty	4.9
Electric — Integrated	4.9
Chemicals — Diversified	3.3
Retail — Restaurants	3.2
Paper & Related Products	3.2
Real Estate Investment Trusts	2.9
Building Products — Cement	2.7
Metal Processors & Fabrication	2.5
Chemicals — Specialty	2.4
Computer Services	2.3
Machinery — Electrical	2.3
Machinery — Pumps	2.2
Chemicals — Plastics	2.2
Retail — Discount	2.2
Semiconductor Equipment	1.9
Containers — Metal/Glass	1.8
Enterprise Software/Service	1.5
Building & Construction Products — Misc.	1.5
Electronic Components — Misc.	1.4
Printing — Commercial	1.3
Investment Companies	1.3
Medical — Drugs	1.1
Human Resources	1.1
Electric Products — Misc.	1.1
Machinery — General Industrial	1.1
Auto/Truck Parts & Equipment — Replacement	1.0
Investment Management/Advisor Services	1.0
Beverages — Non-alcoholic	1.0
Food — Catering	1.0
Food — Baking	1.0
Containers — Paper/Plastic	0.9
Commercial Services — Finance	0.8
Registered Investment Companies	0.8
Insurance — Life/Health	0.8
Quarrying	0.7
Machinery — Farming	0.7
Wire & Cable Products	0.6
Electronic Security Devices	0.6
Oil Companies — Exploration & Production	0.5
Diversified Operations/Commercial Services	0.5
Networking Products	0.5
Building — Maintenance & Services	0.5
Footwear & Related Apparel	0.5
Electronic Measurement Instruments	0.5
Building Products — Doors & Windows	0.5
Medical — Wholesale Drug Distribution	0.5
Recycling	0.5
Rubber/Plastic Products	0.4
Cosmetics & Toiletries	0.4
Electronic Components — Semiconductors	0.4
Oil & Gas Drilling	0.4
Retail — Apparel/Shoe	0.4
Office Supplies & Forms	0.4
Medical Products	0.4
Medical Instruments	0.3
Finance — Leasing Companies	0.3
Apparel Manufacturers	0.2
Metal — Aluminum	0.2
Food — Confectionery	0.1
Publishing — Newspapers	0.1
Publishing — Books	0.1
Oil — Field Services	0.1
	97.1	%

* Calculated as a percentage of net assets

211

VALIC Company I Small Cap Special Values Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 96.3%
Apparel Manufacturers — 0.2%
Delta Apparel, Inc.†		34,388	$	423,316
Auto/Truck Parts & Equipment - Replacement — 1.0%
Douglas Dynamics, Inc.		49,490		1,808,365
Banks - Commercial — 10.8%
Associated Banc-Corp		131,783		1,846,280
CVB Financial Corp.		75,583		1,474,624
First Citizens BancShares, Inc., Class A		9,874		3,801,490
First Hawaiian, Inc.		121,771		2,100,550
Hancock Whitney Corp.		74,766		1,616,441
IBERIABANK Corp.		20,701		877,929
Renasant Corp.		79,681		1,921,906
South State Corp.		27,816		1,462,287
UMB Financial Corp.		78,165		4,008,301
				19,109,808
Beverages - Non-alcoholic — 1.0%
Primo Water Corp.		148,823		1,790,341
Building & Construction Products - Misc. — 1.5%
Simpson Manufacturing Co., Inc.		32,377		2,592,103
Building Products - Cement — 2.7%
Eagle Materials, Inc.		72,670		4,851,449
Building Products - Doors & Windows — 0.5%
Griffon Corp.		50,603		850,130
Building - Maintenance & Services — 0.5%
ServiceMaster Global Holdings, Inc.†		26,206		862,177
Chemicals - Diversified — 3.3%
Huntsman Corp.		56,483		1,025,166
Innospec, Inc.		62,244		4,798,390
				5,823,556
Chemicals - Plastics — 2.2%
PolyOne Corp.		156,769		3,884,736
Chemicals - Specialty — 2.4%
Balchem Corp.		1,762		177,345
Element Solutions, Inc.†		86,055		937,139
Ferro Corp.†		43,260		519,985
H.B. Fuller Co.		6,717		252,693
Ingevity Corp.†		17,592		926,571
PQ Group Holdings, Inc.†		66,325		832,379
Rogers Corp.†		6,211		672,403
				4,318,515
Commercial Services - Finance — 0.8%
CBIZ, Inc.†		14,004		317,191
Euronet Worldwide, Inc.†		8,228		779,438
Franchise Group, Inc.#		21,477		339,337
				1,435,966
Computer Services — 2.3%
MAXIMUS, Inc.		22,387		1,612,312
Parsons Corp.†		44,778		1,820,674
Sykes Enterprises, Inc.†		26,059		710,368
				4,143,354
Computers - Memory Devices — 0.0%
GlassBridge Enterprises, Inc.†		292		13,169
Consumer Products - Misc. — 5.3%
Central Garden & Pet Co.†		46,948		1,722,522
Central Garden & Pet Co., Class A†		48,148		1,649,551
Helen of Troy, Ltd.†		13,658		2,484,663
Quanex Building Products Corp.		110,148		1,365,835

Security Description	Shares		Value (Note 2)
Consumer Products - Misc. (continued)
Reynolds Consumer Products, Inc.		6,860	$	229,056
Spectrum Brands Holdings, Inc.		40,823		1,931,744
				9,383,371
Containers - Metal/Glass — 1.8%
Silgan Holdings, Inc.		95,074		3,179,275
Containers - Paper/Plastic — 0.9%
TriMas Corp.†		70,898		1,676,738
Cosmetics & Toiletries — 0.4%
Edgewell Personal Care Co.†		25,993		790,707
Diversified Operations/Commercial Services — 0.5%
Viad Corp.		51,598		946,307
Electric Products - Misc. — 1.1%
Littelfuse, Inc.		2,577		418,737
Novanta, Inc.†		15,389		1,580,604
				1,999,341
Electric - Integrated — 4.9%
ALLETE, Inc.		26,825		1,575,432
Hawaiian Electric Industries, Inc.		89,381		3,526,974
IDACORP, Inc.		37,525		3,498,456
				8,600,862
Electronic Components - Misc. — 1.4%
Atkore International Group, Inc.†		89,221		2,394,692
Electronic Components - Semiconductors — 0.4%
DSP Group, Inc.†		42,128		759,147
Electronic Measurement Instruments — 0.5%
Badger Meter, Inc.		13,949		853,539
Electronic Security Devices — 0.6%
API Group Corp.*		89,247		1,005,814
Enterprise Software/Service — 1.5%
ACI Worldwide, Inc.†		30,655		845,465
BlackBerry, Ltd.†#		177,815		825,061
Verint Systems, Inc.†		20,100		932,037
				2,602,563
Finance - Leasing Companies — 0.3%
Air Lease Corp.		17,282		520,361
Food - Baking — 1.0%
Hostess Brands, Inc.†		140,319		1,694,352
Food - Catering — 1.0%
Healthcare Services Group, Inc.		71,289		1,705,233
Food - Confectionery — 0.1%
Tootsie Roll Industries, Inc.		6,656		237,087
Food - Misc./Diversified — 5.1%
J&J Snack Foods Corp.		27,338		3,516,487
Nomad Foods, Ltd.†		229,815		4,867,482
TreeHouse Foods, Inc.†		11,930		628,830
				9,012,799
Footwear & Related Apparel — 0.5%
Steven Madden, Ltd.		36,432		856,881
Human Resources — 1.1%
Korn Ferry		66,370		2,008,356
Insurance - Life/Health — 0.8%
CNO Financial Group, Inc.		63,347		909,030
National Western Life Group, Inc., Class A		2,197		430,458
				1,339,488

212

VALIC Company I Small Cap Special Values Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Insurance - Property/Casualty — 4.9%
Enstar Group, Ltd.†		13,295	$	1,893,208
Hanover Insurance Group, Inc.		26,381		2,647,333
ProAssurance Corp.		71,078		980,876
Stewart Information Services Corp.		55,502		1,710,572
White Mountains Insurance Group, Ltd.		1,591		1,456,656
				8,688,645
Investment Companies — 1.3%
Apollo Investment Corp.#		97,237		982,094
New Mountain Finance Corp.#		134,945		1,281,977
				2,264,071
Investment Management/Advisor Services — 1.0%
Artisan Partners Asset Management, Inc., Class A		41,862		1,212,742
Westwood Holdings Group, Inc.		32,722		580,161
				1,792,903
Machinery - Electrical — 2.3%
Franklin Electric Co., Inc.		78,987		4,006,221
Machinery - Farming — 0.7%
Alamo Group, Inc.		12,608		1,302,659
Machinery - General Industrial — 1.1%
Kadant, Inc.		19,664		1,904,065
Machinery - Pumps — 2.2%
CSW Industrials, Inc.		52,482		3,755,612
NN, Inc.		42,069		188,048
				3,943,660
Medical Instruments — 0.3%
Natus Medical, Inc.†		28,458		609,001
Medical Products — 0.4%
Avanos Medical, Inc.†		10,284		298,853
Hanger, Inc.†		18,846		346,013
				644,866
Medical - Drugs — 1.1%
Prestige Consumer Healthcare, Inc.†		47,650		2,010,830
Medical - Wholesale Drug Distribution — 0.5%
Premier, Inc., Class A†		24,253		843,762
Metal Processors & Fabrication — 2.5%
Mayville Engineering Co., Inc.†		36,778		225,081
Mueller Industries, Inc.		155,447		4,162,871
				4,387,952
Metal - Aluminum — 0.2%
Alcoa Corp.†		45,293		417,148
Networking Products — 0.5%
NETGEAR, Inc.†		34,560		889,229
Office Supplies & Forms — 0.4%
ACCO Brands Corp.		105,150		650,878
Oil & Gas Drilling — 0.4%
Patterson-UTI Energy, Inc.		198,114		731,041
Oil Companies - Exploration & Production — 0.5%
Berry Corp.		99,301		421,036
Magnolia Oil & Gas Corp., Class A†		98,918		548,995
				970,031
Oil Field Machinery & Equipment — 0.0%
Forum Energy Technologies, Inc.†		225,756		65,469
Oil-Field Services — 0.1%
Oil States International, Inc.†		24,660		104,558

Security Description	Shares/ Principal Amount			Value (Note 2)
Paper & Related Products — 3.2%
Neenah, Inc.		72,136		$	3,647,196
Schweitzer-Mauduit International, Inc.		65,422			1,988,175
					5,635,371
Printing - Commercial — 1.3%
Deluxe Corp.		45,294			1,056,709
Ennis, Inc.		68,708			1,223,002
					2,279,711
Publishing - Books — 0.1%
Gannett Co, Inc.#		81,063			106,192
Publishing - Newspapers — 0.1%
A.H. Belo Corp., Class A		128,280			198,834
Quarrying — 0.7%
Compass Minerals International, Inc.#		27,291			1,314,880
Real Estate Investment Trusts — 2.9%
Acadia Realty Trust		74,277			871,269
Apollo Commercial Real Estate Finance, Inc.		107,724			886,569
New York Mtg. Trust, Inc.		249,059			518,043
Two Harbors Investment Corp.		272,570			1,232,016
Washington Real Estate Investment Trust		77,301			1,695,211
					5,203,108
Recycling — 0.5%
Harsco Corp.†		71,792			801,199
Retail - Apparel/Shoe — 0.4%
American Eagle Outfitters, Inc.#		78,785			721,671
Retail - Discount — 2.2%
BJ’s Wholesale Club Holdings, Inc.†		106,689			3,840,804
Retail - Restaurants — 3.2%
Denny’s Corp.†		217,042			2,353,820
Dine Brands Global, Inc.#		44,150			2,003,969
Jack in the Box, Inc.		19,351			1,296,904
					5,654,693
Rubber/Plastic Products — 0.4%
Myers Industries, Inc.		58,191			791,979
Semiconductor Equipment — 1.9%
Brooks Automation, Inc.		44,957			1,796,932
Cabot Microelectronics Corp.		10,491			1,519,726
					3,316,658
Wire & Cable Products — 0.6%
Belden, Inc.		29,672			1,010,035
Total Long-Term Investment Securities
(cost $194,632,884)					170,576,022
SHORT-TERM INVESTMENT SECURITIES — 0.8%
Registered Investment Companies — 0.8%
State Street Navigator Securities Lending Government Money Market Portfolio 0.13%(1)(2) (cost $1,391,656)		1,391,656			1,391,656
TOTAL INVESTMENTS
(cost $196,024,540)(3)		97.1	%		171,967,678
Other assets less liabilities		2.9			5,142,101
NET ASSETS		100.0	%	$	177,109,779

† Non-income producing security

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

213

VALIC Company I Small Cap Special Values Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At May 31, 2020, the aggregate value of these securities was $1,005,814 representing 0.6% of net assets.

(1) At May 31, 2020, the Fund had loaned securities with a total value of $7,036,694. This was secured by collateral of $1,391,656, which was received in cash and subsequently invested in short-term investments currently valued at $1,391,656 as reported in the Portfolio of Investments. Additional collateral of $6,087,267 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2020
United States Treasury Bills	0.00%	06/18/2020 to 08/13/2020	$	224,894
United States Treasury Notes/Bonds	zero coupon to 6.25%	06/15/2020 to 11/15/2049		5,862,373

(2) The rate shown is the 7-day yield as of May 31, 2020.

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

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2020 (see Note 2):

	Level 1 - Unadjusted Quoted  Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	170,576,022	$	—	$	—	$	170,576,022
Short-Term Investment Securities		1,391,656		—		—		1,391,656
Total Investments at Value	$	171,967,678	$	—	$	—	$	171,967,678

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

See Notes to Financial Statements

214

VALIC Company I Small-Mid Growth Fund

PORTFOLIO PROFILE — May 31, 2020 (unaudited)

Industry Allocation*

Medical — Biomedical/Gene	8.7	%
Registered Investment Companies	7.4
Therapeutics	4.8
Enterprise Software/Service	4.6
Medical Products	4.0
Semiconductor Equipment	4.0
Internet Application Software	3.1
Retail — Restaurants	3.0
Applications Software	2.7
Computer Software	2.7
Commercial Services — Finance	2.6
Electronic Components — Semiconductors	2.4
Medical Instruments	2.3
Real Estate Investment Trusts	2.1
Aerospace/Defense — Equipment	2.0
Instruments — Scientific	1.9
Electronic Measurement Instruments	1.8
Medical — HMO	1.7
Consulting Services	1.6
Aerospace/Defense	1.6
Distribution/Wholesale	1.6
Chemicals — Specialty	1.6
Electric Products — Misc.	1.6
Food — Misc./Diversified	1.6
Coatings/Paint	1.5
Retail — Apparel/Shoe	1.5
Finance — Investment Banker/Broker	1.4
Disposable Medical Products	1.4
Veterinary Diagnostics	1.4
Machine Tools & Related Products	1.3
Schools	1.3
Office Automation & Equipment	1.2
Electronic Security Devices	1.2
Machinery — General Industrial	1.2
Machinery — Pumps	1.1
Data Processing/Management	1.1
Drug Delivery Systems	1.1
Hotels/Motels	1.0
Retail — Floor Coverings	1.0
Healthcare Safety Devices	0.9
Recreational Vehicles	0.8
Retail — Misc./Diversified	0.8
Shipbuilding	0.8
Medical — Drugs	0.8
Computers — Other	0.8
Office Supplies & Forms	0.8
Telecom Equipment — Fiber Optics	0.7
Medical — Generic Drugs	0.7
Athletic Equipment	0.7
Finance — Other Services	0.7
Transport — Truck	0.7
Metal Processors & Fabrication	0.7
Medical Labs & Testing Services	0.7
Insurance Brokers	0.6
Building & Construction Products — Misc.	0.6
Advertising Services	0.6
Recreational Centers	0.5
Building — Maintenance & Services	0.5
Diagnostic Equipment	0.5
Miscellaneous Manufacturing	0.4
Apparel Manufacturers	0.4
Banks — Commercial	0.3
Diversified Manufacturing Operations	0.3
Insurance — Life/Health	0.1
	105.5	%

* Calculated as a percentage of net assets

215

VALIC Company I Small-Mid Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.1%
Advertising Services — 0.6%
Trade Desk, Inc., Class A†#		2,391	$	744,940
Aerospace/Defense — 1.6%
Teledyne Technologies, Inc.†		5,703		2,133,606
Aerospace/Defense - Equipment — 2.0%
Aerojet Rocketdyne Holdings, Inc.†		32,772		1,437,052
HEICO Corp., Class A		7,747		650,360
Hexcel Corp.		13,114		474,596
				2,562,008
Apparel Manufacturers — 0.4%
Columbia Sportswear Co.		7,317		534,580
Applications Software — 2.7%
Cloudflare, Inc., Class A†#		42,006		1,221,115
Elastic NV†		8,810		756,955
HubSpot, Inc.†		8,083		1,616,115
				3,594,185
Athletic Equipment — 0.7%
Peloton Interactive, Inc., Class A†		21,904		924,130
Banks - Commercial — 0.3%
Pinnacle Financial Partners, Inc.		11,041		439,984
Building & Construction Products - Misc. — 0.6%
Fortune Brands Home & Security, Inc.		12,519		763,158
Building - Maintenance & Services — 0.5%
Rollins, Inc.		14,982		626,248
Chemicals - Specialty — 1.6%
Ashland Global Holdings, Inc.		23,316		1,565,903
Ingevity Corp.†		9,860		519,326
				2,085,229
Coatings/Paint — 1.5%
RPM International, Inc.		27,002		2,019,210
Commercial Services - Finance — 2.6%
Avalara, Inc.†		16,925		1,811,990
MarketAxess Holdings, Inc.		3,028		1,540,011
				3,352,001
Computer Software — 2.7%
Bill.com Holdings, Inc.†#		9,836		684,979
Datadog, Inc., Class A†		20,214		1,440,652
Dynatrace, Inc.†		36,153		1,390,806
				3,516,437
Computers - Other — 0.8%
Lumentum Holdings, Inc.†		13,562		994,366
Consulting Services — 1.6%
Booz Allen Hamilton Holding Corp.		27,123		2,163,330
Data Processing/Management — 1.1%
DocuSign, Inc.†		10,229		1,429,400
Diagnostic Equipment — 0.5%
10X Genomics, Inc., Class A†		7,582		591,169
Disposable Medical Products — 1.4%
Teleflex, Inc.		5,034		1,826,637
Distribution/Wholesale — 1.6%
Pool Corp.		3,022		812,979
SiteOne Landscape Supply, Inc.†#		12,211		1,298,151
				2,111,130
Diversified Manufacturing Operations — 0.3%
Standex International Corp.		8,238		435,873

Security Description	Shares		Value (Note 2)
Drug Delivery Systems — 1.1%
DexCom, Inc.†		3,661	$	1,384,993
Electric Products - Misc. — 1.6%
Novanta, Inc.†		20,218		2,076,591
Electronic Components - Semiconductors — 2.4%
Inphi Corp.†		10,644		1,337,631
Monolithic Power Systems, Inc.		8,756		1,836,571
				3,174,202
Electronic Measurement Instruments — 1.8%
Badger Meter, Inc.		23,949		1,465,439
National Instruments Corp.		22,870		885,527
				2,350,966
Electronic Security Devices — 1.2%
Allegion PLC		16,242		1,619,327
Enterprise Software/Service — 4.6%
Black Knight, Inc.†		17,908		1,378,558
Coupa Software, Inc.†		9,048		2,058,510
Paycom Software, Inc.†		3,714		1,103,912
Tyler Technologies, Inc.†		3,947		1,481,349
				6,022,329
Finance - Investment Banker/Broker — 1.4%
Evercore, Inc., Class A		10,118		557,603
Houlihan Lokey, Inc.		10,167		614,900
Tradeweb Markets, Inc.		10,858		716,194
				1,888,697
Finance - Other Services — 0.7%
Cboe Global Markets, Inc.		8,461		900,758
Food - Misc./Diversified — 1.6%
BellRing Brands, Inc., Class A†		36,527		733,462
Beyond Meat, Inc.†		3,268		419,252
Lamb Weston Holdings, Inc.		14,785		887,987
				2,040,701
Healthcare Safety Devices — 0.9%
Tandem Diabetes Care, Inc.†		13,950		1,159,942
Hotels/Motels — 1.0%
Choice Hotels International, Inc.		16,989		1,373,221
Instruments - Scientific — 1.9%
PerkinElmer, Inc.		24,777		2,489,345
Insurance Brokers — 0.6%
Brown & Brown, Inc.		21,088		847,738
Insurance - Life/Health — 0.1%
Primerica, Inc.		1,523		173,074
Internet Application Software — 3.1%
Anaplan, Inc.†		22,506		1,033,476
Okta, Inc.†		7,037		1,376,296
Zendesk, Inc.†		19,626		1,682,929
				4,092,701
Machine Tools & Related Products — 1.3%
Colfax Corp.†		62,068		1,741,628
Machinery - General Industrial — 1.2%
IDEX Corp.		9,820		1,565,013
Machinery - Pumps — 1.1%
Graco, Inc.		13,060		629,623
Xylem, Inc.		12,844		852,071
				1,481,694

216

VALIC Company I Small-Mid Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Medical Instruments — 2.3%
Bio-Techne Corp.		6,342	$	1,679,361
NuVasive, Inc.†		15,286		926,332
Silk Road Medical, Inc.†		9,340		357,442
				2,963,135
Medical Labs & Testing Services — 0.7%
Teladoc Health, Inc.†		5,045		878,133
Medical Products — 4.0%
Castle Biosciences, Inc.†		17,019		654,040
Inari Medical, Inc.		2,138		94,072
Nevro Corp.†#		11,079		1,391,523
West Pharmaceutical Services, Inc.		14,432		3,117,889
				5,257,524
Medical - Biomedical/Gene — 8.7%
ACADIA Pharmaceuticals, Inc.†#		6,353		315,617
Amarin Corp. PLC ADR†#		41,058		281,658
Argenx SE ADR†		1,794		393,424
Atreca, Inc., Class A†#		21,559		398,195
Beam Therapeutics, Inc.†		18,878		482,333
Bluebird Bio, Inc.†#		8,609		547,791
Centogene NV†#		32,000		563,840
Exelixis, Inc.†		70,504		1,742,154
Genmab A/S ADR†		35,674		1,086,987
Guardant Health, Inc.†		14,770		1,335,060
Immunomedics, Inc.†#		23,010		772,906
Moderna, Inc.†		17,799		1,094,638
PTC Therapeutics, Inc.†		11,066		561,157
Seattle Genetics, Inc.†		6,095		958,195
Y-mAbs Therapeutics, Inc.†#		23,696		904,713
				11,438,668
Medical - Drugs — 0.8%
Alector, Inc.†#		23,630		772,701
BioSpecifics Technologies Corp.†		4,126		256,637
				1,029,338
Medical - Generic Drugs — 0.7%
Momenta Pharmaceuticals, Inc.†		30,559		961,997
Medical - HMO — 1.7%
Molina Healthcare, Inc.†		12,309		2,287,258
Metal Processors & Fabrication — 0.7%
RBC Bearings, Inc.†		6,264		881,032
Miscellaneous Manufacturing — 0.4%
John Bean Technologies Corp.		6,654		546,626
Office Automation & Equipment — 1.2%
Zebra Technologies Corp., Class A†		6,213		1,623,581
Office Supplies & Forms — 0.8%
Avery Dennison Corp.		8,940		989,390
Real Estate Investment Trusts — 2.1%
Americold Realty Trust		15,389		549,541
Equity LifeStyle Properties, Inc.		23,332		1,453,584
Terreno Realty Corp.		14,231		728,485
				2,731,610
Recreational Centers — 0.5%
Planet Fitness, Inc., Class A†		9,756		630,530
Recreational Vehicles — 0.8%
Brunswick Corp.		19,647		1,080,781
Retail - Apparel/Shoe — 1.5%
Burlington Stores, Inc.†		9,087		1,905,271
Retail - Floor Coverings — 1.0%
Floor & Decor Holdings, Inc., Class A†#		25,017		1,300,884

Security Description	Shares			Value (Note 2)
Retail - Misc./Diversified — 0.8%
Five Below, Inc.†#		10,319		$	1,079,883
Retail - Restaurants — 3.0%
Domino’s Pizza, Inc.		2,076			801,004
Dunkin’ Brands Group, Inc.		20,181			1,288,961
Wingstop, Inc.		15,213			1,855,225
					3,945,190
Schools — 1.3%
Bright Horizons Family Solutions, Inc.†		8,211			918,647
Chegg, Inc.†#		12,683			774,677
					1,693,324
Semiconductor Equipment — 4.0%
Entegris, Inc.		36,621			2,192,866
MKS Instruments, Inc.		13,275			1,402,238
Teradyne, Inc.		23,691			1,587,771
					5,182,875
Shipbuilding — 0.8%
Huntington Ingalls Industries, Inc.		5,242			1,047,823
Telecom Equipment - Fiber Optics — 0.7%
Ciena Corp.†		17,550			969,813
Therapeutics — 4.8%
Agios Pharmaceuticals, Inc.†#		35,244			1,823,525
GW Pharmaceuticals PLC ADR†#		4,148			509,167
Neurocrine Biosciences, Inc.†		17,611			2,197,148
Sarepta Therapeutics, Inc.†		11,925			1,815,820
					6,345,660
Transport - Truck — 0.7%
Old Dominion Freight Line, Inc.		5,254			898,907
Veterinary Diagnostics — 1.4%
Elanco Animal Health, Inc.†		41,760			894,082
Neogen Corp.†		12,978			924,293
					1,818,375
Total Long-Term Investment Securities
(cost $103,101,604)					128,718,149
SHORT-TERM INVESTMENT SECURITIES — 7.4%
Registered Investment Companies — 7.4%
State Street Institutional U.S. Government Money Market Fund, Administration Class  0.00%(1)		3,147,709			3,147,709
State Street Navigator Securities Lending Government Money Market Portfolio(1)(2) 0.13%		6,624,410			6,624,410
Total Short-Term Investment Securities
(cost $9,772,119)					9,772,119
TOTAL INVESTMENTS
(cost $112,873,723)(3)		105.5	%		138,490,268
Liabilities in excess of other assets		(5.5	)		(7,261,520	)
NET ASSETS		100.0	%	$	131,228,748

† Non-income producing security

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

(1) The rate shown is the 7-day yield as of May 31, 2020.

(2) At May 31, 2020, the Fund had loaned securities with a total value of $10,763,677. This was secured by collateral of $6,624,410, which was received in cash and subsequently invested in short-term investments currently valued at $6,624,410 as reported in the Portfolio of Investments. Additional collateral of $4,341,480 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

217

VALIC Company I Small-Mid Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

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

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2020
United States Treasury Bills	0.00%	06/18/2020 to 08/13/2020	$	138,034
United States Treasury Notes/Bonds	zero coupon to 6.50%	06/15/2020 to 11/15/2049		4,203,446

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

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2020 (see Note 2):

	Level 1 - Unadjusted Quoted  Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	128,718,149	$	—	$	—	$	128,718,149
Short-Term Investment Securities		9,772,119		—		—		9,772,119
Total Investments at Value	$	138,490,268	$	—	$	—	$	138,490,268

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

See Notes to Financial Statements

218

VALIC Company I Stock Index Fund

PORTFOLIO PROFILE — May 31, 2020 (unaudited)

Industry Allocation*

Applications Software	6.7	%
Computers	5.3
Medical — Drugs	5.1
E-Commerce/Products	4.1
Electronic Components — Semiconductors	3.6
Web Portals/ISP	3.3
Internet Content — Entertainment	2.9
Finance — Credit Card	2.8
Diversified Banking Institutions	2.8
Real Estate Investment Trusts	2.8
Electric — Integrated	2.7
Medical — Biomedical/Gene	2.1
Commercial Services — Finance	2.0
Telephone — Integrated	1.8
Medical — HMO	1.8
Insurance — Property/Casualty	1.8
Retail — Discount	1.7
Cosmetics & Toiletries	1.5
Medical Products	1.5
Beverages — Non-alcoholic	1.5
Aerospace/Defense	1.5
Retail — Building Products	1.5
Oil Companies — Integrated	1.4
Retail — Restaurants	1.2
Medical Instruments	1.2
Diversified Manufacturing Operations	1.1
Computer Services	1.1
Cable/Satellite TV	1.1
Diagnostic Equipment	1.0
Banks — Super Regional	0.9
Transport — Rail	0.9
Repurchase Agreements	0.9
Networking Products	0.8
Multimedia	0.8
Data Processing/Management	0.8
Electronic Forms	0.7
Tobacco	0.7
Insurance — Multi-line	0.7
Industrial Gases	0.6
Pharmacy Services	0.6
Oil Companies — Exploration & Production	0.6
Semiconductor Components — Integrated Circuits	0.6
Finance — Other Services	0.6
Investment Management/Advisor Services	0.6
Insurance Brokers	0.6
Chemicals — Diversified	0.5
Enterprise Software/Service	0.5
Food — Misc./Diversified	0.5
Transport — Services	0.5
Instruments — Controls	0.5
Computer Aided Design	0.5
Athletic Footwear	0.5
Banks — Commercial	0.5
Semiconductor Equipment	0.5
Electronic Measurement Instruments	0.4
Food — Confectionery	0.4
Drug Delivery Systems	0.4
Entertainment Software	0.4
Oil Refining & Marketing	0.4
Retail — Auto Parts	0.3
E-Commerce/Services	0.3
Insurance — Life/Health	0.3
Chemicals — Specialty	0.3
Consumer Products — Misc.	0.3
Pipelines	0.3
Banks — Fiduciary	0.3
Electric — Distribution	0.3
Machinery — Construction & Mining	0.3
Retail — Major Department Stores	0.3

Distribution/Wholesale	0.3
Medical Labs & Testing Services	0.2
Non-Hazardous Waste Disposal	0.2
Electric Products — Misc.	0.2
Registered Investment Companies	0.2
Medical — Wholesale Drug Distribution	0.2
Electronic Connectors	0.2
Building — Residential/Commercial	0.2
Auto — Cars/Light Trucks	0.2
Auto — Heavy Duty Trucks	0.2
Oil — Field Services	0.2
Aerospace/Defense — Equipment	0.2
Coatings/Paint	0.2
Gold Mining	0.2
Machinery — Farming	0.2
Airlines	0.2
Hotels/Motels	0.2
Machinery — General Industrial	0.2
Finance — Investment Banker/Broker	0.2
Building Products — Air & Heating	0.2
Retail — Apparel/Shoe	0.2
Machinery — Pumps	0.2
U.S. Government Treasuries	0.2
Consulting Services	0.2
Containers — Paper/Plastic	0.2
Cellular Telecom	0.2
Medical — Hospitals	0.1
Brewery	0.1
Apparel Manufacturers	0.1
Computers — Memory Devices	0.1
Computer Software	0.1
Casino Hotels	0.1
Retail — Drug Store	0.1
Food — Meat Products	0.1
Commercial Services	0.1
Food — Wholesale/Distribution	0.1
Dental Supplies & Equipment	0.1
Decision Support Software	0.1
Transport — Truck	0.1
Diagnostic Kits	0.1
Building Products — Cement	0.1
Tools — Hand Held	0.1
Food — Retail	0.1
Auto/Truck Parts & Equipment — Original	0.1
Broadcast Services/Program	0.1
Industrial Automated/Robotic	0.1
Instruments — Scientific	0.1
Containers — Metal/Glass	0.1
Wireless Equipment	0.1
Respiratory Products	0.1
Water	0.1
Medical Information Systems	0.1
Web Hosting/Design	0.1
Agricultural Operations	0.1
Gas — Distribution	0.1
Agricultural Biotech	0.1
Cruise Lines	0.1
Computer Data Security	0.1
Advertising Agencies	0.1
Soap & Cleaning Preparation	0.1
Retail — Consumer Electronics	0.1
Telecom Equipment — Fiber Optics	0.1
Office Automation & Equipment	0.1
Disposable Medical Products	0.1
Medical — Generic Drugs	0.1
E-Services/Consulting	0.1
Real Estate Management/Services	0.1
Retail — Automobile	0.1
Retail — Gardening Products	0.1

219

VALIC Company I Stock Index Fund

PORTFOLIO PROFILE — May 31, 2020 (unaudited) — (continued)

Industry Allocation* (continued)

Retail — Perfume & Cosmetics	0.1	%
Retail — Jewelry	0.1
Paper & Related Products	0.1
Building Products — Wood	0.1
Metal — Copper	0.1
Internet Security	0.1
Electronic Components-Misc.	0.1
Steel — Producers	0.1
	100.2	%

* Calculated as a percentage of net assets

220

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.9%
Advertising Agencies — 0.1%
Interpublic Group of Cos., Inc.		73,121	$	1,251,100
Omnicom Group, Inc.#		41,061		2,249,732
				3,500,832
Aerospace/Defense — 1.5%
Boeing Co.		100,829		14,705,910
General Dynamics Corp.		44,193		6,488,858
Lockheed Martin Corp.		46,811		18,183,265
Northrop Grumman Corp.		29,559		9,908,177
Raytheon Technologies Corp.		276,826		17,860,813
TransDigm Group, Inc.		9,391		3,989,485
				71,136,508
Aerospace/Defense-Equipment — 0.2%
Howmet Aerospace, Inc.		73,052		955,520
L3Harris Technologies, Inc.		41,690		8,315,071
				9,270,591
Agricultural Biotech — 0.1%
Corteva, Inc.		141,139		3,854,506
Agricultural Chemicals — 0.0%
CF Industries Holdings, Inc.		41,005		1,204,317
Mosaic Co.		65,939		797,202
				2,001,519
Agricultural Operations — 0.1%
Archer-Daniels-Midland Co.		104,984		4,126,921
Airlines — 0.2%
Alaska Air Group, Inc.		23,229		794,200
American Airlines Group, Inc.#		73,525		772,012
Delta Air Lines, Inc.		108,551		2,736,571
Southwest Airlines Co.		99,346		3,189,007
United Airlines Holdings, Inc.†		47,008		1,318,104
				8,809,894
Apparel Manufacturers — 0.1%
Hanesbrands, Inc.#		68,212		672,570
PVH Corp.		13,983		635,807
Ralph Lauren Corp.		9,379		708,208
Tapestry, Inc.		52,038		707,717
Under Armour, Inc., Class A†#		35,493		310,564
Under Armour, Inc., Class C†		36,695		288,423
VF Corp.		61,760		3,464,736
				6,788,025
Appliances — 0.0%
Whirlpool Corp.#		11,919		1,451,973
Applications Software — 6.7%
Intuit, Inc.		49,091		14,252,099
Microsoft Corp.		1,438,697		263,641,225
salesforce.com, Inc.†		167,278		29,238,522
ServiceNow, Inc.†		35,567		13,797,506
				320,929,352
Athletic Footwear — 0.5%
NIKE, Inc., Class B		234,985		23,164,821
Auto-Cars/Light Trucks — 0.2%
Ford Motor Co.		734,368		4,193,241
General Motors Co.		237,116		6,136,562
				10,329,803

Security Description	Shares		Value (Note 2)
Auto-Heavy Duty Trucks — 0.2%
Cummins, Inc.		28,893	$	4,900,253
PACCAR, Inc.		65,227		4,817,666
				9,717,919
Auto/Truck Parts & Equipment-Original — 0.1%
Aptiv PLC		48,145		3,627,726
BorgWarner, Inc.		38,942		1,251,985
				4,879,711
Banks-Commercial — 0.5%
Citizens Financial Group, Inc.		81,983		1,975,790
First Republic Bank		31,781		3,437,751
M&T Bank Corp.		24,886		2,629,455
Regions Financial Corp.		181,919		2,057,504
SVB Financial Group†		9,725		2,088,444
Truist Financial Corp.		252,908		9,301,956
Zions Bancorp NA		32,147		1,057,797
				22,548,697
Banks-Fiduciary — 0.3%
Bank of New York Mellon Corp.		158,263		5,882,636
Northern Trust Corp.		39,958		3,157,081
State Street Corp.		68,574		4,180,271
				13,219,988
Banks-Super Regional — 0.9%
Comerica, Inc.		27,185		988,175
Fifth Third Bancorp		133,834		2,595,041
Huntington Bancshares, Inc.		194,764		1,731,452
KeyCorp		185,750		2,201,138
PNC Financial Services Group, Inc.		82,633		9,423,467
US Bancorp		268,038		9,531,431
Wells Fargo & Co.		725,820		19,212,455
				45,683,159
Beverages-Non-alcoholic — 1.5%
Coca-Cola Co.		727,201		33,945,743
Monster Beverage Corp.†		71,994		5,177,088
PepsiCo, Inc.		262,973		34,594,098
				73,716,929
Beverages-Wine/Spirits — 0.0%
Brown-Forman Corp., Class B		34,360		2,265,355
Brewery — 0.1%
Constellation Brands, Inc., Class A		31,588		5,455,247
Molson Coors Beverage Co., Class B		35,428		1,344,847
				6,800,094
Broadcast Services/Program — 0.1%
Discovery, Inc., Class A†#		29,823		648,650
Discovery, Inc., Class C†		63,256		1,239,185
Fox Corp., Class A		66,856		1,950,189
Fox Corp., Class B		30,620		881,244
				4,719,268
Building & Construction Products-Misc. — 0.0%
Fortune Brands Home & Security, Inc.		26,242		1,599,712
Building Products-Air & Heating — 0.2%
Carrier Global Corp.†		153,004		3,131,992
Johnson Controls International PLC		145,480		4,569,527
				7,701,519
Building Products-Cement — 0.1%
Martin Marietta Materials, Inc.		11,787		2,264,165
Vulcan Materials Co.		24,961		2,703,775
				4,967,940

221

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Building Products-Wood — 0.1%
Masco Corp.		53,577	$	2,499,367
Building-Maintenance & Services — 0.0%
Rollins, Inc.#		26,553		1,109,915
Building-Residential/Commercial — 0.2%
D.R. Horton, Inc.		63,239		3,497,116
Lennar Corp., Class A		52,782		3,191,200
NVR, Inc.†		657		2,116,598
PulteGroup, Inc.		48,040		1,631,919
				10,436,833
Cable/Satellite TV — 1.1%
Charter Communications, Inc., Class A†		29,569		16,085,536
Comcast Corp., Class A		856,150		33,903,540
DISH Network Corp., Class A†		48,088		1,521,985
				51,511,061
Casino Hotels — 0.1%
Las Vegas Sands Corp.		63,731		3,055,264
MGM Resorts International		97,119		1,668,504
Wynn Resorts, Ltd.		18,221		1,517,445
				6,241,213
Cellular Telecom — 0.2%
T-Mobile US, Inc.†		71,794		7,182,272
Chemicals-Diversified — 0.5%
Celanese Corp.		22,796		2,049,588
Dow, Inc.		139,837		5,397,708
DuPont de Nemours, Inc.		139,707		7,087,336
Eastman Chemical Co.		25,644		1,745,844
FMC Corp.		24,444		2,405,534
LyondellBasell Industries NV, Class A		48,416		3,087,004
PPG Industries, Inc.		44,594		4,533,872
				26,306,886
Chemicals-Specialty — 0.3%
Albemarle Corp.#		19,997		1,530,170
Ecolab, Inc.		47,293		10,053,546
International Flavors & Fragrances, Inc.#		20,136		2,681,914
				14,265,630
Coatings/Paint — 0.2%
Sherwin-Williams Co.		15,493		9,200,518
Commercial Services — 0.1%
Cintas Corp.		15,810		3,920,247
Nielsen Holdings PLC		67,102		932,047
Quanta Services, Inc.		26,834		990,980
				5,843,274
Commercial Services-Finance — 2.0%
Automatic Data Processing, Inc.		81,602		11,953,877
Equifax, Inc.		22,835		3,506,542
FleetCor Technologies, Inc.†		16,366		3,989,867
Global Payments, Inc.		56,680		10,173,493
H&R Block, Inc.#		36,821		625,957
IHS Markit, Ltd.		75,622		5,252,704
MarketAxess Holdings, Inc.		7,152		3,637,436
Moody’s Corp.		30,621		8,188,362
PayPal Holdings, Inc.†		221,438		34,325,104
S&P Global, Inc.		46,090		14,980,172
				96,633,514
Computer Aided Design — 0.5%
ANSYS, Inc.†		16,140		4,567,620
Autodesk, Inc.†		41,495		8,729,718

Security Description	Shares		Value (Note 2)
Computer Aided Design (continued)
Cadence Design Systems, Inc.†		52,916	$	4,830,702
Synopsys, Inc.†		28,350		5,128,798
				23,256,838
Computer Data Security — 0.1%
Fortinet, Inc.†		26,772		3,726,662
Computer Services — 1.1%
Accenture PLC, Class A		119,765		24,147,019
Cognizant Technology Solutions Corp., Class A		103,265		5,473,045
DXC Technology Co.		48,278		686,030
International Business Machines Corp.		167,020		20,860,798
Leidos Holdings, Inc.		25,096		2,642,358
				53,809,250
Computer Software — 0.1%
Akamai Technologies, Inc.†		30,476		3,224,361
Citrix Systems, Inc.		21,690		3,212,723
				6,437,084
Computers — 5.3%
Apple, Inc.		787,667		250,430,846
Hewlett Packard Enterprise Co.		244,032		2,369,550
HP, Inc.		279,470		4,231,176
				257,031,572
Computers-Memory Devices — 0.1%
NetApp, Inc.		43,041		1,917,046
Seagate Technology PLC		43,599		2,312,491
Western Digital Corp.		56,087		2,488,580
				6,718,117
Consulting Services — 0.2%
Gartner, Inc.†		16,870		2,053,079
Verisk Analytics, Inc.		30,904		5,336,503
				7,389,582
Consumer Products-Misc. — 0.3%
Clorox Co.		23,668		4,881,525
Kimberly-Clark Corp.		64,649		9,143,955
				14,025,480
Containers-Metal/Glass — 0.1%
Ball Corp.		61,692		4,396,172
Containers-Paper/Plastic — 0.2%
Amcor PLC		305,539		3,119,553
Packaging Corp. of America		17,851		1,810,270
Sealed Air Corp.		29,140		935,394
WestRock Co.		48,636		1,364,726
				7,229,943
Cosmetics & Toiletries — 1.5%
Colgate-Palmolive Co.		161,627		11,690,481
Coty, Inc., Class A		55,742		202,343
Estee Lauder Cos., Inc., Class A		41,970		8,287,816
Procter & Gamble Co.		470,302		54,517,408
				74,698,048
Cruise Lines — 0.1%
Carnival Corp.#		87,834		1,382,507
Norwegian Cruise Line Holdings, Ltd.†#		46,982		735,738
Royal Caribbean Cruises, Ltd.		32,418		1,681,522
				3,799,767
Data Processing/Management — 0.8%
Broadridge Financial Solutions, Inc.		21,621		2,618,303
Fidelity National Information Services, Inc.		115,906		16,091,230

222

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Data Processing/Management (continued)
Fiserv, Inc.†		107,704	$	11,499,556
Jack Henry & Associates, Inc.		14,510		2,624,279
Paychex, Inc.		60,078		4,342,438
				37,175,806
Decision Support Software — 0.1%
MSCI, Inc.		15,975		5,253,379
Dental Supplies & Equipment — 0.1%
Align Technology, Inc.†		13,525		3,322,010
DENTSPLY SIRONA, Inc.		41,944		1,951,235
				5,273,245
Diagnostic Equipment — 1.0%
Danaher Corp.		118,668		19,771,276
Thermo Fisher Scientific, Inc.		75,622		26,406,446
				46,177,722
Diagnostic Kits — 0.1%
IDEXX Laboratories, Inc.†		16,178		4,997,061
Dialysis Centers — 0.0%
DaVita, Inc.†		16,912		1,369,196
Disposable Medical Products — 0.1%
Teleflex, Inc.		8,731		3,168,131
Distribution/Wholesale — 0.3%
Copart, Inc.†		38,578		3,448,487
Fastenal Co.		108,160		4,462,682
LKQ Corp.†		57,795		1,587,051
WW Grainger, Inc.		8,228		2,547,553
				12,045,773
Diversified Banking Institutions — 2.8%
Bank of America Corp.		1,526,728		36,824,679
Citigroup, Inc.		411,723		19,725,649
Goldman Sachs Group, Inc.		60,099		11,808,852
JPMorgan Chase & Co.		591,502		57,559,060
Morgan Stanley		219,633		9,707,779
				135,626,019
Diversified Manufacturing Operations — 1.1%
3M Co.		108,448		16,965,605
A.O. Smith Corp.		25,848		1,227,780
Eaton Corp. PLC		77,962		6,618,974
General Electric Co.		1,647,038		10,821,040
Illinois Tool Works, Inc.		55,158		9,512,549
Parker-Hannifin Corp.		24,227		4,360,133
Textron, Inc.		43,048		1,333,196
Trane Technologies PLC		45,185		4,076,139
				54,915,416
Drug Delivery Systems — 0.4%
Becton Dickinson and Co.		55,610		13,731,777
DexCom, Inc.†		17,197		6,505,797
				20,237,574
E-Commerce/Products — 4.1%
Amazon.com, Inc.†		78,541		191,826,182
eBay, Inc.		144,216		6,567,597
				198,393,779
E-Commerce/Services — 0.3%
Booking Holdings, Inc.†		7,894		12,941,582
Cars.com, Inc.†		1		6
Expedia Group, Inc.		26,354		2,094,616
				15,036,204

Security Description	Shares		Value (Note 2)
E-Services/Consulting — 0.1%
CDW Corp.		27,097	$	3,005,328
Electric Products-Misc. — 0.2%
AMETEK, Inc.		43,110		3,953,618
Emerson Electric Co.		114,879		7,009,917
				10,963,535
Electric-Distribution — 0.3%
CenterPoint Energy, Inc.		94,716		1,684,050
Consolidated Edison, Inc.		62,693		4,705,737
Sempra Energy		53,162		6,714,892
				13,104,679
Electric-Integrated — 2.7%
AES Corp.		125,201		1,563,760
Alliant Energy Corp.		45,327		2,237,341
Ameren Corp.		46,398		3,467,323
American Electric Power Co., Inc.		93,153		7,941,293
CMS Energy Corp.		53,529		3,135,729
Dominion Energy, Inc.		155,225		13,195,677
DTE Energy Co.		36,229		3,897,154
Duke Energy Corp.		137,487		11,773,012
Edison International		67,627		3,929,805
Entergy Corp.		37,548		3,823,137
Evergy, Inc.		42,980		2,651,436
Eversource Energy		61,057		5,110,471
Exelon Corp.		183,328		7,023,296
FirstEnergy Corp.		101,896		4,306,125
NextEra Energy, Inc.		92,177		23,556,754
Pinnacle West Capital Corp.		21,199		1,651,402
PPL Corp.		144,800		4,045,712
Public Service Enterprise Group, Inc.		95,374		4,867,889
Southern Co.		197,778		11,287,190
WEC Energy Group, Inc.		59,487		5,456,742
Xcel Energy, Inc.		98,893		6,431,012
				131,352,260
Electronic Components-Misc. — 0.1%
Garmin, Ltd.		27,247		2,456,862
Electronic Components-Semiconductors — 3.6%
Advanced Micro Devices, Inc.†		220,584		11,867,419
Broadcom, Inc.		74,807		21,789,035
Intel Corp.		820,355		51,624,940
IPG Photonics Corp.†		6,705		1,041,957
Microchip Technology, Inc.#		45,069		4,327,525
Micron Technology, Inc.†		208,776		10,002,458
NVIDIA Corp.		115,415		40,974,633
Qorvo, Inc.†		21,909		2,294,749
Skyworks Solutions, Inc.		32,131		3,808,809
Texas Instruments, Inc.		176,286		20,932,200
Xilinx, Inc.		47,423		4,360,545
				173,024,270
Electronic Connectors — 0.2%
Amphenol Corp., Class A		55,915		5,399,152
TE Connectivity, Ltd.		63,078		5,125,088
				10,524,240
Electronic Forms — 0.7%
Adobe, Inc.†		91,291		35,293,101
Electronic Measurement Instruments — 0.4%
Agilent Technologies, Inc.		58,362		5,144,027
FLIR Systems, Inc.		25,300		1,168,860
Fortive Corp.		55,729		3,398,354

223

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Electronic Measurement Instruments (continued)
Keysight Technologies, Inc.†		35,375	$	3,825,099
Roper Technologies, Inc.		19,624		7,727,931
				21,264,271
Electronic Security Devices — 0.0%
Allegion PLC		17,523		1,747,043
Engineering/R&D Services — 0.0%
Jacobs Engineering Group, Inc.		25,553		2,146,963
Enterprise Software/Service — 0.5%
Oracle Corp.		408,567		21,968,648
Paycom Software, Inc.†		9,252		2,749,972
				24,718,620
Entertainment Software — 0.4%
Activision Blizzard, Inc.		144,885		10,428,822
Electronic Arts, Inc.†		55,064		6,766,264
Take-Two Interactive Software, Inc.†		21,344		2,906,413
				20,101,499
Finance-Consumer Loans — 0.0%
Synchrony Financial		106,438		2,168,142
Finance-Credit Card — 2.8%
Alliance Data Systems Corp.		7,730		358,131
American Express Co.		126,539		12,030,063
Capital One Financial Corp.		87,829		5,975,885
Discover Financial Services		59,117		2,808,649
Mastercard, Inc., Class A		167,415		50,373,499
Visa, Inc., Class A		322,832		63,029,720
Western Union Co.		79,066		1,582,901
				136,158,848
Finance-Investment Banker/Broker — 0.2%
Charles Schwab Corp.		215,608		7,742,483
Finance-Other Services — 0.6%
Cboe Global Markets, Inc.		20,907		2,225,759
CME Group, Inc.		67,582		12,340,473
Intercontinental Exchange, Inc.		105,015		10,212,709
Nasdaq, Inc.		21,638		2,563,238
				27,342,179
Food-Confectionery — 0.4%
Hershey Co.		27,969		3,794,834
J.M. Smucker Co.		21,510		2,450,634
Mondelez International, Inc., Class A		271,532		14,152,248
				20,397,716
Food-Meat Products — 0.1%
Hormel Foods Corp.#		52,439		2,560,596
Tyson Foods, Inc., Class A		55,668		3,420,242
				5,980,838
Food-Misc./Diversified — 0.5%
Campbell Soup Co.		31,858		1,624,121
Conagra Brands, Inc.		91,777		3,192,922
General Mills, Inc.		113,981		7,185,362
Kellogg Co.		46,958		3,066,827
Kraft Heinz Co.		117,451		3,578,732
Lamb Weston Holdings, Inc.		27,546		1,654,413
McCormick & Co., Inc.		23,304		4,081,928
				24,384,305
Food-Retail — 0.1%
Kroger Co.		151,247		4,933,677

Security Description	Shares		Value (Note 2)
Food-Wholesale/Distribution — 0.1%
Sysco Corp.		96,222	$	5,307,606
Gas-Distribution — 0.1%
Atmos Energy Corp.		22,507		2,313,270
NiSource, Inc.		70,446		1,678,728
				3,991,998
Gold Mining — 0.2%
Newmont Corp.		154,611		9,040,105
Home Decoration Products — 0.0%
Newell Brands, Inc.		71,863		944,998
Home Furnishings — 0.0%
Leggett & Platt, Inc.		24,818		759,183
Hotels/Motels — 0.2%
Hilton Worldwide Holdings, Inc.		53,212		4,220,244
Marriott International, Inc., Class A		51,174		4,528,899
				8,749,143
Human Resources — 0.0%
Robert Half International, Inc.		22,171		1,124,957
Independent Power Producers — 0.0%
NRG Energy, Inc.		47,447		1,710,464
Industrial Automated/Robotic — 0.1%
Rockwell Automation, Inc.		21,791		4,710,343
Industrial Gases — 0.6%
Air Products & Chemicals, Inc.		41,571		10,045,632
Linde PLC		101,305		20,498,054
				30,543,686
Instruments-Controls — 0.5%
Honeywell International, Inc.		134,752		19,653,579
Mettler-Toledo International, Inc.†		4,593		3,651,435
				23,305,014
Instruments-Scientific — 0.1%
PerkinElmer, Inc.		20,953		2,105,148
Waters Corp.†		12,152		2,428,577
				4,533,725
Insurance Brokers — 0.6%
Aon PLC, Class A		44,155		8,696,327
Arthur J. Gallagher & Co.		35,176		3,316,394
Marsh & McLennan Cos., Inc.		95,174		10,080,830
Willis Towers Watson PLC		24,248		4,919,919
				27,013,470
Insurance-Life/Health — 0.3%
Aflac, Inc.		138,426		5,048,396
Globe Life, Inc.		18,788		1,447,052
Lincoln National Corp.		37,403		1,418,696
Principal Financial Group, Inc.		48,700		1,880,794
Prudential Financial, Inc.		75,812		4,621,499
Unum Group		38,900		589,335
				15,005,772
Insurance-Multi-line — 0.7%
Allstate Corp.		61,094		5,975,604
American International Group, Inc.(1)		164,062		4,931,704
Chubb, Ltd.		85,469		10,422,090
Cincinnati Financial Corp.		28,654		1,689,153
Hartford Financial Services Group, Inc.		67,971		2,602,609
Loews Corp.		48,240		1,603,498
MetLife, Inc.		147,416		5,308,450
				32,533,108

224

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Insurance-Property/Casualty — 1.8%
Assurant, Inc.		11,436	$	1,173,105
Berkshire Hathaway, Inc., Class B†		368,884		68,457,493
Progressive Corp.		110,254		8,564,531
Travelers Cos., Inc.		48,677		5,207,465
WR Berkley Corp.		27,365		1,585,802
				84,988,396
Insurance-Reinsurance — 0.0%
Everest Re Group, Ltd.		7,691		1,525,971
Internet Brokers — 0.0%
E*TRADE Financial Corp.		42,605		1,940,232
Internet Content-Entertainment — 2.9%
Facebook, Inc., Class A†		453,829		102,152,369
Netflix, Inc.†		82,649		34,690,265
Twitter, Inc.†		146,411		4,534,349
				141,376,983
Internet Infrastructure Software — 0.0%
F5 Networks, Inc.†		11,465		1,661,508
Internet Security — 0.1%
NortonLifeLock, Inc.		108,133		2,463,270
Investment Management/Advisor Services — 0.6%
Ameriprise Financial, Inc.		23,893		3,346,692
BlackRock, Inc.		28,751		15,198,929
Franklin Resources, Inc.		52,601		992,581
Invesco, Ltd.		70,191		559,422
Raymond James Financial, Inc.		23,284		1,613,116
T. Rowe Price Group, Inc.		44,068		5,327,821
				27,038,561
Machinery-Construction & Mining — 0.3%
Caterpillar, Inc.		104,224		12,520,429
Machinery-Farming — 0.2%
Deere & Co.		59,381		9,033,038
Machinery-General Industrial — 0.2%
IDEX Corp.		14,344		2,286,003
Otis Worldwide Corp.		76,502		4,027,830
Westinghouse Air Brake Technologies Corp.		34,341		2,097,205
				8,411,038
Machinery-Pumps — 0.2%
Dover Corp.		27,395		2,664,164
Flowserve Corp.		24,679		644,122
Ingersoll Rand, Inc.†		65,262		1,840,388
Xylem, Inc.		33,961		2,252,973
				7,401,647
Medical Information Systems — 0.1%
Cerner Corp.		59,234		4,318,159
Medical Instruments — 1.2%
Boston Scientific Corp.†		262,857		9,985,937
Edwards Lifesciences Corp.†		39,334		8,839,137
Intuitive Surgical, Inc.†		21,795		12,641,754
Medtronic PLC		252,778		24,918,855
				56,385,683
Medical Labs & Testing Services — 0.2%
IQVIA Holdings, Inc.†		34,032		5,088,465
Laboratory Corp. of America Holdings†		18,312		3,210,460
Quest Diagnostics, Inc.		25,402		3,004,548
				11,303,473

Security Description	Shares		Value (Note 2)
Medical Products — 1.5%
Abbott Laboratories		333,309	$	31,637,690
ABIOMED, Inc.†		8,516		1,906,732
Baxter International, Inc.		96,284		8,666,523
Cooper Cos., Inc.		9,349		2,963,446
Henry Schein, Inc.†		27,673		1,680,305
Hologic, Inc.†		50,569		2,680,157
STERIS PLC		15,989		2,652,415
Stryker Corp.		60,722		11,885,117
Varian Medical Systems, Inc.†		17,143		2,080,989
West Pharmaceutical Services, Inc.		13,954		3,014,622
Zimmer Biomet Holdings, Inc.		38,790		4,900,729
				74,068,725
Medical-Biomedical/Gene — 2.1%
Alexion Pharmaceuticals, Inc.†		41,733		5,003,787
Amgen, Inc.		112,055		25,739,033
Biogen, Inc.†		34,029		10,449,966
Gilead Sciences, Inc.		238,591		18,569,537
Illumina, Inc.†		27,723		10,064,835
Incyte Corp.†		33,715		3,435,896
Regeneron Pharmaceuticals, Inc.†		19,023		11,657,485
Vertex Pharmaceuticals, Inc.†		48,495		13,964,620
				98,885,159
Medical-Drugs — 5.1%
AbbVie, Inc.		332,500		30,812,775
Bristol-Myers Squibb Co.		442,084		26,401,256
Eli Lilly & Co.		159,340		24,371,053
Johnson & Johnson		496,338		73,830,278
Merck & Co., Inc.		480,140		38,756,901
Pfizer, Inc.		1,043,666		39,857,605
Zoetis, Inc.		89,824		12,520,567
				246,550,435
Medical-Generic Drugs — 0.1%
Mylan NV†		97,336		1,661,526
Perrigo Co. PLC		25,668		1,405,836
				3,067,362
Medical-HMO — 1.8%
Anthem, Inc.		47,819		14,064,046
Centene Corp.†		110,096		7,293,860
Humana, Inc.		24,974		10,255,573
UnitedHealth Group, Inc.		178,671		54,467,855
				86,081,334
Medical-Hospitals — 0.1%
HCA Healthcare, Inc.		49,892		5,333,455
Universal Health Services, Inc., Class B		15,148		1,597,356
				6,930,811
Medical-Wholesale Drug Distribution — 0.2%
AmerisourceBergen Corp.		28,349		2,702,794
Cardinal Health, Inc.		55,159		3,016,646
McKesson Corp.		30,457		4,832,612
				10,552,052
Metal-Copper — 0.1%
Freeport-McMoRan, Inc.		273,624		2,481,770
Motorcycle/Motor Scooter — 0.0%
Harley-Davidson, Inc.#		29,098		620,951
Multimedia — 0.8%
Walt Disney Co.		339,909		39,871,326

225

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Networking Products — 0.8%
Arista Networks, Inc.†		10,229	$	2,388,062
Cisco Systems, Inc.		800,037		38,257,770
				40,645,832
Non-Hazardous Waste Disposal — 0.2%
Republic Services, Inc.		39,723		3,394,728
Waste Management, Inc.		73,606		7,857,440
				11,252,168
Office Automation & Equipment — 0.1%
Xerox Holdings Corp.		35,062		556,785
Zebra Technologies Corp., Class A†		10,169		2,657,363
				3,214,148
Office Supplies & Forms — 0.0%
Avery Dennison Corp.		15,748		1,742,831
Oil Companies-Exploration & Production — 0.6%
Apache Corp.		70,916		765,184
Cabot Oil & Gas Corp.		76,929		1,526,271
Concho Resources, Inc.		37,911		2,066,908
ConocoPhillips		206,931		8,728,349
Devon Energy Corp.		72,984		788,957
Diamondback Energy, Inc.		30,389		1,293,964
EOG Resources, Inc.		109,713		5,592,072
Hess Corp.		48,844		2,318,625
Marathon Oil Corp.		150,857		805,576
Noble Energy, Inc.		90,201		787,455
Occidental Petroleum Corp.		168,468		2,181,660
Pioneer Natural Resources Co.		31,239		2,861,492
				29,716,513
Oil Companies-Integrated — 1.4%
Chevron Corp.		356,595		32,699,761
Exxon Mobil Corp.		797,934		36,282,059
				68,981,820
Oil Field Machinery & Equipment — 0.0%
National Oilwell Varco, Inc.		72,763		907,355
Oil Refining & Marketing — 0.4%
HollyFrontier Corp.		28,002		880,663
Marathon Petroleum Corp.		122,454		4,303,034
Phillips 66		83,800		6,558,188
Valero Energy Corp.		77,444		5,160,868
				16,902,753
Oil-Field Services — 0.2%
Baker Hughes Co.		122,557		2,023,416
Halliburton Co.		165,543		1,945,130
Schlumberger, Ltd.		261,078		4,822,111
TechnipFMC PLC		79,253		586,472
				9,377,129
Paper & Related Products — 0.1%
International Paper Co.		73,948		2,517,929
Pharmacy Services — 0.6%
Cigna Corp.		70,423		13,895,866
CVS Health Corp.		245,345		16,087,272
				29,983,138
Pipelines — 0.3%
Kinder Morgan, Inc.		367,344		5,804,035
ONEOK, Inc.		77,903		2,858,261
Williams Cos., Inc.		228,577		4,669,828
				13,332,124

Security Description	Shares		Value (Note 2)
Publishing-Newspapers — 0.0%
News Corp., Class A		73,277	$	897,643
News Corp., Class B		22,966		281,563
				1,179,206
Real Estate Investment Trusts — 2.8%
Alexandria Real Estate Equities, Inc.		23,121		3,554,160
American Tower Corp.		83,533		21,565,715
Apartment Investment & Management Co., Class A		28,078		1,035,236
AvalonBay Communities, Inc.		26,338		4,108,991
Boston Properties, Inc.		27,118		2,331,606
Crown Castle International Corp.		78,409		13,498,893
Digital Realty Trust, Inc.		49,571		7,116,413
Duke Realty Corp.		69,319		2,390,119
Equinix, Inc.		16,630		11,601,587
Equity Residential		65,831		3,986,725
Essex Property Trust, Inc.		12,462		3,025,400
Extra Space Storage, Inc.		24,424		2,363,022
Federal Realty Investment Trust		13,245		1,058,408
Healthpeak Properties, Inc.		93,342		2,299,947
Host Hotels & Resorts, Inc.		135,251		1,614,897
Iron Mountain, Inc.#		54,151		1,394,930
Kimco Realty Corp.		79,628		884,667
Mid-America Apartment Communities, Inc.		21,512		2,503,136
Prologis, Inc.		139,224		12,738,996
Public Storage		28,331		5,743,827
Realty Income Corp.		64,630		3,574,685
Regency Centers Corp.		31,600		1,352,164
SBA Communications Corp.		21,235		6,670,551
Simon Property Group, Inc.		57,870		3,339,099
SL Green Realty Corp.#		15,372		647,469
UDR, Inc.		55,266		2,043,737
Ventas, Inc.		70,294		2,456,775
Vornado Realty Trust		29,873		1,081,701
Welltower, Inc.		76,520		3,877,268
Weyerhaeuser Co.		140,525		2,837,200
				132,697,324
Real Estate Management/Services — 0.1%
CBRE Group, Inc., Class A†		63,130		2,776,457
Rental Auto/Equipment — 0.0%
United Rentals, Inc.†		14,174		1,968,627
Respiratory Products — 0.1%
ResMed, Inc.		27,116		4,360,795
Retail-Apparel/Shoe — 0.2%
Gap, Inc.		40,128		357,139
L Brands, Inc.		43,797		709,074
Ross Stores, Inc.		68,218		6,614,417
				7,680,630
Retail-Auto Parts — 0.3%
Advance Auto Parts, Inc.		13,062		1,819,798
AutoZone, Inc.†		4,494		5,158,483
Genuine Parts Co.		27,400		2,285,434
O’Reilly Automotive, Inc.†		14,268		5,953,180
				15,216,895
Retail-Automobile — 0.1%
CarMax, Inc.†		31,010		2,730,430
Retail-Building Products — 1.5%
Home Depot, Inc.		205,718		51,116,808
Lowe’s Cos., Inc.		144,548		18,841,832
				69,958,640

226

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail-Consumer Electronics — 0.1%
Best Buy Co., Inc.		42,946	$	3,353,653
Retail-Discount — 1.7%
Costco Wholesale Corp.		83,315		25,700,178
Dollar General Corp.		48,014		9,195,161
Dollar Tree, Inc.†		44,631		4,368,036
Target Corp.		95,564		11,690,344
Walmart, Inc.		267,528		33,189,524
				84,143,243
Retail-Drug Store — 0.1%
Walgreens Boots Alliance, Inc.		141,390		6,071,287
Retail-Gardening Products — 0.1%
Tractor Supply Co.		22,326		2,724,219
Retail-Jewelry — 0.1%
Tiffany & Co.		20,358		2,608,471
Retail-Major Department Stores — 0.3%
Nordstrom, Inc.#		20,202		325,858
TJX Cos., Inc.		228,694		12,065,896
				12,391,754
Retail-Perfume & Cosmetics — 0.1%
Ulta Beauty, Inc.†		10,779		2,630,184
Retail-Regional Department Stores — 0.0%
Kohl’s Corp.		29,526		567,490
Retail-Restaurants — 1.2%
Chipotle Mexican Grill, Inc.†		4,823		4,841,858
Darden Restaurants, Inc.		24,597		1,890,525
Domino’s Pizza, Inc.		7,292		2,813,545
McDonald’s Corp.		142,024		26,461,912
Starbucks Corp.		222,722		17,370,089
Yum! Brands, Inc.		57,041		5,118,289
				58,496,218
Savings & Loans/Thrifts — 0.0%
People’s United Financial, Inc.		83,756		959,006
Semiconductor Components-Integrated Circuits — 0.6%
Analog Devices, Inc.		69,457		7,845,168
Maxim Integrated Products, Inc.		51,034		2,943,641
QUALCOMM, Inc.		215,338		17,416,538
				28,205,347
Semiconductor Equipment — 0.5%
Applied Materials, Inc.		174,209		9,787,061
KLA Corp.		29,758		5,236,218
Lam Research Corp.		27,360		7,487,611
				22,510,890
Shipbuilding — 0.0%
Huntington Ingalls Industries, Inc.		7,713		1,541,752
Soap & Cleaning Preparation — 0.1%
Church & Dwight Co., Inc.		46,280		3,474,240
Steel-Producers — 0.1%
Nucor Corp.		57,182		2,416,511
Telecom Equipment-Fiber Optics — 0.1%
Corning, Inc.		145,045		3,305,576
Telecommunication Equipment — 0.0%
Juniper Networks, Inc.		63,122		1,531,340
Telephone-Integrated — 1.8%
AT&T, Inc.		1,377,632		42,513,723
CenturyLink, Inc.#		185,043		1,818,973

Security Description	Shares		Value (Note 2)
Telephone-Integrated (continued)
Verizon Communications, Inc.		779,957	$	44,753,933
				89,086,629
Television — 0.0%
ViacomCBS, Inc., Class B		101,913		2,113,676
Textile-Home Furnishings — 0.0%
Mohawk Industries, Inc.†		11,211		1,044,865
Theaters — 0.0%
Live Nation Entertainment, Inc.†		26,575		1,306,427
Tobacco — 0.7%
Altria Group, Inc.		352,306		13,757,549
Philip Morris International, Inc.		293,418		21,525,145
				35,282,694
Tools-Hand Held — 0.1%
Snap-on, Inc.		10,343		1,341,384
Stanley Black & Decker, Inc.		28,668		3,596,400
				4,937,784
Toys — 0.0%
Hasbro, Inc.		23,999		1,764,166
Transport-Rail — 0.9%
CSX Corp.		146,652		10,497,350
Kansas City Southern		18,693		2,813,670
Norfolk Southern Corp.		49,173		8,767,054
Union Pacific Corp.		130,917		22,237,562
				44,315,636
Transport-Services — 0.5%
C.H. Robinson Worldwide, Inc.		25,506		2,069,302
Expeditors International of Washington, Inc.		32,117		2,452,775
FedEx Corp.		45,268		5,910,190
United Parcel Service, Inc., Class B		132,153		13,176,976
				23,609,243
Transport-Truck — 0.1%
JB Hunt Transport Services, Inc.		16,080		1,924,293
Old Dominion Freight Line, Inc.		18,064		3,090,570
				5,014,863
Water — 0.1%
American Water Works Co., Inc.		34,092		4,329,684
Water Treatment Systems — 0.0%
Pentair PLC		31,700		1,240,738
Web Hosting/Design — 0.1%
VeriSign, Inc.†		19,485		4,267,410
Web Portals/ISP — 3.3%
Alphabet, Inc., Class A†		56,506		81,002,481
Alphabet, Inc., Class C†		56,367		80,543,934
				161,546,415
Wireless Equipment — 0.1%
Motorola Solutions, Inc.		32,312		4,372,783
Total Long-Term Investment Securities (cost $2,181,935,812)				4,772,473,021
SHORT-TERM INVESTMENT SECURITIES — 0.4%
Registered Investment Companies — 0.2%
State Street Navigator Securities Lending Government Money Market Portfolio 0.13%(2)(3)		10,876,977		10,876,977

227

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Principal Amount			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES (continued)
U.S. Government Treasuries — 0.2%
United States Treasury Bills 0.07% due 02/25/2021(4)	$	2,200,000		$	2,197,061
0.16% due 04/22/2021(4)		3,700,000			3,693,862
0.21% due 10/08/2020(4)		1,500,000			1,499,127
					7,390,050
Total Short-Term Investment Securities
(cost $18,269,533)					18,267,027
REPURCHASE AGREEMENTS — 0.9%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00%, dated 05/29/2020, to be repurchased 06/01/2020 in the amount of $42,750,000 and collateralized by $40,610,000 of United States Treasury Notes, bearing interest at 2.13%, due 03/31/2024 and having an approximate value of $43,609,820. (cost $42,750,000)		42,750,000			42,750,000
TOTAL INVESTMENTS
(cost $2,242,955,345)(5)		100.2	%		4,833,490,048
Liabilities in excess of other assets		(0.2	)		(8,300,185	)
NET ASSETS		100.0	%	$	4,825,189,863

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

† Non-income producing security

(1) Security represents an investment in an affiliated company (see Note 3).

(2) The rate shown is the 7-day yield as of May 31, 2020.

(3) At May 31, 2020, the Fund had loaned securities with a total value of $20,194,803. This was secured by collateral of $10,876,977, which was received in cash and subsequently invested in short-term investments currently valued at $10,876,977 as reported in the Portfolio of Investments. Additional collateral of $9,957,090 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2020
Federal Home Loan Mtg. Corp.	2.50% to 3.50%	12/01/2047 to 03/01/2050	$	808,496
Federal National Mtg. Assoc.	1.85% to 4.00%	01/25/2030 to 03/01/2050		1,414,182
Government National Mtg. Assoc.	2.50% to 2.50%	09/20/2046		105,644
United States Treasury Bills	0.00%	08/13/2020		45,350
United States Treasury Notes/Bonds	zero coupon to 8.75%	06/15/2020 to 11/15/2049		7,583,418

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

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

Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	390	Long	S&P 500 E-Mini Index		June 2020	$	53,731,029	$	59,319,000	$	5,587,971

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

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2020 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	4,772,473,021	$	—	$	—	$	4,772,473,021
Short-Term Investment Securities:
Registered Investment Companies		10,876,977		—		—		10,876,977
U.S. Government Treasuries		—		7,390,050		—		7,390,050
Repurchase Agreements		—		42,750,000		—		42,750,000
Total Investments at Value	$	4,783,349,998	$	50,140,050	$	—	$	4,833,490,048
Other Financial Instruments:†
Futures Contracts	$	5,587,971	$	—	$	—	$	5,587,971

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

† Amounts represent unrealized appreciation/depreciation as of the end of the reporting period.

See Notes to Financial Statements

228

VALIC Company I Systematic Core Fund

PORTFOLIO PROFILE — May 31, 2020 (unaudited)

Industry Allocation*

Applications Software	5.8	%
Medical — Drugs	4.3
Computers	4.1
E-Commerce/Products	3.4
Electronic Components — Semiconductors	3.2
Real Estate Investment Trusts	3.1
Web Portals/ISP	2.5
Medical — Biomedical/Gene	2.5
Finance — Credit Card	2.1
Internet Content — Entertainment	2.0
Commercial Services — Finance	2.0
Insurance — Property/Casualty	1.8
Electric — Integrated	1.8
Computer Services	1.7
Retail — Discount	1.7
Medical Products	1.6
Medical — HMO	1.5
Telephone — Integrated	1.4
Diversified Banking Institutions	1.4
Enterprise Software/Service	1.3
Cosmetics & Toiletries	1.3
Beverages — Non-alcoholic	1.1
Retail — Building Products	1.1
Distribution/Wholesale	1.1
Medical Instruments	0.9
Food — Misc./Diversified	0.9
Cable/Satellite TV	0.9
Computer Software	0.9
Retail — Apparel/Shoe	0.8
Data Processing/Management	0.8
Retail — Restaurants	0.8
Apparel Manufacturers	0.8
Diversified Manufacturing Operations	0.8
Medical Labs & Testing Services	0.7
Computer Aided Design	0.7
Pharmacy Services	0.7
Aerospace/Defense	0.7
E-Commerce/Services	0.6
Semiconductor Equipment	0.6
Registered Investment Companies	0.6
Investment Management/Advisor Services	0.6
Networking Products	0.6
Electronic Forms	0.6
Diagnostic Equipment	0.6
Insurance Brokers	0.5
Semiconductor Components — Integrated Circuits	0.5
Airlines	0.5
Independent Power Producers	0.5
Medical — Wholesale Drug Distribution	0.5
Retail — Regional Department Stores	0.5
Insurance — Life/Health	0.4
Retail — Auto Parts	0.4
Banks — Commercial	0.4
Entertainment Software	0.4
Electronic Measurement Instruments	0.4
Chemicals — Specialty	0.4
Oil Companies — Integrated	0.4
Tobacco	0.4
Consumer Products — Misc.	0.4
Electronic Parts Distribution	0.4
Food — Retail	0.4
Finance — Other Services	0.4
Oil Refining & Marketing	0.4
Multimedia	0.4
Food — Confectionery	0.4
Athletic Footwear	0.4
Exchange — Traded Funds	0.4
Commercial Services	0.4
Insurance — Multi-line	0.4

Broadcast Services/Program	0.3
Food — Wholesale/Distribution	0.3
Medical — Generic Drugs	0.3
Finance — Investment Banker/Broker	0.3
Building — Residential/Commercial	0.3
Chemicals — Diversified	0.3
Transport — Truck	0.3
Retail — Major Department Stores	0.3
Retail — Automobile	0.3
Finance — Consumer Loans	0.3
Industrial Gases	0.3
Motion Pictures & Services	0.3
Auto — Cars/Light Trucks	0.3
Banks — Super Regional	0.3
Television	0.3
Internet Security	0.3
Machinery — General Industrial	0.3
Transport — Rail	0.3
Transport — Services	0.3
Human Resources	0.3
Retail — Catalog Shopping	0.3
Diagnostic Kits	0.3
Coatings/Paint	0.3
Drug Delivery Systems	0.3
Gas — Distribution	0.2
Steel — Producers	0.2
Building Products — Air & Heating	0.2
Instruments — Controls	0.2
Consulting Services	0.2
Brewery	0.2
Electronic Components — Misc.	0.2
Computer Data Security	0.2
Publishing — Newspapers	0.2
Radio	0.2
Retail — Drug Store	0.2
Machinery — Pumps	0.2
Wireless Equipment	0.2
Medical Information Systems	0.2
Containers — Paper/Plastic	0.2
Dental Supplies & Equipment	0.2
Web Hosting/Design	0.2
Oil Companies — Exploration & Production	0.2
Aerospace/Defense — Equipment	0.2
Internet Application Software	0.2
Finance — Auto Loans	0.2
Hotels/Motels	0.2
Computers — Memory Devices	0.2
Gambling (Non-Hotel)	0.2
Engineering/R&D Services	0.2
Building & Construction Products — Misc.	0.2
Casino Hotels	0.2
Electric — Distribution	0.2
Advertising Agencies	0.2
Medical — Hospitals	0.2
Instruments — Scientific	0.2
Non-Hazardous Waste Disposal	0.2
Food — Meat Products	0.2
Insurance — Reinsurance	0.2
Beverages — Wine/Spirits	0.2
Schools	0.2
Cruise Lines	0.2
Vitamins & Nutrition Products	0.2
Machinery — Farming	0.2
Real Estate Management/Services	0.1
Retail — Consumer Electronics	0.1
Multilevel Direct Selling	0.1
Electric Products — Misc.	0.1
Building — Maintenance & Services	0.1
Garden Products	0.1

229

VALIC Company I Systematic Core Fund

PORTFOLIO PROFILE — May 31, 2020 (unaudited) — (continued)

Industry Allocation* (continued)

Cellular Telecom	0.1	%
Dialysis Centers	0.1
Oil — Field Services	0.1
Paper & Related Products	0.1
Machinery — Electrical	0.1
Medical — Outpatient/Home Medical	0.1
Retail — Gardening Products	0.1
Gold Mining	0.1
Containers — Metal/Glass	0.1
Food — Baking	0.1
Metal — Aluminum	0.1
Communications Software	0.1
Poultry	0.1
Oil & Gas Drilling	0.1
Respiratory Products	0.1
Internet Infrastructure Software	0.1
Retail — Convenience Store	0.1
Savings & Loans/Thrifts	0.1
Building & Construction — Misc.	0.1
Telecommunication Equipment	0.1
E-Services/Consulting	0.1
Machinery — Construction & Mining	0.1
Electronic Security Devices	0.1
Retail — Home Furnishings	0.1
Water	0.1
Auto/Truck Parts & Equipment — Original	0.1
Auto — Heavy Duty Trucks	0.1
Office Automation & Equipment	0.1
Building Products — Cement	0.1
Industrial Automated/Robotic	0.1
Building Products — Wood	0.1
Internet Content — Information/News	0.1
Lighting Products & Systems	0.1
Retail — Perfume & Cosmetics	0.1
Patient Monitoring Equipment	0.1
Telecom Equipment — Fiber Optics	0.1
Disposable Medical Products	0.1
Home Furnishings	0.1
Rubber — Tires	0.1
Publishing — Books	0.1
Machine Tools & Related Products	0.1
Metal Processors & Fabrication	0.1
Filtration/Separation Products	0.1
Machinery — Thermal Process	0.1
Therapeutics	0.1
Audio/Video Products	0.1
Agricultural Operations	0.1
Computers — Integrated Systems	0.1
Decision Support Software	0.1
Software Tools	0.1
Footwear & Related Apparel	0.1
Satellite Telecom	0.1
Theaters	0.1
Electronic Connectors	0.1
Telecom Services	0.1
Pipelines	0.1
Rental Auto/Equipment	0.1
Banks — Fiduciary	0.1
Protection/Safety	0.1
Funeral Services & Related Items	0.1
	100.6%

* Calculated as a percentage of net assets

230

VALIC Company I Systematic Core Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 99.6%
Advertising Agencies — 0.2%
Interpublic Group of Cos., Inc.		7,331	$	125,433
Omnicom Group, Inc.		1,539		84,322
				209,755
Advertising Services — 0.0%
Trade Desk, Inc., Class A†		111		34,583
Aerospace/Defense — 0.7%
General Dynamics Corp.		374		54,915
Lockheed Martin Corp.		523		203,154
Northrop Grumman Corp.		376		126,035
Raytheon Technologies Corp.		2,787		179,817
Spirit AeroSystems Holdings, Inc., Class A		6,721		145,644
Teledyne Technologies, Inc.†		178		66,593
TransDigm Group, Inc.		70		29,738
				805,896
Aerospace/Defense - Equipment — 0.2%
HEICO Corp., Class A		647		54,315
Hexcel Corp.		1,070		38,723
Howmet Aerospace Inc Common Stock		1,997		26,121
L3Harris Technologies, Inc.		584		116,479
				235,638
Agricultural Biotech — 0.0%
Corteva, Inc.		865		23,623
Agricultural Chemicals — 0.0%
CF Industries Holdings, Inc.		789		23,173
Agricultural Operations — 0.1%
Archer-Daniels-Midland Co.		1,370		53,855
Bunge, Ltd.		745		29,070
				82,925
Airlines — 0.5%
Alaska Air Group, Inc.		3,574		122,195
Copa Holdings SA, Class A		1,222		53,597
Delta Air Lines, Inc.		3,140		79,159
JetBlue Airways Corp.†		12,787		128,765
Southwest Airlines Co.		2,622		84,166
United Airlines Holdings, Inc.†		4,641		130,134
				598,016
Apparel Manufacturers — 0.8%
Capri Holdings, Ltd.†		8,770		131,901
Carter’s, Inc.#		1,381		118,642
Columbia Sportswear Co.		1,419		103,672
Hanesbrands, Inc.#		4,231		41,718
PVH Corp.		2,866		130,317
Ralph Lauren Corp.		1,167		88,120
Tapestry, Inc.		4,828		65,661
Under Armour, Inc., Class A†		7,859		68,766
Under Armour, Inc., Class C†		8,803		69,191
VF Corp.		2,408		135,089
				953,077
Applications Software — 5.8%
CDK Global, Inc.		2,984		117,301
Cerence, Inc.†		10,069		301,164
Elastic NV†		366		31,447
HubSpot, Inc.†		314		62,781
Intuit, Inc.		1,197		347,513
Medallia, Inc.†		1,809		51,158
Microsoft Corp.		28,221		5,171,498
Nuance Communications, Inc.†		5,549		126,961
PTC, Inc.†		443		33,836

Security Description	Shares		Value (Note 2)
Applications Software (continued)
RealPage, Inc.†		633	$	42,930
salesforce.com, Inc.†		2,499		436,800
ServiceNow, Inc.†		849		329,353
Smartsheet, Inc., Class A†		448		25,832
				7,078,574
Athletic Footwear — 0.4%
NIKE, Inc., Class B		4,657		459,087
Audio/Video Products — 0.1%
Dolby Laboratories, Inc., Class A		1,388		84,293
Auto - Cars/Light Trucks — 0.3%
Ford Motor Co.		22,744		129,868
General Motors Co.		1,021		26,424
Tesla, Inc.†		225		187,875
				344,167
Auto - Heavy Duty Trucks — 0.1%
Cummins, Inc.		449		76,151
PACCAR, Inc.		640		47,270
				123,421
Auto/Truck Parts & Equipment - Original — 0.1%
Allison Transmission Holdings, Inc.		848		31,986
Aptiv PLC		362		27,277
BorgWarner, Inc.		824		26,492
Lear Corp.		363		38,496
				124,251
Banks - Commercial — 0.4%
Associated Banc-Corp		1,811		25,372
Bank of Hawaii Corp.		360		23,159
BankUnited, Inc.		1,766		32,636
Citizens Financial Group, Inc.		2,182		52,586
Commerce Bancshares, Inc.#		466		29,698
First Citizens BancShares, Inc., Class A		87		33,495
First Hawaiian, Inc.		1,600		27,600
First Horizon National Corp.		2,766		25,862
First Republic Bank		304		32,884
FNB Corp.		3,063		22,697
M&T Bank Corp.		212		22,400
Popular, Inc.		1,430		56,471
Regions Financial Corp.		2,331		26,363
Synovus Financial Corp.		2,583		49,568
Truist Financial Corp.		789		29,019
Wintrust Financial Corp.		822		34,820
				524,630
Banks - Fiduciary — 0.1%
Bank of New York Mellon Corp.		1,264		46,983
Northern Trust Corp.		290		22,913
				69,896
Banks - Super Regional — 0.3%
Comerica, Inc.		946		34,387
Fifth Third Bancorp		1,303		25,265
Huntington Bancshares, Inc.		2,773		24,652
KeyCorp		2,066		24,482
PNC Financial Services Group, Inc.		268		30,563
US Bancorp		1,110		39,472
Wells Fargo & Co.		6,243		165,252
				344,073
Beverages - Non-alcoholic — 1.1%
Coca-Cola Co.		9,999		466,753
Keurig Dr Pepper, Inc.#		2,428		67,790

231

VALIC Company I Systematic Core Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Beverages - Non-alcoholic (continued)
Monster Beverage Corp.†		2,899	$	208,467
PepsiCo, Inc.		5,033		662,091
				1,405,101
Beverages - Wine/Spirits — 0.2%
Brown-Forman Corp., Class A		1,225		72,704
Brown-Forman Corp., Class B		1,813		119,531
				192,235
Brewery — 0.2%
Constellation Brands, Inc., Class A		540		93,258
Molson Coors Beverage Co., Class B		5,091		193,254
				286,512
Broadcast Services/Program — 0.3%
Discovery, Inc., Class C†		6,080		119,107
Fox Corp., Class A		3,771		110,000
Fox Corp., Class B		3,543		101,968
Liberty Media Corp. - Liberty Formula One, Series A†		843		28,510
Liberty Media Corp. - Liberty Formula One, Series C†		799		27,686
Madison Square Garden Entertainment Corp.†		458		36,287
				423,558
Building & Construction Products - Misc. — 0.2%
Armstrong World Industries, Inc.		471		35,509
Fortune Brands Home & Security, Inc.		502		30,602
Owens Corning		2,796		146,790
				212,901
Building & Construction - Misc. — 0.1%
Frontdoor, Inc.†		2,982		136,128
Building Products - Air & Heating — 0.2%
Carrier Global Corp.†		6,239		127,712
Johnson Controls International PLC		1,402		44,037
Lennox International, Inc.		603		128,946
				300,695
Building Products - Cement — 0.1%
Martin Marietta Materials, Inc.		247		47,446
MDU Resources Group, Inc.		2,339		50,897
Vulcan Materials Co.		217		23,505
				121,848
Building Products - Wood — 0.1%
Masco Corp.		2,524		117,745
Building - Maintenance & Services — 0.1%
Rollins, Inc.		3,533		147,680
ServiceMaster Global Holdings, Inc.†		778		25,596
				173,276
Building - Residential/Commercial — 0.3%
D.R. Horton, Inc.		930		51,429
Lennar Corp., Class A		1,628		98,429
Lennar Corp., Class B		1,438		64,538
NVR, Inc.†		18		57,989
PulteGroup, Inc.		1,429		48,543
Toll Brothers, Inc.		2,191		70,791
				391,719
Cable/Satellite TV — 0.9%
Cable One, Inc.		45		84,910
Charter Communications, Inc., Class A†		397		215,968
Comcast Corp., Class A		12,525		495,990
Liberty Broadband Corp., Class A†		644		86,740
Liberty Broadband Corp., Class C†		764		104,378

Security Description	Shares		Value (Note 2)
Cable/Satellite TV (continued)
Sirius XM Holdings, Inc.		19,866	$	115,620
				1,103,606
Casino Hotels — 0.2%
Las Vegas Sands Corp.		956		45,830
MGM Resorts International		9,616		165,203
				211,033
Cellular Telecom — 0.1%
T-Mobile US, Inc.†		1,406		140,656
United States Cellular Corp.†		697		21,963
				162,619
Chemicals - Diversified — 0.3%
Celanese Corp.		282		25,355
Dow, Inc.		1,156		44,622
DuPont de Nemours, Inc.		533		27,039
Eastman Chemical Co.		535		36,423
FMC Corp.		352		34,640
Huntsman Corp.		4,105		74,506
Olin Corp.		1,582		19,031
PPG Industries, Inc.		753		76,557
Westlake Chemical Corp.		916		43,693
				381,866
Chemicals - Specialty — 0.4%
Ashland Global Holdings, Inc.		395		26,528
Cabot Corp.		1,324		47,293
Ecolab, Inc.		681		144,767
International Flavors & Fragrances, Inc.		283		37,693
NewMarket Corp.		136		59,314
Univar Solutions, Inc.†		9,013		139,341
Valvoline, Inc.		1,973		36,205
W.R. Grace & Co.		546		28,501
				519,642
Coatings/Paint — 0.3%
RPM International, Inc.		1,393		104,169
Sherwin-Williams Co.		360		213,786
				317,955
Commercial Services — 0.4%
Cintas Corp.		668		165,637
CoreLogic, Inc.		616		30,529
CoStar Group, Inc.†		138		90,638
Morningstar, Inc.		302		46,303
Nielsen Holdings PLC		3,422		47,532
Quanta Services, Inc.		1,698		62,707
				443,346
Commercial Services - Finance — 2.0%
Automatic Data Processing, Inc.		747		109,428
Avalara, Inc.†		320		34,259
Equifax, Inc.		495		76,012
Euronet Worldwide, Inc.†		1,257		119,076
FleetCor Technologies, Inc.†		265		64,604
Global Payments, Inc.		708		127,079
H&R Block, Inc.		3,926		66,742
IHS Markit, Ltd.		1,175		81,615
MarketAxess Holdings, Inc.		276		140,371
Moody’s Corp.		1,025		274,095
PayPal Holdings, Inc.†		2,625		406,901
S&P Global, Inc.		1,193		387,749
Sabre Corp.		33,183		231,286
Square, Inc., Class A†		1,483		120,242
TransUnion		854		73,692

232

VALIC Company I Systematic Core Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Commercial Services - Finance (continued)
WEX, Inc.†		811	$	120,093
				2,433,244
Communications Software — 0.1%
RingCentral, Inc., Class A†#		520		142,610
Computer Aided Design — 0.7%
ANSYS, Inc.†		348		98,484
Aspen Technology, Inc.†		1,122		118,528
Autodesk, Inc.†		1,046		220,058
Cadence Design Systems, Inc.†		2,287		208,780
Synopsys, Inc.†		936		169,332
				815,182
Computer Data Security — 0.2%
Fortinet, Inc.†		1,246		173,443
Zscaler, Inc.†#		1,131		110,940
				284,383
Computer Services — 1.7%
Accenture PLC, Class A		2,757		555,866
Amdocs, Ltd.		2,170		135,104
CACI International, Inc., Class A†		749		187,834
Cognizant Technology Solutions Corp., Class A		3,490		184,970
DXC Technology Co.		16,277		231,296
EPAM Systems, Inc.†		309		71,268
Genpact, Ltd.		2,884		103,680
International Business Machines Corp.		3,227		403,052
Leidos Holdings, Inc.		1,502		158,146
				2,031,216
Computer Software — 0.9%
Akamai Technologies, Inc.†		938		99,240
Bill.com Holdings, Inc.†#		808		56,269
Citrix Systems, Inc.		1,416		209,738
Dropbox, Inc., Class A†		4,797		108,268
Dynatrace, Inc.†		1,551		59,667
MongoDB, Inc.†#		139		32,263
Nutanix, Inc., Class A†		4,707		113,251
Splunk, Inc.†		604		112,247
SS&C Technologies Holdings, Inc.		2,049		118,627
Teradata Corp.†		4,994		106,922
Twilio, Inc., Class A†		231		45,646
				1,062,138
Computers — 4.1%
Apple, Inc.		15,241		4,845,723
Dell Technologies, Inc., Class C†		1,129		56,044
Hewlett Packard Enterprise Co.		3,196		31,033
HP, Inc.		7,748		117,305
				5,050,105
Computers - Integrated Systems — 0.1%
NCR Corp.†		4,556		82,236
Computers - Memory Devices — 0.2%
NetApp, Inc.		2,332		103,867
Pure Storage, Inc., Class A†		5,355		94,302
Western Digital Corp.		648		28,752
				226,921
Consulting Services — 0.2%
Booz Allen Hamilton Holding Corp.		1,469		117,167
Gartner, Inc.†		609		74,115
Verisk Analytics, Inc.		611		105,508
				296,790

Security Description	Shares		Value (Note 2)
Consumer Products - Misc. — 0.4%
Clorox Co.		1,026	$	211,613
Kimberly-Clark Corp.		1,720		243,277
Reynolds Consumer Products, Inc.		1,091		36,428
				491,318
Containers - Metal/Glass — 0.1%
Ball Corp.		1,036		73,825
Crown Holdings, Inc.†		578		37,819
Silgan Holdings, Inc.		991		33,139
				144,783
Containers - Paper/Plastic — 0.2%
Ardagh Group SA		1,758		21,166
Berry Global Group, Inc.†		1,337		60,045
Graphic Packaging Holding Co.		3,125		45,219
Packaging Corp. of America		306		31,031
Sonoco Products Co.		468		24,247
WestRock Co.		2,367		66,418
				248,126
Cosmetics & Toiletries — 1.3%
Colgate-Palmolive Co.		3,918		283,389
Coty, Inc., Class A		16,628		60,360
Estee Lauder Cos., Inc., Class A		1,433		282,974
Procter & Gamble Co.		8,280		959,818
				1,586,541
Cruise Lines — 0.2%
Norwegian Cruise Line Holdings, Ltd.†#		11,839		185,399
Data Processing/Management — 0.8%
Broadridge Financial Solutions, Inc.		458		55,464
DocuSign, Inc.†		1,077		150,500
Fair Isaac Corp.†		391		157,436
Fidelity National Information Services, Inc.		1,660		230,458
Fiserv, Inc.†		2,014		215,035
Jack Henry & Associates, Inc.		682		123,346
Paychex, Inc.		734		53,054
				985,293
Decision Support Software — 0.1%
MSCI, Inc.		242		79,582
Dental Supplies & Equipment — 0.2%
Align Technology, Inc.†		635		155,969
DENTSPLY SIRONA, Inc.		1,920		89,318
				245,287
Diagnostic Equipment — 0.6%
Adaptive Biotechnologies Corp.†		1,419		54,915
Danaher Corp.		1,387		231,088
Thermo Fisher Scientific, Inc.		1,134		395,982
				681,985
Diagnostic Kits — 0.3%
IDEXX Laboratories, Inc.†		807		249,266
QIAGEN NV†		1,608		70,414
				319,680
Dialysis Centers — 0.1%
DaVita, Inc.†		1,962		158,844
Disposable Medical Products — 0.1%
ICU Medical, Inc.†		166		33,137
Teleflex, Inc.		205		74,386
				107,523

233

VALIC Company I Systematic Core Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Distribution/Wholesale — 1.1%
Copart, Inc.†		1,194	$	106,732
Fastenal Co.		4,055		167,309
HD Supply Holdings, Inc.†		3,909		123,954
IAA, Inc.†		857		35,137
KAR Auction Services, Inc.		5,846		83,890
LKQ Corp.†		6,075		166,820
Pool Corp.		731		196,654
Watsco, Inc.		689		122,580
WESCO International, Inc.†		6,677		222,344
WW Grainger, Inc.		536		165,956
				1,391,376
Diversified Banking Institutions — 1.4%
Bank of America Corp.		17,553		423,378
Citigroup, Inc.		4,744		227,285
JPMorgan Chase & Co.		9,938		967,067
Morgan Stanley		1,833		81,019
				1,698,749
Diversified Manufacturing Operations — 0.8%
3M Co.		1,208		188,979
A.O. Smith Corp.		1,890		89,775
Carlisle Cos., Inc.		209		25,051
Eaton Corp. PLC		860		73,014
General Electric Co.		18,413		120,973
Illinois Tool Works, Inc.		1,227		211,608
ITT, Inc.		448		25,850
Parker-Hannifin Corp.		166		29,875
Textron, Inc.		3,291		101,922
Trane Technologies PLC		812		73,251
				940,298
Drug Delivery Systems — 0.3%
Becton Dickinson and Co.		610		150,627
DexCom, Inc.†		431		163,052
				313,679
E-Commerce/Products — 3.4%
Amazon.com, Inc.†		1,547		3,778,346
eBay, Inc.		3,778		172,050
Etsy, Inc.†		463		37,494
Wayfair, Inc., Class A†#		1,105		189,563
				4,177,453
E-Commerce/Services — 0.6%
Booking Holdings, Inc.†		156		255,750
Expedia Group, Inc.		2,040		162,139
GrubHub, Inc.†		522		29,618
Match Group, Inc.†#		1,191		106,047
TripAdvisor, Inc.		6,129		118,167
Uber Technologies, Inc.†		881		31,998
Zillow Group, Inc., Class A†		619		35,877
Zillow Group, Inc., Class C†#		605		35,084
				774,680
E-Services/Consulting — 0.1%
CDW Corp.		1,187		131,650
Electric Products - Misc. — 0.1%
AMETEK, Inc.		697		63,922
Emerson Electric Co.		1,373		83,781
Littelfuse, Inc.		166		26,973
				174,676
Electric - Distribution — 0.2%
CenterPoint Energy, Inc.		1,496		26,599

Security Description	Shares		Value (Note 2)
Electric - Distribution (continued)
Consolidated Edison, Inc.		1,177	$	88,346
Sempra Energy		759		95,869
				210,814
Electric - Integrated — 1.8%
AES Corp.		2,397		29,939
Alliant Energy Corp.		1,297		64,020
Ameren Corp.		937		70,022
American Electric Power Co., Inc.		1,306		111,336
Avangrid, Inc.		615		27,355
CMS Energy Corp.		1,249		73,166
Dominion Energy, Inc.		1,773		150,723
DTE Energy Co.		474		50,988
Duke Energy Corp.		1,703		145,828
Edison International		819		47,592
Entergy Corp.		760		77,383
Evergy, Inc.		1,445		89,142
Eversource Energy		1,002		83,867
Exelon Corp.		2,650		101,521
FirstEnergy Corp.		1,741		73,575
Hawaiian Electric Industries, Inc.		1,280		50,509
IDACORP, Inc.		420		39,157
NextEra Energy, Inc.		1,253		320,217
OGE Energy Corp.		1,111		34,797
PG&E Corp.†		4,515		53,548
Pinnacle West Capital Corp.		415		32,328
PPL Corp.		1,338		37,384
Public Service Enterprise Group, Inc.		1,091		55,685
Southern Co.		2,365		134,971
WEC Energy Group, Inc.		1,047		96,041
Xcel Energy, Inc.		1,671		108,665
				2,159,759
Electronic Components - Misc. — 0.2%
Garmin, Ltd.		826		74,481
Gentex Corp.		2,689		71,097
Hubbell, Inc.		260		31,829
Jabil, Inc.		1,220		36,502
nVent Electric PLC		1,274		23,352
Sensata Technologies Holding PLC†		1,324		47,201
				284,462
Electronic Components - Semiconductors — 3.2%
Advanced Micro Devices, Inc.†		4,384		235,859
Broadcom, Inc.		1,222		355,932
Intel Corp.		18,329		1,153,444
Marvell Technology Group, Ltd.		1,826		59,564
Microchip Technology, Inc.		1,565		150,271
Micron Technology, Inc.†		3,297		157,959
Monolithic Power Systems, Inc.		277		58,101
NVIDIA Corp.		2,047		726,726
ON Semiconductor Corp.†		5,680		93,663
Qorvo, Inc.†		1,614		169,051
Skyworks Solutions, Inc.		1,170		138,692
Texas Instruments, Inc.		3,823		453,943
Xilinx, Inc.		1,257		115,581
				3,868,786
Electronic Connectors — 0.1%
Amphenol Corp., Class A		757		73,096
Electronic Forms — 0.6%
Adobe, Inc.†		1,783		689,308
Electronic Measurement Instruments — 0.4%
Agilent Technologies, Inc.		1,251		110,263
FLIR Systems, Inc.		567		26,195

234

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PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Electronic Measurement Instruments (continued)
Fortive Corp.		463	$	28,234
Keysight Technologies, Inc.†		1,159		125,323
National Instruments Corp.		2,918		112,985
Roper Technologies, Inc.		218		85,848
Trimble, Inc.†		799		31,257
				520,105
Electronic Parts Distribution — 0.4%
Arrow Electronics, Inc.†		2,933		202,612
Avnet, Inc.		3,306		90,055
SYNNEX Corp.		1,811		193,143
				485,810
Electronic Security Devices — 0.1%
Allegion PLC		1,293		128,912
Energy - Alternate Sources — 0.0%
First Solar, Inc.†		579		26,993
Engineering/R&D Services — 0.2%
AECOM†		4,082		158,259
Jacobs Engineering Group, Inc.		664		55,789
				214,048
Enterprise Software/Service — 1.3%
Alteryx, Inc., Class A†#		282		40,591
Atlassian Corp. PLC, Class A†		697		129,154
Black Knight, Inc.†		1,243		95,686
Ceridian HCM Holding, Inc.†		537		36,983
Coupa Software, Inc.†		228		51,872
Guidewire Software, Inc.†		423		43,391
Manhattan Associates, Inc.†		2,039		180,248
New Relic, Inc.†		996		65,886
Oracle Corp.		7,188		386,499
Paycom Software, Inc.†		140		41,612
Pegasystems, Inc.		1,847		175,687
SolarWinds Corp.†		1,617		29,575
Tyler Technologies, Inc.†		294		110,341
Veeva Systems, Inc., Class A†		575		125,850
Workday, Inc., Class A†		695		127,484
				1,640,859
Entertainment Software — 0.4%
Activision Blizzard, Inc.		2,219		159,724
Electronic Arts, Inc.†		1,373		168,714
Take-Two Interactive Software, Inc.†		729		99,268
Zynga, Inc., Class A†		10,320		94,428
				522,134
Filtration/Separation Products — 0.1%
Donaldson Co., Inc.		1,912		90,724
Finance - Auto Loans — 0.2%
Ally Financial, Inc.		5,024		87,619
Credit Acceptance Corp.†#		166		61,390
Santander Consumer USA Holdings, Inc.		5,034		83,212
				232,221
Finance - Consumer Loans — 0.3%
Navient Corp.		11,301		84,080
OneMain Holdings, Inc.		4,886		113,990
Synchrony Financial		7,322		149,149
				347,219
Finance - Credit Card — 2.1%
Alliance Data Systems Corp.		4,996		231,465
American Express Co.		1,567		148,975
Capital One Financial Corp.		872		59,331

Security Description	Shares		Value (Note 2)
Finance - Credit Card (continued)
Discover Financial Services		2,638	$	125,331
Mastercard, Inc., Class A		2,957		889,732
Visa, Inc., Class A		5,238		1,022,667
Western Union Co.		6,278		125,685
				2,603,186
Finance - Investment Banker/Broker — 0.3%
Charles Schwab Corp.		2,022		72,610
Evercore, Inc., Class A		1,259		69,384
Interactive Brokers Group, Inc., Class A		560		23,716
Jefferies Financial Group, Inc.		7,436		108,937
Lazard, Ltd., Class A		3,329		89,417
Virtu Financial, Inc., Class A		1,302		31,053
				395,117
Finance - Other Services — 0.4%
Cboe Global Markets, Inc.		512		54,507
CME Group, Inc.		782		142,793
Intercontinental Exchange, Inc.		1,440		140,040
Nasdaq, Inc.		510		60,415
SEI Investments Co.		1,549		83,987
				481,742
Financial Guarantee Insurance — 0.0%
MGIC Investment Corp.		5,013		41,157
Food - Baking — 0.1%
Flowers Foods, Inc.		6,131		144,630
Food - Catering — 0.0%
Aramark		1,830		47,379
Food - Confectionery — 0.4%
Hershey Co.		1,190		161,459
J.M. Smucker Co.		1,072		122,133
Mondelez International, Inc., Class A		3,445		179,554
				463,146
Food - Flour & Grain — 0.0%
Seaboard Corp.		14		41,160
Food - Meat Products — 0.2%
Hormel Foods Corp.#		1,760		85,941
Tyson Foods, Inc., Class A		1,930		118,579
				204,520
Food - Misc./Diversified — 0.9%
Beyond Meat, Inc.†		220		28,224
Campbell Soup Co.		1,380		70,352
Conagra Brands, Inc.		2,388		83,079
General Mills, Inc.		2,408		151,800
Hain Celestial Group, Inc.†		1,686		53,075
Ingredion, Inc.		1,741		146,645
Kellogg Co.		1,226		80,070
Kraft Heinz Co.		3,231		98,449
Lamb Weston Holdings, Inc.		868		52,132
McCormick & Co., Inc.		375		65,685
Post Holdings, Inc.†		1,268		110,392
TreeHouse Foods, Inc.†		3,137		165,351
				1,105,254
Food - Retail — 0.4%
Kroger Co.		8,611		280,891
Sprouts Farmers Market, Inc.†		7,995		200,914
				481,805
Food - Wholesale/Distribution — 0.3%
Grocery Outlet Holding Corp.†		1,353		49,804

235

VALIC Company I Systematic Core Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Food - Wholesale/Distribution (continued)
Sysco Corp.		2,376	$	131,060
US Foods Holding Corp.†		11,507		220,244
				401,108
Footwear & Related Apparel — 0.1%
Skechers U.S.A., Inc., Class A†		2,414		75,606
Funeral Services & Related Items — 0.1%
Service Corp. International		1,545		60,919
Gambling (Non-Hotel) — 0.2%
International Game Technology PLC		25,673		216,423
Garden Products — 0.1%
Scotts Miracle-Gro Co.		292		41,630
Toro Co.		1,798		127,784
				169,414
Gas - Distribution — 0.2%
Atmos Energy Corp.		487		50,054
National Fuel Gas Co.		825		34,625
NiSource, Inc.		1,838		43,800
UGI Corp.		5,574		177,476
				305,955
Gold Mining — 0.1%
Newmont Corp.		2,112		123,489
Royal Gold, Inc.		192		25,574
				149,063
Hazardous Waste Disposal — 0.0%
Clean Harbors, Inc.†		439		26,072
Home Decoration Products — 0.0%
Newell Brands, Inc.		1,744		22,934
Home Furnishings — 0.1%
Tempur Sealy International, Inc.†		1,634		106,586
Hotels/Motels — 0.2%
Choice Hotels International, Inc.		470		37,990
Extended Stay America, Inc.		2,155		24,783
Hilton Grand Vacations, Inc.†		1,197		25,783
Hilton Worldwide Holdings, Inc.		810		64,241
Hyatt Hotels Corp., Class A		412		22,697
Marriott International, Inc., Class A		271		23,984
Wyndham Destinations, Inc.		978		31,100
				230,578
Human Resources — 0.3%
ManpowerGroup, Inc.		1,878		129,845
Paylocity Holding Corp.†		295		38,351
Robert Half International, Inc.		3,104		157,497
				325,693
Independent Power Producers — 0.5%
NRG Energy, Inc.		6,654		239,877
Vistra Energy Corp.		16,852		344,455
				584,332
Industrial Automated/Robotic — 0.1%
Cognex Corp.		460		26,100
Rockwell Automation, Inc.		442		95,543
				121,643
Industrial Gases — 0.3%
Air Products & Chemicals, Inc.		529		127,833
Linde PLC		1,084		219,336
				347,169

Security Description	Shares		Value (Note 2)
Instruments - Controls — 0.2%
Honeywell International, Inc.		667	$	97,282
Mettler-Toledo International, Inc.†		252		200,340
				297,622
Instruments - Scientific — 0.2%
PerkinElmer, Inc.		557		55,962
Waters Corp.†		750		149,887
				205,849
Insurance Brokers — 0.5%
Aon PLC		1,283		252,687
Arthur J. Gallagher & Co.		1,007		94,940
Brown & Brown, Inc.		2,050		82,410
Marsh & McLennan Cos., Inc.		2,127		225,292
				655,329
Insurance - Life/Health — 0.4%
Aflac, Inc.		627		22,867
Athene Holding, Ltd., Class A†		3,058		88,346
Globe Life, Inc.		293		22,567
Lincoln National Corp.		2,072		78,591
Primerica, Inc.		293		33,296
Principal Financial Group, Inc.		1,834		70,829
Prudential Financial, Inc.		1,546		94,244
Unum Group		4,802		72,750
Voya Financial, Inc.		1,401		63,115
				546,605
Insurance - Multi-line — 0.4%
Allstate Corp.		1,439		140,749
American Financial Group, Inc.		375		22,590
Chubb, Ltd.		971		118,404
Cincinnati Financial Corp.		774		45,627
CNA Financial Corp.		809		24,456
Hartford Financial Services Group, Inc.		953		36,490
Kemper Corp.		335		21,239
Loews Corp.		667		22,171
				431,726
Insurance - Property/Casualty — 1.8%
Alleghany Corp.		42		21,550
American National Insurance Co.		1,274		95,741
Arch Capital Group, Ltd.†		1,799		50,768
Assurant, Inc.		573		58,778
Berkshire Hathaway, Inc., Class B†		7,308		1,356,219
Erie Indemnity Co., Class A		312		56,235
Fidelity National Financial, Inc.		850		27,115
First American Financial Corp.		1,039		52,459
Hanover Insurance Group, Inc.		483		48,469
Markel Corp.†		56		50,255
Mercury General Corp.		646		25,989
Old Republic International Corp.		1,481		23,089
Progressive Corp.		2,650		205,852
Travelers Cos., Inc.		637		68,146
White Mountains Insurance Group, Ltd.		46		42,116
WR Berkley Corp.		767		44,448
				2,227,229
Insurance - Reinsurance — 0.2%
Axis Capital Holdings, Ltd.		907		34,049
Everest Re Group, Ltd.		258		51,190
Reinsurance Group of America, Inc.		492		44,649
RenaissanceRe Holdings, Ltd.		433		72,683
				202,571

236

VALIC Company I Systematic Core Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Internet Application Software — 0.2%
Anaplan, Inc.†		1,790	$	82,197
Okta, Inc.†		406		79,406
Zendesk, Inc.†		859		73,659
				235,262
Internet Brokers — 0.0%
TD Ameritrade Holding Corp.		607		22,623
Internet Content - Entertainment — 2.0%
Facebook, Inc., Class A†		8,910		2,005,552
Netflix, Inc.†		980		411,335
Roku, Inc.†		343		37,562
Twitter, Inc.†		1,525		47,229
				2,501,678
Internet Content - Information/News — 0.1%
Spotify Technology SA†		650		117,604
Internet Infrastructure Software — 0.1%
F5 Networks, Inc.†		960		139,123
Internet Security — 0.3%
FireEye, Inc.†		2,040		25,459
NortonLifeLock, Inc.		8,476		193,083
Palo Alto Networks, Inc.†		299		70,346
Proofpoint, Inc.†		362		42,090
				330,978
Investment Management/Advisor Services — 0.6%
Ameriprise Financial, Inc.		684		95,808
BlackRock, Inc.		218		115,244
Eaton Vance Corp.		1,926		69,432
Franklin Resources, Inc.		1,531		28,890
Invesco, Ltd.		9,692		77,245
Janus Henderson Group PLC		1,487		32,060
LPL Financial Holdings, Inc.		1,679		119,864
Raymond James Financial, Inc.		358		24,802
T. Rowe Price Group, Inc.		1,305		157,774
				721,119
Lasers - System/Components — 0.0%
Coherent, Inc.†		198		28,752
Lighting Products & Systems — 0.1%
Acuity Brands, Inc.		1,365		117,595
Machine Tools & Related Products — 0.1%
Lincoln Electric Holdings, Inc.		1,114		91,537
Machinery - Construction & Mining — 0.1%
Caterpillar, Inc.		759		91,179
Oshkosh Corp.		552		39,644
				130,823
Machinery - Electrical — 0.1%
BWX Technologies, Inc.		996		62,320
Regal Beloit Corp.		1,162		92,425
				154,745
Machinery - Farming — 0.2%
AGCO Corp.		1,729		95,492
Deere & Co.		581		88,382
				183,874
Machinery - General Industrial — 0.3%
Crane Co.		453		25,241
Gates Industrial Corp. PLC†		13,221		132,871
IDEX Corp.		236		37,611
Nordson Corp.		252		47,464

Security Description	Shares		Value (Note 2)
Machinery - General Industrial (continued)
Otis Worldwide Corp.		507	$	26,694
Westinghouse Air Brake Technologies Corp.		956		58,383
				328,264
Machinery - Pumps — 0.2%
Curtiss-Wright Corp.		471		47,241
Dover Corp.		524		50,959
Graco, Inc.		2,034		98,059
Ingersoll Rand, Inc.†		1,605		45,261
Xylem, Inc.		367		24,347
				265,867
Machinery - Thermal Process — 0.1%
GrafTech International, Ltd.#		12,787		87,463
Medical Information Systems — 0.2%
Cerner Corp.		2,816		205,287
Change Healthcare, Inc.†		4,182		52,191
				257,478
Medical Instruments — 0.9%
Bio-Techne Corp.		305		80,764
Boston Scientific Corp.†		3,376		128,254
Bruker Corp.		1,745		75,524
Edwards Lifesciences Corp.†		1,128		253,484
Integra LifeSciences Holdings Corp.†		832		43,356
Intuitive Surgical, Inc.†		336		194,890
Medtronic PLC		3,781		372,731
				1,149,003
Medical Labs & Testing Services — 0.7%
Catalent, Inc.†		1,060		82,394
Charles River Laboratories International, Inc.†		815		146,423
IQVIA Holdings, Inc.†		831		124,251
Laboratory Corp. of America Holdings†		679		119,042
MEDNAX, Inc.†		16,456		255,562
PPD, Inc.†		1,729		47,098
Quest Diagnostics, Inc.		732		86,581
				861,351
Medical Products — 1.6%
Abbott Laboratories		4,750		450,870
ABIOMED, Inc.†		563		126,056
Baxter International, Inc.		1,452		130,695
Cooper Cos., Inc.		302		95,728
Envista Holdings Corp.†		2,579		54,520
Henry Schein, Inc.†		3,403		206,630
Hill-Rom Holdings, Inc.		493		50,123
Hologic, Inc.†		1,053		55,809
Masimo Corp.†		738		177,260
Penumbra, Inc.†		723		124,660
STERIS PLC		520		86,263
Stryker Corp.		956		187,118
Varian Medical Systems, Inc.†		328		39,816
West Pharmaceutical Services, Inc.		480		103,699
Zimmer Biomet Holdings, Inc.		425		53,694
				1,942,941
Medical - Biomedical/Gene — 2.5%
Alexion Pharmaceuticals, Inc.†		1,509		180,929
Alnylam Pharmaceuticals, Inc.†		484		65,471
Amgen, Inc.		2,316		531,985
Bio-Rad Laboratories, Inc., Class A†		183		89,912
Biogen, Inc.†		1,249		383,555
BioMarin Pharmaceutical, Inc.†		778		82,896
Exelixis, Inc.†		5,250		129,727

237

VALIC Company I Systematic Core Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical - Biomedical/Gene (continued)
Gilead Sciences, Inc.		5,848	$	455,150
Guardant Health, Inc.†		292		26,394
Illumina, Inc.†		529		192,053
Incyte Corp.†		1,764		179,769
Ionis Pharmaceuticals, Inc.†		568		31,927
Moderna, Inc.†#		463		28,475
Regeneron Pharmaceuticals, Inc.†		248		151,977
Seattle Genetics, Inc.†		828		130,170
United Therapeutics Corp.†		468		55,201
Vertex Pharmaceuticals, Inc.†		1,123		323,379
				3,038,970
Medical - Drugs — 4.3%
AbbVie, Inc.		6,091		564,453
Alkermes PLC†		5,688		93,056
Bristol-Myers Squibb Co.		7,524		449,333
Eli Lilly & Co.		3,114		476,286
Horizon Therapeutics PLC†		3,945		200,130
Jazz Pharmaceuticals PLC†		1,668		199,026
Johnson & Johnson		9,975		1,483,781
Merck & Co., Inc.		9,860		795,899
Pfizer, Inc.		16,304		622,650
PRA Health Sciences, Inc.†		545		56,408
Zoetis, Inc.		2,039		284,216
				5,225,238
Medical - Generic Drugs — 0.3%
Mylan NV†		17,215		293,860
Perrigo Co. PLC		1,911		104,665
				398,525
Medical - HMO — 1.5%
Anthem, Inc.		947		278,522
Centene Corp.†		1,322		87,582
Humana, Inc.		760		312,094
Molina Healthcare, Inc.†		352		65,409
UnitedHealth Group, Inc.		3,652		1,113,312
				1,856,919
Medical - Hospitals — 0.2%
Acadia Healthcare Co., Inc.†		1,006		28,782
HCA Healthcare, Inc.		668		71,409
Universal Health Services, Inc., Class B		1,002		105,661
				205,852
Medical - Outpatient/Home Medical — 0.1%
Chemed Corp.		323		154,559
Medical - Wholesale Drug Distribution — 0.5%
AmerisourceBergen Corp.		1,622		154,642
Cardinal Health, Inc.		2,386		130,490
McKesson Corp.		1,530		242,765
Premier, Inc., Class A†		1,455		50,619
				578,516
Metal Processors & Fabrication — 0.1%
Timken Co.		2,145		91,248
Metal - Aluminum — 0.1%
Arconic Corp.†		9,916		143,485
Metal - Copper — 0.0%
Southern Copper Corp.		711		25,809
Miscellaneous Manufacturing — 0.0%
AptarGroup, Inc.		331		36,870

Security Description	Shares		Value (Note 2)
Motion Pictures & Services — 0.3%
Lions Gate Entertainment Corp., Class A†		21,731	$	173,196
Lions Gate Entertainment Corp., Class B†		22,961		172,896
				346,092
Multilevel Direct Selling — 0.1%
Nu Skin Enterprises, Inc., Class A		4,711		175,155
Multimedia — 0.4%
FactSet Research Systems, Inc.		511		157,138
Walt Disney Co.		2,624		307,795
				464,933
Networking Products — 0.6%
Arista Networks, Inc.†		192		44,824
Cisco Systems, Inc.		13,557		648,296
				693,120
Non-Hazardous Waste Disposal — 0.2%
Republic Services, Inc.		1,051		89,818
Waste Management, Inc.		1,082		115,504
				205,322
Office Automation & Equipment — 0.1%
Xerox Holdings Corp.		1,263		20,057
Zebra Technologies Corp., Class A†		395		103,221
				123,278
Office Supplies & Forms — 0.0%
Avery Dennison Corp.		446		49,359
Oil & Gas Drilling — 0.1%
Helmerich & Payne, Inc.		1,136		22,868
Patterson-UTI Energy, Inc.		31,971		117,973
				140,841
Oil Companies - Exploration & Production — 0.2%
Cabot Oil & Gas Corp.		1,096		21,745
ConocoPhillips		607		25,603
EOG Resources, Inc.		757		38,584
EQT Corp.		1,995		26,613
Kosmos Energy, Ltd.		70,196		127,757
				240,302
Oil Companies - Integrated — 0.4%
Chevron Corp.		3,132		287,204
Exxon Mobil Corp.		4,785		217,574
				504,778
Oil Field Machinery & Equipment — 0.0%
National Oilwell Varco, Inc.		2,285		28,494
Oil Refining & Marketing — 0.4%
HollyFrontier Corp.		2,841		89,349
Marathon Petroleum Corp.		3,843		135,043
PBF Energy, Inc., Class A		12,246		130,053
Phillips 66		366		28,643
Valero Energy Corp.		1,290		85,966
				469,054
Oil - Field Services — 0.1%
Apergy Corp.†		7,925		71,880
Baker Hughes Co.		2,163		35,711
Halliburton Co.		4,302		50,548
				158,139
Paper & Related Products — 0.1%
Domtar Corp.		3,447		70,319
International Paper Co.		2,498		85,057
				155,376

238

VALIC Company I Systematic Core Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Patient Monitoring Equipment — 0.1%
Insulet Corp.†		598	$	112,765
Pharmacy Services — 0.7%
Cigna Corp.		1,855		366,029
CVS Health Corp.		6,721		440,696
				806,725
Physical Therapy/Rehabilitation Centers — 0.0%
Encompass Health Corp.		758		55,523
Pipelines — 0.1%
Cheniere Energy, Inc.†		533		23,639
Kinder Morgan, Inc.		3,119		49,280
				72,919
Poultry — 0.1%
Pilgrim’s Pride Corp.†		6,855		141,693
Professional Sports — 0.0%
Madison Square Garden Co., Class A†		219		37,368
Protection/Safety — 0.1%
ADT, Inc.#		9,437		66,814
Publishing - Books — 0.1%
John Wiley & Sons, Inc., Class A		2,296		92,299
Publishing - Newspapers — 0.2%
New York Times Co., Class A		4,502		176,614
News Corp., Class A		4,225		51,756
News Corp., Class B		3,963		48,586
				276,956
Radio — 0.2%
Liberty Media Corp. - Liberty SiriusXM, Series A†		3,451		125,961
Liberty Media Corp. - Liberty SiriusXM, Series C†		4,123		150,366
				276,327
Real Estate Investment Trusts — 3.1%
AGNC Investment Corp.		2,078		26,889
Alexandria Real Estate Equities, Inc.		452		69,481
American Homes 4 Rent, Class A		1,910		48,208
American Tower Corp.		846		218,412
Americold Realty Trust		1,227		43,816
Apple Hospitality REIT, Inc.		8,884		90,706
AvalonBay Communities, Inc.		168		26,210
Boston Properties, Inc.		247		21,237
Brandywine Realty Trust		3,607		34,808
Brixmor Property Group, Inc.		5,485		61,213
Camden Property Trust		460		42,122
Chimera Investment Corp.#		8,799		73,120
CoreSite Realty Corp.		306		38,195
Corporate Office Properties Trust		1,691		42,224
Cousins Properties, Inc.		785		24,429
Crown Castle International Corp.		933		160,625
CubeSmart		1,243		35,376
CyrusOne, Inc.		421		31,297
Digital Realty Trust, Inc.		646		92,740
Douglas Emmett, Inc.		743		21,814
Duke Realty Corp.		1,599		55,133
Empire State Realty Trust, Inc., Class A		13,089		86,780
EPR Properties		931		29,392
Equinix, Inc.		211		147,200
Equity Commonwealth		1,890		63,693
Equity LifeStyle Properties, Inc.		959		59,746
Equity Residential		551		33,369
Essex Property Trust, Inc.		189		45,884
Extra Space Storage, Inc.		643		62,210
Federal Realty Investment Trust		313		25,012

Security Description	Shares		Value (Note 2)
Real Estate Investment Trusts (continued)
Gaming and Leisure Properties, Inc.		1,143	$	39,479
Healthcare Trust of America, Inc., Class A		1,926		50,981
Healthpeak Properties, Inc.		1,090		26,858
Highwoods Properties, Inc.		725		27,746
Host Hotels & Resorts, Inc.		8,882		106,051
Invitation Homes, Inc.		1,963		51,627
Iron Mountain, Inc.#		899		23,158
JBG SMITH Properties		687		20,424
Kilroy Realty Corp.		356		20,335
Life Storage, Inc.		475		46,303
Medical Properties Trust, Inc.		2,120		38,330
MFA Financial, Inc.		39,279		66,381
Mid-America Apartment Communities, Inc.		603		70,165
New Residential Investment Corp.		11,289		80,942
Omega Healthcare Investors, Inc.		780		24,289
Outfront Media, Inc.		1,739		24,416
Paramount Group, Inc.		12,401		95,612
Prologis, Inc.		1,538		140,727
Public Storage		429		86,975
Realty Income Corp.		734		40,598
Regency Centers Corp.		617		26,401
Retail Properties of America, Inc., Class A		18,361		99,517
SBA Communications Corp.		326		102,406
Service Properties Trust		33,720		227,610
Simon Property Group, Inc.		413		23,830
SITE Centers Corp.		19,439		110,219
Spirit Realty Capital, Inc.		962		27,350
STORE Capital Corp.		1,403		27,134
Sun Communities, Inc.		498		68,321
Two Harbors Investment Corp.		14,474		65,422
UDR, Inc.		646		23,889
VEREIT, Inc.		4,816		26,392
Vornado Realty Trust		586		21,219
Welltower, Inc.		618		31,314
WP Carey, Inc.		378		22,646
				3,796,408
Real Estate Management/Services — 0.1%
CBRE Group, Inc., Class A†		2,063		90,731
Jones Lang LaSalle, Inc.		885		90,624
				181,355
Recreational Vehicles — 0.0%
Polaris, Inc.		656		57,295
Rental Auto/Equipment — 0.1%
AMERCO		85		27,413
United Rentals, Inc.†		308		42,778
				70,191
Resort/Theme Parks — 0.0%
Vail Resorts, Inc.		157		31,138
Respiratory Products — 0.1%
ResMed, Inc.		875		140,717
Retail - Apparel/Shoe — 0.8%
Burlington Stores, Inc.†		655		137,334
Foot Locker, Inc.		6,981		193,374
Gap, Inc.		8,674		77,199
L Brands, Inc.		6,664		107,890
Lululemon Athletica, Inc.†		964		289,291
Ross Stores, Inc.		1,843		178,697
Urban Outfitters, Inc.†		2,714		45,975
				1,029,760

239

VALIC Company I Systematic Core Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail - Auto Parts — 0.4%
Advance Auto Parts, Inc.		711	$	99,057
AutoZone, Inc.†		168		192,840
Genuine Parts Co.		1,012		84,411
O’Reilly Automotive, Inc.†		357		148,955
				525,263
Retail - Automobile — 0.3%
AutoNation, Inc.†		4,845		191,281
CarMax, Inc.†		666		58,641
Carvana Co.†#		250		23,245
Penske Automotive Group, Inc.		2,594		92,761
				365,928
Retail - Building Products — 1.1%
Home Depot, Inc.		4,043		1,004,605
Lowe’s Cos., Inc.		3,036		395,742
				1,400,347
Retail - Catalog Shopping — 0.3%
MSC Industrial Direct Co., Inc., Class A		2,111		146,377
Qurate Retail, Inc.†		21,180		174,417
				320,794
Retail - Consumer Electronics — 0.1%
Best Buy Co., Inc.		2,267		177,030
Retail - Convenience Store — 0.1%
Casey’s General Stores, Inc.		863		137,847
Retail - Discount — 1.7%
Costco Wholesale Corp.		1,827		563,575
Dollar General Corp.		1,135		217,364
Dollar Tree, Inc.†		1,234		120,771
Ollie’s Bargain Outlet Holdings, Inc.†		366		33,471
Target Corp.		2,726		333,471
Walmart, Inc.		6,096		756,270
				2,024,922
Retail - Drug Store — 0.2%
Walgreens Boots Alliance, Inc.		6,332		271,896
Retail - Floor Coverings — 0.0%
Floor & Decor Holdings, Inc., Class A†		1,007		52,364
Retail - Gardening Products — 0.1%
Tractor Supply Co.		1,226		149,597
Retail - Home Furnishings — 0.1%
Williams-Sonoma, Inc.		1,545		128,559
Retail - Major Department Stores — 0.3%
Nordstrom, Inc.#		5,194		83,779
TJX Cos., Inc.		5,379		283,796
				367,575
Retail - Perfume & Cosmetics — 0.1%
Ulta Beauty, Inc.†		467		113,953
Retail - Regional Department Stores — 0.5%
Kohl’s Corp.		13,984		268,772
Macy’s, Inc.#		46,147		293,495
				562,267
Retail - Restaurants — 0.8%
Chipotle Mexican Grill, Inc.†		66		66,258
Domino’s Pizza, Inc.		497		191,763
McDonald’s Corp.		1,736		323,452
Starbucks Corp.		1,968		153,484
Wendy’s Co.		1,205		25,618
Yum China Holdings, Inc.		1,553		71,966

Security Description	Shares		Value (Note 2)
Retail - Restaurants (continued)
Yum! Brands, Inc.		1,643	$	147,426
				979,967
Retail - Sporting Goods — 0.0%
Dick’s Sporting Goods, Inc.		1,206		43,488
Rubber - Tires — 0.1%
Goodyear Tire & Rubber Co.		12,603		95,909
Satellite Telecom — 0.1%
EchoStar Corp., Class A†		2,393		74,566
Savings & Loans/Thrifts — 0.1%
New York Community Bancorp, Inc.		3,854		38,733
Sterling Bancorp		2,567		31,574
TFS Financial Corp.		4,288		66,078
				136,385
Schools — 0.2%
2U, Inc.†		2,278		83,079
Bright Horizons Family Solutions, Inc.†		231		25,844
Graham Holdings Co., Class B		132		47,287
Grand Canyon Education, Inc.†		304		29,667
				185,877
Semiconductor Components - Integrated Circuits — 0.5%
Analog Devices, Inc.		1,055		119,162
Maxim Integrated Products, Inc.		2,074		119,628
QUALCOMM, Inc.		4,947		400,114
				638,904
Semiconductor Equipment — 0.6%
Applied Materials, Inc.		4,778		268,428
Entegris, Inc.		1,085		64,970
KLA Corp.		565		99,417
Lam Research Corp.		533		145,866
MKS Instruments, Inc.		403		42,569
Teradyne, Inc.		2,250		150,795
				772,045
Shipbuilding — 0.0%
Huntington Ingalls Industries, Inc.		156		31,183
Soap & Cleaning Preparation — 0.0%
Church & Dwight Co., Inc.		747		56,077
Software Tools — 0.1%
VMware, Inc., Class A†#		494		77,197
Steel Pipe & Tube — 0.0%
Valmont Industries, Inc.		334		38,076
Steel - Producers — 0.2%
Nucor Corp.		1,724		72,856
Reliance Steel & Aluminum Co.		1,694		164,318
Steel Dynamics, Inc.		2,498		66,347
				303,521
Telecom Equipment - Fiber Optics — 0.1%
Ciena Corp.†		1,415		78,193
Corning, Inc.		1,471		33,524
				111,717
Telecom Services — 0.1%
Switch, Inc., Class A		3,825		73,096
Telecommunication Equipment — 0.1%
CommScope Holding Co., Inc.†		8,178		84,315
Juniper Networks, Inc.		2,135		51,795
				136,110

240

VALIC Company I Systematic Core Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Telephone - Integrated — 1.4%
AT&T, Inc.		22,281	$	687,592
CenturyLink, Inc.		18,113		178,051
GCI Liberty, Inc., Class A†		1,081		74,794
Telephone & Data Systems, Inc.		1,154		23,646
Verizon Communications, Inc.		13,293		762,752
				1,726,835
Television — 0.3%
AMC Networks, Inc., Class A†		6,225		175,981
Nexstar Media Group, Inc., Class A		374		31,158
ViacomCBS, Inc., Class A#		1,916		46,999
ViacomCBS, Inc., Class B		2,692		55,832
World Wrestling Entertainment, Inc., Class A		562		26,004
				335,974
Textile - Home Furnishings — 0.0%
Mohawk Industries, Inc.†		622		57,970
Theaters — 0.1%
Cinemark Holdings, Inc.		4,869		73,181
Therapeutics — 0.1%
Neurocrine Biosciences, Inc.†		680		84,837
Tobacco — 0.4%
Altria Group, Inc.		2,059		80,404
Philip Morris International, Inc.		5,784		424,314
				504,718
Tools - Hand Held — 0.0%
Snap-on, Inc.		437		56,675
Toys — 0.0%
Mattel, Inc.†		5,097		46,943
Transport - Rail — 0.3%
CSX Corp.		633		45,310
Kansas City Southern		397		59,757
Norfolk Southern Corp.		217		38,689
Union Pacific Corp.		1,084		184,128
				327,884
Transport - Services — 0.3%
C.H. Robinson Worldwide, Inc.		1,817		147,413
Expeditors International of Washington, Inc.		556		42,462
FedEx Corp.		182		23,762
United Parcel Service, Inc., Class B		1,144		114,068
				327,705
Transport - Truck — 0.3%
JB Hunt Transport Services, Inc.		406		48,586
Knight-Swift Transportation Holdings, Inc.		1,244		51,763
Landstar System, Inc.		1,184		137,652
Old Dominion Freight Line, Inc.		492		84,176
Schneider National, Inc., Class B		1,351		32,653
XPO Logistics, Inc.†		343		27,032
				381,862
Veterinary Diagnostics — 0.0%
Elanco Animal Health, Inc.†		1,170		25,050
Vitamins & Nutrition Products — 0.2%
Herbalife Nutrition, Ltd.†		4,215		184,786
Water — 0.1%
American Water Works Co., Inc.		633		80,391
Essential Utilities, Inc.		1,100		48,136
				128,527

Security Description	Shares/ Principal Amount			Value (Note 2)
Water Treatment Systems — 0.0%
Pentair PLC		718		$	28,103
Web Hosting/Design — 0.2%
GoDaddy, Inc., Class A†		663			51,217
VeriSign, Inc.†		873			191,195
					242,412
Web Portals/ISP — 2.5%
Alphabet, Inc., Class A†		1,080			1,548,202
Alphabet, Inc., Class C†		1,081			1,544,662
					3,092,864
Wireless Equipment — 0.2%
Motorola Solutions, Inc.		949			128,428
Ubiquiti Networks, Inc.		729			134,435
					262,863
Total Common Stocks
(cost $102,564,200)					122,163,598
EXCHANGE-TRADED FUNDS — 0.4%
Vanguard Russell 1000 Index Fund ETF
(cost $453,495)		3,520			491,287
Total Long-Term Investment Securities
(cost $103,017,695)					122,654,885
SHORT-TERM INVESTMENT SECURITIES — 0.6%
Registered Investment Companies — 0.6%
State Street Navigator Securities Lending Government Money Market Portfolio 0.13%(1)(2) (cost $732,330)	$	732,330			732,330
TOTAL INVESTMENTS
(cost $103,750,025)(3)		100.6	%		123,387,215
Liabilities in excess of other assets		(0.6	)		(747,984	)
NET ASSETS		100.0	%	$	122,639,231

† Non-income producing security

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

(1) The rate shown is the 7-day yield as of May 31, 2020.

(2) At May 31, 2020, the Fund had loaned securities with a total value of $2,065,370. This was secured by collateral of $732,330, which was received in cash and subsequently invested in short-term investments currently valued at $732,330 as reported in the Portfolio of Investments. Additional collateral of $1,386,122 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2020
Federal Home Loan Mtg. Corp.	2.50% to 3.50%	12/01/2047 to 03/01/2050	$	164,437
Federal National Mtg. Assoc.	1.85% to 4.00%	01/25/2030 to 03/01/2050		287,625
Government National Mtg. Assoc.	2.50%	9/20/2046		21,487
United States Treasury Bills	0.00%	06/18/2020 to 07/23/2020		25,499
United States Treasury Notes/Bonds	0.13% to 8.75%	07/15/2020 to 05/15/2048		887,074

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

ETF—Exchange Traded Fund

241

VALIC Company I Systematic Core Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2020 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	122,654,885	$	—	$	—	$	122,654,885
Registered Investment Companies		732,330		—		—		732,330
Total Investments at Value	$	123,387,215	$	—	$	—	$	123,387,215

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

See Notes to Financial Statements

242

VALIC Company I Systematic Value Fund

PORTFOLIO PROFILE — May 31, 2020

Industry Allocation*

Medical — Drugs	8.5	%
Medical — Biomedical/Gene	6.9
Finance — Other Services	5.2
Multimedia	4.8
Medical — HMO	4.6
Electronic Components — Semiconductors	4.4
Data Processing/Management	4.4
Insurance Brokers	4.0
Broadcast Services/Program	3.3
Investment Management/Advisor Services	3.2
Pharmacy Services	2.9
Oil Companies — Integrated	2.7
Food — Misc./Diversified	2.5
Aerospace/Defense — Equipment	2.3
Beverages — Non-alcoholic	2.2
Insurance — Life/Health	2.1
Cosmetics & Toiletries	2.0
Food — Meat Products	1.9
Medical — Wholesale Drug Distribution	1.7
Insurance — Property/Casualty	1.6
Entertainment Software	1.6
Electronic Measurement Instruments	1.5
Tobacco	1.5
Advertising Agencies	1.4
Internet Brokers	1.3
Real Estate Investment Trusts	1.3
Oil Companies — Exploration & Production	1.3
Repurchase Agreements	1.2
Commercial Services — Finance	1.2
Beverages — Wine/Spirits	1.1
Machinery — General Industrial	1.1
Retail — Discount	1.1
Toys	1.0
Transport — Services	1.0
Finance — Credit Card	1.0
Consumer Products — Misc.	0.9
Television	0.9
Computer Services	0.9
Real Estate Management/Services	0.8
Food — Confectionery	0.7
Retail — Restaurants	0.7
Electronic Components — Misc.	0.7
Medical Labs & Testing Services	0.6
Registered Investment Companies	0.6
Insurance — Multi-line	0.5
Electric Products — Misc.	0.5
Building — Residential/Commercial	0.3
Industrial Automated/Robotic	0.3
Finance — Consumer Loans	0.3
Shipbuilding	0.3
Building Products — Air & Heating	0.3
Finance — Auto Loans	0.3
Tools — Hand Held	0.3
Electric — Distribution	0.2
Distribution/Wholesale	0.2
Motorcycle/Motor Scooter	0.2
Medical Products	0.2
	100.5	%

* Calculated as a percentage of net assets

243

VALIC Company I Systematic Value Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.7%
Advertising Agencies — 1.4%
Omnicom Group, Inc.		11,330	$	620,771
Aerospace/Defense - Equipment — 2.3%
L3Harris Technologies, Inc.		5,052		1,007,621
Beverages - Non-alcoholic — 2.2%
Coca-Cola Co.		10,355		483,372
PepsiCo, Inc.		3,637		478,447
				961,819
Beverages - Wine/Spirits — 1.1%
Brown-Forman Corp., Class B		7,619		502,321
Broadcast Services/Program — 3.3%
Discovery, Inc., Class A†#		12,436		270,483
Discovery, Inc., Class C†		19,648		384,904
Fox Corp., Class A		16,360		477,221
Fox Corp., Class B		11,492		330,740
				1,463,348
Building Products - Air & Heating — 0.3%
Johnson Controls International PLC		4,054		127,336
Building - Residential/Commercial — 0.3%
D.R. Horton, Inc.		2,721		150,471
Commercial Services - Finance — 1.2%
Equifax, Inc.		3,452		530,089
Computer Services — 0.9%
International Business Machines Corp.		3,057		381,819
Consumer Products - Misc. — 0.9%
Clorox Co.		746		153,862
Kimberly-Clark Corp.		1,788		252,895
				406,757
Cosmetics & Toiletries — 2.0%
Colgate-Palmolive Co.		3,797		274,637
Procter & Gamble Co.		5,197		602,436
				877,073
Data Processing/Management — 4.4%
Fidelity National Information Services, Inc.		10,179		1,413,151
Paychex, Inc.		7,234		522,873
				1,936,024
Distribution/Wholesale — 0.2%
HD Supply Holdings, Inc.†		2,535		80,385
Electric Products - Misc. — 0.5%
Emerson Electric Co.		3,751		228,886
Electric - Distribution — 0.2%
CenterPoint Energy, Inc.		6,206		110,343
Electronic Components - Misc. — 0.7%
Garmin, Ltd.		3,275		295,307
Electronic Components - Semiconductors — 4.4%
Intel Corp.		11,943		751,573
Microchip Technology, Inc.		7,446		714,965
Micron Technology, Inc.†		6,786		325,117
Skyworks Solutions, Inc.		1,423		168,683
				1,960,338
Electronic Measurement Instruments — 1.5%
FLIR Systems, Inc.		1,753		80,989
Roper Technologies, Inc.		1,484		584,399
				665,388

Security Description	Shares		Value (Note 2)
Entertainment Software — 1.6%
Activision Blizzard, Inc.		9,548		687,265
Finance - Auto Loans — 0.3%
Ally Financial, Inc.		6,900		120,336
Finance - Consumer Loans — 0.3%
Synchrony Financial		6,485		132,099
Finance - Credit Card — 1.0%
Western Union Co.		21,477		429,970
Finance - Other Services — 5.2%
Cboe Global Markets, Inc.		6,437		685,283
CME Group, Inc.		8,779		1,603,045
				2,288,328
Food - Confectionery — 0.7%
Mondelez International, Inc., Class A		5,889		306,935
Food - Meat Products — 1.9%
Tyson Foods, Inc., Class A		13,559		833,065
Food - Misc./Diversified — 2.5%
Campbell Soup Co.		2,105		107,313
Conagra Brands, Inc.		17,993		625,976
General Mills, Inc.		3,639		229,403
Kellogg Co.		2,263		147,796
				1,110,488
Industrial Automated/Robotic — 0.3%
Rockwell Automation, Inc.		641		138,559
Insurance Brokers — 4.0%
Arthur J. Gallagher & Co.		6,677		629,507
Brown & Brown, Inc.		9,388		377,398
Marsh & McLennan Cos., Inc.		7,349		778,406
				1,785,311
Insurance - Life/Health — 2.1%
Aflac, Inc.		4,932		179,870
Athene Holding, Ltd., Class A†		2,627		75,894
Equitable Holdings, Inc.		6,684		127,731
Globe Life, Inc.		1,322		101,820
Lincoln National Corp.		3,535		134,083
Prudential Financial, Inc.		3,645		222,199
Unum Group		5,099		77,250
				918,847
Insurance - Multi-line — 0.5%
MetLife, Inc.		6,376		229,600
Insurance - Property/Casualty — 1.6%
Berkshire Hathaway, Inc., Class B†		3,836		711,885
Internet Brokers — 1.3%
TD Ameritrade Holding Corp.		16,006		596,544
Investment Management/Advisor Services — 3.2%
Eaton Vance Corp.		10,066		362,879
Franklin Resources, Inc.		10,279		193,965
Invesco, Ltd.		9,774		77,899
T. Rowe Price Group, Inc.		6,562		793,346
				1,428,089
Machinery - General Industrial — 1.1%
Westinghouse Air Brake Technologies Corp.		8,012		489,293
Medical Labs & Testing Services — 0.6%
Laboratory Corp. of America Holdings†		644		112,906
Quest Diagnostics, Inc.		1,381		163,345
				276,251

244

VALIC Company I Systematic Value Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares		Value (Note 2)
Medical Products — 0.2%
Varian Medical Systems, Inc.†		606	$	73,562
Medical - Biomedical/Gene — 6.9%
Alexion Pharmaceuticals, Inc.†		6,464		775,034
Biogen, Inc.†		1,046		321,216
Gilead Sciences, Inc.		25,312		1,970,033
				3,066,283
Medical - Drugs — 8.5%
Bristol-Myers Squibb Co.		38,509		2,299,758
Jazz Pharmaceuticals PLC†		3,542		422,631
Merck & Co., Inc.		6,278		506,760
Pfizer, Inc.		14,274		545,124
				3,774,273
Medical - HMO — 4.6%
Anthem, Inc.		4,990		1,467,609
Centene Corp.†		8,566		567,497
				2,035,106
Medical - Wholesale Drug Distribution — 1.7%
AmerisourceBergen Corp.		7,910		754,139
Motorcycle/Motor Scooter — 0.2%
Harley-Davidson, Inc.#		3,704		79,043
Multimedia — 4.8%
Walt Disney Co.		18,258		2,141,663
Oil Companies - Exploration & Production — 1.3%
Concho Resources, Inc.		2,586		140,989
Devon Energy Corp.		7,699		83,226
EOG Resources, Inc.		4,759		242,566
Marathon Oil Corp.		16,849		89,974
				556,755
Oil Companies - Integrated — 2.7%
Chevron Corp.		6,201		568,632
Exxon Mobil Corp.		13,561		616,618
				1,185,250
Pharmacy Services — 2.9%
Cigna Corp.		6,589		1,300,142
Real Estate Investment Trusts — 1.3%
Camden Property Trust		1,205		110,342
Public Storage		1,009		204,565
VEREIT, Inc.		19,419		106,416
VICI Properties, Inc.		7,157		140,420
				561,743
Real Estate Management/Services — 0.8%
Jones Lang LaSalle, Inc.		3,303		338,227
Retail - Discount — 1.1%
Walmart, Inc.		3,817		473,537
Retail - Restaurants — 0.7%
McDonald’s Corp.		1,625		302,770
Shipbuilding — 0.3%
Huntington Ingalls Industries, Inc.		657		131,328
Television — 0.9%
ViacomCBS, Inc., Class B		18,765		389,186
Tobacco — 1.5%
Altria Group, Inc.		7,543		294,554
Philip Morris International, Inc.		5,036		369,441
				663,995

Security Description	Shares/ Principal Amount			Value (Note 2)
Tools - Hand Held — 0.3%
Snap-on, Inc.		885		$	114,776
Toys — 1.0%
Hasbro, Inc.		6,339			465,980
Transport - Services — 1.0%
C.H. Robinson Worldwide, Inc.		1,544			125,265
Expeditors International of Washington, Inc.		4,224			322,587
					447,852
Total Long-Term Investment Securities
(cost $43,654,840)					43,644,571
SHORT-TERM INVESTMENT SECURITIES — 0.6%
Registered Investment Companies — 0.6%
State Street Navigator Securities Lending Government Money Market Portfolio 0.13%(1)(2) (cost $253,485)		253,485			253,485
REPURCHASE AGREEMENTS — 1.2%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00%, dated 05/29/2020, to be repurchased 06/01/2020 in the amount of $557,000 and collateralized by $525,000 of United States Treasury Notes, bearing interest at 2.38%, due 02/29/2024 and having an approximate value of $569,245 (cost $557,000)	$	557,000			557,000
TOTAL INVESTMENTS
(cost $44,465,325)(3)		100.5	%		44,455,056
Liabilities in excess of other assets		(0.5	)		(222,126	)
NET ASSETS		100.0	%	$	44,232,930

† Non-income producing security

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

(1) The rate shown is the 7-day yield as of May 31, 2020.

(2) At May 31, 2020, the Fund had loaned securities with a total value of $333,105. This was secured by collateral of $253,485, which was received in cash and subsequently invested in short-term investments currently valued at $253,485 as reported in the Portfolio of Investments. Additional collateral of $97,982 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities. The components of the fixed income pooled securities referenced above are as follows:

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2020
United States Treasury Notes/Bonds	0.13% to 6.25%	06/15/2020 to 11/15/2049	$97,982

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

245

VALIC Company I Systematic Value Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2020 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	43,644,571	$	—	$	—	$	43,644,571
Short-Term Investment Securities		253,485		—		—		253,485
Repurchase Agreements		—		557,000		—		557,000
Total Investments at Value	$	43,898,056	$	557,000	$	—	$	44,455,056

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

See Notes to Financial Statements

246

VALIC Company I Value Fund

PORTFOLIO PROFILE — May 31, 2020 (unaudited)

Industry Allocation*

Medical — Drugs	8.9	%
Diversified Banking Institutions	6.4
Electric — Integrated	5.7
Medical — HMO	5.1
Electronic Components — Semiconductors	5.0
Real Estate Investment Trusts	4.5
Aerospace/Defense	4.0
Insurance — Property/Casualty	3.8
Chemicals — Diversified	3.1
Insurance — Multi-line	3.1
Banks — Commercial	2.6
Medical Instruments	2.5
Electronic Components — Misc.	2.2
Cable/Satellite TV	2.1
Retail — Building Products	2.0
Retail — Restaurants	2.0
Repurchase Agreements	1.9
Investment Management/Advisor Services	1.9
Networking Products	1.7
Banks — Super Regional	1.6
Building — Residential/Commercial	1.6
Oil Companies — Exploration & Production	1.5
Telecom Equipment — Fiber Optics	1.5
Semiconductor Components — Integrated Circuits	1.4
Food — Wholesale/Distribution	1.4
Transport — Rail	1.4
Machinery — Farming	1.4
Aerospace/Defense — Equipment	1.3
Electric — Distribution	1.3
Food — Confectionery	1.3
Drug Delivery Systems	1.3
Computer Services	1.3
Private Equity	1.3
Containers — Paper/Plastic	1.2
Retail — Major Department Stores	1.2
Medical Products	1.2
Apparel Manufacturers	1.1
Diversified Manufacturing Operations	1.1
Building & Construction Products — Misc.	1.0
Transport — Truck	1.0
Beverages — Non-alcoholic	1.0
Semiconductor Equipment	1.0
E-Commerce/Services	1.0
Medical — Biomedical/Gene	0.8
	99.7	%

* Calculated as a percentage of net assets

247

VALIC Company I Value Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 97.8%
Aerospace/Defense — 4.0%
General Dynamics Corp.		10,100	$	1,482,983
Lockheed Martin Corp.		3,074		1,194,064
Raytheon Technologies Corp.		28,334		1,828,110
				4,505,157
Aerospace/Defense - Equipment — 1.3%
L3Harris Technologies, Inc.		7,657		1,527,189
Apparel Manufacturers — 1.1%
VF Corp.		22,800		1,279,080
Banks - Commercial — 2.6%
M&T Bank Corp.		10,502		1,109,641
Truist Financial Corp.		49,407		1,817,190
				2,926,831
Banks - Super Regional — 1.6%
PNC Financial Services Group, Inc.		16,282		1,856,799
Beverages - Non-alcoholic — 1.0%
Keurig Dr Pepper, Inc.#		40,000		1,116,800
Building & Construction Products - Misc. — 1.0%
Fortune Brands Home & Security, Inc.		19,422		1,183,965
Building - Residential/Commercial — 1.6%
Lennar Corp., Class A		30,379		1,836,714
Cable/Satellite TV — 2.1%
Comcast Corp., Class A		60,573		2,398,691
Chemicals - Diversified — 3.1%
Celanese Corp.		20,593		1,851,517
FMC Corp.		16,727		1,646,104
				3,497,621
Computer Services — 1.3%
Amdocs, Ltd.		23,754		1,478,924
Containers - Paper/Plastic — 1.2%
Sealed Air Corp.		42,447		1,362,549
Diversified Banking Institutions — 6.4%
Bank of America Corp.		132,384		3,193,102
JPMorgan Chase & Co.		41,629		4,050,918
				7,244,020
Diversified Manufacturing Operations — 1.1%
Trane Technologies PLC		13,465		1,214,678
Drug Delivery Systems — 1.3%
Becton Dickinson and Co.		6,100		1,506,273
E-Commerce/Services — 1.0%
Booking Holdings, Inc.†		670		1,098,411
Electric - Distribution — 1.3%
Sempra Energy		12,021		1,518,373
Electric - Integrated — 5.7%
Dominion Energy, Inc.		23,221		1,974,017
Entergy Corp.		13,666		1,391,472
Exelon Corp.		42,545		1,629,899
FirstEnergy Corp.		33,200		1,403,032
				6,398,420
Electronic Components - Misc. — 2.2%
Gentex Corp.		48,081		1,271,262
nVent Electric PLC		68,073		1,247,778
				2,519,040
Electronic Components - Semiconductors — 5.0%
Intel Corp.		64,685		4,070,627

Security Description	Shares		Value (Note 2)
Electronic Components - Semiconductors (continued)
Micron Technology, Inc.†		34,068	$	1,632,198
				5,702,825
Food - Confectionery — 1.3%
Mondelez International, Inc., Class A		29,084		1,515,858
Food - Wholesale/Distribution — 1.4%
Sysco Corp.		27,800		1,533,448
Insurance - Multi-line — 3.1%
Chubb, Ltd.		16,052		1,957,381
MetLife, Inc.		42,545		1,532,045
				3,489,426
Insurance - Property/Casualty — 3.8%
Assurant, Inc.		12,765		1,309,434
Intact Financial Corp.		11,262		1,075,119
Progressive Corp.		24,190		1,879,079
				4,263,632
Investment Management/Advisor Services — 1.9%
BlackRock, Inc.		4,016		2,123,018
Machinery - Farming — 1.4%
Deere & Co.		10,056		1,529,719
Medical Instruments — 2.5%
Medtronic PLC		28,741		2,833,288
Medical Products — 1.2%
Zimmer Biomet Holdings, Inc.		10,425		1,317,095
Medical - Biomedical/Gene — 0.8%
Biogen, Inc.†		2,838		871,521
Medical - Drugs — 8.9%
AstraZeneca PLC ADR		34,102		1,861,969
Eli Lilly & Co.		7,935		1,213,658
Merck & Co., Inc.		17,617		1,422,044
Pfizer, Inc.		101,700		3,883,923
Roche Holding AG		4,902		1,701,602
				10,083,196
Medical - HMO — 5.1%
Anthem, Inc.		8,428		2,478,759
Centene Corp.†		19,781		1,310,491
UnitedHealth Group, Inc.		6,322		1,927,262
				5,716,512
Networking Products — 1.7%
Cisco Systems, Inc.		39,601		1,893,720
Oil Companies - Exploration & Production — 1.5%
Concho Resources, Inc.		13,594		741,145
Pioneer Natural Resources Co.		10,721		982,043
				1,723,188
Private Equity — 1.3%
Blackstone Group, Inc., Class A		25,775		1,464,020
Real Estate Investment Trusts — 4.5%
Crown Castle International Corp.		6,838		1,177,230
Gaming and Leisure Properties, Inc.		48,352		1,670,078
Highwoods Properties, Inc.		29,133		1,114,920
Host Hotels & Resorts, Inc.		91,794		1,096,020
				5,058,248
Retail - Building Products — 2.0%
Home Depot, Inc.		9,292		2,308,876

248

VALIC Company I Value Fund

PORTFOLIO OF INVESTMENTS — May 31, 2020 — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
COMMON STOCKS (continued)
Retail - Major Department Stores — 1.2%
TJX Cos., Inc.		25,394		$	1,339,787
Retail - Restaurants — 2.0%
McDonald’s Corp.		11,900			2,217,208
Semiconductor Components - Integrated Circuits — 1.4%
Analog Devices, Inc.		14,046			1,586,496
Semiconductor Equipment — 1.0%
KLA Corp.		6,294			1,107,492
Telecom Equipment - Fiber Optics — 1.5%
Corning, Inc.		73,456			1,674,062
Transport - Rail — 1.4%
Union Pacific Corp.		9,017			1,531,628
Transport - Truck — 1.0%
Knight-Swift Transportation Holdings, Inc.#		27,247			1,133,748
Total Long-Term Investment Securities
(cost $98,697,211)					110,487,546
REPURCHASE AGREEMENTS — 1.9%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00%, dated 05/29/2020, to be repurchased 06/01/2020 in the amount of $2,174,000 and collateralized by $2,050,000 of United States Treasury Notes, bearing interest at 2.38% due 02/29/2024 and having an approximate value of $2,222,768 (cost $2,174,000)	$	2,174,000			2,174,000
TOTAL INVESTMENTS
(cost $100,871,211)(1)		99.7	%		112,661,546
Other assets less liabilities		0.3			308,216
NET ASSETS		100.0	%	$	112,969,762

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

† Non-income producing security

At May 31, 2020, the Fund had loaned securities with a total value of $1,141,238. This was secured by collateral of $1,166,630 received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2020
United States Treasury Bills	0.00%	06/18/2020 to 07/23/2020	$	54,526
United States Treasury Notes/Bonds	0.13% to 6.50%	07/15/2020 to 05/15/2048		1,112,104

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

ADR—American Depositary Receipt

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2020 (see Note 2):

	Level 1 - Unadjusted Quoted  Prices		Level 2 - Other Observable Inputs			Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	108,785,945	$	1,701,601	**	$	—	$	110,487,546
Repurchase Agreements		—		2,174,000			—		2,174,000
Total Investments at Value	$	108,785,945	$	3,875,601		$	—	$	112,661,546

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

** Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 2).

See Notes to Financial Statements

249

VALIC Company I

STATEMENTS OF ASSETS AND LIABILITIES — May 31, 2020

	ASSET ALLOCATION FUND			BLUE CHIP GROWTH FUND		CAPITAL CONSERVATION FUND		CORE EQUITY FUND		DIVIDEND VALUE FUND			DYNAMIC ALLOCATION FUND		EMERGING ECONOMIES FUND
ASSETS:
Investment securities, at value (unaffiliated)*†	$	121,720,166		$	831,649,125	$	280,217,755	$	218,862,869	$	957,196,410		$	39,486,842	$	690,260,510
Investment securities, at value (affiliated)*†		–			–		–		–		–			152,814,870		–
Repurchase agreements (cost approximates value)		–			–		–		3,725,000		5,382,000			–		–
Cash		936,121			614		–		96,487		46,396,529			–		16,634,839
Foreign cash*		10,463,360			60,314		–		–		56,264			–		548,263
Cash collateral for futures contracts		340,000			–		–		–		–			–		–
Due from broker		808,342			–		–		–		–			–		–
Receivable for:
Fund shares sold		25,914			39,570		124,019		59,319		218,310			3,565		353,206
Dividends and interest		495,831			295,064		1,196,335		510,155		3,700,235			85,709		1,438,218
Investments sold		1,325,157			607,503		394,716		1,063,617		287,532			21,231		–
Investments sold on an extended settlement basis		–			–		430,784		–		–			2,048,902		–
Securites lending income		2,670			921		433		342		9,179			–		3,095
Prepaid expenses and other assets		32,365			25,585		19,505		26,242		27,140			585,106		25,955
Due from investment adviser for expense reimbursements/fee waivers		–			–		–		32,723		92,860			11,558		–
Variation margin on futures contracts		88,000			–		–		–		–			–		–
Unrealized appreciation on forward foreign currency contracts		184,871			–		–		–		–			–		–
TOTAL ASSETS		136,422,797			832,678,696		282,383,547		224,376,754		1,013,366,459			195,057,783		709,264,086
LIABILITIES:
Payable for:
Fund shares reacquired		7,588			836,669		124,462		8,082		217,197			27,835		611
Investments purchased		5,854,844			72,403		298,200		1,057,244		317,276			1,336		259,729
Investments purchased on an extended settlement basis		681,912			–		3,141,156		–		–			2,179,934		–
Accrued foreign tax on capital gains		–			–		–		–		–			–		32,293
Investment advisory and management fees		53,310			495,640		113,887		145,434		592,861			39,647		427,993
Administrative service fee		7,115			45,734		15,318		12,131		56,332			2,233		37,240
Transfer agent fees and expenses		482			1,125		1,125		482		1,129			322		1,607
Directors’ fees and expenses		8,096			17,504		7,429		18,411		18,166			3,340		18,181
Other accrued expenses		85,593			124,294		82,534		69,429		146,632			65,309		216,800
Variation margin on futures contracts		212,518			–		–		–		–			21,979		–
Collateral upon return of securities loaned		337,214			79,225		1,320,590		–		–			–		6,798,425
Due to custodian		–			–		1,818		–		–			577,068		–
Due to broker		–			–		–		–		–			1,397,983		21
Unrealized depreciation on forward foreign currency contracts		544,629			–		–		–		–			–		–
TOTAL LIABILITIES		7,793,301			1,672,594		5,106,519		1,311,213		1,349,593			4,316,986		7,792,900
NET ASSETS	$	128,629,496		$	831,006,102	$	277,277,028	$	223,065,541	$	1,012,016,866		$	190,740,797	$	701,471,186
NET ASSETS REPRESENTED BY:
Capital shares at par value of $0.01 per share	$	136,143		$	399,495	$	263,951	$	112,675	$	1,014,115		$	159,946	$	970,254
Additional paid-in capital		136,645,750			367,647,725		254,428,660		169,129,878		1,065,457,844			166,232,763		730,532,476
Total accumulated earnings (loss)		(8,152,397	)		462,958,882		22,584,417		53,822,988		(54,455,093	)		24,348,088		(30,031,544	)
NET ASSETS	$	128,629,496		$	831,006,102	$	277,277,028	$	223,065,541	$	1,012,016,866		$	190,740,797	$	701,471,186
CAPITAL SHARES:
Authorized (Par value $0.01 per share)		1,000,000,000			1,000,000,000		1,000,000,000		1,000,000,000		1,000,000,000			1,000,000,000		1,000,000,000
Outstanding		13,614,261			39,949,537		26,395,080		11,267,453		101,411,509			15,994,550		97,025,413
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	9.45		$	20.80	$	10.50	$	19.80	$	9.98		$	11.93	$	7.23
*  Cost
Investment securities (unaffiliated)	$	116,453,119		$	452,738,902	$	265,843,774	$	187,253,165	$	1,008,875,056		$	37,331,054	$	682,711,175
Investment securities (affiliated)	$	–		$	–	$	–	$	–	$	–		$	146,613,289	$	–
Foreign cash	$	10,295,764		$	60,310	$	–	$	–	$	55,890		$	–	$	548,606
† Including securities on loan	$	790,057		$	3,026,234	$	2,877,855	$	2,157,227	$	17,559,173		$	–	$	10,060,498

See Notes to Financial Statements

250

VALIC Company I

STATEMENTS OF ASSETS AND LIABILITIES — May 31, 2020 — (continued)

	GLOBAL REAL ESTATE FUND			GLOBAL STRATEGY FUND			GOVERNMENT MONEY MARKET I FUND			GOVERNMENT SECURITIES FUND		GROWTH FUND		HEALTH SCIENCES FUND		INFLATION PROTECTED FUND
ASSETS:
Investment securities, at value (unaffiliated)*†	$	356,218,160		$	275,144,413		$	408,003,773		$	144,709,159	$	1,364,930,787	$	859,936,547	$	778,610,649
Investment securities, at value (affiliated)*†		–			–			–			–		–		–		–
Repurchase agreements (cost approximates value)		–			5,890,000			5,138,000			3,432,000		2,466,000		–		–
Cash		2,378,732			1,031			–			713		2,789		–		5,850
Foreign cash*		1,180,124			547,668			–			–		19,763		25,503		171,352
Cash collateral for futures contracts		–			–			–			–		–		–		–
Due from broker		–			–			–			–		7		–		–
Receivable for:
Fund shares sold		115,617			2,540			2,200,037			8,316		109,587		175,132		145,994
Dividends and interest		872,906			1,531,158			24,847			467,633		1,052,519		633,015		3,347,624
Investments sold		818,780			–			–			–		313,223		514,420		–
Investments sold on an extended settlement basis		–			–			–			–		–		–		–
Securites lending income		8,073			1,116			–			1,102		33,155		4,193		5,952
Prepaid expenses and other assets		17,620			22,464			38,258			25,964		50,702		24,865		20,598
Due from investment adviser for expense reimbursements/fee waivers		–			4,674			147,135			–		178,288		28,095		–
Variation margin on futures contracts		–			–			–			–		1,170		–		–
Unrealized appreciation on forward foreign currency contracts		–			2,320,147			–			–		–		–		–
TOTAL ASSETS		361,610,012			285,465,211			415,552,050			148,644,887		1,369,157,990		861,341,770		782,308,019
LIABILITIES:
Payable for:
Fund shares reacquired		264			132,347			46,164			145,292		157,300		22,110		193,868
Investments purchased		–			–			–			–		3,284,003		3,881,927		–
Investments purchased on an extended settlement basis		779,166			–			–			–		–		–		–
Accrued foreign tax on capital gains		–			36,614			–			–		–		–		–
Investment advisory and management fees		220,562			116,851			141,443			64,248		763,972		678,561		277,605
Administrative service fee		20,017			15,595			23,596			8,574		74,357		46,176		41,013
Transfer agent fees and expenses		1,125			482			2,697			1,445		804		643		1,125
Directors’ fees and expenses		10,013			14,837			22,070			6,995		36,691		16,372		11,734
Other accrued expenses		115,708			123,166			114,348			64,078		184,721		120,329		140,740
Variation margin on futures contracts		–			–			–			–		–		–		–
Collateral upon return of securities loaned		1,020,792			211,516			–			16,040		5,962,655		5,817,616		17,035,095
Due to custodian		–			–			752			–		–		920		–
Due to broker		–			72,273			–			–		–		–		–
Unrealized depreciation on forward foreign currency contracts		–			2,033,593			–			–		–		–		–
TOTAL LIABILITIES		2,167,647			2,757,274			351,070			306,672		10,464,503		10,584,654		17,701,180
NET ASSETS	$	359,442,365		$	282,707,937		$	415,200,980		$	148,338,215	$	1,358,693,487	$	850,757,116	$	764,606,839
NET ASSETS REPRESENTED BY:
Capital shares at par value of $0.01 per share	$	524,367		$	319,346		$	4,152,117		$	132,250	$	721,761	$	375,835	$	674,162
Additional paid-in capital		388,565,248			318,111,597			411,058,455			136,721,721		848,709,556		517,544,759		718,669,482
Total accumulated earnings (loss)		(29,647,250	)		(35,723,006	)		(9,592	)		11,484,244		509,262,170		332,836,522		45,263,195
NET ASSETS	$	359,442,365		$	282,707,937		$	415,200,980		$	148,338,215	$	1,358,693,487	$	850,757,116	$	764,606,839
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		52,436,684			31,934,636			415,211,711			13,225,004		72,176,122		37,583,480		67,416,190
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	6.85		$	8.85		$	1.00		$	11.22	$	18.82	$	22.64	$	11.34
*Cost
Investment securities (unaffiliated)	$	368,700,462		$	303,654,306		$	408,003,773		$	132,901,303	$	1,052,774,777	$	603,715,198	$	747,420,198
Investment securities (affiliated)	$	–		$	–		$	–		$	–	$	–	$	–	$	–
Foreign cash	$	1,180,088		$	542,071		$	–		$	–	$	20,076	$	25,567	$	166,385
† Including securities on loan	$	10,300,173		$	1,126,735		$	–		$	7,269,672	$	5,917,100	$	20,089,817	$	17,723,036

See Notes to Financial Statements

251

VALIC Company I

STATEMENTS OF ASSETS AND LIABILITIES — May 31, 2020 — (continued)

	INTERNATIONAL EQUITIES INDEX FUND			INTERNATIONAL GOVERNMENT BOND FUND		INTERNATIONAL GROWTH FUND		INTERNATIONAL SOCIALLY RESPONSIBLE FUND		INTERNATIONAL VALUE FUND			LARGE CAP CORE FUND		LARGE CAPITAL GROWTH FUND
ASSETS:
Investment securities, at value (unaffiliated)*†	$	1,238,713,392		$	172,124,377	$	448,183,134	$	305,543,465	$	618,751,651		$	173,790,489	$	519,691,803
Investment securities, at value (affiliated)*†		–			–		–		–		–			–		–
Repurchase agreements (cost approximates value)		52,247,000			–		–		18,103,000		–			1,531,000		–
Cash		2,813			545,791		24,922,314		–		361			–		4,813,011
Foreign cash*		1,900,003			1,532,025		1,407,267		2,211,588		616,277			–		–
Cash collateral for futures contracts		–			–		–		–		–			–		–
Due from broker		–			–		–		–		–			–		–
Receivable for:
Fund shares sold		1,529,678			11,213		2,584,149		33,632		1,632,142			2,633		176,093
Dividends and interest		5,790,097			1,619,706		821,261		1,401,565		2,577,875			269,202		559,242
Investments sold		19,810,275			5,469,255		–		–		915,925			1,206,618		111,569
Investments sold on an extended settlement basis		1,949,373			492,205		–		–		–			–		–
Securites lending income		29,367			956		9,982		–		15,322			42		–
Prepaid expenses and other assets		47,532			17,155		33,037		28,158		40,354			12,186		22,894
Due from investment adviser for expense reimbursements/fee waivers		–			–		74,835		–		33,910			–		–
Variation margin on futures contracts		–			–		–		–		–			–		–
Unrealized appreciation on forward foreign currency contracts		–			–		–		–		333,546			–		–
TOTAL ASSETS		1,322,019,530			181,812,683		478,035,979		327,321,408		624,917,363			176,812,170		525,374,612
LIABILITIES:
Payable for:
Fund shares reacquired		1,965			2,601,304		245,410		310,890		812			101,372		872
Investments purchased		25,360,727			3,697,821		1,828,916		–		8,442,023			1,393,769		325,566
Investments purchased on an extended settlement basis		3,223,928			1,652,121		–		–		–			–		–
Accrued foreign tax on capital gains		–			–		56,738		–		–			–		–
Investment advisory and management fees		293,785			71,182		347,347		132,933		336,951			99,510		272,445
Administrative service fee		67,554			9,500		24,969		17,741		32,326			9,486		28,407
Transfer agent fees and expenses		2,438			1,125		1,125		906		1,286			1,125		1,284
Directors’ fees and expenses		37,270			8,188		24,350		18,545		29,488			4,782		14,207
Other accrued expenses		263,058			70,799		128,727		86,931		143,104			62,546		101,720
Variation margin on futures contracts		206,800			–		–		81,675		–			–		–
Collateral upon return of securities loaned		45,757,607			2,256,560		13,410,289		–		11,178,756			437,025		–
Due to custodian		–			–		–		1,196		–			2,382		–
Due to broker		–			–		194,000		6		629,967			–		–
Unrealized depreciation on forward foreign currency contracts		–			–		–		–		–			–		–
TOTAL LIABILITIES		75,215,132			10,368,600		16,261,871		650,823		20,794,713			2,111,997		744,501
NET ASSETS	$	1,246,804,398		$	171,444,083	$	461,774,108	$	326,670,585	$	604,122,650		$	174,700,173	$	524,630,111
NET ASSETS REPRESENTED BY:
Capital shares at par value of $0.01 per share	$	2,014,294		$	141,252	$	370,291	$	136,292	$	776,666		$	149,865	$	311,853
Additional paid-in capital		1,318,312,465			167,254,376		385,047,693		260,001,417		749,116,129			127,857,901		311,176,109
Total accumulated earnings (loss)		(73,522,361	)		4,048,455		76,356,124		66,532,876		(145,770,145	)		46,692,407		213,142,149
NET ASSETS	$	1,246,804,398		$	171,444,083	$	461,774,108	$	326,670,585	$	604,122,650		$	174,700,173	$	524,630,111
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		201,429,406			14,125,243		37,029,094		13,629,227		77,666,623			14,986,516		31,185,296
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	6.19		$	12.14	$	12.47	$	23.97	$	7.78		$	11.66	$	16.82
*Cost
Investment securities (unaffiliated)	$	1,269,748,983		$	168,482,084	$	368,995,250	$	303,915,876	$	698,941,420		$	132,923,222	$	363,407,031
Investment securities (affiliated)	$	–		$	–	$	–	$	–	$	–		$	–	$	–
Foreign cash	$	1,888,904		$	1,503,330	$	1,401,018	$	2,166,417	$	607,471		$	–	$	–
† Including securities on loan	$	51,896,426		$	7,971,944	$	17,201,069	$	–	$	22,879,908		$	421,875	$	–

See Notes to Financial Statements

252

VALIC Company I

STATEMENTS OF ASSETS AND LIABILITIES — May 31, 2020 — (continued)

	MID CAP INDEX FUND		MID CAP STRATEGIC GROWTH FUND		NASDAQ-100® INDEX FUND		SCIENCE & TECHNOLOGY FUND		SMALL CAP AGGRESSIVE GROWTH FUND		SMALL CAP FUND		SMALL CAP INDEX FUND
ASSETS:
Investment securities, at value (unaffiliated)*†	$	2,714,220,070	$	315,087,926	$	583,639,312	$	1,595,165,446	$	162,385,649	$	263,683,258	$	885,964,290
Investment securities, at value (affiliated)*†		–		–		–		–		–		–		–
Repurchase agreements (cost approximates value)		59,545,000		–		38,345,000		3,874,000		3,847,000		6,371,000		47,199,000
Cash		441,085		567,443		238		36,182,270		–		270,684		1,474
Foreign cash*		–		2		–		1,039,736		–		–		–
Cash collateral for futures contracts		–		–		–		–		–		–		–
Due from broker		–		–		–		–		–		–		–
Receivable for:
Fund shares sold		247,543		69,441		58,234		36,165		3,592		104,863		183,114
Dividends and interest		2,915,882		182,508		483,119		952,561		26,239		179,693		625,866
Investments sold		2,698,207		2,435,887		–		7,044,476		595,274		456,762		590,227
Investments sold on an extended settlement basis		–		–		–		182,589		–		–		–
Securites lending income		23,826		1,601		131		45,095		4,753		36,599		204,773
Prepaid expenses and other assets		143,380		25,663		17,482		60,488		12,371		30,209		50,268
Due from investment adviser for expense reimbursements/fee waivers		–		–		15,457		–		17,256		40,886		–
Variation margin on futures contracts		–		–		464,000		–		–		–		–
Unrealized appreciation on forward foreign currency contracts		–		–		–		–		–		–		–
TOTAL ASSETS		2,780,234,993		318,370,471		623,022,973		1,644,582,826		166,892,134		271,173,954		934,819,012
LIABILITIES:
Payable for:
Fund shares reacquired		333,712		1,100		57,026		328,381		197,297		126,945		11,099
Investments purchased		12,048,851		2,367,399		–		11,596,973		2,178,195		1,290,077		35,502
Investments purchased on an extended settlement basis		–		–		–		–		–		–		–
Accrued foreign tax on capital gains		–		–		–		–		–		–		–
Investment advisory and management fees		596,319		172,960		189,938		1,130,128		109,115		187,592		218,223
Administrative service fee		147,866		16,669		32,852		87,059		8,566		13,919		46,943
Transfer agent fees and expenses		3,080		1,125		2,250		2,422		424		482		2,699
Directors’ fees and expenses		118,043		9,690		8,868		52,302		3,298		21,283		42,636
Other accrued expenses		354,193		78,675		21,269		209,645		63,343		78,645		323,255
Variation margin on futures contracts		354,000		–		–		–		–		–		555,840
Collateral upon return of securities loaned		32,122,640		878,168		191,880		8,092,866		3,803,386		4,960,480		35,025,880
Due to custodian		–		–		–		–		1,806		–		–
Due to broker		42,256		–		50		–		–		–		24
Unrealized depreciation on forward foreign currency contracts		–		–		–		–		–		–		–
TOTAL LIABILITIES		46,120,960		3,525,786		504,133		21,499,776		6,365,430		6,679,423		36,262,101
NET ASSETS	$	2,734,114,033	$	314,844,685	$	622,518,840	$	1,623,083,050	$	160,526,704	$	264,494,531	$	898,556,911
NET ASSETS REPRESENTED BY:
Capital shares at par value of $0.01 per share	$	1,317,397	$	190,792	$	340,449	$	543,136	$	118,499	$	277,300	$	595,764
Additional paid-in capital		2,278,265,335		203,236,921		189,173,449		1,053,659,744		126,642,567		228,959,039		755,140,221
Total accumulated earnings (loss)		454,531,301		111,416,972		433,004,942		568,880,170		33,765,638		35,258,192		142,820,926
NET ASSETS	$	2,734,114,033	$	314,844,685	$	622,518,840	$	1,623,083,050	$	160,526,704	$	264,494,531	$	898,556,911
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		131,739,668		19,079,241		34,044,906		54,313,584		11,849,936		27,730,036		59,576,358
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	20.75	$	16.50	$	18.29	$	29.88	$	13.55	$	9.54	$	15.08
*Cost
Investment securities (unaffiliated)	$	2,371,710,878	$	221,196,809	$	216,555,671	$	1,224,284,483	$	139,937,171	$	237,910,739	$	812,842,420
Investment securities (affiliated)	$	–	$	–	$	–	$	–	$	–	$	–	$	–
Foreign cash	$	–	$	2	$	–	$	1,000,104	$	–	$	–	$	–
† Including securities on loan	$	81,419,499	$	10,698,793	$	305,885	$	51,962,144	$	14,804,196	$	17,308,828	$	62,037,275

See Notes to Financial Statements

253

VALIC Company I

STATEMENTS OF ASSETS AND LIABILITIES — May 31, 2020 — (continued)

	SMALL CAP SPECIAL VALUES FUND			SMALL-MID GROWTH FUND		STOCK INDEX FUND		SYSTEMATIC CORE FUND		SYSTEMATIC VALUE FUND		VALUE FUND
ASSETS:
Investment securities, at value (unaffiliated)*†	$	171,967,678		$	138,490,268	$	4,785,808,344	$	123,387,215	$	43,898,056	$	110,487,546
Investment securities, at value (affiliated)*†		–			–		4,931,704		–		–		–
Repurchase agreements (cost approximates value)		–			–		42,750,000		–		557,000		2,174,000
Cash		5,892,269			–		21,977		–		–		–
Foreign cash*		–			–		–		–		–		–
Cash collateral for futures contracts		–			–		–		–		–		–
Due from broker		–			–		–		–		–		–
Receivable for:
Fund shares sold		28,842			12,238		554,344		68,549		12,808		96,053
Dividends and interest		350,951			54,490		8,547,423		163,680		78,691		323,202
Investments sold		840,840			3,328,106		–		116,762		–		–
Investments sold on an extended settlement basis		–			–		–		–		–		–
Securites lending income		1,670			11,735		10,578		2,763		109		88
Prepaid expenses and other assets		12,284			11,471		297,880		13,938		8,608		12,484
Due from investment adviser for expense reimbursements/fee waivers		–			7,275		220,835		64,028		10,775		21,851
Variation margin on futures contracts		–			–		76,050		–		–		–
Unrealized appreciation on forward foreign currency contracts		–			–		–		–		–		–
TOTAL ASSETS		179,094,534			141,915,583		4,843,219,135		123,816,935		44,566,047		113,115,224
LIABILITIES:
Payable for:
Fund shares reacquired		40,586			4,959		2,900,751		206,845		2,078		1,770
Investments purchased		363,158			3,898,991		2,288,456		–		–		–
Investments purchased on an extended settlement basis		–			–		–		–		–		–
Accrued foreign tax on capital gains		–			–		–		–		–		–
Investment advisory and management fees		106,078			88,340		955,810		74,481		25,142		70,406
Administrative service fee		9,438			6,935		262,386		6,627		2,397		6,023
Transfer agent fees and expenses		906			482		3,375		1,137		643		1,125
Directors’ fees and expenses		8,263			3,847		204,041		6,555		1,345		5,067
Other accrued expenses		64,670			56,146		537,453		96,636		45,427		58,381
Variation margin on futures contracts		–			–		–		–		–		–
Collateral upon return of securities loaned		1,391,656			6,624,410		10,876,977		732,330		253,485		–
Due to custodian		–			2,725		–		53,093		2,600		2,690
Due to broker		–			–		23		–		–		–
Unrealized depreciation on forward foreign currency contracts		–			–		–		–		–		–
TOTAL LIABILITIES		1,984,755			10,686,835		18,029,272		1,177,704		333,117		145,462
NET ASSETS	$	177,109,779		$	131,228,748	$	4,825,189,863	$	122,639,231	$	44,232,930	$	112,969,762
NET ASSETS REPRESENTED BY:
Capital shares at par value of $0.01 per share	$	201,343		$	93,704	$	1,198,071	$	59,632	$	37,507	$	72,193
Additional paid-in capital		203,099,749			90,566,271		1,897,383,496		89,119,640		38,912,523		96,407,793
Total accumulated earnings (loss)		(26,191,313	)		40,568,773		2,926,608,296		33,459,959		5,282,900		16,489,776
NET ASSETS	$	177,109,779		$	131,228,748	$	4,825,189,863	$	122,639,231	$	44,232,930	$	112,969,762
CAPITAL SHARES:
Authorized (Par value $0.01 per share)		1,000,000,000			1,000,000,000		1,000,000,000		1,000,000,000		1,000,000,000		1,000,000,000
Outstanding		20,134,289			9,370,415		119,807,147		5,963,169		3,750,716		7,219,334
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	8.80		$	14.00	$	40.27	$	20.57	$	11.79	$	15.65
*Cost
Investment securities (unaffiliated)	$	196,024,540		$	112,873,723	$	2,194,364,748	$	103,750,025	$	43,908,325	$	98,697,211
Investment securities (affiliated)	$	–		$	–	$	5,840,597	$	–	$	–	$	–
Foreign cash	$	–		$	–	$	–	$	–	$	–	$	–
† Including securities on loan	$	7,036,694		$	10,763,677	$	20,194,803	$	2,065,370	$	333,105	$	1,141,238

See Notes to Financial Statements

254

VALIC Company I

STATEMENTS OF OPERATIONS — For the Year Ended May 31, 2020

	ASSET ALLOCATION FUND			BLUE CHIP GROWTH FUND			CAPITAL CONSERVATION FUND			CORE EQUITY FUND			DIVIDEND VALUE FUND			DYNAMIC ALLOCATION FUND			EMERGING ECONOMIES FUND
INVESTMENT INCOME:
Dividends (unaffiliated)	$	1,978,847		$	4,717,194		$	8,298		$	4,586,338		$	33,826,898		$	–		$	25,505,745
Dividends (affiliated)		–			–			–			–			–			2,762,515			–
Securities lending income		45,207			27,395			8,992			5,986			83,925			–			38,766
Interest (unaffiliated)		1,065,574			50,434			6,975,946			1,944			243,130			790,287			77,769
Total investment income*		3,089,628			4,795,023			6,993,236			4,594,268			34,153,953			3,552,802			25,622,280
EXPENSES:
Investment advisory and management fees		715,342			5,908,671			1,216,075			1,868,960			7,138,661			497,768			5,957,592
Administrative service fee		95,478			545,440			162,467			155,938			680,577			26,270			524,730
Transfer agent fees and expenses		1,093			2,491			2,551			1,103			2,555			729			3,643
Custodian fees		128,746			32,439			39,667			15,195			57,536			22,868			360,119
Reports to shareholders		19,536			111,475			32,494			31,742			186,851			26,691			111,690
Audit and tax fees		61,670			38,357			52,827			38,353			38,438			39,006			53,876
Legal fees		19,088			20,559			10,532			10,386			30,833			15,518			37,776
Directors’ fees and expenses		6,504			36,082			10,492			10,501			44,242			8,918			36,531
Interest expense		–			–			–			304			4,257			–			28,931
License fee		1,347			1,342			1,347			10,891			23,536			1,345			1,342
Other expenses		49,779			48,291			25,583			35,358			54,414			24,717			54,411
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly		1,098,583			6,745,147			1,554,035			2,178,731			8,261,900			663,830			7,170,641
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3)		–			–			–			(420,597	)		(761,455	)		(34,608	)		–
Fees paid indirectly (Note 7)		(4,373	)		–			–			–			–			–			(1,141	)
Net expenses		1,094,210			6,745,147			1,554,035			1,758,134			7,500,445			629,222			7,169,500
Net investment income (loss)		1,995,418			(1,950,124	)		5,439,201			2,836,134			26,653,508			2,923,580			18,452,780
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated)**		(15,265,024	)		91,746,269			6,796,645			22,377,488			(21,085,348	)		6,983,704			11,000,168
Investments (affiliated)		–			–			–			–			–			2,739,316			–
Futures contracts		3,629,552			–			–			–			–			(1,855,319	)		(868,888	)
Forward contracts		(201,572	)		–			–			–			–			–			–
Swap contracts		–			–			–			–			–			–			–
Net realized gain (loss) on capital gain distributions from underlying funds (affiliated)		–			–			–			–			–			10,080,330			–
Net realized foreign exchange gain (loss) on other assets and liabilities		(114,583	)		542			–			560			(107,059	)		–			(1,050,910	)
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 3)		–			–			–			–			–			–			–
Net realized gain (loss) on investments and foreign currencies		(11,951,627	)		91,746,811			6,796,645			22,378,048			(21,192,407	)		17,948,031			9,080,370
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated)		8,653,434			68,509,489			10,407,892			(2,854,380	)		(32,658,584	)		3,572			(42,202,272	)
Investments (affiliated)		–			–			–			–			–			(1,630,947	)		–
Futures contracts		(155,006	)		–			–			–			–			1,076,505			–
Forward contracts		(316,081	)		–			–			–			–			–			–
Swap contracts		–			–			–			–			–			–			–
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		79,395			(47	)		–			–			7,538			–			(55,746	)
Change in accrued capital gains tax on unrealized appreciation (depreciation)		–			–			–			–			–			–			471,157
Net unrealized gain (loss) on investments and foreign currencies		8,261,742			68,509,442			10,407,892			(2,854,380	)		(32,651,046	)		(550,870	)		(41,786,861	)
Net realized and unrealized gain (loss) on investments and foreign currencies		(3,689,885	)		160,256,253			17,204,537			19,523,668			(53,843,453	)		17,397,161			(32,706,491	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,694,467	)	$	158,306,129		$	22,643,738		$	22,359,802		$	(27,189,945	)	$	20,320,741		$	(14,253,711	)
*  Net of foreign withholding taxes on interest and dividends of	$	67,627		$	6,510		$	(47	)	$	92,935		$	452,269		$	–		$	3,610,467
** Net of foreign withholding taxes on capital gains of	$	–		$	–		$	–		$	–		$	–		$	–		$	682,793

See Notes to Financial Statements

255

VALIC Company I

STATEMENTS OF OPERATIONS — For the Year Ended May 31, 2020 — (continued)

	GLOBAL REAL ESTATE FUND			GLOBAL STRATEGY FUND			GOVERNMENT MONEY MARKET I FUND			GOVERNMENT SECURITIES FUND		GROWTH FUND			HEALTH SCIENCES FUND			INFLATION PROTECTED FUND
INVESTMENT INCOME:
Dividends (unaffiliated)	$	12,396,215		$	4,487,369		$	–		$	–	$	10,527,406		$	6,482,232		$	10,088
Dividends (affiliated)		–			–			–			–		–			–			–
Securities lending income		60,035			21,341			–			3,138		177,513			233,616			40,215
Interest (unaffiliated)		66,785			6,891,021			5,616,071			3,992,190		15,532			77,299			17,247,195
Total investment income*		12,523,035			11,399,731			5,616,071			3,995,328		10,720,451			6,793,147			17,297,498
EXPENSES:
Investment advisory and management fees		3,384,011			1,551,965			1,498,833			728,608		8,754,809			7,621,513			3,133,461
Administrative service fee		310,896			207,146			250,067			97,249		850,334			517,840			460,222
Transfer agent fees and expenses		2,552			1,093			5,936			3,361		1,822			1,458			2,552
Custodian fees		62,226			171,205			13,513			25,235		81,484			38,215			54,242
Reports to shareholders		66,045			61,891			49,542			19,615		248,860			101,260			92,199
Audit and tax fees		40,554			62,045			44,581			45,521		39,365			40,692			46,640
Legal fees		24,280			148,496			12,360			11,448		129,109			21,940			45,674
Directors’ fees and expenses		21,623			14,070			16,193			6,354		55,190			34,196			30,311
Interest expense		1,491			2,481			–			–		14,239			–			1,313
License fee		1,342			1,342			1,343			1,347		47,556			1,342			1,342
Other expenses		51,858			46,625			14,302			28,729		73,676			45,434			30,734
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly		3,966,878			2,268,359			1,906,670			967,467		10,296,444			8,423,890			3,898,690
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3)		–			(19,257	)		(238,436	)		–		(1,605,648	)		(262,614	)		–
Fees paid indirectly (Note 7)		–			(1,958	)		–			–		–			–			–
Net expenses		3,966,878			2,247,144			1,668,234			967,467		8,690,796			8,161,276			3,898,690
Net investment income (loss)		8,556,157			9,152,587			3,947,837			3,027,861		2,029,655			(1,368,129	)		13,398,808
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated)**		(12,700,877	)		(9,178,978	)		1,466			234,572		207,868,351			84,772,150			2,963,933
Investments (affiliated)		–			–			–			–		–			–			–
Futures contracts		–			–			–			–		194,644			–			–
Forward contracts		–			3,631,485			–			–		202,843			–			–
Swap contracts		–			(8,276,667	)		–			–		–			–			–
Net realized gain (loss) on capital gain distributions from underlying funds (affiliated)		–			–			–			–		–			–			–
Net realized foreign exchange gain (loss) on other assets and liabilities		(85,129	)		(291,905	)		–			–		(203,331	)		20,755			(74,457	)
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 3)		–			–			–			–		–			–			–
Net realized gain (loss) on investments and foreign currencies		(12,786,006	)		(14,116,065	)		1,466			234,572		208,062,507			84,792,905			2,889,476
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated)		(45,534,379	)		1,366,043			–			8,643,191		98,536,710			99,963,557			17,987,317
Investments (affiliated)		–			–			–			–		–			–			–
Futures contracts		–			–			–			–		90,994			–			–
Forward contracts		–			(570,915	)		–			–		(88,830	)		–			–
Swap contracts		–			1,987,951			–			–		–			–			–
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		875			(15,556	)		–			–		628			10,209			15,601
Change in accrued capital gains tax on unrealized appreciation (depreciation)		–			(9,879	)		–			–		12,214			–			–
Net unrealized gain (loss) on investments and foreign currencies		(45,533,504	)		2,757,644			–			8,643,191		98,551,716			99,973,766			18,002,918
Net realized and unrealized gain (loss) on investments and foreign currencies		(58,319,510	)		(11,358,421	)		1,466			8,877,763		306,614,223			184,766,671			20,892,394
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(49,763,353	)	$	(2,205,834	)	$	3,949,303		$	11,905,624	$	308,643,878		$	183,398,542		$	34,291,202
*  Net of foreign withholding taxes on interest and dividends of	$	700,477		$	468,975		$	–		$	–	$	110,761		$	130,093		$	930
** Net of foreign withholding taxes on capital gains of	$	–		$	36,287		$	–		$	–	$	13,044		$	–		$	–

See Notes to Financial Statements

256

VALIC Company I

STATEMENTS OF OPERATIONS — For the Year Ended May 31, 2020 — (continued)

	INTERNATIONAL EQUITIES INDEX FUND			INTERNATIONAL GOVERNMENT BOND FUND			INTERNATIONAL GROWTH FUND			INTERNATIONAL SOCIALLY RESPONSIBLE FUND			INTERNATIONAL VALUE FUND			LARGE CAP CORE FUND			LARGE CAPITAL GROWTH FUND
INVESTMENT INCOME:
Dividends (unaffiliated)	$	26,718,221		$	–		$	3,811,682		$	7,908,051		$	17,843,756		$	3,070,243		$	6,152,843
Dividends (affiliated)		–			–			–			–			–			–			–
Securities lending income		235,465			9,278			105,905			115			261,642			470			9,173
Interest (unaffiliated)		439,265			5,381,323			92			75,123			266,188			10,537			46,737
Total investment income*		27,392,951			5,390,601			3,917,679			7,983,289			18,371,586			3,081,250			6,208,753
EXPENSES:
Investment advisory and management fees		3,440,060			901,509			4,365,674			1,813,830			4,591,265			1,228,353			3,319,381
Administrative service fee		789,819			120,328			314,488			242,097			446,696			117,107			346,124
Transfer agent fees and expenses		5,524			2,551			2,552			2,186			2,915			2,551			2,944
Custodian fees		197,402			21,935			68,380			54,090			61,172			16,132			16,352
Reports to shareholders		159,498			25,207			64,661			50,595			92,941			23,817			71,563
Audit and tax fees		65,879			48,001			48,339			41,592			48,516			38,321			38,391
Legal fees		30,266			15,453			23,338			17,917			27,388			10,188			15,943
Directors’ fees and expenses		52,317			8,205			21,064			16,479			30,830			7,806			22,928
Interest expense		–			–			–			–			342			–			236
License fee		267,702			1,347			1,342			1,347			1,342			8,409			23,024
Other expenses		41,338			24,939			78,555			44,641			51,592			31,470			36,419
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly		5,049,805			1,169,475			4,988,393			2,284,774			5,354,999			1,484,154			3,893,305
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3)		–			–			(942,485	)		–			(468,541	)		–			–
Fees paid indirectly (Note 7)		–			–			–			–			(2,612	)		(3,608	)		(698	)
Net expenses		5,049,805			1,169,475			4,045,908			2,284,774			4,883,846			1,480,546			3,892,607
Net investment income (loss)		22,343,146			4,221,126			(128,229	)		5,698,515			13,487,740			1,600,704			2,316,146
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated)**		(24,183,647	)		2,182,595			162,118			64,040,145			(68,462,853	)		6,620,815			55,419,072
Investments (affiliated)		–			–			–			–			–			–			–
Futures contracts		(32,407,595	)		–			–			(6,722,543	)		–			–			–
Forward contracts		–			–			–			–			(31,539	)		–			–
Swap contracts		–			–			–			–			–			–			–
Net realized gain (loss) on capital gain distributions from underlying funds (affiliated)		–			–			–			–			–			–			–
Net realized foreign exchange gain (loss) on other assets and liabilities		76,889			20,394			75,648			(438,890	)		(575,165	)		539			(298	)
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 3)		–			–			–			–			–			–			–
Net realized gain (loss) on investments and foreign currencies		(56,514,353	)		2,202,989			237,766			56,878,712			(69,069,557	)		6,621,354			55,418,774
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated)		(5,780,581	)		1,689,386			43,137,136			(74,484,212	)		(911,481	)		16,867,944			23,046,541
Investments (affiliated)		–			–			–			–			–			–			–
Futures contracts		5,737,805			–			–			4,765,233			–			–			–
Forward contracts		–			–			–			–			(2,141,808	)		–			–
Swap contracts		–			–			–			–			–			–			–
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		29,816			42,267			9,341			52,927			16,091			–			3,910
Change in accrued capital gains tax on unrealized appreciation (depreciation)		–			–			521,805			–			–			–			–
Net unrealized gain (loss) on investments and foreign currencies		(12,960	)		1,731,653			43,668,282			(69,666,052	)		(3,037,198	)		16,867,944			23,050,451
Net realized and unrealized gain (loss) on investments and foreign currencies		(56,527,313	)		3,934,642			43,906,048			(12,787,340	)		(72,106,755	)		23,489,298			78,469,225
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(34,184,167	)	$	8,155,768		$	43,777,819		$	(7,088,825	)	$	(58,619,015	)	$	25,090,002		$	80,785,371
*  Net of foreign withholding taxes on interest and dividends of	$	2,283,682		$	(270	)	$	391,535		$	749,063		$	1,555,265		$	12,373		$	118,057
** Net of foreign withholding taxes on capital gains of	$	–		$	–		$	6,848		$	–		$	–		$	–		$	–

See Notes to Financial Statements

257

VALIC Company I

STATEMENTS OF OPERATIONS — For the Year Ended May 31, 2020 — (continued)

	MID CAP INDEX FUND			MID CAP STRATEGIC GROWTH FUND			NASDAQ-100® INDEX FUND			SCIENCE & TECHNOLOGY FUND			SMALL CAP AGGRESSIVE GROWTH FUND			SMALL CAP FUND			SMALL CAP INDEX FUND
INVESTMENT INCOME:
Dividends (unaffiliated)	$	48,958,438		$	2,326,049		$	5,516,407		$	15,913,436		$	379,486		$	3,193,450		$	12,401,216
Dividends (affiliated)		–			–			–			–			–			–			–
Securities lending income		588,556			30,480			9,708			317,024			54,775			330,682			1,457,456
Interest (unaffiliated)		338,530			95,165			74,965			846,893			10,643			44,090			229,161
Total investment income*		49,885,524			2,451,694			5,601,080			17,077,353			444,904			3,568,222			14,087,833
EXPENSES:
Investment advisory and management fees		8,024,077			2,168,971			2,120,816			12,834,682			1,373,031			2,507,281			3,054,187
Administrative service fee		2,030,204			209,892			365,436			988,056			107,802			187,253			681,835
Transfer agent fees and expenses		6,983			2,552			5,102			5,600			1,093			1,093			6,433
Custodian fees		98,853			8,816			25,450			25,498			24,617			39,251			86,468
Reports to shareholders		415,053			43,266			73,009			198,114			22,277			38,892			140,761
Audit and tax fees		40,261			38,590			40,154			39,547			38,348			39,682			42,800
Legal fees		56,444			12,461			15,982			39,051			9,235			11,689			24,223
Directors’ fees and expenses		138,366			14,156			23,689			64,231			7,317			12,885			47,593
Interest expense		–			3,042			428			517			–			52			2,242
License fee		35,921			15,207			219,035			1,342			8,573			13,221			312,384
Other expenses		98,624			37,854			32,956			138,029			32,806			47,871			56,434
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly		10,944,786			2,554,807			2,922,057			14,334,667			1,625,099			2,899,170			4,455,360
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3)		–			–			(19,850	)		–			(25,921	)		(289,658	)		–
Fees paid indirectly (Note 7)		–			(14,911	)		–			(81,519	)		(7,510	)		(6,181	)		–
Net expenses		10,944,786			2,539,896			2,902,207			14,253,148			1,591,668			2,603,331			4,455,360
Net investment income (loss)		38,940,738			(88,202	)		2,698,873			2,824,205			(1,146,764	)		964,891			9,632,473
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated)**		112,059,766			20,666,502			60,536,833			218,457,126			15,564,804			9,713,320			56,508,810
Investments (affiliated)		–			–			–			–			–			–			–
Futures contracts		(21,606,437	)		–			(1,573,698	)		–			–			–			(580,255	)
Forward contracts		–			–			–			–			–			–			–
Swap contracts		–			–			–			–			–			–			–
Net realized gain (loss) on capital gain distributions from underlying funds (affiliated)		–			–			–			–			–			–			–
Net realized foreign exchange gain (loss) on other assets and liabilities		–			773			–			(305,298	)		–			(984	)		–
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 3)		–			–			–			330,584			–			–			–
Net realized gain (loss) on investments and foreign currencies		90,453,329			20,667,275			58,963,135			218,482,412			15,564,804			9,712,336			55,928,555
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated)		(187,964,691	)		16,186,361			96,321,708			175,555,731			3,085,781			(2,682,277	)		(97,949,006	)
Investments (affiliated)		–			–			–			–			–			–			–
Futures contracts		4,255,653			–			5,038,985			–			–			–			9,164,620
Forward contracts		–			–			–			–			–			–			–
Swap contracts		–			–			–			–			–			–			–
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		–			520			–			27,177			–			28			–
Change in accrued capital gains tax on unrealized appreciation (depreciation)		–			–			–			–			–			–			–
Net unrealized gain (loss) on investments and foreign currencies		(183,709,038	)		16,186,881			101,360,693			175,582,908			3,085,781			(2,682,249	)		(88,784,386	)
Net realized and unrealized gain (loss) on investments and foreign currencies		(93,255,709	)		36,854,156			160,323,828			394,065,320			18,650,585			7,030,087			(32,855,831	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(54,314,971	)	$	36,765,954		$	163,022,701		$	396,889,525		$	17,503,821		$	7,994,978		$	(23,223,358	)
*  Net of foreign withholding taxes on interest and dividends of	$	15,942		$	32,923		$	5,511		$	237,012		$	–		$	11,859		$	8,476
** Net of foreign withholding taxes on capital gains of	$	–		$	–		$	–		$	–		$	–		$	–		$	–

See Notes to Financial Statements

258

VALIC Company I

STATEMENTS OF OPERATIONS — For the Year Ended May 31, 2020 — (continued)

	SMALL CAP SPECIAL VALUES FUND			SMALL-MID GROWTH FUND			STOCK INDEX FUND			SYSTEMATIC CORE FUND			SYSTEMATIC VALUE FUND			VALUE FUND
INVESTMENT INCOME:
Dividends (unaffiliated)	$	4,150,647		$	590,705		$	107,750,324		$	2,092,744		$	1,209,229		$	3,010,791
Dividends (affiliated)		–			–			218,323			–			–			–
Securities lending income		35,885			150,193			93,348			5,166			2,207			4,292
Interest (unaffiliated)		64,322			58,087			131,346			2,029			496			4,919
Total investment income*		4,250,854			798,985			108,193,341			2,099,939			1,211,932			3,020,002
EXPENSES:
Investment advisory and management fees		1,603,346			1,032,669			11,724,043			926,077			348,435			923,318
Administrative service fee		142,670			81,079			3,254,900			82,403			33,219			79,000
Transfer agent fees and expenses		2,187			1,093			7,653			2,684			1,458			2,551
Custodian fees		8,711			15,811			157,612			15,148			20,633			12,269
Reports to shareholders		29,496			17,535			662,006			31,773			18,483			16,283
Audit and tax fees		38,364			38,348			40,208			40,097			38,386			38,347
Legal fees		9,957			8,501			87,631			80,315			80,305			8,897
Directors’ fees and expenses		9,936			5,392			218,093			5,503			2,284			5,381
Interest expense		–			–			25,871			47			73			–
License fee		9,586			6,490			58,273			1,342			3,408			6,423
Other expenses		35,363			31,789			87,937			33,944			31,400			31,500
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly		1,889,616			1,238,707			16,324,227			1,219,333			578,084			1,123,969
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3)		–			(85,043	)		(1,480,338	)		(169,777	)		(180,254	)		(117,789	)
Fees paid indirectly (Note 7)		(6,320	)		(442	)		–			(1,036	)		(1,072	)		(530	)
Net expenses		1,883,296			1,153,222			14,843,889			1,048,520			396,758			1,005,650
Net investment income (loss)		2,367,558			(354,237	)		93,349,452			1,051,419			815,174			2,014,352
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated)**		(1,093,541	)		15,682,571			277,742,009			13,850,239			4,656,882			3,907,630
Investments (affiliated)		–			–			165,545			–			–			–
Futures contracts		–			–			5,108,125			18,034			–			–
Forward contracts		–			–			–			–			–			–
Swap contracts		–			–			–			–			–			–
Net realized gain (loss) on capital gain distributions from underlying funds (affiliated)		–			–			–			–			–			–
Net realized foreign exchange gain (loss) on other assets and liabilities		–			–			–			–			4			4,282
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 3)		–			–			–			–			–			–
Net realized gain (loss) on investments and foreign currencies		(1,093,541	)		15,682,571			283,015,679			13,868,273			4,656,886			3,911,912
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated)		(23,302,140	)		11,427,528			185,565,204			2,346,581			(6,083,373	)		(3,757,161	)
Investments (affiliated)		–			–			(3,686,611	)		–			–			–
Futures contracts		–			–			6,071,409			32,673			–			–
Forward contracts		–			–			–			–			–			–
Swap contracts		–			–			–			–			–			–
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		–			–			–			–			1			2,035
Change in accrued capital gains tax on unrealized appreciation (depreciation)		–			–			–			–			–			–
Net unrealized gain (loss) on investments and foreign currencies		(23,302,140	)		11,427,528			187,950,002			2,379,254			(6,083,372	)		(3,755,126	)
Net realized and unrealized gain (loss) on investments and foreign currencies		(24,395,681	)		27,110,099			470,965,681			16,247,527			(1,426,486	)		156,786
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(22,028,123	)	$	26,755,862		$	564,315,133		$	17,298,946		$	(611,312	)	$	2,171,138
*  Net of foreign withholding taxes on interest and dividends of	$	4,185		$	–		$	–		$	1,783		$	1,075		$	19,813
** Net of foreign withholding taxes on capital gains of	$	–		$	–		$	–		$	–		$	–		$	–

See Notes to Financial Statements

259

VALIC Company I

STATEMENT OF CHANGES IN NET ASSETS

	ASSET ALLOCATION FUND						BLUE CHIP GROWTH FUND						CAPITAL CONSERVATION FUND						CORE EQUITY FUND
	For the Year Ended May 31, 2020			For the Year Ended May 31, 2019			For the Year Ended May 31, 2020			For the Year Ended May 31, 2019			For the Year Ended May 31, 2020			For the Year Ended May 31, 2019			For the Year Ended May 31, 2020			For the Year Ended May 31, 2019
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	1,995,418		$	2,633,275		$	(1,950,124	)	$	(259,449	)	$	5,439,201		$	6,434,069		$	2,836,134		$	2,954,115
Net realized gain (loss) on investments and foreign currencies		(11,951,627	)		(504,223	)		91,746,811			81,119,429			6,796,645			(1,452,053	)		22,378,048			17,891,133
Net unrealized gain (loss) on investments and foreign currencies		8,261,742			(7,632,207	)		68,509,442			(50,550,722	)		10,407,892			8,917,354			(2,854,380	)		(19,195,294	)
Net increase (decrease) in net assets resulting from operations		(1,694,467	)		(5,503,155	)		158,306,129			30,309,258			22,643,738			13,899,370			22,359,802			1,649,954
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings		(4,210,644	)		(14,272,597	)		(86,238,340	)		(91,702,729	)		(7,486,947	)		(5,692,352	)		(23,169,204	)		(31,653,198	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(13,008,489	)		1,653,489			(22,297,824	)		63,293,609			15,224,136			(16,395,200	)		(4,534,427	)		5,452,101
TOTAL INCREASE (DECREASE) IN NET ASSETS		(18,913,600	)		(18,122,263	)		49,769,965			1,900,138			30,380,927			(8,188,182	)		(5,343,829	)		(24,551,143	)
NET ASSETS:
Beginning of period		147,543,096			165,665,359			781,236,137			779,335,999			246,896,101			255,084,283			228,409,370			252,960,513
End of period	$	128,629,496		$	147,543,096		$	831,006,102		$	781,236,137		$	277,277,028		$	246,896,101		$	223,065,541		$	228,409,370

See Notes to Financial Statements

260

VALIC Company I

STATEMENT OF CHANGES IN NET ASSETS — (continued)

	DIVIDEND VALUE FUND						DYNAMIC ALLOCATION FUND						EMERGING ECONOMIES FUND						GLOBAL REAL ESTATE FUND
	For the Year Ended May 31, 2020			For the Year Ended May 31, 2019			For the Year Ended May 31, 2020			For the Year Ended May 31, 2019			For the Year Ended May 31, 2020			For the Year Ended May 31, 2019			For the Year Ended May 31, 2020			For the Year Ended May 31, 2019
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	26,653,508		$	21,774,322		$	2,923,580		$	3,090,645		$	18,452,780		$	17,186,228		$	8,556,157		$	8,827,783
Net realized gain (loss) on investments and foreign currencies		(21,192,407	)		47,497,709			17,948,031			9,014,539			9,080,370			(24,270,556	)		(12,786,006	)		12,217,387
Net unrealized gain (loss) on investments and foreign currencies		(32,651,046	)		(71,877,542	)		(550,870	)		(8,279,857	)		(41,786,861	)		(90,805,607	)		(45,533,504	)		13,028,683
Net increase (decrease) in net assets resulting from operations		(27,189,945	)		(2,605,511	)		20,320,741			3,825,327			(14,253,711	)		(97,889,935	)		(49,763,353	)		34,073,853
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings		(74,967,965	)		(111,492,491	)		(11,267,357	)		(15,660,572	)		(17,777,259	)		(12,932,082	)		(20,813,547	)		(16,229,726	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		154,460,809			189,631,683			(22,155,638	)		(28,153,689	)		(89,568,587	)		116,660,454			(28,601,167	)		77,553,216
TOTAL INCREASE (DECREASE) IN NET ASSETS		52,302,899			75,533,681			(13,102,254	)		(39,988,934	)		(121,599,557	)		5,838,437			(99,178,067	)		95,397,343
NET ASSETS:
Beginning of period		959,713,967			884,180,286			203,843,051			243,831,985			823,070,743			817,232,306			458,620,432			363,223,089
End of period	$	1,012,016,866		$	959,713,967		$	190,740,797		$	203,843,051		$	701,471,186		$	823,070,743		$	359,442,365		$	458,620,432

See Notes to Financial Statements

261

VALIC Company I

STATEMENT OF CHANGES IN NET ASSETS — (continued)

	GLOBAL STRATEGY FUND						GOVERNMENT MONEY MARKET I FUND						GOVERNMENT SECURITIES FUND						GROWTH FUND
	For the Year Ended May 31, 2020			For the Year Ended May 31, 2019			For the Year Ended May 31, 2020			For the Year Ended May 31, 2019			For the Year Ended May 31, 2020			For the Year Ended May 31, 2019			For the Year Ended May 31, 2020			For the Year Ended May 31, 2019
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	9,152,587		$	13,704,694		$	3,947,837		$	6,017,535		$	3,027,861		$	2,892,682		$	2,029,655		$	4,131,596
Net realized gain (loss) on investments and foreign currencies		(14,116,065	)		27,112,974			1,466			2,452			234,572			2,314			208,062,507			109,695,520
Net unrealized gain (loss) on investments and foreign currencies		2,757,644			(59,111,021	)		—			–			8,643,191			5,457,227			98,551,716			(83,233,844	)
Net increase (decrease) in net assets resulting from operations		(2,205,834	)		(18,293,353	)		3,949,303			6,019,987			11,905,624			8,352,223			308,643,878			30,593,272
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings		(36,956,013	)		(35,015,636	)		(3,947,837	)		(6,017,418	)		(3,464,038	)		(3,165,086	)		(121,995,009	)		(94,348,347	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(1,832,479	)		(12,626,254	)		20,016,091			83,472,727			(3,475,349	)		16,760,114			122,864,010			(89,713,529	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(40,994,326	)		(65,935,243	)		20,017,557			83,475,296			4,966,237			21,947,251			309,512,879			(153,468,604	)
NET ASSETS:
Beginning of period		323,702,263			389,637,506			395,183,423			311,708,127			143,371,978			121,424,727			1,049,180,608			1,202,649,212
End of period	$	282,707,937		$	323,702,263		$	415,200,980		$	395,183,423		$	148,338,215		$	143,371,978		$	1,358,693,487		$	1,049,180,608

See Notes to Financial Statements

262

VALIC Company I

STATEMENT OF CHANGES IN NET ASSETS — (continued)

	HEALTH SCIENCES FUND						INFLATION PROTECTED FUND						INTERNATIONAL EQUITIES INDEX FUND						INTERNATIONAL GOVERNMENT BOND FUND
	For the Year Ended May 31, 2020			For the Year Ended May 31, 2019			For the Year Ended May 31, 2020			For the Year Ended May 31, 2019			For the Year Ended May 31, 2020			For the Year Ended May 31, 2019			For the Year Ended May 31, 2020			For the Year Ended May 31, 2019
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	(1,368,129	)	$	(1,088,949	)	$	13,398,808		$	14,810,702		$	22,343,146		$	30,524,462		$	4,221,126		$	4,825,278
Net realized gain (loss) on investments and foreign currencies		84,792,905			53,676,862			2,889,476			(939,776	)		(56,514,353	)		31,178,910			2,202,989			(5,668,323	)
Net unrealized gain (loss) on investments and foreign currencies		99,973,766			(27,630,295	)		18,002,918			10,959,089			(12,960	)		(133,577,315	)		1,731,653			6,706,238
Net increase (decrease) in net assets resulting from operations		183,398,542			24,957,618			34,291,202			24,830,015			(34,184,167	)		(71,873,943	)		8,155,768			5,863,193
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings		(55,413,297	)		(65,443,360	)		(16,140,417	)		(11,852,024	)		(54,035,196	)		(34,840,449	)		(2,974,089	)		(3,136,028	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(19,300,405	)		13,325,327			45,882,284			92,552,853			293,296,266			(139,544,765	)		(36,921,147	)		(19,292,034	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		108,684,840			(27,160,415	)		64,033,069			105,530,844			205,076,903			(246,259,157	)		(31,739,468	)		(16,564,869	)
NET ASSETS:
Beginning of period		742,072,276			769,232,691			700,573,770			595,042,926			1,041,727,495			1,287,986,652			203,183,551			219,748,420
End of period	$	850,757,116		$	742,072,276		$	764,606,839		$	700,573,770		$	1,246,804,398		$	1,041,727,495		$	171,444,083		$	203,183,551

See Notes to Financial Statements

263

VALIC Company I

STATEMENT OF CHANGES IN NET ASSETS — (continued)

	INTERNATIONAL GROWTH FUND						INTERNATIONAL SOCIALLY RESPONSIBLE FUND#						INTERNATIONAL VALUE FUND						LARGE CAP CORE FUND
	For the Year Ended May 31, 2020			For the Year Ended May 31, 2019			For the Year Ended May 31, 2020			For the Year Ended May 31, 2019			For the Year Ended May 31, 2020			For the Year Ended May 31, 2019			For the Year Ended May 31, 2020			For the Year Ended May 31, 2019
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	(128,229	)	$	1,358,043		$	5,698,515		$	6,518,528		$	13,487,740		$	15,117,643		$	1,600,704		$	1,819,362
Net realized gain (loss) on investments and foreign currencies		237,766			(2,963,432	)		56,878,712			11,679,822			(69,069,557	)		18,761,611			6,621,354			9,880,150
Net unrealized gain (loss) on investments and foreign currencies		43,668,282			924,838			(69,666,052	)		(16,334,849	)		(3,037,198	)		(148,590,824	)		16,867,944			(6,168,078	)
Net increase (decrease) in net assets resulting from operations		43,777,819			(680,551	)		(7,088,825	)		1,863,501			(58,619,015	)		(114,711,570	)		25,090,002			5,531,434
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings		(530,816	)		(111,324,142	)		(18,692,073	)		(6,661,198	)		(17,228,045	)		(21,077,701	)		(13,642,078	)		(14,922,577	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(47,834,963	)		87,446,136			(11,366,171	)		(59,836,632	)		(8,515,305	)		(45,142,157	)		(3,175,366	)		(4,530,438	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(4,587,960	)		(24,558,557	)		(37,147,069	)		(64,634,329	)		(84,362,365	)		(180,931,428	)		8,272,558			(13,921,581	)
NET ASSETS:
Beginning of period		466,362,068			490,920,625			363,817,654			428,451,983			688,485,015			869,416,443			166,427,615			180,349,196
End of period	$	461,774,108		$	466,362,068		$	326,670,585		$	363,817,654		$	604,122,650		$	688,485,015		$	174,700,173		$	166,427,615

# See Note 1

See Notes to Financial Statements

264

VALIC Company I

STATEMENT OF CHANGES IN NET ASSETS — (continued)

	LARGE CAPITAL GROWTH FUND						MID CAP INDEX FUND						MID CAP STRATEGIC GROWTH FUND						NASDAQ-100® INDEX FUND
	For the Year Ended May 31, 2020			For the Year Ended May 31, 2019			For the Year Ended May 31, 2020			For the Year Ended May 31, 2019			For the Year Ended May 31, 2020			For the Year Ended May 31, 2019			For the Year Ended May 31, 2020			For the Year Ended May 31, 2019
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	2,316,146		$	3,758,695		$	38,940,738		$	39,223,368		$	(88,202	)	$	(51,232	)	$	2,698,873		$	4,259,617
Net realized gain (loss) on investments and foreign currencies		55,418,774			37,492,457			90,453,329			255,786,968			20,667,275			13,473,635			58,963,135			14,853,850
Net unrealized gain (loss) on investments and foreign currencies		23,050,451			11,376,579			(183,709,038	)		(482,259,301	)		16,186,881			8,415,185			101,360,693			(6,049,668	)
Net increase (decrease) in net assets resulting from operations		80,785,371			52,627,731			(54,314,971	)		(187,248,965	)		36,765,954			21,837,588			163,022,701			13,063,799
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings		(41,748,045	)		(33,112,343	)		(296,387,150	)		(342,040,572	)		(16,210,213	)		(27,034,945	)		(18,718,005	)		(9,579,982	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		8,291,452			13,153,251			187,502,822			(7,486,282	)		(8,998,996	)		16,830,795			(21,055,069	)		22,272,378
TOTAL INCREASE (DECREASE) IN NET ASSETS		47,328,778			32,668,639			(163,199,299	)		(536,775,819	)		11,556,745			11,633,438			123,249,627			25,756,195
NET ASSETS:
Beginning of period		477,301,333			444,632,694			2,897,313,332			3,434,089,151			303,287,940			291,654,502			499,269,213			473,513,018
End of period	$	524,630,111		$	477,301,333		$	2,734,114,033		$	2,897,313,332		$	314,844,685		$	303,287,940		$	622,518,840		$	499,269,213

See Notes to Financial Statements

265

VALIC Company I

STATEMENT OF CHANGES IN NET ASSETS — (continued)

	SCIENCE & TECHNOLOGY FUND						SMALL CAP AGGRESSIVE GROWTH FUND						SMALL CAP FUND						SMALL CAP INDEX FUND
	For the Year Ended May 31, 2020			For the Year Ended May 31, 2019			For the Year Ended May 31, 2020			For the Year Ended May 31, 2019			For the Year Ended May 31, 2020			For the Year Ended May 31, 2019			For the Year Ended May 31, 2020			For the Year Ended May 31, 2019
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	2,824,205		$	(4,776,757	)	$	(1,146,764	)	$	(965,376	)	$	964,891		$	1,002,400		$	9,632,473		$	11,988,301
Net realized gain (loss) on investments and foreign currencies		218,482,412			155,564,353			15,564,804			18,141,026			9,712,336			21,659,551			55,928,555			129,834,566
Net unrealized gain (loss) on investments and foreign currencies		175,582,908			(109,708,268	)		3,085,781			(18,560,079	)		(2,682,249	)		(27,990,997	)		(88,784,386	)		(248,132,839	)
Net increase (decrease) in net assets resulting from operations		396,889,525			41,079,328			17,503,821			(1,384,429	)		7,994,978			(5,329,046	)		(23,223,358	)		(106,309,972	)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings		(167,892,734	)		(267,545,909	)		(21,153,681	)		(22,033,890	)		(23,425,775	)		(26,310,691	)		(140,525,121	)		(106,796,337	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		1,252,545			215,867,521			2,264,524			28,160,534			(4,093,062	)		(5,578,082	)		50,265,660			(69,283,785	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		230,249,336			(10,599,060	)		(1,385,336	)		4,742,215			(19,523,859	)		(37,217,819	)		(113,482,819	)		(282,390,094	)
NET ASSETS:
Beginning of period		1,392,833,714			1,403,432,774			161,912,040			157,169,825			284,018,390			321,236,209			1,012,039,730			1,294,429,824
End of period	$	1,623,083,050		$	1,392,833,714		$	160,526,704		$	161,912,040		$	264,494,531		$	284,018,390		$	898,556,911		$	1,012,039,730

See Notes to Financial Statements

266

VALIC Company I

STATEMENT OF CHANGES IN NET ASSETS — (continued)

	SMALL CAP SPECIAL VALUES FUND						SMALL-MID GROWTH FUND						STOCK INDEX FUND						SYSTEMATIC CORE FUND#
	For the Year Ended May 31, 2020			For the Year Ended May 31, 2019			For the Year Ended May 31, 2020			For the Year Ended May 31, 2019			For the Year Ended May 31, 2020			For the Year Ended May 31, 2019			For the Year Ended May 31, 2020			For the Year Ended May 31, 2019
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	2,367,558		$	2,473,875		$	(354,237	)	$	(268,330	)	$	93,349,452		$	88,113,912		$	1,051,419		$	1,194,243
Net realized gain (loss) on investments and foreign currencies		(1,093,541	)		17,580,533			15,682,571			14,183,813			283,015,679			310,060,564			13,868,273			12,098,972
Net unrealized gain (loss) on investments and foreign currencies		(23,302,140	)		(39,180,954	)		11,427,528			(6,868,859	)		187,950,002			(220,898,080	)		2,379,254			(9,559,940	)
Net increase (decrease) in net assets resulting from operations		(22,028,123	)		(19,126,546	)		26,755,862			7,046,624			564,315,133			177,276,396			17,298,946			3,733,275
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings		(21,290,802	)		(33,301,346	)		(13,852,479	)		(14,991,380	)		(402,859,884	)		(187,995,413	)		(14,147,413	)		(13,348,269	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(3,147,232	)		(24,741,428	)		2,127,905			5,620,151			26,189,039			(310,238,062	)		1,986,684			(1,056,401	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(46,466,157	)		(77,169,320	)		15,031,288			(2,324,605	)		187,644,288			(320,957,079	)		5,138,217			(10,671,395	)
NET ASSETS:
Beginning of period		223,575,936			300,745,256			116,197,460			118,522,065			4,637,545,575			4,958,502,654			117,501,014			128,172,409
End of period	$	177,109,779		$	223,575,936		$	131,228,748		$	116,197,460		$	4,825,189,863		$	4,637,545,575		$	122,639,231		$	117,501,014

# See Note 1

See Notes to Financial Statements

267

VALIC Company I

STATEMENT OF CHANGES IN NET ASSETS — (continued)

	SYSTEMATIC VALUE FUND#						VALUE FUND
	For the Year Ended May 31, 2020			For the Year Ended May 31, 2019			For the Year Ended May 31, 2020			For the Year Ended May 31, 2019
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	815,174		$	1,206,456		$	2,014,352		$	1,970,939
Net realized gain (loss) on investments and foreign currencies		4,656,886			5,572,700			3,911,912			9,482,370
Net unrealized gain (loss) on investments and foreign currencies		(6,083,372	)		(7,626,296	)		(3,755,126	)		(12,337,081	)
Net increase (decrease) in net assets resulting from operations		(611,312	)		(847,140	)		2,171,138			(883,772	)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings		(6,042,555	)		(5,742,883	)		(12,520,789	)		(1,664,301	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(325,456	)		(1,729,270	)		5,192,073			5,201,683
TOTAL INCREASE (DECREASE) IN NET ASSETS		(6,979,323	)		(8,319,293	)		(5,157,578	)		2,653,610
NET ASSETS:
Beginning of period		51,212,253			59,531,546			118,127,340			115,473,730
End of period	$	44,232,930		$	51,212,253		$	112,969,762		$	118,127,340

# See Note 1

See Notes to Financial Statements

268

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited)

Note 1 — Organization

VALIC Company I (the “Series” or “VC I”) was incorporated under the laws of Maryland on December 7, 1984, by The Variable Annuity Life Insurance Company (“VALIC” or the “Adviser”). VALIC, the investment adviser to the Series, is an indirect wholly-owned subsidiary of American International Group, Inc. (“AIG”). The Series is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end, management investment company. The Series consists of 34 separate mutual funds (each, a “Fund” and collectively, the “Funds”), each of which issues its own separate class of capital shares:

Asset Allocation Fund	International Socially Responsible Fund**
Blue Chip Growth Fund	International Value Fund
Capital Conservation Fund	Large Cap Core Fund
Core Equity Fund	Large Capital Growth Fund
Dividend Value Fund	Mid Cap Index Fund
Dynamic Allocation Fund*	Mid Cap Strategic Growth Fund
Emerging Economies Fund	Nasdaq-100® Index Fund
Global Real Estate Fund	Science & Technology Fund
Global Strategy Fund	Small Cap Aggressive Growth Fund
Government Money Market I Fund	Small Cap Fund
Government Securities Fund	Small Cap Index Fund
Growth Fund	Small Cap Special Values Fund
Health Sciences Fund	Small-Mid Growth Fund
Inflation Protected Fund	Stock Index Fund
International Equities Index Fund	Systematic Core Fund***
International Government Bond Fund	Systematic Value Fund****
International Growth Fund	Value Fund

* The Dynamic Allocation Fund invests, under normal conditions, approximately 70% to 90% of its assets in shares of the underlying funds, which are funds of VC I and VALIC Company II (“VC II”), (collectively, the “Underlying Funds”) (the “Fund-of-Funds Component”) and 10% to 30% of its assets in a portfolio of derivative instruments, fixed income securities and short-term investments (the “Overlay Component”).

** Effective June 4, 2019, the name of the Global Social Awareness Fund changed to International Socially Responsible Fund.

*** Effective April 27, 2020, the name of the Growth and Income Fund changed to Systematic Core Fund.

**** Effective October 1, 2019, the name of the Broad Cap Value Income Fund changed to Systematic Value Fund.

Each Fund is diversified with the exception of International Government Bond Fund and Nasdaq-100^® Index Fund, which are non-diversified as defined by the 1940 Act.

Indemnifications. Under the Funds’ organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that may contain the obligation to indemnify others. The Funds’ maximum exposure under these arrangements is unknown. Currently, however, the Funds expect the risk of loss to be remote.

Note 2 — Significant Accounting Policies

The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates and those differences could be significant. The Funds are considered investment companies under GAAP and follow the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies consistently followed by the Series in the preparation of its financial statements:

Security Valuation: In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, the Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. In accordance with GAAP, fair value is defined as the price that the Funds would receive upon selling an asset or transferring a liability in a timely transaction to an independent third party in the principal or most advantageous market. GAAP establishes a three-tier hierarchy to provide more transparency around the inputs used to measure fair value and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The three-tiers are as follows:

Level 1 — Unadjusted quoted prices in active markets for identical securities

Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, referenced indices, quoted prices in inactive markets, adjusted quoted prices in active markets, adjusted quoted prices on foreign equity securities that were adjusted in accordance with pricing procedures approved by the Board of Directors (the “Board”), etc.)

Level 3 — Significant unobservable inputs (includes inputs that reflect the Funds’ own assumptions about the assumptions market participants would use in pricing the security, developed based on the best information available under the circumstances)

269

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

Changes in valuation techniques may result in transfers in or out of an investment’s assigned Level within the hierarchy. The methodology used for valuing investments is not necessarily an indication of the risk associated with investing in those investments and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to each security.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is recently issued and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The summary of each Fund’s assets and liabilities classified in the fair value hierarchy as of May 31, 2020, is reported on a schedule at the end of each Fund’s Portfolio of Investments.

Stocks are generally valued based upon closing sales prices reported on recognized securities exchanges on which the securities are principally traded and are generally categorized as Level 1. Stocks listed on the NASDAQ are valued using the NASDAQ Official Closing Price (“NOCP”). Generally, the NOCP will be the last sale price unless the reported trade for the stock is outside the range of the bid/ask price. In such cases, the NOCP will be normalized to the nearer of the bid or ask price. For listed securities having no sales reported and for unlisted securities, such securities will be valued based upon the last reported bid price.

As of the close of regular trading on the New York Stock Exchange (“NYSE”), securities traded primarily on security exchanges outside the United States are valued at the last sale price on such exchanges on the day of valuation, or if there is no sale on the day of valuation, at the last-reported bid price. If a security’s price is available from more than one exchange, the Funds use the exchange that is the primary market for the security. Such securities are generally categorized as Level 1. However, depending on the foreign market, closing prices may be up to 15 hours old when they are used to price a Fund’s shares, and a Fund may determine that certain closing prices do not reflect the fair value of the security. This determination will be based on the review of a number of factors, including developments in foreign markets, the performance of U.S. securities markets, and the performance of instruments trading in U.S. markets that represent foreign securities and baskets of foreign securities. If a Fund determines that closing prices do not reflect the fair value of the securities, the Fund will adjust the previous closing prices in accordance with pricing procedures approved by the Board to reflect what it believes to be the fair value of the securities as of the close of regular trading on the NYSE. The Funds may also fair value securities in other situations, for example, when a particular foreign market is closed but a Fund is open. For foreign equity securities and foreign equity futures contracts, the Funds use an outside pricing service to provide it with closing market prices and information used for adjusting those prices, and when so adjusted, such securities and futures are generally categorized as Level 2.

Bonds, debentures, and other debt securities are valued at evaluated bid prices obtained for the day of valuation from a Board-approved pricing service, and are generally categorized as Level 2. The pricing service may use valuation models or matrix pricing which considers information with respect to comparable bond and note transactions, quotations from bond dealers, or by reference to other securities that are considered comparable in such characteristics as rating, interest rate, maturity date, option adjusted spread models, prepayments projections, interest rate spreads, and yield curves to determine current value. If a price is unavailable from a Board-approved pricing service, the securities may be priced at the mean of two independent quotes obtained from brokers.

Investments in registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded. Investments in registered investment companies are generally categorized as Level 1.

For the Government Money Market I Fund, securities are valued at amortized cost, which approximates market value and are generally categorized as Level 2. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of any discount or premium. In accordance with Rule 2a-7 under the 1940 Act, the Board has adopted procedures intended to stabilize the Government Money Market I Fund’s net asset value per share at $1.00. These procedures include the determination, at such intervals as the Board deems appropriate and reasonable in light of current market conditions, of the extent, if any, to which the Government Money Market I Fund’s market-based net asset value per share deviates from the Fund’s amortized cost per share. The calculation of such deviation is referred to as “shadow pricing.” For purposes of these market-based valuations, securities for which market quotations are not readily available are fair valued, as determined pursuant to procedures adopted in good faith by the Board.

Futures contracts traded on national securities exchanges are valued at the quoted daily settlement price established by the exchange on which they trade reported by a Board-approved pricing service, and are generally categorized as Level 1. Swap contracts traded on national securities exchanges are valued at the closing price of the exchange on which they are traded or if a closing price of the exchange is not available, the swap will be valued using a mid valuation provided by a Board-approved pricing service, and are generally categorized as Level 2. Swap contracts traded over the counter (“OTC”) are valued at a mid valuation provided by a Board-approved pricing service, and are generally categorized as Level 2. Option contracts traded on national securities exchanges are valued at the mean of the last bid and ask price reported by a Board-approved pricing service as of the close of the exchange on which they are traded, and are generally categorized as Level 1. Option contracts traded in the OTC market are valued at the mid valuation provided by a Board-approved pricing service, and are generally categorized as Level 2. Forward foreign currency contracts (“forward contracts”) are valued at the 4:00 p.m. Eastern Time forward rate and are generally categorized as Level 2.

Other securities are valued on the basis of last sale or bid price (if a last sale price is not available) which is, in the opinion of the Adviser, the broadest and most representative market, that may be either a securities exchange or OTC market, and are generally categorized as Level 1 or Level 2.

The Board is responsible for the share valuation process and has adopted policies and procedures (the “PRC Procedures”) for valuing the securities and other assets held by the Funds, including procedures for the fair valuation of securities and other assets for which market quotations are not readily available or are unreliable. The PRC Procedures provide for the establishment of a pricing review committee, which is responsible for, among other things, making certain determinations in connection with the Series’ fair valuation procedures. Securities for which market quotations are not readily available or the values of which may be significantly impacted by the occurrence of developments or significant events are generally categorized as Level 3. There is no single standard for making fair value determinations, which may result in prices that vary from those of other funds.

270

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

Derivative Instruments

Forward Foreign Currency Contracts: During the period, the Asset Allocation Fund and the Global Strategy Fund used forward contracts to protect the value of securities and related receivables and payables against changes in future foreign exchange rates and to enhance return. The Growth Fund and the International Value Fund used forward contracts to protect the value of securities and related receivables and payables against changes in future foreign exchange rates.

A forward contract is an agreement between two parties to buy or sell currency at a set price on a future date. The market value of the contract will fluctuate with changes in currency exchange rates. The contract is marked-to-market daily using the forward rate and the cumulative change in market value is recorded by a Fund as unrealized appreciation or depreciation. On the settlement date, a Fund records either realized gains or losses equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Risks to a Fund of entering into forward contracts include counterparty risk, market risk and illiquidity risk. Counterparty risk arises upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts. If the counterparty defaults, a Fund’s loss will generally consist of the net amount of contractual payments that the Fund has not yet received though the Fund’s maximum exposure due to counterparty risk could extend to the notional amount of the contract. Market risk is the risk that the value of the forward contract will depreciate due to unfavorable changes in the exchange rates. These contracts may involve market risk in excess of the unrealized appreciation or depreciation reported on the Statement of Assets and Liabilities. Illiquidity risk arises because the secondary market for forwards may have less liquidity relative to markets for other securities. Currency transactions are also subject to risks different from those of other portfolio transactions. Because currency control is of great importance to the issuing governments and influences economic planning and policy, purchases and sales of currency and related instruments can be adversely affected by government exchange controls, limitations or restrictions on repatriation of currency, and manipulations or exchange restrictions imposed by governments.

Forward foreign currency contracts outstanding at the end of the period, if any, are reported on a schedule at the end of each Fund’s Portfolio of Investments.

Futures: During the period, the Asset Allocation Fund and Dynamic Allocation Fund used futures contracts to increase or decrease exposure to equity or bond markets or to hedge against changes in interest rates, prices of stocks, bonds or other instruments, or currency rates. The Emerging Economies Fund and the Systematic Core Fund used futures contracts to equitize cash, providing exposure to equity markets. The Growth Fund, International Equities Index Fund, International Socially Responsible Fund, Mid Cap Index Fund, Nasdaq-100^® Index Fund, Small Cap Index Fund and Stock Index Fund used futures contracts to increase or decrease exposure to equity markets.

A futures contract is an agreement between two parties to buy and sell a financial instrument at a set price on a future date. Upon entering into a futures transaction, a Fund will be required to segregate an initial margin payment of cash or other liquid securities with the futures commission merchant (the “broker”). Subsequent payments are made or received by a Fund as a result of changes in the value of the contract and/or changes in the value of the initial margin requirement. Such receipts or payments are recorded in the Statement of Assets and Liabilities as variation margin for changes in the value of the contracts and as cash collateral for futures contracts for the changes in the value of the initial margin requirement. When a contract is closed, a Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

The primary risk to a Fund of entering into futures contracts is market risk. Market risk is the risk that there will be an unfavorable change in the interest rate, value or currency rate of the underlying security or securities. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed on the Statement of Assets and Liabilities. There may also be trading restrictions or limitations imposed by an exchange, and government regulations may restrict trading in futures contracts. While a Fund will generally only purchase exchange-traded futures, due to market conditions, there may not always be a liquid secondary market for a futures contract and, as a result, the Fund may be unable to close out its futures contracts at a time which is advantageous. In addition, if a Fund has insufficient cash to meet margin requirements, the Fund may need to sell other investments, including at disadvantageous times. There is generally minimal counterparty risk to a Fund since the futures contracts are generally exchange-traded.

Futures contracts outstanding at the end of the period, if any, are reported on a schedule at the end of each Fund’s Portfolio of Investments.

Options: During the period, the Dynamic Allocation Fund used options contracts to facilitate trading, increase market exposure, generate income or seek protection against a decline in the value of the Funds’ securities or an increase in prices of securities that may be purchased. The International Growth Fund used options to hedge against the decline in value of a currency.

An option is a contract conveying a right to buy or sell a financial instrument at a specified price during a stipulated period. When a Fund writes a call or a put option, it receives a premium which is equal to the current market value of the option written. The premiums on written options are recorded as a liability on the Statement of Assets and Liabilities. If a Fund purchases a call or a put option, it pays a premium which reflects the current market value of the option and which is included on the Fund’s Statement of Assets and Liabilities as an investment. The option position is marked to market daily and its value fluctuates based upon the value of the underlying financial instrument, time to expiration, cost of borrowing funds, and volatility of the value of the underlying financial instrument. If an option which a Fund has written either expires on its stipulated expiration date, or if the Fund enters into a closing purchase transaction, the Fund realizes a gain (or loss if the cost of a closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such options is extinguished. If a call option which a Fund has written is exercised, the Fund realizes a gain or loss from the sale of the underlying security and the proceeds from such sale are increased by the premium originally received. If a put option which a Fund has written is exercised, the amount of the premium originally received reduces the cost of the security which the Fund purchased upon exercise of the option. Options may be traded on a national securities exchange or in the OTC market.

Risks to a Fund of entering into option contracts include counterparty risk, market risk and, with respect to OTC options, illiquidity risk. Counterparty risk arises from the potential inability of counterparties to meet the terms of their contracts. If the counterparty defaults, a Fund’s loss will consist of the net amount of contractual payments that the Fund has not yet received. Market risk is the risk that there will be an unfavorable change in the value of the underlying securities, and for written options, may result in losses in excess of the amounts shown on the statement of asset and liabilities. There is also the risk a Fund may not be able to enter into a closing transaction because of an illiquid market. In addition, unlisted options are not traded on an exchange and may not be as actively traded as listed options, making the valuation of such securities more difficult. An unlisted option also entails a greater risk that the party on the other side of the option transaction may default, which would make it impossible to close out an unlisted option position in some cases, and profits related to the transaction lost thereby.

271

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

Option contracts outstanding at the end of the period, if any, are reported on a schedule at the end of each Fund’s Portfolio of Investments.

Swap Contracts: Certain Funds may enter into credit default, interest rate, equity and/or total return swap contracts. Swap contracts are privately negotiated in the OTC market and may be entered into as a bilateral contract or a centrally cleared contract (“centrally cleared swaps”). In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the “CCP”) and a Fund faces the CCP through a broker. Upon entering into a centrally cleared swap, a Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated on the Portfolio of Investments and cash deposited is recorded on the Statement of Assets and Liabilities as cash collateral for centrally cleared swap contracts. Unlike a bilateral swap contract, for centrally cleared swaps, a Fund has no credit exposure to the counterparty as the CCP stands between the Funds and the counterparty. Swaps are marked-to-market daily and the changes in value are recorded as an unrealized gain (loss). The daily change in valuation of swap contracts, if any, is recorded as unrealized appreciation (depreciation) on swap contracts. When the swap is terminated, a Fund will record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract, if any. Generally, the basis of the contracts is the premium received or paid. Upfront payments and receipts on swap contracts are amortized on a daily basis. Net periodic payments made or received by a Fund are included as part of realized gain (loss).

Interest Rate Swap Agreements: During the period, the Global Strategy Fund used interest rate swap agreements to manage exposure to fluctuations in interest rates and to make active interest rate anticipation decisions.

Interest rate swaps involve the exchange by a Fund with another party of their respective commitments to pay or receive interest with respect to the notional amount of principal. Since interest rate swaps are individually negotiated, a Fund expects to achieve an acceptable degree of correlation between their respective portfolio investments and their interest rate positions. A Fund will enter into interest rate swaps only on a net basis, which means that the two payment streams are netted out, with the Funds receiving or paying, as the case may be, only the net amount of the two payments.

Interest rate swaps do not involve the delivery of securities, other underlying assets or principal. Accordingly, the risk of loss with respect to interest rate swaps is limited to the net amount of interest payments that a Fund is contractually obligated to make. If the other party to an interest rate swap defaults, a Fund’s risk of loss consists of the net discounted amount of interest payments that the Fund is contractually entitled to receive, if any. The use of interest rate swaps is a highly specialized activity which involves investment techniques and risks different from those associated with ordinary Fund securities transactions.

Interest rate swap contracts outstanding at the end of the period, if any, are reported on a schedule at the end of each Fund’s Portfolio of Investments.

Risks of Entering into Swap Agreements: Risks to a Fund of entering into credit default swaps, total return swaps and interest rate swaps, include credit risk, market risk, counterparty risk, liquidity risk and documentation risk. By entering into swap agreements, a Fund may be exposed to risk of potential loss due to unfavorable changes in interest rates, the price of the underlying security or index, or the underlying referenced asset’s perceived or actual credit, that the counterparty may default on its obligation to perform or the possibility that there is no liquid market for these agreements. There is also the risk that the parties may disagree as to the meaning of contractual terms in the swap agreement. In addition, to the extent that a subadviser does not accurately analyze and predict the underlying economic factors influencing the value of the swap, a Fund may suffer a loss, which may be in excess of the amount reflected on the statement of assets and liabilities.

Master Agreements: Certain Funds that hold derivative instruments and other financial instruments may be a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements or similar agreements (“Master Agreements”) with certain counterparties that govern such instruments. Master Agreements may contain provisions regarding, among other things, the parties’ general obligations, representations, agreements, collateral requirements, events of default and early termination. Collateral can be in the form of cash or securities as agreed to by a Fund and applicable counterparty. Collateral requirements are generally determined based on a Fund’s net position with each counterparty. Master Agreements may also include certain provisions that require a Fund to post additional collateral upon the occurrence of certain events, such as when the Fund’s net assets fall below a specified level. In addition, Master Agreements typically specify certain standard termination events, such as failure of a party to pay or deliver, credit support defaults and other events of default. Termination events applicable to a Fund may also occur upon a decline in the Fund’s net assets below a specified level over a certain period of time. Additional termination events applicable to counterparties may occur upon a decline in a counterparty’s long-term and short-term credit ratings below a specified level, or upon a decline in the ratings of a counterparty’s credit support provider. Upon the occurrence of a termination event, the other party may elect to terminate early and cause settlement of all instruments outstanding pursuant to a particular Master Agreement, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of a Fund’s counterparties to elect early termination could cause the Fund to accelerate the payment of liabilities, which settlement amounts could be in excess of the amount of assets that are already posted as collateral. Typically, the Master Agreement will permit a single net payment in the event of default. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events. As a result, the early termination with respect to derivative instruments subject to Master Agreements that are in a net liability position could be material to a Fund’s financial statements. The Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.

The following tables represent the value of derivatives held as of May 31, 2020, by their primary underlying risk exposure and the respective location on the Statement of Assets and Liabilities and the effect of derivatives on the Statement of Operations for the year ended May 31, 2020. The derivative contracts held during the period are not accounted for as hedging instruments under GAAP. For a detailed presentation of derivatives held as of May 31, 2020, please refer to the Portfolio of Investments.

272

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

Fund	Futures Contracts(1)(8)		Swap Contracts(2)		Options Purchased(3)		Foreign Forward Exchange Contracts(4)		Futures Contracts(1)(8)		Swap Contracts(5)		Options Written(6)		Foreign Forward Exchange Contracts(7)
	Interest Rate Contracts
	Asset Derivatives								Liability Derivatives
Asset Allocation	$	—	$	—	$	—	$	—	$	113,008	$	—	$	—	$	—
Global Strategy		—		—		—		—		—		—		—		—
	Equity Contracts
	Asset Derivatives								Liability Derivatives
Asset Allocation	$	88,000	$	—	$	—	$	—	$	99,510	$	—	$	—	$	—
Dynamic Allocation		—		—		1,472,660		—		21,979		—		—		—
Emerging Economies		—		—		—		—		—		—		—		—
Growth		1,170		—		—		—		—		—		—		—
International Equities Index		—		—		—		—		206,800		—		—		—
International Socially Responsible		—		—		—		—		81,675		—		—		—
Mid Cap Index		—		—		—		—		354,000		—		—		—
Nasdaq-100® Index		464,000		—		—		—		—		—		—		—
Small Cap Index		—		—		—		—		555,840		—		—		—
Stock Index		76,050		—		—		—		—		—		—		—
Systematic Core		—		—		—		—		—		—		—		—
	Foreign Exchange Contracts
	Asset Derivatives								Liability Derivatives
Asset Allocation	$	—	$	—	$	—	$	184,871	$	—	$	—	$	—	$	544,629
Global Strategy		—		—		—		2,320,147		—		—		—		2,033,593
International Growth		—		—		167,912		—		—		—		—		—
International Value		—		—		—		333,546		—		—		—		—

Statement of Assets and Liabilities Location:

(1) Variation margin on futures contracts

(2) Unrealized appreciation on swap contracts

(3) Investments at value (unaffiliated)

(4) Unrealized appreciation on forward foreign currency contracts

(5) Unrealized depreciation on swap contracts

(6) Call and put options written, at value

(7) Unrealized depreciation on forward foreign currency contracts

(8) The variation margin on futures contracts is included in the cumulative appreciation (depreciation) as reported on each Fund’s Portfolio of Investments in the following amounts:

Fund	Cumulative Appreciation/ (Depreciation)
Asset Allocation	$	(198,097	)
Dynamic Allocation		(444,405	)
Growth		90,994
International Equities Index		4,449,363
International Socially Responsible		4,620,016
Mid Cap Index		2,935,744
Nasdaq-100® Index		4,378,988
Small Cap Index		6,969,839
Stock Index		5,587,971

273

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

	Realized Gain (Loss) on Derivatives Recognized in Statement of Operations
Fund	Futures Contracts(1)			Swap Contracts(2)			Written Options(3)		Purchased Options(4)			Foreign Forward Exchange Contracts(5)
	Interest Rate Contracts
Asset Allocation	$	(609,199	)	$	—		$	—	$	—		$	—
Global Strategy		—			(8,276,667	)		—		—			—
	Equity Contracts
Asset Allocation	$	4,238,751		$	—		$	—	$	—		$	—
Dynamic Allocation		(1,855,319	)		—			—		5,767,606			—
Emerging Economies		(868,888	)		—			—		—			—
Growth		194,644			—			—		—			—
International Equities Index		(32,407,595	)		—			—		—			—
International Socially Responsible		(6,722,543	)		—			—		—			—
Mid Cap Index		(21,606,437	)		—			—		—			—
Nasdaq-100® Index		(1,573,698	)		—			—		—			—
Small Cap Index		(580,255	)		—			—		—			—
Stock Index		5,108,125			—			—		—			—
Systematic Core		18,034			—			—		—			—
	Foreign Exchange Contracts
Asset Allocation	$	—		$	—		$	—	$	—		$	(201,572	)
Global Strategy		—			—			—		—			3,631,485
Growth		—			—			—		—			202,843
International Growth		—			—			—		(428,191	)		—
International Value		—			—			—		—			(31,539	)
	Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations
Fund	Futures Contracts(6)			Swap Contracts(7)			Written Options(8)		Purchased Options(9)			Foreign Forward Exchange Contracts(10)
	Interest Rate Contracts
Asset Allocation	$	(81,981	)	$	—		$	—	$	—		$	—
Global Strategy		—			1,987,951			—		—			—
	Equity Contracts
Asset Allocation	$	(73,025	)	$	—		$	—	$	—		$	—
Dynamic Allocation		1,076,505			—			—		(2,205,298	)		—
Emerging Economies		—			—			—		—			—
Growth		90,944			—			—		—			—
International Equities Index		5,737,805
International Socially Responsible		4,765,233			—			—		—			—
Mid Cap Index		4,255,653			—			—		—			—
Nasdaq-100® Index		5,038,985			—			—		—			—
Small Cap Index		9,164,620			—			—		—			—
Stock Index		6,071,409			—			—		—			—
Systematic Core		32,673			—			—		—			—
	Foreign Exchange Contracts
Asset Allocation	$	—		$	—		$	—	$	—		$	(316,081	)
Global Strategy		—			—			—		—			(570,915	)
Growth		—			—			—		—			(88,830	)
International Growth		—			—			—		(632,810	)		—
International Value		—			—			—		—			(2,141,808	)

274

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

Statement of Operations Location:

(1) Net realized gain (loss) on futures contracts

(2) Net realized gain (loss) on swap contracts

(3) Net realized gain (loss) on written options contracts

(4) Net realized gain (loss) on investments

(5) Net realized gain (loss) on forward contracts

(6) Change in unrealized appreciation (depreciation) on futures contracts

(7) Change in unrealized appreciation (depreciation) on swap contracts

(8) Change in unrealized appreciation (depreciation) on written options contracts

(9) Change in unrealized appreciation (depreciation) on investments

(10) Change in unrealized appreciation (depreciation) on forward contracts

The following table represents the average monthly balances of derivatives held during the year ended May 31, 2020.

	Average Amount Outstanding During the Period
	Futures Contracts(2)		Foreign Exchange Contracts(2)		Purchased Put Options Contracts(1)		Written Call Options Contracts(1)		Interest Rate Swap Contracts(2)
Portfolio
Asset Allocation	$	26,603,571	$	48,729,315	$	—	$	—	$	—
Dynamic Allocation		32,025,288		—		2,035,183		—		—
Emerging Economies		978,593		—		—		—		—
Global Strategy		—		163,000,000		—		—		16,276,583
Growth		1,717,921		1,945,943		—		—		—
International Equities Index		160,123,436		—		—		—		—
International Socially Responsible		34,177,079		—		—		—		—
International Growth		—		—		393,535		—		—
International Value		—		68,088,260		—		—		—
Mid Cap Index		109,392,380		—		—		—		—
Nasdaq-100 Index		18,594,220		—		—		—		—
Small Cap Index		58,670,853		—		—		—		—
Stock Index		52,994,743		—		—		—		—
Systematic Core		1,278,263		—		—		—		—

(1) Amounts represent values in US dollars.

(2) Amounts represent notional amounts in US dollars.

The following tables set forth the Funds’ derivative assets and liabilities by counterparty, net of amounts available for offset under Master Agreements and net of the related collateral pledged/(received) as of May 31, 2020. The repurchase agreements held by the Funds and the securities on loan as of May 31, 2020, are also subject to Master Agreements but are not included in the following tables. See the Portfolio of Investments and the Notes to the Financial Statements for more information about the Funds’ holdings in repurchase agreements and securities on loan.

	Asset Allocation Fund
	Derivative Assets(1)						Derivative Liabilities(1)
Counterparty	Forward Foreign Currency Contracts	OTC Swaps		Options Purchased	Total		Forward Foreign Currency Contracts		OTC Swaps		Options Written		Total		Net Derivative Assets (Liabilities)			Collateral Pledged/ (Received)(2)		Net Amount(3)
Morgan Stanley Capital Services, Inc.	$184,871	$	—	$—	$	184,871	$	544,629	$	—	$	—	$	544,629	$	(359,758	)	$	359,758	$	—

(1) Gross amounts of recognized assets and liabilities not offset in the Statement of Assets and Liabilities.

(2) For each respective counterparty, collateral pledged or (received) is limited to an amount not to exceed 100% of the derivative asset/liability in the table above.

(3) Net amount represents the net amount due (to)/from counterparty in the event of a default based on the contractual set-off rights under the agreement.

275

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

	Dynamic Allocation Fund
	Derivative Assets(1)								Derivative Liabilities(1)
Counterparty	Forward Foreign Currency Contracts		OTC Swaps		Options Purchased		Total		Forward Foreign Currency Contracts		OTC Swaps		Options Written		Total		Net Derivative Assets (Liabilities)		Collateral Pledged/ (Received)(2)			Net Amount(3)
Citibank NA	$	—	$	—	$	793,865	$	793,865	$	—	$	—	$	—	$	—	$	793,865	$	(793,865	)	$	—
Goldman Sachs International		—		—		308,081		308,081		—		—		—		—		308,081		(308,081	)		—
UBS AG		—		—		370,714		370,714		—		—		—		—		370,714		—			370,714
Total	$	—		—		1,472,660		1,472,660		—		—		—		—		1,472,660	$	(1,101,946	)	$	370,714

(1) Gross amounts of recognized assets and liabilities not offset in the Statement of Assets and Liabilities.

(2) For each respective counterparty, collateral pledged or (received) is limited to an amount not to exceed 100% of the derivative asset/liability in the table above.

(3) Net amount represents the net amount due (to)/from counterparty in the event of a default based on the contractual set-off rights under the agreement.

	Global Strategy Fund																			Collateral Pledged/ (Received)(2)			Net Amount(3)
	Derivative Assets(1)								Derivative Liabilities(1)								Net Derivative Assets (Liabilities)
Counterparty	Forward Foreign Currency Contracts		OTC Swaps		Options Purchased		Total		Forward Foreign Currency Contracts		OTC Swaps		Options Written		Total
Bank of America, N.A.	$	10,827	$	—	$	—	$	10,827	$	4,899	$	—	$	—	$	4,899	$	5,928		$	(5,928	)	$	—
Barclays Bank PLC		—		—		—		—		4,778		—		—		4,778		(4,778	)		—			(4,778	)
BNP Paribas SA		3,492		—		—		3,492		70,401		—		—		70,401		(66,909	)		—			(66,909	)
Citibank N.A.		583,131		—		—		583,131		539,100		—		—		539,100		44,031			(44,031	)		—
Deutsch Bank AG		224,145		—		—		224,145		118,631		—		—		118,631		105,514			(105,514	)		—
Goldman Sachs International		48,020		—		—		48,020		11,337		—		—		11,337		36,683			(36,683	)		—
HSBC Bank PLC		532,354		—		—		532,354		685,302		—		—		685,302		(152,948	)		—			(152,948	)
JPMorgan Chase Bank N.A.		656,673		—		—		656,673		559,678		—		—		559,678		96,995			—			96,995
Morgan Stanley and Co., Inc.		—		—		—		—		2,772		—		—		2,772		(2,772	)		—			(2,772	)
Standard Chartered Bank		166,438		—		—		166,438		8,922		—		—		8,922		157,516			(157,516	)		—
UBS AG		95,067		—		—		95,067		27,773		—		—		27,773		67,294			—			67,294
Total	$	2,320,147	$	—	$	—	$	2,320,147	$	2,033,593	$	—	$	—	$	2,033,593	$	286,554		$	(349,672	)	$	(63,118	)

(1) Gross amounts of recognized assets and liabilities not offset in the Statement of Assets and Liabilities.

(2) For each respective counterparty, collateral pledged or (received) is limited to an amount not to exceed 100% of the derivative asset/liability in the table above.

(3) Net amount represents the net amount due (to)/from counterparty in the event of a default based on the contractual set-off rights under the agreement.

	International Growth Fund
	Derivative Assets(1)								Derivative Liabilities(1)								Net Derivative Assets (Liabilities)
Counterparty	Forward Foreign Currency Contracts		OTC Swaps		Options Purchased		Total		Forward Foreign Currency Contracts		OTC Swaps		Options Written		Total				Collateral Pledged/ (Received)(2)			Net Amount(3)
NatWest Markets PLC	$	—	$	—	$	167,912	$	167,912	$	—	$	—	$	—	$	—	$	167,912	$	(167,912	)	$	—

(1) Gross amounts of recognized assets and liabilities not offset in the Statement of Assets and Liabilities.

(2) For each respective counterparty, collateral pledged or (received) is limited to an amount not to exceed 100% of the derivative asset/liability in the table above.

(3) Net amount represents the net amount due (to)/from counterparty in the event of a default based on the contractual set-off rights under the agreement.

	International Value Fund
	Derivative Assets(1)								Derivative Liabilities(1)								Net Derivative Assets (Liabilities)
Counterparty	Forward Foreign Currency Contracts		OTC Swaps		Options Purchased		Total		Forward Foreign Currency Contracts		OTC Swaps		Options Written		Total				Collateral Pledged/ (Received)(2)			Net Amount(3)
Barclays Bank PLC	$	333,546	$	—	$	—	$	333,546	$	—	$	—	$	—	$	—	$	333,546	$	(333,546	)	$	—

(1) Gross amounts of recognized assets and liabilities not offset in the Statement of Assets and Liabilities.

(2) For each respective counterparty, collateral pledged or (received) is limited to an amount not to exceed 100% of the derivative asset/liability in the table above.

(3) Net amount represents the net amount due (to)/from counterparty in the event of a default based on the contractual set-off rights under the agreement.

276

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

Inflation-Indexed Bonds: Certain Funds may purchase inflation-indexed bonds. Inflation-indexed bonds are fixed income securities whose principal value is adjusted periodically according to the rate of inflation. Two structures are common. The U.S. Treasury and certain other issuers use a structure that reflects inflation in the principal value of the bond. Other issuers pay out any inflation related accruals as part of a semiannual coupon. The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates, in turn, are tied to the relationship between nominal interest rates (i.e., stated interest rates) and the rate of inflation. Therefore, if the rate of inflation rises at a faster rate than nominal interest rates, real interest rates (i.e., nominal interest rates minus inflation) might decline, leading to an increase in value of inflation-indexed bonds. In contrast, if nominal interest rates increase at a faster rate than inflation, real interest rates might rise, leading to a decrease in value of inflation-indexed bonds. There can be no assurance, however, that the value of inflation-indexed bonds will be directly correlated to changes in nominal interest rates, and short-term increases in inflation may lead to a decline in their value. Coupon payments received from inflation-indexed bonds are recorded in the Statement of Operations as interest income. In addition, any increase or decrease in the principal amount of an inflation-indexed bond will be recorded in the Statement of Operations as an increase or decrease to interest income, even though principal is not paid until maturity.

Repurchase Agreements: The Funds, along with other affiliated registered investment companies, pursuant to procedures adopted by the Board and applicable guidance from the Securities and Exchange Commission (“SEC”), may transfer uninvested cash balances into a single joint account, the daily aggregate balance of which is invested in one or more repurchase agreements collateralized by U.S. Treasury or federal agency obligations. In a repurchase agreement, the seller of a security agrees to repurchase the security at a mutually agreed-upon time and price, which reflects the effective rate of return for the term of the agreement. For repurchase agreements and joint repurchase agreements, the Funds’ custodian takes possession of the collateral pledged for investments in such repurchase agreements (“repo” or collectively “repos”). The underlying collateral is valued daily on a mark to market basis, plus accrued interest to ensure that the value, at the time the agreement is entered into, is equal to at least 102% of the repurchase price, including accrued interest. In the event of default of the obligation to repurchase, a Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. If the seller defaults and the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by a Fund may be delayed or limited.

Stripped Mortgage-Backed Securities: Stripped Mortgage-Backed Securities (“SMBS”) are multiple-class mortgage-backed securities. SMBS are often structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. SMBS have greater market volatility than other types of U.S. government securities in which a Fund invests. A common type of SMBS has one class receiving some of the interest and all or most of the principal (the “principal only” class) from the mortgage pool, while the other class will receive all or most of the interest (the “interest only” class). The yield to maturity on an interest only class is extremely sensitive not only to changes in prevailing interest rates, but also to the rate of principal payments, including principal prepayments, on the underlying pool of mortgage assets, and a rapid rate of principal payment may have a material adverse effect on a Fund‘s yield.

Mortgage-Backed Dollar Rolls: TBA Roll transactions involve the sale of mortgage or other asset backed securities with the commitment to purchase substantially similar securities on a specified future date. The Funds’ policy is to record the components of TBA Rolls as purchase/sale transactions. Any difference between the purchase and sale price is recorded as a realized gain or loss on the date the transaction is entered into. TBA Roll transactions involve the risk that the market value of the securities held by a Fund may decline below the price of the securities that the Fund has sold but is obligated to repurchase under the agreement. In the event that the buyer of securities in a TBA Roll transaction files bankruptcy or becomes insolvent, a Fund’s use of the proceeds from the sale of the securities may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce the Fund’s obligation to repurchase the securities. Mortgage-Back Dollar Rolls outstanding at the end of the period, if any, are included in investments purchased/sold on an extended settlement basis in the Statement of Assets and Liabilities.

When-Issued Securities and Forward Commitments: Certain Funds may purchase or sell when-issued securities, including TBA securities that have been authorized, but not yet issued in the market. In addition, a Fund may purchase or sell securities on a forward commitment basis. A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The Funds may engage in when-issued or forward commitment transactions in order to secure what is considered to be an advantageous price and yield at the time of entering into the obligation. The purchase of securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a when-issued or forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Securities purchased or sold on a when-issued or forward commitment basis outstanding at the end of the period, if any, are included in investments purchased/sold on an extended settlement basis in the Statement of Assets and Liabilities.

Foreign Currency Translation: The books and records of the Funds are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies and commitments under forward foreign currency contracts are translated into U.S. dollars based on the exchange rate of such currencies against U.S. dollars on the date of valuation.

The Funds do not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in the market prices of securities held at the end of the period. Similarly, the Funds do not isolate the effect of changes in foreign exchange rates from the changes in the market prices of portfolio securities sold during the period.

Realized foreign exchange gains and losses on other assets and liabilities and change in unrealized foreign exchange gains and losses on other assets and liabilities located in the Statements of Operations include realized foreign exchange gains and losses from currency gains or losses between the trade and the settlement dates of securities transactions, the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent amounts actually received or paid and changes in the unrealized foreign exchange gains and losses relating to the other assets and liabilities arising as a result of changes in the exchange rates.

Investment Securities Loaned: To realize additional income, each Fund, except for the Dynamic Allocation Fund and the Government Money Market I Fund, may lend portfolio securities with a value of up to 30% of its total assets. Securities lending arrangements are generally governed by master securities lending authorization agreements which typically provide the securities lending agent with the right to make loans of a Fund’s available securities to an approved list of borrowers. These master securities lending agreements are considered to be Master Agreements as discussed in the Notes to the Financial Statements. Loans made pursuant to these agreements will be continuously secured by collateral in an amount at least equal to the market value of the securities loaned. Such collateral will be cash, U.S. government securities, or other collateral as deemed appropriate. A Fund may use the cash collateral received to invest in short-term investments. The description of the short-term investments made with cash collateral from securities lending is included in the applicable Fund’s Portfolio of Investments. Loans by a Fund will only be made to broker-dealers deemed by the securities lending agent to be

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creditworthy and will not be made unless, in the judgment of VALIC, the consideration to be earned from such loans would justify the risk. It is the Series’ policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day. Therefore, the value of the collateral may be temporarily more or less than the value of the securities on loan. Each Fund receives income from the investment of cash collateral, in addition to lending fees and rebates paid by the borrower, less expenses associated with the loan. In the event of a borrower default, including if the borrower fails to maintain the requisite amount of collateral, the securities lending agent will terminate all outstanding loans to that particular borrower and the lending Fund is permitted to use the collateral to replace the securities while holding the borrower liable for any excess of replacement cost over collateral. The securities lending agent is also required to indemnify a Fund against certain losses resulting from a borrower default. Although risk is mitigated by the collateral and indemnification, the risks in lending fund securities, as with other extensions of secured credit, include possible delays in receiving additional collateral or in the recovery of the securities or possible loss of rights in the collateral should the borrower fail financially as well as risk of loss in the value of collateral or the value of the investments made with the collateral. Income and fees are recorded in the Statement of Operations as Securities lending income. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

Securities Transactions, Investment Income, Expenses, Dividends and Distributions to Shareholders: Security transactions are recorded on a trade date basis. Realized gains and losses on the sale of investments are calculated on the identified cost basis. For financial statement purposes, the Funds amortize all premiums and accrete all discounts on fixed income securities.

Interest income is accrued daily from settlement date except when collection is not expected. Dividend income is recorded on the ex-dividend date except for certain dividends from foreign securities, which are recorded as soon as a Fund is informed after the ex-dividend date. Paydown gains and losses on mortgage and asset-backed securities are recorded as components of interest income on the Statement of Operations. For the Dynamic Allocation Fund, distributions from income from the Underlying Funds, if any, are recorded to income on the ex-dividend date. Distributions from net realized capital gains from the Underlying Funds, if any, are recorded to realized gains on the ex-dividend date.

Funds which earn foreign income and capital gains may be subject to foreign withholding taxes and capital gains taxes at various rates. Under applicable foreign law, a withholding of tax may be imposed on interest, dividends, and capital gains from the sale of foreign securities at various rates. India, Thailand, and certain other countries’ tax regulations require that taxes be paid on capital gains realized by a Fund.

Distributions received from Real Estate Investment Trust (“REIT”) investments are recharacterized based on information provided by the REIT into the following categories: ordinary income, long-term and short-term capital gains, and return of capital. If information is not available on a timely basis from the REIT, the recharacterization will be based on available information which may include the previous year’s allocation. If new or additional information becomes available from the REIT at a later date, a recharacterization will be made in the following year. The amount recharacterized as ordinary income is recorded as dividend income and the amount recharacterized as capital gain is recorded as realized gain in the Statement of Operations. The amount recharacterized as return of capital is recorded as a reduction to the cost of investments in the Statement of Assets and Liabilities. These recharacterizations are reflected in the accompanying financial statements.

Expenses common to all Funds are allocated among the Funds based upon relative net assets or other appropriate allocation methods. In all other respects, expenses are charged to each Fund as incurred on a specific identification basis. For the Dynamic Allocation Fund, the expenses included in the accompanying financial statements reflect the expenses of the Dynamic Allocation Fund and do not include any expenses associated with the Underlying Funds.

Dividends from net investment income, if any, are normally paid annually, except for the Government Money Market I Fund, which declares daily and pays monthly. Distributions from net realized capital gains, if any, are normally declared and paid annually.

The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the capital accounts at fiscal year end based on their federal tax-basis treatment; temporary differences do not require reclassification. Net assets are not affected by these reclassifications.

Each Fund is considered a separate entity for tax purposes and intends to comply with the requirements of the Internal Revenue Code, as amended, applicable to regulated investment companies and distribute all of its taxable income, including any net capital gains on investments, to its shareholders. Each Fund also intends to distribute sufficient net investment income and net capital gains, if any, so that it will not be subject to excise tax on undistributed income and gains. Therefore, no federal income tax or excise tax provision is required.

Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained, assuming examination by tax authorities. Management has analyzed each Fund’s tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years 2016 — 2018 or expected to be taken in each Fund’s 2019 tax return. The Funds are not aware of any tax provisions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. The Funds file U.S. federal and certain state income tax returns. With few exceptions, the Funds are no longer subject to U.S. federal and state tax examinations by tax authorities for tax returns ending before 2016.

LIBOR Risk

A fund’s investments, payment obligations and financing terms may be based on floating rates, such as London Interbank Offer Rate (“LIBOR”), Euro Interbank Offered Rate and other similar types of reference rates (each, a “Reference Rate”). On July 27, 2017, the Chief Executive of the UK Financial Conduct Authority (“FCA”), which regulates LIBOR, announced that the FCA will no longer persuade nor require banks to submit rates for the calculation of LIBOR and certain other Reference Rates after 2021. Such announcement indicates that the continuation of LIBOR and other Reference Rates on the current basis cannot and will not be guaranteed after 2021. This announcement and any additional regulatory or market changes may have an adverse impact on a fund or its investments.

In advance of 2021, regulators and market participants will work together to identify or develop successor Reference Rates. Additionally, prior to 2021, it is expected that market participants will focus on the transition mechanisms by which the Reference Rates in existing contracts or instruments may be amended, whether through market wide protocols,

278

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

fallback contractual provisions, bespoke negotiations or amendments or otherwise. Nonetheless, the termination of certain Reference Rates presents risks to a fund. At this time, it is not possible to completely identify or predict the effect of any such changes, any establishment of alternative Reference Rates or any other reforms to Reference Rates that may be enacted in the UK or elsewhere. The elimination of a Reference Rate or any other changes or reforms to the determination or supervision of Reference Rates could have an adverse impact on the market for or value of any securities or payments linked to those Reference Rates and other financial obligations held by a fund or on its overall financial condition or results of operations. In addition, any substitute Reference Rate and any pricing adjustments imposed by a regulator or by counterparties or otherwise may adversely affect a fund’s performance and/or NAV.

New Accounting Pronouncements

In August 2018, the FASB issued Accounting Standards Update (“ASU”) No. 2018-13 “Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement”. The ASU eliminates, modifies, and adds disclosure requirements for fair value measurements and is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The ASU allows for early adoption of either the entire standard or only the provisions that eliminate or modify the requirements. Management has elected to early adopt the provisions that eliminate disclosure requirements and is still evaluating the impact of applying the rest of the ASU.

Effective June 1, 2019, the Funds are subject to ASU 2017-08, “Premium Amortization on Purchased Callable Debt Securities”, which requires the premiums on certain purchased debt securities with non-contingent call features to be amortized to the earliest call date. The amortization period for callable debt securities purchased at a discount is not impacted. Adoption of the ASU had no material impact on the Fund.

Note 3 — Advisory Fees and Other Transactions with Affiliates

VALIC serves as investment adviser to VC I. Certain officers and directors of VC I are officers and directors of VALIC or affiliates of VALIC.

VALIC receives from VC I a monthly fee based on each Fund’s average daily net asset value at the following annual rates:

International Equities Index Fund	0.35% on the first $500 million
	0.25% on the next $500 million
	0.24% on assets over $1 billion
Mid Cap Index Fund	0.35% on the first $500 million
Small Cap Index Fund	0.25% on the next $2.5 billion
Stock Index Fund	0.20% on the next $2 billion
	0.15% on assets over $5 billion
Blue Chip Growth Fund	0.75% on the first $250 million
	0.725% on the next $250 million
	0.70% on assets over $500 million
Core Equity Fund(1)	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
Systematic Core Fund(2)	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(3)	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(4)	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

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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
International Socially Responsible Fund	0.50% on first $500 million
	0.475% on next $500 million
	0.45% on assets over $1 billion
Global Strategy Fund(5)	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
Government 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(6)	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
Large Cap Core Fund	0.70% on the first $250 million
Systematic Value Fund(7)	0.65% on the next $250 million
	0.60% on the next $500 million
	0.55% on assets over $1 billion
International Value Fund(8)	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(9)	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(10)	0.73% on the first $500 million
	0.67% on the next $500 million
	0.64% on the next $500 million
	0.61% on assets over $1.5 billion
Global Real Estate Fund	0.75% on the first $250 million
	0.70% on the next $250 million
	0.65% on assets over $500 million
Dynamic Allocation Fund(11)	0.25% on the first $1 billion
	0.22% on the next $1 billion
	0.20% on assets over $2 billion

(1) VALIC has agreed to waive the Core Equity Fund’s advisory fees in order that such fees equal: 0.62% of the Fund’s average daily net assets on the Fund’s first $250 million, 0.57% on the next $250 million, 0.52% on the next $500 million, and 0.47% on assets over $1 billion.

(2) Pursuant to an Advisory Fee Waiver Agreement effective April 27, 2020, VALIC has agreed to waive the Systematic Core Fund’s advisory fees in order that such fees equal: 0.530% on the first $500 million and 0.505% on assets over $500 million.

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VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

(3) Pursuant to an Advisory Fee Waiver Agreement, VALIC has agreed to waive the Health Sciences Fund’s advisory fee in order that such fees equal: (a) 0.97% of the Fund’s average daily net assets when the Fund’s assets are between $700 million and $750 million; and (b) 0.94% of the Fund’s average daily net assets when the Fund’s assets exceed $750 million.

(4) Pursuant to an Advisory Fee Waiver Agreement, VALIC has agreed to waive the International Growth Fund’s advisory fees in order that such fees equal: 0.75% of the average daily net assets on the first $250 million, 0.70% on the next $250 million, 0.65% on the next $500 million and 0.60% thereafter.

(5) Pursuant to an Advisory Fee Waiver Agreement effective January 29, 2020, VALIC has agreed to waive the Global Strategy Fund’s advisory fees in order that such fees equal: 0.48% on the first $500 million and 0.44% on assets over $500 million.

(6) Pursuant to an Advisory Fee Waiver Agreement effective October 1, 2019, VALIC agreed to waive the Dividend Value Fund’s advisory fees in order that such fees equal: 0.64% of the Fund’s average daily net assets on Fund’s first $250 million; 0.61% of the Fund’s average daily net assets on the Fund’s next $250 million; 0.56% of the Fund’s average daily net assets on the Fund’s next $500 million; and 0.51% of the Fund’s net average daily net assets when the Fund’s assets exceed $1 billion.

(7) Pursuant to an Advisory Fee Waiver Agreement effective October 1, 2019, VALIC agreed to waive the Systematic Value Fund’s advisory fees in order that such fees equal: 0.40% of the Fund’s average daily net assets on Fund’s first $250 million; 0.35% of the Fund’s average daily net assets on the Fund’s next $250 million; 0.30% of the Fund’s average daily net assets on the Fund’s next $500 million; and 0.25% of the Fund’s net average daily net assets when the Fund’s assets exceed $1 billion.

(8) Pursuant to an Advisory Fee Wavier Agreement, VALIC has agreed to waive International Value Fund’s advisory fees in order that such fees equal: 0.66% on the first $250 million, 0.61% on the next $250 million, 0.56% on the next $500 million and 0.51% on assets over $1 billion.

(9) VALIC has agreed to waive the Small-Mid Growth Fund’s advisory fees in order that such fees equal: 0.78% of the Fund’s average daily net assets on the Fund’s first $250 million; and 0.68% of the Fund’s net average daily net assets when the Fund’s assets exceed $250 million.

(10) Pursuant to an Advisory Fee Waiver Agreement effective October 1, 2019, VALIC has agreed to waive the Growth Fund’s advisory fees in order that such fees equal: 0.57% of the average daily net assets on the first $500 million, 0.51% on the next $500 million, 0.48% on the next $500 million and 0.45% thereafter. Prior to October 1, 2019, VALIC had agreed to waive the Growth Funds advisory fees in order that such fees equaled: 0.68% of the average daily net assets on the first $500 million, 0.62% on the next $500 million, 0.59% on the next $500 million and 0.56% thereafter.

(11) VALIC has voluntarily agreed, until further notice, to waive a portion of its advisory fee in an amount equal to the amount of any advisory fees voluntarily waived by the Dynamic Allocation Fund’s Subadviser, AllianceBernstein L.P. (“AB”), in connection with the Fund’s investments in the AB Government Money Market Portfolio, a series of AB Fixed-Income Shares, Inc. managed by AB (the “AB Fund Waiver”). The AB Fund Waiver may be terminated at any time by the Adviser.

For the year ended May 31, 2020, the amount of investment advisory fees waived were as follows:

Fund	Amount
Core Equity	$	420,597
Dividend Value		761,455
Dynamic Allocation		7,921
Global Strategy		19,257
Growth		1,605,648
Health Sciences		262,614
International Growth		942,485
International Value		468,541
Small-Mid Growth		85,043
Systematic Core		24,633
Systematic Value		96,663

VALIC has entered into sub-advisory agreements with the following:

AllianceBernstein L.P. (“AllianceBernstein”)—subadviser for a portion of the Dynamic Allocation Fund.

Allianz Global Investors U.S. LLC (“AGI US”)—subadviser for a portion of the Mid Cap Strategic Growth Fund and a portion of the Science & Technology Fund.

BlackRock Investment Management, LLC (“BlackRock”)*—subadviser for the Core Equity Fund, a portion of the Growth Fund and a portion of the Dividend Value Fund.

Bridgeway Capital Management, Inc.—subadviser for a portion of the Small Cap Fund.

Columbia Management Investment Advisers, LLC (“Columbia”)—subadviser for the Large Cap Core Fund.

Franklin Advisers, Inc.***—subadviser for the Global Strategy Fund.

Goldman Sachs Asset Management, L.P.#—subadviser for the Small-Mid Growth Fund, Systematic Core Fund and a portion of the Global Real Estate Fund.

Invesco Advisers, Inc. (“Invesco”)—subadviser for a portion of the Global Real Estate Fund.

J.P. Morgan Investment Management Inc. (“JPMIM”)—subadviser for the Emerging Economies Fund, Government Securities Fund and a portion of the Small Cap Fund.

Janus Capital Management LLC—subadviser for a portion of the Mid Cap Strategic Growth Fund.

Massachusetts Financial Services Company (“MFS”)—subadviser for the Large Capital Growth Fund.

Morgan Stanley Investment Management, Inc. (“MSIM”)—subadviser for the International Growth Fund.

PineBridge Investments, LLC (“PineBridge”)—subadviser for the Asset Allocation Fund, Capital Conservation Fund, Inflation Protected Fund, and International Government Bond Fund.

SunAmerica Asset Management, LLC (“SunAmerica”)*—subadviser for the Government Money Market I Fund, International Equities Index Fund, International Socially Responsible 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 Growth Fund and a portion of the Dynamic Allocation Fund.

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VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

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.

Victory Capital Management, Inc. (“Victory”)—subadviser for the Small Cap Aggressive Growth Fund.

Wellington Management Company LLP (“Wellington Management”)**—subadviser for the Systematic Value Fund, Value Fund and a portion of the Science & Technology Fund.

Wells Capital Management Incorporated (“WellsCap”)—subadviser for the International Value Fund and Small Cap Special Values Fund.

* Effective October 1, 2019, BlackRock and SunAmerica replaced American Century Investment Management, Inc. as co-subadvisers for the Growth Fund.

** Effective October 1, 2019, Wellington Management replaced Barrow, Hanley, Mewhinney & Strauss, LLC as subadviser for the Systematic Value Fund.

*** Effective January 29, 2020, Franklin Advisers, Inc. replaced Templeton Investment Counsel, LLC as subadviser for the Global Strategy Fund.

# Effective April 27, 2020, Goldman Sachs Asset Management, L.P. replaced JPMIM as subadviser for the Systematic Core Fund.

The subadvisers are compensated for their services by VALIC.

VALIC has contractually agreed to waive fees and/or reimburse expenses to the extent necessary so that each Fund’s total annual fund operating expenses after expense reimbursement do not exceed the amounts shown below through September 30, 2020. For the purposes of the waived fee and reimbursed expense calculations, annual fund operating expenses shall not include extraordinary expenses (i.e., expenses that are unusual in nature and infrequent in occurrence, such as litigation), or acquired fund fees and expenses, brokerage commissions and other transactional expenses relating to the purchase and sale of portfolio securities, interest, taxes and governmental fees, and other expenses not incurred in the ordinary course of the Funds’ business. The contractual fee waivers and fee reimbursements will continue until September 30, 2020, subject to termination by the Board, including a majority of the Directors who are not “interested persons” of the Series or VALIC as defined by Section 2(a)(19) of the 1940 Act (“the Disinterested Directors”).

Fund	Maximum Expense Limitation
Blue Chip Growth		0.85	%
Dynamic Allocation		0.32	%
Government Money Market I		0.55	%
Nasdaq-100® Index		0.53	%
Small Cap Aggressive Growth		0.99	%
Small Cap		0.93	%
Stock Index		0.29	%
Systematic Core		0.85	%
Value		0.85	%

For the year ended May 31, 2020, pursuant to the contractual expense limitations in the previous table, VALIC has reimbursed expenses as follows:

Fund	Amount
Dynamic Allocation	$	26,890
Nasdaq-100® Index		19,850
Small Cap Aggressive Growth		25,921
Small Cap Fund		289,658
Stock Index*		1,480,338
Systematic Core		145,144
Systematic Value**		83,591
Value		117,789

* The Expense Limitation Agreement with respect to this Fund was instituted effective October 1, 2019.

** The Expense Limitation Agreement with respect to this Fund was terminated effective October 1, 2019. Prior to October 1, 2019, the Fund’s Maximum Expense Limitation was 0.85% of the Fund’s average daily net assets.

VALIC may also voluntarily waive fees and/or reimburse expenses, including to avoid a negative yield on the Government 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 Government Money Market I Fund will be able to avoid a negative yield. For the year ended May 31, 2020, VALIC voluntarily waived $238,436 of expenses for the Government Money Market I Fund.

Any contractual waivers and/or reimbursements made by VALIC with respect to the Dynamic Allocation Fund are subject to recoupment from the Fund within two years after the occurrence of the waiver and/or reimbursement, provided that the Fund is able to effect such payment to VALIC and remain in compliance with the expense limitations in effect at the time the waivers and/or reimbursements were made. For the year ended May 31, 2020, the amount recouped by VALIC for the Dynamic Allocation Fund was $203.

At May 31, 2020, expenses previously waived and/or reimbursed by VALIC that are subject to recoupment and expire during the time period indicated are as follows:

	Expenses Reimbursed
Fund	May 31, 2021		May 31, 2022
Dynamic Allocation	$	1,133	$	26,890

282

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

VC I, on behalf of each Fund, has entered into an Administrative Services Agreement with SunAmerica (the “Administrator”), an affiliate of the Adviser. The Administrator receives from each Fund, other than the “Fund-of-Funds Component” of the Dynamic Allocation Fund, an annual fee of 0.06% based upon each Fund’s average daily net assets, plus the following Accounting Basis Point Fee@: 0.0061% on the first $25 billion; 0.0070% on the next $75 billion; and 0.0050% in excess of $100 billion. Pursuant to the Administrative Services Agreement, the Administrator provides administrative services to the Funds, regulatory reporting, internal legal and compliance services, fund accounting and related portfolio accounting services, all necessary office space, equipment, personnel, compensation and facilities for handling the affairs of the Funds and other services. Without limiting the generality of the foregoing, the Administrator (or its appointed service provider): assists with the preparation of prospectuses, statements of additional information, registration statements, and proxy materials; develops and prepares communications to shareholders, including the annual and semi-annual reports to shareholders; coordinates and supervises the preparation and filing of Fund tax returns; assists with the design, development, and operation of the Funds; prepares the Funds’ financial statements; determines the net asset value of the Funds’ shares; supervises the Funds’ transfer agent with respect to the payment of dividends and other distributions to shareholders; and calculates performance data of the Funds. During the year ended May 31, 2020, SunAmerica earned fees as reflected in the Statement of Operations based upon the aforementioned rates.

VC I, on behalf of each Fund, has entered into a Master Transfer Agency and Services Agreement with VALIC Retirement Services Company (“VRSCO”), an affiliate of VALIC. VRSCO receives from the Series and VC II an annual fee of $132,510, which is allocated to each Fund in the Series and VC II based on shareholder accounts. Under this agreement, VRSCO provides services which include the issuance and redemption of shares, acting as dividend disbursing agent, and certain shareholder reporting services including confirmation of transactions, statements of account and tax reporting. In addition to the above, VRSCO provides “Blue Sky” registration and reporting in applicable states for each Fund that is sold outside of a variable annuity or variable life contract in order to effect and maintain, as the case may be, including but not limited to, the qualification of shares for sale under the applicable securities laws of such jurisdictions to qualified plans. For the year ended May 31, 2020, VRSCO earned fees as reflected in the Statement of Operations based upon the aforementioned rate.

On January 23, 2001, the Board ratified a Deferred Compensation Plan for its independent directors who are not officers, directors, or employees of VALIC, or an affiliate of VALIC. The effective date of the plan was January 1, 2001. The first deferral of compensation was made in March 2001. Under the deferred compensation plan, Directors may elect to defer all or a portion of their compensation. Amounts deferred may be invested in investment options that are specified in the plan as selected by the Directors. For the year ended May 31, 2020, certain Directors of VC I have deferred $39,257 of director compensation.

At May 31, 2020, the following affiliates owned outstanding shares of the following Funds:

Fund	American General Life Insurance Co.			The United States Life Insurance Co.			VALIC			VC I Dynamic Allocation Fund			VC II Aggressive Growth Lifestyle			VC II Conservative Growth Lifestyle			VC II Moderate Growth Lifestyle
Asset Allocation		—	%		—	%		100.00	%		—	%		—	%		—	%		—	%
Blue Chip Growth		0.01			—			99.12			0.87			0.00			—			0.00
Capital Conservation		—			—			72.87			4.56			3.59			6.76			12.22
Core Equity		—			—			100.00			—			—			—			—
Dividend Value		—			—			91.62			0.71			2.55			1.09			4.03
Dynamic Allocation		3.05			—			96.95			—			—			—			—
Emerging Economies		0.03			0.01			94.51			0.16			2.27			0.70			2.32
Global Real Estate		—			—			86.86			0.35			4.99			2.19			5.61
Global Strategy		—			—			100.00			—			—			—			—
Government Money Market I		4.66			0.00			87.97			—			1.83			3.13			2.41
Government Securities		0.54			—			74.55			5.87			3.60			6.16			9.28
Growth		—			—			99.43			0.57			—			—			—
Health Sciences		0.02			—			99.98			—			—			—			—
Inflation Protected		—			—			84.86			0.35			4.19			2.89			7.71
International Equities Index		3.16			0.02			91.75			0.37			1.85			0.61			2.24
International Government Bond		—			—			62.41			0.42			9.04			9.12			19.01
International Growth		—			—			95.11			1.17			2.08			0.33			1.31
International Socially Responsible		0.32			—			99.46			0.22			—			—			—
International Value		0.02			—			92.43			0.67			3.22			0.73			2.93
Large Cap Core		—			—			82.14			4.35			5.82			1.58			6.11
Large Capital Growth		—			—			93.29			1.15			2.03			0.34			3.19
Mid Cap Index		0.66			0.04			97.06			0.11			0.86			0.20			1.07
Mid Cap Strategic Growth		—			—			92.48			—			2.94			0.64			3.94
Nasdaq-100® Index		2.10			0.05			91.93			—			1.33			0.84			3.75
Science & Technology		0.50			0.00			95.93			—			1.27			0.40			1.90
Small Cap Aggressive Growth		—			—			99.51			0.49			—			—			—
Small Cap		—			—			100.00			—			—			—			—

@ The Accounting Basis Point Fee is calculated based upon all assets in all registered management investment companies managed and/or administered by the Administrator and VALIC, other than “funds-of-funds” and “feeder funds.” In addition, the Dynamic Allocation Fund shall pay the Administrator an Accounting Basis Point Fee solely with respect to the Overlay Component and no fee with respect to the Fund-of-Funds Component.

283

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

Fund	American General Life Insurance Co.			The United States Life Insurance Co.			VALIC			VC I Dynamic Allocation Fund			VC II Aggressive Growth Lifestyle			VC II Conservative Growth Lifestyle			VC II Moderate Growth Lifestyle
Small Cap Index		2.13	%		0.13	%		95.79	%		0.15	%		0.76	%		0.05	%		0.99	%
Small Cap Special Values		—			—			92.87			0.70			2.57			0.76			3.10
Small-Mid Growth		—			—			100.00			—			—			—			—
Stock Index		2.46			0.04			91.21			0.46			1.48			0.36			1.74
Systematic Core		2.16			—			95.03			2.81			—			—			—
Systematic Value		—			—			85.37			14.63			—			—			—
Value		—			—			64.48			6.37			11.32			2.46			15.37

The VC I Dynamic Allocation Fund and the VC II Lifestyle Funds do not invest in the underlying funds for the purpose of exercising management or control; however, investments by the VC I Dynamic Allocation Fund and the VC II Lifestyle Funds within the set limits across their asset allocations may represent a significant portion of net assets of the underlying funds.

As disclosed in the Portfolio of Investments, certain Funds owned shares of various VC I or VC II Funds and securities issued by AIG or an affiliate thereof. During the year ended May 31, 2020, transactions in these securities were as follows:

Dynamic Allocation Fund

Security	Value at 05/31/2019		Income		Capital Gain Distribution Received		Cost of Purchases		Proceeds from Sales		Realized Gain/(Loss)			Change in Unrealized Gain/(Loss)			Value 5/31/2020
VALIC Co. I Blue Chip Growth Fund	$	6,084,033	$	—	$	642,353	$	1,864,982	$	1,538,876	$	243,676		$	553,002		$	7,206,817
VALIC Co. I Capital Conservation Fund		13,162,249		403,164		—		2,017,297		3,283,146		148,878			602,278			12,647,556
VALIC Co. I Dividend Value Fund		7,289,325		140,195		309,358		1,526,533		1,437,105		(4,477	)		(222,920	)		7,151,356
VALIC Co. I Emerging Economies Fund		2,059,912		30,780		—		68,461		938,392		98,995			(173,386	)		1,115,590
VALIC Co. I Global Real Estate Fund		1,671,757		42,637		22,098		109,001		316,643		(20,082	)		(181,494	)		1,262,539
VALIC Co. I Government Securities Fund		7,746,971		213,476		—		2,829,702		2,320,768		47,757			403,320			8,706,982
VALIC Co. I Growth Fund		7,670,335		25,571		623,222		1,105,774		2,257,105		217,213			1,048,253			7,784,470
VALIC Co. I Inflation Protected Fund		3,326,287		68,829		—		150,077		867,589		3,959			61,870			2,674,604
VALIC Co. I International Equities Index Fund		4,059,775		136,109		93,099		1,946,540		1,026,632		(52,384	)		(299,016	)		4,628,283
VALIC Co. I International Government Bond Fund		817,167		12,289		—		34,423		158,322		3,413			18,688			715,369
VALIC Co. I International Growth Fund		5,965,786		6,095		—		456,147		1,569,571		(250,050	)		799,773			5,402,085
VALIC Co. I International Socially Responsible Fund		—		14,384		25,119		887,716		39,243		(9,955	)		(133,347	)		705,171
VALIC Co. I International Value Fund		5,178,784		119,362		7,036		927,797		1,516,966		(65,153	)		(456,275	)		4,068,187
VALIC Co. I Large Cap Core Fund		6,673,283		76,444		449,302		2,039,851		1,834,019		(294,514	)		1,016,944			7,601,545
VALIC Co. I Large Capital Growth Fund		7,197,927		43,629		437,383		658,078		2,441,573		591,837			20,388			6,026,657
VALIC Co. I Mid Cap Index Fund		3,688,395		48,718		271,771		412,308		700,237		7,611			(328,995	)		3,079,082
VALIC Co. I Small Cap Aggressive Growth Fund		—		—		99,673		947,885		39,243		(13,964	)		(112,840	)		781,838
VALIC Co. I Small Cap Index Fund		—		23,975		192,706		1,875,324		66,275		(30,066	)		(433,445	)		1,345,538
VALIC Co. I Small Cap Special Values Fund		—		19,182		127,125		1,804,950		66,275		(29,672	)		(475,679	)		1,233,324
VALIC Co. I Stock Index Fund		25,346,443		445,211		1,423,763		2,501,846		6,780,808		1,474,338			(265,288	)		22,276,531
VALIC Co. I Systematic Core Fund		3,427,813		35,062		345,933		728,380		875,768		218,038			(54,840	)		3,443,623
VALIC Co. I Systematic Value Fund		8,167,778		178,757		673,937		1,301,894		2,157,012		(79,581	)		(763,265	)		6,469,814
VALIC Co. I Value Fund		8,276,033		135,670		655,356		1,312,358		1,883,216		552,240			(1,057,967	)		7,199,448
VALIC Co. II Capital Appreciation Fund		5,795,077		14,916		1,610,126		2,058,828		1,445,733		34,630			(713,539	)		5,729,263
VALIC Co. II Core Bond Fund		11,512,151		239,382		—		525,572		2,915,487		116,992			501,989			9,741,217
VALIC Co. II High Yield Bond Fund		1,722,784		74,904		—		119,170		376,643		(994	)		(44,619	)		1,419,698
VALIC Co. II International Opportunities Fund		1,322,307		9,903		38,622		54,059		1,267,265		(94,943	)		87,266			101,424
VALIC Co. II Large Cap Value Fund		3,168,720		40,686		273,081		1,111,637		647,939		(106,027	)		(121,795	)		3,404,596
VALIC Co. II Mid Cap Growth Fund		2,566,301		—		92,052		150,670		587,755		40,900			5,050			2,175,166
VALIC Co. II Mid Cap Value Fund		2,408,393		13,352		461,304		533,275		462,755		(177,085	)		(386,312	)		1,915,516
VALIC Co. II Small Cap Growth Fund		3,816,134		—		718,898		742,384		4,001,481		872,493			(970,681	)		458,849
VALIC Co. II Small Cap Value Fund		3,473,197		48,838		487,013		559,338		3,351,693		(674,550	)		317,888			324,180
VALIC Co. II Strategic Bond Fund		3,006,214		100,995.00		—		178,462		664,126		(19,557	)		36,870			2,537,863
VALIC Co. II U.S. Socially Responsible Fund		—		—		—		1,463,775		63,663		(10,600	)		91,177			1,480,689
	$	166,601,331	$	2,762,515	$	10,080,330	$	35,004,494	$	49,899,324	$	2,739,316		$	(1,630,947	)	$	152,814,870

284

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

Stock Index Fund

Security	Value at 05/31/2019		Income		Capital Gain Distribution Received		Cost of Purchases		Proceeds from Sales		Realized Gain/(Loss)		Change in Unrealized Gain/(Loss)			Value at 05/31/2020
American International Group, Inc.
Common Stock	$	8,950,171	$	218,323	$	—	$	110,956	$	608,357	$	165,545	$	(3,686,611	)	$	4,931,704

During the year ended May 31, 2020, the following Funds incurred brokerage commissions with brokers which are affiliates of a sub-advisor:

Affiliated Broker	Global Real Estate Fund		Small-Mid Growth Fund
Goldman Sachs & Co.	$	—	$	773
Morgan Stanley & Co.		29,027		4,320
Wells Fargo Securities		—		582

On April 28, 2020 and April 29, 2020, the Science & Technology Fund purchased shares of three securities, Alphabet, Inc., Class A, Alphabet, Inc., Class C and Facebook, Inc., Class A, causing the Fund to exceed its investment diversification restriction limitation with respect to 75% of its total assets of not investing more than 5% of its total assets in the securities of any one issuer. The violation was corrected on April 30, 2020, when the Fund sold shares of the securities noted above, resulting in a gain of $330,584 to the Fund.

Note 4 — Purchases and Sales of Investment Securities

The cost of purchases and proceeds from sales and maturities of long-term investments during the year ended May 31, 2020 were as follows:

Fund	Purchases of Investment Securities (Excluding U.S. Government Securities)		Sales of Investment Securities (Excluding U.S. Government Securities)		Purchase of U.S. Government Securities		Sales of U.S. Government Securities
Asset Allocation	$	205,324,736	$	200,469,205	$	6,442,318	$	27,191,427
Blue Chip Growth		215,423,491		322,571,234		—		—
Capital Conservation		106,967,393		109,506,178		81,918,709		64,292,200
Core Equity		95,281,509		123,843,961		—		—
Dividend Value		712,020,443		608,950,198		—		—
Dynamic Allocation		22,161,648		49,899,321		16,484,878		19,998,942
Emerging Economies		477,694,280		576,943,928		—		—
Global Real Estate		353,636,047		387,824,129		—		—
Global Strategy		232,915,605		257,861,897		37,316,963		31,432,387
Government Securities		3,794,101		3,534,815		19,734,297		20,692,177
Growth		2,774,004,855		2,763,505,146		—		—
Health Sciences		286,596,079		361,539,938		—		—
Inflation Protected		175,412,147		144,670,604		132,116,541		118,300,735
International Equities Index		329,522,394		103,352,086		—		—
International Government Bond		171,966,490		183,398,805		13,080,813		34,925,587
International Growth		98,271,084		143,937,708		—		—
International Socially Responsible		225,981,630		271,130,409		—		—
International Value		411,932,149		413,384,931		—		—
Large Cap Core		84,602,787		96,041,727		—		—
Large Capital Growth		192,166,519		220,958,078		—		—
Mid Cap Index		423,684,948		475,919,168		—		—
Mid Cap Strategic Growth		76,858,467		97,224,848		—		—
Nasdaq-100® Index		41,618,786		86,527,321		—		—
Science & Technology		1,378,044,363		1,540,926,755		—		—
Small Cap Aggressive Growth		136,824,173		151,354,525		—		—
Small Cap		67,338,887		90,553,405		—		—
Small Cap Index		127,493,666		178,351,951		—		—
Small Cap Special Values		76,744,572		91,563,224		—		—
Small-Mid Growth		79,031,048		88,172,231		—		—
Stock Index		161,715,599		460,773,135		—		—
Systematic Core		119,461,438		129,387,573		—		—
Systematic Value		129,797,991		135,116,128		—		—
Value		51,488,933		56,041,609		—		—

285

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

Note 5 — Federal Income Taxes

The following details the tax basis of distributions as well as the components of distributable earnings. The tax basis components of distributable earnings differ from the amounts reflected in the Statement of Assets and Liabilities by temporary book/tax differences primarily arising from wash sales, post October losses, investments in passive foreign investment companies, investments in real estate investment trusts, investments in regulated investment companies, straddle loss deferrals, late year ordinary losses, inflation securities, investments in partnerships, corporate actions and derivative transactions.

The information in the following table is presented on the basis of cost for Federal Income Tax purposes at May 31, 2020.

Fund	Identified Cost of Investments Owned@		Gross Unrealized Appreciation@		Gross Unrealized Depreciation@			Net Unrealized Appreciation (Depreciation)@
Asset Allocation	$	120,231,484	$	8,798,672	$	(7,342,611	)	$	1,456,061
Blue Chip Growth		454,881,570		384,110,469		(7,342,914	)		376,767,555
Capital Conservation		265,935,237		15,399,825		(1,117,307	)		14,282,518
Core Equity		191,168,606		44,681,431		(13,262,168	)		31,419,263
Dividend Value		1,023,134,762		58,024,783		(118,581,135	)		(60,556,352	)
Dynamic Allocation		186,073,097		15,706,668		(9,478,053	)		6,228,615
Emerging Economies		685,502,193		74,905,553		(70,147,236	)		4,758,317
Global Real Estate		383,010,459		26,926,991		(53,719,290	)		(26,792,299	)
Global Strategy		310,070,144		8,611,731		(37,647,820	)		(29,036,089	)
Government Money Market I		413,141,773		—		—			—
Government Securities		136,333,303		12,449,046		(641,190	)		11,807,856
Growth		1,057,666,268		326,567,773		(16,837,253	)		309,730,520
Health Sciences		609,294,294		278,723,601		(28,081,348	)		250,642,253
Inflation Protected		747,696,887		43,969,968		(13,056,206	)		30,913,762
International Equities Index		1,343,832,240		181,690,182		(234,561,652	)		(52,871,470	)
International Government Bond		168,487,374		8,380,585		(4,743,582	)		3,637,003
International Growth		370,655,994		92,652,008		(15,124,868	)		77,527,140
International Socially Responsible		323,659,638		41,313,218		(41,326,392	)		(13,174	)
International Value		706,684,533		18,461,825		(106,394,707	)		(87,932,882	)
Large Cap Core		134,794,664		44,657,839		(4,131,014	)		40,526,825
Large Capital Growth		363,809,980		160,914,961		(5,033,138	)		155,881,823
Mid Cap Index		2,443,896,886		769,423,213		(439,555,028	)		329,868,185
Mid Cap Strategic Growth		221,493,592		102,043,106		(8,448,772	)		93,594,334
Nasdaq-100® Index		255,396,805		375,814,437		(9,226,930	)		366,587,507
Science & Technology		1,267,219,232		398,493,910		(66,674,766	)		331,819,144
Small Cap Aggressive Growth		145,053,067		32,349,657		(11,170,075	)		21,179,582
Small Cap		244,887,468		60,208,313		(35,041,523	)		25,166,790
Small Cap Index		863,289,493		273,054,200		(203,180,404	)		69,873,796
Small Cap Special Values		199,127,843		17,912,509		(45,072,674	)		(27,160,165	)
Small-Mid Growth		112,975,805		29,876,049		(4,361,586	)		25,514,463
Stock Index		2,278,178,524		2,795,911,513		(240,599,988	)		2,555,311,525
Systematic Core		104,369,728		21,426,488		(2,409,001	)		19,017,487
Systematic Value		45,307,949		1,968,527		(2,821,420	)		(852,893	)
Value		101,132,035		18,109,281		(6,579,770	)		11,529,511

@ Includes amounts for derivatives

* The tax adjustments for International Government Bond Fund are for the 12 months ended, September 30, 2019.

The tax basis distributable earnings at May 31, 2020 and the tax character of distributions paid during the year ended May 31, 2019 were as follows:

	Distributable Earnings								Tax Distributions
	For the year ended May 31, 2020
Fund	Ordinary Income		Long- term Gains/ Capital And Other Losses			Unrealized Appreciation (Depreciation)@			Ordinary Income		Long-Term Capital Gains
Asset Allocation	$	1,545,279	$	(2,490,072	)	$	1,617,801		$	1,696,450	$	2,514,194
Blue Chip Growth		—		92,536,381			376,767,559			—		86,238,340
Capital Conservation		8,316,842		—			14,282,518			7,486,947		—
Core Equity		2,570,418		20,270,537			31,419,263			3,646,472		19,522,732
Dividend Value		35,698,384		20,336,832			(60,552,774	)		28,172,594		46,795,371
Dynamic Allocation		13,195,770		7,932,919			6,228,615			7,211,167		4,056,190

286

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

	Distributable Earnings								Tax Distributions
	For the year ended May 31, 2020
Fund	Ordinary Income		Long- term Gains/ Capital And Other Losses			Unrealized Appreciation (Depreciation)@			Ordinary Income		Long-Term Capital Gains
Emerging Economies	$	16,738,053	$	(38,605,372	)	$	4,654,979		$	17,777,259	$	—
Global Real Estate		17,447,622		9,565,701			(26,793,568	)		14,651,606		6,161,941
Global Strategy		12,172,403		(5,289,001	)		(29,096,074	)		20,806,640		16,149,373
Government Money Market I		15,008		(13,174	)		—			3,947,837		—
Government Securities		3,069,893		(3,379,535	)		11,807,856			3,464,038		—
Growth		9,361,725		190,304,971			309,730,319			4,808,271		117,186,738
Health Sciences		503,015		81,693,561			250,650,210			1,723,525		53,689,772
Inflation Protected		12,601,849		3,187,049			30,914,174			16,140,417		—
International Equities Index		24,795,440		4,452,767			(52,859,909	)		32,087,309		21,947,887
International Government Bond*		2,974,089		(323,641	)		5,040,626			2,974,089		—
International Growth		—		2,222,153			77,478,703			530,816		—
International Socially Responsible		6,206,106		66,812,525			36,613			6,806,200		11,885,873
International Value		11,420,756		(16,353,822	)		(87,925,897	)		16,269,086		958,959
Large Cap Core		1,437,566		7,181,470			40,526,825			1,983,560		11,658,518
Large Capital Growth		2,213,394		57,660,453			155,883,573			4,060,549		37,687,496
Mid Cap Index		34,850,010		104,096,933			329,868,185			45,054,408		251,332,742
Mid Cap Strategic Growth		313,152		19,939,745			93,594,858			—		16,210,213
Nasdaq-100® Index		3,949,956		62,476,291			366,587,507			4,516,004		14,202,001
Science & Technology		50,152,981		187,159,064			331,833,567			3,797,952		164,094,782
Small Cap Aggressive Growth		—		17,158,034			21,179,582			—		21,153,681
Small Cap		1,410,335		8,950,128			25,166,802			2,372,902		21,052,873
Small Cap Index		15,196,967		57,772,539			69,873,796			23,339,515		117,185,605
Small Cap Special Values		2,649,427		5,182,910			(27,160,165	)		2,791,430		18,499,372
Small-Mid Growth		1,384,280		13,850,508			25,514,463			1,176,792		12,675,687
Stock Index		90,314,971		282,367,522			2,555,311,525			97,498,391		305,361,493
Systematic Core		942,974		15,177,268			19,017,487			1,584,227		12,563,186
Systematic Value		1,282,908		8,017,126			(852,893	)		1,266,752		4,775,803
Value		1,840,636		3,370,672			11,530,606			2,389,914		10,130,875

* The Distributable Earnings for International Government Bond Fund are for the tax period ended September 30, 2019.

@ Unrealized appreciation (depreciation) includes amounts for derivatives and other assets and liabilities denominated in foreign currency.

The tax character of distributions paid during the year ended May 31, 2019 were as follows:

	Tax Distributions
Fund	Ordinary Income		Long-Term Capital Gains
Asset Allocation	$	7,940,555	$	6,332,042
Blue Chip Growth		377,657		91,325,072
Capital Conservation		5,692,352		—
Core Equity		4,819,532		26,833,666
Dividend Value		38,481,123		73,011,368
Dynamic Allocation		9,659,610		6,000,962
Emerging Economies		12,932,082		—
Global Real Estate		16,229,726		—
Global Strategy		7,679,415		27,336,221
Government Money Market I		6,017,418		—
Government Securities		3,165,086		—
Growth		23,032,664		71,315,683
Health Sciences		17,887,289		47,556,071
Inflation Protected		11,688,416		163,608
International Equities Index		34,840,449		—
International Government Bond*		3,098,611		37,417
International Growth		16,089,078		95,235,064
International Socially Responsible		6,661,198		—
International Value		21,077,701		—

287

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

	Tax Distributions
Fund	Ordinary Income		Long-Term Capital Gains
Large Cap Core	$	1,590,555	$	13,332,022
Large Capital Growth		4,246,182		28,866,161
Mid Cap Index		59,566,500		282,474,072
Mid Cap Strategic Growth		4,667,422		22,367,523
Nasdaq-100® Index		3,552,163		6,027,819
Science & Technology		82,873,430		184,672,479
Small Cap Aggressive Growth		4,240,510		17,793,380
Small Cap		8,108,469		18,202,222
Small Cap Index		26,150,639		80,645,698
Small Cap Special Values		6,438,233		26,863,113
Small-Mid Growth		1,518,503		13,472,877
Stock Index		80,047,321		107,948,092
Systematic Core		1,526,608		11,821,661
Systematic Value		726,807		5,016,076
Value		1,664,301		—

As of May 31, 2020, for Federal income tax purposes, the Funds indicated below have capital loss carryforwards, which are available to offset future capital gains, if any:

	Capital Loss  Carryforward Unlimited
Fund	ST		LT
Asset Allocation	$	322,418	$	2,167,654
Blue Chip Growth		—		—
Capital Conservation		—		—
Core Equity		—		—
Dividend Value		—		—
Dynamic Allocation		—		—
Emerging Economies		38,605,372		—
Global Real Estate		—		—
Global Strategy		1,407,609		3,881,392
Government Money Market I		13,174		—
Government Securities		1,210,045		2,169,490
Growth		—		—
Health Sciences		—		—
Inflation Protected		—		—
International Equities Index		—		—
International Government Bond*		—		323,641
International Growth		—		—
International Socially Responsible		—		—
International Value		13,226,937		3,126,885
Large Cap Core		—		—
Large Capital Growth		—		—
Mid Cap Index		—		—
Mid Cap Strategic Growth		—		—
Nasdaq-100® Index		—		—
Science & Technology		—		—
Small Cap Aggressive Growth		—		—
Small Cap		—		—
Small Cap Index		—		—
Small Cap Special Values		—		—
Small-Mid Growth		—		—
Stock Index		—		—
Systematic Core		—		—
Systematic Value		—		—
Value		—		—

* The Capital Loss Carryforward is for the tax period ended September 30, 2019.

288

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

The Funds indicated below utilized capital loss carryforwards, which offset net taxable gains realized in the current year.

Fund	Capital Loss Carryforward Utilized
Asset Allocation	$	—
Blue Chip Growth		—
Capital Conservation		3,196,233
Core Equity		—
Dividend Value		—
Dynamic Allocation		—
Emerging Economies		11,006,730
Global Real Estate		—
Global Strategy		—
Government Money Market I		1,466
Government Securities		—
Growth		—
Health Sciences		—
Inflation Protected		215,205
International Equities Index		—
International Government Bond*		—
International Growth		251,337
International Socially Responsible		—
International Value		—
Large Cap Core		—
Large Capital Growth		—
Mid Cap Index		—
Mid Cap Strategic Growth		—
Nasdaq-100® Index		—
Science & Technology		—
Small Cap Aggressive Growth		—
Small Cap		—
Small Cap Index		—
Small Cap Special Values		—
Small-Mid Growth		—
Stock Index		—
Systematic Core		—
Systematic Value		—
Value		—

Under the current tax law, capital losses realized after October 31 and late year ordinary losses may be deferred and treated as occurring on the first day of the following year. For the fiscal year ended May 31, 2020, the Funds elected to defer late year ordinary losses and post October capital losses as follows:

Fund	Deferred Late Year Ordinary Loss		Deferred Post-October Short-Term Capital  Loss		Deferred Post-October Long-Term Capital  Loss
Asset Allocation	$	504,810	$	8,141,767	$	168,855
Blue Chip Growth		323,707		6,010,920		—
Capital Conservation		—		—		—
Core Equity		—		401,513		—
Dividend Value		—		23,855,196		26,059,129
Dynamic Allocation		—		—		—
Emerging Economies		1,265,844		11,464,678		—
Global Real Estate		3,745,057		16,237,165		9,878,556
Global Strategy		7,541,746		4,948,994		499,339
Government Money Market I		—		—		—
Government Securities		—		—		—
Growth		109,418		—		—
Health Sciences		—		—		—

289

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

Fund	Deferred Late Year Ordinary Loss		Deferred Post-October Short-Term Capital  Loss			Deferred Post-October Long-Term Capital  Loss
Inflation Protected	$	541,912	$	889,844		$	—
International Equities Index		975,697		16,461,936			32,190,594
International Government Bond*		—		—			978,984
International Growth		514,358		848,160			1,934,951
International Socially Responsible		1,018,015		1,894,164			3,520,845
International Value		1,307,676		6,854,872			44,587,084
Large Cap Core		—		2,450,664			—
Large Capital Growth		6,741		2,600,488			—
Mid Cap Index		—		14,220,461			—
Mid Cap Strategic Growth		142,365		2,283,077			—
Nasdaq-100® Index		—		—			—
Science & Technology		238,596		—			—
Small Cap Aggressive Growth		488,510		4,081,563			—
Small Cap		—		(112,828	)		338,276
Small Cap Index		—		—			—
Small Cap Special Values		—		1,442,160			5,416,733
Small-Mid Growth		178,313		—			—
Stock Index		—		—			—
Systematic Core		—		1,670,520			—
Systematic Value		—		4,027,825			(864,370	)
Value		—		249,503			—

* The deferred late ordinary losses and deferred post October capital losses are for the tax period ended September 30, 2019.

For the period ended May 31, 2020, the reclassifications arising from book/tax differences resulted in increases (decreases) that were primarily due to tax treatment of net investment losses, principal paydown adjustments, disposition of passive foreign investment companies securities, and foreign currency transactions to the components of net assets as follows:

Fund	Accumulated Undistributed Net Investment Income (Loss)			Accumulated Undistributed Net Realized Gain (Loss)			Capital Paid-in
Asset Allocation	$	(407,308	)	$	407,308		$	—
Blue Chip Growth		1,793,118			(1,238,273	)		(554,845	)
Capital Conservation		828,400			(828,400	)		—
Core Equity		807			(807	)		—
Dividend Value		(742,027	)		742,027			—
Dynamic Allocation		582,661			(582,661	)		—
Emerging Economies		(1,551,877	)		1,551,877			—
Global Real Estate		8,563,748			(8,522,827	)		(40,921	)
Global Strategy		(4,365,494	)		4,365,494			—
Government Money Market I		—			—			—
Government Securities		327,804			(327,804	)		—
Growth		88,760			(88,760	)		—
Health Sciences		1,557,108			(1,557,108	)		—
Inflation Protected		(583,257	)		583,257			—
International Equities Index		215,035			(215,035	)		—
International Government Bond*		(1,078,795	)		1,078,795			—
International Growth		(353,400	)		353,400			—
International Socially Responsible		136,551			(136,551	)		—
International Value		(606,704	)		606,704			—
Large Cap Core		603			(603	)		—
Large Capital Growth		323,827			(323,827	)		—
Mid Cap Index		—			—			—
Mid Cap Strategic Growth		283,572			(283,572	)		—

290

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

Fund	Accumulated Undistributed Net Investment Income (Loss)			Accumulated Undistributed Net Realized Gain (Loss)			Capital Paid-in
Nasdaq-100® Index	$	222		$	(222	)	$	—
Science & Technology		(45,031	)		45,031			—
Small Cap Aggressive Growth		1,074,740			—			(1,074,740	)
Small Cap		54,311			(54,311	)		—
Small Cap Index		1,307,155			(1,307,155	)		—
Small Cap Special Values		535,270			(535,270	)		—
Small-Mid Growth		274,270			(274,270	)		—
Stock Index		700,274			(700,274	)		—
Systematic Core		(1,151	)		1,151			—
Systematic Value		2,815			(2,815	)		—
Value		4,282			(4,282	)		—

* The reclassifications arising from book/tax differences for International Government Bond Fund are for the tax year ended September 30, 2019.

Note 6 — Capital Share Transactions

Transactions in capital shares of each class of each Fund were as follows:

	Asset Allocation												Blue Chip Growth
	For the year ended May 31, 2020						For the year ended May 31, 2019						For the year ended May 31, 2020						For the year ended May 31, 2019
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		732,880		$	7,343,423			1,370,257		$	14,799,122			1,129,814		$	22,660,527			3,378,480		$	70,596,024
Reinvested dividends		454,223			4,210,644			1,427,260			14,272,597			4,679,237			86,238,340			4,829,001			91,702,729
Shares redeemed		(2,464,630	)		(24,562,556	)		(2,529,795	)		(27,418,230	)		(6,586,064	)		(131,196,691	)		(4,877,769	)		(99,005,144	)
Net increase (decrease)		(1,277,527	)	$	(13,008,489	)		267,722		$	1,653,489			(777,013	)	$	(22,297,824	)		3,329,712		$	63,293,609
	Capital Conservation												Core Equity
	For the year ended May 31, 2020						For the year ended May 31, 2019						For the year ended May 31, 2020						For the year ended May 31, 2019
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		6,768,212		$	69,954,743			5,107,863		$	49,236,111			254,073		$	5,160,131			107,152		$	2,482,638
Reinvested dividends		720,592			7,486,947			594,812			5,692,352			1,243,650			23,169,204			1,552,388			31,653,198
Shares redeemed		(6,084,849	)		(62,217,554	)		(7,440,341	)		(71,323,663	)		(1,558,803	)		(32,863,762	)		(1,241,877	)		(28,683,735	)
Net increase (decrease)		1,403,955		$	15,224,136			(1,737,666	)	$	(16,395,200	)		(61,080	)	$	(4,534,427	)		417,663		$	5,452,101
	Dividend Value												Dynamic Allocation
	For the year ended May 31, 2020						For the year ended May 31, 2019						For the year ended May 31, 2020						For the year ended May 31, 2019
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		24,350,179		$	293,482,588			22,206,269		$	265,649,445			704,958		$	8,248,882			417,871		$	5,030,895
Reinvested dividends		7,704,827			74,967,965			10,053,426			111,492,491			971,324			11,267,357			1,373,734			15,660,572
Shares redeemed		(19,493,241	)		(213,989,744	)		(14,757,947	)		(187,510,253	)		(3,426,958	)		(41,671,877	)		(4,029,619	)		(48,845,156	)
Net increase (decrease)		12,561,765		$	154,460,809			17,501,748		$	189,631,683			(1,750,676	)	$	(22,155,638	)		(2,238,014	)	$	(28,153,689	)
	Emerging Economies												Global Real Estate
	For the year ended May 31, 2020						For the year ended May 31, 2019						For the year ended May 31, 2020						For the year ended May 31, 2019
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		17,993,592		$	135,451,261			33,190,672		$	264,302,309			10,156,537		$	82,619,260			19,281,150		$	149,473,543
Reinvested dividends		2,348,383			17,777,259			1,612,479			12,932,082			2,703,058			20,813,547			2,105,023			16,229,726
Shares redeemed		(30,014,162	)		(242,797,107	)		(19,981,046	)		(160,573,937	)		(17,781,244	)		(132,033,974	)		(11,341,281	)		(88,150,053	)
Net increase (decrease)		(9,672,187	)	$	(89,568,587	)		14,822,105		$	116,660,454			(4,921,649	)	$	(28,601,167	)		10,044,892		$	77,553,216

291

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

	Global Strategy												Government Money Market I
	For the year ended May 31, 2020						For the year ended May 31, 2019						For the year ended May 31, 2020						For the year ended May 31, 2019
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		1,036,103		$	10,533,979			351,873		$	4,116,856			307,254,160		$	307,254,160			167,861,006		$	167,861,006
Reinvested dividends		4,175,821			36,956,013			3,300,248			35,015,636			3,947,837			3,947,837			6,017,418			6,017,418
Shares redeemed		(4,892,385	)		(49,322,471	)		(4,457,939	)		(51,758,746	)		(291,185,906	)		(291,185,906	)		(90,405,697	)		(90,405,697	)
Net increase (decrease)		319,539		$	(1,832,479	)		(805,818	)	$	(12,626,254	)		20,016,091		$	20,016,091			83,472,727		$	83,472,727
	Government Securities												Growth
	For the year ended May 31, 2020						For the year ended May 31, 2019						For the year ended May 31, 2020						For the year ended May 31, 2019
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		3,638,635		$	39,971,278			4,565,525		$	46,513,157			15,219,498		$	268,746,925			8,137,328		$	145,253,247
Reinvested dividends		310,676			3,464,038			308,789			3,165,086			7,335,839			121,995,009			5,831,171			94,348,347
Shares redeemed		(4,283,537	)		(46,910,665	)		(3,205,093	)		(32,918,129	)		(14,564,181	)		(267,877,924	)		(19,062,913	)		(329,315,123	)
Net increase (decrease)		(334,226	)	$	(3,475,349	)		1,669,221		$	16,760,114			7,991,156		$	122,864,010			(5,094,414	)	$	(89,713,529	)
	Health Sciences												Inflation Protected
	For the year ended May 31, 2020						For the year ended May 31, 2019						For the year ended May 31, 2020						For the year ended May 31, 2019
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		958,363		$	20,024,554			1,190,296		$	25,058,429			17,835,117		$	200,510,341			16,916,272		$	182,761,055
Reinvested dividends		2,780,396			55,413,297			3,272,168			65,443,360			1,435,980			16,140,417			1,101,489			11,852,024
Shares redeemed		(4,513,694	)		(94,738,256	)		(3,686,739	)		(77,176,462	)		(15,163,606	)		(170,768,474	)		(9,406,150	)		(102,060,226	)
Net increase (decrease)		(774,935	)	$	(19,300,405	)		775,725		$	13,325,327			4,107,491		$	45,882,284			8,611,611		$	92,552,853
	International Equities Index												International Government Bond
	For the year ended May 31, 2020						For the year ended May 31, 2019						For the year ended May 31, 2020						For the year ended May 31, 2019
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		76,704,620		$	504,353,589			31,902,509		$	223,517,417			1,970,627		$	23,897,567			3,793,281		$	43,773,383
Reinvested dividends		8,829,280			54,035,196			5,161,548			34,840,449			241,012			2,974,089			271,753			3,136,028
Shares redeemed		(38,766,612	)		(265,092,519	)		(56,256,304	)		(397,902,631	)		(5,272,898	)		(63,792,803	)		(5,753,244	)		(66,201,445	)
Net increase (decrease)		46,767,288		$	293,296,266			(19,192,247	)	$	(139,544,765	)		(3,061,259	)	$	(36,921,147	)		(1,688,210	)	$	(19,292,034	)
	International Growth												International Socially Responsible
	For the year ended May 31, 2020						For the year ended May 31, 2019						For the year ended May 31, 2020						For the year ended May 31, 2019
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		2,250,308		$	26,438,652			3,698,069		$	50,564,198			867,471		$	21,879,209			332,664		$	8,642,347
Reinvested dividends		45,447			530,816			10,157,312			111,324,142			788,362			18,692,073			260,000			6,661,198
Shares redeemed		(6,359,485	)		(74,804,431	)		(5,469,273	)		(74,442,204	)		(2,070,852	)		(51,937,453	)		(2,879,170	)		(75,140,177	)
Net increase (decrease)		(4,063,730	)	$	(47,834,963	)		8,386,108		$	87,446,136			(415,019	)	$	(11,366,171	)		(2,286,506	)	$	(59,836,632	)
	International Value												Large Cap Core
	For the year ended May 31, 2020						For the year ended May 31, 2019						For the year ended May 31, 2020						For the year ended May 31, 2019
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		9,717,933		$	78,218,887			5,459,443		$	53,547,329			504,920		$	5,657,916			568,822		$	6,864,053
Reinvested dividends		2,197,455			17,228,045			2,232,807			21,077,701			1,260,821			13,642,078			1,370,301			14,922,577
Shares redeemed		(11,332,021	)		(103,962,237	)		(12,113,394	)		(119,767,187	)		(1,908,941	)		(22,475,360	)		(2,217,323	)		(26,317,068	)
Net increase (decrease)		583,367		$	(8,515,305	)		(4,421,144	)	$	(45,142,157	)		(143,200	)	$	(3,175,366	)		(278,200	)	$	(4,530,438	)

292

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

	Large Capital Growth												Mid Cap Index
	For the year ended May 31, 2020						For the year ended May 31, 2019						For the year ended May 31, 2020						For the year ended May 31, 2019
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		1,739,071		$	29,242,688			2,634,276		$	41,509,538			14,509,443		$	357,166,957			9,407,600		$	263,112,414
Reinvested dividends		2,652,354			41,748,045			2,178,444			33,112,343			14,908,810			296,387,150			14,163,171			342,040,572
Shares redeemed		(3,654,400	)		(62,699,281	)		(3,977,097	)		(61,468,630	)		(20,878,267	)		(466,051,285	)		(22,836,952	)		(612,639,268	)
Net increase (decrease)		737,025		$	8,291,452			835,623		$	13,153,251			8,539,986		$	187,502,822			733,819		$	(7,486,282	)
	Mid Cap Strategic Growth												Nasdaq-100® Index
	For the year ended May 31, 2020						For the year ended May 31, 2019						For the year ended May 31, 2020						For the year ended May 31, 2019
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		675,120		$	11,057,914			880,052		$	13,784,489			3,869,480		$	65,857,433			4,330,128		$	62,101,576
Reinvested dividends		1,083,570			16,210,213			1,803,532			27,034,945			1,169,875			18,718,005			690,698			9,579,982
Shares redeemed		(2,260,777	)		(36,267,123	)		(1,505,933	)		(23,988,639	)		(6,441,639	)		(105,630,507	)		(3,464,310	)		(49,409,180	)
Net increase (decrease)		(502,087	)	$	(8,998,996	)		1,177,651		$	16,830,795			(1,402,284	)	$	(21,055,069	)		1,556,516		$	22,272,378
	Science & Technology												Small Cap Aggressive Growth
	For the year ended May 31, 2020						For the year ended May 31, 2019						For the year ended May 31, 2020						For the year ended May 31, 2019
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		779,369		$	21,834,470			2,418,061		$	74,143,598			989,238		$	14,463,262			2,338,726		$	36,265,703
Reinvested dividends		6,576,292			167,892,734			10,496,113			267,545,909			1,773,150			21,153,681			1,622,525			22,033,890
Shares redeemed		(6,708,135	)		(188,474,659	)		(4,312,130	)		(125,821,986	)		(2,429,514	)		(33,352,419	)		(2,004,120	)		(30,139,059	)
Net increase (decrease)		647,526		$	1,252,545			8,602,044		$	215,867,521			332,874		$	2,264,524			1,957,131		$	28,160,534
	Small Cap												Small Cap Index
	For the year ended May 31, 2020						For the year ended May 31, 2019						For the year ended May 31, 2020						For the year ended May 31, 2019
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		858,175		$	8,005,865			513,787		$	5,881,470			7,636,178		$	136,247,038			5,157,787		$	110,735,184
Reinvested dividends		2,608,661			23,425,775			2,542,096			26,310,691			9,644,826			140,525,121			5,493,639			106,796,337
Shares redeemed		(3,306,026	)		(35,524,702	)		(3,323,078	)		(37,770,243	)		(11,649,067	)		(226,506,499	)		(13,457,398	)		(286,815,306	)
Net increase (decrease)		160,810		$	(4,093,062	)		(267,195	)	$	(5,578,082	)		5,631,937		$	50,265,660			(2,805,972	)	$	(69,283,785	)
	Small Cap Special Values												Small-Mid Growth
	For the year ended May 31, 2020						For the year ended May 31, 2019						For the year ended May 31, 2020						For the year ended May 31, 2019
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		1,174,145		$	12,960,090			1,924,460		$	26,576,816			542,366		$	7,305,112			231,706		$	3,180,101
Reinvested dividends		2,363,019			21,290,802			2,903,343			33,301,346			1,152,452			13,852,479			1,199,310			14,991,380
Shares redeemed		(3,479,119	)		(37,398,124	)		(6,481,787	)		(84,619,590	)		(1,406,970	)		(19,029,686	)		(910,512	)		(12,551,330	)
Net increase (decrease)		58,045		$	(3,147,232	)		(1,653,984	)	$	(24,741,428	)		287,848		$	2,127,905			520,504		$	5,620,151
	Stock Index												Systematic Core
	For the year ended May 31, 2020						For the year ended May 31, 2019						For the year ended May 31, 2020						For the year ended May 31, 2019
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		9,659,336		$	406,955,320			8,249,733		$	334,996,625			944,605		$	20,089,047			1,217,389		$	27,205,841
Reinvested dividends		10,607,159			402,859,884			4,815,456			187,995,413			741,867			14,147,413			656,257			13,348,269
Shares redeemed		(18,632,641	)		(783,626,165	)		(20,535,861	)		(833,230,100	)		(1,497,315	)		(32,249,776	)		(1,866,256	)		(41,610,511	)
Net increase (decrease)		1,633,854		$	26,189,039			(7,470,672	)	$	(310,238,062	)		189,157		$	1,986,684			7,390		$	(1,056,401	)

293

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

	Systematic Value												Value
	For the year ended May 31, 2020						For the year ended May 31, 2019						For the year ended May 31, 2020						For the year ended May 31, 2019
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		270,326		$	3,347,990			200,979		$	3,104,021			565,211		$	9,330,893			1,071,458		$	19,401,702
Reinvested dividends		503,966			6,042,555			407,008			5,742,883			819,423			12,520,789			93,922			1,664,301
Shares redeemed		(699,103	)		(9,716,001	)		(674,269	)		(10,576,174	)		(913,870	)		(16,659,609	)		(878,308	)		(15,864,320	)
Net increase (decrease)		75,189		$	(325,456	)		(66,282	)	$	(1,729,270	)		470,764		$	5,192,073			287,072		$	5,201,683

Note 7 — Expense Reductions

Through expense offset arrangements resulting from broker commission recapture, a portion of the expenses of certain Funds have been reduced. For the year ended May 31, 2020, the amount of expense reductions received by each Fund used to offset non-affiliated expenses is reflected as Fees paid indirectly in the Statement of Operations.

Note 8 — Investment Concentration

Certain Funds invest internationally, including in “emerging market” countries. Emerging market securities involve risks not typically associated with investing in securities of issuers in more developed markets. The markets of emerging market countries are typically more volatile and potentially less liquid than more developed countries. These securities may be denominated in currencies other than U.S. dollars. While investing internationally may reduce portfolio risk by increasing the diversification of portfolio investments, the value of the investment may be affected by fluctuating currency values, changing local and regional economic, political and social conditions, and greater market volatility. These risks are primary risks of the Emerging Economies Fund, the Global Real Estate Fund, the Global Strategy Fund, the International Equities Index Fund, the International Government Bond Fund, International Growth Fund and the International Value Fund.

Each Fund may invest in obligations issued by agencies and instrumentalities of the U.S. Government that may vary in the level of support they receive from the U.S. Government. The U.S. Government may choose not to provide financial support to U.S. Government sponsored agencies or instrumentalities if it is not legally obligated to do so, and if the issuer defaults, a fund holding securities of such issuer might not be able to recover its investment from the U.S. Government. As a result of the Capital Conservation Fund, the Government Money Market I Fund and the Government Securities Fund’s concentration in such investments, these funds may be subject to risks associated with the U.S. Government agencies or instrumentalities.

The Health Sciences Fund is concentrated in the health services industry and is less diversified than stock funds investing in a broader range of industries. The Fund may also invest a considerable portion of assets in companies in the same business, such as pharmaceuticals, or in related businesses, such as hospital management or managed care. Developments that could adversely affect the Fund include increased competition in the health care industry, changes in legislation or government regulations, reductions in government funding, product liability or other litigation, and obsolescence of popular products.

The Blue Chip Growth Fund, Nasdaq-100^® Index Fund and Science & Technology Fund invest primarily in the technology sector. There are numerous risks and uncertainties involved in investing in the technology sector. Historically, the prices of securities in this sector have tended to be volatile. A fund that invests primarily in technology-related issuers bears an additional risk that economic events may affect a substantial portion of its investments. In addition, at times equity securities of technology-related issuers may underperform relative to other sectors. The technology sector includes companies from various industries, including computer hardware, software, semiconductors, telecommunications, electronics, aerospace and defense, health care equipment and biotechnology, among others.

The Global Real Estate Fund invests primarily in the real estate industry. A fund that invests primarily in the real estate industry is subject to the risks associated with the direct ownership of real estate and could also be subject to the risks of direct ownership as a result of a default on a debt security it may own. These risks include declines in the value of real estate, risks related to general and local economic conditions, overbuilding and increased competition, increases in property taxes and operating expenses, changes in zoning laws, casualty or condemnation losses, fluctuations in rental income, changes in neighborhood values, the appeal of properties to tenants and increases in interest rates. If a fund has rental income or income from the disposition of real property, the receipt of such income may adversely affect its ability to retain its tax status as a regulated investment company.

Note 9 — Line of Credit

The Series, along with certain other funds managed by the Adviser, has access to a $85 million committed unsecured line of credit and a $40 million uncommitted unsecured line of credit. The committed and uncommitted lines of credit are renewable on an annual basis with State Street Bank and Trust Company (“State Street”), the Series’ custodian. Interest is currently payable under the committed line of credit at the higher of the Federal Funds Rate (but not less than zero) plus 125 basis points or the One-Month London Interbank Offered Rate (but not less than zero) plus 125 basis points and State Street’s discretionary bid rate on the uncommitted line of credit. The Series, on behalf of each of the Funds, has paid State Street for its own account, such Fund’s ratable portion of an upfront fee in an amount equal to $25,000 in the aggregate for the uncommitted lines of credit made available by State Street to the Series and certain other funds managed by the Adviser, which are also party to the uncommitted lines of credit. There is also a commitment fee of 25 basis points per annum on the daily unused portion of the committed line of credit. For the year ended May 31, 2020, the following Funds had borrowings:

Fund	Days Outstanding		Interest Charges		Average Debt Utilized		Weighted Average Interest
Core Equity		23	$	304	$	150,000		3.14	%
Dividend Value		13		4,257		5,472,308		2.36
Emerging Economies		29		28,931		12,387,069		3.25
Global Real Estate		6		1,491		2,862,500		3.08

294

VALIC Company I

NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

Fund	Days Outstanding		Interest Charges		Average Debt Utilized		Weighted Average Interest
Global Strategy		11	$	2,481	$	1,661,363		2.43	%
Growth		124		14,239		1,546,371		2.51
Inflation Protected		9		1,313		1,627,778		2.73
International Value		2		342		1,675,000		3.67
Large Capital Growth		2		236		1,987,500		2.14
Mid Cap Strategic Growth		11		3,042		3,445,455		2.83
Nasdaq-100® Index		6		428		983,333		2.82
Science & Technology		15		517		476,667		2.66
Small Cap		6		52		129,167		2.50
Small Cap Index		4		2,242		8,287,500		2.40
Stock Index		46		25,871		6,374,457		3.26
Systematic Core		3		47		200,000		2.84
Systematic Value		7		73		110,714		3.39

As of May 31, 2020, there were no outstanding borrowings.

Note 10 — Interfund Lending Agreement

Pursuant to the exemptive relief granted by the SEC, the Funds are permitted to participate in an interfund lending program among investment companies advised by VALIC or an affiliate. The interfund lending program allows the participating Funds to borrow money from and lend money to each other for temporary or emergency purposes. An interfund loan will be made under this facility only if the participating Funds receive a more favorable interest rate than would otherwise be available from a typical bank for a comparable transaction.

For the year ended May 31, 2020, none of the Funds participated in this program.

Note 11 — Security Transactions with Affiliated Portfolios

The Funds are permitted to transfer securities by purchasing from and/or selling to other affiliated funds under certain conditions approved by the Board. The affiliated funds involved in such transactions must have a common investment adviser or investment advisers which are affiliated persons of each other, common Directors, and/or common officers in compliance with Rule 17a-7 of the 1940 Act. Pursuant to the Act, such a transaction must be either a purchase or a sale, for no consideration other than cash payment against prompt delivery of the security at the current market price. No brokerage commission or fee (except for customary transfer fees), or other remuneration is paid in connection with such transactions. For the year ended May 31, 2020, the following Funds engaged in security transactions with affiliated Funds:

Fund	Cost of Purchases		Proceeds from Sales		Realized Gain(Loss)
Blue Chip Growth	$	584,727	$	276,978	$	85,123
Growth		1,982,460		1,023,824		129,203
Health Sciences		—		192,713		36,089
Large Capital Growth		1,689,364		37,489		(2,486	)
Science & Technology		—		725,371		56,615
Small Cap		787		21,125		4,177
Value		—		10,707		2,755

Note 12 — Other Matters

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this coronavirus may last for an extended period of time including through the issue date of these financial statements and has resulted in substantial market volatility and may result in a significant economic downturn.

295

VALIC Company I

FINANCIAL HIGHLIGHTS

	Asset Allocation Fund															Blue Chip Growth Fund
	Year Ended May 31,															Year Ended May 31,
	2020			2019			2018			2017			2016			2020			2019			2018			2017			2016
PER SHARE DATA
Net asset value at beginning of period	$	9.91		$	11.33		$	11.00		$	10.39		$	12.38		$	19.18		$	20.84		$	17.27		$	15.48		$	17.96
Income (loss) from investment operations:
Net investment income (loss)(d)		0.14			0.18			0.16			0.16			0.23			(0.05	)		(0.01	)		(0.01	)		0.01			(0.02	)
Net realized and unrealized gain (loss) on investments and foreign currencies		(0.30	)		(0.55	)		0.83			0.71			(0.66	)		3.93			0.86			4.82			3.46			(0.24	)
Total income (loss) from investment operations		(0.16	)		(0.37	)		0.99			0.87			(0.43	)		3.88			0.85			4.81			3.47			(0.26	)
Distributions from:
Net investment income		(0.12	)		(0.17	)		(0.18	)		(0.26	)		(0.24	)		–			–			(0.01	)		–			–
Net realized gain on securities		(0.18	)		(0.88	)		(0.48	)		–			(1.32	)		(2.26	)		(2.51	)		(1.23	)		(1.68	)		(2.22	)
Total distributions		(0.30	)		(1.05	)		(0.66	)		(0.26	)		(1.56	)		(2.26	)		(2.51	)		(1.24	)		(1.68	)		(2.22	)
Net asset value at end of period	$	9.45		$	9.91		$	11.33		$	11.00		$	10.39		$	20.80		$	19.18		$	20.84		$	17.27		$	15.48
TOTAL RETURN(a)		(1.46	)%		(3.42	)%		8.91	%		8.35	%		(2.16	)%		21.77	%		4.22	%		27.87	%		23.49	%		0.17	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.77	%		0.76	%		0.72	%		0.70	%		0.70	%		0.83	%		0.82	%		0.83	%		0.84	%		0.84	%
Ratio of expenses to average net assets(c)		0.77	%		0.76	%		0.72	%		0.70	%		0.70	%		0.83	%		0.82	%		0.83	%		0.84	%		0.84	%
Ratio of expense reductions to average net assets		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		–			–			0.00	%		0.00	%		0.00	%
Ratio of net investment income (loss) to average net assets(b)		1.39	%		1.69	%		1.40	%		1.51	%		2.00	%		(0.24	)%		(0.03	)%		(0.07	)%		0.06	%		(0.09	)%
Ratio of net investment income (loss) to average net assets(c)		1.39	%		1.69	%		1.40	%		1.51	%		2.00	%		(0.24	)%		(0.03	)%		(0.07	)%		0.06	%		(0.09	)%
Portfolio turnover rate		177	%		113	%		84	%		161	%		102	%		27	%		30	%		24	%		27	%		30	%
Number of shares outstanding at end of period (000’s)		13,614			14,892			14,624			14,705			15,824			39,950			40,727			37,397			39,343			39,796
Net assets at end of period (000’s)	$	128,629		$	147,543		$	165,665		$	161,767		$	164,358		$	831,006		$	781,236		$	779,336		$	679,516		$	615,927

^(a)   Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

^(d)  The per share amounts are calculated using the average share method.

See Notes to Financial Statements

296

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Capital Conservation Fund															Core Equity Fund
	Year Ended May 31,															Year Ended May 31,
	2020			2019			2018			2017			2016			2020			2019			2018			2017			2016
PER SHARE DATA
Net asset value at beginning of period	$	9.88		$	9.54		$	9.85		$	9.95		$	9.92		$	20.16		$	23.18		$	21.92		$	19.51		$	20.38
Income (loss) from investment operations:
Net investment income (loss)(d)		0.23			0.25			0.20			0.18			0.18			0.26			0.28			0.26			0.25			0.21
Net realized and unrealized gain (loss) on investments and foreign currencies		0.71			0.32			(0.29	)		(0.04	)		0.06			1.62			(0.16	)		3.13			3.14			(0.87	)
Total income (loss) from investment operations		0.94			0.57			(0.09	)		0.14			0.24			1.88			0.12			3.39			3.39			(0.66	)
Distributions from:
Net investment income		(0.32	)		(0.23	)		(0.19	)		(0.23	)		(0.19	)		(0.31	)		(0.28	)		(0.28	)		(0.24	)		(0.21	)
Net realized gain on securities		–			–			(0.03	)		(0.01	)		(0.02	)		(1.93	)		(2.86	)		(1.85	)		(0.74	)		–
Total distributions		(0.32	)		(0.23	)		(0.22	)		(0.24	)		(0.21	)		(2.24	)		(3.14	)		(2.13	)		(0.98	)		(0.21	)
Net asset value at end of period	$	10.50		$	9.88		$	9.54		$	9.85		$	9.95		$	19.80		$	20.16		$	23.18		$	21.92		$	19.51
TOTAL RETURN(a)		9.55	%		6.10	%		(0.94	)%		1.45	%		2.47	%		10.04	%		0.35	%		15.42	%		17.48	%		(3.07	)%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.64	%		0.64	%		0.64	%		0.64	%		0.64	%		0.75	%		0.74	%		0.77	%		0.80	%		0.80	%
Ratio of expenses to average net assets(c)		0.64	%		0.64	%		0.64	%		0.64	%		0.64	%		0.93	%		0.92	%		0.93	%		0.92	%		0.92	%
Ratio of expense reductions to average net assets		–			–			–			–			–			–			–			–			0.00	%		0.00	%
Ratio of net investment income (loss) to average net assets(b)		2.23	%		2.65	%		2.10	%		1.84	%		1.77	%		1.21	%		1.20	%		1.10	%		1.19	%		1.11	%
Ratio of net investment income (loss) to average net assets(c)		2.23	%		2.65	%		2.10	%		1.84	%		1.77	%		1.03	%		1.02	%		0.94	%		1.06	%		0.99	%
Portfolio turnover rate		74	%		72	%		53	%		56	%		71	%		41	%		29	%		50	%		36	%		41	%
Number of shares outstanding at end of period (000’s)		26,395			24,991			26,729			23,866			23,716			11,267			11,329			10,911			11,023			11,771
Net assets at end of period (000’s)	$	277,277		$	246,896		$	255,084		$	235,063		$	236,062		$	223,066		$	228,409		$	252,961		$	241,647		$	229,637

^(a)   Total return includes, 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)

	Dividend Value Fund															Dynamic Allocation Fund
	Year Ended May 31,															Year Ended May 31,
	2020			2019			2018			2017			2016			2020			2019			2018			2017			2016
PER SHARE DATA
Net asset value at beginning of period	$	10.80		$	12.39		$	12.09		$	11.54		$	13.23		$	11.49		$	12.20		$	11.74		$	10.76		$	12.04
Income (loss) from investment operations:
Net investment income (loss)(d)		0.29			0.29			0.26			0.25			0.31			0.18			0.17			0.12			0.15			0.17
Net realized and unrealized gain (loss) on investments and foreign currencies		(0.34	)		(0.27	)		0.74			1.62			(0.24	)		1.00			0.00			1.00			1.13			(0.79	)
Total income (loss) from investment operations		(0.05	)		0.02			1.00			1.87			0.07			1.18			0.17			1.12			1.28			(0.62	)
Distributions from:
Net investment income		(0.24	)		(0.24	)		(0.24	)		(0.25	)		(0.32	)		(0.26	)		(0.15	)		(0.16	)		(0.22	)		(0.22	)
Net realized gain on securities		(0.53	)		(1.37	)		(0.46	)		(1.07	)		(1.44	)		(0.48	)		(0.73	)		(0.50	)		(0.08	)		(0.44	)
Total distributions		(0.77	)		(1.61	)		(0.70	)		(1.32	)		(1.76	)		(0.74	)		(0.88	)		(0.66	)		(0.30	)		(0.66	)
Net asset value at end of period	$	9.98		$	10.80		$	12.39		$	12.09		$	11.54		$	11.93		$	11.49		$	12.20		$	11.74		$	10.76
TOTAL RETURN(a)		(0.33	)%		(0.17	)%		8.14	%		16.51	%		2.20	%		10.43	%		1.47	%		9.45	%		11.98	%		(4.70	)%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.74	%		0.81	%		0.81	%		0.82	%		0.82	%		0.32	%		0.32	%		0.31	%		0.31	%		0.32	%
Ratio of expenses to average net assets(c)		0.81	%		0.81	%		0.81	%		0.83	%		0.83	%		0.33	%		0.32	%		0.31	%		0.32	%		0.32	%
Ratio of expense reductions to average net assets		–			–			–			–			–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		2.61	%		2.40	%		2.06	%		2.13	%		2.55	%		1.47	%		1.36	%		0.97	%		1.30	%		1.50	%
Ratio of net investment income (loss) to average net assets(c)		2.54	%		2.40	%		2.06	%		2.12	%		2.54	%		1.45	%		1.35	%		0.96	%		1.30	%		1.51	%
Portfolio turnover rate		63	%		46	%		54	%		41	%		45	%		20	%		11	%		15	%		14	%		20	%
Number of shares outstanding at end of period (000’s)		101,412			88,850			71,348			66,882			50,727			15,995			17,745			19,983			21,173			23,095
Net assets at end of period (000’s)	$	1,012,017		$	959,714		$	884,180		$	808,699		$	585,505		$	190,741		$	203,843		$	243,832		$	248,630		$	248,446

^(a)   Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

^(d)  The per share amounts are calculated using the average share method.

See Notes to Financial Statements

298

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Emerging Economies Fund															Global Real Estate Fund
	Year Ended May 31,															Year Ended May 31,
	2020			2019			2018			2017			2016			2020			2019			2018			2017			2016
PER SHARE DATA
Net asset value at beginning of period	$	7.71		$	8.89		$	7.94		$	6.18		$	7.84		$	8.00		$	7.68		$	7.63		$	8.02		$	8.60
Income (loss) from investment operations:
Net investment income (loss)(d)		0.19			0.18			0.16			0.13			0.13			0.15			0.17			0.18			0.16			0.18
Net realized and unrealized gain (loss) on investments and foreign currencies		(0.47	)		(1.22	)		0.92			1.74			(1.61	)		(0.94	)		0.44			0.28			0.21			(0.14	)
Total income (loss) from investment operations		(0.28	)		(1.04	)		1.08			1.87			(1.48	)		(0.79	)		0.61			0.46			0.37			0.04
Distributions from:
Net investment income		(0.20	)		(0.14	)		(0.13	)		(0.11	)		(0.18	)		(0.24	)		(0.29	)		(0.31	)		(0.34	)		(0.26	)
Net realized gain on securities		–			–			–			–			–			(0.12	)		–			(0.10	)		(0.42	)		(0.36	)
Total distributions		(0.20	)		(0.14	)		(0.13	)		(0.11	)		(0.18	)		(0.36	)		(0.29	)		(0.41	)		(0.76	)		(0.62	)
Net asset value at end of period	$	7.23		$	7.71		$	8.89		$	7.94		$	6.18		$	6.85		$	8.00		$	7.68		$	7.63		$	8.02
TOTAL RETURN(a)		(3.74	)%		(11.75	)%		13.50	%		30.41	%		(18.60	)%		(10.37	)%		8.10	%		6.19	%		4.98	%		1.53	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.91	%		0.93	%		0.93	%		0.94	%		0.97	%		0.85	%		0.85	%		0.86	%		0.85	%		0.85	%
Ratio of expenses to average net assets(c)		0.91	%		0.93	%		0.93	%		0.94	%		0.97	%		0.85	%		0.85	%		0.86	%		0.85	%		0.85	%
Ratio of expense reductions to average net assets		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		–			0.00	%		0.00	%		0.00	%		0.00	%
Ratio of net investment income (loss) to average net assets(b)		2.35	%		2.29	%		1.80	%		1.85	%		2.02	%		1.84	%		2.18	%		2.34	%		2.04	%		2.18	%
Ratio of net investment income (loss) to average net assets(c)		2.35	%		2.29	%		1.80	%		1.85	%		2.02	%		1.84	%		2.18	%		2.34	%		2.04	%		2.18	%
Portfolio turnover rate		62	%		72	%		53	%		69	%		64	%		78	%		44	%		50	%		47	%		71	%
Number of shares outstanding at end of period (000’s)		97,025			106,698			91,875			89,332			83,618			52,437			57,358			47,313			50,730			61,190
Net assets at end of period (000’s)	$	701,471		$	823,071		$	817,232		$	708,873		$	517,011		$	359,442		$	458,620		$	363,223		$	387,137		$	490,714

^(a)   Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

^(d)  The per share amounts are calculated using the average share method.

See Notes to Financial Statements

299

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Global Strategy Fund															Government Money Market I Fund
	Year Ended May 31,															Year Ended May 31,
	2020			2019			2018			2017			2016			2020			2019			2018			2017			2016
PER SHARE DATA
Net asset value at beginning of period	$	10.24		$	12.02		$	11.63		$	10.48		$	13.58		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income (loss) from investment operations:
Net investment income (loss)(d)		0.30			0.44			0.35			0.33			0.27			0.01			0.02			0.01			0.00			0.00
Net realized and unrealized gain (loss) on investments and foreign currencies		(0.41	)		(1.02	)		0.20			1.14			(1.80	)		0.00			0.00			0.00			0.00			0.00
Total income (loss) from investment operations		(0.11	)		(0.58	)		0.55			1.47			(1.53	)		0.01			0.02			0.01			0.00			0.00
Distributions from:
Net investment income		(0.64	)		(0.26	)		–			(0.10	)		(0.72	)		(0.01	)		(0.02	)		(0.01	)		(0.00	)		(0.00	)
Net realized gain on securities		(0.64	)		(0.94	)		(0.16	)		(0.22	)		(0.85	)		–			–			–			–			–
Total distributions		(1.28	)		(1.20	)		(0.16	)		(0.32	)		(1.57	)		(0.01	)		(0.02	)		(0.01	)		(0.00	)		(0.00	)
Net asset value at end of period	$	8.85		$	10.24		$	12.02		$	11.63		$	10.48		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
TOTAL RETURN(a)		(1.01	)%		(5.19	)%		4.72	%		14.16	%		(10.23	)%		1.09	%		1.69	%		0.72	%(e)		0.08	%		0.01	%(e)
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.72	%		0.66	%		0.65	%		0.66	%		0.64	%		0.45	%		0.51	%		0.51	%		0.45	%		0.26	%
Ratio of expenses to average net assets(c)		0.73	%		0.66	%		0.65	%		0.66	%		0.64	%		0.51	%		0.51	%		0.51	%		0.53	%		0.51	%
Ratio of expense reductions to average net assets		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		2.95	%		3.78	%		2.86	%		2.94	%		2.26	%		1.05	%		1.70	%		0.71	%		0.08	%		0.01	%
Ratio of net investment income (loss) to average net assets(c)		2.94	%		3.78	%		2.86	%		2.94	%		2.26	%		0.99	%		1.70	%		0.71	%		(0.00	)%		(0.24	)%
Portfolio turnover rate		108	%		30	%		30	%		35	%		26	%		N/A			N/A			N/A			N/A			N/A
Number of shares outstanding at end of period (000’s)		31,935			31,615			32,421			36,070			41,208			415,212			395,196			311,723			330,780			343,490
Net assets at end of period (000’s)	$	282,708		$	323,702		$	389,638		$	419,325		$	431,935		$	415,201		$	395,183		$	311,708		$	330,783		$	343,490

^(a)   Total return includes, 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.

See Notes to Financial Statements

300

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Government Securities Fund															Growth Fund
	Year Ended May 31,															Year Ended May 31,
	2020			2019			2018			2017			2016			2020			2019			2018			2017			2016
PER SHARE DATA
Net asset value at beginning of period	$	10.57		$	10.21		$	10.63		$	10.85		$	10.82		$	16.35		$	17.36		$	15.00		$	13.47		$	16.40
Income (loss) from investment operations:
Net investment income (loss)(d)		0.23			0.23			0.23			0.21			0.22			0.03			0.06			0.07			0.10			0.12
Net realized and unrealized gain (loss) on investments and foreign currencies		0.67			0.37			(0.37	)		(0.18	)		0.08			4.22			0.38			3.02			2.56			(0.52	)
Total income (loss) from investment operations		0.90			0.60			(0.14	)		0.03			0.30			4.25			0.44			3.09			2.66			(0.40	)
Distributions from:
Net investment income		(0.25	)		(0.24	)		(0.28	)		(0.25	)		(0.27	)		(0.07	)		(0.07	)		(0.10	)		(0.12	)		(0.10	)
Net realized gain on securities		–			–			–			–			–			(1.71	)		(1.38	)		(0.63	)		(1.01	)		(2.43	)
Total distributions		(0.25	)		(0.24	)		(0.28	)		(0.25	)		(0.27	)		(1.78	)		(1.45	)		(0.73	)		(1.13	)		(2.53	)
Net asset value at end of period	$	11.22		$	10.57		$	10.21		$	10.63		$	10.85		$	18.82		$	16.35		$	17.36		$	15.00		$	13.47
TOTAL RETURN(a)		8.57	%		5.98	%		(1.32	)%		0.35	%		2.74	%		27.42	%		2.65	%		20.60	%		20.48	%		(0.63	)%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.66	%		0.67	%		0.66	%		0.64	%		0.64	%		0.68	%		0.74	%		0.74	%		0.76	%		0.79	%
Ratio of expenses to average net assets(c)		0.66	%		0.67	%		0.66	%		0.64	%		0.64	%		0.81	%		0.79	%		0.79	%		0.81	%		0.81	%
Ratio of expense reductions to average net assets		–			–			–			–			–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		2.08	%		2.24	%		2.12	%		1.95	%		2.02	%		0.16	%		0.34	%		0.42	%		0.71	%		0.78	%
Ratio of net investment income (loss) to average net assets(c)		2.08	%		2.24	%		2.12	%		1.95	%		2.02	%		0.03	%		0.29	%		0.37	%		0.66	%		0.77	%
Portfolio turnover rate		17	%		17	%		3	%		15	%		17	%		219	%		60	%		58	%		71	%		102	%
Number of shares outstanding at end of period (000’s)		13,225			13,559			11,890			13,689			14,278			72,176			64,185			69,279			66,758			70,537
Net assets at end of period (000’s)	$	148,338		$	143,372		$	121,425		$	145,460		$	154,987		$	1,358,693		$	1,049,181		$	1,202,649		$	1,001,261		$	949,998

^(a)   Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

^(d)  The per share amounts are calculated using the average share method.

See Notes to Financial Statements

301

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Health Sciences Fund															Inflation Protected Fund
	Year Ended May 31,															Year Ended May 31,
	2020			2019			2018			2017			2016			2020			2019			2018			2017			2016
PER SHARE DATA
Net asset value at beginning of period	$	19.35		$	20.47		$	19.26		$	19.88		$	27.01		$	11.07		$	10.88		$	11.07		$	10.76		$	10.92
Income (loss) from investment operations:
Net investment income (loss)(d)		(0.04	)		(0.03	)		(0.05	)		(0.04	)		(0.09	)		0.22			0.24			0.26			0.25			0.15
Net realized and unrealized gain (loss) on investments and foreign currencies		4.92			0.72			3.86			1.80			(3.83	)		0.32			0.14			(0.14	)		0.10			(0.16	)
Total income (loss) from investment operations		4.88			0.69			3.81			1.76			(3.92	)		0.54			0.38			0.12			0.35			(0.01	)
Distributions from:
Net investment income		–			–			–			–			–			(0.27	)		(0.18	)		(0.21	)		(0.03	)		(0.13	)
Net realized gain on securities		(1.59	)		(1.81	)		(2.60	)		(2.38	)		(3.21	)		–			(0.01	)		(0.10	)		(0.01	)		(0.02	)
Total distributions		(1.59	)		(1.81	)		(2.60	)		(2.38	)		(3.21	)		(0.27	)		(0.19	)		(0.31	)		(0.04	)		(0.15	)
Net asset value at end of period	$	22.64		$	19.35		$	20.47		$	19.26		$	19.88		$	11.34		$	11.07		$	10.88		$	11.07		$	10.76
TOTAL RETURN(a)		26.32	%		3.09	%		19.80	%		9.37	%		(13.12	)%		4.88	%		3.51	%		1.11	%		3.29	%		(0.09	)%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		1.05	%		1.05	%		1.06	%		1.07	%		1.06	%		0.57	%		0.56	%		0.57	%		0.58	%		0.59	%
Ratio of expenses to average net assets(c)		1.09	%		1.09	%		1.09	%		1.09	%		1.09	%		0.57	%		0.56	%		0.57	%		0.58	%		0.59	%
Ratio of expense reductions to average net assets		–			–			0.00	%		0.00	%		0.00	%		–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		(0.18	)%		(0.14	)%		(0.23	)%		(0.21	)%		(0.40	)%		1.94	%		2.27	%		2.29	%		2.33	%		1.38	%
Ratio of net investment income (loss) to average net assets(c)		(0.21	)%		(0.18	)%		(0.27	)%		(0.23	)%		(0.43	)%		1.94	%		2.27	%		2.29	%		2.33	%		1.38	%
Portfolio turnover rate		37	%		33	%		44	%		30	%		31	%		38	%		42	%		34	%		42	%		33	%
Number of shares outstanding at end of period (000’s)		37,583			38,358			37,583			36,215			40,409			67,416			63,309			54,697			57,066			42,345
Net assets at end of period (000’s)	$	850,757		$	742,072		$	769,233		$	697,639		$	803,402		$	764,607		$	700,574		$	595,043		$	631,552		$	455,830

^(a)   Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

^(d)  The per share amounts are calculated using the average share method.

See Notes to Financial Statements

302

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	International Equities Index Fund															International Government Bond Fund
	Year Ended May 31,															Year Ended May 31,
	2020			2019			2018			2017			2016			2020			2019			2018			2017			2016
PER SHARE DATA
Net asset value at beginning of period	$	6.74		$	7.41		$	7.02		$	6.22		$	7.13		$	11.82		$	11.64		$	11.71		$	11.43		$	11.26
Income (loss) from investment operations:
Net investment income (loss)(d)		0.13			0.19			0.19			0.17			0.16			0.29			0.28			0.24			0.24			0.27
Net realized and unrealized gain (loss) on investments and foreign currencies		(0.36	)		(0.62	)		0.35			0.81			(0.89	)		0.24			0.09			(0.20	)		0.04			0.23
Total income (loss) from investment operations		(0.23	)		(0.43	)		0.54			0.98			(0.73	)		0.53			0.37			0.04			0.28			0.50
Distributions from:
Net investment income		(0.19	)		(0.24	)		(0.15	)		(0.18	)		(0.18	)		(0.21	)		(0.18	)		(0.11	)		–			(0.29	)
Net realized gain on securities		(0.13	)		–			–			–			–			–			(0.01	)		–			–			(0.04	)
Total distributions		(0.32	)		(0.24	)		(0.15	)		(0.18	)		(0.18	)		(0.21	)		(0.19	)		(0.11	)		–			(0.33	)
Net asset value at end of period	$	6.19		$	6.74		$	7.41		$	7.02		$	6.22		$	12.14		$	11.82		$	11.64		$	11.71		$	11.43
TOTAL RETURN(a)		(3.42	)%		(5.81	)%		7.63	%		15.98	%		(9.99	)%		4.44	%		3.26	%		0.32	%		2.45	%		4.61	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.43	%		0.43	%		0.42	%		0.44	%		0.43	%		0.65	%		0.65	%		0.65	%		0.64	%		0.64	%
Ratio of expenses to average net assets(c)		0.43	%		0.43	%		0.42	%		0.44	%		0.43	%		0.65	%		0.65	%		0.65	%		0.64	%		0.64	%
Ratio of expense reductions to average net assets		–			–			–			–			–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		1.89	%		2.72	%		2.57	%		2.62	%		2.52	%		2.34	%		2.44	%		2.04	%		2.03	%		2.45	%
Ratio of net investment income (loss) to average net assets(c)		1.89	%		2.72	%		2.57	%		2.62	%		2.52	%		2.34	%		2.44	%		2.04	%		2.03	%		2.45	%
Portfolio turnover rate		10	%		15	%		17	%		11	%		4	%		105	%		94	%		95	%		70	%		95	%
Number of shares outstanding at end of period (000’s)		201,429			154,662			173,854			155,797			159,381			14,125			17,187			18,875			15,879			17,601
Net assets at end of period (000’s)	$	1,246,804		$	1,041,727		$	1,287,987		$	1,093,865		$	991,380		$	171,444		$	203,184		$	219,748		$	185,943		$	201,253

^(a)   Total return includes, 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

303

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	International Growth Fund															International Socially Responsible Fund*
	Year Ended May 31,															Year Ended May 31,
	2020			2019			2018			2017			2016			2020			2019			2018			2017			2016
PER SHARE DATA
Net asset value at beginning of period	$	11.35		$	15.01		$	13.04		$	11.63		$	14.18		$	25.91		$	26.24		$	23.78		$	21.01		$	22.11
Income (loss) from investment operations:
Net investment income (loss)(d)		–			0.04			0.08			0.14			0.15			0.42			0.44			0.37			0.32			0.34
Net realized and unrealized gain (loss) on investments and foreign currencies		1.13			(0.19	)		2.29			1.45			(1.58	)		(0.96	)		(0.29	)		2.52			2.84			(1.02	)
Total income (loss) from investment operations		1.13			(0.15	)		2.37			1.59			(1.43	)		(0.54	)		0.15			2.89			3.16			(0.68	)
Distributions from:
Net investment income		(0.01	)		(0.10	)		(0.19	)		(0.18	)		(0.17	)		(0.51	)		(0.48	)		(0.43	)		(0.39	)		(0.42	)
Net realized gain on securities		–			(3.41	)		(0.21	)		–			(0.95	)		(0.89	)		–			–			–			–
Total distributions		(0.01	)		(3.51	)		(0.40	)		(0.18	)		(1.12	)		(1.40	)		(0.48	)		(0.43	)		(0.39	)		(0.42	)
Net asset value at end of period	$	12.47		$	11.35		$	15.01		$	13.04		$	11.63		$	23.97		$	25.91		$	26.24		$	23.78		$	21.01
TOTAL RETURN(a)		10.00	%		(0.17	)%(e)		18.38	%		13.81	%		(9.20	)%		(2.05	)%		0.57	%		12.16	%		15.15	%		(2.83	)%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.86	%		0.89	%		0.98	%		1.01	%		1.01	%		0.63	%		0.63	%		0.62	%		0.62	%		0.63	%
Ratio of expenses to average net assets(c)		1.06	%		1.09	%		1.08	%		1.10	%		1.06	%		0.63	%		0.63	%		0.62	%		0.62	%		0.63	%
Ratio of expense reductions to average net assets		–			–			0.00	%		0.00	%		0.00	%		–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		(0.03	)%		0.30	%		0.58	%		1.15	%		1.21	%		1.57	%		1.67	%		1.44	%		1.47	%		1.65	%
Ratio of net investment income (loss) to average net assets(c)		(0.23	)%		0.10	%		0.47	%		1.06	%		1.16	%		1.57	%		1.67	%		1.44	%		1.47	%		1.65	%
Portfolio turnover rate		22	%		35	%		130	%		39	%		36	%		68	%		2	%		5	%		23	%		0	%
Number of shares outstanding at end of period (000’s)		37,029			41,093			32,707			33,688			44,791			13,629			14,044			16,331			17,515			17,949
Net assets at end of period (000’s)	$	461,774		$	466,362		$	490,921		$	439,222		$	521,012		$	326,671		$	363,818		$	428,452		$	416,564		$	377,114

* See Note 1

^(a)  Total return includes, 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

304

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	International Value Fund															Large Cap Core Fund
	Year Ended May 31,															Year Ended May 31,
	2020			2019			2018			2017			2016			2020			2019			2018			2017			2016
PER SHARE DATA
Net asset value at beginning of period	$	8.93		$	10.67		$	10.54		$	8.78		$	10.44		$	11.00		$	11.70		$	11.35		$	10.77		$	13.74
Income (loss) from investment operations:
Net investment income (loss)(d)		0.18			0.20			0.21			0.20			0.18			0.11			0.12			0.11			0.12			0.12
Net realized and unrealized gain (loss) on investments and foreign currencies		(1.09	)		(1.66	)		0.13			1.75			(1.64	)		1.52			0.23			0.98			1.44			(0.25	)
Total income (loss) from investment operations		(0.91	)		(1.46	)		0.34			1.95			(1.46	)		1.63			0.35			1.09			1.56			(0.13	)
Distributions from:
Net investment income		(0.23	)		(0.28	)		(0.21	)		(0.19	)		(0.20	)		(0.14	)		(0.11	)		(0.12	)		(0.11	)		(0.45	)
Net realized gain on securities		(0.01	)		–			–			–			–			(0.83	)		(0.94	)		(0.62	)		(0.87	)		(2.39	)
Total distributions		(0.24	)		(0.28	)		(0.21	)		(0.19	)		(0.20	)		(0.97	)		(1.05	)		(0.74	)		(0.98	)		(2.84	)
Net asset value at end of period	$	7.78		$	8.93		$	10.67		$	10.54		$	8.78		$	11.66		$	11.00		$	11.70		$	11.35		$	10.77
TOTAL RETURN(a)		(10.17	)%		(13.83	)%		3.19	%		22.36	%		(13.72	)%		15.53	%		3.11	%		9.46	%		14.97	%		1.84	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.73	%		0.77	%		0.79	%		0.80	%		0.79	%		0.85	%		0.84	%		0.84	%		0.83	%		0.83	%
Ratio of expenses to average net assets(c)		0.80	%		0.82	%		0.79	%		0.80	%		0.79	%		0.85	%		0.84	%		0.84	%		0.83	%		0.83	%
Ratio of expense reductions to average net assets		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.01	%		0.00	%		0.01	%		0.01	%
Ratio of net investment income (loss) to average net assets(b)		2.01	%		1.97	%		1.93	%		2.04	%		1.97	%		0.91	%		1.03	%		0.88	%		1.03	%		0.93	%
Ratio of net investment income (loss) to average net assets(c)		1.94	%		1.92	%		1.93	%		2.04	%		1.97	%		0.91	%		1.03	%		0.88	%		1.03	%		0.93	%
Portfolio turnover rate		64	%		136	%		30	%		40	%		21	%		49	%		56	%		59	%		54	%		53	%
Number of shares outstanding at end of period (000’s)		77,667			77,083			81,504			83,103			93,244			14,987			15,130			15,408			15,120			15,240
Net assets at end of period (000’s)	$	604,123		$	688,485		$	869,416		$	876,165		$	818,993		$	174,700		$	166,428		$	180,349		$	171,627		$	164,060

^(a)   Total return includes, 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

305

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Large Capital Growth Fund															Mid Cap Index Fund
	Year Ended May 31,															Year Ended May 31,
	2020			2019			2018			2017			2016			2020			2019			2018			2017			2016
PER SHARE DATA
Net asset value at beginning of period	$	15.68		$	15.01		$	13.66		$	12.21		$	12.75		$	23.52		$	28.04		$	26.43		$	24.87		$	28.52
Income (loss) from investment operations:
Net investment income (loss)(d)		0.08			0.13			0.10			0.10			0.09			0.30			0.32			0.35			0.30			0.32
Net realized and unrealized gain (loss) on investments and foreign currencies		2.50			1.71			2.09			1.87			0.04			(0.70	)		(1.86	)		3.45			3.91			(1.06	)
Total income (loss) from investment operations		2.58			1.84			2.19			1.97			0.13			(0.40	)		(1.54	)		3.80			4.21			(0.74	)
Distributions from:
Net investment income		(0.13	)		(0.10	)		(0.09	)		(0.09	)		(0.11	)		(0.36	)		(0.37	)		(0.32	)		(0.34	)		(0.34	)
Net realized gain on securities		(1.31	)		(1.07	)		(0.75	)		(0.43	)		(0.56	)		(2.01	)		(2.61	)		(1.87	)		(2.31	)		(2.57	)
Total distributions		(1.44	)		(1.17	)		(0.84	)		(0.52	)		(0.67	)		(2.37	)		(2.98	)		(2.19	)		(2.65	)		(2.91	)
Net asset value at end of period	$	16.82		$	15.68		$	15.01		$	13.66		$	12.21		$	20.75		$	23.52		$	28.04		$	26.43		$	24.87
TOTAL RETURN(a)		17.08	%		12.50	%		16.00	%		16.50	%		1.73	%		(1.25	)%		(5.76	)%		14.51	%		16.94	%		(0.69	)%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%		0.36	%		0.36	%		0.35	%		0.36	%		0.36	%
Ratio of expenses to average net assets(c)		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%		0.36	%		0.36	%		0.35	%		0.36	%		0.36	%
Ratio of expense reductions to average net assets		0.00	%		–			0.00	%		0.00	%		0.00	%		–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		0.45	%		0.81	%		0.70	%		0.76	%		0.73	%		1.28	%		1.20	%		1.25	%		1.14	%		1.23	%
Ratio of net investment income (loss) to average net assets(c)		0.45	%		0.81	%		0.70	%		0.76	%		0.73	%		1.28	%		1.20	%		1.25	%		1.14	%		1.23	%
Portfolio turnover rate		37	%		26	%		21	%		23	%		24	%		14	%		14	%		15	%		14	%		15	%
Number of shares outstanding at end of period (000’s)		31,185			30,448			29,613			30,427			32,186			131,740			123,200			122,466			128,379			119,786
Net assets at end of period (000’s)	$	524,630		$	477,301		$	444,633		$	415,566		$	393,063		$	2,734,114		$	2,897,313		$	3,434,089		$	3,392,738		$	2,979,477

^(a)   Total return includes, 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

306

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Mid Cap Strategic Growth Fund															Nasdaq-100® Index Fund
	Year Ended May 31,															Year Ended May 31,
	2020			2019			2018			2017			2016			2020			2019			2018			2017			2016
PER SHARE DATA
Net asset value at beginning of period	$	15.49		$	15.85		$	13.92		$	12.58		$	15.35		$	14.08		$	13.97		$	12.11		$	9.92		$	10.36
Income (loss) from investment operations:
Net investment income (loss)(d)		(0.00	)		0.00			0.01			0.02			0.00			0.08			0.12			0.06			0.07			0.08
Net realized and unrealized gain (loss) on investments and foreign currencies		1.89			1.13			2.66			2.24			(0.82	)		4.72			0.26			2.48			2.73			(0.02	)
Total income (loss) from investment operations		1.89			1.13			2.67			2.26			(0.82	)		4.80			0.38			2.54			2.80			0.06
Distributions from:
Net investment income		–			(0.00	)		(0.01	)		–			–			(0.14	)		(0.06	)		(0.07	)		(0.08	)		(0.07	)
Net realized gain on securities		(0.88	)		(1.49	)		(0.73	)		(0.92	)		(1.95	)		(0.45	)		(0.21	)		(0.61	)		(0.53	)		(0.43	)
Total distributions		(0.88	)		(1.49	)		(0.74	)		(0.92	)		(1.95	)		(0.59	)		(0.27	)		(0.68	)		(0.61	)		(0.50	)
Net asset value at end of period	$	16.50		$	15.49		$	15.85		$	13.92		$	12.58		$	18.29		$	14.08		$	13.97		$	12.11		$	9.92
TOTAL RETURN(a)		12.76	%		7.45	%		19.17	%		18.43	%		(2.91	)%		34.71	%		2.76	%		20.94	%		28.88	%		1.18	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.81	%		0.81	%		0.82	%		0.82	%		0.83	%		0.53	%		0.53	%		0.53	%		0.53	%		0.53	%
Ratio of expenses to average net assets(c)		0.81	%		0.81	%		0.82	%		0.82	%		0.83	%		0.53	%		0.54	%		0.54	%		0.55	%		0.56	%
Ratio of expense reductions to average net assets		0.00	%		0.00	%		0.00	%		0.00	%		0.01	%		–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		(0.03	)%		(0.02	)%		0.03	%		0.12	%		0.00	%		0.49	%		0.85	%		0.49	%		0.67	%		0.80	%
Ratio of net investment income (loss) to average net assets(c)		(0.03	)%		(0.02	)%		0.03	%		0.12	%		0.00	%		0.49	%		0.84	%		0.48	%		0.66	%		0.78	%
Portfolio turnover rate		25	%		31	%		40	%		38	%		95	%		8	%		6	%		3	%		4	%		8	%
Number of shares outstanding at end of period (000’s)		19,079			19,581			18,404			18,691			19,764			34,045			35,447			33,891			32,558			32,164
Net assets at end of period (000’s)	$	314,845		$	303,288		$	291,655		$	260,170		$	248,619		$	622,519		$	499,269		$	473,513		$	394,400		$	319,222

^(a)   Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

^(d)  The per share amounts are calculated using the average share method.

See Notes to Financial Statements

307

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Science & Technology Fund															Small Cap Aggressive Growth Fund
	Year Ended May 31,															Year Ended May 31,
	2020			2019			2018			2017			2016			2020			2019			2018			2017			2016
PER SHARE DATA
Net asset value at beginning of period	$	25.95		$	31.14		$	26.00		$	21.30		$	26.68		$	14.06		$	16.44		$	12.25		$	10.17		$	14.56
Income (loss) from investment operations:
Net investment income (loss)(d)		0.05			(0.10	)		(0.09	)		(0.01	)		(0.02	)		(0.10	)		(0.09	)		(0.09	)		(0.04	)		(0.03	)
Net realized and unrealized gain (loss) on investments and foreign currencies		7.31			0.94			7.89			6.56			(0.71	)		1.57			(0.13	)		4.68			2.67			(2.61	)
Total income (loss) from investment operations		7.36			0.84			7.80			6.55			(0.73	)		1.47			(0.22	)		4.59			2.63			(2.64	)
Distributions from:
Net investment income		–			–			–			–			–			–			–			–			–			–
Net realized gain on securities		(3.43	)		(6.03	)		(2.66	)		(1.85	)		(4.65	)		(1.98	)		(2.16	)		(0.40	)		(0.55	)		(1.75	)
Total distributions		(3.43	)		(6.03	)		(2.66	)		(1.85	)		(4.65	)		(1.98	)		(2.16	)		(0.40	)		(0.55	)		(1.75	)
Net asset value at end of period	$	29.88		$	25.95		$	31.14		$	26.00		$	21.30		$	13.55		$	14.06		$	16.44		$	12.25		$	10.17
TOTAL RETURN(a)		30.60	%(e)		3.04	%		30.08	%		31.82	%		0.39	%		12.33	%		(0.89	)%		37.58	%		26.17	%		(16.21	)%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.97	%		0.98	%		0.97	%		0.99	%		0.99	%		0.99	%		0.99	%		0.99	%		0.99	%		0.99	%
Ratio of expenses to average net assets(c)		0.97	%		0.98	%		0.97	%		0.99	%		0.99	%		1.01	%		1.00	%		1.00	%		1.02	%		1.01	%
Ratio of expense reductions to average net assets		0.01	%		0.00	%		0.00	%		0.01	%		0.01	%		0.00	%		0.01	%		0.00	%		0.00	%		–
Ratio of net investment income (loss) to average net assets(b)		0.19	%		(0.35	)%		(0.33	)%		(0.06	)%		(0.07	)%		(0.71	)%		(0.61	)%		(0.61	)%		(0.33	)%		(0.24	)%
Ratio of net investment income (loss) to average net assets(c)		0.19	%		(0.35	)%		(0.33	)%		(0.06	)%		(0.07	)%		(0.73	)%		(0.63	)%		(0.62	)%		(0.36	)%		(0.26	)%
Portfolio turnover rate		98	%		89	%		84	%		92	%		107	%		87	%		94	%		74	%		82	%		101	%
Number of shares outstanding at end of period (000’s)		54,314			53,666			45,064			43,461			43,694			11,850			11,517			9,560			9,176			10,084
Net assets at end of period (000’s)	$	1,623,083		$	1,392,834		$	1,403,433		$	1,130,159		$	930,756		$	160,527		$	161,912		$	157,170		$	112,391		$	102,540

^(a)   Total return includes, 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 0.04% from gains on the disposal of investments in violation of investment restrictions.

See Notes to Financial Statements

308

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Small Cap Fund															Small Cap Index Fund
	Year Ended May 31,															Year Ended May 31,
	2020			2019			2018			2017			2016			2020			2019			2018			2017			2016
PER SHARE DATA
Net asset value at beginning of period	$	10.30		$	11.54		$	11.59		$	10.96		$	14.18		$	18.76		$	22.81		$	20.23		$	17.91		$	21.23
Income (loss) from investment operations:
Net investment income (loss)(d)		0.04			0.05			0.05			0.03			0.04			0.17			0.22			0.22			0.21			0.24
Net realized and unrealized gain (loss) on investments and foreign currencies		0.14			(0.27	)		1.97			1.58			(1.17	)		(0.99	)		(2.25	)		3.85			3.43			(1.86	)
Total income (loss) from investment operations		0.18			(0.22	)		2.02			1.61			(1.13	)		(0.82	)		(2.03	)		4.07			3.64			(1.62	)
Distributions from:
Net investment income		(0.04	)		(0.05	)		(0.04	)		(0.04	)		(0.03	)		(0.32	)		(0.24	)		(0.22	)		(0.23	)		(0.25	)
Net realized gain on securities		(0.90	)		(0.97	)		(2.03	)		(0.94	)		(2.06	)		(2.54	)		(1.78	)		(1.27	)		(1.09	)		(1.45	)
Total distributions		(0.94	)		(1.02	)		(2.07	)		(0.98	)		(2.09	)		(2.86	)		(2.02	)		(1.49	)		(1.32	)		(1.70	)
Net asset value at end of period	$	9.54		$	10.30		$	11.54		$	11.59		$	10.96		$	15.08		$	18.76		$	22.81		$	20.23		$	17.91
TOTAL RETURN(a)		2.27	%		(1.94	)%		17.95	%		14.64	%		(5.20	)%		(3.87	)%		(9.23	)%		20.42	%		20.25	%		(6.05	)%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.93	%		0.93	%		0.93	%		0.93	%		0.93	%		0.44	%		0.40	%		0.40	%		0.41	%		0.42	%
Ratio of expenses to average net assets(c)		1.03	%		1.03	%		1.03	%		1.02	%		1.01	%		0.44	%		0.40	%		0.40	%		0.41	%		0.42	%
Ratio of expense reductions to average net assets		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		0.34	%		0.33	%		0.40	%		0.27	%		0.29	%		0.94	%		1.01	%		0.99	%		1.07	%		1.26	%
Ratio of net investment income (loss) to average net assets(c)		0.24	%		0.23	%		0.31	%		0.18	%		0.21	%		0.94	%		1.01	%		0.99	%		1.07	%		1.26	%
Portfolio turnover rate		25	%		25	%		25	%		82	%		29	%		13	%		16	%		17	%		12	%		13	%
Number of shares outstanding at end of period (000’s)		27,730			27,569			27,836			26,815			27,431			59,576			53,944			56,750			59,190			55,029
Net assets at end of period (000’s)	$	264,495		$	284,018		$	321,236		$	310,704		$	300,734		$	898,557		$	1,012,040		$	1,294,430		$	1,197,209		$	985,833

^(a)   Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursements, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

^(d)  The per share amounts are calculated using the average share method.

See Notes to Financial Statements

309

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Small Cap Special Values Fund															Small-Mid Growth Fund
	Year Ended May 31,															Year Ended May 31,
	2020			2019			2018			2017			2016			2020			2019			2018			2017			2016
PER SHARE DATA
Net asset value at beginning of period	$	11.14		$	13.84		$	13.17		$	12.05		$	13.74		$	12.79		$	13.84		$	11.94		$	11.23		$	13.57
Income (loss) from investment operations:
Net investment income (loss)(d)		0.12			0.12			0.15			0.19			0.16			(0.04	)		(0.03	)		(0.03	)		(0.03	)		(0.04	)
Net realized and unrealized gain (loss) on investments and foreign currencies		(1.31	)		(1.02	)		1.84			1.97			(0.24	)		2.90			0.84			2.43			1.34			(1.07	)
Total income (loss) from investment operations		(1.19	)		(0.90	)		1.99			2.16			(0.08	)		2.86			0.81			2.40			1.31			(1.11	)
Distributions from:
Net investment income		(0.15	)		(0.17	)		(0.18	)		(0.14	)		(0.21	)		–			–			–			–			–
Net realized gain on securities		(1.00	)		(1.63	)		(1.14	)		(0.90	)		(1.40	)		(1.65	)		(1.86	)		(0.50	)		(0.60	)		(1.23	)
Total distributions		(1.15	)		(1.80	)		(1.32	)		(1.04	)		(1.61	)		(1.65	)		(1.86	)		(0.50	)		(0.60	)		(1.23	)
Net asset value at end of period	$	8.80		$	11.14		$	13.84		$	13.17		$	12.05		$	14.00		$	12.79		$	13.84		$	11.94		$	11.23
TOTAL RETURN(a)		(10.88	)%		(6.88	)%		15.39	%		17.65	%		1.49	%		24.52	%		6.17	%		20.07	%		11.94	%		(6.27	)%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.88	%		0.87	%		0.87	%		0.87	%		0.88	%		0.95	%		0.93	%		0.95	%		1.00	%		1.00	%
Ratio of expenses to average net assets(c)		0.88	%		0.87	%		0.87	%		0.87	%		0.88	%		1.02	%		1.00	%		1.01	%		1.01	%		1.00	%
Ratio of expense reductions to average net assets		0.00	%		0.01	%		0.00	%		0.01	%		0.00	%		0.00	%		–			–			–			0.01	%
Ratio of net investment income (loss) to average net assets(b)		1.10	%		0.91	%		1.04	%		1.47	%		1.29	%		(0.29	)%		(0.23	)%		(0.21	)%		(0.26	)%		(0.33	)%
Ratio of net investment income (loss) to average net assets(c)		1.10	%		0.91	%		1.04	%		1.47	%		1.29	%		(0.36	)%		(0.30	)%		(0.27	)%		(0.27	)%		(0.33	)%
Portfolio turnover rate		37	%		33	%		37	%		46	%		74	%		67	%		77	%		62	%		61	%		64	%
Number of shares outstanding at end of period (000’s)		20,134			20,076			21,730			21,453			19,831			9,370			9,083			8,562			8,994			9,812
Net assets at end of period (000’s)	$	177,110		$	223,576		$	300,745		$	282,609		$	238,888		$	131,229		$	116,197		$	118,522		$	107,389		$	110,230

^(a)   Total return includes, if any, expense reimbursements and expense reductions. The effect of fees and charges incurred at the separate account level are not reflected in these performance figures. If such expenses had been included, the total return would have been lower for each period presented.

^(b)  Includes, if any, expense reimbursement, but excludes, if any, expense reductions.

^(c)  Excludes, if any, expense reimbursements and expense reductions.

^(d)  The per share amounts are calculated using the average share method.

See Notes to Financial Statements

310

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Stock Index Fund															Systematic Core Fund*
	Year Ended May 31,															Year Ended May 31,
	2020			2019			2018			2017			2016			2020			2019			2018			2017			2016
PER SHARE DATA
Net asset value at beginning of period	$	39.24		$	39.46		$	36.47		$	33.14		$	36.60		$	20.35		$	22.23		$	20.70		$	18.44		$	19.70
Income (loss) from investment operations:
Net investment income (loss)(d)		0.81			0.72			0.63			0.61			0.63			0.18			0.21			0.19			0.20			0.20
Net realized and unrealized gain (loss) on investments and foreign currencies		3.86			0.62			4.49			4.96			(0.59	)		2.68			0.43			2.34			2.94			(0.34	)
Total income (loss) from investment operations		4.67			1.34			5.12			5.57			0.04			2.86			0.64			2.53			3.14			(0.14	)
Distributions from:
Net investment income		(0.87	)		(0.64	)		(0.67	)		(0.57	)		(0.89	)		(0.24	)		(0.21	)		(0.21	)		(0.24	)		(0.24	)
Net realized gain on securities		(2.77	)		(0.92	)		(1.46	)		(1.67	)		(2.61	)		(2.40	)		(2.31	)		(0.79	)		(0.64	)		(0.88	)
Total distributions		(3.64	)		(1.56	)		(2.13	)		(2.24	)		(3.50	)		(2.64	)		(2.52	)		(1.00	)		(0.88	)		(1.12	)
Net asset value at end of period	$	40.27		$	39.24		$	39.46		$	36.47		$	33.14		$	20.57		$	20.35		$	22.23		$	20.70		$	18.44
TOTAL RETURN(a)		12.45	%		3.43	%		13.99	%		17.08	%		1.38	%		15.08	%		2.87	%		12.17	%		17.22	%		0.08	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.30	%		0.33	%		0.34	%		0.34	%		0.35	%		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%
Ratio of expenses to average net assets(c)		0.33	%		0.33	%		0.34	%		0.34	%		0.35	%		0.99	%		0.92	%		0.90	%		0.91	%		0.91	%
Ratio of expense reductions to average net assets		–			–			–			–			–			0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Ratio of net investment income (loss) to average net assets(b)		1.91	%		1.78	%		1.62	%		1.75	%		1.83	%		0.85	%		0.95	%		0.88	%		1.03	%		1.08	%
Ratio of net investment income (loss) to average net assets(c)		1.88	%		1.78	%		1.62	%		1.75	%		1.83	%		0.71	%		0.88	%		0.83	%		0.97	%		1.02	%
Portfolio turnover rate		3	%		4	%		3	%		3	%		3	%		98	%		44	%		43	%		34	%		33	%
Number of shares outstanding at end of period (000’s)		119,807			118,173			125,644			124,560			124,483			5,963			5,774			5,767			5,822			6,176
Net assets at end of period (000’s)	$	4,825,190		$	4,637,546		$	4,958,503		$	4,542,334		$	4,125,329		$	122,639		$	117,501		$	128,172		$	120,515		$	113,885

* See Note 1

^(a)  Total return includes, 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

311

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Systematic Value Fund*															Value Fund
	Year Ended May 31,															Year Ended May 31,
	2020			2019			2018			2017			2016			2020			2019			2018			2017			2016
PER SHARE DATA
Net asset value at beginning of period	$	13.93		$	15.91		$	15.64		$	13.97		$	16.03		$	17.50		$	17.87		$	16.62		$	14.93		$	15.46
Income (loss) from investment operations:
Net investment income (loss)(d)		0.23			0.34			0.20			0.24			0.22			0.31			0.29			0.26			0.25			0.26
Net realized and unrealized gain (loss) on investments and foreign currencies		(0.52	)		(0.61	)		1.45			2.16			(1.11	)		(0.16	)		(0.41	)		1.27			1.72			(0.57	)
Total income (loss) from investment operations		(0.29	)		(0.27	)		1.65			2.40			(0.89	)		0.15			(0.12	)		1.53			1.97			(0.31	)
Distributions from:
Net investment income		(0.39	)		(0.22	)		(0.28	)		(0.24	)		(0.21	)		(0.34	)		(0.25	)		(0.28	)		(0.28	)		(0.22	)
Net realized gain on securities		(1.46	)		(1.49	)		(1.10	)		(0.49	)		(0.96	)		(1.66	)		–			–			–			–
Total distributions		(1.85	)		(1.71	)		(1.38	)		(0.73	)		(1.17	)		(2.00	)		(0.25	)		(0.28	)		(0.28	)		(0.22	)
Net asset value at end of period	$	11.79		$	13.93		$	15.91		$	15.64		$	13.97		$	15.65		$	17.50		$	17.87		$	16.62		$	14.93
TOTAL RETURN(a)		(2.34	)%		(1.84	)%		10.34	%		17.25	%		(4.47	)%		1.18	%		(0.71	)%		9.15	%		13.22	%		(1.80	)%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.80	%		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%
Ratio of expenses to average net assets(c)		1.16	%		0.93	%		0.92	%		0.92	%		0.92	%		0.95	%		0.94	%		0.94	%		0.94	%		0.93	%
Ratio of expense reductions to average net assets		0.00	%		0.00	%		0.00	%		0.01	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Ratio of net investment income (loss) to average net assets(b)		1.64	%		2.14	%		1.20	%		1.57	%		1.49	%		1.70	%		1.63	%		1.47	%		1.54	%		1.78	%
Ratio of net investment income (loss) to average net assets(c)		1.27	%		2.06	%		1.13	%		1.49	%		1.42	%		1.60	%		1.53	%		1.38	%		1.46	%		1.69	%
Portfolio turnover rate		265	%		28	%		24	%		20	%		26	%		44	%		46	%		19	%		15	%		15	%
Number of shares outstanding at end of period (000’s)		3,751			3,676			3,742			3,603			4,104			7,219			6,749			6,461			6,640			7,241
Net assets at end of period (000’s)	$	44,233		$	51,212		$	59,532		$	56,339		$	57,330		$	112,970		$	118,127		$	115,474		$	110,333		$	108,136

* See Note 1

^(a)  Total return includes, 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

312

VALIC Company I

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors of VALIC Company I and

Shareholders of each of the thirty-four funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of each of the funds listed in the table below (constituting VALIC Company I, hereafter collectively referred to as the “Funds”) as of May 31, 2020, the related statements of operations for the year ended May 31, 2020, the statements of changes in net assets for each of the two years in the period ended May 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended May 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of May 31, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended May 31, 2020 and each of the financial highlights for each of the five years in the period ended May 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

VALIC Company I

Asset Allocation Fund	International Socially Responsible Fund
Blue Chip Growth Fund	International Value Fund
Capital Conservation Fund	Large Cap Core Fund
Core Equity Fund	Large Capital Growth Fund
Dividend Value Fund	Mid Cap Index Fund
Dynamic Allocation Fund	Mid Cap Strategic Growth Fund
Emerging Economies Fund	Nasdaq-100® Index Fund
Global Real Estate Fund	Science & Technology Fund
Global Strategy Fund	Small Cap Aggressive Growth Fund
Government Money Market I Fund	Small Cap Fund
Government Securities Fund	Small Cap Index Fund
Growth Fund	Small Cap Special Values Fund
Health Sciences Fund	Small-Mid Growth Fund
Inflation Protected Fund	Stock Index Fund
International Equities Index Fund	Systematic Core Fund
International Government Bond Fund	Systematic Value Fund
International Growth Fund	Value Fund

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of May 31, 2020 by correspondence with the custodian, transfer agents and brokers; when replies were not received, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Houston, Texas

July 27, 2020

We have served as the auditor of one or more investment companies in the VALIC family of funds since 2008.

313

VALIC Company I

APPROVAL OF ADVISORY AGREEMENTS (unaudited)

VALIC COMPANY I SYSTEMATIC CORE FUND (FORMERLY, THE GROWTH & INCOME FUND) APPROVAL OF SUBADVISORY AGREEMENT

At an in-person meeting held on January 27-28, 2020 (the “Meeting”), the Board of Directors (the “Board”) of VALIC Company I (“VC I”), 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 Investment Sub-Advisory Agreement (the “Sub-Advisory Agreement”) between The Variable Annuity Life Insurance Company (“VALIC”) and Goldman Sachs Asset Management, L.P. (“GSAM”) with respect to the Systematic Core Fund (the “Fund,” and formerly known as the Growth & Income Fund). In connection with the approval of the Sub-Advisory Agreement with GSAM, the Board approved the termination of the existing Investment Sub-Advisory Agreement between VALIC and the Fund’s prior sub-adviser, J.P. Morgan Investment Management, Inc. (“JPMIM”) with respect to the Fund.

In connection with the approval of the Sub-Advisory Agreement, the Board, including the Independent Directors, received materials, at the Meeting and throughout the prior year, relating to certain factors the Board considered in determining whether to approve the Sub-Advisory Agreement. Those factors included: (1) the nature, extent and quality of the services to be provided to the Fund by GSAM; (2) the sub-advisory fees proposed to be charged in connection with GSAM’s management of the Fund compared to sub-advisory fee rates of a group of funds with similar investment objectives, as selected by an independent third-party provider of investment company data (“Sub-Advisory Expense Group/Universe”) and standardized fee rates used for comparable accounts managed by GSAM; (3) the investment performance of comparable funds as selected by an independent third-party provider of investment company data (“Performance Group”), and historical and model-based performance of a comparable portfolio managed by GSAM; (4) the costs of services and the benefits potentially to be derived by GSAM; (5) whether the Fund will benefit from possible economies of scale from engaging GSAM; (6) information regarding GSAM’s brokerage and trading practices and compliance and regulatory history; and (7) the terms of the proposed Sub-Advisory Agreement.

In considering whether to approve the Sub-Advisory Agreement, the Board also took into account a presentation made at the Meeting by members of management as well as a presentation made by representatives from GSAM who responded to questions posed by the Board and management. The Independent Directors were separately represented by counsel that is independent of VALIC in connection with their consideration of approval of the Sub-Advisory Agreement. The matters discussed below were also considered separately by the Independent Directors in executive sessions with their independent legal counsel, at which no representatives of management were present.

Nature, Extent and Quality of Services. The Board considered the nature, extent and quality of services to be provided to the Fund by GSAM. The Board reviewed information provided by GSAM relating to its operations and personnel. The Board also noted that GSAM’s management of the Fund will be subject to the oversight of VALIC and the Board, and must be done in accordance with the investment objectives, policies and restrictions set forth in the Fund’s prospectus and statement of additional information.

The Board considered information provided to them regarding the services to be provided by GSAM. In this regard, the Board took into account its knowledge of GSAM, which is a sub-adviser to other VC I funds. The Board noted that GSAM will (i) manage the investment and reinvestment of the Fund’s assets; (ii) determine in its discretion the securities and other investments to be purchased or sold; (iii) maintain a trading desk and place orders for the purchase and sale of portfolio investments (including futures contracts or other derivatives) with brokers or dealers (including futures commission merchants) selected by GSAM (or arrange for another entity to provide a trading desk and to place orders), subject to its control, direction, and supervision, which may include affiliated brokers or dealers (including futures commission merchants); (iv) keep records adequately demonstrating compliance with its obligations under the Sub-Advisory Agreement; and (v) render regular reports to the Board as VALIC and the Board may reasonably request. The Board considered GSAM’s history and investment experience as well as information regarding the qualifications, background and responsibilities of GSAM’s investment personnel who would provide services to the Fund. The Board also reviewed GSAM’s brokerage practices. The Board also noted that it received information on GSAM’s financial condition and compliance function of GSAM. The Board also considered GSAM’s risk management processes and regulatory history, including information regarding whether it was involved in any regulatory actions or investigations as well as material litigation that may affect its ability to service the Fund.

The Board concluded that the scope and quality of the sub-advisory services to be provided by GSAM were expected to be satisfactory and that there was a reasonable basis to conclude that GSAM would provide high quality of investment services to the Fund.

Fees and Expenses; Investment Performance. The Board noted that the sub-advisory fee rate payable with respect to the Fund would decline as a result of the change in sub-adviser. The Board considered information received regarding the sub-advisory fees paid with respect to the Fund for sub-advisory services compared against the sub-advisory fees of the funds in the Fund’s Sub-Advisory Expense Group/Universe. The Board also considered the standard fee schedule charged by the GSAM team; however, the Board noted circumstances of GSAM’s relationships with the comparable accounts that would lead to fee schedules that were different from the proposed fee schedule with respect to the Fund. The Board noted that VALIC negotiated the sub-advisory fee with GSAM at arm’s length.

The Board also considered that the sub-advisory fees will be paid by VALIC out of the advisory fees it receives from the Fund, that the sub-advisory fees are not paid by the Fund, and that sub-advisory fees may vary widely for various reasons, including market pricing demands, existing relationships, experience and success, and individual client needs. The Board also took into account that management was requesting that the Board approve an Advisory Fee Waiver Agreement between VALIC and the Fund under which VALIC will waive a portion of its management fee with respect to the Fund. Therefore, the Board considered that the appointment of GSAM will result in a reduction to the management fee paid by the Fund to VALIC.

The Board considered that the proposed sub-advisory fee payable to GSAM is below the medians of the Fund’s Sub-Advisory Expense Group/Universe, while the current sub-advisory fee rate was above the medians of the Fund’s Sub-Advisory Expense Group/Universe, in each case based on the Fund’s assets as of November 30, 2019. The Board also considered that the sub-advisory fee rate payable to GSAM contains breakpoints. The Board also took account of management’s discussion of the Fund’s proposed sub-advisory fees and concluded in light of all factors considered that such fees were reasonable.

The Board also received and reviewed information prepared by an independent third-party provider of mutual fund data regarding the Fund’s investment performance compared against the Performance Group as of the period ended November 30, 2019. The Board also considered the performance of a portfolio using a similar investment strategy as that which GSAM will use to manage the Fund. The Board noted that the model portfolio included hypothetical performance, the limits of which the Board noted, for periods prior when GSAM began running this strategy. The Board noted that such portfolio would have outperformed the Fund for the year-to-date, one-year and three-year periods, and the peer category for the year-to-date period and the one-, three- and five- year periods ended November 30, 2019.

314

VALIC Company I

APPROVAL OF ADVISORY AGREEMENTS (unaudited) — (continued)

Cost of Services and Indirect Benefits/Profitability. The Board considered the cost of services and profits expected to be realized in connection with the Sub-Advisory Agreement. The Board was previously apprised that VALIC generally reviews a number of factors in determining appropriate sub-advisory fee levels. Such factors may include a review of (1) style class peers primarily within the variable annuity and qualified plan universe; (2) key competitor analysis; (3) analysis of the strategies managed by the sub-adviser; (4) product suitability; and (5) special considerations such as competitor sub-account characteristics, uniqueness of the product and prestige of the manager.

The Board considered that the sub-advisory fee payable by VALIC with respect to the Fund would be reduced as a result of the replacement of JPMIM with GSAM. The Board also noted that VALIC would waive a portion of its management fee if the Sub-Advisory Agreement is approved. The Board, therefore, reviewed information provided by VALIC with respect to the expected impact on its profitability if GSAM is retained as the Fund’s sub-adviser. The Board also considered that the sub-advisory fee rate was negotiated with GSAM at arm’s length. In considering the anticipated profitability to GSAM in connection with its relationship to the Fund, the Directors noted that the fees under the Sub-Advisory Agreement will be paid by VALIC out of the advisory fees that VALIC will receive from the Fund.

In light of all the factors considered, the Directors determined that the anticipated profitability to VALIC was reasonable. The Board also concluded that the anticipated profitability of GSAM from its relationship with the Fund was not material to their deliberations with respect to consideration of approval of the Sub-Advisory Agreement.

Economies of Scale. For similar reasons as stated above with respect to GSAM’s anticipated profitability and its costs of providing services, the Board concluded that the potential for economies of scale in GSAM’s management of the Fund are not a material factor to the approval of the Sub-Advisory Agreement, although the Board noted that the Fund has breakpoints at the sub-advisory fee level.

Terms of the Sub-Advisory Agreement. The Board reviewed the terms of the Sub-Advisory Agreement including the duties and responsibilities to be undertaken. The Board noted that the Sub-Advisory Agreement between VALIC and GSAM and the current sub-advisory agreement between VALIC and JPMIM are similar, except that the Sub-Advisory Agreement differs, among other things, in: (i) the name of the sub-adviser; (ii) the effective date of the agreement; (iii) express terms relating to compliance with state laws and regulations; (iv) the elimination of language explicitly authorizing VALIC to follow the sub-adviser’s best execution policy; (v) the elimination of language permitting the sub-adviser to disclose information relating to the Fund to any market counterparty to the extent necessary to effect transactions on behalf of the Fund and to execute trades in markets that are not regulated markets; (vi) the elimination of certain express terms relating to confidentiality; (vii) the elimination of express terms concerning no liability to any indemnified party for indirect, special or consequential damages; (viii) the elimination of express terms permitting the sub-adviser to provide information about the Fund to an affiliate or third-party for the purpose of providing services to the Fund; (ix) the elimination of a provision regarding a customer identification program; and (x) the addition of express terms relating to VALIC’s ability to consult with the sub-adviser before voting on proxies on non-routine matters. The Board concluded that the terms of the Sub-Advisory Agreement were reasonable.

Conclusions. In reaching its decision to approve the Sub-Advisory Agreement, the Board did not identify any single factor as being controlling, but based its recommendation on each of the factors it considered. Each Director may have contributed different weight to the various factors. Based upon the materials reviewed, the representations made and the considerations described above, and as part of their deliberations, the Board, including the Independent Directors, concluded that GSAM possesses the capability and resources to perform the duties required of it under the Sub-Advisory Agreement.

315

VALIC Company I

APPROVAL OF ADVISORY AGREEMENTS (unaudited)

VALIC COMPANY I INFLATION PROTECTED FUND APPROVAL OF SUBADVISORY AGREEMENT

At an in-person meeting held on April 27-28, 2020 (the “Meeting”), the Board of Directors (the “Board”) of VALIC Company I (“VC I”), including the Directors who are not interested persons of VC I, as such term is defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Directors”), approved an Investment Sub-Advisory Agreement (the “Sub-Advisory Agreement”) between The Variable Annuity Life Insurance Company (“VALIC”) and Wellington Management Company LLP (“Wellington”) with respect to the Inflation Protected Fund (the “Fund”). In connection with the approval of the Sub-Advisory Agreement with Wellington, the Board approved the termination of the existing Investment Sub-Advisory Agreement between VALIC and the Fund’s prior sub-adviser, PineBridge Investments LLC (“PineBridge”) with respect to the Fund.

In connection with the approval of the Sub-Advisory Agreement, the Board, including the Independent Directors, received materials, at the Meeting and throughout the prior year, relating to certain factors the Board considered in determining whether to approve the Sub-Advisory Agreement. Those factors included: (1) the nature, extent and quality of the services to be provided to the Fund by Wellington; (2) the sub-advisory fees proposed to be charged in connection with Wellington’s management of the Fund compared to sub-advisory fee rates of a group of funds with similar investment objectives, as selected by an independent third-party provider of investment company data (“Sub-Advisory Expense Group/Universe”) and the fee rate used for a comparable fund managed by Wellington; (3) the investment performance of comparable funds as selected by an independent third-party provider of investment company data (“Performance Group”), and the performance of a comparable fund managed by Wellington; (4) the costs of services and the benefits potentially to be derived by Wellington; (5) whether the Fund will benefit from possible economies of scale from engaging Wellington; (6) the anticipated profitability of VALIC; (7) information regarding Wellington’s brokerage and trading practices and compliance and regulatory history; and (8) the terms of the proposed Sub-Advisory Agreement.

In considering whether to approve the Sub-Advisory Agreement, the Board also took into account a presentation made at the Meeting by members of management as well as a presentation made by representatives from Wellington who responded to questions posed by the Board and management. The Independent Directors were separately represented by counsel that is independent of VALIC in connection with their consideration of approval of the Sub-Advisory Agreement. The matters discussed below were also considered separately by the Independent Directors in executive sessions with their independent legal counsel, at which no representatives of management were present.

Nature, Extent and Quality of Services. The Board considered the nature, extent and quality of services to be provided to the Fund by Wellington. The Board reviewed information provided by Wellington relating to its operations and personnel. The Board also noted that Wellington’s management of the Fund will be subject to the oversight of VALIC and the Board, and must be made in accordance with the investment objectives, policies and restrictions set forth in the Fund’s prospectus and statement of additional information.

The Board considered information provided to them regarding the services to be provided by Wellington. In this regard, the Board took into account its knowledge of Wellington, which is a sub-adviser to other funds of VC I and VALIC Company II, another trust in the same fund complex. The Board noted that Wellington will (i) manage the investment and reinvestment of the Fund’s assets; (ii) determine in its discretion the securities and other investments to be purchased or sold; (iii) maintain a trading desk and place orders for the purchase and sale of portfolio investments (including futures contracts or other derivatives) with brokers or dealers (including futures commission merchants) selected by Wellington (or arrange for another entity to provide a trading desk and to place orders), subject to its control, direction, and supervision, which may include affiliated brokers or dealers (including futures commission merchants); (iv) keep records adequately demonstrating compliance with its obligations under the Sub-Advisory Agreement; and (v) render regular reports to the Board as VALIC and the Board may reasonably request. The Board considered Wellington’s history and investment experience, as well as information regarding the qualifications, background and responsibilities of Wellington’s investment personnel who would provide services to the Fund. The Board also reviewed Wellington’s brokerage practices. The Board also noted that it received information on Wellington’s financial condition and its compliance function. The Board also considered Wellington’s risk management processes and regulatory history, including information regarding whether it was involved in any regulatory actions or investigations as well as material litigation that may affect its ability to service the Fund.

The Board concluded that the scope and quality of the sub-advisory services to be provided by Wellington were expected to be satisfactory and that there was a reasonable basis to conclude that Wellington would provide a high quality of investment services to the Fund.

Fees and Expenses; Investment Performance. The Board noted that the sub-advisory fee rate payable with respect to the Fund would decline as a result of the change in sub-adviser. The Board considered information received regarding the sub-advisory fees paid with respect to the Fund for sub-advisory services compared against the sub-advisory fees of the funds in the Fund’s Sub-Advisory Expense Group/Universe. The Board also considered expense information of a comparable fund managed by Wellington, for which Wellington charged the same fee schedule. The Board noted that VALIC negotiated the sub-advisory fee with Wellington at arm’s length.

The Board also considered that the sub-advisory fees will be paid by VALIC out of the advisory fees it receives from the Fund, that the sub-advisory fees are not paid by the Fund, and that sub-advisory fees may vary widely for various reasons, including market pricing demands, existing relationships, experience and success, and individual client needs. The Board also took into account that management was requesting that the Board approve an Advisory Fee Waiver Agreement between VALIC and the Fund under which VALIC will waive a portion of its management fee with respect to the Fund. Therefore, the Board considered that the appointment of Wellington will result in a reduction to the management fee paid by the Fund to VALIC.

The Board considered that the proposed sub-advisory fee payable to Wellington is below the average and median of the Fund’s Sub-Advisory Expense Group/Universe, while the current sub-advisory fee rate was above the average and median of the Fund’s Sub-Advisory Expense Group/Universe. The Board also considered that the proposed sub-advisory fee rate payable to Wellington contains breakpoints. The Board also took account of management’s discussion of the Fund’s proposed sub-advisory fees and concluded in light of all factors considered that such fees were reasonable.

The Board also received and reviewed information prepared by an independent third-party provider of mutual fund data regarding the Fund’s investment performance compared against the Performance Group as of the period ended December 31, 2019. The Board also considered the performance of another fund managed by Wellington using a similar investment strategy as that which Wellington will use to manage the Fund. The Board took into account that, although this comparable fund would be managed in a similar style as

316

VALIC Company I

APPROVAL OF ADVISORY AGREEMENTS (unaudited) — (continued)

the Fund would be, performance would be expected to differ. The Board noted management’s representation that the proposed strategy would have performed in line with the Fund’s current strategy (against its respective benchmarks) and with the Fund’s Morningstar category but with a lower risk profile.

Cost of Services and Indirect Benefits/Profitability. The Board considered the cost of services and profits expected to be realized in connection with the Sub-Advisory Agreement. The Board was previously apprised that VALIC generally reviews a number of factors in determining appropriate sub-advisory fee levels. Such factors may include a review of (1) style class peers primarily within the variable annuity and qualified plan universe; (2) key competitor analysis; (3) analysis of the strategies managed by the sub-adviser; (4) product suitability; and (5) special considerations such as competitor sub-account characteristics, uniqueness of the product and prestige of the manager.

The Board considered that the sub-advisory fee payable by VALIC with respect to the Fund would be reduced as a result of the replacement of PineBridge with Wellington. The Board also noted that VALIC would waive a portion of its management fee if the Sub-Advisory Agreement is approved. The Board, therefore, reviewed information provided by VALIC with respect to the expected impact on its profitability if Wellington is retained as the Fund’s sub-adviser. The Board also considered that the sub-advisory fee rate was negotiated with Wellington at arm’s length. In considering the anticipated profitability to Wellington in connection with its relationship to the Fund, the Directors noted that the fees under the Sub-Advisory Agreement will be paid by VALIC out of the advisory fees that VALIC will receive from the Fund.

In light of all the factors considered, the Directors determined that the anticipated profitability to VALIC was reasonable. The Board also concluded that the anticipated profitability of Wellington from its relationship with the Fund was not material to their deliberations with respect to the consideration of approval of the Sub-Advisory Agreement.

Economies of Scale. For similar reasons as stated above with respect to Wellington’s anticipated profitability and its costs of providing services, the Board concluded that the potential for economies of scale in Wellington’s management of the Fund is not a material factor to the approval of the Sub-Advisory Agreement, although the Board noted that the Fund has breakpoints at the sub-advisory fee level.

Terms of the Sub-Advisory Agreement. The Board reviewed the terms of the Sub-Advisory Agreement, including the duties and responsibilities to be undertaken. The Board noted that the Sub-Advisory Agreement between VALIC and Wellington and the current sub-advisory agreement between VALIC and PineBridge are similar, except that the Sub-Advisory Agreement differs, among other things, in: (i) the name of the sub-adviser; (ii) the effective date of the agreement; (iii) express terms relating to compliance with state laws and regulations; (iv) the elimination of a provision requiring the sub-adviser to assist the Fund and its agents with respect to the valuation of Fund assets; (v) the elimination of a provision expressly authorizing the sub-adviser to direct the Fund’s custodian to open and maintain brokerage accounts for securities and other property for and in the name of the Fund; (vi) the elimination of a provision expressly authorizing the sub-adviser to instruct the custodian to pay for and deliver securities and other property; (vii) the elimination of a provision requiring VALIC to perform quarterly and annual tax compliance tests and to furnish reports of such tests to the sub-adviser; (viii) terms relating to the indemnity arrangements between VALIC and the sub-adviser; and (ix) governing law. The Board concluded that the terms of the Sub-Advisory Agreement were reasonable.

Conclusions. In reaching its decision to approve the Sub-Advisory Agreement, the Board did not identify any single factor as being controlling, but based its recommendation on each of the factors it considered. Each Director may have contributed different weight to the various factors. Based upon the materials reviewed, the representations made and the considerations described above, and as part of their deliberations, the Board, including the Independent Directors, concluded that Wellington possesses the capability and resources to perform the duties required of it under the Sub-Advisory Agreement.

317

VALIC Company I

DIRECTOR AND OFFICER INFORMATION — May 31, 2020 (unaudited)

Name, Age and Address at May 31, 2020*	Position Held With VALIC Complex	Term of Office and Length of Time Served(4)		Principal Occupations During Past Five Years	Number of Funds in Fund Complex Overseen by Director(2)		Other Directorships Held by Director(3)
Independent Directors
Thomas J. Brown Age: 74	Director		2005- Present	Retired		49	Trustee, Virtus Funds (2011-Present).
Dr. Judith L. Craven Age: 74	Director		1998- Present	Retired		73	Director, A.G. Belo Corporation, a media company (1992-2014); Director, SYSCO Corporation, a food marketing and distribution company (1996-2017); Director, Luby’s Inc. (1998-2019).
Dr. Timothy J. Ebner Age: 70	Director		1998- Present	Professor and Head, Department of Neuroscience Medical School (1980-Present), and University of Minnesota (1999-2013); Pickworth Chair (2000-Present); Scientific Director, Society for Research on the Cerebellum (2008-Present); President, Association of Medical School Neuroscience Department Chairpersons (2011-2014).		49	Trustee, Minnesota Medical Foundation (2003-2013).
Judge Gustavo E. Gonzales, Jr. Age: 79	Director		1998- Present	Semi-Retired. Attorney At Law, Criminal Defense and General Practice (2004-present). Retired Municipal Court Judge, Dallas, TX (since 2004).		49	None.
Kenneth J. Lavery Age: 70	Chairman and Director(5)		2001- Present	Retired, Vice President, Massachusetts Capital Resources Co. (1982-2013).		49	None.
Dr. John E. Maupin, Jr. Age: 73	Director		1998- Present	Retired. President/CEO, Morehouse School of Medicine, Atlanta, Georgia (2006-2014).		49	Director, HealthSouth, Corporation, rehabilitation health care services (2004-Present); Director, Regions Financials Inc., bank holding company (2007-2019); Director, LifePoint Hospitals, Inc., hospital management (1999-2018).
Interested Directors
Peter A. Harbeck(1) Age: 66	Director		2001- Present	Retired June 2019; formerly President, CEO (1997-2019) and Director, SunAmerica (1992-2019), SunAmerica (1995-2019); Director, AIG Capital Services, Inc. (“ACS”) (1993-2019); Chairman, President and CEO, Advisor Group, Inc. (2004-2016)		73	None.
Eric S. Levy Age: 55(1)	Director		2017- Present	Executive Vice President, VALIC (2015-Present); Executive Vice President, Group Retirement, AIG (2015-Present); and Senior Vice President, Lincoln Financial Group (2010-2015).		49	None
Officers
John T. Genoy Age: 51	President and Principal Executive Officer		2014- Present	Chief Financial Officer (2002-Present), Senior Vice President, (2004-Present), Chief Operating Officer (2006-Present) and Director (2014 to Present), SunAmerica.		N/A	N/A
Sharon French Age: 55	Executive Vice President		2019- Present	President and CEO of SunAmerica (since 2019); Vice President of AIG (since 2019); Executive Vice President and Head of Beta Solutions, Oppenheimer Funds (2016-2019); President, FSquared Capital, LLC (financial services) (2013-2015).		N/A	N/A

318

VALIC Company I

DIRECTOR AND OFFICER INFORMATION — May 31, 2020 (unaudited) — (continued)

Name, Age and Address at May 31, 2020*	Position Held With VALIC Complex	Term of Office and Length of Time Served(4)		Principal Occupations During Past Five Years	Number of Funds in Fund Complex Overseen by Director(2)		Other Directorships Held by Director(3)
Officers
John Packs Age: 64	Vice President and Senior Investment Officer		2001- Present	Senior Investment Officer, VALIC (2001-2013); Senior Vice President, SunAmerica (2008-Present).		N/A	N/A
Gregory R. Kingston Age: 54	Treasurer and Principal Financial Officer		2000- Present	Vice President (2001-Present) and Head of Mutual Fund Administration (2014-Present), SunAmerica.		N/A	N/A
Gregory N. Bressler Age: 53	Vice President		2005- Present	Senior Vice President, General Counsel (2005-Present) and Assistant Secretary (2013-Present), SunAmerica.		N/A	N/A
Christopher Joe Age: 51	Chief Compliance Officer		2017 to Present	Chief Compliance Officer, SunAmerica Fund Complex (2017-present); Chief Compliance Officer, VALIC Retirement Services Company (2017-present); Chief Compliance Officer, Invesco PowerShares (2012-2017); Chief Compliance Officer, Invesco Investment Advisers, LLC (2010-2013); U.S. Compliance Director, Invesco Ltd. (2006-2014) and Deputy Chief Compliance Officer, Invesco Advisers, LLC (2014-2015).		N/A	N/A
Matthew J. Hackethal Age: 48	Anti-Money Laundering (“AML”) Compliance Officer		2007- Present	Chief Compliance Officer (2006-Present), Vice President (2011-Present) and Acting Chief Compliance Officer (2016-2017), SunAmerica; AML Compliance Officer, SunAmerica Fund Complex (2006-Present).		N/A	N/A
Thomas M. Ward Age: 53	Vice President		2008- Present	Vice President (2009-Present), VALIC and VALIC Financial Advisors, Inc.		N/A	N/A
Kathleen D. Fuentes Age: 51	Chief Legal Officer, Vice President and Secretary		2015- Present	Vice President and Deputy General Counsel, SunAmerica (2006-Present).		N/A	N/A
Shawn Parry Age: 47	Vice President and Assistant Treasurer		2014- Present	Vice President (2014-Present) and Assistant Vice President (2005-2014), SunAmerica.		N/A	N/A
Donna McManus Age: 59	Vice President and Assistant Treasurer		2014- Present	Vice President, SunAmerica (2014-Present); Managing Director, BNY Mellon (2009-2014).		N/A	N/A

* The business address for each Director and Officer is, 2929 Allen Parkway, Houston, TX, 77019.

(1) Mr. Harbeck is considered to be an “interested director,” as defined under the Investment Company Act of 1940, as amended (the “1940 Act”), because he owns shares of American International Group, Inc., the ultimate parent of VALIC, the Funds’ investment adviser. Mr. Levy is an interested director because he is an officer of VALIC.

(2) The “Fund Complex” consists of all registered investment company portfolios for which VALIC or an affiliated person of VALIC serves as investment adviser or administrator. The “Fund Complex” includes the Series (34 funds), SunAmerica Specialty Series (6 funds), SunAmerica Equity Funds (2 funds), SunAmerica Income Funds (3 funds), SunAmerica Money Market Funds, Inc. (1 fund), SunAmerica Senior Floating Rate Fund, Inc. (1 fund), SunAmerica Series, Inc. (6 portfolios), Anchor Series Trust (4 portfolios), Seasons Series Trust (19 portfolios), SunAmerica Series Trust (60 portfolios), and VALIC Company II (15 funds).

(3) Directorships of companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e. “public companies”) or other investment companies registered under the 1940 Act.

(4) Directors serve until their successors are duly elected and qualified.

(5) Effective January 1, 2019, Mr. Lavery became Chairman of the Board.

Additional Information concerning the Directors and Officers is contained in the Statement of Additional Information and is available without charge by calling 1-800-448-2542.

319

VALIC Company I

SHAREHOLDER TAX INFORMATION (unaudited)

Certain tax information regarding the VALIC Company I Series is required to be provided to the shareholders based upon each Fund’s income and distributions for the year ended May 31, 2020.

During the year ended May 31, 2020, the Funds paid the following long-term capital gains dividends along with the percentage of ordinary income dividends that qualified for the dividends received deductions for corporations:

Fund	Net Long-term Capital Gains		Foreign Tax Credit*		Foreign Source Income		Qualifying % for the Dividends Received Deduction
Asset Allocation	$	2,514,194	$	—	$	—		50.22	%
Blue Chip Growth		86,238,340		—		—		—
Capital Conservation		—		—		—		—
Core Equity		19,522,732		—		—		100.00
Dividend Value		46,795,371		—		—		83.11
Dynamic Allocation*		4,056,190		27,207		286,414		17.56
Emerging Economies*		—		3,255,283		29,116,212		0.23
Global Real Estate*		6,161,941		40,921		—		0.10
Global Strategy*		16,149,373		422,896		11,851,218		6.10
Government Money Market I		—		—		—		—
Government Securities		—		—		—		—
Growth		117,186,738		—		—		99.57
Health Sciences		53,689,772		—		—		100.00
Inflation Protected		—		—		—		—
International Equities Index*		21,947,887		1,645,567		21,668,416		—
International Government Bond*		—		—		—		—
International Growth*		—		138,158		4,203,287		—
International Socially Responsible*		11,885,873		579,373		6,386,429		54.65
International Value*		958,959		1,327,746		14,515,175		0.05
Large Cap Core		11,658,518		—		—		100.00
Large Capital Growth		37,687,496		—		—		100.00
Mid Cap Index		251,332,742		—		—		82.97
Mid Cap Strategic Growth		16,210,213		—		—		—
Nasdaq-100® Index		14,202,001		—		—		100.00
Science & Technology		164,094,782		—		—		100.00
Small Cap Aggressive Growth		21,153,681		—		—		—
Small Cap		21,052,873		—		—		100.00
Small Cap Index		117,185,605		—		—		39.03
Small Cap Special Values		18,499,372		—		—		100.00
Small-Mid Growth		12,675,687		—		—		44.22
Stock Index		305,361,493		—		—		99.29
Systematic Core		12,563,186		—		—		100.00
Systematic Value		4,775,803		—		—		76.63
Value		10,130,875		—		—		100.00

* The Funds make an election under the Internal Revenue Code Section 853 to pass through foreign taxes paid to shareholders.

320

VALIC Company I

COMPARISONS: FUNDS VS. INDEXES (unaudited)

In the following pages, we have included graphs that compare the Fund’s performance with certain market indices. These graphs show the hypothetical growth of a $10,000 investment in each Fund versus the same $10,000 investment in comparable market indices. Descriptions of these market indices are provided below the individual graphs. It is important to note that the VC I Funds are professionally managed mutual funds while the indices are not available for investment and are unmanaged.

Please note that the graphs and tables that accompany the following investment comments include all fund expenses, but do not reflect the charges imposed by the variable annuity contract or variable life insurance policy (collectively, the “Contracts”), qualifying employer-sponsored retirement plan (the “Plans”), or Individual Retirement Accounts (“IRAs”). All dividends are assumed to be reinvested. No expenses are deducted from the performance of the indices.

Investments in stocks and bonds are subject to risk, including stock market and interest rate fluctuations. Investments in non-U.S. stocks are subject to additional risks, including political and social instability, differing securities regulations and accounting standards, and limited public information. Mortgage-backed securities are subject to prepayment, which can result in reinvestment of principal at lower yields. Money market instruments generally offer stability and income, but an investment in these securities, like investments in other portfolios, are not guaranteed by the U.S. government or any other federal government entity. Lower rated high yield, high-risk securities generally involve more credit risk. These securities may also be subject to greater market price fluctuations than lower yielding, higher rated debt securities. The common stocks of medium-sized companies may be more volatile than those of larger, more established companies. Investing in real estate involves special risks, which may not be associated with investing in stocks, including possible declines in real estate values, adverse economic conditions, and changes in interest rates. Investments in small capitalization and emerging growth companies involve greater than average risk. Such securities may have limited marketability and the issuers may have limited product lines, markets and financial resources. The value of such investments may fluctuate more widely than investments in larger, more established companies. The technology industry can be significantly affected by obsolescence, short product cycles, falling prices and profits, and competition from new market participants. Funding choices that primarily invest in one sector are more volatile than those that diversify across many industry sectors and companies.

321

VALIC Company I Asset Allocation Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with Pinebridge Investments, LLC

The Asset Allocation Fund posted a return of -1.46% for the twelve-month period ended May 31, 2020, compared to a return of 12.84% for the S&P 500^® Index, 9.42% for the Bloomberg Barclays U.S. Aggregate Bond Index, 1.75% for the FTSE Treasury Bill 3 Month Index, and 11.14% for the Blended Index (S&P 500^® Index (55%), the Bloomberg Barclays U.S. Aggregate Bond Index (35%), and the FTSE Treasury Bill 3 Month Index (10%)).

During the Period:

In aggregate, sector allocations relative to those of the Blended Index (“the Benchmark”) detracted from the Fund’s return relative to the Benchmark return.

In aggregate, foreign currency exposures relative to the Benchmark detracted from the Fund’s return relative to the Benchmark return.

Derivative instruments were used to adjust exposures to U.S. Treasuries and equity markets and contributed to the return of the Fund.

The following contributed to the Fund’s return relative to the Benchmark return:

Allocations in the following sector(s): U.S. Treasuries; Corporate-focused technology stock; Asset-backed securities.

The following detracted from the Fund’s return relative to the Benchmark return:

Allocations in the following sectors: Financials; U.S. Equity

Exposure to the following currencies: Brazilian Real; Pound Sterling; EURO

322

VALIC Company I Asset Allocation Fund

COMPARISON: FUND VS. INDEX (unaudited) — (continued)

For the year ended May 31, 2020, the Asset Allocation Fund returned -1.46% compared to 12.84% for the S&P 500^® Index, 9.42% for the Bloomberg Barclays U.S. Aggregate Bond Index, 1.75% for the FTSE Treasury Bill 3 Month Index and 11.14% for the Blended Index.

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

** The Blended Index consists of the S&P 500^® Index (55%), the Bloomberg Barclays U.S. Aggregate Bond Index (35%), and the FTSE Treasury Bill 3 Month Index (10%).

*** The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage- and asset-backed securities and commercial mortgage-backed securities.

† The FTSE Treasury Bill 3 Month Index measures monthly performance of 90-day U.S. Treasury Bills.

Indices are not managed and an investor cannot invest directly into an index.

Average Annual Total Returns as of May 31, 2020
1 Year	5 Years	10 Years
-1.46%	1.92%	6.22%

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

323

VALIC Company I Blue Chip Growth Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with T. Rowe Price Associates, Inc.

The Blue Chip Growth Fund posted a return of 21.77% for the twelve-month period ended May 31, 2020, compared to a return of 12.84% for the S&P 500^® Index.

During the Period:

In aggregate, sector allocations relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.

In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.

The following contributed to the Fund’s return relative to the Benchmark return:

Allocations in the following sectors: Information Technology; Energy; Financials

Security selection in the following sectors: Communication Services; Consumer Discretionary; Financials

Position weightings: Amazon.com, Inc.; Alibaba Group Holding, Ltd. ADR; Vertex Pharmaceuticals, Inc.

The following detracted from the Fund’s return relative to the Benchmark return:

Security selection in the following sectors: Information Technology; Industrial & Business Services

Position weightings: Apple, Inc.; Boeing Co.; Workday, Inc.

For the year ended May 31, 2020, the Blue Chip Growth Fund returned 21.77% compared to 12.84% for the S&P 500^® Index.

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

Indices are not managed and an investor cannot invest directly into an index.

Average Annual Total Returns as of May 31, 2020
1 Year	5 Years	10 Years
21.77%	14.96%	16.80%

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

324

VALIC Company I Capital Conservation Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with PineBridge Investments, LLC

The Capital Conservation Fund posted a return of 9.55% for the twelve-month period ended May 31, 2020, compared to a return of 9.42% for the Bloomberg Barclays U.S. Aggregate Bond Index.

During the Period:

In aggregate, sector allocations relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.

In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.

In aggregate, yield curve positioning relative to the Benchmark detracted from the Fund’s return relative to the Benchmark return.

In aggregate, holdings of cash and/or cash equivalents contributed to the Fund’s return relative to the Benchmark return.

The following contributed to the Fund’s return relative to the Benchmark return:

Allocations in the following sector: Communications

Security selection in the following sector: Financials

The following detracted from the Fund’s return relative to the Benchmark return:

Allocations in the following sectors: Energy; Global government securities

Security selection in the following sector: Energy

For the year ended May 31, 2020, the Capital Conservation Fund returned 9.55% compared to 9.42% for the Bloomberg Barclays U.S. Aggregate Bond Index.

* The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage- and asset-backed securities and commercial mortgage-backed securities.

Indices are not managed and an investor cannot invest directly into an index.

Average Annual Total Returns as of May 31, 2020
1 Year	5 Years	10 Years
9.55%	3.70%	3.94%

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

325

VALIC Company I Core Equity Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with BlackRock Investment Management, LLC

The Core Equity Fund posted a return of 10.04% for the twelve-month period ended May 31, 2020, compared to a return of 12.54% for the Fund’s benchmark, the Russell 1000^® Index.

During the Period:

In aggregate, sector allocations relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.

In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark detracted from the Fund’s return relative to the Benchmark return.

The following contributed to the Fund’s return relative to the Benchmark return:

Allocations in the following sectors: Real estate; Financials; Consumer discretionary

Security selection in the following sector: Consumer discretionary

Position weightings: Apple, Inc.; Microsoft Corp.; Dollar General Corp.

The following detracted from the Fund’s return relative to the Benchmark return:

Allocations in the following sectors: Energy; Information technology

Security selection in the following sectors: Financials; Consumer staples; Health care

Position weightings: BP PLC ADR; Marathon Petroleum Corp.; Ally Financial, Inc.

For the year ended May 31, 2020, the Core Equity Fund returned 10.04% compared to 12.54% for the Russell 1000^® Index.

* The Russell 1000^® Index is a market capitalization-weighted benchmark index made up of the 1,000 largest U.S. stocks in the Russell 3000^® Index.

Indices are not managed and an investor cannot invest directly into an index.

Average Annual Total Returns as of May 31, 2020
1 Year	5 Years	10 Years
10.04%	7.73%	11.30%

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

326

VALIC Company I Dividend Value Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

The Dividend Value Fund posted a return of -0.33% for the twelve-month period ended May 31, 2020, compared to a return of -1.64% for the Russell 1000^® Value Index.

A discussion with Blackrock Investment Management, LLC—regarding their portion of the Fund (the “portfolio”)

In aggregate, sector allocations relative to those of the Benchmark contributed to the portfolio’s return relative to the Benchmark return.

In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed to the portfolio’s return relative to the Benchmark return.

In aggregate, holdings of cash and/or cash equivalents contributed to the portfolio’s return relative to the Benchmark return.

The following contributed to the portfolio’s return relative to the Benchmark return:

Allocations in the following sectors: Health care; Real estate; Information technology

Security selection in the following sectors: Consumer discretionary; Industrials

Position weightings: Microsoft Corp.; Exxon Mobil Corp.; Dollar General Corp.

The following detracted from the portfolio’s return relative to the Benchmark return:

Allocations in the following sectors: Utilities; Energy; Financials

Security selection in the following sectors: Information technology; Consumer staples

Position weightings: BP PLC; Intel Corp.; Wells Fargo & Co.

A discussion with SunAmerica Asset Management, LLC—regarding their portion of the Fund (the “portfolio”)

During the Period:

In aggregate, sector allocations relative to those of the Benchmark contributed to the portfolio’s return relative to the Benchmark return.

In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark detracted from the portfolio’s return relative to the Benchmark return.

In aggregate, holdings of cash and/or cash equivalents detracted from the portfolio’s return relative to the Benchmark return.

The following contributed to the portfolio’s return relative to the Benchmark return:

Allocations in the following sectors: Financials; Health care

Security selection in the following sectors: Health care; Industrials

Position weightings: KLA Corp.; Western Digital Corp.; Cardinal Health, Inc.

The following detracted from the portfolio’s return relative to the Benchmark return:

Allocations in the following sectors: Consumer discretionary; Utilities

Security selection in the following sectors: Consumer discretionary; Telecommunications services

Position weightings: Macy’s, Inc.; Gap, Inc.; H&R Block, Inc.

327

VALIC Company I Dividend Value Fund

COMPARISON: FUND VS. INDEX (unaudited) — (continued)

For the year ended May 31, 2020, the Dividend Value Fund returned -0.33% compared to -1.64% for the Russell 1000^® Value Index.

* The Russell 1000^® Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forcasted growth values.

Indices are not managed and an investor cannot invest directly into an index.

Average Annual Total Returns as of May 31, 2020
1 Year	5 Years	10 Years
-0.33%	5.08%	10.15%

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

328

VALIC Company I Dynamic Allocation Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

The Dynamic Allocation Fund posted a return of 10.43% for the twelve-month period ended May 31, 2020, compared to a return of 12.84% for the S&P 500^® Index, 9.42% for the Bloomberg Barclays U.S. Aggregate Bond Index, and 12.09% for the Blended Index (S&P 500^® Index (60%) and the Bloomberg Barclays U.S. Aggregate Bond Index (40%)).

The Fund consists of two components: A fund-of-funds component representing a combination of VC I and VC II Funds, and an overlay component which invests in cash, treasuries and futures, to manage the Fund’s net equity exposure.

A discussion with AllianceBernstein, L.P.—regarding their portion of the Fund (the “portfolio”)

During the Period:

In aggregate, sector allocations relative to those of the Blended index (“the Benchmark”) contributed to the portfolio’s return relative to the Benchmark return.

Derivative instruments were used to adjust fixed income and equity exposures and manage risk, and contributed to the return of the Fund.

The following contributed to the portfolio’s return relative to the Benchmark return:

Allocations in the following sector: Bond market exposure

The following detracted from portfolio return relative to the Benchmark return:

Allocations in the following sector: Volatility overlay

A discussion with SunAmerica Asset Management, LLC—regarding their portion of the Fund (the “portfolio”)

During the Period:

In aggregate, sector allocations relative to those of the Blended index (“the Benchmark”) detracted from the portfolio’s return relative to the Benchmark return.

The following contributed to the portfolio’s return relative to the Benchmark return:

Allocations in the following sector: Global government securities

The following detracted from the portfolio’s return relative to the Benchmark return:

Allocations in the following sectors: International and Small-Mid cap equity

329

VALIC Company I Dynamic Allocation Fund

COMPARISON: FUND VS. INDEX (unaudited) — (continued)

For the year ended May 31, 2020, the Dynamic Allocation Fund returned 10.43% compared to 12.84% for the S&P 500^® Index, 9.42% for the Bloomberg Barclays U.S. Aggregate Bond Index and 12.09% for the Blended Index.

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

** The Blended Index consists of the S&P 500^® Index (60%) and the Bloomberg Barclays U.S. Aggregate Bond Index (40%).

*** The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage- and asset-backed securities and commercial mortgage-backed securities.

Indices are not managed and an investor cannot invest directly into an index.

Average Annual Total Returns as of May 31, 2020
1 Year	5 Years	Since Inception*
10.43%	5.53%	6.78%

* Inception date of Fund: December 19, 2012

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

330

VALIC Company I Emerging Economies Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with J.P. Morgan Investment Management, Inc.

The Emerging Economies Fund posted a return of -3.74% for the twelve-month period ended May 31, 2020, compared to a return of -4.39% for the MSCI Emerging Markets Index (net).

During the Period:

In aggregate, sector allocations relative to those of the Benchmark detracted from the Fund’s return relative to the Benchmark return.

In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.

In aggregate, region or country allocations relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.

The following contributed to the Fund’s return relative to the Benchmark return:

Allocations in the following sectors: Information technology; Energy; Consumer discretionary

Security selection in the following sectors: Materials; Communication services; Financials

Position weightings: Tencent Holdings, Ltd.; Banco Bradesco SA ADR; Petroleo Brasileiro SA ADR

Exposure(s) to the following countries: South Africa

The following detracted from the Fund’s return relative to the Benchmark return:

Allocations in the following sectors: Financials; Communication services; Health care

Security selection in the following sectors: Consumer discretionary; Health care; Information technology

Position weighting(s): Grupo Financiero Banorte SAB de CV; Banco do Brasil SA; IRB Brasil Resseguros S/A

Exposure to the following country: Hungary

331

VALIC Company I Emerging Economies Fund

COMPARISON: FUND VS. INDEX (unaudited) — (continued)

For the year ended May 31, 2020, the Emerging Economies Fund returned -3.74% compared to -4.39% for the MSCI Emerging Markets Index (net).

* MSCI Emerging Markets Index (net) is a free-float adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets Index consists of the following 26 emerging market country indexes: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties.

Indices are not managed and an investor cannot invest directly into an index.

Average Annual Total Returns as of May 31, 2020
1 Year	5 Years	10 Years
-3.74%	0.47%	2.30%

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

332

VALIC Company I Global Real Estate Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

The Global Real Estate Fund posted a return of -10.37% for the twelve-month period ended May 31, 2020, compared to a return of -16.27% for the FTSE EPRA/NAREIT Developed Index.

A discussion with Invesco Advisers, Inc. — regarding their portion of the Fund (the “portfolio”)

During the Period:

In aggregate, region or country allocations relative to those of the Benchmark contributed to the portfolio’s return relative to the Benchmark return.

The following contributed to the portfolio’s return relative to the Benchmark return:

Position weightings: American Tower, Corp; Crown Castle International Corp.; Equinix, Inc.

Exposure to the following countries: Hong Kong; France; Australia

The following detracted from the portfolio’s return relative to the Benchmark return:

Position weightings: Ventas, Inc.; Boston Properties, Inc.; VEREIT, Inc.

Exposure to the following countries: Japan; Germany; Singapore

A discussion with Goldman Sachs Asset Management, L.P. — regarding their portion of the Fund (the “portfolio”)

During the Period:

In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed to the portfolio’s return relative to the Benchmark return.

In aggregate, region or country allocations relative to those of the Benchmark contributed to the portfolio’s return relative to the Benchmark return.

The following contributed to the portfolio’s return relative to the Benchmark return:

Position weightings: Vonovia SE; Goodman Group; GLP J REIT

Exposure to the following countries: Germany; Japan

The following detracted from the portfolio’s return relative to the Benchmark return:

Position weightings: Invincible Investment Corp.; Link REIT; Klepierre SA

Exposures to the following countries: United States; Australia

333

VALIC Company I Global Real Estate Fund

COMPARISON: FUND VS. INDEX (unaudited) — (continued)

For the year ended May 31, 2020, the Global Real Estate Fund returned -10.37% compared to -16.27% for the FTSE EPRA/NAREIT Developed Index.

* The FTSE EPRA/NAREIT Developed Index is a global market capitalization weighted index composed of listed real estate securities in the North American, European and Asian real estate markets.

Indices are not managed and an investor cannot invest directly into an index.

Average Annual Total Returns as of May 31, 2020
1 Year	5 Years	10 Years
-10.37%	1.86%	6.64%

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

334

VALIC Company I Global Strategy Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

The Global Strategy Fund posted a return of -1.01% for the twelve-month period ended May 31, 2020 compared to a return of 5.43% for the MSCI ACWI (net), 6.98% for the JPMorgan GBI Global Index (unhedged) and 6.69% for the Blended Index (JPMorgan GBI Global Index (unhedged) (40%) and the MSCI ACWI Index (net) (60%)).

A discussion with Franklin Advisers, Inc. — regarding the Fixed Income portion of the Fund (the “portfolio”)

During the Period:

In aggregate, region or country allocations relative to those of the JPMorgan GBI Global Index (unhedged) (“the Benchmark”) detracted from the portfolio’s return relative to the Benchmark return.

In aggregate, yield curve positioning relative to the Benchmark detracted from the portfolio’s return relative to the Benchmark return.

In aggregate, foreign currency exposures relative to the Benchmark detracted from the portfolio’s return relative to the Benchmark return.

Derivative instruments were used to gain and adjust market exposure and detracted from the return of the portfolio.

The following contributed to the portfolio’s return relative to the Benchmark return:

Exposure to the following countries: India; Mexico; Brazil

Exposure to the following currencies: EURO; Australian Dollar

The following detracted from the portfolio’s return relative to the Benchmark return:

Exposure to the following countries: United States; European Union (aggregated); United Kingdom

Exposure to the following currencies: Brazilian Real; Argentine Peso; Japanese Yen

A discussion with Franklin Advisers, Inc. — regarding the Equity portion of the Fund (the “portfolio”).

Effective 01/29/2020, Franklin Advisers, Inc. became subadvisor for the portfolio replacing Templeton Investment Counsel, LLC.

During the Period January 29, 2020 to May 31, 2020:

In aggregate, sector allocations relative to those of the MSCI ACWI (net), (“the Benchmark”), contributed to the portfolio’s return relative to the Benchmark return.

In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark detracted from the portfolio’s return relative to the Benchmark return.

In aggregate, region or country allocations relative to those of the Benchmark detracted from the portfolio’s return relative to the Benchmark return.

The following contributed to the portfolio’s return relative to the Benchmark return:

Allocations in the following sectors: Financials; Health care; Industrials

Security selection in the following sectors: Industrials; Financials; Materials

Position weightings: Gilead Sciences, Inc.; Eli Lilly & Co.; Lowe’s Cos., Inc.

Exposure to the following countries: United States; Switzerland; Denmark

The following detracted from the portfolio’s return relative to the Benchmark return:

Allocations in the following sector: Information technology

Security selection in the following sectors: Consumer discretionary; Information technology; Communication services

Position weightings: Microsoft Corp.; Simon Property Group, Inc.; Apple, Inc.

Exposure to the following countries: United Kingdom; Australia; China

A discussion with Templeton Investment Counsel, LLC — regarding the Equity portion of the Fund (the “portfolio”)

Effective January 29, 2020, Franklin Advisers, Inc. replaced Templeton Investment Counsel, LLC as subadvisor of the portfolio.

During the Period June 1, 2019, to January 28, 2020:

In aggregate, sector allocations relative to those of the MSCI ACWI (net), (“the Benchmark”) detracted from the portfolio’s return relative to the Benchmark return.

In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark detracted from the portfolio’s return relative to the Benchmark return.

In aggregate, region or country allocations relative to those of the Benchmark detracted from the portfolio’s return relative to the Benchmark return.

The following contributed to the portfolio’s return relative to the Benchmark return:

Allocations in the following sector: Health care

Security selection in the following sectors: Industrials; Consumer staples; Health care

Position weightings: Allergan PLC; BAE Systems PLC; NXP Semiconductors NV

Exposure to the following country: France

335

VALIC Company I Global Strategy Fund

COMPARISON: FUND VS. INDEX (unaudited) — (continued)

The following detracted from the portfolio’s return relative to the Benchmark return:

Allocations in the following sectors: Information technology; Energy

Security selection in the following sectors: Communication services; Energy; Consumer discretionary

Position weightings: Deutsche Telekom AG; China Telecom Corp., Ltd.; Yara International ASA

Exposure to the following countries: Australia; United States; United Kingdom

For the year ended May 31, 2020, the Global Strategy Fund returned -1.01% compared to 5.43% for the MSCI ACWI (net), 6.98% for the JPMorgan GBI Global Index (unhedged) and 6.69% for the Blended Index.

* The MSCI ACWI Index (net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The Index consists of 49 country indices comprising 23 developed and 26 emerging market country indices. The developed market country indices included are Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States. The emerging market country indices included are: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties.

** The Blended Index is comprised of the JPMorgan GBI Global Index (unhedged) (40%) and the MSCI ACWI Index (net) (60%).

*** The JPMorgan GBI Global Index (unhedged) measures local currency denominated fixed rate government debt issued in 13 developed markets countries. The developed markets consist of regularly traded, fixed rate, domestic government bonds that are available to international investors. The index includes only the most liquid developed markets.

Indices are not managed and an investor cannot invest directly into an index.

Average Annual Total Returns as of May 31, 2020
1 Year	5 Years	10 Years
-1.01%	0.14%	5.58%

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

336

VALIC Company I Government Money Market I Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with SunAmerica Asset Management, LLC

The Government Money Market I Fund posted a return of 1.09% for the twelve-month period ended May 31, 2020, compared to a return of 1.75% for the FTSE Treasury Bill 3 Month Index.*

During the Period:

The following contributed to the Fund’s return relative to the Benchmark return:

Allocations in the following sector: U.S. Government Agencies

Security selection in the following sector: Federal Home Loan Bank

The following detracted from the Fund’s return relative to the Benchmark return:

Security selection in the following sectors: Federal Home Loan Mortgage Corp.; Federal National Mortgage Association

* The FTSE Treasury Bill 3 Month Index measures monthly performance of 90-day U.S. Treasury Bills.

Indices are not managed and an investor cannot invest directly into an index.

Average Annual Total Returns as of May 31, 2020
1 Year	5 Years	10 Years
1.09%	0.72%	0.36%

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

337

VALIC Company I Government Securities Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with J.P. Morgan Investment Management, Inc.

The Government Securities Fund posted a return of 8.57% for the twelve-month period ended May 31, 2020, compared to a return of 11.24% for the Bloomberg Barclays U.S. Government Bond Index.

During the Period:

In aggregate, sector allocations relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.

In aggregate, yield curve positioning relative to the Benchmark detracted from the Fund’s return relative to the Benchmark return.

The following contributed to the Fund’s return relative to the Benchmark return:

Allocations in the following sector: Investment grade credit

The following detracted from the Fund’s return relative to the Benchmark return:

Allocations in the following sectors: Commercial mortgage-backed securities; U.S. Agency mortgages

Security selection in the following sector: Investment grade credit

For the year ended May 31, 2020, the Government Securities Fund returned 8.57% compared to 11.24% for the Bloomberg Barclays U.S. Government Bond Index.

* The Bloomberg Barclays U.S. Government Index is a market-value weighted index of U.S. government and government agency securities (other than mortgage securities) with maturities of one year or more.

Indices are not managed and an investor cannot invest directly into an index.

Average Annual Total Returns as of May 31, 2020
1 Year	5 Years	10 Years
8.57%	3.20%	3.16%

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

338

VALIC Company I Growth Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

The Growth Fund posted a return of 27.42% for the twelve-month period ended May 31, 2020, compared to return of 26.25% for the Russell 1000^® Growth Index and 20.09% for the S&P 500^® Growth Index.

A discussion with BlackRock Investment Management, LLC — regarding their portion of the Fund (the “portfolio”)

Effective October 1, 2019, BlackRock Investment Management, LLC became subadvisor for a portion of the Fund.

During the Period October 1, 2019 to May 31, 2020:

In aggregate, sector allocations relative to those of the Russell 1000^® Growth Index (“the Benchmark”) contributed to the portfolio’s return relative to the Benchmark return.

In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed to the portfolio’s return relative to the Benchmark return.

The following contributed to the portfolio’s return relative to the Benchmark return:

Allocations in the following sectors: Consumer staples; Consumer discretionary

Security selection in the following sectors: Consumer discretionary; Real estate; Communication services

Position weightings: Amazon.com, Inc.; Adyen NV; ServiceNow, Inc.

The following detracted from the portfolio’s return relative to the Benchmark return:

Allocations in the following sectors: Materials; Financials; Information technology

Security selection in the following sector: Consumer staples

Position weightings: Apple, Inc.; CME Group, Inc.; Transdigm Group, Inc.

A discussion with SunAmerica Asset Management, LLC — regarding their portion of the Fund (the “portfolio”)

Effective October 1, 2019, SunAmerica Asset Management, LLC became subadvisor for a portion of the Fund.

During the Period October 1, 2019 to May 31, 2020:

The following contributed to the portfolio’s return:

Allocations in the following sectors: Information technology; Health care; Telecommunications services

Position weightings: Microsoft Corp.; Amazon.com, Inc.; Apple, Inc.

The following detracted from the portfolio’s return:

Allocations in the following sectors: Industrials; Consumer staples

Position weightings: Boeing Co.; JPMorgan Chase & Co.; Raytheon Technologies Corp.

A discussion with American Century Investment Management, Inc.

Effective October 1, 2019, SunAmerica Asset Management, LLC and BlackRock Investment Management, LLC replaced American Century Investment Management, Inc. as subadvisor of the portfolio.

During the Period June 1, 2019 to September 30, 2019:

In aggregate, sector allocations relative to those of the Russell 1000^® Growth Index (“the Benchmark”) detracted from the portfolio’s return relative to the Benchmark return.

In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark detracted from the portfolio’s return relative to the Benchmark return.

In aggregate, holdings of cash and/or cash equivalents detracted from the portfolio’s return relative to the Benchmark return.

The following contributed to the portfolio’s return relative to the Benchmark return:

Allocations in the following sector: Health care

Security selection in the following sectors: Consumer staples; Information technology

Position weightings: Cisco Systems, Inc.; ASML Holding NV; Tableau Software, Inc.

The following detracted from the portfolio’s return relative to the Benchmark return:

Allocations in the following sectors: Communication services; Energy; Information technology

Security selection in the following sectors: Consumer discretionary; Materials; Communication services

Position weightings: Walt Disney Co.; PayPal Holdings, Inc.; Concho Resources, Inc.

339

VALIC Company I Growth Fund

COMPARISON: FUND VS. INDEX (unaudited) — (continued)

For the year ended May 31, 2020, the Growth Fund returned 27.42% compared to 26.25% for the Russell 1000^® Growth Index and 20.09% for the S&P 500 Growth Index.

* The Russell 1000^® Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values.

** The S&P 500^® Growth Index is constructed by measuring growth and value characteristics of the constituents of the S&P 500^® Index across seven factors including: earnings-per-share growth rate, sales-per-share growth rate, internal growth rate, book-to-price ratio, cash flow-to-price ratio, sales-to-price ratio and dividend yield. The index is comprised of stocks identified as pure growth, plus a portion of the market capitalization of stocks that are neither classified as pure growth nor pure value. The style index series is unmanaged and market capitalization weighted.

Indices are not managed and an investor cannot invest directly into an index.

Average Annual Total Returns as of May 31, 2020
1 Year	5 Years	10 Years
27.42%	13.55%	14.67%

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

340

VALIC Company I Health Sciences Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with T. Rowe Price Associates, Inc.

The Health Sciences Fund posted a return of 26.32% for the twelve-month period ended May 31, 2020, compared to a return of 21.15% for the S&P 500^® Health Care Index.

During the Period:

In aggregate, sector allocations relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.

In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.

The following contributed to the Fund’s return relative to the Benchmark return:

Allocations in the following sectors: Biotechnology; Pharmaceuticals

Security selection in the following sectors: Medical products & devices; Life sciences; Pharmaceuticals

Position weightings: Vertex Pharmaceuticals, Inc.; Seattle Genetics, Inc.; Array Biopharma, Inc.

The following detracted from the Fund’s return relative to the Benchmark return:

Allocations in the following sector: Medical services

Security selection in the following sector: Biotechnology

Position weightings: Sage Therapeutics, Inc.; Bluebird Bio, Inc.; Exact Sciences Corp.

For the year ended May 31, 2020, the Health Sciences Fund returned 26.32% compared to 21.15% for the S&P 500^® Health Care Index.

* The S&P 500^® Health Care Index is an unmanaged, market-capitalization weighted index consisting of healthcare companies in the S&P 500^® Index and is designed to measure the performance of the healthcare sector.

Indices are not managed and an investor cannot invest directly into an index.

Average Annual Total Returns as of May 31, 2020
1 Year	5 Years	10 Years
26.32%	8.19%	19.62%

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

341

VALIC Company I Inflation Protected Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with PineBridge Investments, LLC

The Inflation Protected Fund posted a return of 4.88% for the twelve-month period ended May 31, 2020, compared to a return of 8.00% for the Bloomberg Barclays U.S. Treasury Inflation-Protected Securities (“TIPS”) Index.

During the Period:

In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.

In aggregate, yield curve positioning relative to the Benchmark detracted from the Fund’s return relative to the Benchmark return.

In aggregate, foreign currency exposures relative to the Benchmark detracted from the Fund’s return relative to the Benchmark return.

The following contributed to the Fund’s return relative to the Benchmark return:

Allocations in the following sector: Corporate inflation-linked securities

Position weightings: Global government/sovereign inflation-linked securities

The following detracted from the Fund’s return relative to the Benchmark return:

Allocations in the following sector: Corporate bonds

Exposure to the following currencies: Canadian Dollar; Australian Dollar; New Zealand Dollar

For the year ended May 31, 2020, the Inflation Protected Fund returned 4.88% compared to 8.00% for the Bloomberg Barclays U.S. TIPS Index.

* The Bloomberg Barclays U.S. TIPS Index measures the performance of fixed-income securities with fixed-rate coupon payments that adjust for inflation, as measured by the Consumer Price Index for All Urban Consumers.

Indices are not managed and an investor cannot invest directly into an index.

Average Annual Total Returns as of May 31, 2020
1 Year	5 Years	10 Years
4.88%	2.53%	3.10%

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

342

VALIC Company I International Equities Index Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with SunAmerica Asset Management, LLC

The International Equities Index Fund posted a return of -3.42% for the twelve-month period ended May 31, 2020, compared to a return of -2.81% for the MSCI EAFE Index (net).

This Fund is a complete replication of the MSCI EAFE Index (net) and is rebalanced quarterly when MSCI rebalances its indices.

During the Period:

Derivative instruments were used to maintain market exposure and during the period, detracted from the return of the Fund relative to the return of the Benchmark.

The following contributed to the Fund’s return:

Position weightings: Roche Holding AG; ASML Holding NV; AstraZeneca PLC ADR

Exposure to the following countries: Japan, Switzerland, Netherlands

The following detracted from the Fund’s return:

Position weightings: HSBC Holdings PLC; Royal Dutch Shell PLC; BP PLC

Exposure to the following countries: United Kingdom; Australia; United States

For the year ended May 31, 2020, the International Equities Index Fund returned -3.42% compared to -2.81% for the MSCI EAFE Index (net).

* The MSCI EAFE Index (Europe, Australasia, Far East) (net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada. The MSCI EAFE Index (net) consists of the following 21 developed market country indexes: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties.

Indices are not managed and an investor cannot invest directly into an index.

Average Annual Total Returns as of May 31, 2020
1 Year	5 Years	10 Years
-3.42%	0.44%	4.63%

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

343

VALIC Company I International Government Bond Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with PineBridge Investments, LLC

For the year ended May 31, 2020, the International Government Bond Fund posted a return of 4.44% compared to 0.38% for the JPMorgan Emerging Markets Bond Index (EMBI) Global Diversified Index, 6.36% for the FTSE World Government Bond Index (WGBI) Index (unhedged) and 4.80% for the Blended Index (FTSE WGBI Index (unhedged) (70%) and the JPMorgan EMBI Global Diversified Index (30%)).

During the Period:

In aggregate, position weightings (i.e., security selection) relative to those of the Blended Index (“the Benchmark”) contributed to the Fund’s return relative to the Benchmark return.

In aggregate, region or country allocations relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.

In aggregate, yield curve positioning relative to the Benchmark contributed to the Fund’s return relative to the Benchmark return.

In aggregate, foreign currency exposures relative to the Benchmark detracted from the Fund’s return relative to the Benchmark return.

The following contributed to the Fund’s return relative to the Benchmark return:

Exposure to the following countries: Lebanon; Venezuela; Ukraine

Exposure to the following currencies: EURO; Mexican Peso

The following detracted from the Fund’s return relative to the Benchmark return:

Exposure to the following countries: Sri Lanka; Nigeria; Angola

Exposure to the following currencies: Pound Sterling; South African Rand

For the year ended May 31, 2020, the International Government Bond Fund returned 4.44% compared to 0.38% for the JP Morgan EMBI Global Diversified Index, 6.36% for the FTSE WGBI Index (unhedged) and 4.80% for the Blended Index.

* The FTSE WGBI Index (unhedged) is an unmanaged index of debt securities of major foreign government bond markets.

** The JP Morgan EMBI Global Diversified Index tracks total returns for U.S. dollar-denominated debt instruments (Eurobonds, loans, etc) issued by emerging markets sovereign and quasi-sovereign entities. The Index is uniquely weighted and limits the weights of the countries with larger debt stocks by only including specified portions of these countries’ eligible current face amounts of debt outstanding.

*** The Blended Index is comprised of the FTSE WGBI Index (unhedged) (70%) and the JPMorgan EMBI Global Diversified Index (30%).

Indices are not managed and an investor cannot invest directly into an index.

Average Annual Total Returns as of May 31, 2020
1 Year	5 Years	10 Years
4.44%	2.99%	3.08%

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

344

VALIC Company I International Growth Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with Morgan Stanley Investment Management, Inc. “MSIM”

The International Growth Fund posted a return of 10.00% for the twelve-month period ended May 31, 2020, compared to a return of -3.43% for the MSCI ACWI ex USA Index (net).

During the Period:

In aggregate, sector allocations relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.

In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.

In aggregate, region or country allocations relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.

In aggregate, holding of cash and/or cash equivalents detracted from the Fund’s return relative to the Benchmark return.

The following contributed to the Fund’s return relative to the Benchmark return:

Allocations in the following sectors: Information technology; Financials; Energy

Security selection in the following sectors: Information technology; Industrials; Consumer discretionary

Position weightings: Keyence Corp.; ASML Holding NV; TAL Education Group ADR

Exposure to the following countries: Denmark; United States; Brazil

The following detracted from the Fund’s return relative to the Benchmark return:

Allocations in the following sector: Health care

Security selection in the following sectors: Health care; Communication services; Materials

Position weightings: HDFC Bank, Ltd.; Canada Goose Holdings, Inc.; Kotak Mahindra Bank, Ltd.

Exposure to the following countries: India; Japan

For the year ended May 31, 2020, the International Growth Fund returned 10.00% compared to -3.43% for the MSCI ACWI ex USA Index (net).

* The MSCI ACWI ex USA Index (net) is a free float-adjusted market capitalization weighted index designed to measure the equity market performance of developed and emerging markets, excluding the United States. The term “free float” represents the portion of shares outstanding that are deemed to be available for purchase in the public equity markets by investors. The performance of the Index is listed in U.S. dollars and assumes reinvestment of net dividends. The net total return indexes reinvest dividends after the deduction of withholding taxes, using (for international indexes) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.

Indices are not managed and an investor cannot invest directly into an index.

Average Annual Total Returns as of May 31, 2020
1 Year	5 Years	10 Years
10.00%	6.08%	8.74%

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

345

VALIC Company I International Socially Responsible Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with SunAmerica Asset Management, LLC

The International Socially Responsible Fund posted a return of -2.05% for the twelve-month period ended May 31, 2020, compared to a return of 6.80% for the MSCI World Index (net) and -2.81% for the MSCI EAFE Index (net).

The Fund is an optimized portfolio which seeks to track the MSCI EAFE (net) Index, (“the Benchmark”), while investing in socially responsive companies. The Fund’s criteria do not permit investment in companies whose businesses rely significantly on alcohol, firearms, gambling, tobacco, nuclear power, or production of weaponry. Furthermore, companies deemed to have poor labor/employee relations or environmental records are also screened out of the investable universe. These criteria may create differences in Fund performance relative to that of the Benchmark.

During the Period:

Derivative instruments were used to maintain market exposure and during the period, detracted from the return of the Fund relative to the return of the Benchmark.

In aggregate, sector allocations relative to those of the Benchmark detracted from the Fund’s return relative to the Benchmark return.

In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.

In aggregate, region or country allocations relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.

The following contributed to the Fund’s return relative to the Benchmark return:

Allocations in the following sector: Energy

Security selection in the following sectors: Financials; Industrials; Energy

Position weightings: Chugai Pharmaceuticals Co., Ltd.; Hermes International; Novo Nordisk A/S

Exposure to the following countries: United States; Japan; Australia

The following detracted from the Fund’s return relative to the Benchmark return:

Allocations in the following sectors: Health care; Real estate; Financials

Security selection in the following sectors: Telecommunications services; Information technology

Position weightings: Repsol SA; Nippon Steel Corp.; Aviva PLC

Exposure to the following countries: Singapore; Norway

346

VALIC Company I International Socially Responsible Fund

COMPARISON: FUND VS. INDEX (unaudited) — (continued)

For the year ended May 31, 2020, the International Socially Responsible Fund returned -2.05% compared to 6.80% for MSCI World Index (net) and -2.81% for the MSCI EAFE Index (net).

* The MSCI World Index (net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The MSCI World Index (net) consists of the following 23 developed market country Indices: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties.

** Effective June 4, 2019, the Fund changed the benchmark against which it measures its performance from the MSCI World Index (net) to the MSCI EAFE Index (net). Fund management believes that the MSCI EAFE Index (net) is more representative of the securities in which the Fund invests. The MSCI EAFE Index (Europe, Australasia, Far East) (net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada. The MSCI EAFE Index (net) consists of the following 21 developed market country indexes: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties.

Indices are not managed and an investor cannot invest directly into an index.

Average Annual Total Returns as of May 31, 2020
1 Year	5 Years	10 Years
-2.05%	4.33%	9.10%

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

347

VALIC Company I International Value Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with Wells Capital Management Incorporated “WellsCap”

The International Value Fund posted a return of -10.17% for the twelve-month period ended May 31, 2020, compared to a return of -3.43% for the MSCI ACWI ex USA (net).

In aggregate, sector allocations relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.

In aggregate, region or country allocations relative to those of the Benchmark detracted from the Fund’s return relative to the Benchmark return.

In aggregate, holding of cash and/or cash equivalents contributed to the Fund’s return relative to the Benchmark return.

The following contributed to the Fund’s return relative to the Benchmark return:

Allocations in the following sectors: Financials; Information technology; Industrials

Security selection in the following sectors: Financials; Consumer discretionary

Position weightings: Prysmian SpA; Mobile TeleSystems PJSC; Koninklijke Philips NV

Exposure(s) to the following countries: United States; Netherlands; Brazil

The following detracted from the Fund’s return relative to the Benchmark return:

Allocations in the following sector: Energy

Security selection in the following sectors: Information technology; Health care; Communication services

Position weightings: John Wood Group PLC; OCI NV; Tech Mahindra, Ltd.

Exposure to the following countries: Japan; United Kingdom; Taiwan

348

VALIC Company I International Value Fund

COMPARISON: FUND VS. INDEX (unaudited) — (continued)

For the year ended May 31, 2020, the International Value Fund returned -10.17% compared to -3.43% for the MSCI ACWI ex USA (net).

* The MSCI ACWI ex USA Index (net) is a free float-adjusted market capitalization weighted index designed to measure the equity market performance of developed and emerging markets, excluding the United States. The term “free float” represents the portion of shares outstanding that are deemed to be available for purchase in the public equity markets by investors. The performance of the Index is listed in U.S. dollars and assumes reinvestment of net dividends. The net total return indexes reinvest dividends after the deduction of withholding taxes, using (for international indexes) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.

Indices are not managed and an investor cannot invest directly into an index.

Average Annual Total Returns as of May 31, 2020
1 Year	5 Years	10 Years
-10.17%	-3.35%	2.63%

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

349

VALIC Company I Large Cap Core Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with Columbia Management Investment Advisers, LLC

The Large Cap Core Fund posted a return of 15.53% for the twelve-month period ended May 31, 2020, compared to a return of 12.54% for the Russell 1000^® Index.

During the Period:

In aggregate, sector allocations relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.

In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.

In aggregate, holdings of cash and/or cash equivalents detracted from the Fund’s return relative to the Benchmark return.

The following contributed to the Fund’s return relative to the Benchmark return:

Allocations in the following sectors: Information technology; Real estate; Industrials

Security selection in the following sectors: Financials; Communication services; Consumer discretionary

Position weightings: Newmont Corp.; Microsoft Corp.; Allergan PLC

The following detracted from the Fund’s return relative to the Benchmark return:

Allocations in the following sectors: Energy; Financials

Security selection in the following sectors: Health care; Consumer staples

Position weightings: Citigroup, Inc.; Berkshire Hathaway, Inc.; EOG Resources, Inc.

For the year ended May 31, 2020, the Large Cap Core Fund returned 15.53% compared to 12.54% for the Russell 1000^® Index.

* The Russell 1000^® Index is a market capitalization weighted benchmark index made up of the 1000 largest U.S. stocks in the Russell 3000^® Index.

Indices are not managed and an investor cannot invest directly into an index.

Average Annual Total Returns as of May 31, 2020
1 Year	5 Years	10 Years
15.53%	8.83%	13.34%

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

350

VALIC Company I Large Capital Growth Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with Massachusetts Financial Services Company

The Large Capital Growth Fund posted a return of 17.08% for the twelve-month period ended May 31, 2020, compared to a return of 26.25% for the Russell 1000^® Growth Index.

During the Period:

In aggregate, sector allocations relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.

In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.

The following contributed to the Fund’s return relative to the Benchmark return:

Allocations in the following sectors: Real estate; Energy

Security selection in the following sectors: Industrials; Financials

Position weightings: Boeing Co.; Blackstone Group, Inc., Class A; Cisco Systems, Inc.

The following detracted from the Fund’s return relative to the Benchmark return:

Allocations in the following sectors: Information technology; Financials; Consumer staples

Security selection in the following sectors: Information technology; Consumer discretionary; Health care

Position weightings: Apple, Inc.; Marriott International, Inc., Class A; NVIDIA Corp.

For the year ended May 31, 2020, the Large Capital Growth Fund returned 17.08% compared to 26.25% for the Russell 1000^® Growth Index.

* The Russell 1000^® Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values.

Indices are not managed and an investor cannot invest directly into an index.

Average Annual Total Returns as of May 31, 2020
1 Year	5 Years	10 Years
17.08%	12.61%	13.19%

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

351

VALIC Company I Mid Cap Index Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with SunAmerica Asset Management, LLC

The Mid Cap Index Fund posted a return of -1.25% for the twelve-month period ended May 31, 2020, compared to a return of -0.81% for the S&P MidCap 400^® Index.

The Fund is passively managed to match the S&P MidCap 400^® Index. As with all index funds, there will be performance discrepancies due to trading, cash, and pricing effects.

During the Period:

Derivative instruments were used to maintain market exposure and during the period, detracted from the return of the Fund relative to the return of the Benchmark.

The following contributed to the Fund’s return:

Allocations in the following sectors: Health care; Information technology; Consumer discretionary

Position weightings: West Pharmaceuticals Services, Inc.; Catalent, Inc.; Tyler Technologies, Inc.

The following detracted from the Fund’s return:

Allocations in the following sectors: Financials; Real estate; Energy

Position weightings: National Retail Properties, Inc.; UGI Corp.; EPR Properties

For the year ended May 31, 2020, the Mid Cap Index Fund returned -1.25% compared to -0.81% for the S&P MidCap 400^® Index.

* The S&P MidCap 400^® Index is an index of the stocks of 400 domestic stocks chosen for market size, liquidity, and industry group representation. It is a market-value weighted index, with each stock’s percentage in the Index in proportion to its market value.

“Standard & Poor’s^®, “S&P^®,” and “S&P MidCap 400^®,” are trademarks of S&P. The Fund is not sponsored, endorsed, sold or promoted by S&P, and S&P makes no representation regarding the advisability of investment in the Fund.

Indices are not managed and an investor cannot invest directly into an index.

Average Annual Total Returns as of May 31, 2020
1 Year	5 Years	10 Years
-1.25%	4.36%	10.12%

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

352

VALIC Company I Mid Cap Strategic Growth Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

The Mid Cap Strategic Growth Fund posted a return of 12.76% for the twelve-month period ended May 31, 2020, compared to a return of 17.03% for the Russell Midcap^® Growth Index.

A discussion with Allianz Global Investors U.S. LLC — regarding their portion of the Fund (the “portfolio”).

During the Period:

In aggregate, sector allocations relative to those of the Benchmark contributed to the portfolio’s return relative to the Benchmark return.

In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed to the portfolio’s return relative to the Benchmark return.

The following contributed to the portfolio’s return relative to the Benchmark return:

Allocations in the following sectors: Energy; Consumer discretionary; Consumer staples

Security selection in the following sectors: Health care; Information technology; Communication services

Position weightings: DexCom, Inc.; Catalent, Inc.; Freshpet, Inc.

The following detracted from the portfolio’s return relative to the Benchmark return:

Allocations in the following sectors: Information technology; Industrials

Security selection in the following sectors: Consumer staples; Real estate; Consumer discretionary

Position weightings: Royal Caribbean Cruises, Ltd.; Workday, Inc.; Elanco Animal Health, Inc.

A discussion with Janus Capital Management LLC — regarding their portion of the Fund (the “portfolio”).

During the Period:

In aggregate, sector allocations relative to those of the Benchmark contributed to the portfolio’s return relative to the Benchmark return.

In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark detracted from the portfolio’s return relative to the Benchmark return.

In aggregate, holdings of cash and/or cash equivalents detracted from the portfolio’s return relative to the Benchmark return.

The following contributed to the portfolio’s return relative to the Benchmark return:

Allocations in the following sectors: Communication services; Energy; Health care

Security selection in the following sector: Industrials

Position weighting: Teledyne Technologies, Inc.; Catalent, Inc.; Wayfair, Inc.

The following detracted from the portfolio’s return relative to the Benchmark return:

Allocations in the following sector: Financials

Security selection in the following sectors: Information technologyy; Consumer discretionary; Health care

Position weightings: Gildan Activewear, Inc.; Airbnb, Inc.; TD Ameritrade Holding Corp.

353

VALIC Company I Mid Cap Strategic Growth Fund

COMPARISON: FUND VS. INDEX (unaudited) — (continued)

For the year ended May 31, 2020, the Mid Cap Strategic Growth Fund returned 12.76% compared to 17.03% for the Russell Midcap^® Growth Index.

* The Russell Midcap^® Growth Index measures the performance of those Russell Midcap^® companies with higher price-to-book ratios and high forecasted growth values. The stocks are also members of the Russell 1000^® Growth Index.

Indices are not managed and an investor cannot invest directly into an index.

Average Annual Total Returns as of May 31, 2020
1 Year	5 Years	10 Years
12.76%	10.67%	12.09%

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

354

VALIC Company I Nasdaq-100^® Index Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with SunAmerica Asset Management, LLC

The Nasdaq-100^® Index Fund posted a return of 34.71% for the twelve-month period ended May 31, 2020, compared to a return of 35.45% for the Nasdaq-100^® Index.

The Fund is passively managed to match the NASDAQ 100^® Index. As with all index funds, there will be performance discrepancies due to trading, cash, and pricing effects.

During the Period:

The following contributed to the Fund’s return:

Allocations in the following sectors: Information technology; Consumer discretionary; Telecommunications services

Position weightings: Apple, Inc.; Microsoft Corp.; Amazon.com, Inc.

The following detracted from the Fund’s return:

Position weightings: Marriott International, Inc.; United Airlines Holdings, Inc.; Cisco Systems, Inc.

For the year ended May 31, 2020, the Nasdaq-100^® Index Fund returned 34.71% compared to 35.45% for the Nasdaq-100^® Index.

* The Nasdaq-100^® Index includes 100 of the largest domestic and international non-financial securities listed on The NASDAQ Stock Market based on market capitalization. The Index reflects companies across major industry groups including computer hardware and software, telecommunications, retail/wholesale trade and biotechnology. It does not contain securities of financial companies including investment companies.

The Nasdaq-100^®, Nasdaq-100 Index^®, and Nasdaq^® are trade or service marks of The Nasdaq Stock Market, Inc. (which with its affiliates are the Corporations) and are licensed for use by VALIC Company I. The product(s) have not been passed on by the Corporations as to their legality or suitability. The product(s) are not issued, endorsed, sold, or promoted by the Corporations. The Corporations make no warranties and bear no liability with respect to the product(s).

Indices are not managed and an investor cannot invest directly into an index.

Average Annual Total Returns as of May 31, 2020
1 Year	5 Years	10 Years
34.71%	16.90%	18.56%

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

355

VALIC Company I Science & Technology Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

The Science & Technology Fund posted a return of 30.60% for the twelve-month period ended May 31, 2020, compared to a return of 33.10% for the S&P^® North American Technology Sector Index.

A discussion with Allianz Global Investors U.S. LLC — regarding their portion of the Fund (the “portfolio”)

During the Period:

In aggregate, sector allocations relative to those of the Benchmark detracted from the portfolio’s return relative to the Benchmark return.

In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed to the portfolio’s return relative to the Benchmark return.

In aggregate, holdings of cash and/or cash equivalents detracted from the portfolio’s return relative to the Benchmark return.

The following contributed to the portfolio’s return relative to the Benchmark return:

Allocations in the following sectors: Retailing; Autos & components

Security selection in the following sector: Software

Position weightings: Ringcentral, Inc.; MongoDB, Inc.; Okta, Inc.

The following detracted from the portfolio’s return relative to the Benchmark return:

Allocations in the following sectors: Hardware; Capital goods; Software

Security selection in the following sectors: Hardware; Semiconductors; Media & entertainment

Position weightings: Apple, Inc. DXC Technology Co.; Shopify, Inc.

A discussion with T. Rowe Price Associates, Inc. — regarding their portion of the Fund (the “portfolio”)

During the Period:

In aggregate, sector allocations relative to those of the Benchmark contributed to the portfolio’s return relative to the Benchmark return.

In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark detracted from the portfolio’s return relative to the Benchmark return.

The following contributed to the portfolio’s return relative to the Benchmark return:

Allocations in the following sectors: Information technology services; Telecommunications equipment; Semiconductors

Security selection in the following sectors: Software; Information technology services; Retailing

Position weightings: Zalando SE; NAVER Corp.; NortonLifeLock, Inc.

The following detracted from the portfolio’s return relative to the Benchmark return:

Allocations in the following sectors: Hardware; Health care

Security selection in the following sectors: Internet; Industrials

Position weightings: Trip.com Group, Ltd. ADR; Boeing Co.; 58.com, Inc. ADR

A discussion with Wellington Management Company LLP — regarding their portion of the Fund (the “portfolio”)

During the Period:

In aggregate, sector allocations relative to those of the Benchmark contributed to the portfolio’s return relative to the Benchmark return.

In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark detracted from the portfolio’s return relative to the Benchmark return.

In aggregate, holdings of cash and/or cash equivalents detracted from the portfolio’s return relative to the Benchmark return.

The following contributed to the portfolio’s return relative to the Benchmark return:

Allocations in the following sectors: Retailing; Communications equipment; Media & services

Security selection in the following sectors: Communications equipment; Semiconductors; Retailing

Position weighting(s): Advanced Micro Devices, Inc.; Amazon.com, Inc.; Cisco Systems, Inc.

356

VALIC Company I Science & Technology Fund

COMPARISON: FUND VS. INDEX (unaudited) — (continued)

The following detracted from the portfolio’s return relative to the Benchmark return:

Allocations in the following sectors: Hardware; Information technology services

Security selection in the following sectors: Hardware; Software; Information technology services

Position weightings: Apple, Inc.; NVIDIA Corp.; WEX, Inc.

For the year ended May 31, 2020, the Science & Technology Fund returned 30.60% compared to 33.10% for the S&P^® North American Technology Sector Index.

* The S&P^® North American Technology Sector Index measures the performance of U.S.-traded stocks of technology-related companies in the U.S. and Canada. The Index includes companies in the following categories: producers of sophisticated computer-related devices; communications equipment and internet services; producers of computer and internet software; consultants for information technology; providers of computer services; and semiconductor equipment manufacturers.

Indices are not managed and an investor cannot invest directly into an index.

Average Annual Total Returns as of May 31, 2020
1 Year	5 Years	10 Years
30.60%	18.30%	18.20%

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

357

VALIC Company I Small Cap Aggressive Growth Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with Victory Capital Management, Inc.

The Small Cap Aggressive Growth Fund posted a return of 12.33% for the twelve-month period ended May 31, 2020, compared to a return of 7.32% for the Russell 2000^® Growth Index.

During the Period:

In aggregate, sector allocations relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.

In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.

The following contributed to the Fund’s return relative to the Benchmark return:

Allocations in the following sectors: Real estate; Information technology; Materials

Security selection in the following sectors: Information technology; Communication services; Industrials

Position weightings: Wix.com, Ltd.; Bandwidth, Inc.; Everbridge, Inc.

The following detracted from the Fund’s return relative to the Benchmark return:

Allocations in the following sector: Health care

Security selection in the following sectors: Financials; Consumer discretionary; Consumer staples

Position weightings: Teladoc Health, Inc.; Bluebird Bio, Inc.; Newpark Resources, Inc.

For the year ended May 31, 2020, the Small Cap Aggressive Growth Fund returned 12.33% compared to 7.32% for the Russell 2000^® Growth Index.

* The Russell 2000^® Growth Index measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values.

Indices are not managed and an investor cannot invest directly into an index.

Average Annual Total Returns as of May 31, 2020
1 Year	5 Years	10 Years
12.33%	10.10%	13.76%

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

358

VALIC Company I Small Cap Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

The Small Cap Fund posted a return of 2.27% for the twelve-month period ended May 31, 2020, compared to a return of -3.44% for the Russell 2000^® Index.

A discussion with T. Rowe Price Associates, Inc — regarding their portion of the Fund (the “portfolio”)

During the Period:

In aggregate, sector allocations relative to those of the Benchmark contributed to the portfolio’s return relative to the Benchmark return.

Derivative instruments were used to maintain market exposure and during the period, contributed to the return of the Fund relative to the return of the Benchmark.

The following contributed to the portfolio’s return relative to the Benchmark return:

Allocations in the following sectors: Energy; Consumer discretionary; Communication services

Security selection in the following sectors: Information technology; Industrial & business services; Communication services

Position weightings: Quidel Corp.; Cable One, Inc.; Teledyne Technologies, Inc.

The following detracted from the portfolio’s return relative to the Benchmark return:

Allocations in the following sectors: Health care; Information technology

Position weightings: Sage Therapeutics, Inc.; Teladoc Health, Inc.; Monro, Inc.

A discussion with Bridgeway Capital Management, Inc. — regarding their portion of the Fund (the “portfolio”)

During the Period:

In aggregate, sector allocations relative to those of the Benchmark detracted from the portfolio’s return relative to the Benchmark return.

In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed to the portfolio’s return relative to the Benchmark return.

The following contributed to the portfolio’s return relative to the Benchmark return:

Allocations in the following sectors: Health care; Real estate; Consumer discretionary

Security selection in the following sectors: Health care; Consumer staples; Consumer discretionary

Position weightings: Novavax, Inc.; Neoleukin Therapies; Alpha Pro Tech, Ltd.

The following detracted from the portfolio’s return relative to the Benchmark return:

Allocations in the following sectors: Energy; Information technology; Financials

Security selection in the following sectors: Information technology; Energy; Industrials

Position weightings: Marlin Business Services Corp.; Tuesday Morning Corp.; Internap Corp.

A discussion with J.P. Morgan Investment Management Inc. (“JPMIM”) — regarding their portion of the Fund (the “portfolio”).

During the Period:

In aggregate, sector allocations relative to those of the Benchmark detracted from the portfolio’s return relative to the Benchmark return.

In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed to the portfolio’s return relative to the Benchmark return.

The following contributed to the portfolio’s return relative to the Benchmark return:

Allocations in the following sector: Energy

Security selection in the following sectors: Industrials; Financials; Consumer discretionary

Position weightings: Pool Corp.; Catalent, Inc.; West Pharmaceutical Services, Inc.

The following detracted from the portfolio’s return relative to the Benchmark return:

Allocations in the following sectors: Health care; Information technology

Security selection in the following sectors: Communication services; Real estate

Position weightings: Cinemark Holdings, Inc.; Patterson-UTI Energy, Inc.; Performance Food Group Co.

359

VALIC Company I Small Cap Fund

COMPARISON: FUND VS. INDEX (unaudited) — (continued)

For the year ended May 31, 2020, the Small Cap Fund returned 2.27% compared to -3.44% for the Russell 2000^® Index.

* The Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000^® Index, which represents approximately 10% of the total market capitalization of the Russell 3000^® Index.

Indices are not managed and an investor cannot invest directly into an index.

Average Annual Total Returns as of May 31, 2020
1 Year	5 Years	10 Years
2.27%	5.15%	10.52%

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

360

VALIC Company I Small Cap Index Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with SunAmerica Asset Management, LLC

The Small Cap Index Fund posted a return of -3.87% for the twelve-month period ended May 31, 2020, compared to a return of -3.44% for the Russell 2000^® Index.

The Fund is passively managed to match the Russell 2000^® Index. As with all index Funds, there will be performance discrepancies due to trading, cash and pricing effects.

During the Period:

Derivative instruments were used to maintain market exposure and during the period, contributed to the return of the Fund relative to the return of the Benchmark.

The following contributed to the Fund’s return:

Allocations in the following sectors: health care; information technology

Position weightings: Teladoc Health, Inc.; Immunomedics, Inc.; Quidel Corp.

The following detracted from the Fund’s return:

Allocations in the following sectors: Financials; Real estate; Energy

Position weightings: Invesco Mtg. Capital, Inc.; Brink’s Co.; Blackstone Mtg. Trust, Inc., U.S. Treasuries

For the year ended May 31, 2020, the Small Cap Index Fund returned -3.87% compared to -3.44% for the Russell 2000^® Index.

* The Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000^® Index, which represents approximately 10% of the total market capitalization of the Russell 3000^® Index.

The Russell 2000^® Index is a trademark/service mark of the Frank Russell Trust Company. The Small Cap Index Fund is not promoted, sponsored or endorsed by, nor in any way affiliated with Frank Russell Company. Frank Russell Company is not responsible for and has not reviewed the Fund or any associated literature or publications and makes no representation or warranty, express or implied, as to their accuracy, or completeness, or otherwise.

Indices are not managed and an investor cannot invest directly into an index.

Average Annual Total Returns as of May 31, 2020
1 Year	5 Years	10 Years
-3.87%	3.49%	9.02%

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

361

VALIC Company I Small Cap Special Values Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with Wells Capital Management Incorporated

The Small Cap Special Values Fund posted a return of -10.88% for the twelve-month period ended May 31, 2020, compared to a return of -14.69% for the Russell 2000^® Value Index.

During the Period:

In aggregate, sector allocations relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.

In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark detracted from the Fund’s return relative to the Benchmark return.

The following contributed to the Fund’s return relative to the Benchmark return:

Allocations in the following sectors: Consumer staples; Financials; Real estate

Security selection in the following sectors: Industrials; Materials

Position weightings: BJ’s Wholesale Club Holdings, Inc.; Helen of Troy, Ltd.; Cabot Microelectronics Corp.

The following detracted from the Fund’s return relative to the Benchmark return:

Allocations in the following sectors: Health care; Consumer discretionary; Information technology

Security selection in the following sectors: Consumer discretionary; Real estate; Energy

Position weightings: Dine Brands Global, Inc.; Viad Corp.; Denny’s Corp.

For the year ended May 31, 2020, the Small Cap Special Values Fund returned -10.88% compared to -14.69% for the Russell 2000^® Value Index.

* The Russell 2000^® Value Index measures the performance of those Russell 2000^® companies with lower price-to-book ratios and lower forecasted growth values.

Indices are not managed and an investor cannot invest directly into an index.

Average Annual Total Returns as of May 31, 2020
1 Year	5 Years	10 Years
-10.88%	2.69%	8.10%

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

362

VALIC Company I Small-Mid Growth Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with Goldman Sachs Asset Management, L.P.

The Small-Mid Growth Fund posted a return of 24.52% for the twelve-month period ended May 31, 2020, compared to a return of 13.53% for the Russell 2500 Growth^® Index.

During the Period:

In aggregate, sector allocations relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.

In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.

The following contributed to the Fund’s return relative to the Benchmark return:

Allocations in the following sectors: Health care; Real estate; Industrials

Security selection in the following sectors: Information technology; Health care; Consumer discretionary

Position weightings: Synthorx, Inc.; West Pharmaceuticals Services, Inc.; Cloudflare, Inc.

The following detracted from the Fund’s return relative to the Benchmark return:

Allocations in the following sector: Materials

Position weightings: Stemline Therapeutics, Inc.; Bluebird Bio, Inc.; Welbilt, Inc.

For the year ended May 31, 2020, the Small-Mid Growth Fund returned 24.52% compared to 13.53% for the Russell 2500^® Growth Index.

* The Russell 2500^® Growth Index measures the performance of the small to mid-cap growth segment of the U.S. equity universe. It includes those Russell 2500 companies with higher growth earning potential.

Indices are not managed and an investor cannot invest directly into an index.

Average Annual Total Returns as of May 31, 2020
1 Year	5 Years	10 Years
24.52%	10.74%	13.39%

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

363

VALIC Company I Stock Index Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with SunAmerica Asset Management, LLC

The Stock Index Fund posted a return of 12.45% for the twelve-month period ended May 31, 2020, compared to a return of 12.84% for the S&P 500^® Index.

The Fund is passively managed to match the S&P 500^® Index. As with all index funds, there will be performance discrepancies due to trading, cash, and pricing effects.

During the Period:

The following contributed to the Fund’s return:

Allocations in the following sectors: Information technology; Health care; Telecom services

Position weightings: Apple, Inc.; Microsoft Corp.; Amazon.com, Inc.

The following detracted from the Fund’s return:

Allocations in the following sectors: Energy; Financials

Position weightings: Boeing Co.; Exxon Mobil Corp.; Wells Fargo & Co.

For the year ended May 31, 2020, the Stock Index Fund returned 12.45% compared to 12.84% for the S&P 500^® Index.

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

“Standard & Poor’s^®,” “S&P^®,” and “S&P 500^®,” are trademarks of S&P. The Stock Index Fund is not sponsored, endorsed, sold or promoted by S&P, and S&P makes no representation regarding the advisability of investment in the Fund.

Indices are not managed and an investor cannot invest directly into an index.

Average Annual Total Returns as of May 31, 2020
1 Year	5 Years	10 Years
12.45%	9.49%	12.77%

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

364

VALIC Company I Systematic Core Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

The Systematic Core Fund posted a return of 15.08% for the twelve-month period ended May 31, 2020, compared to a return of 12.84% for the S&P 500^® Index and a return of 12.54% for the Russell 1000^® Index.

A discussion with Goldman Sachs Asset Management, L.P.

Effective April 27, 2020, Goldman Sachs Asset Management, L.P. became subadvisor for the Fund.

During the Period April 27, 2020 to May 31, 2020:

In aggregate, position weightings (i.e., security selection) relative to those of Russell 1000^® Index (“the Benchmark”) contributed to the Fund’s return relative to the Benchmark return.

The following contributed to the Fund’s return relative to the Benchmark return:

Security selection in the following sectors: Health care; Consumer discretionary

Position weightings: Cerence, Inc.; Arconic Corp.; Amazon.com, Inc.

The following detracted from the Fund’s return relative to the Benchmark return:

Security selection in the following sectors: Real estate; Information technology

Position weightings: DXC Technology Co.; PayPal Holdings, Inc.; U.S. Foods

A discussion with J.P. Morgan Investment Management Inc.

Effective April 27, 2020, J.P. Morgan Investment Management Inc., was replaced by Goldman Sachs Assets Management, L.P. as subadvisor of the Fund.

During the Period June 1, 2019 to April 26, 2020:

In aggregate, sector allocations relative to those of the S&P 500^® Index (“the Benchmark”) contributed to the Fund’s return relative to the Benchmark return.

In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.

The following contributed to the Fund’s return relative to the Benchmark return:

Allocations in the following sectors: Real estate; Information technology

Security selection in the following sectors: Information technology; Communication services; Health care

Position weightings: Boeing Co.; Microsoft Corp.; Exxon Mobil Corp.

The following detracted from the Fund’s return relative to the Benchmark return:

Security selection in the following sectors: Financials; Consumer staples; Materials

Position weightings: EOG Resources, Inc.; Intel; Oneok, Inc.

365

VALIC Company I Systematic Core Fund

COMPARISON: FUND VS. INDEX (unaudited) — (continued)

For the year ended May 31, 2020, the Systematic Core Fund returned 15.08% compared to 12.84% for the S&P 500^® Index and 12.54% for the Russell 1000^® Index.

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

** Effective April 27, 2020, the Fund changed its benchmark against which it measures its performance from the S&P 500^® to the Russell 1000^® Index. Fund management believes that the Russell 1000^® Index is more representative of the securities in which the Fund invests. The Russell 1000^® Index is a market capitalization-weighted benchmark index made up of the 1,000 largest U.S. stocks in the Russell 3000^® Index.

Indices are not managed and an investor cannot invest directly into an index.

Average Annual Total Returns as of May 31, 2020
1 Year	5 Years	10 Years
15.08%	9.27%	11.86%

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

366

VALIC Company I Systematic Value Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

The Systematic Value Fund posted a return of -2.34% for the twelve-month period ended May 31, 2020, compared to a return of -1.64% for the Russell 1000^® Value Index.

A discussion with Wellington Management Company LLP

Effective October 1,2019, Wellington Management Company LLP became subadvisor for the Fund.

During the Period October 1, 2019 to May 31, 2020:

In aggregate, sector allocations relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.

In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark detracted from the Fund’s return relative to the Benchmark return.

In aggregate, holding of cash and/or cash equivalents detracted from the Fund’s return relative to the Benchmark return.

The following contributed to the Fund’s return relative to the Benchmark return:

Allocations in the following sectors: Health care; Energy; Information technology

Security selection in the following sectors: Industrials; Financials; Real estate

Position weightings: AbbVie, Inc.; Anthem, Inc.; Exxon Mobil Corp.

The following detracted from the Fund’s return relative to the Benchmark return:

Allocations in the following sectors: Consumer staples; Utilities; Real estate

Security selection in the following sectors: Communication services; Energy; Information technology

Position weightings: Walmart, Inc.; Marathon Petroleum Corp.; Discovery, Inc.

A discussion with Barrow, Hanley, Mewhinney & Strauss, LLC

Effective October 1, 2020, Wellington Management Company LLP replaced Barrow, Hanley, Mewhinney & Strauss, LLC as subadvisor of the Fund.

During the Period June 1, 2019 to September 30, 2019:

In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark detracted from the Fund’s return relative to the Benchmark return.

The following contributed to the Fund’s return relative to the Benchmark return:

Allocations in the following sectors: Health care; Consumer discretionary; Information technology

Security selection in the following sectors: Industrials; Energy; Information technology

Position weightings: Pfizer, Inc.; Dollar General Corp.; Aramark

The following detracted from the Fund’s return relative to the Benchmark return:

Allocations in the following sectors: Consumer staples; Energy

Security selection in the following sectors: Consumer staples; Financials; Utilities

Position weightings: Anthem, Inc.; Royal Caribbean Cruises, Ltd.; Vermillion Energy, Inc.

367

VALIC Company I Systematic Value Fund

COMPARISON: FUND VS. INDEX (unaudited) — (continued)

For the year ended May 31, 2020, the Systematic Value Fund returned -2.34% compared to -1.64% for the Russell 1000^® Value Index.

* The Russell 1000^® Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.

Indices are not managed and an investor cannot invest directly into an index.

Average Annual Total Returns as of May 31, 2020
1 Year	5 Years	10 Years
-2.34%	3.45%	9.24%

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

368

VALIC Company I Value Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with Wellington Management Company LLP

The Value Fund posted a return of 1.18% for the twelve-month period ended May 31, 2020, compared to a return of -1.64% for the Russell 1000^® Value Index.

During the Period:

In aggregate, sector allocations relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.

In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed to the Fund’s return relative to the Benchmark return.

In aggregate, holding of cash and/or cash equivalents contributed to the Fund’s return relative to the Benchmark return.

The following contributed to the Fund’s return relative to the Benchmark return:

Allocations in the following sectors: Health care; Information technology; Energy

Security selection in the following sectors: Financials; Real estate; Industrials

Position weightings: AstraZeneca PLC; KLA Corp.; Roche Holding AG

The following detracted from the Fund’s return relative to the Benchmark return:

Allocations in the following sectors: Consumer staples; Communication services

Security selection in the following sector(s): Energy; Consumer staples; Communication services

Position weightings: Noble Energy, Inc.; Exxon Mobil Corp.; Johnson & Johnson

For the year ended May 31, 2020, the Value Fund returned 1.18% compared to -1.64% for the Russell 1000^® Value Index.

* The Russell 1000^® Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.

Indices are not managed and an investor cannot invest directly into an index.

Average Annual Total Returns as of May 31, 2020
1 Year	5 Years	10 Years
1.18%	4.04%	9.41%

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Contract or Plans that invest in the Fund are not included in the Fund’s returns.

369

VALIC Company I

SUPPLEMENTS TO THE PROSPECTUS

Filed under Rule 497(e) and 497(k)

Registration No.: 002-83631

VALIC Company I

Inflation Protected Fund

(the “Fund”)

Supplement dated May 1, 2020, to the Summary Prospectus and Prospectus,

each dated October 1, 2019, as supplemented and amended to date

At an in-person meeting held on April 27-28, 2020 (the “Meeting”), the Board of Directors (the “Board”) of VALIC Company I (“VC I”) approved the termination of PineBridge Investments LLC as the subadviser to the Fund and approved the appointment of Wellington Management Company LLP (“Wellington Management”) as the subadviser to the Fund. The Board also approved certain changes to the Fund’s investment objective, principal investment strategies and techniques, including its 80% investment policy. The Fund intends to file an amendment to its registration statement with the Securities and Exchange Commission (“SEC”) reflecting the changes to the Fund’s subadviser, investment objective, principal investment strategies and techniques, and corresponding changes to the Fund’s risks. This filing will be subject to review by the SEC and is expected to become effective on or about September 28, 2020 (the “Effective Date”).

The Fund currently seeks maximum real return, consistent with appreciation of capital and prudent investment management. The Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets in inflation-indexed fixed income securities issued by domestic and foreign governments (including those in emerging market countries), their agencies or instrumentalities, and corporations. The Fund invests primarily in investment grade securities rated Baa3 or higher by Moody’s Investors Service, Inc. or BBB- or higher by Standard & Poor’s Ratings Services. The Fund also may invest up to 30% of its total assets in securities denominated in foreign currencies, and may invest beyond this limit in U.S. dollar denominated securities of foreign and emerging market issuers.

As of the Effective Date, the Fund will seek maximum real return. The Fund will seek to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets in inflation-indexed fixed income securities issued by domestic and foreign governments (including those in emerging market countries), their agencies or instrumentalities, and corporations and in derivative instruments that have economic characteristics similar to such securities. The Fund will continue to invest primarily in investment grade securities rated Baa3 or higher by Moody’s Investors Service, Inc. or BBB- or higher by S&P Global Ratings. However, the Fund may invest up to 50% of its total assets in securities denominated in foreign currencies and may invest beyond this limit in U.S. dollar denominated securities of foreign and emerging market issuers. In addition, the Fund will invest in debt securities that are not inflation indexed, including mortgage- and asset-backed securities and collateralized loan obligations. The Fund generally intends to utilize derivatives to manage foreign currency risk. The Fund may also invest in derivative instruments, such as forwards, futures contracts or swap agreements as a substitute for directly investing in the above instruments or for risk management purposes.

At the Meeting, the Board approved a new Subadvisory Agreement (the “New Subadvisory Agreement”) between The Variable Annuity Life Insurance Company (“VALIC”), the Fund’s investment adviser, and Wellington Management with respect to the Fund, which will become effective on the Effective Date. The Board also approved an Advisory Fee Waiver Agreement between VALIC and VC I, on behalf of the Fund, which will become effective on the Effective Date. Under the Advisory Fee Waiver Agreement, VALIC has contractually agreed to waive its advisory fee through September 30, 2021, so that the fee payable by the Fund to VALIC equals 0.47% of average monthly net assets on the first $250 million, 0.42% of average monthly net assets on the next $250 million and 0.37% on assets over $500 million.

The Board has the authority, pursuant to an exemptive order granted by the SEC, to enter into subadvisory agreements without a shareholder vote under certain conditions. A notice will be sent to shareholders with information on how to access an Information Statement that will include information about Wellington Management, the New Subadvisory Agreement and the Advisory Fee Waiver Agreement.

Once the changes to the Fund’s principal investment strategies and techniques become effective, an updated prospectus reflecting these changes will be mailed to shareholders of the Fund. The updated prospectus will include additional information about the changes to the Fund’s investment objective, principal investment strategies, techniques and risks. Please read the prospectus carefully.

Capitalized terms used herein but not defined shall have the meanings assigned to them in the Prospectus.

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.

370

VALIC Company I

PROXY VOTING RESULTS – SPECIAL MEETING OF THE SHAREHOLDERS

VALIC Company I

Results of Special Shareholder Meeting

On July 18, 2019, a Special Meeting of Shareholders of VALIC Company I Growth Fund (“Fund”) was held to consider a proposal to approve a new investment sub-advisory agreement between The Variable Annuity Life Insurance Company and SunAmerica Asset Management Company, LLC (“SAAMCo”) with respect to the Fund, which provides that SAAMCo will manage a portion of the assets of the Fund. The proposal was approved and voting results of this Special Meeting were as follows:

For	Against	Abstain
56,772,958.316	3,920,346.606	4,472,036.823

371

VALIC Company I

BOARD OF DIRECTORS

Thomas J. Brown

Judith L. Craven

Timothy J. Ebner

Gustavo E. Gonzales, Jr.

Peter A. Harbeck

Kenneth J. Lavery

Eric S. Levy

John E. Maupin, Jr.

CUSTODIAN

State Street Bank and Trust Company

One Lincoln St.

Boston, Massachusetts 02111

INVESTMENT ADVISER

The Variable Annuity

Life Insurance Company (VALIC)

2929 Allen Parkway

Houston, Texas 77019

INVESTMENT SUB-ADVISERS

AllianceBernstein L.P.

1345 Avenue of the Americas

New York, NY 10105

Allianz Global Investors U.S. LLC

1633 Broadway

New York, NY 10019

BlackRock Investment Management, LLC

1 University Square Dr.

Princeton, NJ 08540

Bridgeway Capital Management, Inc.

20 Greenway Plaza

Suite 450

Houston, TX 77046

Columbia Management

Investment Advisors, LLC

225 Franklin St.

Boston, MA 02110

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

Janus Capital Management LLC

151 Detroit Street

Denver, Colorado 80206

J.P. Morgan Investment

Management Inc.

270 Park Avenue

New York, NY 10017

Massachusetts Financial Services Company

111 Huntington Avenue

Boston, MA 02199

Morgan Stanley Investment Management, Inc.

522 Fifth Avenue, 5^th Floor

New York, NY 10036

PineBridge Investments, LLC

Park Avenue Tower

65 E. 55th Street

New York, NY 10022

SunAmerica Asset Management, LLC

Harborside 5

185 Hudson Street, Suite 3300

Jersey City, NJ 07311

T. Rowe Price Associates, Inc.

100 East Pratt Street

Baltimore, MD 21202

Victory Capital Management, Inc.

Formerly RS Investment

Management Co. LLC

4900 Tiedeman Road

4^th Floor

Brooklyn, OH 44144

Wellington Management Company LLP

280 Congress Street

Boston, MA 02210

Wells Capital Management Incorporated

525 Market St.

10th Floor

San Francisco, CA 94105

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

PricewaterhouseCoopers LLP

1000 Louisiana Street, Suite 5800

Houston, TX 77002

TRANSFER AND SHAREHOLDER SERVICE AGENT

VALIC Retirement

Services Company (VRSCO)

2929 Allen Parkway

Houston, Texas 77019

OFFICERS

John T. Genoy,

President and Principal Executive Officer

Sharon French,

Executive Vice President

John Packs,

Vice President and Senior Investment Officer

Gregory R. Kingston,

Treasurer and Principal Financial Officer

Kathleen D. Fuentes,

Vice President, Chief Legal Officer and Secretary

Kevin J. Adamson

Vice President

Gregory N. Bressler,

Vice President

Thomas M. Ward,

Vice President

Shawn Parry,

Vice President and Assistant Treasurer

Donna McManus,

Vice President and Assistant Treasurer

Christopher C. Joe,

Chief Compliance Officer

Matthew J. Hackethal,

Anti-Money Laundering

Compliance Officer

372

VALIC Company I

DISCLOSURE OF QUARTERLY FUND HOLDINGS

The Series is required to file its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-PORT. The Series’ Forms N-PORT are available on the U.S. Securities and Exchange Commission’s website at http://www.sec.gov.

VOTING PROXIES ON VALIC COMPANY I PORTFOLIO SECURITIES

A description of the policies and procedures that VC I uses to determine how to vote proxies related to securities held in the Fund’s portfolios which is available in VC I’s Statement of Additional Information, which may be obtained without charge upon request, by calling 1-800-448-2542. This information is also available from the EDGAR database on the U.S. Securities and Exchange Commission’s website at http://www.sec.gov.

PROXY VOTING RECORD ON VALIC COMPANY I PORTFOLIO SECURITIES

Information regarding how VC I voted proxies relating to securities held in the VC I Funds during the most recent twelve month period ended June 30 is available, once filed with the U.S. Securities and Exchange Commission, without charge, upon request, by calling 1-800-448-2542 or on the U.S. Securities and Exchange Commission’s website at http://www.sec.gov.

This report is for the information of the shareholders and variable contract owners participating in VC I. It is authorized for distribution to other persons only when preceded or accompanied by an effective prospectus which contains information on how to purchase shares and other pertinent information.

If you would like further information about this material or products issued by VALIC or American General Life Insurance Company, please contact your financial professional.

373

aig.com/RetirementServices — Account access

Manage your account online

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.

• Print and download account transaction confirmations and tax statements

• View transaction history and download it to Quicken using Direct Connect^SM

• Use the Account Aggregation feature to display information from other accounts in addition to your AIG Retirement Services accounts

• Easily manage your personal profile to update your contact information (phone, address, email), update your beneficiaries, reset your password and more

Initiate account transactions including:

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• Transfer money among investment options

• Rebalance account to your desired allocation mix

• Change contributions

Start exploring your account online today!

• Visit aig.com/RetirementServices

• Register for online access

• Follow steps to create a security profile

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• It’s easy to sign up

• Simply visit aig.com/RetirementServices today to get started

Please note:

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We know privacy is important to you, so please be assured that your email address and other information you share with us is kept private and never sold. Review our Privacy Policy online for more information.

Your Future is Calling. Sign up for PersonalDeliver-e^® today.

CLICK aig.com/RetirementServices        CALL 1-800-448-2542        VISIT your financial advisor

Securities and investment advisory services offered through VALIC Financial Advisors, Inc. (VFA), member FINRA, SIPC and an SEC-registered investment adviser.

Annuities are issued by The Variable Annuity Life Insurance Company (VALIC), Houston, TX. Variable annuities are distributed by its affiliate, AIG Capital Services, Inc. (ACS), member FINRA.

AIG Retirement Services represents AIG member companies — The Variable Annuity Life Insurance Company (VALIC) and its subsidiaries, VALIC Financial Advisors, Inc. (VFA) and VALIC Retirement Services Company (VRSCO). All are members of American International Group, Inc. (AIG).

^© American International Group, Inc. All rights reserved.

VC 23800 (09/2019) J359703 EE

VALIC Company I

P.O. Box 3206

Houston, TX 77253-3206

VC 9530    (05/2020)    J101997

Item 2. Code of Ethics.

VALIC Company I (the “registrant”) has adopted a Code of Ethics applicable to its Principal Executive and Principal Accounting Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 (the “Code”). During the fiscal year ended May 31, 2020, there were no reportable waivers or implicit waivers to a provision of the Code that applies to the registrant’s Principal Executive and Principal Accounting Officers (the “Covered Officers”).

Item 3. Audit Committee Financial Expert.

The registrant’s Board of Directors has determined that Thomas J. Brown, the Chairman of the registrant’s Audit Committee, qualifies as an audit committee financial expert, as defined in the instructions to Item 3(b) of Form N-CSR. Mr. Brown is considered to be “independent” for purposes of Item 3(a)(2) of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

(a) - (d) Aggregate fees billed to the registrant for the last two fiscal years for professional services rendered by the registrant’s principal accountant were as follows:

	2020		2019
(a) Audit Fees	$	962,870	$	953,340
(b) Audit-Related Fees	$	0	$	0
(c) Tax Fees	$	0	$	0
(d) All Other Fees	$	0	$	0

Audit Fees include amounts related to the audit of the registrant’s annual financial statements and services normally provided by the principal accountant in connection with statutory and regulatory filings.

Aggregate fees billed to the investment adviser and Adviser Affiliates (as defined below in Item 4(e)) that are required to be pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X for the last two fiscal years for services rendered by the registrant’s principal accountant were as follows:

	2020		2019
(b) Audit-Related Fees	$	0	$	0
(c) Tax Fees	$	0	$	0
(d) All Other Fees	$	309,361	$	267,667

All other fees are for professional services rendered by the registrant’s principal accountant for services associated with issuing a SSAE18 report and Third Party Assurance report.

(e)    (1) The registrant’s audit committee pre-approves all audit services provided by the registrant’s principal accountant for the registrant and all non-audit services provided by the registrant’s principal accountant for the

registrant, its investment adviser and any entity controlling, controlled by, or under common control with the investment adviser (“Adviser Affiliates”) that provides ongoing services to the registrant, if the engagement by the investment adviser or Adviser Affiliate relates directly to the operations and financial reporting of the registrant. The audit committee has not presently established any pre-approval policies and procedures that permit the pre-approval of the above services other than by the full audit committee. Certain de minimis exceptions are allowed for non-audit services in accordance with Rule 2-01(c)(7)(i)(C) of Regulation S-X as set forth in the registrant's audit committee charter.

(2) No services included in (b) - (d) above in connection with fees billed to the registrant or the investment adviser or Adviser Affiliates were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant’s principal accountant for non-audit services rendered to the registrant, its investment adviser, and Adviser Affiliates that provides ongoing services to the registrant for 2020 and 2019 were $309,361 and $402,408 respectively.

(h) Non-audit services rendered to the registrant’s investment adviser and any Adviser Affiliates that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X were considered by the registrant’s audit committee as to whether they were compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

Included in Item 1 to the Form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Directors that were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by 22(b)(15)) of Schedule 14A (17 CFR 240.14a-101), or this Item 10.

Item 11. Controls and Procedures.

(a) An evaluation was performed within 90 days of the filing of this report, under the supervision and with the participation of the registrant’s management, including the President and Treasurer, of the effectiveness of the design and operation of the registrant’s disclosure controls and procedures (as defined under Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))). Based on that evaluation, the registrant’s management, including the President and Treasurer, concluded that the registrant’s disclosure controls and procedures are effective.

(b) There was no change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.3a-3(d))) that occurred during the most recent fiscal half year that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a) (1) Code of Ethics applicable to its Principal Executive and Principal Accounting Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 attached hereto as Exhibit 99.406.Code of Ethics.

(2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.

(3) Not applicable.

(4) Not applicable.

(b) Certification pursuant to Rule 30a-2 (b)  under the Investment Company Act of 1940 (17 CFR 270.30a-2 (a)) and Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto as Exhibit 99.906.CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

VALIC Company I
By:	/s/ John T. Genoy
	John T. Genoy
	President

Date: August 7, 2020

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ John T. Genoy
	John T. Genoy
	President

Date: August 7, 2020

By:	/s/ Gregory R. Kingston
	Gregory R. Kingston
	Treasurer

Date: August 7, 2020