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

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, 2022

Item 1. Reports to Stockholders

VALIC Company I

Annual Report, May 31, 2022

VALIC Company I

ANNUAL REPORT MAY 31, 2022

TABLE OF CONTENTS

President’s Letter	1
Expense Example	2
Portfolio of Investments:
Aggressive Growth Lifestyle Fund	4
Asset Allocation Fund	6
Blue Chip Growth Fund	20
Capital Appreciation Fund	24
Conservative Growth Lifestyle Fund	27
Core Bond Fund	29
Dividend Value Fund	54
Dynamic Allocation Fund	58
Emerging Economies Fund	61
Global Real Estate Fund	65
Global Strategy Fund	68
Government Money Market I Fund	80
Government Securities Fund	82
Growth Fund	87
High Yield Bond Fund	93
Inflation Protected Fund	105
International Equities Index Fund	118
International Government Bond Fund	129
International Growth Fund	136
International Opportunities Fund	139
International Socially Responsible Fund	147
International Value Fund	155
Large Capital Growth Fund	158
Mid Cap Index Fund	161
Mid Cap Strategic Growth Fund	170
Mid Cap Value Fund	174
Moderate Growth Lifestyle Fund	179
Nasdaq-100® Index Fund	181
Science & Technology Fund	185
Small Cap Growth Fund	192
Small Cap Index Fund	198
Small Cap Special Values Fund	223
Small Cap Value Fund	227
Stock Index Fund	237
Systematic Core Fund	246
Systematic Value Fund	259
U.S. Socially Responsible Fund	264
Statements of Assets and Liabilities	270
Statements of Operations	276
Statements of Changes in Net Assets	282
Notes to Financial Statements	292
Financial Highlights	327
Report of Independent Registered Public Accounting Firm	346
Statement Regarding Liquidity Risk Management Program	347
Director and Officer Information	348
Shareholder Tax Information	350
Comparisons: Funds vs. Indexes	351
Supplements to the Prospectus	409

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, 2022. 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 or Credit Union Guarantee

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

1

VALIC Company I

EXPENSE EXAMPLE — May 31, 2022 (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, 2021 and held until May 31, 2022. 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, 2022” to estimate the expenses you paid on your account during this period. The “Expenses Paid During the Six Months ended May 31, 2022” 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, 2022” 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, 2022” 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, 2022” 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, 2022 (unaudited) — (continued)

	Actual						Hypothetical
Fund	Beginning Account Value at December 1, 2021		Ending Account Value Using Actual Return at May 31, 2022		Expenses Paid During the Six Months Ended May 31, 2022		Beginning Account Value at December 1, 2021		Ending Account Value Using a Hypothetical 5% Annual Return at May 31, 2022		Expenses Paid During the Six Months Ended May 31, 2022		Annualized Expense Ratio*
Aggressive Growth Lifestyle#	$	1,000.00		913.96		0.43	$	1,000.00		1,024.48		0.45		0.09	%
Asset Allocation#	$	1,000.00		909.57		2.95	$	1,000.00		1,021.84		3.13		0.62	%
Blue Chip Growth#	$	1,000.00		710.76		3.37	$	1,000.00		1,020.99		3.98		0.79	%
Capital Appreciation#	$	1,000.00		850.71		2.77	$	1,000.00		1,021.94		3.02		0.60	%
Conservative Growth Lifestyle#	$	1,000.00		915.75		0.62	$	1,000.00		1,024.28		0.66		0.13	%
Core Bond	$	1,000.00		905.36		2.38	$	1,000.00		1,022.44		2.52		0.50	%
Dividend Value#	$	1,000.00		1,040.14		3.51	$	1,000.00		1,021.49		3.48		0.69	%
Dynamic Allocation#	$	1,000.00		904.94		1.52	$	1,000.00		1,023.34		1.61		0.32	%
Emerging Economies	$	1,000.00		896.96		4.49	$	1,000.00		1,020.19		4.78		0.95	%
Global Real Estate	$	1,000.00		923.03		4.22	$	1,000.00		1,020.54		4.43		0.88	%
Global Strategy#	$	1,000.00		902.49		3.70	$	1,000.00		1,021.04		3.93		0.78	%
Government Money Market I#	$	1,000.00		1,000.18		0.50	$	1,000.00		1,024.43		0.50		0.10	%
Government Securities	$	1,000.00		922.77		3.07	$	1,000.00		1,021.74		3.23		0.64	%
Growth#	$	1,000.00		745.90		2.70	$	1,000.00		1,021.84		3.13		0.62	%
High Yield Bond#	$	1,000.00		941.65		3.29	$	1,000.00		1,021.54		3.43		0.68	%
Inflation Protected#	$	1,000.00		944.92		2.47	$	1,000.00		1,022.39		2.57		0.51	%
International Equities Index	$	1,000.00		929.31		2.02	$	1,000.00		1,022.84		2.12		0.42	%
International Government Bond	$	1,000.00		886.42		3.34	$	1,000.00		1,021.39		3.58		0.71	%
International Growth#	$	1,000.00		703.89		3.70	$	1,000.00		1,020.59		4.38		0.87	%
International Opportunities#	$	1,000.00		845.36		4.37	$	1,000.00		1,020.19		4.78		0.95	%
International Socially Responsible	$	1,000.00		911.16		3.05	$	1,000.00		1,021.74		3.23		0.64	%
International Value#	$	1,000.00		981.59		3.66	$	1,000.00		1,021.24		3.73		0.74	%
Large Capital Growth	$	1,000.00		909.13		3.47	$	1,000.00		1,021.29		3.68		0.73	%
Mid Cap Index	$	1,000.00		934.26		1.69	$	1,000.00		1,023.19		1.77		0.35	%
Mid Cap Strategic Growth	$	1,000.00		808.93		3.34	$	1,000.00		1,021.24		3.73		0.74	%
Mid Cap Value	$	1,000.00		1,020.16		4.03	$	1,000.00		1,020.94		4.03		0.80	%
Moderate Growth Lifestyle	$	1,000.00		919.73		0.57	$	1,000.00		1,024.33		0.61		0.12	%
Nasdaq -100® Index	$	1,000.00		784.56		2.18	$	1,000.00		1,022.49		2.47		0.49	%
Science & Technology#	$	1,000.00		708.55		4.00	$	1,000.00		1,020.24		4.73		0.94	%
Small Cap Growth#	$	1,000.00		731.60		3.80	$	1,000.00		1,020.54		4.43		0.88	%
Small Cap Index	$	1,000.00		851.83		1.94	$	1,000.00		1,022.84		2.12		0.42	%
Small Cap Special Values	$	1,000.00		977.65		4.24	$	1,000.00		1,020.64		4.33		0.86	%
Small Cap Value#	$	1,000.00		965.55		3.77	$	1,000.00		1,021.09		3.88		0.77	%
Stock Index#	$	1,000.00		910.58		1.38	$	1,000.00		1,023.49		1.46		0.29	%
Systematic Core#	$	1,000.00		903.23		3.04	$	1,000.00		1,021.74		3.23		0.64	%
Systematic Value#	$	1,000.00		1,017.55		2.36	$	1,000.00		1,022.59		2.37		0.47	%
U.S. Socially Responsible	$	1,000.00		905.07		1.66	$	1,000.00		1,023.19		1.77		0.35	%

* Expenses are equal to each Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 182 days then divided by 365 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, 2022” 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, 2022” and the “Annualized Expense Ratio” would have been lower.

3

VALIC Company I Aggressive Growth Lifestyle Fund

PORTFOLIO PROFILE — May 31, 2022 (unaudited)

Industry Allocation*

Domestic Equity Investment Companies	50.3	%
Domestic Fixed Income Investment Companies	24.2
International Equity Investment Companies	16.5
Registered Investment Companies	7.7
International Fixed Income Investment Companies	1.3
	100.0%

* Calculated as a percentage of net assets

4

VALIC Company I Aggressive Growth Lifestyle Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022

Security Description	Shares		Value (Note 2)
AFFILIATED REGISTERED INVESTMENT COMPANIES#(1) — 100.0%
Domestic Equity Investment Companies — 50.3%
VALIC Co. I Blue Chip Growth Fund		359,835	$	5,919,278
VALIC Co. I Capital Appreciation Fund		1,502,190		28,902,135
VALIC Co. I Dividend Value Fund		626,336		8,273,894
VALIC Co. I Large Capital Growth Fund		1,806,385		33,273,609
VALIC Co. I Mid Cap Index Fund		1,150,236		30,343,226
VALIC Co. I Mid Cap Strategic Growth Fund		927,561		16,584,783
VALIC Co. I Mid Cap Value Fund		1,027,683		21,211,382
VALIC Co. I Nasdaq-100 Index Fund		548,477		11,002,443
VALIC Co. I Science & Technology Fund		85,756		1,955,235
VALIC Co. I Small Cap Growth Fund		428,832		6,333,849
VALIC Co. I Small Cap Index Fund		245,503		4,274,210
VALIC Co. I Small Cap Special Values Fund		326,064		4,144,274
VALIC Co. I Small Cap Value Fund		301,340		4,080,145
VALIC Co. I Stock Index Fund		1,729,929		82,154,333
VALIC Co. I Systematic Core Fund		550,559		14,066,794
VALIC Co. I Systematic Value Fund		4,511,360		58,692,796
Total Domestic Equity Investment Companies
(cost $328,606,778)				331,212,386
Domestic Fixed Income Investment Companies — 24.2%
VALIC Co. I Core Bond Fund		12,153,252		123,355,503
VALIC Co. I Government Securities Fund		208,364		2,039,886
VALIC Co. I High Yield Bond Fund		1,539,129		10,820,074
VALIC Co. I Inflation Protected Fund		2,136,895		23,548,584
Total Domestic Fixed Income Investment Companies
(cost $174,454,073)				159,764,047
International Equity Investment Companies — 16.5%
VALIC Co. I Emerging Economies Fund		1,399,660		10,147,532
VALIC Co. I Global Real Estate Fund		2,423,330		18,344,606

Security Description	Shares			Value (Note 2)
International Equity Investment Companies (continued)
VALIC Co. I International Equities Index Fund		3,132,767		$	22,806,542
VALIC Co. I International Growth Fund		329,850			3,902,127
VALIC Co. I International Opportunities Fund		2,010,668			32,210,899
VALIC Co. I International Value Fund		2,171,559			21,498,433
Total International Equity Investment Companies
(cost $119,476,784)					108,910,139
International Fixed Income Investment Companies — 1.3%
VALIC Co. I International Government Bond Fund (cost $9,686,612)		835,501			8,689,210
Total Long-Term Investment Securities
(cost $632,224,247)					608,575,782
SHORT-TERM INVESTMENT SECURITIES — 7.7%
Registered Investment Companies — 7.7%
State Street Institutional U.S. Government Money Market Fund, Premier Class(2) (cost $50,592,009)		50,592,009			50,592,009
TOTAL INVESTMENTS
(cost $682,816,256)(3)		100.0	%		659,167,791
Liabilities in excess of other assets		(0.0	)		(109,187	)
NET ASSETS		100.0	%	$	659,058,604

# The Aggressive Growth Lifestyle Fund invests in various VALIC Company I Funds.

Additional information on the underlying funds including such fund’s prospectuses and shareholder reports are available at our website, www.valic.com.

(1) See Note 3.

(2) The 7-day yield as of May 31, 2022 is 0.74%.

(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, 2022 (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	$	608,575,782	$	—	$	—	$	608,575,782
Short-Term Investment Securities		50,592,009		—		—		50,592,009
Total Investments at Value	$	659,167,791	$	—	$	—	$	659,167,791

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

See Notes to Financial Statements

5

VALIC Company I Asset Allocation Fund

PORTFOLIO PROFILE — May 31, 2022 (unaudited)

Industry Allocation*

Diversified Financial Services	7.7	%
Applications Software	4.9
Medical — Drugs	4.6
United States Treasury Bonds	4.1
Repurchase Agreements	3.9
Government National Mtg. Assoc.	3.9
Electric — Integrated	3.8
Federal National Mtg. Assoc.	3.7
Web Portals/ISP	3.7
United States Treasury Notes	3.6
Computers	3.2
Diversified Banking Institutions	3.1
Semiconductor Components — Integrated Circuits	2.9
Real Estate Investment Trusts	2.6
Diversified Manufacturing Operations	2.5
Banks — Super Regional	2.4
E-Commerce/Products	2.3
Finance — Credit Card	1.9
Retail — Restaurants	1.7
Medical Instruments	1.7
Chemicals — Diversified	1.7
Electronic Components — Semiconductors	1.7
Machinery — Farming	1.5
Medical — Biomedical/Gene	1.5
Aerospace/Defense	1.4
Federal Home Loan Mtg. Corp.	1.4
Banks — Commercial	1.4
Oil Companies — Exploration & Production	1.4
Transport — Rail	1.3
Medical — HMO	1.2
Commercial Services — Finance	1.2
Beverages — Non — alcoholic	1.1
Auto-Cars/Light Trucks	1.0
Uniform Mtg. Backed Securities	1.0
Hotels/Motels	0.9
Oil — Field Services	0.8
Retail — Building Products	0.8
Investment Management/Advisor Services	0.8
Athletic Footwear	0.8
Retail — Discount	0.7
Internet Content — Entertainment	0.7
Insurance — Property/Casualty	0.7
Computer Services	0.6
Retail — Auto Parts	0.6
Pipelines	0.5
Building Products — Cement	0.5
Finance — Leasing Companies	0.5
Airlines	0.5
E-Commerce/Services	0.5
Registered Investment Companies	0.4
Retail — Apparel/Shoe	0.3
Telephone — Integrated	0.3
Independent Power Producers	0.3
Medical — Generic Drugs	0.2
Medical — Hospitals	0.2
Cable/Satellite TV	0.2
Internet Application Software	0.2
Brewery	0.2
Oil Companies — Integrated	0.1
Insurance — Life/Health	0.1
Tobacco	0.1
Enterprise Software/Service	0.1
Gas — Distribution	0.1
Electric — Generation	0.1
Federal Home Loan Bank	0.1
Food — Meat Products	0.1
Cellular Telecom	0.1
Retail — Convenience Store	0.1
Software Tools	0.1

Food — Wholesale/Distribution	0.1
Rental Auto/Equipment	0.1
Chemicals — Specialty	0.1
Semiconductor Equipment	0.1
Broadcast Services/Program	0.1
Multimedia	0.1
Entertainment Software	0.1
Pharmacy Services	0.1
Metal — Diversified	0.1
Electric — Distribution	0.1
Insurance — Mutual	0.1
	101.4	%

* Calculated as a percentage of net assets

6

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 60.2%
Aerospace/Defense — 1.1%
Northrop Grumman Corp.		3,461	$	1,619,644
Applications Software — 4.9%
Microsoft Corp.		25,686		6,983,253
Athletic Footwear — 0.8%
NIKE, Inc., Class B		9,553		1,135,374
Auto - Cars/Light Trucks — 0.7%
Tesla, Inc.†		1,226		929,627
Banks - Commercial — 1.2%
Truist Financial Corp.		35,248		1,753,236
Banks - Super Regional — 2.2%
US Bancorp		30,174		1,601,334
Wells Fargo & Co.		32,468		1,486,061
				3,087,395
Beverages - Non-alcoholic — 1.0%
Coca-Cola Co.		23,200		1,470,416
Building Products - Cement — 0.5%
Vulcan Materials Co.		4,211		694,268
Chemicals - Diversified — 1.6%
Eastman Chemical Co.		8,331		917,743
PPG Industries, Inc.		10,053		1,271,604
				2,189,347
Commercial Services - Finance — 1.1%
FleetCor Technologies, Inc.†		1,947		484,433
S&P Global, Inc.		3,064		1,070,807
				1,555,240
Computer Services — 0.5%
Leidos Holdings, Inc.		7,135		745,607
Computers — 3.1%
Apple, Inc.		29,154		4,339,281
Diversified Banking Institutions — 1.1%
Morgan Stanley		18,323		1,578,343
Diversified Manufacturing Operations — 2.5%
Eaton Corp. PLC		17,156		2,377,821
Trane Technologies PLC		8,097		1,117,872
				3,495,693
E-Commerce/Products — 2.3%
Amazon.com, Inc.†		1,379		3,315,378
E-Commerce/Services — 0.5%
Uber Technologies, Inc.†		28,074		651,317
Electric - Integrated — 2.8%
NextEra Energy, Inc.		36,702		2,777,974
Xcel Energy, Inc.		15,631		1,177,640
				3,955,614
Electronic Components - Semiconductors — 1.5%
Advanced Micro Devices, Inc.†		20,291		2,066,841
Finance - Credit Card — 1.8%
Mastercard, Inc., Class A		7,171		2,566,286
Hotels/Motels — 0.9%
Marriott International, Inc., Class A		7,386		1,267,290
Insurance - Property/Casualty — 0.7%
Progressive Corp.		7,701		919,345
Internet Application Software — 0.2%
Shopify, Inc., Class A†		643		241,202

Security Description	Shares/ Principal Amount		Value (Note 2)
Internet Content - Entertainment — 0.7%
Meta Platforms, Inc., Class A†		3,594	$	695,942
Snap, Inc., Class A†		21,964		309,912
				1,005,854
Investment Management/Advisor Services — 0.8%
Ameriprise Financial, Inc.		4,208		1,162,544
Machinery - Farming — 1.5%
Deere & Co.		5,739		2,053,299
Medical Instruments — 1.7%
Boston Scientific Corp.†		33,822		1,387,040
Intuitive Surgical, Inc.†		4,258		969,291
				2,356,331
Medical - Biomedical/Gene — 1.3%
Regeneron Pharmaceuticals, Inc.†		2,700		1,794,798
Medical - Drugs — 4.4%
AbbVie, Inc.		19,861		2,926,915
Bristol-Myers Squibb Co.		30,097		2,270,819
Eli Lilly & Co.		3,171		993,918
				6,191,652
Medical - HMO — 1.2%
Centene Corp.†		21,508		1,751,612
Oil Companies-Exploration & Production — 1.3%
Pioneer Natural Resources Co.		6,357		1,766,865
Oil - Field Services — 0.7%
Baker Hughes Co.		29,189		1,050,220
Real Estate Investment Trusts — 1.7%
Prologis, Inc.		18,599		2,371,001
Retail - Apparel/Shoe — 0.3%
Ross Stores, Inc.		5,398		458,938
Retail - Auto Parts — 0.5%
O’Reilly Automotive, Inc.†		996		634,621
Retail - Building Products — 0.8%
Lowe’s Cos., Inc.		5,742		1,121,413
Retail - Discount — 0.7%
Dollar General Corp.		4,718		1,039,564
Retail - Restaurants — 1.7%
McDonald’s Corp.		9,660		2,436,349
Semiconductor Components - Integrated Circuits — 2.9%
Analog Devices, Inc.		6,942		1,169,033
NXP Semiconductors NV		15,779		2,994,223
				4,163,256
Transport - Rail — 1.3%
Norfolk Southern Corp.		7,552		1,809,912
Web Portals/ISP — 3.7%
Alphabet, Inc., Class A†		2,306		5,246,703
Total Common Stocks
(cost $82,800,190)				84,974,929
ASSET BACKED SECURITIES — 7.7%
Diversified Financial Services — 7.7%
ACC Auto Trust Series 2021-A, Class A 1.08% due 04/15/2027*	$	46,868		46,275
ACC Auto Trust Series 2021-A, Class B 1.79% due 04/15/2027*		105,000		101,052

7

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
ACC Trust Series 2021-1, Class B 1.43% due 07/22/2024*	$	100,000	$	99,210
Accelerated Assets LLC Series 2021-1H, Class B 1.90% due 10/20/2040*		59,235		54,972
ACRE Commercial Mtg., Ltd. FRS Series 2021-FL4, Class A 1.77% (1 ML+0.83%) due 12/18/2037*(1)(2)		116,919		115,502
ACRE Commercial Mtg., Ltd. FRS Series 2021-FL4, Class AS 2.04% (1 ML+1.10%) due 12/18/2037*(1)(2)		110,000		107,832
Affirm Asset Securitization Trust Series 2021-A, Class A 0.88% due 08/15/2025*		145,000		142,679
Ajax Mtg. Loan Trust Series 2021-B, Class A 2.24% due 06/25/2066*(3)(4)		116,173		109,101
Aligned Data Centers Issuer LLC Series 2021-1A, Class A2 1.94% due 08/15/2046*		95,000		85,812
American Credit Acceptance Receivables Trust Series 2021-1, Class B 0.61% due 03/13/2025*		30,487		30,432
AMSR Trust Series 2020-SFR4, Class E2 2.46% due 11/17/2037*		100,000		91,263
AMSR Trust Series 2020-SFR3, Class E2 2.76% due 09/17/2037*		100,000		91,768
AMSR Trust Series 2020-SFR2, Class E2 4.28% due 07/17/2037*		145,000		138,836
Bayview Finance LLC Series 2021-3, Class F 1.84% due 07/12/2033(4)(5)		125,410		125,410
BPR Trust FRS Series 2021-KEN, Class A 2.13% (1 ML+1.25%) due 02/15/2029*(2)		145,000		143,187
Business Jet Securities LLC Series 2021-1A, Class A 2.16% due 04/15/2036*		95,984		86,307
Business Jet Securities LLC Series 2021-1A, Class B 2.92% due 04/15/2036*		128,188		115,168
Business Jet Securities LLC Series 2020-1A, Class A 2.98% due 11/15/2035*		103,648		96,178
Business Jet Securities LLC Series 2022-1A, Class A 4.46% due 06/15/2037*		100,000		97,484
Cascade MH Asset Trust Series 2021-MH1, Class A1 1.75% due 02/25/2046*(4)		150,133		136,209
CFMT LLC VRS Series 2021-HB5, Class A 0.80% due 02/25/2031*(4)(6)		234,572		231,432
CPS Auto Receivables Trust Series 2021-A, Class B 0.61% due 02/18/2025*		66,081		65,876
CPS Auto Receivables Trust Series 2021-A, Class C 0.83% due 09/15/2026*		300,000		293,652

Security Description	Principal Amount		Value (Note 2)
Diversified Financial Services (continued)
CPS Auto Receivables Trust Series 2021-B, Class C 1.23% due 03/15/2027*	$	100,000	$	96,654
Credito Real USA Auto Receivables Trust Series 2021-1A, Class A 1.35% due 02/16/2027*		27,781		27,196
Crossroads Asset Trust Series 2021-A, Class A2 0.82% due 03/20/2024*		47,080		46,423
Crossroads Asset Trust Series 2021-A, Class B 1.12% due 06/20/2025*		205,000		198,253
CSMC Trust VRS Series 2021-RPL1, Class A1 1.67% due 09/27/2060*(4)(6)		138,086		131,641
DataBank Issuer LLC Series 2021-1A, Class A2 2.06% due 02/27/2051*		175,000		158,822
Diamond Resorts Owner Trust Series 2021-1A, Class A 1.51% due 11/21/2033*		110,137		104,175
Diamond Resorts Owner Trust Series 2021-1A, Class C 2.70% due 11/21/2033*		60,575		57,394
Drive Auto Receivables Trust Series 2021-1, Class D 1.45% due 01/16/2029		120,000		114,362
DT Auto Owner Trust Series 2021-1A, Class C 0.84% due 10/15/2026*		50,000		48,252
DT Auto Owner Trust Series 2019-4A, Class D 2.85% due 07/15/2025*		85,000		84,401
DT Auto Owner Trust Series 2022-2A, Class D 5.46% due 03/15/2028*		55,000		54,759
Elara HGV Timeshare Issuer LLC Series 2021-A, Class B 1.74% due 08/27/2035*		84,922		79,032
Exeter Automobile Receivables Trust Series 2021-1A, Class C 0.74% due 01/15/2026		240,000		234,985
Exeter Automobile Receivables Trust Series 2021-2A, Class C 0.98% due 06/15/2026		95,000		91,956
FHF Trust Series 2021-1A, Class A 1.27% due 03/15/2027*		39,335		38,065
FirstKey Homes Trust Series 2021-SFR2, Class E1 2.26% due 09/17/2038*		155,000		133,382
FirstKey Homes Trust Series 2022-SFR1, Class E1 5.00% due 05/17/2039*		100,000		94,735
Flagship Credit Auto Trust Series 2021-2, Class A 0.37% due 12/15/2026*		110,454		108,926
Flagship Credit Auto Trust Series 2021-1, Class B 0.68% due 02/16/2027*		65,000		63,273
FMC GMSR Issuer Trust VRS Series 2021-GT2, Class A 3.85% due 10/25/2026*(6)		100,000		90,382
Freed ABS Trust Series 2021-1CP, Class A 0.66% due 03/20/2028*		3,835		3,831

8

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Freed ABS Trust Series 2021-2, Class B 1.03% due 06/19/2028*	$	100,000	$	99,078
GLS Auto Receivables Trust Series 2021-2A, Class B 0.77% due 09/15/2025*		100,000		97,916
Home Partners of America Trust Series 2021-2, Class C 2.40% due 12/17/2026*		127,963		115,793
Home Partners of America Trust Series 2021-3, Class D 3.00% due 01/17/2041*		97,050		87,080
Legacy Mtg. Asset Trust Series 2021-GS1, Class A1 1.89% due 10/25/2066*(3)(4)		93,347		90,472
Lendbuzz Securitization Trust Series 2021-1A, Class A 1.46% due 06/15/2026*		105,748		103,340
Lendingpoint Asset Securitization Trust Series 2021-A, Class A 1.00% due 12/15/2028*		69,219		68,709
Lendingpoint Asset Securitization Trust Series 2021-B, Class A 1.11% due 02/15/2029*		101,369		99,777
Lendingpoint Asset Securitization Trust Series 2021-B, Class B 1.68% due 02/15/2029*		100,000		94,484
LHOME Mtg. Trust VRS Series 2021-RTL1, Class A1 2.09% due 09/25/2026*(4)(6)		200,000		192,407
Mariner Finance Issuance Trust Series 2021-AA, Class A 1.86% due 03/20/2036*		130,000		116,153
Marlette Funding Trust Series 2021-1A, Class B 1.00% due 06/16/2031*		101,000		99,203
Mercury Financial Credit Card Master Trust Series 2021-1A, Class A 1.54% due 03/20/2026*		140,000		134,856
Mission Lane Credit Card Master Trust Series 2021-A, Class A 1.59% due 09/15/2026*		110,000		106,524
MVW LLC Series 2021-2A, Class C 2.23% due 05/20/2039*		141,451		130,575
NRZ Excess Spread-Collateralized Notes Series 2021-FNT1, Class A 2.98% due 03/25/2026*		107,382		99,537
NRZ Excess Spread-Collateralized Notes Series 2021-FNT2, Class A 3.23% due 05/25/2026*		163,071		152,264
Octane Receivables Trust Series 2021-1A, Class A 0.93% due 03/22/2027*		62,610		60,933
Oportun Funding XIV LLC Series 2021-A, Class A 1.21% due 03/08/2028*		100,000		94,146
Oportun Funding XIV LLC Series 2021-A, Class B 1.76% due 03/08/2028*		245,000		231,918
Oportun Issuance Trust Series 2021-B, Class A 1.47% due 05/08/2031*		255,000		238,114
Pagaya AI Debt Selection Trust Series 2021-3, Class A 1.15% due 05/15/2029*		145,029		141,774

Security Description	Principal Amount		Value (Note 2)
Diversified Financial Services (continued)
Pagaya AI Debt Selection Trust Series 2021-1, Class A 1.18% due 11/15/2027*	$	219,187	$	215,410
Pagaya AI Debt Selection Trust Series 2021-HG1, Class A 1.22% due 01/16/2029*		154,974		148,847
PRET LLC VRS Series 2021-RN4, Class A1 2.49% due 10/25/2051*(6)		125,182		119,521
Pretium Mtg. Credit Partners I LLC Series 2021-NPL1, Class A1 2.24% due 09/27/2060*(3)		173,574		165,535
Progress Residential Trust Series 2021-SFR2, Class D 2.20% due 04/19/2038*		267,000		239,904
Progress Residential Trust Series 2020-SFR1, Class E 3.03% due 04/17/2037*		115,000		107,492
PRPM LLC VRS Series 2021-2, Class A1 2.12% due 03/25/2026*(4)(6)		192,041		184,359
Regional Management Issuance Trust Series 2021-1, Class A 1.68% due 03/17/2031*		125,000		116,335
Republic Finance Issuance Trust Series 2021-A, Class A 2.30% due 12/22/2031*		189,000		176,941
Sierra Timeshare Receivables Funding LLC Series 2021-2A, Class B 1.80% due 09/20/2038*		66,033		62,176
SLG Office Trust Series 2021-OVA, Class A 2.59% due 07/15/2041*(2)		110,000		96,334
Theorem Funding Trust Series 2021-1A, Class A 1.21% due 12/15/2027*		87,567		85,974
Towd Point Mtg. Trust VRS Series 2021-R1, Class A1 2.92% due 11/30/2060*(4)(6)		229,845		209,716
Tricolor Auto Securitization Trust Series 2021-1A, Class B 1.00% due 06/17/2024*		120,000		118,535
Tricolor Auto Securitization Trust Series 2021-1A, Class C 1.33% due 09/16/2024*		115,000		113,045
United Auto Credit Securitization Trust Series 2021-1, Class C 0.84% due 06/10/2026*		115,000		113,208
Upstart Pass-Through Trust Series 2021-ST2, Class A 2.50% due 04/20/2027*		57,151		55,316
Upstart Securitization Trust Series 2021-1, Class A 0.87% due 03/20/2031*		42,194		41,813
US Auto Funding Series 2021-1A, Class B 1.49% due 03/17/2025*		100,000		96,745
VCAT LLC Series 2021-NPL2, Class A1 2.12% due 03/27/2051*(3)		66,075		63,459
Veros Auto Receivables Trust Series 2021-1, Class A 0.92% due 10/15/2026*		50,487		49,744
VOLT LLC Series 2021-NPL1, Class A1 1.89% due 02/27/2051*(3)		91,106		87,493

9

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
VOLT LLC Series 2021-NPL2, Class A1 1.89% due 02/27/2051*(3)	$	250,396	$	240,559
VOLT LLC Series 2021-NPL5, Class A1 2.12% due 03/27/2051*(3)		158,784		153,260
VOLT LLC Series 2021-NPL6, Class A1 2.24% due 04/25/2051*(3)		177,339		169,212
VOLT LLC Series 2021-NPL4, Class A1 2.24% due 03/27/2051*(3)		146,501		140,128
VOLT XCIV LLC Series 2021-NPL3, Class A1 2.24% due 02/27/2051*(3)		213,108		203,124
Total Asset Backed Securities
(cost $11,427,558)				10,895,774
FOREIGN CORPORATE BONDS & NOTES — 1.5%
Banks - Commercial — 0.2%
Santander UK Group Holdings PLC Senior Notes 2.47% due 01/11/2028		200,000		181,851
Westpac Banking Corp. Sub. Notes 3.13% due 11/18/2041		25,000		18,975
				200,826
Cellular Telecom — 0.0%
Rogers Communications, Inc. Company Guar. Notes 4.55% due 03/15/2052*		20,000		18,598
Computer Services — 0.0%
CGI, Inc.* Senior Notes 2.30% due 09/14/2031		42,000		34,368
Diversified Banking Institutions — 0.6%
Deutsche Bank AG Senior Notes 2.55% due 01/07/2028		150,000		133,521
HSBC Holdings PLC Senior Notes 6.10% due 01/14/2042		95,000		107,201
Macquarie Group, Ltd.* Senior Bonds 2.87% due 01/14/2033		100,000		83,548
Mitsubishi UFJ Financial Group, Inc. Senior Notes 3.74% due 03/07/2029		130,000		124,878
NatWest Markets PLC* Senior Notes 1.60% due 09/29/2026		200,000		180,470
Societe Generale SA Sub. Notes 4.25% due 04/14/2025*		200,000		199,805
				829,423
Electronic Components - Semiconductors — 0.1%
NXP BV/NXP Funding LLC/NXP USA, Inc. Company Guar. Notes 2.50% due 05/11/2031		40,000		33,314
NXP BV/NXP Funding LLC/NXP USA, Inc. Company Guar. Bonds 3.25% due 05/11/2041		40,000		32,358
				65,672

Security Description	Principal Amount		Value (Note 2)
Finance - Leasing Companies — 0.4%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust Company Guar. Notes 2.45% due 10/29/2026	$	150,000	$	134,386
AerCap Ireland Capital DAC/AerCap Global Aviation Trust Company Guar. Notes 3.00% due 10/29/2028		150,000		131,103
Avolon Holdings Funding, Ltd. Company Guar. Notes 2.53% due 11/18/2027*		78,000		67,364
Avolon Holdings Funding, Ltd. Company Guar. Notes 2.88% due 02/15/2025*		24,000		22,575
Avolon Holdings Funding, Ltd. Company Guar. Notes 4.25% due 04/15/2026*		47,000		44,982
Avolon Holdings Funding, Ltd. Senior Notes 5.50% due 01/15/2026*		154,000		154,451
Park Aerospace Holdings, Ltd. Company Guar. Notes 4.50% due 03/15/2023*		46,000		46,023
Park Aerospace Holdings, Ltd. Company Guar. Notes 5.50% due 02/15/2024*		7,000		7,066
				607,950
Oil Companies - Integrated — 0.0%
TotalEnergies Capital International SA Company Guar. Bonds 2.99% due 06/29/2041		58,000		48,039
Pipelines — 0.0%
TransCanada PipeLines, Ltd. Senior Notes 4.10% due 04/15/2030		37,000		36,534
Real Estate Investment Trusts — 0.1%
Scentre Group Trust 1/Scentre Group Trust 2 Company Guar. Notes 3.63% due 01/28/2026*		140,000		137,761
Rental Auto/Equipment — 0.1%
Triton Container International, Ltd. Company Guar. Notes 2.05% due 04/15/2026*		100,000		90,567
Retail - Convenience Store — 0.0%
Alimentation Couche-Tard, Inc. Company Guar. Notes 3.44% due 05/13/2041*		35,000		27,372
Alimentation Couche-Tard, Inc. Company Guar. Notes 3.63% due 05/13/2051*		35,000		26,403
				53,775
Total Foreign Corporate Bonds & Notes
(cost $2,439,417)				2,123,513
U.S. CORPORATE BONDS & NOTES — 9.9%
Aerospace/Defense — 0.3%
Boeing Co. Senior Notes 1.43% due 02/04/2024		10,000		9,633
Boeing Co. Senior Notes 2.20% due 02/04/2026		5,000		4,588
Boeing Co. Senior Notes 2.70% due 02/01/2027		270,000		248,568

10

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Aerospace/Defense (continued)
Boeing Co. Senior Notes 3.45% due 11/01/2028	$	19,000	$	17,388
Northrop Grumman Corp. Senior Notes 3.85% due 04/15/2045		68,000		59,739
Raytheon Technologies Corp. Senior Notes 2.25% due 07/01/2030		86,000		75,942
				415,858
Agricultural Operations — 0.0%
Bunge Ltd. Finance Corp. Company Guar. Notes 2.75% due 05/14/2031		26,000		22,424
Airlines — 0.5%
American Airlines Pass Through Trust Pass-Through Certs. Series 2021-1, Class A 2.88% due 01/11/2036		83,000		73,007
American Airlines Pass Through Trust Pass-Through Certs. Series 2016-3, Class A 3.00% due 04/15/2030		112,018		101,517
American Airlines Pass Through Trust Pass-Through Certs. Series 2019-1, Class AA 3.15% due 08/15/2033		181,881		162,595
American Airlines Pass Through Trust Pass-Through Certs. Series 2021-1, Class B 3.95% due 01/11/2032		104,000		91,604
Delta Air Lines Pass Through Trust Pass-Through Certs. Series 2020-1, Class A 2.50% due 12/10/2029		61,377		56,283
JetBlue Pass-Through Trust Pass-Through Certs. Series 2020-1, Class B 7.75% due 05/15/2030		43,862		46,759
United Airlines Pass-Through Trust Pass-Through Certs. Series 2016-2, Class A 3.10% due 04/07/2030		26,674		23,656
United Airlines Pass-Through Trust Pass-Through Certs. Series 2019-2, Class B 3.50% due 11/01/2029		46,523		42,107
United Airlines Pass-Through Trust Pass-Through Certs. Series 2016-2, Class B 3.65% due 04/07/2027		49,167		45,154
United Airlines Pass-Through Trust Pass-Through Certs. Series 2016-1, Class B 3.65% due 07/07/2027		54,565		50,759
United Airlines Pass-Through Trust Pass-Through Certs. Series 2018-1, Class A 3.70% due 09/01/2031		37,525		33,495
				726,936

Security Description	Principal Amount		Value (Note 2)
Applications Software — 0.0%
Roper Technologies, Inc. Senior Notes 1.75% due 02/15/2031	$	29,000	$	23,604
Auto - Cars/Light Trucks — 0.3%
General Motors Co. Senior Notes 6.80% due 10/01/2027		100,000		108,169
General Motors Financial Co., Inc. Senior Notes 3.80% due 04/07/2025		30,000		29,866
Hyundai Capital America Senior Notes 2.38% due 10/15/2027*		120,000		107,683
Hyundai Capital America Senior Notes 2.65% due 02/10/2025*		37,000		35,671
Hyundai Capital America Senior Notes 3.00% due 02/10/2027*		200,000		187,808
				469,197
Auto/Truck Parts & Equipment-Original — 0.0%
Lear Corp. Senior Notes 2.60% due 01/15/2032		5,000		4,079
Banks - Super Regional — 0.2%
KeyCorp Senior Notes 2.25% due 04/06/2027		140,000		128,632
Wells Fargo & Co. Senior Notes 3.07% due 04/30/2041		69,000		56,009
Wells Fargo & Co. Senior Bonds 4.61% due 04/25/2053		80,000		78,624
				263,265
Beverages - Non-alcoholic — 0.1%
Keurig Dr Pepper, Inc. Company Guar. Notes 3.20% due 05/01/2030		73,000		67,020
Brewery — 0.2%
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 3.75% due 07/15/2042		239,000		204,844
Broadcast Services/Program — 0.1%
Discovery Communications LLC Company Guar. Notes 3.63% due 05/15/2030		94,000		86,696
Building Products - Cement — 0.0%
Martin Marietta Materials, Inc. Senior Notes 2.50% due 03/15/2030		57,000		49,452
Building Products - Wood — 0.0%
Masco Corp. Senior Notes 2.00% due 10/01/2030		57,000		46,667
Building - Residential/Commercial — 0.0%
Lennar Corp. Company Guar. Notes 5.00% due 06/15/2027		50,000		51,043

11

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Cable/Satellite TV — 0.2%
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 2.80% due 04/01/2031	$	100,000	$	83,768
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 3.50% due 06/01/2041		35,000		26,280
Comcast Corp. Company Guar. Notes 3.25% due 11/01/2039		154,000		132,431
				242,479
Cellular Telecom — 0.1%
T-Mobile USA, Inc. Senior Sec. Notes 2.55% due 02/15/2031		142,000		123,338
Chemicals - Diversified — 0.1%
LYB International Finance III LLC Company Guar. Notes 1.25% due 10/01/2025		138,000		126,978
Chemicals - Specialty — 0.1%
Intl Flavor & Fragrances, Inc. Company Guar. Notes 3.47% due 12/01/2050*		112,000		87,387
Coatings/Paint — 0.0%
RPM International, Inc. Senior Notes 2.95% due 01/15/2032		37,000		31,845
Commercial Services — 0.0%
Quanta Services, Inc. Senior Notes 2.35% due 01/15/2032		45,000		36,476
Commercial Services - Finance — 0.1%
Global Payments, Inc. Senior Notes 3.20% due 08/15/2029		27,000		24,428
S&P Global, Inc. Company Guar. Notes 2.70% due 03/01/2029*		44,000		40,842
S&P Global, Inc. Company Guar. Notes 4.25% due 05/01/2029*		44,000		44,505
				109,775
Computer Services — 0.1%
Leidos, Inc. Company Guar. Notes 2.30% due 02/15/2031		141,000		117,030
Computers — 0.1%
Dell International LLC/EMC Corp. Senior Notes 6.20% due 07/15/2030		141,000		150,936
Containers - Paper/Plastic — 0.0%
Graphic Packaging International LLC Senior Sec. Notes 1.51% due 04/15/2026*		33,000		30,011
Diagnostic Equipment — 0.0%
Thermo Fisher Scientific, Inc. Senior Notes 2.00% due 10/15/2031		40,000		34,138

Security Description	Principal Amount		Value (Note 2)
Diversified Banking Institutions — 1.4%
Bank of America Corp. Senior Notes 2.55% due 02/04/2028	$	25,000	$	23,386
Bank of America Corp. Senior Notes 2.57% due 10/20/2032		40,000		34,352
Bank of America Corp. Senior Notes 2.68% due 06/19/2041		144,000		111,012
Bank of America Corp. Senior Notes 2.97% due 02/04/2033		30,000		26,614
Bank of America Corp. Senior Notes 3.38% due 04/02/2026		310,000		305,385
Bank of America Corp. Senior Notes 3.71% due 04/24/2028		149,000		145,713
Bank of America Corp. Senior Notes 4.38% due 04/27/2028		45,000		45,356
Citigroup, Inc. Senior Notes 2.52% due 11/03/2032		15,000		12,680
Citigroup, Inc. Senior Notes 3.06% due 01/25/2033		21,000		18,592
Citigroup, Inc. Sub. Notes 3.88% due 03/26/2025		271,000		271,308
Citigroup, Inc. Senior Notes 3.88% due 01/24/2039		67,000		61,127
Goldman Sachs Group, Inc. Senior Notes 0.67% due 03/08/2024		96,000		94,071
Goldman Sachs Group, Inc. Senior Notes 1.95% due 10/21/2027		25,000		22,793
Goldman Sachs Group, Inc. Senior Notes 2.38% due 07/21/2032		15,000		12,620
Goldman Sachs Group, Inc. Senior Notes 2.64% due 02/24/2028		37,000		34,527
Goldman Sachs Group, Inc. Senior Notes 3.69% due 06/05/2028		40,000		39,152
Goldman Sachs Group, Inc. Sub. Notes 4.25% due 10/21/2025		440,000		445,868
Morgan Stanley Sub. Notes 3.95% due 04/23/2027		150,000		148,320
Morgan Stanley Senior Notes 4.46% due 04/22/2039		110,000		107,680
				1,960,556
Diversified Manufacturing Operations — 0.0%
Eaton Corp. Company Guar. Notes 4.15% due 11/02/2042		30,000		28,129

12

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
E-Commerce/Products — 0.0%
Amazon.com, Inc. Senior Notes 3.95% due 04/13/2052	$	50,000	$	48,184
Electric - Distribution — 0.1%
New England Power Co. Senior Notes 2.81% due 10/06/2050*		58,000		39,486
Oklahoma Gas and Electric Co. Senior Notes 0.55% due 05/26/2023		20,000		19,580
				59,066
Electric - Generation — 0.1%
Fells Point Funding Trust Senior Notes 3.05% due 01/31/2027*		100,000		94,471
Vistra Operations Co. LLC Senior Sec. Notes 4.88% due 05/13/2024*		63,000		63,247
				157,718
Electric - Integrated — 1.0%
American Electric Power Co., Inc. Jr. Sub. Notes 2.03% due 03/15/2024		160,000		156,077
Edison International Senior Notes 5.75% due 06/15/2027		17,000		17,650
Emera US Finance LP Company Guar. Notes 4.75% due 06/15/2046		174,000		161,086
Evergy, Inc. Senior Notes 2.90% due 09/15/2029		151,000		136,400
Exelon Generation Co. LLC Senior Notes 3.25% due 06/01/2025		299,000		293,473
Jersey Central Power & Light Co. Senior Notes 4.30% due 01/15/2026*		65,000		65,156
OGE Energy Corp. Senior Notes 0.70% due 05/26/2023		15,000		14,655
Pacific Gas & Electric Co. Senior Sec. Notes 1.37% due 03/10/2023		80,000		78,166
Pacific Gas & Electric Co. 1st Mtg. Notes 1.70% due 11/15/2023		20,000		19,439
Pacific Gas & Electric Co. 1st Mtg. Bonds 3.25% due 02/16/2024		60,000		59,158
Pacific Gas & Electric Co. 1st Mtg. Notes 4.30% due 03/15/2045		10,000		7,633
PacifiCorp 1st Mtg. Notes 4.15% due 02/15/2050		183,000		170,773
PG&E Wildfire Recovery Funding LLC Senior Sec. Bonds 4.26% due 06/01/2038		20,000		20,372
Southern California Edison Co. 1st Mtg. Notes 1.20% due 02/01/2026		112,000		101,529

Security Description	Principal Amount		Value (Note 2)
Electric - Integrated (continued)
Union Electric Co. 1st Mtg. 3.90% due 04/01/2052	$	27,000	$	$24,989
WEC Energy Group, Inc. Senior Notes 1.38% due 10/15/2027#		140,000		122,944
				1,449,500
Electronic Components - Semiconductors — 0.1%
Broadcom, Inc.* Senior Notes 3.19% due 11/15/2036		10,000		8,025
Microchip Technology, Inc. Senior Sec. Notes 0.97% due 02/15/2024		47,000		45,028
Microchip Technology, Inc. Senior Sec. Notes 0.98% due 09/01/2024*		40,000		37,599
Xilinx, Inc. Company Guar. Notes 2.38% due 06/01/2030		71,000		62,559
				153,211
Enterprise Software/Service — 0.1%
Oracle Corp. Senior Notes 3.80% due 11/15/2037		163,000		134,286
Workday, Inc. Senior Notes 3.50% due 04/01/2027		35,000		34,340
				168,626
Entertainment Software — 0.1%
Activision Blizzard Inc Senior Notes 1.35% due 09/15/2030		28,000		23,090
Take-Two Interactive Software, Inc. Senior Notes 3.70% due 04/14/2027		52,000		51,343
				74,433
Finance - Credit Card — 0.1%
Capital One Financial Corp. Senior Notes 3.80% due 01/31/2028		94,000		91,059
Finance - Leasing Companies — 0.1%
Air Lease Corp. Senior Notes 1.88% due 08/15/2026		10,000		8,925
Air Lease Corp. Senior Notes 3.38% due 07/01/2025		129,000		125,181
				134,106
Food - Meat Products — 0.1%
Smithfield Foods, Inc. Senior Notes 3.00% due 10/15/2030*		122,000		105,431
Tyson Foods, Inc. Senior Notes 3.55% due 06/02/2027		44,000		43,304
				148,735

13

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Food - Misc./Diversified — 0.0%
Kraft Heinz Foods Co. Company Guar. Notes 4.38% due 06/01/2046	$	19,000	$	16,838
Kraft Heinz Foods Co. Company Guar. Notes 4.63% due 10/01/2039		40,000		36,980
				53,818
Food - Wholesale/Distribution — 0.1%
Sysco Corp. Company Guar. Notes 2.40% due 02/15/2030		122,000		107,044
Gas - Distribution — 0.1%
Atmos Energy Corp. Senior Notes 0.63% due 03/09/2023		15,000		14,801
Atmos Energy Corp. Senior Notes 2.85% due 02/15/2052		35,000		26,197
CenterPoint Energy Resources Corp. Senior Notes 1.75% due 10/01/2030		141,000		117,420
				158,418
Independent Power Producers — 0.3%
Alexander Funding Trust Senior Sec. Notes 1.84% due 11/15/2023*		74,000		71,248
NRG Energy, Inc. Senior Sec. Notes 2.00% due 12/02/2025*		47,000		43,768
NRG Energy, Inc. Senior Sec. Notes 2.45% due 12/02/2027*		308,000		271,773
				386,789
Insurance Brokers — 0.0%
Brown & Brown, Inc. Senior Notes 2.38% due 03/15/2031		56,000		46,382
Insurance - Life/Health — 0.1%
Athene Global Funding Sec. Notes 2.75% due 06/25/2024*		56,000		54,772
Empower Finance 2020 LP Company Guar. Notes 3.08% due 09/17/2051*		68,000		50,518
F&G Global Funding Sec. Notes 1.75% due 06/30/2026*		25,000		22,691
Northwestern Mutual Global Funding Senior Sec. Notes 1.70% due 06/01/2028*		25,000		22,425
Teachers Insurance & Annuity Association of America Sub. Notes 3.30% due 05/15/2050*		58,000		45,292
				195,698
Insurance - Mutual — 0.1%
New York Life Insurance Co. Sub. Notes 3.75% due 05/15/2050*		68,000		58,207

Security Description	Principal Amount		Value (Note 2)
Insurance - Reinsurance — 0.0%
Berkshire Hathaway Finance Corp. Company Guar. Notes 3.85% due 03/15/2052	$	25,000	$	22,812
Machinery - General Industrial — 0.0%
Otis Worldwide Corp. Senior Notes 3.11% due 02/15/2040		67,000		53,865
Medical Products — 0.0%
Zimmer Biomet Holdings, Inc. Senior Notes 2.60% due 11/24/2031		33,000		28,463
Medical - Biomedical/Gene — 0.2%
Amgen, Inc. Senior Notes 3.15% due 02/21/2040		68,000		56,282
Gilead Sciences, Inc. Senior Notes 2.60% due 10/01/2040		143,000		108,458
Regeneron Pharmaceuticals, Inc. Senior Notes 1.75% due 09/15/2030		56,000		46,359
				211,099
Medical - Drugs — 0.2%
AbbVie, Inc. Senior Notes 2.95% due 11/21/2026		19,000		18,487
AbbVie, Inc. Senior Notes 3.20% due 11/21/2029		47,000		44,224
AbbVie, Inc. Senior Notes 4.05% due 11/21/2039		200,000		185,176
Bristol-Myers Squibb Co. Senior Notes 4.13% due 06/15/2039		48,000		47,327
				295,214
Medical - Generic Drugs — 0.2%
Utah Acquisition Sub, Inc. Company Guar. Notes 3.95% due 06/15/2026		159,000		155,302
Viatris, Inc. Company Guar. Notes 3.85% due 06/22/2040		153,000		118,888
				274,190
Medical - HMO — 0.0%
Anthem, Inc. Senior Notes 2.25% due 05/15/2030		57,000		50,015
Medical - Hospitals — 0.2%
HCA, Inc. Senior Sec. Notes 3.50% due 07/15/2051		7,000		5,230
HCA, Inc. Senior Sec. Bonds 4.63% due 03/15/2052*		8,000		7,060
HCA, Inc. Senior Sec. Notes 5.25% due 06/15/2026		158,000		163,765
MedStar Health, Inc. Sec. Notes 3.63% due 08/15/2049		46,000		39,093

14

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Medical - Hospitals (continued)
Piedmont Healthcare, Inc. Sec. Bonds 2.86% due 01/01/2052	$	25,000	$	18,310
Universal Health Services, Inc. Senior Sec. Notes 2.65% due 10/15/2030*		22,000		18,630
				252,088
Metal - Diversified — 0.1%
Glencore Funding LLC Company Guar. Notes 2.50% due 09/01/2030*		75,000		63,497
Multimedia — 0.1%
Walt Disney Co. Company Guar. Notes 3.50% due 05/13/2040		96,000		85,726
Oil Companies - Exploration & Production — 0.1%
Coterra Energy, Inc.* Senior Notes 3.90% due 05/15/2027		46,000		45,294
Diamondback Energy, Inc. Company Guar. Notes 3.25% due 12/01/2026		74,000		73,411
				118,705
Oil Companies - Integrated — 0.1%
BP Capital Markets America, Inc. Company Guar. Notes 2.77% due 11/10/2050		145,000		106,754
Exxon Mobil Corp. Senior Notes 3.00% due 08/16/2039		86,000		73,605
				180,359
Oil Refining & Marketing — 0.0%
HF Sinclair Corp. Senior Notes 2.63% due 10/01/2023*		56,000		54,659
Oil - Field Services — 0.1%
Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor, Inc. Senior Notes 3.34% due 12/15/2027		65,000		62,995
Schlumberger Holdings Corp. Senior Notes 4.00% due 12/21/2025*		65,000		65,629
				128,624
Pharmacy Services — 0.1%
CVS Health Corp. Senior Notes 2.70% due 08/21/2040		94,000		71,329
Pipelines — 0.5%
Energy Transfer LP Senior Notes 3.90% due 05/15/2024		110,000		109,934
Energy Transfer LP Senior Notes 3.90% due 07/15/2026		78,000		76,516
Energy Transfer LP Senior Notes 4.40% due 03/15/2027		50,000		49,629
Enterprise Products Operating LLC Company Guar. Notes 4.45% due 02/15/2043		50,000		45,558

Security Description	Principal Amount		Value (Note 2)
Pipelines (continued)
Flex Intermediate Holdco LLC Senior Sec. Notes 3.36% due 06/30/2031*	$	25,000	$	21,842
Flex Intermediate Holdco LLC Senior Sec. Notes 4.32% due 12/30/2039*		15,000		12,493
Gray Oak Pipeline LLC Senior Notes 2.60% due 10/15/2025*		139,000		131,542
Gray Oak Pipeline LLC Senior Notes 3.45% due 10/15/2027*		41,000		38,539
MPLX LP Senior Notes 2.65% due 08/15/2030		69,000		59,758
NGPL PipeCo LLC Senior Notes 3.25% due 07/15/2031*		25,000		21,754
Sabine Pass Liquefaction LLC Senior Sec. Notes 5.63% due 03/01/2025		65,000		67,538
Targa Resources Corp. Company Guar. Notes 4.20% due 02/01/2033		20,000		18,964
Tennessee Gas Pipeline Co. LLC Company Guar. Notes 2.90% due 03/01/2030*		70,000		62,562
				716,629
Real Estate Investment Trusts — 0.8%
American Campus Communities Operating Partnership LP Company Guar. Notes 2.25% due 01/15/2029		20,000		18,769
American Tower Corp. Senior Notes 1.50% due 01/31/2028		47,000		40,230
American Tower Corp. Senior Notes 1.88% due 10/15/2030		246,000		197,216
American Tower Corp. Senior Notes 2.95% due 01/15/2051		57,000		40,217
American Tower Corp. Senior Notes 3.10% due 06/15/2050		88,000		63,452
Brixmor Operating Partnership LP Senior Notes 2.25% due 04/01/2028		30,000		26,450
Brixmor Operating Partnership LP Senior Notes 2.50% due 08/16/2031		15,000		12,338
Corporate Office Properties LP Company Guar. Notes 2.75% due 04/15/2031		36,000		30,304
CubeSmart LP Company Guar. Notes 2.00% due 02/15/2031		85,000		69,500
Equinix, Inc. Senior Notes 2.90% due 11/18/2026		85,000		80,305
Healthcare Trust of America Holdings LP Company Guar. Notes 2.00% due 03/15/2031		56,000		45,274
Healthpeak Properties, Inc. Senior Notes 2.13% due 12/01/2028		38,000		33,829

15

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Real Estate Investment Trusts (continued)
Healthpeak Properties, Inc. Senior Notes 2.88% due 01/15/2031	$	56,000	$	49,971
Life Storage LP Company Guar. Notes 2.40% due 10/15/2031		35,000		28,815
Mid-America Apartments LP Senior Notes 3.60% due 06/01/2027		19,000		18,534
Office Properties Income Trust Senior Notes 2.40% due 02/01/2027		45,000		38,611
Office Properties Income Trust Senior Notes 3.45% due 10/15/2031		10,000		7,768
Physicians Realty LP Company Guar. Notes 2.63% due 11/01/2031		15,000		12,594
Public Storage Senior Notes 1.95% due 11/09/2028		18,000		15,980
Sabra Health Care LP Company Guar. Notes 3.20% due 12/01/2031		25,000		20,625
Safehold Operating Partnership LP Company Guar. Notes 2.85% due 01/15/2032		46,000		38,461
UDR, Inc. Company Guar. Notes 2.10% due 08/01/2032		57,000		45,991
WP Carey, Inc. Senior Notes 2.40% due 02/01/2031		141,000		118,542
				1,053,776
Retail - Auto Parts — 0.1%
AutoZone, Inc. Senior Notes 3.63% due 04/15/2025		84,000		84,081
Retail - Building Products — 0.0%
Lowe’s Cos., Inc. Senior Notes 3.70% due 04/15/2046		67,000		56,183
Retail - Convenience Store — 0.1%
7-Eleven, Inc. Senior Notes 0.63% due 02/10/2023*		85,000		83,819
Retail - Major Department Stores — 0.0%
Nordstrom, Inc. Senior Notes 4.25% due 08/01/2031#		47,000		39,621
Retail - Regional Department Stores — 0.0%
Kohl’s Corp. Senior Notes 3.38% due 05/01/2031#		38,000		33,952
Semiconductor Components - Integrated Circuits — 0.0%
Analog Devices, Inc. Senior Notes 2.80% due 10/01/2041		26,000		21,101
QUALCOMM, Inc. Senior Bonds 4.50% due 05/20/2052		20,000		20,222
				41,323

Security Description	Principal Amount		Value (Note 2)
Semiconductor Equipment — 0.1%
KLA Corp. Senior Notes 3.30% due 03/01/2050	$	105,000	$	86,838
Software Tools — 0.1%
VMware, Inc. Senior Notes 1.40% due 08/15/2026		47,000		42,144
VMware, Inc. Senior Notes 4.70% due 05/15/2030		94,000		93,214
				135,358
Steel - Producers — 0.0%
Steel Dynamics, Inc. Senior Notes 1.65% due 10/15/2027		56,000		49,297
Telephone - Integrated — 0.3%
AT&T, Inc. Senior Notes 2.75% due 06/01/2031		180,000		161,218
AT&T, Inc. Senior Notes 3.50% due 06/01/2041		87,000		73,428
AT&T, Inc. Senior Notes 3.55% due 09/15/2055		30,000		23,933
Verizon Communications, Inc. Senior Notes 2.65% due 11/20/2040		57,000		43,854
Verizon Communications, Inc. Senior Notes 3.15% due 03/22/2030		151,000		141,017
				443,450
Tobacco — 0.1%
Altria Group, Inc. Company Guar. Notes 2.45% due 02/04/2032		50,000		40,368
BAT Capital Corp. Company Guar. Notes 2.26% due 03/25/2028		113,000		97,728
BAT Capital Corp. Company Guar. Notes 3.73% due 09/25/2040		38,000		28,182
BAT Capital Corp. Company Guar. Notes 4.39% due 08/15/2037		20,000		17,118
				183,396
Toys — 0.0%
Hasbro, Inc. Senior Notes 3.90% due 11/19/2029		47,000		44,940
Transport - Rail — 0.0%
Kansas City Southern Company Guar. Notes 4.70% due 05/01/2048		22,000		21,587
Total U.S. Corporate Bonds & Notes
(cost $16,356,180)				13,966,052

16

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES — 10.1%
Federal Home Loan Bank — 0.1%
3.00% due 01/01/2052	$	94,381	$	90,231
4.00% due 01/01/2052		59,694		59,869
				150,100
Federal Home Loan Mtg. Corp. — 1.4%
2.50% due 02/01/2051		164,704		151,790
3.00% due 11/01/2050		134,479		128,615
3.00% due 07/01/2051		98,044		93,915
3.50% due 05/01/2042		69,426		69,068
3.50% due 01/01/2050		144,253		142,421
4.50% due 05/01/2052		60,000		62,857
Federal Home Loan Mtg. Corp. MSCR FRS Series 2021-MN2, Class M1 2.38% (SOFR30A+1.80%) due 07/25/2041*(2)(4)		102,189		92,945
Federal Home Loan Mtg. Corp. Multifamily Mtg. Trust VRS
Series 2017-KGX1, Class BFX 3.59% due 10/25/2027*(2)(6)		65,000		60,673
Series 2016-K58, Class B 3.74% due 09/25/2049*(2)(6)		260,000		254,038
Series 2016-K56, Class B 3.94% due 06/25/2049*(2)(6)		50,000		49,410
Federal Home Loan Mtg. Corp. REMIC Series 3910, Class CU 4.00% due 03/15/2041(4)		43,044		43,366
Federal Home Loan Mtg. Corp. SCRT
Series 2018-1, Class M60C 3.50% due 05/25/2057(4)		123,837		123,718
Series 2018-2, Class M55D 4.00% due 11/25/2057(4)		193,430		194,381
Series 2018-4, Class M55D 4.00% due 03/25/2058(4)		35,433		35,605
Series 2019-2, Class M55D 4.00% due 08/25/2058(4)		179,106		180,441
Series 2019-3, Class M55D 4.00% due 10/25/2058(4)		166,597		167,841
Federal Home Loan Mtg. Corp. SCRT VRS Series 2018-3, Class M55D 4.00% due 08/25/2057(4)(6)		162,737		163,523
				2,014,607
Federal National Mtg. Assoc. — 3.7%
1.93% due 06/01/2035		105,762		90,180
1.95% due 10/01/2029		400,000		363,488
2.50% due 01/01/2052		127,231		117,264
2.70% due 07/01/2026		152,756		149,771
2.97% due 08/01/2026		160,000		158,102
3.00% due 05/01/2050		100,326		96,470
3.00% due 01/01/2051		263,830		252,317
3.00% due 01/01/2052		361,770		345,831
3.00% due 02/01/2052		59,710		57,066
3.15% due 09/01/2033		105,000		100,271
3.33% due 04/01/2030		327,161		324,352
3.41% due 03/01/2033		107,000		104,935
3.45% due 08/01/2033		140,000		138,625
3.50% due 02/01/2052		163,723		163,901
3.50% due 11/01/2059		96,149		95,066
3.68% due 01/01/2032		160,000		162,306
3.77% due 12/01/2025		70,800		72,572
4.00% due 06/01/2049		68,030		69,364
4.00% due 02/01/2051		752,013		762,556
4.00% due 02/01/2052		69,725		70,711
4.18% due 11/01/2030		36,058		37,418
4.34% due 01/01/2029		56,458		59,230
4.50% due 05/01/2052		173,620		181,119
5.07% due 03/01/2028		69,822		75,904

Security Description	Principal Amount		Value (Note 2)
Federal National Mtg. Assoc. (continued)
Federal National Mtg. Assoc. Grantor Trust
Series 2001-T12, Class A1 6.50% due 08/25/2041(4)	$	102,143	$	108,697
Series 2002-T4, Class A1 6.50% due 12/25/2041(4)		11,577		12,494
Federal National Mtg. Assoc. REMIC
Series 2021-M3, Class 1A1 1.00% due 11/25/2033(2)		93,960		91,046
Series 2018-72, Class VB 3.50% due 10/25/2031(4)		186,466		187,462
Series 2019-7, Class CA 3.50% due 11/25/2057(4)		248,703		249,909
Series 2017-35, Class VA 4.00% due 07/25/2028(4)		95,416		97,405
Series 2002-W3, Class A4 6.50% due 11/25/2041(4)		100,699		108,510
Series 2002-W8, Class A1 6.50% due 06/25/2042(4)		50,201		55,232
Federal National Mtg. Assoc. REMIC VRS Series 2018-M2, Class A1 2.80% due 01/25/2028(2)(6)		156,350		156,754
Series 2017-M15, Class A1 2.96% due 09/25/2027(2)(6)		86,493		86,787
Series 2018-M10, Class A1 3.36% due 07/25/2028(2)(6)		62,577		63,338
				5,266,453
Government National Mtg. Assoc. — 3.9%
2.50% due 12/20/2050		230,427		212,523
2.50% due 10/20/2051		484,293		455,948
3.00% due 02/20/2051		754,599		741,205
3.00% due 03/20/2051		710,099		683,491
3.00% due 04/20/2051		435,629		420,860
3.00% due 07/20/2051		291,795		283,031
3.50% due 01/20/2051		232,482		235,307
3.50% due 02/20/2051		661,457		657,535
3.50% due 03/20/2051		445,279		441,927
3.50% due 07/20/2051		393,652		392,702
3.50% due 12/20/2051		133,865		133,508
3.50% due 01/20/2052		154,046		152,872
3.50% due 02/20/2052		144,307		144,280
4.00% due 05/20/2038		133,099		135,632
4.00% due 03/20/2051		36,507		37,160
4.50% due 12/20/2031		37,428		38,524
4.50% due 05/20/2052		110,000		114,865
Government National Mtg. Assoc. VRS Series 2021-H14, Class YD 8.34% due 06/20/2071(4)(6)		125,000		142,372
				5,423,742
Uniform Mtg. Backed Securities — 1.0%
3.50% due June 30 TBA		830,000		813,594
4.00% due June 30 TBA		565,000		565,221
				1,378,815
Total U.S. Government Agencies
(cost $15,334,115)				14,233,717
U.S. GOVERNMENT TREASURIES — 7.7%
United States Treasury Bonds — 4.1%
zero coupon due 05/15/2027 STRIPS		310,000		269,245
zero coupon due 11/15/2027#STRIPS		900,000		769,377
zero coupon due 05/15/2041 STRIPS		450,000		235,315
1.13% due 05/15/2040		531,000		377,238
1.13% due 08/15/2040		1,303,000		919,887
1.38% due 11/15/2040		720,000		530,241

17

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Principal Amount			Value (Note 2)
U.S. GOVERNMENT TREASURIES (continued)
United States Treasury Bonds (continued)
1.38% due 08/15/2050	$	1,249,000		$	836,684
1.63% due 11/15/2050		800,000			573,250
1.75% due 08/15/2041		80,000			62,319
1.88% due 02/15/2051		352,000			268,854
1.88% due 11/15/2051		409,000			312,693
2.25% due 02/15/2052		300,000			251,719
2.38% due 02/15/2042		205,000			177,837
3.13% due 02/15/2043		225,000			218,470
					5,803,129
United States Treasury Notes — 3.6%
0.38% due 12/31/2025		290,000			266,188
0.63% due 11/30/2027		292,000			258,865
0.75% due 12/31/2023		1,600,000			1,559,937
1.00% due 07/31/2028		260,000			232,355
1.25% due 05/31/2028		214,000			194,840
1.38% due 11/15/2031		30,000			26,353
1.63% due 05/15/2031		1,145,000			1,035,465
1.88% due 02/15/2032		685,000			628,702
2.88% due 04/30/2029		911,000			911,142
					5,113,847
Total U.S. Government Treasuries
(cost $12,364,511)					10,916,976
ESCROWS AND LITIGATION TRUSTS — 0.0%
ION Media Networks, Inc.†(5)		18			64
Lehman Brothers Holdings, Inc. Escrow Notes 5.50% due 04/04/2016†		44,000			176
Total Escrows And Litigation Trusts
(cost $0)					240
Total Long-Term Investment Securities
(cost $140,721,971)					137,111,201
SHORT-TERM INVESTMENT SECURITIES — 0.4%
Registered Investment Companies — 0.4%
State Street Navigator Securities Lending Government Money Market Portfolio 0.32%(7)(8) (cost $561,525)		561,525			561,525
REPURCHASE AGREEMENTS — 3.9%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.06%, dated 05/31/2022, to be repurchased 06/01/2022 in the amount $5,528,256 collateralized by $6,156,100 of United States Treasury Notes, bearing interest at 1.25% due 05/31/2028 and having an approximate value of $5,638,846 (cost $5,528,247)		5,528,247			5,528,247
TOTAL INVESTMENTS
(cost $146,811,743)(9)		101.4	%		143,200,973
Liabilities in excess of other assets		(1.4	)		(1,993,827	)
NET ASSETS		100.0	%	$	141,207,146

† 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, 2022, the aggregate value of these securities was $14,142,816 representing 10.0% of net assets.

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

(1) Collateralized Loan Obligation

(2) Commercial Mortgage Backed Security

(3) “Step-up” security where the rate increases (“steps-up”) at a predetermined rate. The rate reflected is as of May 31, 2022.

(4) Collateralized Mortgage Obligation

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

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

(7) The rate shown is the 7-day yield as of May 31, 2022.

(8) At May 31, 2022, the Fund had loaned securities with a total value of $546,912. This was secured by collateral of $561,525 which was received in cash and subsequently invested in short-term investments currently valued at $561,525 as reported in the Portfolio of Investments.

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

MSCR—Multifamily Structured Credit Risk

REMIC—Real Estate Mortgage Investment Conduit

SCRT—Seasoned Credit Risk Transfer Trust

STRIPS—Separate Trading of Registered Interest and Principal Securities

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

FRS—Floating Rate Security

VRS—Variable Rate Security

The rates shown on FRS and VRS are the current interest rates at May 31, 2022 and unless noted otherwise, the dates are the original maturity dates.

Index Legend

1 ML—1 Month USD LIBOR

SOFR30A—Secured Overnight Financing Rate 30 day average

Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	3	Long	S&P 500 E-Mini Index		June 2022	$	586,356	$	619,687	$	33,331

* 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.

18

VALIC Company I Asset Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2022 (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	$	84,974,929	$	—	$	—	$	84,974,929
Asset Backed Securities:
Diversified Financial Services		—		10,770,364		125,410		10,895,774
Foreign Corporate Bonds & Notes		—		2,123,513		—		2,123,513
U.S. Corporate Bonds & Notes		—		13,966,052		—		13,966,052
U.S. Government Agencies		—		14,233,717		—		14,233,717
U.S. Government Treasuries		—		10,916,976		—		10,916,976
Escrows and Litigation Trusts		—		176		64		240
Short-Term Investment Securities		561,525		—		—		561,525
Repurchase Agreements		—		5,528,247		—		5,528,247
Total Investments at Value	$	85,536,454	$	57,539,045	$	125,474	$	143,200,973
Other Financial Instruments:†
Futures Contracts	$	33,331	$	—	$	—	$	33,331

* 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

Level 3 investments in securities were not considered a significant portion of the Fund’s net assets.

See Notes to Financial Statements

19

VALIC Company I Blue Chip Growth Fund

PORTFOLIO PROFILE — May 31, 2022 (unaudited)

Industry Allocation*

Applications Software	13.7	%
E-Commerce/Products	11.5
Web Portals/ISP	11.4
Computers	7.3
Internet Content — Entertainment	7.2
Finance — Credit Card	6.2
Electronic Components — Semiconductors	6.1
Auto — Cars/Light Trucks	4.1
Medical — HMO	3.4
Medical — Drugs	3.0
Commercial Services — Finance	2.2
Diagnostic Equipment	2.2
Retail — Apparel/Shoe	1.6
Medical Instruments	1.6
E-Commerce/Services	1.4
Computer Aided Design	1.3
Enterprise Software/Service	1.3
Diversified Banking Institutions	1.2
Medical Products	1.1
Retail — Discount	0.9
Semiconductor Equipment	0.9
Computer Software	0.9
Retail — Restaurants	0.9
Computer Data Security	0.9
Athletic Footwear	0.9
Finance — Investment Banker/Broker	0.6
Internet Content — Information/News	0.5
Insurance — Multi-line	0.5
Retail — Automobile	0.4
Internet Application Software	0.4
Coatings/Paint	0.4
Semiconductor Components — Integrated Circuits	0.4
Industrial Gases	0.4
Multimedia	0.4
Diversified Manufacturing Operations	0.4
Registered Investment Companies	0.4
Cellular Telecom	0.3
Medical — Hospitals	0.3
Disposable Medical Products	0.3
Insurance Brokers	0.2
Retail — Major Department Stores	0.2
Data Processing/Management	0.2
Electronic Connectors	0.2
Diversified Financial Services	0.2
Commercial Services	0.2
Decision Support Software	0.1
	100.2%

* Calculated as a percentage of net assets

20

VALIC Company I Blue Chip Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 99.6%
Applications Software — 13.7%
Confluent, Inc., Class A†		34,807	$	735,472
Intuit, Inc.		31,601		13,097,351
Microsoft Corp.		225,805		61,389,605
Roper Technologies, Inc.		10,353		4,580,581
ServiceNow, Inc.†		38,209		17,861,561
				97,664,570
Athletic Footwear — 0.9%
NIKE, Inc., Class B		52,281		6,213,597
Auto - Cars/Light Trucks — 4.1%
Tesla, Inc.†		38,004		28,816,913
Cellular Telecom — 0.3%
T-Mobile US, Inc.†		16,897		2,252,201
Coatings/Paint — 0.4%
Sherwin - Williams Co.		11,157		2,990,522
Commercial Services — 0.2%
Cintas Corp.		2,795		1,113,332
Commercial Services - Finance — 2.2%
Adyen NV†*		736		1,146,171
Affirm Holdings, Inc.†#		32,306		920,721
Block, Inc., Class A†		38,323		3,353,646
PayPal Holdings, Inc.†		47,011		4,005,807
S&P Global, Inc.		15,023		5,250,238
TransUnion		15,210		1,320,380
				15,996,963
Computer Aided Design — 1.3%
Synopsys, Inc.†		30,001		9,576,319
Computer Data Security — 0.9%
Crowdstrike Holdings, Inc., Class A†		5,124		819,789
Fortinet, Inc.†		18,570		5,462,180
				6,281,969
Computer Software — 0.9%
Datadog, Inc., Class A†		15,932		1,519,753
HashiCorp, Inc., Class A†		7,932		277,779
MongoDB, Inc.†		14,179		3,362,550
Snowflake, Inc., Class A†		10,521		1,343,006
				6,503,088
Computers — 7.3%
Apple, Inc.		350,601		52,183,453
Data Processing/Management — 0.2%
DocuSign, Inc.†		19,492		1,635,574
Decision Support Software — 0.1%
MSCI, Inc.		2,246		993,518
Diagnostic Equipment — 2.2%
Danaher Corp.		37,676		9,939,682
Thermo Fisher Scientific, Inc.		10,349		5,873,782
				15,813,464
Disposable Medical Products — 0.3%
Teleflex, Inc.		7,665		2,205,527
Diversified Banking Institutions — 1.2%
Goldman Sachs Group, Inc.		25,996		8,496,793
Diversified Financial Services — 0.2%
ANT International Co., Ltd., Class C†(1)(2)		402,788		1,147,946
Diversified Manufacturing Operations — 0.4%
General Electric Co.		31,699		2,481,715

Security Description	Shares		Value (Note 2)
E-Commerce/Products — 11.5%
Amazon.com, Inc.†		31,255	$	75,142,958
Sea, Ltd. ADR†		82,060		6,783,080
				81,926,038
E-Commerce/Services — 1.4%
Booking Holdings, Inc.†		2,165		4,857,307
DoorDash, Inc., Class A†		54,166		4,165,907
Opendoor Technologies, Inc.†#		149,415		1,080,271
				10,103,485
Electronic Components - Semiconductors — 6.1%
Advanced Micro Devices, Inc.†		93,196		9,492,944
Marvell Technology, Inc.		61,099		3,614,006
Monolithic Power Systems, Inc.		7,492		3,374,322
NVIDIA Corp.		118,973		22,214,638
Texas Instruments, Inc.		24,906		4,402,385
				43,098,295
Electronic Connectors — 0.2%
TE Connectivity, Ltd.		11,936		1,544,399
Enterprise Software/Service — 1.3%
Atlassian Corp. PLC, Class A†		20,446		3,625,485
Bill.com Holdings, Inc.†		26,488		3,131,941
Paycom Software, Inc.†		1,911		543,374
Veeva Systems, Inc., Class A†		11,243		1,914,233
				9,215,033
Finance - Credit Card — 6.2%
Mastercard, Inc., Class A		54,130		19,371,503
Visa, Inc., Class A		114,920		24,382,576
				43,754,079
Finance - Investment Banker/Broker — 0.6%
Charles Schwab Corp.		59,525		4,172,703
Industrial Gases — 0.4%
Linde PLC		8,655		2,810,105
Insurance Brokers — 0.2%
Marsh & McLennan Cos., Inc.		11,029		1,764,089
Insurance - Multi-line — 0.5%
Chubb, Ltd.		15,127		3,196,184
Internet Application Software — 0.4%
Shopify, Inc., Class A†		8,159		3,060,604
Internet Content - Entertainment — 7.2%
Meta Platforms, Inc., Class A†		209,176		40,504,841
Netflix, Inc.†		19,691		3,887,791
Pinterest, Inc., Class A†		84,067		1,651,917
Snap, Inc., Class A†		285,230		4,024,595
Spotify Technology SA†		13,333		1,503,562
				51,572,706
Internet Content - Information/News — 0.5%
Tencent Holdings, Ltd.		74,400		3,429,009
Medical Instruments — 1.6%
Intuitive Surgical, Inc.†		48,720		11,090,621
Medical Products — 1.1%
Align Technology, Inc.†		4,351		1,208,012
Stryker Corp.		27,741		6,505,264
				7,713,276
Medical - Drugs — 3.0%
AstraZeneca PLC ADR		38,814		2,580,355
Eli Lilly & Co.		43,219		13,546,563

21

VALIC Company I Blue Chip Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares/ Principal Amount		Value (Note 2)
COMMON STOCKS (continued)
Medical - Drugs (continued)
Zoetis, Inc.		28,865	$	4,933,895
				21,060,813
Medical - HMO — 3.4%
Humana, Inc.		8,187		3,718,781
UnitedHealth Group, Inc.		40,939		20,337,676
				24,056,457
Medical - Hospitals — 0.3%
HCA Healthcare, Inc.		10,553		2,220,351
Multimedia — 0.4%
Walt Disney Co.†		24,000		2,650,560
Retail - Apparel/Shoe — 1.6%
Lululemon Athletica, Inc.†		18,477		5,408,033
Ross Stores, Inc.		67,691		5,755,089
				11,163,122
Retail - Automobile — 0.2%
Carvana Co.†		57,423		1,690,533
Retail - Discount — 0.9%
Dollar General Corp.		30,574		6,736,675
Retail - Major Department Stores — 0.2%
TJX Cos., Inc.		26,796		1,703,422
Retail - Restaurants — 0.9%
Chipotle Mexican Grill, Inc.†		4,564		6,401,238
Semiconductor Components - Integrated Circuits — 0.4%
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		29,852		2,844,896
Semiconductor Equipment — 0.9%
ASML Holding NV		11,501		6,627,911
Web Portals/ISP — 11.4%
Alphabet, Inc., Class A†		6,356		14,461,425
Alphabet, Inc., Class C†		29,105		66,382,102
				80,843,527
Total Common Stocks
(cost $499,457,573)				708,817,595
CONVERTIBLE PREFERRED SECURITIES — 0.0%
Decision Support Software — 0.0%
Databricks, Inc. Series G†(1)(2) (cost $323,874)		1,826		302,897
U.S. CORPORATE BONDS & NOTES — 0.2%
Retail - Automobile — 0.2%
Carvana Co. Senior Notes 10.25% due 05/01/2030* (cost $1,660,000)	$	1,660,000		1,481,384
Total Long-Term Investment Securities
(cost $501,441,447)				710,601,876

Security Description	Shares			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 0.4%
Registered Investment Companies — 0.4%
State Street Institutional U.S. Government Money Market Fund Premier Class  0.74%(4)		500,003		$	500,003
State Street Navigator Securities Lending Government Money Market Portfolio 0.32%(3)(4)		1,744,246			1,744,246
T. Rowe Price Government Reserve Fund 0.66%(4)		201,359			201,359
Total Short-Term Investment Securities
(cost $2,445,608)					2,445,608
TOTAL INVESTMENTS
(cost $503,887,055)(5)		100.2	%		713,047,484
Liabilities in excess of other assets		(0.2	)		(1,388,633	)
NET ASSETS		100.0	%	$	711,658,851

† 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, 2022, the aggregate value of these securities was $2,627,555 representing 0.4% 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, 2022, 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		402,788	$	1,535,177	$	1,147,946	$	2.85		0.16	%
Convertible Preferred Securities
Databricks, Inc. Series G		02/01/2021		1,826		323,874		302,897		165.88		0.04
							$	1,450,843				0.20	%

(3) At May 31, 2022, the Fund had loaned securities with a total value of $1,879,911. This was secured by collateral of $1,744,246 which was received in cash and subsequently invested in short-term investments currently valued at $1,744,246 as reported in the Portfolio of Investments. Additional collateral of $285,044 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.

22

VALIC Company I Blue Chip Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (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,  2022
United States Treasury Bills	0.00%	06/16/2022 to 08/11/2022	$	3,400
United States Treasury Notes/Bonds	0.13% to 6.25%	06/30/2022 to 02/15/2052		281,644

(4) The rate shown is the 7-day yield as of May 31, 2022.

(5) 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, 2022 (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	$	—	$	—		$	1,147,946	$	1,147,946
Other Industries		703,094,469		4,575,180	**		—		707,669,649
Convertible Preferred Securities		—		—			302,897		302,897
U.S. Corporate Bonds & Notes		—		1,481,384			—		1,481,384
Short-Term Investment Securities		2,445,608		—			—		2,445,608
Total Investments at Value	$	705,540,077	$	6,056,564		$	1,450,843	$	713,047,484

* 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).

Level 3 investments in securities were not considered a significant portion of the Fund’s net assets.

See Notes to Financial Statements

23

VALIC Company I Capital Appreciation Fund

PORTFOLIO PROFILE — May 31, 2022 (unaudited)

Industry Allocation*

Applications Software	10.1	%
Computers	8.7
Electronic Components — Semiconductors	7.7
Web Portals/ISP	6.4
Finance — Credit Card	4.5
Medical — Biomedical/Gene	4.3
E-Commerce/Products	3.7
Internet Content — Entertainment	3.6
Commercial Services — Finance	2.5
Retail — Auto Parts	2.4
Electronic Forms	2.3
Transport — Services	2.3
Semiconductor Components — Integrated Circuits	2.2
Retail — Perfume & Cosmetics	2.0
Auto — Cars/Light Trucks	1.7
Transport — Rail	1.6
Entertainment Software	1.6
Computer Data Security	1.6
Medical — Drugs	1.5
Food — Confectionery	1.5
Therapeutics	1.5
Web Hosting/Design	1.3
Semiconductor Equipment	1.2
Wireless Equipment	1.2
Real Estate Management/Services	1.2
Internet Security	1.2
Non-Hazardous Waste Disposal	1.2
Enterprise Software/Service	1.1
Dialysis Centers	1.0
Resorts/Theme Parks	1.0
Cable/Satellite TV	1.0
Insurance — Property/Casualty	0.9
Retail-Discount	0.9
Real Estate Investment Trusts	0.9
Funeral Services & Related Items	0.9
Apparel Manufacturers	0.9
Banks — Super Regional	0.8
Computer Software	0.8
Medical — HMO	0.8
Diversified Manufacturing Operations	0.8
Retail — Building Products	0.8
Data Processing/Management	0.7
Retail — Home Furnishings	0.7
Computer Aided Design	0.7
Registered Investment Companies	0.7
Tools — Hand Held	0.7
Internet Infrastructure Software	0.5
Beverages-Non-alcoholic	0.5
Athletic Footwear	0.5
Healthcare Safety Devices	0.5
Metal — Copper	0.5
Firearms & Ammunition	0.4
	100.0	%

* Calculated as a percentage of net assets

24

VALIC Company I Capital Appreciation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 99.3%
Apparel Manufacturers — 0.9%
Carter’s, Inc.		14,755	$	1,136,873
Applications Software — 10.1%
Microsoft Corp.		40,389		10,980,558
ServiceNow, Inc.†		5,188		2,425,234
				13,405,792
Athletic Footwear — 0.5%
NIKE, Inc., Class B		5,394		641,077
Auto - Cars/Light Trucks — 1.7%
Tesla, Inc.†		3,070		2,327,858
Banks - Super Regional — 0.8%
US Bancorp		21,194		1,124,766
Beverages - Non-alcoholic — 0.5%
Monster Beverage Corp.†		7,553		673,123
Cable/Satellite TV — 1.0%
Charter Communications, Inc., Class A†		2,538		1,286,588
Commercial Services - Finance — 2.5%
FleetCor Technologies, Inc.†		6,751		1,679,716
TransUnion		18,671		1,620,830
				3,300,546
Computer Aided Design — 0.7%
Autodesk, Inc.†		4,424		919,086
Computer Data Security — 1.6%
Fortinet, Inc.†		7,136		2,098,983
Computer Software — 0.8%
Dropbox, Inc., Class A†		53,809		1,121,380
Computers — 8.7%
Apple, Inc.		78,318		11,656,851
Data Processing/Management — 0.7%
Fair Isaac Corp.†		2,410		987,015
Dialysis Centers — 1.0%
DaVita, Inc.†		13,911		1,356,183
Diversified Manufacturing Operations — 0.8%
A.O. Smith Corp.		17,082		1,026,970
E-Commerce/Products — 3.7%
Amazon.com, Inc.†		2,044		4,914,164
Electronic Components - Semiconductors — 7.7%
Advanced Micro Devices, Inc.†		7,628		776,988
Broadcom, Inc.		7,917		4,592,889
NVIDIA Corp.		18,932		3,534,983
Texas Instruments, Inc.		7,557		1,335,776
				10,240,636
Electronic Forms — 2.3%
Adobe, Inc.†		7,321		3,049,050
Enterprise Software/Service — 1.1%
Veeva Systems, Inc., Class A†		8,386		1,427,800
Entertainment Software — 1.6%
Electronic Arts, Inc.		15,381		2,132,576
Finance - Credit Card — 4.5%
Mastercard, Inc., Class A		13,505		4,833,034
Visa, Inc., Class A		5,811		1,232,920
				6,065,954
Firearms & Ammunition — 0.4%
Axon Enterprise, Inc.†		5,385		545,824

Security Description	Shares		Value (Note 2)
Food - Confectionery — 1.5%
Hershey Co.		9,747	$	2,063,537
Funeral Services & Related Items — 0.9%
Service Corp. International		16,556		1,159,417
Healthcare Safety Devices — 0.5%
Tandem Diabetes Care, Inc.†		9,294		633,572
Insurance - Property/Casualty — 0.9%
Progressive Corp.		10,565		1,261,250
Internet Content - Entertainment — 3.6%
Meta Platforms, Inc., Class A†		24,594		4,762,382
Internet Infrastructure Software — 0.5%
F5, Inc.†		4,188		682,812
Internet Security — 1.2%
Palo Alto Networks, Inc.†		3,170		1,593,813
Medical - Biomedical/Gene — 4.3%
Exelixis, Inc.†		54,311		995,521
Horizon Therapeutics PLC†		12,178		1,092,245
Vertex Pharmaceuticals, Inc.†		13,447		3,612,536
				5,700,302
Medical - Drugs — 1.5%
Eli Lilly & Co.		4,081		1,279,149
Zoetis, Inc.		4,610		787,987
				2,067,136
Medical - HMO — 0.8%
UnitedHealth Group, Inc.		2,176		1,080,993
Metal - Copper — 0.5%
Freeport-McMoRan, Inc.		16,211		633,526
Non-Hazardous Waste Disposal — 1.2%
Waste Management, Inc.		9,809		1,554,825
Real Estate Investment Trusts — 0.9%
Public Storage		3,656		1,208,820
Real Estate Management/Services — 1.2%
CBRE Group, Inc., Class A†		19,693		1,631,368
Resort/Theme Parks — 1.0%
Vail Resorts, Inc.		5,235		1,320,319
Retail - Auto Parts — 2.4%
AutoZone, Inc.†		1,577		3,248,068
Retail - Building Products — 0.8%
Lowe’s Cos., Inc.		5,174		1,010,482
Retail - Discount — 0.9%
Target Corp.		7,765		1,256,998
Retail - Home Furnishings — 0.7%
Williams-Sonoma, Inc.		7,650		978,588
Retail - Perfume & Cosmetics — 2.0%
Ulta Beauty, Inc.†		6,274		2,654,529
Semiconductor Components - Integrated Circuits — 2.2%
QUALCOMM, Inc.		20,416		2,923,980
Semiconductor Equipment — 1.2%
KLA Corp.		2,910		1,061,714
Teradyne, Inc.		5,282		577,111
				1,638,825
Therapeutics — 1.5%
Neurocrine Biosciences, Inc.†		21,453		2,005,641

25

VALIC Company I Capital Appreciation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Tools - Hand Held — 0.7%
Snap-on, Inc.		4,004	$	888,408
Transport - Rail — 1.6%
Union Pacific Corp.		9,814		2,156,921
Transport - Services — 2.3%
United Parcel Service, Inc., Class B		16,502		3,007,489
Web Hosting/Design — 1.3%
GoDaddy, Inc., Class A†		23,513		1,764,651
Web Portals/ISP — 6.4%
Alphabet, Inc., Class A†		838		1,906,651
Alphabet, Inc., Class C†		2,881		6,570,927
				8,477,578
Wireless Equipment — 1.2%
Motorola Solutions, Inc.		7,456		1,638,381
Total Long-Term Investment Securities
(cost $99,190,915)				132,443,706

Security Description	Shares			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 0.7%
Registered Investment Companies — 0.7%
State Street Institutional U.S. Government Money Market Fund, Premier Class  0.74%(2) (cost $894,868)		894,868		$	894,868
TOTAL INVESTMENTS
(cost $100,085,783)(1)		100.0	%		133,338,574
Liabilities in excess of other assets		(0.0	)		(14,780	)
NET ASSETS		100.0	%	$	133,323,794

† Non-income producing security

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

(2) The rate shown is the 7-day yield as of May 31, 2022.

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2022 (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	$	132,443,706	$	—	$	—	$	132,443,706
Short-Term Investment Securities		894,868		—		—		894,868
Total Investments at Value	$	133,338,574	$	—	$	—	$	133,338,574

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

See Notes to Financial Statements

26

VALIC Company I Conservative Growth Lifestyle Fund

PORTFOLIO PROFILE — May 31, 2022 (unaudited)

Industry Allocation*

Domestic Fixed Income Investment Companies	60.7	%
Domestic Equity Investment Companies	19.7
Registered Investment Companies	8.0
International Equity Investment Companies	7.9
International Fixed Income Investment Companies	3.7
	100.0	%

* Calculated as a percentage of net assets

27

VALIC Company I Conservative Growth Lifestyle Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022

Security Description	Shares		Value (Note 2)
AFFILIATED REGISTERED INVESTMENT COMPANIES#(1) — 100.0%
Domestic Equity Investment Companies — 19.7%
VALIC Co. I Blue Chip Growth Fund		89,341	$	1,469,662
VALIC Co. I Capital Appreciation Fund		403,677		7,766,752
VALIC Co. I Dividend Value Fund		150,510		1,988,234
VALIC Co. I Large Capital Growth Fund		257,219		4,737,978
VALIC Co. I Mid Cap Index Fund		273,244		7,208,183
VALIC Co. I Mid Cap Strategic Growth Fund		234,833		4,198,808
VALIC Co. I Mid Cap Value Fund		96,083		1,983,156
VALIC Co. I Nasdaq-100 Index Fund		75,679		1,518,114
VALIC Co. I Science & Technology Fund		21,723		495,283
VALIC Co. I Small Cap Growth Fund		109,427		1,616,231
VALIC Co. I Small Cap Index Fund		52,862		920,329
VALIC Co. I Small Cap Special Values Fund		84,827		1,078,150
VALIC Co. I Small Cap Value Fund		9,331		126,339
VALIC Co. I Stock Index Fund		252,788		12,004,886
VALIC Co. I Systematic Core Fund		148,895		3,804,278
VALIC Co. I Systematic Value Fund		1,100,180		14,313,339
Total Domestic Equity Investment Companies
(cost $69,074,266)				65,229,722
Domestic Fixed Income Investment Companies — 60.7%
VALIC Co. I Core Bond Fund		15,037,640		152,632,044
VALIC Co. I Government Securities Fund		757,526		7,416,181
VALIC Co. I High Yield Bond Fund		3,461,628		24,335,243
VALIC Co. I Inflation Protected Fund		1,487,678		16,394,215
Total Domestic Fixed Income Investment Companies
(cost $220,985,472)				200,777,683
International Equity Investment Companies — 7.9%
VALIC Co. I Emerging Economies Fund		258,835		1,876,556
VALIC Co. I Global Real Estate Fund		661,797		5,009,803
VALIC Co. I International Equities Index Fund		1,094,748		7,969,764

Security Description	Shares			Value (Note 2)
International Equity Investment Companies (continued)
VALIC Co. I International Opportunities Fund		528,957		$	8,473,900
VALIC Co. I International Value Fund		274,474			2,717,290
Total International Equity Investment Companies
(cost $27,382,579)					26,047,313
International Fixed Income Investment Companies — 3.7%
VALIC Co. I International Government Bond Fund (cost $13,962,978)		1,191,664			12,393,306
Total Long-Term Investment Securities
(cost $331,405,295)					304,448,024
SHORT-TERM INVESTMENT SECURITIES — 8.0%
Registered Investment Companies — 8.0%
State Street Institutional U.S. Government Money Market Fund, Premier Class(2) (cost $26,335,597)		26,335,597			26,335,597
TOTAL INVESTMENTS
(cost $357,740,892)(3)		100.0	%		330,783,621
Liabilities in excess of other assets		(0.0	)		(86,722	)
NET ASSETS		100.0	%	$	330,696,899

# The Conservative Growth Lifestyle Fund invests in various VALIC Company I Funds. Additional information on the underlying funds including such fund’s prospectuses and shareholder reports are available at our website, www.valic.com.

(1) See Note 3.

(2) The 7-day yield as of May 31, 2022 is 0.74%.

(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, 2022 (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	$	304,448,024	$	—	$	—	$	304,448,024
Short-Term Investment Securities		26,335,597		—		—		26,335,597
Total Investments at Value	$	330,783,621	$	—	$	—	$	330,783,621

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

See Notes to Financial Statements

28

VALIC Company I Core Bond Fund

PORTFOLIO PROFILE — May 31, 2022 (unaudited)

Industry Allocation*

Federal National Mtg. Assoc.	27.5	%
Registered Investment Companies	13.2
Federal Home Loan Mtg. Corp.	8.9
Uniform Mtg. Backed Securities	7.3
United States Treasury Bonds	6.4
United States Treasury Notes	5.8
Diversified Banking Institutions	5.5
Government National Mtg. Assoc.	4.7
Banks — Commercial	3.0
Diversified Financial Services	2.4
Electric — Integrated	2.0
Pipelines	1.3
Oil Companies — Exploration & Production	1.0
Insurance — Life/Health	1.0
Telephone — Integrated	0.8
Banks — Super Regional	0.7
SupraNational Banks	0.7
Cable/Satellite TV	0.7
Auto — Cars/Light Trucks	0.7
Real Estate Investment Trusts	0.6
Banks — Special Purpose	0.5
Oil Companies — Integrated	0.4
Finance — Consumer Loans	0.4
Paper & Related Products	0.4
Containers — Paper/Plastic	0.4
Medical — Drugs	0.4
Computers	0.4
Rental Auto/Equipment	0.4
Diversified Manufacturing Operations	0.4
Machinery — Construction & Mining	0.3
Enterprise Software/Service	0.3
Federal Home Loan Bank	0.3
Brewery	0.3
Electric — Distribution	0.3
Medical — Biomedical/Gene	0.3
Food — Wholesale/Distribution	0.3
Food — Misc./Diversified	0.3
Transport — Rail	0.3
Hotels/Motels	0.3
Medical — Hospitals	0.3
Cellular Telecom	0.2
Machinery — Farming	0.2
Sovereign	0.2
Oil — Field Services	0.2
Chemicals — Specialty	0.2
Tools — Hand Held	0.2
Cosmetics & Toiletries	0.2
Medical — HMO	0.2
Motion Pictures & Services	0.2
Commercial Services — Finance	0.2
Insurance — Property/Casualty	0.2
Electric — Generation	0.2
Electronic Measurement Instruments	0.2
Investment Companies	0.2
Medical Labs & Testing Services	0.2
Food — Meat Products	0.2
E-Commerce/Products	0.2
Pharmacy Services	0.2
Multimedia	0.2
Cruise Lines	0.2
Retail — Restaurants	0.2
Insurance — Mutual	0.2
Medical — Generic Drugs	0.1
Airlines	0.1
Transport — Services	0.1
Chemicals — Diversified	0.1
Retail — Regional Department Stores	0.1
Computer Services	0.1
Coatings/Paint	0.1

Metal — Diversified	0.1
Gold Mining	0.1
Electronic Components — Semiconductors	0.1
Insurance Brokers	0.1
Telecom Equipment — Fiber Optics	0.1
Finance — Other Services	0.1
Savings & Loans/Thrifts	0.1
Trucking/Leasing	0.1
Retail — Discount	0.1
Medical — Wholesale Drug Distribution	0.1
Semiconductor Components — Integrated Circuits	0.1
Agricultural Chemicals	0.1
Broadcast Services/Program	0.1
Diversified Minerals	0.1
E-Commerce/Services	0.1
Oil Field Machinery & Equipment	0.1
Independent Power Producers	0.1
Telecom Services	0.1
Beverages — Non-alcoholic	0.1
Steel — Producers	0.1
Transport — Equipment & Leasing	0.1
Non — Hazardous Waste Disposal	0.1
Satellite Telecom	0.1
Commercial Services	0.1
Casino Hotels	0.1
Batteries/Battery Systems	0.1
Finance — Leasing Companies	0.1
Finance — Investment Banker/Broker	0.1
Retail — Building Products	0.1
Electric — Transmission	0.1
Machinery — Pumps	0.1
Building Products-Air & Heating	0.1
Retail — Major Department Stores	0.1
Transport — Air Freight	0.1
Finance — Auto Loans	0.1
Television	0.1
Auto — Heavy Duty Trucks	0.1
Resorts/Theme Parks	0.1
Medical Products	0.1
Retail — Automobile	0.1
Aerospace/Defense	0.1
	110.4	%

Credit Quality†#

Aaa	64.5	%
Aa	1.4
A	9.1
Baa	14.5
Ba	3.3
B	2.4
Caa	0.6
NR	4.2
	100.0	%

* Calculated as a percentage of net assets

† Source: Moody’s

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

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

29

VALIC Company I Core Bond Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES — 2.3%
Diversified Financial Services — 2.3%
American Express Credit Account Master Trust Series 2017-7, Class B 2.54% due 05/15/2025	$	3,000,000	$	3,003,373
AmeriCredit Automobile Receivables Trust Series 2022-1, Class C 2.98% due 09/20/2027		1,650,000		1,590,739
BA Credit Card Trust Series 2019-A1, Class A1 1.74% due 01/15/2025		1,500,000		1,500,619
BANK VRS Series 2022-BNK42, ClassA5 4.49% due 06/15/2055(1)(2)		1,727,000		1,783,539
Benchmark Mtg. Trust Series 2018-B1, Class A2 3.57% due 01/15/2051(1)		1,261,032		1,262,447
BX Commercial Mtg. Trust FRS Series 2019-IMC, Class A 1.88% (1 ML+1.00%) due 04/15/2034*(1)		3,300,000		3,231,760
CAMB Commercial Mtg. Trust FRS Series 2019-LIFE, Class A 1.95% (1 ML+1.07%) due 12/15/2037*(1)		750,000		736,850
Capital One Multi-Asset Execution Trust Series 2021-A1, Class A1 0.55% due 07/15/2026		2,700,000		2,550,286
Capital One Multi-Asset Execution Trust Series 2021-A2, Class A2 1.39% due 07/15/2030		1,950,000		1,697,947
Capital One Multi-Asset Execution Trust Series 2022-A1, Class A1 2.80% due 03/15/2027		1,575,000		1,558,886
Capital One Prime Auto Receivables Trust Series 2019-2, Class A3 1.92% due 05/15/2024		275,784		275,494
CarMax Auto Owner Trust Series 2022-1, Class A2 0.91% due 02/18/2025		900,000		889,401
CarMax Auto Owner Trust Series 2019-3, Class A3 2.18% due 08/15/2024		592,458		591,911
CarMax Auto Owner Trust Series 2019-2, Class A3 2.68% due 03/15/2024		308,577		308,945
CarMax Auto Owner Trust Series 2018-4, Class A3 3.36% due 09/15/2023		67,046		67,127
Carmax Auto Owner Trust Series 2018-4, Class D 4.15% due 04/15/2025		1,315,000		1,319,660
Chase Mtg. Finance Trust VRS Series 2016-SH2, Class M2 3.75% due 12/25/2045*(2)(3)		1,241,903		1,176,279
Citibank Credit Card Issuance Trust Series 2018-A7, Class A7 3.96% due 10/13/2030		900,000		925,456
Citigroup Commercial Mtg. Trust VRS Series 2018-C5, Class A4 4.23% due 06/10/2051(1)(2)		1,000,000		1,004,466
CNH Equipment Trust Series 2021-A, Class A3 0.40% due 12/15/2025		1,950,000		1,882,047
COMM Mtg. Trust VRS Series 2015-CR22, Class XA 0.83% due 03/10/2048(1)(2)(4)		3,423,186		66,804

Security Description	Principal Amount		Value (Note 2)
Diversified Financial Services (continued)
COMM Mtg. Trust VRS Series 2016-787S, Class B 3.83% due 02/10/2036*(1)(2)	$	1,629,000	$	1,567,286
CSAIL Commercial Mtg. Trust Series 2019-C17, Class A2 3.00% due 09/15/2052(1)		1,900,000		1,849,733
CSAIL Commercial Mtg. Trust Series 2015-C1, Class A4 3.51% due 04/15/2050(1)		490,000		484,519
Dell Equipment Finance Trust Series 2021-2, Class A3 0.53% due 12/22/2026*		1,440,000		1,378,248
Ford Credit Floorplan Master Owner Trust Series 2020-2, Class A 1.06% due 09/15/2027		2,000,000		1,831,934
GM Financial Consumer Automobile Receivables Trust Series 2019-3, Class A3 2.18% due 04/16/2024		261,288		261,419
Hertz Vehicle Financing LLC Series 2021-1A, Class A 1.21% due 12/26/2025*		2,700,000		2,550,083
Honda Auto Receivables Owner Trust Series 2020-3, Class A4 0.46% due 04/19/2027		1,490,000		1,432,611
Honda Auto Receivables Owner Trust Series 2020-2, Class A4 1.09% due 10/15/2026		800,000		782,568
Honda Auto Receivables Owner Trust Series 2019-1, Class A3 2.83% due 03/20/2023		31,301		31,319
John Deere Owner Trust Series 2021-A, Class A4 0.62% due 12/15/2027		1,340,000		1,254,151
Mercedes-Benz Auto Receivables Trust Series 2021-1, Class A3 0.46% due 06/15/2026		1,720,000		1,649,886
MSDB Trust VRS Series 2017-712F, Class A 3.32% due 07/11/2039*(1)(2)		5,310,000		4,967,062
Navient Private Education Refi Loan Trust Series 2020-A, Class A2A 2.46% due 11/15/2068*		1,323,264		1,259,197
One Bryant Park Trust Series 2019-OBP, Class A 2.52% due 09/15/2054*(1)		11,400,000		10,100,457
Shellpoint Co-Originator Trust VRS Series 2017-2, Class A1 3.50% due 10/25/2047*(2)(3)		252,886		241,597
Toyota Auto Loan Extended Note Trust Series 2019-1A, Class A 2.56% due 11/25/2031*		1,425,000		1,398,384
Toyota Auto Receivables Owner Trust Series 2019-B, Class A3 2.57% due 08/15/2023		468,042		468,625
Toyota Auto Receivables Owner Trust Series 2018-C, Class A4 3.13% due 02/15/2024		305,787		306,525
Verizon Master Trust Series 2021-2, Class C 1.38% due 04/20/2028		3,400,000		3,188,655
Volkswagen Auto Loan Enhanced Trust Series 2020-1, Class A4 1.26% due 08/20/2026		590,000		577,080
Total Asset Backed Securities
(cost $67,771,574)				65,005,375

30

VALIC Company I Core Bond Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES — 23.8%
Aerospace/Defense — 0.1%
BAE Systems Holdings, Inc. Company Guar. Notes 3.85% due 12/15/2025*	$	1,296,000	$	1,282,944
Lockheed Martin Corp. Senior Notes 2.80% due 06/15/2050		15,000		11,715
				1,294,659
Aerospace/Defense - Equipment — 0.0%
Spirit AeroSystems, Inc. Sec. Notes 7.50% due 04/15/2025*		687,000		688,717
Agricultural Chemicals — 0.1%
CF Industries, Inc. Company Guar. Notes 5.38% due 03/15/2044		1,922,000		1,934,490
Airlines — 0.1%
American Airlines Group, Inc. Company Guar. Notes 3.75% due 03/01/2025*#		617,000		547,915
American Airlines, Inc. Senior Sec. Notes 11.75% due 07/15/2025*		702,000		797,296
British Airways Pass Through Trust Pass-Through Certs. 2.90% due 09/15/2036*		1,627,915		1,423,174
United Airlines, Inc. Senior Sec. Notes 4.63% due 04/15/2029*		1,255,000		1,179,700
				3,948,085
Applications Software — 0.0%
Microsoft Corp. Senior Notes 2.92% due 03/17/2052		1,141,000		946,432
Auction Houses/Art Dealers — 0.0%
Sotheby’s Senior Sec. Notes 7.38% due 10/15/2027*		1,000,000		976,636
Auto Repair Centers — 0.0%
Metis Merger Sub LLC Senior Notes 6.50% due 05/15/2029*		670,000		561,125
Auto - Cars/Light Trucks — 0.6%
BMW US Capital LLC Company Guar. Notes 3.90% due 04/09/2025*		1,582,000		1,601,115
Ford Motor Co. Senior Notes 3.25% due 02/12/2032		450,000		377,632
Ford Motor Co. Senior Notes 4.75% due 01/15/2043		1,480,000		1,221,000
Ford Motor Credit Co. LLC Senior Notes 2.90% due 02/16/2028		1,162,000		1,010,638
Ford Motor Credit Co. LLC Senior Notes 4.00% due 11/13/2030		3,499,000		3,140,352

Security Description	Principal Amount		Value (Note 2)
Auto - Cars/Light Trucks (continued)
Ford Motor Credit Co. LLC Senior Notes 4.95% due 05/28/2027#	$	230,000	$	228,915
General Motors Financial Co., Inc. Senior Notes 2.70% due 06/10/2031		1,154,000		954,036
General Motors Financial Co., Inc. Senior Notes 2.75% due 06/20/2025		2,054,000		1,977,831
Hyundai Capital America Senior Notes 3.40% due 06/20/2024*		1,703,000		1,690,378
Toyota Motor Credit Corp. Senior Notes 1.90% due 04/06/2028		2,685,000		2,441,360
Volkswagen Group America Senior Notes 4.35% due 06/08/2027*		1,765,000		1,763,747
				16,407,004
Auto - Heavy Duty Trucks — 0.1%
Daimler Trucks Finance North America LLC Company Guar. Notes 2.50% due 12/14/2031*		814,000		683,673
JB Poindexter & Co., Inc. Senior Notes 7.13% due 04/15/2026*		661,000		654,793
				1,338,466
Auto/Truck Parts & Equipment - Original — 0.0%
Dornoch Debt Merger Sub, Inc. Senior Notes 6.63% due 10/15/2029*		583,000		464,942
Banks - Commercial — 1.3%
BankUnited, Inc. Senior Notes 4.88% due 11/17/2025		3,323,000		3,434,568
BankUnited, Inc. Sub. Notes 5.13% due 06/11/2030		6,243,000		6,202,231
Citizens Financial Group, Inc. Sub. Notes 2.64% due 09/30/2032		5,357,000		4,404,354
Citizens Financial Group, Inc. Senior Notes 3.25% due 04/30/2030		769,000		703,393
First Horizon Bank Sub. Notes 5.75% due 05/01/2030		4,272,000		4,522,587
Regions Financial Corp. Sub. Notes 7.38% due 12/10/2037		2,221,000		2,758,626
Signature Bank Sub. Notes 4.00% due 10/15/2030		4,154,000		4,037,254
SunTrust Bank Senior Notes 3.20% due 04/01/2024		448,000		449,683
SVB Financial Group Senior Notes 4.35% due 04/29/2028		3,352,000		3,334,019
Texas Capital Bancshares, Inc. Sub. Bonds 4.00% due 05/06/2031		2,094,000		1,991,917

31

VALIC Company I Core Bond Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Banks - Commercial (continued)
Valley National Bancorp Sub. Notes 3.00% due 06/15/2031	$	2,019,000	$	1,896,915
Zions Bancorp NA Sub. Notes 3.25% due 10/29/2029		3,140,000		2,832,776
				36,568,323
Banks - Super Regional — 0.7%
Huntington National Bank Senior Notes 4.01% due 05/16/2025		1,395,000		1,403,598
Huntington National Bank Senior Notes 4.55% due 05/17/2028		1,937,000		1,971,149
KeyCorp Senior Notes 3.88% due 05/23/2025		695,000		701,427
US Bancorp Sub. Notes 2.49% due 11/03/2036		4,943,000		4,138,025
Wells Fargo & Co. Senior Notes 2.39% due 06/02/2028		871,000		800,580
Wells Fargo & Co. Senior Notes 3.07% due 04/30/2041		1,863,000		1,512,237
Wells Fargo & Co. Sub. Notes 4.30% due 07/22/2027		6,425,000		6,460,954
Wells Fargo & Co. Senior Bonds 4.61% due 04/25/2053		2,289,000		2,249,634
Wells Fargo & Co. Sub. Notes 4.65% due 11/04/2044		541,000		513,814
Wells Fargo & Co. Sub. Notes 5.61% due 01/15/2044		1,012,000		1,081,438
				20,832,856
Batteries/Battery Systems — 0.1%
Energizer Holdings, Inc. Company Guar. Notes 4.38% due 03/31/2029*		1,141,000		964,767
EnerSys Company Guar. Notes 4.38% due 12/15/2027*		799,000		725,516
				1,690,283
Beverages - Non-alcoholic — 0.1%
PepsiCo, Inc. Senior Notes 2.25% due 03/19/2025		2,241,000		2,208,692
Brewery — 0.3%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.90% due 02/01/2046		4,367,000		4,399,443
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.60% due 04/15/2048		3,551,000		3,385,417
Constellation Brands, Inc. Senior Notes 4.35% due 05/09/2027		754,000		761,637
				8,546,497

Security Description	Principal Amount		Value (Note 2)
Broadcast Services/Program — 0.1%
Discovery Communications LLC Company Guar. Notes 5.30% due 05/15/2049	$	1,858,000	$	1,719,555
Univision Communications, Inc. Senior Sec. Notes 6.63% due 06/01/2027*		825,000		827,363
				2,546,918
Building & Construction Products - Misc. — 0.0%
Standard Industries, Inc. Senior Notes 3.38% due 01/15/2031*		697,000		587,780
Building & Construction - Misc. — 0.0%
VM Consolidated, Inc. Company Guar. Notes 5.50% due 04/15/2029*		655,000		576,733
Building Products - Air & Heating — 0.1%
Carrier Global Corp. Senior Notes 3.38% due 04/05/2040		1,885,000		1,537,843
Building Products - Doors & Windows — 0.0%
PGT Innovations, Inc. Company Guar. Notes 4.38% due 10/01/2029*		541,000		483,863
Cable/Satellite TV — 0.6%
Block Communications, Inc. Company Guar. Notes 4.88% due 03/01/2028*		649,000		584,100
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.00% due 02/01/2028*		361,000		349,226
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.38% due 06/01/2029*		1,475,000		1,425,130
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 3.50% due 06/01/2041		763,000		572,917
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 3.85% due 04/01/2061		1,377,000		980,213
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 4.40% due 12/01/2061		655,000		505,866
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 4.80% due 03/01/2050		1,864,000		1,573,438
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 5.38% due 04/01/2038		239,000		224,933
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 6.38% due 10/23/2035		853,000		903,408
Comcast Corp. Company Guar. Notes 3.90% due 03/01/2038		553,000		527,705
Comcast Corp. Company Guar. Notes 4.60% due 10/15/2038		2,329,000		2,367,863

32

VALIC Company I Core Bond Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Cable/Satellite TV (continued)
CSC Holdings LLC Senior Notes 4.63% due 12/01/2030*	$	1,370,000	$	1,075,998
CSC Holdings LLC Company Guar. Bonds 5.38% due 02/01/2028*		856,000		813,200
CSC Holdings LLC Senior Notes 5.75% due 01/15/2030*		955,000		790,262
Sirius XM Radio, Inc. Company Guar. Notes 4.00% due 07/15/2028*		770,000		714,059
Time Warner Cable LLC Senior Sec. Notes 6.55% due 05/01/2037		2,431,000		2,562,714
				15,971,032
Casino Services — 0.0%
Caesars Entertainment, Inc. Senior Sec. Notes 6.25% due 07/01/2025*		664,000		671,955
Cellular Telecom — 0.1%
T-Mobile USA, Inc. Senior Sec. Notes 3.00% due 02/15/2041		2,317,000		1,820,671
T-Mobile USA, Inc. Senior Sec. Notes 3.60% due 11/15/2060		1,108,000		863,272
T-Mobile USA, Inc. Senior Sec. Notes 3.60% due 11/15/2060*		1,185,000		923,265
				3,607,208
Chemicals - Diversified — 0.0%
Westlake Chemical Corp. Senior Notes 3.13% due 08/15/2051#		738,000		544,495
Westlake Chemical Corp. Senior Notes 3.38% due 08/15/2061		856,000		616,681
				1,161,176
Chemicals - Specialty — 0.2%
Albemarle Corp. Senior Notes 4.65% due 06/01/2027		1,550,000		1,560,630
Albemarle Corp. Senior Notes 5.65% due 06/01/2052		2,154,000		2,239,508
Ecolab, Inc. Senior Notes 2.70% due 12/15/2051		1,795,000		1,342,887
Minerals Technologies, Inc. Company Guar. Notes 5.00% due 07/01/2028*		433,000		402,690
Unifrax Escrow ISS Corp. Senior Sec. Notes 5.25% due 09/30/2028*		117,000		105,657
				5,651,372
Circuit Boards — 0.0%
TTM Technologies, Inc. Company Guar. Notes 4.00% due 03/01/2029*#		775,000		685,642

Security Description	Principal Amount		Value (Note 2)
Coal — 0.0%
Warrior Met Coal, Inc. Senior Sec. Notes 7.88% due 12/01/2028*	$	555,000	$	555,000
Coatings/Paint — 0.1%
RPM International, Inc. Senior Notes 2.95% due 01/15/2032		1,149,000		988,908
RPM International, Inc. Senior Notes 4.55% due 03/01/2029		2,635,000		2,620,179
				3,609,087
Commercial Services — 0.1%
Cintas Corp. No. 2 Company Guar. Notes 3.45% due 05/01/2025		903,000		911,085
Nielsen Finance LLC/Nielsen Finance Co. Company Guar. Notes 5.63% due 10/01/2028*		199,000		197,507
Quanta Services, Inc. Senior Bonds 3.05% due 10/01/2041		1,006,000		741,824
				1,850,416
Commercial Services - Finance — 0.2%
Automatic Data Processing, Inc. Senior Notes 1.70% due 05/15/2028		1,102,000		1,001,487
MPH Acquisition Holdings LLC Company Guar. Notes 5.75% due 11/01/2028*#		1,173,000		1,044,244
S&P Global, Inc. Company Guar. Notes 2.70% due 03/01/2029*		2,326,000		2,159,084
				4,204,815
Computer Data Security — 0.0%
Condor Merger Sub, Inc. Senior Notes 7.38% due 02/15/2030*		980,000		854,109
Computer Services — 0.1%
Ahead DB Holdings LLC Company Guar. Notes 6.63% due 05/01/2028*		785,000		669,477
Kyndryl Holdings, Inc. Senior Notes 2.05% due 10/15/2026*		1,537,000		1,342,772
Kyndryl Holdings, Inc. Senior Notes 3.15% due 10/15/2031*#		565,000		433,878
Leidos, Inc. Company Guar. Notes 3.63% due 05/15/2025		1,297,000		1,289,430
				3,735,557
Computer Software — 0.0%
Rackspace Technology Global, Inc. Senior Sec. Notes 3.50% due 02/15/2028*		240,000		204,942
Rackspace Technology Global, Inc. Company Guar. Notes 5.38% due 12/01/2028*#		577,000		456,199
				661,141

33

VALIC Company I Core Bond Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Computers — 0.4%
Apple, Inc. Senior Notes 1.40% due 08/05/2028	$	2,247,000	$	2,002,670
Apple, Inc. Senior Notes 2.70% due 08/05/2051		760,000		592,745
Apple, Inc. Senior Notes 2.80% due 02/08/2061		760,000		574,344
Dell International LLC/EMC Corp. Senior Notes 8.10% due 07/15/2036		1,299,000		1,569,070
Dell International LLC/EMC Corp. Company Guar. Notes 3.38% due 12/15/2041*		1,227,000		919,746
Hewlett Packard Enterprise Co. Senior Notes 1.75% due 04/01/2026		4,693,000		4,345,481
Hewlett Packard Enterprise Co. Senior Notes 6.20% due 10/15/2035		217,000		238,131
				10,242,187
Computers - Integrated Systems — 0.0%
NCR Corp. Company Guar. Notes 5.13% due 04/15/2029*		440,000		417,828
Containers - Metal/Glass — 0.0%
Crown Americas LLC Company Guar. Notes 5.25% due 04/01/2030*		610,000		608,289
Containers - Paper/Plastic — 0.3%
Amcor Flexibles North America, Inc. Company Guar. Notes 2.69% due 05/25/2031		340,000		288,844
Amcor Flexibles North America, Inc. Company Guar. Notes 4.00% due 05/17/2025		2,390,000		2,400,181
Clydesdale Acquisition Holdings, Inc. Senior Sec. Notes 6.63% due 04/15/2029*		740,000		730,750
LABL, Inc. Senior Sec. Notes 5.88% due 11/01/2028*		587,000		540,577
Sealed Air Corp. Company Guar. Notes 5.00% due 04/15/2029*		115,000		113,203
Sonoco Products Co. Senior Notes 1.80% due 02/01/2025		4,920,000		4,689,979
				8,763,534
Cosmetics & Toiletries — 0.1%
Edgewell Personal Care Co. Company Guar. Notes 4.13% due 04/01/2029*		1,096,000		995,261
GSK Consumer Healthcare Capital US LLC Company Guar. Notes 3.63% due 03/24/2032*		1,483,000		1,415,509
GSK Consumer Healthcare Capital US LLC Company Guar. Bonds 4.00% due 03/24/2052*		1,115,000		1,010,548
				3,421,318

Security Description	Principal Amount		Value (Note 2)
Disposable Medical Products — 0.0%
Mozart Debt Merger Sub, Inc. Senior Sec. Notes 3.88% due 04/01/2029*	$	632,000	$	571,170
Diversified Banking Institutions — 3.0%
Bank of America Corp. Senior Notes 1.49% due 05/19/2024		4,196,000		4,132,359
Bank of America Corp. Senior Notes 2.46% due 10/22/2025		5,097,000		4,936,146
Bank of America Corp. Senior Notes 3.31% due 04/22/2042		1,809,000		1,510,459
Bank of America Corp. Senior Notes 3.38% due 04/02/2026		1,262,000		1,243,213
Bank of America Corp. Sub. Notes 3.85% due 03/08/2037		2,235,000		2,018,935
Bank of America Corp. Senior Notes 4.08% due 04/23/2040		2,504,000		2,330,277
Bank of America Corp. Sub. Notes 4.18% due 11/25/2027		3,107,000		3,095,746
Bank of America Corp. Senior Notes 4.57% due 04/27/2033		1,527,000		1,546,714
Bank of America Corp. Sub. Notes 6.11% due 01/29/2037		2,420,000		2,756,354
Citigroup, Inc. Senior Notes 2.67% due 01/29/2031		401,000		353,116
Citigroup, Inc. Senior Notes 3.67% due 07/24/2028		993,000		967,821
Citigroup, Inc. Senior Notes 4.14% due 05/24/2025		2,278,000		2,298,195
Citigroup, Inc. Sub. Notes 4.45% due 09/29/2027		3,248,000		3,257,908
Citigroup, Inc. Sub. Notes 5.88% due 02/22/2033		2,222,000		2,403,446
Citigroup, Inc. Sub. Notes 6.00% due 10/31/2033		5,125,000		5,627,331
Goldman Sachs Group, Inc. Senior Notes 1.54% due 09/10/2027		2,299,000		2,063,891
Goldman Sachs Group, Inc. Senior Notes 2.38% due 07/21/2032		1,612,000		1,356,203
Goldman Sachs Group, Inc. Senior Notes 3.21% due 04/22/2042		1,508,000		1,230,976
Goldman Sachs Group, Inc. Senior Notes 3.50% due 11/16/2026		3,460,000		3,414,793
Goldman Sachs Group, Inc. Senior Notes 3.80% due 03/15/2030		636,000		612,193

34

VALIC Company I Core Bond Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Diversified Banking Institutions (continued)
Goldman Sachs Group, Inc. Sub. Notes 6.75% due 10/01/2037	$	3,361,000	$	3,964,996
JPMorgan Chase & Co. Senior Notes 0.65% due 09/16/2024		2,898,000		2,805,202
JPMorgan Chase & Co. Senior Notes 1.58% due 04/22/2027		925,000		847,115
JPMorgan Chase & Co. Senior Notes 2.01% due 03/13/2026		6,721,000		6,391,868
JPMorgan Chase & Co. Senior Notes 2.07% due 06/01/2029		494,000		436,960
JPMorgan Chase & Co. Senior Notes 2.53% due 11/19/2041		6,552,000		4,896,498
JPMorgan Chase & Co. Senior Bonds 2.55% due 11/08/2032		763,000		658,571
JPMorgan Chase & Co. Senior Notes 4.08% due 04/26/2026		3,737,000		3,755,713
Morgan Stanley Senior Notes 1.16% due 10/21/2025		1,121,000		1,055,726
Morgan Stanley Senior Notes 1.51% due 07/20/2027		3,086,000		2,785,482
Morgan Stanley Sub. Notes 2.48% due 09/16/2036		325,000		262,456
Morgan Stanley Senior Notes 3.22% due 04/22/2042		1,776,000		1,474,764
Morgan Stanley Senior Notes 3.63% due 01/20/2027		5,498,000		5,438,645
Morgan Stanley Sub. Notes 5.00% due 11/24/2025		471,000		487,646
Morgan Stanley Sub. Notes 5.30% due 04/20/2037		844,000		854,037
				83,271,755
Diversified Financial Services — 0.1%
USAA Capital Corp. Senior Notes 3.38% due 05/01/2025*		2,143,000		2,144,379
Diversified Manufacturing Operations — 0.1%
Illinois Tool Works, Inc. Senior Notes 3.50% due 03/01/2024		1,762,000		1,784,028
Drug Delivery Systems — 0.0%
Embecta Corp. Senior Sec. Notes 5.00% due 02/15/2030*		392,000		346,842
E-Commerce/Products — 0.2%
Amazon.com, Inc. Senior Notes 3.30% due 04/13/2027		1,481,000		1,478,162

Security Description	Principal Amount		Value (Note 2)
E-Commerce/Products (continued)
Amazon.com, Inc. Senior Notes 4.10% due 04/13/2062	$	3,040,000	$	2,930,741
				4,408,903
E-Commerce/Services — 0.1%
Expedia Group, Inc. Company Guar. Notes 2.95% due 03/15/2031		2,540,000		2,143,613
GrubHub Holdings, Inc. Company Guar. Notes 5.50% due 07/01/2027*		435,000		353,438
				2,497,051
Electric - Distribution — 0.2%
Commonwealth Edison Co. 1st. Mtg. Notes 3.85% due 03/15/2052		485,000		454,404
National Rural Utilities Cooperative Finance Corp. Senior Notes 1.88% due 02/07/2025		1,446,000		1,391,009
National Rural Utilities Cooperative Finance Corp. Collateral Trust Bonds 2.85% due 01/27/2025		5,036,000		4,973,700
				6,819,113
Electric - Generation — 0.1%
Liberty Utilities Finance GP Company Guar. Notes 2.05% due 09/15/2030*		1,244,000		1,040,739
Pattern Energy Operations LP/Pattern Energy Operations, Inc. Company Guar. Notes 4.50% due 08/15/2028*		1,225,000		1,149,687
Vistra Operations Co. LLC Company Guar. Notes 5.00% due 07/31/2027*		952,000		931,346
				3,121,772
Electric - Integrated — 1.8%
AES Corp. Senior Notes 2.45% due 01/15/2031		2,916,000		2,414,051
Avangrid, Inc. Senior Notes 3.20% due 04/15/2025		5,005,000		4,935,880
Consolidated Edison Co. of New York, Inc. Senior Notes 3.60% due 06/15/2061		2,089,000		1,693,157
Dominion Resources, Inc. Senior Notes 5.25% due 08/01/2033		2,005,000		2,093,861
DTE Electric Co. General Refunding Mtg. 3.95% due 03/01/2049		1,765,000		1,632,873
Duke Energy Carolinas LLC 1st. Mtg. Notes 3.55% due 03/15/2052		662,000		578,381
Emera US Finance LP Company Guar. Notes 4.75% due 06/15/2046		1,932,000		1,788,605
Entergy Mississippi LLC 1st Mtg. Notes 3.50% due 06/01/2051		789,000		664,096
Entergy Texas, Inc. 1st Mtg. Bonds 4.50% due 03/30/2039		3,023,000		2,929,531

35

VALIC Company I Core Bond Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Electric - Integrated (continued)
FirstEnergy Corp. Senior Notes 7.38% due 11/15/2031	$	3,275,000	$	3,867,677
FirstEnergy Transmission LLC Senior Notes 4.55% due 04/01/2049*		1,988,000		1,694,512
Georgia Power Co. Senior Notes 3.25% due 03/15/2051		2,206,000		1,707,444
Interstate Power & Light Co. Senior Notes 3.50% due 09/30/2049		1,523,000		1,242,455
NextEra Energy Capital Holdings, Inc. Company Guar. Notes 2.94% due 03/21/2024		1,081,000		1,077,992
Pacific Gas & Electric Co. 1st Mtg. Notes 3.95% due 12/01/2047		1,291,000		939,382
Pacific Gas & Electric Co. 1st Mtg. Notes 4.30% due 03/15/2045		1,894,000		1,445,669
Public Service Co. of Colorado 1st Mtg. Bonds 2.70% due 01/15/2051		3,385,000		2,516,028
Public Service Co. of Colorado 1st Mtg. Notes 3.70% due 06/15/2028		1,618,000		1,626,759
Public Service Co. of Colorado 1st Mtg. Bonds 4.10% due 06/15/2048		1,502,000		1,410,148
Public Service Co. of Oklahoma Senior Notes 2.20% due 08/15/2031		1,755,000		1,499,946
South Carolina Electric & Gas Co. 1st Mtg. Bonds 5.10% due 06/01/2065		2,387,000		2,456,540
Southern California Edison Co. 1st Mtg. Bonds 1.10% due 04/01/2024		4,581,000		4,407,229
Southern California Edison Co. 1st Mtg. Notes 4.20% due 06/01/2025		1,407,000		1,414,367
Southern Co. Junior Sub. Notes 4.48% due 08/01/2024(5)		1,590,000		1,619,505
Union Electric Co Senior Sec. Notes 2.95% due 06/15/2027		2,030,000		1,964,664
Union Electric Co. 1ST Mtg. 3.90% due 04/01/2052		925,000		856,117
				50,476,869
Electric - Transmission — 0.1%
Oncor Electric Delivery Co. LLC Senior Sec. Notes 4.15% due 06/01/2032*		1,546,000		1,590,703
Electronic Components - Semiconductors — 0.1%
Broadcom, Inc. Company Guar. Notes 2.45% due 02/15/2031*		2,106,000		1,747,649
Broadcom, Inc. Senior Notes 3.19% due 11/15/2036*		2,032,000		1,630,759
				3,378,408

Security Description	Principal Amount		Value (Note 2)
Electronic Measurement Instruments — 0.2%
Trimble, Inc. Senior Notes 4.75% due 12/01/2024	$	166,000	$	168,977
Trimble, Inc. Senior Notes 4.90% due 06/15/2028		749,000		754,085
Vontier Corp. Company Guar. Notes 2.95% due 04/01/2031		4,380,000		3,689,581
				4,612,643
Electronic Parts Distribution — 0.0%
Imola Merger Corp. Senior Sec. Notes 4.75% due 05/15/2029*		750,000		706,312
Enterprise Software/Service — 0.3%
Oracle Corp. Senior Notes 2.30% due 03/25/2028		4,410,000		3,894,639
Oracle Corp. Senior Notes 3.80% due 11/15/2037		3,619,000		2,981,494
Oracle Corp. Senior Notes 4.00% due 11/15/2047		2,808,000		2,177,791
				9,053,924
Entertainment Software — 0.0%
Take-Two Interactive Software, Inc. Senior Notes 3.55% due 04/14/2025		1,065,000		1,058,774
Finance - Auto Loans — 0.1%
Cobra AcquisitionCo LLC Company Guar. Notes 6.38% due 11/01/2029*		958,000		747,240
Credit Acceptance Corp. Company Guar. Notes 6.63% due 03/15/2026#		677,000		685,564
				1,432,804
Finance - Commercial — 0.0%
Burford Capital Global Finance LLC Company Guar. Notes 6.25% due 04/15/2028*		915,000		857,268
Finance - Consumer Loans — 0.4%
Curo Group Holdings Corp. Senior Sec. Notes 7.50% due 08/01/2028*		1,534,000		1,112,150
Enova International, Inc. Company Guar. Notes 8.50% due 09/01/2024*		226,000		216,803
Enova International, Inc. Company Guar. Notes 8.50% due 09/15/2025*		1,044,000		936,990
LFS Topco LLC Company Guar. Notes 5.88% due 10/15/2026*		533,000		477,392
Synchrony Financial Senior Notes 2.88% due 10/28/2031		1,055,000		857,688
Synchrony Financial Senior Notes 4.50% due 07/23/2025		7,970,000		7,945,449
				11,546,472

36

VALIC Company I Core Bond Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Finance - Credit Card — 0.0%
Alliance Data Systems Corp. Company Guar. Notes 4.75% due 12/15/2024*	$	630,000	$	596,585
Finance - Investment Banker/Broker — 0.1%
Aretec Escrow Issuer, Inc. Senior Notes 7.50% due 04/01/2029*		682,000		606,913
Charles Schwab Corp. Senior Notes 2.45% due 03/03/2027		1,052,000		1,002,266
				1,609,179
Finance - Mortgage Loan/Banker — 0.0%
Rocket Mtg. LLC/Rocket Mtg. Co-Issuer, Inc. Company Guar. Notes 3.63% due 03/01/2029*		456,000		394,731
Finance - Other Services — 0.1%
Intercontinental Exchange, Inc. Senior Bonds 5.20% due 06/15/2062		2,850,000		2,904,475
Financial Guarantee Insurance — 0.0%
NMI Holdings, Inc. Senior Sec. Notes 7.38% due 06/01/2025*		334,000		349,949
Food - Meat Products — 0.2%
Hormel Foods Corp. Senior Notes 0.65% due 06/03/2024		1,315,000		1,258,604
Smithfield Foods, Inc. Company Guar. Notes 4.25% due 02/01/2027*		1,534,000		1,483,646
Smithfield Foods, Inc. Senior Notes 5.20% due 04/01/2029*		1,761,000		1,782,511
				4,524,761
Food - Misc./Diversified — 0.3%
Conagra Brands, Inc. Senior Notes 7.00% due 10/01/2028		1,817,000		2,037,460
Kraft Heinz Foods Co. Company Guar. Notes 4.38% due 06/01/2046		1,988,000		1,761,798
Kraft Heinz Foods Co. Company Guar. Notes 4.88% due 10/01/2049		645,000		604,715
Nestle Holdings, Inc. Company Guar. Notes 3.50% due 09/24/2025*		2,869,000		2,910,502
Post Holdings, Inc. Senior Notes 4.50% due 09/15/2031*		662,000		580,812
				7,895,287
Food - Wholesale/Distribution — 0.3%
C&S Group Enterprises LLC Company Guar. Notes 5.00% due 12/15/2028*		1,222,000		1,014,643
Performance Food Group, Inc. Company Guar. Notes 5.50% due 10/15/2027*		497,000		488,819

Security Description	Principal Amount		Value (Note 2)
Food - Wholesale/Distribution (continued)
Sysco Corp. Company Guar. Notes 4.45% due 03/15/2048	$	3,372,000	$	3,100,261
Sysco Corp. Company Guar. Notes 4.50% due 04/01/2046		2,017,000		1,878,191
Sysco Corp. Company Guar. Notes 5.95% due 04/01/2030		489,000		536,842
Sysco Corp. Company Guar. Notes 6.60% due 04/01/2050		717,000		876,959
				7,895,715
Gambling (Non-Hotel) — 0.0%
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp. Company Guar. Notes 5.88% due 09/01/2031*		801,000		627,892
Hotels/Motels — 0.3%
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, Inc. Company Guar. Notes 4.88% due 07/01/2031*		251,000		221,834
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, Inc. Senior Notes 5.00% due 06/01/2029*		516,000		479,869
Marriott International, Inc. Senior Notes 2.85% due 04/15/2031		3,354,000		2,902,527
Marriott International, Inc. Senior Notes 4.63% due 06/15/2030		3,331,000		3,301,849
Travel & Leisure Co. Senior Sec. Notes 6.00% due 04/01/2027		586,000		580,257
				7,486,336
Human Resources — 0.0%
Korn Ferry International Company Guar. Notes 4.63% due 12/15/2027*		436,000		418,560
TriNet Group, Inc. Company Guar. Notes 3.50% due 03/01/2029*		670,000		597,312
				1,015,872
Independent Power Producers — 0.1%
Calpine Corp. Senior Sec. Notes 3.75% due 03/01/2031*		933,000		815,554
Clearway Energy Operating LLC Company Guar. Notes 4.75% due 03/15/2028*		432,000		412,560
NRG Energy, Inc. Company Guar. Notes 3.63% due 02/15/2031*		1,266,000		1,110,915
				2,339,029
Insurance Brokers — 0.1%
Ryan Specialty Group LLC Senior Sec. Notes 4.38% due 02/01/2030*		420,000		378,124

37

VALIC Company I Core Bond Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Insurance Brokers (continued)
Willis North America, Inc. Company Guar. Notes 4.65% due 06/15/2027	$	2,827,000	$	2,847,738
				3,225,862
Insurance - Life/Health — 0.9%
Americo Life, Inc. Senior Notes 3.45% due 04/15/2031*		1,386,000		1,182,893
Athene Global Funding Sec. Notes 1.73% due 10/02/2026*		2,985,000		2,643,065
Brighthouse Financial Global Funding Senior Sec. Notes 0.60% due 06/28/2023*		2,132,000		2,078,078
Equitable Financial Life Global Funding Sec. Notes 1.30% due 07/12/2026*		2,253,000		2,039,552
F&G Global Funding Senior Sec. Notes 0.90% due 09/20/2024*		2,008,000		1,875,888
F&G Global Funding Secured Notes 2.30% due 04/11/2027*		3,844,000		3,516,824
Jackson National Life Global Funding Sec. Notes 1.75% due 01/12/2025*		1,443,000		1,372,811
Ohio National Financial Services, Inc. Senior Notes 5.80% due 01/24/2030*		2,934,000		2,950,392
Principal Life Global Funding II Sec. Notes 0.50% due 01/08/2024*		2,113,000		2,025,379
Prudential Financial, Inc. Senior Notes 1.50% due 03/10/2026#		2,687,000		2,502,458
Prudential Financial, Inc. Senior Notes 3.91% due 12/07/2047		464,000		413,471
SBL Holdings, Inc. Senior Notes 5.00% due 02/18/2031*		1,604,000		1,411,005
Security Benefit Global Funding Sec. Notes 1.25% due 05/17/2024*		918,000		876,507
				24,888,323
Insurance - Mutual — 0.1%
MassMutual Global Funding II Senior Sec. Notes 2.75% due 06/22/2024*		1,294,000		1,283,840
Investment Management/Advisor Services — 0.0%
AG Issuer LLC Senior Sec. Notes 6.25% due 03/01/2028*		1,008,000		943,740
NFP Corp. Senior Sec. Notes 4.88% due 08/15/2028*		317,000		294,187
				1,237,927

Security Description	Principal Amount		Value (Note 2)
Lottery Services — 0.0%
Scientific Games Holdings LP/Scientific Games US FinCo, Inc. Senior Notes 6.63% due 03/01/2030*	$	698,000	$	647,493
Machinery - Construction & Mining — 0.2%
Caterpillar Financial Services Corp. Senior Notes 0.65% due 07/07/2023		1,767,000		1,731,396
Caterpillar Financial Services Corp. Senior Notes 0.95% due 01/10/2024		2,356,000		2,293,260
Caterpillar Financial Services Corp. Senior Notes 1.70% due 01/08/2027#		1,600,000		1,482,408
				5,507,064
Machinery - Farming — 0.2%
CNH Industrial Capital LLC Company Guar. Notes 4.20% due 01/15/2024		2,248,000		2,286,273
John Deere Capital Corp. Senior Notes 0.63% due 09/10/2024		1,395,000		1,327,774
John Deere Capital Corp. Senior Notes 0.90% due 01/10/2024		2,166,000		2,105,106
John Deere Capital Corp. Senior Notes 1.30% due 10/13/2026		1,038,000		952,044
				6,671,197
Medical Information Systems — 0.0%
Minerva Merger Sub, Inc. Senior Notes 6.50% due 02/15/2030*		756,000		699,300
Medical Labs & Testing Services — 0.2%
Roche Holdings, Inc. Company Guar. Notes 2.13% due 03/10/2025*#		4,719,000		4,596,865
Medical - Biomedical/Gene — 0.2%
Amgen, Inc. Senior Notes 2.80% due 08/15/2041		3,440,000		2,654,201
Bio-Rad Laboratories, Inc. Senior Notes 3.30% due 03/15/2027		761,000		731,967
Regeneron Pharmaceuticals, Inc. Senior Notes 1.75% due 09/15/2030		619,000		512,436
Regeneron Pharmaceuticals, Inc. Senior Bonds 2.80% due 09/15/2050		488,000		346,963
				4,245,567
Medical - Drugs — 0.3%
AbbVie, Inc. Senior Notes 4.05% due 11/21/2039		1,829,000		1,693,434
AbbVie, Inc. Senior Notes 4.25% due 11/21/2049		2,209,000		2,060,442
Bristol-Myers Squibb Co. Senior Notes 0.75% due 11/13/2025		2,781,000		2,563,839

38

VALIC Company I Core Bond Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Medical - Drugs (continued)
GlaxoSmithKline Capital, Inc. Company Guar. Notes 3.38% due 05/15/2023	$	1,543,000	$	1,559,204
Organon & Co./Organon Foreign Debt Co-Issuer BV Senior Sec. Notes 4.13% due 04/30/2028*		682,000		654,749
Organon & Co./Organon Foreign Debt Co-Issuer BV Senior Notes 5.13% due 04/30/2031*		680,000		651,712
				9,183,380
Medical - Generic Drugs — 0.1%
Viatris, Inc. Company Guar. Notes 3.85% due 06/22/2040		1,486,000		1,154,693
Viatris, Inc. Company Guar. Notes 4.00% due 06/22/2050		3,794,000		2,809,305
				3,963,998
Medical - HMO — 0.2%
Humana, Inc. Senior Notes 1.35% due 02/03/2027		1,098,000		978,635
UnitedHealth Group, Inc. Senior Notes 1.25% due 01/15/2026		2,575,000		2,405,586
UnitedHealth Group, Inc. Senior Notes 3.75% due 07/15/2025		1,312,000		1,335,681
UnitedHealth Group, Inc. Senior Bonds 4.95% due 05/15/2062		644,000		689,996
				5,409,898
Medical - Hospitals — 0.3%
CHS/Community Health Systems, Inc. Senior Sec. Notes 5.63% due 03/15/2027*		429,000		400,064
HCA, Inc. Company Guar. Notes 3.50% due 09/01/2030		2,053,000		1,875,929
HCA, Inc. Senior Sec. Notes 3.50% due 07/15/2051		1,771,000		1,323,211
HCA, Inc. Senior Sec. Bonds 4.63% due 03/15/2052*		1,963,000		1,732,353
LifePoint Health, Inc. Senior Sec. Notes 4.38% due 02/15/2027*		544,000		506,921
Select Medical Corp. Company Guar. Notes 6.25% due 08/15/2026*		877,000		874,869
Tenet Healthcare Corp. Senior Sec. Notes 4.63% due 07/15/2024		184,000		183,841
				6,897,188
Medical - Wholesale Drug Distribution — 0.1%
Cardinal Health, Inc. Senior Notes 4.60% due 03/15/2043		2,888,000		2,613,803

Security Description	Principal Amount		Value (Note 2)
Metal Processors & Fabrication — 0.0%
Timken Co. Senior Notes 4.13% due 04/01/2032	$	645,000	$	607,533
Motion Pictures & Services — 0.2%
Magallanes, Inc. Company Guar. Notes 3.64% due 03/15/2025*		1,085,000		1,071,422
Magallanes, Inc. Company Guar. Notes 4.28% due 03/15/2032*		1,342,000		1,260,452
Magallanes, Inc. Company Guar. Bonds 5.14% due 03/15/2052*		598,000		536,039
Magallanes, Inc. Company Guar. Bonds 5.39% due 03/15/2062*		1,887,000		1,692,714
				4,560,627
Multimedia — 0.2%
Viacom, Inc. Senior Notes 4.38% due 03/15/2043		5,121,000		4,258,507
Non-Hazardous Waste Disposal — 0.0%
Covanta Holding Corp. Company Guar. Notes 5.00% due 09/01/2030		843,000		731,302
Non-Profit Charity — 0.0%
Ford Foundation Notes 2.82% due 06/01/2070		1,603,000		1,123,330
Oil & Gas Drilling — 0.0%
Nabors Industries, Inc. Company Guar. Notes 7.38% due 05/15/2027*		500,000		504,195
Oil Companies - Exploration & Production — 0.8%
Antero Resources Corp. Company Guar. Notes 5.38% due 03/01/2030*		1,222,000		1,239,389
Apache Corp. Senior Notes 4.38% due 10/15/2028		793,000		757,315
Apache Corp. Senior Notes 5.35% due 07/01/2049		2,402,000		2,113,760
California Resources Corp. Company Guar. Notes 7.13% due 02/01/2026*		984,000		1,008,600
Civitas Resources, Inc. Company Guar. Notes 5.00% due 10/15/2026*		1,164,000		1,112,423
Diamondback Energy, Inc. Company Guar. Notes 4.40% due 03/24/2051#		1,679,000		1,526,038
Earthstone Energy Holdings LLC Senior Notes 8.00% due 04/15/2027*		640,000		649,600
Hess Corp. Senior Notes 6.00% due 01/15/2040		3,829,000		4,066,706
Hilcorp Energy I LP/Hilcorp Finance Co. Senior Notes 6.00% due 02/01/2031*		1,194,000		1,163,553

39

VALIC Company I Core Bond Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Oil Companies - Exploration & Production (continued)
Independence Energy Finance LLC Company Guar. Notes 7.25% due 05/01/2026*	$	664,000	$	644,040
Marathon Oil Corp. Senior Notes 6.60% due 10/01/2037		2,320,000		2,612,837
Marathon Oil Corp. Senior Notes 6.80% due 03/15/2032		1,326,000		1,494,120
Oasis Petroleum, Inc. Company Guar. Notes 6.38% due 06/01/2026*		317,000		318,585
Occidental Petroleum Corp. Senior Notes 3.50% due 08/15/2029#		578,000		556,325
Occidental Petroleum Corp. Senior Notes 6.38% due 09/01/2028		1,383,000		1,494,318
Occidental Petroleum Corp. Senior Notes 7.50% due 05/01/2031		833,000		998,771
Rockcliff Energy II LLC Senior Notes 5.50% due 10/15/2029*		511,000		482,895
Southwestern Energy Co. Company Guar. Notes 5.38% due 02/01/2029		1,245,000		1,252,501
				23,491,776
Oil Companies - Integrated — 0.4%
BP Capital Markets America, Inc. Company Guar. Notes 3.00% due 02/24/2050		1,477,000		1,139,988
BP Capital Markets America, Inc. Company Guar. Notes 3.54% due 04/06/2027		5,497,000		5,465,958
Chevron Corp. Senior Notes 1.55% due 05/11/2025		2,946,000		2,834,481
Chevron Corp. Senior Notes 2.36% due 12/05/2022		843,000		843,980
Chevron USA, Inc. Company Guar. Notes 4.20% due 10/15/2049		1,133,000		1,086,608
Murphy Oil Corp. Senior Notes 6.38% due 07/15/2028		645,000		661,657
				12,032,672
Oil Refining & Marketing — 0.0%
PBF Holding Co. LLC/PBF Finance Corp. Company Guar. Notes 6.00% due 02/15/2028		654,000		577,972
Oil - Field Services — 0.2%
Archrock Partners LP/Archrock Partners Finance Corp. Company Guar. Notes 6.25% due 04/01/2028*		278,000		271,050
Archrock Partners LP/Archrock Partners Finance Corp. Company Guar. Notes 6.88% due 04/01/2027*		651,000		645,486
Halliburton Co. Senior Notes 4.75% due 08/01/2043		1,127,000		1,059,856

Security Description	Principal Amount		Value (Note 2)
Oil - Field Services (continued)
Halliburton Co. Senior Notes 4.85% due 11/15/2035	$	1,961,000	$	1,992,987
Schlumberger Holdings Corp. Senior Notes 3.90% due 05/17/2028*		1,221,000		1,194,097
USA Compression Partners LP/USA Compression Finance Corp. Company Guar. Notes 6.88% due 04/01/2026		825,000		804,375
				5,967,851
Paper & Related Products — 0.3%
Georgia-Pacific LLC Senior Notes 0.95% due 05/15/2026*		7,798,000		7,041,488
Glatfelter Corp. Company Guar. Notes 4.75% due 11/15/2029*#		527,000		378,934
				7,420,422
Pharmacy Services — 0.2%
Cigna Corp. Senior Notes 3.40% due 03/15/2050		1,478,000		1,181,283
CVS Health Corp. Senior Notes 4.78% due 03/25/2038		3,142,000		3,142,653
				4,323,936
Pipelines — 1.2%
Antero Midstream Partners LP/Antero Midstream Finance Corp. Company Guar. Notes 5.75% due 01/15/2028*		642,000		642,000
Buckeye Partners LP Senior Notes 4.50% due 03/01/2028*		722,000		672,166
Cheniere Energy Partners LP Company Guar. Notes 3.25% due 01/31/2032*		977,000		854,093
DCP Midstream Operating LP Company Guar. Notes 5.63% due 07/15/2027		747,000		771,905
DT Midstream, Inc. Senior Sec. Notes 4.30% due 04/15/2032*		1,227,000		1,171,335
DT Midstream, Inc. Company Guar. Notes 4.38% due 06/15/2031*		437,000		408,367
Energy Transfer LP Senior Notes 4.95% due 05/15/2028		1,415,000		1,421,943
Energy Transfer LP Company Guar. Notes 5.35% due 05/15/2045		800,000		732,737
Energy Transfer LP Senior Notes 6.13% due 12/15/2045		636,000		640,358
Energy Transfer Operating LP Senior Notes 4.90% due 03/15/2035		1,345,000		1,267,242
EnLink Midstream Partners LP Senior Notes 5.05% due 04/01/2045		214,000		169,438

40

VALIC Company I Core Bond Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Pipelines (continued)
Enterprise Products Operating LLC Company Guar. Notes 3.20% due 02/15/2052	$	1,008,000	$	755,422
EQM Midstream Partners LP Senior Notes 5.50% due 07/15/2028		316,000		299,321
EQM Midstream Partners LP Senior Notes 7.50% due 06/01/2027*		96,000		96,000
EQM Midstream Partners LP Senior Notes 7.50% due 06/01/2030		293,000		297,029
Genesis Energy LP/Genesis Energy Finance Corp. Company Guar. Notes 6.50% due 10/01/2025		552,000		533,519
Genesis Energy LP/Genesis Energy Finance Corp. Company Guar. Notes 8.00% due 01/15/2027		1,317,000		1,299,076
Gray Oak Pipeline LLC Senior Notes 2.00% due 09/15/2023*		1,560,000		1,530,327
Gray Oak Pipeline LLC Senior Notes 3.45% due 10/15/2027*		3,249,000		3,054,012
Harvest Midstream I LP Senior Notes 7.50% due 09/01/2028*		1,089,000		1,092,501
Holly Energy Partners LP/Holly Energy Finance Corp. Company Guar. Notes 5.00% due 02/01/2028*		876,000		823,440
Howard Midstream Energy Partners LLC Senior Notes 6.75% due 01/15/2027*		850,000		815,512
ITT Holdings LLC Senior Notes 6.50% due 08/01/2029*		804,000		688,948
NGL Energy Operating LLC/NGL Energy Finance Corp. Senior Sec. Notes 7.50% due 02/01/2026*		797,000		747,187
NGL Energy Partners LP/NGL Energy Finance Corp. Company Guar. Notes 6.13% due 03/01/2025#		482,000		385,445
NuStar Logistics LP Company Guar. Notes 5.75% due 10/01/2025		243,000		245,542
NuStar Logistics LP Company Guar. Notes 6.38% due 10/01/2030		414,000		405,058
ONEOK Partners LP Company Guar. Notes 6.65% due 10/01/2036		3,004,000		3,215,902
Plains All American Pipeline LP/PAA Finance Corp. Senior Notes 4.30% due 01/31/2043		912,000		731,274
Plains All American Pipeline LP/PAA Finance Corp. Senior Notes 6.65% due 01/15/2037		1,110,000		1,162,157
Targa Resources Partners LP/Targa Resources Partners Finance Corp. Company Guar. Bonds 4.00% due 01/15/2032		1,490,000		1,360,138
Targa Resources Partners LP/Targa Resources Partners Finance Corp. Company Guar. Notes 4.88% due 02/01/2031		277,000		265,554
Venture Global Calcasieu Pass LLC Senior Sec. Notes 3.88% due 08/15/2029*		776,000		735,594

Security Description	Principal Amount		Value (Note 2)
Pipelines (continued)
Western Midstream Operating LP Senior Notes 4.50% due 03/01/2028	$	79,000	$	77,617
Williams Cos., Inc. Senior Notes 3.50% due 10/15/2051		1,275,000		983,811
Williams Cos., Inc. Senior Notes 5.75% due 06/24/2044		2,793,000		2,903,189
				33,255,159
Poultry — 0.0%
Pilgrim’s Pride Corp. Company Guar. Notes 5.88% due 09/30/2027*		431,000		441,236
Simmons Foods, Inc. Sec. Notes 4.63% due 03/01/2029*		453,000		407,419
				848,655
Printing - Commercial — 0.0%
Deluxe Corp. Company Guar. Notes 8.00% due 06/01/2029*		632,000		560,110
Protection/Safety — 0.0%
Prime Security Services Borrower LLC/Prime Finance, Inc. Senior Sec. Notes 3.38% due 08/31/2027*		973,000		870,835
Real Estate Investment Trusts — 0.6%
Apollo Commercial Real Estate Finance, Inc. Senior Sec. Notes 4.63% due 06/15/2029*		790,000		668,403
Corporate Office Properties LP Company Guar. Notes 2.90% due 12/01/2033		761,000		620,244
CTR Partnership LP/CareTrust Capital Corp. Company Guar. Notes 3.88% due 06/30/2028*		765,000		687,980
EPR Properties Senior Notes 3.60% due 11/15/2031		951,000		800,148
HAT Holdings I LLC/HAT Holdings II LLC Company Guar. Notes 3.38% due 06/15/2026*		715,000		660,606
Hospitality Properties Trust Senior Notes 4.38% due 02/15/2030		1,747,000		1,295,925
Host Hotels & Resorts LP Senior Notes 3.50% due 09/15/2030		2,938,000		2,622,495
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. Company Guar. Notes 4.25% due 02/01/2027*		885,000		798,149
Lexington Realty Trust Company Guar. Notes 2.38% due 10/01/2031#		810,000		654,254
National Health Investors, Inc. Company Guar. Notes 3.00% due 02/01/2031		1,394,000		1,111,203
Office Properties Income Trust Senior Notes 3.45% due 10/15/2031		1,181,000		917,349
Omega Healthcare Investors, Inc. Company Guar. Notes 3.25% due 04/15/2033		3,354,000		2,664,126

41

VALIC Company I Core Bond Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Real Estate Investment Trusts (continued)
Omega Healthcare Investors, Inc. Company Guar. Notes 3.38% due 02/01/2031	$	1,750,000	$	1,462,848
Spirit Realty LP Company Guar. Notes 2.70% due 02/15/2032		509,000		422,291
Starwood Property Trust, Inc. Senior Notes 4.75% due 03/15/2025		930,000		919,556
Vornado Realty LP Senior Notes 2.15% due 06/01/2026		716,000		653,339
Vornado Realty LP Senior Notes 3.40% due 06/01/2031		59,000		51,716
Weyerhaeuser Co. Senior Notes 4.00% due 03/09/2052		830,000		722,761
				17,733,393
Real Estate Management/Services — 0.0%
Cushman & Wakefield US Borrower LLC Senior Sec. Notes 6.75% due 05/15/2028*		595,000		598,629
Real Estate Operations & Development — 0.0%
Kennedy-Wilson, Inc. Company Guar. Notes 4.75% due 03/01/2029		504,000		452,340
Recreational Vehicles — 0.0%
Brunswick Corp. Senior Notes 2.40% due 08/18/2031		965,000		753,958
Recycling — 0.0%
Harsco Corp. Company Guar. Notes 5.75% due 07/31/2027*		717,000		617,695
Rental Auto/Equipment — 0.1%
Ahern Rentals, Inc. Sec. Notes 7.38% due 05/15/2023*#		915,000		809,812
Hertz Corp. Company Guar. Notes 5.00% due 12/01/2029*		1,040,000		909,969
PROG Holdings, Inc. Company Guar. Notes 6.00% due 11/15/2029*		692,000		613,271
Rent-A-Center, Inc. Company Guar. Notes 6.38% due 02/15/2029*#		745,000		652,851
				2,985,903
Resort/Theme Parks — 0.1%
SeaWorld Parks & Entertainment, Inc. Company Guar. Notes 5.25% due 08/15/2029*#		1,480,000		1,324,600
Retail - Auto Parts — 0.0%
Genuine Parts Co. Senior Notes 1.75% due 02/01/2025		748,000		710,330

Security Description	Principal Amount		Value (Note 2)
Retail - Automobile — 0.1%
Carvana Co. Company Guar. Notes 5.50% due 04/15/2027*	$	1,091,000	$	781,915
Ken Garff Automotive LLC Senior Notes 4.88% due 09/15/2028*		601,000		519,703
				1,301,618
Retail - Building Products — 0.1%
Lowe’s Cos., Inc. Senior Bonds 4.45% due 04/01/2062#		1,254,000		1,130,553
Park River Holdings, Inc. Senior Notes 6.75% due 08/01/2029*		657,000		476,335
				1,606,888
Retail - Discount — 0.1%
Target Corp. Senior Notes 1.95% due 01/15/2027#		1,807,000		1,707,344
Walmart, Inc. Senior Notes 2.55% due 04/11/2023		1,056,000		1,058,575
				2,765,919
Retail - Major Department Stores — 0.1%
Nordstrom, Inc. Senior Notes 2.30% due 04/08/2024		802,000		769,920
Nordstrom, Inc. Senior Notes 4.25% due 08/01/2031		582,000		490,632
Nordstrom, Inc. Senior Notes 5.00% due 01/15/2044#		280,000		224,000
				1,484,552
Retail - Pawn Shops — 0.0%
FirstCash, Inc. Company Guar. Notes 4.63% due 09/01/2028*		631,000		572,759
Retail - Petroleum Products — 0.0%
Murphy Oil USA, Inc. Company Guar. Notes 4.75% due 09/15/2029		624,000		599,520
Retail - Propane Distribution — 0.0%
Ferrellgas Escrow LLC/FG Operating Finance Escrow Corp. Senior Notes 5.38% due 04/01/2026*		990,000		908,325
Retail - Regional Department Stores — 0.1%
Kohl’s Corp. Senior Notes 5.55% due 07/17/2045#		4,210,000		3,808,930
Retail - Restaurants — 0.2%
Carrols Restaurant Group, Inc. Company Guar. Notes 5.88% due 07/01/2029*		879,000		660,604
CEC Entertainment LLC Senior Sec. Notes 6.75% due 05/01/2026*		658,000		590,555
Dave & Buster’s, Inc. Senior Sec. Notes 7.63% due 11/01/2025*		491,000		492,841

42

VALIC Company I Core Bond Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Retail - Restaurants (continued)
McDonald’s Corp. Senior Notes 3.63% due 09/01/2049	$	1,154,000	$	983,582
McDonald’s Corp. Senior Notes 4.45% due 03/01/2047		1,421,000		1,365,972
				4,093,554
Satellite Telecom — 0.0%
Hughes Satellite Systems Corp. Company Guar. Notes 6.63% due 08/01/2026		475,000		467,875
Savings & Loans/Thrifts — 0.1%
New York Community Bancorp, Inc. Sub. Notes 5.90% due 11/06/2028		2,811,000		2,901,018
Security Services — 0.0%
Brink’s Co. Company Guar. Notes 4.63% due 10/15/2027*		740,000		700,765
Steel - Producers — 0.1%
Cliffs Natural Resources, Inc. Senior Notes 6.25% due 10/01/2040		367,000		335,805
Nucor Corp. Senior Notes 3.13% due 04/01/2032		705,000		637,963
Nucor Corp. Senior Notes 3.95% due 05/23/2025		1,210,000		1,222,904
				2,196,672
Steel - Specialty — 0.0%
Allegheny Technologies, Inc. Senior Notes 4.88% due 10/01/2029		596,000		536,782
Telecom Equipment - Fiber Optics — 0.1%
Corning, Inc. Senior Notes 5.45% due 11/15/2079		2,943,000		2,929,552
Telephone - Integrated — 0.7%
AT&T, Inc. Senior Notes 3.85% due 06/01/2060		749,000		614,943
AT&T, Inc. Senior Notes 4.50% due 05/15/2035		7,438,000		7,438,169
AT&T, Inc. Senior Notes 4.75% due 05/15/2046		892,000		881,128
AT&T, Inc. Senior Notes 4.90% due 08/15/2037		2,879,000		2,930,134
CenturyLink, Inc. Senior Notes 5.13% due 12/15/2026*		277,000		256,225
Lumen Technologies, Inc. Senior Notes 5.38% due 06/15/2029*		736,000		630,325
Verizon Communications, Inc. Senior Bonds 2.85% due 09/03/2041		1,828,000		1,452,429

Security Description	Principal Amount		Value (Note 2)
Telephone - Integrated (continued)
Verizon Communications, Inc. Senior Notes 3.00% due 11/20/2060	$	1,409,000	$	1,026,426
Verizon Communications, Inc. Senior Notes 3.40% due 03/22/2041		1,218,000		1,046,779
Verizon Communications, Inc. Senior Notes 3.88% due 03/01/2052		1,248,000		1,115,488
Verizon Communications, Inc. Senior Notes 4.40% due 11/01/2034		1,198,000		1,200,433
Zayo Group Holdings, Inc. Senior Notes 6.13% due 03/01/2028*		522,000		417,600
				19,010,079
Television — 0.1%
Belo Corp. Company Guar. Notes 7.25% due 09/15/2027		828,000		881,820
Belo Corp. Company Guar. Notes 7.75% due 06/01/2027		424,000		460,040
				1,341,860
Theaters — 0.0%
AMC Entertainment Holdings, Inc. Sec. Notes 10.00% due 06/15/2026*		740,000		567,158
Tools - Hand Held — 0.1%
Stanley Black & Decker, Inc. Senior Notes 2.30% due 02/24/2025		2,254,000		2,205,773
Stanley Black & Decker, Inc. Senior Notes 3.00% due 05/15/2032#		943,000		858,191
				3,063,964
Transport - Air Freight — 0.1%
Cargo Aircraft Management, Inc. Company Guar. Notes 4.75% due 02/01/2028*		1,480,000		1,435,600
Transport - Equipment & Leasing — 0.1%
GATX Corp. Senior Notes 3.25% due 09/15/2026		1,495,000		1,449,198
Transport - Rail — 0.2%
Burlington Northern Santa Fe LLC Senior Notes 3.55% due 02/15/2050		837,000		832,371
Kansas City Southern Company Guar. Notes 4.70% due 05/01/2048		1,033,000		1,013,620
Norfolk Southern Corp. Senior Notes 2.30% due 05/15/2031		393,000		344,258
Norfolk Southern Corp. Senior Notes 3.70% due 03/15/2053		1,390,000		1,193,337

43

VALIC Company I Core Bond Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Transport - Rail (continued)
Norfolk Southern Corp. Senior Notes 4.10% due 05/15/2049	$	1,118,000	$	1,030,458
				4,414,044
Transport - Services — 0.1%
FedEx Corp. Company Guar. Notes 2.40% due 05/15/2031#		612,000		529,678
FedEx Corp. Pass Through Trust Senior Sec. Notes Series 2020-1, Class AA 1.88% due 08/20/2035		2,155,990		1,893,406
United Parcel Service, Inc. Senior Notes 3.90% due 04/01/2025		1,451,000		1,477,843
				3,900,927
Trucking/Leasing — 0.1%
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 3.40% due 11/15/2026*		2,856,000		2,781,168
Vitamins & Nutrition Products — 0.0%
HLF Financing Sarl LLC/Herbalife International, Inc. Company Guar. Notes 4.88% due 06/01/2029*		1,364,000		980,743
Water — 0.0%
Essential Utilities, Inc. Senior Bonds 3.35% due 04/15/2050		1,099,000		856,513
Total U.S. Corporate Bonds & Notes
(cost $741,943,250)				672,190,429
FOREIGN CORPORATE BONDS & NOTES — 8.8%
Agricultural Chemicals — 0.0%
Consolidated Energy Finance SA Company Guar. Notes 5.63% due 10/15/2028*		687,000		628,605
Agricultural Operations — 0.0%
Viterra Finance BV Company Guar. Notes 3.20% due 04/21/2031*		907,000		774,083
Auto - Cars/Light Trucks — 0.1%
Hyundai Capital Services, Inc. Senior Notes 1.25% due 02/08/2026*		1,451,000		1,318,101
Auto/Truck Parts & Equipment - Original — 0.0%
Aptiv PLC/Aptiv Corp. Company Guar. Notes 3.25% due 03/01/2032		801,000		706,659
Banks - Commercial — 1.7%
Bank Hapoalim BM Sub. Notes 3.26% due 01/21/2032*		3,090,000		2,715,337
Bank of Montreal Senior Notes 1.50% due 01/10/2025		2,994,000		2,842,081
Bank of Montreal Senior Notes 3.80% due 06/07/2025		2,317,000		2,316,467

Security Description	Principal Amount		Value (Note 2)
Banks - Commercial (continued)
BPCE SA Sub. Bonds 3.58% due 10/19/2042*	$	4,152,000	$	3,190,145
Canadian Imperial Bank of Commerce Senior Notes 0.95% due 10/23/2025		1,388,000		1,269,296
Canadian Imperial Bank of Commerce Senior Notes 2.25% due 01/28/2025		400,000		387,394
Canadian Imperial Bank of Commerce Senior Notes 3.30% due 04/07/2025#		4,151,000		4,125,606
Cooperatieve Rabobank UA Senior Notes 1.00% due 09/24/2026*		5,290,000		4,805,846
Danske Bank A/S Senior Notes 0.98% due 09/10/2025*		2,230,000		2,083,281
Danske Bank A/S Senior Notes 3.24% due 12/20/2025*		2,450,000		2,378,102
ING Groep NV Senior Notes 1.40% due 07/01/2026*		4,323,000		3,966,951
ING Groep NV Senior Notes 4.63% due 01/06/2026*		1,185,000		1,201,260
Intesa Sanpaolo SpA Sub. Notes 4.95% due 06/01/2042*		2,864,000		2,163,154
National Bank of Canada Company Guar. Notes 0.55% due 11/15/2024		2,693,000		2,587,158
National Bank of Canada Senior Notes 2.15% due 10/07/2022*		2,096,000		2,095,409
Standard Chartered PLC Senior Notes 2.82% due 01/30/2026*		1,530,000		1,467,869
Sumitomo Mitsui Trust Bank, Ltd. Senior Notes 0.85% due 03/25/2024*		3,936,000		3,763,771
Swedbank AB Senior Notes 1.54% due 11/16/2026*		4,742,000		4,330,627
Toronto-Dominion Bank Senior Notes 1.25% due 12/13/2024#		1,475,000		1,408,237
				49,097,991
Banks - Special Purpose — 0.2%
Development Bank of Japan, Inc. Senior Notes 1.75% due 02/18/2025*		5,124,000		4,957,368
Building - Residential/Commercial — 0.0%
Mattamy Group Corp. Senior Notes 4.63% due 03/01/2030*		790,000		658,347
Cable/Satellite TV — 0.1%
Altice Financing SA Senior Sec. Notes 5.00% due 01/15/2028*		1,226,000		1,109,530
Comcast Corp. Company Guar. Notes 4.15% due 10/15/2028		1,485,000		1,521,016

44

VALIC Company I Core Bond Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Cable/Satellite TV (continued)
UPC Broadband Finco BV Senior Sec. Notes 4.88% due 07/15/2031*	$	590,000	$	541,108
				3,171,654
Casino Hotels — 0.1%
Melco Resorts Finance, Ltd. Senior Notes 5.38% due 12/04/2029*		604,000		438,337
Wynn Macau, Ltd. Senior Notes 5.13% due 12/15/2029*		1,798,000		1,348,500
				1,786,837
Cellular Telecom — 0.1%
Altice France SA Senior Sec. Notes 5.13% due 07/15/2029*		783,000		683,461
Altice France SA Senior Sec. Notes 5.50% due 01/15/2028*		121,000		107,690
Altice France SA Senior Sec. Notes 5.50% due 10/15/2029*		1,046,000		907,405
Altice France SA Senior Sec. Notes 8.13% due 02/01/2027*		215,000		215,650
Vodafone Group PLC Senior Notes 5.25% due 05/30/2048		758,000		760,521
				2,674,727
Chemicals - Diversified — 0.1%
Braskem Netherlands Finance BV Company Guar. Notes 4.50% due 01/10/2028*		1,974,000		1,898,337
Braskem Netherlands Finance BV Company Guar. Notes 4.50% due 01/31/2030*		265,000		246,670
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc. Company Guar. Notes 5.13% due 04/01/2029*		611,000		518,606
				2,663,613
Chemicals - Specialty — 0.0%
Methanex Corp. Senior Notes 5.13% due 10/15/2027		647,000		624,381
Coffee — 0.0%
JDE Peet’s NV Company Guar. Notes 2.25% due 09/24/2031*		1,376,000		1,102,347
Commercial Services - Finance — 0.0%
Paysafe Finance PLC/Paysafe Holdings US Corp. Senior Sec. Notes 4.00% due 06/15/2029*		665,000		517,869

Security Description	Principal Amount		Value (Note 2)
Computers - Memory Devices — 0.0%
Seagate HDD Cayman Company Guar. Notes 4.09% due 06/01/2029	$	520,000	$	490,006
Containers - Metal/Glass — 0.0%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC Senior Sec. Notes 3.25% due 09/01/2028*		413,000		367,487
Containers - Paper/Plastic — 0.1%
Klabin Austria GmbH Company Guar. Notes 7.00% due 04/03/2049*		2,208,000		2,165,209
Cosmetics & Toiletries — 0.1%
GSK Consumer Healthcare Capital UK PLC Company Guar. Notes 3.13% due 03/24/2025*		2,395,000		2,372,246
Cruise Lines — 0.2%
Carnival Corp. Senior Notes 5.75% due 03/01/2027*		1,530,000		1,354,050
Carnival Corp. Company Guar. Notes 10.50% due 06/01/2030*		140,000		142,196
NCL Corp., Ltd. Senior Notes 3.63% due 12/15/2024*		1,721,000		1,544,038
Royal Caribbean Cruises, Ltd. Senior Notes 4.25% due 07/01/2026*		1,277,000		1,090,060
				4,130,344
Diversified Banking Institutions — 2.3%
Banco Santander SA Senior Notes 1.72% due 09/14/2027		1,800,000		1,599,501
Banco Santander SA Senior Notes 2.71% due 06/27/2024		1,600,000		1,574,880
Banco Santander SA Senior Notes 3.89% due 05/24/2024		2,200,000		2,210,263
Bank of Nova Scotia Senior Notes 2.95% due 03/11/2027		1,524,000		1,458,810
Bank of Nova Scotia Sub. Notes 4.59% due 05/04/2037		2,692,000		2,549,308
Barclays PLC Sub. Notes 3.56% due 09/23/2035		3,748,000		3,262,897
BNP Paribas SA Senior Notes 1.32% due 01/13/2027*		2,590,000		2,317,662
BNP Paribas SA Senior Notes 1.68% due 06/30/2027*		3,193,000		2,862,736

45

VALIC Company I Core Bond Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Diversified Banking Institutions (continued)
BNP Paribas SA Senior Notes 2.87% due 04/19/2032*	$	1,738,000	$	1,491,577
Credit Agricole SA Senior Notes 1.25% due 01/26/2027*		2,068,000		1,851,461
Deutsche Bank AG Senior Notes 2.22% due 09/18/2024		1,250,000		1,218,405
Deutsche Bank AG Sub. Notes 3.74% due 01/07/2033		3,355,000		2,739,276
Deutsche Bank AG/New York NY Senior Notes 2.31% due 11/16/2027		1,521,000		1,347,443
HSBC Holdings PLC Senior Notes 1.59% due 05/24/2027		3,771,000		3,373,562
HSBC Holdings PLC Senior Notes 2.25% due 11/22/2027		3,240,000		2,943,285
HSBC Holdings PLC Senior Notes 4.29% due 09/12/2026		1,310,000		1,305,268
HSBC Holdings PLC Senior Notes 4.76% due 12/09/2025		4,771,000		4,771,000
Mitsubishi UFJ Financial Group, Inc. Senior Notes 2.19% due 02/25/2025		1,378,000		1,324,852
Mizuho Financial Group, Inc. Senior Notes 2.56% due 09/13/2025		4,097,000		3,976,857
Mizuho Financial Group, Inc. Sub. Notes 2.56% due 09/13/2031		1,986,000		1,627,719
Natwest Group PLC Senior Notes 1.64% due 06/14/2027		1,615,000		1,447,663
Natwest Group PLC Sub. Notes 3.03% due 11/28/2035		3,269,000		2,732,720
Natwest Group PLC Senior Notes 4.27% due 03/22/2025		531,000		532,276
NatWest Markets PLC Senior Notes 0.80% due 08/12/2024*		1,289,000		1,211,009
NatWest Markets PLC Senior Notes 3.48% due 03/22/2025*		1,200,000		1,190,582
Societe Generale SA Senior Notes 2.89% due 06/09/2032*		1,049,000		869,694
Societe Generale SA Company Guar. Notes 3.63% due 03/01/2041*		1,420,000		1,030,255
UBS Group AG Senior Notes 1.49% due 08/10/2027*		1,810,000		1,614,775
UBS Group AG Senior Notes 4.75% due 05/12/2028*		1,477,000		1,496,933
UBS Group Funding Switzerland AG Senior Notes 4.13% due 09/24/2025*		269,000		270,643

Security Description	Principal Amount		Value (Note 2)
Diversified Banking Institutions (continued)
UniCredit SpA Senior Notes 2.57% due 09/22/2026*	$	3,353,000	$	3,058,379
UniCredit SpA Sub. Bonds 5.46% due 06/30/2035*		3,626,000		3,259,104
				64,520,795
Diversified Manufacturing Operations — 0.3%
GE Capital International Funding Co. ULC Company Guar. Notes 4.42% due 11/15/2035		4,220,000		4,167,165
Siemens Financieringsmaatschappij NV Company Guar. Notes 2.15% due 03/11/2031*		1,462,000		1,272,414
Siemens Financieringsmaatschappij NV Company Guar. Notes 3.25% due 05/27/2025*		1,771,000		1,767,092
				7,206,671
Diversified Minerals — 0.1%
FMG Resources August 2006 Pty., Ltd. Company Guar. Notes 4.50% due 09/15/2027*		646,000		621,885
Teck Resources, Ltd. Senior Notes 6.25% due 07/15/2041		1,772,000		1,914,311
				2,536,196
Electric - Generation — 0.1%
Colbun SA Senior Notes 3.15% due 01/19/2032*		1,911,000		1,597,962
Electric - Integrated — 0.1%
Enel Finance International NV Company Guar. Notes 4.75% due 05/25/2047*#		2,225,000		2,132,663
Engie Energia Chile SA Senior Notes 3.40% due 01/28/2030*		1,517,000		1,302,739
				3,435,402
Finance - Consumer Loans — 0.0%
goeasy, Ltd. Company Guar. Notes 4.38% due 05/01/2026*		577,000		514,973
Finance - Leasing Companies — 0.1%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust Company Guar. Notes 2.45% due 10/29/2026		1,799,000		1,611,742
Gold Mining — 0.1%
AngloGold Ashanti Holdings PLC Company Guar. Notes 3.38% due 11/01/2028		2,589,000		2,278,046
AngloGold Ashanti Holdings PLC Company Guar. Notes 3.75% due 10/01/2030		1,297,000		1,121,905
				3,399,951
Insurance - Life/Health — 0.0%
Athene Holding, Ltd. Senior Notes 3.45% due 05/15/2052		586,000		426,981

46

VALIC Company I Core Bond Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Insurance - Property/Casualty — 0.2%
Enstar Group, Ltd. Senior Notes 3.10% due 09/01/2031	$	1,194,000	$	1,005,268
Enstar Group, Ltd. Senior Notes 4.95% due 06/01/2029		3,708,000		3,717,181
				4,722,449
Internet Financial Services — 0.0%
ION Trading Technologies SARL Senior Sec. Notes 5.75% due 05/15/2028*		771,000		686,190
Investment Companies — 0.2%
JAB Holdings BV Senior Notes 4.50% due 04/08/2052*		2,775,000		2,306,311
Temasek Financial I, Ltd. Company Guar. Notes 2.75% due 08/02/2061*		3,030,000		2,294,073
				4,600,384
Machinery - Construction & Mining — 0.1%
Weir Group PLC Senior Notes 2.20% due 05/13/2026*		4,218,000		3,803,005
Machinery - Pumps — 0.1%
nVent Finance SARL Company Guar. Notes 2.75% due 11/15/2031		1,792,000		1,551,438
Medical Products — 0.1%
STERIS PLC Company Guar. Notes 3.75% due 03/15/2051		1,640,000		1,318,830
Medical - Biomedical/Gene — 0.1%
CSL UK Holdings, Ltd. Company Guar. Notes 4.75% due 04/27/2052*		833,000		828,373
Grifols Escrow Issuer SA Senior Notes 4.75% due 10/15/2028*		750,000		685,313
Royalty Pharma PLC Company Guar. Notes 2.15% due 09/02/2031		2,662,000		2,160,615
				3,674,301
Medical - Drugs — 0.1%
Shire Acquisitions Investments Ireland DAC Company Guar. Notes 3.20% due 09/23/2026		1,485,000		1,444,635
Metal - Aluminum — 0.0%
Constellium SE Company Guar. Notes 5.63% due 06/15/2028*		723,000		693,691
Metal - Copper — 0.0%
Hudbay Minerals, Inc. Company Guar. Notes 6.13% due 04/01/2029*		621,000		556,503

Security Description	Principal Amount		Value (Note 2)
Metal - Diversified — 0.1%
South32 Treasury, Ltd. Company Guar. Notes 4.35% due 04/14/2032*#	$	3,764,000	$	3,605,347
Metal - Iron — 0.0%
Mineral Resources, Ltd. Senior Notes 8.00% due 11/01/2027*		246,000		253,480
Mineral Resources, Ltd. Senior Notes 8.13% due 05/01/2027*		593,000		612,456
Mineral Resources, Ltd. Senior Notes 8.50% due 05/01/2030*		286,000		290,024
				1,155,960
Motion Pictures & Services — 0.0%
Banijay Entertainment SASU Senior Sec. Notes 5.38% due 03/01/2025*		823,000		800,854
Non - Hazardous Waste Disposal — 0.1%
Waste Connections, Inc. Senior Notes 2.20% due 01/15/2032		1,680,000		1,410,916
Oil & Gas Drilling — 0.0%
Nabors Industries, Ltd. Company Guar. Notes 7.25% due 01/15/2026*		545,000		523,200
Oil Companies - Exploration & Production — 0.2%
EQT Corp. Senior Notes 3.63% due 05/15/2031*		4,124,000		3,704,948
Santos Finance, Ltd. Company Guar. Notes 3.65% due 04/29/2031*		2,005,000		1,728,090
Strathcona Resources, Ltd. Senior Notes 6.88% due 08/01/2026*		1,424,000		1,376,412
				6,809,450
Oil Companies - Integrated — 0.0%
Petro-Canada Senior Notes 5.95% due 05/15/2035		943,000		1,014,595
Oil - Field Services — 0.0%
Weatherford International, Ltd. Senior Sec. Notes 6.50% due 09/15/2028*		378,000		371,858
Paper & Related Products — 0.1%
Inversiones CMPC SA Company Guar. Notes 3.00% due 04/06/2031*#		1,689,000		1,418,777
Suzano Austria GmbH Company Guar. Notes 3.13% due 01/15/2032		1,304,000		1,091,709
Suzano Austria GmbH Company Guar. Notes 3.75% due 01/15/2031		1,734,000		1,539,584
				4,050,070

47

VALIC Company I Core Bond Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Real Estate Operations & Development — 0.0%
Ontario Teachers’ Cadillac Fairview Properties Trust Senior Notes 2.50% due 10/15/2031*	$	1,061,000	$	926,477
Rental Auto/Equipment — 0.3%
Triton Container International, Ltd. Company Guar. Notes 2.05% due 04/15/2026*		4,089,000		3,703,263
Triton Container International, Ltd. Company Guar. Notes 3.15% due 06/15/2031*		3,813,000		3,238,794
				6,942,057
Retail - Petroleum Products — 0.0%
eG Global Finance PLC Senior Sec. Notes 6.75% due 02/07/2025*		811,000		789,711
Satellite Telecom — 0.1%
Connect Finco SARL/Connect US Finco LLC Senior Sec. Notes 6.75% due 10/01/2026*		825,000		790,280
Telesat Canada/Telesat LLC Senior Sec. Notes 4.88% due 06/01/2027*#		975,000		658,125
				1,448,405
Security Services — 0.0%
Atlas Luxco 4 SARL Senior Sec. Notes 4.63% due 06/01/2028*		610,000		545,377
Atlas Luxco 4 SARL Senior Sec. Notes 4.63% due 06/01/2028*		200,000		177,093
Garda World Security Corp. Senior Notes 6.00% due 06/01/2029*		354,000		286,754
				1,009,224
Semiconductor Components - Integrated Circuits — 0.1%
TSMC Global, Ltd. Company Guar. Notes 0.75% due 09/28/2025*		2,791,000		2,565,828
SupraNational Banks — 0.7%
African Development Bank Senior Notes 0.75% due 04/03/2023		3,066,000		3,030,815
Asian Infrastructure Investment Bank Senior Notes 0.50% due 10/30/2024		3,598,000		3,402,295
European Bank for Reconstruction & Development Senior Notes 1.50% due 02/13/2025		3,663,000		3,540,254
Inter-American Development Bank Bonds 1.13% due 07/20/2028		4,325,000		3,869,404
International Bank for Reconstruction & Development Senior Notes 0.75% due 11/24/2027		4,320,000		3,842,725
International Bank for Reconstruction & Development Senior Notes 3.13% due 11/20/2025		2,124,000		2,145,789
				19,831,282

Security Description	Principal Amount		Value (Note 2)
Telecom Services — 0.1%
Iliad Holding SAS Senior Sec. Notes 7.00% due 10/15/2028*	$	990,000	$	954,192
NTT Finance Corp. Company Guar. Notes 1.16% due 04/03/2026*		1,469,000		1,334,180
				2,288,372
Telephone - Integrated — 0.1%
Telefonica Emisiones SAU Company Guar. Notes 4.90% due 03/06/2048		1,464,000		1,319,081
Telefonica Emisiones SAU Company Guar. Notes 5.21% due 03/08/2047		500,000		471,860
				1,790,941
Transport - Rail — 0.1%
Canadian Pacific Railway Co. Company Guar. Notes 1.35% due 12/02/2024		2,429,000		2,309,718
Canadian Pacific Railway Co. Company Guar. Notes 3.00% due 12/02/2041		479,000		395,239
Canadian Pacific Railway Co. Company Guar. Notes 6.13% due 09/15/2115		577,000		649,973
				3,354,930
Total Foreign Corporate Bonds & Notes
(cost $274,372,665)				249,199,450
FOREIGN GOVERNMENT OBLIGATIONS — 0.5%
Banks - Special Purpose — 0.3%
BNG Bank NV Senior Notes 0.50% due 11/24/2025*		1,102,000		1,014,429
Industrial Bank of Korea Senior Notes 1.04% due 06/22/2025*		4,975,000		4,654,809
Korea Development Bank Senior Notes 0.50% due 10/27/2023		1,289,000		1,251,414
				6,920,652
Sovereign — 0.2%
Republic of Chile Senior Notes 2.75% due 01/31/2027		920,000		881,164
Republic of Italy Senior Notes 3.88% due 05/06/2051		1,462,000		1,193,160
United Mexican States Senior Notes 4.28% due 08/14/2041		5,282,000		4,500,326
				6,574,650
Total Foreign Government Obligations
(cost $15,003,570)				13,495,302
U.S. GOVERNMENT AGENCIES — 48.7%
Federal Home Loan Bank — 0.3%
2.13% due 09/14/2029		7,765,000		7,266,696
3.25% due 11/16/2028#		1,000,000		1,016,465
5.50% due 07/15/2036		250,000		306,412
				8,589,573

48

VALIC Company I Core Bond Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal Home Loan Mtg. Corp. — 8.9%
2.00% due 02/01/2036	$	17,222,389	$	16,292,386
2.00% due 05/01/2051		5,617,101		4,988,819
2.00% due 06/01/2051		15,607,704		13,932,950
2.00% due 09/01/2051		23,482,364		20,981,958
2.00% due 02/01/2052		4,915,063		4,365,037
2.50% due 01/01/2028		385,279		378,003
2.50% due 04/01/2028		1,017,083		1,001,617
2.50% due 03/01/2031		607,598		598,309
2.50% due 10/01/2032		2,783,202		2,740,585
2.50% due 11/01/2032		767,316		755,568
2.50% due 09/01/2051		11,377,995		10,485,837
2.50% due 11/01/2051		21,069,395		19,417,852
3.00% due 08/01/2027		143,882		143,157
3.00% due 05/01/2035		2,425,430		2,404,189
3.00% due 10/01/2042		1,035,257		1,009,385
3.00% due 11/01/2042		731,987		713,617
3.00% due 02/01/2043		638,604		627,102
3.00% due 04/01/2043		1,418,004		1,381,237
3.00% due 05/01/2043		974,976		950,404
3.00% due 08/01/2043		2,697,579		2,627,507
3.00% due 10/01/2045		1,980,720		1,921,398
3.00% due 08/01/2046		713,264		691,751
3.00% due 11/01/2046		2,513,668		2,436,278
3.50% due 01/01/2032		2,311,813		2,344,713
3.50% due 11/01/2041		184,236		184,129
3.50% due 03/01/2042		2,073,820		2,072,619
3.50% due 04/01/2042		1,306,664		1,305,907
3.50% due 06/01/2042		491,904		491,619
3.50% due 08/01/2042		1,002,982		1,002,401
3.50% due 09/01/2043		611,614		611,260
3.50% due 03/01/2045		591,892		591,081
3.50% due 07/01/2045		4,982,700		4,973,281
3.50% due 08/01/2045		1,073,829		1,072,043
3.50% due 11/01/2045		1,167,317		1,165,155
3.50% due 01/01/2046		803,073		800,787
3.50% due 03/01/2046		852,879		849,809
3.50% due 12/01/2046		245,471		244,250
3.50% due 11/01/2047		5,586,730		5,559,293
3.50% due 01/01/2048		5,715,833		5,687,906
3.50% due 03/01/2048		8,578,673		8,536,568
3.50% due 08/01/2049		3,735,023		3,691,505
3.50% due 08/01/2051		10,155,205		10,027,962
3.50% due 02/01/2052		8,068,082		7,922,087
4.00% due 03/01/2023		12		12
4.00% due 09/01/2040		508,640		521,696
4.00% due 07/01/2044		27,067		27,699
4.00% due 10/01/2045		1,002,644		1,028,036
4.00% due 01/01/2046		9,951,886		10,199,539
4.00% due 01/01/2047		31,066		31,865
4.00% due 07/01/2049		3,401,274		3,439,657
4.00% due 01/01/2050		1,561,522		1,572,290
4.00% due 06/01/2052		20,000,000		20,027,050
4.50% due 12/01/2039		310,518		323,244
4.50% due 04/01/2044		43,268		45,058
4.50% due 07/01/2045		7,830,791		7,984,361
4.50% due 05/01/2048		1,036,180		1,068,298
4.50% due 12/01/2048		4,682,323		4,777,880
4.50% due 06/01/2052		25,000,000		25,474,689
5.00% due 10/01/2033		419		434
5.00% due 05/01/2034		16,677		17,387
5.00% due 06/01/2039		176,959		188,583
5.00% due 07/01/2040		196,563		208,392
5.00% due 11/01/2043		1,512,020		1,609,419
5.50% due 11/01/2032		3,838		4,057
5.50% due 07/01/2034		13,542		14,415

Security Description	Principal Amount		Value (Note 2)
Federal Home Loan Mtg. Corp. (continued)
5.50% due 02/01/2035	$	56,320	$	58,924
5.50% due 07/01/2035		8,407		9,073
5.50% due 01/01/2036		80,999		87,291
5.50% due 05/01/2037		15,358		16,618
6.00% due 10/01/2033		69,900		74,083
6.00% due 07/01/2035		59,841		63,262
6.00% due 03/01/2040		91,418		100,532
6.50% due 02/01/2035		1,052		1,119
6.50% due 02/01/2036		11,551		12,428
6.50% due 09/01/2036		150		160
6.50% due 05/01/2037		14,375		15,524
6.75% due 09/15/2029		500,000		625,733
6.75% due 03/15/2031		250,000		317,875
Federal Home Loan Mtg. Corp. FRS 1.74% (6 ML+1.49%) due 02/01/2037		68,671		70,499
2.54% (12 ML+1.88%) due 11/01/2037		656,784		679,365
Federal Home Loan Mtg. Corp. REMIC Series 4740, Class BA 3.00% due 09/15/2045(3)		818,073		807,911
Federal Home Loan Mtg. Corp. REMIC FRS Series 3572, Class JS 5.93% (6.80%-1 ML) due 09/15/2039(3)(4)(6)		426,785		36,149
				251,519,928
Federal National Mtg. Assoc. — 27.5%
1.50% due 05/01/2036		3,826,617		3,535,850
1.50% due 12/01/2050		17,708,105		15,059,050
1.50% due 03/01/2051		6,002,064		5,103,109
2.00% due 07/01/2035		5,879,494		5,560,469
2.00% due 11/01/2035		6,141,901		5,808,447
2.00% due 05/01/2036		16,119,626		15,244,537
2.00% due 05/01/2041		7,181,443		6,486,927
2.00% due 10/01/2050		8,717,729		7,769,192
2.00% due 12/01/2050		10,767,699		9,596,926
2.00% due 04/01/2051		32,262,170		28,796,638
2.00% due 05/01/2051		18,197,781		16,185,061
2.00% due 06/01/2051		25,570,805		22,833,818
2.00% due 10/01/2051		17,287,574		15,382,353
2.00% due 11/01/2051		9,191,755		8,214,891
2.00% due 12/01/2051		24,381,074		21,676,655
2.00% due 03/01/2052		29,661,340		26,336,721
2.50% due 12/01/2026		204,975		201,718
2.50% due 02/01/2028		514,731		503,786
2.50% due 04/01/2028		272,676		268,121
2.50% due 07/01/2031		1,673,076		1,646,213
2.50% due 08/01/2031		7,471,469		7,352,080
2.50% due 01/01/2032		1,351,539		1,329,831
2.50% due 02/01/2032		582,406		573,030
2.50% due 04/01/2035		3,589,942		3,483,340
2.50% due 05/01/2035		5,881,587		5,706,931
2.50% due 06/01/2050		413,168		381,571
2.50% due 07/01/2050		6,761,661		6,297,048
2.50% due 08/01/2050		2,873,013		2,650,507
2.50% due 10/01/2050		1,543,308		1,424,943
2.50% due 05/01/2051		12,851,849		11,845,893
2.50% due 06/01/2051		22,747,326		20,965,653
2.50% due 07/01/2051		14,259,252		13,141,579
2.50% due 08/01/2051		12,961,461		11,945,087
2.50% due 11/01/2051		14,457,723		13,383,709
2.50% due 02/01/2052		29,726,902		27,428,906
2.50% due 04/01/2052		19,913,045		18,364,408
3.00% due 10/01/2027		189,740		188,982

49

VALIC Company I Core Bond Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal National Mtg. Assoc. (continued)
3.00% due 12/01/2027	$	561,240	$	561,370
3.00% due 01/01/2028		880,303		879,437
3.00% due 03/01/2030		743,378		743,555
3.00% due 10/01/2030		1,149,369		1,148,951
3.00% due 10/01/2032		2,301,446		2,296,336
3.00% due 02/01/2033		9,532,158		9,525,855
3.00% due 07/01/2034		443,782		440,615
3.00% due 05/01/2037		24,832,556		24,537,037
3.00% due 06/01/2037		35,000,000		34,583,484
3.00% due 11/01/2039		3,024,381		2,943,835
3.00% due 03/01/2042		1,310,264		1,276,480
3.00% due 12/01/2042		1,731,866		1,686,672
3.00% due 02/01/2043		2,633,036		2,562,785
3.00% due 05/01/2043		1,148,231		1,118,097
3.00% due 02/01/2045		162,050		157,101
3.00% due 05/01/2046		1,095,843		1,062,383
3.00% due 08/01/2046		3,418,665		3,314,037
3.00% due 09/01/2046		592,511		574,055
3.00% due 12/01/2046		220,835		215,137
3.00% due 01/01/2047		1,308,259		1,260,228
3.00% due 09/01/2048		3,788,432		3,668,011
3.00% due 11/01/2048		8,154,866		7,899,129
3.00% due 06/01/2049		5,315,597		5,113,379
3.00% due 03/01/2050		4,602,084		4,415,801
3.00% due 02/01/2052		42,914,693		40,984,144
3.00% due 04/01/2052		29,773,346		28,415,475
3.50% due 08/01/2026		316,740		319,475
3.50% due 09/01/2026		379,382		382,621
3.50% due 08/01/2027		77,082		77,728
3.50% due 10/01/2028		1,010,813		1,022,985
3.50% due 03/01/2033		793,031		803,898
3.50% due 08/01/2033		157,141		159,171
3.50% due 12/01/2041		415,711		415,133
3.50% due 03/01/2042		253,644		253,292
3.50% due 08/01/2042		2,386,698		2,378,511
3.50% due 09/01/2042		173,550		173,309
3.50% due 02/01/2043		1,481,733		1,505,365
3.50% due 07/01/2045		898,847		896,083
3.50% due 08/01/2045		838,492		835,908
3.50% due 09/01/2045		210,121		209,178
3.50% due 10/01/2045		1,892,818		1,886,601
3.50% due 11/01/2045		1,376,060		1,369,122
3.50% due 12/01/2045		3,889,649		3,876,096
3.50% due 02/01/2046		847,770		844,726
3.50% due 03/01/2046		2,423,430		2,410,473
3.50% due 07/01/2046		4,667,615		4,651,321
3.50% due 01/01/2047		2,647,544		2,633,296
3.50% due 09/01/2047		8,501,463		8,481,011
3.50% due 12/01/2047		11,500,333		11,418,045
3.50% due 04/01/2048		6,401,256		6,364,788
3.50% due 08/01/2049		526,559		519,262
3.50% due 04/01/2052		21,824,713		21,416,187
4.00% due 11/01/2025		28,124		28,684
4.00% due 03/01/2039		1,607,379		1,630,458
4.00% due 07/01/2040		89,123		91,344
4.00% due 09/01/2040		40,678		41,688
4.00% due 10/01/2040		82,890		84,932
4.00% due 12/01/2040		1,055,527		1,081,746
4.00% due 10/01/2041		595,010		609,799
4.00% due 11/01/2041		456,270		467,579
4.00% due 01/01/2043		2,085,909		2,137,660
4.00% due 02/01/2045		2,836,042		2,906,362
4.00% due 02/01/2046		716,648		732,661
4.00% due 06/01/2046		450,141		460,803
4.00% due 01/01/2047		1,368,094		1,394,936

Security Description	Principal Amount		Value (Note 2)
Federal National Mtg. Assoc. (continued)
4.00% due 05/01/2047	$	1,090,998	$	1,111,233
4.00% due 06/01/2047		2,061,854		2,099,406
4.00% due 07/01/2047		5,517,611		5,616,585
4.00% due 08/01/2047		3,763,504		3,823,698
4.00% due 06/01/2048		4,181,256		4,240,209
4.00% due 09/01/2048		2,563,054		2,598,980
4.00% due 12/01/2048		873,715		880,429
4.00% due 01/01/2049		3,367,296		3,397,594
4.00% due 03/01/2049		1,143,146		1,152,931
4.00% due 03/01/2050		3,155,060		3,173,219
4.00% due 08/01/2050		8,855,634		8,906,273
4.00% due 04/01/2052		19,829,780		19,857,776
4.00% due 05/01/2052		24,946,297		24,981,270
4.00% due 06/01/2052		20,000,000		20,032,989
4.50% due 11/01/2022		49		50
4.50% due 10/01/2024		113,032		116,013
4.50% due 03/01/2025		100,402		103,049
4.50% due 02/01/2040		640,527		671,280
4.50% due 05/01/2040		129,391		134,361
4.50% due 08/01/2045		6,693,722		7,024,058
4.50% due 06/01/2048		3,154,599		3,230,219
4.50% due 10/01/2048		1,991,224		2,035,745
4.50% due 11/01/2048		2,483,518		2,534,847
4.50% due 12/01/2048		3,610,401		3,689,725
4.50% due 10/01/2049		2,584,624		2,638,992
5.00% due 01/01/2023		773		793
5.00% due 04/01/2023		1,690		1,731
5.00% due 10/01/2024		22,786		23,381
5.00% due 09/01/2033		227,403		241,698
5.00% due 10/01/2033		1,092		1,161
5.00% due 03/01/2034		19,232		20,453
5.00% due 04/01/2040		259,938		269,207
5.00% due 05/01/2040		298,866		314,983
5.00% due 06/01/2040		1,008,481		1,073,469
5.00% due 07/01/2040		97,243		101,448
5.00% due 02/01/2045		982,998		1,046,642
5.50% due 12/01/2029		80,471		84,215
5.50% due 04/01/2033		21,213		22,652
5.50% due 12/01/2033		40,185		43,268
5.50% due 07/01/2037		131,970		142,595
5.50% due 08/01/2037		1,119,641		1,210,617
5.50% due 06/01/2038		87,245		94,379
5.50% due 09/01/2039		214,317		231,762
6.00% due 02/01/2032		2,329		2,455
6.00% due 08/01/2034		11,281		12,403
6.00% due 10/01/2034		23		24
6.00% due 11/01/2035		14,096		14,878
6.00% due 06/01/2036		24,582		27,029
6.00% due 12/01/2036		183,667		201,919
6.00% due 07/01/2038		210,048		230,974
6.00% due 09/01/2038		135,288		148,755
6.00% due 11/01/2038		112,971		124,227
6.00% due 06/01/2040		37,811		41,562
6.50% due 10/01/2037		8,838		9,492
6.50% due 11/01/2037		14,625		15,545
Federal National Mtg. Assoc. FRS 1.92% (6 ML+1.54%) due 09/01/2035		729,430		750,513
2.06% (12 ML+1.57%) due 05/01/2037		102,380		105,656
2.07% (12 ML+1.82%) due 10/01/2040		107,337		111,116
2.08% (12 ML+1.83%) due 10/01/2040		301,382		311,306

50

VALIC Company I Core Bond Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal National Mtg. Assoc. (continued)
2.08% (12 ML+1.77%) due 05/01/2040	$	557,883	$	575,155
2.32% (1 Yr USTYCR+2.22%) due 10/01/2035		487,040		505,698
2.32% (12 ML+1.66%) due 07/01/2039		431,988		442,931
2.36% (12 ML+1.91%) due 08/01/2035		401,135		416,931
2.61% (1 Yr USTYCR+2.27%) due 11/01/2036		228,316		237,978
Federal National Mtg. Assoc. REMIC Series 2017-100, Class NP 3.00% due 12/25/2047(3)		2,862,327		2,736,177
Federal National Mtg. Assoc., REMIC
Series 2018-27, Class EA 3.00% due 05/25/2048(3)		4,267,593		4,081,406
Series 2018-35, Class CD 3.00% due 05/25/2048(3)		4,270,572		4,141,925
				775,251,046
Government National Mtg. Assoc. — 4.7%
2.00% due 11/20/2050		12,718,965		11,629,610
2.50% due 05/20/2050		6,430,425		6,056,264
2.50% due 07/20/2051		27,434,127		25,780,123
2.50% due 09/20/2051		29,855,244		28,091,602
3.00% due 02/20/2045		1,792,334		1,745,069
3.00% due 05/20/2045		504,682		491,468
3.00% due 07/20/2045		125,266		122,036
3.00% due 11/20/2045		1,328,589		1,295,454
3.00% due 12/20/2045		895,300		873,154
3.00% due 01/20/2046		4,385,002		4,277,562
3.00% due 03/20/2046		2,260,076		2,205,137
3.00% due 04/20/2046		3,640,821		3,555,495
3.00% due 05/20/2046		5,570,632		5,438,540
3.00% due 09/20/2047		3,957,277		3,854,287
3.00% due 05/20/2050		7,583,627		7,346,596
3.00% due 02/20/2052		19,718,910		19,049,799
3.50% due 03/20/2045		445,773		449,341
3.50% due 04/20/2045		174,372		175,997
3.50% due 07/20/2045		212,070		214,580
3.50% due 07/20/2046		233,815		234,991
3.50% due 10/20/2047		1,179,697		1,181,522
4.00% due 03/20/2044		258,383		264,255
4.00% due 07/20/2045		738,561		755,349
4.00% due 05/20/2048		1,767,609		1,798,953
4.50% due 05/15/2039		310,371		331,588
4.50% due 10/20/2045		1,448,548		1,529,528
4.50% due 04/20/2047		1,914,954		2,002,486
5.00% due 01/15/2040		238,652		250,912
5.50% due 12/15/2039		414,248		444,885
6.00% due 10/15/2039		121,524		128,151
Government National Mtg. Assoc. REMIC VRS Series 2013-118, Class B 2.50% due 10/16/2043(1)(2)		1,900,000		1,840,862
				133,415,596
Uniform Mtg. Backed Securities — 7.3%
1.50% due June 15 TBA		26,000,000		23,989,919
2.00% due June 15 TBA		19,042,000		17,988,623
2.00% due June 30 TBA		31,800,000		28,205,109
2.50% due June 15 TBA		14,220,000		13,765,627
2.50% due June 30 TBA		23,233,000		21,377,990
3.00% due June 30 TBA		35,438,000		33,782,381

Security Description	Principal Amount		Value (Note 2)
Uniform Mtg. Backed Securities (continued)
3.50% due June 30 TBA	$	30,217,000	$	29,619,742
4.50% due June 30 TBA		35,000,000		35,616,602
				204,345,993
Total U.S. Government Agencies
(cost $1,442,804,209)				1,373,122,136
U.S. GOVERNMENT TREASURIES — 12.2%
United States Treasury Bonds — 6.4%
1.75% due 08/15/2041		20,674,000		16,104,723
1.88% due 02/15/2051		5,500,000		4,200,840
1.88% due 11/15/2051		25,904,000		19,804,418
2.00% due 11/15/2041		17,236,000		14,028,488
2.00% due 08/15/2051		14,362,000		11,304,465
2.25% due 02/15/2052		5,288,000		4,436,963
2.38% due 02/15/2042		36,319,000		31,506,732
2.38% due 11/15/2049		26,081,000		22,420,491
2.38% due 05/15/2051		25,123,000		21,637,184
2.75% due 11/15/2042		406,000		371,316
2.75% due 08/15/2047		1,246,000		1,136,926
2.88% due 11/15/2046		384,000		357,165
3.00% due 05/15/2045		570,000		539,630
3.00% due 11/15/2045		1,729,000		1,640,254
3.00% due 05/15/2047		8,292,000		7,901,369
3.13% due 11/15/2041		2,303,000		2,255,860
3.13% due 02/15/2042		392,000		383,149
3.38% due 11/15/2048		13,798,000		14,302,489
3.75% due 08/15/2041		35,000		37,457
3.88% due 08/15/2040		301,000		329,666
4.25% due 05/15/2039		256,000		296,410
4.38% due 11/15/2039		105,000		123,071
4.38% due 05/15/2040		3,057,000		3,575,496
4.38% due 05/15/2041		433,000		502,990
4.63% due 02/15/2040		65,000		78,513
4.75% due 02/15/2037		564,000		689,556
5.00% due 05/15/2037		153,000		191,716
5.25% due 11/15/2028		354,000		403,353
				180,560,690
United States Treasury Notes — 5.8%
0.13% due 04/30/2023		5,000,000		4,911,133
0.13% due 12/15/2023		1,100,000		1,063,348
0.25% due 09/30/2023		11,000,000		10,713,828
0.25% due 05/15/2024		4,100,000		3,924,309
0.50% due 02/28/2026		1,000,000		918,164
0.75% due 04/30/2026		10,100,000		9,334,609
0.88% due 01/31/2024		13,113,000		12,785,175
1.13% due 02/29/2028		1,000,000		907,891
1.13% due 02/15/2031		5,400,000		4,693,359
1.25% due 12/31/2026		4,996,000		4,658,575
1.25% due 08/15/2031		1,455,000		1,268,180
1.38% due 10/15/2022		10,000,000		9,998,437
1.38% due 01/31/2025		1,500,000		1,449,551
1.38% due 11/15/2031		7,139,000		6,271,166
1.50% due 11/30/2024		1,500,000		1,457,930
1.50% due 01/31/2027		5,699,000		5,369,304
1.50% due 02/15/2030		8,520,000		7,740,220
1.63% due 02/15/2026		4,839,000		4,638,446
1.63% due 11/30/2026		1,600,000		1,519,813
1.63% due 08/15/2029		10,100,000		9,307,387
1.75% due 11/15/2029#		6,700,000		6,221,578
1.88% due 02/28/2027		27,750,000		26,591,221
1.88% due 02/28/2029		2,500,000		2,349,805
1.88% due 02/15/2032		5,776,000		5,301,285
2.00% due 02/15/2025#		1,729,000		1,697,932
2.00% due 11/15/2026		384,000		370,440

51

VALIC Company I Core Bond Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares/ Principal Amount		Value (Note 2)
U.S. GOVERNMENT TREASURIES (continued)
United States Treasury Notes (continued)
2.25% due 04/30/2024	$	167,000	$	166,243
2.25% due 11/15/2024		3,596,000		3,560,461
2.25% due 08/15/2027#		576,000		559,148
2.38% due 05/15/2029		500,000		484,453
2.63% due 02/15/2029		171,000		168,341
2.75% due 04/30/2027		3,300,000		3,288,914
2.88% due 04/30/2029		4,656,000		4,656,728
2.88% due 05/15/2032		6,658,000		6,675,685
				165,023,059
Total U.S. Government Treasuries
(cost $384,491,713)				345,583,749
COMMON STOCKS — 0.1%
Oil Field Machinery & Equipment — 0.1%
Hi-Crush, Inc. † (7)(8) (cost $821,887)		6,207,434		2,358,825
PREFERRED SECURITIES — 0.0%
Sovereign Agency — 0.0%
Federal Home Loan Mtg. Corp. Series Z 8.38%† (cost $115,290)		7,467		25,537
PREFERRED SECURITIES/CAPITAL SECURITIES — 0.8%
Cellular Telecom — 0.0%
Vodafone Group PLC 5.13% due 06/04/2081		698,000		542,506
Diversified Banking Institutions — 0.2%
JPMorgan Chase & Co. Series U 6.13% due 04/30/2024#(9)		2,555,000		2,515,551
Royal Bank of Scotland Group PLC 8.00% due 08/10/2025(9)		1,096,000		1,145,320
Societe Generale SA 7.88% due 12/18/2023*(9)		1,554,000		1,593,419
				5,254,290
Electric - Distribution — 0.1%
National Rural Utilities Cooperative Finance Corp. 4.75% due 04/30/2043		1,400,000		1,323,206
Electric - Integrated — 0.1%
CMS Energy Corp. 3.75% due 12/01/2050		1,163,000		940,035
CMS Energy Corp. 4.75% due 06/01/2050		1,424,000		1,344,327
Dominion Resources, Inc. 5.75% due 10/01/2054		955,000		928,776
				3,213,138
Food - Dairy Products — 0.0%
Land O’ Lakes, Inc. Junior Sub. Notes 7.00% due 09/18/2028*(9)		360,000		354,622
Land O’Lakes Capital Trust I 7.45% due 03/15/2028*		885,000		946,950
				1,301,572
Insurance - Life/Health — 0.1%
Prudential Financial, Inc. 5.63% due 06/15/2043		1,556,000		1,543,879
Prudential Financial, Inc. 5.70% due 09/15/2048		1,154,000		1,146,937
				2,690,816

Security Description	Shares/ Principal Amount			Value (Note 2)
Insurance - Mutual — 0.1%
Liberty Mutual Group, Inc. Company Guar. Notes 4.30% due 02/01/2061*	$	3,574,000		$	2,635,825
Oil Companies - Integrated — 0.0%
BP Capital Markets PLC 4.88% due 03/22/2030(9)		1,264,000			1,181,955
Pipelines — 0.1%
EnLink Midstream Partners LP 6.00% due 12/15/2022(9)		998,000			703,251
Enterprise Products Operating LLC 5.25% due 08/16/2077		881,000			765,313
					1,468,564
Tools - Hand Held — 0.1%
Stanley Black & Decker, Inc. 4.00% due 03/15/2060		3,066,000			2,829,198
Transport - Equipment & Leasing — 0.0%
AerCap Global Aviation Trust 6.50% due 06/15/2045*		719,000			697,430
Total Preferred Securities/Capital Securities
(cost $25,244,692)					23,138,500
ESCROWS AND LITIGATION TRUSTS — 0.0%
ION Media Networks, Inc.†(7)		395			1,406
Lehman Brothers Holdings, Inc. Escrow Notes 5.50% due 04/04/2016†		186,000			744
Total Escrows And Litigation Trusts
(cost $0)					2,150
Total Long-Term Investment Securities
(cost $2,952,568,850)					2,744,121,453
SHORT-TERM INVESTMENT SECURITIES — 13.2%
Registered Investment Companies — 13.2%
State Street Institutional Liquid Reserves Fund, Premier Class  0.84%(10)		355,148,596			355,184,111
State Street Navigator Securities Lending Government Money Market Portfolio 0.32%(10)(12)		16,715,750			16,715,750
Total Short-Term Investment Securities
(cost $371,847,163)					371,899,861
TOTAL INVESTMENTS
(cost $3,324,416,013)(11)		110.4	%		3,116,021,314
Liabilities in excess of other assets		(10.4	)		(294,342,934	)
NET ASSETS		100.0	%	$	2,821,678,380

† 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, 2022, the aggregate value of these securities was $344,335,767 representing 12.2% of net assets.

# 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) “Step-up” security where the rate increases (“steps-up”) at a predetermined rate. The rate reflected is as of May 31, 2022.

52

VALIC Company I Core Bond Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

(6) 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, 2022.

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

(8) 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, 2022, the Fund held the following restricted securities:

Description	Acquisition Date		Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
Common Stocks
Hi-Crush, Inc.		06/07/2018		6,207,434	$	821,887	$	2,358,825	$	0.38		0.08	%

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

(10) The rate shown is the 7-day yield as of May 31, 2022.

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

(12) At May 31, 2022, the Fund had loaned securities with a total value of $28,936,039. This was secured by collateral of $16,715,750, which was received in cash and subsequently

invested in short-term investments currently valued at $16,715,750 as reported in the Portfolio of Investments. Additional collateral of $13,009,243 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, 2022
Federal Home Loan Mtg. Corp.	1.50% to 4.50%	06/25/2033 to 10/25/2051	$	1,310,662
Federal National Mtg. Assoc.	2.00% to 2.68%	05/01/2025 to 08/25/2050		1,084,513
United States Treasury Notes/Bonds	0.13% to 6.25%	07/15/2022 to 05/15/2052		10,614,068

REMIC—Real Estate Mortgage Investment Conduit

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

FRS—Floating Rate Security

VRS—Variable Rate Security

The rates shown on FRS and VRS are the current interest rates at May 31, 2022 and unless noted otherwise, the dates shown are the original maturity.

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

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2022 (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	$	—	$	65,005,375	$	—	$	65,005,375
U.S. Corporate Bonds & Notes		—		672,190,429		—		672,190,429
Foreign Corporate Bonds & Notes		—		249,199,450		—		249,199,450
Foreign Government Obligations		—		13,495,302		—		13,495,302
U.S. Government Agencies		—		1,373,122,136		—		1,373,122,136
U.S. Government Treasuries		—		345,583,749		—		345,583,749
Common Stocks		—		—		2,358,825		2,358,825
Preferred Securities		25,537		—		—		25,537
Preferred Securities/Capital Securities		—		23,138,500		—		23,138,500
Escrows and Litigation Trusts		—		744		1,406		2,150
Short-Term Investment Securities		371,899,861		—		—		371,899,861
Total Investments at Value	$	371,925,398	$	2,741,735,685	$	2,360,231	$	3,116,021,314

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

Level 3 investments in securities were not considered a significant portion of the Fund’s net assets.

See Notes to Financial Statements

53

VALIC Company I Dividend Value Fund

PORTFOLIO PROFILE — May 31, 2022 (unaudited)

Industry Allocation*

Medical — Drugs	6.7	%
Diversified Banking Institutions	5.2
Medical — HMO	4.5
Registered Investment Companies	4.2
Oil Companies — Exploration & Production	3.7
Pipelines	3.7
Applications Software	3.1
Insurance — Multi-line	3.0
Banks-Super Regional	2.8
Aerospace/Defense	2.6
Finance — Credit Card	2.3
Cosmetics & Toiletries	2.1
Cable/Satellite TV	2.0
Investment Management/Advisor Services	1.9
Computer Services	1.9
Telephone — Integrated	1.8
Electric — Integrated	1.8
Networking Products	1.8
Medical Instruments	1.7
Enterprise Software/Service	1.7
Medical Products	1.6
Oil Companies — Integrated	1.6
Electronic Components-Semiconductors	1.5
Insurance — Property/Casualty	1.4
Auto — Cars/Light Trucks	1.4
Computers	1.4
Pharmacy Services	1.4
Chemicals — Diversified	1.3
Transport — Rail	1.3
Data Processing/Management	1.3
Electric — Distribution	1.3
Insurance-Life/Health	1.2
Banks — Commercial	1.1
Food — Confectionery	1.1
Diversified Manufacturing Operations	1.0
Brewery	0.9
Drug Delivery Systems	0.9
Industrial Gases	0.9
Medical Labs & Testing Services	0.9
Real Estate Investment Trusts	0.8
Retail — Apparel/Shoe	0.8
Retail — Discount	0.8
Insurance Brokers	0.8
Machinery-Construction & Mining	0.8
Beverages — Non-alcoholic	0.7
Retail — Building Products	0.7
Food — Misc./Diversified	0.7
Tobacco	0.7
Building Products-Cement	0.7
Containers — -Paper/Plastic	0.7
Transport — Services	0.7
Broadcast Services/Program	0.7
Multimedia	0.6
Audio/Video Products	0.6
Cellular Telecom	0.6
Non — Hazardous Waste Disposal	0.6
Medical — Wholesale Drug Distribution	0.6
Home Decoration Products	0.6
Finance — Investment Banker/Broker	0.6
Dental Supplies & Equipment	0.5
Shipbuilding	0.5
Private Equity	0.5
Auto/Truck Parts & Equipment — Original	0.5
Aerospace/Defense — Equipment	0.4
Soap & Cleaning Preparation	0.4
Semiconductor Components — Integrated Circuits	0.3
Entertainment Software	0.3
Agricultural Biotech	0.3
Chemicals — Specialty	0.2

Metal — Copper	0.2
Apparel Manufacturers	0.2
Machinery — General Industrial	0.2
	100.3	%

* Calculated as a percentage of net assets

54

VALIC Company I Dividend Value Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 96.1%
Aerospace/Defense — 2.6%
BAE Systems PLC		1,212,959	$	11,555,827
Northrop Grumman Corp.		13,270		6,209,962
Raytheon Technologies Corp.		160,100		15,228,712
				32,994,501
Aerospace/Defense - Equipment — 0.4%
Airbus SE		47,782		5,598,260
Agricultural Biotech — 0.3%
Corteva, Inc.		57,238		3,584,244
Apparel Manufacturers — 0.2%
Ralph Lauren Corp.		21,109		2,133,909
Applications Software — 3.1%
CDK Global, Inc.		179,407		9,770,505
Microsoft Corp.		109,013		29,637,365
				39,407,870
Audio/Video Products — 0.6%
Panasonic Holdings Corp.		833,600		7,637,205
Auto - Cars/Light Trucks — 1.4%
General Motors Co.†		449,257		17,377,261
Auto/Truck Parts & Equipment - Original — 0.5%
Lear Corp.		41,695		5,877,327
Banks - Commercial — 1.1%
First Citizens BancShares, Inc., Class A		17,244		12,077,697
M&T Bank Corp.		11,812		2,125,806
				14,203,503
Banks - Super Regional — 2.8%
PNC Financial Services Group, Inc.		33,420		5,862,202
US Bancorp		94,330		5,006,093
Wells Fargo & Co.		545,277		24,957,329
				35,825,624
Beverages - Non-alcoholic — 0.7%
Coca-Cola Co.		147,720		9,362,494
Brewery — 0.9%
Constellation Brands, Inc., Class A		47,604		11,685,354
Broadcast Services/Program — 0.7%
Fox Corp., Class A		238,319		8,462,708
Building Products - Cement — 0.7%
Vulcan Materials Co.		52,250		8,614,458
Cable/Satellite TV — 2.0%
Comcast Corp., Class A		572,268		25,340,027
Cellular Telecom — 0.6%
Rogers Communications, Inc., Class B		148,207		7,601,050
Chemicals - Diversified — 1.3%
PPG Industries, Inc.		134,030		16,953,455
Chemicals - Specialty — 0.2%
Ecolab, Inc.		19,300		3,163,463
Computer Services — 1.9%
Cognizant Technology Solutions Corp., Class A		154,920		11,572,524
Leidos Holdings, Inc.		115,318		12,050,731
				23,623,255
Computers — 1.4%
Apple, Inc.		116,610		17,356,232
Containers - Paper/Plastic — 0.7%
Sealed Air Corp.		138,435		8,607,888

Security Description	Shares		Value (Note 2)
Cosmetics & Toiletries — 2.1%
Procter & Gamble Co.		67,620	$	9,999,645
Unilever PLC ADR		326,814		15,794,921
				25,794,566
Data Processing/Management — 1.3%
Fidelity National Information Services, Inc.		152,199		15,904,796
Dental Supplies & Equipment — 0.5%
DENTSPLY SIRONA, Inc.		171,487		6,784,026
Diversified Banking Institutions — 5.2%
Bank of America Corp.		601,136		22,362,259
Citigroup, Inc.		426,502		22,779,472
JPMorgan Chase & Co.		153,214		20,259,487
				65,401,218
Diversified Manufacturing Operations — 1.0%
General Electric Co.		101,759		7,966,712
Siemens AG		38,961		5,121,139
				13,087,851
Drug Delivery Systems — 0.9%
Becton Dickinson & Co.		44,840		11,470,072
Electric - Distribution — 1.3%
Sempra Energy		96,844		15,868,858
Electric - Integrated — 1.8%
American Electric Power Co., Inc.		63,825		6,512,065
CenterPoint Energy, Inc.		76,954		2,466,376
Edison International		100,401		7,019,034
Public Service Enterprise Group, Inc.		98,471		6,749,202
				22,746,677
Electronic Components - Semiconductors — 1.5%
Broadcom, Inc.		10,850		6,294,411
Intel Corp.		95,410		4,238,112
Samsung Electronics Co., Ltd. GDR		3,607		4,845,487
Texas Instruments, Inc.		18,480		3,266,525
				18,644,535
Enterprise Software/Service — 1.7%
Oracle Corp.		79,390		5,709,729
SAP SE ADR		42,090		4,202,265
SS&C Technologies Holdings, Inc.		172,224		11,020,614
				20,932,608
Entertainment Software — 0.3%
Activision Blizzard, Inc.		52,207		4,065,881
Finance - Credit Card — 2.3%
Capital One Financial Corp.		38,991		4,985,389
Mastercard, Inc., Class A		21,580		7,722,835
Visa, Inc., Class A		78,697		16,697,142
				29,405,366
Finance - Investment Banker/Broker — 0.6%
Charles Schwab Corp.		100,183		7,022,828
Food - Confectionery — 1.1%
Mondelez International, Inc., Class A		217,648		13,833,707
Food - Misc./Diversified — 0.7%
Nestle SA ADR		74,090		9,036,016
Home Decoration Products — 0.6%
Newell Brands, Inc.		346,781		7,434,985
Industrial Gases — 0.9%
Linde PLC		33,430		10,854,052

55

VALIC Company I Dividend Value Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Insurance Brokers — 0.8%
Willis Towers Watson PLC		46,902	$	9,899,605
Insurance - Life/Health — 1.2%
Equitable Holdings, Inc.		175,826		5,346,869
Prudential Financial, Inc.		51,046		5,423,637
Prudential PLC		324,029		4,233,442
				15,003,948
Insurance - Multi-line — 3.0%
Allstate Corp.		33,284		4,549,590
Chubb, Ltd.		41,750		8,821,357
Hartford Financial Services Group, Inc.		74,564		5,406,636
MetLife, Inc.		278,671		18,779,639
				37,557,222
Insurance - Property/Casualty — 1.4%
Fidelity National Financial, Inc.		205,546		8,694,596
Travelers Cos., Inc.		49,330		8,832,043
				17,526,639
Investment Management/Advisor Services — 1.9%
Apollo Global Management, Inc.		311,861		17,975,668
Raymond James Financial, Inc.		60,768		5,985,040
				23,960,708
Machinery - Construction & Mining — 0.8%
Komatsu, Ltd.		390,800		9,665,684
Machinery - General Industrial — 0.2%
Otis Worldwide Corp.		25,740		1,915,056
Medical Instruments — 1.7%
Alcon, Inc.		53,638		4,021,140
Medtronic PLC		175,361		17,562,404
				21,583,544
Medical Labs & Testing Services — 0.9%
Laboratory Corp. of America Holdings		43,758		10,795,974
Medical Products — 1.6%
Koninklijke Philips NV#		361,185		9,313,400
Zimmer Biomet Holdings, Inc.		90,754		10,909,538
				20,222,938
Medical - Drugs — 6.7%
AstraZeneca PLC		130,654		17,285,373
Bayer AG		234,257		16,742,270
Johnson & Johnson		52,630		9,448,664
Merck & Co., Inc.		102,910		9,470,807
Pfizer, Inc.		149,960		7,953,878
Sanofi		176,006		18,795,344
Zoetis, Inc.		23,030		3,936,518
				83,632,854
Medical - HMO — 4.5%
Anthem, Inc.		45,544		23,209,678
Humana, Inc.		41,000		18,623,430
UnitedHealth Group, Inc.		29,110		14,461,266
				56,294,374
Medical - Wholesale Drug Distribution — 0.6%
AmerisourceBergen Corp.		40,864		6,325,339
McKesson Corp.		3,563		1,171,122
				7,496,461
Metal - Copper — 0.2%
Freeport-McMoRan, Inc.		57,930		2,263,904

Security Description	Shares		Value (Note 2)
Multimedia — 0.6%
Walt Disney Co.†		70,930	$	7,833,509
Networking Products — 1.8%
Cisco Systems, Inc.		503,720		22,692,586
Non-Hazardous Waste Disposal — 0.6%
Waste Management, Inc.		47,430		7,518,129
Oil Companies - Exploration & Production — 3.7%
Chesapeake Energy Corp.#		33,870		3,298,261
ConocoPhillips		107,704		12,101,621
EQT Corp.		347,496		16,582,509
Hess Corp.		69,473		8,550,042
Pioneer Natural Resources Co.		22,350		6,211,959
				46,744,392
Oil Companies - Integrated — 1.6%
BP PLC		3,689,750		19,999,389
Pharmacy Services — 1.4%
Cigna Corp.		45,779		12,282,048
CVS Health Corp.		50,803		4,915,190
				17,197,238
Pipelines — 3.7%
Enbridge, Inc.#		270,480		12,482,652
Enterprise Products Partners LP		720,920		19,767,626
Williams Cos., Inc.		381,800		14,149,508
				46,399,786
Private Equity — 0.5%
Blackstone, Inc., Class A		50,370		5,933,082
Real Estate Investment Trusts — 0.8%
American Tower Corp.		28,200		7,222,866
Boston Properties, Inc.		30,360		3,375,425
				10,598,291
Retail - Apparel/Shoe — 0.8%
Ross Stores, Inc.		124,224		10,561,525
Retail - Building Products — 0.7%
Home Depot, Inc.		30,340		9,185,435
Retail - Discount — 0.8%
Dollar General Corp.		45,652		10,058,962
Semiconductor Components - Integrated Circuits — 0.3%
Analog Devices, Inc.		25,115		4,229,366
Shipbuilding — 0.5%
Huntington Ingalls Industries, Inc.		29,166		6,138,276
Soap & Cleaning Preparation — 0.4%
Reckitt Benckiser Group PLC		62,814		4,861,064
Telephone - Integrated — 1.8%
Verizon Communications, Inc.		449,436		23,051,572
Tobacco — 0.7%
Altria Group, Inc.		100,163		5,417,817
British American Tobacco PLC		73,256		3,232,982
				8,650,799
Transport-Rail — 1.3%
Union Pacific Corp.		72,883		16,018,226
Transport-Services — 0.7%
United Parcel Service, Inc., Class B		46,880		8,543,880
Total Long-Term Investment Securities
(cost $1,158,599,510)				1,207,732,548

56

VALIC Company I Dividend Value Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 4.2%
Registered Investment Companies — 4.2%
State Street Institutional Liquid Reserves Fund, Premier Class  0.84%(2)		39,541,084		$	39,545,038
State Street Institutional U.S. Government Money Market Fund, Premier Class  0.74%(2)		2,431,169			2,431,169
State Street Navigator Securities Lending Government Money Market Portfolio 0.32%(1)(2)		10,965,084			10,965,084
Total Short-Term Investment Securities
(cost $52,937,337)					52,941,291
TOTAL INVESTMENTS
(cost $1,211,536,847)(3)		100.3	%		1,260,673,839
Liabilities in excess of other assets		(0.3	)		(3,877,432	)
NET ASSETS		100.0	%	$	1,256,796,407

† Non-income producing security

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

(1) At May 31, 2022, the Fund had loaned securities with a total value of $13,678,395. This was secured by collateral of $10,965,084, which was received in cash and subsequently invested in short-term investments currently valued at $10,965,084 as reported in the Portfolio of Investments. Additional collateral $3,218,514 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, 2022
United States Treasury Bills	0.00%	06/16/2022 to 10/27/2022	$	90,617
United States Treasury Notes/ Bonds	0.13% to 6.25%	06/30/2022 to 02/15/2052		3,127,897

(2) The rate shown is the 7-day yield as of May 31, 2022.

(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, 2022 (see Note 2):

i	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs			Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	1,064,824,542	$	142,908,006	**	$	—	$	1,207,732,548
Short-Term Investment Securities		52,941,291		—			—		52,941,291
Total Investments at Value	$	1,117,765,833	$	142,908,006		$	—	$	1,260,673,839

* 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

57

VALIC Company I Dynamic Allocation Fund

PORTFOLIO PROFILE — May 31, 2022 (unaudited)

Industry Allocation*

Domestic Equity Investment Companies	52.7	%
Domestic Fixed Income Investment Companies	19.8
United States Treasury Notes	14.0
International Equity Investment Companies	9.6
Registered Investment Companies	3.7
Options — Purchased	0.6
International Fixed Income Investment Companies	0.4
	100.8	%

* Calculated as a percentage of net assets

58

VALIC Company I Dynamic Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022

Security Description	Shares		Value (Note 2)
AFFILIATED REGISTERED INVESTMENT COMPANIES — 82.5%(1)@
Domestic Equity Investment Companies — 52.7%
VALIC Co. I Blue Chip Growth Fund		264,599	$	4,352,660
VALIC Co. I Capital Appreciation Fund		300,650		5,784,500
VALIC Co. I Dividend Value Fund		627,917		8,294,785
VALIC Co. I Growth Fund		407,129		5,931,872
VALIC Co. I Large Capital Growth Fund		355,205		6,542,883
VALIC Co. I Mid Cap Index Fund		66,953		1,766,220
VALIC Co. I Mid Cap Strategic Growth Fund		95,678		1,710,726
VALIC Co. I Mid Cap Value Fund		117,666		2,428,635
VALIC Co. I Small Cap Growth Fund		43,089		636,419
VALIC Co. I Small Cap Index Fund		52,995		922,648
VALIC Co. I Small Cap Special Values Fund		97,071		1,233,767
VALIC Co. I Small Cap Value Fund		32,241		436,549
VALIC Co. I Stock Index Fund		267,953		12,725,096
VALIC Co. I Systematic Core Fund		399,019		10,194,941
VALIC Co. I Systematic Value Fund		1,378,163		17,929,907
VALIC Co. I U.S. Socially Responsible Fund		408,166		8,424,537
Total Domestic Equity Investment Companies
(cost $90,663,850)				89,316,145
Domestic Fixed Income Investment Companies — 19.8%
VALIC Co. I Core Bond Fund		2,156,880		21,892,330
VALIC Co. I Government Securities Fund		779,562		7,631,912
VALIC Co. I High Yield Bond Fund		198,647		1,396,486
VALIC Co. I Inflation Protected Fund		238,033		2,623,125
Total Domestic Fixed Income Investment Companies
(cost $37,017,023)				33,543,853
International Equity Investment Companies — 9.6%
VALIC Co. I Emerging Economies Fund		134,818		977,433
VALIC Co. I Global Real Estate Fund		182,966		1,385,053
VALIC Co. I International Equities Index Fund		405,725		2,953,676
VALIC Co. I International Growth Fund		266,921		3,157,674
VALIC Co. I International Opportunities Fund		30,734		492,358
VALIC Co. I International Socially Responsible Fund		99,620		2,185,662
VALIC Co. I International Value Fund		505,347		5,002,934
Total International Equity Investment Companies
(cost $16,390,795)				16,154,790
International Fixed Income Investment Companies — 0.4%
VALIC Co. I International Government Bond Fund
(cost $722,991)		61,487		639,455
Total Affiliated Registered Investment Companies
(cost $144,794,659)				139,654,243

Security Description	Principal Amount			Value (Note 2)
U.S. GOVERNMENT TREASURIES — 14.0%
United States Treasury Notes — 14.0%
0.63% due 05/15/2030	$	1,586,300		$	1,338,441
0.63% due 08/15/2030		1,051,800			882,197
0.88% due 11/15/2030#		4,882,600			4,169,664
1.13% due 02/15/2031		3,576,200			3,108,221
1.25% due 08/15/2031		3,606,600			3,143,518
1.38% due 11/15/2031		2,670,500			2,345,867
1.50% due 02/15/2030		2,236,000			2,031,354
1.63% due 05/15/2031		3,087,400			2,792,047
1.75% due 11/15/2029		1,649,900			1,532,087
1.88% due 02/15/2032		2,631,500			2,415,224
Total U.S. Government Treasuries
(cost $26,330,482)					23,758,620
OPTIONS - PURCHASED — 0.6%
Over the Counter Purchased Put Options†(2)
(cost $1,639,435)		19,500			1,099,975
Total Long-Term Investment Securities
(cost $172,764,576)					164,512,838
SHORT-TERM INVESTMENT SECURITIES — 3.7%
Registered Investment Companies — 3.7%
AllianceBernstein Government STIF Portfolio, Class AB 0.82%(3)
(cost $6,284,673)		6,284,673			6,284,673
TOTAL INVESTMENTS
(cost $179,049,249)(4)		100.8	%		170,797,511
Liabilities in excess of other assets		(0.8	)		(1,426,934	)
NET ASSETS		100.0	%	$	169,370,577

@ The Dynamic Allocation Fund invests in various VALIC Company I Funds. Additional information on the underlying funds including such funds’ prospectuses and shareholder reports are available at our website, www.valic.com.

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

† Non-income producing security

(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, 2022		Unrealized Appreciation (Depreciation)
S&P 500 Index		Citibank, N.A.		September 2022		3,200		2,500	$	10,330,375	$	192,822	$	75,927	$	(116,895	)
S&P 500 Index		Citibank, N.A.		December 2022		2,825		4,500		18,594,675		286,646		170,146		(116,500	)
S&P 500 Index		Goldman Sachs International		November 2022		3,375		500		2,066,075		46,578		37,456		(9,122	)
S&P 500 Index		Goldman Sachs International		November 2022		3,100		3,000		12,396,450		231,207		142,337		(88,870	)
S&P 500 Index		UBS AG		November 2022		3,375		9,000		37,189,350		882,182		674,109		(208,073	)
								19,500	$	80,576,925	$	1,639,435	$	1,099,975	$	(539,460	)

* 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, 2022.

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

59

VALIC Company I Dynamic Allocation Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Futures Contracts
Number of Contracts		Type		Description	Expiration Month		Notional Basis#		Notional Value*		Unrealized Appreciation (Depreciation)
	10		Long	S&P 500 E-Mini Index		June 2022	$	2,031,019	$	2,065,625	$	34,606
	90		Short	S&P 500 E-Mini Index		June 2022		18,688,127		18,590,625		97,502
											$	132,108

# 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, 2022 (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	$	139,654,243	$	—	$	—	$	139,654,243
U.S. Government Treasuries		—		23,758,620		—		23,758,620
Options Purchased		—		1,099,975		—		1,099,975
Short-Term Investment Securities		6,284,673		—		—		6,284,673
Total Investments at Value	$	145,938,916	$	24,858,595	$	—	$	170,797,511
Other Financial Instruments:†
Futures Contracts	$	132,108	$	—	$	—	$	132,108

* 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

60

VALIC Company I Emerging Economies Fund

PORTFOLIO PROFILE — May 31, 2022 (unaudited)

Industry Allocation*

Banks — Commercial	10.8	%
Semiconductor Components — Integrated Circuits	9.8
Electronic Components — Semiconductors	8.0
Oil Companies — Integrated	4.4
Internet Content — Information/News	4.3
Cellular Telecom	2.8
Diversified Financial Services	2.7
Auto — Cars/Light Trucks	2.3
Real Estate Operations & Development	2.1
Steel — Producers	2.1
Oil Companies — Exploration & Production	1.9
Gas — Distribution	1.9
Petrochemicals	1.7
E-Commerce/Products	1.5
Transport — Marine	1.4
Food — Retail	1.3
Retail — Apparel/Shoe	1.3
Investment Management/Advisor Services	1.2
Appliances	1.2
Retail — Hypermarkets	1.2
Entertainment Software	1.2
Energy — Alternate Sources	1.2
Insurance — Property/Casualty	1.1
Agricultural Chemicals	1.1
Metal — Diversified	1.1
Finance — Leasing Companies	1.1
Communications Software	1.0
Banks — Money Center	1.0
Gold Mining	1.0
Computers	1.0
Finance — Mortgage Loan/Banker	1.0
Aerospace/Defense — Equipment	1.0
Oil Refining & Marketing	0.9
Electric — Integrated	0.9
Non — Ferrous Metals	0.9
Insurance — Life/Health	0.9
Airport Development/Maintenance	0.9
Registered Investment Companies	0.8
Auto/Truck Parts & Equipment — Original	0.8
Building Products — Cement	0.7
Finance — Consumer Loans	0.7
Electric — Generation	0.7
Electronic Components — Misc.	0.7
Agricultural Operations	0.7
Brewery	0.7
Telecom Services	0.7
Banks — Special Purpose	0.6
Medical — Drugs	0.6
Medical Labs & Testing Services	0.6
Wire & Cable Products	0.5
Retail — Automobile	0.5
Retail — Misc./Diversified	0.5
Insurance — Multi-line	0.5
Building — Heavy Construction	0.5
Diversified Minerals	0.4
Building & Construction — Misc.	0.4
Beverages — Non-alcoholic	0.4
Electric Products — Misc.	0.4
Insurance Brokers	0.4
Transport — Services	0.4
Chemicals — Plastics	0.4
Retail — Convenience Store	0.4
Telephone — Integrated	0.3
Food — Confectionery	0.3
Metal — Aluminum	0.3
Food — Misc./Diversified	0.3
Audio/Video Products	0.3
Food — Dairy Products	0.3
Metal — Iron	0.3

Commercial Services	0.3
Airlines	0.3
Medical Products	0.3
Chemicals — Other	0.2
Computer Services	0.2
Finance — Investment Banker/Broker	0.2
Home Furnishings	0.2
Food — Meat Products	0.2
Platinum	0.2
	99.4	%

Country Allocation*

China	18.1	%
South Korea	16.8
Taiwan	13.1
Cayman Islands	12.3
India	7.9
Brazil	7.3
Mexico	6.5
South Africa	5.7
United Kingdom	1.4
Thailand	1.3
Indonesia	1.2
Poland	1.0
Hong Kong	1.0
Malaysia	1.0
Bermuda	0.9
United States	0.8
Qatar	0.8
Czech Republic	0.4
Colombia	0.4
Greece	0.3
Hungary	0.3
United Arab Emirates	0.3
Panama	0.3
Chile	0.3
	99.4	%

* Calculated as a percentage of net assets

61

VALIC Company I Emerging Economies Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.6%
Bermuda — 0.9%
Brilliance China Automotive Holdings, Ltd.†(1)		4,556,000	$	1,875,282
China Resources Gas Group, Ltd.		438,000		1,822,869
Kunlun Energy Co., Ltd.		2,604,000		2,219,454
				5,917,605
Brazil — 7.3%
Ambev SA ADR		1,388,237		4,109,182
Banco do Brasil SA		1,014,238		7,815,046
BB Seguridade Participacoes SA		596,444		3,373,434
Cia Energetica de Minas Gerais ADR		1,281,826		3,166,110
EDP - Energias do Brasil SA		620,738		2,802,924
Gerdau SA (Preference Shares)†		307,298		1,886,121
Marfrig Global Foods SA		446,488		1,468,392
Petroleo Brasileiro SA (Preference Shares)		1,771,286		11,203,429
Porto Seguro SA		526,739		2,298,675
Sao Martinho SA†		341,458		3,620,387
SLC Agricola SA		225,923		2,607,416
Vale SA ADR		104,880		1,893,084
				46,244,200
Cayman Islands — 12.3%
Alibaba Group Holding, Ltd.†		769,044		9,270,058
Bosideng International Holdings, Ltd.#		4,558,000		2,419,814
Chailease Holding Co., Ltd.		876,400		6,770,075
China Hongqiao Group, Ltd.#		2,344,000		2,882,000
China Resources Land, Ltd.		898,000		3,973,937
Li Ning Co., Ltd.		457,000		3,523,366
Longfor Group Holdings, Ltd.*		881,000		4,347,989
Meituan, Class B†*		166,000		3,911,976
NetEase, Inc.		353,700		7,384,318
Parade Technologies, Ltd.		33,000		1,695,557
SITC International Holdings Co., Ltd.		595,000		2,229,191
Tencent Holdings, Ltd.		513,600		23,671,226
Want Want China Holdings, Ltd.		2,185,000		2,173,837
Wuxi Biologics Cayman, Inc.†*		487,000		3,547,877
				77,801,221
Chile — 0.3%
Cencosud SA		1,071,532		1,717,615
China — 18.1%
Anhui Conch Cement Co., Ltd.		926,500		4,674,490
China Construction Bank Corp.		15,845,000		11,787,101
China International Capital Corp., Ltd.*		842,800		1,589,963
China Railway Group, Ltd.		4,395,000		3,028,015
China Resources Sanjiu Medical & Pharmaceutical Co., Ltd. Class A		548,400		3,612,997
China State Construction Engineering Corp., Ltd., Class A		3,429,340		2,835,426
China Vanke Co., Ltd.		1,675,400		3,672,619
China Yangtze Power Co., Ltd., Class A†		539,200		1,944,451
COSCO SHIPPING Holdings Co., Ltd.†		1,411,500		2,496,958
ENN Natural Gas Co., Ltd., Class A		909,035		2,496,754
Fangda Special Steel Technology Co., Ltd., Class A		2,393,400		2,945,525
GF Securities Co., Ltd.		3,986,200		5,258,593
Gigadevice Semiconductor Beijing, Inc., Class A		134,983		2,913,827
Guangzhou Automobile Group Co., Ltd.		3,322,000		3,141,839
Haier Smart Home Co., Ltd.		847,400		2,993,530
Hangzhou Robam Appliances Co., Ltd., Class A		627,000		2,877,859
Huayu Automotive Systems Co., Ltd., Class A		517,595		1,711,813
Industrial Bank Co., Ltd., Class A†		2,292,330		6,773,826
Inner Mongolia Yili Industrial Group Co., Ltd., Class A		339,500		1,936,089
Jiangsu Yuyue Medical Equipment & Supply Co., Ltd., Class A		460,503		1,651,501
LONGi Green Energy Technology Co., Ltd., Class A		302,980		3,597,623
Midea Group Co., Ltd., Class A		215,600		1,751,292

Security Description	Shares		Value (Note 2)
China (continued)
PetroChina Co., Ltd.		11,676,000	$	6,157,418
PICC Property & Casualty Co., Ltd.		6,180,000		5,995,207
Ping An Bank Co., Ltd., Class A†		2,778,699		5,903,437
Postal Savings Bank of China Co., Ltd.#*		8,692,000		6,434,879
Seazen Holdings Co., Ltd., Class A		331,953		1,200,135
TBEA Co., Ltd., Class A		1,048,400		3,537,133
Wanhua Chemical Group Co., Ltd.†		129,343		1,632,574
Xilinmen Furniture Co., Ltd., Class A		380,900		1,538,096
YTO Express Group Co., Ltd.		747,730		2,273,861
Zijin Mining Group Co., Ltd.		3,238,000		4,360,755
				114,725,586
Colombia — 0.4%
Ecopetrol SA ADR#		147,414		2,491,297
Czech Republic — 0.4%
CEZ AS		53,991		2,629,328
Greece — 0.3%
Hellenic Telecommunications Organization SA		115,048		2,184,549
Hong Kong — 1.0%
Lenovo Group, Ltd.		6,392,000		6,265,937
Hungary — 0.3%
MOL Hungarian Oil & Gas PLC		261,239		1,881,984
India — 7.9%
Bharat Electronics, Ltd.		2,029,982		6,132,177
GAIL India, Ltd.		2,952,255		5,595,219
HDFC Bank, Ltd. ADR		109,860		6,324,640
Hindalco Industries, Ltd.		387,836		2,134,116
Hindustan Petroleum Corp., Ltd.		682,113		1,996,106
Housing Development Finance Corp., Ltd.		209,075		6,171,812
Indian Oil Corp., Ltd.		1,358,807		2,033,383
Oil & Natural Gas Corp., Ltd.		2,815,755		5,497,594
Redington India, Ltd.		952,402		1,595,568
Tata Steel, Ltd.		257,874		3,508,175
Tech Mahindra, Ltd.		423,743		6,480,064
UPL, Ltd.		269,716		2,717,376
				50,186,230
Indonesia — 1.2%
Astra International Tbk PT		6,776,300		3,414,346
Telekomunikasi Indonesia Persero Tbk PT		13,726,900		4,065,465
				7,479,811
Malaysia — 1.0%
Kuala Lumpur Kepong Bhd		306,900		1,790,720
Petronas Chemicals Group Bhd		1,867,100		4,368,715
				6,159,435
Mexico — 6.5%
America Movil SAB de CV, Series L ADR		391,894		8,363,018
Arca Continental SAB de CV		419,860		2,833,770
Gruma SAB de CV, Class B		172,327		2,065,595
Grupo Aeroportuario del Pacifico SAB de CV, Class B		149,677		2,249,661
Grupo Aeroportuario del Sureste SAB de CV, Class B		129,798		2,838,731
Grupo Financiero Banorte SAB de CV, Class O		1,089,427		7,042,900
Grupo Mexico SAB de CV, Class B		1,202,999		5,939,657
Orbia Advance Corp SAB de CV		844,240		2,271,411
Wal-Mart de Mexico SAB de CV		2,045,412		7,564,091
				41,168,834
Panama — 0.3%
Copa Holdings SA, Class A†		24,322		1,719,565
Poland — 1.0%
Bank Polska Kasa Opieki SA		139,790		3,043,700

62

VALIC Company I Emerging Economies Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Poland (continued)
Dino Polska SA†*		25,606	$	1,795,074
Powszechny Zaklad Ubezpieczen SA		229,608		1,741,577
				6,580,351
Qatar — 0.8%
Industries Qatar QSC		514,534		2,584,181
Qatar Islamic Bank SAQ		400,249		2,545,787
				5,129,968
Russia — 0.0%
Gazprom PJSC ADR(1)		631,209		0
Magnitogorsk Iron & Steel Works PJSC†(1)(4)		2,290,683		0
Sberbank of Russia PJSC ADR†(1)(4)		1,300,000		0
Severstal PAO GDR(1)(4)		75,082		0
				0
South Africa — 5.7%
Bidvest Group, Ltd.		133,035		1,855,259
Capitec Bank Holdings, Ltd.		32,422		4,669,990
Clicks Group, Ltd.		176,054		3,407,340
FirstRand, Ltd.		1,963,459		9,078,519
Gold Fields, Ltd. ADR#		211,918		1,979,314
MTN Group, Ltd.		319,591		3,444,674
Sanlam, Ltd.		553,850		2,388,755
Shoprite Holdings, Ltd.		308,548		4,249,421
Sibanye Stillwater, Ltd. ADR#		103,141		1,339,802
Truworths International, Ltd.		514,502		1,774,441
Vodacom Group, Ltd.		225,102		2,113,332
				36,300,847
South Korea — 16.8%
BGF retail Co., Ltd.		14,748		2,180,668
Hana Financial Group, Inc.#		225,479		9,002,673
Industrial Bank of Korea		412,430		3,755,242
Kia Corp.		138,763		9,591,478
Korea Gas Corp.		57,971		2,077,299
LG Chem, Ltd.#		13,272		6,239,931
LG Innotek Co., Ltd.		7,691		2,384,086
Pan Ocean Co., Ltd.†		348,505		2,136,878
POSCO Holdings, Inc.		31,246		7,278,926
S-Oil Corp.		42,961		3,966,310
Samsung Electro-Mechanics Co., Ltd.		36,017		4,481,724
Samsung Electronics Co., Ltd.		607,730		33,095,112
Shinhan Financial Group Co., Ltd.†		241,888		8,406,037
SK Hynix, Inc.		112,893		9,813,607
SK Telecom Co., Ltd.		44,595		2,055,629
				106,465,600
Taiwan — 13.1%
ASE Technology Holding Co., Ltd.		1,212,000		4,331,109
Cathay Financial Holding Co., Ltd.		3,006,000		5,755,393
Evergreen Marine Corp Taiwan, Ltd.		580,000		2,791,520
Fubon Financial Holding Co., Ltd.		3,623,300		7,980,287
Lite-On Technology Corp.		923,000		2,004,417
Nanya Technology Corp.		1,240,000		2,837,349
Novatek Microelectronics Corp.		239,000		3,326,677
Taiwan Semiconductor Manufacturing Co., Ltd.		2,567,000		49,222,616
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		2,985		284,470
United Microelectronics Corp.		2,555,000		4,521,395
				83,055,233
Thailand — 1.3%
PTT Exploration & Production PCL		1,725,700		8,547,813

Security Description	Shares/ Principal Amount			Value (Note 2)
United Arab Emirates — 0.3%
Fertiglobe PLC		1,189,895		$	1,722,984
United Kingdom — 1.4%
Airtel Africa PLC*		1,003,797			1,958,115
Anglo American PLC		140,007			6,854,344
					8,812,459
Total Long-Term Investment Securities
(cost $651,298,873)					625,188,452
SHORT-TERM INVESTMENT SECURITIES — 0.8%
Registered Investment Companies — 0.8%
State Street Navigator Securities Lending Government Money Market Portfolio 0.32%(2)(3) (cost $5,336,755)		5,336,755			5,336,755
TOTAL INVESTMENTS
(cost $656,635,628)(5)		99.4	%		630,525,207
Other assets less liabilities		0.6			3,666,699
NET ASSETS		100.0	%	$	634,191,906

† 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, 2022, the aggregate value of these securities was $23,585,873 representing 3.7% of net assets.

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

(2) At May 31, 2022, the Fund had loaned securities with a total value of $21,661,204. This was secured by collateral of $5,336,755, which was received in cash and subsequently invested in short-term investments currently valued at $5,336,755 as reported in the Portfolio of Investments. Additional collateral $17,913,886 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, 2022
United States Treasury Bills	0.00%	07/14/2022 to 09/01/2022	$	6,329
United States Treasury Notes/Bonds	0.13% to 6.25%	07/15/2022 to 11/15/2051		17,907,557

(3) The rate shown is the 7-day yield as of May 31, 2022.

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

63

VALIC Company I Emerging Economies Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

for which secondary markets exist. As of May 31, 2022, the Fund held the following restricted securities:

Description	Acquisition Date		Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
Common Stocks
Magnitogorsk Iron & Steel Works PJSC		12/14/2020		6,702	$	4,530
		12/16/2020		187,873		134,493
		02/10/2021		2,096,108		1,468,240
				2,290,683		1,607,263	$	0	$	0		0.00	%
Sberbank of Russia PJSC ADR		11/12/2020		664,800		2,181,339
		11/20/2020		136,860		441,732
		12/14/2020		29,992		120,249
		12/16/2020		137,196		536,923
		11/24/2021		253,772		1,089,992
		11/24/2021		77,380		329,918
				1,300,000		4,700,153		0		0		0.00

Description	Acquisition Date		Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
Severstal PAO GDR		10/30/2020		51,320	$	695,307
		11/20/2020		1,583		22,889
		11/20/2020		9,113		131,514
		12/14/2020		2,344		39,368
		12/16/2020		10,722		184,609
		01/20/2022		75,082		1,073,687	$	0	$	0		0.00	%
							$	0				0.00	%

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

ADR — American Depositary Receipt

GDR — Global Depositary Receipt

QSC — Qatar Shareholding Company

SAQ — Societe Anonyme Qatar

Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	19	Long	MSCI Emerging Markets Index		June 2022	$	1,035,014	$	1,010,135	$	(24,879	)

* 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, 2022 (see Note 2):

	Level 1 - Unadjusted Quoted  Prices		Level 2 - Other Observable  Inputs			Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks:
Bermuda	$	—	$	4,042,323	**	$	1,875,282	$	5,917,605
Russia		—		—			0		0
Other Countries		111,817,550		507,453,297	**		—		619,270,847
Short-Term Investment Securities		5,336,755		—			—		5,336,755
Total Investments at Value	$	117,154,305	$	511,495,620		$	1,875,282	$	630,525,207
LIABILITIES:
Other Financial Instruments:†
Futures Contracts	$	24,879	$	—		$	—	$	24,879

* 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.

Level 3 investments in securities were not considered a significant portion of the Fund’s net assets.

See Notes to Financial Statements

64

VALIC Company I Global Real Estate Fund

PORTFOLIO PROFILE — May 31, 2022 (unaudited)

Industry Allocation*

Real Estate Investment Trusts	76.6	%
Real Estate Operations & Development	12.5
Real Estate Management/Services	5.7
Registered Investment Companies	1.4
Telecom Services	1.0
Hotels/Motels	0.9
Building — Heavy Construction	0.8
Building — Residential/Commercial	0.5
	99.4%

Country Allocation*

United States	53.5	%
Japan	11.5
United Kingdom	6.3
Australia	4.4
Canada	3.9
Germany	3.8
Hong Kong	3.1
Singapore	2.4
Cayman Islands	2.5
France	2.2
Sweden	1.4
Spain	1.3
Switzerland	1.2
Bermuda	1.1
Netherlands	0.5
Ireland	0.3
	99.4%

* Calculated as a percentage of net assets

65

VALIC Company I Global Real Estate Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.0%
Australia — 4.4%
BGP Holdings PLC†(1)		479,213	$	0
Goodman Group		366,869		5,387,953
Ingenia Communities Group		1,738,682		5,115,477
NEXTDC, Ltd.†#		668,609		5,257,386
Scentre Group		3,221,958		6,608,536
Stockland		635,395		1,820,866
				24,190,218
Bermuda — 1.1%
Hongkong Land Holdings, Ltd.		1,025,800		4,749,888
Shangri-La Asia, Ltd.†		1,302,000		983,641
				5,733,529
Canada — 3.9%
Allied Properties Real Estate Investment Trust		98,169		3,009,839
Canadian Apartment Properties REIT		169,995		6,652,767
Chartwell Retirement Residences		465,491		4,567,137
Granite Real Estate Investment Trust		55,464		3,994,320
Summit Industrial Income REIT		186,261		2,833,270
				21,057,333
Cayman Islands — 2.5%
CIFI Holdings Group Co., Ltd.		3,295,300		1,421,554
CK Asset Holdings, Ltd.		1,299,000		8,479,050
ESR Cayman, Ltd.†*		1,170,200		3,465,202
				13,365,806
France — 2.2%
Gecina SA		60,858		7,161,624
Klepierre SA		208,166		4,753,403
				11,915,027
Germany — 3.8%
Instone Real Estate Group AG*		97,561		1,343,116
Vonovia SE		512,099		19,493,494
				20,836,610
Hong Kong — 3.1%
Fortune Real Estate Investment Trust		554,000		496,165
Link REIT		652,700		5,906,392
Sino Land Co., Ltd.		1,944,000		2,746,625
Sun Hung Kai Properties, Ltd.		340,504		4,148,206
Swire Properties, Ltd.		1,476,600		3,601,208
				16,898,596
Ireland — 0.3%
Dalata Hotel Group PLC†		346,595		1,555,881
Japan — 11.5%
Comforia Residential REIT, Inc.†		2,099		5,527,226
GLP J-REIT		4,410		5,671,730
Hulic REIT, Inc,		2,772		3,488,065
Japan Metropolitan Fund Investment Corp.		7,549		6,380,246
Kenedix Realty Investment Corp.		655		3,365,186
Kenedix Retail REIT Corp.		985		2,122,718
Mitsubishi Estate Co., Ltd.		561,600		8,307,863
Mitsubishi Estate Logistics REIT Investment Corp.		976		3,561,871
Mitsui Fudosan Co., Ltd.		511,400		11,158,834
Open House Group Co., Ltd.		65,300		2,715,800
Sumitomo Realty & Development Co., Ltd.		145,900		3,925,803
United Urban Investment Corp.#		5,773		6,441,476
				62,666,818
Netherlands — 0.5%
CTP BV*		188,978		2,661,079

Security Description	Shares		Value (Note 2)
Singapore — 2.4%
Ascendas India Trust		2,696,100	$	2,240,163
Ascendas Real Estate Investment Trust		2,201,500		4,478,542
Keppel DC REIT		1,934,300		2,906,151
Lendlease Global Commercial REIT		5,943,161		3,553,612
				13,178,468
Spain — 1.3%
Cellnex Telecom SA*		91,844		4,147,250
Merlin Properties Socimi SA		264,013		2,989,463
				7,136,713
Sweden — 1.4%
Castellum AB		380,928		7,418,100
Switzerland — 1.2%
PSP Swiss Property AG		54,542		6,504,247
United Kingdom — 6.3%
Big Yellow Group PLC		347,282		5,899,092
Capital & Counties Properties PLC#		1,579,820		3,236,325
Derwent London PLC		103,718		3,889,941
LondonMetric Property PLC		1,603,891		5,174,731
Segro PLC		696,871		9,738,704
Tritax EuroBox PLC*		1,623,245		1,973,082
UNITE Group PLC		318,005		4,646,040
				34,557,915
United States — 52.1%
Agree Realty Corp.#		55,106		3,833,724
American Homes 4 Rent, Class A		134,521		4,971,896
American Tower Corp.		105,933		27,132,619
AvalonBay Communities, Inc.		56,434		11,736,015
Brixmor Property Group, Inc.		261,033		6,363,984
Camden Property Trust		21,344		3,062,651
Crown Castle International Corp.		66,558		12,622,725
CubeSmart		96,930		4,316,293
Duke Realty Corp.		92,217		4,871,824
Equinix, Inc.		19,750		13,570,027
Equity LifeStyle Properties, Inc.		66,985		5,070,764
Equity Residential		74,761		5,743,888
Essential Properties Realty Trust, Inc.		117,960		2,698,925
Gaming and Leisure Properties, Inc.		63,256		2,961,646
Healthcare Realty Trust, Inc.		180,179		5,237,803
Healthpeak Properties, Inc.		87,973		2,611,918
Hilton Worldwide Holdings, Inc.		14,003		1,972,463
Invitation Homes, Inc.		350,725		13,229,347
Kimco Realty Corp.		359,089		8,492,455
Lamar Advertising Co., Class A		27,758		2,718,896
Life Storage, Inc.		62,650		7,315,014
NETSTREIT Corp.#		28,203		593,109
Outfront Media, Inc.		109,649		2,262,059
Prologis, Inc.		166,937		21,281,129
Realty Income Corp.		116,153		7,923,958
Rexford Industrial Realty, Inc.		156,447		9,992,270
Ryman Hospitality Properties, Inc.†		24,679		2,203,588
SBA Communications Corp.		59,196		19,925,966
Simon Property Group, Inc.		43,632		5,002,409
SITE Centers Corp.		111,716		1,756,175
Sun Communities, Inc.		57,315		9,407,111
UDR, Inc.		239,179		11,432,756
Urban Edge Properties		63,181		1,190,962
Ventas, Inc.		167,808		9,521,426
VICI Properties, Inc.		352,213		10,865,771
Welltower, Inc.		140,543		12,520,976

66

VALIC Company I Global Real Estate Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
COMMON STOCKS (continued)
United States (continued)
Weyerhaeuser Co.		198,043		$	7,826,621
					284,241,163
Total Long-Term Investment Securities
(cost $548,722,775)					533,917,503
SHORT-TERM INVESTMENT SECURITIES — 1.4%
Registered Investment Companies — 1.4%
State Street Institutional U.S. Government Money Market Fund, Administration Class 0.49%(2)		5,790,819			5,790,819
State Street Navigator Securities Lending Government Money Market Portfolio 0.32%(2)(3)		2,034,131			2,034,131
Total Short-Term Investment Securities
(cost $7,824,950)					7,824,950
TOTAL INVESTMENTS —
(cost $556,547,725)(4)		99.4	%		541,742,453
Other assets less liabilities		0.6			3,389,585
NET ASSETS		100.0	%	$	545,132,038

† 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, 2022, the aggregate value of these securities was $13,589,729 representing 2.5% 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, 2022.

(3) At May 31, 2022, the Fund had loaned securities with a total value of $13,981,683. This was secured by collateral of $2,034,131, which was received in cash and subsequently invested in short-term investments currently valued at $2,034,131 as reported in the Portfolio of Investments. Additional collateral of $11,637,222 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, 2022
United States Treasury Bills	0.00%	06/16/2022 to 11/03/2022	$	213,780
United States Treasury Notes/Bonds	0.13% to 6.25%	06/30/2022 to 02/15/2052		11,423,442

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

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2022 (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	$	—	$	24,190,218	**	$	0	$	24,190,218
Other Countries		305,298,495		204,428,790	**		—		509,727,285
Short-Term Investment Securities		7,824,950		—			—		7,824,950
Total Investments at Value	$	313,123,445	$	228,619,008		$	0	$	541,742,453

* 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).

Level 3 investments in securities were not considered a significant portion of the Fund’s net assets.

See Notes to Financial Statements

67

VALIC Company I Global Strategy Fund

PORTFOLIO PROFILE — May 31, 2022 (unaudited)

Industry Allocation*

Sovereign	5.8	%
Registered Investment Companies	5.6
Diversified Financial Services	4.3
Medical — Drugs	4.1
Investment Companies	3.5
Electronic Components — Semiconductors	3.2
Applications Software	3.1
Computers	2.9
Banks — Commercial	2.9
Oil Companies — Integrated	2.6
Web Portals/ISP	2.4
United States Treasury Notes	2.2
Real Estate Investment Trusts	2.2
Oil Companies — Exploration & Production	1.8
Federal Home Loan Mtg. Corp.	1.8
Auto — Cars/Light Trucks	1.5
E-Commerce/Products	1.4
Diversified Banking Institutions	1.3
Electric — Integrated	1.2
Telephone — Integrated	1.1
Computer Services	1.1
Telecom Services	1.1
Cellular Telecom	1.1
Aerospace/Defense	1.0
Private Equity	0.9
Medical — Biomedical/Gene	0.9
Electric — Generation	0.9
Retail — Building Products	0.8
Wireless Equipment	0.8
Semiconductor Components — Integrated Circuits	0.8
Medical — Hospitals	0.8
Steel — Producers	0.7
Agricultural Operations	0.7
Airlines	0.7
Chemicals — Diversified	0.7
Food — Retail	0.6
Insurance — Life/Health	0.6
Internet Content — Entertainment	0.6
Beverages — Non — alcoholic	0.6
Electronic Components — Misc.	0.6
Finance — Commercial	0.6
Investment Management/Advisor Services	0.6
Insurance — Property/Casualty	0.6
Data Processing/Management	0.5
Cosmetics & Toiletries	0.5
Medical — HMO	0.5
Retail — Restaurants	0.5
Metal — Copper	0.5
Computer Aided Design	0.5
Commercial Services — Finance	0.5
Transport — Marine	0.5
Containers — Paper/Plastic	0.5
Insurance — Multi — line	0.5
Gas — Distribution	0.5
Enterprise Software/Service	0.5
Real Estate Operations & Development	0.5
Diversified Manufacturing Operations	0.5
Diagnostic Kits	0.4
Computer Data Security	0.4
Transport — Rail	0.4
Transport — Truck	0.4
Finance — Investment Banker/Broker	0.4
Diagnostic Equipment	0.4
Electronic Measurement Instruments	0.4
Gambling (Non — Hotel)	0.4
Telecommunication Equipment	0.4
Oil Refining & Marketing	0.4
Retail — Apparel/Shoe	0.4
Tobacco	0.4
Auto/Truck Parts & Equipment — Original	0.4

Agricultural Chemicals	0.3
Retail — Discount	0.3
Retail — Auto Parts	0.3
Cable/Satellite TV	0.3
E-Commerce/Services	0.3
Internet Content — Information/News	0.3
Broadcast Services/Program	0.3
Finance — Credit Card	0.3
Human Resources	0.3
Building — Residential/Commercial	0.3
Real Estate Management/Services	0.3
Medical Products	0.3
Metal — Diversified	0.2
Import/Export	0.2
Food — Confectionery	0.2
Instruments — Controls	0.2
Soap & Cleaning Preparation	0.2
Transport — Services	0.2
Food — Meat Products	0.2
Entertainment Software	0.2
Networking Products	0.2
Machinery — Farming	0.2
Aerospace/Defense — Equipment	0.2
Electric — Distribution	0.2
Therapeutics	0.2
Venture Capital	0.2
Pipelines	0.2
Apparel Manufacturers	0.2
Retail — Jewelry	0.2
Finance — Other Services	0.2
Insurance Brokers	0.2
Casino Hotels	0.2
Oil — Field Services	0.2
Finance — Consumer Loans	0.2
Machinery — Construction & Mining	0.2
Commercial Services	0.2
Medical Labs & Testing Services	0.2
Power Converter/Supply Equipment	0.2
Building Products — Cement	0.2
Electronic Connectors	0.2
Advertising Agencies	0.2
Semiconductor Equipment	0.2
Water	0.2
Toys	0.1
Metal — Iron	0.1
Consulting Services	0.1
Multimedia	0.1
Decision Support Software	0.1
Insurance — Reinsurance	0.1
Brewery	0.1
Food — Misc./Diversified	0.1
Medical — Wholesale Drug Distribution	0.1
Circuit Boards	0.1
Diversified Operations	0.1
Building Products — Wood	0.1
Drug Delivery Systems	0.1
Building & Construction — Misc.	0.1
Paper & Related Products	0.1
Appliances	0.1
Pharmacy Services	0.1
Petrochemicals	0.1
Chemicals — Specialty	0.1
Building & Construction Products — Misc.	0.1
Electric Products — Misc.	0.1
Electric — Transmission	0.1
Forestry	0.1
Electronic Parts Distribution	0.1
Retail — Perfume & Cosmetics	0.1
Machinery — Pumps	0.1

68

VALIC Company I Global Strategy Fund

PORTFOLIO PROFILE — May 31, 2022 (unaudited) — (continued)

Industry Allocation* (continued)

Tools — Hand Held	0.1	%
Building — Maintenance & Services	0.1
Shipbuilding	0.1
Non — Hazardous Waste Disposal	0.1
Office Automation & Equipment	0.1
Banks — Fiduciary	0.1
Machinery — Electrical	0.1
Finance — Auto Loans	0.1
Airport Development/Maintenance	0.1
Auto — Heavy Duty Trucks	0.1
Computer Software	0.1
Finance — Leasing Companies	0.1
Retail — Hypermarkets	0.1
Independent Power Producers	0.1
Machinery — General Industrial	0.1
Rubber — Tires	0.1
MRI/Medical Diagnostic Imaging	0.1
Electronic Forms	0.1
Coal	0.1
Banks — Super Regional	0.1
Building Products — Doors & Windows	0.1
Respiratory Products	0.1
Industrial Automated/Robotic	0.1
Public Thoroughfares	0.1
Bicycle Manufacturing	0.1
Building — Heavy Construction	0.1
Distribution/Wholesale	0.1
Internet Security	0.1
Consumer Products — Misc.	0.1
Building Products — Air & Heating	0.1
Motorcycle/Motor Scooter	0.1
Web Hosting/Design	0.1
Water Treatment Systems	0.1
Medical Instruments	0.1
Audio/Video Products	0.1
	100.8%

Country Allocation*

United States	56.4	%
United Kingdom	7.8
Japan	4.6
France	2.7
Cayman Islands	2.7
Bermuda	2.7
Canada	2.6
Netherlands	1.8
Australia	1.7
Switzerland	1.3
Taiwan	1.3
Hong Kong	1.2
Brazil	1.1
Mexico	1.0
Germany	1.0
Denmark	0.9
South Korea	0.9
China	0.8
India	0.8
Luxembourg	0.7
Panama	0.6
Italy	0.6
Israel	0.5
South Africa	0.6
Ireland	0.5
Sweden	0.4
Saudi Arabia	0.4
Spain	0.4
SupraNational	0.4

United Arab Emirates	0.3
Norway	0.3
Finland	0.2
Thailand	0.2
Singapore	0.2
Malaysia	0.2
Belgium	0.2
Indonesia	0.1
Chile	0.1
Portugal	0.1
Philippines	0.1
Poland	0.1
New Zealand	0.1
Jersey	0.1
Qatar	0.1
	100.8%

* Calculated as a percentage of net assets

69

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 60.4%
Australia — 0.9%
BlueScope Steel, Ltd.		10,169	$	131,656
Dexus		22,410		168,327
Fortescue Metals Group, Ltd.#		41,358		593,149
Goodman Group		9,687		142,266
Lottery Corp, Ltd.†#		37,693		128,219
Macquarie Group, Ltd.		1,088		144,695
Mirvac Group		84,495		136,819
Sonic Healthcare, Ltd.		5,531		145,396
South32, Ltd.		100,358		357,592
Tabcorp Holdings, Ltd.#		37,693		25,104
Transurban Group		13,696		140,967
Woodside Energy Group, Ltd.		6,397		136,060
				2,250,250
Belgium — 0.2%
Groupe Bruxelles Lambert SA		1,564		144,562
KBC Group NV		2,060		128,641
UCB SA		1,270		112,088
				385,291
Bermuda — 0.3%
Arch Capital Group, Ltd.†		3,078		146,082
Brilliance China Automotive Holdings, Ltd.†(1)		36,000		14,818
Bunge, Ltd.		1,218		144,114
Everest Re Group, Ltd.		509		143,792
Jardine Matheson Holdings, Ltd.		2,800		162,123
				610,929
Brazil — 0.3%
AMBEV SA		50,100		149,587
Itau Unibanco Holding SA (Preference Shares)		29,900		164,582
Itausa SA (Preference Shares)		110,690		223,357
Vale SA		8,600		156,002
				693,528
Canada — 1.6%
Bank of Montreal		1,300		141,414
Bank of Nova Scotia		2,200		149,200
Canadian National Railway Co.		1,200		136,446
Canadian Natural Resources, Ltd.		2,400		158,836
CGI, Inc.†		1,700		145,250
Constellation Software, Inc.		100		157,390
Dollarama, Inc.		2,800		162,397
Fairfax Financial Holdings, Ltd.		300		166,495
Gildan Activewear, Inc.#		4,100		129,141
Great-West Lifeco, Inc.		5,200		142,698
Imperial Oil, Ltd.#		4,400		241,003
Loblaw Cos., Ltd.		3,900		359,798
Manulife Financial Corp.#		7,300		135,225
Metro, Inc.		2,700		149,126
National Bank of Canada		2,000		153,504
Nutrien, Ltd.		2,100		205,227
Royal Bank of Canada		1,400		146,293
Shaw Communications, Inc., Class B		4,900		138,843
Suncor Energy, Inc.		6,300		253,474
Thomson Reuters Corp.		1,400		138,567
Toronto-Dominion Bank		2,000		152,840
West Fraser Timber Co., Ltd.		2,100		193,754
				3,756,921
Cayman Islands — 0.8%
Alibaba Group Holding, Ltd.†		11,400		137,416
CK Asset Holdings, Ltd.		21,000		137,075
Li Ning Co., Ltd.		52,000		400,908
Longfor Group Holdings, Ltd.*		28,000		138,188
NetEase, Inc.		16,900		352,827

Security Description	Shares		Value (Note 2)
Cayman Islands (continued)
Pinduoduo, Inc. ADR†		10,100	$	508,535
Silergy Corp.		1,000		103,299
Wuxi Biologics Cayman, Inc.†*		18,500		134,776
				1,913,024
Chile — 0.1%
Sociedad Quimica y Minera de Chile SA, Class B (Preference Shares)		1,908		203,801
China — 0.8%
Agricultural Bank of China, Ltd.		377,000		143,236
Bank of China, Ltd.		379,000		151,778
BYD Co., Ltd.		5,500		193,819
China Construction Bank Corp.		200,000		148,780
China Longyuan Power Group Corp. Ltd.		71,000		151,540
China Shenhua Energy Co., Ltd.		43,500		144,578
Contemporary Amperex Technology Co., Ltd., Class A		3,200		195,672
Haier Smart Home Co., Ltd.		37,200		131,413
Industrial & Commercial Bank of China, Ltd.		238,000		142,799
Kweichow Moutai Co., Ltd., Class A		500		134,734
Nongfu Spring Co., Ltd.#*		27,200		150,785
PICC Property & Casualty Co., Ltd.		146,000		141,634
Zijin Mining Group Co., Ltd.		100,000		134,674
				1,965,442
Cyprus — 0.0%
TCS Group Holding PLC GDR†(1)(2)		1,847		0
Denmark — 0.9%
AP Moller — Maersk A/S, Series A		71		204,523
AP Moller — Maersk A/S, Series B		81		235,602
Coloplast A/S, Class B		1,121		133,194
Novo Nordisk A/S, Class B		13,260		1,468,143
Pandora A/S		1,619		131,100
				2,172,562
Finland — 0.2%
Fortum Oyj		8,626		159,703
Nokia Oyj		27,142		136,600
Sampo Oyj, Class A		2,887		130,653
Stora Enso Oyj, Class R		7,222		140,006
				566,962
France — 2.2%
BNP Paribas SA		2,628		150,312
Capgemini SE		695		134,989
Carrefour SA		14,030		286,786
Cie Generale des Etablissements Michelin SCA		1,130		147,424
Eiffage SA		1,434		142,097
Euroapi SA†		57		829
Hermes International		121		144,559
L’Oreal SA		2,666		942,473
Orange SA		11,773		147,273
Sanofi		1,327		141,708
Schneider Electric SE		1,030		143,081
TotalEnergies SE		40,796		2,412,013
Vinci SA		1,454		140,288
Vivendi SE		12,140		144,818
				5,078,650
Germany — 1.0%
Allianz SE		681		142,639
Bayerische Motoren Werke AG		1,720		148,944
Beiersdorf AG		1,442		149,389
E.ON SE		13,729		139,780
Hannover Rueck SE		921		140,718
HeidelbergCement AG		2,442		141,813

70

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Germany (continued)
Henkel AG & Co. KGaA		2,267	$	152,695
Infineon Technologies AG		4,918		152,803
LEG Immobilien SE		1,402		144,221
Mercedes-Benz Group AG		9,808		697,224
RWE AG		4,012		176,773
Zalando SE†*		3,543		143,886
				2,330,885
Hong Kong — 0.5%
BOC Hong Kong Holdings, Ltd.		37,000		141,617
CLP Holdings, Ltd.		14,500		144,615
CSPC Pharmaceutical Group, Ltd.		212,000		225,112
Lenovo Group, Ltd.#		166,000		162,726
Power Assets Holdings, Ltd.		32,500		212,311
Sun Hung Kai Properties, Ltd.		12,000		146,191
Techtronic Industries Co., Ltd.		10,500		136,194
				1,168,766
India — 0.8%
Infosys, Ltd.		43,754		852,422
Sun Pharmaceutical Industries, Ltd.		13,634		151,962
Tata Consultancy Services, Ltd.		17,193		745,981
Titan Co., Ltd.		4,696		138,713
				1,889,078
Indonesia — 0.1%
Bank Central Asia Tbk PT		275,500		146,355
Telekomunikasi Indonesia Persero Tbk PT		487,800		144,471
				290,826
Ireland — 0.5%
Accenture PLC, Class A		1,700		507,382
Aon PLC, Class A		500		137,835
CRH PLC		3,515		145,451
DCC PLC		1,932		136,716
Pentair PLC		2,700		135,459
Smurfit Kappa Group PLC		3,324		134,524
				1,197,367
Israel — 0.3%
Bank Hapoalim BM		16,605		154,009
Bank Leumi Le-Israel BM		15,714		156,505
Check Point Software Technologies, Ltd.†		1,376		172,110
ICL Group, Ltd.		14,021		155,985
Israel Discount Bank, Ltd., Class A		25,336		143,822
				782,431
Italy — 0.2%
Assicurazioni Generali SpA#		7,654		139,394
Eni SpA#		9,970		151,029
Intesa Sanpaolo SpA		68,804		150,268
				440,691
Japan — 3.9%
AGC, Inc.		3,800		142,814
Ajinomoto Co., Inc.		5,600		135,997
Asahi Group Holdings, Ltd.		3,800		127,740
Astellas Pharma, Inc.		9,400		150,392
Canon, Inc.		6,200		155,801
Dai-ichi Life Holdings, Inc.		7,600		155,629
Daito Trust Construction Co., Ltd.		1,600		141,195
Daiwa House Industry Co., Ltd.		5,900		141,902
Daiwa Securities Group, Inc.		29,100		141,184
Hamamatsu Photonics KK		3,200		149,226
Hitachi, Ltd.		2,900		151,617
Inpex Corp.		21,800		279,603

Security Description	Shares		Value (Note 2)
Japan (continued)
Japan Post Holdings Co., Ltd.		20,400	$	152,268
Japan Tobacco, Inc.		8,300		150,682
Kansai Electric Power Co., Inc.		16,000		155,878
KDDI Corp.		5,600		194,949
Kyocera Corp.		2,700		151,893
Marubeni Corp.		33,900		355,345
Mitsubishi Corp.		5,100		175,094
Mitsubishi UFJ Financial Group, Inc.		102,300		578,936
Mitsui & Co., Ltd.		21,500		538,698
Mizuho Financial Group, Inc.		11,800		139,383
Murata Manufacturing Co., Ltd.		2,300		148,195
Nintendo Co., Ltd.		1,900		845,681
Nippon Telegraph & Telephone Corp.		26,600		808,539
Nissan Chemical Corp.		2,700		151,931
Nitto Denko Corp.		2,400		173,607
NTT Data Corp.		14,600		228,493
ORIX Corp.		7,900		149,995
Otsuka Holdings Co., Ltd.		4,200		139,655
Renesas Electronics Corp.†		13,500		158,486
Resona Holdings, Inc.		33,900		126,231
Secom Co., Ltd.		2,000		131,791
Sekisui House, Ltd.		8,300		147,512
Shimadzu Corp.		4,300		157,483
Shimano, Inc.		800		140,866
Sompo Holdings, Inc.		3,500		158,649
Sumitomo Chemical Co., Ltd.		33,200		136,531
Sumitomo Corp.		9,000		128,977
Sumitomo Mitsui Financial Group, Inc.		4,800		146,859
Tokio Marine Holdings, Inc.		2,700		156,220
Tokyo Electron, Ltd.		300		137,385
Tokyo Gas Co., Ltd.		9,000		175,482
Toshiba Corp.		3,400		152,460
Yamaha Motor Co., Ltd.		6,800		137,524
				9,304,778
Jersey — 0.1%
Aptiv PLC†		1,322		140,449
Luxembourg — 0.2%
ArcelorMittal SA		14,367		462,763
Malaysia — 0.2%
CIMB Group Holdings Bhd		119,100		139,996
Malayan Banking Bhd		71,500		148,543
Public Bank Bhd		134,600		145,452
				433,991
Mexico — 0.2%
Fomento Economico Mexicano SAB de CV		19,800		148,144
Grupo Financiero Banorte SAB de CV, Class O		22,100		142,872
Grupo Mexico SAB de CV, Class B		29,000		143,184
Wal-Mart de Mexico SAB de CV		40,400		149,402
				583,602
Netherlands — 1.0%
Aegon NV#		27,351		146,219
ASML Holding NV		249		143,586
CNH Industrial NV		12,009		179,036
Heineken Holding NV		1,834		145,563
ING Groep NV		14,568		164,838
Koninklijke Ahold Delhaize NV		5,855		161,659
LyondellBasell Industries NV, Class A		1,283		146,583
NN Group NV		2,859		142,338
QIAGEN NV†		3,099		142,587
Randstad NV#		2,862		161,726

71

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PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Netherlands (continued)
Stellantis NV		47,546	$	712,632
STMicroelectronics NV		3,860		154,460
				2,401,227
New Zealand — 0.1%
Fisher & Paykel Healthcare Corp., Ltd.		10,426		142,265
Norway — 0.3%
Equinor ASA		18,037		682,847
Philippines — 0.1%
SM Prime Holdings, Inc.		213,400		150,193
Poland — 0.1%
Powszechna Kasa Oszczednosci Bank Polski SA†		19,396		144,433
Portugal — 0.1%
EDP — Energias de Portugal SA		30,680		153,963
Qatar — 0.1%
Masraf Al Rayan QSC		96,123		124,027
Russia — 0.0%
MMC Norilsk Nickel PJSC†(1)(2)		563		0
Saudi Arabia — 0.4%
Al Rajhi Bank		5,685		149,818
Alinma Bank		15,425		158,221
Banque Saudi Fransi		10,668		152,949
Riyad Bank		15,426		157,687
Sahara International Petrochemical Co.		15,383		219,746
Saudi Arabian Oil Co.*		13,073		146,030
				984,451
Singapore — 0.2%
Ascendas Real Estate Investment Trust		68,700		139,757
DBS Group Holdings, Ltd.		7,500		168,988
United Overseas Bank, Ltd.		6,700		143,921
				452,666
South Africa — 0.6%
Capitec Bank Holdings, Ltd.		1,113		160,314
FirstRand, Ltd.		33,432		154,581
MTN Group, Ltd.		25,096		270,494
Naspers, Ltd., Class N		1,413		154,867
Sasol, Ltd.†		5,845		153,407
Shoprite Holdings, Ltd.		10,051		138,425
Sibanye Stillwater, Ltd.		40,366		130,852
Standard Bank Group, Ltd.		13,658		156,039
				1,318,979
South Korea — 0.9%
Hana Financial Group, Inc.		7,186		286,915
HMM Co., Ltd.		6,226		162,640
KB Financial Group, Inc.		9,288		454,167
Kia Corp.		6,228		430,487
LG Electronics, Inc.		1,599		135,269
Samsung Electronics Co., Ltd.		2,669		145,346
Shinhan Financial Group Co., Ltd.†		10,467		363,747
SK Hynix, Inc.		1,643		142,823
				2,121,394
Spain — 0.4%
Aena SME SA†*		990		151,326
Banco Bilbao Vizcaya Argentaria SA		27,553		150,875
Endesa SA		7,432		164,664
Ferrovial SA		5,552		143,331
Red Electrica Corp. SA		9,953		206,223
Repsol SA		9,552		152,711
				969,130

Security Description	Shares		Value (Note 2)
Sweden — 0.4%
Boliden AB		3,392	$	142,732
Boliden AB (Redemption Shares)†		3,392		5,377
Epiroc AB, Class A		8,113		157,401
Investor AB, Class A		7,510		156,920
Investor AB, Class B		14,368		269,820
Sandvik AB		7,571		155,564
Telefonaktiebolaget LM Ericsson, Class B		17,320		140,617
				1,028,431
Switzerland — 1.3%
ABB, Ltd.		4,801		148,531
Adecco Group AG		3,662		143,068
Cie Financiere Richemont SA		1,248		138,970
EMS-Chemie Holding AG		163		139,609
Nestle SA		1,116		136,558
Partners Group Holding AG		164		176,412
Roche Holding AG (BR)		742		289,894
Roche Holding AG (NES)		1,265		430,621
SGS SA		57		141,869
Sonova Holding AG		397		140,998
Straumann Holding AG		1,224		156,514
Swiss Life Holding AG		254		143,976
Swisscom AG		261		154,327
TE Connectivity, Ltd.		1,120		144,917
UBS Group AG		26,193		493,249
Zurich Insurance Group AG		328		150,229
				3,129,742
Taiwan — 1.3%
Cathay Financial Holding Co., Ltd.		174,000		333,146
China Development Financial Holding Corp.		237,000		131,734
Chunghwa Telecom Co., Ltd.		41,000		178,141
CTBC Financial Holding Co., Ltd.		189,000		176,037
E.Sun Financial Holding Co., Ltd.		143,000		150,225
Evergreen Marine Corp Taiwan, Ltd.		59,000		283,965
First Financial Holding Co., Ltd.		190,000		178,605
Fubon Financial Holding Co., Ltd.		56,900		125,322
Hua Nan Financial Holdings Co., Ltd.		179,000		146,292
MediaTek, Inc.		5,000		154,905
Mega Financial Holding Co., Ltd.†		109,000		145,154
Nan Ya Plastics Corp.		49,000		143,727
Novatek Microelectronics Corp.		13,000		180,949
Taishin Financial Holding Co., Ltd.		234,000		144,205
Taiwan Cooperative Financial Holding Co., Ltd.		185,000		178,874
Unimicron Technology Corp.		28,000		206,294
Yang Ming Marine Transport Corp.†		41,000		174,827
				3,032,402
Thailand — 0.2%
Advanced Info Service PCL		27,800		176,289
Bangkok Dusit Medical Services PCL		209,600		157,721
Siam Cement Group PCL		13,300		144,469
				478,479
United Arab Emirates — 0.3%
Emaar Properties PJSC		103,414		160,645
First Abu Dhabi Bank PJSC		102,142		597,365
				758,010
United Kingdom — 2.1%
3i Group PLC		23,228		372,278
Anglo American PLC		9,660		472,926
Auto Trader Group PLC*		18,260		135,808
BAE Systems PLC		15,756		150,107
BP PLC		27,471		148,900
British American Tobacco PLC		3,401		150,095

72

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
United Kingdom (continued)
BT Group PLC		62,084	$	146,569
Burberry Group PLC		7,155		154,681
Coca-Cola Europacific Partners PLC		2,856		151,739
Diageo PLC		2,848		132,253
GlaxoSmithKline PLC		7,246		158,283
HSBC Holdings PLC		22,192		148,712
National Grid PLC		10,078		149,167
Next PLC		1,851		151,626
Rio Tinto PLC		9,942		720,959
Segro PLC		31,458		439,622
Severn Trent PLC#		3,700		135,975
Shell PLC		5,135		152,083
SSE PLC		18,664		417,070
Tesco PLC#		41,128		134,303
United Utilities Group PLC		10,111		134,868
Vodafone Group PLC#		92,027		151,560
				4,909,584
United States — 34.2%
3M Co.		990		147,797
A.O. Smith Corp.		2,407		144,709
AbbVie, Inc.		5,635		830,430
Adobe, Inc.†		349		145,352
Advanced Micro Devices, Inc.†		2,020		205,757
Ally Financial, Inc.		3,441		151,542
Alphabet, Inc., Class A†		1,896		4,313,855
Alphabet, Inc., Class C†		650		1,482,507
Altria Group, Inc.		6,119		330,977
Amazon.com, Inc.†		163		391,883
Ameren Corp.		1,626		154,779
American Financial Group, Inc.		1,646		232,580
Ameriprise Financial, Inc.		538		148,633
Amphenol Corp., Class A		1,977		140,090
Anthem, Inc.		306		155,941
Apollo Global Management, Inc.		2,750		158,510
Apple, Inc.		26,704		3,974,623
Archer-Daniels-Midland Co.		11,768		1,068,770
Arista Networks, Inc.†		1,248		127,645
Arrow Electronics, Inc.†		1,515		182,785
AutoZone, Inc.†		236		486,077
AvalonBay Communities, Inc.		673		139,957
Baker Hughes Co.		4,516		162,486
Bank of New York Mellon Corp.		3,300		153,813
Becton Dickinson & Co.		1,151		294,426
Berkshire Hathaway, Inc., Class B†		627		198,119
Blackstone, Inc.		14,269		1,680,746
BorgWarner, Inc.		3,734		150,555
Brown & Brown, Inc.		4,133		245,376
Cadence Design Systems, Inc.†		6,390		982,335
CBRE Group, Inc., Class A†		1,702		140,994
CF Industries Holdings, Inc.		4,820		476,071
Chevron Corp.		893		155,971
Church & Dwight Co., Inc.		5,264		474,076
Cintas Corp.		391		155,747
Cisco Systems, Inc.		2,850		128,393
CMS Energy Corp.		2,221		157,780
Coca-Cola Co.		11,254		713,279
Cognizant Technology Solutions Corp., Class A		1,925		143,798
Colgate-Palmolive Co.		2,092		164,871
ConocoPhillips		2,121		238,316
Consolidated Edison, Inc.		1,625		161,298
Costco Wholesale Corp.		1,064		496,058
CVS Health Corp.		2,500		241,875
Danaher Corp.		572		150,905
Dell Technologies, Inc., Class C		2,973		148,472

Security Description	Shares		Value (Note 2)
United States (continued)
Devon Energy Corp.		13,597	$	1,018,415
Discover Financial Services		2,215		251,380
Dominion Energy, Inc.		1,751		147,469
Domino’s Pizza, Inc.		836		303,610
Dover Corp.		1,224		163,906
Dropbox, Inc., Class A†		7,227		150,611
DTE Energy Co.		1,147		152,218
Duke Realty Corp.		2,703		142,799
eBay, Inc.		13,610		662,399
Edwards Lifesciences Corp.†		1,343		135,442
Emerson Electric Co.		2,391		211,986
EOG Resources, Inc.		13,216		1,810,063
Exelon Corp.		8,169		401,506
Expedia Group, Inc.†		3,951		510,983
Expeditors International of Washington, Inc.		1,386		150,852
Extra Space Storage, Inc.		893		159,133
Exxon Mobil Corp.		2,441		234,336
FactSet Research Systems, Inc.		889		339,402
Fair Isaac Corp.†		644		263,750
Fidelity National Financial, Inc.		3,478		147,119
Fortinet, Inc.†		3,206		943,013
Fox Corp., Class A		3,926		139,412
Gartner, Inc.†		1,875		492,000
General Dynamics Corp.		637		143,268
General Mills, Inc.		2,043		142,704
Genuine Parts Co.		1,192		162,982
Gilead Sciences, Inc.		2,358		152,916
Halliburton Co.		3,880		157,140
HCA Healthcare, Inc.		658		138,443
Hershey Co.		3,485		737,809
Hewlett Packard Enterprise Co.		9,292		144,955
Hologic, Inc.†		5,782		435,211
Home Depot, Inc.		496		150,164
HP, Inc.		26,010		1,010,228
Huntington Ingalls Industries, Inc.		744		156,582
IDEXX Laboratories, Inc.†		1,956		766,009
Illinois Tool Works, Inc.		699		145,441
Interpublic Group of Cos., Inc.		4,556		146,840
Intuit, Inc.		330		136,772
Iron Mountain, Inc.		3,313		178,571
Jack Henry & Associates, Inc.		1,705		320,745
JB Hunt Transport Services, Inc.		991		171,027
Johnson & Johnson		798		143,265
Juniper Networks, Inc.		4,744		145,546
KeyCorp		7,218		144,071
Keysight Technologies, Inc.†		995		144,872
Kimberly-Clark Corp.		1,036		137,809
KKR & Co., Inc.		2,621		143,657
Knight-Swift Transportation Holdings, Inc.		2,884		140,278
Kroger Co.		13,766		729,185
Lear Corp.		1,059		149,277
Lennox International, Inc.		659		137,665
Lincoln National Corp.		2,280		132,080
Lockheed Martin Corp.		2,084		917,189
Lowe’s Cos., Inc.		9,231		1,802,814
Lucid Group, Inc.†#		7,259		146,487
Lululemon Athletica, Inc.†		445		130,247
Masco Corp.		5,222		296,035
Mastercard, Inc., Class A		423		151,379
McDonald’s Corp.		2,977		750,829
McKesson Corp.		1,067		350,712
Merck & Co., Inc.		1,633		150,285
MetLife, Inc.		2,139		144,147
Mettler-Toledo International, Inc.†		514		661,066
Micron Technology, Inc.		25,008		1,846,591

73

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
United States (continued)
Microsoft Corp.		25,368	$	6,896,798
Mid-America Apartment Communities, Inc.		801		144,981
Moderna, Inc.†		2,250		326,992
Molina Healthcare, Inc.†		642		186,321
Moody’s Corp.		707		213,210
Mosaic Co.		7,900		494,935
Motorola Solutions, Inc.		661		145,248
MSCI, Inc.		1,066		471,545
NiSource, Inc.		4,913		154,514
Norfolk Southern Corp.		556		133,251
NortonLifeLock, Inc.		5,684		138,349
Nucor Corp.		6,792		899,668
NVIDIA Corp.		726		135,559
O’Reilly Automotive, Inc.†		250		159,293
Old Dominion Freight Line, Inc.		2,253		581,815
Omnicom Group, Inc.		1,819		135,716
ON Semiconductor Corp.†		5,808		352,429
Oracle Corp.		1,941		139,597
Otis Worldwide Corp.		1,982		147,461
Owens Corning		2,232		213,335
PACCAR, Inc.		1,742		151,275
Packaging Corp. of America		974		153,191
Paychex, Inc.		7,475		925,629
PepsiCo, Inc.		976		163,724
PerkinElmer, Inc.		931		139,343
Pfizer, Inc.		70,781		3,754,224
Philip Morris International, Inc.		1,759		186,894
Pool Corp.		350		139,517
Procter & Gamble Co.		1,084		160,302
Prologis, Inc.		991		126,333
Public Storage		3,837		1,268,666
PulteGroup, Inc.		4,269		193,215
QUALCOMM, Inc.		11,058		1,583,727
Quest Diagnostics, Inc.		1,116		157,378
Raymond James Financial, Inc.		1,418		139,659
Regeneron Pharmaceuticals, Inc.†		2,379		1,581,416
Republic Services, Inc.		1,168		156,325
Robert Half International, Inc.		2,575		232,136
Rockwell Automation, Inc.		666		141,991
Rollins, Inc.		4,468		158,435
Roper Technologies, Inc.		837		370,322
Sealed Air Corp.		2,170		134,931
SEI Investments Co.		2,509		146,601
Signature Bank		1,349		291,748
Snap-on, Inc.		722		160,197
SS&C Technologies Holdings, Inc.		2,166		138,602
Steel Dynamics, Inc.		4,604		393,090
Synchrony Financial		4,160		154,086
Synopsys, Inc.†		487		155,450
Target Corp.		3,044		492,763
Texas Instruments, Inc.		14,247		2,518,300
Textron, Inc.		2,070		135,150
Thermo Fisher Scientific, Inc.		263		149,271
Tyson Foods, Inc., Class A		6,671		597,788
UGI Corp.		4,008		171,302
Ulta Beauty, Inc.†		393		166,278
Union Pacific Corp.		2,821		619,999
United Parcel Service, Inc., Class B		2,606		474,943
UnitedHealth Group, Inc.		1,891		939,411
VeriSign, Inc.†		777		135,625
Verizon Communications, Inc.		3,016		154,691
Vertex Pharmaceuticals, Inc.†		613		164,682
Visa, Inc., Class A		700		148,519
Vistra Corp.		5,634		148,569

Security Description	Shares/ Principal Amount(8)		Value (Note 2)
United States (continued)
Waters Corp.†		1,254	$	411,249
Weyerhaeuser Co.		4,074		161,004
Whirlpool Corp.		747		137,627
WR Berkley Corp.		2,352		167,298
Yum! Brands, Inc.		1,302		158,154
				80,538,103
Total Common Stocks
(cost $144,822,817)				142,143,313
ASSET BACKED SECURITIES — 2.3%
Bermuda — 2.3%
Bellemeade Re, Ltd. FRS Series 2020-2A, Class M2 7.01% (1 ML+6.00%) due 08/26/2030*(3)	$	2,780,000		2,841,650
Eagle RE, Ltd. FRS Series 2021-2, Class M1B 2.63% (SOFR30A+2.05%) due 04/25/2034*(3)		2,500,000		2,442,981
Total Asset Backed Securities
(cost $5,428,291)				5,284,631
FOREIGN CORPORATE BONDS & NOTES — 10.1%
Australia — 0.8%
NBN Co., Ltd. Senior Notes 2.63% due 05/05/2031*		2,062,000		1,798,411
Bermuda — 0.1%
Geopark, Ltd. Company Guar. Notes 5.50% due 01/17/2027*		348,000		314,279
Brazil — 0.2%
B3 SA—Brasil Bolsa Balcao Senior Notes 4.13% due 09/20/2031*		288,000		250,560
Banco do Brasil SA Senior Notes 3.25% due 09/30/2026*		278,000		260,277
				510,837
Canada — 1.0%
Air Canada Senior Sec. Notes 3.88% due 08/15/2026*		383,000		356,975
Bausch Health Cos., Inc. Senior Sec. Notes 4.88% due 06/01/2028*		915,000		783,652
First Quantum Minerals, Ltd. Company Guar. Notes 6.50% due 03/01/2024*		450,000		448,876
First Quantum Minerals, Ltd. Company Guar. Notes 7.25% due 04/01/2023*		250,000		250,093
Taseko Mines, Ltd. Senior Sec. Notes 7.00% due 02/15/2026*		465,000		445,396
				2,284,992
Cayman Islands — 1.9%
Alibaba Group Holding, Ltd. Senior Notes 3.40% due 12/06/2027		1,528,000		1,472,240
Alibaba Group Holding, Ltd. Senior Notes 4.20% due 12/06/2047		480,000		399,074

74

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Principal Amount(8)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Cayman Islands (continued)
Tencent Holdings, Ltd. Senior Notes 3.24% due 06/03/2050*	$	200,000	$	142,610
Tencent Holdings, Ltd. Senior Notes 3.68% due 04/22/2041*		400,000		324,068
Weibo Corp. Senior Notes 3.38% due 07/08/2030		1,603,000		1,327,893
XP, Inc. Company Guar. Notes 3.25% due 07/01/2026#*		797,000		724,664
				4,390,549
France — 0.5%
Altice France SA Senior Sec. Notes 8.13% due 02/01/2027*		1,228,000		1,231,708
Hong Kong — 0.7%
Xiaomi Best Time International, Ltd. Company Guar. Notes 3.38% due 04/29/2030*		2,085,000		1,780,465
Israel — 0.2%
Energean Israel Finance, Ltd. Senior Sec. Notes 4.50% due 03/30/2024*		608,000		596,144
Italy — 0.4%
Telecom Italia SpA Senior Notes 5.30% due 05/30/2024*		928,000		941,549
Japan — 0.7%
Nissan Motor Co., Ltd. Senior Notes 4.35% due 09/17/2027*		1,745,000		1,666,770
Luxembourg — 0.5%
Amaggi Luxembourg International SARL Company Guar. Notes 5.25% due 01/28/2028		435,000		409,857
Kenbourne Invest SA Company Guar. Notes 6.88% due 11/26/2024		498,000		477,333
Rumo Luxembourg Sarl Company Guar. Notes 4.20% due 01/18/2032#*		265,000		221,275
				1,108,465
Mexico — 0.8%
Braskem Idesa SAPI Senior Sec. Notes 7.45% due 11/15/2029*		230,000		217,636
Petroleos Mexicanos Company Guar. Notes 5.35% due 02/12/2028		1,527,000		1,347,669
Total Play Telecomunicaciones SA de CV Company Guar. Notes 6.38% due 09/20/2028*		298,000		245,332
				1,810,637
Netherlands — 0.8%
Embraer Netherlands Finance BV Company Guar. Notes 6.95% due 01/17/2028*		736,000		758,375

Security Description	Principal Amount(8)		Value (Note 2)
Netherlands (continued)
Teva Pharmaceutical Finance Netherlands III BV Company Guar. Notes 2.80% due 07/21/2023	$	470,000	$	466,475
Teva Pharmaceutical Finance Netherlands III BV Company Guar. Notes 7.13% due 01/31/2025#		582,000		597,801
				1,822,651
Panama — 0.6%
AES Panama Generation Holdings SRL Senior Sec. Notes 4.38% due 05/31/2030		1,574,000		1,440,210
SupraNational — 0.4%
NXP BV/NXP Funding LLC/NXP USA, Inc. Company Guar. Notes 3.40% due 05/01/2030		954,000		877,312
United Kingdom — 0.5%
HSBC Holdings PLC Senior Notes 4.29% due 09/12/2026		1,093,000		1,089,052
Total Foreign Corporate Bonds & Notes
(cost $26,279,957)				23,664,031
FOREIGN GOVERNMENT OBLIGATIONS — 5.8%
Brazil — 0.6%
Federative Republic of Brazil Series F Notes 10.00% due 01/01/2027	BRL	7,390,000		1,494,251
United Kingdom — 5.2%
United Kingdom Gilt Treasury Bonds 1.25% due 07/31/2051	GBP	560,000		536,485
United Kingdom Gilt Treasury Bonds 1.75% due 09/07/2022	GBP	9,160,000		11,558,534
				12,095,019
Total Foreign Government Obligations
(cost $14,324,243)				13,589,270
U.S. CORPORATE BONDS & NOTES — 11.5%
United States — 11.5%
American Tower Corp. Senior Notes 1.60% due 04/15/2026		501,000		457,116
AmeriGas Partners LP/AmeriGas Finance Corp. Senior Notes 5.88% due 08/20/2026		430,000		437,310
Antares Holdings LP Senior Notes 2.75% due 01/15/2027*		1,547,001		1,315,672
Ares Capital Corp. Senior Notes 2.88% due 06/15/2028		1,530,000		1,295,062
Bain Capital Specialty Finance, Inc. Senior Notes 2.95% due 03/10/2026		607,000		557,325
Blackstone Private Credit Fund Senior Notes 2.63% due 12/15/2026*		438,000		380,525
Blackstone Secured Lending Fund Senior Notes 2.85% due 09/30/2028*		1,473,000		1,230,603

75

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Principal Amount(8)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
United States (continued)
Block Financial LLC Company Guar. Notes 3.88% due 08/15/2030	$	947,000	$	879,890
Blue Owl Finance LLC Company Guar. Notes 3.13% due 06/10/2031*		1,027,000		818,288
Boeing Co. Senior Notes 4.88% due 05/01/2025		467,000		471,827
Broadcom, Inc. Company Guar. Notes 1.95% due 02/15/2028*		510,000		443,411
Cheniere Corpus Christi Holdings LLC Senior Sec. Notes 2.74% due 12/31/2039		520,000		429,120
CNH Industrial Capital LLC Company Guar. Notes 1.88% due 01/15/2026		341,000		317,230
CommScope, Inc. Senior Sec. Notes 6.00% due 03/01/2026*		703,000		687,182
Consolidated Communications, Inc. Senior Sec. Notes 5.00% due 10/01/2028#*		389,000		340,492
Crown Castle International Corp. Senior Notes 1.05% due 07/15/2026#		1,037,000		921,557
Dell International LLC/EMC Corp. Senior Notes 6.02% due 06/15/2026		1,277,000		1,348,937
DISH DBS Corp. Senior Sec. Notes 5.75% due 12/01/2028*		812,000		664,216
DPL, Inc. Senior Notes 4.13% due 07/01/2025		212,000		206,166
Embarq Corp. Senior Notes 8.00% due 06/01/2036		345,000		290,266
Golub Capital BDC, Inc. Senior Notes 2.50% due 08/24/2026		934,000		827,092
Graphic Packaging International LLC Senior Sec. Notes 1.51% due 04/15/2026*		835,000		759,363
Hercules Capital, Inc. Senior Notes 2.63% due 09/16/2026		484,000		433,870
Horizon Pharma USA, Inc. Company Guar. Notes 5.50% due 08/01/2027*		440,000		441,100
Jabil, Inc. Senior Notes 3.60% due 01/15/2030		1,119,000		1,024,930
Level 3 Financing, Inc. Company Guar. Notes 3.75% due 07/15/2029#*		411,000		350,444
Liberty Interactive LLC Senior Notes 8.25% due 02/01/2030#		449,000		322,855
Main Street Capital Corp. Senior Notes 3.00% due 07/14/2026		680,000		616,137
MicroStrategy, Inc. Senior Sec. Notes 6.13% due 06/15/2028#*		437,000		371,450

Security Description	Principal Amount(8)		Value (Note 2)
United States (continued)
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets, Ltd. Senior Sec. Notes 6.50% due 06/20/2027*	$	1,197,000	$	1,215,075
Nissan Motor Acceptance Co. LLC Senior Notes 2.75% due 03/09/2028*		498,000		433,700
Owl Rock Capital Corp. Senior Notes 2.63% due 01/15/2027		1,095,000		955,906
Owl Rock Technology Finance Corp. Senior Notes 4.75% due 12/15/2025*		1,444,000		1,398,889
ROBLOX Corp. Senior Notes 3.88% due 05/01/2030#*		223,000		197,890
Scientific Games International, Inc. Company Guar. Notes 8.63% due 07/01/2025*		648,000		683,235
Select Medical Corp. Company Guar. Notes 6.25% due 08/15/2026#*		754,000		752,168
TransDigm, Inc. Senior Sec. Notes 6.25% due 03/15/2026*		470,000		480,613
Universal Health Services, Inc. Senior Sec. Notes 1.65% due 09/01/2026*		792,000		708,432
Valero Energy Corp. Senior Notes 3.65% due 12/01/2051		879,000		692,659
Vontier Corp. Company Guar. Notes 1.80% due 04/01/2026		604,000		538,013
Wynn Las Vegas LLC Company Guar. Notes 5.50% due 03/01/2025*		373,000		365,167
Total U.S. Corporate Bonds & Notes
(cost $30,412,600)				27,061,183
U.S. GOVERNMENT AGENCIES — 2.9%
United States — 2.9%
Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs. Series K076, Class A2 3.90% due 04/25/2028(4)		1,569,000		1,617,716
Series K082, Class A2 3.92% due 09/25/2028 VRS(4)(7)		175,000		180,610
Federal Home Loan Mtg. Corp. Structured Agency Credit Risk FRS Series 2018-DNA1, Class M2B 2.81% (1 ML+1.80%) due 07/25/2030(3)		2,595,000		2,529,972
Federal National Mtg. Assoc. Connecticut Avenue Securities FRS Series 2018-C03, Class 1M2C 3.16% (1 ML+2.15%) due 10/25/2030(3)		2,595,000		2,539,046
Total U.S. Government Agencies
(cost $7,254,126)				6,867,344
U.S. GOVERNMENT TREASURIES — 2.2%
United States — 2.2%
United States Treasury Notes FRS 1.10% (3M UTBMM+0.04%) due 10/31/2023 (cost $5,169,274)		5,160,000		5,170,126
Total Long-Term Investment Securities
(cost $233,691,308)				223,779,898

76

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares/ Principal Amount(8)			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 5.6%
Registered Investment Companies — 5.6%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.74%(5)		8,759,799		$	8,759,799
State Street Navigator Securities Lending Government Money Market Portfolio 0.32%(5)(6)		4,329,644			4,329,644
					13,089,443
U.S. Government Agencies — 0.0%
Federal Home Loan Bank Disc. Notes 0.50% due 06/01/2022	$	100,000			100,000
Total Short-Term Investment Securities
(cost $13,189,443)					13,189,443
TOTAL INVESTMENTS
(cost $246,880,751)(9)		100.8	%		236,969,341
Liabilities in excess of other assets		(0.8	)		(1,792,861	)
NET ASSETS		100.0	%	$	235,176,480

† 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, 2022, the aggregate value of these securities was $34,082,460 representing 14.5% 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, 2022, the Fund held the following restricted securities:

Description	Acquisition Date		Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
Common Stocks
MMC Norilsk Nickel PJSC		02/03/2020		28	$	9,349
		04/28/2020		457		123,804
		12/15/2020		78		25,736
				563		158,889	$	0	$	0		0.00%
TCS Group Holding PLC GDR		12/10/2021		1,847		160,236		0		0		0.00
							$	0				0.00%

(3) Collateralized Mortgage Obligation

(4) Commercial Mortgage Backed Security

(5) The rate shown is the 7-day yield as of May 31, 2022.

(6) At May 31, 2022, the Fund had loaned securities with a total value of $6,274,889. This was secured by collateral of $4,329,644, which was received in cash and subsequently invested in short-term investments currently valued at $4,329,644 as reported in the Portfolio of Investments. Additional collateral of $2,143,930 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, 2022
United States Treasury Bills	0.00%	06/09/2022 to 08/02/2022	$	30,330
United States Treasury Notes/Bonds	0.13% to 6.25%	06/30/2022 to 02/15/2051		2,113,600

(7) 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.

(8) Denominated in United States Dollars unless otherwise noted.

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

ADR—American Depositary Receipt

BR—Bearer Shares

BRL—Brazilian Real

GBP—Sterling Pound

GDR—Global Depositary Receipt

NES—Non-voting Equity Securities

FRS—Floating Rate Security

VRS—Variable Rate Security

The rates shown on FRS and VRS are the current interest rates at May 31, 2022 and unless noted otherwise, the dates shown are the original maturity.

Index Legend

1 ML—1 Month USD LIBOR

SOFR30A—Secured Overnight Financing Rate 30 Day Average

3M UTBMM—US Treasury 3 Month Bill Money Market Yield

77

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Futures Contracts
Number of Contracts		Type		Description	Expiration Month		Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	6		Long	Euro-Buxl 30 Year Bond		June 2022	$	1,110,784	$	1,044,779	$	(66,005	)
	75		Long	U.S. Treasury 10 Year Notes		September 2022		9,003,683		8,958,984		(44,699	)
	47		Long	U.S. Treasury Ultra Bonds		September 2022		7,426,256		7,320,250		(106,006	)
	14		Short	S & P 500 Emini Futures		June 2022		2,859,306		2,891,875		(32,569	)
											$	(249,279	)

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

Forward Foreign Currency Contracts
Counterparty	Contract to Deliver			In Exchange For			Delivery Date		Unrealized Appreciation		Unrealized (Depreciation)
HSBC Bank USA		BRL	6,580,000		USD	1,365,429		07/18/2022	$	–	$	(1,586	)
		GBP	10,340,000		USD	12,944,108		08/25/2022		–		(93,240	)
		USD	1,793,456		JPY	230,000,000		06/22/2022		–		(5,517	)
		USD	1,770,751		PLN	7,650,000		07/27/2022		7,577		–
										7,577		(100,343	)
JPMorgan Chase Bank N.A.		AUD	6,500,000		USD	4,783,357		06/07/2022		118,340		–
		JPY	230,000,000		USD	1,760,503		06/22/2022		–		(27,437	)
		THB	61,500,000		USD	1,802,462		07/25/2022		2,468		–
		USD	4,739,920		AUD	6,500,000		06/07/2022		–		(74,903	)
		USD	1,824,601		THB	61,500,000		07/25/2022		–		(24,607	)
		USD	1,769,988		CZK	41,000,000		08/19/2022		–		(6,590	)
		USD	959,111		GBP	760,000		08/25/2022		–		(853	)
										120,808		(134,390	)
Unrealized Appreciation (Depreciation)									$	128,385	$	(234,733	)

AUD—Australian Dollar

BRL—Brazilian Real

CZK—Czech Koruna

GBP—Pound Sterling

JPY—Japanese Yen

PLN—Polish Zloty

THB—Thailand Baht

USD—United States Dollar

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2022 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs			Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks:
Bermuda	$	433,988	$	162,123	**	$	14,818	$	610,929
Cyprus		—		—			0		0
Russia		—		—			0		0
Other Countries		88,289,397		53,242,987	**		—		141,532,384
Asset Backed Securities		—		5,284,631			—		5,284,631
Foreign Corporate Bonds & Notes		—		23,664,031			—		23,664,031
Foreign Government Obligations		—		13,589,270			—		13,589,270
U.S. Corporate Bonds & Notes		—		27,061,183			—		27,061,183
U.S. Government Agencies		—		6,867,344			—		6,867,344
U.S. Government Treasuries		—		5,170,126			—		5,170,126
Short-Term Investment Securities:
Registered Investment Companies		13,089,443		—			—		13,089,443
U.S. Government Agencies		—		100,000			—		100,000
Total Investments at Value	$	101,812,828	$	135,141,695		$	14,818	$	236,969,341
Other Financial Instruments:†
Forward Foreign Currency Contracts	$	—	$	128,385		$	—	$	128,385

78

VALIC Company I Global Strategy Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
LIABILITIES:
Other Financial Instruments:†
Futures Contracts	$	249,279	$	—	$	—	$	249,279
Forward Foreign Currency Contracts		—		234,733		—		234,733
Total Other Financial Instruments	$	249,279	$	234,733	$	—	$	484,012

* 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.

Level 3 investments in securities were not considered a significant portion of the Fund’s net assets.

See Notes to Financial Statements

79

VALIC Company I Government Money Market I Fund

PORTFOLIO PROFILE — May 31, 2022 (unaudited)

Industry Allocation*

U.S. Government Treasuries	73.6	%
U.S. Government Agencies	24.5
Repurchase Agreements	2.5
	100.6	%

Credit Quality†#

P-1 100.0 % 

* Calculated as a percentage of net assets

† Source: Moody’s

# Calculated as a percentage of total debt issues

Weighted Average days to Maturity – 11.4 days

80

VALIC Company I Government Money Market I Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022

Security Description	Principal Amount		Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 98.1%
U.S. Government Agencies — 24.5%
Federal Home Loan Bank 0.50% due 06/01/2022 (amortized cost $5,000,000)	$	5,000,000	$	5,000,000
U.S. Government Treasuries — 73.6%
United States Treasury Bills 0.48% due 06/16/2022		1,000,000		999,801
0.51% due 06/14/2022		2,000,000		1,999,634
0.51% due 06/21/2022		2,000,000		1,999,432
0.52% due 06/02/2022		2,000,000		1,999,971
0.52% due 06/09/2022		2,000,000		1,999,768
0.54% due 06/23/2022		2,000,000		1,999,337
0.55% due 06/07/2022		2,000,000		1,999,815
0.67% due 06/30/2022		2,000,000		1,998,922
Total U.S. Government Treasuries (amortized cost $14,996,680)				14,996,680
Total Short-Term Investment Securities — 98.1%
(amortized cost $19,996,680)				19,996,680

Security Description	Principal Amount			Value (Note 2)
REPURCHASE AGREEMENTS — 2.5%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.06% dated 05/31/2022, to be repurchased 06/01/2022 in the amount of $506,001 and collateralized by $561,200 of United States Treasury Notes, bearing interest at 1.25% due 06/30/2028 and having an approximate value of $516,161 (cost $506,000)	$	506,000		$	506,000
TOTAL INVESTMENTS (amortized cost $20,502,680) (1)		100.6	%		20,502,680
Liabilities in excess of other assets		(0.6	)		(119,307	)
NET ASSETS		100.0	%	$	20,383,373

(1) 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, 2022 (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	$	—	$	19,996,680	$	—	$	19,996,680
Repurchase Agreements		—		506,000		—		506,000
Total Investments at Value	$	—	$	20,502,680	$	—	$	20,502,680

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

See Notes to Financial Statements

81

VALIC Company I Government Securities Fund

PORTFOLIO PROFILE — May 31, 2022 (unaudited)

Industry Allocation*

United States Treasury Notes	30.5	%
Federal National Mtg. Assoc.	23.8
United States Treasury Bonds	12.1
Diversified Financial Services	9.1
Federal Home Loan Mtg. Corp.	9.0
Government National Mtg. Assoc.	5.0
Repurchase Agreements	4.0
Sovereign	1.6
Federal Farm Credit Bank	0.9
Electric — Distribution	0.6
Electronic Components — Semiconductors	0.5
Banks — Super Regional	0.5
Airlines	0.5
Diversified Banking Institutions	0.4
Telephone — Integrated	0.3
Tennessee Valley Authority	0.3
Multimedia	0.3
Retail — Building Products	0.2
Pipelines	0.2
Real Estate Investment Trusts	0.1
Electric — Integrated	0.1
Pharmacy Services	0.1
Medical — Biomedical/Gene	0.1
Oil Companies — Integrated	0.1
Transport — Rail	0.1
Finance — Credit Card	0.1
	100.5	%

Credit Quality+#

Aaa	90.7	%
Aa	0.1
A	3.4
Baa	1.3
Not Rated@	4.5
	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.

82

VALIC Company I Government Securities Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES — 9.1%
Diversified Financial Services — 9.1%
ACC Auto Trust Series 2021-A, Class A 1.08% due 04/15/2027*	$	196,846	$	194,356
ACC Trust Series 2021-1, Class A 0.74% due 11/20/2023*		61,266		61,176
AMSR Trust Series 2020-SFR3, Class A 1.36% due 09/17/2037*		568,738		525,878
AMSR Trust Series 2021-SFR2, Class A 1.53% due 08/17/2038*		1,000,000		903,922
AMSR Trust VRS Series 2021-SFR1, Class A 1.95% due 06/17/2038*(1)		300,000		263,003
BANK Series 2021-BN35, Class A5 2.29% due 06/15/2064(2)		1,250,000		1,079,325
BANK Series 2020-BN26, Class A4 2.40% due 03/15/2063(2)		500,000		444,821
BANK VRS Series 2022-BNK41, Class A4 3.92% due 04/15/2065(1)(2)		500,000		490,058
BANK VRS Series 2022-BNK42, ClassA5 4.49% due 06/15/2055(1)(2)		800,000		826,191
BBCMS Trust Series 2015-VFM, Class A1 2.47% due 03/10/2036*(2)		199,878		192,134
Citigroup Commercial Mtg. Trust Series 2020-GC46, Class A5 2.72% due 02/15/2053(2)		1,250,000		1,133,300
COMM Mtg. Trust VRS Series 2012-CR2, Class XA 1.43% due 08/15/2045(1)(2)(3)		230,247		2
COMM Mtg. Trust VRS Series 2020-CBM, Class A1 2.24% due 02/10/2037*(1)(2)		600,000		567,731
DT Auto Owner Trust Series 2021-3A, Class A 0.33% due 04/15/2025*		323,283		319,444
Eleven Madison Mtg. Trust VRS Series 2015-11MD, Class A 3.55% due 09/10/2035*(1)(2)		398,000		389,347
FirstKey Homes Trust Series 2021-SFR1, Class A 1.54% due 08/17/2038*		1,319,844		1,195,981
GS Mtg. Securities Corp. Trust Series 2017-GS7, Class A4 3.43% due 08/10/2050(2)		1,100,000		1,071,525
Progress Residential Trust Series 2021-SFR6, Class A 1.52% due 07/17/2038*		998,857		901,819
Progress Residential Trust Series 2021-SFR4, Class A 1.56% due 05/17/2038*		700,000		640,123
SLG Office Trust Series 2021-OVA, Class A 2.59% due 07/15/2041*(2)		1,000,000		875,763
Sofi Professional Loan Program Trust Series 2018-B, Class A2FX 3.34% due 08/25/2047*		333,223		330,745
UBS Commercial Mtg. Trust Series 2018-C14, Class A2 4.26% due 12/15/2051(2)		1,500,000		1,509,046

Security Description	Principal Amount		Value (Note 2)
Diversified Financial Services (continued)
UBS-BAMLL Trust Series 2012-WRM, Class A 3.66% due 06/10/2030*(2)	$	217,000	$	216,717
US Auto Funding Series 2021-1A, Class A 0.79% due 07/15/2024*		456,556		453,011
Total Asset Backed Securities
(cost $16,039,569)				14,585,418
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		558,597		506,233
American Airlines Pass-Through Trust Pass-Through Certs. Series 2017-2, Class AA 3.35% due 04/15/2031		256,208		239,461
				745,694
Banks - Super Regional — 0.5%
Wells Fargo & Co. Senior Notes 2.16% due 02/11/2026		900,000		860,269
Diversified Banking Institutions — 0.3%
Citigroup, Inc. Senior Notes 3.40% due 05/01/2026		400,000		394,324
Electric - Distribution — 0.6%
Entergy Louisiana LLC Collateral Trust Bonds 3.25% due 04/01/2028		1,000,000		963,318
Electric - Integrated — 0.1%
San Diego Gas & Electric Co. 1st Mtg. Bonds 6.00% due 06/01/2026		200,000		219,240
Electronic Components - Semiconductors — 0.5%
NVIDIA Corp. Senior Notes 2.00% due 06/15/2031#		1,000,000		865,947
Finance - Credit Card — 0.1%
American Express Co. Sub. Notes 3.63% due 12/05/2024		104,000		104,532
Medical - Biomedical/Gene — 0.1%
Gilead Sciences, Inc. Senior Notes 3.50% due 02/01/2025		144,000		144,464
Multimedia — 0.3%
Walt Disney Co. Company Guar. Notes 2.00% due 09/01/2029		500,000		441,222
Oil Companies - Integrated — 0.1%
Chevron USA, Inc. Company Guar. Notes 3.90% due 11/15/2024		116,000		118,594
Pharmacy Services — 0.1%
CVS Health Corp. Senior Notes 4.30% due 03/25/2028		171,000		173,302

83

VALIC Company I Government Securities Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Pipelines — 0.2%
Enterprise Products Operating LLC Company Guar. Notes 3.70% due 02/15/2026	$	127,000	$	126,873
Magellan Midstream Partners LP Senior Notes 3.20% due 03/15/2025		137,000		134,407
				261,280
Real Estate Investment Trusts — 0.1%
Boston Properties LP Senior Notes 2.75% due 10/01/2026		240,000		227,708
Retail - Building Products — 0.2%
Home Depot, Inc. Senior Notes 0.90% due 03/15/2028		450,000		388,617
Telephone - Integrated — 0.3%
AT&T, Inc. Senior Notes 1.65% due 02/01/2028		580,000		512,203
Transport - Rail — 0.1%
Norfolk Southern Corp. Senior Notes 2.90% due 02/15/2023#		89,000		89,159
Norfolk Southern Corp. Senior Notes 5.59% due 05/17/2025		19,000		20,149
				109,308
Total U.S. Corporate Bonds & Notes
(cost $7,083,076)				6,530,022
FOREIGN CORPORATE BONDS & NOTES — 0.1%
Diversified Banking Institutions — 0.1%
Mitsubishi UFJ Financial Group, Inc. Senior Notes 2.76% due 09/13/2026 (cost $217,000)		217,000		206,141
U.S. GOVERNMENT AGENCIES — 39.0%
Federal Farm Credit Bank — 0.9%
3.33% due 04/28/2037		500,000		486,971
3.35% due 10/21/2025		1,000,000		1,018,596
				1,505,567
Federal Home Loan Mtg. Corp. — 9.0%
2.00% due 09/01/2051		1,636,708		1,462,772
2.50% due 05/01/2050		558,555		515,370
3.50% due 06/01/2033		530,786		533,090
4.50% due 09/01/2039		128,556		133,614
4.50% due 11/01/2039		81,856		85,470
4.50% due 02/01/2040		114,233		119,278
4.50% due 04/01/2040		12,825		13,389
4.50% due 06/01/2040		23,664		24,407
4.50% due 08/01/2040		130,283		135,999
4.50% due 03/01/2041		462,482		482,811
4.50% due 04/01/2041		80,318		83,854
4.50% due 06/01/2041		92,955		97,046
5.00% due 10/01/2034		18,393		19,052
5.50% due 12/01/2036		3,053		3,194
6.00% due 11/01/2033		40,063		44,045
6.50% due 02/01/2032		11,841		12,884
8.00% due 08/01/2030		72		77
8.00% due 06/01/2031		562		568

Security Description	Principal Amount		Value (Note 2)
Federal Home Loan Mtg. Corp. (continued)
Federal Home Loan Mtg. Corp. STRIPS Series 264, Class 30 3.00% due 07/15/2042(4)	$	307,027	$	294,905
Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs.
Series K130, Class A2 1.72% due 06/25/2031(2)		670,000		582,488
Series KJ14, Class A2 2.81% due 09/25/2024(2)		426,742		425,786
Federal Home Loan Mtg. Corp. Multifamily WI Certs.
Series K145, Class A2 2.58% due 07/25/2032*(2)		430,000		396,682
Series K146, Class A2 2.92% due 07/25/2032(2)		705,000		670,120
Federal Home Loan Mtg. Corp. REMIC
Series 4594, Class GN 2.50% due 02/15/2045(4)		428,011		411,069
Series 3981, Class PA 3.00% due 04/15/2031(4)		61,368		61,669
Series 4097, Class YK 3.00% due 08/15/2032(4)		1,750,000		1,704,358
Series 4150, Class IG 3.00% due 01/15/2033(3)(4)		1,485,527		112,969
Series 4838, Class CY 3.00% due 01/15/2038(4)		1,000,000		976,175
Series 4365, Class HZ 3.00% due 01/15/2040(4)		535,410		521,653
Series 4599, Class PA 3.00% due 09/15/2045(4)		682,414		671,150
Series 4057, Class WY 3.50% due 06/15/2027(4)		1,000,000		1,001,874
Series 3813, Class D 4.00% due 02/15/2026(4)		474,677		482,443
Series 3917, Class B 4.50% due 08/15/2026(4)		465,000		473,318
Series 3927, Class AY 4.50% due 09/15/2026(4)		1,494,968		1,518,620
Series 3786, Class PB 4.50% due 07/15/2040(4)		283,163		293,219
Federal Home Loan Mtg. Corp. REMIC FRS Series 4039, Class SA 5.63% (6.50% -1 ML) due 05/15/2042(3)(4)(5)		170,715		25,431
				14,390,849
Federal National Mtg. Assoc. — 23.8%
1.73% due 08/01/2031		650,000		566,418
2.04% due 06/01/2037		249,229		201,100
2.14% due 10/01/2029		1,000,000		925,112
2.50% due 07/01/2050		1,191,895		1,099,347
2.50% due 01/01/2052		2,378,533		2,209,949
2.55% due 09/01/2034		700,000		627,458
2.81% due 04/01/2025		800,000		791,440
2.94% due 01/01/2026		1,508,679		1,494,581
3.00% due 03/01/2043		770,829		749,275
3.00% due 02/01/2050		452,773		436,571
3.00% due 12/01/2051		988,768		945,514
3.30% due 02/01/2030		2,842,890		2,772,597
3.64% due 07/01/2028		1,459,589		1,487,225
3.69% due 05/01/2030		1,436,191		1,464,202
4.00% due 09/01/2040		38,981		39,948
4.00% due 10/01/2040		31,584		32,301
4.00% due 12/01/2040		49,024		50,243
4.00% due 01/01/2041		102,416		104,962

84

VALIC Company I Government Securities Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal National Mtg. Assoc. (continued)
4.00% due 02/01/2041	$	535,132	$	548,398
4.00% due 03/01/2041		548,864		562,506
4.00% due 06/01/2042		439,398		441,803
4.00% due 03/01/2043		940,024		961,770
5.00% due 12/01/2036		3,794		3,927
5.50% due 12/01/2033		7,473		7,838
5.50% due 10/01/2034		6,578		6,876
6.50% due 07/01/2032		2,553		2,764
7.00% due 09/01/2031		4,881		5,035
Federal National Mtg. Assoc. STRIPS Series 384, Class 23 6.00% due 08/25/2037(3)(4)		86,403		17,038
Federal National Mtg. Assoc. VRS 2.65% due 12/01/2026(1)		1,726,566		1,688,223
Federal National Mtg. Assoc. Grantor Trust Series 2017-T1, Class A 2.90% due 06/25/2027		1,122,202		1,105,076
Federal National Mtg. Assoc. REMIC
Series 2002-34, Class AO zero coupon due 05/18/2032(4)(6)		93,588		87,793
Series 2020-M8, Class A2 1.82% due 02/25/2030(2)		800,000		721,250
Series 2020-12, Class JC 2.00% due 03/25/2050(4)		908,963		826,623
Series 2013-23, Class KJ 2.25% due 05/25/2042(4)		812,563		779,042
Series 2012-93, Class ME 2.50% due 01/25/2042(4)		681,137		664,522
Series 2013-73, Class TD 2.50% due 09/25/2042(4)		292,990		286,107
Series 2019-M31, Class A2 2.85% due 04/25/2034(2)		1,000,000		919,193
Series 2013-100, Class DE 3.00% due 11/25/2030(4)		776		775
Series 2013-106, Class PY 3.00% due 10/25/2033(4)		2,772,104		2,744,426
Series 2016-30, Class PA 3.00% due 04/25/2045(4)		415,557		408,874
Series 2016-25, Class LA 3.00% due 07/25/2045(4)		308,982		303,438
Series 2016-33, Class JA 3.00% due 07/25/2045(4)		307,371		301,996
Series 2015-97, Class N 3.00% due 11/25/2045(4)		2,000,000		1,846,390
Series 2016-38, Class NA 3.00% due 01/25/2046(4)		564,512		554,039
Series 2016-30, Class LY 3.50% due 05/25/2036(4)		800,000		804,699
Series 2010-117, Class DY 4.50% due 10/25/2025(4)		699,265		714,789
Series 2010-134, Class MB 4.50% due 12/25/2040(4)		250,000		259,534
Series 2007-116, Class PB 5.50% due 08/25/2035(4)		30,159		32,540
Federal National Mtg. Assoc. REMIC VRS
Series 2022-M3, Class A2 1.71% due 11/25/2031(1)(2)		1,000,000		862,913
Series 2015-M13, Class A2 2.70% due 06/25/2025(1)(2)		419,368		414,862
Series 2016-M1, Class A2 2.94% due 01/25/2026(1)(2)		1,113,311		1,098,666
Series 2014-M13, Class A2 3.02% due 08/25/2024(1)(2)		807,015		806,224
Series 2018-M4, Class A2 3.06% due 03/25/2028(1)(2)		1,269,448		1,264,202
				38,052,394

Security Description	Principal Amount		Value (Note 2)
Government National Mtg. Assoc. — 5.0%
2.50% due 03/20/2051	$	1,538,670	$	1,425,035
3.50% due 09/15/2048		833,256		829,872
3.50% due 10/15/2048		806,828		803,553
3.50% due 02/15/2049		942,605		942,867
3.50% due 08/20/2051		1,483,440		1,472,226
3.50% due 09/20/2051		691,709		686,704
4.50% due 03/15/2038		5,549		5,753
4.50% due 03/15/2039		2,306		2,429
4.50% due 05/15/2039		59,265		62,631
4.50% due 06/15/2039		41,341		43,640
4.50% due 07/15/2039		88,805		92,365
4.50% due 09/15/2039		1,358		1,433
4.50% due 12/15/2039		55,199		57,213
4.50% due 04/15/2040		49,310		52,236
4.50% due 06/15/2040		97,732		103,530
4.50% due 08/15/2040		15,117		15,891
5.00% due 09/15/2035		660		703
5.00% due 02/15/2036		25,317		26,963
5.00% due 05/15/2036		5,311		5,554
6.00% due 01/15/2032		4,407		4,664
7.50% due 07/15/2030		98		99
7.50% due 01/15/2031		3,372		3,585
Government National Mtg. Assoc. REMIC
Series 2014-58, Class EP 4.00% due 04/20/2044(4)		432,000		437,908
Series 2004-18, Class Z 4.50% due 03/16/2034(4)		126,958		130,078
Series 2008-6, Class GL 4.50% due 02/20/2038(4)		466,554		472,417
Series 2005-21, Class Z 5.00% due 03/20/2035(4)		235,850		248,340
				7,927,689
Tennessee Valley Authority — 0.3%
0.75% due 05/15/2025		500,000		470,991
Total U.S. Government Agencies
(cost $65,566,948)				62,347,490
U.S. GOVERNMENT TREASURIES — 42.6%
United States Treasury Bonds — 12.1%
1.88% due 02/15/2041		1,800,000		1,445,133
2.00% due 11/15/2041		3,300,000		2,685,891
2.00% due 02/15/2050		3,000,000		2,366,602
2.38% due 02/15/2042		1,500,000		1,301,250
2.88% due 08/15/2045		1,000,000		926,641
3.00% due 02/15/2048		750,000		720,351
3.13% due 02/15/2043		1,000,000		970,976
3.75% due 08/15/2041		4,000,000		4,280,781
3.75% due 11/15/2043		1,000,000		1,068,242
3.88% due 08/15/2040		1,500,000		1,642,852
zero coupon due 08/15/2024 STRIPS		2,040,000		1,930,831
				19,339,550
United States Treasury Notes — 30.5%
0.38% due 07/15/2024		2,000,000		1,910,469
0.50% due 03/31/2025		8,000,000		7,519,375
0.63% due 03/31/2027		9,000,000		8,109,140
0.63% due 08/15/2030		1,000,000		838,750
0.75% due 04/30/2026		4,000,000		3,696,875
1.25% due 06/30/2028		1,500,000		1,363,535
1.63% due 05/15/2031		5,000,000		4,521,680
1.75% due 05/15/2023		6,000,000		5,977,734
1.88% due 02/15/2032		1,500,000		1,376,719
2.00% due 06/30/2024		3,000,000		2,966,953
2.50% due 08/15/2023		3,000,000		3,009,492

85

VALIC Company I Government Securities Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Principal Amount			Value (Note 2)
U.S. GOVERNMENT TREASURIES (continued)
United States Treasury Notes (continued)
2.75% due 02/15/2024	$	2,500,000		$	2,513,379
2.88% due 08/15/2028		5,000,000			4,994,141
					48,798,242
Total U.S. Government Treasuries
(cost $72,260,303)					68,137,792
FOREIGN GOVERNMENT OBLIGATIONS — 1.6%
Sovereign — 1.6%
Israel Government AID Government Guar. Notes zero coupon due 02/15/2024 (cost $2,547,688)		2,641,000			2,507,787
Total Long-Term Investment Securities
(cost $163,714,584)					154,314,650
SHORT-TERM INVESTMENT SECURITIES — 0.0%
Registered Investment Companies — 0.0%
State Street Navigator Securities Lending Government Money Market Portfolio 0.32%(7)(8) (cost $61,950)		61,950			61,950
REPURCHASE AGREEMENTS — 4.0%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.06% dated 05/31/2022, to be repurchased 06/01/2022 in the amount of $6,353,882 collateralized by $6,438,700 of United States Treasury Notes, bearing interest at 2.88% due 05/15/2028 having an approximate value of $6,480,951 (cost $ 6,353,871)		6,353,871			6,353,871
TOTAL INVESTMENTS
(cost $170,130,405)(9)		100.5	%		160,730,471
Liabilities in excess of other assets		(0.5	)		(842,308	)
NET ASSETS		100.0	%	$	159,888,163

* 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, 2022, the aggregate value of these securities was $8,427,832 representing 5.3% of net assets.

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

(1) 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.

(2) Commercial Mortgage Backed Security

(3) Interest Only

(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, 2022.

(6) Principal Only

(7) The rate shown is the 7-day yield as of May 31, 2022.

(8) At May 31, 2022, the Fund had loaned securities with a total value of $935,731. This was secured by collateral of $61,950, which was received in cash and subsequently invested in short-term investments currently valued at $61,950 as reported in the Portfolio of Investments. Additional collateral of $905,873 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, 2022
United States Treasury Notes/Bonds		0.13% to 3.13%		07/15/2022 to 08/15/2049	$	905,873

(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 at May 31, 2022 and unless noted otherwise, the dates are the original maturity dates.

Index Legend

1 ML—1 Month USD LIBOR

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2022 (see Note 2):

	Level 1 - Unadjusted Quoted  Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Asset Backed Securities	$	—	$	14,585,418	$	—	$	14,585,418
U.S. Corporate Bonds & Notes		—		6,530,022		—		6,530,022
Foreign Corporate Bonds & Notes		—		206,141		—		206,141
U.S. Government Agencies		—		62,347,490		—		62,347,490
U.S. Government Treasuries		—		68,137,792		—		68,137,792
Foreign Government Obligations		—		2,507,787		—		2,507,787
Short-Term Investment Securities		61,950		—		—		61,950
Repurchase Agreements		—		6,353,871		—		6,353,871
Total Investments at Value	$	61,950	$	160,668,521	$	—	$	160,730,471

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

See Notes to Financial Statements

86

VALIC Company I Growth Fund

PORTFOLIO PROFILE — May 31, 2022 (unaudited)

Industry Allocation*

Applications Software	18.0	%
E-Commerce/Products	9.0
Web Portals/ISP	6.0
Computers	5.7
Electronic Components — Semiconductors	5.3
Finance — Credit Card	4.8
Commercial Services — Finance	3.2
Semiconductor Equipment	2.6
Diagnostic Equipment	2.5
Medical — Drugs	2.5
Oil Companies — Exploration & Production	2.4
Medical Labs & Testing Services	2.3
Machinery — General Industrial	2.1
Internet Content — Entertainment	2.0
Textile — Apparel	2.0
Auto — Cars/Light Trucks	1.9
E-Commerce/Services	1.9
Athletic Footwear	1.9
Medical — HMO	1.8
Distribution/Wholesale	1.7
Gambling (Non — Hotel)	1.6
Computer Aided Design	1.6
Industrial Gases	1.6
Aerospace/Defense	1.6
Registered Investment Companies	1.5
Real Estate Investment Trusts	1.5
Electronic Forms	1.3
Retail — Restaurants	1.3
Technology Services	0.8
Diversified Banking Institutions	0.7
Retail — Building Products	0.6
Computer Software	0.6
Exchange — Traded Funds	0.5
Office Automation & Equipment	0.4
Medical — Biomedical/Gene	0.4
Enterprise Software/Service	0.4
Medical Products	0.3
Semiconductor Components — Integrated Circuits	0.3
Retail — Discount	0.2
Computer Services	0.2
Beverages — Non — alcoholic	0.2
Medical Instruments	0.2
Insurance Brokers	0.2
Networking Products	0.2
Investment Management/Advisor Services	0.2
Retail — Auto Parts	0.1
Banks — Commercial	0.1
Transport — Services	0.1
Finance — Investment Banker/Broker	0.1
Transport — Rail	0.1
Finance — Other Services	0.1
Electronic Measurement Instruments	0.1
Machinery — Farming	0.1
Non — Hazardous Waste Disposal	0.1
Computer Data Security	0.1
Diagnostic Kits	0.1
Consulting Services	0.1
Decision Support Software	0.1
Energy — Alternate Sources	0.1
Cosmetics & Toiletries	0.1
Coatings/Paint	0.1
Transport — Truck	0.1
Medical — Hospitals	0.1
Drug Delivery Systems	0.1
Data Processing/Management	0.1
Diversified Manufacturing Operations	0.1
	100.1%

* Calculated as a percentage of net assets

87

VALIC Company I Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 97.3%
Aerospace/Defense — 1.6%
TransDigm Group, Inc.†		26,485	$	16,033,224
Aerospace/Defense - Equipment — 0.0%
L3Harris Technologies, Inc.		1,259		303,293
Agricultural Chemicals — 0.0%
CF Industries Holdings, Inc.		1,965		194,083
Apparel Manufacturers — 0.0%
Under Armour, Inc., Class A†		1,239		13,109
Under Armour, Inc., Class C†		1,412		13,696
				26,805
Applications Software — 18.0%
Intuit, Inc.		92,623		38,388,528
Microsoft Corp.		438,552		119,229,132
PTC, Inc.†		803		93,574
ServiceNow, Inc.†		49,172		22,986,435
				180,697,669
Athletic Footwear — 1.9%
NIKE, Inc., Class B		160,231		19,043,454
Auto - Cars/Light Trucks — 1.9%
Tesla, Inc.†		25,405		19,263,595
Auto/Truck Parts & Equipment - Original — 0.0%
Aptiv PLC†		1,694		179,971
Banks - Commercial — 0.1%
First Republic Bank		2,738		424,472
Regions Financial Corp.		6,475		143,033
Signature Bank		958		207,187
SVB Financial Group†		897		438,247
Zions Bancorp NA		1,112		63,428
				1,276,367
Banks - Super Regional — 0.0%
Comerica, Inc.		898		74,723
Beverages - Non-alcoholic — 0.2%
Monster Beverage Corp.†		2,984		265,934
PepsiCo, Inc.		8,875		1,488,781
				1,754,715
Building & Construction Products - Misc. — 0.0%
Fortune Brands Home & Security, Inc.		934		64,773
Building Products - Air & Heating — 0.0%
Johnson Controls International PLC		6,547		356,877
Building Products - Cement — 0.0%
Martin Marietta Materials, Inc.		552		187,338
Vulcan Materials Co.		973		160,418
				347,756
Building Products - Wood — 0.0%
Masco Corp.		1,759		99,718
Building - Maintenance & Services — 0.0%
Rollins, Inc.		1,521		53,935
Building - Residential/Commercial — 0.0%
D.R. Horton, Inc.		2,610		196,141
NVR, Inc.†		27		120,167
				316,308
Casino Services — 0.0%
Caesars Entertainment, Inc.†		2,090		104,855
Chemicals - Diversified — 0.0%
Celanese Corp.		709		110,973

Security Description	Shares		Value (Note 2)
Chemicals - Specialty — 0.0%
Albemarle Corp.		1,215	$	316,410
Coatings/Paint — 0.1%
Sherwin-Williams Co.		1,952		523,214
Commercial Services — 0.0%
Cintas Corp.		620		246,965
Quanta Services, Inc.		1,175		139,825
				386,790
Commercial Services - Finance — 3.2%
Automatic Data Processing, Inc.		3,401		758,219
Equifax, Inc.		1,863		377,406
MarketAxess Holdings, Inc.		278		78,307
Moody’s Corp.		1,630		491,559
PayPal Holdings, Inc.†		9,609		818,783
S&P Global, Inc.		83,197		29,075,688
				31,599,962
Computer Aided Design — 1.6%
ANSYS, Inc.†		827		215,318
Autodesk, Inc.†		2,151		446,870
Cadence Design Systems, Inc.†		97,564		14,998,514
Synopsys, Inc.†		1,570		501,144
				16,161,846
Computer Data Security — 0.1%
Fortinet, Inc.†		2,072		609,458
Computer Services — 0.2%
Accenture PLC, Class A		5,599		1,671,078
EPAM Systems, Inc.†		866		293,158
				1,964,236
Computer Software — 0.6%
Akamai Technologies, Inc.†		1,042		105,284
MongoDB, Inc.†		13,927		3,302,788
Snowflake, Inc., Class A†		16,165		2,063,462
				5,471,534
Computers — 5.7%
Apple, Inc.		383,099		57,020,455
HP, Inc.		8,269		321,168
				57,341,623
Computers - Memory Devices — 0.0%
NetApp, Inc.		2,410		173,399
Seagate Technology Holdings PLC		2,246		190,169
				363,568
Consulting Services — 0.1%
Gartner, Inc.†		1,257		329,837
Verisk Analytics, Inc.		1,256		219,699
				549,536
Containers - Paper/Plastic — 0.0%
Sealed Air Corp.		1,244		77,352
Cosmetics & Toiletries — 0.1%
Estee Lauder Cos., Inc., Class A		2,095		533,492
Data Processing/Management — 0.1%
Broadridge Financial Solutions, Inc.		785		114,783
Paychex, Inc.		2,599		321,834
				436,617
Decision Support Software — 0.1%
MSCI, Inc.		1,242		549,399

88

VALIC Company I Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Diagnostic Equipment — 2.5%
Danaher Corp.		79,593	$	20,998,225
PerkinElmer, Inc.		1,928		288,564
Thermo Fisher Scientific, Inc.		6,019		3,416,204
Waters Corp.†		690		226,285
				24,929,278
Diagnostic Kits — 0.1%
Hologic, Inc.†		2,826		212,713
IDEXX Laboratories, Inc.†		894		350,108
				562,821
Distribution/Wholesale — 1.7%
Copart, Inc.†		141,618		16,219,509
Fastenal Co.		4,219		225,970
LKQ Corp.		1,761		90,498
Pool Corp.		612		243,955
				16,779,932
Diversified Banking Institutions — 0.7%
Bank of America Corp.		47,774		1,777,193
Goldman Sachs Group, Inc.		5,186		1,695,044
JPMorgan Chase & Co.		20,765		2,745,756
Morgan Stanley		10,609		913,859
				7,131,852
Diversified Manufacturing Operations — 0.1%
A.O. Smith Corp.		1,004		60,361
Illinois Tool Works, Inc.		1,788		372,029
				432,390
Drug Delivery Systems — 0.1%
DexCom, Inc.†		1,480		440,951
E-Commerce/Products — 9.0%
Amazon.com, Inc.†		37,363		89,827,751
eBay, Inc.		7,363		358,357
Etsy, Inc.†		1,936		157,049
				90,343,157
E-Commerce/Services — 1.9%
Match Group, Inc.†		242,484		19,102,890
E-Services/Consulting — 0.0%
CDW Corp.		1,223		207,739
Electronic Components - Misc. — 0.0%
Garmin, Ltd.		1,184		125,054
Electronic Components - Semiconductors — 5.3%
Advanced Micro Devices, Inc.†		24,970		2,543,444
Broadcom, Inc.		3,595		2,085,567
Marvell Technology, Inc.		386,056		22,835,213
Microchip Technology, Inc.		4,077		296,194
Monolithic Power Systems, Inc.		662		298,158
NVIDIA Corp.		129,245		24,132,627
Qorvo, Inc.†		812		90,741
Skyworks Solutions, Inc.		1,178		128,249
Texas Instruments, Inc.		6,912		1,221,765
				53,631,958
Electronic Connectors — 0.0%
Amphenol Corp., Class A		4,849		343,600
Electronic Forms — 1.3%
Adobe, Inc.†		31,745		13,221,158
Electronic Measurement Instruments — 0.1%
Agilent Technologies, Inc.		2,753		351,173
Keysight Technologies, Inc.†		2,097		305,323

Security Description	Shares		Value (Note 2)
Electronic Measurement Instruments (continued)
Trimble, Inc.†		2,147	$	146,103
				802,599
Energy - Alternate Sources — 0.1%
Enphase Energy, Inc.†		2,045		380,758
SolarEdge Technologies, Inc.†		601		163,947
				544,705
Engineering/R&D Services — 0.0%
Jacobs Engineering Group, Inc.		869		121,738
Enterprise Software/Service — 0.4%
Ceridian HCM Holding, Inc.†		856		48,193
Oracle Corp.		24,066		1,730,827
Paycom Software, Inc.†		552		156,955
salesforce.com, Inc.†		9,178		1,470,683
Tyler Technologies, Inc.†		388		138,058
				3,544,716
Entertainment Software — 0.0%
Take-Two Interactive Software, Inc.†		1,497		186,421
Finance - Consumer Loans — 0.0%
Synchrony Financial		4,539		168,125
Finance - Credit Card — 4.8%
American Express Co.		4,134		697,902
Capital One Financial Corp.		3,035		388,055
Discover Financial Services		4,399		499,242
Mastercard, Inc., Class A		6,196		2,217,363
Visa, Inc., Class A		210,432		44,647,357
				48,449,919
Finance - Investment Banker/Broker — 0.1%
Charles Schwab Corp.		15,615		1,094,612
Finance - Other Services — 0.1%
Cboe Global Markets, Inc.		945		106,133
Intercontinental Exchange, Inc.		4,892		500,892
Nasdaq, Inc.		1,395		216,588
				823,613
Food - Confectionery — 0.0%
Hershey Co.		999		211,498
Gambling (Non-Hotel) — 1.6%
Evolution AB*		157,088		16,482,420
Home Decoration Products — 0.0%
Newell Brands, Inc.		3,065		65,714
Hotels/Motels — 0.0%
Hilton Worldwide Holdings, Inc.		1,745		245,801
Human Resources — 0.0%
Robert Half International, Inc.		1,138		102,591
Independent Power Producers — 0.0%
NRG Energy, Inc.		3,740		172,190
Industrial Automated/Robotic — 0.0%
Rockwell Automation, Inc.		923		196,784
Industrial Gases — 1.6%
Linde PLC		49,491		16,068,738
Instruments - Controls — 0.0%
Mettler-Toledo International, Inc.†		222		285,519
Insurance Brokers — 0.2%
Aon PLC, Class A		1,968		542,519
Arthur J. Gallagher & Co.		1,401		226,878
Brown & Brown, Inc.		2,471		146,703

89

VALIC Company I Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Insurance Brokers (continued)
Marsh & McLennan Cos., Inc.		4,704	$	752,405
				1,668,505
Insurance - Multi-line — 0.0%
Cincinnati Financial Corp.		1,076		137,577
Internet Content - Entertainment — 2.0%
Meta Platforms, Inc., Class A†		66,529		12,882,675
Netflix, Inc.†		6,781		1,338,841
Snap, Inc., Class A†		397,388		5,607,145
Twitter, Inc.†		5,862		232,135
				20,060,796
Internet Infrastructure Software — 0.0%
F5, Inc.†		492		80,216
Investment Management/Advisor Services — 0.2%
Ameriprise Financial, Inc.		1,033		285,387
BlackRock, Inc.		1,132		757,399
Franklin Resources, Inc.		1,933		52,346
Raymond James Financial, Inc.		1,684		165,857
T. Rowe Price Group, Inc.		2,450		311,370
				1,572,359
Machinery - Farming — 0.1%
Deere & Co.		1,971		705,184
Machinery - General Industrial — 2.1%
Chart Industries, Inc.†#		114,729		20,178,537
IDEX Corp.		477		91,369
Nordson Corp.		495		107,851
Otis Worldwide Corp.		2,596		193,142
				20,570,899
Machinery - Pumps — 0.0%
Dover Corp.		1,011		135,383
Xylem, Inc.		1,129		95,118
				230,501
Medical Instruments — 0.2%
Bio-Techne Corp.		600		221,838
Edwards Lifesciences Corp.†		6,008		605,907
Intuitive Surgical, Inc.†		3,770		858,203
				1,685,948
Medical Labs & Testing Services — 2.3%
Catalent, Inc.†		1,641		169,121
Charles River Laboratories International, Inc.†		771		180,476
IQVIA Holdings, Inc.†		2,130		458,482
Laboratory Corp. of America Holdings		754		186,027
Lonza Group AG		36,778		22,177,912
Quest Diagnostics, Inc.		836		117,893
				23,289,911
Medical Products — 0.3%
Abbott Laboratories		14,315		1,681,440
ABIOMED, Inc.†		383		100,997
Align Technology, Inc.†		1,120		310,957
STERIS PLC		642		146,504
Stryker Corp.		2,102		492,919
West Pharmaceutical Services, Inc.		1,131		351,040
				3,083,857
Medical - Biomedical/Gene — 0.4%
Amgen, Inc.		3,527		905,522
Bio-Rad Laboratories, Inc., Class A†		182		97,878
Illumina, Inc.†		1,170		280,192

Security Description	Shares		Value (Note 2)
Medical - Biomedical/Gene (continued)
Incyte Corp.†		1,235	$	93,724
Moderna, Inc.†		5,388		783,038
Regeneron Pharmaceuticals, Inc.†		1,630		1,083,526
Vertex Pharmaceuticals, Inc.†		2,333		626,760
				3,870,640
Medical - Drugs — 2.5%
AbbVie, Inc.		14,582		2,148,949
Eli Lilly & Co.		12,127		3,801,087
Pfizer, Inc.		46,296		2,455,540
Zoetis, Inc.		96,335		16,466,542
				24,872,118
Medical - HMO — 1.8%
Molina Healthcare, Inc.†		437		126,826
UnitedHealth Group, Inc.		36,067		17,917,364
				18,044,190
Medical - Hospitals — 0.1%
HCA Healthcare, Inc.		2,122		446,469
Metal - Copper — 0.0%
Freeport-McMoRan, Inc.		9,866		385,563
Multimedia — 0.0%
FactSet Research Systems, Inc.		334		127,515
Networking Products — 0.2%
Arista Networks, Inc.†		3,426		350,411
Cisco Systems, Inc.		28,989		1,305,955
				1,656,366
Non - Hazardous Waste Disposal — 0.1%
Republic Services, Inc.		1,404		187,911
Waste Management, Inc.		2,998		475,213
				663,124
Office Automation & Equipment — 0.4%
Zebra Technologies Corp., Class A†		12,921		4,369,753
Office Supplies & Forms — 0.0%
Avery Dennison Corp.		645		111,301
Oil Companies - Exploration & Production — 2.4%
APA Corp.		3,052		143,475
Devon Energy Corp.		9,617		720,313
Diamondback Energy, Inc.		2,601		395,404
EOG Resources, Inc.		4,111		563,043
Hess Corp.		2,989		367,856
Occidental Petroleum Corp.		5,556		385,086
Pioneer Natural Resources Co.		76,397		21,233,782
				23,808,959
Pipelines — 0.0%
ONEOK, Inc.		2,929		192,875
Power Converter/Supply Equipment — 0.0%
Generac Holdings, Inc.†		964		238,185
Real Estate Investment Trusts — 1.5%
American Tower Corp.		3,548		908,749
AvalonBay Communities, Inc.		897		186,540
Camden Property Trust		1,561		223,988
Crown Castle International Corp.		2,971		563,450
Duke Realty Corp.		3,781		199,750
Equinix, Inc.		633		434,928
Essex Property Trust, Inc.		438		124,326
Extra Space Storage, Inc.		2,045		364,419
Federal Realty Investment Trust		453		52,082

90

VALIC Company I Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Real Estate Investment Trusts (continued)
Iron Mountain, Inc.		2,698	$	145,422
Mid-America Apartment Communities, Inc.		1,092		197,652
Prologis, Inc.		83,355		10,626,095
Public Storage		1,375		454,630
SBA Communications Corp.		931		313,384
Simon Property Group, Inc.		3,011		345,211
UDR, Inc.		2,512		120,074
Weyerhaeuser Co.		4,794		189,459
				15,450,159
Real Estate Management/Services — 0.0%
CBRE Group, Inc., Class A†		2,556		211,739
Rental Auto/Equipment — 0.0%
United Rentals, Inc.†		664		197,992
Respiratory Products — 0.0%
ResMed, Inc.		1,296		263,684
Retail - Auto Parts — 0.1%
Advance Auto Parts, Inc.		457		86,766
AutoZone, Inc.†		316		650,849
O’Reilly Automotive, Inc.†		1,029		655,648
				1,393,263
Retail - Automobile — 0.0%
CarMax, Inc.†		1,309		129,944
Retail - Building Products — 0.6%
Home Depot, Inc.		12,121		3,669,633
Lowe’s Cos., Inc.		10,291		2,009,832
				5,679,465
Retail - Discount — 0.2%
Costco Wholesale Corp.		3,454		1,610,324
Target Corp.		4,026		651,729
				2,262,053
Retail - Gardening Products — 0.0%
Tractor Supply Co.		1,738		325,632
Retail - Misc./Diversified — 0.0%
Bath & Body Works, Inc.		2,558		104,929
Retail - Perfume & Cosmetics — 0.0%
Ulta Beauty, Inc.†		464		196,318
Retail - Restaurants — 1.3%
Chipotle Mexican Grill, Inc.†		7,570		10,617,303
Domino’s Pizza, Inc.		372		135,099
McDonald’s Corp.		5,136		1,295,351
Starbucks Corp.		8,961		703,439
Yum! Brands, Inc.		2,074		251,929
				13,003,121
Semiconductor Components - Integrated Circuits — 0.3%
NXP Semiconductors NV		2,559		485,596
QUALCOMM, Inc.		17,214		2,465,389
				2,950,985
Semiconductor Equipment — 2.6%
Applied Materials, Inc.		13,563		1,590,804
ASML Holding NV		39,275		22,633,790
KLA Corp.		2,302		839,885
Lam Research Corp.		2,131		1,108,184
Teradyne, Inc.		2,490		272,057
				26,444,720
Steel - Producers — 0.0%
Nucor Corp.		2,244		297,240

Security Description	Shares/ Principal Amount			Value (Note 2)
Textile - Apparel — 2.0%
LVMH Moet Hennessy Louis Vuitton SE		30,536		$	19,637,564
Theaters — 0.0%
Live Nation Entertainment, Inc.†		887			84,309
Transport - Rail — 0.1%
Union Pacific Corp.		3,988			876,483
Transport - Services — 0.1%
Expeditors International of Washington, Inc.		2,587			281,569
United Parcel Service, Inc., Class B		4,790			872,978
					1,154,547
Transport - Truck — 0.1%
JB Hunt Transport Services, Inc.		758			130,816
Old Dominion Freight Line, Inc.		1,423			367,475
					498,291
Water Treatment Systems — 0.0%
Pentair PLC		1,465			73,499
Web Hosting/Design — 0.0%
VeriSign, Inc.†		694			121,138
Web Portals/ISP — 6.0%
Alphabet, Inc., Class A†		22,386			50,933,522
Alphabet, Inc., Class C†		4,242			9,675,069
					60,608,591
Wireless Equipment — 0.0%
Motorola Solutions, Inc.		1,522			334,444
Total Common Stocks
(cost $865,569,152)					978,181,535
CONVERTIBLE PREFERRED SECURITIES — 0.8%
ByteDance, Ltd., Series E-1†(2)(3) (cost $5,436,961)		49,619			8,212,737
EXCHANGE-TRADED FUNDS — 0.5%
iShares S&P 500 Growth ETF#		16,000			1,054,400
SPDR Portfolio S&P 500 Growth ETF#		68,564			3,914,319
Total Exchange-Traded Funds
(cost $5,832,010)					4,968,719
Total Long-Term Investment Securities
(cost $876,838,123)					991,362,991
SHORT-TERM INVESTMENT SECURITIES — 1.5%
Registered Investment Companies — 1.5%
State Street Institutional Treasury Money Market Fund, Premier Class 0.67%(4)		14,497,902			14,497,902
State Street Navigator Securities Lending Government Money Market Portfolio 0.32%(1)(4)		970,650			970,650
					15,468,552
U.S. Government Treasuries — 0.0%
United States Treasury Bills 0.14% due 11/03/2022(5)	$	100,000			99,384
Total Short-Term Investment Securities
(cost $15,568,491)					15,567,936
TOTAL INVESTMENTS
(cost $892,406,614)(6)		100.1	%		1,006,930,927
Liabilities in excess of other assets		(0.1	)		(1,100,976	)
NET ASSETS		100.0	%	$	1,005,829,951

91

VALIC Company I Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

† 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, 2022, the aggregate value of these securities was $16,482,420 representing 1.6% of net assets.

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

(1) At May 31, 2022, the Fund had loaned securities with a total value of $2,386,360. This was secured by collateral of $970,650, which was received in cash and subsequently invested in short-term investments currently valued at $970,650 as reported in the Portfolio of Investments. Additional collateral $1,543,067 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, 2022
United States Treasury Bills	0.00%	06/16/2022 to 08/11/2022	$     11,977
United States Treasury Notes/Bonds	0.13% to 6.25%	06/30/2022 to 02/15/2052	1,531,090

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

(3) Denotes a restricted security that: (a) cannot be offered for public sale without first being registered,or being able to take advantage of an exemption from registration, under the

Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of May 31, 2022, the Fund held the following restricted securities:

Description

Acquisition Date

Shares

Acquisition Cost

Value

Value Per Share

% of Net Assets

Common Stocks

ByteDance, Ltd., Series E-1

12/10/2020

49,619

$5,436,961

$ 8,212,737

$ 165.52

0.82%

(4) The rate shown is the 7-day yield as of May 31, 2022.

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

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

ETF—Exchange-Traded Fund

Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	2	Long	S&P 500 E-Mini Index		June 2022	$	425,368	$	413,125	$	(12,243	)

* 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, 2022 (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	$	919,883,639	$	58,297,896	**	$	—	$	978,181,535
Convertible Preferred Securities		—		—			8,212,737		8,212,737
Exchange-Traded Funds		4,968,719		—			—		4,968,719
Short-Term Investment Securities:
Registered Investment Companies		15,468,552		—			—		15,468,552
U.S Government Treasuries		—		99,384			—		99,384
Total Investments at Value	$	940,320,910	$	58,397,280		$	8,212,737	$	1,006,930,927
LIABILITIES:
Other Financial Instruments:†
Futures Contracts	$	12,243	$	—		$	—	$	12,243

* 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.

Level 3 investments in securities were not considered a significant portion of the Fund’s net assets.

See Notes to Financial Statements

92

VALIC Company I High Yield Bond Fund

PORTFOLIO PROFILE — May 31, 2022 (unaudited)

Industry Allocation*

Pipelines	6.2	%
Cable/Satellite TV	5.5
Oil Companies — Exploration & Production	4.3
Auto — Cars/Light Trucks	3.8
Cellular Telecom	3.7
Registered Investment Companies	3.7
Finance — Mortgage Loan/Banker	3.4
Telecom Services	3.0
Building — Residential/Commercial	3.0
Containers — Metal/Glass	2.9
Repurchase Agreements	2.9
Cruise Lines	2.8
Finance — Consumer Loans	2.6
Medical — Hospitals	2.5
Rental Auto/Equipment	2.4
Retail — Building Products	2.1
Real Estate Investment Trusts	1.8
Office Automation & Equipment	1.7
Retail — Restaurants	1.7
Food — Misc./Diversified	1.6
Theaters	1.6
Aerospace/Defense — Equipment	1.4
Disposable Medical Products	1.3
Medical — Drugs	1.3
Auto/Truck Parts & Equipment — Original	1.2
Retail — Pet Food & Supplies	1.2
Metal — Aluminum	1.1
Retail — Office Supplies	1.1
Applications Software	1.0
Data Processing/Management	1.0
Casino Hotels	1.0
Containers — Paper/Plastic	1.0
Semiconductor Equipment	0.9
Enterprise Software/Service	0.9
Computer Services	0.9
Television	0.8
Casino Services	0.8
Commercial Services	0.8
Diversified Minerals	0.7
Retail — Misc./Diversified	0.7
Insurance — Multi-line	0.7
Gas — Distribution	0.7
Medical Information Systems	0.7
Insurance Brokers	0.7
Electronic Parts Distribution	0.7
Diversified Banking Institutions	0.7
Medical Labs & Testing Services	0.7
Building & Construction Products — Misc.	0.7
E — Commerce/Services	0.7
Financial Guarantee Insurance	0.6
Retail — Arts & Crafts	0.6
Food — Wholesale/Distribution	0.6
Finance — Auto Loans	0.6
Golf	0.6
Lasers — System/Components	0.6
Computer Data Security	0.6
Racetracks	0.6
Internet Content — Information/News	0.6
Advertising Sales	0.5
Motion Pictures & Services	0.5
Retail — Apparel/Shoe	0.5
Independent Power Producers	0.5
Diagnostic Equipment	0.5
Web Hosting/Design	0.5
Educational Software	0.5
Entertainment Software	0.4
Distribution/Wholesale	0.4
Interior Design/Architecture	0.4
Toys	0.4

Transactional Software	0.4
Machinery — General Industrial	0.3
Medical Instruments	0.3
Retail — Pawn Shops	0.3
Commercial Services — Finance	0.3
Electronic Components — Misc.	0.3
Patient Monitoring Equipment	0.3
Transport — Services	0.3
Batteries/Battery Systems	0.2
Medical — Wholesale Drug Distribution	0.2
Steel Pipe & Tube	0.2
Airlines	0.2
Medical — Biomedical/Gene	0.2
Gambling (Non-Hotel)	0.1
Protection/Safety	0.1
Pastoral & Agricultural	0.1
	102.9	%

Credit Quality†#

Baa	4.4	%
Ba	43.2
B	39.7
Caa	9.8
Not Rated@	2.9
	100.0	%

* Calculated as a percentage of net assets

† Source: Moody’s

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

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

93

VALIC Company I High Yield Bond Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022

Security Description	Principal Amount(10)		Value (Note 2)
U.S. CONVERTIBLE BONDS & NOTES — 1.6%
Airlines — 0.2%
JetBlue Airways Corp. Senior Notes 0.50% due 04/01/2026	$	1,249,000	$	986,710
Auto - Cars/Light Trucks — 0.1%
Ford Motor Co. Senior Notes zero coupon due 03/15/2026		510,000		531,420
Machinery - General Industrial — 0.1%
Middleby Corp. Senior Notes 1.00% due 09/01/2025		641,000		819,418
Medical Instruments — 0.3%
NuVasive, Inc. Senior Notes 0.38% due 03/15/2025		1,960,000		1,821,575
Oil Companies - Exploration & Production — 0.4%
Pioneer Natural Resources Co. Senior Notes 0.25% due 05/15/2025		700,000		1,890,000
Patient Monitoring Equipment — 0.3%
Insulet Corp. Senior Notes 0.38% due 09/01/2026		1,176,000		1,338,564
Retail - Restaurants — 0.2%
Shake Shack, Inc. Senior Notes zero coupon due 03/01/2028		1,375,000		947,375
Total U.S. Convertible Bonds & Notes
(cost $8,195,308)				8,335,062
U.S. CORPORATE BONDS & NOTES — 75.8%
Advertising Sales — 0.5%
Lamar Media Corp. Company Guar. Notes 3.75% due 02/15/2028		2,975,000		2,788,765
Aerospace/Defense - Equipment — 1.4%
TransDigm, Inc. Company Guar. Notes 5.50% due 11/15/2027		2,330,000		2,230,718
TransDigm, Inc. Senior Sec. Notes 6.25% due 03/15/2026*		4,210,000		4,305,062
TransDigm, Inc. Senior Sec. Notes 8.00% due 12/15/2025*		845,000		879,907
				7,415,687
Applications Software — 1.0%
CDK Global, Inc. Senior Notes 5.25% due 05/15/2029*		1,620,000		1,620,000
PTC, Inc. Company Guar. Notes 3.63% due 02/15/2025*		1,030,000		1,023,099
SS&C Technologies, Inc. Company Guar. Notes 5.50% due 09/30/2027*		2,640,000		2,660,592
				5,303,691
Auto - Cars/Light Trucks — 3.7%
Ford Motor Co. Senior Notes 3.25% due 02/12/2032		1,065,000		893,729

Security Description	Principal Amount(10)		Value (Note 2)
Auto - Cars/Light Trucks (continued)
Ford Motor Co. Senior Notes 4.35% due 12/08/2026#	$	555,000	$	541,125
Ford Motor Co. Senior Notes 4.75% due 01/15/2043		625,000		515,625
Ford Motor Credit Co. LLC Senior Notes 3.09% due 01/09/2023		1,885,000		1,882,323
Ford Motor Credit Co. LLC Senior Notes 3.35% due 11/01/2022		500,000		498,480
Ford Motor Credit Co. LLC Senior Notes 3.37% due 11/17/2023		3,070,000		3,032,715
Ford Motor Credit Co. LLC Senior Notes 3.66% due 09/08/2024		420,000		409,576
Ford Motor Credit Co. LLC Senior Notes 4.06% due 11/01/2024		1,514,000		1,483,919
Ford Motor Credit Co. LLC Senior Notes 4.13% due 08/04/2025		975,000		950,284
Ford Motor Credit Co. LLC Senior Notes 4.38% due 08/06/2023		445,000		445,187
Ford Motor Credit Co. LLC Senior Notes 4.54% due 08/01/2026		2,665,000		2,595,044
Ford Motor Credit Co. LLC Senior Notes 4.95% due 05/28/2027#		720,000		716,603
Ford Motor Credit Co. LLC Senior Notes 5.13% due 06/16/2025		3,265,000		3,264,910
Ford Motor Credit Co. LLC Senior Notes 5.58% due 03/18/2024		1,901,000		1,929,971
				19,159,491
Batteries/Battery Systems — 0.2%
Energizer Holdings, Inc. Company Guar. Notes 6.50% due 12/31/2027*		1,320,000		1,245,869
Building & Construction Products - Misc. — 0.7%
Builders FirstSource, Inc. Company Guar. Notes 5.00% due 03/01/2030*		2,345,000		2,199,452
Standard Industries, Inc. Senior Notes 4.38% due 07/15/2030*		1,350,000		1,208,250
				3,407,702
Building - Mobile Home/Manufactured Housing — 0.5%
Williams Scotsman International, Inc. Senior Sec. Notes 4.63% due 08/15/2028*		2,559,000		2,426,022
Building - Residential/Commercial — 2.7%
Ashton Woods USA LLC/Ashton Woods Finance Co. Senior Notes 4.63% due 08/01/2029*		1,315,000		1,124,325
Ashton Woods USA LLC/Ashton Woods Finance Co. Senior Notes 4.63% due 04/01/2030*		1,220,000		1,027,850

94

VALIC Company I High Yield Bond Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Principal Amount(10)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Building - Residential/Commercial (continued)
Ashton Woods USA LLC/Ashton Woods Finance Co. Senior Notes 6.63% due 01/15/2028*	$	2,000,000	$	1,874,822
Century Communities, Inc. Company Guar. Notes 3.88% due 08/15/2029*		3,465,000		2,996,878
M/I Homes, Inc. Company Guar. Notes 3.95% due 02/15/2030		1,910,000		1,564,063
M/I Homes, Inc. Company Guar. Notes 4.95% due 02/01/2028		1,145,000		1,066,659
STL Holding Co. LLC Senior Notes 7.50% due 02/15/2026*		1,840,000		1,706,600
Taylor Morrison Communities, Inc. Senior Notes 5.13% due 08/01/2030*		430,000		402,422
Taylor Morrison Communities, Inc. Company Guar. Notes 5.75% due 01/15/2028*		2,055,000		2,034,115
				13,797,734
Cable/Satellite TV — 4.6%
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 4.25% due 02/01/2031*		3,695,000		3,259,729
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 4.25% due 01/15/2034*		2,975,000		2,464,624
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 4.50% due 08/15/2030*		1,605,000		1,449,475
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 4.50% due 05/01/2032		1,240,000		1,089,774
CSC Holdings LLC Senior Notes 5.25% due 06/01/2024		1,900,000		1,875,414
CSC Holdings LLC Company Guar. Notes 5.50% due 04/15/2027*		825,000		825,998
DISH DBS Corp. Company Guar. Notes 5.00% due 03/15/2023		2,345,000		2,298,100
DISH DBS Corp. Company Guar. Notes 5.88% due 07/15/2022		1,800,000		1,800,225
DISH DBS Corp. Company Guar. Notes 5.88% due 11/15/2024		2,275,000		2,092,090
DISH DBS Corp. Company Guar. Notes 7.75% due 07/01/2026		990,000		846,450
Sirius XM Radio, Inc. Company Guar. Notes 3.13% due 09/01/2026*		5,200,000		4,908,956
Sirius XM Radio, Inc. Company Guar. Notes 4.13% due 07/01/2030*		1,125,000		1,017,574
				23,928,409
Casino Hotels — 1.0%
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp. Senior Sec. Notes 5.88% due 05/15/2025*		1,560,000		1,493,700

Security Description	Principal Amount(10)		Value (Note 2)
Casino Hotels (continued)
Wynn Las Vegas LLC Company Guar. Notes 5.50% due 03/01/2025*	$	2,560,000	$	2,506,240
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. Company Guar. Notes 5.25% due 05/15/2027*#		1,290,000		1,196,475
				5,196,415
Casino Services — 0.8%
Caesars Entertainment, Inc. Senior Sec. Notes 6.25% due 07/01/2025*		2,490,000		2,519,830
Caesars Entertainment, Inc. Senior Notes 8.13% due 07/01/2027*#		1,590,000		1,617,348
				4,137,178
Cellular Telecom — 2.9%
Sprint Corp. Company Guar. Notes 7.13% due 06/15/2024		4,114,000		4,366,476
Sprint Corp. Company Guar. Notes 7.63% due 02/15/2025		1,425,000		1,542,563
Sprint Corp. Company Guar. Notes 7.88% due 09/15/2023		2,025,000		2,126,817
T-Mobile USA, Inc. Company Guar. Notes 2.25% due 02/15/2026*		2,255,000		2,108,425
T-Mobile USA, Inc. Company Guar. Notes 2.25% due 02/15/2026		1,110,000		1,037,850
T-Mobile USA, Inc. Company Guar. Notes 2.63% due 04/15/2026		3,825,000		3,629,150
				14,811,281
Commercial Services — 0.8%
Nielsen Finance LLC/Nielsen Finance Co. Company Guar. Notes 4.50% due 07/15/2029*		2,328,000		2,199,703
Nielsen Finance LLC/Nielsen Finance Co. Company Guar. Notes 5.63% due 10/01/2028*		1,675,000		1,662,438
				3,862,141
Commercial Services - Finance — 0.3%
Block, Inc. Senior Notes 0.13% due 03/01/2025		500,000		535,313
Square, Inc. Senior Notes 3.50% due 06/01/2031*		1,135,000		973,262
				1,508,575
Computer Data Security — 0.0%
Condor Merger Sub, Inc. Senior Notes 7.38% due 02/15/2030*		35,000		30,504
Computer Services — 0.9%
Presidio Holdings, Inc. Senior Sec. Notes 4.88% due 02/01/2027*		3,231,000		3,155,622

95

VALIC Company I High Yield Bond Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Principal Amount(10)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Computer Services (continued)
Presidio Holdings, Inc. Company Guar. Notes 8.25% due 02/01/2028*	$	1,340,000	$	1,314,848
				4,470,470
Containers - Metal/Glass — 1.3%
BWAY Holding Co. Senior Notes 7.25% due 04/15/2025*		1,525,000		1,473,913
Owens-Brockway Glass Container, Inc. Company Guar. Notes 5.38% due 01/15/2025*		3,090,000		3,026,037
Silgan Holdings, Inc. Company Guar. Notes 2.25% due 06/01/2028	EUR	2,300,000		2,104,963
				6,604,913
Containers - Paper/Plastic — 0.6%
Berry Global Escrow Corp. Sec. Notes 5.63% due 07/15/2027*		1,835,000		1,809,769
Clydesdale Acquisition Holdings, Inc. Senior Sec. Notes 6.63% due 04/15/2029*		385,000		380,187
Graphic Packaging International LLC Company Guar. Notes 3.75% due 02/01/2030*		1,190,000		1,058,766
				3,248,722
Data Processing/Management — 0.5%
Dun & Bradstreet Corp. Company Guar. Notes 5.00% due 12/15/2029*		3,070,000		2,791,766
Diagnostic Equipment — 0.5%
Avantor Funding, Inc. Company Guar. Notes 4.63% due 07/15/2028*		2,505,000		2,438,693
Disposable Medical Products — 1.3%
Mozart Debt Merger Sub, Inc. Senior Sec. Notes 3.88% due 04/01/2029*		5,880,000		5,314,050
Mozart Debt Merger Sub, Inc. Senior Notes 5.25% due 10/01/2029*#		1,789,000		1,581,029
				6,895,079
Distribution/Wholesale — 0.4%
ABC Supply Co., Inc. Senior Sec. Notes 4.00% due 01/15/2028*		2,350,000		2,210,386
E-Commerce/Services — 0.7%
Go Daddy Operating Co. LLC/GD Finance Co., Inc. Company Guar. Notes 3.50% due 03/01/2029*		3,670,000		3,395,805
Electronic Parts Distribution — 0.7%
Imola Merger Corp. Senior Sec. Notes 4.75% due 05/15/2029*		3,785,000		3,564,524
Enterprise Software/Service — 0.4%
Open Text Holdings, Inc. Company Guar. Notes 4.13% due 02/15/2030*		1,525,000		1,417,487

Security Description	Principal Amount(10)		Value (Note 2)
Enterprise Software/Service (continued)
Open Text Holdings, Inc. Company Guar. Notes 4.13% due 12/01/2031*	$	805,000	$	724,638
				2,142,125
Entertainment Software — 0.4%
ROBLOX Corp. Senior Notes 3.88% due 05/01/2030*#		2,555,000		2,267,307
Finance - Auto Loans — 0.6%
Credit Acceptance Corp. Company Guar. Notes 5.13% due 12/31/2024*		1,470,000		1,447,950
Credit Acceptance Corp. Company Guar. Notes 6.63% due 03/15/2026#		1,565,000		1,584,797
				3,032,747
Finance - Consumer Loans — 2.0%
OneMain Finance Corp. Company Guar. Notes 4.00% due 09/15/2030		1,260,000		1,069,992
SLM Corp. Senior Notes 3.13% due 11/02/2026		3,011,000		2,773,010
Springleaf Finance Corp. Company Guar. Notes 5.38% due 11/15/2029		4,135,000		3,882,269
Springleaf Finance Corp. Company Guar. Notes 6.13% due 03/15/2024		485,000		496,669
Springleaf Finance Corp. Company Guar. Notes 6.88% due 03/15/2025		1,505,000		1,529,562
Springleaf Finance Corp. Company Guar. Notes 7.13% due 03/15/2026		475,000		486,400
				10,237,902
Finance - Mortgage Loan/Banker — 3.4%
Enact Holdings, Inc. Senior Notes 6.50% due 08/15/2025*		3,910,000		3,920,244
Home Point Capital, Inc. Company Guar. Notes 5.00% due 02/01/2026*		1,790,000		1,471,380
LD Holdings Group LLC Company Guar. Notes 6.13% due 04/01/2028*		1,605,000		1,287,210
LD Holdings Group LLC Company Guar. Notes 6.50% due 11/01/2025*		2,570,000		2,145,950
Nationstar Mtg. Holdings, Inc. Company Guar. Notes 5.13% due 12/15/2030*		1,580,000		1,411,081
PennyMac Financial Services, Inc. Company Guar. Notes 4.25% due 02/15/2029*		1,360,000		1,122,000
PennyMac Financial Services, Inc. Company Guar. Notes 5.38% due 10/15/2025*		2,825,000		2,743,781
United Wholesale Mtg. LLC Senior Notes 5.50% due 04/15/2029*		3,915,000		3,437,918
				17,539,564

96

VALIC Company I High Yield Bond Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Principal Amount(10)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Financial Guarantee Insurance — 0.6%
MGIC Investment Corp. Senior Notes 5.25% due 08/15/2028	$	2,310,000	$	2,231,807
NMI Holdings, Inc. Senior Sec. Notes 7.38% due 06/01/2025*		975,000		1,021,556
				3,253,363
Food - Misc./Diversified — 1.6%
B&G Foods, Inc. Company Guar. Notes 5.25% due 09/15/2027		3,140,000		2,810,300
Kraft Heinz Foods Co. Company Guar. Notes 3.00% due 06/01/2026		2,085,000		2,016,019
Post Holdings, Inc. Company Guar. Notes 5.63% due 01/15/2028*		2,974,000		2,946,164
Post Holdings, Inc. Company Guar. Notes 5.75% due 03/01/2027*		509,000		518,819
				8,291,302
Food - Wholesale/Distribution — 0.6%
Performance Food Group, Inc. Company Guar. Notes 4.25% due 08/01/2029*		1,525,000		1,354,902
Performance Food Group, Inc. Company Guar. Notes 5.50% due 10/15/2027*		1,765,000		1,735,948
				3,090,850
Gambling (Non-Hotel) — 0.1%
Caesars Resort Collection LLC/CRC Finco, Inc. Senior Sec. Notes 5.75% due 07/01/2025*		640,000		642,496
Gas - Distribution — 0.7%
AmeriGas Partners LP/AmeriGas Finance Corp. Senior Notes 5.50% due 05/20/2025		751,000		743,490
AmeriGas Partners LP/AmeriGas Finance Corp. Senior Notes 5.63% due 05/20/2024		5,000		5,074
AmeriGas Partners LP/AmeriGas Finance Corp. Senior Notes 5.88% due 08/20/2026		2,904,000		2,953,368
				3,701,932
Golf — 0.6%
MajorDrive Holdings IV LLC Senior Notes 6.38% due 06/01/2029*		3,900,000		2,980,489
Independent Power Producers — 0.5%
Clearway Energy Operating LLC Company Guar. Notes 3.75% due 02/15/2031*		1,100,000		969,100
Clearway Energy Operating LLC Company Guar. Notes 3.75% due 01/15/2032*		265,000		225,886
Clearway Energy Operating LLC Company Guar. Notes 4.75% due 03/15/2028*		1,310,000		1,251,050
				2,446,036

Security Description	Principal Amount(10)		Value (Note 2)
Insurance Brokers — 0.2%
AssuredPartners, Inc. Senior Notes 5.63% due 01/15/2029*	$	1,015,000	$	888,866
Insurance - Multi-line — 0.7%
Acrisure LLC/Acrisure Finance, Inc. Senior Notes 7.00% due 11/15/2025*		3,580,000		3,472,600
Genworth Holdings, Inc. Company Guar. Notes 4.80% due 02/15/2024		260,000		261,300
				3,733,900
Interior Design/Architecture — 0.4%
Signal Parent, Inc. Senior Notes 6.13% due 04/01/2029*		2,842,000		2,014,996
Internet Content - Information/News — 0.6%
Arches Buyer, Inc. Senior Sec. Notes 4.25% due 06/01/2028*		2,085,000		1,903,355
Arches Buyer, Inc. Senior Notes 6.13% due 12/01/2028*		1,170,000		982,367
				2,885,722
Lasers-System/Components — 0.6%
II-VI, Inc. Company Guar. Notes 5.00% due 12/15/2029*		3,142,000		2,963,660
Machinery - General Industrial — 0.2%
Vertical US Newco, Inc. Senior Sec. Notes 5.25% due 07/15/2027*		1,195,000		1,169,836
Medical Information Systems — 0.5%
Minerva Merger Sub, Inc. Senior Notes 6.50% due 02/15/2030*		2,628,000		2,430,900
Medical Labs & Testing Services — 0.7%
Catalent Pharma Solutions, Inc. Company Guar. Notes 3.13% due 02/15/2029*		575,000		515,893
Catalent Pharma Solutions, Inc. Company Guar. Notes 3.50% due 04/01/2030*		615,000		552,441
Catalent Pharma Solutions, Inc. Company Guar. Notes 5.00% due 07/15/2027*		545,000		538,206
IQVIA, Inc. Company Guar. Notes 5.00% due 05/15/2027*		1,840,000		1,835,400
				3,441,940
Medical - Drugs — 0.5%
Prestige Brands, Inc. Company Guar. Notes 5.13% due 01/15/2028*		2,400,000		2,304,000
Medical - Hospitals — 2.5%
CHS/Community Health Systems, Inc. Senior Sec. Notes 4.75% due 02/15/2031*		4,335,000		3,493,728
CHS/Community Health Systems, Inc. Senior Sec. Notes 5.25% due 05/15/2030*		1,120,000		959,190

97

VALIC Company I High Yield Bond Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Principal Amount(10)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Medical - Hospitals (continued)
CHS/Community Health Systems, Inc. Senior Sec. Notes 5.63% due 03/15/2027*	$	635,000	$	592,169
HCA, Inc. Company Guar. Notes 5.38% due 02/01/2025		5,290,000		5,465,893
HCA, Inc. Company Guar. Notes 5.38% due 09/01/2026		1,235,000		1,285,944
HCA, Inc. Company Guar. Notes 7.50% due 11/15/2095		892,000		976,740
				12,773,664
Medical - Wholesale Drug Distribution — 0.1%
Owens & Minor, Inc. Company Guar. Notes 6.63% due 04/01/2030*		700,000		692,125
Metal - Aluminum — 0.6%
Novelis Corp. Company Guar. Notes 3.25% due 11/15/2026*		1,035,000		949,436
Novelis Corp. Company Guar. Notes 3.88% due 08/15/2031*		1,070,000		933,575
Novelis Corp. Company Guar. Notes 4.75% due 01/30/2030*		1,230,000		1,165,493
				3,048,504
Motion Pictures & Services — 0.5%
Magallanes, Inc. Company Guar. Notes 3.76% due 03/15/2027*		2,825,000		2,741,616
Office Automation & Equipment — 1.7%
CDW LLC/CDW Finance Corp. Company Guar. Notes 2.67% due 12/01/2026		2,545,000		2,341,349
CDW LLC/CDW Finance Corp. Company Guar. Notes 4.13% due 05/01/2025		855,000		844,227
Xerox Corp. Senior Notes 4.63% due 03/15/2023		4,060,000		4,054,925
Xerox Holdings Corp. Company Guar. Notes 5.00% due 08/15/2025*		1,490,000		1,460,289
				8,700,790
Oil Companies - Exploration & Production — 3.8%
Apache Corp. Senior Notes 4.38% due 10/15/2028		2,775,000		2,650,125
Apache Corp. Senior Notes 5.10% due 09/01/2040		1,777,000		1,658,918
Earthstone Energy Holdings LLC Company Guar. Notes 8.00% due 04/15/2027*		2,620,000		2,659,300
EQT Corp. Senior Notes 3.13% due 05/15/2026*		925,000		875,697
EQT Corp. Senior Notes 3.90% due 10/01/2027		1,740,000		1,677,169

Security Description	Principal Amount(10)		Value (Note 2)
Oil Companies - Exploration & Production (continued)
EQT Corp. Senior Notes 6.63% due 02/01/2025	$	326,000	$	339,940
Occidental Petroleum Corp. Senior Notes 3.20% due 08/15/2026		1,720,000		1,659,688
Occidental Petroleum Corp. Senior Notes 5.50% due 12/01/2025		1,380,000		1,428,300
Occidental Petroleum Corp. Senior Notes 6.13% due 01/01/2031		545,000		592,688
Occidental Petroleum Corp. Senior Notes 6.38% due 09/01/2028		288,000		311,181
Ovintiv Exploration, Inc. Company Guar. Notes 5.63% due 07/01/2024		1,320,000		1,388,663
Range Resources Corp. Company Guar. Notes 4.75% due 02/15/2030*#		895,000		875,359
Range Resources Corp. Company Guar. Notes 4.88% due 05/15/2025		2,230,000		2,269,025
Southwestern Energy Co. Company Guar. Notes 4.75% due 02/01/2032		1,060,000		1,032,395
				19,418,448
Pastoral & Agricultural — 0.1%
Darling Ingredients, Inc. Senior Notes 6.00% due 06/15/2030		530,000		530,000
Pipelines — 6.2%
Buckeye Partners LP Senior Notes 3.95% due 12/01/2026		2,401,000		2,299,438
Buckeye Partners LP Senior Notes 4.13% due 03/01/2025*		945,000		928,981
Buckeye Partners LP Senior Notes 4.13% due 12/01/2027		765,000		711,450
Buckeye Partners LP Senior Notes 4.50% due 03/01/2028*		960,000		893,739
Cheniere Energy Partners LP Company Guar. Notes 4.50% due 10/01/2029		1,379,000		1,349,807
DCP Midstream Operating LP Company Guar. Notes 5.38% due 07/15/2025		5,105,000		5,230,583
DT Midstream, Inc. Company Guar. Notes 4.13% due 06/15/2029*		3,313,000		3,097,655
EnLink Midstream LLC Company Guar. Notes 5.38% due 06/01/2029		775,000		750,495
EnLink Midstream LLC Company Guar. Notes 5.63% due 01/15/2028*		2,445,000		2,429,719
EQM Midstream Partners LP Senior Notes 4.50% due 01/15/2029*		1,415,000		1,254,808

98

VALIC Company I High Yield Bond Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Principal Amount(10)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Pipelines (continued)
EQM Midstream Partners LP Senior Notes 4.75% due 01/15/2031*#	$	2,535,000	$	2,199,112
EQM Midstream Partners LP Senior Notes 6.00% due 07/01/2025*		1,225,000		1,237,250
EQM Midstream Partners LP Senior Notes 6.50% due 07/01/2027*		685,000		685,000
EQM Midstream Partners LP Senior Notes 6.50% due 07/15/2048		1,035,000		882,337
EQM Midstream Partners LP Senior Notes 7.50% due 06/01/2027		145,000		145,000
EQM Midstream Partners LP Senior Notes 7.50% due 06/01/2030		145,000		146,994
Targa Resources Partners LP/Targa Resources Partners Finance Corp. Company Guar. Notes 6.50% due 07/15/2027		2,265,000		2,349,937
Venture Global Calcasieu Pass LLC Senior Sec. Notes 3.88% due 08/15/2029*		1,700,000		1,611,481
Venture Global Calcasieu Pass LLC Senior Sec. Notes 4.13% due 08/15/2031*		1,335,000		1,253,258
Western Midstream Operating LP Senior Notes 3.60% due 02/01/2025		1,200,000		1,171,800
Western Midstream Operating LP Senior Notes 4.55% due 02/01/2030		1,380,000		1,321,074
				31,949,918
Protection/Safety — 0.1%
APX Group, Inc. Senior Sec. Notes 6.75% due 02/15/2027*#		540,000		544,860
Racetracks — 0.6%
Speedway Motorsports LLC/Speedway Funding II, Inc. Senior Notes 4.88% due 11/01/2027*		3,058,000		2,897,761
Real Estate Investment Trusts — 1.8%
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. Company Guar. Notes 4.25% due 02/01/2027*		3,095,000		2,791,267
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. Company Guar. Notes 5.25% due 10/01/2025*		970,000		928,775
Service Properties Trust Company Guar. Notes 7.50% due 09/15/2025		3,875,000		3,837,412
VICI Properties LP/VICI Note Co., Inc. Company Guar. Notes 3.50% due 02/15/2025*		250,000		239,823
VICI Properties LP/VICI Note Co., Inc. Company Guar. Notes 3.75% due 02/15/2027*		165,000		152,681
VICI Properties LP/VICI Note Co., Inc. Company Guar. Notes 4.25% due 12/01/2026*		1,295,000		1,229,758
				9,179,716

Security Description	Principal Amount(10)		Value (Note 2)
Rental Auto/Equipment — 1.6%
Herc Holdings, Inc. Company Guar. Notes 5.50% due 07/15/2027*	$	3,230,000	$	3,238,075
United Rentals North America, Inc. Company Guar. Notes 3.75% due 01/15/2032		305,000		273,894
United Rentals North America, Inc. Company Guar. Notes 3.88% due 02/15/2031		870,000		791,726
United Rentals North America, Inc. Company Guar. Notes 4.88% due 01/15/2028		4,165,000		4,144,175
				8,447,870
Retail - Apparel/Shoe — 0.5%
Gap, Inc. Company Guar. Notes 3.63% due 10/01/2029*		1,760,000		1,284,800
Gap, Inc. Company Guar. Notes 3.88% due 10/01/2031*		1,760,000		1,254,000
				2,538,800
Retail - Arts & Crafts — 0.6%
Michaels Cos., Inc. Senior Sec. Notes 5.25% due 05/01/2028*		3,935,000		3,236,537
Retail - Building Products — 2.0%
Ambience Merger Sub, Inc. Senior Sec. Notes 4.88% due 07/15/2028*		385,000		310,252
Ambience Merger Sub, Inc. Company Guar. Notes 7.13% due 07/15/2029*		410,000		277,775
LBM Acquisition LLC Company Guar. Notes 6.25% due 01/15/2029*		5,652,000		4,377,267
Specialty Building Products Holdings LLC Senior Sec. Notes 6.38% due 09/30/2026*		4,200,000		3,867,150
SRS Distribution, Inc. Senior Sec. Notes 4.63% due 07/01/2028*		1,650,000		1,518,000
				10,350,444
Retail - Misc./Diversified — 0.7%
L Brands, Inc. Company Guar. Notes 5.25% due 02/01/2028		1,785,000		1,704,675
L Brands, Inc. Company Guar. Notes 6.63% due 10/01/2030*		2,045,000		2,041,350
				3,746,025
Retail - Office Supplies — 1.1%
Staples, Inc. Senior Sec. Notes 7.50% due 04/15/2026*		5,885,000		5,447,450
Retail - Pawn Shops — 0.3%
FirstCash, Inc. Company Guar. Notes 4.63% due 09/01/2028*		1,960,000		1,779,092

99

VALIC Company I High Yield Bond Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Principal Amount(10)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Retail - Pet Food & Supplies — 1.2%
PetSmart, Inc./PetSmart Finance Corp. Senior Sec. Notes 4.75% due 02/15/2028*	$	5,215,000	$	4,797,800
PetSmart, Inc./PetSmart Finance Corp. Company Guar. Notes 7.75% due 02/15/2029*		1,400,000		1,294,356
				6,092,156
Semiconductor Equipment — 0.9%
Entegris Escrow Corp. Senior Sec. Notes 4.75% due 04/15/2029*		5,020,000		4,772,213
Steel Pipe & Tube — 0.2%
Advanced Drainage Systems, Inc. Company Guar. Notes 5.00% due 09/30/2027*		1,195,000		1,147,200
Telecom Services — 1.5%
Embarq Corp. Senior Notes 8.00% due 06/01/2036		1,430,000		1,203,131
Frontier Communications Corp. Senior Sec. Notes 5.00% due 05/01/2028*		1,450,000		1,348,855
Frontier Communications Corp. Senior Sec. Notes 5.88% due 10/15/2027*		1,550,000		1,526,548
Frontier Communications Corp. Sec. Notes 6.75% due 05/01/2029*#		2,570,000		2,265,095
Frontier Communications Holdings LLC Sec. Notes 5.88% due 11/01/2029		1,907,036		1,609,100
				7,952,729
Television — 0.8%
Belo Corp. Company Guar. Notes 7.25% due 09/15/2027		825,000		878,625
Scripps Escrow, Inc. Company Guar. Notes 5.88% due 07/15/2027*		3,635,000		3,431,440
				4,310,065
Theaters — 0.9%
Cinemark USA, Inc. Company Guar. Notes 5.25% due 07/15/2028*#		4,010,000		3,603,306
Cinemark USA, Inc. Company Guar. Notes 5.88% due 03/15/2026*#		1,105,000		1,048,264
				4,651,570
Toys — 0.4%
Mattel, Inc. Company Guar. Notes 3.38% due 04/01/2026*		920,000		883,200
Mattel, Inc. Company Guar. Notes 5.88% due 12/15/2027*		1,035,000		1,053,113
				1,936,313
Transactional Software — 0.4%
Black Knight InfoServ LLC Company Guar. Notes 3.63% due 09/01/2028*		1,955,000		1,832,813

Security Description	Principal Amount(10)		Value (Note 2)
Transport - Services — 0.3%
First Student Bidco, Inc./First Transit Parent, Inc. Senior Sec. Notes 4.00% due 07/31/2029*	$	1,485,000	$	1,317,344
Web Hosting/Design — 0.5%
Endurance Acquisition Merger Sub Senior Notes 6.00% due 02/15/2029*		3,250,000		2,437,500
Total U.S. Corporate Bonds & Notes
(cost $415,583,384)				390,573,278
FOREIGN CORPORATE BONDS & NOTES — 13.6%
Auto/Truck Parts & Equipment - Original — 0.9%
Adient Global Holdings, Ltd. Company Guar. Notes 3.50% due 08/15/2024		EUR 2,360,000		2,371,171
Adient Global Holdings, Ltd. Company Guar. Notes 4.88% due 08/15/2026*		2,580,000		2,399,916
				4,771,087
Building - Residential/Commercial — 0.3%
Empire Communities Corp. Senior Notes 7.00% due 12/15/2025*		1,625,000		1,456,406
Cable/Satellite TV — 0.9%
UPC Broadband Finco BV Senior Sec. Notes 4.88% due 07/15/2031*		1,775,000		1,627,910
Virgin Media Secured Finance PLC Senior Sec. Notes 4.50% due 08/15/2030*		3,285,000		2,971,940
				4,599,850
Cellular Telecom — 0.8%
Altice France SA Senior Sec. Notes 5.50% due 01/15/2028*		525,000		467,250
Altice France SA Senior Sec. Notes 8.13% due 02/01/2027*		3,940,000		3,951,899
				4,419,149
Containers - Metal/Glass — 1.6%
ARD Finance SA Senior Sec. Notes 6.50% due 06/30/2027*(1)		2,910,000		2,284,350
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. Senior Sec. Notes 4.13% due 08/15/2026*		1,325,000		1,236,185
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. Senior Sec. Notes 5.25% due 04/30/2025*		1,115,000		1,106,091
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. Senior Notes 5.25% due 08/15/2027*#		2,435,000		2,039,313
Trivium Packaging Finance BV Senior Sec. Notes 5.50% due 08/15/2026*		1,445,000		1,435,990
				8,101,929

100

VALIC Company I High Yield Bond Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Principal Amount(10)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Cruise Lines — 2.8%
Carnival Corp. Senior Notes 5.75% due 03/01/2027*	$	429,000	$	379,665
Carnival Corp. Company Guar. Notes 6.00% due 05/01/2029*		5,340,000		4,512,300
Carnival Corp. Senior Notes 7.63% due 03/01/2026*		480,000		450,605
Carnival Corp. Company Guar. Notes 7.63% due 03/01/2026*		EUR 360,000		361,859
Carnival Corp. Company Guar. Notes 10.50% due 06/01/2030*		1,275,000		1,294,998
NCL Corp., Ltd. Senior Sec. Notes 5.88% due 02/15/2027*		1,865,000		1,737,453
Royal Caribbean Cruises, Ltd. Senior Notes 5.25% due 11/15/2022		135,000		135,336
Royal Caribbean Cruises, Ltd. Senior Notes 5.38% due 07/15/2027*		840,000		713,347
Royal Caribbean Cruises, Ltd. Senior Notes 5.50% due 08/31/2026*		5,450,000		4,782,375
				14,367,938
Diversified Minerals — 0.7%
FMG Resources August 2006 Pty., Ltd. Company Guar. Notes 5.88% due 04/15/2030*		4,010,000		3,921,580
Electronic Components - Misc. — 0.3%
Sensata Technologies BV Company Guar. Notes 5.00% due 10/01/2025*		1,435,000		1,447,198
Enterprise Software/Service — 0.5%
Open Text Corp. Company Guar. Notes 3.88% due 02/15/2028*		1,790,000		1,681,562
Open Text Corp. Company Guar. Notes 3.88% due 12/01/2029*		890,000		809,854
				2,491,416
Finance - Consumer Loans — 0.6%
goeasy, Ltd. Company Guar. Notes 4.38% due 05/01/2026*		1,210,000		1,079,925
goeasy, Ltd. Company Guar. Notes 5.38% due 12/01/2024*		2,300,000		2,196,500
				3,276,425
Medical - Biomedical/Gene — 0.2%
Grifols Escrow Issuer SA Senior Notes 4.75% due 10/15/2028*		935,000		854,356
Medical - Drugs — 0.8%
Bausch Health Cos., Inc. Company Guar. Notes 5.00% due 01/30/2028*		445,000		283,688

Security Description	Principal Amount(10)		Value (Note 2)
Medical - Drugs (continued)
Bausch Health Cos., Inc. Company Guar. Notes 5.00% due 02/15/2029*	$	5,595,000	$	3,359,797
Valeant Pharmaceuticals International, Inc. Company Guar. Notes 9.00% due 12/15/2025*		445,000		376,025
				4,019,510
Metal - Aluminum — 0.5%
Constellium NV Company Guar. Notes 5.88% due 02/15/2026*		1,899,000		1,878,700
Constellium SE Company Guar. Notes 3.75% due 04/15/2029*#		415,000		363,216
Constellium SE Company Guar. Notes 5.63% due 06/15/2028*		250,000		239,866
				2,481,782
Retail - Restaurants — 1.5%
1011778 BC ULC/New Red Finance, Inc. Senior Sec. Notes 3.50% due 02/15/2029*		3,620,000		3,309,766
1011778 BC ULC/New Red Finance, Inc. Senior Sec. Notes 3.88% due 01/15/2028*		3,115,000		2,950,216
1011778 BC ULC/New Red Finance, Inc. Sec. Notes 4.00% due 10/15/2030*		1,535,000		1,346,963
				7,606,945
Telecom Services — 1.2%
Iliad Holding SAS Senior Sec. Notes 6.50% due 10/15/2026*		1,010,000		976,256
Iliad Holding SAS Senior Sec. Notes 7.00% due 10/15/2028*		655,000		631,308
Kaixo Bondco Telecom SA Senior Notes 5.13% due 09/30/2029*		EUR 2,525,000		2,278,355
Lorca Telecom Bondco SA Senior Sec. Notes 4.00% due 09/18/2027*		EUR 2,460,000		2,467,107
				6,353,026
Total Foreign Corporate Bonds & Notes
(cost $78,722,434)				70,168,597
LOANS(2)(3)(4) — 4.3%
Auto/Truck Parts & Equipment - Original — 0.3%
Clarios Global LP FRS BTL-B 4.31% (1 ML+3.25%) due 04/30/2026		1,572,087		1,506,059
Computer Data Security — 0.6%
McAfee Corp. FRS BTL-B 4.84% (SOFR12+4.00%) due 03/01/2029		3,090,000		2,920,050
Containers - Paper/Plastic — 0.4%
Clydesdale Acquisition Holdings, Inc. FRS BTL-B coupon TBD due 04/13/2029		1,950,000		1,831,688

101

VALIC Company I High Yield Bond Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Principal Amount(10)		Value (Note 2)
LOANS (continued)
Data Processing/Management — 0.5%
Dun & Bradstreet Corp. FRS BTL 4.27% (1 ML+3.25%) due 02/06/2026	$	2,592,520	$	2,508,912
Educational Software — 0.5%
Ascend Learning LLC FRS BTL 4.56% (1 ML+3.50%) due 12/11/2028		2,443,875		2,321,681
Insurance Brokers — 0.5%
Hub International, Ltd. FRS BTL-B 4.18% (2 ML+3.25%) due 04/25/2025		1,096		1,056
HUB International, Ltd. FRS BTL-B 4.21% (3 ML+3.00%) due 04/25/2025		2,303,167		2,209,601
Hub International, Ltd. FRS BTL-B 4.35% (3 ML+3.25%) due 04/25/2025		431,713		416,018
HUB International, Ltd. FRS BTL-B coupon TBD due 04/25/2025		140,635		134,922
				2,761,597
Medical Information Systems — 0.2%
Athenahealth, Inc. FRS Delayed Draw coupon TBD due 02/15/2029(11)		192,029		182,907
Athenahealth, Inc. FRS BTL-B 4.36% (SOFR12+3.50%) due 02/15/2029		1,132,971		1,079,155
				1,262,062
Medical - Wholesale Drug Distribution — 0.1%
Owens & Minor, Inc. FRS BTL-B 4.88% (SOFR12+3.75%) due 03/29/2029		520,000		513,500
Oil Companies - Exploration & Production — 0.1%
Southwestern Energy Co. FRS BTL 3.30% (SOFR3+2.50%) due 06/22/2027		708,225		697,602
Rental Auto/Equipment — 0.3%
PECF USS Intermediate Holding III Corp FRS BTL-B 5.31% (1 ML+4.25%) due 12/15/2028		1,735,650		1,633,320
Retail - Building Products — 0.1%
SRS Distribution, Inc. FRS BTL 4.00% (SOFR3+3.50%) due 06/02/2028		733,163		693,755

Security Description	Shares/ Principal Amount(10)			Value (Note 2)
Theaters — 0.7%
Crown Finance US, Inc. FRS BTL 4.00% (3 ML+2.50%) due 02/28/2025	$	4,411,895		$	3,121,416
Crown Finance US, Inc. FRS BTL-B1 10.08% (6 ML+8.25%) due 02/28/2025		221,849			233,311
					3,354,727
Total Loans
(cost $23,619,104)					22,004,953
COMMON STOCKS — 0.3%
Coal — 0.0%
Foresight Energy LLC†(5)		3,805			66,586
Telecom Services — 0.3%
Frontier Communications Parent, Inc.†		59,553			1,544,209
Total Common Stocks
(cost $1,607,521)					1,610,795
PREFERRED SECURITIES/CAPITAL SECURITIES — 0.7%
Diversified Banking Institutions — 0.7%
Credit Suisse Group AG 6.25% due 12/18/2024(6) (cost $3,509,375)		3,610,000			3,497,187
ESCROWS AND LITIGATION TRUSTS — 0.0%
ION Media Networks, Inc†(7) (cost $0)		616			2,193
Total Long-Term Investment Securities
(cost $531,237,126)					496,192,065
SHORT-TERM INVESTMENT SECURITIES — 3.7%
Registered Investment Companies — 3.7%
State Street Navigator Securities Lending Government Money Market Portfolio 0.32%(8)(9) (cost $19,187,705)		19,187,705			19,187,705
REPURCHASE AGREEMENTS — 2.9%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.06% dated 05/31/2022, to be repurchased 06/01/2022 in the amount of $14,681,277 and collateralized by $14,877,300 of United States Treasury Notes, bearing interest at 2.88% due 05/15/2025 and having an approximate value of $14,974,925 (cost $14,681,253)	$	14,681,253			14,681,253
TOTAL INVESTMENTS
(cost $565,106,084)(12)		102.9	%		530,061,023
Liabilities in excess of other assets		(2.9	)		(14,836,779	)
NET ASSETS		100.0	%	$	515,224,244

* 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, 2022, the aggregate value of these securities was $321,927,607 representing 62.5% of net assets.

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

† Non-income producing security

(1) PIK (“Payment-in-Kind”) security — Income may be paid in additional securities or cash at the discretion of the issuer. The security is currently paying interest in cash at the coupon rate listed.

102

VALIC Company I High Yield Bond Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

(2) The Fund invests in senior loans which generally pay interest at rates which are periodically re-determined by reference to a base lending rate plus a premium. These base lending rates are generally either the lending rate offered by one or more major European banks, such as the London Inter-Bank Offered Rate (“LIBOR”), the Secured Overnight Financing Rate (“SOFR”), or the prime rate offered by one or more major United States banks, or the certificate of deposit rate. Senior loans are generally considered to be restrictive in that the Fund is ordinarily contractually obligated to receive approval from the Agent Bank and/or borrower prior to the disposition of a senior loan.

(3) All loans in the Fund were purchased through assignment agreements unless otherwise indicated.

(4) Senior loans in the Fund are generally subject to mandatory and/or optional prepayment. Because of these mandatory prepayment conditions and because there may be significant economic incentives for a borrower to prepay, prepayments may occur. As a result, the actual remaining maturity may be substantially less than the stated maturities shown.

(5) Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Fund may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Fund has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Fund to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of May 31, 2022, the Fund held the following restricted securities:

Description	Acquisition Date		Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
Common Stocks
Foresight Energy LLC		08/25/2020		3,805	$	2,584	$	66,586	$	17.50		0.01	%

(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, 2022.

(9) At May 31, 2022, the Fund had loaned securities with a total value of $18,856,770. This was secured by collateral of $19,187,705, which was received in cash and subsequently invested in short-term investments currently valued at $19,187,705 as reported in the Portfolio of Investments. Additional collateral of $74,137 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, 2022
United States Treasury Notes/Bonds	0.13% to 3.13%	07/15/2022 to 08/15/2049	$	74,137

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

(11) All or a portion of this holding is subject to unfunded loan commitments.

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

BTL—Bank Term Loan

TBD—Senior Loan purchased on a when-issued or delayed-delivery basis. Certain details associated with this purchase are not known prior to the settlement date of the transaction. In addition, senior loans typically trade without accrued interest and therefore a coupon rate is available prior to the settlement.

FRS—Floating Rate Security

The rates shown on FRS are the current interest rates at May 31, 2022 and unless noted otherwise, the dates shown are the original maturity dates.

Currency Legend

EUR—Euro Currency

Index Legend

1 ML—1 Month USD Libor

2 ML—2 Month USD Libor

3 ML—3 Month USD Libor

6 ML—6 Month USD Libor

SOFR3—Secured Overnight Financing Rate 3 month

SOFR12—Secured Overnight Financing Rate 12 month

Forward Foreign Currency Contracts

Counterparty

Contract to Deliver

In Exchange For

Delivery Date

Unrealized Appreciation

Unrealized (Depreciation)

Deutsche Bank AG

EUR

9,276,000

USD

9,957,739

06/30/2022

$

—

$

(14,506

)

EUR—Euro Currency

USD—United States Dollar

103

VALIC Company I High Yield Bond Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2022 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
U.S. Convertible Bonds & Notes	$	—	$	8,335,062	$	—	$	8,335,062
U.S. Corporate Bonds & Notes		—		390,573,278		—		390,573,278
Foreign Corporate Bonds & Notes		—		70,168,597		—		70,168,597
Loans		—		22,004,953		—		22,004,953
Common Stocks:
Coal		—		66,586		—		66,586
Other Industries		1,544,209		—		—		1,544,209
Preferred Securities/Capital Securities		—		3,497,187		—		3,497,187
Escrows and Litigation Trusts		—		—		2,193		2,193
Short-Term Investment Securities		19,187,705		—		—		19,187,705
Repurchase Agreements		—		14,681,253		—		14,681,253
Total Investments at Value	$	20,731,914	$	509,326,916	$	2,193	$	530,061,023
LIABILITIES:
Other Financial Instruments:†
Forward Foreign Currency Contracts	$	—	$	14,506	$	—	$	14,506

* 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.

Level 3 investments in securities were not considered a significant portion of the Fund’s net assets.

See Notes to Financial Statements

104

VALIC Company I Inflation Protected Fund

PORTFOLIO PROFILE — May 31, 2022 (unaudited)

Industry Allocation*

United States Treasury Notes	40.0	%
Sovereign	25.2
United States Treasury Bonds	14.5
Diversified Financial Services	6.7
Uniform Mtg. Backed Securities	5.1
Regional Authority	4.6
Repurchase Agreements	1.5
Municipal Bonds & Notes	1.0
Oil Companies — Integrated	0.6
Oil Companies — Exploration & Production	0.4
Pipelines	0.2
Computer Services	0.2
Food — Meat Products	0.2
Electronic Components — Semiconductors	0.2
Decision Support Software	0.2
Apparel Manufacturers	0.2
Trucking/Leasing	0.2
Consulting Services	0.1
Building & Construction Products — Misc.	0.1
Office Automation & Equipment	0.1
Retail — Pawn Shops	0.1
Funeral Services & Related Items	0.1
Internet Security	0.1
Networking Products	0.1
Insurance Brokers	0.1
Enterprise Software/Service	0.1
Transactional Software	0.1
Chemicals — Specialty	0.1
Federal Home Loan Mtg. Corp.	0.1
Semiconductor Equipment	0.1
Distribution/Wholesale	0.1
Data Processing/Management	0.1
Insurance — Property/Casualty	0.1
Professional Sports	0.1
Finance — Credit Card	0.1
Retail — Building Products	0.1
Retail — Restaurants	0.1
Commercial Services — Finance	0.1
Diagnostic Equipment	0.1
Casino Hotels	0.1
Medical — Drugs	0.1
Containers — Paper/Plastic	0.1
Footwear & Related Apparel	0.1
Commercial Services	0.1
Food — Flour & Grain	0.1
Multimedia	0.1
Food — Wholesale/Distribution	0.1
	104.0	%

Credit Quality+#

Aaa	78.8	%
Aa	5.6
A	0.3
Baa	2.3
Ba	2.5
B	1.2
Not Rated@	9.3
	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.

105

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022

Security Description	Principal Amount(12)		Value (Note 2)
ASSET BACKED SECURITIES — 6.7%
Diversified Financial Services — 6.7%
510 Asset Backed Trust Series 2021-NPL1, Class A1 2.24% due 06/25/2061*(6)	$	1,465,380	$	1,390,212
Ajax Mtg. Loan Trust Series 2021-C, Class A 2.12% due 01/25/2061*(1)(6)		454,846		428,709
Angel Oak Mtg. Trust VRS Series 2021-2, Class A1 0.99% due 04/25/2066*(1)(2)		505,796		465,756
Arbor Realty Collateralized Loan Obligation, Ltd. FRS Series 2021-FL2, Class A 1.97% (1 ML+1.10%) due 05/15/2036*		305,000		298,606
Avant Loans Funding Trust Series 2021-REV1, Class A 1.21% due 07/15/2030*		665,000		639,626
Bain Capital Credit CLO, Ltd. FRS Series 2017-2A, Class AR2 1.44% (3 ML+1.18%) due 07/25/2034*(3)		1,940,000		1,871,681
BANK VRS Series 2020-BN29, Class XA 1.35% due 11/15/2053(2)(4)(5)		10,977,306		922,265
Benchmark Mtg. Trust VRS Series 2020-B22, Class XA 1.52% due 01/15/2054(2)(4)(5)		3,888,847		385,795
BlueMountain CLO XXXI, Ltd. FRS Series 2021-31A, Class A1 2.19% (3 ML+1.15%) due 04/19/2034*(3)		2,370,000		2,304,415
BRAVO Residential Funding Trust VRS Series 2021-NQM1, Class A1 0.94% due 02/25/2049*(1)(2)		372,483		351,584
Buckhorn Park CLO, Ltd. FRS Series 2019-1A, Class AR 2.16% (3 ML+1.12%) due 07/18/2034*(3)		2,430,000		2,371,204
BXSC Commercial Mtg. Trust FRS Series 2022-WSS, Class C 3.17% (TSFR1M+2.39%) due 03/15/2035*(4)		1,135,000		1,098,770
CAMB Commercial Mtg. Trust FRS Series 2019-LIFE, Class A 1.95% (1 ML+1.07%) due 12/15/2037*(4)		750,000		736,850
COLT Funding LLC VRS Series 2021-1, Class A1 0.91% due 06/25/2066*(1)(2)		795,432		708,897
Credit Acceptance Auto Loan Trust Series 2021-3A, Class A 1.00% due 05/15/2030*		540,000		517,755
Credit Suisse Mtg. Capital Certs. VRS Series 2021-NQM4, Class A1 1.10% due 05/25/2066*(1)(2)		1,135,022		1,057,421
CSMC Trust VRS Series 2021-RPL4, Class A1 1.80% due 12/27/2060*(1)(2)		473,587		448,916
CSMC Trust VRS Series 2021-RPL2, Class M3 3.38% due 01/25/2060*(1)(2)		376,575		295,667
Deephaven Residential Mtg. Trust VRS Series 2021-2, Class A1 0.90% due 04/25/2066*(1)(2)		352,921		320,826

Security Description	Principal Amount(12)		Value (Note 2)
Diversified Financial Services (continued)
Ellington Financial Mtg. Trust VRS Series 2021-2, Class A1 0.93% due 06/25/2066*(1)(2)	$	317,126	$	289,189
FirstKey Homes Trust Series 2022-SFR1, Class A 4.15% due 05/17/2039*		440,000		436,669
GCAT Trust VRS Series 2021-NQM3, Class A1 1.09% due 05/25/2066*(1)(2)		915,745		843,338
Harriman Park CLO, Ltd. FRS Series 2020-1A, Class A1R 2.18% (3 ML + 1.12%) due 04/20/2034*(3)		2,515,000		2,456,486
Legacy Mtg. Asset Trust Series 2021-GS2, Class A1 1.75% due 04/25/2061*(1)(6)		475,450		449,191
Legacy Mtg. Asset Trust Series 2021-GS3, Class A1 1.75% due 07/25/2061*(1)(6)		616,353		581,186
Madison Park Funding XXXVIII, Ltd. FRS Series 2021-38A, Class A 2.16% (3 ML + 1.12%) due 07/17/2034*(3)		1,935,000		1,882,862
Mercury Financial Credit Card Master Trust Series 2021-1A, Class A 1.54% due 03/20/2026*		770,000		741,708
MFRA Trust VRS Series 2021-NQM1, Class A1 1.15% due 04/25/2065*(1)(2)		485,358		463,278
Nassau LLC FRS Series 2021-IA, Class A1 2.29% (3 ML+1.25%) due 08/26/2034*(3)		2,010,000		1,961,051
Navient Private Education Refi Loan Trust Series 2021-EA, Class A 0.97% due 12/16/2069*		582,773		533,392
New Residential Mtg. Loan Trust VRS Series 2021-NQ2R, Class A1 0.94% due 10/25/2058*(1)(2)		385,924		374,870
NMLT Trust VRS Series 2021-INV1, Class A1 1.19% due 05/25/2056*(1)(2)		1,395,107		1,264,246
OZLM XVIII, Ltd. FRS Series 2018-18A, Class A 2.06% (3 ML+1.02%) due 04/15/2031*(3)		1,365,000		1,340,188
Preston Ridge Partners Mtg. Series 2020-6, Class A1 2.36% due 11/25/2025*(1)(6)		295,309		285,027
Pretium Mtg. Credit Partners I LLC Series 2021-NPL2, Class A1 1.99% due 06/27/2060*(6)		864,339		819,138
Pretium Mtg. Credit Partners LLC Series 2021-NPL3, Class A1 1.87% due 07/25/2051*(6)		684,107		641,335
Pretium Mtg. Credit Partners LLC Series 2021-RN1, Class A1 1.99% due 02/25/2061*(6)		1,406,254		1,327,523
Progress Residential Trust Series 2022-SFR3, Class A 3.20% due 04/17/2039*		520,000		494,815
PRPM LLC Series 2021-5, Class A1 1.79% due 06/25/2026*(1)(6)		873,425		820,053

106

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Principal Amount(12)		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
PRPM LLC Series 2021-3, Class A1 1.87% due 04/25/2026*(1)(6)	$	680,244	$	646,414
PRPM LLC Series 2021-4, Class A1 1.87% due 04/25/2026*(1)(6)		882,702		832,709
PRPM LLC Series 2021-9, Class A1 2.36% due 10/25/2026*(1)(6)		1,716,825		1,625,838
RCO VII Mortgage LLC Series 2021-1, Class A1 1.87% due 05/26/2026*(6)		599,810		568,065
RR 1 LLC FRS Series 2017-1A, Class A1AB 2.19% (3 ML + 1.15%) due 07/15/2035*(3)		1,980,000		1,928,906
RR 16, Ltd. FRS Series 2021-16A, Class A1 2.15% (3 ML + 1.11%) due 07/15/2036*(3)		1,710,000		1,661,321
SG Residential Mtg. Trust VRS Series 2021-1, Class A1 1.16% due 07/25/2061*(1)(2)		1,189,552		1,062,213
Sound Point CLO XXIX, Ltd. FRS Series 2021-1A, Class A 2.25% (3 ML+1.07%) due 04/25/2034*(3)		1,960,000		1,910,788
Starwood Mtg. Residential Trust VRS Series 2021-2, Class A1 0.94% due 05/25/2065*(1)(2)		305,867		288,930
Tesla Auto Lease Trust Series 2019-A, Class E 5.48% due 05/22/2023*		820,000		824,627
Toorak Mtg. Corp. Series 2021-1, Class A1 2.24% due 06/25/2024*(1)(6)		970,000		914,052
Towd Point Mtg. Trust VRS Series 2021-R1, Class A1 2.92% due 11/30/2060*(1)(2)		1,844,062		1,682,568
Tricolor Auto Securitization Trust Series 2021-1A, Class B 1.00% due 06/17/2024*		710,000		701,331
VCAT LLC Series 2021-NPL3, Class A1 1.74% due 05/25/2051*(6)		811,660		765,883
VCAT LLC Series 2021-NPL2, Class A1 2.12% due 03/27/2051*(6)		211,441		203,068
Venture 37 CLO, Ltd. FRS Series 2019-37A, Class A1R 2.19% (3 ML+1.15%) due 07/15/2032*(3)		2,040,000		2,002,678
Venture XIII CLO, Ltd. FRS Series 2021-43A, Class A1 2.28% (3 ML+1.24%) due 04/15/2034*(3)		760,000		741,844
Verus Securitization Trust VRS Series 2021-2, Class A1 1.03% due 02/25/2066*(1)(2)		424,479		396,873
VOLT XCIV LLC(6) Series 2021-NPL3, Class A1 2.24% due 02/27/2051*		941,228		897,129
Wellfleet CLO X, Ltd. FRS Series 2019-XA, Class A1R 2.23% (3 ML+1.17%) due 07/20/2032*(3)		1,530,000		1,487,114

Security Description	Principal Amount(12)		Value (Note 2)
Diversified Financial Services (continued)
Wendy’s Funding LLC Series 2021-1A, Class A2I 2.37% due 06/15/2051*	$	1,721,988	$	1,499,839
Westlake Automobile Receivables Trust Series 2020-3A, Class D 1.65% due 02/17/2026*		780,000		752,809
Wingstop Funding LLC Series 2020-1A, Class A2 2.84% due 12/05/2050*		313,425		276,938
Total Asset Backed Securities
(cost $61,332,562)				58,292,437
U.S. CORPORATE BONDS & NOTES — 2.8%
Apparel Manufacturers — 0.2%
William Carter Co. Company Guar. Notes 5.63% due 03/15/2027*		1,340,000		1,332,402
Building & Construction Products - Misc. — 0.1%
Standard Industries, Inc. Senior Notes 4.38% due 07/15/2030*		1,360,000		1,217,200
Computer Services — 0.2%
Booz Allen Hamilton, Inc. Company Guar. Notes 3.88% due 09/01/2028*		1,830,000		1,711,452
Consulting Services — 0.1%
Gartner, Inc. Company Guar. Notes 3.75% due 10/01/2030*		1,355,000		1,256,763
Decision Support Software — 0.2%
MSCI, Inc. Company Guar. Notes 3.88% due 02/15/2031*		1,585,000		1,478,171
Electronic Components - Semiconductors — 0.2%
Broadcom, Inc. Company Guar. Notes 2.45% due 02/15/2031*		1,800,000		1,493,717
Food - Meat Products — 0.2%
NBM US Holdings, Inc. Company Guar. Notes 7.00% due 05/14/2026		1,595,000		1,647,635
Funeral Services & Related Items — 0.1%
Service Corp. International Senior Notes 3.38% due 08/15/2030		1,360,000		1,190,000
Internet Security — 0.1%
NortonLifeLock, Inc. Senior Notes 5.00% due 04/15/2025*		760,000		759,050
Office Automation & Equipment — 0.1%
CDW LLC/CDW Finance Corp. Company Guar. Notes 3.25% due 02/15/2029		1,386,000		1,223,145
Oil Companies - Exploration & Production — 0.4%
Apache Corp. Senior Notes 4.25% due 01/15/2030#		1,800,000		1,737,540
Hess Corp. Senior Notes 7.88% due 10/01/2029		1,325,000		1,568,382
				3,305,922

107

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Principal Amount(12)		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	$	3,161,000	$	2,439,744
Pipelines — 0.2%
Cheniere Corpus Christi Holdings LLC Senior Sec. Notes 3.70% due 11/15/2029		580,000		548,368
Energy Transfer LP Senior Notes 5.80% due 06/15/2038		1,159,000		1,143,877
				1,692,245
Retail - Pawn Shops — 0.1%
FirstCash, Inc. Company Guar. Notes 4.63% due 09/01/2028*		1,345,000		1,220,857
Transactional Software — 0.1%
Black Knight InfoServ LLC Company Guar. Notes 3.63% due 09/01/2028*		772,000		723,750
Trucking/Leasing — 0.2%
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 3.35% due 11/01/2029*		1,398,000		1,301,907
Total U.S. Corporate Bonds & Notes
(cost $26,724,098)				23,993,960
FOREIGN CORPORATE BONDS & NOTES — 0.4%
Energy - Alternate Sources — 0.0%
FS Luxembourg Sarl Senior Sec. Notes 10.00% due 12/15/2025*		400,000		421,904
Networking Products — 0.1%
Nokia Oyj Senior Notes 4.38% due 06/12/2027		855,000		841,465
Oil Companies - Integrated — 0.3%
Petrobras Global Finance BV Company Guar. Notes 5.60% due 01/03/2031		1,490,000		1,471,897
Petroleos Mexicanos Company Guar. Notes 5.95% due 01/28/2031		880,000		736,472
				2,208,369
Total Foreign Corporate Bonds & Notes
(cost $3,875,687)				3,471,738
U.S. GOVERNMENT AGENCIES — 5.2%
Federal Home Loan Mtg. Corp. — 0.1%
Federal Home Loan Mtg. Corp. REMIC FRS Series 3925, Class FL 1.32% (1 ML+0.45%) due 01/15/2041(1)		208,676		209,366
Series 4001, Class FM 1.37% (1 ML+0.50%) due 02/15/2042(1)		175,390		176,012
Series 3355, Class BF 1.57% (1 ML+0.70%) due 08/15/2037(1)		209,570		212,483
				597,861

Security Description	Principal Amount(12)		Value (Note 2)
Federal National Mtg. Assoc. — 0.0%
Federal National Mtg. Assoc. REMIC FRS Series 2012-93, Class BF 1.41% (1 ML+0.40%) due 09/25/2042(1)	$	247,133	$	246,726
Government National Mtg. Assoc. — 0.0%
Government National Mtg. Assoc. REMIC FRS Series 2010-14, Class FN 1.42% (1 ML+0.55%) due 02/16/2040(1)		170,752		171,482
Uniform Mtg. Backed Securities — 5.1%
Uniform Mtg. Backed Securities 4.00% due June 30 TBA		44,000,000		44,017,187
Total U.S. Government Agencies
(cost $44,903,280)				45,033,256
U.S. GOVERNMENT TREASURIES — 54.5%
United States Treasury Bonds — 14.5%
United States Treasury Bonds TIPS(7) 0.13% due 02/15/2051		5,016,862		4,270,163
0.25% due 02/15/2050		41,207,697		35,944,057
0.63% due 02/15/2043		7,306,075		7,037,519
0.75% due 02/15/2042		7,418,526		7,372,354
0.75% due 02/15/2045		31,166,819		30,449,739
0.88% due 02/15/2047		10,208,709		10,335,620
1.00% due 02/15/2046		10,806,187		11,163,508
1.38% due 02/15/2044		5,283,791		5,863,614
2.13% due 02/15/2040		3,191,064		3,994,284
2.13% due 02/15/2041		5,472,291		6,853,136
2.50% due 02/15/2045(18)		3,040,000		2,632,569
				125,916,563
United States Treasury Notes — 40.0%
United States Treasury Notes TIPS(7) 0.13% due 04/15/2026		17,281,239		17,602,337
0.13% due 07/15/2026		25,370,706		25,911,320
0.13% due 01/15/2030		22,339,600		22,282,878
0.13% due 07/15/2030		51,554,416		51,534,781
0.13% due 07/15/2031		39,940,940		39,847,848
0.13% due 01/15/2032		34,216,944		34,059,225
0.25% due 07/15/2029		11,234,900		11,378,957
0.50% due 04/15/2024		8,699,777		9,012,425
0.50% due 01/15/2028		22,101,378		22,744,275
0.63% due 01/15/2026		15,299,306		15,898,728
0.75% due 07/15/2028		22,874,503		23,956,797
0.88% due 01/15/2029(11)		69,659,247		73,336,312
				347,565,883
Total U.S. Government Treasuries
(cost $508,626,399)				473,482,446
FOREIGN GOVERNMENT OBLIGATIONS — 29.8%
Regional Authority — 4.6%
Province of Ontario, Canada Bonds 2.00% due 12/01/2036(7)		CAD 49,294,235		39,700,712
Sovereign — 25.2%
Commonwealth of Australia Senior Notes 0.80% due 11/21/2027(7)		AUD 22,963,500		16,886,361
Commonwealth of Australia Senior Notes 2.00% due 08/21/2035(7)		AUD 12,500,000		11,768,114
Commonwealth of Australia Senior Notes 3.82% due 09/20/2025(7)		AUD 15,701,366		12,643,529

108

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Principal Amount(12)		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Sovereign (continued)
Government of Canada Bonds 2.00% due 12/01/2041(7)	CAD	25,084,559	$	22,896,073
Government of Canada Bonds 4.00% due 12/01/2031(7)	CAD	27,687,390		28,529,077
Government of Canada Bonds 4.25% due 12/01/2026(7)	CAD	31,859,044		29,735,620
Government of New Zealand Notes 2.27% due 09/20/2025(7)	NZD	47,350,900		32,901,060
Government of New Zealand Bonds 2.50% due 09/20/2040(7)	NZD	15,000,000		12,129,826
Government of Romania Senior Notes 3.38% due 02/08/2038(7)	EUR	1,100,000		900,936
Government of Romania Senior Notes 4.63% due 04/03/2049(7)	EUR	1,850,000		1,693,301
Republic of Italy Bonds 0.40% due 04/11/2024*(7)	EUR	7,624,800		8,461,229
Republic of Italy Senior Notes 0.55% due 05/21/2026*(7)	EUR	34,912,752		38,193,465
United Mexican States Senior Notes 1.13% due 01/17/2030(7)	EUR	3,000,000		2,689,243
				219,427,834
Total Foreign Government Obligations
(cost $266,246,709)				259,128,546
LOANS(8)(9)(10) — 2.1%
Advertising Services — 0.0%
ABG Intermediate Holdings 2 LLC FRS BTL-B1 4.00% (SOFR4+3.50%) due 12/21/2028		160,000		153,000
Aerospace/Defense - Equipment — 0.0%
TransDigm, Inc. FRS BTL-E 3.31% (1 ML+2.25%) due 05/30/2025		246,222		239,181
Airlines — 0.0%
United Airlines, Inc. FRS BTL-B 4.71% (1 ML+3.75%) due 04/21/2028		99,000		96,136
Airport Development/Maintenance — 0.0%
Brown Group Holding LLC FRS BTL-B 3.51% (3 ML+2.50%) due 06/07/2028		198,930		188,652
Alternative Waste Technology — 0.0%
Covanta Holding Corp. FRS BTL-B 3.56% (1 ML+2.50%) due 11/30/2028		93,031		90,783
Covanta Holding Corp. FRS BTL-C 3.56% (1 ML+2.50%) due 11/30/2028		6,969		6,800
				97,583

Security Description	Principal Amount(12)		Value (Note 2)
Applications Software — 0.0%
Mitnick Corp. Purchaser, Inc. FRS BTL 5.82% (SOFR4+4.75%) due 05/02/2029	$	100,000	$	97,125
Auto/Truck Parts & Equipment - Original — 0.0%
First Brands Group LLC FRS BTL 6.00% (SOFR4+5.00%) due 03/30/2027		114,087		108,668
Auto/Truck Parts & Equipment - Replacement — 0.0%
Adient US LLC FRS BTL-B 4.31% (1 ML+3.25%) due 04/10/2028		99,250		93,212
Broadcast Services/Program — 0.0%
Nexstar Broadcasting, Inc. FRS BTL-B4 3.30% (1 ML+2.50%) due 09/18/2026		224,527		221,534
Building & Construction Products - Misc. — 0.0%
Standard Industries, Inc. FRS BTL-B 3.79% (6 ML+2.50%) due 09/22/2028		79,719		77,992
Zurn LLC FRS BTL-B 3.31% (1 ML+2.25%) due 10/04/2028		109,725		107,119
				185,111
Building Products - Air & Heating — 0.0%
Ingersoll-Rand Services Co. FRS BTL-B 1.85% (1 ML+1.75%) due 03/01/2027		246,231		239,391
Building Products - Cement — 0.0%
Quikrete Holdings, Inc. FRS 1st Lein 3.68% (1 ML+2.63%) due 02/01/2027		246,222		234,937
Building - Heavy Construction — 0.0%
Brand Industrial Services, Inc. FRS BTL 5.25% (3 ML+4.25%) due 06/21/2024		148,517		131,586
Brand Industrial Services, Inc. FRS BTL 5.26% (3 ML+4.25%) due 06/21/2024		1,550		1,374
Brand Industrial Services, Inc. FRS BTL 5.43% (3 ML+4.25%) due 06/21/2024		46,832		41,493
				174,453
Building - Residential/Commercial — 0.0%
Installed Building Products, Inc. FRS BTL-B 3.31% (1 ML+2.25%) due 12/14/2028		99,750		98,191

109

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Principal Amount(12)		Value (Note 2)
LOANS (continued)
Cable/Satellite TV — 0.0%
Charter Communications Operating LLC FRS BTL-B2 2.81% (1 ML+1.75%) due 02/01/2027	$	196,970	$	192,661
Casino Hotels — 0.1%
Caesars Resort Collection LLC FRS BTL-B 3.81% (1 ML+2.75%) due 12/23/2024		369,216		362,161
Chemicals - Specialty — 0.1%
Diamod BC BV FRS BTL-B 3.81% (1 ML+2.75%) due 09/29/2028		625		593
Diamod BC BV FRS BTL-B 3.99% (3 ML+2.75%) due 09/29/2028		248,750		235,846
Tronox Finance LLC FRS BTL-B 3.26% (3 ML+2.25%) due 03/10/2028		162,883		156,949
Tronox Finance LLC FRS BTL-B 3.31% (1 ML+2.25%) due 03/10/2028		33,011		31,808
Tronox Finance LLC FRS BTL 3.37% (SOFR4+3.25%) due 04/04/2029		250,000		242,500
				667,696
Commercial Services — 0.1%
Brightview Landscapes LLC FRS BTL-B 4.28% (SOFR12+3.25%) due 04/20/2029		240,000		231,000
WW International, Inc. FRS BTL-B 4.56% (1 ML+3.50%) due 04/13/2028		94,500		78,022
				309,022
Commercial Services - Finance — 0.1%
Trans Union LLC FRS BTL-B6 3.31% (1 ML+2.25%) due 12/01/2028		208,432		203,169
WEX, Inc. FRS BTL 3.31% (1 ML+2.25%) due 03/31/2028		212,850		206,997
				410,166
Computer Data Security — 0.0%
McAfee Corp. FRS BTL-B 4.84% (SOFR12+4.00%) due 03/01/2029		130,000		122,850
Computer Services — 0.0%
Peraton Corp. FRS BTL-B 4.81% (1 ML+3.75%) due 02/01/2028		106,932		103,412

Security Description	Principal Amount(12)		Value (Note 2)
Consulting Services — 0.0%
AlixPartners LLP FRS BTL-B 3.25% (1 ML+2.75%) due 02/04/2028	$	207,900	$	200,006
Containers - Paper/Plastic — 0.1%
Clydesdale Acquisition Holdings, Inc. FRS BTL-B 5.38% (SOFR12+4.25%) due 04/13/2029		175,000		164,382
Proampac PG Borrower LLC FRS BTL 4.50% (1 ML+3.75%) due 11/03/2025		196,509		186,782
				351,164
Cosmetics & Toiletries — 0.0%
Sunshine Luxembourg VII SARL FRS BTL-B3 4.76% (3 ML+3.75%) due 10/01/2026		197,501		189,037
Cruise Lines — 0.0%
Carnival Corp. FRS BTL-B 4.00% (3 ML+3.25%) due 10/18/2028		209,475		200,049
Data Processing/Management — 0.1%
CCC Intelligent Solutions, Inc. FRS BTL-B 3.26% (3 ML+2.25%) due 09/21/2028		99,750		96,259
Dun & Bradstreet Corp. FRS BTL 4.27% (1 ML+3.25%) due 02/06/2026		468,628		453,515
				549,774
Diagnostic Equipment — 0.1%
Avantor, Inc. FRS BTL-B5 3.31% (1 ML+2.25%) due 11/08/2027		417,641		407,200
Disposable Medical Products — 0.0%
Medline Industries, Inc. FRS BTL-B 4.31% (1 ML+3.25%) due 10/23/2028		190,000		182,532
Distribution/Wholesale — 0.1%
American Builders & Contractors Supply Co., Inc. FRS BTL 3.06% (1 ML+2.00%) due 01/15/2027		246,212		237,749
KPAE Finance Sub, Inc. FRS BTL-B 4.74% (3 ML+3.50%) due 10/28/2027		113,850		109,011
Univar Solutions USA, Inc. FRS BTL-B6 2.81% (1 ML+1.75%) due 06/03/2028		223,313		219,070
				565,830

110

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Principal Amount(12)		Value (Note 2)
LOANS (continued)
Electric - Integrated — 0.0%
Exgen Renewables IV LLC FRS BTL 4.08% (3 ML+2.50%) due 12/15/2027	$	115,309	$	112,547
Enterprise Software/Service — 0.1%
E2open LLC FRS BTL-B 4.83% (3 ML+3.50%) due 02/04/2028		242,552		233,941
Hyland Software, Inc. FRS BTL 4.56% (1 ML+3.50%) due 07/01/2024		246,173		239,865
Solera LLC FRS BTL-B 5.06% (1 ML+4.00%) due 06/02/2028		119,400		113,985
Ultimate Software Group, Inc. FRS 1st Lien 4.76% (3 ML+3.75%) due 05/04/2026		246,212		238,210
				826,001
Finance - Credit Card — 0.1%
Blackhawk Network Holdings, Inc. FRS 1st Lien 4.06% (1 ML+3.00%) due 06/15/2025		246,164		235,086
FleetCor Technologies Operating Co., LLC FRS BTL-B4 2.81% (1 ML+1.75%) due 04/28/2028		198,750		191,581
				426,667
Finance - Leasing Companies — 0.0%
Setanta Aircraft Leasing DAC FRS BTL-B 3.01% (3 ML+2.00%) due 11/05/2028		110,000		106,906
Food - Baking — 0.0%
Hostess Brands LLC FRS BTL 3.31% (1 ML+2.25%) due 08/03/2025		67,208		65,080
Hostess Brands LLC FRS BTL 3.49% (3 ML+2.25%) due 08/03/2025		179,004		173,335
				238,415
Food - Catering — 0.0%
Aramark Services, Inc. FRS BTL-B1 2.81% (1 ML+1.75%) due 03/11/2025		250,000		241,625
Food - Flour & Grain — 0.1%
CHG PPC Parent LLC FRS BTL 4.06% (1 ML+3.00%) due 12/08/2028		300,000		288,000
Food - Misc./Diversified — 0.0%
Froneri US, Inc. FRS BTL 3.31% (1 ML+2.25%) due 01/29/2027		246,241		235,929

Security Description	Principal Amount(12)		Value (Note 2)
Food-Wholesale/Distribution — 0.1%
US Foods, Inc. FRS BTL-B 3.57% (3 ML+2.00%) due 09/13/2026	$	147,227	$	141,044
US Foods, Inc. FRS BTL-B 4.32% (3 ML+2.75%) due 11/22/2028		119,700		116,665
				257,709
Footwear & Related Apparel — 0.1%
Crocs, Inc. FRS BTL-B 3.50% (SOFR4+3.50%) due 02/17/2029		900		842
Crocs, Inc. FRS BTL-B 4.45% (SOFR4+3.50%) due 02/17/2029		359,100		335,758
				336,600
Gambling (Non-Hotel) — 0.0%
Scientific Games International, Inc. FRS BTL 3.88% (SOFR12+3.00%) due 04/14/2029		205,000		198,765
Hazardous Waste Disposal — 0.0%
Clean Harbors, Inc. FRS BTL-B 3.06% (1 ML+2.00%) due 10/08/2028		119,700		118,927
Insurance Brokers — 0.1%
Alliant Holdings Intermediate LLC FRS BTL-B1 4.31% (1 ML+3.25%) due 05/09/2025		246,164		236,881
HUB International, Ltd. FRS BTL-B 4.00% (3 ML+3.00%) due 04/25/2025		639		613
HUB International, Ltd. FRS BTL-B 4.21% (3 ML+3.00%) due 04/25/2025		245,524		235,550
USI, Inc. FRS BTL 4.01% (3 ML+3.00%) due 05/16/2024		369,201		359,279
				832,323
Insurance - Multi-line — 0.0%
Acrisure LLC FRS BTL-B 4.56% (1 ML+3.50%) due 02/15/2027		246,231		232,483
Insurance - Property/Casualty — 0.1%
Asurion LLC FRS BTL-B6 4.18% (1 ML+3.13%) due 11/03/2023		163,734		159,641
Asurion LLC FRS BTL-B7 4.06% (1 ML+3.00%) due 11/03/2024		147,698		142,344

111

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Principal Amount(12)		Value (Note 2)
LOANS (continued)
Insurance - Property/Casualty (continued)
Sedgwick Claims Management Services, Inc. FRS BTL 4.31% (1 ML+3.25%) due 12/31/2025†	$	246,183	$	235,228
				537,213
Internet Content - Information/News — 0.0%
MH Sub I LLC FRS BTL 4.81% (1 ML+3.75%) due 09/13/2024†		236,391		228,561
Internet Security — 0.0%
Symantec Corp. FRS BTL-B TBD due 01/28/2029†		250,000		241,562
Lasers - System/Components — 0.0%
II-VI, Inc. FRS BTL-B TBD due 01/14/2028†		130,000		126,642
Leisure Products — 0.0%
Hayward Industries, Inc. FRS BTL 3.56% (1 ML+2.50%) due 05/30/2028†		114,138		110,143
Machinery - General Industrial — 0.0%
Vertical US Newco, Inc. FRS BTL-B 4.02% (6 ML+3.50%) due 07/30/2027†		246,273		237,038
Medical Information Systems — 0.0%
Zelis Payments Buyer, Inc. FRS BTL 4.30% (1 ML+3.50%) due 09/30/2026†		147,816		143,705
Medical Labs & Testing Services — 0.0%
ICON Luxembourg SARL FRS BTL 3.31% (3 ML+2.25%) due 07/03/2028†		68,242		67,161
Medical Products — 0.0%
Agiliti Health, Inc. FRS BTL 3.56% (1 ML+2.75%) due 01/04/2026†		91,429		88,457
Medical - Drugs — 0.1%
Bausch Health Companies, Inc. FRS BTL-B TBD due 02/01/2027†		120,000		109,543
Indigo Merger Sub, Inc. FRS BTL 3.31% (3 ML+2.25%) due 07/03/2028†		17,002		16,733
Jazz Financing Lux SARL FRS BTL 4.56% (1 ML+3.50%) due 05/05/2028†		114,138		111,345
Organon & Co. FRS BTL 3.56% (3 ML+3.00%) due 06/02/2028†		120,521		117,508
				355,129

Security Description	Principal Amount(12)		Value (Note 2)
Medical - Hospitals — 0.0%
Surgery Center Holdings, Inc. FRS BTL 4.60% (1 ML+3.75%) due 08/31/2026†	$	145,469	$	139,064
Multimedia — 0.1%
EW Scripps Co. FRS BTL-B2 3.62% (1 ML+2.56%) due 05/01/2026†		270,833		263,047
Oil Companies - Exploration & Production — 0.0%
Southwestern Energy Co. FRS BTL 3.30% (SOFR4+2.50%) due 06/22/2027†		99,750		98,254
Pharmacy Services — 0.0%
Change Healthcare Holdings LLC FRS BTL 3.56% (1 ML+2.50%) due 03/01/2024†		242,438		237,691
Pipelines — 0.0%
DT Midstream, Inc. FRS BTL-B 2.50% (6 ML+2.00%) due 06/26/2028†		45,923		45,729
Oryx Midstream Services Permian Basin LLC FRS BTL 4.71% (3 ML+3.25%) due 10/05/2028†		99,750		96,330
				142,059
Professional Sports — 0.1%
Delta 2 Luxembourg SARL FRS BTL-B3 3.56% (1 ML+2.50%) due 02/01/2024†		300,000		296,250
UFC Holdings LLC FRS BTL-B 3.50% (6 ML+2.75%) due 04/29/2026†		164,102		158,687
				454,937
Protection/Safety — 0.0%
APX Group, Inc. FRS BTL-B 4.37% (1 ML+3.50%) due 07/10/2028†		109,430		104,451
APX Group, Inc. FRS BTL-B 6.00% (USFRBPLR+2.50%) due 07/10/2028†		20		19
				104,470
Racetracks — 0.0%
Penn National Gaming, Inc. FRS BTL-B TBD due 05/03/2029†		180,000		175,821
Retail - Auto Parts — 0.0%
Harbor Freight Tools USA, Inc. FRS BTL-B 3.81% (1 ML+2.75%) due 10/19/2027†		218,323		201,840

112

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Principal Amount(12)		Value (Note 2)
LOANS (continued)
Retail - Building Products — 0.1%
Beacon Roofing Supply, Inc. FRS BTL-B 3.31% (1 ML+2.25%) due 05/19/2028	$	292,828	$	282,701
White Cap Buyer LLC FRS BTL-B 4.78% (SOFR12+3.75%) due 10/19/2027		145,509		138,840
				421,541
Retail - Pet Food & Supplies — 0.0%
PetSmart, Inc. FRS BTL-B 4.50% (3 ML+3.75%) due 02/11/2028		99,250		92,985
Retail - Petroleum Products — 0.0%
Pilot Travel Centers LLC FRS BTL-B 3.13% (SOFR12+2.00%) due 08/04/2028		248,750		240,121
Retail - Restaurants — 0.1%
1011778 BC ULC FRS BTL-B 2.81% (1 ML+1.75%) due 11/19/2026		270,844		260,687
IRB Holding Corp. FRS BTL-B 3.89% (SOFR12+3.15%) due 12/15/2027		158,000		152,668
				413,355
Security Services — 0.0%
Verisure Holding AB FRS BTL 3.25% (6 ME+3.25%) due 03/27/2028(15)		EUR 245,000		247,604
Semiconductor Equipment — 0.1%
Entegris, Inc. FRS BTL-B TBD due 03/02/2029		330,000		325,600
MKS Instruments, Inc. FRS BTL-B TBD due 04/08/2029		250,000		245,625
				571,225
Special Purpose Entity — 0.0%
CeramTec AcquiCo GmbH FRS BTL-B 3.75% (3 ME+3.75%) due 03/16/2029(15)		EUR 200,000		201,738
Telecom Services — 0.0%
Frontier Communications Holdings LLC FRS BTL-B 4.81% (3 ML+3.75%) due 05/01/2028		99,000		94,297
Television — 0.0%
Gray Television, Inc. FRS BTL-C 3.30% (1 ML+2.50%) due 01/02/2026		250,000		241,979

Security Description	Principal Amount/ Shares(12)			Value (Note 2)
Veterinary Diagnostics — 0.0%
Elanco Animal Health, Inc. FRS BTL 2.55% (1 ML+1.75%) due 08/01/2027	$	241,787		$	233,324
Web Hosting/Design — 0.0%
Go Daddy Operating Co. LLC FRS BTL-B 2.81% (1 ML+1.75%) due 02/15/2024		195,869			192,245
Total Loans
(cost $18,951,689)					18,396,839
MUNICIPAL BONDS & NOTES — 1.0%
City of New York, NY BABs General Obligation Bonds 5.99% due 12/01/2036		1,580,000			1,794,077
Commonwealth of Massachusetts General Obligation Bonds Series D 2.66% due 09/01/2039		2,091,342			1,765,302
Illinois State Toll Highway Authority BABs Revenue Bonds Series B 5.85% due 12/01/2034		1,520,000			1,748,340
State of California General Obligation Bonds 7.55% due 04/01/2039		1,275,000			1,754,736
State of Connecticut General Obligation Notes Series A 5.85% due 03/15/2032		1,630,000			1,833,888
Total Municipal Bonds & Notes
(cost $9,409,539)					8,896,343
ESCROWS AND LITIGATION TRUSTS — 0.0%
Finance - Investment Banker/Broker — 0.0%
Lehman Brothers Holdings, Inc. FRS Escrow Notes(16) (cost $0)		1,000,000			2,100
Total Long-Term Investment Securities
(cost $940,069,963)					890,697,665
SHORT-TERM INVESTMENT SECURITIES — 0.0%
Registered Investment Companies — 0.0%
State Street Navigator Securities Lending Government Money Market Portfolio 0.32%(13)(14) (cost $46,200)		46,200			46,200
REPURCHASE AGREEMENTS — 1.5%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.06% dated 05/31/2022, to be repurchased 06/01/2022 in the amount of $13,145,639 and collateralized by $13,321,200 of United States Treasury Notes, bearing interest at 2.88% due 05/15/2028 and having an approximate value of $13,408,614. (cost $13,145,617)		13,145,617			13,145,617
TOTAL INVESTMENTS
(cost $953,261,780)(17)		104.0	%		903,889,482
Liabilities in excess of other assets		(4.0	)		(34,882,566	)
NET ASSETS		100.0	%	$	869,006,916

113

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (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, 2022, the aggregate value of these securities was $116,556,244 representing 13.4% of net assets.

† Non-income producing security

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

(1) Collateralized Mortgage Obligation

(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 Loan Obligation

(4) Commercial Mortgage Backed Security

(5) Interest Only

(6) “Step-up” security where the rate increases (“steps-up”) at a predetermined rate. The rate reflected is as of May 31, 2022.

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

(8) The Fund invests in senior loans which generally pay interest at rates which are periodically re-determined by reference to a base lending rate plus a premium. These base lending rates are generally either the lending rate offered by one or more major European banks, such as the London Inter-Bank Offered Rate (“LIBOR”), the Secured Overnight Financing Rate (“SOFR”), or the prime rate offered by one or more major United States banks, or the certificate of deposit rate. Senior loans are generally considered to be restrictive in that the Fund is ordinarily contractually obligated to receive approval from the Agent Bank and/or borrower prior to the disposition of a senior loan.

(9) Senior loans in the Fund are generally subject to mandatory and/or optional prepayment. Because of these mandatory prepayment conditions and because there may be significant economic incentives for a borrower to prepay, prepayments may occur. As a result, the actual remaining maturity may be substantially less than the stated maturities shown.

(10) All loans in the Fund were purchased through assignment agreements unless otherwise indicated.

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

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

(13) At May 31, 2022, the Fund had loaned securities with a total value of $1,131,366. This was secured by collateral of $46,200, which was received in cash and subsequently invested in short-term investments currently valued at $46,200 as reported in the Portfolio of Investments. Additional collateral of $1,113,243 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, 2022
United States Treasury Notes/Bonds	1.38% to 3.38%	11/15/2031 to 05/15/2052	$	1,113,243

(14) The rate shown is the 7-day yield as of May 31, 2022.

(15) The referenced Index is less than 0.00% at the period end. The loan has an interest rate floor whereby the floating rate used in the coupon rate calculation cannot be less than zero.

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

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

(18) The security or portion thereof was pledged as collateral to cover margin requirements for open derivative contracts.

BTL—Bank Term Loan

CLO—Collateralized Loan Obligation

REMIC—Real Estate Mortgage Investment Conduit

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

TBD—Senior loan purchased on a when-issued or delayed-delivery basis. Certain details associated with this purchase are not known prior to the settlement date of the transaction. In addition, senior loans typically trade without accrued interest and therefore a coupon rate is not available prior to the settlement.

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 as of May 31, 2022 and unless noted otherwise, the dates shown are the original maturity dates.

Index Legend

1 ML—1 Month USD LIBOR

3 ME—3 Month Euribor

3 ML—3 Month USD LIBOR

6 ME—6 Month Euribor

6 ML—6 Month USD LIBOR

SOFR4—Secured Overnight Financing Rate 3 Month

SOFR12—Secured Overnight Financing Rate 1 Month

TSFR1M—Term Secured Overnight Financing Rate 1 Month

USFRBPLR—US Federal Reserve Bank Prime Loan Rate

AUD—Australian Dollar

CAD—Canadian Dollar

EUR—Euro Currency

NZD—New Zealand Dollar

USD—U.S. Dollar

Forward Foreign Currency Contracts
Counterparty	Contract to Deliver			In Exchange For			Delivery Date		Unrealized Appreciation		Unrealized (Depreciation)
Barclays Bank PLC		CAD	3,430,000		USD	2,659,166		06/15/2022	$	–	$	(52,336	)
BNP Paribas SA		EUR	1,586,000		USD	1,765,634		06/15/2022		61,956		–
		USD	2,259,209		CAD	2,900,000		06/15/2022		33,314		–
										95,270		–
Canadian Imperial Bank of Commerce		USD	1,478,430		AUD	1,950,000		06/15/2022		–		(78,749	)
Credit Agricole SA		USD	10,206,016		EUR	9,655,000		06/15/2022		165,365		–
Deutsche Bank AG		CAD	5,775,000		USD	4,558,920		06/15/2022		–		(6,364	)
		EUR	60,024,000		USD	67,264,095		06/15/2022		2,786,439		–
		EUR	334,000		USD	358,547		06/30/2022		–		(522	)
		GBP	15,988,000		USD	21,454,537		06/15/2022		1,308,036		–
										4,094,475		(6,886	)
Goldman Sachs International		EUR	1,467,000		USD	1,624,658		06/15/2022		48,810		–
		USD	1,667,730		CAD	2,130,000		06/15/2022		16,089		–
										64,899		–

114

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Forward Foreign Currency Contracts
Counterparty	Contract to Deliver			In Exchange For			Delivery Date		Unrealized Appreciation		Unrealized (Depreciation)
HSBC Bank PLC		USD	1,626,281		CAD	2,110,000		06/15/2022	$	41,727	$	–
		USD	1,518,536		EUR	1,440,000		06/15/2022		28,309		–
										70,036		–
JPMorgan Chase Bank N.A		AUD	16,552,000		USD	11,682,205		06/15/2022		–		(198,568	)
		USD	2,003,323		CAD	2,520,000		06/15/2022		–		(11,199	)
										–		(209,767	)
Morgan Stanley and Co. International PLC		USD	2,108,531		CAD	2,705,000		06/15/2022		29,840		–
		USD	1,879,519		EUR	1,706,000		06/15/2022		–		(46,937	)
		USD	20,320,907		GBP	16,257,000		06/15/2022		164,561		–
										194,401		(46,937	)
Royal Bank of Canada		NZD	54,401,000		USD	35,118,962		06/15/2022		1,633,749		–
		NZD	18,852,000		USD	12,220,658		06/15/2022		–		(60,489	)
										1,633,749		(60,489	)
Standard Chartered Bank		GBP	269,000		USD	338,498		06/15/2022		–		(470	)
Toronto Dominion Bank		AUD	43,301,000		USD	31,744,180		06/15/2022		663,384		–
		CAD	163,588,000		USD	128,128,246		06/15/2022		–		(1,192,209	)
		USD	1,417,740		CAD	1,795,000		06/15/2022		1,253		–
										664,637		(1,192,209	)
UBS AG		USD	3,242,323		CAD	4,080,000		06/15/2022		–		(16,980	)
										–		–
Unrealized Appreciation (Depreciation)									$	6,982,832	$	(1,664,823	)

AUD—Australian Dollar

CAD—Canadian Dollar

EUR—Euro Currency

GBP—British Pound

NZD—New Zealand Dollar

USD—U.S. Dollar

Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Notional Basis*		Notional Value*		Unrealized Appreciation
	137	Long	Australian 10 Year Bond		June 2022	$	11,957,869	$	12,016,227	$	58,358
	448	Short	Canada 10 Year Bond		September 2022		45,306,464		44,985,950		320,514
	673	Short	Canada 5 Year Bond		September 2022		61,007,440		60,965,601		41,839
	161	Short	Euro-Bund		June 2022		27,018,652		26,197,594		821,058
	13	Short	Euro-BUXL 30 Year Bonds		June 2022		2,375,281		2,263,687		111,594
	35	Short	Long Gilt		September 2022		5,205,713		5,114,682		91,031
	55	Short	U.S. Treasury 10 Year Ultra Notes		September 2022		7,119,387		7,066,640		52,747
	91	Short	U.S. Treasury Long Bond		September 2022		12,821,581		12,688,812		132,769
										$	1,629,910
										Unrealized (Depreciation)
	256	Long	U.S. Treasury 2 Year Notes		September 2022	$	54,096,924	$	54,042,000	$	(54,924	)
	257	Long	U.S. Treasury 10 Year Notes		September 2022		30,842,998		30,699,453		(143,545	)
	48	Long	U.S. Treasury Ultra Bonds		September 2022		7,585,791		7,476,000		(109,791	)
										$	(308,260	)
			Net Unrealized Appreciation (Depreciation)							$	1,321,650

* 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.

115

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Over the Counter Interest Rate Swap Contracts

Rates Exchanged

Value

Swap Counterparty

Notional Amount (000’s)

Maturity Date

Payments Received by the Portfolio/ Frequency

Payments Made by the Portfolio/ Frequency

Upfront Payments Made (Received) by the Portfolio

Unrealized Appreciation

Bank of America N.A.

USD 75,000,000

04/15/2027

USD-12 Month-USCPI/Maturity

3.4295

%/Maturity

$

—

$

415,720

Goldman Sachs International

USD 12,000,000

04/15/2027

USD-12 Month-USCPI/Maturity

3.49

%/Maturity

—

29,877

$

—

$

445,597

USCPI—United States Consumer Price Index

USD—United States Dollar

Centrally Cleared Credit Default Swaps on Credit Indicies — Sell Protection(1)
	Fixed Deal Receive Rate / Payment Frequency								Value(4)
Payment Reference Obligations		Termination Date		Implied Credit Spread at May 30, 2022(2)			Notional Amount (000’s)(3)		Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
CDX North America Investment Grade Index	1.000% /Quarterly		06/20/2027		0.7980	%	$	17,500,000	$	74,394		$	89,641
CDX North America High Yield Index	5.000% /Quarterly		06/20/2027		4.6025	%		2,500,000		(17,522	)		58,150
									$	56,872		$	147,791

(1) If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation.

(2) Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues or sovereign issues of an emerging country as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation.

(3) The maximum potential amount the Portfolio could be required to make as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4) The quoted market prices and resulting values for credit default swap agreements on asset-backed securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement have been closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

116

VALIC Company I Inflation Protected Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2022 (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	$	—	$	58,292,437	$	—	$	58,292,437
U.S. Corporate Bonds & Notes		—		23,993,960		—		23,993,960
Foreign Corporate Bonds & Notes		—		3,471,738		—		3,471,738
U.S. Government Agencies		—		45,033,256		—		45,033,256
U.S. Government Treasuries		—		473,482,446		—		473,482,446
Foreign Government Obligations		—		259,128,546		—		259,128,546
Loans		—		18,396,839		—		18,396,839
Municipal Bonds & Notes		—		8,896,343		—		8,896,343
Escrows and Litigation Trusts		—		—		2,100		2,100
Short-Term Investment Securities		46,200		—		—		46,200
Repurchase Agreements		—		13,145,617		—		13,145,617
Total Investment at Value	$	46,200	$	903,841,182	$	2,100	$	903,889,482
Other Financial Instruments:†
Over the Counter Interest Rate Swap Contracts	$	—	$	445,597	$	—	$	445,597
Centrally Cleared Credit Default Swaps on Credit
Indicies - Sell Protection		—		147,791		—		147,791
Futures Contracts		1,629,910		—		—		1,629,910
Forward Foreign Currency Contracts		—		6,982,832		—		6,982,832
Total Other Financial Instruments	$	1,629,910	$	7,576,220	$	—	$	9,206,130
LIABILITIES:
Other Financial Instruments:†
Futures Contracts	$	308,260	$	—	$	—	$	308,260
Forward Foreign Currency Contracts		—		1,664,823		—		1,664,823
Total Other Financial Instruments	$	308,260	$	1,664,823	$	—	$	1,973,083

* 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.

Level 3 investments in securities were not considered a significant portion of the Fund’s net assets.

See Notes to Financial Statements

117

VALIC Company I International Equities Index Fund

PORTFOLIO PROFILE — May 31, 2022 (unaudited)

Industry Allocation*

Medical — Drugs	8.7	%
Banks — Commercial	5.3
Diversified Banking Institutions	4.3
Oil Companies — Integrated	3.7
Repurchase Agreements	3.2
Auto — Cars/Light Trucks	2.9
Exchange — Traded Funds	2.6
Food — Misc./Diversified	2.5
Registered Investment Companies	2.3
Semiconductor Equipment	2.1
Telephone — Integrated	2.0
Cosmetics & Toiletries	1.9
Insurance — Life/Health	1.8
Metal — Diversified	1.7
Electric — Integrated	1.5
Insurance — Multi — line	1.2
Chemicals — Diversified	1.2
Food — Retail	1.1
Textile — Apparel	1.1
Diversified Minerals	1.1
Chemicals — Specialty	1.1
Industrial Automated/Robotic	1.1
Beverages — Wine/Spirits	1.0
Insurance — Property/Casualty	1.0
Electronic Components — Misc.	1.0
Real Estate Investment Trusts	0.9
Tobacco	0.9
Import/Export	0.9
Finance — Other Services	0.9
Medical Products	0.9
Brewery	0.9
Computer Services	0.9
Audio/Video Products	0.8
Medical — Biomedical/Gene	0.8
Cellular Telecom	0.8
Power Converter/Supply Equipment	0.8
Diversified Manufacturing Operations	0.8
Commercial Services	0.8
Retail — Apparel/Shoe	0.8
Enterprise Software/Service	0.7
Building & Construction Products — Misc.	0.7
Electric — Generation	0.7
Machinery — Electrical	0.7
Machinery — General Industrial	0.7
Electronic Components — Semiconductors	0.7
Transport — Services	0.6
Building — Heavy Construction	0.6
Aerospace/Defense — Equipment	0.6
Apparel Manufacturers	0.6
Real Estate Operations & Development	0.5
Transport — Rail	0.5
Oil Companies — Exploration & Production	0.5
Industrial Gases	0.5
Retail — Jewelry	0.5
Commercial Services — Finance	0.5
Insurance — Reinsurance	0.5
Building Products — Cement	0.5
Paper & Related Products	0.5
Private Equity	0.5
Investment Companies	0.4
Internet Content — Information/News	0.4
Electric — Distribution	0.4
Medical Instruments	0.4
Soap & Cleaning Preparation	0.4
Auto/Truck Parts & Equipment — Original	0.4
Toys	0.4
Medical Labs & Testing Services	0.4
Building Products — Air & Heating	0.4
Distribution/Wholesale	0.4

Aerospace/Defense	0.4
Transport — Marine	0.4
Networking Products	0.4
Auto — Heavy Duty Trucks	0.4
U.S. Government Treasuries	0.4
Real Estate Management/Services	0.3
Machinery — Construction & Mining	0.3
Human Resources	0.3
Building — Residential/Commercial	0.3
Retail — Building Products	0.3
Office Automation & Equipment	0.3
Rubber — Tires	0.3
Optical Supplies	0.3
Athletic Footwear	0.3
Food — Dairy Products	0.3
Public Thoroughfares	0.3
Gas — Distribution	0.3
Electronic Measurement Instruments	0.3
Water	0.3
Metal — Iron	0.3
Steel — Producers	0.2
Gambling (Non — Hotel)	0.2
Oil Refining & Marketing	0.2
Food — Catering	0.2
Building & Construction — Misc.	0.2
E — Commerce/Products	0.2
Machinery — Farming	0.2
Investment Management/Advisor Services	0.2
Diversified Operations	0.2
Finance — Leasing Companies	0.2
Telecom Services	0.2
Energy — Alternate Sources	0.2
Resorts/Theme Parks	0.2
Food — Confectionery	0.2
Computer Aided Design	0.2
Dialysis Centers	0.2
Electric — Transmission	0.2
Publishing — Periodicals	0.2
Finance — Investment Banker/Broker	0.2
Electronic Security Devices	0.2
Advertising Services	0.2
Entertainment Software	0.1
Electric Products — Misc.	0.1
Hotels/Motels	0.1
Gold Mining	0.1
Coatings/Paint	0.1
Rental Auto/Equipment	0.1
Beverages — Non — alcoholic	0.1
Multimedia	0.1
Airport Development/Maintenance	0.1
Casino Hotels	0.1
Security Services	0.1
Computer Data Security	0.1
Machine Tools & Related Products	0.1
Music	0.1
Metal Processors & Fabrication	0.1
Semiconductor Components — Integrated Circuits	0.1
Fisheries	0.1
Casino Services	0.1
Computers — Integrated Systems	0.1
Diagnostic Kits	0.1
Miscellaneous Manufacturing	0.1
Advertising Agencies	0.1
Bicycle Manufacturing	0.1
Electronics — Military	0.1
Applications Software	0.1
Telecommunication Equipment	0.1
Consulting Services	0.1
MRI/Medical Diagnostic Imaging	0.1

118

VALIC Company I International Equities Index Fund

PORTFOLIO PROFILE — May 31, 2022 (unaudited) — (continued)

Industry Allocation* (continued)

Building — Maintenance & Services	0.1	%
Building Products — Doors & Windows	0.1
Gas — Transportation	0.1
Diversified Operations/Commercial Services	0.1
Diagnostic Equipment	0.1
Internet Gambling	0.1
Metal — Aluminum	0.1
Computers — Periphery Equipment	0.1
Medical — Hospitals	0.1
Medical — Generic Drugs	0.1
Pipelines	0.1
Broadcast Services/Program	0.1
Web Portals/ISP	0.1
Agricultural Chemicals	0.1
Filtration/Separation Products	0.1
Wire & Cable Products	0.1
Steel Pipe & Tube	0.1
Respiratory Products	0.1
Internet Security	0.1
Advanced Materials	0.1
Food — Meat Products	0.1
	100.5	%

Country Allocation*

Japan	20.3	%
United Kingdom	13.7
France	9.7
Switzerland	9.4
United States	8.4
Germany	7.4
Australia	7.3
Netherlands	5.1
Sweden	3.0
Denmark	2.5
Spain	2.3
Hong Kong	2.1
Italy	1.7
Finland	1.1
Singapore	1.1
Jersey	0.8
Belgium	0.8
Norway	0.7
Ireland	0.7
Cayman Islands	0.6
Israel	0.6
Luxembourg	0.3
New Zealand	0.2
Austria	0.2
Portugal	0.2
Bermuda	0.1
SupraNational	0.1
Isle of Man	0.1
	100.5	%

* Calculated as a percentage of net assets

119

VALIC Company I International Equities Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 92.1%
Australia — 7.3%
Ampol, Ltd.		22,842	$	544,992
APA Group#		112,676		917,559
Aristocrat Leisure, Ltd.		57,552		1,391,109
ASX, Ltd.#		18,488		1,071,038
Aurizon Holdings, Ltd.		176,440		507,828
Australia & New Zealand Banking Group, Ltd.		269,210		4,828,200
BGP Holdings PLC†(1)		835,027		0
BHP Group, Ltd.		483,436		15,396,293
BlueScope Steel, Ltd.		47,206		611,166
Brambles, Ltd.		136,993		1,066,015
Cochlear, Ltd.		6,281		998,643
Coles Group, Ltd.		127,386		1,601,976
Commonwealth Bank of Australia		162,955		12,185,878
Computershare, Ltd.		51,889		861,019
Crown Resorts, Ltd.†		35,700		329,037
CSL, Ltd.		45,719		8,895,261
Dexus†		102,713		771,502
Domino’s Pizza Enterprises, Ltd.#		5,806		285,846
Endeavour Group, Ltd.		128,087		666,869
Evolution Mining, Ltd.		175,322		470,095
Fortescue Metals Group, Ltd.		161,717		2,319,315
Goodman Group		160,568		2,358,152
GPT Group		183,247		630,348
IDP Education, Ltd.#		19,970		342,611
Insurance Australia Group, Ltd.†#		235,409		738,624
Lendlease Corp., Ltd.		66,004		509,132
Lottery Corp, Ltd.†		212,952		724,390
Macquarie Group, Ltd.		32,364		4,304,138
Medibank Private, Ltd.		262,999		606,855
Mineral Resources, Ltd.		16,231		739,033
Mirvac Group		377,432		611,160
National Australia Bank, Ltd.		312,496		6,999,496
Newcrest Mining, Ltd.		78,183		1,377,352
Northern Star Resources, Ltd.		105,945		658,755
Orica, Ltd.#		39,005		451,886
Origin Energy, Ltd.		168,190		823,666
Qantas Airways, Ltd.†		88,585		349,097
QBE Insurance Group, Ltd.		141,116		1,215,209
Ramsay Health Care, Ltd.		17,486		979,962
REA Group, Ltd.		5,066		407,700
Reece, Ltd.#		27,864		319,357
Rio Tinto, Ltd.		35,450		2,898,011
Santos, Ltd.		307,268		1,801,164
Scentre Group		495,665		1,016,655
SEEK, Ltd.		32,197		557,810
Sonic Healthcare, Ltd.		43,521		1,144,062
South32, Ltd.		445,365		1,586,907
Stockland		227,967		653,290
Suncorp Group, Ltd.		120,575		980,404
Tabcorp Holdings, Ltd.		212,952		141,829
Telstra Corp., Ltd.		395,724		1,099,986
Transurban Group		293,152		3,017,285
Treasury Wine Estates, Ltd.		69,192		589,231
Vicinity Centres		370,903		501,837
Washington H. Soul Pattinson & Co., Ltd.		20,754		382,044
Wesfarmers, Ltd.		108,278		3,663,925
Westpac Banking Corp.		350,339		6,006,875
WiseTech Global, Ltd.		14,016		420,521
Woodside Energy Group, Ltd.		179,954		3,827,521
Woolworths Group, Ltd.		115,740		2,877,225
				114,033,146
Austria — 0.2%
Erste Group Bank AG		32,892		1,026,594
OMV AG		14,064		821,469

Security Description	Shares		Value (Note 2)
Austria (continued)
Raiffeisen Bank International AG		14,189	$	188,476
Verbund AG#		6,527		649,263
voestalpine AG		11,125		325,851
				3,011,653
Belgium — 0.8%
Ageas SA/NV#		16,447		829,013
Anheuser-Busch InBev SA NV		82,944		4,702,653
Elia Group SA		2,961		487,605
Etablissements Franz Colruyt NV		5,105		165,753
Groupe Bruxelles Lambert SA		10,452		966,088
KBC Group NV		23,876		1,490,983
Proximus SADP		14,581		251,827
Sofina SA#		1,477		348,116
Solvay SA, Class A		7,078		692,843
UCB SA		12,073		1,065,545
Umicore SA		18,824		837,609
				11,838,035
Bermuda — 0.1%
CK Infrastructure Holdings, Ltd.		63,500		425,458
Hongkong Land Holdings, Ltd.		110,100		509,810
Jardine Matheson Holdings, Ltd.		20,586		1,191,951
				2,127,219
Cayman Islands — 0.6%
Budweiser Brewing Co. APAC, Ltd.*		165,000		436,235
Chow Tai Fook Jewellery Group, Ltd.		191,800		331,663
CK Asset Holdings, Ltd.		191,308		1,248,738
CK Hutchison Holdings, Ltd.		256,308		1,813,089
ESR Cayman, Ltd.†*		189,200		560,260
Futu Holdings, Ltd. ADR†#		4,880		179,145
Grab Holdings, Ltd., Class A†		103,658		275,730
Melco Resorts & Entertainment, Ltd. ADR†		20,645		116,438
Sands China, Ltd.†		232,800		439,341
Sea, Ltd. ADR†		30,503		2,521,378
SITC International Holdings Co., Ltd.		128,000		479,557
WH Group, Ltd.*		798,000		611,718
Wharf Real Estate Investment Co., Ltd.		159,000		767,865
Xinyi Glass Holdings, Ltd.		173,000		438,973
				10,220,130
Denmark — 2.5%
Ambu A/S, Class B		16,059		219,382
AP Moller - Maersk A/S, Series A		300		864,183
AP Moller - Maersk A/S, Series B		553		1,608,490
Carlsberg A/S, Class B		9,605		1,219,590
Chr. Hansen Holding A/S		10,073		754,684
Coloplast A/S, Class B		11,345		1,347,980
Danske Bank A/S		65,869		1,077,942
Demant A/S†		10,358		455,849
DSV A/S		19,481		3,198,194
Genmab A/S†		6,274		1,905,063
GN Store Nord A/S		11,920		469,588
Novo Nordisk A/S, Class B		160,810		17,804,834
Novozymes A/S, Class B		19,652		1,245,943
Orsted A/S*		18,065		2,043,843
Pandora A/S		9,566		774,615
ROCKWOOL International A/S, Class B		803		223,022
Tryg A/S		34,385		801,612
Vestas Wind Systems A/S		96,439		2,459,594
				38,474,408
Finland — 1.1%
Elisa Oyj		13,583		768,955
Fortum Oyj		42,488		786,631

120

VALIC Company I International Equities Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Finland (continued)
Kesko Oyj, Class B		26,083	$	653,739
Kone Oyj, Class B		32,458		1,657,242
Neste Oyj		40,401		1,856,879
Nokia Oyj		514,889		2,591,326
Nordea Bank Abp		306,151		3,117,207
Orion Oyj, Class B		10,170		417,494
Sampo Oyj, Class A		47,628		2,155,435
Stora Enso Oyj, Class R		55,556		1,077,010
UPM-Kymmene Oyj		50,970		1,808,453
Wartsila Oyj Abp		45,375		384,955
				17,275,326
France — 9.7%
Accor SA†		16,286		536,345
Aeroports de Paris†		2,846		425,811
Air Liquide SA		45,251		7,922,481
Alstom SA		30,301		828,667
Amundi SA*		5,826		339,652
Arkema SA		5,862		710,280
AXA SA		185,914		4,702,467
BioMerieux		3,971		418,015
BNP Paribas SA		107,417		6,143,842
Bollore SE		84,722		451,992
Bouygues SA		21,901		756,338
Bureau Veritas SA		28,080		811,104
Capgemini SE		15,312		2,974,041
Carrefour SA		59,276		1,211,654
Cie de Saint-Gobain		48,315		2,866,009
Cie Generale des Etablissements Michelin SCA		16,208		2,114,553
CNP Assurances		16,454		369,189
Covivio		4,986		364,217
Credit Agricole SA		118,111		1,311,521
Danone SA		62,388		3,671,397
Dassault Aviation SA		2,400		406,316
Dassault Systemes SE		63,487		2,674,437
Edenred		23,876		1,178,733
Eiffage SA		7,969		789,659
Electricite de France SA		52,282		463,717
Engie SA		174,421		2,345,349
EssilorLuxottica SA		27,449		4,432,992
Eurazeo SE		3,796		293,621
Euroapi SA†		4,721		68,624
Faurecia SE†		11,582		322,484
Gecina SA		4,401		517,899
Getlink SE		42,019		809,499
Hermes International		3,024		3,612,785
Ipsen SA		3,615		362,070
Kering SA		7,163		3,930,650
Klepierre SA		19,443		443,975
L’Oreal SA		23,965		8,472,008
La Francaise des Jeux SAEM*		9,154		334,082
Legrand SA		25,540		2,212,947
LVMH Moet Hennessy Louis Vuitton SE		26,511		17,049,105
Orange SA		190,520		2,383,295
Orpea SA		4,956		137,677
Pernod Ricard SA		20,007		3,927,457
Publicis Groupe SA		21,810		1,193,898
Remy Cointreau SA		2,178		401,247
Renault SA†		18,425		507,278
Safran SA		32,640		3,383,794
Sanofi		108,596		11,596,759
Sartorius Stedim Biotech		2,645		913,774
Schneider Electric SE		51,624		7,171,300
SEB SA		2,652		282,799
Societe Generale SA		77,420		2,086,414

Security Description	Shares		Value (Note 2)
France (continued)
Sodexo SA		8,449	$	631,255
Teleperformance		5,609		1,861,854
Thales SA		10,188		1,243,463
TotalEnergies SE		239,545		14,162,799
Ubisoft Entertainment SA†		8,964		469,711
Valeo		22,011		489,609
Veolia Environnement SA		62,596		1,755,479
Vinci SA		51,427		4,961,888
Vivendi SE		74,214		885,300
Wendel SE		2,572		265,050
Worldline SA†*		22,775		930,279
				151,292,906
Germany — 7.4%
adidas AG		18,182		3,602,677
Allianz SE		39,006		8,170,010
BASF SE		87,712		4,829,366
Bayer AG		93,818		6,705,141
Bayerische Motoren Werke AG		31,619		2,738,057
Bayerische Motoren Werke AG (Preference Shares)		5,530		432,544
Bechtle AG		7,850		350,022
Beiersdorf AG		9,626		997,237
Brenntag SE		14,780		1,141,850
Carl Zeiss Meditec AG		3,858		514,783
Commerzbank AG†		95,677		829,752
Continental AG		10,505		803,668
Covestro AG*		18,450		841,782
Daimler Truck Holding AG†		39,295		1,224,735
Delivery Hero SE†*		15,574		597,787
Deutsche Bank AG		197,370		2,197,252
Deutsche Boerse AG		18,144		3,044,038
Deutsche Lufthansa AG†		57,296		419,978
Deutsche Post AG		94,661		3,914,168
Deutsche Telekom AG		309,524		6,354,481
E.ON SE		214,402		2,182,911
Evonik Industries AG		20,101		537,951
Fresenius Medical Care AG & Co. KGaA		19,586		1,191,050
Fresenius SE & Co. KGaA		39,998		1,368,946
Fuchs Petrolub SE (Preference Shares)		6,662		204,508
GEA Group AG		14,651		584,185
Hannover Rueck SE		5,758		879,756
HeidelbergCement AG		14,211		825,267
HelloFresh SE†		15,801		587,329
Henkel AG & Co. KGaA		9,924		668,434
Henkel AG & Co. KGaA (Preference Shares)		17,043		1,165,930
Infineon Technologies AG		124,711		3,874,790
KION Group AG		6,917		338,922
Knorr-Bremse AG		6,953		474,839
LANXESS AG		7,833		364,638
LEG Immobilien SE		6,968		716,784
Mercedes-Benz Group AG		81,733		5,810,176
Merck KGaA		12,342		2,319,312
MTU Aero Engines AG		5,102		1,007,652
Muenchener Rueckversicherungs-Gesellschaft AG		13,379		3,272,063
Nemetschek SE		5,536		395,005
Porsche Automobil Holding SE (Preference Shares)		14,648		1,197,943
Puma SE		10,082		749,257
Rational AG		490		318,294
RWE AG		61,348		2,703,063
SAP SE		99,720		9,933,638
Sartorius AG (Preference Shares)		2,507		1,010,698
Scout24 SE*		7,983		494,215
Siemens AG		73,055		9,602,546
Siemens Energy AG		38,166		735,225
Siemens Healthineers AG*		26,930		1,615,947

121

VALIC Company I International Equities Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Germany (continued)
Symrise AG		12,680	$	1,398,597
Telefonica Deutschland Holding AG		99,794		317,000
Uniper SE		8,770		226,286
United Internet AG		9,298		304,772
Volkswagen AG		3,100		697,193
Volkswagen AG (Preference Shares)		17,723		2,944,759
Vonovia SE		70,454		2,681,893
Zalando SE†*		21,260		863,398
				116,274,500
Hong Kong — 2.1%
AIA Group, Ltd.		1,155,200		11,816,155
BOC Hong Kong Holdings, Ltd.		353,500		1,353,019
CLP Holdings, Ltd.		157,000		1,565,836
Galaxy Entertainment Group, Ltd.		208,000		1,107,897
Hang Lung Properties, Ltd.		194,000		362,312
Hang Seng Bank, Ltd.		73,000		1,274,961
Henderson Land Development Co., Ltd.		138,231		585,066
Hong Kong & China Gas Co., Ltd.		1,070,523		1,211,014
Hong Kong Exchanges & Clearing, Ltd.		115,000		4,929,542
Link REIT		199,600		1,806,214
MTR Corp., Ltd.		148,000		798,569
New World Development Co., Ltd.		143,750		547,726
Power Assets Holdings, Ltd.		132,500		865,577
Sino Land Co., Ltd.		318,000		449,294
Sun Hung Kai Properties, Ltd.		124,500		1,516,727
Swire Pacific, Ltd., Class A		47,500		287,282
Swire Properties, Ltd.		112,200		273,639
Techtronic Industries Co., Ltd.		131,500		1,705,662
				32,456,492
Ireland — 0.7%
CRH PLC		73,773		3,052,732
DCC PLC		9,417		666,386
Flutter Entertainment PLC†#		15,917		1,941,740
James Hardie Industries PLC CDI		42,508		1,096,483
Kerry Group PLC, Class A		15,199		1,571,433
Kingspan Group PLC		14,734		1,213,104
Smurfit Kappa Group PLC		23,540		952,677
				10,494,555
Isle of Man — 0.1%
Entain PLC†		56,000		1,033,204
Israel — 0.6%
Azrieli Group, Ltd.		4,068		305,532
Bank Hapoalim BM		108,483		1,006,166
Bank Leumi Le-Israel BM		138,747		1,381,864
Check Point Software Technologies, Ltd.†		10,093		1,262,432
CyberArk Software, Ltd.†		3,826		531,431
Elbit Systems, Ltd.		2,542		517,100
Fiverr International, Ltd.†#		2,800		118,468
ICL Group, Ltd.		67,448		750,366
Inmode, Ltd.†		4,700		126,007
Israel Discount Bank, Ltd., Class A		111,160		631,009
Kornit Digital, Ltd.†		4,400		184,668
Mizrahi Tefahot Bank, Ltd.		13,456		442,766
NICE, Ltd.†		6,028		1,200,451
Teva Pharmaceutical Industries, Ltd. ADR†		105,413		959,258
Wix.com, Ltd.†		5,484		345,547
				9,763,065
Italy — 1.7%
Amplifon SpA		11,935		411,201
Assicurazioni Generali SpA#		105,691		1,924,832
Atlantia SpA		47,316		1,147,682

Security Description	Shares		Value (Note 2)
Italy (continued)
DiaSorin SpA#		2,413	$	317,567
Enel SpA		776,708		5,045,352
Eni SpA#		241,026		3,651,143
FinecoBank Banca Fineco SpA		58,243		824,829
Infrastrutture Wireless Italiane SpA#*		32,214		358,642
Intesa Sanpaolo SpA		1,577,215		3,444,654
Mediobanca Banca di Credito Finanziario SpA		59,535		611,520
Moncler SpA		19,636		943,868
Nexi SpA†#*		50,048		509,870
Poste Italiane SpA*		50,079		542,414
Prysmian SpA		24,327		785,951
Recordati Industria Chimica e Farmaceutica SpA		10,023		448,974
Snam SpA		192,571		1,118,953
Telecom Italia SpA#		955,110		305,190
Terna - Rete Elettrica Nazionale SpA		134,363		1,138,603
UniCredit SpA		201,959		2,368,726
				25,899,971
Japan — 20.3%
Advantest Corp.		19,100		1,310,984
Aeon Co., Ltd.#		62,400		1,140,342
AGC, Inc.		18,500		695,278
Aisin Corp.		14,100		461,089
Ajinomoto Co., Inc.		44,600		1,083,120
ANA Holdings, Inc.†#		15,300		301,010
Asahi Group Holdings, Ltd.		43,600		1,465,648
Asahi Intecc Co., Ltd.#		20,700		312,125
Asahi Kasei Corp.		120,000		968,850
Astellas Pharma, Inc.		177,800		2,844,659
Azbil Corp.		11,800		348,153
Bandai Namco Holdings, Inc.		19,100		1,424,103
Benefit One, Inc.#		7,700		119,905
Bridgestone Corp.		54,500		2,145,130
Brother Industries, Ltd.		22,600		415,698
Canon, Inc.		95,500		2,399,841
Capcom Co., Ltd.		16,800		476,819
Central Japan Railway Co.		13,800		1,713,947
Chiba Bank, Ltd.		50,800		261,322
Chubu Electric Power Co., Inc.		61,500		616,435
Chugai Pharmaceutical Co., Ltd.		64,100		1,752,817
Concordia Financial Group, Ltd.		104,400		353,112
Cosmos Pharmaceutical Corp.#		1,910		180,778
CyberAgent, Inc.		38,596		415,032
Dai Nippon Printing Co., Ltd.		21,200		482,677
Dai-ichi Life Holdings, Inc.		96,000		1,965,842
Daifuku Co., Ltd.		9,691		607,914
Daiichi Sankyo Co., Ltd.		167,300		4,437,814
Daikin Industries, Ltd.		23,800		3,806,349
Daito Trust Construction Co., Ltd.		6,200		547,131
Daiwa House Industry Co., Ltd.		54,100		1,301,170
Daiwa House REIT Investment Corp.		210		519,162
Daiwa Securities Group, Inc.		137,900		669,046
Denso Corp.		41,400		2,520,723
Dentsu Group, Inc.		20,700		689,244
Disco Corp.		2,800		759,250
East Japan Railway Co.		28,900		1,481,027
Eisai Co., Ltd.		22,700		931,760
ENEOS Holdings, Inc.		293,100		1,176,668
FANUC Corp.		18,300		2,984,197
Fast Retailing Co., Ltd.#		5,600		2,703,782
Fuji Electric Co., Ltd.		12,100		569,080
FUJIFILM Holdings Corp.		34,400		1,890,850
Fujitsu, Ltd.		18,800		2,815,263
GLP J-REIT		408		524,732
GMO Payment Gateway, Inc.		4,000		329,681

122

VALIC Company I International Equities Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Japan (continued)
Hakuhodo DY Holdings, Inc.		22,400	$	227,980
Hamamatsu Photonics KK		13,400		624,882
Hankyu Hanshin Holdings, Inc.		21,900		586,175
Hikari Tsushin, Inc.		2,000		226,170
Hino Motors, Ltd.		27,500		152,795
Hirose Electric Co., Ltd.		3,135		436,170
Hitachi Construction Machinery Co., Ltd.		10,300		241,002
Hitachi Metals, Ltd.†		20,600		330,239
Hitachi, Ltd.		92,500		4,836,059
Honda Motor Co., Ltd.		155,700		3,868,418
Hoshizaki Corp.		5,200		307,323
Hoya Corp.		35,300		3,768,073
Hulic Co., Ltd.		36,700		299,524
Ibiden Co., Ltd.		10,100		368,446
Idemitsu Kosan Co., Ltd.		19,876		534,303
Iida Group Holdings Co., Ltd.		14,100		222,572
Inpex Corp.		97,700		1,253,084
Isuzu Motors, Ltd.		55,700		651,092
Ito En, Ltd.		5,143		217,951
ITOCHU Corp.		113,500		3,247,532
Itochu Techno-Solutions Corp.		9,200		228,859
Japan Airlines Co., Ltd.†		13,800		250,544
Japan Exchange Group, Inc.		48,800		768,662
Japan Metropolitan Fund Investment Corp.		667		563,734
Japan Post Bank Co., Ltd.		39,400		301,092
Japan Post Holdings Co., Ltd.		233,900		1,745,861
Japan Post Insurance Co., Ltd.		19,100		315,106
Japan Real Estate Investment Corp.		119		590,030
Japan Tobacco, Inc.		114,600		2,080,504
JFE Holdings, Inc.		46,900		576,583
JSR Corp.		19,400		611,854
Kajima Corp.		42,900		460,789
Kakaku.com, Inc.		12,700		250,918
Kansai Electric Power Co., Inc.		67,200		654,686
Kansai Paint Co., Ltd.		17,000		210,706
Kao Corp.		45,400		1,827,672
KDDI Corp.		154,000		5,361,086
Keio Corp.#		9,800		326,736
Keisei Electric Railway Co., Ltd.#		12,300		320,037
Keyence Corp.		18,600		7,418,218
Kikkoman Corp.		13,900		740,480
Kintetsu Group Holdings Co., Ltd.#		16,400		478,403
Kirin Holdings Co., Ltd.		78,600		1,214,479
Kobayashi Pharmaceutical Co., Ltd.		5,101		341,795
Kobe Bussan Co., Ltd.#		13,040		315,077
Koei Tecmo Holdings Co, Ltd.		5,630		198,864
Koito Manufacturing Co., Ltd.		10,000		364,543
Komatsu, Ltd.		83,600		2,067,685
Konami Holdings Corp.		8,900		608,063
Kose Corp.#		3,179		287,103
Kubota Corp.		98,100		1,802,295
Kurita Water Industries, Ltd.		9,400		364,731
Kyocera Corp.		30,600		1,721,455
Kyowa Kirin Co., Ltd.		25,800		555,112
Lasertec Corp.†		7,225		1,053,521
Lawson, Inc.		4,800		169,519
Lion Corp.		21,500		239,869
LIXIL Corp.		25,500		484,911
M3, Inc.		42,100		1,214,451
Makita Corp.		21,400		583,219
Marubeni Corp.		149,400		1,566,034
Mazda Motor Corp.		54,500		459,246
McDonald’s Holdings Co. Japan, Ltd.#		7,600		295,684
Medipal Holdings Corp.		17,600		246,237
MEIJI Holdings Co., Ltd.		11,700		575,812

Security Description	Shares		Value (Note 2)
Japan (continued)
Mercari, Inc.†#		9,900	$	165,259
Minebea Mitsumi, Inc.		34,700		645,669
MISUMI Group, Inc.		27,100		610,801
Mitsubishi Chemical Holdings Corp.		122,300		721,644
Mitsubishi Corp.		120,600		4,140,454
Mitsubishi Electric Corp.		174,300		1,910,785
Mitsubishi Estate Co., Ltd.		112,900		1,670,153
Mitsubishi Gas Chemical Co., Inc.		15,100		244,355
Mitsubishi HC Capital, Inc.		63,300		300,739
Mitsubishi Heavy Industries, Ltd.		30,600		1,162,746
Mitsubishi UFJ Financial Group, Inc.		1,141,500		6,459,975
Mitsui & Co., Ltd.		149,000		3,733,299
Mitsui Chemicals, Inc.		17,600		429,781
Mitsui Fudosan Co., Ltd.		87,700		1,913,629
Mitsui OSK Lines, Ltd.		32,700		872,655
Miura Co., Ltd.		8,336		187,093
Mizuho Financial Group, Inc.		230,320		2,720,559
MonotaRO Co., Ltd.#		24,000		350,590
MS&AD Insurance Group Holdings, Inc.		42,500		1,348,752
Murata Manufacturing Co., Ltd.		54,900		3,537,360
NEC Corp.		23,400		943,275
Nexon Co., Ltd.		47,200		1,170,280
NGK Insulators, Ltd.		24,200		358,972
Nidec Corp.		42,700		2,865,211
Nihon M&A Center Holdings, Inc.		28,948		334,397
Nintendo Co., Ltd.		10,500		4,673,502
Nippon Building Fund, Inc.#		142		771,706
Nippon Express Holdings, Inc.		7,300		421,413
Nippon Paint Holdings Co., Ltd.		79,200		586,171
Nippon Prologis REIT, Inc.		197		524,470
Nippon Sanso Holdings Corp.		14,500		271,900
Nippon Shinyaku Co., Ltd.		4,700		290,083
Nippon Steel Corp.		81,800		1,418,949
Nippon Telegraph & Telephone Corp.		114,100		3,468,209
Nippon Yusen KK		15,400		1,276,851
Nissan Chemical Corp.		11,600		652,741
Nissan Motor Co., Ltd.		221,700		858,238
Nisshin Seifun Group, Inc.		19,000		221,796
Nissin Foods Holdings Co., Ltd.		6,100		398,700
Nitori Holdings Co., Ltd.		7,600		767,006
Nitto Denko Corp.		13,600		983,772
Nomura Holdings, Inc.		293,400		1,157,171
Nomura Real Estate Holdings, Inc.		11,300		282,342
Nomura Real Estate Master Fund, Inc.		405		527,493
Nomura Research Institute, Ltd.		32,100		881,417
NTT Data Corp.		60,300		943,709
Obayashi Corp.		62,200		440,093
OBIC Co., Ltd.		6,700		989,099
Odakyu Electric Railway Co., Ltd.#		28,099		370,013
Oji Holdings Corp.		77,800		342,260
Olympus Corp.		105,600		2,200,536
Omron Corp.		17,700		1,015,984
Ono Pharmaceutical Co., Ltd.		35,300		932,792
Open House Group Co., Ltd.		7,800		324,399
Oracle Corp. Japan†#		3,700		224,102
Oriental Land Co., Ltd.		19,100		2,844,569
ORIX Corp.		116,600		2,213,856
Orix JREIT, Inc.		251		362,739
Osaka Gas Co., Ltd.		35,900		670,537
Otsuka Corp.		10,900		344,723
Otsuka Holdings Co., Ltd.		37,300		1,240,267
Pan Pacific International Holdings Corp.		39,500		606,864
Panasonic Holdings Corp.		210,930		1,932,480
Persol Holdings Co., Ltd.		16,974		328,680
Pola Orbis Holdings, Inc.		8,832		107,807

123

VALIC Company I International Equities Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Japan (continued)
Rakuten Group, Inc.		83,100	$	465,535
Recruit Holdings Co., Ltd.		129,583		4,736,168
Renesas Electronics Corp.†		120,400		1,413,458
Resona Holdings, Inc.		197,100		733,925
Ricoh Co., Ltd.		64,000		536,127
Rinnai Corp.		3,300		228,003
Rohm Co., Ltd.		8,400		689,392
Ryohin Keikaku Co., Ltd.		24,240		257,137
Santen Pharmaceutical Co., Ltd.		34,500		278,506
SBI Holdings, Inc.		23,400		474,129
SCSK Corp.		15,042		251,468
Secom Co., Ltd.		20,000		1,317,907
Seiko Epson Corp.		26,800		447,691
Sekisui Chemical Co., Ltd.		36,000		515,508
Sekisui House, Ltd.		58,900		1,046,800
Seven & i Holdings Co., Ltd.		72,000		3,020,552
SG Holdings Co., Ltd.		30,656		551,011
Sharp Corp.		20,500		166,320
Shimadzu Corp.		22,600		827,700
Shimano, Inc.		7,100		1,250,187
Shimizu Corp.		52,900		280,821
Shin-Etsu Chemical Co., Ltd.		33,800		4,789,609
Shionogi & Co., Ltd.		25,300		1,348,460
Shiseido Co., Ltd.		38,200		1,604,292
Shizuoka Bank, Ltd.		42,800		249,950
SMC Corp.		5,500		2,830,890
SoftBank Corp.		274,300		3,147,778
SoftBank Group Corp.		115,200		4,782,514
Sohgo Security Services Co., Ltd.		6,800		187,779
Sompo Holdings, Inc.		29,900		1,355,318
Sony Group Corp.		120,400		11,327,607
Square Enix Holdings Co., Ltd.		8,200		407,208
Stanley Electric Co., Ltd.		12,400		224,500
Subaru Corp.		58,800		1,013,618
SUMCO Corp.		31,904		515,281
Sumitomo Pharma Co., Ltd.		17,200		147,112
Sumitomo Chemical Co., Ltd.		142,300		585,192
Sumitomo Corp.		107,700		1,543,430
Sumitomo Electric Industries, Ltd.		72,000		793,932
Sumitomo Metal Mining Co., Ltd.		23,600		990,479
Sumitomo Mitsui Financial Group, Inc.		124,700		3,815,266
Sumitomo Mitsui Trust Holdings, Inc.		32,300		974,310
Sumitomo Realty & Development Co., Ltd.		29,500		793,771
Suntory Beverage & Food, Ltd.		13,300		497,171
Suzuki Motor Corp.		35,200		1,039,314
Sysmex Corp.		16,000		1,039,277
T&D Holdings, Inc.		50,600		580,145
Taisei Corp.		18,200		544,965
Taisho Pharmaceutical Holdings Co., Ltd.		3,700		142,276
Takeda Pharmaceutical Co., Ltd.		151,100		4,343,602
TDK Corp.		37,100		1,278,734
Terumo Corp.		61,600		1,988,357
TIS, Inc.		20,356		532,069
Tobu Railway Co., Ltd.#		18,000		402,768
Toho Co., Ltd.		10,700		421,995
Tokio Marine Holdings, Inc.		59,900		3,465,764
Tokyo Century Corp.#		3,516		117,400
Tokyo Electric Power Co. Holdings, Inc.†		146,300		545,961
Tokyo Electron, Ltd.		14,300		6,548,702
Tokyo Gas Co., Ltd.		35,800		698,029
Tokyu Corp.#		47,700		540,318
Toppan, Inc.		25,100		471,479
Toray Industries, Inc.		132,400		683,202
Toshiba Corp.		37,200		1,668,089
Tosoh Corp.		24,900		361,493

Security Description	Shares		Value (Note 2)
Japan (continued)
TOTO, Ltd.		13,500	$	454,605
Toyo Suisan Kaisha, Ltd.		8,500		317,304
Toyota Industries Corp.		14,000		898,116
Toyota Motor Corp.		1,012,700		16,816,847
Toyota Tsusho Corp.		20,300		773,124
Trend Micro, Inc.		12,800		750,091
Tsuruha Holdings, Inc.		3,804		207,513
Unicharm Corp.		38,500		1,318,550
USS Co., Ltd.		20,999		382,367
Welcia Holdings Co., Ltd.		9,000		181,080
West Japan Railway Co.		21,000		773,574
Yakult Honsha Co., Ltd.		12,200		670,330
Yamaha Corp.		12,800		526,782
Yamaha Motor Co., Ltd.		28,500		576,386
Yamato Holdings Co., Ltd.		27,900		483,256
Yaskawa Electric Corp.		22,900		793,640
Yokogawa Electric Corp.		21,900		394,005
Z Holdings Corp.		256,300		843,770
ZOZO, Inc.		11,893		253,834
				318,042,411
Jersey — 0.8%
Experian PLC		88,126		2,952,452
Ferguson PLC		21,111		2,538,073
Glencore PLC		947,007		6,227,923
WPP PLC		111,509		1,294,112
				13,012,560
Luxembourg — 0.3%
ArcelorMittal SA		61,006		1,965,013
Aroundtown SA		95,765		448,870
Eurofins Scientific SE		12,834		1,197,482
InPost SA†#		19,171		131,686
Tenaris SA		45,264		756,224
				4,499,275
Netherlands — 5.1%
ABN AMRO Bank NV CVA#*		40,546		475,429
Adyen NV†*		1,894		2,949,521
Aegon NV#		170,973		914,024
AerCap Holdings NV†		12,862		635,897
Airbus SE		56,301		6,596,367
Akzo Nobel NV		17,901		1,564,628
Argenx SE†		4,385		1,358,029
ASM International NV		4,472		1,391,251
ASML Holding NV		39,472		22,761,558
CNH Industrial NV		97,722		1,456,887
Davide Campari-Milano NV		50,105		535,288
Euronext NV*		8,197		709,941
EXOR NV		10,357		765,164
Ferrari NV		12,037		2,346,842
Heineken Holding NV		11,002		873,219
Heineken NV#		24,753		2,495,677
IMCD NV#		5,452		818,761
ING Groep NV		372,826		4,218,563
JDE Peet’s NV		9,603		281,603
Just Eat Takeaway.com NV†*		17,248		385,964
Koninklijke Ahold Delhaize NV		99,863		2,757,257
Koninklijke DSM NV		16,691		2,821,683
Koninklijke KPN NV		321,086		1,169,777
Koninklijke Philips NV		87,609		2,259,057
NN Group NV		25,847		1,286,817
Prosus NV		89,112		4,627,548
QIAGEN NV†		22,043		1,014,211
Randstad NV#		11,419		645,267

124

VALIC Company I International Equities Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Netherlands (continued)
Stellantis NV		194,451	$	2,914,484
STMicroelectronics NV		65,217		2,609,689
Universal Music Group NV		69,269		1,555,611
Wolters Kluwer NV		25,069		2,481,288
				79,677,302
New Zealand — 0.2%
Auckland International Airport, Ltd.†		119,986		583,814
Fisher & Paykel Healthcare Corp., Ltd.		55,106		751,933
Mercury NZ, Ltd.		65,291		233,621
Meridian Energy, Ltd.		122,795		375,180
Ryman Healthcare, Ltd.#		40,738		264,964
Spark New Zealand, Ltd.		178,972		565,972
Xero, Ltd.†		12,789		815,053
				3,590,537
Norway — 0.7%
Adevinta ASA†		27,830		233,678
Aker BP ASA#		12,057		516,912
DNB Bank ASA		88,833		1,800,912
Equinor ASA		93,330		3,533,297
Gjensidige Forsikring ASA		19,171		418,236
Mowi ASA		41,975		1,093,716
Norsk Hydro ASA		128,429		1,027,207
Orkla ASA		71,725		565,055
Schibsted ASA, Class A#		7,009		148,507
Schibsted ASA, Class B		9,331		172,610
Telenor ASA		66,822		922,329
Yara International ASA		15,839		819,792
				11,252,251
Portugal — 0.2%
Banco Espirito Santo SA†(1)		213,818		0
EDP — Energias de Portugal SA		265,554		1,332,641
Galp Energia SGPS SA		47,869		626,247
Jeronimo Martins SGPS SA		27,090		555,005
				2,513,893
Singapore — 1.1%
Ascendas Real Estate Investment Trust		321,024		653,064
CapitaLand Integrated Commercial Trust†		464,768		741,769
Capitaland Investment, Ltd.		252,000		725,345
CDL Hospitality Trusts		6,232		5,676
City Developments, Ltd.		39,200		235,921
DBS Group Holdings, Ltd.		173,000		3,897,976
Genting Singapore, Ltd.		579,600		329,398
Keppel Corp., Ltd.		139,600		700,891
Mapletree Commercial Trust		206,900		268,525
Mapletree Logistics Trust		298,378		356,636
Oversea-Chinese Banking Corp., Ltd.		323,400		2,787,414
Singapore Airlines, Ltd.†#		128,449		518,424
Singapore Exchange, Ltd.		77,000		534,933
Singapore Technologies Engineering, Ltd.		149,700		449,122
Singapore Telecommunications, Ltd.		788,500		1,488,501
United Overseas Bank, Ltd.		112,700		2,420,878
UOL Group, Ltd.		44,500		241,669
Venture Corp., Ltd.		26,552		346,631
Wilmar International, Ltd.		183,400		557,451
				17,260,224
Spain — 2.3%
ACS Actividades de Construccion y Servicios SA#		22,257		631,749
Aena SME SA†*		7,162		1,094,744
Amadeus IT Group SA†		43,021		2,676,793
Banco Bilbao Vizcaya Argentaria SA		636,762		3,486,791

Security Description	Shares		Value (Note 2)
Spain (continued)
Banco Santander SA†#		1,655,976	$	5,352,284
CaixaBank SA		423,371		1,534,002
Cellnex Telecom SA*		48,655		2,197,035
EDP Renovaveis SA		27,519		675,024
Enagas SA#		23,857		546,064
Endesa SA		30,332		672,037
Ferrovial SA		46,323		1,195,881
Ferrovial SA†		532		13,724
Grifols SA#		28,593		601,722
Iberdrola SA		556,266		6,593,189
Industria de Diseno Textil SA		104,171		2,505,881
Naturgy Energy Group SA#		18,589		562,214
Red Electrica Corp. SA		41,337		856,489
Repsol SA		138,568		2,215,329
Siemens Gamesa Renewable Energy SA†#		22,852		441,349
Telefonica SA#		503,212		2,722,144
				36,574,445
SupraNational — 0.1%
HK Electric Investments & HK Electric Investments, Ltd.		254,269		243,330
HKT Trust & HKT, Ltd.		363,000		499,046
Unibail-Rodamco-Westfield†		11,912		838,760
				1,581,136
Sweden — 3.0%
Alfa Laval AB		30,043		813,414
Assa Abloy AB, Class B		95,716		2,359,528
Atlas Copco AB, Class A		256,608		2,880,826
Atlas Copco AB, Class A (Redemption Shares)†		64,152		52,420
Atlas Copco AB, Class B		148,948		1,442,699
Atlas Copco AB, Class B (Redemption Shares)†		37,237		30,427
Boliden AB		26,119		1,099,064
Boliden AB (Redemption Shares)†		26,119		41,401
Electrolux AB, Class B		21,620		336,633
Embracer Group AB†		53,441		486,180
Epiroc AB, Class A		63,042		1,223,082
Epiroc AB, Class B		37,176		626,198
EQT AB		28,305		833,645
Essity AB, Class B		58,218		1,528,061
Evolution AB*		16,434		1,724,333
Fastighets AB Balder, Class B†		60,480		437,286
Getinge AB, Class B		21,881		634,409
Hennes & Mauritz AB, Class B		69,865		965,392
Hexagon AB, Class B		185,877		2,264,913
Husqvarna AB, Class B		40,108		361,927
Industrivarden AB, Class A		12,489		324,385
Industrivarden AB, Class C		15,486		402,376
Investment AB Latour, Class B		14,191		349,511
Investor AB, Class A		47,508		992,671
Investor AB, Class B		174,113		3,269,711
Kinnevik AB, Class B†		23,188		463,689
L E Lundbergforetagen AB, Class B		7,285		359,229
Lifco AB		22,300		460,148
Lundin Energy AB		19,113		919,575
Nibe Industrier AB, Class B		136,447		1,191,977
Sagax AB, Class B		15,406		420,057
Sandvik AB		107,811		2,215,226
Securitas AB, Class B		30,014		320,848
Sinch AB†*		49,965		241,700
Skandinaviska Enskilda Banken AB, Class A		155,423		1,720,159
Skanska AB, Class B		32,487		561,601
SKF AB, Class B		36,581		647,177
Svenska Cellulosa AB SCA, Class B		57,858		1,049,401
Svenska Handelsbanken AB, Class A		139,530		1,375,020

125

VALIC Company I International Equities Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Sweden (continued)
Swedbank AB, Class A		86,482	$	1,309,486
Swedish Match AB		150,885		1,560,545
Tele2 AB, Class B		47,829		585,240
Telefonaktiebolaget LM Ericsson, Class B		278,734		2,262,974
Telia Co. AB		253,856		1,041,133
Volvo AB, Class A		19,052		349,834
Volvo AB, Class B		136,596		2,399,307
				46,934,818
Switzerland — 9.4%
ABB, Ltd.		156,855		4,852,700
Adecco Group AG		15,262		596,261
Alcon, Inc.		47,720		3,577,479
Bachem Holding AG		2,965		232,863
Baloise Holding AG		4,374		745,537
Barry Callebaut AG		341		749,269
Chocoladefabriken Lindt & Spruengli AG		10		1,036,819
Chocoladefabriken Lindt & Spruengli AG (Participation Certificate)		102		1,025,631
Cie Financiere Richemont SA		49,849		5,550,877
Clariant AG#		20,682		398,235
Coca-Cola HBC AG		19,224		423,906
Credit Suisse Group AG		253,138		1,788,048
EMS-Chemie Holding AG		670		573,854
Geberit AG		3,426		1,881,139
Givaudan SA		882		3,247,025
Holcim, Ltd.		49,996		2,484,133
Julius Baer Group, Ltd.		21,163		1,092,939
Kuehne & Nagel International AG		5,189		1,370,154
Logitech International SA		16,560		1,011,220
Lonza Group AG		7,111		4,288,083
Nestle SA		268,823		32,894,106
Novartis AG		209,231		18,994,733
Partners Group Holding AG		2,167		2,331,007
Roche Holding AG (BR)		3,061		1,195,909
Roche Holding AG (NES)		67,092		22,838,935
Schindler Holding AG (Participation Certificate)		3,888		798,620
Schindler Holding AG		1,929		386,115
SGS SA		573		1,426,162
Sika AG#		13,550		3,753,252
Sonova Holding AG		5,128		1,821,252
Straumann Holding AG		9,880		1,263,362
Swatch Group AG (TRQX)		5,043		246,361
Swatch Group AG (XEGT)#		2,764		713,904
Swiss Life Holding AG		3,011		1,706,743
Swiss Prime Site AG		7,255		730,288
Swiss Re AG		28,804		2,376,665
Swisscom AG		2,473		1,462,262
Temenos AG		6,426		624,630
UBS Group AG		335,891		6,325,273
VAT Group AG*		2,583		769,640
Vifor Pharma AG#		4,655		827,275
Zurich Insurance Group AG		14,368		6,580,753
				146,993,419
United Kingdom — 13.7%
3i Group PLC		92,938		1,489,527
Abrdn PLC		209,032		514,552
Admiral Group PLC		18,594		521,418
Anglo American PLC		122,169		5,981,046
Antofagasta PLC		37,658		703,331
Ashtead Group PLC		42,606		2,232,669
Associated British Foods PLC		34,021		742,475
AstraZeneca PLC		147,939		19,572,159

Security Description	Shares		Value (Note 2)
United Kingdom (continued)
Auto Trader Group PLC*		90,791	$	675,252
AVEVA Group PLC#		11,547		331,857
Aviva PLC		275,081		1,492,421
BAE Systems PLC		302,939		2,886,091
Barclays PLC		1,600,251		3,410,748
Barratt Developments PLC		97,611		621,613
Berkeley Group Holdings PLC		10,766		570,232
BP PLC		1,885,610		10,220,489
British American Tobacco PLC		208,176		9,187,361
British Land Co. PLC#		84,389		559,598
BT Group PLC		852,522		2,012,643
Bunzl PLC		32,218		1,124,118
Burberry Group PLC		38,672		836,034
Coca-Cola Europacific Partners PLC		19,563		1,039,382
Compass Group PLC		170,369		3,821,252
Croda International PLC		13,347		1,163,233
Diageo PLC		222,612		10,337,482
GlaxoSmithKline PLC		480,517		10,496,494
Halma PLC		36,317		1,021,183
Hargreaves Lansdown PLC#		34,099		368,689
Hikma Pharmaceuticals PLC		16,590		354,952
HSBC Holdings PLC		1,943,154		13,021,410
Imperial Brands PLC		90,379		2,041,323
Informa PLC†		143,542		986,653
InterContinental Hotels Group PLC		17,497		1,090,286
Intertek Group PLC		15,412		900,858
J Sainsbury PLC		167,286		481,669
JD Sports Fashion PLC		247,215		382,538
Johnson Matthey PLC		18,551		493,776
Kingfisher PLC		199,332		662,708
Land Securities Group PLC		67,268		650,770
Legal & General Group PLC		570,130		1,868,807
Lloyds Banking Group PLC		6,780,755		3,860,056
London Stock Exchange Group PLC		31,424		2,931,956
M&G PLC		248,283		676,394
Melrose Industries PLC		417,553		714,162
Mondi PLC		46,369		902,326
National Grid PLC		345,420		5,112,651
Natwest Group PLC		540,058		1,555,167
Next PLC		12,718		1,041,807
Ocado Group PLC†#		46,707		549,372
Pearson PLC		72,488		689,743
Persimmon PLC		30,473		836,699
Phoenix Group Holdings PLC		66,814		537,471
Prudential PLC		262,273		3,426,599
Reckitt Benckiser Group PLC		68,214		5,278,961
RELX PLC		184,750		5,302,410
Rentokil Initial PLC#		177,867		1,135,466
Rio Tinto PLC		107,263		7,778,340
Rolls-Royce Holdings PLC†#		800,457		876,003
Sage Group PLC		97,694		808,757
Schroders PLC		11,916		445,414
Segro PLC		114,818		1,604,570
Severn Trent PLC		23,944		879,939
Shell PLC		735,260		21,776,202
Smith & Nephew PLC		83,970		1,369,648
Smiths Group PLC		37,788		741,336
Spirax-Sarco Engineering PLC		7,057		940,431
SSE PLC		101,770		2,274,173
St James’s Place PLC		51,687		844,397
Standard Chartered PLC		249,939		1,987,436
Taylor Wimpey PLC		348,242		571,614
Tesco PLC		734,144		2,397,334
Unilever PLC (XAMS)		131,900		6,352,476
Unilever PLC (LSE)		113,352		5,467,699

126

VALIC Company I International Equities Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
COMMON STOCKS (continued)
United Kingdom (continued)
United Utilities Group PLC		65,118		$	868,595
Vodafone Group PLC#		2,605,793			4,291,503
Whitbread PLC		19,290			663,072
					214,359,278
Total Common Stocks
(cost $1,287,637,958)					1,440,486,159
EXCHANGE-TRADED FUNDS — 2.6%
United States — 2.6%
iShares MSCI EAFE ETF# (cost $43,943,223)		570,800			39,961,708
WARRANTS† — 0.0%
Switzerland — 0.0%
Cie Financiere Richemont SA Expires 11/29/2023 (cost $0)		94,272			56,021
Total Long-Term Investment Securities
(cost $1,331,581,181)					1,480,503,888
SHORT-TERM INVESTMENT SECURITIES — 2.6%
Registered Investment Companies — 2.2%
State Street Navigator Securities Lending Government Money Market Portfolio 0.32%(2)(3)		34,915,531			34,915,531
U.S. Government Treasuries — 0.4%
United States Treasury Bills
0.26% due 12/01/2022(4)	$	2,000,000			1,984,106
1.09% due 02/23/2023(4)		2,000,000			1,974,516
1.11% due 02/23/2023(4)		100,000			98,726
1.20% due 02/23/2023(4)		500,000			493,629
1.91% due 05/18/2023(4)		200,000			196,112
1.93% due 04/20/2023(4)		100,000			98,290
1.97% due 04/20/2023(4)		500,000			491,448
2.01% due 04/20/2023(4)		100,000			98,290
					5,435,117
Total Short-Term Investment Securities
(cost $40,375,381)					40,350,648
REPURCHASE AGREEMENTS — 3.2%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.06% dated 05/31/2022, to be repurchased 06/01/2022 in the amount of $49,575,095 and collateralized by $5,340,700 of United States Treasury Notes, bearing interest at 1.25% due 06/30/2028 and by $50,000,000 of United States Treasury Notes, bearing interest at 1.63% due 05/15/2031 and having an approximate aggregate value of $50,566,559. (cost $49,575,012)		49,575,012			49,575,012
TOTAL INVESTMENTS
(cost $1,421,531,574)(5)		100.5	%		1,570,429,548
Liabilities in excess of other assets		(0.5	)		(7,127,881	)
NET ASSETS		100.0	%	$	1,563,301,667

# 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, 2022, the aggregate value of these securities was $22,303,683 representing 1.4% of net assets.

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

(2) At May 31, 2022, the Fund had loaned securities with a total value of $61,469,489. This was secured by collateral of $34,915,531, which was received in cash and subsequently invested in short-term investments currently valued at $34,915,531 as reported in the Portfolio of Investments. Additional collateral of $30,129,533 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,  2022
United States Treasury Bills	0.00%	06/09/2022 to 11/03/2022	$	639,933
United States Treasury Notes/Bonds	0.13% to 6.25%	06/30/2022 to 11/15/2051		29,489,600

(3) The rate shown is the 7-day yield as of May 31, 2022.

(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

BR—Bearer Shares

CDI—Chess Depositary Interest

CVA—Certification Van Aandelen (Dutch Cert.)

ETF—Exchange-Traded Fund

LSE—London Stock Exchange

NES—Non-Voting Equity Securities

TRQX—Turquoise Stock Exchange

XAMS—Euronext Amsterdam Stock Exchange

XEGT—Equiduct Stock Exchange

Futures Contracts

Number of Contracts

Type

Description

Expiration Month

Notional Basis*

Notional Value*

Unrealized Appreciation (Depreciation)

819

Long

MSCI EAFE Index

June 2022

85,147,570

83,415,150

$

(1,732,420

)

* 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.

127

VALIC Company I International Equities Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2022 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs			Level 3 - Signifcant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stock:
Australia	$	724,390	$	113,308,756	**	$	0	$	114,033,146
Portugal		—		2,513,893	**		0		2,513,893
Other Countries		8,502,377		1,315,436,743	**		—		1,323,939,120
Exchange-Traded Funds		39,961,708		—			—		39,961,708
Warrants		56,021		—			—		56,021
Short-Term Investment Securities:
Registered Investment Companies		34,915,531		—			—		34,915,531
U.S. Government Treasuries		—		5,435,117			—		5,435,117
Repurchase Agreements		—		49,575,012			—		49,575,012
Total Investments at Value	$	84,160,027	$	1,486,269,521		$	0	$	1,570,429,548
LIABILITIES:
Other Financial Instruments:†
Futures Contracts	$	1,732,420	$	—		$	—	$	1,732,420

* 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.

Level 3 investments in securities were not considered a significant portion of the Fund’s net assets.

See Notes to Financial Statements

128

VALIC Company I International Government Bond Fund

PORTFOLIO PROFILE — May 31, 2022 (unaudited)

Industry Allocation*

Sovereign	57.2	%
United States Treasury Notes	26.3
United States Treasury Bonds	5.5
Oil Companies — Integrated	2.4
Banks — Commercial	1.3
Electric — Generation	0.9
Registered Investment Companies	0.9
Food — Meat Products	0.4
Finance — Leasing Companies	0.3
Building & Construction — Misc.	0.3
Energy — Alternate Sources	0.3
Transport — Services	0.3
Medical Labs & Testing Services	0.3
Independent Power Producers	0.2
Warehousing & Harbor Transportation Services	0.2
Pipelines	0.2
Chemicals — Diversified	0.2
Metal — Aluminum	0.2
Electric — Integrated	0.2
Electric — Distribution	0.1
	97.7	%

Country Allocation*

United States	32.7	%
Japan	10.4
Germany	4.8
France	4.1
Italy	4.0
Spain	3.8
United Kingdom	2.7
Colombia	1.8
Canada	1.6
United Arab Emirates	1.6
Belgium	1.5
Mexico	1.4
Netherlands	1.3
Saudi Arabia	1.2
Qatar	1.2
Egypt	1.2
Austria	1.1
Ecuador	1.0
Indonesia	1.1
Chile	0.9
Dominican Republic	1.0
Panama	0.9
Cayman Islands	0.9
Peru	0.9
Oman	0.8
Australia	0.8
Guatemala	0.8
Paraguay	0.7
South Africa	0.6
Argentina	0.6
Kazakhstan	0.6
Hungary	0.5
Singapore	0.5
Angola	0.5
Malaysia	0.5
Ireland	0.5
India	0.5
Finland	0.4
Uruguay	0.4
Turkey	0.4
Sweden	0.4
Norway	0.4
Ivory Coast	0.4
Poland	0.4

Bahrain	0.4
Philippines	0.4
Kuwait	0.3
China	0.3
Nigeria	0.3
Morocco	0.3
British Virgin Islands	0.3
Bermuda	0.3
Vietnam	0.3
Luxembourg	0.2
Jersey	0.2
Romania	0.2
Brazil	0.2
Ghana	0.1
El Salvador	0.1
	97.7%

Credit Quality+#

Aaa	40.7	%
Aa	10.9
A	10.0
Baa	14.8
Ba	7.2
B	2.5
Caa	0.2
Not Rated@	13.7
	100.0	%

* Calculated as a percentage of net assets

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

+ Source: Moody’s

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

129

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022

Security Description	Principal Amount(1)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES — 7.5%
Bermuda — 0.3%
Inkia Energy, Ltd Senior Notes 5.88% due 11/09/2027	$	400,000	$	370,504
Brazil — 0.2%
BRF SA Senior Notes 4.88% due 01/24/2030*		300,000		258,750
British Virgin Islands — 0.3%
Yunda Holding Investment, Ltd Company Guar. Notes 2.25% due 08/19/2025		420,000		386,715
Cayman Islands — 0.9%
ABQ Finance, Ltd Company Guar. Notes 3.13% due 09/24/2024		370,000		364,471
Grupo Aval, Ltd Company Guar. Notes 4.38% due 02/04/2030*		255,000		210,821
QNB Finance, Ltd Company Guar. Notes 1.38% due 01/26/2026		390,000		356,850
Termocandelaria Power, Ltd Company Guar. Notes 7.88% due 01/30/2029		348,500		337,522
				1,269,664
Chile — 0.3%
Banco de Credito e Inversiones SA Senior Notes 3.50% due 10/12/2027		510,000		487,170
Colombia — 0.6%
Ecopetrol SA Senior Notes 5.38% due 06/26/2026		175,000		173,430
Ecopetrol SA Senior Notes 5.88% due 05/28/2045		200,000		163,018
Ecopetrol SA Senior Notes 6.88% due 04/29/2030		300,000		302,663
Empresas Publicas de Medellin ESP Senior Notes 4.38% due 02/15/2031*		240,000		192,602
				831,713
India — 0.5%
Oil India, Ltd Senior Notes 5.13% due 02/04/2029		200,000		198,877
ReNew Power, Ltd Senior Sec. Notes 6.45% due 09/27/2022		430,000		430,000
				628,877
Indonesia — 0.2%
Indonesia Asahan Aluminium Persero PT Senior Notes 6.53% due 11/15/2028		200,000		214,118
Jersey — 0.2%
Galaxy Pipeline Assets Bidco, Ltd Senior Sec. Notes 2.63% due 03/31/2036		400,000		334,489

Security Description	Principal Amount(1)		Value (Note 2)
Luxembourg — 0.2%
Minerva Luxembourg SA Company Guar. Notes 4.38% due 03/18/2031*#	$	400,000	$	337,788
Malaysia — 0.5%
Petronas Capital, Ltd Company Guar. Notes 3.50% due 03/18/2025		400,000		400,900
Petronas Capital, Ltd Company Guar. Notes 3.50% due 04/21/2030		300,000		288,891
				689,791
Mexico — 1.4%
Infraestructura Energetica Nova SAB de CV Senior Notes 4.75% due 01/15/2051*		250,000		194,628
Petroleos Mexicanos Company Guar. Notes 5.35% due 02/12/2028#		340,000		300,070
Petroleos Mexicanos Company Guar. Notes 6.38% due 01/23/2045		500,000		357,505
Petroleos Mexicanos Company Guar. Notes 6.63% due 06/15/2035		690,000		557,796
Petroleos Mexicanos Company Guar. Bonds 6.63% due 06/15/2038		300,000		229,500
Petroleos Mexicanos Company Guar. Notes 6.75% due 09/21/2047		500,000		359,600
				1,999,099
Netherlands — 0.6%
Braskem Netherlands Finance BV Company Guar. Notes 4.50% due 01/31/2030		300,000		279,249
Minejesa Capital BV Senior Sec. Notes 5.63% due 08/10/2037		250,000		212,662
Mong Duong Finance Holdings BV Senior Sec. Notes 5.13% due 05/07/2029		420,000		365,400
				857,311
Peru — 0.6%
Auna SAA Senior Notes 6.50% due 11/20/2025		380,000		363,584
Banco de Credito del Peru Sub. Notes 3.13% due 07/01/2030*		500,000		466,465
				830,049
Singapore — 0.5%
BOC Aviation, Ltd Senior Notes 2.63% due 09/17/2030*		580,000		496,935
LLPL Capital Pte, Ltd Senior Sec. Notes 6.88% due 02/04/2039		261,510		255,757
				752,692

130

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Principal Amount(1)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
United Arab Emirates — 0.2%
DP World PLC Senior Notes 4.70% due 09/30/2049	$	400,000	$	334,600
Total Foreign Corporate Bonds & Notes
(cost $11,707,691)				10,583,330
FOREIGN GOVERNMENT OBLIGATIONS — 57.2%
Angola — 0.5%
Republic of Angola Senior Notes 8.25% due 05/09/2028		400,000		384,240
Republic of Angola Senior Notes 8.75% due 04/14/2032*		390,000		367,700
				751,940
Argentina — 0.6%
Republic of Argentina Senior Notes 1.13% due 07/09/2035(2)		2,100,000		570,486
Republic of Argentina Senior Notes 2.00% due 01/09/2038(2)		650,000		227,006
				797,492
Australia — 0.8%
Commonwealth of Australia Senior Notes 3.00% due 03/21/2047	AUD	600,000		380,726
Commonwealth of Australia Senior Notes 3.25% due 04/21/2025	AUD	1,000,000		725,511
				1,106,237
Austria — 1.1%
Republic of Austria Senior Notes 0.75% due 10/20/2026*	EUR	1,400,000		1,485,881
Bahrain — 0.4%
Kingdom of Bahrain Senior Notes 4.25% due 01/25/2028*		540,000		501,379
Belgium — 1.5%
Kingdom of Belgium Senior Notes 0.90% due 06/22/2029*	EUR	1,000,000		1,043,888
Kingdom of Belgium Senior Notes 1.00% due 06/22/2031*	EUR	1,000,000		1,023,973
				2,067,861
Canada — 1.6%
Government of Canada Bonds 0.25% due 04/01/2024	CAD	1,500,000		1,136,159
Government of Canada Notes 1.00% due 09/01/2026	CAD	550,000		404,978
Government of Canada Bonds 1.25% due 03/01/2025	CAD	1,000,000		761,285
				2,302,422

Security Description	Principal Amount(1)		Value (Note 2)
Chile — 0.6%
Republic of Chile Senior Notes 2.55% due 01/27/2032	$	200,000	$	176,419
Republic of Chile Senior Notes 2.75% due 01/31/2027		400,000		383,115
Republic of Chile Senior Notes 3.50% due 04/15/2053		400,000		322,785
				882,319
Colombia — 1.2%
Republic of Colombia Senior Notes 3.13% due 04/15/2031		800,000		647,999
Republic of Colombia Senior Notes 4.50% due 03/15/2029		500,000		462,517
Republic of Colombia Senior Notes 5.00% due 06/15/2045		400,000		309,893
Republic of Colombia Senior Bonds 7.38% due 09/18/2037		300,000		312,547
				1,732,956
Dominican Republic — 1.0%
Dominican Republic Senior Notes 4.88% due 09/23/2032		400,000		344,417
Dominican Republic Senior Notes 5.50% due 02/22/2029*		500,000		472,539
Dominican Republic Senior Notes 5.88% due 01/30/2060		700,000		544,281
				1,361,237
Ecuador — 1.0%
Republic of Ecuador Senior Bonds 0.50% due 07/31/2040(2)		1,250,000		684,237
Republic of Ecuador Senior Bonds 1.00% due 07/31/2035(2)		1,205,000		769,765
				1,454,002
Egypt — 1.2%
Arab Republic of Egypt Senior Notes 5.63% due 04/16/2030	EUR	500,000		403,279
Arab Republic of Egypt Senior Bonds 7.50% due 02/16/2061		400,000		269,248
Arab Republic of Egypt Senior Notes 7.60% due 03/01/2029		770,000		666,389
Arab Republic of Egypt Senior Notes 7.63% due 05/29/2032		380,000		303,514
				1,642,430
El Salvador — 0.1%
Republic of El Salvador Senior Notes 5.88% due 01/30/2025		323,000		137,843

131

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Principal Amount(1)		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Finland — 0.4%
Republic of Finland Senior Notes 0.50% due 09/15/2028*	EUR	600,000	$	613,580
France — 4.1%
Government of France Bonds 0.50% due 05/25/2029	EUR	1,050,000		1,067,877
Government of France Bonds 0.75% due 11/25/2028	EUR	1,000,000		1,041,079
Government of France Bonds 1.25% due 05/25/2034	EUR	500,000		505,228
Government of France Bonds 1.25% due 05/25/2036*	EUR	1,000,000		988,447
Government of France Bonds 1.75% due 05/25/2066*	EUR	250,000		233,483
Government of France Bonds 5.50% due 04/25/2029	EUR	450,347		618,086
Government of France Bonds 6.00% due 10/25/2025	EUR	1,000,000		1,258,920
				5,713,120
Germany — 4.8%
Federal Republic of Germany Bonds 0.01% due 05/15/2035	EUR	1,500,000		1,364,155
Federal Republic of Germany Notes 0.25% due 08/15/2028	EUR	800,000		824,412
Federal Republic of Germany Bonds 0.50% due 02/15/2026	EUR	1,000,000		1,065,956
Federal Republic of Germany Bonds 0.50% due 02/15/2028	EUR	1,800,000		1,890,109
Federal Republic of Germany Bonds 2.50% due 08/15/2046	EUR	500,000		670,644
Federal Republic of Germany Bonds 4.75% due 07/04/2034	EUR	50,000		75,206
Federal Republic of Germany Bonds 5.50% due 01/04/2031	EUR	600,000		880,473
				6,770,955
Ghana — 0.1%
Republic of Ghana Senior Notes 8.75% due 03/11/2061*		314,000		158,570
Guatemala — 0.8%
Republic of Guatemala Senior Notes 4.90% due 06/01/2030		1,150,000		1,099,010
Hungary — 0.5%
Republic of Hungary Senior Notes 3.13% due 09/21/2051		600,000		404,940

Security Description	Principal Amount(1)		Value (Note 2)
Hungary (continued)
Republic of Hungary Senior Notes 5.38% due 03/25/2024	$	360,000	$	369,540
				774,480
Indonesia — 0.9%
Republic of Indonesia Senior Bonds 3.05% due 03/12/2051		500,000		400,561
Republic of Indonesia Senior Notes 3.85% due 10/15/2030#		300,000		296,204
Republic of Indonesia Senior Bonds 4.13% due 01/15/2025		400,000		404,293
Republic of Indonesia Senior Notes 8.50% due 10/12/2035		100,000		132,377
				1,233,435
Ireland — 0.5%
Republic of Ireland Bonds 1.00% due 05/15/2026	EUR	600,000		647,111
Italy — 4.0%
Republic of Italy Bonds 1.25% due 12/01/2026	EUR	1,000,000		1,034,670
Republic of Italy Senior Notes 1.35% due 04/01/2030	EUR	1,000,000		964,155
Republic of Italy Senior Notes 2.00% due 02/01/2028	EUR	500,000		526,725
Republic of Italy Senior Notes 2.70% due 03/01/2047*	EUR	500,000		477,950
Republic of Italy Senior Notes 2.80% due 12/01/2028	EUR	400,000		436,696
Republic of Italy Senior Notes 3.00% due 08/01/2029	EUR	190,000		208,310
Republic of Italy Senior Notes 4.75% due 09/01/2028*	EUR	150,000		182,024
Republic of Italy Bonds 6.00% due 05/01/2031	EUR	600,000		799,797
Republic of Italy Bonds 6.50% due 11/01/2027	EUR	750,000		979,936
				5,610,263
Ivory Coast — 0.4%
Republic of Ivory Coast Senior Notes 6.38% due 03/03/2028		550,000		533,500
Japan — 10.4%
Government of Japan Bonds 0.10% due 06/20/2030	JPY	300,000,000		2,315,501

132

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Principal Amount(1)		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Japan (continued)
Government of Japan Bonds 0.10% due 12/20/2030	JPY	170,000,000	$	1,309,067
Government of Japan Bonds 0.10% due 09/20/2031	JPY	150,000,000		1,151,354
Government of Japan Bonds 0.10% due 12/20/2031	JPY	140,000,000		1,073,846
Government of Japan Bonds 1.30% due 06/20/2035	JPY	75,000,000		646,607
Government of Japan Bonds 1.50% due 06/20/2032	JPY	100,000,000		871,962
Government of Japan Bonds 1.50% due 03/20/2034	JPY	90,000,000		790,316
Government of Japan Bonds 1.70% due 09/20/2032	JPY	130,000,000		1,155,352
Government of Japan Bonds 2.00% due 09/20/2040	JPY	85,000,000		807,030
Government of Japan Bonds 2.00% due 09/20/2041	JPY	100,000,000		950,821
Government of Japan Bonds 2.20% due 03/20/2051	JPY	33,000,000		332,733
Government of Japan Bonds 2.30% due 12/20/2036	JPY	130,000,000		1,264,060
Government of Japan Bonds 2.30% due 03/20/2039	JPY	200,000,000		1,967,810
				14,636,459
Kazakhstan — 0.6%
Republic of Kazakhstan Senior Notes 5.13% due 07/21/2025		500,000		524,390
Republic of Kazakhstan Senior Notes 6.50% due 07/21/2045		250,000		267,575
				791,965
Kuwait — 0.3%
State of Kuwait Senior Notes 3.50% due 03/20/2027		450,000		458,438
Morocco — 0.3%
Kingdom of Morocco Senior Notes 3.00% due 12/15/2032		500,000		390,625
Netherlands — 0.7%
Kingdom of the Netherlands Bonds 0.25% due 07/15/2029*	EUR	1,000,000		1,004,802
Nigeria — 0.3%
Federal Republic of Nigeria Senior Notes 6.50% due 11/28/2027		500,000		429,750

Security Description	Principal Amount(1)		Value (Note 2)
Norway — 0.4%
Kingdom of Norway Senior Notes 3.00% due 03/14/2024*	NOK	5,000,000	$	540,242
Oman — 0.8%
Sultanate of Oman Senior Notes 4.75% due 06/15/2026		200,000		196,312
Sultanate of Oman Senior Notes 5.38% due 03/08/2027		620,000		620,310
Sultanate of Oman Senior Notes 6.75% due 10/28/2027		300,000		316,608
				1,133,230
Panama — 0.9%
Republic of Panama Senior Notes 2.25% due 09/29/2032		600,000		490,762
Republic of Panama Senior Notes 3.87% due 07/23/2060		200,000		152,846
Republic of Panama Senior Notes 4.50% due 04/01/2056		500,000		428,359
Republic of Panama Senior Notes 6.70% due 01/26/2036		200,000		226,301
				1,298,268
Paraguay — 0.7%
Republic of Paraguay Senior Notes 3.85% due 06/28/2033*		400,000		351,781
Republic of Paraquay Senior Notes 4.95% due 04/28/2031		700,000		681,725
				1,033,506
Peru — 0.3%
Republic of Peru Senior Notes 2.78% due 01/23/2031		200,000		176,517
Republic of Peru Senior Notes 4.13% due 08/25/2027		225,000		225,240
				401,757
Philippines — 0.4%
Republic of the Philippines Senior Notes 3.23% due 03/29/2027#		500,000		495,461
Poland — 0.4%
Republic of Poland Bonds 2.25% due 10/25/2024	PLN	2,500,000		530,890
Qatar — 1.2%
State of Qatar Senior Notes 3.25% due 06/02/2026		300,000		300,467
State of Qatar Senior Notes 3.40% due 04/16/2025*		480,000		483,643

133

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Principal Amount(1)		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Qatar (continued)
State of Qatar Senior Notes 4.40% due 04/16/2050*	$	880,000	$	894,784
				1,678,894
Romania — 0.2%
Government of Romania Senior Notes 5.25% due 11/25/2027*		320,000		322,896
Saudi Arabia — 1.2%
Kingdom of Saudi Arabia Senior Notes 3.25% due 10/22/2030		1,150,000		1,125,045
Kingdom of Saudi Arabia Senior Notes 4.63% due 10/04/2047		600,000		588,374
				1,713,419
South Africa — 0.6%
Republic of South Africa Senior Notes 4.30% due 10/12/2028		500,000		461,493
Republic of South Africa Senior Bonds 4.88% due 04/14/2026		450,000		446,256
				907,749
Spain — 3.8%
Kingdom of Spain Bonds 0.60% due 10/31/2029*	EUR	800,000		787,099
Kingdom of Spain Senior Notes 1.00% due 10/31/2050*	EUR	500,000		346,643
Kingdom of Spain Senior Notes 1.30% due 10/31/2026*	EUR	1,000,000		1,071,349
Kingdom of Spain Senior Notes 1.40% due 04/30/2028*	EUR	1,000,000		1,060,131
Kingdom of Spain Senior Notes 1.45% due 10/31/2027*	EUR	600,000		640,252
Kingdom of Spain Senior Notes 1.95% due 07/30/2030*	EUR	1,000,000		1,074,892
Kingdom of Spain Bonds 6.00% due 01/31/2029	EUR	300,000		410,690
				5,391,056
Sweden — 0.4%
Kingdom of Sweden Bonds 0.75% due 05/12/2028	SEK	6,000,000		587,101
Turkey — 0.4%
Republic of Turkey Senior Notes 8.60% due 09/24/2027		600,000		590,870
United Arab Emirates — 1.4%
Emirate of Abu Dhabi Senior Notes 2.50% due 04/16/2025*		510,000		502,038

Security Description	Principal Amount(1)		Value (Note 2)
United Arab Emirates (continued)
Emirate of Abu Dhabi Senior Notes 3.13% due 10/11/2027	$	1,050,000	$	1,051,632
Emirate of Abu Dhabi Senior Notes 3.13% due 04/16/2030		200,000		197,000
Emirate of Abu Dhabi Senior Bonds 3.88% due 04/16/2050*		215,000		203,175
				1,953,845
United Kingdom — 2.7%
United Kingdom Gilt Treasury Bonds 0.88% due 10/22/2029	GBP	900,000		1,056,146
United Kingdom Gilt Treasury Bonds 0.88% due 01/31/2046	GBP	500,000		454,139
United Kingdom Gilt Treasury Bonds 1.25% due 07/22/2027	GBP	850,000		1,047,949
United Kingdom Gilt Treasury Bonds 3.25% due 01/22/2044	GBP	400,000		571,007
United Kingdom Gilt Treasury Notes 3.75% due 07/22/2052	GBP	200,000		325,276
United Kingdom Gilt Treasury Bonds 4.25% due 12/07/2055	GBP	200,000		362,338
				3,816,855
Uruguay — 0.4%
Oriental Republic of Uruguay Senior Notes 5.10% due 06/18/2050		200,000		212,148
Oriental Republic of Uruguay Senior Notes 7.88% due 01/15/2033		300,000		382,766
				594,914
Vietnam — 0.3%
Socialist Republic of Vietnam Senior Notes 4.80% due 11/19/2024		350,000		353,939
Total Foreign Government Obligations
(cost $91,432,011)				80,434,954
U.S. GOVERNMENT TREASURIES — 31.8%
United States — 31.8%
United States Treasury Bonds 1.25% due 05/15/2050		1,400,000		906,336
1.38% due 11/15/2040		1,000,000		736,445
1.88% due 02/15/2041		1,000,000		802,852
2.38% due 05/15/2051		1,000,000		861,250
2.50% due 02/15/2045		500,000		432,988
2.88% due 05/15/2049		400,000		380,141
3.00% due 02/15/2047		1,200,000		1,142,813
3.13% due 08/15/2044		900,000		870,398
3.38% due 05/15/2044		700,000		705,305
3.38% due 11/15/2048		450,000		466,453
3.75% due 11/15/2043		500,000		534,121
United States Treasury Notes 0.25% due 07/31/2025		1,500,000		1,386,387
0.50% due 06/30/2027		1,500,000		1,334,824
0.63% due 08/15/2030		1,000,000		838,750

134

VALIC Company I International Government Bond Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Principal Amount(1)/ Shares			Value (Note 2)
U.S. GOVERNMENT TREASURIES (continued)
United States (continued)
0.75% due 03/31/2026	$	2,000,000		$	1,851,172
0.88% due 01/31/2024		2,300,000			2,242,500
1.13% due 02/28/2027		700,000			647,363
1.25% due 08/15/2031		1,000,000			871,602
1.50% due 11/30/2024		1,000,000			971,953
1.50% due 08/15/2026		1,000,000			947,305
1.50% due 02/15/2030		1,000,000			908,477
1.75% due 05/15/2023		1,000,000			996,289
2.00% due 08/15/2025		2,000,000			1,953,437
2.00% due 11/15/2026		1,500,000			1,447,031
2.13% due 03/31/2024		3,500,000			3,478,535
2.13% due 05/15/2025#		500,000			491,641
2.25% due 11/15/2024		1,500,000			1,485,176
2.25% due 11/15/2025		2,600,000			2,554,602
2.25% due 11/15/2027		600,000			581,578
2.38% due 08/15/2024#		2,050,000			2,039,910
2.38% due 05/15/2027		1,200,000			1,173,984
2.50% due 08/15/2023		1,500,000			1,504,746
2.50% due 05/15/2024		1,700,000			1,700,066
2.75% due 11/15/2023		1,500,000			1,509,316
2.75% due 02/15/2024		1,200,000			1,206,422
2.88% due 08/15/2028		1,500,000			1,498,242
3.13% due 11/15/2028		1,200,000			1,216,266
Total U.S. Government Treasuries
(cost $48,236,479)					44,676,676
PREFERRED SECURITIES/CAPITAL SECURITIES — 0.3%
China — 0.3%
China Minmetals Corp 3.75% due 11/13/2022(3) (cost $410,496)		430,000			431,358
Total Long-Term Investment Securities
(cost $151,786,677)					136,126,318
SHORT-TERM INVESTMENT SECURITIES — 0.9%
Registered Investment Companies — 0.9%
State Street Navigator Securities Lending Government Money Market Portfolio 0.32%(4)(5) (cost $1,188,770)		1,188,770			1,188,770
TOTAL INVESTMENTS
(cost $152,975,447)(6)		97.7	%		137,315,088
Other assets less liabilities		2.3			3,218,911
NET ASSETS		100.0	%	$	140,533,999

* 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, 2022, the aggregate value of these securities was $18,991,130 representing 13.5% 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) “Step-up” security where the rate increases (“steps-up”) at a predetermined rate. The rate reflected is as of May 31, 2022.

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

(4) At May 31, 2022, the Fund had loaned securities with a total value of $3,708,888. This was secured by collateral of $1,188,770, which was received in cash and subsequently invested in short-term investments currently valued at $1,188,770 as reported in the Portfolio of Investments. Additional collateral of $2,683,275 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, 2022
Federal Home Loan Mtg. Corp.	1.50% to 4.50%	06/25/2033 to 10/25/2051	$	1,468,313
Federal National Mtg. Assoc.	2.00% to 2.68%	05/01/2025 to 08/25/2050		1,214,962

(5) The rate shown is the 7-day yield as of May 31, 2022.

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

AUD—Australian Dollar

CAD—Canadian Dollar

EUR—Euro Currency

GBP—British Pound

JPY—Japanese Jen

NOK—Norwegian Krone

PLN-—Polish Zloty

SEK-—Swedish Krona

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2022 (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	$	—	$	10,583,330	$	—	$	10,583,330
Foreign Government Obligations		—		80,434,954		—		80,434,954
U.S. Government Treasuries		—		44,676,676		—		44,676,676
Preferred Securities/Capital Securities		—		431,358		—		431,358
Short-Term Investment Securities		1,188,770		—		—		1,188,770
Total Investments at Value	$	1,188,770	$	136,126,318	$	—	$	137,315,088

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

See Notes to Financial Statements

135

VALIC Company I International Growth Fund

PORTFOLIO PROFILE — May 31, 2022 (unaudited)

Industry Allocation*

Transport — Services	10.6	%
Apparel Manufacturers	7.4
Athletic Footwear	7.0
Beverages — Wine/Spirits	6.7
Banks — Commercial	6.5
Semiconductor Equipment	5.9
E-Commerce/Services	5.4
Semiconductor Components — Integrated Circuits	5.1
Private Equity	4.9
Retail — Apparel/Shoe	4.7
Electric — Transmission	4.5
Industrial Automated/Robotic	4.1
Medical Products	2.7
Chemicals — Specialty	2.7
Commercial Services — Finance	2.4
Insurance — Life/Health	2.4
Food — Misc./Diversified	2.0
Gambling (Non-Hotel)	1.9
Food — Retail	1.7
Internet Application Software	1.4
Food — Confectionery	1.2
Cosmetics & Toiletries	1.2
Medical — Biomedical/Gene	1.1
Internet Content — Information/News	1.1
Computers — Other	0.8
Computer Services	0.4
Registered Investment Companies	0.3
	96.1	%

Country Allocation*

Netherlands	11.1	%
Denmark	10.7
Canada	8.9
Germany	8.7
France	6.7
India	6.5
Switzerland	6.5
Japan	5.7
Bermuda	5.3
Taiwan	5.1
Italy	4.7
United Kingdom	4.7
United States	3.0
Sweden	3.0
Hong Kong	2.4
China	2.0
Cayman Islands	1.1
	96.1	%

* Calculated as a percentage of net assets

136

VALIC Company I International Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 95.8%
Bermuda — 5.3%
AutoStore Holdings, Ltd.†#		1,451,660	$	3,468,563
Brookfield Infrastructure Partners LP		322,755		19,255,563
				22,724,126
Canada — 8.9%
Brookfield Asset Management, Inc., Class A		410,591		20,775,905
Canada Goose Holdings, Inc.†#		550,964		11,052,338
Shopify, Inc., Class A†		16,552		6,208,986
				38,037,229
Cayman Islands — 1.1%
Grab Holdings, Ltd.† PIPE(1)		478,823		1,222,722
Grab Holdings, Ltd., Class A†		1,271,241		3,381,501
				4,604,223
China — 2.0%
Foshan Haitian Flavouring & Food Co., Ltd., Class A		744,585		8,566,157
Denmark — 10.7%
Chr. Hansen Holding A/S		152,849		11,451,675
DSV A/S		206,659		33,927,191
				45,378,866
France — 6.7%
Hermes International		17,102		20,431,831
Pernod Ricard SA		40,206		7,892,604
				28,324,435
Germany — 8.7%
adidas AG		108,260		21,451,205
HelloFresh SE†		191,601		7,121,884
Puma SE		112,583		8,366,747
				36,939,836
Hong Kong — 2.4%
AIA Group, Ltd.		994,718		10,174,639
India — 6.5%
HDFC Bank, Ltd.		1,573,521		27,762,279
Italy — 4.7%
Moncler SpA		419,738		20,176,073
Japan — 5.7%
Change, Inc.#		134,400		1,829,907
Keyence Corp.		44,100		17,588,357
Pigeon Corp.		348,400		4,971,537
				24,389,801
Netherlands — 11.1%
Adyen NV†*		6,646		10,349,797
ASML Holding NV		43,198		24,910,159
Davide Campari-Milano NV#		1,114,715		11,908,857
				47,168,813
Sweden — 3.0%
Evolution AB*		74,441		7,810,704
Vitrolife AB		162,738		4,822,238
				12,632,942
Switzerland — 6.5%
Chocoladefabriken Lindt & Spruengli AG		50		5,184,096
Kuehne & Nagel International AG		41,535		10,967,307
Straumann Holding AG		90,358		11,554,136
				27,705,539

Security Description	Shares			Value (Note 2)
Taiwan — 5.1%
Taiwan Semiconductor Manufacturing Co., Ltd.		1,128,000		$	21,629,572
United Kingdom — 4.7%
Diageo PLC		178,274			8,278,548
Rightmove PLC		1,526,284			11,568,029
					19,846,577
United States — 2.7%
MercadoLibre, Inc.†		14,695			11,548,507
Total Common Stocks
(cost $385,368,345)					407,609,614
OPTIONS - PURCHASED†(2) — 0.0%
United States — 0.0%
Over the Counter Call Options on Currency Contracts (cost $647,722)		104,052,160			26,450
Total Long-Term Investment Securities
(cost $386,016,067)					407,636,064
SHORT-TERM INVESTMENT SECURITIES — 0.3%
Registered Investment Companies — 0.3%
State Street Navigator Securities Lending Government Money Market Portfolio 0.32%(3)(4) (cost $1,456,913)		1,456,913			1,456,913
TOTAL INVESTMENTS
(cost $387,472,980)(5)		96.1	%		409,092,977
Other assets less liabilities		3.9			16,474,712
NET ASSETS		100.0	%	$	425,567,689

† 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, 2022, the aggregate value of these securities was $18,160,501 representing 4.3% of net assets.

(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, 2022, the Fund held the following restricted securities:

Description	Acquisition Date		Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
Common Stocks
Grab Holdings, Ltd. PIPE		04/12/2021		478,823	$	4,788,230	$	1,222,722	$	2.55		0.29	%

137

VALIC Company I International Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

(2) Options — Purchased

Over the Counter Call Options on Currency Contracts
Issue	Counterparty		Expiration Month			Strike Price		Notional Amount(000’s)		Premiums Paid		Value at May 31, 2022		Unrealized Appreciation (Depreciation)
Call option to buy USD in exchange for Chinese Yuan at a strike price of 7.375 CNH per $1 USD		JPMorgan Chase Bank N.A.		July 2022	CNH		7.38	$	39,678	$	210,490	$	7,459	$	(203,031	)
Call option to buy USD in exchange for Chinese Yuan at a strike price of 7.31 CNH per $1 USD		JPMorgan Chase Bank N.A.		August 2022	CNH		7.31		64,375		437,232		18,991		(418,241	)
										$	647,722	$	26,450	$	(621,272	)

CNH — Chinese Yuan

USD — United States Dollar

(3) The rate shown is the 7-day yield as of May 31, 2022.

(4) At May 31, 2022, the Fund had loaned securities with a total value of $6,854,327. This was secured by collateral of $1,456,913, which was received in cash and subsequently invested in short-term investments currently valued at $1,456,913 as reported in the Portfolio of Investments. Additional collateral of $5,691,750 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, 2022
United States Treasury Bills	0.00%	06/09/2022 to 08/02/2022	$	352,974
United States Treasury Notes/Bonds	0.13% to 6.25%	06/30/2022 to 02/15/2051		5,338,776

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

PIPE—Private investment in public equity

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2022 (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:
Cayman Islands	$	3,381,501	$	1,222,722		$	—	$	4,604,223
Other Countries		84,208,900		318,796,491	**				403,005,391
Options - Purchased		—		26,450			—		26,450
Short-Term Investment Securities		1,456,913		—			—		1,456,913
Total Investments at Value	$	89,047,314	$	320,045,663		$	—	$	409,092,977

* 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

138

VALIC Company I International Opportunities Fund

PORTFOLIO PROFILE — May 31, 2022 (unaudited)

Industry Allocation*

Banks — Commercial	3.9	%
Real Estate Investment Trusts	2.9
Machinery — General Industrial	2.8
Oil Companies — Exploration & Production	2.6
Repurchase Agreements	2.4
Real Estate Operations & Development	2.3
Investment Management/Advisor Services	2.3
Chemicals — Diversified	2.2
Building & Construction Products — Misc.	1.9
Registered Investment Companies	1.9
Computer Services	1.8
Exchange — Traded Funds	1.8
Electronic Parts Distribution	1.7
Internet Content — Information/News	1.7
E-Commerce/Services	1.6
Recycling	1.5
Commercial Services	1.5
Applications Software	1.4
Retail — Apparel/Shoe	1.4
Electronic Components — Semiconductors	1.4
Distribution/Wholesale	1.4
Airport Development/Maintenance	1.3
Retail — Building Products	1.3
Metal Processors & Fabrication	1.3
Electronic Components — Misc.	1.1
Mining Services	1.1
Building — Residential/Commercial	1.0
Steel — Producers	1.0
Finance — Other Services	1.0
Medical Products	1.0
Electric — Generation	0.9
Veterinary Products	0.9
Computers — Integrated Systems	0.9
Transport — Services	0.9
Semiconductor Equipment	0.9
Agricultural Operations	0.9
Medical Information Systems	0.9
Medical Labs & Testing Services	0.9
Food — Misc./Diversified	0.8
Oil — Field Services	0.8
E-Services/Consulting	0.8
Hotels/Motels	0.8
Aerospace/Defense — Equipment	0.8
Circuit Boards	0.8
Human Resources	0.8
Cosmetics & Toiletries	0.8
Containers — Paper/Plastic	0.7
Medical — Drugs	0.7
Building Products — Cement	0.7
Athletic Footwear	0.7
Apparel Manufacturers	0.7
Consulting Services	0.7
Electronic Measurement Instruments	0.7
Machine Tools & Related Products	0.6
Electronic Connectors	0.6
Engineering/R&D Services	0.6
Building — Heavy Construction	0.6
Brewery	0.6
Computer Software	0.6
Metal — Diversified	0.6
Containers — Metal/Glass	0.6
E-Commerce/Products	0.6
Medical — Nursing Homes	0.5
Hazardous Waste Disposal	0.5
Rental Auto/Equipment	0.5
Oil & Gas Drilling	0.5
Aerospace/Defense	0.5
Athletic Equipment	0.5
Telecom Services	0.5

Auto/Truck Parts & Equipment — Original	0.5
Machinery — Electrical	0.5
Gas — Distribution	0.5
Food — Confectionery	0.5
Electric Products — Misc.	0.5
Retail — Restaurants	0.5
Food — Retail	0.4
Insurance Brokers	0.4
Beverages — Wine/Spirits	0.4
Schools	0.4
Chemicals — Specialty	0.4
Coatings/Paint	0.4
Machinery — Pumps	0.4
Metal — Aluminum	0.4
Medical Instruments	0.4
Insurance — Property/Casualty	0.4
Enterprise Software/Service	0.4
Food — Catering	0.4
Retail — Discount	0.3
Food — Meat Products	0.3
Energy — Alternate Sources	0.3
Transport — Truck	0.3
Industrial Automated/Robotic	0.3
Theaters	0.3
Dental Supplies & Equipment	0.3
Insurance — Multi — line	0.3
Electric — Integrated	0.3
Fisheries	0.3
Retail — Drug Store	0.3
Motion Pictures & Services	0.3
Gambling (Non — Hotel)	0.2
Appliances	0.2
Bicycle Manufacturing	0.2
Tobacco	0.2
Gold Mining	0.2
Casino Hotels	0.2
Oil Field Machinery & Equipment	0.2
Finance — Commercial	0.2
Retail — Automobile	0.2
Auto — Heavy Duty Trucks	0.2
Oil Refining & Marketing	0.2
Miscellaneous Manufacturing	0.2
Telephone — Integrated	0.2
Oil Companies — Integrated	0.2
Audio/Video Products	0.2
Machinery — Construction & Mining	0.2
Home Furnishings	0.2
Computers	0.2
Food — Flour & Grain	0.2
Chemicals — Plastics	0.2
Medical — Wholesale Drug Distribution	0.2
Medical — Biomedical/Gene	0.2
Real Estate Management/Services	0.1
Textile — Products	0.1
Entertainment Software	0.1
Computer Aided Design	0.1
Motorcycle/Motor Scooter	0.1
Diversified Minerals	0.1
Diversified Financial Services	0.1
Retail — Propane Distribution	0.1
Disposable Medical Products	0.1
E-Marketing/Info	0.1
Television	0.1
Private Equity	0.1
Publishing — Periodicals	0.1
Diversified Operations	0.1
Water Treatment Systems	0.1
Diversified Manufacturing Operations	0.1
Security Services	0.1

139

VALIC Company I International Opportunities Fund

PORTFOLIO PROFILE — May 31, 2022 (unaudited) — (continued)

Industry Allocation* (continued)

Food — Wholesale/Distribution	0.1	%
Finance — Consumer Loans	0.1
Paper & Related Products	0.1
Metal — Iron	0.1
Retail — Misc./Diversified	0.1
Leisure Products	0.1
Electric — Distribution	0.1
Cable/Satellite TV	0.1
Instruments — Scientific	0.1
Transport — Rail	0.1
Advertising Services	0.1
Computers — Periphery Equipment	0.1
Electric — Transmission	0.1
Power Converter/Supply Equipment	0.1
Retail — Major Department Stores	0.1
Telecommunication Equipment	0.1
Electronic Security Devices	0.1
Transport — Marine	0.1
	99.2	%

Country Allocation*

Japan	22.4	%
United Kingdom	11.4
Canada	7.9
United States	6.1
Germany	5.5
South Korea	3.8
Australia	3.4
Brazil	3.3
Italy	3.0
Sweden	2.7
Taiwan	2.5
France	2.4
Spain	2.2
Ireland	2.2
Cayman Islands	1.8
Denmark	1.8
Norway	1.5
South Africa	1.4
Singapore	1.4
Switzerland	1.3
Mexico	1.2
India	1.1
Bermuda	1.0
Netherlands	1.0
Luxembourg	0.9
Indonesia	0.6
Finland	0.5
Greece	0.5
Austria	0.4
Hong Kong	0.4
Thailand	0.4
Jersey	0.4
Philippines	0.4
Portugal	0.3
Faroe Islands	0.3
Israel	0.3
British Virgin Islands	0.3
New Zealand	0.3
Mauritius	0.2
China	0.2
Chile	0.2
Malaysia	0.1
Belgium	0.1
Colombia	0.1
	99.2	%

* Calculated as a percentage of net assets

140

VALIC Company I International Opportunities Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 93.1%
Australia — 3.4%
Ansell, Ltd.		33,428	$	656,312
ASX, Ltd.#		10,958		634,814
AUB Group, Ltd.		92,818		1,244,518
Aussie Broadband, Ltd.†		799,268		2,387,505
carsales.com, Ltd.		13,180		193,041
Codan, Ltd.		51,459		293,589
Deterra Royalties, Ltd.		132,552		425,577
HUB24, Ltd.#		147,678		2,575,429
Iluka Resources, Ltd.		88,660		694,795
Imdex, Ltd.		180,536		320,008
IPH, Ltd.		225,171		1,272,712
IRESS, Ltd.		52,579		393,619
Lottery Corp, Ltd.†#		58,161		197,844
Omni Bridgeway, Ltd.†#		193,099		464,710
Pinnacle Investment Management Group, Ltd.#		38,362		225,989
Pro Medicus, Ltd.#		71,156		2,141,980
Reliance Worldwide Corp., Ltd.		125,363		351,274
SEEK, Ltd.		22,068		382,326
Seven Group Holdings, Ltd.†		28,692		387,409
Steadfast Group, Ltd.		258,983		937,630
Tabcorp Holdings, Ltd.#		191,735		127,698
Webjet, Ltd.†#		86,170		371,085
WiseTech Global, Ltd.		24,283		728,562
				17,408,426
Austria — 0.4%
Mayr-Melnhof Karton AG#		4,574		782,760
Vienna Insurance Group AG Wiener Versicherung Gruppe		57,332		1,378,829
				2,161,589
Belgium — 0.1%
Melexis NV		5,855		508,088
Bermuda — 1.0%
Cafe de Coral Holdings, Ltd.		540,000		851,767
China Resources Gas Group, Ltd.		238,000		990,508
Credicorp, Ltd.		1,532		215,062
DFI Retail Group Holdings, Ltd.		211,600		570,354
Hiscox, Ltd.		66,730		777,545
Midland Holdings, Ltd.†		1,360,000		136,822
Shangri-La Asia, Ltd.†		990,000		747,930
VTech Holdings, Ltd.		127,149		946,228
				5,236,216
Brazil — 3.3%
Cia Brasileira de Aluminio		566,175		1,952,554
Cia de Saneamento Basico do Estado de Sao Paulo		16,400		157,977
Embraer SA ADR†		168,896		1,808,876
Energisa SA		43,500		406,576
Equatorial Energia SA		68,400		342,248
Gerdau SA (Preference Shares)†		90,200		553,626
Hapvida Participacoes e Investimentos SA*		141,100		199,512
Hypera SA		48,510		395,935
Localiza Rent a Car SA		34,900		422,394
Lojas Renner SA		75,617		423,228
Magazine Luiza SA		174,967		136,953
Multiplan Empreendimentos Imobiliarios SA		153,977		780,488
Petro Rio SA†		544,188		3,204,979
Rumo SA		93,206		346,736
Sendas Distribuidora SA		59,500		198,310
SLC Agricola SA		377,782		4,360,047
Suzano SA		38,000		427,770
TOTVS SA		65,200		389,207
Transmissora Alianca de Energia Eletrica SA		37,562		319,145
				16,826,561

Security Description	Shares		Value (Note 2)
British Virgin Islands — 0.3%
Arcos Dorados Holdings, Inc., Class A		169,448	$	1,325,083
Canada — 7.9%
Agnico Eagle Mines, Ltd.		21,316		1,129,798
Aritzia, Inc.†#		81,386		2,375,595
ATS Automation Tooling Systems, Inc.†		270,257		7,933,464
Capital Power Corp.		132,023		4,745,041
Dollarama, Inc.		28,055		1,627,161
Enerplus Corp.		430,967		6,392,016
Granite Real Estate Investment Trust		102,795		7,402,930
Major Drilling Group International, Inc.†#		467,829		3,905,818
TMX Group, Ltd.		8,207		893,015
Vermilion Energy, Inc.		175,511		3,796,483
				40,201,321
Cayman Islands — 1.8%
Afya, Ltd., Class A†		18,978		230,393
Airtac International Group		10,000		325,714
ASM Pacific Technology, Ltd.		73,900		668,907
Burning Rock Biotech, Ltd. ADR†		9,456		22,694
China Literature, Ltd.†#*		76,000		330,019
CIMC Enric Holdings, Ltd.#		722,000		755,897
ESR Cayman, Ltd.†*		224,000		663,310
Haitian International Holdings, Ltd.		471,000		1,208,784
MGM China Holdings, Ltd.†#		2,206,400		1,112,289
Pacific Textiles Holdings, Ltd.		1,290,000		593,307
Shenguan Holdings Group, Ltd.		414,000		25,519
Tingyi Cayman Islands Holding Corp.		446,000		789,459
Trip.com Group, Ltd.†#		12,424		277,045
Vipshop Holdings, Ltd. ADR†		26,945		250,588
Xtep International Holdings, Ltd.#		1,490,000		2,142,063
				9,395,988
Chile — 0.2%
Aguas Andinas SA, Class A		1,239,887		260,010
Banco Santander Chile†		5,407,605		270,469
Falabella SA		102,605		300,442
				830,921
China — 0.2%
Guangzhou Kingmed Diagnostics Group Co., Ltd., Class A Class A		22,600		256,801
Zhejiang Supor Co., Ltd., Class A		77,400		654,619
				911,420
Colombia — 0.1%
Bancolombia SA ADR		6,360		285,628
Denmark — 1.8%
Carlsberg A/S, Class B		4,535		575,829
Demant A/S†		9,302		409,375
Dfds A/S		5,135		200,471
Drilling Co. of 1972 A/S†		45,869		2,595,494
Jyske Bank A/S†		61,537		3,619,493
Royal Unibrew A/S		18,695		1,636,704
SimCorp A/S		2,131		167,748
				9,205,114
Faroe Islands — 0.3%
Bakkafrost P/F		20,481		1,367,174
Finland — 0.5%
Valmet Oyj		92,960		2,624,683
France — 2.4%
Alten SA		4,389		585,848
Cie Plastic Omnium SA		10,625		199,412

141

VALIC Company I International Opportunities Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
France (continued)
Legrand SA		20,456	$	1,772,437
LISI		20,692		454,023
Rothschild & Co.		39,691		1,567,232
SEB SA		5,546		591,405
Sodexo SA		9,724		726,515
SOITEC†		19,695		3,622,090
Somfy SA		3,082		455,194
Verallia SA*		38,185		1,058,891
Virbac SA		2,996		1,219,704
				12,252,751
Germany — 5.5%
Amadeus Fire AG		4,816		702,022
CANCOM SE		14,423		573,539
CTS Eventim AG & Co. KGaA†		26,167		1,678,029
Evotec SE†		107,093		2,967,488
GEA Group AG		44,102		1,758,495
Gerresheimer AG		16,539		1,236,863
K+S AG		109,732		3,078,356
LEG Immobilien SE		21,626		2,224,623
MTU Aero Engines AG		1,314		259,517
Rational AG		87		56,513
Salzgitter AG		107,302		4,379,591
Scout24 SE*		15,544		962,305
Steico SE		24,049		2,137,832
Symrise AG		24,671		2,721,197
TAG Immobilien AG		172,835		3,126,358
				27,862,728
Greece — 0.5%
Eurobank Ergasias Services and Holdings SA†		1,277,078		1,428,835
Hellenic Telecommunications Organization SA		53,036		1,007,056
				2,435,891
Hong Kong — 0.4%
China Resources Beer Holdings Co., Ltd.		150,000		929,782
Swire Properties, Ltd.		226,200		551,668
Techtronic Industries Co., Ltd.		49,500		642,055
				2,123,505
India — 1.1%
Bharat Heavy Electricals, Ltd.†		480,501		317,018
CESC, Ltd.		1,029,086		1,032,000
Dabur India, Ltd.		59,850		403,271
Embassy Office Parks REIT		111,810		568,908
Hero MotoCorp, Ltd.		19,603		704,694
Ipca Laboratories, Ltd.		20,218		233,397
Mahindra & Mahindra, Ltd.		81,334		1,071,256
MOIL, Ltd.		202,480		419,703
Shriram Transport Finance Co., Ltd.		71,630		1,074,534
Spencer’s Retail, Ltd.†		24,052		23,045
				5,847,826
Indonesia — 0.6%
Indocement Tunggal Prakarsa Tbk PT		849,000		568,983
Kalbe Farma Tbk PT		11,101,600		1,275,174
United Tractors Tbk PT		602,800		1,286,689
				3,130,846
Ireland — 2.2%
DCC PLC		14,364		1,016,456
Flutter Entertainment PLC†		8,592		1,058,315
Glenveagh Properties PLC†*		2,874,597		2,953,655
Grafton Group PLC		373,536		4,415,157
Greencore Group PLC†		40,523		55,665
Hibernia REIT PLC		147,209		252,495

Security Description	Shares		Value (Note 2)
Ireland (continued)
ICON PLC†		1,230	$	275,262
Kerry Group PLC, Class A		7,075		731,488
Kingspan Group PLC (ISE)		2,535		208,716
Kingspan Group PLC (LSE)		30		2,478
				10,969,687
Israel — 0.3%
Inmode, Ltd.†		49,511		1,327,390
Italy — 3.0%
Azimut Holding SpA		127,026		2,724,779
Buzzi Unicem SpA		20,934		408,289
Carel Industries SpA*		5,169		123,908
Cembre SpA		18,554		559,794
Enav SpA†#*		156,277		723,170
FinecoBank Banca Fineco SpA		32,663		462,569
Gruppo MutuiOnline SpA		5,098		156,647
Infrastrutture Wireless Italiane SpA#*		42,756		476,008
Italgas SpA#		203,326		1,312,819
OVS SpA†#*		586,344		1,203,432
Reply SpA#		30,832		4,198,294
Tinexta Spa		97,831		2,787,538
				15,137,247
Japan — 22.4%
ABC-Mart, Inc.		6,200		264,296
Aeon Delight Co., Ltd.		9,500		209,024
AEON Financial Service Co., Ltd.		81,700		760,872
Air Water, Inc.		25,700		347,446
Amano Corp.		8,141		157,694
Amvis Holdings, Inc.#		82,900		2,724,754
Arata Corp.		4,900		152,496
Argo Graphics, Inc.		22,000		532,538
Ariake Japan Co., Ltd.		4,200		159,282
As One Corp.		11,500		558,884
Asante, Inc.		5,500		64,117
Asics Corp.		205,600		3,546,500
Azbil Corp.		26,800		790,719
Bandai Namco Holdings, Inc.		3,200		238,593
Bank of Kyoto, Ltd.#		10,700		456,731
BML, Inc.†		19,400		520,864
Central Automotive Products, Ltd.		1,900		31,372
Chiba Bank, Ltd.		82,500		424,391
COMSYS Holdings Corp.		12,500		235,635
Comture Corp.#		21,500		472,234
Cosmos Pharmaceutical Corp.#		2,200		208,226
Daifuku Co., Ltd.		2,700		169,370
Daikyonishikawa Corp.		10,687		40,157
Daiseki Co., Ltd.#		73,880		2,696,371
Daito Pharmaceutical Co., Ltd.#		20,600		417,995
Demae-Can Co., Ltd.†#		19,900		66,193
DeNA Co., Ltd.		11,000		159,098
Digital Garage, Inc.		11,500		343,810
Dip Corp.†		75,500		2,199,930
DMG Mori Co., Ltd.		188,400		2,760,355
Doshisha Co., Ltd.		4,200		50,090
DTS Corp.		18,600		441,629
Eiken Chemical Co., Ltd.		24,500		323,212
Elecom Co., Ltd.		27,500		323,749
Ezaki Glico Co., Ltd.		14,800		426,965
Fuji Seal International, Inc.		54,000		649,389
Fuji Soft, Inc.#		11,000		623,133
Fujimi, Inc.		71,200		3,226,255
Fujitec Co., Ltd.		46,700		946,372
Fukuda Denshi Co., Ltd.		10,200		577,566
Fukui Computer Holdings, Inc.		6,800		173,251

142

VALIC Company I International Opportunities Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Japan (continued)
Fukuoka Financial Group, Inc.		165,600	$	2,832,272
Fukushima Galilei Co., Ltd.		20,000		527,720
FULLCAST Holdings Co., Ltd.		24,500		433,396
GungHo Online Entertainment, Inc.		10,500		198,536
Hamakyorex Co., Ltd.		3,600		81,798
Heian Ceremony Service Co., Ltd.†		11,900		72,363
Hirose Electric Co., Ltd.		3,000		417,387
Hogy Medical Co., Ltd.		3,000		70,976
IHI Corp.		127,600		3,574,996
Insource Co., Ltd.#		109,200		1,903,211
Inter Action Corp.#		15,200		254,223
Iriso Electronics Co., Ltd.		7,200		191,159
Iwatani Corp.		16,000		664,957
JAFCO Group Co., Ltd.		8,200		99,681
Japan Exchange Group, Inc.		4,300		67,730
Japan Pure Chemical Co., Ltd.		1,600		29,095
JCU Corp.		22,300		639,742
Jeol, Ltd.		7,800		378,623
JGC Holdings Corp.		8,560		120,466
JM Holdings Co., Ltd.		8,400		99,166
JMDC, Inc.		47,200		1,902,495
Kakaku.com, Inc.		17,900		353,656
Kansai Paint Co., Ltd.		33,800		418,934
Katitas Co., Ltd.		71,800		1,624,766
Kato Sangyo Co., Ltd.†		20,900		508,858
Kawai Musical Instruments Manufacturing Co., Ltd.†		3,800		84,912
KH Neochem Co., Ltd.		13,200		258,821
Kikkoman Corp.		3,800		202,433
Kintetsu World Express, Inc.†		9,000		290,980
Kitanotatsujin Corp.		37,000		51,212
Kobayashi Pharmaceutical Co., Ltd.		9,000		603,050
Koito Manufacturing Co., Ltd.		20,900		761,895
Konami Holdings Corp.		5,200		355,273
Kureha Corp.		6,000		473,171
Lion Corp.		35,200		392,715
Mebuki Financial Group, Inc.		1,414,900		2,668,034
Medipal Holdings Corp.		24,700		345,571
Meitec Corp.		12,300		658,353
METAWATER Co., Ltd.		36,000		564,735
MISUMI Group, Inc.		7,500		169,041
Mitsubishi Pencil Co., Ltd.#		7,700		80,731
Mitsui High-Tec, Inc.		64,800		5,577,776
MonotaRO Co., Ltd.#		25,800		376,884
Morinaga & Co., Ltd.		28,500		866,423
Nabtesco Corp.		26,700		633,861
Nakanishi, Inc.		74,000		1,462,542
NGK Spark Plug Co., Ltd.		27,200		514,384
Nihon Kohden Corp.		16,900		400,387
Nihon Parkerizing Co., Ltd.		34,100		242,866
Nippon Television Holdings, Inc.		25,100		236,976
Nishimatsuya Chain Co., Ltd.		59,300		676,658
Nissei ASB Machine Co., Ltd.#		4,600		113,971
Nitto Denko Corp.		4,300		311,046
NOF Corp.		10,300		391,840
Nohmi Bosai, Ltd.		21,800		286,367
Nomura Research Institute, Ltd.		22,000		604,086
NS Solutions Corp.		117,400		3,436,608
Obara Group, Inc.		3,900		88,168
OBIC Business Consultants Co., Ltd.		3,000		103,686
OBIC Co., Ltd.		24,400		3,602,093
Omron Corp.		6,900		396,062
Oracle Corp. Japan†#		8,500		514,828
PALTAC Corp.		15,400		524,060
Paramount Bed Holdings Co., Ltd.		44,400		689,427
Park24 Co., Ltd.†		11,700		183,804

Security Description	Shares		Value (Note 2)
Japan (continued)
Pasona Group, Inc.#		20,000	$	324,096
PCA Corp.		45,500		434,853
Pole To Win Holdings, Inc.		55,700		444,077
Proto Corp.		37,100		286,438
Rakuten Group, Inc.#		3,800		21,288
Rinnai Corp.		3,000		207,276
Ryohin Keikaku Co., Ltd.		39,000		413,711
S Foods, Inc.		27,300		639,164
Sagami Rubber Industries Co., Ltd.		8,700		50,746
San-A Co, Ltd.		3,000		91,576
San-Ai Obbli Co., Ltd.		101,200		751,424
Sankyu, Inc.		20,500		613,420
Santen Pharmaceutical Co., Ltd.		66,300		535,216
SCSK Corp.		27,300		456,393
Seino Holdings Co., Ltd.		120,800		965,511
Senko Group Holdings Co., Ltd.		21,100		137,896
Seria Co., Ltd.		6,000		106,241
SG Holdings Co., Ltd.		108,300		1,946,585
Shima Seiki Manufacturing, Ltd.#		6,200		97,263
Shimadzu Corp.		20,500		750,790
Shimamura Co., Ltd.		2,000		169,601
Shizuoka Bank, Ltd.		33,400		195,054
SK Kaken Co., Ltd.		3,800		990,464
SMS Co., Ltd.		97,600		2,259,856
Sohgo Security Services Co., Ltd.		18,500		510,868
Stanley Electric Co., Ltd.		28,400		514,178
Sugi Holdings Co., Ltd.		7,700		322,813
Sundrug Co., Ltd.		34,700		751,714
Suzuken Co., Ltd.		11,000		298,878
T Hasegawa Co., Ltd.		101,000		1,932,678
Taisei Lamick Co, Ltd.		7,300		151,210
Taiyo Yuden Co., Ltd.		67,900		2,783,012
Takasago International Corp.		5,200		93,713
Takuma Co., Ltd.		31,600		350,475
TBS Holdings, Inc.		29,500		387,240
TechnoPro Holdings, Inc.#		151,700		3,478,951
Temairazu, Inc.		8,500		380,304
THK Co., Ltd.		4,000		81,574
Toei Co., Ltd.		2,700		385,970
Toho Co., Ltd.		19,800		780,889
Toho Titanium Co., Ltd.		144,200		2,449,266
Tokyo Seimitsu Co., Ltd.		59,600		2,295,099
Toshiba TEC Corp.		7,000		220,660
TOTO, Ltd.		4,300		144,800
Toyo Seikan Group Holdings, Ltd.		45,900		489,253
Trancom Co., Ltd.		3,000		150,089
TS Tech Co., Ltd.		32,600		330,933
Unicharm Corp.		28,700		982,919
USS Co., Ltd.		58,900		1,072,499
Yamato Holdings Co., Ltd.		61,500		1,065,241
Zojirushi Corp.#		5,600		59,221
ZOZO, Inc.		43,500		928,427
Zuken, Inc.		18,200		402,046
				113,817,353
Jersey — 0.4%
Breedon Group PLC		2,128,025		1,891,828
Luxembourg — 0.9%
Allegro.eu SA†*		31,054		182,021
Befesa SA*		62,979		4,188,814
Eurofins Scientific SE		1,005		93,772
				4,464,607

143

VALIC Company I International Opportunities Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Malaysia — 0.1%
Alliance Bank Malaysia Bhd		955,200	$	784,714
Mauritius — 0.2%
MakeMyTrip, Ltd.†		35,558		983,534
Mexico — 1.2%
Bolsa Mexicana de Valores SAB de CV		184,300		344,711
Corp Inmobiliaria Vesta SAB de CV		141,918		288,300
GCC SAB de CV		75,020		527,757
Genomma Lab Internacional SAB de CV, Class B		356,289		359,538
Gruma SAB de CV, Class B		22,474		269,384
Grupo Aeroportuario del Centro Norte SAB de CV		407,354		2,935,441
Grupo Aeroportuario del Pacifico SAB de CV, Class B		19,131		287,541
Grupo Aeroportuario del Sureste SAB de CV ADR		973		211,423
Operadora de Sites Mexicanos SA de CV		239,600		316,537
Orbia Advance Corp SAB de CV		96,320		259,147
Prologis Property Mexico SA de CV		60,783		160,601
				5,960,380
Netherlands — 1.0%
Aalberts NV		10,549		524,426
ASM International NV		3,698		1,150,458
Euronext NV*		7,722		668,801
IMCD NV#		7,498		1,126,022
Just Eat Takeaway.com NV (Euronext Amsterdam)†#*		40,717		911,138
Just Eat Takeaway.com NV (LSE)†*		2,489		55,349
Wolters Kluwer NV		6,080		601,788
				5,037,982
New Zealand — 0.3%
Auckland International Airport, Ltd.†		92,214		448,684
Freightways, Ltd.		62,111		444,688
Mainfreight, Ltd.		8,717		430,569
				1,323,941
Norway — 1.5%
Aker Solutions ASA		1,097,573		4,264,256
Borregaard ASA		3,874		76,146
TOMRA Systems ASA		172,562		3,516,229
				7,856,631
Peru — 0.0%
Cia de Minas Buenaventura SAA ADR		13,265		113,283
Philippines — 0.4%
Metropolitan Bank & Trust Co.		905,072		949,114
Universal Robina Corp.		452,300		931,745
				1,880,859
Portugal — 0.3%
Galp Energia SGPS SA		76,039		994,781
NOS SGPS SA		90,490		384,976
				1,379,757
Russia — 0.0%
Detsky Mir PJSC*(1)(2)		601,792		0
Moscow Exchange MICEX-RTS PJSC†(1)(2)		205,642		0
				0
Singapore — 1.4%
Ascendas India Trust		417,400		346,814
Capitaland Investment, Ltd.		173,100		498,243
CDL Hospitality Trusts#		15,072		13,728
City Developments, Ltd.		96,800		582,581
Mapletree Commercial Trust#		342,100		443,994
SATS, Ltd.†		825,900		2,636,403
Singapore Technologies Engineering, Ltd.		411,400		1,234,261
Venture Corp., Ltd.		90,663		1,183,588
				6,939,612

Security Description	Shares		Value (Note 2)
South Africa — 1.4%
AVI, Ltd.		136,457	$	575,617
Motus Holdings, Ltd.		310,265		2,270,526
Transaction Capital, Ltd.		1,559,796		4,327,331
				7,173,474
South Korea — 3.8%
Amorepacific Corp.		7,000		922,421
CJ CheilJedang Corp.		5,281		1,672,910
Doosan Bobcat, Inc.		28,240		864,661
Doosan Fuel Cell Co., Ltd.†		46,724		1,466,757
Douzone Bizon Co., Ltd.		15,196		453,233
Hansae Co., Ltd.#		169,024		2,993,071
Hansol Chemical Co., Ltd.		5,181		1,107,450
Hite Jinro Co., Ltd.		74,811		2,152,138
LEENO Industrial, Inc.		23,629		2,977,752
LS Electric Co., Ltd.		21,257		880,709
OCI Co., Ltd.#		16,377		1,690,243
Orion Corp.		12,296		966,015
Samsung Fire & Marine Insurance Co., Ltd.		5,785		930,178
				19,077,538
Spain — 2.2%
Amadeus IT Group SA†		24,309		1,512,521
Banco de Sabadell SA		4,494,826		4,031,209
Cellnex Telecom SA#*		49,035		2,214,194
Melia Hotels International SA†		347,281		2,781,397
Viscofan SA		13,005		699,964
				11,239,285
Sweden — 2.7%
Catena AB		75,384		3,307,046
Essity AB, Class B		29,589		776,629
Fortnox AB		452,234		2,667,728
Intrum AB		95,350		2,178,067
Karnov Group AB		41,133		267,579
MIPS AB		36,472		2,438,400
Saab AB, Series B		9,077		385,687
Swedish Match AB		110,268		1,140,459
Thule Group AB*		9,748		326,494
				13,488,089
Switzerland — 1.3%
DKSH Holding AG		1,570		131,265
Julius Baer Group, Ltd.		13,406		692,338
Kardex Holding AG		3,113		567,784
Partners Group Holding AG		101		108,644
SIG Group AG		68,908		1,508,964
Sika AG		5,854		1,621,515
Sonova Holding AG		3,521		1,250,513
Straumann Holding AG		340		43,476
Temenos AG		2,844		276,447
VAT Group AG*		1,556		463,631
				6,664,577
Taiwan — 2.5%
Advantech Co., Ltd.		67,571		837,208
Chroma ATE, Inc.		182,000		1,038,602
E.Sun Financial Holding Co., Ltd.		635,881		668,008
Kindom Development Co., Ltd.		1,179,100		1,407,024
Lotes Co., Ltd.		97,000		2,635,170
Merida Industry Co., Ltd.		137,000		1,221,224
Tripod Technology Corp.		232,000		928,623
Voltronic Power Technology Corp.		18,675		947,874
Wafer Works Corp.		1,107,000		2,363,818
Win Semiconductors Corp.		98,000		754,880
				12,802,431

144

VALIC Company I International Opportunities Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Thailand — 0.4%
AEON Thana Sinsap Thailand PCL†		85,300	$	476,105
Land & Houses PCL		5,724,500		1,480,474
				1,956,579
Turkey — 0.0%
Selcuk Ecza Deposu Ticaret ve Sanayi AS†		72,572		58,660
United Kingdom — 11.4%
4imprint Group PLC†		4,240		143,142
Abcam PLC†		16,956		252,016
Admiral Group PLC		7,289		204,400
Allfunds Group Plc		21,925		200,550
Auto Trader Group PLC*		98,858		735,250
Babcock International Group PLC†		47,716		203,115
Bellway PLC		20,580		606,452
Big Yellow Group PLC		35,459		602,323
Britvic PLC		22,439		233,235
Bunzl PLC		26,510		924,960
Burberry Group PLC		19,672		425,281
Capricorn Energy PLC†		18,507		46,066
Coats Group PLC		183,226		160,953
Compass Group PLC		45,141		1,012,480
ConvaTec Group PLC*		129,864		353,749
Cranswick PLC		28,156		1,082,881
Croda International PLC		23,238		2,025,265
Dechra Pharmaceuticals PLC		72,212		3,310,701
EMIS Group PLC		16,748		274,517
Essentra PLC		271,657		1,089,747
Forterra PLC*		524,555		1,819,785
Future PLC		183,447		4,584,101
Great Portland Estates PLC		436,197		3,607,420
Greggs PLC		56,051		1,600,635
Halma PLC		21,125		594,005
Hargreaves Lansdown PLC#		26,368		285,099
Helios Towers PLC†#		105,520		151,331
Howden Joinery Group PLC		99,683		857,682
Ibstock PLC		156,537		366,871
Inchcape PLC		314,903		2,891,608
Intertek Group PLC		16,680		974,974
Johnson Service Group PLC†		67,382		99,208
Keywords Studios PLC		119,042		3,515,905
Marshalls PLC		35,192		237,563
Moneysupermarket.com Group PLC		276,667		649,702
PageGroup PLC		422,167		2,442,046
PZ Cussons PLC		12,477		31,860
Rathbones Group PLC		35,182		916,015
Rightmove PLC		98,327		745,241
Rotork PLC		560,343		1,975,980
RS Group PLC		690,165		8,435,841
Sage Group PLC		22,336		184,908
Savills PLC		186,889		2,601,300
Schroders PLC		27,922		1,043,709
Shaftesbury PLC#		45,391		342,138
Smith & Nephew PLC		61,433		1,002,043
Spirax-Sarco Engineering PLC		3,704		493,603
Tate & Lyle PLC		12,904		121,085
UNITE Group PLC		94,316		1,377,953
				57,836,694
United States — 0.0%
PerkinElmer, Inc.		619		92,646
Thoughtworks Holding, Inc.†		3,782		65,466
				158,112
Total Common Stocks
(cost $473,205,152)				472,266,003

Security Description	Shares/ Principal Amount			Value (Note 2)
EXCHANGE-TRADED FUNDS — 1.8%
iShares MSCI India Small-Cap ETF (cost $10,364,434)		171,365		$	8,866,425
Total Long-Term Investment Securities
(cost $483,569,586)					481,132,428
SHORT-TERM INVESTMENT SECURITIES — 1.9%
Registered Investment Companies — 1.9%
State Street Navigator Securities Lending Government Money Market Portfolio 0.32%(3)(4) (cost $9,754,291)		9,754,291			9,754,291
REPURCHASE AGREEMENTS — 2.4%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.06% dated 05/31/2022, to be repurchased 06/01/2022 in the amount of $12,075,015 and collateralized by $13,446,300 of United States Treasury Notes, bearing interest at 1.25% due 05/31/2028 and having an approximate value of $12,316,502 (cost $12,074,995)	$	12,074,995			12,074,995
TOTAL INVESTMENTS
(cost $505,398,872)(5)		99.2	%		502,961,714
Other assets less liabilities		0.8			4,207,467
NET ASSETS		100.0	%	$	507,169,181

# 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, 2022, the aggregate value of these securities was $20,613,436 representing 4.1% 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, 2022, the Fund held the following restricted securities:

Description	Acquisition Date		Shares		Acquisition Cost		Value		Value per Share		% of Net Assets
Common Stocks
Detsky Mir PJSC		12/02/2020		534,295	$	989,158
		02/22/2021		56,107		109,095
		03/18/2021		11,390		20,905
				601,792		1,119,158	$	0	$	0.00		0.00	%
Moscow Exchange MICEX-RTS PJSC		03/26/2020		27,771		33,435
		03/27/2020		156,529		182,610
		10/19/2020		21,342		40,021
				205,642		256,066		0		0.00		0.00
							$	0				0.00	%

(3) The rate shown is the 7-day yield as of May 31, 2022.

145

VALIC Company I International Opportunities Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

(4) At May 31, 2022, the Fund had loaned securities with a total value of $24,087,017. This was secured by collateral of $9,754,291, which was received in cash and subsequently invested in short-term investments currently value at $9,754,291 as reported in the Portfolio of Investments. Additional collateral of $16,121,803 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, 2022
United States Treasury Bills	0.00%	06/09/2022 to 11/03/2022	$	536,374
United States Treasury Notes/Bonds	0.13% to 6.25%	06/30/2022 to 11/15/2051		15,585,429

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

ADR — American Depositary Receipt

ETF — Exchange-Traded Funds

Euronext Amsterdam — Euronext Stock Exchange, Amsterdam

ISE — Irish Stock Exchange

LSE — London Stock Exchange

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2022 (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	$	—	$	—		$	0	$	0
Other Countries		71,160,636		401,105,367	**		—		472,266,003
Exchange-Traded Funds		8,866,425		—			—		8,866,425
Short-Term Investment Securities		9,754,291		—			—		9,754,291
Repurchase Agreements		—		12,074,995			—		12,074,995
Total Investments at Value	$	89,781,352	$	413,180,362		$	0	$	502,961,714

* 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).

Level 3 investments in securities were not considered a significant portion of the Fund’s net assets.

See Notes to Financial Statements

146

VALIC Company I International Socially Responsible Fund

PORTFOLIO PROFILE — May 31, 2022 (unaudited)

Industry Allocation*

Medical — Drugs	4.9	%
Diversified Banking Institutions	4.3
Banks — Commercial	4.1
Insurance — Life/Health	3.5
Telephone — Integrated	3.0
Repurchase Agreements	2.5
Semiconductor Equipment	2.2
Cosmetics & Toiletries	2.2
Chemicals — Specialty	2.0
Insurance — Multi-line	1.9
Real Estate Investment Trusts	1.9
Auto — Cars/Light Trucks	1.5
Commercial Services	1.4
Medical Products	1.4
Import/Export	1.4
Power Converter/Supply Equipment	1.3
Insurance — Property/Casualty	1.3
Real Estate Operations & Development	1.3
Oil Refining & Marketing	1.2
Investment Companies	1.1
Oil Companies — Exploration & Production	1.1
Finance — Other Services	1.1
Industrial Automated/Robotic	1.1
Enterprise Software/Service	1.1
Oil Companies — Integrated	1.1
Chemicals — Diversified	1.1
Food — Retail	1.0
Building & Construction Products — Misc.	1.0
Medical — Biomedical/Gene	1.0
Transport — Rail	0.9
Soap & Cleaning Preparation	0.9
Insurance — Reinsurance	0.9
Electronic Components — Misc.	0.9
Cellular Telecom	0.9
Industrial Gases	0.9
Steel — Producers	0.9
Retail — Apparel/Shoe	0.8
Building — Heavy Construction	0.8
Audio/Video Products	0.8
Electric — Distribution	0.8
Investment Management/Advisor Services	0.8
Private Equity	0.8
Beverages — Non-alcoholic	0.7
Machinery — Electrical	0.7
Food — Misc./Diversified	0.7
Water	0.7
Transport — Services	0.7
Apparel Manufacturers	0.7
Gas — Distribution	0.7
Rubber — Tires	0.6
Electric — Generation	0.6
Medical Labs & Testing Services	0.6
Food — Dairy Products	0.6
Computer Services	0.6
Metal — Diversified	0.6
Real Estate Management/Services	0.6
Auto/Truck Parts & Equipment — Original	0.5
Machinery — General Industrial	0.5
Building & Construction — Misc.	0.5
Optical Supplies	0.5
Gold Mining	0.5
Machinery — Construction & Mining	0.5
Distribution/Wholesale	0.5
Food — Catering	0.5
Metal — Iron	0.5
Electronic Components — Semiconductors	0.5
Electric — Integrated	0.5
U.S. Government Treasuries	0.5
Retail — Jewelry	0.5

Airport Development/Maintenance	0.5
Building — Residential/Commercial	0.5
Medical Instruments	0.4
Paper & Related Products	0.4
Athletic Footwear	0.4
Internet Content — Information/News	0.4
Building Products — Cement	0.4
Networking Products	0.4
Human Resources	0.4
Public Thoroughfares	0.4
Electric — Transmission	0.4
Auto — Heavy Duty Trucks	0.4
Toys	0.4
Office Automation & Equipment	0.4
Hotels/Motels	0.4
Machinery — Farming	0.4
Gas — Transportation	0.3
Commercial Services — Finance	0.3
Electronic Measurement Instruments	0.3
Diversified Operations	0.3
Computer Aided Design	0.3
MRI/Medical Diagnostic Imaging	0.3
Advertising Agencies	0.3
Finance — Leasing Companies	0.3
Telecom Services	0.3
Diversified Minerals	0.3
Steel Pipe & Tube	0.2
Metal — Copper	0.2
Resorts/Theme Parks	0.2
Multimedia	0.2
Rental Auto/Equipment	0.2
Building Products — Air & Heating	0.2
Coatings/Paint	0.2
Diversified Manufacturing Operations	0.2
Chemicals — Plastics	0.2
Advertising Services	0.2
Pipelines	0.2
Transport — Marine	0.2
E-Commerce/Products	0.2
Publishing — Periodicals	0.2
Building — Maintenance & Services	0.2
Applications Software	0.2
Energy — Alternate Sources	0.2
Music	0.2
Medical — Hospitals	0.2
Motorcycle/Motor Scooter	0.2
Computer Data Security	0.2
Fisheries	0.1
Diversified Operations/Commercial Services	0.1
Diagnostic Kits	0.1
Electric Products — Misc.	0.1
Retail — Building Products	0.1
Computers — Periphery Equipment	0.1
Machine Tools & Related Products	0.1
Electronic Security Devices	0.1
Steel — Specialty	0.1
Security Services	0.1
Entertainment Software	0.1
E-Commerce/Services	0.1
Telecommunication Equipment	0.1
Food — Meat Products	0.1
Diagnostic Equipment	0.1
Finance — Investment Banker/Broker	0.1
Bicycle Manufacturing	0.1
Coffee	0.1
Miscellaneous Manufacturing	0.1
Broadcast Services/Program	0.1
Agricultural Chemicals	0.1
Metal Processors & Fabrication	0.1

147

VALIC Company I International Socially Responsible Fund

PORTFOLIO PROFILE — May 31, 2022 (unaudited) — (continued)

Industry Allocation* (continued)

Food — Flour & Grain	0.1	%
Respiratory Products	0.1
Internet Connectivity Services	0.1
Medical — Wholesale Drug Distribution	0.1
Semiconductor Components — Integrated Circuits	0.1
Retirement/Aged Care	0.1
	97.3%

Country Allocation*

Japan	21.8	%
United Kingdom	13.3
France	9.7
Switzerland	8.5
Australia	7.0
Germany	6.6
Netherlands	5.4
Sweden	3.0
United States	3.0
Hong Kong	2.7
Denmark	2.6
Spain	2.3
Italy	1.8
Finland	1.3
Norway	1.1
Belgium	1.0
Singapore	1.0
Cayman Islands	1.0
Ireland	0.8
Israel	0.7
Austria	0.7
Jersey	0.6
Portugal	0.6
Luxembourg	0.4
New Zealand	0.3
SupraNational	0.1
	97.3	%

* Calculated as a percentage of net assets

148

VALIC Company I International Socially Responsible Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 94.3%
Australia — 7.0%
Ampol, Ltd.		22,755	$	542,916
APA Group		72,897		593,625
ASX, Ltd.		7,276		421,510
Aurizon Holdings, Ltd.		116,322		334,797
BGP Holdings PLC†(1)		60,919		0
BlueScope Steel, Ltd.		48,658		629,965
Brambles, Ltd.		61,419		477,934
Cochlear, Ltd.		2,303		366,164
Coles Group, Ltd.		45,658		574,184
Computershare, Ltd.		17,667		293,157
CSL, Ltd.		12,588		2,449,169
Dexus†		27,364		205,538
Evolution Mining, Ltd.		136,573		366,197
Fortescue Metals Group, Ltd.		75,079		1,076,769
Goodman Group		49,625		728,808
GPT Group		59,897		206,038
Lendlease Corp., Ltd.		14,856		114,594
Macquarie Group, Ltd.		11,971		1,592,041
Mineral Resources, Ltd.		11,591		527,764
Mirvac Group		121,745		197,137
Newcrest Mining, Ltd.		50,685		892,919
Northern Star Resources, Ltd.		63,242		393,232
Origin Energy, Ltd.		26,409		129,331
QBE Insurance Group, Ltd.		35,865		308,848
Ramsay Health Care, Ltd.		9,085		509,147
Santos, Ltd.		200,344		1,174,390
Scentre Group		268,583		550,889
Sonic Healthcare, Ltd.		33,665		884,971
South32, Ltd.		284,559		1,013,929
Stockland		83,190		238,399
Suncorp Group, Ltd.		58,913		479,026
Telstra Corp., Ltd.		187,758		521,907
Transurban Group		128,157		1,319,064
Vicinity Centres		161,395		218,370
Washington H. Soul Pattinson & Co., Ltd.		27,094		498,752
Woodside Energy Group, Ltd.		59,891		1,273,848
				22,105,329
Austria — 0.7%
Erste Group Bank AG		9,366		292,323
OMV AG		14,869		868,489
Raiffeisen Bank International AG		9,754		129,565
Verbund AG		1,574		156,571
voestalpine AG		24,038		704,072
				2,151,020
Belgium — 1.0%
Ageas SA/NV		2,480		125,005
Etablissements Franz Colruyt NV		4,692		152,343
Groupe Bruxelles Lambert SA		7,913		731,406
KBC Group NV		11,922		744,492
Proximus SADP		13,453		232,346
Sofina SA		262		61,751
Solvay SA, Class A		3,519		344,464
UCB SA		7,790		687,534
Umicore SA		4,826		214,742
				3,294,083
Bermuda — 0.0%
CK Infrastructure Holdings, Ltd.		8,000		53,601
Hongkong Land Holdings, Ltd.		13,100		60,659
				114,260

Security Description	Shares		Value (Note 2)
Cayman Islands — 1.0%
Chow Tai Fook Jewellery Group, Ltd.		72,400	$	125,195
CK Asset Holdings, Ltd.		100,308		654,747
CK Hutchison Holdings, Ltd.		102,500		725,071
ESR Cayman, Ltd.†		59,400		175,895
Futu Holdings, Ltd. ADR†#		1,107		40,638
Sea, Ltd. ADR†		6,400		529,024
SITC International Holdings Co., Ltd.		30,000		112,396
WH Group, Ltd.*		410,500		314,675
Wharf Real Estate Investment Co., Ltd.		63,000		304,249
Xinyi Glass Holdings, Ltd.		40,000		101,497
				3,083,387
Denmark — 2.6%
Ambu A/S, Class B		2,259		30,860
Chr. Hansen Holding A/S		2,495		186,929
Demant A/S†		2,521		110,948
DSV A/S		5,029		825,611
Genmab A/S†		1,591		483,098
Novo Nordisk A/S, Class B		44,172		4,890,710
Novozymes A/S, Class B		4,146		262,858
Orsted A/S*		4,638		524,735
Pandora A/S		3,605		291,918
Vestas Wind Systems A/S		20,144		513,755
				8,121,422
Finland — 1.3%
Elisa Oyj		326		18,455
Kone Oyj, Class B		7,193		367,261
Neste Oyj		13,717		630,450
Nokia Oyj		132,694		667,820
Nordea Bank Abp		120,356		1,225,456
Orion Oyj, Class B		5,337		219,092
Sampo Oyj, Class A		5,412		244,924
Stora Enso Oyj, Class R		16,654		322,855
UPM-Kymmene Oyj		15,629		554,528
				4,250,841
France — 9.7%
Accor SA†		4,952		163,084
Aeroports de Paris†		1,504		225,025
Air Liquide SA		16,043		2,808,786
Alstom SA		5,293		144,752
Amundi SA*		2,158		125,810
Arkema SA		3,390		410,756
AXA SA		83,127		2,102,596
BioMerieux		978		102,951
BNP Paribas SA		32,172		1,840,116
Bouygues SA		20,457		706,470
Bureau Veritas SA		1,472		42,519
Capgemini SE		5,131		996,591
Carrefour SA		30,703		627,597
Cie de Saint-Gobain		13,104		777,319
Cie Generale des Etablissements Michelin SCA		8,063		1,051,928
CNP Assurances		5,419		121,590
Covivio		1,969		143,831
Credit Agricole SA		40,095		445,220
Danone SA		26,826		1,578,651
Dassault Systemes SE		21,286		896,688
Edenred		6,926		341,929
Eiffage SA		5,801		574,829
EssilorLuxottica SA		10,655		1,720,774
Eurazeo SE		2,742		212,094
Faurecia SE†		3,671		102,214
Gecina SA		1,516		178,399
Getlink SE		16,384		315,639

149

VALIC Company I International Socially Responsible Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
France (continued)
Hermes International		1,258	$	1,502,938
Ipsen SA		3,567		357,263
Klepierre SA		9,974		227,753
L’Oreal SA		8,891		3,143,110
Legrand SA		5,177		448,568
Publicis Groupe SA		8,806		482,048
Sartorius Stedim Biotech		1,193		412,148
Schneider Electric SE		13,504		1,875,896
Societe Generale SA		28,467		767,165
Sodexo SA		3,057		228,400
Ubisoft Entertainment SA†		1,173		61,465
Valeo		4,108		91,378
Veolia Environnement SA		21,399		600,126
Vinci SA		11,694		1,128,285
Vivendi SE		17,589		209,819
Wendel SE		1,296		133,555
Worldline SA†*		6,156		251,451
				30,679,526
Germany — 6.6%
adidas AG		5,234		1,037,092
Allianz SE		11,296		2,366,006
Bayerische Motoren Werke AG		21,628		1,872,883
Bayerische Motoren Werke AG (Preference Shares)		3,618		282,992
Beiersdorf AG		7,890		817,391
Brenntag SE		2,328		179,853
Carl Zeiss Meditec AG		784		104,611
Commerzbank AG†		32,757		284,083
Continental AG		4,096		313,358
Covestro AG*		5,143		234,650
Delivery Hero SE†*		2,817		108,127
Deutsche Boerse AG		5,661		949,752
Evonik Industries AG		7,131		190,843
Hannover Rueck SE		1,588		242,628
HeidelbergCement AG		6,394		371,315
HelloFresh SE†		3,535		131,397
Henkel AG & Co. KGaA		4,067		273,934
Henkel AG & Co. KGaA (Preference Shares)		11,051		756,011
Infineon Technologies AG		31,111		966,623
KION Group AG		1,657		81,190
Knorr-Bremse AG		1,092		74,576
LANXESS AG		1,378		64,148
Merck KGaA		6,893		1,295,334
Muenchener Rueckversicherungs-Gesellschaft AG		5,480		1,340,228
Puma SE		5,373		399,301
SAP SE		27,780		2,767,313
Sartorius AG (Preference Shares)		1,091		439,837
Siemens Healthineers AG*		13,335		800,173
Symrise AG		3,680		405,902
Telefonica Deutschland Holding AG		103,732		329,509
United Internet AG		4,962		162,645
Vonovia SE		28,476		1,083,964
Zalando SE†*		4,104		166,669
				20,894,338
Hong Kong — 2.7%
AIA Group, Ltd.		289,000		2,956,085
BOC Hong Kong Holdings, Ltd.		122,500		468,868
Hang Lung Properties, Ltd.		49,000		91,512
Hang Seng Bank, Ltd.		21,300		372,009
Henderson Land Development Co., Ltd.		86,503		366,126
Hong Kong & China Gas Co., Ltd.		391,252		442,598
Hong Kong Exchanges & Clearing, Ltd.		28,700		1,230,242
Link REIT		37,300		337,534
MTR Corp., Ltd.		74,500		401,983

Security Description	Shares		Value (Note 2)
Hong Kong (continued)
New World Development Co., Ltd.		47,250	$	180,035
Power Assets Holdings, Ltd.		42,500		277,638
Sun Hung Kai Properties, Ltd.		49,500		603,036
Swire Pacific, Ltd., Class A		30,000		181,441
Swire Properties, Ltd.		52,400		127,796
Techtronic Industries Co., Ltd.		30,000		389,124
				8,426,027
Ireland — 0.8%
CRH PLC		24,019		993,908
DCC PLC		7,134		504,831
James Hardie Industries PLC		5,924		152,808
Kerry Group PLC, Class A		7,667		792,696
Smurfit Kappa Group PLC		3,428		138,733
				2,582,976
Israel — 0.7%
Bank Hapoalim BM		44,435		412,129
Bank Leumi Le-Israel BM		60,220		599,767
Check Point Software Technologies, Ltd.†		3,586		448,537
Fiverr International, Ltd.†#		1,000		42,310
ICL Group, Ltd.		20,497		228,031
Mizrahi Tefahot Bank, Ltd.		2,515		82,755
NICE, Ltd.†		1,700		338,548
Wix.com, Ltd.†		920		57,969
				2,210,046
Italy — 1.8%
Amplifon SpA		4,307		148,391
Assicurazioni Generali SpA		74,696		1,360,355
DiaSorin SpA		833		109,628
FinecoBank Banca Fineco SpA		13,965		197,770
Mediobanca Banca di Credito Finanziario SpA		54,420		558,981
Moncler SpA		8,838		424,827
Nexi SpA†*		7,610		77,528
Poste Italiane SpA*		43,183		467,722
Prysmian SpA		2,753		88,943
Recordati Industria Chimica e Farmaceutica SpA		14,784		662,240
Snam SpA		185,780		1,079,493
Terna—Rete Elettrica Nazionale SpA		73,741		624,887
				5,800,765
Japan — 21.8%
Advantest Corp.		2,500		171,595
Aeon Co., Ltd.		25,000		456,868
Aisin Corp.		3,700		120,995
Ajinomoto Co., Inc.		26,600		645,987
ANA Holdings, Inc.†		6,000		118,043
Astellas Pharma, Inc.		81,000		1,295,936
Bridgestone Corp.		19,600		771,460
Canon, Inc.		26,800		673,463
Central Japan Railway Co.		5,900		732,774
Chiba Bank, Ltd.		7,600		39,095
Chubu Electric Power Co., Inc.		27,000		270,630
Chugai Pharmaceutical Co., Ltd.		26,400		721,909
Dai-ichi Life Holdings, Inc.		27,300		559,036
Daiichi Sankyo Co., Ltd.		53,300		1,413,840
Daikin Industries, Ltd.		4,600		735,681
Denso Corp.		15,200		925,483
Dentsu Group, Inc.		4,300		143,176
East Japan Railway Co.		9,900		507,342
Eisai Co., Ltd.		10,100		414,572
ENEOS Holdings, Inc.		296,600		1,190,719
FANUC Corp.		5,500		896,890
Fast Retailing Co., Ltd.		900		434,536

150

VALIC Company I International Socially Responsible Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Japan (continued)
FUJIFILM Holdings Corp.		9,700	$	533,176
Fujitsu, Ltd.		2,900		434,269
Hankyu Hanshin Holdings, Inc.		7,600		203,421
Hitachi Metals, Ltd.†		22,600		362,301
Hitachi, Ltd.		25,000		1,307,043
Hoya Corp.		8,800		939,350
Idemitsu Kosan Co., Ltd.		17,700		475,808
Inpex Corp.		59,400		761,854
Isuzu Motors, Ltd.		26,300		307,428
Ito En, Ltd.		5,500		233,080
ITOCHU Corp.		17,200		492,137
Japan Airlines Co., Ltd.†		3,500		63,544
JFE Holdings, Inc.		43,000		528,636
Kajima Corp.		21,800		234,154
Kao Corp.		16,700		672,293
KDDI Corp.		49,800		1,733,650
Keio Corp.		2,000		66,681
Keyence Corp.		4,500		1,794,730
Kintetsu Group Holdings Co., Ltd.		2,900		84,596
Kobayashi Pharmaceutical Co., Ltd.		400		26,802
Komatsu, Ltd.		28,300		699,946
Kose Corp.		1,300		117,406
Kubota Corp.		31,100		571,370
Kyocera Corp.		6,000		337,540
Kyowa Kirin Co., Ltd.		15,600		335,649
Lasertec Corp.†		800		116,653
Lawson, Inc.		2,600		91,823
Lion Corp.		4,100		45,742
LIXIL Corp.		3,000		57,048
M3, Inc.		7,400		213,466
Marubeni Corp.		52,800		553,458
Mazda Motor Corp.		42,200		355,599
MEIJI Holdings Co., Ltd.		7,900		388,796
Mitsubishi Chemical Holdings Corp.		57,700		340,465
Mitsubishi Corp.		37,500		1,287,454
Mitsubishi Electric Corp.		31,500		345,323
Mitsubishi Estate Co., Ltd.		36,400		538,473
Mitsubishi UFJ Financial Group, Inc.		252,600		1,429,513
Mitsui & Co., Ltd.		44,800		1,122,495
Mitsui Fudosan Co., Ltd.		25,500		556,414
Mitsui OSK Lines, Ltd.		6,300		168,126
Mizuho Financial Group, Inc.		43,300		511,463
MS&AD Insurance Group Holdings, Inc.		12,700		403,039
Murata Manufacturing Co., Ltd.		14,200		914,946
Nexon Co., Ltd.		8,100		200,832
Nidec Corp.		8,500		570,358
Nintendo Co., Ltd.		2,800		1,246,267
Nippon Express Holdings, Inc.		2,400		138,547
Nippon Paint Holdings Co., Ltd.		11,600		85,853
Nippon Shinyaku Co., Ltd.		1,500		92,580
Nippon Steel Corp.		52,400		908,960
Nippon Telegraph & Telephone Corp.		48,400		1,471,177
Nippon Yusen KK		3,600		298,485
Nisshin Seifun Group, Inc.		15,900		185,608
Nissin Foods Holdings Co., Ltd.		2,000		130,721
Nitori Holdings Co., Ltd.		1,000		100,922
Nomura Holdings, Inc.		61,300		241,768
NTT Data Corp.		12,000		187,803
Obayashi Corp.		15,900		112,500
Odakyu Electric Railway Co., Ltd.		5,500		72,425
Ono Pharmaceutical Co., Ltd.		28,700		758,389
Oriental Land Co., Ltd.		5,200		774,438
ORIX Corp.		42,800		812,633
Osaka Gas Co., Ltd.		27,200		508,039
Otsuka Holdings Co., Ltd.		27,000		897,781

Security Description	Shares		Value (Note 2)
Japan (continued)
Pan Pacific International Holdings Corp.		3,700	$	56,845
Rakuten Group, Inc.		7,700		43,136
Recruit Holdings Co., Ltd.		29,300		1,070,895
Renesas Electronics Corp.†		12,600		147,920
Resona Holdings, Inc.		94,900		353,371
Ryohin Keikaku Co., Ltd.		4,800		50,918
Santen Pharmaceutical Co., Ltd.		26,700		215,540
Secom Co., Ltd.		5,400		355,835
Sekisui House, Ltd.		10,600		188,388
SG Holdings Co., Ltd.		4,500		80,883
Shimano, Inc.		1,500		264,124
Shin-Etsu Chemical Co., Ltd.		10,700		1,516,237
Shionogi & Co., Ltd.		12,200		650,246
Shiseido Co., Ltd.		12,400		520,765
Shizuoka Bank, Ltd.		4,400		25,696
SMC Corp.		1,500		772,061
SoftBank Corp.		67,600		775,756
SoftBank Group Corp.		29,900		1,241,295
Sony Group Corp.		27,500		2,587,286
Subaru Corp.		41,700		718,841
Sumitomo Pharma Co., Ltd.		12,900		110,334
Sumitomo Chemical Co., Ltd.		43,400		178,477
Sumitomo Corp.		37,000		530,241
Sumitomo Electric Industries, Ltd.		41,700		459,819
Sumitomo Metal Mining Co., Ltd.		18,700		784,829
Sumitomo Mitsui Financial Group, Inc.		53,100		1,624,624
Sumitomo Realty & Development Co., Ltd.		10,700		287,910
Suntory Beverage & Food, Ltd.		16,600		620,529
Suzuki Motor Corp.		16,700		493,084
Sysmex Corp.		4,500		292,297
Taisho Pharmaceutical Holdings Co., Ltd.		5,700		219,182
TDK Corp.		3,800		130,975
Terumo Corp.		18,500		597,153
Tobu Railway Co., Ltd.		400		8,950
Tokio Marine Holdings, Inc.		15,700		908,389
Tokyo Electron, Ltd.		3,000		1,373,853
Tokyo Gas Co., Ltd.		24,100		469,902
Tokyu Corp.		13,000		147,256
Toppan, Inc.		600		11,270
Toray Industries, Inc.		40,700		210,017
TOTO, Ltd.		800		26,940
Toyo Suisan Kaisha, Ltd.		2,100		78,393
Toyota Industries Corp.		5,600		359,247
Toyota Tsusho Corp.		5,000		190,425
Unicharm Corp.		17,100		585,642
Welcia Holdings Co., Ltd.		1,400		28,168
West Japan Railway Co.		7,300		268,909
Yakult Honsha Co., Ltd.		6,100		335,165
Yamaha Motor Co., Ltd.		24,800		501,557
Z Holdings Corp.		37,100		122,138
				69,384,989
Jersey — 0.6%
Ferguson PLC		8,169		982,119
WPP PLC		73,697		855,287
				1,837,406
Luxembourg — 0.4%
Aroundtown SA		42,482		199,122
Eurofins Scientific SE		2,284		213,110
Tenaris SA		59,900		1,000,746
				1,412,978

151

VALIC Company I International Socially Responsible Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Netherlands — 5.4%
ABN AMRO Bank NV CVA*		19,501	$	228,662
Adyen NV†*		463		721,029
Akzo Nobel NV		7,213		630,449
Argenx SE†		1,326		410,661
ASM International NV		589		183,239
ASML Holding NV		8,913		5,139,688
CNH Industrial NV		34,699		517,309
EXOR NV		7,779		574,704
Ferrari NV		5,886		1,147,588
ING Groep NV		108,128		1,223,479
JDE Peet’s NV		8,986		263,510
Just Eat Takeaway.com NV†*		4,454		99,669
Koninklijke Ahold Delhaize NV		27,656		763,593
Koninklijke DSM NV		5,797		980,007
Koninklijke KPN NV		151,346		551,382
NN Group NV		13,713		682,715
Prosus NV		20,356		1,057,078
QIAGEN NV†		7,562		347,932
STMicroelectronics NV		14,942		597,911
Universal Music Group NV		22,860		513,379
Wolters Kluwer NV		5,607		554,971
				17,188,955
New Zealand — 0.3%
Auckland International Airport, Ltd.†		61,749		300,451
Fisher & Paykel Healthcare Corp., Ltd.		12,722		173,595
Mercury NZ, Ltd.		30,468		109,019
Meridian Energy, Ltd.		30,465		93,081
Ryman Healthcare, Ltd.		20,169		131,181
Spark New Zealand, Ltd.		25,402		80,330
Xero, Ltd.†		2,001		127,525
				1,015,182
Norway — 1.1%
Aker BP ASA		11,075		474,811
DNB Bank ASA		10,361		210,049
Equinor ASA		43,353		1,641,262
Mowi ASA		18,515		482,434
Orkla ASA		39,049		307,631
Telenor ASA		18,680		257,836
Yara International ASA		3,840		198,750
				3,572,773
Portugal — 0.6%
Banco Espirito Santo SA†(1)		126,030		0
EDP—Energias de Portugal SA		131,236		658,587
Galp Energia SGPS SA		60,533		791,923
Jeronimo Martins SGPS SA		15,463		316,798
				1,767,308
Singapore — 1.0%
DBS Group Holdings, Ltd.		51,100		1,151,367
Keppel Corp., Ltd.		28,900		145,099
Oversea-Chinese Banking Corp., Ltd.		105,400		908,452
Singapore Telecommunications, Ltd.		286,800		541,410
United Overseas Bank, Ltd.		23,000		494,057
				3,240,385
Spain — 2.3%
Aena SME SA†*		5,508		841,922
Amadeus IT Group SA†		13,832		860,636
CaixaBank SA		205,615		745,006
Cellnex Telecom SA*		12,833		579,479
Enagas SA		28,637		655,474
Ferrovial SA		29,544		762,712
Ferrovial SA†		339		8,753

Security Description	Shares		Value (Note 2)
Spain (continued)
Grifols SA		14,421	$	303,481
Industria de Diseno Textil SA		27,298		656,666
Red Electrica Corp. SA		32,624		675,959
Telefonica SA		230,142		1,244,962
				7,335,050
SupraNational — 0.1%
Unibail-Rodamco-Westfield†		3,534		248,840
Sweden — 3.0%
Assa Abloy AB, Class B		14,884		366,911
Atlas Copco AB, Class A		64,180		720,521
Atlas Copco AB, Class A (Redemption Shares)†		16,045		13,111
Boliden AB		18,421		775,139
Boliden AB (Redemption Shares)†		18,421		29,199
Embracer Group AB†		9,533		86,726
Epiroc AB, Class B		21,039		354,384
EQT AB		2,981		87,797
Essity AB, Class B		32,404		850,515
Hennes & Mauritz AB, Class B		19,403		268,110
Hexagon AB, Class B		37,268		454,111
Industrivarden AB, Class A		1,181		30,675
Industrivarden AB, Class C		2,897		75,273
Investor AB, Class B		96,330		1,809,005
Sandvik AB		28,985		595,564
Sinch AB†*		11,079		53,593
Skandinaviska Enskilda Banken AB, Class A		73,479		813,236
Svenska Handelsbanken AB, Class A		58,941		580,843
Telefonaktiebolaget LM Ericsson, Class B		85,577		694,779
Volvo AB, Class B		56,354		989,857
				9,649,349
Switzerland — 8.5%
ABB, Ltd.		68,987		2,134,284
Adecco Group AG		6,390		249,647
Alcon, Inc.		18,897		1,416,673
Bachem Holding AG		1,010		79,322
Baloise Holding AG		3,074		523,956
Clariant AG		30,724		591,596
Coca-Cola HBC AG		35,780		788,981
EMS-Chemie Holding AG		794		680,060
Geberit AG		1,682		923,548
Givaudan SA		392		1,443,122
Julius Baer Group, Ltd.		13,110		677,051
Kuehne & Nagel International AG		2,475		653,523
Logitech International SA		6,618		404,122
Lonza Group AG		2,782		1,677,605
Partners Group Holding AG		1,054		1,133,770
Schindler Holding AG		208		41,634
Schindler Holding AG (Participation Certificate)		3,233		664,079
SGS SA		297		739,215
Sika AG		5,507		1,525,399
Sonova Holding AG		2,258		801,947
Straumann Holding AG		4,380		560,073
Swatch Group AG		3,862		997,502
Swiss Life Holding AG		2,493		1,413,122
Swiss Prime Site AG		3,176		319,696
Swiss Re AG		16,111		1,329,345
Swisscom AG		2,494		1,474,679
Temenos AG		2,364		229,789
VAT Group AG		664		197,848
Zurich Insurance Group AG		7,269		3,329,308
				27,000,896

152

VALIC Company I International Socially Responsible Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
United Kingdom — 13.3%
3i Group PLC		53,376	$	855,463
Abrdn PLC		111,208		273,749
Admiral Group PLC		6,009		168,506
Antofagasta PLC		44,009		821,947
Ashtead Group PLC		14,633		766,809
Auto Trader Group PLC*		25,298		188,152
AVEVA Group PLC		7,429		213,507
Aviva PLC		164,234		891,033
Barratt Developments PLC		40,740		259,443
Berkeley Group Holdings PLC		4,809		254,714
British Land Co. PLC		68,607		454,945
BT Group PLC		351,250		829,235
Bunzl PLC		12,952		451,908
Burberry Group PLC		30,068		650,027
Coca-Cola Europacific Partners PLC		13,835		735,054
Compass Group PLC		61,668		1,383,168
Croda International PLC		5,840		508,974
Halma PLC		19,227		540,636
Hargreaves Lansdown PLC		16,693		180,490
Hikma Pharmaceuticals PLC		29,553		632,302
HSBC Holdings PLC		511,239		3,425,901
Informa PLC†		70,637		485,532
InterContinental Hotels Group PLC		9,815		611,600
Intertek Group PLC		10,290		601,468
J Sainsbury PLC		145,700		419,516
JD Sports Fashion PLC		57,065		88,302
Johnson Matthey PLC		12,186		324,358
Kingfisher PLC		92,209		306,562
Land Securities Group PLC		60,048		580,922
Legal & General Group PLC		274,430		899,544
Lloyds Banking Group PLC		2,326,760		1,324,546
London Stock Exchange Group PLC		9,479		884,420
M&G PLC		76,708		208,975
Mondi PLC		27,379		532,787
National Grid PLC		169,869		2,514,275
Natwest Group PLC		256,240		737,876
Next PLC		7,684		629,442
Ocado Group PLC†		13,059		153,601
Pearson PLC		30,291		288,227
Persimmon PLC		13,547		371,961
Phoenix Group Holdings PLC		21,338		171,649
Prudential PLC		71,564		934,984
Reckitt Benckiser Group PLC		25,661		1,985,859
RELX PLC		69,411		1,992,128
Rentokil Initial PLC		80,615		514,629
Sage Group PLC		62,072		513,861
Schroders PLC		13,917		520,210
Segro PLC		56,163		784,872
Severn Trent PLC		12,837		471,758
Smith & Nephew PLC		50,366		821,528
Smiths Group PLC		34,898		684,639
Spirax-Sarco Engineering PLC		3,464		461,620
SSE PLC		60,809		1,358,850
St James’s Place PLC		34,333		560,889
Standard Chartered PLC		84,539		672,227
Taylor Wimpey PLC		138,765		227,773
United Utilities Group PLC		85,605		1,141,867
Vodafone Group PLC		908,742		1,496,615
Whitbread PLC		9,939		341,642
				42,107,477
Total Long-Term Investment Securities
(cost $261,840,607)				299,475,608

Security Description	Shares/ Principal Amount			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 0.5%
Registered Investment Companies — 0.0%
State Street Navigator Securities Lending Government Money Market Portfolio 0.32%(2)(3)		40,959			40,959
U.S. Government Treasuries — 0.5%
United States Treasury Bills 1.91% due 04/20/2023(4)	$	1,500,000			1,474,345
Total Short-Term Investment Securities
(cost $1,515,220)					1,515,304
REPURCHASE AGREEMENTS — 2.5%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.06% dated 05/31/2022, to be repurchased 06/01/2022 in the amount of $ 8,052,787 and collateralized by $8,967,300 of United States Treasury Notes, bearing interest at 1.25% due 05/31/2028 and having an approximate value of $8,213,841 (cost $8,052,774)		8,052,774			8,052,774
TOTAL INVESTMENTS
(cost $271,408,601)(5)		97.3	%		309,043,686
Other assets less liabilities		2.7			8,555,541
NET ASSETS		100.0	%	$	317,599,227

† 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, 2022, the aggregate value of these securities was $6,157,789 representing 1.9% of net assets.

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

(2) At May 31, 2022, the Fund had loaned securities with a total value of $82,948. This was secured by collateral of $40,959, which was received in cash and subsequently invested in short-term investments currently valued at $40,959 as reported in the Portfolio of Investments. Additional collateral of $44,768 was received in the form of fixed income pooled securities, which the Fund can6ot 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, 2022
United States Treasury Bills	0.00%	06/16/2022 to 10/27/2022	$	4,169
United States Treasury Notes/Bonds	0.13% to 3.00%	06/30/2022 to 02/15/2051		40,599

(3) The rate shown is the 7-day yield as of May 31, 2022.

(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.

ADR — American Depositary Receipt

CVA — Certification Van Aandelen (Dutch Cert.)

153

VALIC Company I International Socially Responsible Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	177	Long	MSCI EAFE Index		June 2022	$	18,234,399	$	18,027,450	$	(206,949	)

* 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, 2022 (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	$	—	$	22,105,329	**	$	0	$	22,105,329
Portugal		—		1,767,308	**		0		1,767,308
Other Countries		1,904,595		273,698,376	**		—		275,602,971
Short-Term Investment Securities:
Registered Investment Companies		40,959		—			—		40,959
U.S Government Treasuries		—		1,474,345			—		1,474,345
Repurchase Agreements		—		8,052,774			—		8,052,774
Total Investments at Value	$	1,945,554	$	307,098,132		$	0	$	309,043,686
LIABILITIES:
Other Financial Instruments:†
Futures Contracts	$	206,949	$	—		$	—	$	206,949

* 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.

Level 3 investments in securities were not considered a significant portion of the Fund’s net assets.

See Notes to Financial Statements

154

VALIC Company I International Value Fund

PORTFOLIO PROFILE — May 31, 2022 (unaudited)

Industry Allocation*

Banks — Commercial	6.8	%
Diversified Banking Institutions	6.6
Oil — Field Services	3.5
Food — Misc./Diversified	3.4
Cellular Telecom	3.4
Appliances	3.3
Medical — Drugs	3.1
Insurance — Life/Health	2.9
Wire & Cable Products	2.8
Machinery — Electrical	2.8
Registered Investment Companies	2.7
Multimedia	2.6
Computer Data Security	2.6
Finance — Leasing Companies	2.5
Energy — Alternate Sources	2.5
Apparel Manufacturers	2.4
Aerospace/Defense	2.3
Brewery	2.3
Building & Construction Products — Misc.	2.2
Electronic Components — Semiconductors	2.2
Food — Catering	2.1
Investment Companies	2.0
Airlines	2.0
Medical Products	2.0
Electric — Integrated	1.9
Retail — Restaurants	1.8
Real Estate Operations & Development	1.8
Coatings/Paint	1.8
Communications Software	1.6
Engineering/R&D Services	1.6
Chemicals — Diversified	1.5
Exchange — Traded Funds	1.5
Internet Gambling	1.4
Retail — Apparel/Shoe	1.4
Electronic Components — Misc.	1.4
Auto/Truck Parts & Equipment — Original	1.3
Agricultural Chemicals	1.3
Machinery — Farming	1.2
Retail — Auto Parts	1.1
Home Furnishings	1.1
Diversified Manufacturing Operations	1.0
Industrial Automated/Robotic	0.9
Building Products — Doors & Windows	0.8
Containers — Paper/Plastic	0.8
Diversified Financial Services	0.8
Auto — Cars/Light Trucks	0.7
Banks — Mortgage	0.4
Steel — Producers	0.4
	100.5	%

Country Allocation*

United States	11.8	%
Japan	11.3
United Kingdom	9.6
South Korea	8.3
Netherlands	7.7
France	7.4
China	5.4
Italy	5.1
Thailand	4.2
Cayman Islands	4.0
Germany	3.4
Norway	2.8
Luxembourg	2.8
Israel	2.6
British Virgin Islands	2.4
Australia	2.0
Canada	2.0
Brazil	1.9
Bermuda	1.8
India	1.6
Isle of Man	1.4
Ireland	1.0
	100.5	%

* Calculated as a percentage of net assets

155

VALIC Company I International Value Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 96.3%
Australia — 2.0%
Qantas Airways, Ltd.†		3,100,269	$	12,217,572
Bermuda — 1.8%
Axalta Coating Systems, Ltd.†		395,408		10,739,281
Brazil — 1.9%
CPFL Energia SA		1,673,700		11,868,090
British Virgin Islands — 2.4%
Nomad Foods, Ltd.†		709,739		14,812,253
Canada — 2.0%
Home Capital Group, Inc.#		111,000		2,673,092
SNC-Lavalin Group, Inc.#		468,600		9,387,930
				12,061,022
Cayman Islands — 4.0%
China Resources Land, Ltd.		2,500,000		11,063,300
Topsports International Holdings, Ltd.*		11,375,000		8,359,660
Xinyi Glass Holdings, Ltd.		1,992,000		5,054,536
				24,477,496
China — 5.4%
LONGi Green Energy Technology Co., Ltd., Class A		1,260,351		14,965,569
Midea Group Co., Ltd., Class A		1,322,512		10,742,599
Oppein Home Group, Inc., Class A		384,480		6,904,027
				32,612,195
France — 7.4%
Cie de Saint-Gobain		224,609		13,323,634
Sanofi		176,915		18,892,414
Sodexo SA		168,816		12,612,856
				44,828,904
Germany — 3.4%
Rheinmetall AG		68,869		13,930,115
Siemens AG		49,129		6,457,648
Siemens Energy AG		24,565		473,217
				20,860,980
India — 1.6%
Tech Mahindra, Ltd.		641,144		9,804,656
Ireland — 1.0%
Greencore Group PLC†		4,595,011		6,312,005
Isle of Man — 1.4%
Entain PLC†		464,112		8,562,899
Israel — 2.6%
Check Point Software Technologies, Ltd.†		126,521		15,825,247
Italy — 5.1%
Prysmian SpA		534,457		17,267,111
UniCredit SpA		1,200,442		14,079,682
				31,346,793
Japan — 11.3%
Asahi Group Holdings, Ltd.		414,300		13,927,016
Hitachi, Ltd.		315,300		16,484,427
Mitsubishi UFJ Financial Group, Inc.		2,454,900		13,892,765
ORIX Corp.		792,600		15,048,907
Showa Denko KK		478,000		9,205,268
				68,558,383
Luxembourg — 2.8%
ArcelorMittal SA		73,459		2,366,126
Samsonite International SA†*		6,500,510		14,728,473
				17,094,599

Security Description	Shares			Value (Note 2)
Netherlands — 7.7%
CNH Industrial NV		479,736		$	7,152,136
ING Groep NV		886,622			10,032,216
NN Group NV		350,248			17,437,429
OCI NV†		223,139			7,855,956
Stellantis NV		298,053			4,467,299
					46,945,036
Norway — 2.8%
DNB Bank ASA		848,883			17,209,408
South Korea — 8.3%
Coway Co, Ltd.†		162,244			9,352,752
Hana Financial Group, Inc.		115,591			4,615,188
Samsung Electronics Co., Ltd.		242,675			13,215,336
SK Square Co., Ltd.†		67,914			2,594,976
SK Telecom Co., Ltd.		446,657			20,588,883
					50,367,135
Thailand — 4.2%
Minor International PCL†		11,001,400			11,252,163
SCB X PCL		4,470,600			14,566,683
					25,818,846
United Kingdom — 9.6%
ConvaTec Group PLC*		4,470,504			12,177,632
Informa PLC†		2,317,158			15,927,266
Melrose Industries PLC		5,762,258			9,855,476
Natwest Group PLC		4,203,412			12,104,272
Sensata Technologies Holding PLC		169,036			8,118,799
					58,183,445
United States — 7.6%
Advance Auto Parts, Inc.		37,548			7,128,863
Baker Hughes Co.		589,450			21,208,411
Berry Global Group, Inc.†		85,376			4,979,982
Cognex Corp.		110,545			5,352,589
Gentex Corp.		254,401			7,906,783
					46,576,628
Total Common Stocks
(cost $581,045,249)					587,082,873
EXCHANGE-TRADED FUNDS — 1.5%
iShares MSCI ACWI EX US Index# (cost $8,969,830)		181,741			9,023,441
Total Long-Term Investment Securities
(cost $590,015,079)					596,106,314
SHORT-TERM INVESTMENT SECURITIES — 2.7%
Registered Investment Companies — 2.7%
State Street Institutional U.S. Government Money Market Fund, Premier Class  0.74%(1)		15,742,816			15,742,816
State Street Navigator Securities Lending Government Money Market Portfolio 0.32%(1)(2)		424,575			424,575
Total Short-Term Investment Securities
(cost $16,167,390)					16,167,391
TOTAL INVESTMENTS
(cost $606,182,469)(3)		100.5	%		612,273,705
Liabilities in excess of other assets		(0.5	)		(3,034,552	)
NET ASSETS		100.0	%	$	609,239,153

156

VALIC Company I International Value Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

† 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, 2022, the aggregate value of these securities was $35,265,765 representing 5.8% of net assets.

# 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, 2022.

(2) At May 31, 2022, the Fund had loaned securities with a total value of $12,239,844. This was secured by collateral of $424,575, which was received in cash and subsequently invested in short-term investments currently valued at $424,575 as reported in the Portfolio of Investments. Additional collateral $12,563,352 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, 2022
United States Treasury Bills	0.00%	06/09/2022 to 08/02/2022	$1,164,318
United States Treasury Notes/Bonds	0.13% to 6.25%	06/30/2022 to 02/15/2051	11,399,034

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

ETF—Exchange-Traded Funds

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2022 (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	$	145,820,166	$	441,262,707	**	$	—	$	587,082,873
Exchange-Traded Funds		9,023,441		—			—		9,023,441
Short-Term Investment Securities		16,167,391		—			—		16,167,391
Total Investments at Value	$	171,010,998	$	441,262,707		$	—	$	612,273,705

* 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

157

VALIC Company I Large Capital Growth Fund

PORTFOLIO PROFILE — May 31, 2022 (unaudited)

Industry Allocation*

Applications Software	11.3	%
Web Portals/ISP	7.6
Computers	4.7
Finance — Credit Card	4.4
Computer Services	4.3
Data Processing/Management	3.7
Electronic Connectors	3.7
Diagnostic Equipment	3.4
Medical Products	3.3
Cosmetics & Toiletries	3.1
Insurance Brokers	2.9
Athletic Footwear	2.7
Electronic Measurement Instruments	2.5
Entertainment Software	2.5
Commercial Services — Finance	2.4
Medical Instruments	2.3
Soap & Cleaning Preparation	2.2
Real Estate Investment Trusts	2.1
Semiconductor Components — Integrated Circuits	2.1
Drug Delivery Systems	1.8
Retail — Apparel/Shoe	1.7
Retail — Restaurants	1.7
Medical Labs & Testing Services	1.5
Finance — Investment Banker/Broker	1.5
Beverages — Non — alcoholic	1.4
Transport — Rail	1.4
Coatings/Paint	1.3
Food — Misc./Diversified	1.3
E-Commerce/Products	1.2
Machinery — General Industrial	1.2
Electric — Integrated	1.1
Electronic Components — Semiconductors	1.1
Retail — Discount	1.1
Pharmacy Services	1.1
Retail — Major Department Stores	1.0
Internet Content — Information/News	1.0
Cable/Satellite TV	0.9
Enterprise Software/Service	0.8
Textile — Apparel	0.8
Auto/Truck Parts & Equipment — Original	0.7
Electronic Forms	0.7
Consulting Services	0.6
Private Equity	0.5
Medical — Drugs	0.4
	99.0	%

* Calculated as a percentage of net assets

158

VALIC Company I Large Capital Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 99.0%
Applications Software — 11.3%
Microsoft Corp.		295,082	$	80,223,943
Athletic Footwear — 2.7%
adidas AG		39,353		7,797,610
NIKE, Inc., Class B		96,891		11,515,495
				19,313,105
Auto/Truck Parts & Equipment - Original — 0.7%
Aptiv PLC†		48,801		5,184,618
Beverages - Non-alcoholic — 1.4%
PepsiCo, Inc.		60,390		10,130,423
Cable/Satellite TV — 0.9%
Charter Communications, Inc., Class A†		12,614		6,394,415
Coatings/Paint — 1.3%
Sherwin-Williams Co.		34,998		9,380,864
Commercial Services - Finance — 2.4%
Equifax, Inc.		52,137		10,561,914
Moody’s Corp.		22,155		6,681,283
				17,243,197
Computer Services — 4.3%
Accenture PLC, Class A		85,053		25,384,918
Cognizant Technology Solutions Corp., Class A		72,747		5,434,201
				30,819,119
Computers — 4.7%
Apple, Inc.		222,488		33,115,114
Consulting Services — 0.6%
Verisk Analytics, Inc.		22,490		3,933,951
Cosmetics & Toiletries — 3.1%
Colgate-Palmolive Co.		232,826		18,349,017
Estee Lauder Cos., Inc., Class A		15,316		3,900,219
				22,249,236
Data Processing/Management — 3.7%
Fidelity National Information Services, Inc.		105,206		10,994,027
Fiserv, Inc.†		155,711		15,599,128
				26,593,155
Diagnostic Equipment — 3.4%
Danaher Corp.		34,959		9,222,884
Thermo Fisher Scientific, Inc.		25,748		14,613,792
				23,836,676
Drug Delivery Systems — 1.8%
Becton Dickinson & Co.		51,142		13,082,124
E-Commerce/Products — 1.2%
Alibaba Group Holding, Ltd.†		690,252		8,320,299
Electric-Integrated — 1.1%
Xcel Energy, Inc.		107,183		8,075,167
Electronic Components - Semiconductors — 1.1%
Texas Instruments, Inc.		45,227		7,994,325
Electronic Connectors — 3.7%
Amphenol Corp., Class A		224,375		15,899,213
TE Connectivity, Ltd.		80,744		10,447,466
				26,346,679
Electronic Forms — 0.7%
Adobe, Inc.†		12,090		5,035,243
Electronic Measurement Instruments — 2.5%
Agilent Technologies, Inc.		40,230		5,131,739
Fortive Corp.		206,055		12,728,017
				17,859,756

Security Description	Shares		Value (Note 2)
Enterprise Software/Service — 0.8%
Black Knight, Inc.†		86,542	$	5,877,067
Entertainment Software — 2.5%
Electronic Arts, Inc.		126,175		17,494,164
Finance - Credit Card — 4.4%
Mastercard, Inc., Class A		24,287		8,691,589
Visa, Inc., Class A		107,954		22,904,600
				31,596,189
Finance - Investment Banker/Broker — 1.5%
Charles Schwab Corp.		152,706		10,704,691
Food - Misc./Diversified — 1.3%
McCormick & Co., Inc.		98,292		9,113,634
Insurance Brokers — 2.9%
Aon PLC, Class A		44,701		12,322,724
Marsh & McLennan Cos., Inc.		51,524		8,241,264
				20,563,988
Internet Content - Information/News — 1.0%
Tencent Holdings, Ltd.		148,400		6,839,583
Machinery - General Industrial — 1.2%
Otis Worldwide Corp.		111,236		8,275,958
Medical Instruments — 2.3%
Boston Scientific Corp.†		332,357		13,629,961
Medtronic PLC		29,923		2,996,788
				16,626,749
Medical Labs & Testing Services — 1.5%
ICON PLC†		48,309		10,811,071
Medical Products — 3.3%
Abbott Laboratories		63,007		7,400,802
STERIS PLC		39,650		9,048,130
Stryker Corp.		29,537		6,926,427
				23,375,359
Medical - Drugs — 0.4%
Roche Holding AG		7,343		2,499,647
Pharmacy Services — 1.1%
Cigna Corp.		29,164		7,824,410
Private Equity — 0.5%
Blackstone, Inc.		32,486		3,826,526
Real Estate Investment Trusts — 2.1%
American Tower Corp.		56,930		14,581,481
Retail - Apparel/Shoe — 1.7%
Ross Stores, Inc.		139,187		11,833,679
Retail - Discount — 1.1%
Dollarama, Inc.		136,133		7,895,574
Retail - Major Department Stores — 1.0%
TJX Cos., Inc.		114,745		7,294,340
Retail-Restaurants — 1.7%
Starbucks Corp.		149,574		11,741,559
Semiconductor Components - Integrated Circuits — 2.1%
Analog Devices, Inc.		49,442		8,326,033
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		65,375		6,230,237
				14,556,270
Soap & Cleaning Preparation — 2.2%
Church & Dwight Co., Inc.		173,822		15,654,409

159

VALIC Company I Large Capital Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares			Value (Note 2)
COMMON STOCKS (continued)
Textile - Apparel — 0.8%
LVMH Moet Hennessy Louis Vuitton SE		8,934		$	5,745,415
Transport - Rail — 1.4%
Union Pacific Corp.		43,626			9,588,122
Web Portals/ISP — 7.6%
Alphabet, Inc., Class A†		23,765			54,071,079
TOTAL INVESTMENTS
(cost $523,182,933)(1)		99.0	%		703,522,373
Other assets less liabilities		1.0			7,024,935
NET ASSETS		100.0	%	$	710,547,308

† 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, 2022 (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	$	672,319,818	$	31,202,555	**	$	—	$	703,522,373

* 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

160

VALIC Company I Mid Cap Index Fund

PORTFOLIO PROFILE — May 31, 2022 (unaudited)

Industry Allocation*

Real Estate Investment Trusts	8.5	%
Banks — Commercial	6.6
Repurchase Agreements	2.8
Steel — Producers	2.3
Insurance — Property/Casualty	2.1
Oil Companies — Exploration & Production	1.9
Building & Construction Products — Misc.	1.8
Electronic Components — Semiconductors	1.7
Gas — Distribution	1.6
Electric — Integrated	1.5
Chemicals — Specialty	1.5
Medical Products	1.5
Computer Services	1.5
Electronic Components — Misc.	1.3
Pipelines	1.3
Auto/Truck Parts & Equipment — Original	1.3
Commercial Services — Finance	1.2
Transport — Truck	1.2
Medical — Biomedical/Gene	1.2
Insurance — Life/Health	1.2
Apparel Manufacturers	1.2
Distribution/Wholesale	1.1
Machinery — General Industrial	1.0
Diversified Manufacturing Operations	1.0
Human Resources	0.9
Investment Management/Advisor Services	0.9
Insurance — Reinsurance	0.9
Enterprise Software/Service	0.9
Machinery — Pumps	0.8
Applications Software	0.8
Semiconductor Equipment	0.8
Registered Investment Companies	0.8
Electronic Parts Distribution	0.8
Machinery — Farming	0.7
Medical — Outpatient/Home Medical	0.7
Retail — Restaurants	0.7
Finance — Investment Banker/Broker	0.7
Hotels/Motels	0.7
Food — Misc./Diversified	0.7
Retail — Misc./Diversified	0.7
Retail — Home Furnishings	0.7
Retail — Automobile	0.6
Medical Instruments	0.6
Engineering/R&D Services	0.6
Energy — Alternate Sources	0.6
Data Processing/Management	0.6
Lasers — System/Components	0.6
Medical — Hospitals	0.6
Pastoral & Agricultural	0.6
Containers — Paper/Plastic	0.6
Retail — Regional Department Stores	0.6
Home Furnishings	0.6
Insurance — Multi — line	0.6
Building — Residential/Commercial	0.6
Building & Construction — Misc.	0.5
Recreational Vehicles	0.5
Medical Labs & Testing Services	0.5
Commercial Services	0.5
Lighting Products & Systems	0.5
Industrial Automated/Robotic	0.5
Funeral Services & Related Items	0.5
Computer Software	0.5
Coatings/Paint	0.5
Metal — Aluminum	0.5
Diagnostic Equipment	0.5
Building Products — Cement	0.5
Water	0.5
Retail — Discount	0.5
Publishing — Newspapers	0.5

Machine Tools & Related Products	0.5
Retail — Apparel/Shoe	0.5
Real Estate Management/Services	0.5
Finance — Credit Card	0.4
Semiconductor Components — Integrated Circuits	0.4
Hazardous Waste Disposal	0.4
Chemicals — Diversified	0.4
Medical — Drugs	0.4
Electronic Measurement Instruments	0.4
Therapeutics	0.4
Toys	0.4
Machinery — Construction & Mining	0.4
Consulting Services	0.4
Footwear & Related Apparel	0.4
Resorts/Theme Parks	0.4
Machinery — Electrical	0.4
Finance — Consumer Loans	0.4
Telecommunication Equipment	0.4
Oil Field Machinery & Equipment	0.4
Retail — Convenience Store	0.4
Building — Heavy Construction	0.4
Rental Auto/Equipment	0.3
Gold Mining	0.3
Oil Refining & Marketing	0.3
Environmental Consulting & Engineering	0.3
Building Products — Air & Heating	0.3
Racetracks	0.3
Firearms & Ammunition	0.3
Savings & Loans/Thrifts	0.3
Food — Wholesale/Distribution	0.3
Electric Products — Misc.	0.3
Physical Therapy/Rehabilitation Centers	0.3
Cable/Satellite TV	0.3
Filtration/Separation Products	0.3
Instruments — Controls	0.3
Food — Retail	0.3
Computers — Other	0.3
Oil Companies — Integrated	0.3
Finance — Other Services	0.3
U.S. Government Treasuries	0.3
Schools	0.3
Poultry	0.3
Retail — Petroleum Products	0.3
Aerospace/Defense	0.3
Food — Baking	0.2
Steel Pipe & Tube	0.2
Motorcycle/Motor Scooter	0.2
Medical — Generic Drugs	0.2
Containers — Metal/Glass	0.2
Retail — Sporting Goods	0.2
Casino Services	0.2
Satellite Telecom	0.2
Casino Hotels	0.2
Aerospace/Defense — Equipment	0.2
Batteries/Battery Systems	0.2
Oil — Field Services	0.2
Tools — Hand Held	0.2
Computers — Integrated Systems	0.2
Consumer Products — Misc.	0.2
Financial Guarantee Insurance	0.2
Computer Data Security	0.2
Healthcare Safety Devices	0.2
Transport — Services	0.2
Building — Mobile Home/Manufactured Housing	0.2
Metal Processors & Fabrication	0.2
Pharmacy Services	0.2
Transport — Marine	0.2
Athletic Equipment	0.2
Retail — Catalog Shopping	0.2

161

VALIC Company I Mid Cap Index Fund

PORTFOLIO PROFILE — May 31, 2022 (unaudited) — (continued)

Industry Allocation* (continued)

Garden Products	0.2	%
Transport — Equipment & Leasing	0.2
Rubber — Tires	0.2
Disposable Medical Products	0.2
Diagnostic Kits	0.2
Airlines	0.2
Electronics — Military	0.2
Brewery	0.2
Optical Supplies	0.1
Retail — Pawn Shops	0.1
Security Services	0.1
Retail — Major Department Stores	0.1
Wireless Equipment	0.1
Television	0.1
Vitamins & Nutrition Products	0.1
Dental Supplies & Equipment	0.1
Wire & Cable Products	0.1
Golf	0.1
E-Commerce/Services	0.1
Cosmetics & Toiletries	0.1
Multilevel Direct Selling	0.1
Office Automation & Equipment	0.1
Software Tools	0.1
Networking Products	0.1
Internet Content — Information/News	0.1
Metal Products — Distribution	0.1
	100.8	%

* Calculated as a percentage of net assets

162

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 96.9%
Aerospace/Defense — 0.3%
Curtiss-Wright Corp.		56,935	$	8,083,631
Aerospace/Defense - Equipment — 0.2%
Hexcel Corp.		121,726		6,993,159
Airlines — 0.2%
JetBlue Airways Corp.†		461,448		4,955,952
Apparel Manufacturers — 1.2%
Capri Holdings, Ltd.†		214,182		10,439,231
Carter’s, Inc.		61,326		4,725,168
Columbia Sportswear Co.		50,152		3,900,822
Deckers Outdoor Corp.†		39,525		10,614,834
Hanesbrands, Inc.		506,680		6,014,292
Urban Outfitters, Inc.†		95,156		2,003,034
				37,697,381
Applications Software — 0.8%
Aspen Technology, Inc.†		40,624		7,860,338
CDK Global, Inc.		169,448		9,228,138
Concentrix Corp.		62,247		9,641,438
				26,729,914
Athletic Equipment — 0.2%
YETI Holdings, Inc.†		127,164		5,817,753
Auto/Truck Parts & Equipment - Original — 1.3%
Adient PLC†		137,501		4,866,160
Dana, Inc.		209,277		3,465,627
Fox Factory Holding Corp.†		61,091		5,010,684
Gentex Corp.		343,179		10,666,003
Lear Corp.		86,626		12,210,801
Visteon Corp.†		40,623		4,558,307
				40,777,582
Banks - Commercial — 6.6%
Associated Banc-Corp		217,070		4,493,349
Bank of Hawaii Corp.		58,405		4,642,029
Bank OZK		175,549		7,280,017
Cadence Bank		273,269		7,304,480
Cathay General Bancorp		109,911		4,518,441
Commerce Bancshares, Inc.		160,341		11,092,390
Cullen/Frost Bankers, Inc.		82,678		10,333,097
East West Bancorp, Inc.		205,901		15,141,960
First Financial Bankshares, Inc.		186,126		7,675,836
First Horizon Corp.		774,808		17,688,867
FNB Corp.		492,999		5,989,938
Fulton Financial Corp.		234,045		3,709,613
Glacier Bancorp, Inc.		157,391		7,619,298
Hancock Whitney Corp.		125,980		6,278,843
Home BancShares, Inc.		218,518		4,936,322
International Bancshares Corp.		77,231		3,238,296
Old National Bancorp		428,359		6,810,908
PacWest Bancorp		173,512		5,479,509
Pinnacle Financial Partners, Inc.		110,469		8,994,386
Prosperity Bancshares, Inc.		133,734		9,695,715
Synovus Financial Corp.		210,402		8,973,645
Texas Capital Bancshares, Inc.†		73,456		4,152,468
UMB Financial Corp.		62,541		5,775,661
Umpqua Holdings Corp.		314,313		5,547,625
United Bankshares, Inc.		197,899		7,433,086
Valley National Bancorp		611,485		7,771,974
Webster Financial Corp.		260,896		12,807,385
Wintrust Financial Corp.		82,714		7,228,377
				212,613,515

Security Description	Shares		Value (Note 2)
Batteries/Battery Systems — 0.2%
Energizer Holdings, Inc.		95,110	$	2,852,349
EnerSys		59,852		4,053,177
				6,905,526
Brewery — 0.2%
Boston Beer Co., Inc., Class A†		13,622		4,839,897
Building & Construction Products - Misc. — 1.8%
Builders FirstSource, Inc.†		277,859		18,085,843
Louisiana-Pacific Corp.		127,668		8,816,752
Owens Corning		145,802		13,935,755
Simpson Manufacturing Co., Inc.		63,029		6,829,192
Trex Co., Inc.†		167,029		10,643,088
				58,310,630
Building & Construction - Misc. — 0.5%
EMCOR Group, Inc.		77,443		8,180,304
TopBuild Corp.†		47,772		9,423,505
				17,603,809
Building Products - Air & Heating — 0.3%
Lennox International, Inc.		48,852		10,205,183
Building Products - Cement — 0.5%
Eagle Materials, Inc.		57,320		7,483,699
MDU Resources Group, Inc.		295,052		8,078,524
				15,562,223
Building - Heavy Construction — 0.4%
Arcosa, Inc.		1		53
Dycom Industries, Inc.†		43,791		4,077,380
MasTec, Inc.†		85,389		7,137,666
				11,215,099
Building - Mobile Home/Manufactured Housing — 0.2%
Thor Industries, Inc.#		80,701		6,130,855
Building - Residential/Commercial — 0.6%
KB Home		124,356		4,289,038
Taylor Morrison Home Corp.†		178,309		5,165,612
Toll Brothers, Inc.		163,044		8,228,831
				17,683,481
Cable/Satellite TV — 0.3%
Cable One, Inc.		7,192		9,371,895
Casino Hotels — 0.2%
Boyd Gaming Corp.		118,996		6,993,395
Casino Services — 0.2%
Scientific Games Corp.†		140,034		7,393,795
Chemicals - Diversified — 0.4%
Olin Corp.		204,759		13,471,095
Chemicals - Specialty — 1.5%
Ashland Global Holdings, Inc.		76,812		8,220,420
Cabot Corp.		82,105		6,207,959
Chemours Co.		232,179		10,004,593
Ingevity Corp.†		57,002		3,971,899
Minerals Technologies, Inc.		48,306		3,200,756
NewMarket Corp.		9,924		3,270,157
Sensient Technologies Corp.		60,978		5,331,916
Valvoline, Inc.		260,237		8,707,530
				48,915,230
Coatings/Paint — 0.5%
RPM International, Inc.		188,154		16,576,367

163

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Commercial Services — 0.5%
GXO Logistics, Inc.†		147,643	$	8,012,586
John Wiley & Sons, Inc., Class A		63,174		3,345,695
LiveRamp Holdings, Inc.†		98,800		2,529,280
Progyny, Inc.†		101,031		3,193,590
				17,081,151
Commercial Services - Finance — 1.2%
Euronet Worldwide, Inc.†		76,691		9,291,882
H&R Block, Inc.		238,737		8,413,092
HealthEquity, Inc.†		121,301		7,591,017
Sabre Corp.†		469,291		3,524,375
WEX, Inc.†		65,030		11,073,308
				39,893,674
Computer Data Security — 0.2%
Qualys, Inc.†		48,446		6,330,923
Computer Services — 1.5%
CACI International, Inc., Class A†		33,847		9,489,683
Genpact, Ltd.		247,401		10,977,182
KBR, Inc.		203,547		10,128,499
Kyndryl Holdings, Inc.†		260,168		3,210,473
MAXIMUS, Inc.		89,845		5,830,042
Science Applications International Corp.		82,619		7,151,501
				46,787,380
Computer Software — 0.5%
Envestnet, Inc.†		79,286		5,282,033
Teradata Corp.†		157,429		6,049,997
Ziff Davis, Inc.†		69,967		5,341,281
				16,673,311
Computers - Integrated Systems — 0.2%
NCR Corp.†		191,526		6,644,037
Computers - Other — 0.3%
Lumentum Holdings, Inc.†		104,759		9,017,655
Consulting Services — 0.4%
FTI Consulting, Inc.†		49,750		8,358,000
R1 RCM, Inc.†		193,772		4,160,285
				12,518,285
Consumer Products - Misc. — 0.2%
Helen of Troy, Ltd.†#		35,022		6,485,724
Containers - Metal/Glass — 0.2%
Greif, Inc., Class A		38,525		2,291,082
Silgan Holdings, Inc.		121,752		5,333,955
				7,625,037
Containers - Paper/Plastic — 0.6%
AptarGroup, Inc.		95,511		10,228,273
Sonoco Products Co.		142,666		8,341,681
				18,569,954
Cosmetics & Toiletries — 0.1%
Coty, Inc., Class A†		498,980		3,537,768
Data Processing/Management — 0.6%
CommVault Systems, Inc.†		64,654		3,944,541
Fair Isaac Corp.†		38,131		15,616,551
				19,561,092
Dental Supplies & Equipment — 0.1%
Patterson Cos., Inc.		125,902		3,977,244

Security Description	Shares		Value (Note 2)
Diagnostic Equipment — 0.5%
Neogen Corp.†		156,346	$	4,136,915
Repligen Corp.†		74,606		12,270,449
				16,407,364
Diagnostic Kits — 0.2%
QuidelOrtho Corp.†		55,026		5,229,121
Disposable Medical Products — 0.2%
ICU Medical, Inc.†		28,933		5,255,390
Distribution/Wholesale — 1.1%
Avient Corp.		132,749		6,531,251
IAA, Inc.†		195,655		7,636,415
Univar Solutions, Inc.†		248,052		7,620,157
Watsco, Inc.		47,919		12,249,534
				34,037,357
Diversified Manufacturing Operations — 1.0%
Carlisle Cos., Inc.		75,863		19,301,823
ITT, Inc.		124,201		9,168,518
Trinity Industries, Inc.		118,677		2,950,310
				31,420,651
E-Commerce/Services — 0.1%
TripAdvisor, Inc.†		143,718		3,569,955
Electric Products - Misc. — 0.3%
Littelfuse, Inc.		35,740		9,656,948
Electric - Integrated — 1.5%
ALLETE, Inc.		80,922		5,018,782
Black Hills Corp.		92,600		7,098,716
Hawaiian Electric Industries, Inc.		158,605		6,846,978
IDACORP, Inc.		73,297		7,990,839
NorthWestern Corp.#		78,470		4,807,857
OGE Energy Corp.		290,444		11,995,337
PNM Resources, Inc.		124,543		5,919,529
				49,678,038
Electronic Components - Misc. — 1.3%
Hubbell, Inc.		78,945		14,988,498
Jabil, Inc.		208,188		12,807,726
nVent Electric PLC		244,104		8,641,282
Vicor Corp.†		31,118		2,094,241
Vishay Intertechnology, Inc.		192,558		3,935,885
				42,467,632
Electronic Components - Semiconductors — 1.7%
Amkor Technology, Inc.		145,466		2,973,325
Lattice Semiconductor Corp.†		198,693		10,336,010
Semtech Corp.†		93,495		5,992,094
Silicon Laboratories, Inc.†		55,424		8,267,044
SiTime Corp.†		21,746		4,631,898
Synaptics, Inc.†		57,348		8,494,386
Wolfspeed, Inc.†		179,301		13,488,814
				54,183,571
Electronic Measurement Instruments — 0.4%
National Instruments Corp.		191,355		6,758,659
Vontier Corp.		245,298		6,578,892
				13,337,551
Electronic Parts Distribution — 0.8%
Arrow Electronics, Inc.†		98,760		11,915,394
Avnet, Inc.		143,590		6,956,935
TD SYNNEX Corp.		60,141		6,245,643
				25,117,972

164

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Electronics - Military — 0.2%
Mercury Systems, Inc.†		82,348	$	4,925,234
Energy - Alternate Sources — 0.6%
First Solar, Inc.†		143,476		10,130,840
SunPower Corp.†#		120,478		2,128,846
Sunrun, Inc.†		300,354		7,845,247
				20,104,933
Engineering/R&D Services — 0.6%
AECOM		205,082		14,324,978
Fluor Corp.†		205,181		5,792,259
				20,117,237
Enterprise Software/Service — 0.9%
ACI Worldwide, Inc.†		170,583		4,544,331
Blackbaud, Inc.†		64,867		4,128,785
Manhattan Associates, Inc.†		91,635		11,081,420
SailPoint Technologies Holding, Inc.†		135,321		8,584,764
				28,339,300
Environmental Consulting & Engineering — 0.3%
Tetra Tech, Inc.		78,350		10,574,900
Filtration/Separation Products — 0.3%
Donaldson Co., Inc.		179,239		9,370,615
Finance - Consumer Loans — 0.4%
Navient Corp.		223,446		3,575,136
SLM Corp.		404,670		7,927,485
				11,502,621
Finance - Credit Card — 0.4%
Bread Financial Holdings Inc.		72,236		3,980,204
Western Union Co.		571,385		10,364,924
				14,345,128
Finance - Investment Banker/Broker — 0.7%
Evercore, Inc., Class A		56,615		6,465,433
Interactive Brokers Group, Inc., Class A		126,775		7,801,733
Jefferies Financial Group, Inc.		280,737		9,269,936
				23,537,102
Finance - Other Services — 0.3%
SEI Investments Co.		152,671		8,920,567
Financial Guarantee Insurance — 0.2%
MGIC Investment Corp.		464,792		6,474,553
Firearms & Ammunition — 0.3%
Axon Enterprise, Inc.†		99,344		10,069,508
Food - Baking — 0.2%
Flowers Foods, Inc.		288,321		7,957,660
Food - Misc./Diversified — 0.7%
Hain Celestial Group, Inc.†		132,511		3,491,665
Ingredion, Inc.		96,540		9,141,373
Lancaster Colony Corp.		28,765		3,506,453
Post Holdings, Inc.†		82,575		6,790,142
				22,929,633
Food - Retail — 0.3%
Grocery Outlet Holding Corp.†#		126,777		4,849,220
Sprouts Farmers Market, Inc.†		162,883		4,412,501
				9,261,721
Food - Wholesale/Distribution — 0.3%
Performance Food Group Co.†		224,608		9,734,511

Security Description	Shares		Value (Note 2)
Footwear & Related Apparel — 0.4%
Crocs, Inc.†		85,384	$	4,761,012
Skechers U.S.A., Inc., Class A†		195,738		7,712,077
				12,473,089
Funeral Services & Related Items — 0.5%
Service Corp. International		239,279		16,756,708
Garden Products — 0.2%
Scotts Miracle-Gro Co.#		58,875		5,570,753
Gas - Distribution — 1.6%
National Fuel Gas Co.		132,680		9,755,960
New Jersey Resources Corp.		139,380		6,400,330
ONE Gas, Inc.		77,754		6,766,153
Southwest Gas Holdings, Inc.		95,596		8,902,856
Spire, Inc.		75,087		5,879,312
UGI Corp.		304,416		13,010,740
				50,715,351
Gold Mining — 0.3%
Royal Gold, Inc.		95,236		10,769,287
Golf — 0.1%
Callaway Golf Co.†		170,035		3,691,460
Hazardous Waste Disposal — 0.4%
Clean Harbors, Inc.†		72,634		6,784,016
Stericycle, Inc.†		133,289		6,737,759
				13,521,775
Healthcare Safety Devices — 0.2%
Tandem Diabetes Care, Inc.†		92,183		6,284,115
Home Furnishings — 0.6%
Leggett & Platt, Inc.		193,523		7,580,296
MillerKnoll, Inc.		109,901		3,319,010
Tempur Sealy International, Inc.		279,323		7,365,748
				18,265,054
Hotels/Motels — 0.7%
Choice Hotels International, Inc.		47,622		6,090,378
Travel & Leisure Co.		125,214		6,399,688
Wyndham Hotels & Resorts, Inc.		135,196		10,833,255
				23,323,321
Human Resources — 0.9%
ASGN, Inc.†		75,595		7,198,912
Insperity, Inc.		51,731		5,176,721
ManpowerGroup, Inc.		78,699		7,052,217
Paylocity Holding Corp.†		57,572		10,067,040
				29,494,890
Industrial Automated/Robotic — 0.5%
Cognex Corp.		256,526		12,420,989
Enovis Corp.†		65,746		4,361,590
				16,782,579
Instruments-Controls — 0.3%
Woodward, Inc.		91,515		9,298,839
Insurance - Life/Health — 1.2%
Brighthouse Financial, Inc.†		112,985		5,549,823
CNO Financial Group, Inc.		174,695		3,593,476
Primerica, Inc.		57,298		7,219,548
Unum Group		296,652		10,812,966
Voya Financial, Inc.#		156,703		10,751,393
				37,927,206

165

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Insurance - Multi-line — 0.6%
American Financial Group, Inc.		96,085	$	13,576,810
Kemper Corp.		86,860		4,588,814
				18,165,624
Insurance - Property/Casualty — 2.1%
Alleghany Corp.†		19,877		16,573,045
First American Financial Corp.		159,266		9,649,927
Hanover Insurance Group, Inc.		51,625		7,568,225
Kinsale Capital Group, Inc.		31,123		6,843,325
Mercury General Corp.		38,563		1,887,659
Old Republic International Corp.		414,274		9,909,434
RLI Corp.		57,827		7,004,007
Selective Insurance Group, Inc.		87,347		6,926,617
				66,362,239
Insurance - Reinsurance — 0.9%
Essent Group, Ltd.		160,231		6,856,285
Reinsurance Group of America, Inc.		97,462		12,265,593
RenaissanceRe Holdings, Ltd.		63,816		9,797,032
				28,918,910
Internet Content - Information/News — 0.1%
Yelp, Inc.†		99,586		2,928,824
Investment Management/Advisor Services — 0.9%
Affiliated Managers Group, Inc.		58,982		7,881,175
Federated Hermes, Inc.		140,516		4,773,328
Janus Henderson Group PLC		245,278		6,894,765
Stifel Financial Corp.		151,623		9,729,648
				29,278,916
Lasers - System/Components — 0.6%
Coherent, Inc.†		35,945		9,739,657
II-VI, Inc.†#		154,286		9,642,875
				19,382,532
Lighting Products & Systems — 0.5%
Acuity Brands, Inc.		50,810		8,892,766
Universal Display Corp.		62,907		7,945,783
				16,838,549
Machine Tools & Related Products — 0.5%
Kennametal, Inc.		120,561		3,344,362
Lincoln Electric Holdings, Inc.		85,676		11,636,514
				14,980,876
Machinery - Construction & Mining — 0.4%
Oshkosh Corp.		96,639		8,978,729
Terex Corp.		101,276		3,584,158
				12,562,887
Machinery - Electrical — 0.4%
Regal Rexnord Corp.		98,315		12,284,459
Machinery - Farming — 0.7%
AGCO Corp.		89,036		11,408,183
Toro Co.		152,218		12,556,463
				23,964,646
Machinery - General Industrial — 1.0%
Chart Industries, Inc.†		51,686		9,090,534
Crane Holdings Co.		72,429		6,928,558
Esab Corp.†		65,746		3,287,300
Middleby Corp.†		80,710		12,224,336
				31,530,728

Security Description	Shares		Value (Note 2)
Machinery - Pumps — 0.8%
Flowserve Corp.		189,013	$	5,953,909
Graco, Inc.		246,612		15,610,540
Watts Water Technologies, Inc., Class A		39,985		5,231,238
				26,795,687
Medical Instruments — 0.6%
Bruker Corp.		147,429		9,211,364
Integra LifeSciences Holdings Corp.†		105,690		6,620,422
NuVasive, Inc.†		75,067		4,309,596
				20,141,382
Medical Labs & Testing Services — 0.5%
Medpace Holdings, Inc.†		41,716		5,975,400
Syneos Health, Inc.†		150,452		11,116,898
				17,092,298
Medical Products — 1.5%
Envista Holdings Corp.†		234,137		10,077,256
Globus Medical, Inc., Class A†		114,668		7,636,889
Haemonetics Corp.†		74,161		4,691,425
Inari Medical, Inc.†		46,621		3,067,662
LivaNova PLC†		77,226		5,256,774
Masimo Corp.†		73,715		10,351,797
Penumbra, Inc.†		50,954		7,486,162
				48,567,965
Medical - Biomedical/Gene — 1.2%
Arrowhead Pharmaceuticals, Inc.†		153,017		5,104,647
Exelixis, Inc.†		459,077		8,414,881
Halozyme Therapeutics, Inc.†		204,275		9,392,565
United Therapeutics Corp.†		65,347		15,052,028
				37,964,121
Medical - Drugs — 0.4%
Jazz Pharmaceuticals PLC†		89,190		13,349,959
Medical - Generic Drugs — 0.2%
Perrigo Co. PLC		194,099		7,736,786
Medical - Hospitals — 0.6%
Acadia Healthcare Co., Inc.†		130,492		9,287,116
Tenet Healthcare Corp.†		155,434		10,058,134
				19,345,250
Medical - Outpatient/Home Medical — 0.7%
Amedisys, Inc.†		47,304		5,483,007
Chemed Corp.		22,338		10,820,527
LHC Group, Inc.†		45,953		7,658,527
				23,962,061
Metal Processors & Fabrication — 0.2%
Timken Co.		100,163		6,116,954
Metal Products - Distribution — 0.1%
Worthington Industries, Inc.		47,298		2,205,979
Metal - Aluminum — 0.5%
Alcoa Corp.		267,120		16,486,646
Motorcycle/Motor Scooter — 0.2%
Harley-Davidson, Inc.		223,268		7,854,568
Multilevel Direct Selling — 0.1%
Nu Skin Enterprises, Inc., Class A		72,291		3,372,375
Networking Products — 0.1%
Calix, Inc.†		79,556		2,938,799

166

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Office Automation & Equipment — 0.1%
Xerox Holdings Corp.		178,081	$	3,351,484
Oil Companies - Exploration & Production — 1.9%
CNX Resources Corp.†		293,803		6,381,401
EQT Corp.		436,473		20,828,492
Matador Resources Co.		160,034		9,746,071
PDC Energy, Inc.		141,295		11,182,086
Range Resources Corp.†		362,436		12,304,702
				60,442,752
Oil Companies - Integrated — 0.3%
Murphy Oil Corp.		210,671		8,936,664
Oil Field Machinery & Equipment — 0.4%
NOV, Inc.		569,738		11,394,760
Oil Refining & Marketing — 0.3%
Hf Sinclair Corp Common Stock		216,912		10,650,379
Oil - Field Services — 0.2%
ChampionX Corp.		293,194		6,822,624
Optical Supplies — 0.1%
STAAR Surgical Co.†		69,066		4,554,212
Pastoral & Agricultural — 0.6%
Darling Ingredients, Inc.†		234,775		18,798,434
Pharmacy Services — 0.2%
Option Care Health, Inc.†		200,962		6,101,206
Physical Therapy/Rehabilitation Centers — 0.3%
Encompass Health Corp.		144,358		9,461,223
Pipelines — 1.3%
Antero Midstream Corp.		471,128		5,116,450
DT Midstream, Inc.		140,353		8,154,509
Equitrans Midstream Corp.		589,886		4,642,403
Targa Resources Corp.		332,227		23,926,989
				41,840,351
Poultry — 0.3%
Pilgrim’s Pride Corp.†		70,713		2,356,157
Sanderson Farms, Inc.		30,780		6,140,610
				8,496,767
Publishing - Newspapers — 0.5%
New York Times Co., Class A		242,445		8,361,928
TEGNA, Inc.		321,068		7,031,389
				15,393,317
Racetracks — 0.3%
Churchill Downs, Inc.		49,948		10,110,974
Real Estate Investment Trusts — 8.5%
American Campus Communities, Inc.		201,910		13,124,150
Apartment Income REIT Corp.		227,778		10,218,121
Brixmor Property Group, Inc.		432,157		10,535,988
Corporate Office Properties Trust		162,979		4,504,740
Cousins Properties, Inc.		215,739		7,453,783
Douglas Emmett, Inc.		254,622		7,198,164
EastGroup Properties, Inc.		59,031		9,536,458
EPR Properties		108,539		5,561,538
First Industrial Realty Trust, Inc.		189,045		10,047,742
Healthcare Realty Trust, Inc.		214,077		6,223,218
Highwoods Properties, Inc.		152,194		5,979,702
Hudson Pacific Properties, Inc.		221,240		4,404,888
Independence Realty Trust, Inc.		320,194		7,527,761
JBG SMITH Properties		165,638		4,275,117
Kilroy Realty Corp.		152,414		9,251,530

Security Description	Shares		Value (Note 2)
Real Estate Investment Trusts (continued)
Kite Realty Group Trust		317,776	$	6,660,585
Lamar Advertising Co., Class A		125,970		12,338,762
Life Storage, Inc.		119,008		13,895,374
Macerich Co.		309,108		3,632,019
Medical Properties Trust, Inc.		865,948		16,089,314
National Retail Properties, Inc.		254,838		11,289,324
National Storage Affiliates Trust		118,896		6,236,095
Omega Healthcare Investors, Inc.		346,740		10,322,450
Park Hotels & Resorts, Inc.		343,119		6,196,729
Pebblebrook Hotel Trust		190,630		4,291,081
Physicians Realty Trust		319,628		5,929,099
PotlatchDeltic Corp.		100,209		5,256,964
PS Business Parks, Inc.		29,181		5,475,231
Rayonier, Inc.		210,929		8,694,493
Rexford Industrial Realty, Inc.		232,531		14,851,755
Sabra Health Care REIT, Inc.		331,801		4,658,486
SL Green Realty Corp.#		93,013		5,745,413
Spirit Realty Capital, Inc.		185,285		7,780,117
STORE Capital Corp.		356,073		9,824,054
				275,010,245
Real Estate Management/Services — 0.5%
Jones Lang LaSalle, Inc.†		73,227		14,449,152
Recreational Vehicles — 0.5%
Brunswick Corp.		111,861		8,415,303
Polaris, Inc.#		82,764		8,818,504
				17,233,807
Rental Auto/Equipment — 0.3%
Avis Budget Group, Inc.†		58,151		11,064,972
Resorts/Theme Parks — 0.4%
Marriott Vacations Worldwide Corp.		61,803		9,129,539
Six Flags Entertainment Corp.†		112,282		3,295,477
				12,425,016
Retail - Apparel/Shoe — 0.5%
American Eagle Outfitters, Inc.#		222,643		2,696,207
Foot Locker, Inc.		126,697		4,178,467
Gap, Inc.		308,820		3,406,285
Victoria’s Secret & Co.†		105,406		4,343,781
				14,624,740
Retail - Automobile — 0.6%
AutoNation, Inc.†		58,007		6,935,317
Lithia Motors, Inc.		43,935		13,376,889
				20,312,206
Retail - Catalog Shopping — 0.2%
MSC Industrial Direct Co., Inc., Class A		68,393		5,808,617
Retail - Convenience Store — 0.4%
Casey’s General Stores, Inc.		53,844		11,282,472
Retail - Discount — 0.5%
BJ’s Wholesale Club Holdings, Inc.†		197,278		11,416,478
Ollie’s Bargain Outlet Holdings, Inc.†		85,180		4,000,904
				15,417,382
Retail - Home Furnishings — 0.7%
RH†		25,232		7,319,298
Williams-Sonoma, Inc.		105,854		13,540,844
				20,860,142
Retail - Major Department Stores — 0.1%
Nordstrom, Inc.#		161,809		4,276,612

167

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail - Misc./Diversified — 0.7%
Five Below, Inc.†		81,290	$	10,615,661
GameStop Corp., Class A†#		89,733		11,193,295
				21,808,956
Retail - Pawn Shops — 0.1%
FirstCash Holdings, Inc.		58,384		4,358,366
Retail - Petroleum Products — 0.3%
Murphy USA, Inc.		33,285		8,291,959
Retail - Regional Department Stores — 0.6%
Kohl’s Corp.		201,912		8,141,092
Macy’s, Inc.		434,225		10,269,421
				18,410,513
Retail - Restaurants — 0.7%
Cracker Barrel Old Country Store, Inc.#		34,129		3,481,499
Papa John’s International, Inc.		46,958		4,132,774
Texas Roadhouse, Inc.		101,052		7,879,024
Wendy’s Co.		256,104		4,773,779
Wingstop, Inc.		43,276		3,447,366
				23,714,442
Retail - Sporting Goods — 0.2%
Dick’s Sporting Goods, Inc.#		91,280		7,414,674
Rubber - Tires — 0.2%
Goodyear Tire & Rubber Co.†		407,688		5,267,329
Satellite Telecom — 0.2%
Iridium Communications, Inc.†		191,818		7,118,366
Savings & Loans/Thrifts — 0.3%
New York Community Bancorp, Inc.		674,715		6,733,656
Washington Federal, Inc.		94,637		3,070,970
				9,804,626
Schools — 0.3%
Graham Holdings Co., Class B		5,788		3,548,160
Grand Canyon Education, Inc.†		57,491		5,126,472
				8,674,632
Security Services — 0.1%
Brink’s Co.		71,321		4,338,456
Semiconductor Components - Integrated Circuits — 0.4%
Cirrus Logic, Inc.†		83,115		6,777,197
Power Integrations, Inc.		85,837		7,242,926
				14,020,123
Semiconductor Equipment — 0.8%
Azenta, Inc.		108,699		8,330,691
CMC Materials, Inc.		41,466		7,336,994
MKS Instruments, Inc.		80,468		9,937,798
				25,605,483
Software Tools — 0.1%
Digital Turbine, Inc.†		128,024		3,255,650
Steel Pipe & Tube — 0.2%
Valmont Industries, Inc.		30,795		7,906,616
Steel - Producers — 2.3%
Cleveland - Cliffs, Inc.†		693,734		16,080,754
Commercial Metals Co.		176,263		7,002,929
Reliance Steel & Aluminum Co.		90,909		17,672,710
Steel Dynamics, Inc.		273,546		23,355,357
United States Steel Corp.		378,598		9,491,452
				73,603,202

Security Description	Shares/ Principal Amount			Value (Note 2)
Telecommunication Equipment — 0.4%
Ciena Corp.†		224,727		$	11,420,626
Television — 0.1%
World Wrestling Entertainment, Inc., Class A#		63,502			4,240,029
Therapeutics — 0.4%
Neurocrine Biosciences, Inc.†		137,648			12,868,712
Tools - Hand Held — 0.2%
MSA Safety, Inc.		52,905			6,744,858
Toys — 0.4%
Mattel, Inc.†		508,328			12,769,199
Transport - Equipment & Leasing — 0.2%
GATX Corp.		51,509			5,560,397
Transport - Marine — 0.2%
Kirby Corp.†		87,218			5,889,832
Transport - Services — 0.2%
Ryder System, Inc.		77,906			6,234,038
Transport - Truck — 1.2%
Knight-Swift Transportation Holdings, Inc.		240,795			11,712,269
Landstar System, Inc.		54,692			8,282,010
Saia, Inc.†		38,214			7,550,704
Werner Enterprises, Inc.		86,867			3,524,194
XPO Logistics, Inc.†		143,138			7,649,295
					38,718,472
Vitamins & Nutrition Products — 0.1%
BellRing Brands, Inc.†		162,016			4,236,718
Water — 0.5%
Essential Utilities, Inc.		333,713			15,437,563
Wire & Cable Products — 0.1%
Belden, Inc.		65,145			3,751,049
Wireless Equipment — 0.1%
ViaSat, Inc.†		107,941			4,262,590
Total Long-Term Investment Securities
(cost $2,317,434,818)					3,118,929,808
SHORT-TERM INVESTMENT SECURITIES — 1.1%
Registered Investment Companies — 0.8%
State Street Navigator Securities Lending Government Money Market Portfolio 0.32%(1)(2)		25,269,140			25,269,140
U.S. Government Treasuries — 0.3%
United States Treasury Bills
0.36% due 12/29/2022(3)	$	6,300,000			6,240,968
0.54% due 12/29/2022(3)		2,500,000			2,476,574
					8,717,542
Total Short-Term Investment Securities
(cost $34,048,121)					33,986,682
REPURCHASE AGREEMENTS — 2.8%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.06% dated 05/31/2022, to be repurchased 06/01/2022 in the amount of $89,915,061 and collateralized by $100,126,300 of United States Treasury Notes, bearing interest at 1.25% due 05/31/2028 and having an approximate value of $91,713,388 (cost $89,915,061)		89,915,061			89,915,061
TOTAL INVESTMENTS
(cost $2,441,398,000)(4)		100.8	%		3,242,831,551
Liabilities in excess of other assets		(0.8	)		(25,331,980	)
NET ASSETS		100.0	%	$	3,217,499,571

168

VALIC Company I Mid Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

† Non-income producing security

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

(1) At May 31, 2022, the Fund had loaned securities with a total value of $68,715,382. This was secured by collateral of $25,269,140, which was received in cash and subsequently invested in short-term investments currently valued at $25,269,140 as reported in the Portfolio of Investments. Additional collateral of $47,507,756 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, 2022
United States Treasury Bills	0.00%	06/16/2022 to 10/27/2022	$  3,261,155
United States Treasury Notes/Bonds	0.13% to 6.88%	06/30/2022 to 02/15/2052	44,246,601

(2) The rate shown is the 7-day yield as of May 31, 2022.

(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)
	395	Long	S&P Mid Cap 400 E-Mini Index		June 2022	$	102,570,658	$	99,271,400	$	(3,299,258	)

* 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, 2022 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	3,118,929,808	$	—	$	—	$	3,118,929,808
Short-Term Investment Securities:
Registered Investment Companies		25,269,140		—		—		25,269,140
U.S. Government Treasuries		—		8,717,542		—		8,717,542
Repurchase Agreements		—		89,915,061		—		89,915,061
Total Investments at Value	$	3,144,198,948	$	98,632,603	$	—	$	3,242,831,551
LIABILITIES:
Other Financial Instruments:†
Futures Contracts	$	3,299,258	$	—	$	—	$	3,299,258

* 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

169

VALIC Company I Mid Cap Strategic Growth Fund

PORTFOLIO PROFILE — May 31, 2022 (unaudited)

Industry Allocation*

Enterprise Software/Service	4.2	%
Electronic Components — Semiconductors	4.2
Semiconductor Equipment	3.3
Computer Services	3.2
Real Estate Investment Trusts	2.9
Diagnostic Equipment	2.6
Medical Products	2.4
Energy — Alternate Sources	2.3
Electronic Connectors	2.3
Aerospace/Defense — Equipment	2.3
Insurance — Property/Casualty	2.3
Commercial Services — Finance	2.2
Distribution/Wholesale	2.2
Computer Software	2.2
Medical — Biomedical/Gene	2.1
Machinery — General Industrial	2.1
Investment Management/Advisor Services	1.9
Insurance Brokers	1.8
Medical Instruments	1.8
Medical — Wholesale Drug Distribution	1.8
Electronic Measurement Instruments	1.7
Computer Data Security	1.7
Electronic Components — Misc.	1.7
Transport — Truck	1.7
Non — Hazardous Waste Disposal	1.6
Semiconductor Components — Integrated Circuits	1.5
Commercial Services	1.5
Internet Security	1.3
E-Commerce/Services	1.3
Medical Labs & Testing Services	1.3
Retail — Gardening Products	1.3
Retail — Auto Parts	1.2
Disposable Medical Products	1.2
Data Processing/Management	1.2
Diagnostic Kits	1.2
Power Converter/Supply Equipment	1.1
Drug Delivery Systems	1.1
Retail — Misc./Diversified	1.1
Medical — Hospitals	1.0
Web Hosting/Design	1.0
Advertising Services	1.0
Retail — Apparel/Shoe	0.9
Oil Refining & Marketing	0.9
Computers — Memory Devices	0.9
Electric Products — Misc.	0.9
Retail — Automobile	0.8
Registered Investment Companies	0.8
Chemicals — Diversified	0.8
Broadcast Services/Program	0.7
Oil & Gas Drilling	0.7
Aerospace/Defense	0.7
Building — Residential/Commercial	0.7
Machinery — Print Trade	0.7
Electric — Integrated	0.7
Oil Companies — Exploration & Production	0.7
Medical — HMO	0.6
Rental Auto/Equipment	0.6
Metal — Copper	0.6
Machinery — Pumps	0.6
Telecommunication Equipment	0.5
Apparel Manufacturers	0.5
Athletic Footwear	0.5
Auction Houses/Art Dealers	0.5
Retail — Restaurants	0.5
Building — Maintenance & Services	0.5
Food — Catering	0.4
Airlines	0.4
Containers — Paper/Plastic	0.4
Finance — Other Services	0.4

Dental Supplies & Equipment	0.4
Veterinary Diagnostics	0.3
Internet Gambling	0.3
Therapeutics	0.2
Finance — Investment Banker/Broker	0.2
Auto — Cars/Light Trucks	0.2
Auto/Truck Parts & Equipment — Original	0.2
Building & Construction — Misc.	0.2
Audio/Video Products	0.2
Banks — Commercial	0.2
Retail — Discount	0.2
Medical — Drugs	0.2
Machinery — Electrical	0.2
Decision Support Software	0.2
E-Commerce/Products	0.1
Printing — Commercial	0.1
Real Estate Management/Services	0.1
	99.2	%

* Calculated as a percentage of net assets

170

VALIC Company I Mid Cap Strategic Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.4%
Advertising Services — 1.0%
Trade Desk, Inc., Class A†		134,321	$	6,991,408
Aerospace/Defense — 0.7%
Teledyne Technologies, Inc.†		12,345		5,001,577
Aerospace/Defense - Equipment — 2.3%
Hexcel Corp.		183,131		10,520,876
L3Harris Technologies, Inc.		26,226		6,317,843
				16,838,719
Airlines — 0.4%
Ryanair Holdings PLC ADR†		35,296		3,077,811
Apparel Manufacturers — 0.5%
Gildan Activewear, Inc.		120,454		3,791,892
Athletic Footwear — 0.5%
On Holding AG, Class A†		182,849		3,775,832
Auction Houses/Art Dealers — 0.5%
Ritchie Bros. Auctioneers, Inc.		61,114		3,678,452
Audio/Video Products — 0.2%
Dolby Laboratories, Inc., Class A		19,637		1,524,224
Auto - Cars/Light Trucks — 0.2%
Rivian Automotive, Inc., Class A†		55,165		1,732,181
Auto/Truck Parts & Equipment - Original — 0.2%
Visteon Corp.†		14,188		1,592,035
Banks - Commercial — 0.2%
SVB Financial Group†		3,092		1,510,658
Broadcast Services/Program — 0.7%
Liberty Media Corp.-Liberty Formula One, Series C†		83,019		5,171,254
Building & Construction - Misc. — 0.2%
Frontdoor, Inc.†		63,388		1,568,219
Building - Maintenance & Services — 0.5%
Terminix Global Holdings, Inc.†		76,765		3,332,369
Building - Residential/Commercial — 0.7%
D.R. Horton, Inc.		66,425		4,991,839
Chemicals - Diversified — 0.8%
Olin Corp.		86,187		5,670,243
Commercial Services — 1.5%
Quanta Services, Inc.		89,917		10,700,123
Commercial Services - Finance — 2.2%
Global Payments, Inc.		32,264		4,227,875
Shift4 Payments, Inc., Class A†		111,098		5,071,624
WEX, Inc.†		42,376		7,215,785
				16,515,284
Computer Data Security — 1.7%
Varonis Systems, Inc.†		187,192		6,190,440
Zscaler, Inc.†		42,613		6,523,624
				12,714,064
Computer Services — 3.2%
Amdocs, Ltd.		85,865		7,460,810
EPAM Systems, Inc.†		26,604		9,005,986
Leidos Holdings, Inc.		66,993		7,000,768
				23,467,564
Computer Software — 2.2%
Datadog, Inc., Class A†		77,988		7,439,275
Dynatrace, Inc.†		42,717		1,609,149
Ziff Davis, Inc.†		22,356		1,706,657
ZoomInfo Technologies, Inc.†		130,835		5,284,426
				16,039,507

Security Description	Shares		Value (Note 2)
Computers - Memory Devices — 0.9%
Seagate Technology Holdings PLC		78,853	$	6,676,484
Containers - Paper/Plastic — 0.4%
Sealed Air Corp.		47,386		2,946,462
Data Processing/Management — 1.2%
Broadridge Financial Solutions, Inc.		31,003		4,533,259
Fidelity National Information Services, Inc.		40,387		4,220,441
				8,753,700
Decision Support Software — 0.2%
MSCI, Inc.		2,880		1,273,968
Dental Supplies & Equipment — 0.4%
DENTSPLY SIRONA, Inc.		69,663		2,755,868
Diagnostic Equipment — 2.6%
Avantor, Inc.†		446,547		14,307,366
PerkinElmer, Inc.		21,416		3,205,333
Waters Corp.†		5,892		1,932,281
				19,444,980
Diagnostic Kits — 1.2%
IDEXX Laboratories, Inc.†		21,617		8,465,650
Disposable Medical Products — 1.2%
ICU Medical, Inc.†		21,154		3,842,413
Teleflex, Inc.		17,694		5,091,271
				8,933,684
Distribution/Wholesale — 2.2%
Ferguson PLC		34,170		4,108,093
Ferguson PLC#		36,165		4,323,887
Pool Corp.		19,869		7,920,181
				16,352,161
Drug Delivery Systems — 1.1%
DexCom, Inc.†		27,305		8,135,252
E-Commerce/Products — 0.1%
Wayfair, Inc., Class A†#		16,893		1,003,275
E-Commerce/Services — 1.3%
Expedia Group, Inc.†		71,572		9,256,407
Upwork, Inc.†		30,897		563,870
				9,820,277
Electric Products - Misc. — 0.9%
AMETEK, Inc.		53,734		6,527,069
Electric - Integrated — 0.7%
Alliant Energy Corp.		76,481		4,881,017
Electronic Components - Misc. — 1.7%
Flex, Ltd.†		291,765		4,980,429
Sensata Technologies Holding PLC		156,433		7,513,477
				12,493,906
Electronic Components - Semiconductors — 4.2%
Marvell Technology, Inc.		87,619		5,182,664
Microchip Technology, Inc.		74,340		5,400,801
Monolithic Power Systems, Inc.		21,742		9,792,379
ON Semiconductor Corp.†		172,893		10,491,147
				30,866,991
Electronic Connectors — 2.3%
TE Connectivity, Ltd.		130,973		16,946,596
Electronic Measurement Instruments — 1.7%
Keysight Technologies, Inc.†		62,442		9,091,555
National Instruments Corp.		107,050		3,781,006
				12,872,561

171

VALIC Company I Mid Cap Strategic Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Energy - Alternate Sources — 2.3%
Enphase Energy, Inc.†		60,944	$	11,347,164
Sunrun, Inc.†		226,486		5,915,814
				17,262,978
Enterprise Software/Service — 4.2%
Atlassian Corp. PLC, Class A†		8,459		1,499,950
Ceridian HCM Holding, Inc.†		67,534		3,802,164
Constellation Software, Inc.		5,983		9,416,609
HubSpot, Inc.†		22,173		7,487,600
SS&C Technologies Holdings, Inc.		130,148		8,328,171
Topicus.com, Inc.†		11,826		622,972
				31,157,466
Finance - Investment Banker/Broker — 0.2%
Charles Schwab Corp.		24,899		1,745,420
Finance - Other Services — 0.4%
Cboe Global Markets, Inc.		24,753		2,780,009
Food - Catering — 0.4%
Aramark		93,179		3,211,880
Insurance Brokers — 1.8%
Aon PLC, Class A		6,293		1,734,791
Arthur J. Gallagher & Co.		60,555		9,806,277
Ryan Specialty Group Holdings, Inc., Class A†		54,721		2,055,868
				13,596,936
Insurance - Property/Casualty — 2.3%
Intact Financial Corp.		58,564		8,461,534
WR Berkley Corp.		117,687		8,371,076
				16,832,610
Internet Gambling — 0.3%
Entain PLC†		132,251		2,440,040
Internet Security — 1.3%
Palo Alto Networks, Inc.†		19,759		9,934,430
Investment Management/Advisor Services — 1.9%
LPL Financial Holdings, Inc.		70,796		13,889,467
Machinery - Electrical — 0.2%
Regal Rexnord Corp.		10,984		1,372,451
Machinery - General Industrial — 2.1%
Westinghouse Air Brake Technologies Corp.		162,120		15,313,855
Machinery - Print Trade — 0.7%
Kornit Digital, Ltd.†		116,977		4,909,525
Machinery - Pumps — 0.6%
Ingersoll Rand, Inc.		90,802		4,281,314
Medical Instruments — 1.8%
Boston Scientific Corp.†		320,038		13,124,758
Medical Labs & Testing Services — 1.3%
Catalent, Inc.†		94,402		9,729,070
Medical Products — 2.4%
Cooper Cos., Inc.		30,324		10,635,840
Envista Holdings Corp.†		74,270		3,196,581
STERIS PLC		17,848		4,072,913
				17,905,334
Medical - Biomedical/Gene — 2.1%
Abcam PLC ADR†#		49,838		740,593
BioMarin Pharmaceutical, Inc.†		29,685		2,230,234
Horizon Therapeutics PLC†		98,770		8,858,681
Illumina, Inc.†		10,508		2,516,456
Sarepta Therapeutics, Inc.†		18,883		1,375,060
				15,721,024

Security Description	Shares		Value (Note 2)
Medical - Drugs — 0.2%
Ascendis Pharma A/S ADR†		16,480	$	1,392,725
Medical - HMO — 0.6%
Centene Corp.†		57,240		4,661,626
Medical - Hospitals — 1.0%
Tenet Healthcare Corp.†		115,302		7,461,192
Medical - Wholesale Drug Distribution — 1.8%
AmerisourceBergen Corp.		83,292		12,892,769
Metal - Copper — 0.6%
Freeport-McMoRan, Inc.		110,227		4,307,671
Non - Hazardous Waste Disposal — 1.6%
Waste Management, Inc.		72,628		11,512,264
Oil & Gas Drilling — 0.7%
Valaris, Ltd.†		85,954		5,109,965
Oil Companies - Exploration & Production — 0.7%
Diamondback Energy, Inc.		32,091		4,878,474
Oil Refining & Marketing — 0.9%
Valero Energy Corp.		51,944		6,731,942
Power Converter/Supply Equipment — 1.1%
Generac Holdings, Inc.†		33,200		8,203,056
Printing - Commercial — 0.1%
Cimpress PLC†		13,677		596,044
Real Estate Investment Trusts — 2.9%
Lamar Advertising Co., Class A		47,646		4,666,926
Public Storage		25,431		8,408,506
Terreno Realty Corp.		136,908		8,311,684
				21,387,116
Real Estate Management/Services — 0.1%
Redfin Corp.†#		50,149		491,460
Rental Auto/Equipment — 0.6%
United Rentals, Inc.†		15,599		4,651,310
Retail - Apparel/Shoe — 0.9%
Burlington Stores, Inc.†		12,024		2,023,639
Lululemon Athletica, Inc.†		16,706		4,889,679
				6,913,318
Retail - Auto Parts — 1.2%
O’Reilly Automotive, Inc.†		14,275		9,095,602
Retail - Automobile — 0.8%
CarMax, Inc.†		59,757		5,932,077
Retail - Discount — 0.2%
Dollar Tree, Inc.†		8,869		1,421,967
Retail - Gardening Products — 1.3%
Tractor Supply Co.		51,230		9,598,453
Retail - Misc./Diversified — 1.1%
Five Below, Inc.†		59,747		7,802,361
Retail - Restaurants — 0.5%
Wingstop, Inc.		44,224		3,522,884
Semiconductor Components - Integrated Circuits — 1.5%
Analog Devices, Inc.		43,031		7,246,421
NXP Semiconductors NV		19,765		3,750,606
				10,997,027
Semiconductor Equipment — 3.3%
Entegris, Inc.		66,519		7,380,948
KLA Corp.		20,103		7,334,580
Lam Research Corp.		17,963		9,341,299
				24,056,827

172

VALIC Company I Mid Cap Strategic Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
COMMON STOCKS (continued)
Telecommunication Equipment — 0.5%
NICE, Ltd. ADR†#		20,227		$	4,019,509
Therapeutics — 0.2%
Neurocrine Biosciences, Inc.†		19,034			1,779,489
Transport - Truck — 1.7%
JB Hunt Transport Services, Inc.		46,028			7,943,513
XPO Logistics, Inc.†		84,546			4,518,138
					12,461,651
Veterinary Diagnostics — 0.3%
Elanco Animal Health, Inc.†		106,834			2,531,966
Web Hosting/Design — 1.0%
GoDaddy, Inc., Class A†		96,549			7,246,002
Total Long-Term Investment Securities
(cost $792,875,095)					725,700,470
SHORT-TERM INVESTMENT SECURITIES — 0.8%
Registered Investment Companies — 0.8%
State Street Navigator Securities Lending Government Money Market Portfolio 0.32%(1)(2) (cost $5,857,539)		5,857,539			5,857,539
TOTAL INVESTMENTS
(cost $798,732,634)(3)		99.2	%		731,558,009
Other assets less liabilities		0.8			5,801,503
NET ASSETS		100.0	%	$	737,359,512

† 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, 2022.

(2) At May 31, 2022, the Fund had loaned securities with a total value of $6,133,485. This was secured by collateral of $5,857,539, which was received in cash and subsequently invested in short-term investments currently valued at $5,857,539 as reported in the Portfolio of Investments. Additional collateral of $543,620 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, 2022
United States Treasury Bills	0.00%	06/16/2022 to 10/27/2022	$	46,842
United States Treasury Notes/Bonds	0.13% to 4.50%	06/30/2022 to 02/15/2051		496,778

(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, 2022 (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	$	719,152,337	$	6,548,133	**	$	—	$	725,700,470
Short-Term Investment Securities		5,857,539		—			—		5,857,539
Total Investments at Value	$	725,009,876	$	6,548,133		$	—	$	731,558,009

* 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

173

VALIC Company I Mid Cap Value Fund

PORTFOLIO PROFILE — May 31, 2022 (unaudited)

Industry Allocation*

Real Estate Investment Trusts	7.6	%
Banks — Commercial	6.6
Oil Companies — Exploration & Production	5.0
Electric — Integrated	4.4
Insurance — Property/Casualty	3.1
Chemicals — Diversified	2.8
Banks — Super Regional	2.7
Medical — HMO	2.1
Diversified Manufacturing Operations	2.0
Aerospace/Defense — Equipment	2.0
Registered Investment Companies	1.9
Medical Labs & Testing Services	1.9
Computer Services	1.8
Machinery — Pumps	1.7
Insurance — Multi — line	1.7
Aerospace/Defense	1.6
Auto/Truck Parts & Equipment — Original	1.6
Commercial Services — Finance	1.5
Oil — Field Services	1.5
Oil Refining & Marketing	1.4
Insurance — Life/Health	1.3
Machinery — General Industrial	1.3
Medical Products	1.3
Investment Management/Advisor Services	1.3
Building & Construction Products — Misc.	1.2
Food — Wholesale/Distribution	1.2
Hotels/Motels	1.1
Electronic Components — Misc.	1.0
Retail — Auto Parts	1.0
Semiconductor Equipment	1.0
Electronic Components — Semiconductors	0.9
Physical Therapy/Rehabilitation Centers	0.9
Beverages — Non — alcoholic	0.9
Distribution/Wholesale	0.9
Computers — Other	0.8
Machinery — Electrical	0.8
Finance — Leasing Companies	0.8
Medical — Hospitals	0.8
Medical Instruments	0.8
Semiconductor Components — Integrated Circuits	0.8
Retail — Restaurants	0.7
Steel — Producers	0.7
Finance — Credit Card	0.7
Airlines	0.7
E-Commerce/Services	0.7
Electronic Connectors	0.7
Agricultural Biotech	0.7
Electric Products — Misc.	0.7
Computers — Memory Devices	0.7
Internet Infrastructure Software	0.6
Hazardous Waste Disposal	0.6
Transport — Truck	0.6
Human Resources	0.6
Medical — Wholesale Drug Distribution	0.6
Diagnostic Equipment	0.6
Building Products — Doors & Windows	0.6
Transport — Services	0.6
Toys	0.5
Footwear & Related Apparel	0.5
Internet Security	0.5
Insurance — Reinsurance	0.5
Appliances	0.5
Miscellaneous Manufacturing	0.5
Retail — Apparel/Shoe	0.5
Apparel Manufacturers	0.5
Lasers — System/Components	0.5
Motorcycle/Motor Scooter	0.5
Engineering/R&D Services	0.5
Insurance Brokers	0.5

Resorts/Theme Parks	0.4
Containers — Metal/Glass	0.4
Data Processing/Management	0.4
Recreational Vehicles	0.4
Transport — Rail	0.4
Machine Tools & Related Products	0.4
Electronic Security Devices	0.4
Industrial Automated/Robotic	0.3
Building Products — Wood	0.3
Home Furnishings	0.3
Computer Data Security	0.3
Finance — Consumer Loans	0.3
Theaters	0.3
Steel Pipe & Tube	0.3
Enterprise Software/Service	0.3
Coatings/Paint	0.3
Pharmacy Services	0.3
Repurchase Agreements	0.2
Banks — Fiduciary	0.2
Food — Catering	0.2
Casino Hotels	0.2
Machinery — Construction & Mining	0.2
Retail — Perfume & Cosmetics	0.2
Office Supplies & Forms	0.2
Wireless Equipment	0.2
Gambling (Non — Hotel)	0.2
Advertising Services	0.2
Golf	0.1
Cruise Lines	0.1
Retail — Misc./Diversified	0.1
	100.2%

* Calculated as a percentage of net assets

174

VALIC Company I Mid Cap Value Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.1%
Advertising Services — 0.2%
Taboola.com, Ltd.†		443,611	$	1,437,300
Aerospace/Defense — 1.6%
Curtiss-Wright Corp.		54,174		7,691,625
General Dynamics Corp.		7,198		1,618,902
Spirit AeroSystems Holdings, Inc., Class A		160,298		5,036,563
				14,347,090
Aerospace/Defense - Equipment — 2.0%
Hexcel Corp.		55,658		3,197,552
Howmet Aerospace, Inc.		316,910		11,335,871
L3Harris Technologies, Inc.		12,219		2,943,557
				17,476,980
Agricultural Biotech — 0.7%
Corteva, Inc.		97,746		6,120,855
Airlines — 0.7%
Alaska Air Group, Inc.†		53,684		2,590,790
JetBlue Airways Corp.†		334,643		3,594,066
				6,184,856
Apparel Manufacturers — 0.5%
Columbia Sportswear Co.		52,565		4,088,506
Appliances — 0.5%
Whirlpool Corp.		23,499		4,329,456
Auto/Truck Parts & Equipment - Original — 1.6%
Gentex Corp.		229,276		7,125,898
Lear Corp.		12,128		1,709,563
Visteon Corp.†		42,422		4,760,173
				13,595,634
Banks - Commercial — 6.6%
Ameris Bancorp		110,699		5,046,767
Atlantic Union Bankshares Corp.		126,365		4,455,630
Cadence Bank		234,160		6,259,097
East West Bancorp, Inc.		83,577		6,146,253
SouthState Corp.		72,624		5,869,472
Synovus Financial Corp.		146,993		6,269,251
Triumph Bancorp, Inc.†		33,751		2,455,048
Truist Financial Corp.		105,674		5,256,225
Webster Financial Corp.		78,711		3,863,923
Western Alliance Bancorp		82,366		6,702,121
Zions Bancorp NA		97,675		5,571,382
				57,895,169
Banks - Fiduciary — 0.2%
State Street Corp.		30,024		2,176,440
Banks - Super Regional — 2.7%
Fifth Third Bancorp		240,725		9,491,787
Huntington Bancshares, Inc.		481,090		6,677,529
KeyCorp		360,269		7,190,969
				23,360,285
Beverages-Non-alcoholic — 0.9%
Coca-Cola Europacific Partners PLC		62,052		3,296,823
Keurig Dr Pepper, Inc.		71,986		2,500,793
Monster Beverage Corp.†		19,106		1,702,727
				7,500,343
Building & Construction Products - Misc. — 1.2%
Builders FirstSource, Inc.†		121,452		7,905,311
Mohawk Industries, Inc.†		21,589		3,053,980
				10,959,291

Security Description	Shares		Value (Note 2)
Building Products - Doors & Windows — 0.6%
JELD-WEN Holding, Inc.†		142,869	$	2,690,223
PGT Innovations, Inc.†		117,640		2,364,564
				5,054,787
Building Products - Wood — 0.3%
Masco Corp.		49,251		2,792,039
Casino Hotels — 0.2%
Las Vegas Sands Corp.†		54,064		1,917,109
Chemicals - Diversified — 2.8%
Celanese Corp.		35,840		5,609,677
DuPont de Nemours, Inc.		56,887		3,859,783
FMC Corp.		87,496		10,725,259
Olin Corp.		27,811		1,829,686
PPG Industries, Inc.		15,635		1,977,671
				24,002,076
Coatings/Paint — 0.3%
Axalta Coating Systems, Ltd.†		83,557		2,269,408
Commercial Services - Finance — 1.5%
EVERTEC, Inc.		45,260		1,717,164
FleetCor Technologies, Inc.†		22,324		5,554,435
Global Payments, Inc.		23,517		3,081,668
TransUnion		32,824		2,849,451
				13,202,718
Computer Data Security — 0.3%
Check Point Software Technologies, Ltd.†		21,897		2,738,877
Computer Services — 1.8%
Cognizant Technology Solutions Corp., Class A		58,386		4,361,434
Leidos Holdings, Inc.		82,793		8,651,868
Science Applications International Corp.		26,087		2,258,091
				15,271,393
Computers - Memory Devices — 0.7%
NetApp, Inc.		34,607		2,489,974
Western Digital Corp.†		56,412		3,423,644
				5,913,618
Computers - Other — 0.8%
Lumentum Holdings, Inc.†		81,264		6,995,205
Containers - Metal/Glass — 0.4%
Crown Holdings, Inc.		34,193		3,571,117
Cruise Lines — 0.1%
Norwegian Cruise Line Holdings, Ltd.†		24,799		397,032
Royal Caribbean Cruises, Ltd.†		8,078		469,089
				866,121
Data Processing/Management — 0.4%
Fidelity National Information Services, Inc.		33,083		3,457,173
Diagnostic Equipment — 0.6%
Avantor, Inc.†		162,382		5,202,719
Distribution/Wholesale — 0.9%
Copart, Inc.†		12,794		1,465,297
LKQ Corp.		74,772		3,842,533
Resideo Technologies, Inc.†		90,387		2,134,941
				7,442,771
Diversified Manufacturing Operations — 2.0%
Eaton Corp. PLC		41,929		5,811,359
ITT, Inc.		21,921		1,618,208
Parker-Hannifin Corp.		18,147		4,939,069
Textron, Inc.		81,730		5,336,152
				17,704,788

175

VALIC Company I Mid Cap Value Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
E-Commerce/Services — 0.7%
Cargurus, Inc.†		142,363	$	3,604,631
Expedia Group, Inc.†		19,927		2,577,159
				6,181,790
Electric Products - Misc. — 0.7%
AMETEK, Inc.		48,927		5,943,163
Electric - Integrated — 4.4%
Alliant Energy Corp.		97,727		6,236,937
American Electric Power Co., Inc.		33,862		3,454,940
CenterPoint Energy, Inc.		246,028		7,885,197
DTE Energy Co.		28,421		3,771,751
Edison International		29,124		2,036,059
Entergy Corp.		43,017		5,175,805
Evergy, Inc.		78,052		5,458,957
Portland General Electric Co.		84,658		4,169,407
				38,189,053
Electronic Components - Misc. — 1.0%
Flex, Ltd.†		148,825		2,540,443
Garmin, Ltd.		29,507		3,116,529
nVent Electric PLC		48,264		1,708,546
Sensata Technologies Holding PLC		30,850		1,481,725
				8,847,243
Electronic Components - Semiconductors — 0.9%
Microchip Technology, Inc.		42,902		3,116,830
Qorvo, Inc.†		44,345		4,955,554
				8,072,384
Electronic Connectors — 0.7%
TE Connectivity, Ltd.		47,333		6,124,417
Electronic Security Devices — 0.4%
Allegion PLC		28,672		3,201,229
Engineering/R&D Services — 0.5%
Fluor Corp.†		139,946		3,950,676
Enterprise Software/Service — 0.3%
SS&C Technologies Holdings, Inc.		35,761		2,288,346
Finance - Consumer Loans — 0.3%
SLM Corp.		138,805		2,719,190
Finance - Credit Card — 0.7%
Discover Financial Services		54,874		6,227,650
Finance - Leasing Companies — 0.8%
AerCap Holdings NV†		138,810		6,862,766
Food-Catering — 0.2%
Sovos Brands, Inc.†		147,765		2,086,442
Food-Wholesale/Distribution — 1.2%
US Foods Holding Corp.†		310,663		10,289,159
Footwear & Related Apparel — 0.5%
Steven Madden, Ltd.		123,492		4,591,433
Gambling (Non-Hotel) — 0.2%
International Game Technology PLC#		68,725		1,472,090
Golf — 0.1%
Callaway Golf Co.†#		51,321		1,114,179
Hazardous Waste Disposal — 0.6%
Clean Harbors, Inc.†		60,493		5,650,046
Home Furnishings — 0.3%
Tempur Sealy International, Inc.		103,986		2,742,111

Security Description	Shares		Value (Note 2)
Hotels/Motels — 1.1%
Marriott International, Inc., Class A		16,044	$	2,752,829
Wyndham Hotels & Resorts, Inc.		85,761		6,872,029
				9,624,858
Human Resources — 0.6%
ASGN, Inc.†		31,251		2,976,033
Robert Half International, Inc.		27,341		2,464,791
				5,440,824
Industrial Automated/Robotic — 0.3%
Enovis Corp.†		44,147		2,928,712
Insurance Brokers — 0.5%
Aon PLC, Class A		14,269		3,933,535
Insurance-Life/Health — 1.3%
Aflac, Inc.		28,593		1,731,878
Globe Life, Inc.		28,717		2,801,918
Voya Financial, Inc.#		104,718		7,184,702
				11,718,498
Insurance - Multi-line — 1.7%
Aegon NV#		1,572,517		8,444,416
Kemper Corp.		122,132		6,452,234
				14,896,650
Insurance-Property/Casualty — 3.1%
Alleghany Corp.†		11,894		9,916,979
Assurant, Inc.		16,847		2,976,696
Hanover Insurance Group, Inc.		44,368		6,504,349
James River Group Holdings, Ltd.		170,478		4,355,713
Lancashire Holdings, Ltd.		369,203		1,845,580
Travelers Cos., Inc.		9,978		1,786,461
				27,385,778
Insurance - Reinsurance — 0.5%
Everest Re Group, Ltd.		15,746		4,448,245
Internet Infrastructure Software — 0.6%
F5, Inc.†		34,795		5,672,977
Internet Security — 0.5%
NortonLifeLock, Inc.		188,359		4,584,658
Investment Management/Advisor Services — 1.3%
Ameriprise Financial, Inc.		39,886		11,019,305
Lasers - System/Components — 0.5%
II-VI, Inc.†#		64,133		4,008,312
Machine Tools & Related Products — 0.4%
Kennametal, Inc.		118,716		3,293,182
Machinery - Construction & Mining — 0.2%
Oshkosh Corp.		19,302		1,793,349
Machinery - Electrical — 0.8%
BWX Technologies, Inc.		53,318		2,729,881
Regal Rexnord Corp.		33,802		4,223,560
				6,953,441
Machinery - General Industrial — 1.3%
Altra Industrial Motion Corp.		42,970		1,684,854
Esab Corp.†		74,092		3,704,600
Middleby Corp.†		41,355		6,263,628
				11,653,082
Machinery - Pumps — 1.7%
Dover Corp.		50,132		6,713,176
Flowserve Corp.		119,783		3,773,164
Ingersoll Rand, Inc.		97,899		4,615,938
				15,102,278

176

VALIC Company I Mid Cap Value Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Medical Instruments — 0.8%
Integra LifeSciences Holdings Corp.†		107,903	$	6,759,044
Medical Labs & Testing Services — 1.9%
ICON PLC†		27,267		6,102,082
IQVIA Holdings, Inc.†		9,121		1,963,295
Laboratory Corp. of America Holdings		6,651		1,640,935
Syneos Health, Inc.†		88,844		6,564,683
				16,270,995
Medical Products — 1.3%
Avanos Medical, Inc.†		123,920		3,555,265
Haemonetics Corp.†		66,247		4,190,785
Zimmer Biomet Holdings, Inc.		32,170		3,867,156
				11,613,206
Medical - HMO — 2.1%
Centene Corp.†		50,929		4,147,658
Humana, Inc.		9,915		4,503,690
Molina Healthcare, Inc.†		32,993		9,575,230
				18,226,578
Medical - Hospitals — 0.8%
HCA Healthcare, Inc.		16,478		3,466,971
Universal Health Services, Inc., Class B		26,567		3,310,514
				6,777,485
Medical - Wholesale Drug Distribution — 0.6%
AmerisourceBergen Corp.		33,972		5,258,526
Miscellaneous Manufacturing — 0.5%
John Bean Technologies Corp.		35,517		4,324,195
Motorcycle/Motor Scooter — 0.5%
Harley-Davidson, Inc.		112,481		3,957,082
Office Supplies & Forms — 0.2%
Avery Dennison Corp.		9,281		1,601,529
Oil Companies - Exploration & Production — 5.0%
ConocoPhillips		49,770		5,592,157
Coterra Energy, Inc.		243,940		8,374,460
Devon Energy Corp.		68,257		5,112,449
Diamondback Energy, Inc.		66,092		10,047,306
Marathon Oil Corp.		256,664		8,066,950
Pioneer Natural Resources Co.		22,127		6,149,978
				43,343,300
Oil Refining & Marketing — 1.4%
Delek US Holdings, Inc.†		63,262		1,844,720
Marathon Petroleum Corp.		57,008		5,802,844
Valero Energy Corp.		38,455		4,983,768
				12,631,332
Oil - Field Services — 1.5%
Halliburton Co.		121,605		4,925,002
Schlumberger NV		176,454		8,109,826
				13,034,828
Pharmacy Services — 0.3%
Cigna Corp.		8,452		2,267,587
Physical Therapy/Rehabilitation Centers — 0.9%
Encompass Health Corp.		122,361		8,019,540
Real Estate Investment Trusts — 7.6%
American Assets Trust, Inc.		78,070		2,662,187
American Homes 4 Rent, Class A		75,005		2,772,185
Americold Realty Trust		137,825		3,816,374
Cousins Properties, Inc.		74,964		2,590,006
Duke Realty Corp.		91,718		4,845,462

Security Description	Shares		Value (Note 2)
Real Estate Investment Trusts (continued)
Equity Residential		50,943	$	3,913,951
Essential Properties Realty Trust, Inc.		209,207		4,786,656
Essex Property Trust, Inc.		14,805		4,202,399
First Industrial Realty Trust, Inc.		66,430		3,530,755
Gaming and Leisure Properties, Inc.		158,145		7,404,349
Healthpeak Properties, Inc.		76,291		2,265,080
Host Hotels & Resorts, Inc.		222,190		4,441,578
Kilroy Realty Corp.		37,338		2,266,417
Lamar Advertising Co., Class A		21,312		2,087,510
Regency Centers Corp.		64,083		4,371,101
Ryman Hospitality Properties, Inc.†		60,250		5,379,723
Welltower, Inc.		58,312		5,195,016
				66,530,749
Recreational Vehicles — 0.4%
Polaris, Inc.#		31,877		3,396,494
Resort/Theme Parks — 0.4%
Six Flags Entertainment Corp.†		127,900		3,753,865
Retail - Apparel/Shoe — 0.5%
Burlington Stores, Inc.†		4,899		824,501
Ross Stores, Inc.		38,786		3,297,586
				4,122,087
Retail - Auto Parts — 1.0%
AutoZone, Inc.†		4,054		8,349,821
Retail-Misc./Diversified — 0.1%
Five Below, Inc.†		5,520		720,857
Retail - Perfume & Cosmetics — 0.2%
Ulta Beauty, Inc.†		4,054		1,715,247
Retail - Restaurants — 0.7%
Darden Restaurants, Inc.		16,156		2,019,500
Denny’s Corp.†		278,719		2,887,529
Domino’s Pizza, Inc.		3,877		1,408,010
				6,315,039
Semiconductor Components - Integrated Circuits — 0.8%
Cirrus Logic, Inc.†		49,690		4,051,723
NXP Semiconductors NV		13,845		2,627,227
				6,678,950
Semiconductor Equipment — 1.0%
KLA Corp.		7,297		2,662,310
MKS Instruments, Inc.		46,036		5,685,446
				8,347,756
Steel Pipe & Tube — 0.3%
Advanced Drainage Systems, Inc.		22,672		2,482,811
Steel - Producers — 0.7%
Reliance Steel & Aluminum Co.		32,416		6,301,670
Theaters — 0.3%
Live Nation Entertainment, Inc.†		27,232		2,588,402
Toys — 0.5%
Hasbro, Inc.		51,317		4,605,701
Transport - Rail — 0.4%
Norfolk Southern Corp.		14,142		3,389,272
Transport - Services — 0.6%
Expeditors International of Washington, Inc.		23,733		2,583,099
FedEx Corp.		10,834		2,433,100
				5,016,199

177

VALIC Company I Mid Cap Value Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
COMMON STOCK (continued)
Transport - Truck — 0.6%
Knight-Swift Transportation Holdings, Inc.		78,822		$	3,833,902
Landstar System, Inc.		11,767			1,781,877
					5,615,779
Wireless Equipment — 0.2%
Maxar Technologies, Inc.		52,257			1,560,394
Total Long-Term Investment Securities
(cost $729,158,556)					854,461,495
SHORT-TERM INVESTMENT SECURITIES — 1.9%
Registered Investment Companies — 1.9%
State Street Institutional Liquid Reserves Fund, Administration Class  0.59%(1)		14,313,336			14,313,336
State Street Navigator Securities Lending Government Money Market Portfolio 0.32%(1)(2)		2,129,953			2,129,953
Total Short-Term Investment Securities
(cost $16,443,289)					16,443,289
REPURCHASE AGREEMENTS — 0.2%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.06% dated 05/31/2022, to be repurchased 06/01/2022 in the amount of $2,316,210 and collateralized by $2,347,200 of United States Treasury Notes, bearing interest at 2.88% due 05/15/2028 and having an approximate value of $2,362,602 (cost $2,316,206)	$	2,316,206			2,316,206
TOTAL INVESTMENTS
(cost $747,918,051)(3)		100.2	%		873,220,990
Liabilities in excess of other assets		(0.2	)		(2,090,409	)
NET ASSETS		100.0	%	$	871,130,581

† 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, 2022.

(2) At May 31, 2022, the Fund had loaned securities with a total value of $14,225,877. This was secured by collateral of $2,129,953, which was received in cash and subsequently invested in short-term investments currently value at $2,129,953 as reported in the portfolio of investments. The remaining collateral of $12,541,228 was received in the form of short-term pooled securities, which the Fund cannot sell or repledge and accordingly are not reflected in the Fund’s other assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of May 31, 2022
United States Treasury Bills	0.00%	06/16/2022 to 10/27/2022		773,678
United States Treasury Notes/Bonds	0.13% to 6.88%	06/30/2022 to 08/15/2051		11,767,550

(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, 2022 (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	$	852,615,915	$	1,845,580	**	$	—	$	854,461,495
Short-Term Investment Securities		16,443,289		—			—		16,443,289
Repurchase Agreements		—		2,316,206			—		2,316,206
Total Investments at Value	$	869,059,204	$	4,161,786		$	—	$	873,220,990

* 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

178

VALIC Company I Moderate Growth Lifestyle Fund

PORTFOLIO PROFILE — May 31, 2022 (unaudited)

Industry Allocation*

Domestic Equity Investment Companies	39.1	%
Domestic Fixed Income Investment Companies	35.0
International Equity Investment Companies	13.2
Registered Investment Companies	10.6
International Fixed Income Investment Companies	2.1
	100.0	%

* Calculated as a percentage of net assets

179

VALIC Company I Moderate Growth Lifestyle Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022

Security Description	Shares		Value (Note 2)
AFFILIATED REGISTERED INVESTMENT COMPANIES#(1) — 100.0%
Domestic Equity Investment Companies — 39.1%
VALIC Co. I Blue Chip Growth Fund		401,660	$	6,607,305
VALIC Co. I Capital Appreciation Fund		1,987,608		38,241,575
VALIC Co. I Dividend Value Fund		501,468		6,624,396
VALIC Co. I Large Capital Growth Fund		1,966,485		36,222,651
VALIC Co. I Mid Cap Index Fund		1,551,998		40,941,716
VALIC Co. I Mid Cap Strategic Growth Fund		1,168,250		20,888,317
VALIC Co. I Mid Cap Value Fund		1,173,897		24,229,229
VALIC Co. I Nasdaq-100 Index Fund		719,866		14,440,515
VALIC Co. I Science & Technology Fund		128,215		2,923,293
VALIC Co. I Small Cap Growth Fund		523,562		7,733,016
VALIC Co. I Small Cap Index Fund		329,932		5,744,108
VALIC Co. I Small Cap Special Values Fund		345,676		4,393,542
VALIC Co. I Small Cap Value Fund		368,229		4,985,822
VALIC Co. I Stock Index Fund		2,188,513		103,932,460
VALIC Co. I Systematic Core Fund		578,100		14,770,463
VALIC Co. I Systematic Value Fund		5,850,084		76,109,591
Total Domestic Equity Investment Companies
(cost $405,688,628)				408,787,999
Domestic Fixed Income Investment Companies — 35.0%
VALIC Co. I Core Bond Fund		27,714,838		281,305,607
VALIC Co. I Government Securities Fund		1,102,359		10,792,099
VALIC Co. I High Yield Bond Fund		3,284,093		23,087,172
VALIC Co. I Inflation Protected Fund		4,585,891		50,536,520
Total Domestic Fixed Income Investment Companies
(cost $403,729,468)				365,721,398
International Equity Investment Companies — 13.2%
VALIC Co. I Emerging Economies Fund		1,549,061		11,230,694
VALIC Co. I Global Real Estate Fund		2,676,596		20,261,834
VALIC Co. I International Equities Index Fund		7,360,608		53,585,227

Security Description	Shares			Value (Note 2)
International Equity Investment Companies (continued)
VALIC Co. I International Growth Fund		217,454		$	2,572,485
VALIC Co. I International Opportunities Fund		2,079,382			33,311,702
VALIC Co. I International Value Fund		1,694,354			16,774,105
Total International Equity Investment Companies
(cost $147,873,191)					137,736,047
International Fixed Income Investment Companies — 2.1%
VALIC Co. I International Government Bond Fund (cost $24,741,222)		2,116,093			22,007,368
Total Long-Term Investment Securities
(cost $982,032,509)					934,252,812
SHORT-TERM INVESTMENT SECURITIES — 10.6%
Registered Investment Companies — 10.6%
State Street Institutional U.S. Government Money Market Fund, Premier Class(2) (cost $111,169,754)		111,169,754			111,169,754
TOTAL INVESTMENTS
(cost $1,093,202,263)(3)		100.0	%		1,045,422,566
Liabilities in excess of other assets		(0.0	)		(184,620	)
NET ASSETS		100.0	%	$	1,045,237,946

# The Moderate Growth Lifestyle Fund invests in various VALIC Company I Funds. Additional information on the underlying funds including such fund’s prospectuses and shareholder reports are available at our website, www.valic.com.

(1) See Note 3.

(2) The 7-day yield as of May 31, 2022 is 0.74%.

(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, 2022 (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	$	934,252,812	$	—	$	—	$	934,252,812
Short-Term Investment Securities		111,169,754		—		—		111,169,754
	$	1,045,422,566	$	—	$	—	$	1,045,422,566

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

See Notes to Financial Statements

180

VALIC Company I Nasdaq-100 Index Fund

PORTFOLIO PROFILE — May 31, 2022 (unaudited)

Industry Allocation*

Computers	12.0	%
Applications Software	11.0
Electronic Components — Semiconductors	10.9
Web Portals/ISP	7.2
E-Commerce/Products	6.7
Medical — Biomedical/Gene	4.2
Auto — Cars/Light Trucks	4.1
Internet Content — Entertainment	4.0
Repurchase Agreements	3.8
Beverages — Non-alcoholic	2.7
Cable/Satellite TV	2.6
Semiconductor Components — Integrated Circuits	2.5
Semiconductor Equipment	2.3
Retail — Discount	2.0
E-Commerce/Services	1.6
Electronic Forms	1.6
Commercial Services — Finance	1.6
Networking Products	1.5
Cellular Telecom	1.4
Computer Aided Design	1.3
Electric — Integrated	1.2
Instruments — Controls	1.1
Data Processing/Management	1.0
Entertainment Software	1.0
Computer Data Security	0.8
Retail — Restaurants	0.7
Food — Confectionery	0.7
Medical Instruments	0.7
Transport — Rail	0.6
Retail — Apparel/Shoe	0.5
Registered Investment Companies	0.5
Distribution/Wholesale	0.5
Hotels/Motels	0.5
Enterprise Software/Service	0.5
U.S. Government Treasuries	0.4
Internet Security	0.4
Food — Misc./Diversified	0.4
Retail — Auto Parts	0.4
Computer Software	0.3
Commercial Services	0.3
Computer Services	0.3
Medical — Drugs	0.3
Retail — Drug Store	0.3
Diagnostic Kits	0.3
Auto — Heavy Duty Trucks	0.2
Transport — Truck	0.2
Drug Delivery Systems	0.2
Consulting Services	0.2
Communications Software	0.2
Medical Products	0.2
Electric — Generation	0.2
Web Hosting/Design	0.2
Internet Application Software	0.1
	100.4	%

* Calculated as a percentage of net assets

181

VALIC Company I Nasdaq-100 Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 95.7%
Applications Software — 11.0%
Intuit, Inc.		17,231	$	7,141,560
Microsoft Corp.		274,962		74,753,919
				81,895,479
Auto - Cars/Light Trucks — 4.1%
Lucid Group, Inc.†#		100,600		2,030,108
Tesla, Inc.†		37,906		28,742,604
				30,772,712
Auto - Heavy Duty Trucks — 0.2%
PACCAR, Inc.		21,150		1,836,666
Beverages - Non-alcoholic — 2.7%
Keurig Dr Pepper, Inc.		86,294		2,997,854
Monster Beverage Corp.†		32,211		2,870,644
PepsiCo, Inc.		84,182		14,121,530
				19,990,028
Cable/Satellite TV — 2.6%
Charter Communications, Inc., Class A†		10,511		5,328,341
Comcast Corp., Class A		275,270		12,188,956
Sirius XM Holdings, Inc.#		240,230		1,537,472
				19,054,769
Cellular Telecom — 1.4%
T-Mobile US, Inc.†		76,019		10,132,572
Commercial Services — 0.3%
Cintas Corp.		6,312		2,514,259
Commercial Services - Finance — 1.6%
Automatic Data Processing, Inc.		25,560		5,698,346
PayPal Holdings, Inc.†		70,890		6,040,537
				11,738,883
Communications Software — 0.2%
Zoom Video Communications, Inc., Class A†		14,740		1,583,813
Computer Aided Design — 1.3%
ANSYS, Inc.†		5,308		1,381,991
Autodesk, Inc.†		13,385		2,780,734
Cadence Design Systems, Inc.†		16,876		2,594,347
Synopsys, Inc.†		9,316		2,973,667
				9,730,739
Computer Data Security — 0.8%
Crowdstrike Holdings, Inc., Class A†		12,669		2,026,913
Fortinet, Inc.†		9,786		2,878,454
Zscaler, Inc.†		8,524		1,304,939
				6,210,306
Computer Services — 0.3%
Cognizant Technology Solutions Corp., Class A		31,918		2,384,275
Computer Software — 0.3%
Datadog, Inc., Class A†		16,082		1,534,062
Splunk, Inc.†		9,662		990,935
				2,524,997
Computers — 12.0%
Apple, Inc.		598,546		89,087,587
Consulting Services — 0.2%
Verisk Analytics, Inc.		9,814		1,716,665
Data Processing/Management — 1.0%
DocuSign, Inc.†		12,041		1,010,360
Fiserv, Inc.†		39,686		3,975,744
Paychex, Inc.		21,952		2,718,316
				7,704,420

Security Description	Shares		Value (Note 2)
Diagnostic Kits — 0.3%
IDEXX Laboratories, Inc.†		5,127	$	2,007,836
Distribution/Wholesale — 0.5%
Copart, Inc.†		14,433		1,653,012
Fastenal Co.		35,022		1,875,778
				3,528,790
Drug Delivery Systems — 0.2%
DexCom, Inc.†		5,906		1,759,634
E-Commerce/Products — 6.7%
Amazon.com, Inc.†		18,663		44,869,398
eBay, Inc.		35,751		1,740,001
JD.com, Inc. ADR		36,293		2,036,763
Pinduoduo, Inc. ADR†		26,927		1,355,775
				50,001,937
E-Commerce/Services — 1.6%
Airbnb, Inc., Class A†		22,585		2,729,849
Booking Holdings, Inc.†		2,488		5,581,977
Match Group, Inc.†		17,351		1,366,912
MercadoLibre, Inc.†		3,068		2,411,080
				12,089,818
Electric - Generation — 0.2%
Constellation Energy Corp.		19,864		1,233,157
Electric - Integrated — 1.2%
American Electric Power Co., Inc.		30,681		3,130,383
Exelon Corp.		59,641		2,931,355
Xcel Energy, Inc.		33,115		2,494,884
				8,556,622
Electronic Components - Semiconductors — 10.9%
Advanced Micro Devices, Inc.†		99,024		10,086,585
Broadcom, Inc.		24,925		14,459,740
Intel Corp.		247,779		11,006,343
Marvell Technology, Inc.		51,345		3,037,057
Microchip Technology, Inc.		33,832		2,457,895
Micron Technology, Inc.		68,138		5,031,310
NVIDIA Corp.		129,041		24,094,535
Skyworks Solutions, Inc.		9,980		1,086,522
Texas Instruments, Inc.		56,197		9,933,382
				81,193,369
Electronic Forms — 1.6%
Adobe, Inc.†		28,742		11,970,468
Enterprise Software/Service — 0.5%
Atlassian Corp. PLC, Class A†		8,589		1,523,002
Workday, Inc., Class A†		11,927		1,864,190
				3,387,192
Entertainment Software — 1.0%
Activision Blizzard, Inc.		47,416		3,692,758
Electronic Arts, Inc.		17,112		2,372,579
NetEase, Inc. ADR		12,747		1,322,246
				7,387,583
Food - Confectionery — 0.7%
Mondelez International, Inc., Class A		84,479		5,369,485
Food - Misc./Diversified — 0.4%
Kraft Heinz Co.		74,464		2,816,973
Hotels/Motels — 0.5%
Marriott International, Inc., Class A		19,856		3,406,892
Instruments - Controls — 1.1%
Honeywell International, Inc.		41,732		8,080,150

182

VALIC Company I Nasdaq-100 Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Internet Application Software — 0.1%
Okta, Inc.†		9,038	$	750,606
Internet Content - Entertainment — 4.0%
Meta Platforms, Inc., Class A†		126,814		24,556,263
Netflix, Inc.†		27,015		5,333,842
				29,890,105
Internet Security — 0.4%
Palo Alto Networks, Inc.†		5,993		3,013,161
Medical Instruments — 0.7%
Intuitive Surgical, Inc.†		21,769		4,955,495
Medical Products — 0.2%
Align Technology, Inc.†		4,795		1,331,284
Medical - Biomedical/Gene — 4.2%
Amgen, Inc.		33,895		8,702,202
Biogen, Inc.†		8,943		1,788,600
Gilead Sciences, Inc.		76,298		4,947,925
Illumina, Inc.†		9,553		2,287,753
Moderna, Inc.†		24,515		3,562,765
Regeneron Pharmaceuticals, Inc.†		6,494		4,316,822
Seagen, Inc.†		11,174		1,516,088
Vertex Pharmaceuticals, Inc.†		15,491		4,161,657
				31,283,812
Medical - Drugs — 0.3%
AstraZeneca PLC ADR		34,712		2,307,654
Networking Products — 1.5%
Cisco Systems, Inc.		252,779		11,387,694
Retail - Apparel/Shoe — 0.5%
Lululemon Athletica, Inc.†		7,512		2,198,687
Ross Stores, Inc.		21,500		1,827,930
				4,026,617
Retail - Auto Parts — 0.4%
O’Reilly Automotive, Inc.†		4,053		2,582,450
Retail - Discount — 2.0%
Costco Wholesale Corp.		26,983		12,580,014
Dollar Tree, Inc.†		13,688		2,194,597
				14,774,611
Retail - Drug Store — 0.3%
Walgreens Boots Alliance, Inc.		52,530		2,302,390
Retail - Restaurants — 0.7%
Starbucks Corp.		69,995		5,494,607
Semiconductor Components - Integrated Circuits — 2.5%
Analog Devices, Inc.		31,843		5,362,361
NXP Semiconductors NV		15,975		3,031,416
QUALCOMM, Inc.		68,577		9,821,598
				18,215,375
Semiconductor Equipment — 2.3%
Applied Materials, Inc.		53,754		6,304,807
ASML Holding NV		5,045		2,907,383
KLA Corp.		9,171		3,346,039
Lam Research Corp.		8,489		4,414,535
				16,972,764
Transport - Rail — 0.6%
CSX Corp.		133,467		4,242,916
Transport - Truck — 0.2%
Old Dominion Freight Line, Inc.		6,989		1,804,839

Security Description	Shares/ Principal Amount			Value (Note 2)
Web Hosting/Design — 0.2%
VeriSign, Inc.†		6,704		$	1,170,183
Web Portals/ISP — 7.2%
Alphabet, Inc., Class A†		11,031			25,098,172
Alphabet, Inc., Class C†		11,577			26,404,590
Baidu, Inc. ADR†		14,711			2,064,689
					53,567,451
Total Long-Term Investment Securities
(cost $299,082,956)					711,742,090
SHORT-TERM INVESTMENT SECURITIES — 0.9%
Registered Investment Companies — 0.5%
State Street Navigator Securities Lending Government Money Market Portfolio 0.32%(1)(2)		3,658,703			3,658,703
U.S. Government Treasuries — 0.4%
United States Treasury Bills 1.91% due 04/20/2023(3)	$	3,500,000			3,440,138
Total Short-Term Investment Securities
(cost $7,098,645)					7,098,841
REPURCHASE AGREEMENTS — 3.8%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.06% dated 05/31/2022, to be repurchased 06/01/2022 in the amount of $28,129,332 and collateralized by $31,323,800 of United States Treasury Notes, bearing interest at 1.25% due 05/31/2028 and having an approximate value of $28,691,880 (cost $28,129,286)		28,129,286			28,129,286
TOTAL INVESTMENTS
(cost $334,310,887)(4)		100.4	%		746,970,217
Liabilities in excess of other assets		(0.4	)		(3,169,592	)
NET ASSETS		100.0	%	$	743,800,625

† 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, 2022.

(2) At May 31, 2022, the Fund had loaned securities with a total value of $3,567,580. This was secured by collateral of $3,658,703, which was received in cash and subsequently invested in short-term investments currently valued at $3,658,703 as reported in the Portfolio of Investments.

(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

183

VALIC Company I Nasdaq-100 Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	126	Long	NASDAQ 100 E-Mini Index		June 2022	$	33,908,405	$	31,869,180	$	(2,039,225	)

* 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, 2022 (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	$	711,742,090	$	—	$	—	$	711,742,090
Short-Term Investment Securities:
Registered Investment Companies		3,658,703		—		—		3,658,703
U.S Government Treasuries		—		3,440,138		—		3,440,138
Repurchase Agreements		—		28,129,286		—		28,129,286
Total Investments at Value	$	715,400,793	$	31,569,424	$	—	$	746,970,217
LIABILITIES:
Other Financial Instruments:†
Futures Contracts	$	2,039,225	$	—	$	—	$	2,039,225

* 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

184

VALIC Company I Science & Technology Fund

PORTFOLIO PROFILE — May 31, 2022 (unaudited)

Industry Allocation*

Electronic Components — Semiconductors	12.7	%
Applications Software	10.1
E-Commerce/Products	9.0
Web Portals/ISP	7.3
E-Commerce/Services	6.0
Enterprise Software/Service	5.9
Semiconductor Equipment	3.7
Finance — Credit Card	3.6
Internet Content — Entertainment	3.4
Computer Data Security	3.4
Commercial Services — Finance	3.3
Computers	2.7
Computer Software	2.5
Internet Security	2.4
Semiconductor Components — Integrated Circuits	2.4
Computers — Memory Devices	2.3
Computer Services	2.1
Communications Software	1.3
Electronic Components — Misc.	1.2
Registered Investment Companies	1.2
Networking Products	1.1
Retail — Apparel/Shoe	1.0
Entertainment Software	1.0
Internet Infrastructure Software	1.0
Auto — Cars/Light Trucks	0.9
Advertising Services	0.7
Internet Content — Information/News	0.6
Cable/Satellite TV	0.6
Medical Labs & Testing Services	0.5
Medical — Biomedical/Gene	0.4
Data Processing/Management	0.4
Electric Products — Misc.	0.3
Medical Information Systems	0.3
Web Hosting/Design	0.3
Internet Application Software	0.2
Retail — Catalog Shopping	0.2
Industrial Automated/Robotic	0.2
Wireless Equipment	0.2
Apparel Manufacturers	0.2
Theaters	0.2
Computer Aided Design	0.1
Real Estate Management/Services	0.1
Finance — Other Services	0.1
Schools	0.1
Machinery — Electrical	0.1
Medical — Wholesale Drug Distribution	0.1
	97.4%

* Calculated as a percentage of net assets

185

VALIC Company I Science & Technology Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 94.7%
Advertising Services — 0.7%
Trade Desk, Inc., Class A†		262,025	$	13,638,401
Apparel Manufacturers — 0.2%
boohoo Group PLC†		3,545,546		3,830,646
Applications Software — 10.0%
Asana, Inc., Class A†#		36,795		799,923
Aspen Technology, Inc.†		42,499		8,223,132
Five9, Inc.†		35,455		3,428,853
Intuit, Inc.		5,607		2,323,877
Microsoft Corp.		655,444		178,195,560
Procore Technologies, Inc.†		3,440		156,520
ServiceNow, Inc.†		20,635		9,646,244
Smartsheet, Inc., Class A†		126,585		4,512,755
TeamViewer AG†*		274,199		3,833,416
				211,120,280
Auto - Cars/Light Trucks — 0.6%
Rivian Automotive, Inc., Class A†		40,082		1,258,575
Tesla, Inc.†		15,350		11,639,291
				12,897,866
Cable/Satellite TV — 0.6%
Comcast Corp., Class A		298,610		13,222,451
Commercial Services - Finance — 3.3%
Adyen NV†#*		1,405		2,188,003
Automatic Data Processing, Inc.		4,605		1,026,639
Block, Inc., Class A†		114,066		9,981,916
FleetCor Technologies, Inc.†		53,335		13,270,281
Global Payments, Inc.		192,815		25,266,477
PayPal Holdings, Inc.†		56,980		4,855,266
WEX, Inc.†		73,570		12,527,499
				69,116,081
Communications Software — 1.3%
Zoom Video Communications, Inc., Class A†		254,778		27,375,896
Computer Aided Design — 0.1%
Altair Engineering, Inc., Class A†		20,010		1,099,750
Cadence Design Systems, Inc.†		12,430		1,910,864
				3,010,614
Computer Data Security — 3.4%
Crowdstrike Holdings, Inc., Class A†		148,725		23,794,513
ForgeRock, Inc., Class A†		26,591		509,484
Fortinet, Inc.†		67,509		19,857,097
KnowBe4, Inc., Class A†		169,835		3,019,666
Rapid7, Inc.†		42,669		3,023,952
Varonis Systems, Inc.†		102,075		3,375,620
Zscaler, Inc.†		118,380		18,122,794
				71,703,126
Computer Services — 2.1%
Accenture PLC, Class A		42,700		12,744,242
DXC Technology Co.†		361,505		12,732,206
Genpact, Ltd.		269,497		11,957,582
Infosys, Ltd. ADR		79,285		1,495,315
Leidos Holdings, Inc.		60,338		6,305,321
				45,234,666
Computer Software — 2.5%
Datadog, Inc., Class A†		131,065		12,502,290
HashiCorp, Inc., Class A†#		176,918		6,195,668
MongoDB, Inc.†		92,456		21,925,941
SentinelOne, Inc., Class A†		123,000		2,926,170
Snowflake, Inc., Class A†		31,536		4,025,570

Security Description	Shares		Value (Note 2)
Computer Software (continued)
ZoomInfo Technologies, Inc.†		102,830	$	4,153,304
				51,728,943
Computers — 2.7%
Apple, Inc.		386,665		57,551,219
Computers - Memory Devices — 2.3%
Pure Storage, Inc., Class A†		1,286,641		30,531,991
Seagate Technology Holdings PLC		203,960		17,269,293
				47,801,284
Data Processing/Management — 0.4%
Fidelity National Information Services, Inc.		36,440		3,807,980
Fiserv, Inc.†		36,880		3,694,638
				7,502,618
E-Commerce/Products — 9.0%
Alibaba Group Holding, Ltd. ADR†		295,964		28,427,342
Amazon.com, Inc.†		58,297		140,157,064
Coupang, Inc.†#		222,272		3,002,895
D-MARKET Elektronik Hizmetler ve Ticaret AS ADR†#		264,176		353,996
Etsy, Inc.†		201,133		16,315,909
Wayfair, Inc., Class A†#		24,785		1,471,981
				189,729,187
E-Commerce/Services — 5.8%
Airbnb, Inc., Class A†		116,193		14,044,248
Auto1 Group SE†*		346,566		3,710,405
Booking Holdings, Inc.†		10,814		24,261,858
Cargurus, Inc.†		243,534		6,166,281
Delivery Hero SE†*		341,282		13,099,658
DoorDash, Inc., Class A†		54,110		4,161,600
Kanzhun, Ltd. ADR†		84,630		1,711,219
Lyft, Inc., Class A†		131,425		2,323,594
Maplebear, Inc. (dba Instacart) Non-Voting†(1)(2)		523		37,442
Maplebear, Inc. (dba Instacart) Voting†(1)(2)		10,016		717,045
MercadoLibre, Inc.†		1,740		1,367,431
Opendoor Technologies, Inc.†#		343,500		2,483,505
Tongcheng Travel Holdings, Ltd.†		3,235,800		6,132,894
Trainline PLC†*		2,037,359		8,196,127
Trip.com Group, Ltd. ADR†		1,408,545		31,072,503
Uber Technologies, Inc.†		77,265		1,792,548
				121,278,358
Electric Products - Misc. — 0.3%
Emerson Electric Co.		74,665		6,619,799
Electronic Components - Misc. — 1.2%
Flex, Ltd.†		952,380		16,257,127
Hoya Corp.		93,700		10,001,938
				26,259,065
Electronic Components - Semiconductors — 12.7%
Advanced Micro Devices, Inc.†		405,678		41,322,361
Broadcom, Inc.		34,675		20,116,008
Infineon Technologies AG		203,305		6,316,717
Marvell Technology, Inc.		531,290		31,425,804
Microchip Technology, Inc.		41,495		3,014,612
Micron Technology, Inc.		502,160		37,079,494
Monolithic Power Systems, Inc.		2,280		1,026,889
NVIDIA Corp.		182,010		33,984,907
ON Semiconductor Corp.†		471,380		28,603,338
Samsung Electronics Co., Ltd.		234,420		12,765,794
SK Hynix, Inc.		170,274		14,801,645

186

VALIC Company I Science & Technology Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Electronic Components - Semiconductors (continued)
STMicroelectronics NV		31,075	$	1,243,481
Texas Instruments, Inc.		190,460		33,665,710
Wolfspeed, Inc.†		18,995		1,428,994
				266,795,754
Enterprise Software/Service — 5.9%
Alteryx, Inc., Class A†		18,025		1,003,091
Atlassian Corp. PLC, Class A†		31,355		5,559,868
Avalara, Inc.†		24,726		2,093,550
Ceridian HCM Holding, Inc.†		171,144		9,635,407
Guidewire Software, Inc.†		70,784		5,658,473
HubSpot, Inc.†		6,330		2,137,578
Oracle Corp.		45,330		3,260,134
Paycom Software, Inc.†		17,075		4,855,105
Qualtrics International, Inc., Class A†		353,674		5,022,171
salesforce.com, Inc.†		365,387		58,549,613
UiPath, Inc., Class A†		159,781		2,727,462
Veeva Systems, Inc., Class A†		37,445		6,375,386
Workday, Inc., Class A†		107,804		16,849,765
				123,727,603
Entertainment Software — 1.0%
Electronic Arts, Inc.		56,828		7,879,202
Epic Games, Inc.†(1)(2)		3,904		3,630,720
ROBLOX Corp., Class A†		288,100		8,625,714
Take-Two Interactive Software, Inc.†		9,810		1,221,639
				21,357,275
Finance - Credit Card — 3.6%
Mastercard, Inc., Class A		83,030		29,713,946
Visa, Inc., Class A		219,013		46,467,988
				76,181,934
Finance - Other Services — 0.1%
Money Forward, Inc.†		90,800		2,542,602
Industrial Automated/Robotic — 0.2%
Cognex Corp.		16,200		784,404
Nabtesco Corp.		158,100		3,753,314
				4,537,718
Internet Application Software — 0.2%
Okta, Inc.†		57,954		4,813,080
Internet Content - Entertainment — 3.4%
Meta Platforms, Inc., Class A†		285,338		55,252,850
Netflix, Inc.†		17,593		3,473,562
Pinterest, Inc., Class A†		278,781		5,478,047
Roku, Inc.†		49,394		4,687,491
Snap, Inc., Class A†		237,347		3,348,966
VK Co., Ltd. GDR†(1)		1,166,135		0
				72,240,916
Internet Content - Information/News — 0.6%
Deliveroo PLC†*		2,316,342		2,753,074
Naspers, Ltd., Class N		66,157		7,250,895
Tencent Holdings, Ltd.		72,600		3,346,049
				13,350,018
Internet Infrastructure Software — 1.0%
F5, Inc.†		124,748		20,338,914
Internet Security — 2.4%
NortonLifeLock, Inc.		172,385		4,195,851
Palo Alto Networks, Inc.†#		94,080		47,301,542
				51,497,393

Security Description	Shares		Value (Note 2)
Machinery - Electrical — 0.1%
Bloom Energy Corp., Class A†#		86,665	$	1,518,371
Medical Information Systems — 0.3%
Alignment Healthcare, Inc.†#		131,699		1,406,546
Doximity, Inc., Class A†#		129,570		4,533,654
				5,940,200
Medical Labs & Testing Services — 0.1%
Ginkgo Bioworks Holdings, Inc.†#		440,922		1,358,040
Ginkgo Bioworks, Inc., Earnout Shares 15.00†(1)		12,842		15,402
Ginkgo Bioworks, Inc., Earnout Shares 17.50†(1)		12,842		14,081
Ginkgo Bioworks, Inc., Earnout Shares 20.00†(1)		12,842		12,958
				1,400,481
Medical - Biomedical/Gene — 0.0%
Flame Biosciences, Inc.†(1)(2)		48,560		222,891
Verily Life Sciences LLC†(1)(2)		6,986		617,143
				840,034
Medical - Drugs — 0.0%
Longboard Pharmaceuticals, Inc.†		32,938		163,372
Progenics Pharmaceuticals, Inc. CVR†#(1)		54,000		57,159
				220,531
Medical - HMO — 0.0%
Bright Health Group, Inc.†#		181,044		307,775
Networking Products — 1.1%
Arista Networks, Inc.†		160,826		16,449,283
Nokia Oyj ADR		1,497,737		7,503,663
				23,952,946
Real Estate Management/Services — 0.1%
KE Holdings, Inc. ADR†		194,000		2,599,600
Retail - Apparel/Shoe — 1.0%
Zalando SE†*		530,125		21,529,116
Retail - Catalog Shopping — 0.2%
Warby Parker, Inc., Class A†		283,083		4,806,749
Schools — 0.1%
New Oriental Education & Technology Group, Inc. ADR†		138,795		1,812,663
Semiconductor Components - Integrated Circuits — 2.4%
Analog Devices, Inc.		8,470		1,426,348
NXP Semiconductors NV		46,670		8,856,099
QUALCOMM, Inc.		106,749		15,288,592
Taiwan Semiconductor Manufacturing Co., Ltd.		328,000		6,289,450
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		191,215		18,222,789
				50,083,278
Semiconductor Equipment — 3.7%
Applied Materials, Inc.		111,390		13,064,933
ASML Holding NV		2,485		1,432,081
BE Semiconductor Industries NV		79,895		4,896,251
KLA Corp.		66,348		24,207,068
Lam Research Corp.		18,073		9,398,502
Teradyne, Inc.		148,037		16,174,522
Tokyo Electron, Ltd.		20,500		9,387,999
				78,561,356
Theaters — 0.2%
CTS Eventim AG & Co. KGaA†		58,724		3,765,834
Web Hosting/Design — 0.3%
GoDaddy, Inc., Class A†		69,115		5,187,081

187

VALIC Company I Science & Technology Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Web Portals/ISP — 7.3%
Alphabet, Inc., Class A†		22,865	$	52,023,363
Alphabet, Inc., Class C†		36,430		83,088,815
Baidu, Inc. ADR†		132,521		18,599,322
				153,711,500
Wireless Equipment — 0.2%
Motorola Solutions, Inc.		6,910		1,518,403
Samsung SDI Co., Ltd.		5,580		2,578,496
				4,096,899
Total Common Stocks
(cost $2,367,669,359)				1,997,338,121
CONVERTIBLE PREFERRED SECURITIES — 1.4%
Applications Software — 0.1%
Color Health, Inc. Series D-1†(1)(2)		26,210		2,620,188
Auto - Cars/Light Trucks — 0.3%
GM Cruise Holdings, LLC, Class F†(1)(2)		89,700		2,601,300
Waymo LLC Series A-2†(1)(2)		21,059		1,931,573
Waymo LLC Series B-2†(1)(2)		10,055		922,265
				5,455,138
E-Commerce/Services — 0.2%
Maplebear, Inc. (dba Instacart) Series G†(1)(2)		20,650		1,478,333
Rappi, Inc., Series E†(1)(2)		39,184		2,019,152
Rappi, Inc. Series F†(1)(2)		14,609		752,802
				4,250,287
Health Care Providers & Services — 0.0%
PrognomIQ, Inc. Series A-4†(1)(2)		35,670		109,150
PrognomIQ, Inc. Series A-5†(1)(2)		30,468		93,232
PrognomIQ, Inc. Series B†(1)(2)		216,177		661,502
				863,884
IT Services — 0.0%
Mesosphere, Inc. Series D†(1)(2)		151,129		101,256
Medical Instruments — 0.0%
RefleXion Medical, Inc. Series C†(1)(2)		160,251		379,881
Reflexion Medical, Inc. Series D†(1)(2)		67,040		158,921
				538,802
Medical Labs & Testing Services — 0.4%
Freenome Holdings, Inc. Series B†(1)(2)		94,602		713,517
Freenome Holdings, Inc. Series C†(1)(2)		53,807		405,828
Tempus Labs, Inc. Series D†(1)(2)		60,677		3,422,790
Tempus Labs, Inc. Series E†(1)(2)		39,722		2,297,520
Tempus Labs, Inc. Series F†(1)(2)		10,551		618,078
Tempus Labs, Inc. Series G†(1)(2)		6,661		394,731
				7,852,464

Security Description	Shares/ Principal Amount			Value (Note 2)
Medical Products — 0.0%
Kardium, Inc. Series D-5†(1)(2)		542,402		$	550,994
Medical - Biomedical/Gene — 0.3%
Caris Life Sciences, Inc. Series C†(1)(2)		217,911			1,433,854
National Resilience, Inc. Series B†(1)(2)		69,360			4,212,233
					5,646,087
Medical - Wholesale Drug Distribution — 0.1%
Insitro, Inc. Series B†(1)(2)		52,029			951,668
Retirement/Aged Care — 0.0%
Honor Tech, Inc. Series D†(1)(2)		180,527			570,718
Total Convertible Preferred Securities
(cost $17,272,432)					29,401,486
ESCROWS AND LITIGATION TRUSTS—0.1%
Acerta Pharma B.V.†(1)		1,007,213			883,326
Exact Sciences CMO Milestone†(1)		216,096			133,980
Exact Sciences Expense Fund†(1)		220			198
Exact Sciences FDA Milestone†(1)		108,048			66,990
Total Escrows and Litigation Trusts
(cost $1,007,213)					1,084,494
Total Long-Term Investment Securities
(cost $2,385,949,004)					2,027,824,101
SHORT-TERM INVESTMENT SECURITIES — 1.2%
Registered Investment Companies — 1.2%
State Street Institutional U.S. Government Money Market Fund, Premier Class  0.74%(3)		500,007			500,007
State Street Navigator Securities Lending Government Money Market Portfolio 0.32%(3)(4)		13,856,489			13,856,489
T. Rowe Price Government Reserve Fund 0.66%(3)		11,627,951			11,627,951
Total Short-Term Investment Securities
(cost $25,984,447)					25,984,447
REPURCHASE AGREEMENTS — 0.0%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.06 % dated 05/31/2022, to be repurchased 06/01/2022 in the amount of $830,989 and collateralized by $925,400 of United States Treasury Notes, bearing interest at 1.25% due 05/31/2028 and having an approximate value of $847,645 (cost $830,988)	$	830,988			830,988
TOTAL INVESTMENTS
(cost $2,412,764,439)(5)		97.4	%		2,054,639,536
Other assets less liabilities		2.6			54,227,127
NET ASSETS		100.0	%	$	2,108,866,663

† 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, 2022, the aggregate value of these securities was $55,309,799 representing 2.6% of net assets.

188

VALIC Company I Science & Technology Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

(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, 2022, the Fund held the following restricted securities:

Description	Acquisition Date		Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
Common Stocks
Epic Games, Inc.		06/18/2020		2,883	$	1,657,725
		03/29/2021		1,021		903,585
				3,904		2,561,310	$	3,630,720	$	930.00		0.17	%
Flame Biosciences, Inc.		09/28/2020		48,560		318,068		222,891		4.59		0.01
Maplebear, Inc. (dba Instacart) Non-Voting		08/07/2020		523		24,233		37,442		71.59		0.00
Maplebear, Inc. (dba Instacart) Voting		08/07/2020		10,016		464,080		717,045		71.59		0.03
Verily Life Sciences LLC Series B		01/23/2019		6,986		861,094		617,143		88.34		0.03
Convertible Preferred Securities
Caris Life Sciences, Inc. Series C		08/14/2020		217,911		601,434		1,433,854		6.58		0.07
Color Health, Inc. Series D-1		01/13/2020		26,210		543,971		2,620,188		99.97		0.12
Freenome Holdings, Inc. Series B		06/24/2019		94,602		431,111		713,517		7.54		0.03
Freenome Holdings, Inc. Series C		08/14/2020		53,807		355,842		405,828		7.54		0.02
GM Cruise Holdings, LLC Class F		05/07/2019		89,700		1,637,025		2,601,300		29.00		0.12
Honor Tech, Inc. Series D		10/16/2020		180,527		434,723		570,718		3.16		0.03
Insitro, Inc. Series B		05/21/2020		52,029		324,177		951,668		18.29		0.05
Kardium, Inc. Series D-5		11/29/2018		542,402		525,533		550,994		1.02		0.03
Maplebear, Inc. (dba Instacart) Series G		07/02/2020		20,650		993,098		1,478,333		71.59		0.07
Mesophere, Inc. Series D		05/04/2018		151,129		1,670,656		101,256		0.67		0.00
National Resilience, Inc. Series B		10/23/2020		69,360		947,458		4,212,233		60.73		0.20
PrognomIQ, Inc. Series A-4		11/15/2019		35,670		81,510		109,150		3.06		0.01
PrognomIQ, Inc. Series A-5		05/12/2020		30,468		69,623		93,232		3.06		0.00
PrognomIQ, Inc. Series B		09/11/2020		216,177		493,989		661,502		3.06		0.03
Rappi, Inc. Series E		09/08/2020		39,184		2,341,089		2,019,152		51.53		0.10
Rappi, Inc. Series F		07/08/2021		14,609		941,158		752,802		51.53		0.04
RefleXion Medical, Inc. Series C		04/03/2018		160,251		271,145		379,881		2.37		0.02
RefleXion Medical, Inc. Series D		04/04/2020		67,040		127,808		158,921		2.37		0.01

Description	Acquisition Date		Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
Tempus Labs, Inc. Series D		03/16/2018		60,677	$	568,780	$	3,422,790	$	56.41		0.16	%
Tempus Labs, Inc. Series E		08/23/2018		39,722		665,058		2,297,520		57.84		0.11
Tempus Labs, Inc. Series F		04/30/2019		10,551		261,239		618,078		58.58		0.03
Tempus Labs, Inc. Series G		02/06/2020		6,661		255,465		394,731		59.26		0.02
Waymo LLC Series A-2		05/08/2020		21,059		1,808,277		1,931,573		91.72		0.09
Waymo LLC Series B-2		06/11/2021		10,055		922,265		922,265		91.72		0.04
							$	34,626,727				1.64	%

(3) The rate shown is the 7-day yield as of May 31, 2022.

(4) At May 31, 2022, the Fund had loaned securities with a total value of $24,187,921. This was secured by collateral of $13,856,489 which was received in cash and subsequently invested in short-term investments currently valued at of $13,856,489 as reported in the Portfolio of Investments. Additional collateral of $11,992,513 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 , 2022
United States Treasury Bills	0.00%	06/16/2022 to 10/27/2022	$	214,335
United States Treasury Notes/Bonds	0.13% to 6.88%	06/30/2022 to 02/15/2052		11,778,178

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

ADR—American Depositary Receipt

CVR—Contingent Value Rights

GDR—Global Depositary Receipt

189

VALIC Company I Science & Technology Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2022 (see Note 2):

	Level 1 - Unadjusted Quoted  Prices		Level 2 - Other Observable  Inputs			Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks:
E-Commerce/Services	$	89,384,787	$	31,139,084	**	$	754,487	$	121,278,358
Entertainment Software		17,726,555		—			3,630,720		21,357,275
Internet Content-Entertainment		72,240,916		—			0		72,240,916
Medical Labs & Testing Services		1,358,040		—			42,441		1,400,481
Medical-Biomedical/Gene		—		—			840,034		840,034
Medical-Drugs		163,372		—			57,159		220,531
Other Industries		1,656,925,806		123,074,720	**		—		1,780,000,526
Convertible Preferred Securities		—		—			29,401,486		29,401,486
Escrows and Litigation Trusts		—		—			1,084,494		1,084,494
Short-Term Investment Securities		25,984,447		—			—		25,984,447
Repurchase Agreements		—		830,988			—		830,988
Total Investments at Value	$	1,863,783,923	$	155,044,792		$	35,810,821	$	2,054,639,536

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

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

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			Escrow and Litigation Trusts
Balance as of May 31, 2021	$	8,167,707		$	38,494,347		$	1,458,535
Accrued Discounts		—			—			—
Accrued Premiums		—			—			—
Realized Gain		—			64,845			1,302,256
Realized Loss		—			(207,116	)		—
Change in unrealized appreciation (1)		275,280			5,725,587			—
Change in unrealized depreciation (1)		(1,660,090	)		(7,180,762	)		(1,131,401	)
Net Purchases		—			1,863,422			1,552,110
Net Sales		—			(238,817	)		(2,097,006	)
Transfers into Level 3		—			—			—
Transfers out of Level 3 (2)		(1,458,056	)		(9,120,020	)		—
Balance as of May 31, 2022	$	5,324,841		$	29,401,486		$	1,084,494

(1) The total change in unrealized appreciation (depreciation) attributable to Level 3 investments still held at May 31, 2022 includes:

Common Stocks			Convertible Preferred Securities		Escrow and Litigation Trusts
$	(722,236	)	$	3,545,392	$	(162,796	)

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, 2022.

(2) Private Common Stock and Convertible Preferred Securities were converted to Common Stock or Common Lock-up Shares following the Companies’ Direct or IPO listings. Securities are now valued using Level 1 or Level 2 inputs.

190

VALIC Company I Science & Technology Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

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

Description	Fair Value at 5/31/22		Valuation Technique(s)	Unobservable Input (1)	Range (weighted average)#
Common Stocks	$	3,630,720	Market Approach	Market Transaction Price*	$930.0000
	$	0	Market Approach	Market - Last Sale	$0.8560
				Discount for Geo-political uncertainty	100%
	$	222,890	Market Approach &	Market - Merger/Acquisition Est. Value	$150,000,000.00
			Cost Approach	Cost - Liquidation Est. Value	$53,000,000.00
				Cost - Sept 2020 Post Money Value	$199,700,000.00
				Discount for Uncertainty	30%
	$	754,487	Market Approach	Primary Transaction Price*	$125.0000
				Secondary Transaction Price*	$118.7500
				EBITDA Multiple*	22.77x
				Discount for Lack of Marketability	10.0%
	$	617,143	Market Approach	Transaction Price*	$136.9300
				Sales Multiple*	12.80x
				Discount for Lack of Marketability	10.0%
	$	57,159	Income Approach	Estimated Future Cash Distribution*	$1.06
	$	42,441	Market Approach	Market - Earnout Probability of Additional shares*	$1.009008 - $1.199352 ($1.11)
Preferred Securities	$	2,601,300	Market Approach	Contractual Floor of Announced Tender*	$29.00
	$	14,281,669	Market Approach	Market Transaction Price*	$1.01584 - $99.969($56.83092)
	$	1,478,334	Market Approach	Primary Transaction Price*	$125.0000
				Secondary Transaction Price*	$118.7500
				EBITDA Multiple*	22.77x
				Discount for Lack of Marketability	10.0%
	$	2,771,954	Market Approach	Transaction Price*	$64.4231
				Sales Multiple*	4.05x
				Gross Merchandise Volume Multiple*	0.60x
				Discount for Lack of Marketability	10.0%
	$	1,433,854	Market Approach	Market Transaction Price*	$8.1000
				Sales Multiple*	5.3x
				Discount for Lack of Marketability	10.0%
	$	6,733,118	Market Approach	Market Transaction Price*	$57.3069
				Sales Multiple*	13.4x
				Discount for Lack of Marketability	10.0%
				Future Dividend Payout Adjustment	1.0% - 2.0% (1.15%)
	$	101,256	Market Approach	Sales Multiple*	3.4x
				Gross Profit Multiple*	4.5x
				Discount for Lack of Marketability	10.0%
Escrow and Litigation Trusts	$	1,084,493	Income Approach	Estimated Future Cash Distribution*	$0.62 - $0.9000 ($0.83)

(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.

# The average represents the arithmetic average of the inputs and is weighted by the relative fair value or notional amount.

See Notes to Financial Statements

191

VALIC Company I Small Cap Growth Fund

PORTFOLIO PROFILE — May 31, 2022 (unaudited)

Industry Allocation*

Medical — Biomedical/Gene	11.2	%
Applications Software	6.3
Enterprise Software/Service	5.5
Medical Products	3.9
Computer Services	2.6
Banks — Commercial	2.6
Machinery — General Industrial	2.4
Recreational Centers	2.3
Steel Pipe & Tube	2.2
Diversified Manufacturing Operations	2.1
Retail — Automobile	2.1
Resorts/Theme Parks	2.0
Real Estate Investment Trusts	2.0
Food — Wholesale/Distribution	2.0
Oil Companies — Exploration & Production	1.9
Building & Construction Products — Misc.	1.9
Medical — Hospitals	1.8
Retail — Restaurants	1.7
Lasers — System/Components	1.7
Retail — Pet Food & Supplies	1.6
Electronic Components — Semiconductors	1.6
Computer Data Security	1.6
E-Commerce/Services	1.5
Medical Instruments	1.4
Consumer Products — Misc.	1.4
Semiconductor Equipment	1.3
Computer Software	1.3
Tools — Hand Held	1.2
Disposable Medical Products	1.2
Food — Retail	1.2
Non-Hazardous Waste Disposal	1.2
Retail — Vision Service Center	1.2
Electric Products — Misc.	1.1
Miscellaneous Manufacturing	1.1
Investment Management/Advisor Services	1.1
Aerospace/Defense — Equipment	1.1
Transport — Truck	1.1
Machinery — Pumps	1.1
Drug Delivery Systems	1.0
Medical — Drugs	1.0
Audio/Video Products	0.9
Commercial Services — Finance	0.9
Registered Investment Companies	0.8
Casino Hotels	0.8
Telecommunication Equipment	0.8
Water Treatment Systems	0.8
Machinery — Electrical	0.7
Auto/Truck Parts & Equipment — Original	0.7
Medical — Generic Drugs	0.7
Building — Mobile Home/Manufactured Housing	0.6
Distribution/Wholesale	0.6
Medical — Outpatient/Home Medical	0.6
Diagnostic Kits	0.6
Finance — Investment Banker/Broker	0.5
Retail — Floor Coverings	0.5
Schools	0.5
Finance — Leasing Companies	0.5
Metal Processors & Fabrication	0.5
Web Hosting/Design	0.5
Energy — Alternate Sources	0.5
Commercial Services	0.4
Airlines	0.4
Software Tools	0.3
E-Commerce/Products	0.2
Physicians Practice Management	0.2
Medical Labs & Testing Services	0.2
Therapeutics	0.1
Drug Detection Systems	0.1
	99.4	%

* Calculated as a percentage of net assets

192

VALIC Company I Small Cap Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.0%
Aerospace/Defense - Equipment — 1.1%
Hexcel Corp.		93,853	$	5,391,855
Airlines — 0.4%
Frontier Group Holdings, Inc.†		176,818		1,900,794
Applications Software — 6.2%
ACV Auctions, Inc., Class A†		228,974		1,932,541
DigitalOcean Holdings, Inc.†		126,731		6,190,809
Duck Creek Technologies, Inc.†		142,893		2,653,523
Elastic NV†		48,017		2,960,248
Five9, Inc.†		48,353		4,676,219
Global-E Online, Ltd.†#		66,964		1,290,396
JFrog, Ltd.†		121,912		2,273,659
Outset Medical, Inc.†#		154,204		3,361,647
ServiceTitan, Inc.†(1)(2)		191		18,798
Smartsheet, Inc., Class A†		114,189		4,070,838
Sprout Social, Inc., Class A†		30,399		1,548,221
				30,976,899
Audio/Video Products — 0.9%
Sonos, Inc.†		212,830		4,709,928
Auto/Truck Parts & Equipment - Original — 0.7%
Fox Factory Holding Corp.†		42,765		3,507,585
Banks - Commercial — 2.6%
First Financial Bankshares, Inc.		170,538		7,032,987
Grasshopper Bancorp, Inc.†(1)(2)		5,208		20,832
Pinnacle Financial Partners, Inc.		70,615		5,749,473
				12,803,292
Banks - Regional — 0.0%
Dogwood State Bank (Non-Voting Shares)†(1)(2)		3,056		55,008
Dogwood State Bank (Voting Shares)†(1)(2)		1,501		27,018
				82,026
Building & Construction Products - Misc. — 1.9%
AZEK Co., Inc.†		127,895		2,694,748
Simpson Manufacturing Co., Inc.		61,459		6,659,082
				9,353,830
Building - Mobile Home/Manufactured Housing — 0.6%
Winnebago Industries, Inc.		60,192		2,976,494
Casino Hotels — 0.8%
Boyd Gaming Corp.		68,598		4,031,504
Cellular Telecom — 0.0%
NII Holdings, Inc.†(1)		3,000		0
Chemicals - Specialty — 0.0%
Zymergen, Inc.†		103,465		146,920
Commercial Services — 0.4%
LiveRamp Holdings, Inc.†		80,926		2,071,706
Commercial Services - Finance — 0.9%
Remitly Global, Inc.†		158,341		1,733,834
Repay Holdings Corp.†		211,711		2,635,802
				4,369,636
Computer Data Security — 1.6%
CyberArk Software, Ltd.†		56,579		7,858,823
Computer Services — 2.6%
ExlService Holdings, Inc.†		37,319		5,306,389
Globant SA†		24,853		4,709,892
KBR, Inc.		61,742		3,072,282
				13,088,563

Security Description	Shares		Value (Note 2)
Computer Software — 1.2%
Checkr, Inc.†(1)(2)		5,868	$	79,160
Envestnet, Inc.†		88,581		5,901,266
				5,980,426
Consumer Products - Misc. — 1.4%
Helen of Troy, Ltd.†		37,731		6,987,404
Diagnostic Kits — 0.6%
Natera, Inc.†		76,031		2,789,577
Disposable Medical Products — 1.2%
CONMED Corp.		51,926		6,038,475
Distribution/Wholesale — 0.6%
SiteOne Landscape Supply, Inc.†		22,059		2,961,862
Diversified Manufacturing Operations — 2.1%
Carlisle Cos., Inc.		19,927		5,070,027
ITT, Inc.		72,054		5,319,026
				10,389,053
Drug Delivery Systems — 1.0%
Heron Therapeutics, Inc.†#		472,122		1,558,002
Revance Therapeutics, Inc.†		264,841		3,623,025
				5,181,027
Drug Detection Systems — 0.1%
Rapid Micro Biosystems, Inc., Class A†#		111,691		559,572
E-Commerce/Products — 0.2%
Figs, Inc., Class A†		139,391		1,240,580
E-Commerce/Services — 1.4%
Bumble, Inc., Class A†		129,316		3,685,506
Eventbrite, Inc., Class A†		239,745		2,812,209
MediaAlpha, Inc., Class A†		31,425		317,393
Rover Group, Inc.† Earnout Shares $16.00(1)		8,145		310
				6,815,418
Electric Products - Misc. — 1.1%
Littelfuse, Inc.		21,202		5,728,780
Electronic Components - Semiconductors — 1.6%
Semtech Corp.†		71,118		4,557,953
Wolfspeed, Inc.†		44,266		3,330,131
				7,888,084
Energy - Alternate Sources — 0.5%
Shoals Technologies Group, Inc., Class A†		151,873		2,369,219
Enterprise Software/Service — 5.4%
Blackline, Inc.†		71,781		5,255,805
Everbridge, Inc.†		64,957		2,683,374
Evolent Health, Inc., Class A†		228,716		6,433,781
ManTech International Corp., Class A		38,310		3,664,351
New Relic, Inc.†		36,578		1,714,045
Paycor HCM, Inc.†		211,021		5,174,235
Plex Systems Holdings, Inc. (Escrow Payment)† Escrow(1)		1,134		1,100
Plex Systems Holdings, Inc. (Hold Back Payment)† Holdback Shares(1)		7,941		7,147
Vertex, Inc., Class A†		186,092		2,058,177
				26,992,015
Finance - Investment Banker/Broker — 0.5%
Evercore, Inc., Class A		23,918		2,731,436
Finance - Leasing Companies — 0.5%
Air Lease Corp.		69,472		2,612,842

193

VALIC Company I Small Cap Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Food - Retail — 1.2%
Grocery Outlet Holding Corp.†		157,301	$	6,016,763
Food - Wholesale/Distribution — 2.0%
Performance Food Group Co.†		230,026		9,969,327
Investment Management/Advisor Services — 1.1%
Focus Financial Partners, Inc., Class A†		143,794		5,421,034
Lasers - System/Components — 1.7%
II-VI, Inc.†#		132,877		8,304,812
Machinery - Electrical — 0.7%
Bloom Energy Corp., Class A†#		210,339		3,685,139
Machinery - General Industrial — 2.4%
Applied Industrial Technologies, Inc.		86,459		8,940,725
Chart Industries, Inc.†		17,285		3,040,086
				11,980,811
Machinery - Pumps — 1.1%
Cactus, Inc., Class A		101,363		5,313,448
Medical Instruments — 1.4%
NuVasive, Inc.†		123,041		7,063,784
Medical Labs & Testing Services — 0.2%
Personalis, Inc.†#		189,679		751,129
Medical Products — 3.9%
iRhythm Technologies, Inc.†		60,669		8,545,229
Nevro Corp.†		51,540		2,246,113
Shockwave Medical, Inc.†		52,338		8,594,423
				19,385,765
Medical - Biomedical/Gene — 11.1%
ACADIA Pharmaceuticals, Inc.†		145,058		2,342,687
ADC Therapeutics SA†		147,519		1,009,030
Allogene Therapeutics, Inc.†		98,008		777,203
Amicus Therapeutics, Inc.†		533,907		4,068,371
Apellis Pharmaceuticals, Inc.†		69,433		2,877,998
Arrowhead Pharmaceuticals, Inc.†		115,205		3,843,239
Atara Biotherapeutics, Inc.†		294,318		1,530,454
Biohaven Pharmaceutical Holding Co., Ltd.†		55,425		7,966,235
Blueprint Medicines Corp.†		79,934		4,396,370
Cogent Biosciences, Inc. CVR†(1)		30,000		0
Fate Therapeutics, Inc.†		57,750		1,334,025
Flame Biosciences, Inc.†(1)(2)		3,800		17,442
Halozyme Therapeutics, Inc.†		230,988		10,620,828
Kronos Bio, Inc.†#		175,639		653,377
REGENXBIO, Inc.†		140,128		2,948,293
Relay Therapeutics, Inc.†		143,776		2,340,673
REVOLUTION Medicines, Inc.†		78,466		1,332,353
Sage Therapeutics, Inc.†		58,286		1,822,603
Sana Biotechnology, Inc.†#		81,754		419,398
Seer, Inc.†#		52,661		467,630
Twist Bioscience Corp.†		111,965		3,811,289
Verve Therapeutics, Inc.†		61,341		929,929
				55,509,427
Medical - Drugs — 1.0%
Alector, Inc.†		128,437		1,137,952
Clementia Pharmaceuticals, Inc. CVR†(1)		70,624		0
Coherus Biosciences, Inc.†		292,255		2,145,151
PMV Pharmaceuticals Inc†#		134,392		1,580,450
				4,863,553
Medical - Generic Drugs — 0.7%
Arvinas, Inc.†		78,455		3,270,789

Security Description	Shares		Value (Note 2)
Medical - Hospitals — 1.8%
Acadia Healthcare Co., Inc.†		81,354	$	5,789,964
Cano Health, Inc.†		594,050		3,059,358
				8,849,322
Medical - Outpatient/Home Medical — 0.6%
Amedisys, Inc.†		24,518		2,841,881
Metal Processors & Fabrication — 0.5%
Xometry, Inc., Class A†		76,704		2,608,703
Miscellaneous Manufacturing — 1.1%
John Bean Technologies Corp.		40,297		4,906,160
Sight Sciences, Inc.†#		82,274		706,733
				5,612,893
Non-Hazardous Waste Disposal — 1.2%
Casella Waste Systems, Inc., Class A†		83,899		6,005,490
Oil Companies - Exploration & Production — 1.9%
Matador Resources Co.		152,229		9,270,746
Venture Global LNG, Inc., Series B†(1)(2)		4		23,801
Venture Global LNG, Inc., Series C†(1)(2)		59		351,060
				9,645,607
Physicians Practice Management — 0.2%
Accolade, Inc.†#		147,291		945,608
Real Estate Investment Trusts — 2.0%
CubeSmart		89,340		3,978,310
Terreno Realty Corp.		99,233		6,024,436
				10,002,746
Recreational Centers — 2.3%
Life Time Group Holdings, Inc.†		294,068		4,308,096
Planet Fitness, Inc., Class A†		104,255		7,336,425
				11,644,521
Resorts/Theme Parks — 2.0%
Marriott Vacations Worldwide Corp.		41,668		6,155,197
Six Flags Entertainment Corp.†		138,577		4,067,235
				10,222,432
Retail - Automobile — 2.1%
Lithia Motors, Inc.		13,916		4,237,005
Rush Enterprises, Inc., Class A		119,778		6,106,282
				10,343,287
Retail - Consumer Electronics — 0.0%
Zagg, Inc. CVR†(1)		20,000		6,000
Retail - Floor Coverings — 0.5%
Floor & Decor Holdings, Inc., Class A†		35,548		2,681,741
Retail - Pet Food & Supplies — 1.6%
Freshpet, Inc.†		55,859		4,020,172
Petco Health & Wellness Co., Inc.†#		254,410		4,060,384
				8,080,556
Retail - Restaurants — 1.6%
Papa John’s International, Inc.		26,870		2,364,829
Texas Roadhouse, Inc.		72,486		5,651,733
				8,016,562
Retail - Vision Service Center — 1.2%
National Vision Holdings, Inc.†		208,243		5,859,958

194

VALIC Company I Small Cap Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Schools — 0.5%
Bright Horizons Family Solutions, Inc.†		29,211	$	2,645,056
Semiconductor Equipment — 1.3%
MKS Instruments, Inc.		53,528		6,610,708
Software Tools — 0.3%
Digital Turbine, Inc.†		56,671		1,441,144
Steel Pipe & Tube — 2.2%
Advanced Drainage Systems, Inc.		54,632		5,982,750
Valmont Industries, Inc.		20,358		5,226,917
				11,209,667
Telecommunication Equipment — 0.8%
Ciena Corp.†		77,190		3,922,796
Therapeutics — 0.1%
G1 Therapeutics, Inc.†#		146,967		714,260
Tools - Hand Held — 1.2%
MSA Safety, Inc.		48,150		6,138,644
Transport - Truck — 1.1%
Saia, Inc.†		26,949		5,324,853
Water Treatment Systems — 0.8%
Evoqua Water Technologies Corp.†		106,681		3,796,777
Web Hosting/Design — 0.5%
Q2 Holdings, Inc.†		47,706		2,515,537
Total Common Stocks
(cost $647,445,301)				489,758,155
CONVERTIBLE PREFERRED SECURITIES — 0.6%
Applications Software — 0.1%
Convoy, Inc. Series C†(1)(2)		12,094		199,525
Convoy, Inc. Series D†(1)(2)		7,659		126,357
Haul Hub, Inc. Series B†(1)(2)		2,168		40,910
ServiceTitan, Inc. Series A1†(1)(2)		4		394
ServiceTitan, Inc. Series D†(1)(2)		1,942		191,132
				558,318
Auto Components — 0.0%
Sila Nanotechnologies, Inc. Series F†(1)(2)		2,608		81,291
Computer Software — 0.1%
Checkr, Inc. Series C†(1)(2)		8,994		121,329
Checkr, Inc. Series D†(1)(2)		12,252		165,280
				286,609
E-Commerce/Services — 0.1%
Farmer’s Business Network, Inc. Series C†(1)(2)		8,287		515,102
Enterprise Software/Service — 0.1%
Seismic Software, Inc. Series E†(1)(2)		11,680		145,650
Seismic Software, Inc. Series F†(1)(2)		875		10,911
				156,561

Security Description	Shares/ Principal Amount			Value (Note 2)
Industrial Automated/Robotic — 0.0%
Nuro, Inc. Series C†(1)(2)		6,234		$	129,952
Medical Products — 0.0%
Kardium, Inc. Series D†(1)(2)		58,843			59,775
Medical - Biomedical/Gene — 0.1%
Caris Life Sciences, Inc. Series C†(1)(2)		17,921			117,920
National Resilience, Inc. Series B†(1)(2)		5,496			333,772
					451,692
Retail - Restaurants — 0.1%
Cava Group, Inc. Series E†(1)(2)		6,606			386,187
Retirement/Aged Care — 0.0%
Honor Tech, Inc. Series D†(1)(2)		43,123			136,329
Storage/Warehousing — 0.0%
Flexe, Inc. Series C†(1)(2)		4,643			94,692
Total Convertible Preferred Securities
(cost $1,354,506)					2,856,508
WARRANTS — 0.0%
Banks - Commercial — 0.0%
Grasshopper Bancorp, Inc.†(1)(2) Expires 05/24/2024		1,009			726
Banks - Regional — 0.0%
Dogwood State Bank†(1)(2) Expires 10/12/2028		456			3,680
Total Warrants
(cost $0)					4,406
Total Long-Term Investment Securities
(cost $648,799,807)					492,619,069
SHORT-TERM INVESTMENT SECURITIES — 0.8%
Registered Investment Companies — 0.8%
State Street Navigator Securities Lending Government Money Market Portfolio 0.32%(3)(4) (cost $4,253,221)	$	4,253,221			4,253,221
TOTAL INVESTMENTS
(cost $653,053,028)(5)		99.4	%		496,872,290
Other assets less liabilities		0.6			3,005,414
NET ASSETS		100.0	%	$	499,877,704

† 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).

195

VALIC Company I Small Cap Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

(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, 2022, the Fund held the following restricted securities:

Description	Acquisition Date		Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
Common Stocks
Checkr, Inc.		05/21/2021		5,868	$	44,688	$	79,160	$	13.49		0.02	%
Dogwood State Bank (Non-voting Shares)		05/06/2019		3,056		30,560		55,008		18.00		0.01
Dogwood State Bank (Voting Shares)		05/06/2019		1,501		15,010		27,018		18.00		0.01
Flame Biosciences, Inc.		09/28/2020		3,800		24,890		17,442		4.59		0.00
Grasshopper Bancorp, Inc.		10/12/2018		1,009		10,090
		05/02/2019		4,199		41,990
				5,208		52,080		20,832		4.00		0.00
ServiceTitan, Inc.		11/09/2018		191		5,022		18,798		98.42		0.00
Venture Global LNG, Inc., Series B		03/08/2018		4		12,080		23,801		5,950.25		0.00
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		351,060		5,950.17		0.07
Convertible Preferred Securities
Caris Life Sciences, Inc., Series C		08/14/2020		17,921		49,462		117,920		6.58		0.02
Cava Group, Inc., Series E		06/23/2020		6,606		149,692		386,187		58.46		0.08
Checkr, Inc., Series C		05/21/2021		8,994		40,926		121,329		13.49		0.02
Checkr, Inc., Series D		05/21/2021		12,252		123,526		165,280		13.49		0.03
Convoy, Inc., Series C		09/14/2018		12,094		85,875		199,525		16.50		0.04
Convoy, Inc., Series D		10/30/2019		7,659		103,703		126,357		16.50		0.03
Farmer’s Business Network, Inc., Series C		11/03/2017		8,287		153,012		515,102		62.16		0.10
Flexe, Inc., Series C		11/18/2020		4,643		56,492		94,692		20.39		0.02
Haul Hub, Inc., Series B		02/14/2020		2,168		31,609		40,910		18.87		0.01
Honor Tech, Inc., Series D		10/16/2020		43,123		103,844		136,329		3.16		0.03
Kardium, Inc., Series D		01/08/2021		58,843		59,775		59,775		1.02		0.01
National Resilience, Inc., Series B		10/23/2020		5,496		75,075		333,772		60.73		0.07
Nuro, Inc., Series C		10/30/2020		6,234		81,382		129,952		20.85		0.03
Seismic Software Holdings, Inc., Series E		12/13/2018		11,680		73,632		145,650		12.47		0.03
Seismic Software Holdings, Inc., Series F		09/25/2020		875		7,692		10,911		12.47		0.00
ServiceTitan, Inc., Series A1		11/09/2018		4		105		394		98.50		0.00
ServiceTitan, Inc., Series D		11/09/2018		1,942		51,065		191,132		98.42		0.04
Sila Nanotechnologies, Inc., Series F		01/07/2021		2,608		107,639		81,291		31.17		0.02

Description	Acquisition Date		Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
Warrants
Dogwood State Bank
Expires 10/12/2028		05/06/2019		456	$	0	$	3,680	$	8.07		0.00	%
Grasshopper Bancorp, Inc.
Expires 05/24/2024		10/12/2018		1,009		0		726		0.72		0.00
							$	3,454,033				0.69	%

(3) At May 31, 2022, the Fund had loaned securities with a total value of $20,404,422. This was secured by collateral of $4,253,221, which was received in cash and subsequently invested in short-term investments currently valued at $4,253,221 as reported in the Portfolio of Investments. Additional collateral of $17,648,796 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, 2022
Government National Mtg. Assoc.	1.00% to 1.75%	12/20/2050 to 11/20/2051		68,030
United States Treasury Bills	0.00%	06/16/2022 to 10/27/2022		1,303,970
United States Treasury Notes/Bonds	0.13% to 6.88%	06/30/2022 to 11/15/2051		16,276,796

(4) The rate shown is the 7-day yield as of May 31, 2022.

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

CVR—Contingent Value Rights

196

VALIC Company I Small Cap Growth Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2022 (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	$	30,958,101	$	—	$	18,798	$	30,976,899
Banks - Commercial		12,782,460		—		20,832		12,803,292
Banks - Regional		—		—		82,026		82,026
Cellular Telecom		—		—		0		0
Computer Software		5,901,266		—		79,160		5,980,426
E-Commerce/Services		6,815,108		—		310		6,815,418
Enterprise Software/Services		26,983,768		—		8,247		26,992,015
Medical - Biomedical/Gene		55,491,985		—		17,442		55,509,427
Medical - Drugs		4,863,553		—		0		4,863,553
Oil Companies - Exploration & Production		9,270,746		—		374,861		9,645,607
Retail - Consumer Electronics		—		—		6,000		6,000
Other Industries		336,083,492		—		—		336,083,492
Convertible Preferred Securities		—		—		2,856,508		2,856,508
Warrants		—		—		4,406		4,406
Short-Term Investment Securities		4,253,221		—		—		4,253,221
Total Investments at Value	$	493,403,700	$	—	$	3,468,590	$	496,872,290

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

Level 3 investments in securities were not considered a significant portion of the Fund’s net assets.

See Notes to Financial Statements

197

VALIC Company I Small Cap Index Fund

PORTFOLIO PROFILE — May 31, 2022 (unaudited)

Industry Allocation*

Banks — Commercial	8.7	%
Real Estate Investment Trusts	8.1
Medical — Biomedical/Gene	5.3
Oil Companies — Exploration & Production	4.8
Registered Investment Companies	2.4
Medical Products	2.1
Enterprise Software/Service	2.1
Repurchase Agreements	1.9
Electronic Components — Semiconductors	1.8
Medical — Drugs	1.5
Chemicals — Specialty	1.3
Insurance — Property/Casualty	1.2
Electric — Integrated	1.2
Rental Auto/Equipment	1.2
Retail — Restaurants	1.1
Gas — Distribution	1.1
Machinery — General Industrial	1.1
Auto/Truck Parts & Equipment — Original	1.0
Human Resources	1.0
Electronic Components — Misc.	1.0
Computer Services	1.0
Distribution/Wholesale	0.9
Building — Residential/Commercial	0.9
Savings & Loans/Thrifts	0.9
Semiconductor Equipment	0.9
Oil — Field Services	0.9
Computer Software	0.9
Applications Software	0.8
Investment Management/Advisor Services	0.8
Commercial Services — Finance	0.8
Computer Data Security	0.7
Finance — Investment Banker/Broker	0.7
Metal Processors & Fabrication	0.6
Commercial Services	0.6
Energy — Alternate Sources	0.6
Food — Misc./Diversified	0.6
Retail — Apparel/Shoe	0.5
Finance — Consumer Loans	0.5
Building & Construction — Misc.	0.5
Food — Wholesale/Distribution	0.5
Chemicals — Diversified	0.5
Transport — Truck	0.5
Aerospace/Defense — Equipment	0.5
Schools	0.5
Medical — Hospitals	0.5
Retail — Automobile	0.5
Machinery — Pumps	0.4
Building — Heavy Construction	0.4
U.S. Government Treasuries	0.4
Medical Labs & Testing Services	0.4
Building & Construction Products — Misc.	0.4
Real Estate Management/Services	0.4
Transport — Marine	0.4
Transport — Services	0.4
Oil & Gas Drilling	0.4
Water	0.4
Medical Information Systems	0.4
Beverages — Non — alcoholic	0.4
Diversified Manufacturing Operations	0.4
Consumer Products — Misc.	0.4
Building — Mobile Home/Manufactured Housing	0.4
Engineering/R&D Services	0.4
Theaters	0.4
Building Products — Doors & Windows	0.4
Consulting Services	0.4
E — Commerce/Services	0.4
Retail — Discount	0.4
Insurance — Life/Health	0.4
Retail — Regional Department Stores	0.4

Retail — Petroleum Products	0.4
Coal	0.3
Medical — Outpatient/Home Medical	0.3
Diversified Minerals	0.3
Environmental Consulting & Engineering	0.3
Footwear & Related Apparel	0.3
Retail — Building Products	0.3
Airlines	0.3
Real Estate Operations & Development	0.3
Semiconductor Components — Integrated Circuits	0.3
Building Products — Wood	0.3
Electronic Measurement Instruments	0.3
Telecommunication Equipment	0.3
Satellite Telecom	0.3
Steel — Producers	0.3
Metal — Aluminum	0.3
Casino Services	0.3
Medical Instruments	0.3
Gambling (Non — Hotel)	0.3
Miscellaneous Manufacturing	0.3
Disposable Medical Products	0.3
Machinery — Electrical	0.3
Oil Refining & Marketing	0.3
Insurance — Reinsurance	0.3
Networking Products	0.3
Lasers — System/Components	0.3
Telecom Services	0.3
Computers — Integrated Systems	0.3
Oil Companies — Integrated	0.3
Cosmetics & Toiletries	0.3
Financial Guarantee Insurance	0.2
Pipelines	0.2
Medical — Wholesale Drug Distribution	0.2
Apparel Manufacturers	0.2
Food — Retail	0.2
Wire & Cable Products	0.2
Medical — Nursing Homes	0.2
Finance — Mortgage Loan/Banker	0.2
Internet Content — Information/News	0.2
Publishing — Newspapers	0.2
Wireless Equipment	0.2
Transport — Equipment & Leasing	0.2
Diagnostic Equipment	0.2
Water Treatment Systems	0.2
Building Products — Air & Heating	0.2
Electric Products — Misc.	0.2
Home Furnishings	0.2
Hotels/Motels	0.2
Pharmacy Services	0.2
Batteries/Battery Systems	0.2
E — Commerce/Products	0.2
Data Processing/Management	0.2
Retail — Sporting Goods	0.2
Medical Imaging Systems	0.2
Gas — Transportation	0.2
Containers — Metal/Glass	0.2
Aerospace/Defense	0.2
Machinery — Construction & Mining	0.2
Food — Baking	0.2
Independent Power Producers	0.2
Poultry	0.2
Golf	0.2
Tobacco	0.2
Retail — Misc./Diversified	0.2
Television	0.2
Vitamins & Nutrition Products	0.2
Banks — Super Regional	0.2
Office Furnishings — Original	0.2
Building — Maintenance & Services	0.2

198

VALIC Company I Small Cap Index Fund

PORTFOLIO PROFILE — May 31, 2022 (unaudited) — (continued)

Industry Allocation* (continued)

Electric — Generation	0.2	%
Protection/Safety	0.2
Transport — Air Freight	0.2
Retail — Jewelry	0.2
Audio/Video Products	0.2
Rubber — Tires	0.1
Non — Hazardous Waste Disposal	0.1
Precious Metals	0.1
Steel — Specialty	0.1
Therapeutics	0.1
Auto — Heavy Duty Trucks	0.1
Containers — Paper/Plastic	0.1
Recreational Vehicles	0.1
Medical — Generic Drugs	0.1
E — Services/Consulting	0.1
Optical Supplies	0.1
Banks — Mortgage	0.1
Agricultural Operations	0.1
Insurance Brokers	0.1
Cable/Satellite TV	0.1
Auto/Truck Parts & Equipment — Replacement	0.1
Retail — Pawn Shops	0.1
Professional Sports	0.1
Diagnostic Kits	0.1
Security Services	0.1
Finance — Commercial	0.1
Telephone — Integrated	0.1
Web Hosting/Design	0.1
Machinery — Farming	0.1
Athletic Equipment	0.1
Computers — Other	0.1
Machine Tools & Related Products	0.1
Resorts/Theme Parks	0.1
Dental Supplies & Equipment	0.1
Motion Pictures & Services	0.1
Firearms & Ammunition	0.1
Internet Connectivity Services	0.1
Computer Aided Design	0.1
Advanced Materials	0.1
Auto — Cars/Light Trucks	0.1
Linen Supply & Related Items	0.1
Oil Field Machinery & Equipment	0.1
Metal Products — Distribution	0.1
Retail — Vision Service Center	0.1
Multilevel Direct Selling	0.1
Software Tools	0.1
Identification Systems	0.1
Machinery — Thermal Process	0.1
Printing — Commercial	0.1
Non — Ferrous Metals	0.1
Insurance — Multi — line	0.1
E-Marketing/Info	0.1
Finance — Other Services	0.1
Beverages — Wine/Spirits	0.1
Drug Delivery Systems	0.1
Communications Software	0.1
Medical — HMO	0.1
Retail — Home Furnishings	0.1
Retail-Office Supplies	0.1
Appliances	0.1
Steel Pipe & Tube	0.1
Investment Companies	0.1
Filtration/Separation Products	0.1
Food-Catering	0.1
Paper & Related Products	0.1
Auto Repair Centers	0.1
Private Corrections	0.1
Quarrying	0.1
Radio	0.1

B2B/E — Commerce	0.1
Recreational Centers	0.1
Circuit Boards	0.1
Physical Therapy/Rehabilitation Centers	0.1
Gold Mining	0.1
Internet Financial Services	0.1
Industrial Audio & Video Products	0.1
Food — Confectionery	0.1
Tools — Hand Held	0.1
X-Ray Equipment	0.1
Health Care Cost Containment	0.1
Patient Monitoring Equipment	0.1
Advertising Services	0.1
	102.3	%

* Calculated as a percentage of net assets

199

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 97.6%
Advanced Materials — 0.1%
Haynes International, Inc.		4,548	$	173,961
Materion Corp.		7,553		619,195
Meta Materials, Inc.†#		75,084		144,161
				937,317
Advertising Sales — 0.0%
Boston Omaha Corp., Class A†		7,555		165,077
Clear Channel Outdoor Holdings, Inc.†		134,625		212,707
				377,784
Advertising Services — 0.1%
Advantage Solutions, Inc.†		28,318		121,767
Entravision Communications Corp., Class A		22,305		116,655
Fluent, Inc.†#		16,068		20,728
National CineMedia, Inc.#		22,279		27,403
Stagwell, Inc.†		22,859		180,815
				467,368
Aerospace/Defense — 0.2%
AeroVironment, Inc.†		8,333		766,303
AerSale Corp.†		5,875		81,427
Kratos Defense & Security Solutions, Inc.†		45,476		655,764
National Presto Industries, Inc.		1,896		128,151
				1,631,645
Aerospace/Defense - Equipment — 0.5%
AAR Corp.†		12,607		607,910
Aerojet Rocketdyne Holdings, Inc.†		27,756		1,130,779
Astronics Corp.†		9,246		97,083
Barnes Group, Inc.		17,551		632,362
Ducommun, Inc.†		4,033		184,106
Kaman Corp.		10,242		370,863
Moog, Inc., Class A		10,729		873,233
Park Aerospace Corp.		7,242		88,208
Triumph Group, Inc.†		23,616		361,325
				4,345,869
Agricultural Chemicals — 0.0%
Intrepid Potash, Inc.†		3,691		243,126
Marrone Bio Innovations, Inc.†		37,530		43,910
				287,036
Agricultural Operations — 0.1%
Andersons, Inc.		11,661		438,570
AppHarvest, Inc.†#		25,860		81,718
Cadiz, Inc.†#		8,395		16,958
Fresh Del Monte Produce, Inc.		12,439		317,692
Limoneira Co.		5,815		69,373
Tejon Ranch Co.†		7,725		131,248
Vital Farms, Inc.†		9,106		90,149
				1,145,708
Airlines — 0.3%
Allegiant Travel Co.†		5,687		849,922
Frontier Group Holdings, Inc.†		12,906		138,740
Hawaiian Holdings, Inc.†		18,743		332,688
Mesa Air Group, Inc.†		12,858		39,474
SkyWest, Inc.†		18,463		497,763
Spirit Airlines, Inc.†		36,451		763,648
Sun Country Airlines Holdings, Inc.†#		11,940		282,381
				2,904,616
Apparel Manufacturers — 0.2%
Fossil Group, Inc.†		17,691		129,852
Kontoor Brands, Inc.		19,228		770,466
Oxford Industries, Inc.		5,957		543,040

Security Description	Shares		Value (Note 2)
Apparel Manufacturers (continued)
PLBY Group, Inc.†#		10,936	$	96,893
Superior Group of Cos., Inc.		4,352		78,336
Torrid Holdings, Inc.†#		6,828		39,807
Urban Outfitters, Inc.†		25,432		535,344
				2,193,738
Appliances — 0.1%
Aterian, Inc.†#		9,621		31,076
Hamilton Beach Brands Holding Co., Class A		2,752		28,401
iRobot Corp.†		9,949		473,473
Traeger, Inc.†		11,698		55,565
Weber, Inc., Class A#		7,847		60,657
				649,172
Applications Software — 0.8%
Agilysys, Inc.†		7,879		322,015
Alkami Technology, Inc.†		10,539		148,073
Appfolio, Inc., Class A†		7,066		707,872
Asana, Inc., Class A†#		27,113		589,437
AvidXchange Holdings, Inc.†		9,382		82,374
BigCommerce Holdings, Inc., Series 1†		17,934		332,317
Cerence, Inc.†		14,568		462,680
Digi International, Inc.†		12,872		284,471
DigitalOcean Holdings, Inc.†		18,811		918,917
Ebix, Inc.		9,837		286,749
Enfusion, Inc., Class A†		8,066		88,323
EngageSmart, Inc.†		5,946		124,866
EverCommerce, Inc.†		11,122		105,770
Forian, Inc.†#		6,983		21,508
GreenBox POS†#		6,775		17,818
GTY Technology Holdings, Inc.†		11,930		70,626
IBEX Holdings, Ltd.†		2,100		37,590
JFrog, Ltd.†		19,920		371,508
Kaltura, Inc.†		20,380		36,888
MeridianLink, Inc.†		8,404		149,843
Model N, Inc.†		13,399		337,119
ON24, Inc.†		10,239		124,301
Outbrain, Inc.†		9,002		55,272
Outset Medical, Inc.†		17,369		378,644
PDF Solutions, Inc.†		11,123		265,840
Phreesia, Inc.†		18,416		334,066
Porch Group, Inc.†#		28,279		116,510
Smith Micro Software, Inc.†		17,418		45,809
Society Pass, Inc.†		1,404		2,878
Sprout Social, Inc., Class A†		16,766		853,892
UserTesting, Inc.†		3,376		17,251
Viant Technology, Inc., Class A†		4,292		25,752
				7,716,979
Athletic Equipment — 0.1%
Clarus Corp.		9,807		214,871
Nautilus, Inc.†		11,284		23,696
Vista Outdoor, Inc.†		20,899		805,448
				1,044,015
Audio/Video Products — 0.2%
Daktronics, Inc.†		13,765		45,975
Snap One Holdings Corp.†		6,599		81,498
Sonos, Inc.†		47,543		1,052,127
Universal Electronics, Inc.†		4,703		126,040
VOXX International Corp.†		5,769		48,344
				1,353,984
Auto Repair Centers — 0.1%
Monro, Inc.		12,301		583,313

200

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Auto - Cars/Light Trucks — 0.1%
Arcimoto, Inc.†#		10,610	$	42,440
Canoo, Inc.†#		39,436		132,111
Fisker, Inc.†#		60,536		628,364
Lordstown Motors Corp., Class A†#		57,534		119,095
				922,010
Auto - Heavy Duty Trucks — 0.1%
Blue Bird Corp.†		6,431		78,522
Hyliion Holdings Corp.†		43,456		157,745
Nikola Corp.†#		84,698		597,968
REV Group, Inc.		13,033		159,915
Workhorse Group, Inc.†#		57,162		176,631
XL Fleet Corp.†		44,403		53,728
				1,224,509
Auto - Truck Trailers — 0.0%
Wabash National Corp.		18,124		278,203
Auto/Truck Parts & Equipment - Original — 1.0%
Adient PLC†		35,115		1,242,720
Aeva Technologies, Inc.†		39,172		127,309
American Axle & Manufacturing Holdings, Inc.†		41,811		339,087
Cooper-Standard Holdings, Inc.†		6,237		35,052
Dana, Inc.		53,891		892,435
Dorman Products, Inc.†		9,784		988,673
Fox Factory Holding Corp.†		15,659		1,284,351
Gentherm, Inc.†		12,329		849,961
Meritor, Inc.†		25,155		909,857
Methode Electronics, Inc.		13,718		617,996
Miller Industries, Inc.		4,112		101,484
Romeo Power, Inc.†#		36,261		28,490
Shyft Group, Inc.		12,831		284,720
Tenneco, Inc., Class A†		25,219		436,541
Titan International, Inc.†		18,935		344,806
Velodyne Lidar, Inc.†		28,372		47,949
Visteon Corp.†		10,293		1,154,978
				9,686,409
Auto/Truck Parts & Equipment - Replacement — 0.1%
Commercial Vehicle Group, Inc.†		11,881		80,197
Douglas Dynamics, Inc.		8,373		263,080
Motorcar Parts of America, Inc.†		6,958		103,187
Standard Motor Products, Inc.		7,751		309,652
XPEL, Inc.†		6,656		343,583
				1,099,699
B2B/E - Commerce — 0.1%
ePlus, Inc.†		9,865		559,740
Banks - Commercial — 8.7%
1st Source Corp.		6,204		291,712
Alerus Financial Corp.		5,588		141,935
Allegiance Bancshares, Inc.		7,060		284,165
Amalgamated Financial Corp.		5,051		109,758
American National Bankshares, Inc.		3,873		137,918
Ameris Bancorp		24,653		1,123,930
Arrow Financial Corp.		5,122		169,692
Associated Banc-Corp		55,124		1,141,067
Atlantic Union Bankshares Corp.		27,976		986,434
BancFirst Corp.		6,367		577,678
Bancorp, Inc.†		19,397		404,039
Bank First Corp.		2,444		177,605
Bank of Marin Bancorp		5,723		188,287
Bank of N.T. Butterfield & Son, Ltd.		18,600		587,388
BankUnited, Inc.		31,722		1,321,539
Banner Corp.		12,654		735,324

Security Description	Shares		Value (Note 2)
Banks - Commercial (continued)
Bar Harbor Bankshares		5,475	$	149,194
Blue Foundry Bancorp†		10,389		124,356
Blue Ridge Bankshares, Inc.		6,430		97,800
Bridgewater Bancshares, Inc.†		7,805		126,675
Business First Bancshares, Inc.		7,093		156,968
Byline Bancorp, Inc.		9,241		230,840
Cadence Bank		67,027		1,791,632
Cambridge Bancorp		2,530		211,255
Camden National Corp.		5,390		238,561
Capital Bancorp, Inc.		2,956		69,289
Capital City Bank Group, Inc.		4,990		136,227
Capstar Financial Holdings, Inc.		7,589		158,079
Carter Bankshares, Inc.†		9,601		141,999
Cathay General Bancorp		26,960		1,108,326
CBTX, Inc.		6,822		193,881
Central Pacific Financial Corp.		10,129		244,514
Citizens & Northern Corp.		5,665		137,886
City Holding Co.		5,534		454,286
Civista Bancshares, Inc.		5,436		116,059
CNB Financial Corp.		5,961		149,800
Coastal Financial Corp.†		3,766		148,606
Columbia Banking System, Inc.		29,033		875,345
Community Bank System, Inc.		19,850		1,310,100
Community Trust Bancorp, Inc.		5,766		242,460
ConnectOne Bancorp, Inc.		13,828		381,100
CrossFirst Bankshares, Inc.†		17,105		229,720
Customers Bancorp, Inc.†		11,312		467,186
CVB Financial Corp.		50,785		1,258,452
Dime Community Bancshares, Inc.		12,486		392,560
Eagle Bancorp, Inc.		11,728		581,240
Eastern Bankshares, Inc.		63,680		1,239,850
Enterprise Bancorp, Inc.		3,437		116,067
Enterprise Financial Services Corp.		12,853		595,222
Equity Bancshares, Inc., Class A		5,012		162,940
Farmers National Banc Corp.		11,459		177,958
FB Financial Corp.		12,349		518,905
Fidelity D&D Bancorp, Inc.#		1,488		58,627
Financial Institutions, Inc.		5,805		163,411
First Bancorp		12,732		477,068
First Bancorp, Inc.		3,838		116,176
First BanCorp/Puerto Rico		73,760		1,101,237
First Bancshares, Inc.		7,510		226,051
First Bank		5,777		82,611
First Busey Corp.		18,639		437,085
First Commonwealth Financial Corp.		34,914		489,145
First Community Bankshares, Inc.		6,175		177,840
First Financial Bancorp		34,371		721,104
First Financial Bankshares, Inc.		48,147		1,985,582
First Financial Corp.		4,172		187,657
First Foundation, Inc.		18,556		418,438
First Internet Bancorp		3,447		133,227
First Interstate BancSystem, Inc., Class A		32,484		1,236,666
First Merchants Corp.		21,240		874,238
First Mid Bancshares, Inc.		6,164		232,075
First of Long Island Corp.		8,291		157,695
Five Star Bancorp		4,620		120,259
Flagstar Bancorp, Inc.		19,324		744,554
Fulton Financial Corp.		58,933		934,088
German American Bancorp, Inc.		9,160		348,355
Glacier Bancorp, Inc.		40,859		1,977,984
Great Southern Bancorp, Inc.		3,757		222,978
Guaranty Bancshares, Inc.		2,959		107,885
Hancock Whitney Corp.		32,075		1,598,618
Hanmi Financial Corp.		11,311		263,999
HarborOne Bancorp, Inc.		17,460		249,503

201

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Banks - Commercial (continued)
HBT Financial, Inc.		3,770	$	65,560
Heartland Financial USA, Inc.		14,943		660,929
Heritage Commerce Corp.		21,666		248,509
Heritage Financial Corp.		12,853		335,463
Hilltop Holdings, Inc.		22,947		688,639
Home BancShares, Inc.		56,542		1,277,284
HomeStreet, Inc.		7,247		292,127
Hope Bancorp, Inc.		42,920		625,774
Horizon Bancorp, Inc.		15,878		285,328
Independent Bank Corp.		16,984		1,414,767
Independent Bank Corp.		7,564		149,843
International Bancshares Corp.		19,933		835,791
Kearny Financial Corp.		24,380		302,556
Lakeland Bancorp, Inc.		22,681		352,009
Lakeland Financial Corp.		9,046		652,759
Live Oak Bancshares, Inc.		11,824		474,852
Luther Burbank Corp.		5,728		78,130
Macatawa Bank Corp.		9,738		90,271
Mercantile Bank Corp.		5,747		189,938
Merchants Bancorp		5,475		139,558
Meta Financial Group, Inc.		10,898		453,030
Metrocity Bankshares, Inc.		7,038		142,942
Metropolitan Bank Holding Corp.†		3,731		288,145
Mid Penn Bancorp, Inc.		5,258		144,437
Midland States Bancorp, Inc.		7,865		211,411
MidWestOne Financial Group, Inc.		5,272		160,427
MVB Financial Corp.		3,778		141,033
NBT Bancorp, Inc.		15,641		578,404
Nicolet Bankshares, Inc.†		4,503		359,610
Northrim BanCorp, Inc.		2,178		90,518
OFG Bancorp		18,188		515,448
Old National Bancorp		109,135		1,735,246
Old Second Bancorp, Inc.		10,288		157,098
Origin Bancorp, Inc.		8,293		324,090
Orrstown Financial Services, Inc.		4,041		99,328
Park National Corp.		5,337		660,240
PCSB Financial Corp.		4,638		90,858
Peapack-Gladstone Financial Corp.		6,567		221,308
Peoples Bancorp, Inc.		9,401		268,681
Peoples Financial Services Corp.		2,600		137,358
Pioneer Bancorp, Inc.†		4,306		43,448
Preferred Bank		5,025		344,263
Premier Financial Corp.		13,376		363,426
Primis Financial Corp.		8,942		120,717
Provident Bancorp, Inc.		5,616		84,352
QCR Holdings, Inc.		6,142		340,390
RBB Bancorp		5,216		111,935
Red River Bancshares, Inc.		1,651		84,779
Renasant Corp.		20,277		627,370
Republic Bancorp, Inc., Class A		3,454		158,711
Republic First Bancorp, Inc.†		16,574		67,290
S&T Bancorp, Inc.		14,369		422,592
Sandy Spring Bancorp, Inc.		16,412		695,048
Seacoast Banking Corp. of Florida		20,328		696,031
ServisFirst Bancshares, Inc.		18,508		1,542,827
Sierra Bancorp		5,205		112,688
Silvergate Capital Corp., Class A†		10,376		814,516
Simmons First National Corp., Class A		46,047		1,183,868
SmartFinancial, Inc.		5,132		132,919
South Plains Financial, Inc.		3,888		96,111
South State Corp.		28,520		2,304,986
Southern First Bancshares, Inc.†		2,759		124,431
Southside Bancshares, Inc.		11,552		465,892
Stock Yards Bancorp, Inc.		8,929		526,811
Summit Financial Group, Inc.		4,165		114,038

Security Description	Shares		Value (Note 2)
Banks - Commercial (continued)
Texas Capital Bancshares, Inc.†		18,800	$	1,062,764
Third Coast Bancshares, Inc.†		1,507		37,434
Tompkins Financial Corp.		5,236		399,036
Towne Bank		24,898		733,993
TriCo Bancshares		10,218		463,284
TriState Capital Holdings, Inc.†		10,864		332,221
Triumph Bancorp, Inc.†		8,822		641,712
TrustCo Bank Corp.		7,004		225,599
Trustmark Corp.		22,750		661,797
UMB Financial Corp.		16,234		1,499,210
United Bankshares, Inc.		48,901		1,836,722
United Community Banks, Inc.		38,809		1,219,767
Univest Financial Corp.		10,721		284,106
Valley National Bancorp		148,499		1,887,422
Veritex Holdings, Inc.		17,633		607,633
Washington Trust Bancorp, Inc.		6,346		318,569
WesBanco, Inc.		22,413		763,387
West BanCorp, Inc.		5,959		151,657
Westamerica BanCorp		9,657		581,448
				80,184,864
Banks - Mortgage — 0.1%
Walker & Dunlop, Inc.		10,842		1,152,613
Banks - Super Regional — 0.2%
Independent Bank Group, Inc.		13,812		1,009,381
National Bank Holdings Corp., Class A		10,657		434,273
				1,443,654
Batteries/Battery Systems — 0.2%
Energizer Holdings, Inc.		24,743		742,043
EnerSys		15,363		1,040,382
				1,782,425
Beverages - Non-alcoholic — 0.4%
Celsius Holdings, Inc.†#		19,992		1,341,263
Coca-Cola Consolidated, Inc.		1,743		984,743
National Beverage Corp.		8,706		432,079
NewAge, Inc.†		49,861		17,950
Primo Water Corp.		58,303		834,899
Vita Coco Co., Inc.†		4,163		51,038
Zevia PBC, Class A†		3,802		9,315
				3,671,287
Beverages - Wine/Spirits — 0.1%
Duckhorn Portfolio, Inc.†		13,298		261,306
MGP Ingredients, Inc.#		5,254		508,902
				770,208
Broadcast Services/Program — 0.0%
CuriosityStream, Inc.†		9,645		14,564
Hemisphere Media Group, Inc.†		5,999		41,153
				55,717
Building & Construction Products - Misc. — 0.4%
American Woodmark Corp.†		6,136		319,563
Caesarstone, Ltd.		8,384		76,378
Gibraltar Industries, Inc.†		12,162		507,885
Simpson Manufacturing Co., Inc.		16,152		1,750,069
Summit Materials, Inc., Class A†		44,021		1,202,214
				3,856,109
Building & Construction - Misc. — 0.5%
Comfort Systems USA, Inc.		13,217		1,185,829
Concrete Pumping Holdings, Inc.†#		9,564		51,741
EMCOR Group, Inc.		19,760		2,087,249

202

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Building & Construction - Misc. (continued)
IES Holdings, Inc.†		3,209	$	99,126
INNOVATE Corp.†#		17,552		42,651
Latham Group, Inc.†		15,876		150,981
MYR Group, Inc.†		6,121		560,745
NV5 Global, Inc.†		4,890		602,350
				4,780,672
Building Products - Air & Heating — 0.2%
AAON, Inc.		15,546		832,955
Modine Manufacturing Co.†		18,542		219,166
SPX Corp.†		16,257		818,215
				1,870,336
Building Products - Doors & Windows — 0.4%
Apogee Enterprises, Inc.		9,046		376,314
Cornerstone Building Brands, Inc.†		20,296		498,267
Griffon Corp.		19,135		613,659
JELD-WEN Holding, Inc.†		33,918		638,676
Masonite International Corp.†		8,831		810,951
PGT Innovations, Inc.†		21,366		429,456
View, Inc.†#		36,367		46,186
				3,413,509
Building Products - Wood — 0.3%
Boise Cascade Co.		14,601		1,128,949
UFP Industries, Inc.		22,323		1,723,336
				2,852,285
Building - Heavy Construction — 0.4%
Arcosa, Inc.		17,962		949,651
Construction Partners, Inc., Class A†		14,761		339,356
Dycom Industries, Inc.†		10,916		1,016,389
Granite Construction, Inc.		16,961		553,777
Great Lakes Dredge & Dock Corp.†		24,007		352,903
Primoris Services Corp.		19,826		481,375
Sterling Construction Co., Inc.†		10,312		253,778
Tutor Perini Corp.†		15,295		155,091
				4,102,320
Building - Maintenance & Services — 0.2%
ABM Industries, Inc.		24,979		1,207,735
BrightView Holdings, Inc.†		17,593		228,709
				1,436,444
Building - Mobile Home/Manufactured Housing — 0.4%
Cavco Industries, Inc.†		3,423		760,454
LCI Industries		9,188		1,098,150
Skyline Champion Corp.†		19,475		1,034,707
Winnebago Industries, Inc.		11,992		593,004
				3,486,315
Building - Residential/Commercial — 0.9%
Beazer Homes USA, Inc.†		10,855		175,959
Century Communities, Inc.		11,130		605,138
Forestar Group, Inc.†		6,394		106,012
Green Brick Partners, Inc.†		11,396		277,151
Hovnanian Enterprises, Inc., Class A†		1,920		98,285
Installed Building Products, Inc.		8,796		840,370
KB Home		29,460		1,016,075
Landsea Homes Corp.†		3,981		28,584
LGI Homes, Inc.†		8,006		784,508
M/I Homes, Inc.†		10,593		495,223
MDC Holdings, Inc.		21,198		809,340
Meritage Homes Corp.†		13,700		1,168,747
Taylor Morrison Home Corp.†		44,357		1,285,022

Security Description	Shares		Value (Note 2)
Building - Residential/Commercial (continued)
Tri Pointe Homes, Inc.†		40,916	$	862,100
				8,552,514
Cable/Satellite TV — 0.1%
Liberty Latin America, Ltd., Class A†		15,025		142,888
Liberty Latin America, Ltd., Class C†		57,291		544,838
WideOpenWest, Inc.†		19,430		427,071
				1,114,797
Casino Hotels — 0.0%
Century Casinos, Inc.†		10,096		88,239
Full House Resorts, Inc.†		12,127		85,374
				173,613
Casino Services — 0.3%
Accel Entertainment, Inc.†		20,877		226,098
Everi Holdings, Inc.†		31,674		566,965
Light & Wonder, Inc.†		35,649		1,882,267
				2,675,330
Cellular Telecom — 0.0%
IDT Corp., Class B†		5,376		148,163
United States Cellular Corp.†		5,681		174,463
				322,626
Chemicals - Diversified — 0.5%
AdvanSix, Inc.		10,124		469,045
Codexis, Inc.†		22,312		238,292
Innospec, Inc.		9,093		927,759
Koppers Holdings, Inc.		7,697		208,588
Orion Engineered Carbons SA		22,464		433,780
Quaker Chemical Corp.		5,000		782,000
Schweitzer-Mauduit International, Inc.		11,607		314,782
Stepan Co.		7,990		895,759
Trinseo PLC		14,428		682,300
				4,952,305
Chemicals - Fibers — 0.0%
Rayonier Advanced Materials, Inc.†		22,904		88,180
Unifi, Inc.†		5,174		81,801
				169,981
Chemicals - Other — 0.0%
American Vanguard Corp.		10,872		268,321
Chemicals - Specialty — 1.3%
Amyris, Inc.†#		65,550		167,153
Balchem Corp.		11,953		1,487,312
Cabot Corp.		20,803		1,572,915
Danimer Scientific, Inc.†#		33,570		147,372
Ecovyst, Inc.		22,024		226,186
GCP Applied Technologies, Inc.†		24,849		773,301
H.B. Fuller Co.		19,604		1,393,452
Hawkins, Inc.		7,123		257,568
Ingevity Corp.†		14,731		1,026,456
Minerals Technologies, Inc.		12,301		815,064
Oil-Dri Corp. of America		1,932		45,924
Rogers Corp.†		6,937		1,840,941
Sensient Technologies Corp.		15,680		1,371,059
Tronox Holdings PLC, Class A		42,488		765,209
Valhi, Inc.		893		41,417
Zymergen, Inc.†		29,717		42,198
				11,973,527
Circuit Boards — 0.1%
TTM Technologies, Inc.†		38,665		552,523

203

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Coal — 0.3%
Arch Resources, Inc.		5,605	$	856,668
CONSOL Energy, Inc.†		12,698		654,709
Peabody Energy Corp.†		32,996		779,036
SunCoke Energy, Inc.		30,819		249,326
Warrior Met Coal, Inc.		19,081		641,503
				3,181,242
Coatings/Paint — 0.0%
Kronos Worldwide, Inc.		8,253		157,220
Commercial Services — 0.6%
AirSculpt Technologies, Inc.†		2,435		21,477
API Group Corp.†		74,803		1,305,312
Distribution Solutions Group, Inc.†		1,822		69,947
Emerald Holding, Inc.†#		8,732		29,252
European Wax Center, Inc., Class A		4,904		129,956
Forrester Research, Inc.†		4,183		218,896
John Wiley & Sons, Inc., Class A		15,996		847,148
LiveRamp Holdings, Inc.†		24,492		626,995
Medifast, Inc.		4,264		711,022
National Research Corp.		5,183		186,018
Progyny, Inc.†		23,888		755,100
SP Plus Corp.†		8,576		274,089
Team, Inc.†#		9,769		11,528
Transcat, Inc.†		2,649		167,920
WW International, Inc.†		19,521		138,404
				5,493,064
Commercial Services-Finance — 0.8%
Cass Information Systems, Inc.		5,132		175,104
CBIZ, Inc.†		18,169		744,202
EVERTEC, Inc.		22,452		851,829
Evo Payments, Inc., Class A†		17,562		404,804
Green Dot Corp., Class A†		19,825		571,753
HealthEquity, Inc.†		30,324		1,897,676
I3 Verticals, Inc., Class A†		7,927		184,858
Marathon Digital Holdings, Inc.†#		35,387		362,009
MoneyGram International, Inc.†		33,192		334,575
Multiplan Corp.†#		120,907		604,535
Paya Holdings, Inc.†		31,754		187,031
Priority Technology Holdings, Inc.†		4,181		21,407
Remitly Global, Inc.†		4,627		50,666
Repay Holdings Corp.†		32,109		399,757
Riot Blockchain, Inc.†#		39,853		286,543
				7,076,749
Communications Software — 0.1%
8x8, Inc.†		41,833		303,289
Avaya Holdings Corp.†		30,966		114,265
Consensus Cloud Solutions, Inc.†		5,959		286,211
				703,765
Computer Aided Design — 0.1%
Altair Engineering, Inc., Class A†#		17,143		942,179
Computer Data Security — 0.7%
OneSpan, Inc.†		13,055		172,718
Ping Identity Holding Corp.†		22,531		425,836
Qualys, Inc.†		12,638		1,651,534
Rapid7, Inc.†		20,855		1,477,994
SecureWorks Corp., Class A†		3,423		40,939
Tenable Holdings, Inc.†		34,225		1,721,517
Varonis Systems, Inc.†		39,693		1,312,647
				6,803,185
Computer Services — 1.0%
Conduent, Inc.†		62,102		329,141
ExlService Holdings, Inc.†		12,174		1,731,021

Security Description	Shares		Value (Note 2)
Computer Services (continued)
Grid Dynamics Holdings, Inc.†		16,856	$	303,577
Insight Enterprises, Inc.†		12,786		1,263,512
Integral Ad Science Holding Corp.†		11,943		145,466
KBR, Inc.		52,421		2,608,469
MAXIMUS, Inc.		22,736		1,475,339
Parsons Corp.†		9,757		380,913
Rimini Street, Inc.†		16,567		102,384
StarTek, Inc.†		6,239		22,460
TTEC Holdings, Inc.		6,853		462,166
Unisys Corp.†		24,334		290,305
				9,114,753
Computer Software — 0.9%
Avid Technology, Inc.†		13,402		392,544
Bandwidth, Inc., Class A†		8,562		180,144
Box, Inc., Class A†		50,638		1,322,158
Brightcove, Inc.†		15,076		106,135
CS Disco, Inc.†#		5,791		144,254
Envestnet, Inc.†		20,140		1,341,727
Rackspace Technology, Inc.†#		20,220		186,631
Simulations Plus, Inc.#		5,670		269,211
Sumo Logic, Inc.†		32,979		267,460
Upland Software, Inc.†		10,712		141,184
Veritone, Inc.†#		10,528		81,908
Verra Mobility Corp.†		56,419		899,883
Weave Communications, Inc.†		1,770		8,832
Xperi Holding Corp.		38,909		640,442
Yext, Inc.†		42,347		215,123
Ziff Davis, Inc.†		16,111		1,229,914
Zuora, Inc., Class A†		42,005		425,931
				7,853,481
Computers-Integrated Systems — 0.3%
Cantaloupe, Inc.†		21,599		113,179
Diebold Nixdorf, Inc.†#		26,675		82,959
NetScout Systems, Inc.†		26,015		893,095
PAR Technology Corp.†#		9,385		352,688
Super Micro Computer, Inc.†		16,523		827,142
Telos Corp.†		14,799		142,514
				2,411,577
Computers-Memory Devices — 0.0%
Quantum Corp.†#		21,966		41,955
Computers-Other — 0.1%
3D Systems Corp.†#		46,027		497,552
Corsair Gaming, Inc.†#		10,143		162,795
Desktop Metal, Inc., Class A†#		69,419		142,309
PlayAGS, Inc.†		10,183		59,061
Rekor Systems, Inc.†		12,536		33,471
Vuzix Corp.†#		21,753		141,395
				1,036,583
Computers-Periphery Equipment — 0.0%
iCAD, Inc.†		8,114		30,996
Mitek Systems, Inc.†		15,906		143,472
				174,468
Consulting Services — 0.4%
Acacia Research Corp.†		18,172		86,862
CRA International, Inc.		2,675		229,328
Franklin Covey Co.†		4,668		178,831
Hackett Group, Inc.		9,105		186,562
HireQuest, Inc.#		1,884		29,089
Huron Consulting Group, Inc.†		8,046		482,116
ICF International, Inc.		6,857		700,854

204

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Consulting Services (continued)
Kelly Services, Inc., Class A		13,051	$	260,498
R1 RCM, Inc.†		44,039		945,517
Sterling Check Corp.†		6,145		114,174
Vectrus, Inc.†		4,273		153,059
				3,366,890
Consumer Products-Misc. — 0.4%
Central Garden & Pet Co.†		3,652		164,997
Central Garden & Pet Co., Class A†		14,821		627,373
Helen of Troy, Ltd.†		8,936		1,654,858
Quanex Building Products Corp.		12,419		252,603
WD-40 Co.#		5,065		956,221
				3,656,052
Containers - Metal/Glass — 0.2%
Greif, Inc., Class A		9,562		568,652
Greif, Inc., Class B		2,198		130,144
O-I Glass, Inc.†		57,721		949,510
				1,648,306
Containers - Paper/Plastic — 0.1%
Karat Packaging, Inc.†		1,699		33,351
Matthews International Corp., Class A		11,469		371,137
Pactiv Evergreen, Inc,		15,944		164,064
TriMas Corp.		16,021		451,472
UFP Technologies, Inc.†		2,566		196,170
				1,216,194
Cosmetics & Toiletries — 0.3%
Beauty Health Co.†#		32,328		461,321
e.l.f. Beauty, Inc.†		17,862		475,487
Edgewell Personal Care Co.		20,136		732,950
Honest Co., Inc.†		31,529		108,460
Inter Parfums, Inc.		6,628		489,146
Revlon, Inc., Class A†#		2,627		11,007
				2,278,371
Cruise Lines — 0.0%
Lindblad Expeditions Holdings, Inc.†#		11,374		163,331
Data Processing/Management — 0.2%
CommVault Systems, Inc.†		16,504		1,006,909
CSG Systems International, Inc.		11,922		741,429
				1,748,338
Dental Supplies & Equipment — 0.1%
Patterson Cos., Inc.		31,766		1,003,488
Diagnostic Equipment — 0.2%
Accelerate Diagnostics, Inc.†		12,228		7,438
Akoya Biosciences, Inc.†#		4,974		57,947
Bionano Genomics, Inc.†#		108,149		187,098
IsoPlexis Corp.†		3,117		6,608
Neogen Corp.†		39,905		1,055,886
Pacific Biosciences of California, Inc.†#		72,082		405,822
Quanterix Corp.†		11,439		192,862
Quotient, Ltd.†#		29,507		11,360
Sera Prognostics, Inc., Class A†		2,924		4,064
				1,929,085
Diagnostic Kits — 0.1%
Aspira Women’s Health, Inc.†#		26,947		15,899
Celcuity, Inc.†		3,584		23,439
DermTech, Inc.†#		8,996		59,733
Meridian Bioscience, Inc.†		15,806		434,665
OraSure Technologies, Inc.†		26,520		110,058

Security Description	Shares		Value (Note 2)
Diagnostic Kits (continued)
QuidelOrtho Corp.†		4,710	$	447,586
				1,091,380
Direct Marketing — 0.0%
Quotient Technology, Inc.†		33,322		139,286
Disposable Medical Products — 0.3%
BioLife Solutions, Inc.†		3,894		53,426
CONMED Corp.		10,764		1,251,746
Merit Medical Systems, Inc.†		19,027		1,168,067
Utah Medical Products, Inc.		1,270		109,398
				2,582,637
Distribution/Wholesale — 0.9%
A-Mark Precious Metals, Inc.		3,323		252,648
Avient Corp.		33,750		1,660,500
EVI Industries, Inc.†#		1,720		18,645
G-III Apparel Group, Ltd.†		16,362		410,032
Global Industrial Co.		4,720		161,754
H&E Equipment Services, Inc.		11,922		425,019
Ideanomics, Inc.†#		180,335		108,201
KAR Auction Services, Inc.†		44,798		715,424
Resideo Technologies, Inc.†		53,600		1,266,032
ScanSource, Inc.†		9,328		361,367
Titan Machinery, Inc.†		7,182		189,676
Veritiv Corp.†		5,319		773,117
VSE Corp.		3,923		152,448
WESCO International, Inc.†		16,507		2,072,949
				8,567,812
Diversified Manufacturing Operations — 0.4%
Chase Corp.		2,756		222,657
EnPro Industries, Inc.		7,654		732,947
Fabrinet†		13,706		1,190,640
Federal Signal Corp.		22,338		784,064
NL Industries, Inc.		3,103		28,486
Trinity Industries, Inc.		28,645		712,115
				3,670,909
Diversified Minerals — 0.3%
Livent Corp.†		60,067		1,909,530
MP Materials Corp.†		28,121		1,108,811
United States Lime & Minerals, Inc.		767		91,212
				3,109,553
Diversified Operations/Commercial Services — 0.0%
Viad Corp.†		7,527		226,713
Drug Delivery Systems — 0.1%
Heron Therapeutics, Inc.†#		34,244		113,005
Oramed Pharmaceuticals, Inc.†		13,827		64,019
Revance Therapeutics, Inc.†		26,018		355,926
Senseonics Holdings, Inc.†#		160,210		185,844
				718,794
Drug Detection Systems — 0.0%
Rapid Micro Biosystems, Inc., Class A†#		5,883		29,474
E-Commerce/Products — 0.2%
1-800-Flowers.com, Inc., Class A†		9,880		96,429
1stdibs.com, Inc.†		7,515		42,911
aka Brands Holding Corp.†		3,536		13,932
CarParts.com, Inc.†		18,123		137,191
Lands’ End, Inc.†		5,318		61,689
Liquidity Services, Inc.†		8,569		116,196
Lulu’s Fashion Lounge Holdings, Inc.†		2,151		40,374
Overstock.com, Inc.†#		15,937		493,887

205

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
E-Commerce/Products (continued)
RealReal, Inc.†#		29,661	$	97,288
Revolve Group, Inc.†		13,311		391,077
Solo Brands, Inc., Class A†		5,551		27,921
Stitch Fix, Inc., Class A†		30,187		255,684
				1,774,579
E-Commerce/Services — 0.4%
Cargurus, Inc.†		35,391		896,100
Cars.com, Inc.†		25,370		262,580
ChannelAdvisor Corp.†		10,939		149,317
Eventbrite, Inc., Class A†		28,338		332,405
EverQuote, Inc., Class A†		7,259		64,968
Groupon, Inc.†#		8,738		135,002
HyreCar, Inc.†		6,565		7,484
MediaAlpha, Inc., Class A†		7,862		79,406
Shutterstock, Inc.		8,675		522,235
TrueCar, Inc.†		35,336		117,669
Upwork, Inc.†		43,738		798,219
				3,365,385
E-Marketing/Info — 0.1%
comScore, Inc.†		25,953		50,089
Digital Media Solutions, Inc., Class A†		1,199		1,990
Magnite, Inc.†		48,136		529,015
QuinStreet, Inc.†		18,613		204,743
				785,837
E-Services/Consulting — 0.1%
Perficient, Inc.†		12,065		1,181,284
Educational Software — 0.0%
Genius Brands International, Inc.†#		104,618		79,510
Instructure Holdings, Inc.†		4,504		80,396
PowerSchool Holdings, Inc., Class A†		15,860		202,849
				362,755
Electric Products - Misc. — 0.2%
nLight, Inc.†		16,177		198,492
Novanta, Inc.†		13,080		1,608,317
				1,806,809
Electric - Distribution — 0.0%
Unitil Corp.		5,784		334,373
Via Renewables, Inc.#		4,443		37,632
				372,005
Electric - Generation — 0.2%
Ormat Technologies, Inc.		16,802		1,410,696
Stronghold Digital Mining, Inc., Class A†#		2,732		8,824
				1,419,520
Electric - Integrated — 1.2%
ALLETE, Inc.		19,463		1,207,095
Ameresco, Inc., Class A†		11,454		672,579
Avista Corp.		26,246		1,140,126
Black Hills Corp.		23,728		1,818,989
MGE Energy, Inc.		13,504		1,071,812
NorthWestern Corp.		20,117		1,232,569
Otter Tail Corp.		15,254		997,459
PNM Resources, Inc.		31,740		1,508,602
Portland General Electric Co.		33,368		1,643,374
				11,292,605
Electronic Components - Misc. — 1.0%
Advanced Energy Industries, Inc.		13,987		1,139,381
Atkore, Inc.†		16,631		1,811,448

Security Description	Shares		Value (Note 2)
Electronic Components - Misc. (continued)
Benchmark Electronics, Inc.		13,048	$	332,594
Comtech Telecommunications Corp.		9,559		119,583
CTS Corp.		11,834		481,289
Kimball Electronics, Inc.†		8,923		169,626
Knowles Corp.†		32,646		627,456
Kopin Corp.†		28,765		31,929
MicroVision, Inc.†#		60,927		219,337
NVE Corp.		1,767		87,396
OSI Systems, Inc.†		6,175		518,206
Plexus Corp.†		10,371		879,461
Sanmina Corp.†		23,248		1,020,355
Vicor Corp.†		7,823		526,488
Vishay Intertechnology, Inc.		49,430		1,010,349
				8,974,898
Electronic Components - Semiconductors — 1.8%
Alpha & Omega Semiconductor, Ltd.†		8,013		352,011
Ambarella, Inc.†		13,099		1,116,297
Amkor Technology, Inc.		37,844		773,531
Arteris, Inc.†		1,948		18,077
Atomera, Inc.†#		7,525		91,429
AXT, Inc.†		15,005		87,779
CEVA, Inc.†		8,349		301,148
Diodes, Inc.†		16,161		1,244,559
EMCORE Corp.†		13,700		45,210
Impinj, Inc.†		7,020		328,606
Lattice Semiconductor Corp.†		50,310		2,617,126
MACOM Technology Solutions Holdings, Inc.†		18,318		998,514
Ouster, Inc.†#		47,285		104,027
Photronics, Inc.†		22,040		479,150
Rambus, Inc.†		40,212		1,009,321
Semtech Corp.†		23,976		1,536,622
Silicon Laboratories, Inc.†		14,053		2,096,146
SiTime Corp.†		5,991		1,276,083
SMART Global Holdings, Inc.†#		18,087		445,845
Synaptics, Inc.†		14,687		2,175,438
				17,096,919
Electronic Measurement Instruments — 0.3%
Badger Meter, Inc.		10,826		856,770
FARO Technologies, Inc.†		6,742		217,227
Itron, Inc.†		16,770		865,500
Mesa Laboratories, Inc.		1,840		385,020
Stoneridge, Inc.†		9,670		199,975
Vishay Precision Group, Inc.†		4,608		140,083
				2,664,575
Electronic Security Devices — 0.0%
Identiv, Inc.†		7,968		101,911
Napco Security Technologies, Inc.†		10,748		210,768
				312,679
Energy - Alternate Sources — 0.6%
Advent Technologies Holdings, Inc.†#		11,834		16,094
Aemetis, Inc.†		10,021		81,270
Alto Ingredients, Inc.†		26,509		117,965
Array Technologies, Inc.†		47,346		524,594
Beam Global†#		3,259		46,571
Cleanspark, Inc.†#		14,792		87,125
Eos Energy Enterprises, Inc.†#		16,493		22,760
FuelCell Energy, Inc.†#		137,055		561,926
FutureFuel Corp.		9,580		68,880
Gevo, Inc.†		73,712		309,590
Green Plains, Inc.†		17,693		576,438

206

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Energy - Alternate Sources (continued)
Infrastructure and Energy Alternatives, Inc.†		10,167	$	82,658
Renewable Energy Group, Inc.†		16,597		1,017,562
REX American Resources Corp.†		1,945		169,001
Stem, Inc.†#		42,266		365,178
Sunnova Energy International, Inc.†		31,901		638,020
SunPower Corp.†#		29,649		523,898
TPI Composites, Inc.†		13,434		185,255
				5,394,785
Engineering/R&D Services — 0.4%
908 Devices, Inc.†		7,758		107,991
Atlas Technical Consultants, Inc.†		5,484		44,859
Exponent, Inc.		19,253		1,740,279
Fluor Corp.†		52,652		1,486,366
Iteris, Inc.†		15,699		43,172
Mistras Group, Inc.†		7,403		42,864
				3,465,531
Enterprise Software/Service — 2.1%
ACI Worldwide, Inc.†		43,739		1,165,207
American Software, Inc., Class A		11,654		199,283
Appian Corp.†#		14,582		696,582
Benefitfocus, Inc.†#		9,257		84,239
Blackbaud, Inc.†		17,754		1,130,042
Blackline, Inc.†		20,095		1,471,356
BTRS Holdings ,Inc.†		35,245		175,168
Cardlytics, Inc.†		11,993		310,739
CoreCard Corp.†		2,688		63,060
Daily Journal Corp.†		448		123,567
Digimarc Corp.†#		4,722		81,502
Domo, Inc., Class B†		10,555		336,493
Donnelley Financial Solutions, Inc.†		10,919		339,690
E2open Parent Holdings, Inc.†		73,709		595,569
eGain Corp.†		7,658		69,918
Evolent Health, Inc., Class A†		29,550		831,241
HireRight Holdings Corp.†		8,313		122,617
Inseego Corp.†#		31,589		65,073
Intapp, Inc.†		5,129		101,965
LivePerson, Inc.†		24,375		409,013
ManTech International Corp., Class A		10,165		972,282
MicroStrategy, Inc., Class A†#		3,486		922,709
Momentive Global, Inc.†		49,048		597,405
PagerDuty, Inc.†		30,793		759,047
Progress Software Corp.		16,301		787,501
PROS Holdings, Inc.†		14,817		404,356
SailPoint Technologies Holding, Inc.†		33,920		2,151,885
Sapiens International Corp. NV		11,466		290,434
SPS Commerce, Inc.†		13,375		1,431,660
Verint Systems, Inc.†		23,884		1,219,039
Workiva, Inc.†		15,873		1,158,888
				19,067,530
Environmental Consulting & Engineering — 0.3%
Montrose Environmental Group, Inc.†		9,705		393,150
Tetra Tech, Inc.		19,992		2,698,320
				3,091,470
Filtration/Separation Products — 0.1%
ESCO Technologies, Inc.		9,481		623,945
Finance - Commercial — 0.1%
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		28,425		1,082,140
Finance - Consumer Loans — 0.5%
Curo Group Holdings Corp.		7,805		67,904
Encore Capital Group, Inc.†		9,159		559,706
Enova International, Inc.†		13,448		424,688

Security Description	Shares		Value (Note 2)
Finance - Consumer Loans (continued)
EZCORP, Inc., Class A†		18,508	$	140,291
International Money Express, Inc.†		11,990		247,234
LendingClub Corp.†		37,168		584,281
LendingTree, Inc.†		4,308		271,878
Navient Corp.		56,049		896,784
Nelnet, Inc., Class A		6,293		532,954
Ocwen Financial Corp.†		3,029		84,751
Oportun Financial Corp.†		7,843		88,312
PRA Group, Inc.†		16,030		593,110
Regional Management Corp.		2,806		133,509
World Acceptance Corp.†#		1,568		232,174
				4,857,576
Finance - Credit Card — 0.0%
Atlanticus Holdings Corp.†		1,822		70,894
Finance - Investment Banker/Broker — 0.7%
Amerant Bancorp, Inc.		9,694		285,585
B. Riley Financial, Inc.#		7,497		407,462
Cowen, Inc., Class A#		9,779		259,535
Diamond Hill Investment Group, Inc.		1,126		210,720
Greenhill & Co., Inc.#		5,157		63,431
Houlihan Lokey, Inc.		18,938		1,627,532
Moelis & Co., Class A		22,677		1,064,005
Oppenheimer Holdings, Inc., Class A		3,423		122,235
Piper Sandler Cos.		6,486		854,790
PJT Partners, Inc., Class A		8,788		666,482
StoneX Group, Inc.†		6,377		478,721
				6,040,498
Finance - Mortgage Loan/Banker — 0.2%
Enact Holdings, Inc.		5,477		133,201
Federal Agricultural Mtg. Corp., Class C		3,390		355,984
Finance of America Cos., Inc., Class A†		6,745		16,323
Home Point Capital, Inc.#		2,712		10,712
Mr. Cooper Group, Inc.†		22,936		994,505
PennyMac Financial Services, Inc.		11,157		546,916
Velocity Financial, Inc.†#		3,179		34,810
				2,092,451
Finance - Other Services — 0.1%
BGC Partners, Inc., Class A		117,257		382,258
Flywire Corp.†		20,835		402,324
				784,582
Financial Guarantee Insurance — 0.2%
MBIA, Inc.†		17,773		249,000
NMI Holdings, Inc., Class A†		31,126		579,255
Radian Group, Inc.		66,807		1,437,018
				2,265,273
Firearms & Ammunition — 0.1%
American Outdoor Brands, Inc.†		5,287		61,171
AMMO, Inc.†#		32,858		145,232
Byrna Technologies, Inc.†#		6,907		55,670
Smith & Wesson Brands, Inc.		17,769		275,064
Sturm Ruger & Co., Inc.#		6,368		432,324
				969,461
Fisheries — 0.0%
AquaBounty Technologies, Inc.†		24,270		36,162
Food - Baking — 0.2%
Hostess Brands, Inc.†		51,229		1,088,616
Krispy Kreme, Inc.		31,554		467,631
				1,556,247

207

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Food - Canned — 0.0%
Seneca Foods Corp., Class A†		2,198	$	124,956
Food - Catering — 0.1%
Healthcare Services Group, Inc.		27,788		477,120
Sovos Brands, Inc.†		9,537		134,662
				611,782
Food - Confectionery — 0.1%
Tootsie Roll Industries, Inc.		5,838		193,063
Utz Brands, Inc.#		22,168		310,352
				503,415
Food - Meat Products — 0.0%
Nathan’s Famous, Inc.		1,055		53,858
Food - Misc./Diversified — 0.6%
B&G Foods, Inc.		23,745		536,874
Cal-Maine Foods, Inc.		15,133		722,298
J&J Snack Foods Corp.		5,466		700,850
John B. Sanfilippo & Son, Inc.		3,291		251,367
Lancaster Colony Corp.		7,038		857,932
Simply Good Foods Co.†		31,561		1,261,178
Tattooed Chef, Inc.†		17,510		126,772
TreeHouse Foods, Inc.†		19,275		792,588
Whole Earth Brands, Inc.†		13,852		94,748
				5,344,607
Food - Retail — 0.2%
Ingles Markets, Inc., Class A		5,205		463,557
Laird Superfood, Inc.†		2,324		5,554
Natural Grocers by Vitamin Cottage, Inc.		3,418		60,362
Sprouts Farmers Market, Inc.†		41,819		1,132,877
Village Super Market, Inc., Class A		3,156		74,924
Weis Markets, Inc.		6,098		448,325
				2,185,599
Food - Wholesale/Distribution — 0.5%
Calavo Growers, Inc.		6,346		216,081
Chefs’ Warehouse, Inc.†		11,648		416,183
HF Foods Group, Inc.†		13,885		73,729
Mission Produce, Inc.†		13,746		183,784
Performance Food Group Co.†		56,202		2,435,795
SpartanNash Co.		13,271		456,655
United Natural Foods, Inc.†		21,343		905,157
				4,687,384
Footwear & Related Apparel — 0.3%
Crocs, Inc.†		21,602		1,204,527
Rocky Brands, Inc.		2,539		95,086
Steven Madden, Ltd.		29,909		1,112,017
Wolverine World Wide, Inc.		30,148		643,358
				3,054,988
Funeral Services & Related Items — 0.0%
Carriage Services, Inc.		5,699		230,069
StoneMor, Inc.†		11,924		40,899
				270,968
Gambling (Non-Hotel) — 0.3%
Bally’s Corp.†#		12,104		316,398
Golden Entertainment, Inc.†		6,363		300,843
International Game Technology PLC#		37,067		793,975
Monarch Casino & Resort, Inc.†		4,870		330,429
Red Rock Resorts, Inc., Class A		19,897		770,611
Rush Street Interactive, Inc.†		19,485		116,131
				2,628,387

Security Description	Shares		Value (Note 2)
Gas - Distribution — 1.1%
Chesapeake Utilities Corp.		6,390	$	853,512
New Jersey Resources Corp.		35,821		1,644,900
Northwest Natural Holding Co.		11,317		614,400
ONE Gas, Inc.		19,552		1,701,415
South Jersey Industries, Inc.		38,190		1,330,922
Southwest Gas Holdings, Inc.		24,441		2,276,190
Spire, Inc.		18,797		1,471,805
				9,893,144
Gas - Transportation — 0.2%
Brookfield Infrastructure Corp., Class A		23,574		1,663,146
Gold Mining — 0.1%
Novagold Resources, Inc.†		87,931		491,534
Perpetua Resources Corp.†		12,041		41,903
				533,437
Golf — 0.2%
Acushnet Holdings Corp.		12,709		517,256
Callaway Golf Co.†		42,903		931,424
Drive Shack, Inc.†#		30,620		48,992
				1,497,672
Hazardous Waste Disposal — 0.0%
Centrus Energy Corp., Class A†		3,596		92,022
Heritage-Crystal Clean, Inc.†		5,792		159,685
Sharps Compliance Corp.†		6,873		29,691
				281,398
Health Care Cost Containment — 0.1%
CorVel Corp.†		3,223		480,743
Healthcare Safety Devices — 0.0%
Retractable Technologies, Inc.†#		6,425		29,748
Home Furnishings — 0.2%
Ethan Allen Interiors, Inc.		8,352		194,268
Flexsteel Industries, Inc.		2,330		45,388
Hooker Furniture Corp.		4,346		75,142
Lovesac Co.†		4,734		164,885
MillerKnoll, Inc.		27,569		832,584
Purple Innovation, Inc.†#		21,349		110,588
Sleep Number Corp.†		8,211		377,131
				1,799,986
Hotels/Motels — 0.2%
Bluegreen Vacations Holding Corp.		5,307		147,853
Hilton Grand Vacations, Inc.†		31,719		1,451,144
Marcus Corp.†		8,464		132,631
Target Hospitality Corp.†		9,243		58,693
				1,790,321
Housewares — 0.0%
Lifetime Brands, Inc.		4,699		53,615
Tupperware Brands Corp.†		18,095		119,970
				173,585
Human Resources — 1.0%
AMN Healthcare Services, Inc.†		17,476		1,693,424
ASGN, Inc.†		18,868		1,796,800
Barrett Business Services, Inc.		2,773		207,587
Cross Country Healthcare, Inc.†		13,308		234,886
First Advantage Corp.†		20,402		297,869
Heidrick & Struggles International, Inc.		7,168		247,726
Insperity, Inc.		13,469		1,347,843
Kforce, Inc.		7,514		493,520
Korn Ferry		19,973		1,227,541

208

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Human Resources (continued)
Resources Connection, Inc.		11,586	$	213,993
TriNet Group, Inc.†		15,027		1,180,221
TrueBlue, Inc.†		12,961		285,401
Willdan Group, Inc.†		4,130		110,023
				9,336,834
Identification Systems — 0.1%
Brady Corp., Class A		17,487		848,294
Independent Power Producers — 0.2%
Clearway Energy, Inc., Class A		12,922		420,740
Clearway Energy, Inc., Class C		30,419		1,066,186
FTC Solar, Inc.†#		15,170		61,439
				1,548,365
Industrial Audio & Video Products — 0.1%
Akoustis Technologies, Inc.†		19,029		76,116
GoPro, Inc., Class A†		47,721		329,752
Turtle Beach Corp.†#		5,632		98,447
				504,315
Industrial Automated/Robotic — 0.0%
Ichor Holdings, Ltd.†		10,402		314,556
Instruments - Controls — 0.0%
Allied Motion Technologies, Inc.		4,464		109,547
Instruments - Scientific — 0.0%
Standard BioTools, Inc.†		28,239		53,372
Insurance Brokers — 0.1%
BRP Group, Inc., Class A†		17,572		443,166
Crawford & Co., Class A		6,035		49,487
eHealth, Inc.†		9,154		96,117
Goosehead Insurance, Inc., Class A		6,703		347,081
Selectquote, Inc.†#		49,681		145,069
Trean Insurance Group, Inc.†		6,539		46,754
				1,127,674
Insurance - Life/Health — 0.4%
American Equity Investment Life Holding Co.		30,667		1,234,654
CNO Financial Group, Inc.		44,541		916,208
National Western Life Group, Inc., Class A		951		198,845
Trupanion, Inc.†		14,156		946,753
				3,296,460
Insurance - Multi-line — 0.1%
Citizens, Inc.†#		18,502		61,427
Genworth Financial, Inc., Class A†		187,961		761,242
				822,669
Insurance - Property/Casualty — 1.2%
Ambac Financial Group, Inc.†		16,867		180,646
AMERISAFE, Inc.		7,106		358,142
Donegal Group, Inc., Class A		5,480		88,666
Employers Holdings, Inc.		10,369		429,380
Enstar Group, Ltd.†		4,602		1,067,342
HCI Group, Inc.#		2,100		142,737
Heritage Insurance Holdings, Inc.		9,575		35,045
Horace Mann Educators Corp.		15,469		625,876
Investors Title Co.		482		79,978
James River Group Holdings, Ltd.		13,579		346,943
Kinsale Capital Group, Inc.		7,972		1,752,883
MetroMile, Inc.†		42,270		44,384
NI Holdings, Inc.†		3,178		53,073
Palomar Holdings, Inc.†		9,109		566,124
ProAssurance Corp.		19,924		442,512
RLI Corp.		14,835		1,796,815

Security Description	Shares		Value (Note 2)
Insurance - Property/Casualty (continued)
Safety Insurance Group, Inc.		5,367	$	498,380
Selective Insurance Group, Inc.		22,031		1,747,058
Stewart Information Services Corp.		9,894		549,018
Tiptree, Inc.		8,709		94,319
United Fire Group, Inc.		7,795		252,636
United Insurance Holdings Corp.		7,536		12,887
Universal Insurance Holdings, Inc.		10,049		129,632
				11,294,476
Insurance - Reinsurance — 0.3%
Argo Group International Holdings, Ltd.		11,753		497,857
Essent Group, Ltd.		40,165		1,718,660
Greenlight Capital Re, Ltd., Class A†		9,742		76,182
Maiden Holdings, Ltd.†		25,767		62,872
SiriusPoint, Ltd.†		32,818		183,781
				2,539,352
Internet Application Software — 0.0%
Tucows, Inc., Class A†#		3,653		176,878
VirnetX Holding Corp.†#		23,512		28,450
				205,328
Internet Connectivity Services — 0.1%
Cogent Communications Holdings, Inc.		15,810		954,766
Internet Content - Entertainment — 0.0%
Limelight Networks, Inc.†#		46,320		167,678
Internet Content - Information/News — 0.2%
FuboTV, Inc.†#		50,153		165,004
HealthStream, Inc.†		9,373		190,928
LiveOne, Inc.†		22,581		18,968
OptimizeRx Corp.†		6,366		162,842
TechTarget, Inc.†		9,684		688,436
Yelp, Inc.†		26,530		780,247
				2,006,425
Internet Financial Services — 0.1%
Open Lending Corp., Class A†		38,652		508,660
Internet Gambling — 0.0%
EBET, Inc.†#		4,955		15,212
GAN, Ltd.†		14,871		50,115
NeoGames SA†		3,834		50,341
				115,668
Internet Infrastructure Software — 0.0%
Couchbase, Inc.†		8,710		123,508
Investment Companies — 0.1%
Cannae Holdings, Inc.†		31,417		636,823
Investment Management/Advisor Services — 0.8%
Artisan Partners Asset Management, Inc., Class A		21,700		833,497
AssetMark Financial Holdings, Inc.†		6,747		140,945
Associated Capital Group, Inc., Class A		625		24,744
Blucora, Inc.†		18,019		318,756
BrightSphere Investment Group, Inc.		11,978		244,231
Cohen & Steers, Inc.		9,219		702,580
Columbia Financial, Inc.†		14,574		302,993
Federated Hermes, Inc.		34,514		1,172,441
Focus Financial Partners, Inc., Class A†		24,103		908,683
GAMCO Investors, Inc., Class A		1,884		38,735
GCM Grosvenor, Inc., Class A#		16,473		134,914
Hamilton Lane, Inc., Class A		12,929		899,212
Pzena Investment Management, Inc., Class A		6,174		43,650
Sculptor Capital Management, Inc.		8,216		98,756
StepStone Group, Inc., Class A		16,926		461,403

209

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Investment Management/Advisor Services (continued)
Virtus Investment Partners, Inc.		2,705	$	521,145
WisdomTree Investments, Inc.#		49,923		297,042
				7,143,727
Lasers - System/Components — 0.3%
II-VI, Inc.†#		39,275		2,454,687
Leisure Products — 0.0%
Escalade, Inc.#		3,676		49,222
Johnson Outdoors, Inc., Class A		1,941		126,495
				175,717
Linen Supply & Related Items — 0.1%
UniFirst Corp.		5,591		913,793
Machine Tools & Related Products — 0.1%
Kennametal, Inc.		30,992		859,718
Luxfer Holdings PLC		10,210		170,507
				1,030,225
Machinery - Construction & Mining — 0.2%
Astec Industries, Inc.		8,405		393,102
Hyster-Yale Materials Handling, Inc.		3,703		136,826
Manitowoc Co, Inc.†		12,726		165,693
Terex Corp.		25,368		897,773
				1,593,394
Machinery - Electrical — 0.3%
Argan, Inc.		5,530		221,145
Babcock & Wilcox Enterprises, Inc.†		20,575		134,766
Bloom Energy Corp., Class A†#		52,731		923,847
Franklin Electric Co., Inc.		17,190		1,267,247
				2,547,005
Machinery - Farming — 0.1%
AgEagle Aerial Systems, Inc.†#		25,861		20,177
Alamo Group, Inc.		3,686		433,584
Hydrofarm Holdings Group, Inc.†#		14,624		100,759
Lindsay Corp.		4,041		509,166
				1,063,686
Machinery - General Industrial — 1.1%
Albany International Corp., Class A		11,408		962,835
Altra Industrial Motion Corp.		24,019		941,785
Applied Industrial Technologies, Inc.		14,239		1,472,455
Chart Industries, Inc.†		13,539		2,381,239
DXP Enterprises, Inc.†		6,415		196,812
Kadant, Inc.		4,270		790,377
Ranpak Holdings Corp.†		13,941		173,705
Tennant Co.		6,844		425,971
Welbilt, Inc.†		48,465		1,147,167
Zurn Water Solutions Corp.		44,987		1,296,525
				9,788,871
Machinery - Material Handling — 0.0%
Columbus McKinnon Corp.		10,319		348,266
Machinery - Print Trade — 0.0%
Eastman Kodak Co.†		16,631		76,835
Machinery - Pumps — 0.4%
Cactus, Inc., Class A		20,550		1,077,231
CIRCOR International, Inc.†		6,826		132,697
CSW Industrials, Inc.		5,564		590,452
Gorman-Rupp Co.		8,419		250,802
Mueller Water Products, Inc., Class A		57,779		689,304
NN, Inc.†		15,843		44,360

Security Description	Shares		Value (Note 2)
Machinery - Pumps (continued)
Watts Water Technologies, Inc., Class A		10,200	$	1,334,466
				4,119,312
Machinery - Thermal Process — 0.1%
GrafTech International, Ltd.		74,327		645,158
Thermon Group Holdings, Inc.†		12,217		192,296
				837,454
Medical Imaging Systems — 0.2%
Lantheus Holdings, Inc.†		24,970		1,710,944
Medical Information Systems — 0.4%
1Life Healthcare, Inc.†		42,662		361,347
Alignment Healthcare, Inc.†		29,405		314,045
Allscripts Healthcare Solutions, Inc.†		45,046		769,836
Apollo Medical Holdings, Inc.†#		13,973		524,546
Computer Programs & Systems, Inc.†		5,226		166,657
Convey Health Solutions Holdings, Inc.†		4,988		30,926
DarioHealth Corp.†#		4,996		33,223
Health Catalyst, Inc.†		19,375		283,844
NantHealth, Inc.†		9,974		5,187
NextGen Healthcare, Inc.†		20,774		376,217
Privia Health Group, Inc.†		15,539		372,315
Schrodinger, Inc.†		16,798		434,060
Tabula Rasa HealthCare, Inc.†		8,328		30,314
				3,702,517
Medical Instruments — 0.3%
AngioDynamics, Inc.†		13,901		272,877
Apyx Medical Corp.†		11,561		70,175
Asensus Surgical, Inc.†#		86,727		33,997
CVRx, Inc.†		4,114		25,548
Natus Medical, Inc.†		12,503		409,973
NuVasive, Inc.†		19,203		1,102,444
PROCEPT BioRobotics Corp.†#		2,679		104,803
Pulmonx Corp.†		9,678		176,720
Silk Road Medical, Inc.†		12,729		422,857
Stereotaxis, Inc.†		18,396		36,976
				2,656,370
Medical Labs & Testing Services — 0.4%
Agiliti, Inc.†		8,711		168,297
Fulgent Genetics, Inc.†		7,736		421,689
Inotiv, Inc.†#		6,460		98,838
Invitae Corp.†#		74,277		272,597
LifeStance Health Group, Inc.†#		26,643		198,490
MEDNAX, Inc.†		28,219		545,191
Medpace Holdings, Inc.†		10,749		1,539,687
Neuronetics, Inc.†#		9,458		25,347
OPKO Health, Inc.†		148,106		444,318
Personalis, Inc.†		13,348		52,858
Thorne HealthTech, Inc.†		2,489		14,660
Vapotherm, Inc.†		8,434		27,242
Viemed Healthcare, Inc.†		13,123		75,326
				3,884,540
Medical Laser Systems — 0.0%
Cutera, Inc.†		6,519		293,290
Medical Products — 2.1%
Accuray, Inc.†		34,094		70,916
Acutus Medical, Inc.†		7,085		4,906
Alphatec Holdings, Inc.†		26,209		201,285
Artivion, Inc.†		14,093		275,659
AtriCure, Inc.†		16,606		674,702

210

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical Products (continued)
Atrion Corp.		516	$	324,456
Avanos Medical, Inc.†		17,840		511,830
Avita Medical, Inc.†		9,002		51,311
Axogen, Inc.†		14,330		138,571
Axonics, Inc.†		16,987		849,350
Bioventus, Inc., Class A†		10,391		102,663
Butterfly Network, Inc.†		49,557		151,149
Cardiovascular Systems, Inc.†		14,718		239,315
Castle Biosciences, Inc.†		7,897		175,866
Cerus Corp.†		62,346		308,613
ClearPoint Neuro, Inc.†#		7,059		77,367
Cue Health Inc†		5,404		28,587
CytoSorbents Corp.†#		15,284		29,498
Eargo, Inc.†		11,168		17,310
Glaukos Corp.†		16,878		689,129
Haemonetics Corp.†		18,701		1,183,025
Hanger, Inc.†		13,905		219,560
Inari Medical, Inc.†		12,757		839,411
InfuSystem Holdings, Inc.†		6,712		64,905
Inogen, Inc.†		7,349		188,722
Inspire Medical Systems, Inc.†		9,969		1,762,818
Integer Holdings Corp.†		12,178		971,561
Invacare Corp.†		12,475		11,650
iRadimed Corp.		2,350		76,822
iRhythm Technologies, Inc.†		10,937		1,540,477
LeMaitre Vascular, Inc.		7,002		320,131
LivaNova PLC†		19,817		1,348,943
MiMedx Group, Inc.†		41,174		160,990
NanoString Technologies, Inc.†		16,814		262,971
NeuroPace, Inc.†		2,632		16,397
Nevro Corp.†		12,824		558,870
Omnicell, Inc.†		16,227		1,803,793
Orthofix Medical, Inc.†		7,017		192,897
OrthoPediatrics Corp.†#		5,128		236,760
Paragon 28, Inc.†		3,361		60,229
PAVmed, Inc.†#		26,939		27,208
Pulse Biosciences, Inc.†#		5,157		11,500
RxSight, Inc.†		6,502		88,817
SeaSpine Holdings Corp.†		11,769		97,330
Shockwave Medical, Inc.†		12,508		2,053,939
SI-BONE, Inc.†		12,067		180,402
Sientra, Inc.†#		21,520		20,874
Surmodics, Inc.†		5,013		196,660
Tactile Systems Technology, Inc.†		7,107		72,207
Talis Biomedical Corp.†		5,490		5,765
Treace Medical Concepts, Inc.†		11,149		186,077
Zynex, Inc.#		8,300		60,507
				19,744,701
Medical - Biomedical/Gene — 5.3%
2seventy Bio, Inc.†		8,674		107,558
4D Molecular Therapeutics, Inc.†		10,352		78,572
89bio, Inc.†#		3,657		11,008
9 Meters Biopharma, Inc.†		83,918		37,939
Absci Corp.†		20,607		75,216
ACADIA Pharmaceuticals, Inc.†		44,363		716,462
Acumen Pharmaceuticals, Inc.†#		10,487		37,124
Adagio Therapeutics, Inc.†		21,822		64,593
Adicet Bio, Inc.†		9,548		112,857
Adverum Biotechnologies, Inc.†#		32,200		28,890
Aerovate Therapeutics, Inc.†		4,848		58,903
Affimed NV†		43,027		133,384
Agenus, Inc.†		81,245		135,679
Akero Therapeutics, Inc.†		9,530		82,339
Akouos, Inc.†#		8,896		27,756

Security Description	Shares		Value (Note 2)
Medical - Biomedical/Gene (continued)
Alaunos Therapeutics, Inc.†		77,695	$	40,230
Albireo Pharma, Inc.†		6,254		124,642
Aldeyra Therapeutics, Inc.†		17,989		55,586
Aligos Therapeutics, Inc.†		7,827		10,097
Allakos, Inc.†#		13,149		39,447
Allogene Therapeutics, Inc.†		25,204		199,868
Allovir, Inc.†#		10,932		42,307
Alpha Teknova, Inc.†		2,581		19,745
Alpine Immune Sciences, Inc.†		4,305		40,036
Altimmune, Inc.†		14,692		74,342
ALX Oncology Holdings, Inc.†		6,572		50,407
Amicus Therapeutics, Inc.†		97,472		742,737
AnaptysBio, Inc.†		7,147		135,722
Anavex Life Sciences Corp.†		24,866		226,529
Angion Biomedica Corp.†#		8,068		14,200
ANI Pharmaceuticals, Inc.†		4,056		122,694
Annexon, Inc.†#		11,557		36,289
Apellis Pharmaceuticals, Inc.†		28,978		1,201,138
Applied Molecular Transport, Inc.†#		9,273		30,694
Applied Therapeutics, Inc.†#		6,564		9,452
Arbutus Biopharma Corp.†		33,768		82,056
Arcellx, Inc.†		3,371		40,823
Arcturus Therapeutics Holdings, Inc.†#		7,824		155,541
Arcus Biosciences, Inc.†		16,616		314,873
Arcutis Biotherapeutics, Inc.†		10,252		214,062
Ardelyx, Inc.†		35,815		23,505
Arrowhead Pharmaceuticals, Inc.†		38,068		1,269,948
Atara Biotherapeutics, Inc.†		32,212		167,502
Atea Pharmaceuticals, Inc.†		23,939		188,639
Athersys, Inc.†#		78,922		17,363
Athira Pharma, Inc.†#		11,954		108,542
Atossa Therapeutics, Inc.†#		43,362		42,161
Atreca, Inc., Class A†#		9,628		16,175
Aura Biosciences, Inc.†		2,077		36,285
Avalo Therapeutics, Inc.†		23,093		8,316
Avid Bioservices, Inc.†		22,384		299,274
Avidity Biosciences, Inc.†		13,958		194,435
Avrobio, Inc.†#		14,043		13,650
Axsome Therapeutics, Inc.†#		10,299		257,475
Beam Therapeutics, Inc.†		18,972		667,435
Berkeley Lights, Inc.†		17,993		86,007
BioAtla, Inc.†#		5,753		13,865
BioCryst Pharmaceuticals, Inc.†		66,732		621,275
Biodesix, Inc.†		5,217		7,721
Biohaven Pharmaceutical Holding Co., Ltd.†		20,644		2,967,162
Biomea Fusion, Inc.†		8,036		44,118
Black Diamond Therapeutics, Inc.†#		8,442		14,267
Bluebird Bio, Inc.†		25,036		80,115
Blueprint Medicines Corp.†		21,688		1,192,840
Bolt Biotherapeutics, Inc.†#		8,483		14,421
Bridgebio Pharma, Inc.†		39,329		268,617
Brooklyn ImmunoTherapeutics, Inc.†#		10,995		7,371
C4 Therapeutics, Inc.†		14,320		103,963
Cara Therapeutics, Inc.†		16,468		137,014
Cardiff Oncology, Inc.†#		14,115		19,055
Caribou Biosciences, Inc.†		18,853		157,045
Cassava Sciences, Inc.†#		14,182		433,969
CEL-SCI Corp.†#		13,325		48,636
Celldex Therapeutic,s Inc.†		17,044		400,875
Century Therapeutics, Inc.†		6,423		55,816
Cerevel Therapeutics Holdings, Inc.†		15,100		394,563
ChemoCentryx, Inc.†		20,013		445,690
Chinook Therapeutics, Inc.†		14,953		226,987
ChromaDex Corp.†#		17,372		33,007
CinCor Pharma, Inc.†#		4,300		66,908

211

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical - Biomedical/Gene (continued)
Clene, Inc.†#		7,597	$	16,561
Codex DNA, Inc.†		3,391		13,496
Codiak Biosciences, Inc.†#		5,896		16,450
Cogent Biosciences, Inc†		13,772		63,489
Cortexyme, Inc.†		7,395		19,153
Crinetics Pharmaceuticals, Inc.†		17,082		286,123
Cue Biopharma, Inc.†		11,401		44,122
Cullinan Oncology, Inc.†		9,592		102,538
Curis, Inc.†#		32,101		24,538
Cymabay Therapeutics, Inc.†		31,547		61,832
Cyteir Therapeutics, Inc.†		6,923		13,154
Cytek Biosciences, Inc.†		36,163		351,143
CytomX Therapeutics, Inc.†		24,040		38,704
Day One Biopharmaceuticals, Inc.†#		8,432		52,447
Deciphera Pharmaceuticals, Inc.†		14,735		159,727
Denali Therapeutics, Inc.†		33,723		819,132
Design Therapeutics, Inc.†		9,856		123,003
DICE Therapeutics, Inc.†		5,162		70,977
Dynavax Technologies Corp.†		39,960		473,926
Dyne Therapeutics, Inc.†		11,132		53,545
Edgewise Therapeutics, Inc.†		14,341		89,631
Editas Medicine, Inc.†		25,349		288,725
Eiger BioPharmaceuticals, Inc.†		11,866		82,350
Eliem Therapeutics, Inc.†#		2,236		8,564
Emergent BioSolutions, Inc.†		18,159		598,521
Entrada Therapeutics, Inc.†		3,899		26,357
Epizyme, Inc.†		53,117		22,309
Erasca, Inc.†#		23,691		128,405
Esperion Therapeutics, Inc.†		21,410		122,037
Evelo Biosciences, Inc.†#		11,257		23,640
Evolus, Inc.†		12,305		158,734
Exagen, Inc.†		3,826		19,130
EyePoint Pharmaceuticals, Inc.†		9,235		89,118
Fate Therapeutics, Inc.†		30,083		694,917
FibroGen, Inc.†		31,917		314,063
Finch Therapeutics Group, Inc.†		2,805		6,648
Forma Therapeutics Holdings, Inc.†		12,589		71,631
Forte Biosciences, Inc.†		4,181		5,519
Frequency Therapeutics, Inc.†#		11,991		13,430
Gemini Therapeutics, Inc.†		8,119		10,392
Generation Bio Co.†#		16,240		91,269
Geron Corp.†#		112,965		155,892
Global Blood Therapeutics, Inc.†		22,960		572,622
Gossamer Bio, Inc.†		23,046		162,474
Graphite Bio, Inc.†		10,942		25,714
Greenwich Lifesciences, Inc.†#		1,515		11,726
GT Biopharma, Inc.†		6,577		18,153
Halozyme Therapeutics, Inc.†		51,321		2,359,740
Harvard Bioscience, Inc.†		14,562		53,297
Homology Medicines, Inc.†		15,548		22,856
Humanigen, Inc.†		18,087		39,430
iBio, Inc.†		80,102		19,305
Icosavax, Inc.†		8,962		60,852
Ideaya Biosciences, Inc.†		12,141		135,372
IGM Biosciences, Inc.†		3,039		50,994
Ikena Oncology, Inc.†		10,271		40,057
Imago Biosciences, Inc.†		7,439		120,214
Immunic, Inc.†#		6,938		43,016
ImmunityBio, Inc.†		25,743		96,794
ImmunoGen, Inc.†		79,662		291,563
Immunovant, Inc.†		15,040		63,770
Impel Pharmaceuticals, Inc.†#		2,373		16,350
Infinity Pharmaceuticals, Inc.†		32,445		21,816
Inhibrx, Inc.†		10,347		135,235
Innoviva, Inc.†		16,073		243,827

Security Description	Shares		Value (Note 2)
Medical - Biomedical/Gene (continued)
Inovio Pharmaceuticals, Inc.†#		76,637	$	143,311
Inozyme Pharma, Inc.†#		5,333		19,679
Insmed, Inc.†		43,776		823,864
Instil Bio, Inc.†#		20,041		120,346
Intellia Therapeutics, Inc.†		25,855		1,192,950
Intercept Pharmaceuticals, Inc.†#		9,256		167,534
Intra-Cellular Therapies, Inc.†		29,787		1,709,774
iTeos Therapeutics, Inc.†		7,486		131,005
IVERIC bio, Inc.†		42,642		445,182
Janux Therapeutics, Inc.†#		6,579		73,224
Karuna Therapeutics, Inc.†		8,229		858,449
Karyopharm Therapeutics, Inc.†		26,685		167,582
KemPharm, Inc.†#		10,987		50,870
Keros Therapeutics, Inc.†		5,784		195,499
Kezar Life Sciences, Inc.†		14,036		70,882
Kiniksa Pharmaceuticals, Ltd., Class A†		10,809		82,797
Kinnate Biopharma, Inc.†		9,539		75,740
Kodiak Sciences, Inc.†		12,415		89,885
Kronos Bio, Inc.†		14,389		53,527
Krystal Biotech, Inc.†		7,456		439,009
Kymera Therapeutics, Inc.†		12,736		181,743
Lexicon Pharmaceuticals, Inc.†		25,947		45,926
Ligand Pharmaceuticals, Inc.†		5,590		497,007
Lineage Cell Therapeutics, Inc.†#		46,484		58,105
Lucid Diagnostics, Inc.†#		1,870		3,927
MacroGenics, Inc.†		22,255		77,225
Magenta Therapeutics, Inc.†#		11,089		12,863
MaxCyte, Inc.†		37,038		170,745
MEI Pharma, Inc.†		47,395		22,579
MeiraGTx Holdings PLC†		11,040		92,626
Mersana Therapeutics, Inc.†		26,527		88,600
Mind Medicine MindMed, Inc.†#		119,377		108,000
MiNK Therapeutics, Inc.†		744		1,153
Molecular Templates, Inc.†#		13,705		13,541
Monte Rosa Therapeutics, Inc.†		10,707		82,872
Mustang Bio, Inc.†#		27,594		17,801
Myriad Genetics, Inc.†		29,408		565,810
NeoGenomics, Inc.†		42,029		353,884
NGM Biopharmaceuticals, Inc.†		11,679		161,637
Nkarta, Inc.†		5,229		75,454
Nurix Therapeutics, Inc.†		11,609		117,135
Nuvalent, Inc., Class A†#		6,792		60,177
Nuvation Bio, Inc.†#		58,920		207,988
Olema Pharmaceuticals, Inc.†		9,511		27,201
Omega Therapeutics, Inc.†#		8,255		18,739
Omeros Corp.†#		22,350		55,428
Oncocyte Corp.†#		22,303		24,087
Oncorus, Inc.†#		7,570		9,008
Oncternal Therapeutics, Inc.†		16,403		24,276
Oncternal Therapeutics, Inc. CVR†#(1)		368		754
Organogenesis Holdings, Inc.†		25,743		144,418
Oyster Point Pharma, Inc.†#		4,118		16,184
Phathom Pharmaceuticals, Inc.†#		7,507		53,825
Pliant Therapeutics Inc†#		8,917		50,203
Portage Biotech, Inc.†#		1,852		18,520
Poseida Therapeutics, Inc.†		10,660		24,198
Praxis Precision Medicines, Inc.†		12,348		102,488
Precigen, Inc.†		35,155		47,108
Precision BioSciences, Inc.†		18,731		31,468
Prelude Therapeutics Inc†		4,012		16,850
Prothena Corp. PLC†		13,399		364,855
Provention Bio, Inc.†#		20,557		84,695
PTC Therapeutics, Inc.†		25,744		756,101
Puma Biotechnology, Inc.†#		11,965		23,212
Pyxis Oncology, Inc.†		3,941		9,734

212

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical - Biomedical/Gene (continued)
Radius Health, Inc.†		17,351	$	109,832
Rain Therapeutics, Inc.†		5,897		13,681
Rallybio Corp.†		6,707		91,215
RAPT Therapeutics, Inc.†		7,898		116,259
Recursion Pharmaceuticals, Inc., Class A†		42,721		261,453
REGENXBIO, Inc.†		14,631		307,836
Relay Therapeutics, Inc.†		25,934		422,206
Replimune Group, Inc.†		11,192		162,620
REVOLUTION Medicines, Inc.†		22,015		373,815
Rigel Pharmaceuticals, Inc.†		63,328		114,624
Rocket Pharmaceuticals, Inc.†		15,282		181,092
Rubius Therapeutics, Inc.†#		17,023		18,725
Sana Biotechnology, Inc.†#		32,002		164,170
Sangamo Therapeutics, Inc.†		44,011		160,640
Scholar Rock Holding Corp.†		10,467		52,544
Seelos Therapeutics, Inc.†#		36,411		23,613
Seer, Inc.†		15,424		136,965
Selecta Biosciences, Inc.†		34,118		30,099
Sensei Biotherapeutics, Inc.†		7,746		14,717
Sesen Bio, Inc.†		74,616		45,732
Shattuck Labs, Inc.†#		9,860		28,200
Sigilon Therapeutics, Inc.†		5,634		4,271
Silverback Therapeutics, Inc.†		7,601		26,527
Singular Genomics Systems, Inc.†#		17,460		56,745
Solid Biosciences, Inc.†		22,101		12,598
Sorrento Therapeutics, Inc.†		110,729		181,596
SpringWorks Therapeutics, Inc.†		10,822		204,969
Spruce Biosciences, Inc.†#		3,219		5,022
SQZ Biotechnologies Co.†#		8,439		29,958
Stoke Therapeutics, Inc.†		7,075		85,678
Surface Oncology, Inc.†		13,101		24,237
Sutro Biopharma, Inc.†		16,071		69,909
Syndax Pharmaceuticals, Inc.†		18,192		300,168
Talaris Therapeutics, Inc.†		7,900		68,019
Tarsus Pharmaceuticals, Inc.†		3,125		42,969
Taysha Gene Therapies, Inc.†#		8,395		21,407
TCR2 Therapeutics, Inc.†#		11,305		26,228
Tenaya Therapeutics, Inc.†		10,597		71,000
Terns Pharmaceuticals, Inc.†		5,085		8,797
TG Therapeutics, Inc.†		48,008		212,195
Theravance Biopharma, Inc.†		22,240		195,267
Theseus Pharmaceuticals, Inc.†		4,266		28,795
Tobira Therapeutics, Inc. CVR†(1)		4,989		0
TransMedics Group, Inc.†		9,607		280,236
Travere Therapeutics, Inc.†		21,882		510,069
Turning Point Therapeutics, Inc.†		17,043		602,811
Twist Bioscience Corp.†		20,517		698,399
Tyra Biosciences, Inc.†		4,371		29,854
UroGen Pharma, Ltd.†#		7,230		38,464
Vaxart, Inc.†		45,364		165,125
VBI Vaccines, Inc.†		69,860		63,922
Ventyx Biosciences, Inc.†		3,871		67,781
Vera Therapeutics, Inc.†		5,072		73,747
Veracyte, Inc.†		25,008		439,641
Verastem, Inc.†#		63,891		81,780
Vericel Corp.†		17,233		467,876
Veru, Inc.†#		23,873		308,917
Verve Therapeutics, Inc.†		13,509		204,796
Vigil Neuroscience, Inc.†		2,488		7,240
Viking Therapeutics, Inc.†#		25,355		56,288
Vincerx Pharma, Inc.†		6,089		9,925
Vir Biotechnology, Inc.†		22,281		575,073
Viracta Therapeutics, Inc.†		13,438		28,489
VistaGen Therapeutics, Inc.†		71,918		82,706
Vor BioPharma, Inc.†		7,033		29,609

Security Description	Shares		Value (Note 2)
Medical - Biomedical/Gene (continued)
Wave Life Sciences, Ltd.†		16,408	$	22,971
Werewolf Therapeutics, Inc.†		9,788		37,097
XBiotech, Inc.		5,645		31,047
Xencor, Inc.†		20,956		467,947
Xilio Therapeutics, Inc.†		2,833		8,499
XOMA Corp.†		2,232		40,645
Zentalis Pharmaceuticals, Inc.†		13,515		325,847
				49,408,781
Medical - Drugs — 1.5%
Aclaris Therapeutics, Inc.†		18,905		241,795
Aduro Biotech Holding, Inc. CVR†(1)		6,346		0
Aeglea BioTherapeutics, Inc.†#		14,979		23,667
Aerie Pharmaceuticals, Inc.†		15,690		81,274
Alector, Inc.†		21,650		191,819
Alkermes PLC†		59,459		1,774,851
Amphastar Pharmaceuticals, Inc.†		13,718		509,487
Ampio Pharmaceuticals, Inc.†#		72,219		13,202
Amylyx Pharmaceuticals, Inc.†		3,554		31,595
Athenex, Inc.†#		32,051		15,343
Beyondspring, Inc.†#		8,302		11,374
Bioxcel Therapeutics, Inc.†#		6,392		74,786
Catalyst Pharmaceuticals, Inc.†		35,990		259,128
Chimerix, Inc.†		27,058		50,869
Citius Pharmaceuticals, Inc.†#		45,922		43,153
Clovis Oncology, Inc.†#		41,809		29,070
Coherus Biosciences, Inc.†		24,096		176,865
Collegium Pharmaceutical, Inc.†		12,795		199,858
Corcept Therapeutics, Inc.†		32,400		675,216
Cytokinetics, Inc.†		29,389		1,172,621
Durect Corp.†#		83,850		46,117
Eagle Pharmaceuticals, Inc.†		4,239		197,961
Enanta Pharmaceuticals, Inc.†		7,259		289,852
Foghorn Therapeutics, Inc.†		7,251		93,538
Fortress Biotech, Inc.†#		27,197		23,428
Fulcrum Therapeutics, Inc.†#		10,187		72,531
Gritstone Bio, Inc.†#		15,836		31,989
Harmony Biosciences Holdings, Inc.†		8,515		371,254
Harpoon Therapeutics, Inc.†#		6,933		14,282
Hookipa Pharma, Inc.†		7,114		12,236
Immuneering Corp., Class A†#		7,041		31,544
Ironwood Pharmaceuticals, Inc.†		54,407		613,167
Jounce Therapeutics, Inc.†		12,219		47,288
Kala Pharmaceuticals, Inc.†		18,159		6,323
KalVista Pharmaceuticals, Inc.†		8,300		73,787
Kura Oncology, Inc.†		23,553		309,957
Landos Biopharma, Inc.†		1,735		1,260
Lyell Immunopharma, Inc.†		54,980		227,617
Madrigal Pharmaceuticals, Inc.†		4,364		289,726
Marinus Pharmaceuticals, Inc.†#		13,690		66,396
Mirum Pharmaceuticals, Inc.†		1,336		31,249
Morphic Holding, Inc.†		7,844		183,863
Neoleukin Therapeutics, Inc.†#		13,051		13,051
NexImmune, Inc.†		6,543		14,918
Ocular Therapeutix, Inc.†		28,412		88,930
ORIC Pharmaceuticals, Inc.†		11,719		39,141
Pacira BioSciences, Inc.†		16,371		1,035,466
Paratek Pharmaceuticals, Inc.†#		18,153		34,309
Passage Bio, Inc.†		13,747		24,745
PetIQ, Inc.†#		9,974		171,154
Phibro Animal Health Corp., Class A		7,578		145,573
PMV Pharmaceuticals Inc†#		9,723		114,342
Prestige Consumer Healthcare, Inc.†		18,565		1,036,298
Progenics Pharmaceuticals, Inc. CVR†(1)		41,888		44,338
Protagonist Therapeutics, Inc.†		16,581		145,250

213

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical - Drugs (continued)
Reata Pharmaceuticals, Inc., Class A†#		10,177	$	287,806
Relmada Therapeutics, Inc.†		9,206		172,981
Reneo Pharmaceuticals, Inc.†#		3,222		6,670
Rhythm Pharmaceuticals, Inc.†		16,328		56,168
Seres Therapeutics, Inc.†		25,797		79,971
SIGA Technologies, Inc.		17,883		195,640
Spectrum Pharmaceuticals, Inc.†#		60,431		45,166
Spero Therapeutics, Inc.†#		8,969		10,583
Summit Therapeutics, Inc.†#		9,770		12,994
Supernus Pharmaceuticals, Inc.†		18,207		507,429
Syros Pharmaceuticals, Inc.†		21,338		17,531
TherapeuticsMD, Inc.†#		2,890		28,698
Tonix Pharmaceuticals Holding Corp.†		5,797		14,145
Trevena, Inc.†		60,615		18,900
Vanda Pharmaceuticals, Inc.†		20,311		199,657
Vaxcyte, Inc.†		15,804		379,138
Verrica Pharmaceuticals, Inc.†#		4,854		9,368
Y-mAbs Therapeutics, Inc.†#		12,953		161,135
Zogenix, Inc. CVR†(1)		21,827		14,842
				13,737,675
Medical - Generic Drugs — 0.1%
Amneal Pharmaceuticals, Inc.†		36,961		134,168
Arvinas, Inc.†		17,461		727,949
Endo International PLC†		84,962		44,834
Prometheus Biosciences, Inc.†		11,109		289,501
				1,196,452
Medical - HMO — 0.1%
Bright Health Group, Inc.†#		95,922		163,067
Ontrak, Inc.†#		4,327		8,221
Tivity Health, Inc.†		16,314		528,574
				699,862
Medical - Hospitals — 0.5%
Community Health Systems, Inc.†		46,060		241,354
Select Medical Holdings Corp.		40,960		997,376
Surgery Partners, Inc.†		12,726		498,859
Tenet Healthcare Corp.†		39,371		2,547,698
				4,285,287
Medical - Nursing Homes — 0.2%
Ensign Group, Inc.		19,479		1,581,111
Innovage Holding Corp.†		6,794		32,951
National HealthCare Corp.		4,656		327,270
Pennant Group, Inc.†		9,501		181,754
				2,123,086
Medical - Outpatient/Home Medical — 0.3%
Addus HomeCare Corp.†		5,705		476,367
American Well Corp., Class A†		67,872		256,556
Aveanna Healthcare Holdings, Inc.†		14,621		45,033
Joint Corp.†		5,125		85,485
LHC Group, Inc.†		11,322		1,886,925
ModivCare, Inc.†		4,606		439,551
				3,189,917
Medical - Wholesale Drug Distribution — 0.2%
AdaptHealth Corp.†		26,565		477,904
Covetrus, Inc.†		38,364		798,739
Owens & Minor, Inc.		26,889		937,888
				2,214,531
Metal Processors & Fabrication — 0.6%
AZZ, Inc.		9,094		407,047
Helios Technologies, Inc.		11,987		820,151

Security Description	Shares		Value (Note 2)
Metal Processors & Fabrication (continued)
Mayville Engineering Co., Inc.†		3,321	$	30,121
Mueller Industries, Inc.		20,828		1,121,588
Park-Ohio Holdings Corp.		3,153		49,124
Proto Labs, Inc.†		10,301		496,405
RBC Bearings, Inc.†		10,366		1,932,119
Standex International Corp.		4,435		412,898
Tredegar Corp.		9,715		117,649
Xometry, Inc., Class A†		9,149		311,157
				5,698,259
Metal Products - Distribution — 0.1%
Olympic Steel, Inc.		3,474		118,706
Ryerson Holding Corp.		6,090		183,553
Worthington Industries, Inc.		12,247		571,200
				873,459
Metal-Aluminum — 0.3%
Arconic Corp.†		39,609		1,114,201
Century Aluminum Co.†		19,040		224,672
Constellium SE†		46,065		778,038
Kaiser Aluminum Corp.		5,859		598,614
				2,715,525
Metal - Diversified — 0.0%
PolyMet Mining Corp.†		10,701		29,642
Miscellaneous Manufacturing — 0.3%
Hillenbrand, Inc.		27,048		1,131,688
John Bean Technologies Corp.		11,634		1,416,440
Sight Sciences, Inc.†#		8,277		71,099
				2,619,227
Motion Pictures & Services — 0.1%
Chicken Soup For The Soul Entertainment, Inc.†#		2,698		17,915
Eros STX Global Corp.†#		5,888		11,658
IMAX Corp.†		18,472		319,935
Lions Gate Entertainment Corp., Class A†		21,588		220,845
Lions Gate Entertainment Corp., Class B†		43,783		411,123
				981,476
MRI/Medical Diagnostic Imaging — 0.0%
RadNet, Inc.†		16,841		345,746
Multilevel Direct Selling — 0.1%
Nu Skin Enterprises, Inc., Class A		18,424		859,480
Multimedia — 0.0%
E.W. Scripps Co., Class A†		21,243		337,126
Networking Products — 0.3%
A10 Networks, Inc.		22,275		343,258
Calix, Inc.†		20,454		755,571
Extreme Networks, Inc.†		47,081		467,043
Infinera Corp.†		67,818		388,597
NeoPhotonics Corp.†		19,343		298,076
NETGEAR, Inc.†		10,736		204,521
				2,457,066
Night Clubs — 0.0%
RCI Hospitality Holdings, Inc.		3,267		188,604
Non-Ferrous Metals — 0.1%
Energy Fuels, Inc.†#		57,320		367,421
Ur-Energy, Inc.†#		68,720		83,838
Uranium Energy Corp.†#		98,013		374,410
				825,669
Non-Hazardous Waste Disposal — 0.1%
Casella Waste Systems, Inc., Class A†		18,239		1,305,548

214

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Office Automation & Equipment — 0.0%
Pitney Bowes, Inc.		65,195	$	305,113
Office Furnishings - Original — 0.2%
CompX International, Inc.		594		13,145
HNI Corp.		16,136		615,266
Interface, Inc.		21,548		310,076
Kimball International, Inc., Class B		13,386		114,316
Steelcase, Inc., Class A		31,756		389,329
				1,442,132
Office Supplies & Forms — 0.0%
ACCO Brands Corp.		34,547		260,484
Oil & Gas Drilling — 0.4%
Helmerich & Payne, Inc.		38,171		1,921,910
Nabors Industries, Ltd.†		2,620		436,937
Patterson-UTI Energy, Inc.		69,150		1,319,382
				3,678,229
Oil Companies - Exploration & Production — 4.8%
Antero Resources Corp.†		106,080		4,548,710
Berry Corp.		24,997		278,217
Brigham Minerals, Inc., Class A		16,179		490,386
California Resources Corp.		30,072		1,313,244
Callon Petroleum Co.†		17,853		1,043,686
Centennial Resource Development, Inc., Class A†		68,292		542,238
Chesapeake Energy Corp.#		38,925		3,790,517
Civitas Resources, Inc.		16,112		1,230,151
CNX Resources Corp.†		74,557		1,619,378
Comstock Resources, Inc.†		33,946		655,158
Crescent Energy, Inc.#		10,889		196,764
Denbury, Inc.†		18,703		1,367,937
DLB Oil & Gas, Inc.†(1)		3,000		0
Earthstone Energy, Inc., Class A†#		11,436		206,077
Falcon Minerals Corp.		14,589		108,105
HighPeak Energy, Inc.#		1,941		61,860
Kosmos Energy, Ltd.†		166,327		1,287,371
Laredo Petroleum, Inc.†		4,663		392,485
Magnolia Oil & Gas Corp., Class A		53,459		1,476,003
Matador Resources Co.		41,052		2,500,067
Northern Oil and Gas, Inc.		22,658		740,690
Oasis Petroleum, Inc.		7,352		1,166,983
Ovintiv, Inc.		97,174		5,440,772
PDC Energy, Inc.		36,139		2,860,040
Range Resources Corp.†		88,634		3,009,124
Ranger Oil Corp.†		7,868		336,829
Riley Exploration Permian, Inc.		3,922		107,737
SM Energy Co.		44,477		2,146,905
Southwestern Energy Co.†		376,731		3,435,787
Talos Energy, Inc.†		13,667		295,207
Tellurian, Inc.†		137,389		655,346
W&T Offshore, Inc.†		34,785		234,103
Whiting Petroleum Corp.		14,602		1,291,693
				44,829,570
Oil Companies - Integrated — 0.3%
Murphy Oil Corp.		54,324		2,304,424
Oil Field Machinery & Equipment — 0.1%
Dril-Quip, Inc.†		13,015		409,192
US Silica Holdings, Inc.†		27,228		481,391
				890,583
Oil Refining & Marketing — 0.3%
CVR Energy, Inc.		10,969		377,663
Delek US Holdings, Inc.†		24,338		709,696
Par Pacific Holdings, Inc.†		16,585		271,994

Security Description	Shares		Value (Note 2)
Oil Refining & Marketing (continued)
PBF Energy, Inc., Class A†		35,708	$	1,185,505
				2,544,858
Oil - Field Services — 0.9%
Archrock, Inc.		49,994		501,440
Aris Water Solution, Inc., Class A		7,213		147,362
Bristow Group, Inc.†		8,768		278,735
ChampionX Corp.		75,190		1,749,671
DMC Global, Inc.†		7,096		196,346
Expro Group Holdings NV†		17,230		235,534
Helix Energy Solutions Group, Inc.†		53,057		246,184
Liberty Oilfield Services, Inc.†		34,331		558,565
Matrix Service Co.†		9,755		58,823
MRC Global, Inc.†		29,843		333,943
National Energy Services Reunited Corp.†		14,073		104,985
Newpark Resources, Inc.†		33,476		143,947
NexTier Oilfield Solutions, Inc.†		64,115		698,853
NOW, Inc.†		40,864		451,139
Oceaneering International, Inc.†		36,922		469,648
Oil States International, Inc.†		22,462		173,856
ProPetro Holding Corp.†		31,986		417,417
RPC, Inc.†		25,043		234,402
Select Energy Services, Inc., Class A†		23,649		200,307
Solaris Oilfield Infrastructure, Inc., Class A		11,592		156,260
TETRA Technologies, Inc.†		45,489		228,355
Tidewater, Inc.†		15,211		387,120
				7,972,892
Optical Supplies — 0.1%
STAAR Surgical Co.†		17,615		1,161,533
Paper & Related Products — 0.1%
Clearwater Paper Corp.†		6,113		209,982
Glatfelter Corp.		16,230		139,903
Neenah, Inc.		6,251		236,975
				586,860
Patient Monitoring Equipment — 0.1%
CareDx, Inc.†		18,753		471,638
Pharmacy Services — 0.2%
Option Care Health, Inc.†		58,926		1,788,993
Physical Therapy/Rehabilitation Centers — 0.1%
U.S. Physical Therapy, Inc.		4,738		533,451
Physicians Practice Management — 0.0%
Accolade, Inc.†		18,910		121,402
Pipelines — 0.2%
Equitrans Midstream Corp.		151,612		1,193,187
Golar LNG, Ltd.†		37,510		950,128
Kinetik Holdings, Inc.		1,208		101,520
				2,244,835
Pollution Control — 0.0%
CECO Environmental Corp.†		11,533		72,197
Poultry — 0.2%
Sanderson Farms, Inc.		7,532		1,502,634
Power Converter/Supply Equipment — 0.0%
Blink Charging Co.†#		13,534		215,596
Powell Industries, Inc.		3,376		90,747
				306,343
Precious Metals — 0.1%
Coeur Mining, Inc.†		94,861		369,009
Hecla Mining Co.		197,069		930,166
				1,299,175

215

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Printing - Commercial — 0.1%
Cimpress PLC†		6,517	$	284,011
Deluxe Corp.		15,797		378,022
Ennis, Inc.		9,460		171,699
				833,732
Private Corrections — 0.1%
CoreCivic, Inc.†		44,464		572,252
Private Equity — 0.0%
Chicago Atlantic Real Estate Finance, Inc.		2,221		37,824
Professional Sports — 0.1%
Hall of Fame Resort & Entertainment Co.†#		20,648		13,803
Liberty Media Corp.—Liberty Braves, Series A†#		3,713		94,236
Liberty Media Corp.—Liberty Braves, Series C†		13,545		332,530
Madison Square Garden Entertainment Corp.†		9,680		656,207
				1,096,776
Protection/Safety — 0.2%
Alarm.com Holdings, Inc.†		17,529		1,108,359
ShotSpotter, Inc.†		3,141		94,733
Vivint Smart Home, Inc.†		33,962		202,413
				1,405,505
Publishing-Books — 0.0%
Scholastic Corp.		10,234		384,082
Publishing-Newspapers — 0.2%
Gannett Co, Inc.†		52,159		204,985
TEGNA, Inc.		81,993		1,795,647
				2,000,632
Publishing-Periodicals — 0.0%
Thryv Holdings, Inc.†		2,840		74,380
Value Line, Inc.		363		25,631
				100,011
Quarrying — 0.1%
Compass Minerals International, Inc.		12,680		569,712
Radio — 0.1%
Audacy, Inc.†		43,727		76,085
iHeartMedia, Inc., Class A†		41,515		489,877
				565,962
Real Estate Investment Trusts — 8.1%
Acadia Realty Trust		32,195		632,954
AFC Gamma, Inc.		5,537		99,223
Agree Realty Corp.#		26,081		1,814,455
Alexander & Baldwin, Inc.		26,863		548,005
Alexander’s, Inc.		794		192,347
American Assets Trust, Inc.		18,514		631,327
Apartment Investment & Management Co., Class A†		56,036		351,906
Apollo Commercial Real Estate Finance, Inc.		52,020		662,215
Apple Hospitality REIT, Inc.		79,481		1,328,128
Arbor Realty Trust, Inc.		53,353		876,056
Ares Commercial Real Estate Corp.		16,223		238,478
Armada Hoffler Properties, Inc.		24,711		340,518
ARMOUR Residential REIT, Inc.#		33,000		249,480
Ashford Hospitality Trust, Inc.†#		6,302		35,543
Blackstone Mtg. Trust, Inc., Class A		58,317		1,814,242
Braemar Hotels & Resorts, Inc.		21,179		122,838
Brandywine Realty Trust		62,912		701,469
BrightSpire Capital, Inc.		31,296		278,221
Broadmark Realty Capital, Inc.		47,619		351,904
Broadstone Net Lease, Inc.		58,347		1,234,039
BRT Apartments Corp.		4,221		96,703
CareTrust REIT, Inc.		35,778		662,966

Security Description	Shares		Value (Note 2)
Real Estate Investment Trusts (continued)
CatchMark Timber Trust, Inc., Class A		18,131	$	213,764
Centerspace		5,298		439,628
Chatham Lodging Trust†		17,724		225,804
Chimera Investment Corp.		87,345		855,981
City Office REIT, Inc.		15,834		220,726
Clipper Realty, Inc.		4,523		38,265
Community Healthcare Trust, Inc.		8,853		333,581
Corporate Office Properties Trust		41,879		1,157,536
CTO Realty Growth, Inc.#		2,192		144,431
DiamondRock Hospitality Co.†		77,543		797,917
DigitalBridge Group, Inc.†		179,884		1,082,902
Diversified Healthcare Trust		87,981		199,717
Dynex Capital, Inc.#		13,382		218,127
Easterly Government Properties, Inc.		32,104		630,202
EastGroup Properties, Inc.		14,983		2,420,504
Ellington Financial, Inc.#		19,959		309,165
Empire State Realty Trust, Inc., Class A		53,015		424,120
Equity Commonwealth†		40,334		1,099,101
Essential Properties Realty Trust, Inc.		44,905		1,027,426
Farmland Partners, Inc.		10,608		159,332
Four Corners Property Trust, Inc.		28,643		789,688
Franklin BSP Realty Trust, Inc.		13,344		206,565
Franklin Street Properties Corp.		37,649		170,173
GEO Group, Inc.†#		43,672		310,508
Getty Realty Corp.		15,099		421,866
Gladstone Commercial Corp.		13,699		277,953
Gladstone Land Corp.		11,609		311,586
Global Medical REIT, Inc.		22,195		288,535
Global Net Lease, Inc.		38,668		559,526
Granite Point Mtg. Trust, Inc.		19,809		217,899
Great Ajax Corp.		8,041		84,833
Healthcare Realty Trust, Inc.		54,699		1,590,100
Hersha Hospitality Trust†		11,970		131,431
Independence Realty Trust, Inc.		81,918		1,925,892
INDUS Realty Trust, Inc.		2,136		132,881
Industrial Logistics Properties Trust		24,088		367,583
Innovative Industrial Properties, Inc.		9,366		1,246,146
Invesco Mtg. Capital, Inc.#		116,402		207,196
iStar, Inc.		24,891		433,103
Kite Realty Group Trust		80,468		1,686,609
KKR Real Estate Finance Trust, Inc.		13,102		267,543
Ladder Capital Corp.		42,127		486,988
LTC Properties, Inc.		14,433		559,134
LXP Industrial Trust		103,617		1,197,813
Macerich Co.		79,285		931,599
MFA Financial, Inc.		41,028		554,699
National Health Investors, Inc.		16,220		959,413
National Storage Affiliates Trust		30,117		1,579,637
Necessity Retail REIT, Inc.		46,025		367,279
NETSTREIT Corp.#		14,711		309,372
New York Mtg. Trust, Inc.		140,745		426,457
NexPoint Residential Trust, Inc.		8,284		608,708
Office Properties Income Trust		17,751		378,274
One Liberty Properties, Inc.		5,971		163,785
Orchid Island Capital, Inc.#		50,381		157,189
Outfront Media, Inc.		53,953		1,113,050
Paramount Group, Inc.		69,210		627,043
Pebblebrook Hotel Trust		48,193		1,084,824
PennyMac Mtg. Investment Trust#		36,330		587,819
Phillips Edison & Co., Inc.		42,300		1,427,202
Physicians Realty Trust		81,736		1,516,203
Piedmont Office Realty Trust, Inc., Class A		45,976		677,686
Plymouth Industrial REIT, Inc.		11,592		235,434
Postal Realty Trust, Inc., Class A		6,217		98,850
PotlatchDeltic Corp.		24,483		1,284,378

216

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Real Estate Investment Trusts (continued)
Preferred Apartment Communities, Inc.		19,323	$	481,916
PS Business Parks, Inc.		7,447		1,397,281
Ready Capital Corp.		24,941		366,134
Redwood Trust, Inc.		42,521		433,714
Retail Opportunity Investments Corp.		44,070		796,345
RLJ Lodging Trust		61,318		823,501
RPT Realty		31,042		377,781
Ryman Hospitality Properties, Inc.†		19,940		1,780,443
Sabra Health Care REIT, Inc.		84,670		1,188,767
Safehold, Inc.		7,703		345,480
Saul Centers, Inc.		4,386		215,177
Seritage Growth Properties, Class A†#		13,846		111,183
Service Properties Trust		60,843		385,136
SITE Centers Corp.		64,238		1,009,821
STAG Industrial, Inc.		66,414		2,211,586
Summit Hotel Properties, Inc.†		38,458		336,123
Sunstone Hotel Investors, Inc.†		80,717		966,182
Tanger Factory Outlet Centers, Inc.		37,925		664,067
Terreno Realty Corp.		27,340		1,659,811
TPG RE Finance Trust, Inc.		22,258		233,486
Two Harbors Investment Corp.		127,563		681,186
UMH Properties, Inc.		16,263		320,218
Uniti Group, Inc.		72,892		826,595
Universal Health Realty Income Trust		4,757		255,308
Urban Edge Properties		42,927		809,174
Urstadt Biddle Properties, Inc., Class A		11,035		194,216
Veris Residential, Inc.†		32,562		523,923
Washington Real Estate Investment Trust		31,391		762,487
Whitestone REIT		17,048		209,520
Xenia Hotels & Resorts, Inc.†		42,242		776,830
				75,365,089
Real Estate Management/Services — 0.4%
Angel Oak Mtg., Inc.#		3,555		54,391
Cushman & Wakefield PLC†		51,432		960,235
Douglas Elliman, Inc.		26,623		153,082
eXp World Holdings, Inc.#		23,268		325,054
Fathom Holdings, Inc.†		2,516		24,154
Marcus & Millichap, Inc.		8,801		368,586
Newmark Group, Inc., Class A		62,318		689,860
RE/MAX Holdings, Inc., Class A		6,862		166,747
Realogy Holdings Corp.†		42,702		528,651
Redfin Corp.†#		38,251		374,860
RMR Group, Inc., Class A		5,656		169,793
				3,815,413
Real Estate Operations & Development — 0.3%
FRP Holdings, Inc.†		2,477		148,669
Kennedy-Wilson Holdings, Inc.		44,048		927,651
Legacy Housing Corp.†		2,981		46,682
McGrath RentCorp		8,953		736,026
Radius Global Infrastructure, Inc., Class A†		26,674		397,443
Rafael Holdings, Inc., Class B†		4,603		8,976
St. Joe Co.		12,353		623,703
				2,889,150
Recreational Centers — 0.1%
F45 Training Holdings, Inc.†		11,762		74,806
Life Time Group Holdings, Inc.†		14,421		211,268
OneSpaWorld Holdings, Ltd.†#		19,831		186,412
Xponential Fitness, Inc., Class A†		4,565		86,187
				558,673
Recreational Vehicles — 0.1%
Camping World Holdings, Inc., Class A#		15,478		419,918

Security Description	Shares		Value (Note 2)
Recreational Vehicles (continued)
Malibu Boats, Inc., Class A†		7,682	$	450,165
Marine Products Corp.		3,019		32,062
MasterCraft Boat Holdings, Inc.†		6,803		159,190
OneWater Marine, Inc., Class A		4,062		138,921
				1,200,256
Recycling — 0.0%
Harsco Corp.†		29,030		240,949
PureCycle Technologies, Inc.†#		21,236		181,355
				422,304
Rental Auto/Equipment — 1.2%
Aaron’s Co., Inc.		11,584		226,583
Alta Equipment Group, Inc.†		7,008		75,476
Avis Budget Group, Inc.†		15,322		2,915,470
Custom Truck One Source, Inc.†		21,713		129,410
Herc Holdings, Inc.		9,252		1,084,519
PROG Holdings, Inc.†		20,957		611,735
Rent the Runway, Inc., Class A†		6,359		27,535
Rent-A-Center, Inc.		24,440		673,078
Textainer Group Holdings, Ltd.		17,469		566,694
Triton International, Ltd.		24,744		1,577,925
WillScot Mobile Mini Holdings Corp.†		77,303		2,762,036
				10,650,461
Research & Development — 0.0%
Landec Corp.†		9,693		92,083
Resort/Theme Parks — 0.1%
SeaWorld Entertainment, Inc.†		18,661		1,011,053
Retail-Apparel/Shoe — 0.5%
Abercrombie & Fitch Co., Class A†		20,746		424,048
American Eagle Outfitters, Inc.#		56,423		683,283
Boot Barn Holdings, Inc.†		10,845		875,192
Buckle, Inc.		11,032		362,512
Caleres, Inc.		13,659		388,735
Cato Corp., Class A		7,130		93,047
Chico’s FAS, Inc.†		44,594		220,740
Children’s Place, Inc.†		5,104		242,338
Designer Brands, Inc., Class A		22,574		350,574
Duluth Holdings, Inc., Class B†		4,501		56,127
Genesco, Inc.†		5,308		298,893
Guess?, Inc.		14,923		311,294
Shoe Carnival, Inc.		6,546		178,444
Tilly’s, Inc., Class A		8,402		69,569
Vera Bradley, Inc.†		9,645		65,682
Winmark Corp.		1,283		253,777
				4,874,255
Retail-Appliances — 0.0%
Conn’s, Inc.†#		6,619		87,371
Retail-Arts & Crafts — 0.0%
Joann, Inc.#		4,157		33,630
Retail-Automobile — 0.5%
America’s Car-Mart, Inc.†		2,224		241,082
Asbury Automotive Group, Inc.†		8,586		1,555,354
CarLotz, Inc.†		26,532		14,805
Group 1 Automotive, Inc.		6,170		1,108,070
Lazydays Holdings, Inc.†#		2,843		44,152
Rush Enterprises, Inc., Class A		15,658		798,245
Rush Enterprises, Inc., Class B		2,396		118,626
Shift Technologies, Inc.†#		22,228		23,117
Sonic Automotive, Inc., Class A		8,020		365,792
				4,269,243

217

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail - Bedding — 0.0%
Bed Bath & Beyond, Inc.†#		35,924	$	310,743
Retail - Bookstores — 0.0%
Barnes & Noble Education, Inc.†		16,744		42,027
Retail - Building Products — 0.3%
Aspen Aerogels, Inc.†		8,175		143,226
Beacon Roofing Supply, Inc.†		20,687		1,270,389
BlueLinx Holdings, Inc.†#		3,415		282,284
GMS, Inc.†		15,848		789,389
Patrick Industries, Inc.		8,421		506,186
				2,991,474
Retail - Computer Equipment — 0.0%
PC Connection, Inc.		4,110		183,758
Retail - Convenience Store — 0.0%
Arko Corp.		30,891		278,946
Retail - Discount — 0.4%
Big Lots, Inc.#		11,200		274,288
BJ’s Wholesale Club Holdings, Inc.†		50,811		2,940,433
Citi Trends, Inc.†		2,982		89,102
				3,303,823
Retail - Drug Store — 0.0%
MedAvail Holdings, Inc.†		4,453		7,615
Rite Aid Corp.†#		20,627		114,892
				122,507
Retail - Floor Coverings — 0.0%
Lumber Liquidators Holdings, Inc.†		10,621		127,558
Retail - Gardening Products — 0.0%
GrowGeneration Corp.†#		20,526		105,709
Retail - Hair Salons — 0.0%
Regis Corp.†#		15,829		12,158
Retail - Home Furnishings — 0.1%
Bassett Furniture Industries, Inc.		3,413		55,564
Haverty Furniture Cos., Inc.		6,039		170,662
Kirkland’s, Inc.†#		4,686		27,132
La-Z-Boy, Inc.		16,317		416,573
				669,931
Retail - Jewelry — 0.2%
Movado Group, Inc.		5,791		196,488
Signet Jewelers, Ltd.		19,593		1,167,743
				1,364,231
Retail - Leisure Products — 0.0%
MarineMax, Inc.†		7,826		324,075
Retail - Misc./Diversified — 0.2%
Container Store Group, Inc.†		11,784		90,737
Party City Holdco, Inc.†		40,966		58,991
PriceSmart, Inc.		9,093		714,983
Sally Beauty Holdings, Inc.†		40,715		617,239
				1,481,950
Retail - Office Supplies — 0.1%
ODP Corp.†		17,096		652,896
Retail - Pawn Shops — 0.1%
FirstCash Holdings, Inc.		14,720		1,098,848
Retail - Pet Food & Supplies — 0.0%
PetMed Express, Inc.#		7,550		166,326
Retail - Petroleum Products — 0.4%
Clean Energy Fuels Corp.†		57,504		317,997

Security Description	Shares		Value (Note 2)
Retail - Petroleum Products (continued)
Murphy USA, Inc.		8,648	$	2,154,390
TravelCenters of America, Inc.†		4,628		180,723
World Fuel Services Corp.		23,124		573,244
				3,226,354
Retail - Regional Department Stores — 0.4%
Dillard’s, Inc., Class A#		2,012		606,578
Macy’s, Inc.		111,813		2,644,377
				3,250,955
Retail - Restaurants — 1.1%
Biglari Holdings, Inc., Class B†		303		40,514
BJ’s Restaurants, Inc.†		8,351		219,381
Bloomin’ Brands, Inc.		32,840		693,252
Brinker International, Inc.†		16,417		498,256
Carrols Restaurant Group, Inc.		12,391		22,799
Cheesecake Factory, Inc.		17,081		557,866
Chuy’s Holdings, Inc.†		7,377		166,646
Cracker Barrel Old Country Store, Inc.#		8,793		896,974
Dave & Buster’s Entertainment, Inc.†		16,237		615,220
Denny’s Corp.†		22,951		237,772
Dine Brands Global, Inc.		6,042		444,027
El Pollo Loco Holdings, Inc.†		7,061		73,152
Fiesta Restaurant Group, Inc.†		6,464		48,157
First Watch Restaurant Group, Inc.†		4,069		64,697
Jack in the Box, Inc.		7,844		535,745
Kura Sushi USA, Inc., Class A†		1,671		62,980
Noodles & Co.†		15,074		99,488
ONE Group Hospitality, Inc.†		7,687		69,106
Papa John’s International, Inc.		12,263		1,079,267
Portillo’s, Inc., Class A†#		8,530		158,402
Red Robin Gourmet Burgers, Inc.†		5,775		56,826
Ruth’s Hospitality Group, Inc.		12,229		225,381
Shake Shack, Inc., Class A†		13,874		674,970
Sweetgreen, Inc.† Class A		4,571		83,558
Texas Roadhouse, Inc.		25,951		2,023,400
Wingstop, Inc.		11,064		881,358
				10,529,194
Retail - Sporting Goods — 0.2%
Academy Sports & Outdoors, Inc.		29,113		975,577
Big 5 Sporting Goods Corp.#		7,717		98,392
Hibbett, Inc.		5,086		258,114
Sportsman’s Warehouse Holdings, Inc.†		16,135		152,637
Zumiez, Inc.†		7,222		236,954
				1,721,674
Retail - Vision Service Center — 0.1%
National Vision Holdings, Inc.†		30,735		864,883
Retail - Vitamins & Nutrition Supplements — 0.0%
Franchise Group, Inc.		10,504		416,694
Retirement/Aged Care — 0.0%
Brookdale Senior Living, Inc.†		68,602		391,031
Rubber-Tires — 0.1%
Goodyear Tire & Rubber Co.†		102,463		1,323,822
Rubber/Plastic Products — 0.0%
Myers Industries, Inc.		13,387		318,611
Satellite Telecom — 0.3%
EchoStar Corp., Class A†		13,836		332,479
Globalstar, Inc.†		225,040		315,056
Gogo, Inc.†		21,911		443,917
Iridium Communications, Inc.†		43,790		1,625,047

218

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Satellite Telecom (continued)
KVH Industries, Inc.†		5,618	$	43,708
Telesat Corp.†#		2,645		44,251
				2,804,458
Savings & Loans/Thrifts — 0.9%
Axos Financial, Inc.†		21,151		817,486
Banc of California, Inc.		20,317		390,899
Berkshire Hills Bancorp, Inc.		18,131		473,400
Brookline Bancorp, Inc.		28,464		403,335
Capitol Federal Financial, Inc.		48,174		488,966
Flushing Financial Corp.		10,782		249,064
FS Bancorp, Inc.		2,647		80,072
Hingham Institution for Savings		537		173,344
Home Bancorp, Inc.		2,774		95,398
HomeTrust Bancshares, Inc.		5,544		148,801
Northfield Bancorp, Inc.		16,315		216,826
Northwest Bancshares, Inc.		45,375		584,884
OceanFirst Financial Corp.		21,591		435,490
Pacific Premier Bancorp, Inc.		34,757		1,131,688
Provident Financial Services, Inc.		27,826		639,720
Southern Missouri Bancorp, Inc.		2,830		132,104
Washington Federal, Inc.		24,073		781,169
Waterstone Financial, Inc.		7,927		137,058
WSFS Financial Corp.		24,028		1,027,918
				8,407,622
Schools — 0.5%
2U, Inc.†		26,938		251,062
Adtalem Global Education, Inc.†		18,354		598,708
American Public Education, Inc.†		6,895		96,116
Coursera, Inc.†		27,070		457,754
Graham Holdings Co., Class B		1,418		869,262
Laureate Education, Inc.		36,807		468,553
Perdoceo Education Corp.†		26,085		284,587
Strategic Education, Inc.		9,038		594,881
Stride, Inc.†		15,374		601,277
Udemy, Inc.†		5,210		76,848
				4,299,048
Security Services — 0.1%
Brink’s Co.		17,823		1,084,173
Semiconductor Components - Integrated Circuits — 0.3%
MaxLinear, Inc.†		26,304		1,041,375
Power Integrations, Inc.		21,830		1,842,016
				2,883,391
Semiconductor Equipment — 0.9%
Axcelis Technologies, Inc.†		12,214		758,001
CMC Materials, Inc.		10,523		1,861,940
Cohu, Inc.†		17,766		540,619
FormFactor, Inc.†		28,828		1,183,678
Kulicke & Soffa Industries, Inc.		22,698		1,229,551
Onto Innovation, Inc.†		18,053		1,451,100
SkyWater Technology, Inc.†#		2,994		19,970
Ultra Clean Holdings, Inc.†		16,456		552,263
Veeco Instruments, Inc.†		18,459		395,576
				7,992,698
Silver Mining — 0.0%
Gatos Silver, Inc.†#		17,197		52,967
Pan American Silver Corp. CVR†		171,891		121,355
				174,322
Software Tools — 0.1%
Digital Turbine, Inc.†		33,660		855,974

Security Description	Shares		Value (Note 2)
Steel Pipe & Tube — 0.1%
Northwest Pipe Co.†		3,587	$	119,842
Omega Flex, Inc.		1,151		127,232
TimkenSteel Corp.†		17,025		393,277
				640,351
Steel-Producers — 0.3%
Carpenter Technology Corp.		17,661		622,197
Commercial Metals Co.		44,522		1,768,859
Schnitzer Steel Industries, Inc., Class A		9,735		395,436
				2,786,492
Steel - Specialty — 0.1%
Allegheny Technologies, Inc.†		47,220		1,298,550
Superconductor Product & Systems — 0.0%
American Superconductor Corp.†		10,236		54,660
SupraNational Banks — 0.0%
Banco Latinoamericano de Comercio Exterior SA, Class E		11,491		170,871
Telecom Equipment-Fiber Optics — 0.0%
Clearfield, Inc.†		4,224		261,043
Luna Innovations, Inc.†		11,437		69,080
				330,123
Telecom Services — 0.3%
ATN International, Inc.		4,121		181,695
Aviat Networks, Inc.†		4,051		118,775
Consolidated Communications Holdings, Inc.†		27,027		178,919
Ooma, Inc.†		8,264		116,026
Vonage Holdings Corp.†		94,059		1,821,923
				2,417,338
Telecommunication Equipment — 0.3%
ADTRAN, Inc.		18,135		336,042
Cambium Networks Corp.†		3,990		57,017
Credo Technology Group Holding, Ltd.†		8,174		83,620
DZS, Inc.†		6,378		111,551
Harmonic, Inc.†		33,589		323,462
Plantronics, Inc.†		15,814		624,337
Preformed Line Products Co.		1,093		67,755
Viavi Solutions, Inc.†		85,257		1,233,669
				2,837,453
Telephone - Integrated — 0.1%
Shenandoah Telecommunications Co.		17,916		411,352
Telephone & Data Systems, Inc.		37,462		664,201
				1,075,553
Television — 0.2%
AMC Networks, Inc., Class A†		10,785		423,419
Gray Television, Inc.		31,679		624,710
Sinclair Broadcast Group, Inc., Class A#		17,026		412,540
				1,460,669
Theaters — 0.4%
AMC Entertainment Holdings, Inc., Class A†		191,347		2,743,916
Cinemark Holdings, Inc.†		40,063		680,270
				3,424,186
Therapeutics — 0.1%
Agios Pharmaceuticals, Inc.†		20,140		392,126
Akebia Therapeutics, Inc.†#		64,646		23,913
Anika Therapeutics, Inc.†		5,349		116,287
CorMedix, Inc.†#		14,046		45,509
G1 Therapeutics, Inc.†#		14,685		71,369
MannKind Corp.†#		91,520		382,554

219

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Therapeutics (continued)
Ocugen, Inc.†#		68,444	$	162,212
Outlook Therapeutics, Inc.†#		42,220		48,553
				1,242,523
Tobacco — 0.2%
22nd Century Group, Inc.†#		59,681		108,619
Greenlane Holdings, Inc., Class A†#		6,781		1,999
Turning Point Brands, Inc.		5,399		157,867
Universal Corp.		8,962		570,700
Vector Group, Ltd.		53,247		655,471
				1,494,656
Tools - Hand Held — 0.1%
Cadre Holdings, Inc.		2,357		59,373
Enerpac Tool Group Corp.		22,398		437,209
				496,582
Toys — 0.0%
Funko, Inc., Class A†		9,962		202,926
Traffic Management Sys — 0.0%
Arlo Technologies, Inc.†		31,301		221,611
Transport-Air Freight — 0.2%
Air Transport Services Group, Inc.†		21,877		661,123
Atlas Air Worldwide Holdings, Inc.†		10,672		743,945
				1,405,068
Transport-Equipment & Leasing — 0.2%
GATX Corp.		13,092		1,413,281
Greenbrier Cos., Inc.		11,819		491,789
Willis Lease Finance Corp.†		1,074		40,296
				1,945,366
Transport-Marine — 0.4%
Costamare, Inc.		19,566		278,229
DHT Holdings, Inc.		51,990		309,860
Dorian LPG, Ltd.		11,540		196,180
Eagle Bulk Shipping, Inc.		3,312		242,637
Frontline, Ltd.†#		45,586		441,273
Genco Shipping & Trading, Ltd.		11,908		300,677
International Seaways, Inc.		17,044		411,272
Nordic American Tankers, Ltd.		62,323		127,762
Safe Bulkers, Inc.		23,487		111,798
Scorpio Tankers, Inc.		18,080		597,544
SFL Corp., Ltd.		45,968		517,140
Teekay Corp.†		25,743		87,011
Teekay Tankers, Ltd., Class A†		8,840		182,546
				3,803,929
Transport - Services — 0.4%
CryoPort, Inc.†		15,034		382,615
Forward Air Corp.		9,944		926,681
Hub Group, Inc., Class A†		12,273		895,684
Matson, Inc.		15,414		1,385,410
Radiant Logistics, Inc.†		14,549		96,460
Universal Logistics Holdings, Inc.		2,839		79,180
				3,766,030
Transport - Truck — 0.5%
ArcBest Corp.		9,383		709,636
Covenant Logistics Group, Inc.		4,488		101,743
Daseke, Inc.†		14,886		112,538
Heartland Express, Inc.		17,464		249,386
Marten Transport, Ltd.		22,060		387,374
P.A.M. Transportation Services, Inc.†		2,628		73,190
Saia, Inc.†		9,836		1,943,495

Security Description	Shares		Value (Note 2)
Transport - Truck (continued)
US Xpress Enterprises, Inc., Class A†		9,971	$	29,514
Werner Enterprises, Inc.		22,503		912,947
Yellow Corp.†		18,662		70,542
				4,590,365
Travel Services — 0.0%
Liberty TripAdvisor Holdings, Inc., Class A†		27,006		28,086
Veterinary Diagnostics — 0.0%
Heska Corp.†		3,627		361,938
Vitamins & Nutrition Products — 0.2%
BellRing Brands, Inc.†		41,766		1,092,181
Nature’s Sunshine Products, Inc.†		4,396		53,147
USANA Health Sciences, Inc.†		4,445		312,617
				1,457,945
Water — 0.4%
American States Water Co.		13,675		1,083,744
Artesian Resources Corp., Class A		3,017		148,074
California Water Service Group		19,491		1,046,082
Global Water Resources, Inc.		4,688		67,226
Middlesex Water Co.		6,405		544,617
SJW Group		10,259		634,519
York Water Co.		4,828		197,852
				3,722,114
Water Treatment Systems — 0.2%
Energy Recovery, Inc.†		15,414		311,517
Evoqua Water Technologies Corp.†		42,902		1,526,882
Pure Cycle Corp.†		7,134		80,614
				1,919,013
Web Hosting/Design — 0.1%
Q2 Holdings, Inc.†		20,269		1,068,784
Wire & Cable Products — 0.2%
Belden, Inc.		16,400		944,312
Encore Wire Corp.		7,323		915,522
Insteel Industries, Inc.		6,910		286,143
				2,145,977
Wireless Equipment — 0.2%
Anterix, Inc.†		4,310		184,425
CalAmp Corp.†		13,163		95,563
Casa Systems, Inc.†		11,779		51,828
InterDigital, Inc.		11,469		748,811
Maxar Technologies, Inc.		26,883		802,726
Ribbon Communications, Inc.†		26,070		73,778
				1,957,131
X-Ray Equipment — 0.1%
Varex Imaging Corp.†		14,210		327,398
ViewRay, Inc.†		55,811		161,294
				488,692
Total Common Stocks
(cost $786,084,338)				904,019,945
WARRANTS — 0.0%
Oil Companies - Exploration & Production — 0.0%
Whiting Petroleum Corp., Series A† Expires 09/01/2024		2,303		55,134
Whiting Petroleum Corp., Series B† Expires 09/01/2025		1,151		19,383
				74,517

220

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
WARRANTS (continued)
Oil & Gas Drilling — 0.0%
Nabors Industries, Ltd.† Expires 06/11/2026#		1,334		$	70,035
Total Warrants
(cost $0)					144,552
Total Long-Term Investment Securities
(cost $786,084,338)					904,164,497
SHORT-TERM INVESTMENT SECURITIES — 2.8%
Registered Investment Companies — 2.4%
State Street Navigator Securities Lending Government Money Market Portfolio 0.32%(2)(3)		21,901,679			21,901,679
U.S. Government Treasuries — 0.4%
United States Treasury Bills
0.07% due 06/16/2022(4)	$	600,000			599,859
0.07% due 07/14/2022(4)		950,000			949,040
0.08% due 08/11/2022(4)		2,500,000			2,494,913
					4,043,812
Total Short-Term Investment Securities
(cost $25,951,210)					25,945,491
REPURCHASE AGREEMENTS — 1.9%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.06% dated 05/31/2022, to be repurchased 06/01/2022 in the amount of $17,637,871 and collateralized by $19,640,900 of United States Treasury Notes, bearing interest at 1.25% due 05/31/2028 and having an approximate value of $17,990,613. (cost $17,637,842)		17,637,842			17,637,842
TOTAL INVESTMENTS
(cost $829,673,390)(5)		102.3	%		947,747,830
Liabilities in excess of other assets		(2.3	)		(21,515,592	)
NET ASSETS		100.0	%	$	926,232,238

† 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) The rate shown is the 7-day yield as of May 31, 2022.

(3) At May 31, 2022, the Fund had loaned securities with a total value of $40,550,845. This was secured by collateral of $21,901,679, which was received in cash and subsequently invested in short-term investments currently valued at $21,901,679 as reported in the Portfolio of Investments. Additional collateral of $21,541,045 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, 2022
Government National Mtg. Assoc.	1.00% to 1.75%	12/20/2050 to 11/20/2051	$	83,267
United States Treasury Bills	0.00%	06/09/2022 to 11/03/2022		1,748,090
United States Treasury Notes/Bonds	0.13% to 6.88%	06/30/2022 to 02/15/2052		19,709,688

(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)
	235	Long	E-mini Russell 2000 Index		June 2022	$	22,989,770	$	21,877,325	$	(1,112,445	)

* 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.

221

VALIC Company I Small Cap Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2022 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks:
Medical-Biomedical/Gene	$	49,408,027	$	—	$	754	$	49,408,781
Medical-Drugs		13,678,495		—		59,180		13,737,675
Oil Companies-Exploration & Production		44,829,570		—		0		44,829,570
Other Industries		796,043,919		—		—		796,043,919
Warrants		144,552		—		—		144,552
Short-Term Investment Securities:
Registered Investment Companies		21,901,679		—		—		21,901,679
U.S Government Treasuries		—		4,043,812		—		4,043,812
Repurchase Agreements		—		17,637,842		—		17,637,842
Total Investments at Value	$	926,006,242	$	21,681,654	$	59,934	$	947,747,830
LIABILITIES:
Other Financial Instruments:†
Futures Contracts	$	1,112,445	$	—	$	—	$	1,112,445

* 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.

Level 3 investments in securities were not considered a significant portion of the Fund’s net assets.

See Notes to Financial Statements

222

VALIC Company I Small Cap Special Values Fund

PORTFOLIO PROFILE — May 31, 2022 (unaudited)

Industry Allocation*

Consumer Products — Misc.	7.3	%
Banks — Commercial	6.8
Oil Companies — Exploration & Production	5.9
Metal Processors & Fabrication	5.0
Insurance — Property/Casualty	4.5
Registered Investment Companies	4.4
Real Estate Investment Trusts	3.7
Food — Misc./Diversified	3.6
Retail — Restaurants	3.3
Chemicals — Diversified	3.9
Chemicals — Specialty	2.9
Building Products — Cement	2.7
Machinery — Electrical	2.6
Distribution/Wholesale	2.6
Computer Services	1.8
Containers — Metal/Glass	1.7
Machinery — Pumps	1.7
Oil & Gas Drilling	1.6
Medical — Wholesale Drug Distribution	1.5
Insurance — Life/Health	1.3
Building Products — Doors & Windows	1.3
Commercial Services — Finance	1.3
Wire & Cable Products	1.2
Containers — Paper/Plastic	1.2
Electronic Components — Misc.	1.2
Auto/Truck Parts & Equipment — Original	1.2
Human Resources	1.2
Commercial Services	1.1
Paper & Related Products	1.0
Auto/Truck Parts & Equipment — Replacement	1.0
Machinery — General Industrial	1.0
Investment Companies	1.0
Electric — Integrated	1.0
Building & Construction Products — Misc.	0.9
Building Products — Wood	0.8
Medical — Drugs	0.8
Transport — Truck	0.8
Beverages — Non — alcoholic	0.8
Rubber/Plastic Products	0.7
Food — Confectionery	0.7
X — Ray Equipment	0.7
Dental Supplies & Equipment	0.7
Specified Purpose Acquisitions	0.7
Oil — Field Services	0.7
Diversified Operations/Commercial Services	0.6
Retail — Vitamins & Nutrition Supplements	0.6
Machinery — Farming	0.6
Finance — Leasing Companies	0.6
Machinery — Material Handling	0.6
Medical Instruments	0.6
Medical — Generic Drugs	0.5
Rental Auto/Equipment	0.5
Office Supplies & Forms	0.5
Footwear & Related Apparel	0.5
Printing — Commercial	0.4
Enterprise Software/Service	0.4
Miscellaneous Manufacturing	0.4
Publishing — Periodicals	0.4
Apparel Manufacturers	0.3
Quarrying	0.3
Housewares	0.3
Food — Catering	0.3
Building Products — Air & Heating	0.2
Recycling	0.2
Office Automation & Equipment	0.2
Investment Management/Advisor Services	0.2
Energy — Alternate Sources	0.2
Transport — Marine	0.2

Networking Products	0.1
Cosmetics & Toiletries	0.1
Transactional Software	0.1
Oil Field Machinery & Equipment	0.1
Leisure Games	0.1
Publishing — Newspapers	0.1
	102.0	%

* Calculated as a percentage of net assets

223

VALIC Company I Small Cap Special Values Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 97.6%
Apparel Manufacturers — 0.3%
Delta Apparel, Inc.†		25,888	$	758,777
Auto/Truck Parts & Equipment - Original — 1.2%
Holley, Inc.†#		262,521		2,753,845
Auto/Truck Parts & Equipment - Replacement — 1.0%
Douglas Dynamics, Inc.		78,568		2,468,607
Banks - Commercial — 6.8%
Associated Banc-Corp		86,095		1,782,167
CVB Financial Corp.		73,437		1,819,769
First Hawaiian, Inc.		45,524		1,165,870
Hancock Whitney Corp.		41,999		2,093,230
Renasant Corp.		48,296		1,494,278
South State Corp.		27,994		2,262,475
UMB Financial Corp.		58,258		5,380,126
				15,997,915
Beverages - Non-alcoholic — 0.8%
Primo Water Corp.		128,640		1,842,125
Building & Construction Products - Misc. — 0.9%
Simpson Manufacturing Co., Inc.		20,598		2,231,793
Building Products - Air & Heating — 0.2%
SPX Corp.†		11,178		562,589
Building Products - Cement — 2.7%
Eagle Materials, Inc.		47,971		6,263,094
Building Products - Doors & Windows — 1.3%
Griffon Corp.		76,711		2,460,122
JELD-WEN Holding, Inc.†		31,615		595,310
				3,055,432
Building Products - Wood — 0.8%
UFP Industries, Inc.		24,241		1,871,405
Chemicals - Diversified — 3.9%
Innospec, Inc.		73,960		7,546,139
Schweitzer-Mauduit International, Inc.		60,181		1,632,109
				9,178,248
Chemicals - Specialty — 2.9%
Diversey Holdings, Ltd.†		82,796		811,401
Ecovyst, Inc.		140,499		1,442,925
Element Solutions, Inc.		33,702		717,515
Minerals Technologies, Inc.		9,799		649,282
NewMarket Corp.		10,161		3,348,253
				6,969,376
Commercial Services — 1.1%
API Group Corp.†		145,500		2,538,975
Commercial Services - Finance — 1.3%
CBIZ, Inc.†		72,261		2,959,811
Computer Services — 1.8%
Kyndryl Holdings, Inc.†		64,061		790,513
MAXIMUS, Inc.		24,096		1,563,589
Parsons Corp.†		48,764		1,903,747
				4,257,849
Consumer Products - Misc. — 7.3%
Central Garden & Pet Co.†		36,118		1,631,811
Central Garden & Pet Co., Class A†		51,269		2,170,217
Helen of Troy, Ltd.†		22,006		4,075,291
Quanex Building Products Corp.		116,158		2,362,654
Spectrum Brands Holdings, Inc.		79,362		6,963,222
				17,203,195

Security Description	Shares		Value (Note 2)
Containers - Metal/Glass — 1.7%
Silgan Holdings, Inc.		93,928	$	4,114,986
Containers - Paper/Plastic — 1.2%
Matthews International Corp., Class A		10,909		353,015
TriMas Corp.		88,927		2,505,963
				2,858,978
Cosmetics & Toiletries — 0.1%
Edgewell Personal Care Co.		8,478		308,599
Dental Supplies & Equipment — 0.7%
Patterson Cos., Inc.		50,927		1,608,784
Distribution/Wholesale — 2.6%
Avient Corp.		124,606		6,130,615
Diversified Operations/Commercial Services — 0.6%
Viad Corp.†		50,898		1,533,048
Electric - Integrated — 1.0%
ALLETE, Inc.		9,174		568,971
Hawaiian Electric Industries, Inc.		39,553		1,707,503
				2,276,474
Electronic Components - Misc. — 1.2%
Atkore, Inc.†		25,316		2,757,419
Energy - Alternate Sources — 0.2%
Alto Ingredients, Inc.†		90,010		400,545
Enterprise Software/Service — 0.4%
E2open Parent Holdings, Inc.†#		115,951		936,884
Finance - Leasing Companies — 0.6%
Air Lease Corp.		36,690		1,379,911
Food - Catering — 0.3%
Healthcare Services Group, Inc.		34,887		599,010
Food - Confectionery — 0.7%
Tootsie Roll Industries, Inc.		31,660		1,046,996
Utz Brands, Inc.#		44,701		625,814
				1,672,810
Food - Misc./Diversified — 3.6%
J&J Snack Foods Corp.		43,251		5,545,643
Nomad Foods, Ltd.†		140,798		2,938,454
				8,484,097
Footwear & Related Apparel — 0.5%
Steven Madden, Ltd.		31,937		1,187,418
Housewares — 0.3%
Tupperware Brands Corp.†		95,424		632,661
Human Resources — 1.2%
Korn Ferry		44,337		2,724,952
Insurance - Life/Health — 1.3%
CNO Financial Group, Inc.		36,001		740,541
Jackson Financial, Inc., Class A#		48,891		1,780,121
National Western Life Group, Inc., Class A		2,949		616,606
				3,137,268
Insurance - Property/Casualty — 4.5%
Doma Holdings, Inc.†		36,452		69,259
Enstar Group, Ltd.†		12,705		2,946,670
Hanover Insurance Group, Inc.		23,613		3,461,666
ProAssurance Corp.		52,565		1,167,469
Stewart Information Services Corp.		54,827		3,042,350
				10,687,414

224

VALIC Company I Small Cap Special Values Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Investment Companies — 1.0%
Apollo Investment Corp.		82,596	$	1,024,190
New Mountain Finance Corp.#		106,244		1,373,735
				2,397,925
Investment Management/Advisor Services — 0.2%
GlassBridge Enterprises, Inc.†		292		2,336
Westwood Holdings Group, Inc.		27,461		414,249
				416,585
Leisure Games — 0.1%
Bowlero Corp.†		20,737		231,840
Machinery - Electrical — 2.6%
Babcock & Wilcox Enterprises, Inc.†		107,412		703,548
Franklin Electric Co., Inc.		74,490		5,491,403
				6,194,951
Machinery - Farming — 0.6%
Alamo Group, Inc.		12,462		1,465,905
Machinery - General Industrial — 1.0%
Kadant, Inc.		12,974		2,401,487
Machinery - Material Handling — 0.6%
Columbus McKinnon Corp.		40,710		1,373,962
Machinery - Pumps — 1.7%
CSW Industrials, Inc.		36,552		3,878,898
NN, Inc.†		44,233		123,853
				4,002,751
Medical Instruments — 0.6%
Natus Medical, Inc.†		41,045		1,345,866
Medical - Drugs — 0.8%
Prestige Consumer Healthcare, Inc.†		33,513		1,870,696
Medical - Generic Drugs — 0.5%
Perrigo Co. PLC		31,347		1,249,491
Medical - Wholesale Drug Distribution — 1.5%
Owens & Minor, Inc.		72,628		2,533,265
Premier, Inc., Class A		23,994		897,615
				3,430,880
Metal Processors & Fabrication — 5.0%
Hillman Solutions Corp.†		240,414		2,743,124
Janus International Group, Inc.†		105,800		1,172,264
Mayville Engineering Co., Inc.†		68,874		624,687
Mueller Industries, Inc.		135,362		7,289,244
				11,829,319
Miscellaneous Manufacturing — 0.4%
Hillenbrand, Inc.		21,722		908,848
Networking Products — 0.1%
NETGEAR, Inc.†		17,588		335,051
Office Automation & Equipment — 0.2%
Xerox Holdings Corp.		23,299		438,487
Office Supplies & Forms — 0.5%
ACCO Brands Corp.		157,975		1,191,132
Oil & Gas Drilling — 1.6%
Patterson-UTI Energy, Inc.		200,837		3,831,970
Oil Companies - Exploration & Production — 5.9%
Berry Corp.		84,564		941,197
Callon Petroleum Co.†		17,443		1,019,718
Magnolia Oil & Gas Corp., Class A		132,558		3,659,926
Northern Oil and Gas, Inc.		30,945		1,011,592
Southwestern Energy Co.†		394,641		3,599,126
Whiting Petroleum Corp.		42,352		3,746,458
				13,978,017

Security Description	Shares		Value (Note 2)
Oil Field Machinery & Equipment — 0.1%
Forum Energy Technologies, Inc.†		11,287	$	279,240
Oil - Field Services — 0.7%
Liberty Oilfield Services, Inc., Class A†		64,095		1,042,826
TechnipFMC PLC†		61,227		504,510
				1,547,336
Paper & Related Products — 1.0%
Neenah, Inc.		65,228		2,472,793
Printing - Commercial — 0.4%
Ennis, Inc.		57,197		1,038,126
Publishing - Newspapers — 0.1%
DallasNews Corp.		19,070		127,388
Publishing - Periodicals — 0.4%
Thryv Holdings, Inc.†		34,631		906,986
Quarrying — 0.3%
Compass Minerals International, Inc.		16,266		730,831
Real Estate Investment Trusts — 3.7%
AGNC Investment Corp.		138,628		1,695,420
Apollo Commercial Real Estate Finance, Inc.		100,753		1,282,586
New York Mtg. Trust, Inc.		486,393		1,473,771
Two Harbors Investment Corp.		527,097		2,814,698
Washington Real Estate Investment Trust		61,653		1,497,551
				8,764,026
Recycling — 0.2%
Harsco Corp.†		66,189		549,369
Rental Auto/Equipment — 0.5%
Custom Truck One Source, Inc.†#		203,446		1,212,538
Retail - Restaurants — 3.3%
Denny’s Corp.†		196,216		2,032,798
Dine Brands Global, Inc.		44,471		3,268,174
Jack in the Box, Inc.		35,348		2,414,268
				7,715,240
Retail - Vitamins & Nutrition Supplements — 0.6%
Franchise Group, Inc.		37,413		1,484,174
Rubber/Plastic Products — 0.7%
Myers Industries, Inc.		70,581		1,679,828
Specified Purpose Acquisitions — 0.7%
Pershing Square Tontine Holdings, Ltd., Class A†		78,456		1,558,136
Transactional Software — 0.1%
Synchronoss Technologies, Inc.†		185,801		282,418
Transport - Marine — 0.2%
Nordic American Tankers, Ltd.#		176,469		361,761
Transport - Truck — 0.8%
Werner Enterprises, Inc.		45,657		1,852,305
Wire & Cable Products — 1.2%
Belden, Inc.		49,725		2,863,165
X-Ray Equipment — 0.7%
Varex Imaging Corp.†		70,615		1,626,970
Total Long-Term Investment Securities
(cost $202,042,031)				230,292,702

225

VALIC Company I Small Cap Special Values Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 4.4%
Registered Investment Companies — 4.4%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.74%(2)		5,673,502		$	5,673,502
State Street Navigator Securities Lending Government Money Market Portfolio 0.32%(1)(2)		4,869,758			4,869,758
Total Short-Term Investment Securities
(cost $10,543,260)					10,543,260
TOTAL INVESTMENTS
(cost $212,585,291)(3)		102.0	%		240,835,962
Liabilities in excess of other assets		(2.0	)		(4,822,981	)
NET ASSETS		100.0	%	$	236,012,981

† Non-income producing security

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

(1) At May 31, 2022, the Fund had loaned securities with a total value of $5,636,205. This was secured by collateral of $4,869,758, which was received in cash and subsequently invested in short-term investments currently valued at $4,869,758 as reported in the Portfolio of Investments. Additional collateral of $978,753 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, 2022
United States Treasury Bills	0.00%	06/16/2022 to 10/27/2022	$	37,663
United States Treasury Notes/Bonds	0.13% to 4.50%	06/30/2022 to 02/15/2051		941,090

(2) The rate shown is the 7-day yield as of May 31, 2022.

(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, 2022 (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	$	230,292,702	$	—	$	—	$	230,292,702
Short-Term Investment Securities		10,543,260		—		—		10,543,260
Total Investments at Value	$	240,835,962	$	—	$	—	$	240,835,962

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

See Notes to Financial Statements

226

VALIC Company I Small Cap Value Fund

PORTFOLIO PROFILE — May 31, 2022 (unaudited)

Industry Allocation*

Banks — Commercial	14.9	%
Real Estate Investment Trusts	12.2
Oil Companies — Exploration & Production	6.4
Medical — Biomedical/Gene	3.0
Repurchase Agreements	2.4
Building — Residential/Commercial	2.1
Distribution/Wholesale	2.0
Electronic Components — Misc.	2.0
Oil — Field Services	1.9
Gas — Distribution	1.8
Savings & Loans/Thrifts	1.7
Electric — Integrated	1.5
Human Resources	1.4
Medical Information Systems	1.3
Enterprise Software/Service	1.2
Building — Heavy Construction	1.1
Building & Construction — Misc.	1.0
Insurance — Property/Casualty	1.0
Television	1.0
Independent Power Producers	0.9
Financial Guarantee Insurance	0.9
Steel — Producers	0.9
Retail — Automobile	0.9
Food — Wholesale/Distribution	0.9
Building — Maintenance & Services	0.8
Retail — Regional Department Stores	0.8
Metal — Aluminum	0.8
Pharmacy Services	0.7
Rental Auto/Equipment	0.7
Insurance — Reinsurance	0.7
Pastoral & Agricultural	0.7
Cable/Satellite TV	0.7
Commercial Services	0.7
Retail — Building Products	0.6
Oil Refining & Marketing	0.6
Transport — Services	0.6
Computers — Integrated Systems	0.6
Transport — Truck	0.6
Coal	0.6
Real Estate Operations & Development	0.6
Chemicals — Specialty	0.6
Computer Services	0.6
Oil & Gas Drilling	0.5
Consumer Products — Misc.	0.5
Building Products — Wood	0.5
Oil Companies — Integrated	0.5
Auto/Truck Parts & Equipment — Original	0.5
Chemicals — Diversified	0.5
Medical — Drugs	0.5
Theaters	0.5
Data Processing/Management	0.4
Food — Retail	0.4
Vitamins & Nutrition Products	0.4
Gas — Transportation	0.4
Machinery — Electrical	0.4
Consulting Services	0.4
Medical Products	0.4
Medical Instruments	0.4
Investment Management/Advisor Services	0.4
Finance — Consumer Loans	0.4
Water	0.4
Metal Processors & Fabrication	0.4
Agricultural Operations	0.4
Registered Investment Companies	0.4
Energy — Alternate Sources	0.4
Retail — Jewelry	0.4
Circuit Boards	0.4
Transport — Marine	0.3
Electronic Components — Semiconductors	0.3

Insurance — Life/Health	0.3
Airlines	0.3
Medical Imaging Systems	0.3
Medical — Hospitals	0.3
Machinery — Pumps	0.3
Computer Data Security	0.3
Finance — Mortgage Loan/Banker	0.3
Building & Construction Products — Misc.	0.3
Cosmetics & Toiletries	0.3
Machinery — Construction & Mining	0.3
Machinery — Farming	0.2
Rubber — Tires	0.2
Medical — Wholesale Drug Distribution	0.2
Machinery — General Industrial	0.2
Real Estate Management/Services	0.2
Satellite Telecom	0.2
Office Furnishings — Original	0.2
Finance — Investment Banker/Broker	0.2
Aerospace/Defense — Equipment	0.2
Electric — Distribution	0.2
Semiconductor Equipment	0.2
Apparel Manufacturers	0.2
Telecommunication Equipment	0.2
E-Commerce/Services	0.2
Office Supplies & Forms	0.2
Retail — Office Supplies	0.2
Retail — Sporting Goods	0.2
Transport — Equipment & Leasing	0.2
Transport — Air Freight	0.2
Auto — Truck Trailers	0.2
Miscellaneous Manufacturing	0.2
Networking Products	0.2
Home Furnishings	0.2
Banks — Mortgage	0.2
Containers — Metal/Glass	0.1
Banks — Super Regional	0.1
Power Converter/Supply Equipment	0.1
Engineering/R&D Services	0.1
Diversified Manufacturing Operations	0.1
Resorts/Theme Parks	0.1
Multimedia	0.1
Retail — Apparel/Shoe	0.1
Medical — Outpatient/Home Medical	0.1
Medical — Nursing Homes	0.1
Finance — Commercial	0.1
Internet Content — Information/News	0.1
Disposable Medical Products	0.1
Retail — Appliances	0.1
Food — Canned	0.1
Retail — Petroleum Products	0.1
Computer Software	0.1
Motion Pictures & Services	0.1
Medical Labs & Testing Services	0.1
Schools	0.1
Machinery — Material Handling	0.1
Travel Services	0.1
Precious Metals	0.1
Steel Pipe & Tube	0.1
Therapeutics	0.1
Commercial Services — Finance	0.1
Advertising Services	0.1
Pipelines	0.1
Retail — Drug Store	0.1
Footwear & Related Apparel	0.1
Housewares	0.1
Printing — Commercial	0.1
Funeral Services & Related Items	0.1
Advanced Materials	0.1
Medical — Generic Drugs	0.1

227

VALIC Company I Small Cap Value Fund

PORTFOLIO PROFILE — May 31, 2022 (unaudited) — (continued)

E-Marketing/Info	0.1	%
Diagnostic Equipment	0.1
Retail — Discount	0.1
Retail — Pawn Shops	0.1
Steel — Specialty	0.1
Night Clubs	0.1
Oil Field Machinery & Equipment	0.1
Hazardous Waste Disposal	0.1
X-Ray Equipment	0.1
Food — Misc./Diversified	0.1
Hotels/Motels	0.1
	100.2	%

* Calculated as a percentage of net assets

228

VALIC Company I Small Cap Value Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 97.4%
Advanced Materials — 0.1%
Materion Corp.		4,400	$	360,712
Advertising Services — 0.1%
Entravision Communications Corp., Class A		74,600		390,158
Aerospace/Defense - Equipment — 0.2%
AAR Corp.†		8,100		390,582
Barnes Group, Inc.		6,100		219,783
Moog, Inc., Class A		6,300		512,757
				1,123,122
Agricultural Operations — 0.4%
Andersons, Inc.		39,500		1,485,595
Bunge, Ltd.		2,500		295,800
Fresh Del Monte Produce, Inc.		7,500		191,550
				1,972,945
Airlines — 0.3%
Hawaiian Holdings, Inc.†		25,000		443,750
SkyWest, Inc.†		45,000		1,213,200
				1,656,950
Apparel Manufacturers — 0.2%
Deckers Outdoor Corp.†		2,800		751,968
Kontoor Brands, Inc.		7,600		304,532
				1,056,500
Applications Software — 0.0%
IBEX Holdings, Ltd.†		6,700		119,930
Audio/Video Products — 0.0%
Universal Electronics, Inc.†		7,800		209,040
Auto-Truck Trailers — 0.2%
Wabash National Corp.		59,900		919,465
Auto/Truck Parts & Equipment - Original — 0.5%
Adient PLC†		23,500		831,665
American Axle & Manufacturing Holdings, Inc.†		19,600		158,956
Dana, Inc.		23,600		390,816
Meritor, Inc.†		35,000		1,265,950
				2,647,387
Auto/Truck Parts & Equipment - Replacement — 0.0%
Douglas Dynamics, Inc.		4,300		135,106
Banks - Commercial — 14.9%
1st Source Corp.		12,620		593,392
Amalgamated Financial Corp.		22,500		488,925
American National Bankshares, Inc.		2,500		89,025
Ameris Bancorp		19,200		875,328
Associated Banc-Corp		79,300		1,641,510
Atlantic Union Bankshares Corp.		15,100		532,426
Bank of N.T. Butterfield & Son, Ltd.		20,200		637,916
BankUnited, Inc.		7,800		324,948
Banner Corp.		8,400		488,124
Bar Harbor Bankshares		15,700		427,825
Bridgewater Bancshares, Inc.†		19,200		311,616
Business First Bancshares, Inc.		28,800		637,344
Byline Bancorp, Inc.		49,700		1,241,506
Cadence Bank		48,650		1,300,414
Capital Bancorp, Inc.		3,800		89,072
Capital City Bank Group, Inc.		6,600		180,180
Capstar Financial Holdings, Inc.		18,200		379,106
Cathay General Bancorp		55,590		2,285,305
Central Pacific Financial Corp.		51,400		1,240,796
City Holding Co.		6,700		550,003
Columbia Banking System, Inc.		23,500		708,525
Community Bank System, Inc.		9,480		625,680

Security Description	Shares		Value (Note 2)
Banks - Commercial (continued)
Community Trust Bancorp, Inc.		22,818	$	959,497
ConnectOne Bancorp, Inc.		58,900		1,623,284
CrossFirst Bankshares, Inc.†		3,500		47,005
Customers Bancorp, Inc.†		29,200		1,205,960
CVB Financial Corp.		72,100		1,786,638
Dime Community Bancshares, Inc.		14,772		464,432
Eastern Bankshares, Inc.		64,900		1,263,603
Enterprise Financial Services Corp.		27,559		1,276,257
Equity Bancshares, Inc., Class A		7,500		243,825
Farmers National Banc Corp.		11,500		178,595
FB Financial Corp.		7,426		312,041
Financial Institutions, Inc.		21,200		596,780
First Bancorp		7,300		273,531
First BanCorp/Puerto Rico		111,700		1,667,681
First Bancshares, Inc.		4,500		135,450
First Citizens BancShares, Inc., Class A		1,780		1,246,712
First Commonwealth Financial Corp.		122,400		1,714,824
First Financial Corp.		16,400		737,672
First Foundation, Inc.		16,800		378,840
First Horizon Corp.		47,908		1,093,740
First Internet Bancorp		6,000		231,900
First Interstate BancSystem, Inc., Class A		23,987		913,185
First Merchants Corp.		29,800		1,226,568
Flagstar Bancorp, Inc.		34,300		1,321,579
Fulton Financial Corp.		39,100		619,735
Glacier Bancorp, Inc.		14,900		721,309
Great Southern Bancorp, Inc.		11,700		694,395
Hancock Whitney Corp.		64,521		3,215,727
Hanmi Financial Corp.		32,800		765,552
HBT Financial, Inc.		11,400		198,246
Heartland Financial USA, Inc.		6,300		278,649
Heritage Commerce Corp.		23,700		271,839
Hilltop Holdings, Inc.		41,600		1,248,416
Home BancShares, Inc.		89,300		2,017,287
HomeStreet, Inc.		21,400		862,634
Hope Bancorp, Inc.		150,027		2,187,394
Horizon Bancorp, Inc.		18,100		325,257
Independent Bank Corp.		13,600		269,416
Independent Bank Corp.		8,900		741,370
Kearny Financial Corp.		59,300		735,913
Lakeland Bancorp, Inc.		5,900		91,568
Luther Burbank Corp.		19,500		265,980
Mercantile Bank Corp.		2,000		66,100
Merchants Bancorp		6,050		154,215
Meta Financial Group, Inc.		20,900		868,813
Midland States Bancorp, Inc.		3,300		88,704
MidWestOne Financial Group, Inc.		2,100		63,903
MVB Financial Corp.		1,500		55,995
Nicolet Bankshares, Inc.†		2,000		159,720
OFG Bancorp		65,400		1,853,436
Old National Bancorp		313,061		4,977,670
Old Second Bancorp, Inc.		29,300		447,411
Origin Bancorp, Inc.		8,900		347,812
Orrstown Financial Services, Inc.		5,700		140,106
PacWest Bancorp		4,835		152,689
Peapack-Gladstone Financial Corp.		24,100		812,170
Peoples Bancorp, Inc.		8,790		251,218
Pinnacle Financial Partners, Inc.		5,100		415,242
Preferred Bank		1,800		123,318
Premier Financial Corp.		12,820		348,319
Provident Bancorp, Inc.		18,200		273,364
QCR Holdings, Inc.		11,800		653,956
Renasant Corp.		1,500		46,410
Republic Bancorp, Inc., Class A		5,400		248,130
Sandy Spring Bancorp, Inc.		16,400		694,540

229

VALIC Company I Small Cap Value Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Banks - Commercial (continued)
Sierra Bancorp		3,900	$	84,435
Simmons First National Corp., Class A		11,800		303,378
SmartFinancial, Inc.		15,250		394,975
South Plains Financial, Inc.		3,800		93,936
SouthState Corp.		2,840		229,529
TriCo Bancshares		11,500		521,410
TriState Capital Holdings, Inc.†		5,600		171,248
Trustmark Corp.		40,800		1,186,872
UMB Financial Corp.		25,760		2,378,936
United Community Banks, Inc.		66,300		2,083,809
Valley National Bancorp		98,420		1,250,918
Veritex Holdings, Inc.		36,722		1,265,440
Washington Trust Bancorp, Inc.		1,380		69,276
Webster Financial Corp.		13,800		677,442
WesBanco, Inc.		8,600		292,916
Westamerica BanCorp		17,124		1,031,036
Wintrust Financial Corp.		10,600		926,334
				78,264,383
Banks - Mortgage — 0.2%
Walker & Dunlop, Inc.		7,600		807,956
Banks - Super Regional — 0.1%
Independent Bank Group, Inc.		7,900		577,332
National Bank Holdings Corp., Class A		4,200		171,150
				748,482
Building & Construction Products - Misc. — 0.3%
Builders FirstSource, Inc.†		13,750		894,987
Louisiana-Pacific Corp.		7,200		497,232
				1,392,219
Building & Construction - Misc. — 1.0%
Comfort Systems USA, Inc.		9,100		816,452
EMCOR Group, Inc.		34,298		3,622,898
MYR Group, Inc.†		10,100		925,261
				5,364,611
Building Products - Wood — 0.5%
Boise Cascade Co.		23,300		1,801,556
UFP Industries, Inc.		13,000		1,003,600
				2,805,156
Building - Heavy Construction — 1.1%
Arcosa, Inc.		10,900		576,283
Granite Construction, Inc.		43,200		1,410,480
Great Lakes Dredge & Dock Corp.†		28,200		414,540
MasTec, Inc.†		18,350		1,533,876
Primoris Services Corp.		41,000		995,480
Sterling Construction Co., Inc.†		20,300		499,583
Tutor Perini Corp.†		20,200		204,828
				5,635,070
Building - Maintenance & Services — 0.8%
ABM Industries, Inc.		89,500		4,327,325
Building - Residential/Commercial — 2.1%
KB Home		10,700		369,043
Meritage Homes Corp.†		14,700		1,254,057
Taylor Morrison Home Corp.†		176,300		5,107,411
Tri Pointe Homes, Inc.†		207,500		4,372,025
				11,102,536
Cable/Satellite TV — 0.7%
Liberty Latin America, Ltd., Class A†		144,800		1,377,048
Liberty Latin America, Ltd., Class C†		224,750		2,137,372
				3,514,420

Security Description	Shares		Value (Note 2)
Chemicals - Diversified — 0.5%
AdvanSix, Inc.		37,400	$	1,732,742
Schweitzer-Mauduit International, Inc.		31,400		851,568
				2,584,310
Chemicals - Specialty — 0.6%
Ecovyst, Inc.		19,900		204,373
H.B. Fuller Co.		9,300		661,044
Minerals Technologies, Inc.		12,460		825,600
Tronox Holdings PLC, Class A		72,300		1,302,123
				2,993,140
Circuit Boards — 0.4%
TTM Technologies, Inc.†		129,400		1,849,126
Coal — 0.6%
Arch Resources, Inc.		12,400		1,895,216
Peabody Energy Corp.†		22,300		526,503
SunCoke Energy, Inc.		85,900		694,931
				3,116,650
Commercial Services — 0.7%
API Group Corp.†		26,200		457,190
John Wiley & Sons, Inc., Class A		44,100		2,335,536
LiveRamp Holdings, Inc.†		19,600		501,760
SP Plus Corp.†		5,600		178,976
WW International, Inc.†		5,200		36,868
				3,510,330
Commercial Services - Finance — 0.1%
Marathon Digital Holdings, Inc.†#		38,212		390,909
Computer Data Security — 0.3%
Ping Identity Holding Corp.†		78,100		1,476,090
SecureWorks Corp., Class A†		8,711		104,184
				1,580,274
Computer Services — 0.6%
KBR, Inc.		52,900		2,632,304
Unisys Corp.†		21,300		254,109
				2,886,413
Computer Software — 0.1%
Xperi Holding Corp.		33,200		546,472
Computers - Integrated Systems — 0.6%
NetScout Systems, Inc.†		49,800		1,709,634
Super Micro Computer, Inc.†		29,500		1,476,770
				3,186,404
Consulting Services — 0.4%
CRA International, Inc.		3,500		300,055
Huron Consulting Group, Inc.†		13,000		778,960
Kelly Services, Inc., Class A		59,200		1,181,632
				2,260,647
Consumer Products - Misc. — 0.5%
Central Garden & Pet Co., Class A†		67,600		2,861,508
Containers - Metal/Glass — 0.1%
Greif, Inc., Class A		12,600		749,322
Containers - Paper/Plastic — 0.0%
TriMas Corp.		3,600		101,448
Cosmetics & Toiletries — 0.3%
Edgewell Personal Care Co.		36,400		1,324,960
Data Processing/Management — 0.4%
CSG Systems International, Inc.		37,700		2,344,563

230

VALIC Company I Small Cap Value Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Diagnostic Equipment — 0.1%
Pacific Biosciences of California, Inc.†#		57,000	$	320,910
Disposable Medical Products — 0.1%
Utah Medical Products, Inc.		6,600		568,524
Distribution/Wholesale — 2.0%
Avient Corp.		41,200		2,027,040
G-III Apparel Group, Ltd.†		53,200		1,333,192
KAR Auction Services, Inc.†		3,300		52,701
ScanSource, Inc.†		49,900		1,933,126
Titan Machinery, Inc.†		22,900		604,789
Veritiv Corp.†		16,900		2,456,415
WESCO International, Inc.†		18,500		2,323,230
				10,730,493
Diversified Manufacturing Operations — 0.1%
EnPro Industries, Inc.		7,200		689,472
Drug Delivery Systems — 0.0%
Revance Therapeutics, Inc.†		10,000		136,800
E-Commerce/Services — 0.2%
Cars.com, Inc.†		97,200		1,006,020
E-Marketing/Info — 0.1%
QuinStreet, Inc.†		29,800		327,800
Electric - Distribution — 0.2%
Unitil Corp.		11,100		641,691
Via Renewables, Inc.#		53,872		456,296
				1,097,987
Electric - Integrated — 1.5%
ALLETE, Inc.		7,000		434,140
Avista Corp.		22,380		972,187
Black Hills Corp.		11,100		850,926
IDACORP, Inc.		14,300		1,558,986
NorthWestern Corp.		9,300		569,811
Otter Tail Corp.		3,900		255,021
Portland General Electric Co.		63,775		3,140,919
				7,781,990
Electronic Components - Misc. — 2.0%
Benchmark Electronics, Inc.		93,621		2,386,399
Knowles Corp.†		77,300		1,485,706
OSI Systems, Inc.†		19,600		1,644,832
Sanmina Corp.†		68,800		3,019,632
Vishay Intertechnology, Inc.		98,400		2,011,296
				10,547,865
Electronic Components - Semiconductors — 0.3%
Alpha & Omega Semiconductor, Ltd.†		7,100		311,903
Amkor Technology, Inc.		12,300		251,412
Photronics, Inc.†		55,800		1,213,092
				1,776,407
Energy - Alternate Sources — 0.4%
FutureFuel Corp.		34,400		247,336
Green Plains, Inc.†		40,100		1,306,458
REX American Resources Corp.†		4,400		382,316
				1,936,110
Engineering/R&D Services — 0.1%
Fluor Corp.†		25,100		708,573
Enterprise Software/Service — 1.2%
Donnelley Financial Solutions, Inc.†		40,000		1,244,400
eGain Corp.†		47,400		432,762
Evolent Health, Inc., Class A†		37,800		1,063,314

Security Description	Shares		Value (Note 2)
Enterprise Software/Service (continued)
ManTech International Corp., Class A		17,900	$	1,712,135
Verint Systems, Inc.†		31,418		1,603,575
				6,056,186
Finance - Commercial — 0.1%
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		15,400		586,278
Finance - Consumer Loans — 0.4%
Encore Capital Group, Inc.†		13,300		812,763
Navient Corp.		46,400		742,400
Nelnet, Inc., Class A		6,300		533,547
				2,088,710
Finance - Investment Banker/Broker — 0.2%
Cowen, Inc., Class A		30,155		800,314
Piper Sandler Cos.		2,600		342,654
				1,142,968
Finance - Mortgage Loan/Banker — 0.3%
Mr. Cooper Group, Inc.†		29,500		1,279,120
PennyMac Financial Services, Inc.		5,800		284,316
				1,563,436
Financial Guarantee Insurance — 0.9%
MGIC Investment Corp.		54,900		764,757
NMI Holdings, Inc., Class A†		39,900		742,539
Radian Group, Inc.		159,100		3,422,241
				4,929,537
Food - Canned — 0.1%
Seneca Foods Corp., Class A†		9,800		557,130
Food - Misc./Diversified — 0.1%
John B. Sanfilippo & Son, Inc.		3,400		259,692
Food - Retail — 0.4%
Sprouts Farmers Market, Inc.†		86,350		2,339,221
Food - Wholesale/Distribution — 0.9%
SpartanNash Co.		84,300		2,900,763
United Natural Foods, Inc.†		36,900		1,564,929
				4,465,692
Footwear & Related Apparel — 0.1%
Wolverine World Wide, Inc.		17,800		379,852
Funeral Services & Related Items — 0.1%
Carriage Services, Inc.		9,200		371,404
Gas - Distribution — 1.8%
Chesapeake Utilities Corp.		6,000		801,420
New Jersey Resources Corp.		85,500		3,926,160
Northwest Natural Holding Co.		9,600		521,184
ONE Gas, Inc.		5,100		443,802
Southwest Gas Holdings, Inc.		16,700		1,555,271
Spire, Inc.		24,800		1,941,840
				9,189,677
Gas - Transportation — 0.4%
Brookfield Infrastructure Corp., Class A		32,700		2,306,985
Hazardous Waste Disposal — 0.1%
Heritage-Crystal Clean, Inc.†		9,900		272,943
Home Furnishings — 0.2%
MillerKnoll, Inc.		19,244		581,169
Sleep Number Corp.†		5,200		238,836
				820,005

231

VALIC Company I Small Cap Value Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Hotels/Motels — 0.1%
Bluegreen Vacations Holding Corp.		9,300	$	259,098
Housewares — 0.1%
Lifetime Brands, Inc.		30,800		351,428
Tupperware Brands Corp.†		4,100		27,183
				378,611
Human Resources — 1.4%
Barrett Business Services, Inc.		18,100		1,354,966
Heidrick & Struggles International, Inc.		68,000		2,350,080
Insperity, Inc.		1,100		110,077
Korn Ferry		38,600		2,372,356
TrueBlue, Inc.†		62,400		1,374,048
				7,561,527
Independent Power Producers — 0.9%
Clearway Energy, Inc., Class A		52,900		1,722,424
Clearway Energy, Inc., Class C		68,000		2,383,400
Vistra Corp.		31,929		841,968
				4,947,792
Insurance - Life/Health — 0.3%
American Equity Investment Life Holding Co.		24,200		974,292
CNO Financial Group, Inc.		36,020		740,931
				1,715,223
Insurance - Property/Casualty — 1.0%
Employers Holdings, Inc.		18,100		749,521
RLI Corp.		21,800		2,640,416
Selective Insurance Group, Inc.		14,500		1,149,850
Stewart Information Services Corp.		12,269		680,807
				5,220,594
Insurance - Reinsurance — 0.7%
Essent Group, Ltd.		84,700		3,624,313
Internet Content - Information/News — 0.1%
Yelp, Inc.†		19,800		582,318
Investment Management/Advisor Services — 0.4%
AssetMark Financial Holdings, Inc.†		20,000		417,800
Blucora, Inc.†		14,100		249,429
Federated Hermes, Inc.		2,700		91,719
GCM Grosvenor, Inc., Class A#		11,900		97,461
Stifel Financial Corp.		15,950		1,023,511
Virtus Investment Partners, Inc.		1,100		211,926
				2,091,846
Machinery - Construction & Mining — 0.3%
Manitowoc Co, Inc.†		32,400		421,848
Terex Corp.		25,400		898,906
				1,320,754
Machinery - Electrical — 0.4%
Argan, Inc.		57,600		2,303,424
Machinery - Farming — 0.2%
AGCO Corp.		9,960		1,276,175
Machinery - General Industrial — 0.2%
Altra Industrial Motion Corp.		26,300		1,031,223
DXP Enterprises, Inc.†		5,400		165,672
				1,196,895
Machinery - Material Handling — 0.1%
Columbus McKinnon Corp.		14,900		502,875
Machinery - Pumps — 0.3%
Watts Water Technologies, Inc., Class A		12,300		1,609,209

Security Description	Shares		Value (Note 2)
Machinery - Thermal Process — 0.0%
Thermon Group Holdings, Inc.†		10,000	$	157,400
Medical Imaging Systems — 0.3%
Lantheus Holdings, Inc.†		23,700		1,623,924
Medical Information Systems — 1.3%
Allscripts Healthcare Solutions, Inc.†		188,300		3,218,047
Computer Programs & Systems, Inc.†		28,900		921,621
NextGen Healthcare, Inc.†		133,300		2,414,063
				6,553,731
Medical Instruments — 0.4%
AngioDynamics, Inc.†		18,400		361,192
Natus Medical, Inc.†		52,900		1,734,591
				2,095,783
Medical Labs & Testing Services — 0.1%
MEDNAX, Inc.†		28,200		544,824
Medical Products — 0.4%
Avanos Medical, Inc.†		19,100		547,979
Bioventus, Inc., Class A†		30,400		300,352
Integer Holdings Corp.†		14,900		1,188,722
Orthofix Medical, Inc.†		4,000		109,960
				2,147,013
Medical - Biomedical/Gene — 3.0%
2seventy Bio, Inc.†		21,633		268,249
89bio, Inc.†#		8,246		24,820
Akero Therapeutics, Inc.†		9,700		83,808
Allogene Therapeutics, Inc.†		41,700		330,681
Allovir, Inc.†#		31,100		120,357
ANI Pharmaceuticals, Inc.†		9,400		284,350
Arcus Biosciences, Inc.†		56,230		1,065,559
Avidity Biosciences, Inc.†		24,700		344,071
BioCryst Pharmaceuticals, Inc.†		61,300		570,703
Biohaven Pharmaceutical Holding Co., Ltd.†		4,200		603,666
Bluebird Bio, Inc.†#		64,900		207,680
Bridgebio Pharma, Inc.†		50,800		346,964
Cara Therapeutics, Inc.†		35,600		296,192
Century Therapeutics, Inc.†		19,900		172,931
Cymabay Therapeutics, Inc.†		124,878		244,761
Epizyme, Inc.†		18,600		7,812
Fate Therapeutics, Inc.†		14,800		341,880
FibroGen, Inc.†		23,800		234,192
Generation Bio Co.†#		22,300		125,326
Intra-Cellular Therapies, Inc.†		11,300		648,620
Iovance Biotherapeutics, Inc.†		20,400		137,700
iTeos Therapeutics, Inc.†		15,600		273,000
IVERIC bio, Inc.†		55,100		575,244
Karyopharm Therapeutics, Inc.†		54,000		339,120
Lexicon Pharmaceuticals, Inc.†		134,000		237,180
MacroGenics, Inc.†		20,700		71,829
Myriad Genetics, Inc.†		9,700		186,628
NGM Biopharmaceuticals, Inc.†		68,100		942,504
Nuvalent, Inc., Class A†#		53,000		469,580
Prothena Corp. PLC†		35,900		977,557
REGENXBIO, Inc.†		34,100		717,464
Scholar Rock Holding Corp.†		6,440		32,329
Syndax Pharmaceuticals, Inc.†		56,200		927,300
Theravance Biopharma, Inc.†		65,400		574,212
Travere Therapeutics, Inc.†		86,400		2,013,984
Turning Point Therapeutics, Inc.†		21,900		774,603
				15,572,856

232

VALIC Company I Small Cap Value Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical - Drugs — 0.5%
Amphastar Pharmaceuticals, Inc.†		13,600	$	505,104
Eagle Pharmaceuticals, Inc.†		23,900		1,116,130
Enanta Pharmaceuticals, Inc.†		3,000		119,790
Jounce Therapeutics, Inc.†		65,700		254,259
Lannett Co., Inc.†#		8,266		4,298
Lyell Immunopharma, Inc.†#		52,100		215,694
NexImmune, Inc.†		6,916		15,769
Supernus Pharmaceuticals, Inc.†		11,500		320,505
				2,551,549
Medical - Generic Drugs — 0.1%
Endo International PLC†		237,400		125,276
Prometheus Biosciences, Inc.†		8,000		208,480
				333,756
Medical - HMO — 0.0%
Tivity Health, Inc.†		6,900		223,560
Medical - Hospitals — 0.3%
Tenet Healthcare Corp.†		24,900		1,611,279
Medical - Nursing Homes — 0.1%
National HealthCare Corp.		9,100		639,639
Medical - Outpatient/Home Medical — 0.1%
ModivCare, Inc.†		6,900		658,467
Medical - Wholesale Drug Distribution — 0.2%
AdaptHealth Corp.†#		29,200		525,308
Owens & Minor, Inc.		20,900		728,992
				1,254,300
Metal Processors & Fabrication — 0.4%
AZZ, Inc.		6,900		308,844
Mueller Industries, Inc.		32,100		1,728,585
				2,037,429
Metal - Aluminum — 0.8%
Alcoa Corp.		7,400		456,728
Arconic Corp.†		69,600		1,957,848
Constellium SE†		93,800		1,584,282
				3,998,858
Miscellaneous Manufacturing — 0.2%
Hillenbrand, Inc.		21,100		882,824
Motion Pictures & Services — 0.1%
IMAX Corp.†		17,400		301,368
Lions Gate Entertainment Corp., Class A†		23,900		244,497
				545,865
Multimedia — 0.1%
E.W. Scripps Co., Class A†		42,500		674,475
Networking Products — 0.2%
A10 Networks, Inc.		55,300		852,173
Night Clubs — 0.1%
RCI Hospitality Holdings, Inc.		5,000		288,650
Office Furnishings - Original — 0.2%
HNI Corp.		10,700		407,991
Steelcase, Inc., Class A		60,400		740,504
				1,148,495
Office Supplies & Forms — 0.2%
ACCO Brands Corp.		131,700		993,018
Oil & Gas Drilling — 0.5%
Helmerich & Payne, Inc.		16,500		830,775

Security Description	Shares		Value (Note 2)
Oil & Gas Drilling (continued)
Patterson-UTI Energy, Inc.		106,800	$	2,037,744
				2,868,519
Oil Companies - Exploration & Production — 6.4%
Antero Resources Corp.†		133,300		5,715,904
Berry Corp.		58,345		649,380
Chesapeake Energy Corp.#		2,400		233,712
CNX Resources Corp.†		136,700		2,969,124
Magnolia Oil & Gas Corp., Class A		52,900		1,460,569
Matador Resources Co.		14,200		864,780
Oasis Petroleum, Inc.		10,300		1,634,919
Ovintiv, Inc.		165,800		9,283,142
PDC Energy, Inc.		62,169		4,920,054
Range Resources Corp.†		75,700		2,570,015
SM Energy Co.		36,900		1,781,163
Southwestern Energy Co.†		66,200		603,744
Talos Energy, Inc.†		9,600		207,360
Whiting Petroleum Corp.		6,600		583,836
				33,477,702
Oil Companies - Integrated — 0.5%
Murphy Oil Corp.		65,400		2,774,268
Oil Field Machinery & Equipment — 0.1%
US Silica Holdings, Inc.†		15,500		274,040
Oil Refining & Marketing — 0.6%
CVR Energy, Inc.		34,100		1,174,063
Delek US Holdings, Inc.†		56,392		1,644,391
Par Pacific Holdings, Inc.†		10,400		170,560
PBF Energy, Inc., Class A†		7,200		239,040
				3,228,054
Oil - Field Services — 1.9%
Bristow Group, Inc.†		2,933		93,240
ChampionX Corp.		58,800		1,368,276
Liberty Energy, Inc.†		10,600		172,462
MRC Global, Inc.†		126,600		1,416,654
National Energy Services Reunited Corp.†		10,700		79,822
Newpark Resources, Inc.†		36,600		157,380
NexTier Oilfield Solutions, Inc.†		126,966		1,383,930
NOW, Inc.†		292,929		3,233,936
Oceaneering International, Inc.†		53,500		680,520
Oil States International, Inc.†		33,300		257,742
ProPetro Holding Corp.†		31,000		404,550
Select Energy Services, Inc., Class A†		87,700		742,819
Solaris Oilfield Infrastructure, Inc., Class A		15,700		211,636
				10,202,967
Pastoral & Agricultural — 0.7%
Darling Ingredients, Inc.†		44,200		3,539,094
Pharmacy Services — 0.7%
Option Care Health, Inc.†		122,600		3,722,136
Pipelines — 0.1%
Golar LNG, Ltd.†		15,200		385,016
Power Converter/Supply Equipment — 0.1%
Powell Industries, Inc.		27,800		747,264
Precious Metals — 0.1%
Coeur Mining, Inc.†		32,800		127,592
Hecla Mining Co.		65,600		309,632
				437,224

233

VALIC Company I Small Cap Value Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Printing - Commercial — 0.1%
Cimpress PLC†		1,100	$	47,938
Ennis, Inc.		18,100		328,515
				376,453
Real Estate Investment Trusts — 12.2%
Agree Realty Corp.#		59,250		4,122,022
Alexander & Baldwin, Inc.		59,175		1,207,170
American Assets Trust, Inc.		17,200		586,520
Apple Hospitality REIT, Inc.		137,700		2,300,967
Ares Commercial Real Estate Corp.		137,200		2,016,840
Armada Hoffler Properties, Inc.		17,600		242,528
Blackstone Mtg. Trust, Inc., Class A		109,000		3,390,990
Broadstone Net Lease, Inc.		44,300		936,945
Centerspace		13,600		1,128,528
Chatham Lodging Trust†		14,900		189,826
City Office REIT, Inc.		31,800		443,292
Corporate Office Properties Trust		63,300		1,749,612
Cousins Properties, Inc.		11,249		388,653
DiamondRock Hospitality Co.†		76,334		785,477
Ellington Financial, Inc.#		80,650		1,249,269
Equity Commonwealth†		71,400		1,945,650
Essential Properties Realty Trust, Inc.		35,300		807,664
First Industrial Realty Trust, Inc.		15,400		818,510
Four Corners Property Trust, Inc.		28,800		794,016
Getty Realty Corp.		34,646		968,009
Gladstone Commercial Corp.		44,800		908,992
Global Medical REIT, Inc.		22,400		291,200
Healthcare Realty Trust, Inc.		108,375		3,150,461
Highwoods Properties, Inc.		8,000		314,320
Independence Realty Trust, Inc.		60,400		1,420,004
Kite Realty Group Trust		137,774		2,887,743
KKR Real Estate Finance Trust, Inc.		103,900		2,121,638
Ladder Capital Corp.		133,400		1,542,104
Necessity Retail REIT, Inc.		22,926		182,949
NexPoint Residential Trust, Inc.		1,137		83,547
Paramount Group, Inc.		115,100		1,042,806
Pebblebrook Hotel Trust		28,400		639,284
Phillips Edison & Co., Inc.		30,200		1,018,948
Physicians Realty Trust		75,400		1,398,670
Piedmont Office Realty Trust, Inc., Class A		75,000		1,105,500
Plymouth Industrial REIT, Inc.		11,800		239,658
PotlatchDeltic Corp.		35,000		1,836,100
Ready Capital Corp.		77,000		1,130,360
Redwood Trust, Inc.		97,900		998,580
Retail Opportunity Investments Corp.		112,550		2,033,779
RLJ Lodging Trust		75,826		1,018,343
Ryman Hospitality Properties, Inc.†		8,200		732,178
SITE Centers Corp.		130,700		2,054,604
STAG Industrial, Inc.		74,000		2,464,200
Summit Hotel Properties, Inc.†		51,100		446,614
Sunstone Hotel Investors, Inc.†		82,572		988,387
Terreno Realty Corp.		33,800		2,051,998
TPG RE Finance Trust, Inc.		64,900		680,801
UMH Properties, Inc.		15,600		307,164
Urban Edge Properties		18,600		350,610
Urstadt Biddle Properties, Inc., Class A		14,100		248,160
Xenia Hotels & Resorts, Inc.†		110,900		2,039,451
				63,801,641
Real Estate Management/Services — 0.2%
Newmark Group, Inc., Class A		6,929		76,704
Realogy Holdings Corp.†		89,000		1,101,820
				1,178,524

Security Description	Shares		Value (Note 2)
Real Estate Operations & Development — 0.6%
Kennedy-Wilson Holdings, Inc.		142,800	$	3,007,368
Rental Auto/Equipment — 0.7%
Avis Budget Group, Inc.†		11,650		2,216,762
PROG Holdings, Inc.†		46,200		1,348,578
Rent-A-Center, Inc.		4,600		126,684
				3,692,024
Resort/Theme Parks — 0.1%
Marriott Vacations Worldwide Corp.		4,600		679,512
Retail - Apparel/Shoe — 0.1%
Abercrombie & Fitch Co., Class A†		5,700		116,508
Genesco, Inc.†		9,800		551,838
				668,346
Retail - Appliances — 0.1%
Conn’s, Inc.†#		42,500		561,000
Retail - Automobile — 0.9%
Group 1 Automotive, Inc.		9,000		1,616,310
Rush Enterprises, Inc., Class A		48,300		2,462,334
Sonic Automotive, Inc., Class A		13,600		620,296
				4,698,940
Retail - Bedding — 0.0%
Bed Bath & Beyond, Inc.†		21,900		189,435
Retail - Building Products — 0.6%
GMS, Inc.†		65,490		3,262,057
Retail - Discount — 0.1%
BJ’s Wholesale Club Holdings, Inc.†		5,300		306,711
Retail - Drug Store — 0.1%
Rite Aid Corp.†#		68,200		379,874
Retail - Jewelry — 0.4%
Signet Jewelers, Ltd.		32,100		1,913,160
Retail - Office Supplies — 0.2%
ODP Corp.†		25,790		984,920
Retail - Pawn Shops — 0.1%
FirstCash Holdings, Inc.		4,100		306,065
Retail - Petroleum Products — 0.1%
World Fuel Services Corp.		22,400		555,296
Retail - Regional Department Stores — 0.8%
Dillard’s, Inc., Class A#		1,300		391,924
Macy’s, Inc.		161,200		3,812,380
				4,204,304
Retail - Sporting Goods — 0.2%
Academy Sports & Outdoors, Inc.		12,300		412,173
Zumiez, Inc.†		17,000		557,770
				969,943
Rubber - Tires — 0.2%
Goodyear Tire & Rubber Co.†		98,504		1,272,672
Rubber/Plastic Products — 0.0%
Myers Industries, Inc.		5,758		137,040
Satellite Telecom — 0.2%
EchoStar Corp., Class A†		47,900		1,151,037
Savings & Loans/Thrifts — 1.7%
Axos Financial, Inc.†		29,000		1,120,850
Banc of California, Inc.		27,300		525,252
Berkshire Hills Bancorp, Inc.		19,600		511,756
Brookline Bancorp, Inc.		61,100		865,787

234

VALIC Company I Small Cap Value Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Savings & Loans/Thrifts (continued)
Flushing Financial Corp.		10,200	$	235,620
HomeTrust Bancshares, Inc.		16,500		442,860
Northfield Bancorp, Inc.		48,400		643,236
OceanFirst Financial Corp.		135,600		2,735,052
Pacific Premier Bancorp, Inc.		10,500		341,880
Washington Federal, Inc.		49,800		1,616,010
				9,038,303
Schools — 0.1%
Stride, Inc.†		13,100		512,341
Semiconductor Equipment — 0.2%
Cohu, Inc.†		30,100		915,943
Veeco Instruments, Inc.†		7,000		150,010
				1,065,953
Steel Pipe & Tube — 0.1%
TimkenSteel Corp.†		18,000		415,800
Steel - Producers — 0.9%
Cleveland-Cliffs, Inc.†		17,800		412,604
Commercial Metals Co.		78,900		3,134,697
Schnitzer Steel Industries, Inc., Class A		29,200		1,186,104
				4,733,405
Steel - Specialty — 0.1%
Allegheny Technologies, Inc.†		10,600		291,500
Telecom Services — 0.0%
ATN International, Inc.		5,600		246,904
Telecommunication Equipment — 0.2%
ADTRAN, Inc.		9,800		181,594
Harmonic, Inc.†		86,600		833,958
				1,015,552
Television — 1.0%
AMC Networks, Inc., Class A†		38,000		1,491,880
Gray Television, Inc.		108,800		2,145,536
Sinclair Broadcast Group, Inc., Class A#		55,100		1,335,073
				4,972,489
Theaters — 0.5%
AMC Entertainment Holdings, Inc., Class A†#		169,200		2,426,328
Therapeutics — 0.1%
Agios Pharmaceuticals, Inc.†		21,300		414,711
Transport - Air Freight — 0.2%
Atlas Air Worldwide Holdings, Inc.†		13,200		920,172
Transport - Equipment & Leasing — 0.2%
GATX Corp.		8,900		960,755
Transport - Marine — 0.3%
Costamare, Inc.		47,100		669,762
DHT Holdings, Inc.		30,600		182,376
Dorian LPG, Ltd.		36,300		617,100
Safe Bulkers, Inc.		42,900		204,204
SFL Corp., Ltd.		13,400		150,750
				1,824,192
Transport - Services — 0.6%
Forward Air Corp.		1,200		111,828
Hub Group, Inc., Class A†		40,300		2,941,094
Radiant Logistics, Inc.†		24,000		159,120
				3,212,042

Security Description	Shares/ Principal Amount			Value (Note 2)
Transport - Truck — 0.6%
ArcBest Corp.		26,170		$	1,979,237
Covenant Logistics Group, Inc.		4,500			102,015
Heartland Express, Inc.		44,000			628,320
Werner Enterprises, Inc.		11,700			474,669
					3,184,241
Travel Services — 0.1%
Liberty TripAdvisor Holdings, Inc., Class A†		481,079			500,322
Vitamins & Nutrition Products — 0.4%
BellRing Brands, Inc.†		88,400			2,311,660
Water — 0.4%
American States Water Co.		25,800			2,044,650
Wire & Cable Products — 0.0%
Belden, Inc.		3,600			207,288
X-Ray Equipment — 0.1%
Varex Imaging Corp.†		11,700			269,568
Total Long-Term Investment Securities
(cost $474,261,027)					510,299,920
SHORT-TERM INVESTMENT SECURITIES — 0.4%
Registered Investment Companies — 0.4%
State Street Navigator Securities Lending Government Money Market Portfolio 0.32%(1)(2) (cost $1,937,922)		1,937,922			1,937,922
REPURCHASE AGREEMENTS — 2.4%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.06% dated 05/31/2022, to be repurchased 06/01/2022 in the amount of $12,648,896 and collateralized by $14,085,400 of United States Treasury Notes, bearing interest at 1.25% due 05/31/2028 and having an approximate value of $12,901,902 (cost $12,648,874)	$	12,648,874			12,648,874
TOTAL INVESTMENTS
(cost $488,847,823)(3)		100.2	%		524,886,716
Liabilities in excess of other assets		(0.2	)		(904,094	)
NET ASSETS		100.0	%	$	523,982,622

† 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, 2022.

(2) At May 31, 2022, the Fund had loaned securities with a total value of $8,381,047. This was secured by collateral of $1,937,922, which was received in cash and subsequently invested in short-term investments currently valued at $1,937,922 as reported in the Portfolio of Investments. Additional collateral of $ 6,783,263 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, 2022
United States Treasury Bills	0.00%	06/16/2022 to 10/27/2022	$	351,295
United States Treasury Notes/Bonds	0.13% to 6.88%	06/30/2022 to 02/15/2052		6,431,968

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

CVR—Contingent Value Rights

235

VALIC Company I Small Cap Value Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	135	Long	Russell 2000 E-Mini Index		June 2022	$	12,868,424	$	12,567,825	$	(300,599	)

* 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, 2022 (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	$	510,299,920	$	—	$	—	$	510,299,920
Short-Term Investment Securities		1,937,922		—		—		1,937,922
Repurchase Agreements		—		12,648,874		—		12,648,874
Total Investments at Value	$	512,237,842	$	12,648,874	$	—	$	524,886,716
LIABILITIES:
Other Financial Instruments:†
Futures Contracts	$	300,599	$	—	$	—	$	300,599

* 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

236

VALIC Company I Stock Index Fund

PORTFOLIO PROFILE — May 31, 2022 (unaudited)

Industry Allocation*

Computers	6.7	%
Applications Software	6.5
Medical — Drugs	5.0
Electronic Components — Semiconductors	4.0
Web Portals/ISP	3.7
E-Commerce/Products	3.1
Diversified Banking Institutions	2.8
Real Estate Investment Trusts	2.7
Electric — Integrated	2.5
Finance — Credit Card	2.4
Auto — Cars/Light Trucks	2.1
Oil Companies — Integrated	2.1
Insurance — Property/Casualty	2.0
Medical — HMO	2.0
Internet Content — Entertainment	1.6
Retail — Discount	1.6
Oil Companies — Exploration & Production	1.5
Beverages — Non — alcoholic	1.5
Medical — Biomedical/Gene	1.4
Aerospace/Defense	1.4
Cosmetics & Toiletries	1.4
Commercial Services — Finance	1.3
Medical Products	1.3
Retail — Building Products	1.3
Diagnostic Equipment	1.2
Banks — Super Regional	1.1
Computer Services	1.1
Retail — Restaurants	1.1
Telephone — Integrated	1.1
Diversified Manufacturing Operations	1.1
Medical Instruments	1.0
Enterprise Software/Service	0.9
Semiconductor Components — Integrated Circuits	0.9
Insurance — Multi — line	0.8
Transport — Rail	0.8
Cable/Satellite TV	0.8
Tobacco	0.7
Semiconductor Equipment	0.7
Repurchase Agreements	0.7
Multimedia	0.7
Industrial Gases	0.6
Transport — Services	0.6
Banks — Commercial	0.6
Pharmacy Services	0.6
Insurance Brokers	0.6
Networking Products	0.6
Electronic Forms	0.6
Data Processing/Management	0.6
Chemicals — Diversified	0.5
Investment Management/Advisor Services	0.5
Instruments — Controls	0.5
Computer Aided Design	0.5
Finance — Other Services	0.5
Oil Refining & Marketing	0.5
Athletic Footwear	0.4
Food — Misc./Diversified	0.4
E-Commerce/Services	0.4
Oil — Field Services	0.4
Food — Confectionery	0.4
Entertainment Software	0.3
Machinery — Construction & Mining	0.3
Retail — Auto Parts	0.3
Insurance — Life/Health	0.3
Pipelines	0.3
Medical Labs & Testing Services	0.3
Distribution/Wholesale	0.3
Finance — Investment Banker/Broker	0.3
Chemicals — Specialty	0.3
Electronic Measurement Instruments	0.3
Drug Delivery Systems	0.3
Machinery — Farming	0.3
Non — Hazardous Waste Disposal	0.3

Medical — Wholesale Drug Distribution	0.3
Electric — Distribution	0.3
Airlines	0.2
Hotels/Motels	0.2
Electronic Connectors	0.2
Banks — Fiduciary	0.2
Electric Products — Misc.	0.2
Cellular Telecom	0.2
Retail — Major Department Stores	0.2
Machinery — General Industrial	0.2
Building Products — Air & Heating	0.2
Building — Residential/Commercial	0.2
Coatings/Paint	0.2
Consumer Products — Misc.	0.2
Commercial Services	0.2
Aerospace/Defense — Equipment	0.2
Auto — Heavy Duty Trucks	0.2
Medical — Hospitals	0.2
Metal — Copper	0.2
Containers — Paper/Plastic	0.2
Broadcast Services/Program	0.2
Gold Mining	0.2
Machinery — Pumps	0.2
Computers — Memory Devices	0.2
Diagnostic Kits	0.1
Brewery	0.1
Agricultural Operations	0.1
Consulting Services	0.1
Agricultural Biotech	0.1
Agricultural Chemicals	0.1
Building Products — Cement	0.1
Food — Wholesale/Distribution	0.1
U.S. Government Treasuries	0.1
Food — Meat Products	0.1
Computer Data Security	0.1
Energy — Alternate Sources	0.1
Apparel Manufacturers	0.1
Transport — Truck	0.1
Auto/Truck Parts & Equipment — Original	0.1
Wireless Equipment	0.1
Steel — Producers	0.1
Decision Support Software	0.1
Food — Retail	0.1
Casino Hotels	0.1
Retail — Drug Store	0.1
Tools — Hand Held	0.1
Cruise Lines	0.1
Retail — Apparel/Shoe	0.1
Respiratory Products	0.1
Computer Software	0.1
Advertising Agencies	0.1
Gas — Distribution	0.1
Medical Information Systems	0.1
Real Estate Management/Services	0.1
Water	0.1
Telecom Equipment — Fiber Optics	0.1
Industrial Automated/Robotic	0.1
E-Services/Consulting	0.1
Containers — Metal/Glass	0.1
Retail — Perfume & Cosmetics	0.1
Soap & Cleaning Preparation	0.1
Rental Auto/Equipment	0.1
Retail — Gardening Products	0.1
Electric — Generation	0.1
Finance — Consumer Loans	0.1
Paper & Related Products	0.1
Engineering/R&D Services	0.1
Office Automation & Equipment	0.1
Retail — Consumer Electronics	0.1
Web Hosting/Design	0.1
	99.9%

* Calculated as a percentage of net assets

237

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 99.1%
Advertising Agencies — 0.1%
Interpublic Group of Cos., Inc.		61,886	$	1,994,586
Omnicom Group, Inc.		32,858		2,451,535
				4,446,121
Aerospace/Defense — 1.4%
Boeing Co.†		86,161		11,321,555
General Dynamics Corp.		36,239		8,150,514
Lockheed Martin Corp.		38,107		16,771,272
Northrop Grumman Corp.		23,071		10,796,536
Raytheon Technologies Corp.		234,629		22,317,911
Teledyne Technologies, Inc.†		7,334		2,971,370
TransDigm Group, Inc.†		8,285		5,015,490
				77,344,648
Aerospace/Defense - Equipment — 0.2%
Howmet Aerospace, Inc.		59,670		2,134,396
L3Harris Technologies, Inc.		30,851		7,432,006
				9,566,402
Agricultural Biotech — 0.1%
Corteva, Inc.		114,305		7,157,779
Agricultural Chemicals — 0.1%
CF Industries Holdings, Inc.		33,721		3,330,623
Mosaic Co.		58,238		3,648,611
				6,979,234
Agricultural Operations — 0.1%
Archer-Daniels-Midland Co.		87,975		7,989,890
Airlines — 0.2%
Alaska Air Group, Inc.†		19,796		955,355
American Airlines Group, Inc.†		101,839		1,819,863
Delta Air Lines, Inc.†		100,626		4,195,098
Southwest Airlines Co.†		93,129		4,270,896
United Airlines Holdings, Inc.†		50,910		2,424,843
				13,666,055
Apparel Manufacturers — 0.1%
PVH Corp.		11,002		779,712
Ralph Lauren Corp.		7,277		735,632
Tapestry, Inc.		41,506		1,431,957
Under Armour, Inc., Class A†		29,659		313,792
Under Armour, Inc., Class C†		33,814		327,996
VF Corp.		50,749		2,560,794
				6,149,883
Appliances — 0.0%
Whirlpool Corp.		9,276		1,709,010
Applications Software — 6.5%
Intuit, Inc.		44,520		18,451,759
Microsoft Corp.		1,178,687		320,449,635
PTC, Inc.†		16,550		1,928,571
Roper Technologies, Inc.		16,584		7,337,425
ServiceNow, Inc.†		31,446		14,700,062
				362,867,452
Athletic Footwear — 0.4%
NIKE, Inc., Class B		200,663		23,848,798
Auto - Cars/Light Trucks — 2.1%
Ford Motor Co.		618,423		8,460,027
General Motors Co.†		228,450		8,836,446
Tesla, Inc.†		131,619		99,801,423
				117,097,896

Security Description	Shares		Value (Note 2)
Auto - Heavy Duty Trucks — 0.2%
Cummins, Inc.		22,393	$	4,682,824
PACCAR, Inc.		54,605		4,741,898
				9,424,722
Auto/Truck Parts & Equipment - Original — 0.1%
Aptiv PLC†		42,531		4,518,494
BorgWarner, Inc.		37,698		1,519,983
				6,038,477
Banks - Commercial — 0.6%
Citizens Financial Group, Inc.		77,803		3,219,488
First Republic Bank		28,185		4,369,521
M&T Bank Corp.		28,174		5,070,475
Regions Financial Corp.		148,105		3,271,639
Signature Bank		9,862		2,132,855
SVB Financial Group†		9,236		4,512,432
Truist Financial Corp.		209,877		10,439,282
Zions Bancorp NA		23,839		1,359,777
				34,375,469
Banks - Fiduciary — 0.2%
Bank of New York Mellon Corp.		116,317		5,421,535
Northern Trust Corp.		32,665		3,650,314
State Street Corp.		57,541		4,171,147
				13,242,996
Banks - Super Regional — 1.1%
Comerica, Inc.		20,547		1,709,716
Fifth Third Bancorp		107,503		4,238,843
Huntington Bancshares, Inc.		226,048		3,137,546
KeyCorp		146,038		2,914,918
PNC Financial Services Group, Inc.		66,034		11,583,024
US Bancorp		212,322		11,267,929
Wells Fargo & Co.		610,941		27,962,770
				62,814,746
Beverages - Non-alcoholic — 1.5%
Coca-Cola Co.		611,205		38,738,173
Monster Beverage Corp.†		59,068		5,264,140
PepsiCo, Inc.		217,513		36,487,806
				80,490,119
Beverages - Wine/Spirits — 0.0%
Brown-Forman Corp., Class B		28,732		1,899,760
Brewery — 0.1%
Constellation Brands, Inc., Class A		25,838		6,342,454
Molson Coors Beverage Co., Class B		29,622		1,654,092
				7,996,546
Broadcast Services/Program — 0.2%
Fox Corp., Class A		49,652		1,763,142
Fox Corp., Class B		22,921		749,746
Warner Bros. Discovery, Inc.†		346,019		6,384,051
				8,896,939
Building & Construction Products - Misc. — 0.0%
Fortune Brands Home & Security, Inc.		21,341		1,479,998
Mohawk Industries, Inc.†		8,626		1,220,234
				2,700,232
Building Products - Air & Heating — 0.2%
Carrier Global Corp.		134,507		5,287,470
Johnson Controls International PLC		110,469		6,021,665
				11,309,135

238

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Building Products - Cement — 0.1%
Martin Marietta Materials, Inc.		9,808	$	3,328,639
Vulcan Materials Co.		20,864		3,439,848
				6,768,487
Building Products - Wood — 0.0%
Masco Corp.		37,723		2,138,517
Building - Maintenance & Services — 0.0%
Rollins, Inc.		35,587		1,261,915
Building - Residential/Commercial — 0.2%
D.R. Horton, Inc.		50,699		3,810,030
Lennar Corp., Class A		41,095		3,297,874
NVR, Inc.†		536		2,385,532
PulteGroup, Inc.		39,093		1,769,349
				11,262,785
Cable/Satellite TV — 0.8%
Charter Communications, Inc., Class A†		18,740		9,499,868
Comcast Corp., Class A		711,246		31,493,973
DISH Network Corp., Class A†		39,260		896,306
				41,890,147
Casino Hotels — 0.1%
Las Vegas Sands Corp.†		54,053		1,916,719
MGM Resorts International		59,220		2,070,924
Wynn Resorts, Ltd.†#		16,548		1,093,823
				5,081,466
Casino Services — 0.0%
Caesars Entertainment, Inc.†		33,611		1,686,264
Cellular Telecom — 0.2%
T-Mobile US, Inc.†		92,311		12,304,133
Chemicals - Diversified — 0.5%
Celanese Corp.		16,984		2,658,336
Dow, Inc.		115,677		7,863,722
DuPont de Nemours, Inc.		80,641		5,471,492
Eastman Chemical Co.		20,282		2,234,265
FMC Corp.		19,929		2,442,897
LyondellBasell Industries NV, Class A		41,334		4,722,410
PPG Industries, Inc.		37,325		4,721,239
				30,114,361
Chemicals - Specialty — 0.3%
Albemarle Corp.		18,391		4,789,384
Ecolab, Inc.		39,198		6,424,944
International Flavors & Fragrances, Inc.		40,020		5,289,444
				16,503,772
Coatings/Paint — 0.2%
Sherwin-Williams Co.		37,925		10,165,417
Commercial Services — 0.2%
Cintas Corp.		13,863		5,522,049
Nielsen Holdings PLC		56,413		1,441,916
Quanta Services, Inc.		22,403		2,665,957
				9,629,922
Commercial Services - Finance — 1.3%
Automatic Data Processing, Inc.		66,042		14,723,403
Equifax, Inc.		19,182		3,885,890
FleetCor Technologies, Inc.†		12,765		3,176,060
Global Payments, Inc.		44,769		5,866,530
MarketAxess Holdings, Inc.		5,978		1,683,883
Moody’s Corp.		25,428		7,668,322
PayPal Holdings, Inc.†		183,167		15,607,660
S&P Global, Inc.		55,688		19,461,842
				72,073,590

Security Description	Shares		Value (Note 2)
Computer Aided Design — 0.5%
ANSYS, Inc.†		13,718	$	3,571,618
Autodesk, Inc.†		34,585		7,185,034
Cadence Design Systems, Inc.†		43,573		6,698,477
Synopsys, Inc.†		24,124		7,700,381
				25,155,510
Computer Data Security — 0.1%
Fortinet, Inc.†		21,337		6,276,065
Computer Services — 1.1%
Accenture PLC, Class A		99,366		29,656,776
Cognizant Technology Solutions Corp., Class A		82,582		6,168,876
DXC Technology Co.†		38,438		1,353,786
EPAM Systems, Inc.†		8,918		3,018,921
International Business Machines Corp.		140,998		19,576,162
Leidos Holdings, Inc.		22,065		2,305,793
				62,080,314
Computer Software — 0.1%
Akamai Technologies, Inc.†		25,546		2,581,168
Citrix Systems, Inc.		19,609		1,974,430
				4,555,598
Computers — 6.7%
Apple, Inc.		2,437,516		362,799,882
Hewlett Packard Enterprise Co.		203,359		3,172,400
HP, Inc.		170,229		6,611,694
				372,583,976
Computers - Memory Devices — 0.2%
NetApp, Inc.		34,947		2,514,437
Seagate Technology Holdings PLC		31,662		2,680,821
Western Digital Corp.†		49,198		2,985,827
				8,181,085
Consulting Services — 0.1%
Gartner, Inc.†		12,930		3,392,832
Verisk Analytics, Inc.		25,338		4,432,123
				7,824,955
Consumer Products - Misc. — 0.2%
Clorox Co.		19,348		2,812,425
Kimberly-Clark Corp.		52,953		7,043,808
				9,856,233
Containers - Metal/Glass — 0.1%
Ball Corp.		50,923		3,609,931
Containers - Paper/Plastic — 0.2%
Amcor PLC		237,994		3,117,721
Packaging Corp. of America		14,936		2,349,134
Sealed Air Corp.		23,293		1,448,359
WestRock Co.		41,383		2,006,662
				8,921,876
Cosmetics & Toiletries — 1.4%
Colgate-Palmolive Co.		132,517		10,443,665
Estee Lauder Cos., Inc., Class A		36,543		9,305,675
Procter & Gamble Co.		376,877		55,732,571
				75,481,911
Cruise Lines — 0.1%
Carnival Corp.†#		127,166		1,765,064
Norwegian Cruise Line Holdings, Ltd.†		65,546		1,049,392
Royal Caribbean Cruises, Ltd.†		35,257		2,047,374
				4,861,830

239

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Data Processing/Management — 0.6%
Broadridge Financial Solutions, Inc.		18,359	$	2,684,453
Fidelity National Information Services, Inc.		95,739		10,004,726
Fiserv, Inc.†		93,424		9,359,216
Jack Henry & Associates, Inc.		11,450		2,153,974
Paychex, Inc.		50,481		6,251,062
				30,453,431
Decision Support Software — 0.1%
MSCI, Inc.		12,777		5,651,906
Dental Supplies & Equipment — 0.0%
DENTSPLY SIRONA, Inc.		34,370		1,359,677
Diagnostic Equipment — 1.2%
Danaher Corp.		100,049		26,394,927
PerkinElmer, Inc.		19,841		2,969,603
Thermo Fisher Scientific, Inc.		61,954		35,163,232
Waters Corp.†		9,597		3,147,336
				67,675,098
Diagnostic Kits — 0.1%
Hologic, Inc.†		39,304		2,958,412
IDEXX Laboratories, Inc.†		13,331		5,220,686
				8,179,098
Dialysis Centers — 0.0%
DaVita, Inc.†		9,689		944,581
Disposable Medical Products — 0.0%
Teleflex, Inc.		7,365		2,119,205
Distribution/Wholesale — 0.3%
Copart, Inc.†		33,563		3,843,970
Fastenal Co.		90,490		4,846,645
LKQ Corp.		42,163		2,166,757
Pool Corp.		6,303		2,512,502
WW Grainger, Inc.		6,804		3,314,024
				16,683,898
Diversified Banking Institutions — 2.8%
Bank of America Corp.		1,117,621		41,575,501
Citigroup, Inc.		311,995		16,663,653
Goldman Sachs Group, Inc.		53,370		17,443,985
JPMorgan Chase & Co.		464,639		61,439,215
Morgan Stanley		222,879		19,198,797
				156,321,151
Diversified Manufacturing Operations — 1.1%
3M Co.		89,791		13,404,898
A.O. Smith Corp.		20,661		1,242,139
Eaton Corp. PLC		62,669		8,685,923
General Electric Co.		172,840		13,531,644
Illinois Tool Works, Inc.		44,908		9,344,008
Parker-Hannifin Corp.		20,201		5,498,106
Textron, Inc.		34,655		2,262,625
Trane Technologies PLC		36,718		5,069,287
				59,038,630
Drug Delivery Systems — 0.3%
Becton Dickinson & Co.		44,773		11,452,933
DexCom, Inc.†		15,239		4,540,308
				15,993,241
E-Commerce/Products — 3.1%
Amazon.com, Inc.†		68,802		165,413,080
eBay, Inc.		98,422		4,790,199
Etsy, Inc.†#		19,933		1,616,965
				171,820,244

Security Description	Shares		Value (Note 2)
E-Commerce/Services — 0.4%
Booking Holdings, Inc.†		6,456	$	14,484,423
Cars.com, Inc.†		1		10
Expedia Group, Inc.†		23,620		3,054,775
Match Group, Inc.†		44,509		3,506,419
				21,045,627
E-Services/Consulting — 0.1%
CDW Corp.		21,339		3,624,643
Electric Products - Misc. — 0.2%
AMETEK, Inc.		36,369		4,417,742
Emerson Electric Co.		93,392		8,280,135
				12,697,877
Electric - Distribution — 0.3%
Consolidated Edison, Inc.		55,617		5,520,543
Sempra Energy		50,207		8,226,919
				13,747,462
Electric - Generation — 0.1%
Constellation Energy Corp.		51,334		3,186,815
Electric - Integrated — 2.5%
AES Corp.		104,824		2,310,321
Alliant Energy Corp.		39,363		2,512,147
Ameren Corp.		40,502		3,855,385
American Electric Power Co., Inc.		79,186		8,079,347
CenterPoint Energy, Inc.		98,873		3,168,880
CMS Energy Corp.		45,557		3,236,369
Dominion Energy, Inc.		127,352		10,725,585
DTE Energy Co.		30,462		4,042,612
Duke Energy Corp.		120,940		13,608,169
Edison International		59,731		4,175,794
Entergy Corp.		31,599		3,801,992
Evergy, Inc.		36,052		2,521,477
Eversource Energy		54,055		4,990,358
Exelon Corp.		154,001		7,569,149
FirstEnergy Corp.		89,647		3,851,235
NextEra Energy, Inc.		308,495		23,349,986
Pinnacle West Capital Corp.		17,738		1,377,356
PPL Corp.		118,031		3,562,176
Public Service Enterprise Group, Inc.		79,502		5,449,067
Southern Co.		166,627		12,606,999
WEC Energy Group, Inc.		49,595		5,210,947
Xcel Energy, Inc.		84,692		6,380,695
				136,386,046
Electronic Components - Misc. — 0.0%
Garmin, Ltd.		23,887		2,522,945
Electronic Components - Semiconductors — 4.0%
Advanced Micro Devices, Inc.†		257,031		26,181,178
Broadcom, Inc.		64,914		37,658,559
Intel Corp.		640,215		28,438,350
IPG Photonics Corp.†		5,616		592,432
Microchip Technology, Inc.		87,415		6,350,700
Micron Technology, Inc.		176,056		12,999,975
Monolithic Power Systems, Inc.		6,813		3,068,507
NVIDIA Corp.		393,060		73,392,163
Qorvo, Inc.†		17,048		1,905,114
Skyworks Solutions, Inc.		25,786		2,807,322
Texas Instruments, Inc.		145,203		25,666,082
				219,060,382
Electronic Connectors — 0.2%
Amphenol Corp., Class A		94,167		6,672,674
TE Connectivity, Ltd.		51,188		6,623,215
				13,295,889

240

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Electronic Forms — 0.6%
Adobe, Inc.†		74,162	$	30,886,990
Electronic Measurement Instruments — 0.3%
Agilent Technologies, Inc.		47,225		6,024,021
Fortive Corp.		56,377		3,482,407
Keysight Technologies, Inc.†		28,778		4,190,077
Trimble, Inc.†		39,464		2,685,525
				16,382,030
Electronic Security Devices — 0.0%
Allegion PLC		14,103		1,574,600
Energy - Alternate Sources — 0.1%
Enphase Energy, Inc.†		21,058		3,920,789
SolarEdge Technologies, Inc.†		8,257		2,252,427
				6,173,216
Engineering/R&D Services — 0.1%
Jacobs Engineering Group, Inc.		20,316		2,846,068
Enterprise Software/Service — 0.9%
Ceridian HCM Holding, Inc.†		21,507		1,210,844
Oracle Corp.		247,717		17,815,807
Paycom Software, Inc.†		7,571		2,152,738
salesforce.com, Inc.†		154,866		24,815,728
Tyler Technologies, Inc.†		6,442		2,292,192
				48,287,309
Entertainment Software — 0.3%
Activision Blizzard, Inc.		122,487		9,539,287
Electronic Arts, Inc.		44,215		6,130,410
Take-Two Interactive Software, Inc.†		24,855		3,095,193
				18,764,890
Finance - Consumer Loans — 0.1%
Synchrony Financial		81,956		3,035,650
Finance - Credit Card — 2.4%
American Express Co.		96,705		16,325,738
Capital One Financial Corp.		65,075		8,320,490
Discover Financial Services		45,280		5,138,827
Mastercard, Inc., Class A		135,694		48,560,812
Visa, Inc., Class A		260,744		55,322,054
				133,667,921
Finance - Investment Banker/Broker — 0.3%
Charles Schwab Corp.		236,368		16,569,397
Finance - Other Services — 0.5%
Cboe Global Markets, Inc.		16,766		1,882,989
CME Group, Inc.		56,505		11,234,889
Intercontinental Exchange, Inc.		88,336		9,044,723
Nasdaq, Inc.		18,403		2,857,250
				25,019,851
Food - Confectionery — 0.4%
Hershey Co.		22,858		4,839,267
J.M. Smucker Co.		17,037		2,135,929
Mondelez International, Inc., Class A		218,278		13,873,750
				20,848,946
Food - Meat Products — 0.1%
Hormel Foods Corp.		44,357		2,158,855
Tyson Foods, Inc., Class A		45,981		4,120,358
				6,279,213
Food - Misc./Diversified — 0.4%
Campbell Soup Co.		31,786		1,522,867
Conagra Brands, Inc.		75,420		2,480,564
General Mills, Inc.		94,839		6,624,504
Kellogg Co.		40,224		2,805,222

Security Description	Shares		Value (Note 2)
Food - Misc./Diversified (continued)
Kraft Heinz Co.		111,621	$	4,222,622
Lamb Weston Holdings, Inc.		22,830		1,542,851
McCormick & Co., Inc.		39,266		3,640,744
				22,839,374
Food - Retail — 0.1%
Kroger Co.		105,196		5,572,232
Food - Wholesale/Distribution — 0.1%
Sysco Corp.		79,782		6,716,049
Gas - Distribution — 0.1%
Atmos Energy Corp.		21,293		2,476,589
NiSource, Inc.		61,743		1,941,817
				4,418,406
Gold Mining — 0.2%
Newmont Corp.		125,376		8,506,762
Home Decoration Products — 0.0%
Newell Brands, Inc.		59,525		1,276,216
Hotels/Motels — 0.2%
Hilton Worldwide Holdings, Inc.		43,822		6,172,767
Marriott International, Inc., Class A		43,012		7,379,999
				13,552,766
Human Resources — 0.0%
Robert Half International, Inc.		17,213		1,551,752
Independent Power Producers — 0.0%
NRG Energy, Inc.		38,495		1,772,310
Industrial Automated/Robotic — 0.1%
Rockwell Automation, Inc.		18,269		3,894,951
Industrial Gases — 0.6%
Air Products & Chemicals, Inc.		34,860		8,581,138
Linde PLC		80,586		26,164,662
				34,745,800
Instruments - Controls — 0.5%
Honeywell International, Inc.		107,828		20,877,657
Mettler-Toledo International, Inc.†		3,614		4,648,038
				25,525,695
Insurance Brokers — 0.6%
Aon PLC, Class A		33,772		9,309,927
Arthur J. Gallagher & Co.		32,773		5,307,260
Brown & Brown, Inc.		36,865		2,188,675
Marsh & McLennan Cos., Inc.		79,382		12,697,151
Willis Towers Watson PLC		19,191		4,050,644
				33,553,657
Insurance - Life/Health — 0.3%
Aflac, Inc.		94,328		5,713,447
Globe Life, Inc.		14,606		1,425,107
Lincoln National Corp.		26,189		1,517,129
Principal Financial Group, Inc.		38,195		2,785,561
Prudential Financial, Inc.		59,431		6,314,544
				17,755,788
Insurance - Multi-line — 0.8%
Allstate Corp.		44,117		6,030,353
American International Group, Inc.(1)		130,542		7,660,204
Chubb, Ltd.		67,723		14,309,193
Cincinnati Financial Corp.		23,562		3,012,637
Hartford Financial Services Group, Inc.		52,654		3,817,941
Loews Corp.		30,828		2,018,926
MetLife, Inc.		110,320		7,434,465
				44,283,719

241

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Insurance - Property/Casualty — 2.0%
Assurant, Inc.		8,957	$	1,582,612
Berkshire Hathaway, Inc., Class B†		287,936		90,982,017
Progressive Corp.		91,882		10,968,873
Travelers Cos., Inc.		37,922		6,789,555
WR Berkley Corp.		32,935		2,342,667
				112,665,724
Insurance - Reinsurance — 0.0%
Everest Re Group, Ltd.		6,190		1,748,675
Internet Content - Entertainment — 1.6%
Meta Platforms, Inc., Class A†		363,043		70,299,647
Netflix, Inc.†		69,801		13,781,509
Twitter, Inc.†		125,718		4,978,433
				89,059,589
Internet Infrastructure Software — 0.0%
F5, Inc.†		9,550		1,557,032
Internet Security — 0.0%
NortonLifeLock, Inc.		91,483		2,226,696
Investment Management/Advisor Services — 0.5%
Ameriprise Financial, Inc.		17,436		4,817,044
BlackRock, Inc.		22,417		14,998,766
Franklin Resources, Inc.		44,209		1,197,180
Invesco, Ltd.		53,659		1,037,765
Raymond James Financial, Inc.		29,375		2,893,144
T. Rowe Price Group, Inc.		36,035		4,579,688
				29,523,587
Machinery - Construction & Mining — 0.3%
Caterpillar, Inc.		85,049		18,357,827
Machinery - Farming — 0.3%
Deere & Co.		44,095		15,776,309
Machinery - General Industrial — 0.2%
IDEX Corp.		11,953		2,289,597
Nordson Corp.		8,508		1,853,723
Otis Worldwide Corp.		66,814		4,970,962
Westinghouse Air Brake Technologies Corp.		29,373		2,774,573
				11,888,855
Machinery - Pumps — 0.2%
Dover Corp.		22,639		3,031,589
Ingersoll Rand, Inc.		64,082		3,021,466
Xylem, Inc.		28,352		2,388,656
				8,441,711
Medical Information Systems — 0.1%
Cerner Corp.		46,259		4,387,666
Medical Instruments — 1.0%
Bio-Techne Corp.		6,178		2,284,192
Boston Scientific Corp.†		224,043		9,188,003
Edwards Lifesciences Corp.†		98,160		9,899,436
Intuitive Surgical, Inc.†		56,247		12,804,067
Medtronic PLC		211,397		21,171,410
				55,347,108
Medical Labs & Testing Services — 0.3%
Catalent, Inc.†		28,159		2,902,066
Charles River Laboratories International, Inc.†		7,935		1,857,425
IQVIA Holdings, Inc.†		30,035		6,465,034
Laboratory Corp. of America Holdings		14,637		3,611,241
Quest Diagnostics, Inc.		18,710		2,638,484
				17,474,250

Security Description	Shares		Value (Note 2)
Medical Products — 1.3%
Abbott Laboratories		278,017	$	32,655,877
ABIOMED, Inc.†		7,157		1,887,301
Align Technology, Inc.†		11,530		3,201,189
Baxter International, Inc.		78,721		5,986,732
Cooper Cos., Inc.		7,750		2,718,235
Henry Schein, Inc.†		21,803		1,867,209
STERIS PLC		15,743		3,592,553
Stryker Corp.		52,787		12,378,551
West Pharmaceutical Services, Inc.		11,647		3,614,996
Zimmer Biomet Holdings, Inc.		32,845		3,948,297
				71,850,940
Medical - Biomedical/Gene — 1.4%
Amgen, Inc.		88,559		22,736,638
Bio-Rad Laboratories, Inc., Class A†		3,397		1,826,873
Biogen, Inc.†		23,095		4,619,000
Gilead Sciences, Inc.		197,219		12,789,652
Illumina, Inc.†		24,574		5,884,981
Incyte Corp.†		29,577		2,244,599
Moderna, Inc.†		55,459		8,059,856
Regeneron Pharmaceuticals, Inc.†		16,778		11,153,008
Vertex Pharmaceuticals, Inc.†		40,025		10,752,716
				80,067,323
Medical - Drugs — 5.0%
AbbVie, Inc.		277,954		40,962,081
Bristol-Myers Squibb Co.		342,703		25,856,941
Eli Lilly & Co.		124,831		39,127,029
Johnson & Johnson		413,907		74,308,724
Merck & Co., Inc.		397,138		36,548,610
Organon & Co.		39,864		1,513,237
Pfizer, Inc.		882,478		46,806,633
Zoetis, Inc.		74,387		12,714,970
				277,838,225
Medical - Generic Drugs — 0.0%
Viatris, Inc.		190,146		2,333,091
Medical - HMO — 2.0%
Anthem, Inc.		38,161		19,447,227
Centene Corp.†		91,741		7,471,387
Humana, Inc.		20,209		9,179,534
Molina Healthcare, Inc.†		9,182		2,664,800
UnitedHealth Group, Inc.		148,082		73,564,176
				112,327,124
Medical - Hospitals — 0.2%
HCA Healthcare, Inc.		37,653		7,922,191
Universal Health Services, Inc., Class B		11,495		1,432,392
				9,354,583
Medical - Wholesale Drug Distribution — 0.3%
AmerisourceBergen Corp.		23,675		3,664,653
Cardinal Health, Inc.		43,560		2,453,299
McKesson Corp.		23,552		7,741,307
				13,859,259
Metal - Copper — 0.2%
Freeport-McMoRan, Inc.		230,815		9,020,250
Multimedia — 0.7%
FactSet Research Systems, Inc.		5,944		2,269,300
Paramount Global, Class B		95,389		3,274,704
Walt Disney Co.†		286,247		31,613,119
				37,157,123

242

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Networking Products — 0.6%
Arista Networks, Inc.†		35,269	$	3,607,313
Cisco Systems, Inc.		663,108		29,873,016
				33,480,329
Non - Hazardous Waste Disposal — 0.3%
Republic Services, Inc.		32,835		4,394,636
Waste Management, Inc.		60,508		9,591,123
				13,985,759
Office Automation & Equipment — 0.1%
Zebra Technologies Corp., Class A†		8,346		2,822,534
Office Supplies & Forms — 0.0%
Avery Dennison Corp.		13,018		2,246,386
Oil Companies - Exploration & Production — 1.5%
APA Corp.		57,116		2,685,023
ConocoPhillips		204,743		23,004,924
Coterra Energy, Inc.		127,913		4,391,253
Devon Energy Corp.		98,990		7,414,351
Diamondback Energy, Inc.		26,776		4,070,488
EOG Resources, Inc.		91,990		12,598,950
Hess Corp.		43,340		5,333,854
Marathon Oil Corp.		122,405		3,847,189
Occidental Petroleum Corp.		139,502		9,668,884
Pioneer Natural Resources Co.		35,697		9,921,624
				82,936,540
Oil Companies - Integrated — 2.1%
Chevron Corp.		303,077		52,935,429
Exxon Mobil Corp.		665,618		63,899,328
				116,834,757
Oil Refining & Marketing — 0.5%
Marathon Petroleum Corp.		91,032		9,266,147
Phillips 66		73,558		7,415,382
Valero Energy Corp.		64,278		8,330,429
				25,011,958
Oil - Field Services — 0.4%
Baker Hughes Co.		142,394		5,123,336
Halliburton Co.		141,277		5,721,719
Schlumberger NV		220,645		10,140,844
				20,985,899
Paper & Related Products — 0.1%
International Paper Co.		60,887		2,949,975
Pharmacy Services — 0.6%
Cigna Corp.		50,775		13,622,425
CVS Health Corp.		206,357		19,965,040
				33,587,465
Pipelines — 0.3%
Kinder Morgan, Inc.		306,593		6,036,816
ONEOK, Inc.		70,112		4,616,875
Williams Cos., Inc.		191,032		7,079,646
				17,733,337
Power Converter/Supply Equipment — 0.0%
Generac Holdings, Inc.†		9,920		2,451,034
Publishing - Newspapers — 0.0%
News Corp., Class A		61,455		1,069,317
News Corp., Class B		19,035		334,635
				1,403,952
Racetracks — 0.0%
Penn National Gaming, Inc.†		26,119		834,763

Security Description	Shares		Value (Note 2)
Real Estate Investment Trusts — 2.7%
Alexandria Real Estate Equities, Inc.		22,883	$	3,797,434
American Tower Corp.		71,602		18,339,420
AvalonBay Communities, Inc.		21,974		4,569,713
Boston Properties, Inc.		22,349		2,484,762
Camden Property Trust		16,068		2,305,597
Crown Castle International Corp.		67,953		12,887,287
Digital Realty Trust, Inc.		44,619		6,228,366
Duke Realty Corp.		59,879		3,163,408
Equinix, Inc.		14,156		9,726,446
Equity Residential		53,728		4,127,922
Essex Property Trust, Inc.		10,258		2,911,733
Extra Space Storage, Inc.		21,051		3,751,288
Federal Realty Investment Trust		11,124		1,278,926
Healthpeak Properties, Inc.		84,791		2,517,445
Host Hotels & Resorts, Inc.		112,264		2,244,157
Iron Mountain, Inc.		45,525		2,453,798
Kimco Realty Corp.		96,953		2,292,939
Mid-America Apartment Communities, Inc.		18,133		3,282,073
Prologis, Inc.		116,346		14,831,788
Public Storage		23,986		7,930,731
Realty Income Corp.		88,951		6,068,237
Regency Centers Corp.		24,227		1,652,524
SBA Communications Corp.		17,103		5,757,041
Simon Property Group, Inc.		51,665		5,923,392
UDR, Inc.		47,020		2,247,556
Ventas, Inc.		62,760		3,561,002
Vornado Realty Trust		24,998		873,930
Welltower, Inc.		68,435		6,096,874
Weyerhaeuser Co.		117,494		4,643,363
				147,949,152
Real Estate Management/Services — 0.1%
CBRE Group, Inc., Class A†		52,618		4,358,875
Rental Auto/Equipment — 0.1%
United Rentals, Inc.†		11,386		3,395,077
Respiratory Products — 0.1%
ResMed, Inc.		22,992		4,677,952
Retail - Apparel/Shoe — 0.1%
Ross Stores, Inc.		55,551		4,722,946
Retail - Auto Parts — 0.3%
Advance Auto Parts, Inc.		9,804		1,861,387
AutoZone, Inc.†		3,244		6,681,505
Genuine Parts Co.		22,392		3,061,658
O’Reilly Automotive, Inc.†		10,593		6,749,542
				18,354,092
Retail - Automobile — 0.0%
CarMax, Inc.†		25,419		2,523,344
Retail - Building Products — 1.3%
Home Depot, Inc.		164,180		49,705,495
Lowe’s Cos., Inc.		105,929		20,687,934
				70,393,429
Retail - Consumer Electronics — 0.1%
Best Buy Co., Inc.		34,040		2,793,322
Retail - Discount — 1.6%
Costco Wholesale Corp.		69,718		32,503,926
Dollar General Corp.		36,430		8,026,986
Dollar Tree, Inc.†		35,368		5,670,551
Target Corp.		75,329		12,194,259
Walmart, Inc.		222,421		28,610,013
				87,005,735

243

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail - Drug Store — 0.1%
Walgreens Boots Alliance, Inc.		112,653	$	4,937,581
Retail - Gardening Products — 0.1%
Tractor Supply Co.		17,894		3,352,620
Retail - Major Department Stores — 0.2%
TJX Cos., Inc.		187,550		11,922,554
Retail - Misc./Diversified — 0.0%
Bath & Body Works, Inc.		40,521		1,662,171
Retail - Perfume & Cosmetics — 0.1%
Ulta Beauty, Inc.†		8,509		3,600,158
Retail - Restaurants — 1.1%
Chipotle Mexican Grill, Inc.†		4,422		6,202,076
Darden Restaurants, Inc.		20,081		2,510,125
Domino’s Pizza, Inc.		5,721		2,077,695
McDonald’s Corp.		117,485		29,630,892
Starbucks Corp.		180,854		14,197,039
Yum! Brands, Inc.		45,438		5,519,354
				60,137,181
Semiconductor Components - Integrated Circuits — 0.9%
Analog Devices, Inc.		82,594		13,908,830
NXP Semiconductors NV		41,812		7,934,245
QUALCOMM, Inc.		177,192		25,377,438
				47,220,513
Semiconductor Equipment — 0.7%
Applied Materials, Inc.		139,612		16,375,091
KLA Corp.		23,696		8,645,486
Lam Research Corp.		21,932		11,405,298
Teradyne, Inc.		25,629		2,800,225
				39,226,100
Shipbuilding — 0.0%
Huntington Ingalls Industries, Inc.		6,299		1,325,688
Soap & Cleaning Preparation — 0.1%
Church & Dwight Co., Inc.		38,048		3,426,603
Steel - Producers — 0.1%
Nucor Corp.		42,765		5,664,652
Telecom Equipment - Fiber Optics — 0.1%
Corning, Inc.		117,447		4,206,952
Telecommunication Equipment — 0.0%
Juniper Networks, Inc.		51,127		1,568,576
Telephone - Integrated — 1.1%
AT&T, Inc.		1,122,737		23,903,071
Lumen Technologies, Inc.#		144,882		1,773,356
Verizon Communications, Inc.		660,026		33,852,733
				59,529,160
Theaters — 0.0%
Live Nation Entertainment, Inc.†		21,239		2,018,767
Tobacco — 0.7%
Altria Group, Inc.		286,646		15,504,682
Philip Morris International, Inc.		243,671		25,890,044
				41,394,726
Tools - Hand Held — 0.1%
Snap-on, Inc.		8,401		1,864,014
Stanley Black & Decker, Inc.		25,634		3,042,499
				4,906,513
Toys — 0.0%
Hasbro, Inc.		20,387		1,829,733

Security Description	Shares/ Principal Amount			Value (Note 2)
Transport - Rail — 0.8%
CSX Corp.		348,720		$	11,085,809
Norfolk Southern Corp.		37,699			9,034,942
Union Pacific Corp.		100,135			22,007,670
					42,128,421
Transport - Services — 0.6%
C.H. Robinson Worldwide, Inc.		20,438			2,217,727
Expeditors International of Washington, Inc.		26,634			2,898,845
FedEx Corp.		38,327			8,607,478
United Parcel Service, Inc., Class B		114,641			20,893,322
					34,617,372
Transport - Truck — 0.1%
JB Hunt Transport Services, Inc.		13,209			2,279,609
Old Dominion Freight Line, Inc.		14,647			3,782,442
					6,062,051
Water — 0.1%
American Water Works Co., Inc.		28,543			4,317,129
Water Treatment Systems — 0.0%
Pentair PLC		26,017			1,305,273
Web Hosting/Design — 0.1%
VeriSign, Inc.†		15,194			2,652,113
Web Portals/ISP — 3.7%
Alphabet, Inc., Class A†		47,285			107,584,724
Alphabet, Inc., Class C†		43,671			99,603,943
					207,188,667
Wireless Equipment — 0.1%
Motorola Solutions, Inc.		26,554			5,834,976
Total Long-Term Investment Securities
(cost $2,087,255,069)					5,494,129,582
SHORT-TERM INVESTMENT SECURITIES — 0.1%
U.S. Government Treasuries — 0.1%
United States Treasury Bills
0.06% due 08/11/2022(2)	$	2,500,000			2,494,913
0.07% due 06/16/2022(2)		3,100,000			3,099,270
0.10% due 10/06/2022(2)		700,000			696,817
Total Short-Term Investment Securities
(cost $6,299,360)					6,291,000
REPURCHASE AGREEMENTS — 0.7%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.06% dated 05/31/2022, to be repurchased 06/01/2022 in the amount of $38,739,802 and collateralized by $39,804,700 of United States Treasury Notes, bearing interest at 1.25% due 06/30/2028 and by $3,170,800 of United States Treasury Notes, bearing interest at 1.25% due 05/31/2028 and having an aggregate value of $39,514,557 (cost $38,739,737)		38,739,737			38,739,737
TOTAL INVESTMENTS
(cost $2,132,294,166)(3)		99.9	%		5,539,160,319
Other assets less liabilities		0.1			4,425,641
NET ASSETS		100.0	%	$	5,543,585,960

† Non-income producing security

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

At May 31, 2022, the Fund had loaned securities with a total value of $6,249,208. This was secured by collateral of $6,451,271 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.

244

VALIC Company I Stock Index Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (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, 2022
United States Treasury Bills	0.00%	06/16/2022 to 10/27/2022	$	419,969
United States Treasury Notes/Bonds	0.13% to 6.88%	06/30/2022 to 08/15/2051		6,031,302

(1) Security represents an investment in an affiliated company (see Note 3).

(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.

Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	240	Long	S&P 500 E-Mini Index		June 2022	$	51,484,970	$	49,575,000	$	(1,909,970	)

* 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, 2022 (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	$	5,494,129,582	$	—	$	—	$	5,494,129,582
Short-Term Investment Securities		—		6,291,000		—		6,291,000
Repurchase Agreements		—		38,739,737		—		38,739,737
Total Investments at Value	$	5,494,129,582	$	45,030,737	$	—	$	5,539,160,319
LIABILITIES:
Other Financial Instruments:†
Futures Contracts	$	1,909,970	$	—	$	—	$	1,909,970

* 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

245

VALIC Company I Systematic Core Fund

PORTFOLIO PROFILE — May 31, 2022 (unaudited)

Industry Allocation*

Computers	5.6	%
Applications Software	5.5
Medical — Drugs	3.9
Electronic Components — Semiconductors	3.4
Web Portals/ISP	3.2
Real Estate Investment Trusts	2.5
E-Commerce/Products	2.5
Insurance — Property/Casualty	2.3
Medical — HMO	2.1
Diversified Banking Institutions	1.9
Computer Services	1.9
Retail — Discount	1.6
Finance — Credit Card	1.6
Electric — Integrated	1.5
Medical — Biomedical/Gene	1.5
Commercial Services — Finance	1.5
Internet Content — Entertainment	1.3
Auto — Cars/Light Trucks	1.2
Retail — Building Products	1.2
Medical Products	1.2
Enterprise Software/Service	1.2
Oil Companies — Integrated	1.2
Cosmetics & Toiletries	1.2
Distribution/Wholesale	1.1
Diagnostic Equipment	1.0
Diversified Manufacturing Operations	0.9
Retail — Auto Parts	0.9
Investment Management/Advisor Services	0.9
Semiconductor Equipment	0.8
Beverages — Non-alcoholic	0.8
Banks — Commercial	0.8
Retail — Restaurants	0.8
Registered Investment Companies	0.8
Food — Misc./Diversified	0.7
Cable/Satellite TV	0.7
Oil Companies — Exploration & Production	0.7
Data Processing/Management	0.7
Semiconductor Components — Integrated Circuits	0.7
Insurance — Multi-line	0.7
Food — Retail	0.7
Telephone — Integrated	0.7
Pharmacy Services	0.6
Finance — Investment Banker/Broker	0.6
Transport — Services	0.6
Banks — Super Regional	0.6
Aerospace/Defense	0.6
Chemicals — Diversified	0.6
Medical Labs & Testing Services	0.6
Insurance Brokers	0.6
Computer Software	0.6
Diagnostic Kits	0.5
Tobacco	0.5
Medical Instruments	0.5
Pipelines	0.5
Retail — Automobile	0.5
Broadcast Services/Program	0.5
Apparel Manufacturers	0.5
Transport — Truck	0.5
Electronic Forms	0.4
Computer Aided Design	0.4
Steel — Producers	0.4
Networking Products	0.4
Containers — Paper/Plastic	0.4
Food — Confectionery	0.4
Exchange — Traded Funds	0.4
Electronic Measurement Instruments	0.4
Machinery — General Industrial	0.4
Private Equity	0.4
Independent Power Producers	0.4

Medical — Wholesale Drug Distribution	0.4
Multimedia	0.4
Insurance — Life/Health	0.4
Building — Residential/Commercial	0.4
Agricultural Operations	0.4
Chemicals — Specialty	0.4
Coatings/Paint	0.3
Electronic Parts Distribution	0.3
Building & Construction Products — Misc.	0.3
Consumer Products — Misc.	0.3
Real Estate Management/Services	0.3
Gas — Distribution	0.3
Retail — Apparel/Shoe	0.3
Building Products — Air & Heating	0.3
Consulting Services	0.3
Finance — Other Services	0.3
Transport — Rail	0.3
Instruments — Controls	0.3
Athletic Footwear	0.3
Entertainment Software	0.3
Oil Refining & Marketing	0.3
Machinery — Pumps	0.3
Food — Meat Products	0.2
Brewery	0.2
Electric Products — Misc.	0.2
Human Resources	0.2
Electronic Components — Misc.	0.2
Computers — Memory Devices	0.2
Television	0.2
Medical Information Systems	0.2
Medical — Generic Drugs	0.2
Publishing — Newspapers	0.2
Retail — Gardening Products	0.2
Radio	0.2
Machinery — Construction & Mining	0.2
Commercial Services	0.2
Web Hosting/Design	0.2
Banks — Fiduciary	0.2
Wireless Equipment	0.2
Advertising Agencies	0.2
Non-Hazardous Waste Disposal	0.2
Finance — Consumer Loans	0.2
Internet Security	0.2
Machinery — Farming	0.2
Retail — Catalog Shopping	0.2
Medical — Outpatient/Home Medical	0.2
Medical — Hospitals	0.2
Engineering/R&D Services	0.2
Retail — Sporting Goods	0.2
Auto/Truck Parts & Equipment — Original	0.2
Software Tools	0.2
Computer Data Security	0.2
Food — Baking	0.2
Tools — Hand Held	0.2
Agricultural Chemicals	0.2
Finance — Auto Loans	0.2
Auto — Heavy Duty Trucks	0.2
Office Automation & Equipment	0.2
Containers — Metal/Glass	0.2
Retail — Misc./Diversified	0.2
E-Commerce/Services	0.1
Funeral Services & Related Items	0.1
Retail — Consumer Electronics	0.1
Metal — Copper	0.1
Retail — Convenience Store	0.1
Building & Construction — Misc.	0.1
Oil — Field Services	0.1
Lighting Products & Systems	0.1
Building Products — Cement	0.1

246

VALIC Company I Systematic Core Fund

PORTFOLIO PROFILE — May 31, 2022 (unaudited) — (continued)

Industry Allocation* (continued)

Hotels/Motels	0.1	%
Electric — Distribution	0.1
Toys	0.1
Aerospace/Defense — Equipment	0.1
Retail — Drug Store	0.1
Retail — Regional Department Stores	0.1
Building — Maintenance & Services	0.1
Retail — Home Furnishings	0.1
Internet Application Software	0.1
Respiratory Products	0.1
Computers — Integrated Systems	0.1
Telecommunication Equipment	0.1
Building Products — Wood	0.1
Industrial Automated/Robotic	0.1
Agricultural Biotech	0.1
Retail — Perfume & Cosmetics	0.1
Shipbuilding	0.1
Drug Delivery Systems	0.1
Machine Tools & Related Products	0.1
Audio/Video Products	0.1
Casino Hotels	0.1
Resorts/Theme Parks	0.1
Transport — Marine	0.1
Retail — Major Department Stores	0.1
Cellular Telecom	0.1
Paper & Related Products	0.1
Airlines	0.1
Metal Processors & Fabrication	0.1
E-Services/Consulting	0.1
Schools	0.1
Beverages — Wine/Spirits	0.1
Motorcycle/Motor Scooter	0.1
Food — Wholesale/Distribution	0.1
Water	0.1
Building — Heavy Construction	0.1
Filtration/Separation Products	0.1
Internet Infrastructure Software	0.1
Dialysis Centers	0.1
Communications Software	0.1
Electronic Security Devices	0.1
Vitamins & Nutrition Products	0.1
Appliances	0.1
Retail — Pet Food & Supplies	0.1
Soap & Cleaning Preparation	0.1
Home Furnishings	0.1
Building — Mobile Home/Manufactured Housing	0.1
Water Treatment Systems	0.1
Financial Guarantee Insurance	0.1
Electronic Connectors	0.1
Telecom Services	0.1
Machinery — Electrical	0.1
Recreational Vehicles	0.1
Metal — Aluminum	0.1
Savings & Loans/Thrifts	0.1
Decision Support Software	0.1
Retail — Floor Coverings	0.1
	100.5	%

* Calculated as a percentage of net assets

247

VALIC Company I Systematic Core Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 99.3%
Advertising Agencies — 0.2%
Interpublic Group of Cos., Inc.		23,884	$	769,781
Omnicom Group, Inc.		5,034		375,587
				1,145,368
Aerospace/Defense — 0.6%
Boeing Co.†		981		128,903
Curtiss-Wright Corp.		1,760		249,885
General Dynamics Corp.		2,756		619,852
Lockheed Martin Corp.		1,662		731,463
Northrop Grumman Corp.		1,655		774,490
Raytheon Technologies Corp.		9,587		911,916
Teledyne Technologies, Inc.†		432		175,025
				3,591,534
Aerospace/Defense - Equipment — 0.1%
L3Harris Technologies, Inc.		3,142		756,908
Agricultural Biotech — 0.1%
Corteva, Inc.		10,446		654,129
Agricultural Chemicals — 0.2%
CF Industries Holdings, Inc.		4,102		405,154
Mosaic Co.		8,152		510,723
				915,877
Agricultural Operations — 0.4%
Archer-Daniels-Midland Co.		16,602		1,507,794
Bunge, Ltd.		5,281		624,848
				2,132,642
Airlines — 0.1%
Alaska Air Group, Inc.†		5,196		250,759
JetBlue Airways Corp.†		27,830		298,894
				549,653
Apparel Manufacturers — 0.5%
Capri Holdings, Ltd.†		6,871		334,893
Carter’s, Inc.		4,707		362,674
Columbia Sportswear Co.		3,330		259,007
Hanesbrands, Inc.		17,335		205,767
PVH Corp.		2,866		203,113
Tapestry, Inc.		16,354		564,213
Under Armour, Inc., Class A†		29,725		314,491
Under Armour, Inc., Class C†		34,802		337,579
VF Corp.		4,024		203,051
				2,784,788
Appliances — 0.1%
Whirlpool Corp.		2,127		391,878
Applications Software — 5.5%
Aspen Technology, Inc.†		1,571		303,973
CDK Global, Inc.		5,186		282,430
Concentrix Corp.		5,016		776,928
Intuit, Inc.		3,083		1,277,780
Microsoft Corp.		103,471		28,130,661
PTC, Inc.†		1,778		207,190
Roper Technologies, Inc.		717		317,230
ServiceNow, Inc.†		2,407		1,125,200
Smartsheet, Inc., Class A†		3,056		108,946
				32,530,338
Athletic Equipment — 0.0%
YETI Holdings, Inc.†		2,498		114,284
Athletic Footwear — 0.3%
NIKE, Inc., Class B		14,369		1,707,756

Security Description	Shares		Value (Note 2)
Audio/Video Products — 0.1%
Dolby Laboratories, Inc., Class A		7,657	$	594,336
Auto - Cars/Light Trucks — 1.2%
Ford Motor Co.		101,668		1,390,818
General Motors Co.†		2,766		106,989
Tesla, Inc.†		7,624		5,780,974
				7,278,781
Auto - Heavy Duty Trucks — 0.2%
Cummins, Inc.		3,124		653,291
PACCAR, Inc.		2,853		247,754
				901,045
Auto/Truck Parts & Equipment - Original — 0.2%
Allison Transmission Holdings, Inc.		6,590		263,666
BorgWarner, Inc.		13,335		537,667
Gentex Corp.		8,154		253,426
				1,054,759
Banks - Commercial — 0.8%
Bank OZK		6,836		283,489
Citizens Financial Group, Inc.		8,160		337,661
First Horizon Corp.		13,743		313,753
First Republic Bank		1,412		218,902
FNB Corp.		14,502		176,199
M&T Bank Corp.		1,071		192,748
Pinnacle Financial Partners, Inc.		2,712		220,811
Popular, Inc.		5,631		460,109
Regions Financial Corp.		10,439		230,598
Signature Bank		1,386		299,750
SVB Financial Group†		408		199,337
Synovus Financial Corp.		5,759		245,621
Truist Financial Corp.		11,429		568,479
Webster Financial Corp.		3,194		156,793
Western Alliance Bancorp		2,935		238,821
Wintrust Financial Corp.		3,630		317,226
Zions Bancorp NA		4,908		279,952
				4,740,249
Banks - Fiduciary — 0.2%
Bank of New York Mellon Corp.		15,339		714,951
State Street Corp.		6,285		455,599
				1,170,550
Banks - Super Regional — 0.6%
Comerica, Inc.		2,871		238,896
Fifth Third Bancorp		8,333		328,570
Huntington Bancshares, Inc.		9,786		135,830
KeyCorp		11,620		231,935
PNC Financial Services Group, Inc.		3,560		624,460
US Bancorp		8,799		466,963
Wells Fargo & Co.		34,294		1,569,636
				3,596,290
Beverages - Non-alcoholic — 0.8%
Coca-Cola Co.		26,345		1,669,746
Keurig Dr Pepper, Inc.		9,664		335,728
Monster Beverage Corp.†		6,743		600,936
PepsiCo, Inc.		13,644		2,288,781
				4,895,191
Beverages - Wine/Spirits — 0.1%
Brown-Forman Corp., Class A		3,573		225,563
Brown-Forman Corp., Class B		4,466		295,292
				520,855

248

VALIC Company I Systematic Core Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Brewery — 0.2%
Boston Beer Co., Inc., Class A†		792	$	281,398
Constellation Brands, Inc., Class A		1,088		267,071
Molson Coors Beverage Co., Class B		16,217		905,557
				1,454,026
Broadcast Services/Program — 0.5%
Fox Corp., Class A		20,639		732,891
Fox Corp., Class B		18,427		602,747
Liberty Media Corp. - Liberty Formula One, Series A†		6,950		396,289
Liberty Media Corp. - Liberty Formula One, Series C†		7,663		477,328
Warner Bros. Discovery, Inc.†		36,862		680,104
				2,889,359
Building & Construction Products - Misc. — 0.3%
Builders FirstSource, Inc.†		6,268		407,984
Fortune Brands Home & Security, Inc.		1,996		138,423
Louisiana-Pacific Corp.		5,622		388,255
Owens Corning		7,543		720,960
Trex Co., Inc.†		5,426		345,745
				2,001,367
Building & Construction - Misc. — 0.1%
Frontdoor, Inc.†		16,701		413,183
Mohawk Industries, Inc.†		2,923		413,487
				826,670
Building Products - Air & Heating — 0.3%
Carrier Global Corp.		12,012		472,192
Johnson Controls International PLC		15,255		831,550
Lennox International, Inc.		2,316		483,812
				1,787,554
Building Products - Cement — 0.1%
Eagle Materials, Inc.		536		69,980
Martin Marietta Materials, Inc.		879		298,315
MDU Resources Group, Inc.		9,240		252,991
Vulcan Materials Co.		1,198		197,515
				818,801
Building Products - Wood — 0.1%
Masco Corp.		11,900		674,611
Building - Heavy Construction — 0.1%
MasTec, Inc.†		5,884		491,844
Building - Maintenance & Services — 0.1%
Rollins, Inc.		20,734		735,228
Building - Mobile Home/Manufactured Housing — 0.1%
Thor Industries, Inc.#		4,813		365,644
Building - Residential/Commercial — 0.4%
D.R. Horton, Inc.		1,487		111,748
Lennar Corp., Class A		6,744		541,206
Lennar Corp., Class B		5,953		399,863
NVR, Inc.†		32		142,420
PulteGroup, Inc.		7,717		349,271
Toll Brothers, Inc.		11,791		595,092
				2,139,600
Cable/Satellite TV — 0.7%
Cable One, Inc.		138		179,828
Charter Communications, Inc., Class A†		1,519		770,027
Comcast Corp., Class A		50,371		2,230,428
Liberty Broadband Corp., Class A†		2,244		273,790
Liberty Broadband Corp., Class C†		2,464		308,419

Security Description	Shares		Value (Note 2)
Cable/Satellite TV (continued)
Sirius XM Holdings, Inc.#		95,215	$	609,376
				4,371,868
Casino Hotels — 0.1%
Boyd Gaming Corp.		7,007		411,801
MGM Resorts International		5,141		179,781
				591,582
Cellular Telecom — 0.1%
T-Mobile US, Inc.†		4,274		569,681
Chemicals - Diversified — 0.6%
Celanese Corp.		1,819		284,710
Dow, Inc.		11,749		798,697
DuPont de Nemours, Inc.		2,617		177,563
Eastman Chemical Co.		2,659		292,915
FMC Corp.		1,603		196,496
LyondellBasell Industries NV, Class A		2,294		262,090
Olin Corp.		7,094		466,714
PPG Industries, Inc.		1,914		242,102
Westlake Chemical Corp.		5,320		702,825
				3,424,112
Chemicals - Specialty — 0.4%
Albemarle Corp.		1,535		399,745
Chemours Co.		12,599		542,891
Ecolab, Inc.		1,578		258,650
Element Solutions, Inc.		6,201		132,019
International Flavors & Fragrances, Inc.		1,246		164,684
NewMarket Corp.		493		162,453
Valvoline, Inc.		12,903		431,734
				2,092,176
Coatings/Paint — 0.3%
Axalta Coating Systems, Ltd.†		9,228		250,633
RPM International, Inc.		5,109		450,103
Sherwin-Williams Co.		4,982		1,335,375
				2,036,111
Commercial Services — 0.2%
Cintas Corp.		1,542		614,225
GXO Logistics, Inc.†		2,017		109,463
Nielsen Holdings PLC		12,343		315,487
Quanta Services, Inc.		1,837		218,603
				1,257,778
Commercial Services - Finance — 1.5%
Automatic Data Processing, Inc.		4,164		928,322
Equifax, Inc.		1,024		207,442
FleetCor Technologies, Inc.†		1,809		450,097
Global Payments, Inc.		4,763		624,144
H&R Block, Inc.		44,770		1,577,695
MarketAxess Holdings, Inc.		627		176,613
Moody’s Corp.		3,663		1,104,651
Morningstar, Inc.		1,670		429,240
PayPal Holdings, Inc.†		7,866		670,262
Paysafe, Ltd.†		184,396		503,401
S&P Global, Inc.		4,890		1,708,957
StoneCo, Ltd., Class A†		29,731		298,499
TransUnion		1,580		137,160
				8,816,483
Communications Software — 0.1%
RingCentral, Inc., Class A†		1,914		120,850
Zoom Video Communications, Inc., Class A†		2,623		281,841
				402,691

249

VALIC Company I Systematic Core Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Computer Aided Design — 0.4%
ANSYS, Inc.†		671	$	174,702
Autodesk, Inc.†		3,028		629,067
Cadence Design Systems, Inc.†		6,970		1,071,498
Synopsys, Inc.†		2,382		760,334
				2,635,601
Computer Data Security — 0.2%
Fortinet, Inc.†		3,081		906,245
Zscaler, Inc.†		744		113,899
				1,020,144
Computer Services — 1.9%
Accenture PLC, Class A		10,511		3,137,113
Amdocs, Ltd.		13,885		1,206,468
CACI International, Inc., Class A†		2,604		730,083
Cognizant Technology Solutions Corp., Class A		17,885		1,336,009
DXC Technology Co.†		23,239		818,478
EPAM Systems, Inc.†		1,548		524,029
Genpact, Ltd.		19,906		883,229
International Business Machines Corp.		14,664		2,035,950
Leidos Holdings, Inc.		3,080		321,860
Science Applications International Corp.		5,245		454,007
				11,447,226
Computer Software — 0.6%
Akamai Technologies, Inc.†		4,818		486,811
Citrix Systems, Inc.		6,366		640,992
Cloudflare, Inc., Class A†		3,270		183,120
Datadog, Inc., Class A†		972		92,719
Dropbox, Inc., Class A†		30,409		633,723
Nutanix, Inc., Class A†		17,308		280,390
Teradata Corp.†		25,032		961,980
				3,279,735
Computers — 5.6%
Apple, Inc.		211,797		31,523,866
Dell Technologies, Inc., Class C		8,527		425,838
Hewlett Packard Enterprise Co.		42,828		668,117
HP, Inc.		25,149		976,787
				33,594,608
Computers - Integrated Systems — 0.1%
NCR Corp.†		19,885		689,811
Computers - Memory Devices — 0.2%
NetApp, Inc.		8,897		640,139
Pure Storage, Inc., Class A†		10,699		253,887
Western Digital Corp.†		7,033		426,833
				1,320,859
Consulting Services — 0.3%
Booz Allen Hamilton Holding Corp.		2,383		204,604
FTI Consulting, Inc.†		1,535		257,880
Gartner, Inc.†		4,004		1,050,650
Verisk Analytics, Inc.		1,521		266,053
				1,779,187
Consumer Products - Misc. — 0.3%
Clorox Co.		5,080		738,429
Kimberly-Clark Corp.		7,024		934,332
Reynolds Consumer Products, Inc.		7,431		202,272
Spectrum Brands Holdings, Inc.		1,104		96,865
				1,971,898

Security Description	Shares		Value (Note 2)
Containers - Metal/Glass — 0.2%
Ardagh Group SA#		10,044	$	151,665
Ball Corp.		2,924		207,282
Crown Holdings, Inc.		1,906		199,063
Silgan Holdings, Inc.		7,815		342,375
				900,385
Containers - Paper/Plastic — 0.4%
Amcor PLC		15,603		204,399
AptarGroup, Inc.		1,807		193,512
Berry Global Group, Inc.†		9,411		548,944
Graphic Packaging Holding Co.		9,181		204,369
Packaging Corp. of America		1,711		269,106
Sealed Air Corp.		4,345		270,172
Sonoco Products Co.		4,900		286,503
WestRock Co.		12,819		621,593
				2,598,598
Cosmetics & Toiletries — 1.2%
Colgate-Palmolive Co.		16,341		1,287,834
Estee Lauder Cos., Inc., Class A		4,787		1,219,009
Procter & Gamble Co.		30,261		4,474,997
				6,981,840
Data Processing/Management — 0.7%
Broadridge Financial Solutions, Inc.		2,260		330,457
DocuSign, Inc.†		3,787		317,767
Fair Isaac Corp.†		1,588		650,365
Fidelity National Information Services, Inc.		8,517		890,027
Fiserv, Inc.†		8,901		891,702
Jack Henry & Associates, Inc.		3,021		568,311
Paychex, Inc.		4,427		548,195
				4,196,824
Decision Support Software — 0.1%
MSCI, Inc.		690		305,221
Diagnostic Equipment — 1.0%
10X Genomics, Inc., Class A†		1,749		89,531
Danaher Corp.		6,196		1,634,629
PerkinElmer, Inc.		5,114		765,413
Thermo Fisher Scientific, Inc.		4,976		2,824,228
Waters Corp.†		2,674		876,938
				6,190,739
Diagnostic Kits — 0.5%
Hologic, Inc.†		12,848		967,069
IDEXX Laboratories, Inc.†		2,919		1,143,139
QIAGEN NV†#		8,738		401,511
QuidelOrtho Corp.†		6,484		616,174
				3,127,893
Dialysis Centers — 0.1%
DaVita, Inc.†		4,206		410,043
Disposable Medical Products — 0.0%
Teleflex, Inc.		562		161,710
Distribution/Wholesale — 1.1%
Copart, Inc.†		1,828		209,361
Fastenal Co.		21,258		1,138,578
Leslie’s, Inc.†#		29,890		580,464
LKQ Corp.		21,009		1,079,653
Pool Corp.		2,535		1,010,502
Univar Solutions, Inc.†		13,870		426,086
Watsco, Inc.		2,482		634,474
WW Grainger, Inc.		2,431		1,184,067
				6,263,185

250

VALIC Company I Systematic Core Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS
Diversified Banking Institutions — 1.9%
Bank of America Corp.		79,934	$	2,973,545
Citigroup, Inc.		23,956		1,279,490
JPMorgan Chase & Co.		41,744		5,519,809
Morgan Stanley		21,089		1,816,606
				11,589,450
Diversified Manufacturing Operations — 0.9%
3M Co.		7,471		1,115,346
A.O. Smith Corp.		7,074		425,289
Carlisle Cos., Inc.		2,191		557,456
Eaton Corp. PLC		5,182		718,225
General Electric Co.		7,467		584,591
Illinois Tool Works, Inc.		3,411		709,727
ITT, Inc.		2,715		200,421
Parker-Hannifin Corp.		2,018		549,239
Textron, Inc.		7,878		514,355
Trane Technologies PLC		1,657		228,765
				5,603,414
Drug Delivery Systems — 0.1%
Becton Dickinson & Co.		1,908		488,067
DexCom, Inc.†		431		128,412
Embecta Corp.†		381		9,441
				625,920
E-Commerce/Products — 2.5%
Amazon.com, Inc.†		5,710		13,727,925
eBay, Inc.		9,946		484,072
Etsy, Inc.†		2,814		228,271
Figs, Inc., Class A†		7,549		67,186
Wayfair, Inc., Class A†#		3,500		207,865
				14,715,319
E-Commerce/Services — 0.1%
Booking Holdings, Inc.†		192		430,764
Expedia Group, Inc.†		1,582		204,600
Match Group, Inc.†		3,280		258,398
				893,762
E-Services/Consulting — 0.1%
CDW Corp.		3,138		533,021
Electric Products - Misc. — 0.2%
AMETEK, Inc.		3,018		366,597
Emerson Electric Co.		9,458		838,546
Littelfuse, Inc.		882		238,316
				1,443,459
Electric - Distribution — 0.1%
Consolidated Edison, Inc.		4,922		488,558
Sempra Energy		1,898		311,006
				799,564
Electric - Generation — 0.0%
Constellation Energy Corp.		3,208		199,153
Electric - Integrated — 1.5%
AES Corp.		8,030		176,981
Alliant Energy Corp.		4,577		292,104
Ameren Corp.		3,279		312,128
American Electric Power Co., Inc.		3,684		375,879
Avangrid, Inc.		4,071		193,739
CenterPoint Energy, Inc.		9,056		290,245
CMS Energy Corp.		4,381		311,226
Dominion Energy, Inc.		5,593		471,042
DTE Energy Co.		2,362		313,461

Security Description	Shares		Value (Note 2)
Electric - Integrated (continued)
Duke Energy Corp.		7,462	$	839,624
Edison International		4,460		311,799
Entergy Corp.		2,252		270,961
Evergy, Inc.		4,647		325,011
Eversource Energy		3,103		286,469
Exelon Corp.		9,626		473,118
FirstEnergy Corp.		6,389		274,471
Hawaiian Electric Industries, Inc.		6,112		263,855
IDACORP, Inc.		2,125		231,668
NextEra Energy, Inc.		10,196		771,735
OGE Energy Corp.		4,771		197,042
Pinnacle West Capital Corp.		2,643		205,229
PPL Corp.		10,931		329,898
Public Service Enterprise Group, Inc.		3,843		263,399
Southern Co.		9,840		744,494
WEC Energy Group, Inc.		3,111		326,873
Xcel Energy, Inc.		4,382		330,140
				9,182,591
Electronic Components - Misc. — 0.2%
Garmin, Ltd.		3,645		384,985
Hubbell, Inc.		1,522		288,967
Jabil, Inc.		2,549		156,815
nVent Electric PLC		7,973		282,244
Sensata Technologies Holding PLC		4,742		227,758
				1,340,769
Electronic Components - Semiconductors — 3.4%
Advanced Micro Devices, Inc.†		21,124		2,151,691
Broadcom, Inc.		5,173		3,001,012
Intel Corp.		64,669		2,872,597
Marvell Technology, Inc.		4,841		286,345
Microchip Technology, Inc.		6,006		436,336
Micron Technology, Inc.		9,335		689,296
Monolithic Power Systems, Inc.		956		430,573
NVIDIA Corp.		33,243		6,207,133
ON Semiconductor Corp.†		18,197		1,104,194
Qorvo, Inc.†		3,734		417,275
Skyworks Solutions, Inc.		3,097		337,170
Texas Instruments, Inc.		12,446		2,199,955
				20,133,577
Electronic Connectors — 0.1%
Amphenol Corp., Class A		4,845		343,317
Electronic Forms — 0.4%
Adobe, Inc.†		6,332		2,637,151
Electronic Measurement Instruments — 0.4%
Agilent Technologies, Inc.		5,655		721,352
Fortive Corp.		3,978		245,721
Keysight Technologies, Inc.†		5,029		732,222
National Instruments Corp.		15,777		557,244
Trimble, Inc.†		3,093		210,479
				2,467,018
Electronic Parts Distribution — 0.3%
Arrow Electronics, Inc.†		9,263		1,117,581
Avnet, Inc.		6,657		322,532
TD SYNNEX Corp.		5,510		572,213
				2,012,326
Electronic Security Devices — 0.1%
Allegion PLC		3,598		401,717

251

VALIC Company I Systematic Core Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Engineering/R&D Services — 0.2%
AECOM		9,739	$	680,269
Jacobs Engineering Group, Inc.		2,696		377,683
				1,057,952
Enterprise Software/Service — 1.2%
Atlassian Corp. PLC, Class A†		3,613		640,657
Black Knight, Inc.†		5,816		394,964
Guidewire Software, Inc.†		2,103		168,114
HubSpot, Inc.†		1,064		359,302
Manhattan Associates, Inc.†		5,177		626,055
New Relic, Inc.†		2,559		119,915
Oracle Corp.		21,850		1,571,452
Pegasystems, Inc.		4,890		242,250
salesforce.com, Inc.†		8,157		1,307,078
SS&C Technologies Holdings, Inc.		12,937		827,839
Tyler Technologies, Inc.†		624		222,032
Veeva Systems, Inc., Class A†		1,342		228,489
Workday, Inc., Class A†		2,185		341,515
				7,049,662
Entertainment Software — 0.3%
Activision Blizzard, Inc.		4,665		363,310
Electronic Arts, Inc.		4,681		649,021
Playtika Holding Corp.†		32,146		476,082
Take-Two Interactive Software, Inc.†		1,602		199,497
				1,687,910
Filtration/Separation Products — 0.1%
Donaldson Co., Inc.		8,896		465,083
Finance - Auto Loans — 0.2%
Ally Financial, Inc.		15,569		685,659
Credit Acceptance Corp.†#		376		223,836
				909,495
Finance - Consumer Loans — 0.2%
OneMain Holdings, Inc.		14,182		624,859
Synchrony Financial		13,459		498,521
				1,123,380
Finance - Credit Card — 1.6%
American Express Co.		4,554		768,806
Bread Financial Holdings Inc.		15,572		858,017
Capital One Financial Corp.		6,634		848,223
Discover Financial Services		3,902		442,838
Mastercard, Inc., Class A		8,565		3,065,157
Visa, Inc., Class A		13,833		2,934,948
Western Union Co.		18,784		340,742
				9,258,731
Finance - Investment Banker/Broker — 0.6%
Charles Schwab Corp.		12,951		907,865
Evercore, Inc., Class A		4,663		532,515
Interactive Brokers Group, Inc., Class A		2,073		127,572
Jefferies Financial Group, Inc.		30,687		1,013,285
Lazard, Ltd., Class A		12,212		430,595
Tradeweb Markets, Inc., Class A		3,352		226,629
Virtu Financial, Inc., Class A		22,916		598,795
				3,837,256
Finance - Mortgage Loan/Banker — 0.0%
Rocket Cos., Inc., Class A		24,219		219,666
Finance - Other Services — 0.3%
Cboe Global Markets, Inc.		1,639		184,076
CME Group, Inc.		2,649		526,701

Security Description	Shares		Value (Note 2)
Finance - Other Services (continued)
Intercontinental Exchange, Inc.		3,519	$	360,311
Nasdaq, Inc.		1,777		275,897
SEI Investments Co.		7,031		410,821
				1,757,806
Financial Guarantee Insurance — 0.1%
Assured Guaranty, Ltd.		3,132		184,318
MGIC Investment Corp.		11,437		159,318
				343,636
Food - Baking — 0.2%
Flowers Foods, Inc.		36,954		1,019,930
Food - Confectionery — 0.4%
Hershey Co.		5,216		1,104,280
J.M. Smucker Co.		6,254		784,064
Mondelez International, Inc., Class A		10,913		693,630
				2,581,974
Food - Flour & Grain — 0.0%
Seaboard Corp.		44		182,133
Food - Meat Products — 0.2%
Hormel Foods Corp.		6,242		303,798
Tyson Foods, Inc., Class A		12,904		1,156,328
				1,460,126
Food - Misc./Diversified — 0.7%
Campbell Soup Co.		5,454		261,301
Conagra Brands, Inc.		13,301		437,470
General Mills, Inc.		7,709		538,473
Hain Celestial Group, Inc.†		11,060		291,431
Ingredion, Inc.		7,846		742,938
Kellogg Co.		4,766		332,381
Kraft Heinz Co.		23,340		882,952
McCormick & Co., Inc.		3,526		326,931
Post Holdings, Inc.†		6,890		566,565
				4,380,442
Food - Retail — 0.7%
Albertsons Cos., Inc., Class A		47,946		1,464,750
Grocery Outlet Holding Corp.†		5,424		207,468
Kroger Co.		44,403		2,352,027
				4,024,245
Food - Wholesale/Distribution — 0.1%
Sysco Corp.		5,966		502,218
Footwear & Related Apparel — 0.0%
Skechers U.S.A., Inc., Class A†		6,356		250,426
Funeral Services & Related Items — 0.1%
Service Corp. International		12,701		889,451
Gas - Distribution — 0.3%
Atmos Energy Corp.		2,375		276,236
National Fuel Gas Co.		3,650		268,385
NiSource, Inc.		8,506		267,514
UGI Corp.		24,303		1,038,710
				1,850,845
Gold Mining — 0.0%
Newmont Corp.		3,773		255,998
Hazardous Waste Disposal — 0.0%
Stericycle, Inc.†		4,011		202,756
Healthcare Safety Devices — 0.0%
Tandem Diabetes Care, Inc.†		2,347		159,995

252

VALIC Company I Systematic Core Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Home Decoration Products — 0.0%
Newell Brands, Inc.		5,715	$	122,530
Home Furnishings — 0.1%
Tempur Sealy International, Inc.		14,507		382,550
Hotels/Motels — 0.1%
Choice Hotels International, Inc.		1,223		156,409
Hilton Worldwide Holdings, Inc.		1,607		226,362
Travel & Leisure Co.		4,408		225,293
Wyndham Hotels & Resorts, Inc.		2,438		195,357
				803,421
Human Resources — 0.2%
ManpowerGroup, Inc.		4,600		412,206
Robert Half International, Inc.		10,430		940,264
				1,352,470
Independent Power Producers — 0.4%
NRG Energy, Inc.		29,834		1,373,557
Vistra Corp.		34,591		912,165
				2,285,722
Industrial Automated/Robotic — 0.1%
Cognex Corp.		4,077		197,408
Enovis Corp.†		1,979		131,287
Rockwell Automation, Inc.		1,600		341,120
				669,815
Industrial Gases — 0.0%
Air Products & Chemicals, Inc.		1,015		249,852
Instruments - Controls — 0.3%
Honeywell International, Inc.		3,567		690,643
Mettler-Toledo International, Inc.†		796		1,023,751
				1,714,394
Insurance Brokers — 0.6%
Aon PLC, Class A		4,551		1,254,574
Arthur J. Gallagher & Co.		4,359		705,897
Brown & Brown, Inc.		5,466		324,516
Marsh & McLennan Cos., Inc.		6,495		1,038,875
				3,323,862
Insurance - Life/Health — 0.4%
Aflac, Inc.		9,153		554,397
Primerica, Inc.		1,666		209,916
Principal Financial Group, Inc.		4,995		364,286
Prudential Financial, Inc.		3,249		345,206
Unum Group		11,560		421,362
Voya Financial, Inc.#		3,577		245,418
				2,140,585
Insurance - Multi-line — 0.7%
Allstate Corp.		8,118		1,109,649
American Financial Group, Inc.		2,300		324,990
Chubb, Ltd.		3,780		798,676
Cincinnati Financial Corp.		2,593		331,541
CNA Financial Corp.		2,774		127,160
Hartford Financial Services Group, Inc.		3,337		241,966
Loews Corp.		3,841		251,547
MetLife, Inc.		12,699		855,786
				4,041,315
Insurance - Property/Casualty — 2.3%
Alleghany Corp.†		224		186,767
Arch Capital Group, Ltd.†		4,295		203,841
Assurant, Inc.		1,489		263,091

Security Description	Shares		Value (Note 2)
Insurance - Property/Casualty (continued)
Berkshire Hathaway, Inc., Class B†		27,634	$	8,731,791
Erie Indemnity Co., Class A		1,344		225,456
Fidelity National Financial, Inc.		6,182		261,499
First American Financial Corp.		4,646		281,501
Hanover Insurance Group, Inc.		1,845		270,477
Markel Corp.†		155		212,262
Mercury General Corp.		9,595		469,675
Old Republic International Corp.		14,155		338,588
Progressive Corp.		8,620		1,029,056
Travelers Cos., Inc.		3,861		691,273
White Mountains Insurance Group, Ltd.		196		243,992
WR Berkley Corp.		2,932		208,553
				13,617,822
Insurance - Reinsurance — 0.0%
RenaissanceRe Holdings, Ltd.		1,634		250,852
Internet Application Software — 0.1%
Anaplan, Inc.†		6,942		455,395
Zendesk, Inc.†		2,862		261,730
				717,125
Internet Content - Entertainment — 1.3%
Meta Platforms, Inc., Class A†		34,062		6,595,766
Netflix, Inc.†		3,180		627,859
Pinterest, Inc., Class A†		11,825		232,361
Spotify Technology SA†		1,251		141,075
				7,597,061
Internet Infrastructure Software — 0.1%
F5, Inc.†		2,753		448,849
Internet Security — 0.2%
NortonLifeLock, Inc.		16,224		394,892
Palo Alto Networks, Inc.†		1,426		716,964
				1,111,856
Investment Management/Advisor Services — 0.9%
Affiliated Managers Group, Inc.		1,593		212,857
Ameriprise Financial, Inc.		2,740		756,980
Apollo Global Management, Inc.		9,302		536,167
BlackRock, Inc.		1,092		730,635
Invesco, Ltd.		25,528		493,712
Janus Henderson Group PLC		3,641		102,349
LPL Financial Holdings, Inc.		4,651		912,480
Raymond James Financial, Inc.		3,901		384,209
Stifel Financial Corp.		3,685		236,466
T. Rowe Price Group, Inc.		5,726		727,717
				5,093,572
Lighting Products & Systems — 0.1%
Acuity Brands, Inc.		4,700		822,594
Machine Tools & Related Products — 0.1%
Lincoln Electric Holdings, Inc.		4,553		618,388
Machinery - Construction & Mining — 0.2%
Caterpillar, Inc.		3,398		733,459
Oshkosh Corp.		5,653		525,220
				1,258,679
Machinery - Electrical — 0.1%
Regal Rexnord Corp.		1,196		149,440
Vertiv Holdings Co.		16,701		183,544
				332,984

253

VALIC Company I Systematic Core Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Machinery - Farming — 0.2%
Deere & Co.		1,522	$	544,541
Toro Co.		6,793		560,355
				1,104,896
Machinery - General Industrial — 0.4%
Esab Corp.†		1,979		98,950
Gates Industrial Corp. PLC†		30,664		391,273
IDEX Corp.		1,443		276,407
Middleby Corp.†		1,979		299,739
Nordson Corp.		1,533		334,010
Otis Worldwide Corp.		7,320		544,608
Westinghouse Air Brake Technologies Corp.		5,002		472,489
				2,417,476
Machinery - Pumps — 0.3%
Dover Corp.		3,321		444,715
Graco, Inc.		8,026		508,046
Ingersoll Rand, Inc.		7,675		361,876
Xylem, Inc.		2,193		184,760
				1,499,397
Medical Information Systems — 0.2%
Cerner Corp.		13,562		1,286,356
Medical Instruments — 0.5%
Bio-Techne Corp.		560		207,049
Boston Scientific Corp.†		6,851		280,960
Bruker Corp.		3,378		211,058
Edwards Lifesciences Corp.†		11,171		1,126,595
Intuitive Surgical, Inc.†		1,869		425,459
Medtronic PLC		8,189		820,128
				3,071,249
Medical Labs & Testing Services — 0.6%
Catalent, Inc.†		1,611		166,030
Charles River Laboratories International, Inc.†		1,552		363,292
IQVIA Holdings, Inc.†		2,005		431,576
Laboratory Corp. of America Holdings		3,942		972,570
Quest Diagnostics, Inc.		6,548		923,399
Syneos Health, Inc.†		7,457		550,998
				3,407,865
Medical Products — 1.2%
Abbott Laboratories		18,389		2,159,972
ABIOMED, Inc.†		2,155		568,273
Align Technology, Inc.†		1,237		343,441
Baxter International, Inc.		4,167		316,900
Cooper Cos., Inc.		683		239,555
Envista Holdings Corp.†		6,689		287,895
Globus Medical, Inc., Class A†		3,891		259,141
Henry Schein, Inc.†		10,640		911,210
Masimo Corp.†		2,661		373,684
Novocure, Ltd.†#		1,890		151,918
Penumbra, Inc.†		1,797		264,015
STERIS PLC		1,380		314,916
Stryker Corp.		1,603		375,904
West Pharmaceutical Services, Inc.		1,764		547,510
				7,114,334
Medical - Biomedical/Gene — 1.5%
Amgen, Inc.		6,919		1,776,384
Bio-Rad Laboratories, Inc., Class A†		509		273,735
Biogen, Inc.†		4,568		913,600
Exelixis, Inc.†		17,733		325,046
Gilead Sciences, Inc.		18,145		1,176,703

Security Description	Shares		Value (Note 2)
Medical - Biomedical/Gene (continued)
Incyte Corp.†		10,830	$	821,889
Moderna, Inc.†		3,608		524,350
Regeneron Pharmaceuticals, Inc.†		1,171		778,410
Seagen, Inc.†		1,379		187,103
United Therapeutics Corp.†		3,532		813,561
Vertex Pharmaceuticals, Inc.†		5,098		1,369,578
				8,960,359
Medical - Drugs — 3.9%
AbbVie, Inc.		25,205		3,714,461
Bristol-Myers Squibb Co.		30,906		2,331,858
Eli Lilly & Co.		10,730		3,363,211
Jazz Pharmaceuticals PLC†		5,177		774,894
Johnson & Johnson		36,578		6,566,848
Merck & Co., Inc.		23,698		2,180,927
Pfizer, Inc.		58,982		3,128,405
Zoetis, Inc.		5,367		917,381
				22,977,985
Medical - Generic Drugs — 0.2%
Perrigo Co. PLC		7,947		316,768
Viatris, Inc.		77,967		956,655
				1,273,423
Medical - HMO — 2.1%
Anthem, Inc.		4,457		2,271,332
Centene Corp.†		17,247		1,404,596
Humana, Inc.		2,084		946,615
Molina Healthcare, Inc.†		2,481		720,036
UnitedHealth Group, Inc.		14,162		7,035,398
				12,377,977
Medical - Hospitals — 0.2%
Acadia Healthcare Co., Inc.†		2,391		170,168
HCA Healthcare, Inc.		3,118		656,027
Universal Health Services, Inc., Class B		1,879		234,142
				1,060,337
Medical - Outpatient/Home Medical — 0.2%
Amedisys, Inc.†		2,951		342,051
Chemed Corp.		1,548		749,851
				1,091,902
Medical - Wholesale Drug Distribution — 0.4%
AmerisourceBergen Corp.		3,098		479,540
Cardinal Health, Inc.		9,632		542,474
McKesson Corp.		2,856		938,739
Premier, Inc., Class A		5,730		214,359
				2,175,112
Metal Processors & Fabrication — 0.1%
Timken Co.		8,892		543,034
Metal - Aluminum — 0.1%
Alcoa Corp.		5,326		328,721
Metal - Copper — 0.1%
Freeport-McMoRan, Inc.		16,444		642,632
Southern Copper Corp.		3,230		199,549
				842,181
Motorcycle/Motor Scooter — 0.1%
Harley-Davidson, Inc.		14,710		517,498

254

VALIC Company I Systematic Core Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Multimedia — 0.4%
FactSet Research Systems, Inc.		2,200	$	839,916
Walt Disney Co.†		11,910		1,315,340
				2,155,256
Networking Products — 0.4%
Arista Networks, Inc.†		3,060		312,977
Cisco Systems, Inc.		51,164		2,304,938
				2,617,915
Non-Hazardous Waste Disposal — 0.2%
Republic Services, Inc.		3,350		448,364
Waste Management, Inc.		4,296		680,959
				1,129,323
Office Automation & Equipment — 0.2%
Xerox Holdings Corp.		19,780		372,260
Zebra Technologies Corp., Class A†		1,563		528,591
				900,851
Office Supplies & Forms — 0.0%
Avery Dennison Corp.		1,532		264,362
Oil Companies - Exploration & Production — 0.7%
APA Corp.		10,081		473,908
ConocoPhillips		10,177		1,143,488
Continental Resources, Inc.		5,273		358,933
Devon Energy Corp.		4,936		369,706
EOG Resources, Inc.		2,291		313,775
Marathon Oil Corp.		22,003		691,554
Occidental Petroleum Corp.		8,047		557,738
Pioneer Natural Resources Co.		1,267		352,150
				4,261,252
Oil Companies - Integrated — 1.2%
Chevron Corp.		16,851		2,943,196
Exxon Mobil Corp.		42,231		4,054,176
				6,997,372
Oil Field Machinery & Equipment — 0.0%
NOV, Inc.		12,432		248,640
Oil Refining & Marketing — 0.3%
Marathon Petroleum Corp.		4,688		477,191
Phillips 66		4,870		490,945
Valero Energy Corp.		4,363		565,445
				1,533,581
Oil - Field Services — 0.1%
Baker Hughes Co.		6,827		245,635
Halliburton Co.		8,875		359,438
Schlumberger NV		4,759		218,724
				823,797
Paper & Related Products — 0.1%
International Paper Co.		11,656		564,733
Pastoral & Agricultural — 0.0%
Darling Ingredients, Inc.†		1,786		143,005
Patient Monitoring Equipment — 0.0%
Insulet Corp.†		598		127,661
Pharmacy Services — 0.6%
Cigna Corp.		5,635		1,511,814
CVS Health Corp.		24,055		2,327,321
				3,839,135

Security Description	Shares		Value (Note 2)
Physical Therapy/Rehabilitation Centers — 0.0%
Encompass Health Corp.		2,379	$	155,920
Pipelines — 0.5%
Antero Midstream Corp.		27,751		301,376
Cheniere Energy, Inc.		5,152		704,639
Kinder Morgan, Inc.		15,204		299,367
ONEOK, Inc.		3,067		201,962
Targa Resources Corp.		15,589		1,122,720
Williams Cos., Inc.		11,241		416,591
				3,046,655
Power Converter/Supply Equipment — 0.0%
Generac Holdings, Inc.†		261		64,488
Private Equity — 0.4%
Ares Management Corp., Class A		5,031		358,056
Blackstone, Inc., Class A		9,553		1,125,248
Carlyle Group, Inc.		3,587		138,207
KKR & Co., Inc., Class A		12,296		673,944
				2,295,455
Professional Sports — 0.0%
Madison Square Garden Sports Corp.†		1,303		213,510
Protection/Safety — 0.0%
ADT, Inc.		31,662		236,832
Publishing - Newspapers — 0.2%
New York Times Co., Class A		9,917		342,037
News Corp., Class A		25,911		450,852
News Corp., Class B		27,148		477,262
				1,270,151
Racetracks — 0.0%
Penn National Gaming, Inc.†		9,023		288,375
Radio — 0.2%
Liberty Media Corp. - Liberty SiriusXM, Series A†		15,012		620,146
Liberty Media Corp. - Liberty SiriusXM, Series C†		15,662		643,708
				1,263,854
Real Estate Investment Trusts — 2.5%
AGNC Investment Corp.		37,905		463,578
Alexandria Real Estate Equities, Inc.		1,373		227,849
American Campus Communities, Inc.		2,506		162,890
American Homes 4 Rent, Class A		5,902		218,138
American Tower Corp.		2,329		596,527
Americold Realty Trust		9,134		252,920
Annaly Capital Management, Inc.		52,947		349,980
AvalonBay Communities, Inc.		1,708		355,196
Brixmor Property Group, Inc.		8,790		214,300
Camden Property Trust		2,323		333,327
Cousins Properties, Inc.		6,210		214,555
Crown Castle International Corp.		2,746		520,779
CubeSmart		9,633		428,957
Digital Realty Trust, Inc.		2,977		415,559
Douglas Emmett, Inc.		4,928		139,315
Duke Realty Corp.		5,987		316,293
EPR Properties		4,627		237,087
Equinix, Inc.		431		296,136
Equity LifeStyle Properties, Inc.		3,264		247,085
Equity Residential		4,237		325,529
Essex Property Trust, Inc.		762		216,294
Extra Space Storage, Inc.		3,066		546,361
First Industrial Realty Trust, Inc.		3,633		193,094
Gaming and Leisure Properties, Inc.		4,746		222,208
Healthpeak Properties, Inc.		4,405		130,784

255

VALIC Company I Systematic Core Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Real Estate Investment Trusts (continued)
Highwoods Properties, Inc.		6,468	$	254,128
Hudson Pacific Properties, Inc.		11,117		221,339
Invitation Homes, Inc.		6,616		249,555
Iron Mountain, Inc.		7,228		389,589
Kilroy Realty Corp.		4,058		246,321
Lamar Advertising Co., Class A		1,391		136,248
Life Storage, Inc.		4,206		491,093
Medical Properties Trust, Inc.		6,494		120,659
Mid-America Apartment Communities, Inc.		1,727		312,587
National Retail Properties, Inc.		3,170		140,431
New Residential Investment Corp.		17,962		202,971
Prologis, Inc.		5,696		726,126
Public Storage		2,242		741,295
Rayonier, Inc.		4,068		167,683
Realty Income Corp.		4,794		327,047
Regency Centers Corp.		2,705		184,508
Rexford Industrial Realty, Inc.		3,086		197,103
SBA Communications Corp.		719		242,023
Simon Property Group, Inc.		1,797		206,026
SL Green Realty Corp.#		3,834		236,826
Starwood Property Trust, Inc.		6,258		149,504
Sun Communities, Inc.		1,424		233,721
UDR, Inc.		4,926		235,463
VICI Properties, Inc.		9,731		300,201
Welltower, Inc.		1,945		173,280
Weyerhaeuser Co.		13,179		520,834
WP Carey, Inc.		1,919		161,465
				15,192,767
Real Estate Management/Services — 0.3%
CBRE Group, Inc., Class A†		9,202		762,294
Jones Lang LaSalle, Inc.†		6,054		1,194,575
				1,956,869
Recreational Vehicles — 0.1%
Polaris, Inc.		3,094		329,666
Rental Auto/Equipment — 0.0%
AMERCO		277		135,724
Resorts/Theme Parks — 0.1%
Marriott Vacations Worldwide Corp.		2,828		417,752
Vail Resorts, Inc.		660		166,459
				584,211
Respiratory Products — 0.1%
ResMed, Inc.		3,400		691,764
Retail - Apparel/Shoe — 0.3%
Burlington Stores, Inc.†		1,088		183,110
Foot Locker, Inc.		14,575		480,684
Gap, Inc.		18,446		203,459
Lululemon Athletica, Inc.†		2,607		763,043
Victoria’s Secret & Co.†		4,389		180,871
				1,811,167
Retail - Auto Parts — 0.9%
Advance Auto Parts, Inc.		5,023		953,667
AutoZone, Inc.†		806		1,660,078
Genuine Parts Co.		8,049		1,100,540
O’Reilly Automotive, Inc.†		2,478		1,578,907
				5,293,192
Retail - Automobile — 0.5%
AutoNation, Inc.†		10,899		1,303,085
Lithia Motors, Inc.		1,560		474,973

Security Description	Shares		Value (Note 2)
Retail - Automobile (continued)
Penske Automotive Group, Inc.		10,864	$	1,250,881
				3,028,939
Retail - Building Products — 1.2%
Home Depot, Inc.		15,694		4,751,358
Lowe’s Cos., Inc.		12,399		2,421,525
				7,172,883
Retail - Catalog Shopping — 0.2%
MSC Industrial Direct Co., Inc., Class A		9,121		774,646
Qurate Retail, Inc., Series A		88,265		318,637
				1,093,283
Retail - Consumer Electronics — 0.1%
Best Buy Co., Inc.		10,321		846,941
Retail - Convenience Store — 0.1%
Casey’s General Stores, Inc.		3,951		827,893
Retail - Discount — 1.6%
Costco Wholesale Corp.		4,925		2,296,134
Dollar General Corp.		4,457		982,055
Dollar Tree, Inc.†		5,629		902,498
Ollie’s Bargain Outlet Holdings, Inc.†		2,557		120,102
Target Corp.		11,888		1,924,429
Walmart, Inc.		23,787		3,059,722
				9,284,940
Retail - Drug Store — 0.1%
Walgreens Boots Alliance, Inc.		16,790		735,906
Retail - Floor Coverings — 0.1%
Floor & Decor Holdings, Inc., Class A†		3,982		300,402
Retail - Gardening Products — 0.2%
Tractor Supply Co.		6,747		1,264,118
Retail - Home Furnishings — 0.1%
Williams-Sonoma, Inc.		5,638		721,213
Retail - Major Department Stores — 0.1%
Nordstrom, Inc.#		7,326		193,626
TJX Cos., Inc.		6,003		381,611
				575,237
Retail - Misc./Diversified — 0.2%
Bath & Body Works, Inc.		13,167		540,110
Five Below, Inc.†		965		126,019
GameStop Corp., Class A†#		1,832		228,524
				894,653
Retail - Perfume & Cosmetics — 0.1%
Ulta Beauty, Inc.†		1,545		653,689
Retail - Pet Food & Supplies — 0.1%
Petco Health & Wellness Co., Inc.†		24,457		390,334
Retail - Regional Department Stores — 0.1%
Kohl’s Corp.		18,235		735,235
Retail - Restaurants — 0.8%
Chipotle Mexican Grill, Inc.†		113		158,488
Darden Restaurants, Inc.		1,737		217,125
Domino’s Pizza, Inc.		2,399		871,245
McDonald’s Corp.		5,758		1,452,225
Starbucks Corp.		8,938		701,633
Wendy’s Co.		4,185		78,008
Yum! Brands, Inc.		8,704		1,057,275
				4,535,999

256

VALIC Company I Systematic Core Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail - Sporting Goods — 0.2%
Dick’s Sporting Goods, Inc.#		12,985	$	1,054,772
Savings & Loans/Thrifts — 0.1%
New York Community Bancorp, Inc.		17,008		169,740
TFS Financial Corp.		9,616		144,432
				314,172
Schools — 0.1%
Grand Canyon Education, Inc.†		5,949		530,472
Semiconductor Components - Integrated Circuits — 0.7%
Analog Devices, Inc.		3,966		667,875
Cirrus Logic, Inc.†		11,371		927,191
NXP Semiconductors NV		1,203		228,281
QUALCOMM, Inc.		16,553		2,370,721
				4,194,068
Semiconductor Equipment — 0.8%
Allegro MicroSystems, Inc.†		11,893		306,245
Applied Materials, Inc.		15,315		1,796,296
Entegris, Inc.		2,333		258,870
KLA Corp.		2,046		746,483
Lam Research Corp.		1,531		796,166
MKS Instruments, Inc.		3,100		382,850
Teradyne, Inc.		6,362		695,112
				4,982,022
Shipbuilding — 0.1%
Huntington Ingalls Industries, Inc.		2,996		630,538
Soap & Cleaning Preparation — 0.1%
Church & Dwight Co., Inc.		4,268		384,376
Software Tools — 0.2%
VMware, Inc., Class A		8,009		1,025,953
Steel Pipe & Tube — 0.0%
Valmont Industries, Inc.		640		164,320
Steel - Producers — 0.4%
Cleveland-Cliffs, Inc.†		13,601		315,271
Nucor Corp.		4,198		556,067
Reliance Steel & Aluminum Co.		4,946		961,502
Steel Dynamics, Inc.		4,833		412,642
United States Steel Corp.		14,958		374,997
				2,620,479
Telecom Equipment - Fiber Optics — 0.0%
Corning, Inc.		7,431		266,178
Telecom Services — 0.1%
Switch, Inc., Class A		9,918		334,732
Telecommunication Equipment — 0.1%
Ciena Corp.†		7,264		369,157
Juniper Networks, Inc.		10,290		315,697
				684,854
Telephone - Integrated — 0.7%
AT&T, Inc.		68,028		1,448,316
Lumen Technologies, Inc.#		38,482		471,020
Verizon Communications, Inc.		39,776		2,040,111
				3,959,447
Television — 0.2%
Nexstar Media Group, Inc., Class A		5,386		943,735
World Wrestling Entertainment, Inc., Class A		5,282		352,679
				1,296,414

Security Description	Shares		Value (Note 2)
Tobacco — 0.5%
Altria Group, Inc.		13,711	$	741,628
Philip Morris International, Inc.		21,945		2,331,656
				3,073,284
Tools - Hand Held — 0.2%
MSA Safety, Inc.		1,538		196,080
Snap-on, Inc.		2,547		565,128
Stanley Black & Decker, Inc.		1,482		175,899
				937,107
Toys — 0.1%
Hasbro, Inc.		2,396		215,041
Mattel, Inc.†		21,632		543,396
				758,437
Transport - Marine — 0.1%
Kirby Corp.†		8,611		581,501
Transport - Rail — 0.3%
CSX Corp.		13,194		419,437
Norfolk Southern Corp.		1,666		399,273
Union Pacific Corp.		4,170		916,483
				1,735,193
Transport - Services — 0.6%
C.H. Robinson Worldwide, Inc.		6,758		733,311
Expeditors International of Washington, Inc.		4,830		525,697
FedEx Corp.		3,418		767,614
Ryder System, Inc.		7,110		568,942
United Parcel Service, Inc., Class B		6,371		1,161,115
				3,756,679
Transport - Truck — 0.5%
JB Hunt Transport Services, Inc.		1,756		303,051
Knight-Swift Transportation Holdings, Inc.		18,546		902,077
Landstar System, Inc.		4,692		710,510
Old Dominion Freight Line, Inc.		1,568		404,920
Schneider National, Inc., Class B		10,400		251,056
XPO Logistics, Inc.†		2,930		156,579
				2,728,193
Vitamins & Nutrition Products — 0.1%
Herbalife Nutrition, Ltd.†		18,002		392,264
Water — 0.1%
American Water Works Co., Inc.		1,828		276,485
Essential Utilities, Inc.		4,808		222,418
				498,903
Water Treatment Systems — 0.1%
Pentair PLC		6,924		347,377
Web Hosting/Design — 0.2%
GoDaddy, Inc., Class A†		4,961		372,323
VeriSign, Inc.†		4,961		865,943
				1,238,266
Web Portals/ISP — 3.2%
Alphabet, Inc., Class A†		4,310		9,806,284
Alphabet, Inc., Class C†		4,016		9,159,613
				18,965,897

257

VALIC Company I Systematic Core Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
COMMON STOCKS (continued)
Wireless Equipment — 0.2%
Motorola Solutions, Inc.		2,807		$	616,810
Ubiquiti, Inc.#		2,070			541,429
					1,158,239
Total Common Stocks
(cost $500,664,014)					592,162,233
EXCHANGE-TRADED FUNDS — 0.4%
Vanguard Russell 1000 ETF
(cost $2,735,449)		13,231			2,492,588
Total Long-Term Investment Securities
(cost $503,399,463)					594,654,821
SHORT-TERM INVESTMENT SECURITIES — 0.8%
Registered Investment Companies — 0.8%
State Street Navigator Securities Lending Government Money Market Portfolio 0.32%(1)(2) (cost $4,462,410)		4,462,410			4,462,410
TOTAL INVESTMENTS
(cost $507,861,873)(3)		100.5	%		599,117,231
Liabilities in excess of other assets		(0.5	)		(2,987,257	)
NET ASSETS		100.0	%	$	596,129,974

† 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, 2022.

(2) At May 31, 2022, the Fund had loaned securities with a total value of $5,488,060. This was secured by collateral of $4,462,410, which was received in cash and subsequently invested in short-term investments currently valued at $4,462,410 as reported in the Portfolio of Investments. Additional collateral of $1,329,586 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, 2022
United States Treasury Bills	0.00%	06/16/2022 to 10/27/2022	$	63,243
United States Treasury Notes/Bonds	0.13% to 6.88%	06/30/2022 to 02/15/2052		1,266,343

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

ETF—Exchange-Traded Fund

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2022 (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:
Containers - Metal/Glass	$	748,720	$	151,665	$	—	$	900,385
Other Industries		591,261,848		—		—		591,261,848
Exchange-Traded Funds		2,492,588		—		—		2,492,588
Short-Term Investment Securities		4,462,410		—		—		4,462,410
Total Investments at Value	$	598,965,566	$	151,665	$	—	$	599,117,231

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

See Notes to Financial Statements

258

VALIC Company I Systematic Value Fund

PORTFOLIO PROFILE — May 31, 2022 (unaudited)

Industry Allocation*

Oil Companies — Exploration & Production	5.3	%
Medical — Drugs	5.0
Diversified Banking Institutions	4.3
Medical — HMO	4.2
Diagnostic Equipment	3.6
Commercial Services — Finance	3.2
Computer Services	2.9
Insurance Brokers	2.9
Aerospace/Defense	2.9
Medical — Wholesale Drug Distribution	2.5
Investment Management/Advisor Services	2.4
Real Estate Investment Trusts	2.3
Tobacco	2.1
Food — Misc./Diversified	2.1
Finance — Other Services	2.0
Cosmetics & Toiletries	2.0
Beverages — Non — alcoholic	1.9
Electronic Components — Semiconductors	1.9
Retail — Discount	1.9
Chemicals — Diversified	1.8
Medical Products	1.8
Insurance — Multi — line	1.7
Insurance — Life/Health	1.7
Insurance — Property/Casualty	1.7
Data Processing/Management	1.6
Steel — Producers	1.5
Banks — Super Regional	1.3
Transport — Truck	1.3
Transport — Services	1.3
Machinery — Pumps	1.2
Medical — Biomedical/Gene	1.2
Web Portals/ISP	1.2
Electric Products — Misc.	1.2
Finance — Investment Banker/Broker	1.1
Advertising Agencies	1.1
Gas — Distribution	1.1
Chemicals — Specialty	1.1
Retail — Restaurants	1.0
Semiconductor Components — Integrated Circuits	1.0
Electronic Parts Distribution	1.0
Real Estate Management/Services	1.0
Computers	0.9
Food — Confectionery	0.9
Entertainment Software	0.9
Independent Power Producers	0.8
Building — Residential/Commercial	0.8
Tools — Hand Held	0.8
Consumer Products — Misc.	0.8
Diversified Manufacturing Operations	0.7
Diagnostic Kits	0.7
Finance — Credit Card	0.6
Telephone — Integrated	0.6
Banks — Fiduciary	0.5
Private Equity	0.5
Software Tools	0.5
Consulting Services	0.4
Oil Refining & Marketing	0.4
Auto/Truck Parts & Equipment — Original	0.4
Insurance — Reinsurance	0.4
Repurchase Agreements	0.4
Enterprise Software/Service	0.3
Retail — Automobile	0.3
Medical Labs & Testing Services	0.3
Building — Mobile Home/Manufactured Housing	0.3
Multimedia	0.3
Building & Construction — Misc.	0.3
Broadcast Services/Program	0.2
Finance — Consumer Loans	0.2
Savings & Loans/Thrifts	0.2

Machinery — Electrical	0.2
Computer Software	0.2
Recreational Vehicles	0.1
Web Hosting/Design	0.1
Coatings/Paint	0.1
Building — Maintenance & Services	0.1
Distribution/Wholesale	0.1
Agricultural Chemicals	0.1
Internet Infrastructure Software	0.1
Machinery — General Industrial	0.1
Building & Construction Products — Misc.	0.1
	100.0%

* Calculated as a percentage of net assets

259

VALIC Company I Systematic Value Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 99.6%
Advertising Agencies — 1.1%
Omnicom Group, Inc.		74,494	$	5,557,997
Aerospace/Defense — 2.9%
General Dynamics Corp.		17,383		3,909,610
Raytheon Technologies Corp.		78,248		7,442,950
Teledyne Technologies, Inc.†		4,608		1,866,931
TransDigm Group, Inc.†		1,494		904,423
				14,123,914
Agricultural Chemicals — 0.1%
Mosaic Co.		5,019		314,440
Auto/Truck Parts & Equipment - Original — 0.4%
BorgWarner, Inc.		48,529		1,956,689
Banks - Fiduciary — 0.5%
Bank of New York Mellon Corp.		56,336		2,625,821
Banks - Super Regional — 1.3%
KeyCorp		198,859		3,969,226
US Bancorp		43,901		2,329,826
				6,299,052
Beverages - Non - alcoholic — 1.9%
Coca-Cola Co.		2,775		175,879
Monster Beverage Corp.†		45,265		4,034,017
PepsiCo, Inc.		31,265		5,244,704
				9,454,600
Broadcast Services/Program — 0.2%
Warner Bros. Discovery, Inc.†		58,391		1,077,314
Building & Construction Products - Misc. — 0.1%
Hayward Holdings, Inc.†		14,853		227,251
Building & Construction - Misc. — 0.3%
Frontdoor, Inc.†		49,329		1,220,399
Building - Maintenance & Services — 0.1%
Rollins, Inc.		10,572		374,883
Building - Mobile Home/Manufactured Housing — 0.3%
Thor Industries, Inc.		16,245		1,234,133
Building - Residential/Commercial — 0.8%
D.R. Horton, Inc.		39,626		2,977,894
NVR, Inc.†		223		992,488
				3,970,382
Chemicals - Diversified — 1.8%
LyondellBasell Industries NV, Class A		48,440		5,534,270
Westlake Chemical Corp.		25,556		3,376,203
				8,910,473
Chemicals - Specialty — 1.1%
International Flavors & Fragrances, Inc.		32,669		4,317,862
Valvoline, Inc.		28,326		947,788
				5,265,650
Coatings/Paint — 0.1%
RPM International, Inc.		5,844		514,856
Commercial Services - Finance — 3.2%
Equifax, Inc.		14,613		2,960,302
FleetCor Technologies, Inc.†		6,316		1,571,484
Global Payments, Inc.		25,056		3,283,338
Moody’s Corp.		6,211		1,873,051
S&P Global, Inc.		16,364		5,718,891
				15,407,066

Security Description	Shares		Value (Note 2)
Computer Services — 2.9%
Accenture PLC, Class A		17,783	$	5,307,514
International Business Machines Corp.		17,617		2,445,944
Leidos Holdings, Inc.		15,131		1,581,190
Science Applications International Corp.		56,769		4,913,925
				14,248,573
Computer Software — 0.2%
SolarWinds Corp.		70,702		822,971
Computers — 0.9%
Dell Technologies, Inc., Class C		91,746		4,581,795
Consulting Services — 0.4%
Verisk Analytics, Inc.		12,280		2,148,018
Consumer Products - Misc. — 0.8%
Kimberly-Clark Corp.		19,098		2,540,416
Reynolds Consumer Products, Inc.		44,008		1,197,898
				3,738,314
Cosmetics & Toiletries — 2.0%
Procter & Gamble Co.		64,709		9,569,167
Data Processing/Management — 1.6%
Fidelity National Information Services, Inc.		33,180		3,467,310
Fiserv, Inc.†		43,553		4,363,140
				7,830,450
Diagnostic Equipment — 3.6%
Danaher Corp.		31,191		8,228,810
Thermo Fisher Scientific, Inc.		16,525		9,379,094
				17,607,904
Diagnostic Kits — 0.7%
Hologic, Inc.†		45,535		3,427,419
Distribution/Wholesale — 0.1%
Core & Main, Inc., Class A†		14,828		349,941
Diversified Banking Institutions — 4.3%
Citigroup, Inc.		140,428		7,500,259
JPMorgan Chase & Co.		100,646		13,308,421
				20,808,680
Diversified Manufacturing Operations — 0.7%
3M Co.		24,000		3,582,960
Electric Products - Misc. — 1.2%
Emerson Electric Co.		64,089		5,682,131
Electronic Components - Semiconductors — 1.9%
Micron Technology, Inc.		11,598		856,396
Skyworks Solutions, Inc.		16,599		1,807,133
Texas Instruments, Inc.		37,221		6,579,184
				9,242,713
Electronic Parts Distribution — 1.0%
Arrow Electronics, Inc.†		40,585		4,896,580
Enterprise Software/Service — 0.3%
Oracle Corp.		23,387		1,681,993
Entertainment Software — 0.9%
Activision Blizzard, Inc.		51,768		4,031,692
Take-Two Interactive Software, Inc.†		1,151		143,334
				4,175,026
Finance - Consumer Loans — 0.2%
Synchrony Financial		28,165		1,043,232

260

VALIC Company I Systematic Value Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Finance - Credit Card — 0.6%
Capital One Financial Corp.		4,870	$	622,678
Discover Financial Services		22,067		2,504,384
				3,127,062
Finance - Investment Banker/Broker — 1.1%
Charles Schwab Corp.		29,506		2,068,370
Tradeweb Markets, Inc., Class A		10,001		676,168
Virtu Financial, Inc., Class A		108,538		2,836,098
				5,580,636
Finance - Other Services — 2.0%
CME Group, Inc.		6,530		1,298,360
Intercontinental Exchange, Inc.		36,172		3,703,651
Nasdaq, Inc.		30,118		4,676,121
				9,678,132
Food - Confectionery — 0.9%
Mondelez International, Inc., Class A		67,038		4,260,935
Food - Misc./Diversified — 2.1%
Campbell Soup Co.		29,081		1,393,271
General Mills, Inc.		50,620		3,535,807
Kellogg Co.		73,989		5,159,993
				10,089,071
Gas - Distribution — 1.1%
National Fuel Gas Co.		73,407		5,397,617
Independent Power Producers — 0.8%
NRG Energy, Inc.		88,593		4,078,822
Industrial Automated/Robotic — 0.0%
Enovis Corp.†		1,044		69,259
Insurance Brokers — 2.9%
Aon PLC, Class A		3,407		939,208
Arthur J. Gallagher & Co.		35,476		5,744,983
Brown & Brown, Inc.		79,889		4,743,010
Marsh & McLennan Cos., Inc.		17,587		2,813,041
				14,240,242
Insurance - Life/Health — 1.7%
Aflac, Inc.		99,578		6,031,440
Globe Life, Inc.		15,389		1,501,505
Lincoln National Corp.		15,794		914,946
				8,447,891
Insurance - Multi - line — 1.7%
Loews Corp.		52,289		3,424,407
MetLife, Inc.		74,914		5,048,454
				8,472,861
Insurance - Property/Casualty — 1.7%
Fidelity National Financial, Inc.		123,265		5,214,109
Progressive Corp.		25,908		3,092,897
				8,307,006
Insurance - Reinsurance — 0.4%
Reinsurance Group of America, Inc.		13,883		1,747,176
Internet Infrastructure Software — 0.1%
F5, Inc.†		1,845		300,809
Investment Management/Advisor Services — 2.4%
Affiliated Managers Group, Inc.		19,213		2,567,241
Apollo Global Management, Inc.		14,286		823,445
BlackRock, Inc.		10,243		6,853,387
Franklin Resources, Inc.		19,224		520,586
Invesco, Ltd.		44,616		862,873
				11,627,532

Security Description	Shares		Value (Note 2)
Machinery - Electrical — 0.2%
Regal Rexnord Corp.		7,730	$	965,863
Machinery - General Industrial — 0.1%
Middleby Corp.†		1,504		227,796
Machinery - Pumps — 1.2%
Dover Corp.		11,373		1,522,958
Ingersoll Rand, Inc.		93,107		4,389,995
				5,912,953
Medical Labs & Testing Services — 0.3%
Laboratory Corp. of America Holdings		283		69,822
Quest Diagnostics, Inc.		3,854		543,491
Syneos Health, Inc.†		10,761		795,130
				1,408,443
Medical Products — 1.8%
Abbott Laboratories		56,504		6,636,960
Henry Schein, Inc.†		25,191		2,157,357
				8,794,317
Medical - Biomedical/Gene — 1.2%
Regeneron Pharmaceuticals, Inc.†		4,415		2,934,827
Vertex Pharmaceuticals, Inc.†		10,886		2,924,524
				5,859,351
Medical - Drugs — 5.0%
Bristol-Myers Squibb Co.		135,629		10,233,208
Jazz Pharmaceuticals PLC†		15,798		2,364,645
Pfizer, Inc.		225,010		11,934,530
				24,532,383
Medical - HMO — 4.2%
Anthem, Inc.		6,976		3,555,039
Centene Corp.†		11,890		968,322
UnitedHealth Group, Inc.		31,556		15,676,390
				20,199,751
Medical - Wholesale Drug Distribution — 2.5%
AmerisourceBergen Corp.		42,515		6,580,897
McKesson Corp.		16,563		5,444,092
				12,024,989
Multimedia — 0.3%
Paramount Global, Class B		35,617		1,222,732
Oil Companies - Exploration & Production — 5.3%
APA Corp.		35,112		1,650,615
ConocoPhillips		80,344		9,027,452
Coterra Energy, Inc.		50,693		1,740,291
Devon Energy Corp.		101,025		7,566,772
Marathon Oil Corp.		191,961		6,033,334
				26,018,464
Oil Refining & Marketing — 0.4%
Hf Sinclair Corp Common Stock		43,461		2,133,935
Private Equity — 0.5%
Ares Management Corp., Class A		31,830		2,265,341
Real Estate Investment Trusts — 2.3%
Healthcare Trust of America, Inc., Class A		121,385		3,647,619
Omega Healthcare Investors, Inc.		34,701		1,033,049
Realty Income Corp.		17,203		1,173,589
SBA Communications Corp.		11,632		3,915,447
SL Green Realty Corp.#		3,371		208,227
STORE Capital Corp.		15,625		431,094
Vornado Realty Trust		1,395		48,769

261

VALIC Company I Systematic Value Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Real Estate Investment Trusts (continued)
WP Carey, Inc.		10,708	$	900,971
				11,358,765
Real Estate Management/Services — 1.0%
CBRE Group, Inc., Class A†		56,154		4,651,797
Recreational Vehicles — 0.1%
Polaris, Inc.#		5,334		568,338
Retail - Automobile — 0.3%
AutoNation, Inc.†		8,552		1,022,477
Lithia Motors, Inc.		1,980		602,851
				1,625,328
Retail - Catalog Shopping — 0.0%
Qurate Retail, Inc., Series A		61,227		221,029
Retail - Discount — 1.9%
Ollie’s Bargain Outlet Holdings, Inc.†		11,694		549,267
Walmart, Inc.		67,500		8,682,525
				9,231,792
Retail - Restaurants — 1.0%
McDonald’s Corp.		19,792		4,991,740
Savings & Loans/Thrifts — 0.2%
New York Community Bancorp, Inc.#		102,786		1,025,804
Semiconductor Components - Integrated Circuits — 1.0%
Analog Devices, Inc.		29,277		4,930,247
Software Tools — 0.5%
VMware, Inc., Class A		17,547		2,247,771
Steel - Producers — 1.5%
Nucor Corp.		15,477		2,050,083
Reliance Steel & Aluminum Co.		7,037		1,367,993
Steel Dynamics, Inc.		46,088		3,934,994
				7,353,070
Telephone - Integrated — 0.6%
Lumen Technologies, Inc.		234,653		2,872,153
Tobacco — 2.1%
Altria Group, Inc.		13,981		756,232
Philip Morris International, Inc.		89,264		9,484,300
				10,240,532
Tools - Hand Held — 0.8%
Stanley Black & Decker, Inc.		31,719		3,764,728
Transport - Services — 1.3%
C.H. Robinson Worldwide, Inc.		35,825		3,887,371
Expeditors International of Washington, Inc.		20,537		2,235,247
				6,122,618
Transport - Truck — 1.3%
Knight-Swift Transportation Holdings, Inc.		31,661		1,539,991
Landstar System, Inc.		30,701		4,649,052
				6,189,043

Security Description	Shares/ Principal Amount			Value (Note 2)
Vitamins & Nutrition Products — 0.0%
Herbalife Nutrition, Ltd.†		6,982		$	152,138
Web Hosting/Design — 0.1%
GoDaddy, Inc., Class A†		7,436			558,072
Web Portals/ISP — 1.2%
Alphabet, Inc., Class A†		1,594			3,626,732
Alphabet, Inc., Class C†		973			2,219,199
					5,845,931
Total Long-Term Investment Securities
(cost $467,185,423)					484,915,052
SHORT-TERM INVESTMENT SECURITIES — 0.0%
Registered Investment Companies — 0.0%
State Street Navigator Securities Lending Government Money Market Portfolio 0.32%(1)(2) (cost $232,675)		232,675			232,675
REPURCHASE AGREEMENTS — 0.4%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.06% dated 05/31/2022, to be repurchased 06/01/2022 in the amount of $1,703,206 and collateralized by $1,896,700 of United States Treasury Notes, bearing interest at 1.25% due 05/31/2028 and having an approximate value of $1,737,334 (cost $1,703,204)	$	1,703,204			1,703,204
TOTAL INVESTMENTS
(cost $469,121,302)(3)		100.0	%		486,850,931
Liabilities in excess of other assets		(0.0	)		(29,518	)
NET ASSETS		100.0	%	$	486,821,413

† Non-income producing security

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

(1) At May 31, 2022, the Fund had loaned securities with a total value of $1,003,110. This was secured by collateral of $232,675, which was received in cash and subsequently invested in short-term investments currently valued at $232,675 as reported in the Portfolio of Investments. Additional collateral of $806,750 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, 2022
United States Treasury Bills	0.00%	06/16/2022 to 10/27/2022	$	102,038
United States Treasury Notes/Bonds	0.13% to 3.00%	06/30/2022 to 02/15/2051		704,712

(2) The rate shown is the 7-day yield as of May 31, 2022.

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

262

VALIC Company I Systematic Value Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

The following is a summary of the inputs used to value the Fund’s net assets as of May 31, 2022 (see Note 2):

ASSETS:	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
Investments at Value:*
Common Stocks	$	484,915,052	$	—	$	—	$	484,915,052
Short-Term Investment Securities		232,675		—		—		232,675
Repurchase Agreements		—		1,703,204		—		1,703,204
Total Investments at Value	$	485,147,727	$	1,703,204	$	—	$	486,850,931

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

See Notes to Financial Statements

263

VALIC Company I U.S. Socially Responsible Fund

PORTFOLIO PROFILE — May 31, 2022 (unaudited)

Industry Allocation*

Applications Software	8.9	%
Electronic Components — Semiconductors	5.3
Finance — Credit Card	4.0
Beverages — Non-alcoholic	3.9
Repurchase Agreements	3.6
Commercial Services — Finance	3.1
Oil Companies — Exploration & Production	3.0
Real Estate Investment Trusts	2.4
Diagnostic Equipment	2.4
Retail — Building Products	2.3
Medical — Biomedical/Gene	2.1
Computers	1.9
Medical — Drugs	1.7
Telephone — Integrated	1.7
Banks — Super Regional	1.6
Diversified Manufacturing Operations	1.6
Electric — Integrated	1.5
Industrial Gases	1.5
Retail — Discount	1.5
Medical — HMO	1.4
Computer Aided Design	1.4
Cosmetics & Toiletries	1.4
Insurance — Multi-line	1.4
Finance — Other Services	1.3
Semiconductor Components — Integrated Circuits	1.3
Data Processing/Management	1.2
Computers — Memory Devices	1.2
Investment Management/Advisor Services	1.2
Networking Products	1.2
Electronic Forms	1.2
Semiconductor Equipment	1.1
Cable/Satellite TV	1.1
Insurance Brokers	1.1
Pipelines	1.0
Diversified Banking Institutions	0.9
Food — Misc./Diversified	0.9
Enterprise Software/Service	0.9
Airlines	0.9
Retail — Restaurants	0.9
Internet Content — Entertainment	0.9
Insurance — Property/Casualty	0.8
Multimedia	0.8
Electric — Distribution	0.8
Machinery — Construction & Mining	0.8
Finance — Investment Banker/Broker	0.7
E-Commerce/Products	0.7
Banks — Commercial	0.7
Insurance — Life/Health	0.7
Medical Products	0.7
Banks — Fiduciary	0.7
Machinery — Farming	0.6
Electric Products — Misc.	0.5
Non-Hazardous Waste Disposal	0.5
E-Commerce/Services	0.5
U.S. Government Treasuries	0.5
Auto/Truck Parts & Equipment — Original	0.5
Consulting Services	0.5
Medical — Hospitals	0.5
Retail — Auto Parts	0.4
Medical Labs & Testing Services	0.4
Entertainment Software	0.4
Electronic Measurement Instruments	0.4
Auto — Heavy Duty Trucks	0.4
Retail — Major Department Stores	0.4
Chemicals — Specialty	0.4
Medical Instruments	0.4
Distribution/Wholesale	0.4
Transport — Rail	0.4
Decision Support Software	0.3

Oil Refining & Marketing	0.3
Coatings/Paint	0.3
Transport — Services	0.3
Gold Mining	0.3
Consumer Products — Misc.	0.3
Computer Data Security	0.3
Diagnostic Kits	0.2
Oil — Field Services	0.2
Electronic Connectors	0.2
Chemicals — Diversified	0.2
Steel — Producers	0.2
Agricultural Chemicals	0.2
Containers — Paper/Plastic	0.2
Medical Information Systems	0.2
Food — Meat Products	0.2
Apparel Manufacturers	0.2
Containers — Metal/Glass	0.2
Real Estate Management/Services	0.1
Water	0.1
Machinery — General Industrial	0.1
Computer Software	0.1
Web Hosting/Design	0.1
Instruments — Controls	0.1
Building — Residential/Commercial	0.1
Retail — Apparel/Shoe	0.1
Wireless Equipment	0.1
Respiratory Products	0.1
Office Automation & Equipment	0.1
Drug Delivery Systems	0.1
Hotels/Motels	0.1
Food — Retail	0.1
Computer Services	0.1
Industrial Automated/Robotic	0.1
Transport — Truck	0.1
Commercial Services	0.1
Retail — Perfume & Cosmetics	0.1
Tools — Hand Held	0.1
Retail — Consumer Electronics	0.1
Energy — Alternate Sources	0.1
Food — Confectionery	0.1
	100.0	%

* Calculated as a percentage of net assets

264

VALIC Company I U.S. Socially Responsible Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 95.9%
Agricultural Chemicals — 0.2%
CF Industries Holdings, Inc.		7,191	$	710,255
Mosaic Co.		11,847		742,215
				1,452,470
Airlines — 0.9%
Delta Air Lines, Inc.†		77,173		3,217,342
Southwest Airlines Co.†		76,090		3,489,488
				6,706,830
Apparel Manufacturers — 0.2%
VF Corp.		22,123		1,116,327
Applications Software — 8.9%
Intuit, Inc.		14,584		6,044,485
Microsoft Corp.		192,083		52,221,605
PTC, Inc.†		3,118		363,341
Roper Technologies, Inc.		1,626		719,407
ServiceNow, Inc.†		12,900		6,030,363
				65,379,201
Auto - Heavy Duty Trucks — 0.4%
Cummins, Inc.		7,583		1,585,757
PACCAR, Inc.		14,332		1,244,591
				2,830,348
Auto/Truck Parts & Equipment - Original — 0.5%
Aptiv PLC†		19,877		2,111,732
BorgWarner, Inc.		34,440		1,388,621
				3,500,353
Banks - Commercial — 0.7%
First Republic Bank		4,375		678,256
Truist Financial Corp.		92,882		4,619,951
				5,298,207
Banks - Fiduciary — 0.7%
Bank of New York Mellon Corp.		64,173		2,991,104
Northern Trust Corp.		6,186		691,285
State Street Corp.		15,098		1,094,454
				4,776,843
Banks - Super Regional — 1.6%
PNC Financial Services Group, Inc.		34,459		6,044,453
US Bancorp		109,680		5,820,718
				11,865,171
Beverages - Non-alcoholic — 3.9%
Coca-Cola Co.		151,300		9,589,394
Monster Beverage Corp.†		5,573		496,666
PepsiCo, Inc.		109,176		18,314,274
				28,400,334
Building - Residential/Commercial — 0.1%
D.R. Horton, Inc.		3,715		279,182
Lennar Corp., Class A		5,376		431,424
				710,606
Cable/Satellite TV — 1.1%
Comcast Corp., Class A		178,571		7,907,124
Chemicals - Diversified — 0.2%
LyondellBasell Industries NV, Class A		2,294		262,090
PPG Industries, Inc.		10,009		1,266,038
				1,528,128

Security Description	Shares		Value (Note 2)
Chemicals - Specialty — 0.4%
Ecolab, Inc.		14,663	$	2,403,412
International Flavors & Fragrances, Inc.		3,042		402,061
				2,805,473
Coatings/Paint — 0.3%
Sherwin-Williams Co.		8,893		2,383,680
Commercial Services — 0.1%
Cintas Corp.		1,185		472,021
Commercial Services - Finance — 3.1%
Automatic Data Processing, Inc.		25,111		5,598,246
MarketAxess Holdings, Inc.		1,448		407,873
Moody’s Corp.		15,904		4,796,169
PayPal Holdings, Inc.†		40,380		3,440,780
S&P Global, Inc.		25,113		8,776,491
				23,019,559
Computer Aided Design — 1.4%
ANSYS, Inc.†		3,421		890,691
Autodesk, Inc.†		12,919		2,683,922
Cadence Design Systems, Inc.†		18,556		2,852,614
Synopsys, Inc.†		12,118		3,868,066
				10,295,293
Computer Data Security — 0.3%
Fortinet, Inc.†		6,828		2,008,388
Computer Services — 0.1%
Cognizant Technology Solutions Corp., Class A		7,135		532,985
Computer Software — 0.1%
Akamai Technologies, Inc.†		5,141		519,447
Citrix Systems, Inc.		3,916		394,302
				913,749
Computers — 1.9%
Hewlett Packard Enterprise Co.		329,908		5,146,565
HP, Inc.		228,775		8,885,621
				14,032,186
Computers - Memory Devices — 1.2%
NetApp, Inc.		59,293		4,266,131
Seagate Technology Holdings PLC		20,410		1,728,115
Western Digital Corp.†		47,597		2,888,662
				8,882,908
Consulting Services — 0.5%
Gartner, Inc.†		4,350		1,141,440
Verisk Analytics, Inc.		12,916		2,259,267
				3,400,707
Consumer Products - Misc. — 0.3%
Clorox Co.		1,570		228,215
Kimberly-Clark Corp.		13,835		1,840,332
				2,068,547
Containers - Metal/Glass — 0.2%
Ball Corp.		15,312		1,085,468
Containers - Paper/Plastic — 0.2%
Amcor PLC		16,359		214,303
Packaging Corp. of America		3,379		531,449
WestRock Co.		10,724		520,007
				1,265,759

265

VALIC Company I U.S. Socially Responsible Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Cosmetics & Toiletries — 1.4%
Colgate-Palmolive Co.		55,926	$	4,407,528
Estee Lauder Cos., Inc., Class A		22,738		5,790,232
				10,197,760
Data Processing/Management — 1.2%
Fidelity National Information Services, Inc.		28,589		2,987,550
Fiserv, Inc.†		41,842		4,191,732
Paychex, Inc.		15,749		1,950,199
				9,129,481
Decision Support Software — 0.3%
MSCI, Inc.		5,681		2,512,990
Diagnostic Equipment — 2.4%
Danaher Corp.		28,207		7,441,571
Thermo Fisher Scientific, Inc.		17,139		9,727,582
Waters Corp.†		273		89,530
				17,258,683
Diagnostic Kits — 0.2%
Hologic, Inc.†		4,260		320,650
IDEXX Laboratories, Inc.†		3,460		1,355,005
				1,675,655
Dialysis Centers — 0.0%
DaVita, Inc.†		684		66,683
Distribution/Wholesale — 0.4%
Fastenal Co.		8,089		433,247
Pool Corp.		5,943		2,368,998
				2,802,245
Diversified Banking Institutions — 0.9%
Morgan Stanley		79,804		6,874,317
Diversified Manufacturing Operations — 1.6%
Eaton Corp. PLC		26,073		3,613,718
Illinois Tool Works, Inc.		25,219		5,247,317
Parker-Hannifin Corp.		7,112		1,935,673
Trane Technologies PLC		4,667		644,326
				11,441,034
Drug Delivery Systems — 0.1%
DexCom, Inc.†		1,988		592,305
E-Commerce/Products — 0.7%
eBay, Inc.		86,735		4,221,392
Etsy, Inc.†		14,279		1,158,313
				5,379,705
E-Commerce/Services — 0.5%
Booking Holdings, Inc.†		1,584		3,553,799
Expedia Group, Inc.†		305		39,446
				3,593,245
Electric Products - Misc. — 0.5%
AMETEK, Inc.		7,451		905,073
Emerson Electric Co.		32,068		2,843,149
				3,748,222
Electric - Distribution — 0.8%
Consolidated Edison, Inc.		59,950		5,950,637
Sempra Energy		1,318		215,967
				6,166,604
Electric - Integrated — 1.5%
Alliant Energy Corp.		16,987		1,084,110

Security Description	Shares		Value (Note 2)
Electric - Integrated (continued)
CMS Energy Corp.		27,014	$	1,919,075
Eversource Energy		38,542		3,558,198
PPL Corp.		12,258		369,946
WEC Energy Group, Inc.		41,349		4,344,539
				11,275,868
Electronic Components - Misc. — 0.0%
Garmin, Ltd.		1,078		113,858
Electronic Components - Semiconductors — 5.3%
Advanced Micro Devices, Inc.†		58,129		5,921,020
Broadcom, Inc.		14,842		8,610,289
Microchip Technology, Inc.		1,578		114,642
Micron Technology, Inc.		37,686		2,782,734
NVIDIA Corp.		67,082		12,525,551
Texas Instruments, Inc.		51,287		9,065,490
				39,019,726
Electronic Connectors — 0.2%
Amphenol Corp., Class A		11,094		786,121
TE Connectivity, Ltd.		6,195		801,571
				1,587,692
Electronic Forms — 1.2%
Adobe, Inc.†		20,489		8,533,259
Electronic Measurement Instruments — 0.4%
Agilent Technologies, Inc.		12,351		1,575,494
Fortive Corp.		8,689		536,719
Keysight Technologies, Inc.†		5,553		808,517
				2,920,730
Energy - Alternate Sources — 0.1%
Enphase Energy, Inc.†		1,976		367,911
Enterprise Software/Service — 0.9%
Paycom Software, Inc.†		612		174,016
Salesforce, Inc.†		38,791		6,215,870
Tyler Technologies, Inc.†		1,068		380,016
				6,769,902
Entertainment Software — 0.4%
Electronic Arts, Inc.		14,337		1,987,825
Take-Two Interactive Software, Inc.†		8,354		1,040,324
				3,028,149
Finance - Credit Card — 4.0%
American Express Co.		31,594		5,333,699
Mastercard, Inc., Class A		30,394		10,877,101
Visa, Inc., Class A		61,653		13,080,917
				29,291,717
Finance - Investment Banker/Broker — 0.7%
Charles Schwab Corp.		78,174		5,479,997
Finance - Other Services — 1.3%
Cboe Global Markets, Inc.		4,814		540,660
CME Group, Inc.		17,040		3,388,063
Intercontinental Exchange, Inc.		44,509		4,557,277
Nasdaq, Inc.		7,427		1,153,116
				9,639,116
Food - Confectionery — 0.1%
J.M. Smucker Co.		2,921		366,206
Food - Meat Products — 0.2%
Hormel Foods Corp.		23,720		1,154,452

266

VALIC Company I U.S. Socially Responsible Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Food - Misc./Diversified — 0.9%
General Mills, Inc.		38,374	$	2,680,424
Kraft Heinz Co.		73,569		2,783,115
Lamb Weston Holdings, Inc.		261		17,638
McCormick & Co., Inc.		14,516		1,345,924
				6,827,101
Food - Retail — 0.1%
Kroger Co.		10,178		539,129
Gas - Distribution — 0.0%
NiSource, Inc.		10,208		321,042
Gold Mining — 0.3%
Newmont Corp.		31,592		2,143,517
Hotels/Motels — 0.1%
Hilton Worldwide Holdings, Inc.		3,963		558,228
Industrial Automated/Robotic — 0.1%
Rockwell Automation, Inc.		2,409		513,599
Industrial Gases — 1.5%
Air Products & Chemicals, Inc.		10,678		2,628,497
Linde PLC		25,890		8,405,965
				11,034,462
Instruments - Controls — 0.1%
Mettler-Toledo International, Inc.†		590		758,811
Insurance Brokers — 1.1%
Aon PLC, Class A		8,674		2,391,161
Marsh & McLennan Cos., Inc.		29,423		4,706,209
Willis Towers Watson PLC		3,613		762,596
				7,859,966
Insurance - Life/Health — 0.7%
Aflac, Inc.		49,366		2,990,099
Prudential Financial, Inc.		20,644		2,193,425
				5,183,524
Insurance - Multi-line — 1.4%
Allstate Corp.		17,245		2,357,219
Chubb, Ltd.		30,832		6,514,493
Hartford Financial Services Group, Inc.		4,404		319,334
Loews Corp.		11,657		763,417
				9,954,463
Insurance - Property/Casualty — 0.8%
Progressive Corp.		22,971		2,742,278
Travelers Cos., Inc.		19,409		3,474,987
				6,217,265
Internet Content - Entertainment — 0.9%
Netflix, Inc.†		15,030		2,967,523
Twitter, Inc.†		82,707		3,275,197
				6,242,720
Internet Security — 0.0%
NortonLifeLock, Inc.		10,498		255,521
Investment Management/Advisor Services — 1.2%
BlackRock, Inc.		10,680		7,145,774
T. Rowe Price Group, Inc.		13,206		1,678,351
				8,824,125
Machinery - Construction & Mining — 0.8%
Caterpillar, Inc.		28,531		6,158,416
Machinery - Farming — 0.6%
Deere & Co.		12,990		4,647,562

Security Description	Shares		Value (Note 2)
Machinery - General Industrial — 0.1%
Otis Worldwide Corp.		12,230	$	909,912
Westinghouse Air Brake Technologies Corp.		681		64,327
				974,239
Medical Information Systems — 0.2%
Cerner Corp.		12,664		1,201,180
Medical Instruments — 0.4%
Edwards Lifesciences Corp.†		27,791		2,802,722
Medical Labs & Testing Services — 0.4%
IQVIA Holdings, Inc.†		8,829		1,900,442
Laboratory Corp. of America Holdings		3,620		893,127
Quest Diagnostics, Inc.		2,604		367,216
				3,160,785
Medical Products — 0.7%
Align Technology, Inc.†		1,187		329,559
Baxter International, Inc.		14,317		1,088,808
Stryker Corp.		15,721		3,686,574
				5,104,941
Medical - Biomedical/Gene — 2.1%
Amgen, Inc.		23,107		5,932,491
Illumina, Inc.†		3,569		854,704
Incyte Corp.†		3,855		292,556
Moderna, Inc.†		7,179		1,043,324
Regeneron Pharmaceuticals, Inc.†		5,037		3,348,296
Vertex Pharmaceuticals, Inc.†		13,863		3,724,295
				15,195,666
Medical - Drugs — 1.7%
Eli Lilly & Co.		26,064		8,169,500
Zoetis, Inc.		26,724		4,567,933
				12,737,433
Medical - HMO — 1.4%
Anthem, Inc.		9,831		5,009,976
Centene Corp.†		30,584		2,490,761
Humana, Inc.		6,808		3,092,398
				10,593,135
Medical - Hospitals — 0.5%
HCA Healthcare, Inc.		15,913		3,348,095
Multimedia — 0.8%
Walt Disney Co.†		56,177		6,204,188
Networking Products — 1.2%
Cisco Systems, Inc.		195,728		8,817,546
Non-Hazardous Waste Disposal — 0.5%
Waste Management, Inc.		23,058		3,654,924
Office Automation & Equipment — 0.1%
Zebra Technologies Corp., Class A†		1,808		611,448
Oil Companies - Exploration & Production — 3.0%
Coterra Energy, Inc.		30,562		1,049,193
Devon Energy Corp.		51,064		3,824,694
Diamondback Energy, Inc.		7,073		1,075,237
EOG Resources, Inc.		38,154		5,225,572
Hess Corp.		17,779		2,188,062
Occidental Petroleum Corp.		48,842		3,385,239
Pioneer Natural Resources Co.		19,639		5,458,464
				22,206,461
Oil Refining & Marketing — 0.3%
Valero Energy Corp.		18,901		2,449,570

267

VALIC Company I U.S. Socially Responsible Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Oil - Field Services — 0.2%
Baker Hughes Co.		3,090	$	111,178
Schlumberger NV		32,806		1,507,764
				1,618,942
Paper & Related Products — 0.0%
International Paper Co.		6,582		318,898
Pipelines — 1.0%
Kinder Morgan, Inc.		177,059		3,486,292
ONEOK, Inc.		14,349		944,881
Williams Cos., Inc.		78,319		2,902,502
				7,333,675
Real Estate Investment Trusts — 2.4%
American Tower Corp.		18,261		4,677,190
Crown Castle International Corp.		19,453		3,689,261
Digital Realty Trust, Inc.		5,341		745,550
Equinix, Inc.		2,441		1,677,187
Equity Residential		3,759		288,804
Prologis, Inc.		34,534		4,402,394
Public Storage		4,632		1,531,525
SBA Communications Corp.		1,596		537,230
				17,549,141
Real Estate Management/Services — 0.1%
CBRE Group, Inc., Class A†		12,940		1,071,950
Respiratory Products — 0.1%
ResMed, Inc.		3,020		614,449
Retail - Apparel/Shoe — 0.1%
Ross Stores, Inc.		7,921		673,443
Retail - Auto Parts — 0.4%
AutoZone, Inc.†		185		381,035
Genuine Parts Co.		8,983		1,228,246
O’Reilly Automotive, Inc.†		2,581		1,644,536
				3,253,817
Retail - Building Products — 2.3%
Home Depot, Inc.		37,607		11,385,519
Lowe’s Cos., Inc.		27,377		5,346,728
				16,732,247
Retail - Consumer Electronics — 0.1%
Best Buy Co., Inc.		5,173		424,496
Retail - Discount — 1.5%
Costco Wholesale Corp.		15,217		7,094,470
Dollar General Corp.		3,946		869,461
Dollar Tree, Inc.†		1,882		301,741
Target Corp.		17,051		2,760,216
				11,025,888
Retail - Major Department Stores — 0.4%
TJX Cos., Inc.		44,225		2,811,383
Retail - Perfume & Cosmetics — 0.1%
Ulta Beauty, Inc.†		1,111		470,064
Retail - Restaurants — 0.9%
Domino’s Pizza, Inc.		1,999		725,977
Starbucks Corp.		63,134		4,956,019
Yum! Brands, Inc.		7,533		915,033
				6,597,029
Semiconductor Components - Integrated Circuits — 1.3%
Analog Devices, Inc.		18,047		3,039,115
NXP Semiconductors NV		2,438		462,635
QUALCOMM, Inc.		40,701		5,829,197
				9,330,947

Security Description	Shares/ Principal Amount			Value (Note 2)
Semiconductor Equipment — 1.1%
Applied Materials, Inc.		34,104		$	4,000,058
KLA Corp.		4,894			1,785,576
Lam Research Corp.		4,303			2,237,689
					8,023,323
Steel - Producers — 0.2%
Nucor Corp.		11,311			1,498,255
Telecom Equipment - Fiber Optics — 0.0%
Corning, Inc.		9,499			340,254
Telephone - Integrated — 1.7%
Verizon Communications, Inc.		240,999			12,360,839
Tools - Hand Held — 0.1%
Stanley Black & Decker, Inc.		3,774			447,936
Toys — 0.0%
Hasbro, Inc.		3,467			311,163
Transport - Rail — 0.4%
Norfolk Southern Corp.		10,721			2,569,395
Transport - Services — 0.3%
C.H. Robinson Worldwide, Inc.		5,356			581,180
Expeditors International of Washington, Inc.		14,625			1,591,785
					2,172,965
Transport - Truck — 0.1%
Old Dominion Freight Line, Inc.		1,875			484,200
Water — 0.1%
American Water Works Co., Inc.		6,864			1,038,180
Web Hosting/Design — 0.1%
VeriSign, Inc.†		4,521			789,141
Wireless Equipment — 0.1%
Motorola Solutions, Inc.		2,985			655,924
Total Long-Term Investment Securities
(cost $532,898,052)					703,245,905
SHORT-TERM INVESTMENT SECURITIES — 0.5%
U.S. Government Treasuries — 0.5%
United States Treasury Bills
0.09% due 10/06/2022(2)	$	1,700,000			1,692,270
1.01% due 02/23/2023(2)		1,900,000			1,875,790
Total Short-Term Investment Securities
(cost $3,585,231)					3,568,060
REPURCHASE AGREEMENTS — 3.6%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.06% dated 05/31/2022, to be repurchased 06/01/2022 in the amount of $26,464,068 and collateralized by $845,000 of United States Treasury Notes, bearing interest at 2.88% due 05/15/2028 and by $28,540,900 of United States Treasury Notes, bearing interest at 1.25% due 05/31/2028 and having an approximate aggregate value of $26,993,353 (cost $26,464,024)		26,464,024			26,464,024
TOTAL INVESTMENTS
(cost $562,947,307)(1)		100.0	%		733,277,989
Other assets less liabilities		0.0			226,614
NET ASSETS		100.0	%	$	733,504,603

† Non-income producing security

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

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

268

VALIC Company I U.S. Socially Responsible Fund

PORTFOLIO OF INVESTMENTS — May 31, 2022 — (continued)

Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Notional Basis#		Notional Value#		Unrealized Appreciation (Depreciation)
	146	Long	S&P 500 E-Mini Index		June 2022	$	30,881,420	$	30,158,125	($	723,295	)

# 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, 2022 (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	$	703,245,905	$	—	$	—	$	703,245,905
Short Term Investment Securities		—		3,568,060		—		3,568,060
Repurchase Agreements		—		26,464,024		—		26,464,024
Total Investments at Value	$	703,245,905	$	30,032,084	$	—	$	733,277,989
LIABILITES:
Other Financial Instruments:†
Futures Contracts	$	723,295	$	—	$	—	$	723,295

* 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

269

VALIC Company I

STATEMENTS OF ASSETS AND LIABILITIES — May 31, 2022

	AGGRESSIVE GROWTH LIFESTYLE FUND		ASSET ALLOCATION FUND		BLUE CHIP GROWTH FUND		CAPITAL APPRECIATION FUND		CONSERVATIVE GROWTH LIFESTYLE FUND			CORE BOND FUND			DIVIDEND VALUE FUND
ASSETS:
Investment securities, at value (unaffiliated)*†	$	50,592,009	$	137,672,726	$	713,047,484	$	133,338,574	$	26,335,597		$	3,116,021,314		$	1,260,673,839
Investment securities, at value (affiliated)*†		608,575,782		–		–		–		304,448,024			–			–
Repurchase agreements (cost approximates value)		–		5,528,247		–		–		–			–			–
Cash		–		4,425		4,170		–		–			280,675			96,234
Foreign cash*		–		–		45		–		–			–			1,089
Cash collateral for futures contracts		–		44,000		–		–		–			–			–
Cash collateral for centrally cleared swap contracts		–		–		–		–		–			–			–
Due from broker		–		3		–		–		–			–			–
Receivable for:
Fund shares sold		10,101		5,600		87,859		4,172		12,485			77,182			773,081
Dividends and interest		14,386		380,256		355,197		109,327		7,488			13,248,008			3,505,014
Investments sold		29,479		57,179		599,171		–		107,684			5,818,359			4,662,106
Investments sold on an extended settlement basis		–		117,688		249,681		–		–			12,131,465			5,085,508
Receipts on swap contracts		–		–		–		–		–			–			–
Securities lending income		–		190		1,250		43		–			13,561			4,070
Prepaid expenses and other assets		27,061		11,464		24,878		11,329		20,186			94,282			26,608
Due from investment adviser for expense reimbursements/fee waivers		26,486		5,922		–		14,692		5,741			–			111,689
Variation margin on futures contracts		–		–		–		–		–			–			–
Unrealized appreciation on forward foreign currency contracts		–		–		–		–		–			–			–
Swap premiums paid		–		–		–		–		–			–			–
Unrealized appreciation on swap contracts		–		–		–		–		–			–			–
TOTAL ASSETS		659,275,304		143,827,700		714,369,735		133,478,137		330,937,205			3,147,684,846			1,274,939,238
LIABILITIES:
Payable for:
Fund shares reacquired		53,958		34,833		211,762		2,671		127,653			933,296			298,097
Investments purchased		–		201,183		151,334		–		–			1,033,193			2,171,878
Investments purchased on an extended settlement basis		–		1,643,579		–		–		–			305,912,527			3,797,561
Payments on swap contracts		–		–		–		–		–			–			–
Accrued foreign tax on capital gains		–		–		–		–		–			–			–
Investment advisory and management fees		54,923		59,217		432,184		61,081		27,819			950,387			699,591
Administrative service fee		–		7,903		39,681		7,411		–			153,584			67,753
Transfer agent fees and expenses		110		140		292		393		158			241			325
Directors’ fees and expenses		18,161		6,201		14,841		5,937		11,312			80,517			16,913
Other accrued expenses		89,548		102,298		116,544		76,850		73,364			226,971			125,629
Line of credit		–		–		–		–		–			–			–
Variation margin on futures contracts		–		3,675		–		–		–			–			–
Due to investment advisor for expense recoupment		–		–		–		–		–			–			–
Collateral upon return of securities loaned		–		561,525		1,744,246		–		–			16,715,750			10,965,084
Due to custodian		–		–		–		–		–			–			–
Due to custodian for foreign cash*
Due to broker		–		–		–		–		–			–			–
Unrealized depreciation on forward foreign currency contracts		–		–		–		–		–			–			–
Commitments		–		–		–		–		–			–			–
TOTAL LIABILITIES		216,700		2,620,554		2,710,884		154,343		240,306			326,006,466			18,142,831
NET ASSETS	$	659,058,604	$	141,207,146	$	711,658,851	$	133,323,794	$	330,696,899		$	2,821,678,380		$	1,256,796,407
NET ASSETS REPRESENTED BY:
Capital shares at par value of $0.01 per share	$	641,758	$	137,266	$	432,571	$	69,280	$	291,049		$	2,781,292		$	951,051
Additional paid-in capital		612,159,793		136,683,866		394,152,182		88,073,488		332,721,546			3,019,769,394			1,010,420,331
Total accumulated earnings (loss)		46,257,053		4,386,014		317,074,098		45,181,026		(2,315,696	)		(200,872,306	)		245,425,025
NET ASSETS	$	659,058,604	$	141,207,146	$	711,658,851	$	133,323,794	$	330,696,899		$	2,821,678,380		$	1,256,796,407
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		64,175,782		13,726,591		43,257,104		6,927,970		29,104,928			278,129,209			95,105,141
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	10.27	$	10.29	$	16.45	$	19.24	$	11.36		$	10.15		$	13.21
*Cost
Investment securities (unaffiliated)	$	50,592,009	$	141,283,496	$	503,887,055	$	100,085,783	$	26,335,597		$	3,324,416,013		$	1,211,536,847
Investment securities (affiliated)	$	632,224,247	$	–	$	–	$	–	$	331,405,295		$	–		$	–
Foreign cash	$	–	$	–	$	45	$	–	$	–		$	–		$	1,089
† Including securities on loan	$	–	$	546,912	$	1,879,911	$	–	$	–		$	28,936,039		$	13,678,395

See Notes To Financial Statements

270

VALIC Company I

STATEMENTS OF ASSETS AND LIABILITIES — May 31, 2022 — (continued)

	DYNAMIC ALLOCATION FUND			EMERGING ECONOMIES FUND		GLOBAL REAL ESTATE FUND			GLOBAL STRATEGY FUND			GOVERNMENT MONEY MARKET I FUND			GOVERNMENT SECURITIES FUND			GROWTH FUND
ASSETS:
Investment securities, at value (unaffiliated)*†	$	31,143,268		$	630,525,207	$	541,742,453		$	236,969,341		$	19,996,680		$	154,376,600		$	1,006,930,927
Investment securities, at value (affiliated)*†		139,654,243			–		–			–			–			–			–
Repurchase agreements (cost approximates value)		–			–		–			–			506,000			6,353,871			–
Cash		3			5,656,951		2,369,546			–			673			444			–
Foreign cash*		–			552,035		1,737,235			17,121			–			–			1,862
Cash collateral for futures contracts		–			68,000		–			786,714			–			–			–
Cash collateral for centrally cleared swap contracts		–			–		–			11			–			–			–
Due from broker		–			11,094		–			200,000			–			–			6
Receivable for:
Fund shares sold		162			462,948		312,757			1,679			40,494			29,674			1,238
Dividends and interest		62,584			3,906,204		1,331,997			1,367,373			1			528,435			1,227,316
Investments sold		945,073			–		1,302,351			777			–			–			–
Investments sold on an extended settlement basis		1,172,631			–		637,298			882,313			–			–			–
Receipts on swap contracts		–			–		–			–			–			–			–
Securities lending income		–			5,269		2,772			5,295			–			208			1,788
Prepaid expenses and other assets		11,524			25,534		18,211			21,207			49,595			21,681			17,214
Due from investment adviser for expense reimbursements/fee waivers		–			–		–			11,796			32,987			–			134,681
Variation margin on futures contracts		110,250			13,870		–			15,265			–			–			–
Unrealized appreciation on forward foreign currency contracts		–			–		–			128,385			–			–			–
Swap premiums paid		–			–		–			–			–			–			–
Unrealized appreciation on swap contracts		–			–		–			–			–			–			–
TOTAL ASSETS		173,099,738			641,227,112		549,454,620			240,407,277			20,626,430			161,310,913			1,008,315,032
LIABILITIES:
Payable for:
Fund shares reacquired		56,503			30,436		97,760			66,168			47,803			379,218			580,765
Investments purchased		937,365			398,518		1,136,775			–			–			–			–
Investments purchased on an extended settlement basis		1,364,229			–		562,645			–			–			824,793			–
Payments on swap contracts		–			–		–			–			–			–			–
Accrued foreign tax on capital gains		–			486,767		–			53,140			–			–			–
Investment advisory and management fees		35,478			399,265		322,395			98,302			54,144			67,334			589,095
Administrative service fee		1,728			34,531		29,828			13,119			9,038			8,986			56,170
Transfer agent fees and expenses		109			465		325			139			831			418			232
Directors’ fees and expenses		2,813			14,906		8,053			11,327			29,401			5,621			29,626
Other accrued expenses		67,342			333,563		130,670			181,033			101,840			74,430			137,433
Line of credit		–			–		–			–			–			–			100,000
Variation margin on futures contracts		12,250			–		–			164,249			–			–			2,450
Due to investment advisor for expense recoupment		1,564			–		–			–			–			–			–
Collateral upon return of securities loaned		–			5,336,755		2,034,131			4,329,644			–			61,950			970,650
Due to custodian		–			–		–			78,943			–			–			18,660
Due to custodian for foreign cash*
Due to broker		1,249,780			–		–			–			–			–			–
Unrealized depreciation on forward foreign currency contracts		–			–		–			234,733			–			–			–
Commitments		–			–		–			–			–			–			–
TOTAL LIABILITIES		3,729,161			7,035,206		4,322,582			5,230,797			243,057			1,422,750			2,485,081
NET ASSETS	$	169,370,577		$	634,191,906	$	545,132,038		$	235,176,480		$	20,383,373		$	159,888,163		$	1,005,829,951
NET ASSETS REPRESENTED BY:
Capital shares at par value of $0.01 per share	$	166,977		$	875,231	$	720,567		$	256,709		$	203,899		$	163,352		$	690,377
Additional paid-in capital		169,510,861			594,286,066		551,989,679			248,166,542			20,198,043			169,760,220			704,495,595
Total accumulated earnings (loss)		(307,261	)		39,030,609		(7,578,208	)		(13,246,771	)		(18,569	)		(10,035,409	)		300,643,979
NET ASSETS	$	169,370,577		$	634,191,906	$	545,132,038		$	235,176,480		$	20,383,373		$	159,888,163		$	1,005,829,951
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		16,697,688			87,523,142		72,056,704			25,670,923			20,389,941			16,335,243			69,037,650
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	10.14		$	7.25	$	7.57		$	9.16		$	1.00		$	9.79		$	14.57
*Cost
Investment securities (unaffiliated)	$	34,254,590		$	656,635,628	$	556,547,725		$	246,880,751		$	19,996,680		$	163,776,534		$	892,406,614
Investment securities (affiliated)	$	144,794,659		$	–	$	–		$	–		$	–		$	–		$	–
Foreign cash	$	–		$	552,596	$	1,739,179		$	17,176		$	–		$	–		$	2,152
† Including securities on loan	$	–		$	21,661,204	$	13,981,683		$	6,274,889		$	–		$	935,731		$	2,386,360

See Notes To Financial Statements

271

VALIC Company I

STATEMENTS OF ASSETS AND LIABILITIES — May 31, 2022 — (continued)

	HIGH YIELD BOND FUND			INFLATION PROTECTED FUND			INTERNATIONAL EQUITIES INDEX FUND		INTERNATIONAL GOVERNMENT BOND FUND			INTERNATIONAL GROWTH FUND		INTERNATIONAL OPPORTUNITIES FUND		INTERNATIONAL SOCIALLY RESPONSIBLE FUND
ASSETS:
Investment securities, at value (unaffiliated)*†	$	515,379,770		$	890,743,865		$	1,520,854,536	$	137,315,088		$	409,092,977	$	490,886,719	$	300,990,912
Investment securities, at value (affiliated)*†		–			–			–		–			–		–		–
Repurchase agreements (cost approximates value)		14,681,253			13,145,617			49,575,012		–			–		12,074,995		8,052,774
Cash		17			294			6,182		1,119,581			32,292,705		11,275,365		3,285
Foreign cash*		269,375			–			19,440,937		427,671			2,938,759		87,808		7,062,887
Cash collateral for futures contracts		–			–			–		–			–		–		–
Cash collateral for centrally cleared swap contracts		–			–			–		–			–		–		–
Due from broker		–			6,136			–		–			–		–		–
Receivable for:
Fund shares sold		38,812			158,369			95,182		5,132			77,309		10,796		37,238
Dividends and interest		6,995,680			3,296,430			11,673,550		902,227			1,096,126		2,231,641		1,986,208
Investments sold		–			10,363,202			–		2,418,372			–		190,234		–
Investments sold on an extended settlement basis		1,742,177			807,080			–		–			–		867,256		–
Receipts on swap contracts		–			60,000			–		–			–		–		–
Securities lending income		5,130			304			31,030		541			5,299		15,962		26
Prepaid expenses and other assets		33,033			43,996			36,015		17,081			29,892		49,950		25,986
Due from investment adviser for expense reimbursements/fee waivers		20,351			22,551			–		–			70,036		66,223		–
Variation margin on futures contracts		–			991,331			–		–			–		–		–
Unrealized appreciation on forward foreign currency contracts		–			6,982,832			–		–			–		–		–
Swap premiums paid		–			56,872			–		–			–		–		–
Unrealized appreciation on swap contracts		–			593,388			–		–			–		–		–
TOTAL ASSETS		539,165,598			927,272,267			1,601,712,444		142,205,693			445,603,103		517,756,949		318,159,316
LIABILITIES:
Payable for:
Fund shares reacquired		101,602			138,893			322,782		45,263			110,965		24,351		138,945
Investments purchased		685,191			–			–		–			14,309,249		74,741		–
Investments purchased on an extended settlement basis		3,334,083			45,137,050			1,788,167		274,868			2,755,488		–		–
Payments on swap contracts		–			–			–		–			–		–		–
Accrued foreign tax on capital gains		–			–			–		–			822,883		85,724		–
Investment advisory and management fees		267,759			332,531			359,084		61,006			325,784		342,897		130,884
Administrative service fee		29,137			50,160			85,670		8,141			23,367		27,893		17,467
Transfer agent fees and expenses		387			326			698		326			325		159		291
Directors’ fees and expenses		21,495			10,593			30,570		6,446			19,443		37,618		14,363
Other accrued expenses		107,460			120,061			433,240		86,874			140,997		240,094		114,487
Line of credit		–			–			–		–			–		–		–
Variation margin on futures contracts		–			417,124			475,020		–			–		–		102,660
Due to investment advisor for expense recoupment		–			–			–		–			–		–		–
Collateral upon return of securities loaned		19,187,705			46,200			34,915,531		1,188,770			1,456,913		9,754,291		40,959
Due to custodian		–			–			–		–			–		–		–
Due to custodian for foreign cash*		–			10,347,590			–		–			–		–		–
Due to broker		–			–			15		–			70,000		–		33
Unrealized depreciation on forward foreign currency contracts		14,506			1,664,823			–		–			–		–		–
Commitments		192,029			–			–		–			–		–		–
TOTAL LIABILITIES		23,941,354			58,265,351			38,410,777		1,671,694			20,035,414		10,587,768		560,089
NET ASSETS	$	515,224,244		$	869,006,916		$	1,563,301,667	$	140,533,999		$	425,567,689	$	507,169,181	$	317,599,227
NET ASSETS REPRESENTED BY:
Capital shares at par value of $0.01 per share	$	732,973		$	788,802		$	2,146,095	$	135,148		$	359,580	$	316,494	$	144,785
Additional paid-in capital		538,416,214			854,670,905			1,401,592,061		161,241,374			342,772,831		468,307,003		272,663,696
Total accumulated earnings (loss)		(23,924,943	)		13,547,209			159,563,511		(20,842,523	)		82,435,278		38,545,684		44,790,746
NET ASSETS	$	515,224,244		$	869,006,916		$	1,563,301,667	$	140,533,999		$	425,567,689	$	507,169,181	$	317,599,227
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		73,297,279			78,880,152			214,609,508		13,514,814			35,957,996		31,649,369		14,478,493
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	7.03		$	11.02		$	7.28	$	10.40		$	11.84	$	16.02	$	21.94
*Cost
Investment securities (unaffiliated)	$	550,424,831		$	940,116,163		$	1,371,956,562	$	152,975,447		$	387,472,980	$	493,323,877	$	263,355,827
Investment securities (affiliated)	$	–		$	–		$	–	$	–		$	–	$	–	$	–
Foreign cash	$	269,275		$	(10,231,127	)	$	19,567,734	$	439,162		$	2,923,436	$	87,612	$	7,107,924
† Including securities on loan	$	18,856,770		$	1,131,366		$	61,469,489	$	3,708,888		$	6,854,327	$	24,087,017	$	82,948

See Notes To Financial Statements

272

VALIC Company I

STATEMENTS OF ASSETS AND LIABILITIES — May 31, 2022 — (continued)

	INTERNATIONAL VALUE FUND		LARGE CAPITAL GROWTH FUND		MID CAP INDEX FUND		MID CAP STRATEGIC GROWTH FUND		MID CAP VALUE FUND		MODERATE GROWTH LIFESTYLE FUND		NASDAQ-100® INDEX FUND
ASSETS:
Investment securities, at value (unaffiliated)*†	$	612,273,705	$	703,522,373	$	3,152,916,490	$	731,558,009	$	870,904,784	$	111,169,754	$	718,840,931
Investment securities, at value (affiliated)*†		–		–		–		–		–		934,252,812		–
Repurchase agreements (cost approximates value)		–		–		89,915,061		–		2,316,206		–		28,129,286
Cash		2,435		2,041,770		260		11,797,215		70,074		–		3,092
Foreign cash*		696,809		–		–		9		47		–		–
Cash collateral for futures contracts		–		–		–		–		–		–		–
Cash collateral for centrally cleared swap contracts		–		–		–		–		–		–		–
Due from broker		–		–		7		–		–		–		–
Receivable for:
Fund shares sold		3,243		117,761		42,422		17,457		11,120		29,520		335,806
Dividends and interest		3,102,124		704,252		3,092,828		367,107		1,165,884		31,611		620,261
Investments sold		5,106,633		4,928,017		–		112,706		1,367,227		318,847		–
Investments sold on an extended settlement basis		–		–		–		345,141		1,654,868		–		–
Receipts on swap contracts		–		–		–		–		–		–		–
Securities lending income		18,726		–		78,679		15,884		1,687		–		16,049
Prepaid expenses and other assets		33,829		21,522		125,362		28,291		60,957		37,599		18,497
Due from investment adviser for expense reimbursements/fee waivers		35,218		–		–		–		–		–		–
Variation margin on futures contracts		–		–		–		–		–		–		–
Unrealized appreciation on forward foreign currency contracts		–		–		–		–		–		–		–
Swap premiums paid		–		–		–		–		–		–		–
Unrealized appreciation on swap contracts		–		–		–		–		–		–		–
TOTAL ASSETS		621,272,722		711,335,695		3,246,171,109		744,241,819		877,552,854		1,045,840,143		747,963,922
LIABILITIES:
Payable for:
Fund shares reacquired		172,180		266,163		1,197,915		260,568		321,670		379,960		116,298
Investments purchased		1,832,544		–		–		49,165		703,596		–		–
Investments purchased on an extended settlement basis		8,756,981		–		–		139,653		2,554,149		–		–
Payments on swap contracts		–		–		–		–		–		–		–
Accrued foreign tax on capital gains		242,043		–		–		–		–		–		–
Investment advisory and management fees		348,808		377,813		717,863		412,420		490,199		87,606		234,132
Administrative service fee		33,572		39,392		182,839		42,326		46,836		–		41,037
Transfer agent fees and expenses		372		372		898		376		458		44		616
Directors’ fees and expenses		22,439		11,477		91,617		21,385		47,054		28,655		8,318
Other accrued expenses		173,524		93,162		251,416		98,875		128,358		105,932		25,406
Line of credit		–		–		–		–		–		–		–
Variation margin on futures contracts		–		–		959,850		–		–		–		78,750
Due to investment advisor for expense recoupment		–		–		–		–		–		–		–
Collateral upon return of securities loaned		424,575		–		25,269,140		5,857,539		2,129,953		–		3,658,703
Due to custodian		–		–		–		–		–		–		–
Due to custodian for foreign cash*		–		8		–		–		–		–		–
Due to broker		26,531		–		–		–		–		–		37
Unrealized depreciation on forward foreign currency contracts		–		–		–		–		–		–		–
Commitments		–		–		–		–		–		–		–
TOTAL LIABILITIES		12,033,569		788,387		28,671,538		6,882,307		6,422,273		602,197		4,163,297
NET ASSETS	$	609,239,153	$	710,547,308	$	3,217,499,571	$	737,359,512	$	871,130,581	$	1,045,237,946	$	743,800,625
NET ASSETS REPRESENTED BY:
Capital shares at par value of $0.01 per share	$	615,374	$	385,700	$	1,219,755	$	412,385	$	422,143	$	755,758	$	370,713
Additional paid-in capital		584,781,135		461,739,541		2,040,193,155		703,659,899		607,396,637		985,879,376		247,506,188
Total accumulated earnings (loss)		23,842,644		248,422,067		1,176,086,661		33,287,228		263,311,801		58,602,812		495,923,724
NET ASSETS	$	609,239,153	$	710,547,308	$	3,217,499,571	$	737,359,512	$	871,130,581	$	1,045,237,946	$	743,800,625
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		61,537,376		38,569,958		121,975,489		41,238,490		42,214,263		75,575,827		37,071,307
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	9.90	$	18.42	$	26.38	$	17.88	$	20.64	$	13.83	$	20.06
*Cost
Investment securities (unaffiliated)	$	606,182,469	$	523,182,933	$	2,351,482,939	$	798,732,634	$	745,601,845	$	111,169,754	$	306,181,601
Investment securities (affiliated)	$	–	$	–	$	–	$	–	$	–	$	982,032,509	$	–
Foreign cash	$	697,905	$	–	$	–	$	9	$	49	$	–	$	–
† Including securities on loan	$	12,239,844	$	–	$	68,715,382	$	6,133,485	$	14,225,877	$	–	$	3,567,580

See Notes To Financial Statements

273

VALIC Company I

STATEMENTS OF ASSETS AND LIABILITIES — May 31, 2022 — (continued)

	SCIENCE & TECHNOLOGY FUND			SMALL CAP GROWTH FUND			SMALL CAP INDEX FUND		SMALL CAP SPECIAL VALUES FUND		SMALL CAP VALUE FUND		STOCK INDEX FUND		SYSTEMATIC CORE FUND
ASSETS:
Investment securities, at value (unaffiliated)*†	$	2,053,808,548		$	496,872,290		$	930,109,988	$	240,835,962	$	512,237,842	$	5,492,760,378	$	599,117,231
Investment securities, at value (affiliated)*†		–			–			–		–		–		7,660,204		–
Repurchase agreements (cost approximates value)		830,988			–			17,637,842		–		12,648,874		38,739,737		–
Cash		64,756,086			7,594,718			525,391		185		–		186		1,469,928
Foreign cash*		1,111,926			–			–		–		–		–		–
Cash collateral for futures contracts		–			–			–		–		889,000		–		–
Cash collateral for centrally cleared swap contracts		–			–			–		–		–		–		–
Due from broker		1			–			45		–		–		46		–
Receivable for:
Fund shares sold		65,189			16,385			18,660		7,819		3,662		73,173		49,268
Dividends and interest		1,043,013			151,083			848,062		243,494		882,119		8,121,838		763,741
Investments sold		2,286,175			121,590			–		69,095		684,442		–		–
Investments sold on an extended settlement basis		4,218,343			118,251			–		244,237		386,957		–		–
Receipts on swap contracts		–			–			–		–		–		–		–
Securities lending income		54,254			4,686			59,047		1,110		2,754		854		3,999
Prepaid expenses and other assets		59,639			34,859			44,882		11,079		37,933		165,756		31,792
Due from investment adviser for expense reimbursements/fee waivers		52,826			79,236			–		–		–		178,430		109,366
Variation margin on futures contracts		–			–			–		–		–		–		–
Unrealized appreciation on forward foreign currency contracts		–			–			–		–		–		–		–
Swap premiums paid		–			–			–		–		–		–		–
Unrealized appreciation on swap contracts		–			–			–		–		–		–		–
TOTAL ASSETS		2,128,286,988			504,993,098			949,243,917		241,412,981		527,773,583		5,547,700,602		601,545,325
LIABILITIES:
Payable for:
Fund shares reacquired		551,528			64,726			274,563		68,335		154,556		1,903,849		441,065
Investments purchased		1,842,589			–			–		151,105		692,311		–		–
Investments purchased on an extended settlement basis		1,188,912			289,572			–		70,871		356,702		–		–
Payments on swap contracts		–			–			–		–		–		–		–
Accrued foreign tax on capital gains		–			–			–		–		–		–		–
Investment advisory and management fees		1,517,967			341,262			235,252		146,930		269,370		1,078,384		371,025
Administrative service fee		117,503			28,111			51,458		13,073		27,217		309,710		33,172
Transfer agent fees and expenses		697			129			803		326		83		982		477
Directors’ fees and expenses		57,186			26,572			33,592		6,298		25,061		159,342		23,001
Other accrued expenses		287,454			111,801			233,507		73,304		152,802		368,375		84,201
Line of credit		–			–			–		–		–		–		–
Variation margin on futures contracts		–			–			280,825		–		161,325		294,000		–
Due to investment advisor for expense recoupment		–			–			–		–		–		–		–
Collateral upon return of securities loaned		13,856,489			4,253,221			21,901,679		4,869,758		1,937,922		–		4,462,410
Due to custodian		–			–			–		–		13,571		–		–
Due to custodian for foreign cash*		–			–			–		–		–		–		–
Due to broker		–			–			–		–		41		–		–
Unrealized depreciation on forward foreign currency contracts		–			–			–		–		–		–		–
Commitments		–			–			–		–		–		–		–
TOTAL LIABILITIES		19,420,325			5,115,394			23,011,679		5,400,000		3,790,961		4,114,642		5,415,351
NET ASSETS	$	2,108,866,663		$	499,877,704		$	926,232,238	$	236,012,981	$	523,982,622	$	5,543,585,960	$	596,129,974
NET ASSETS REPRESENTED BY:
Capital shares at par value of $0.01 per share	$	924,832		$	338,395		$	531,943	$	185,701	$	387,031	$	1,167,303	$	233,358
Additional paid-in capital		2,270,034,544			626,933,010			610,693,811		182,563,577		422,608,509		1,742,598,347		479,322,357
Total accumulated earnings (loss)		(162,092,713	)		(127,393,701	)		315,006,484		53,263,703		100,987,082		3,799,820,310		116,574,259
NET ASSETS	$	2,108,866,663		$	499,877,704		$	926,232,238	$	236,012,981	$	523,982,622	$	5,543,585,960	$	596,129,974
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		92,483,185			33,839,533			53,194,279		18,570,062		38,703,100		116,730,284		23,335,806
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	22.80		$	14.77		$	17.41	$	12.71	$	13.54	$	47.49	$	25.55
*Cost
Investment securities (unaffiliated)	$	2,411,933,451		$	653,053,028		$	812,035,548	$	212,585,291	$	476,198,949	$	2,088,820,727	$	507,861,873
Investment securities (affiliated)	$	–		$	–		$	–	$	–	$	–	$	4,733,702	$	–
Foreign cash	$	1,040,462		$	–		$	–	$	–	$	–	$	–	$	–
† Including securities on loan	$	24,187,921		$	20,404,422		$	40,550,845	$	5,636,205	$	8,381,047	$	6,249,208	$	5,488,060

See Notes To Financial Statements

274

VALIC Company I

STATEMENTS OF ASSETS AND LIABILITIES — May 31, 2022 — (continued)

	SYSTEMATIC VALUE FUND		U.S. SOCIALLY RESPONSIBLE FUND
ASSETS:
Investment securities, at value (unaffiliated)*†	$	485,147,727	$	706,813,965
Investment securities, at value (affiliated)*†		–		–
Repurchase agreements (cost approximates value)		1,703,204		26,464,024
Cash		374		–
Foreign cash*		–		–
Cash collateral for futures contracts		–		–
Cash collateral for centrally cleared swap contracts		–		–
Due from broker		–		–
Receivable for:
Fund shares sold		2,379		42,814
Dividends and interest		711,332		856,531
Investments sold		–		–
Investments sold on an extended settlement basis		–		–
Receipts on swap contracts		–		–
Securities lending income		285		17
Prepaid expenses and other assets		34,962		54,732
Due from investment adviser for expense reimbursements/fee waivers		120,783		–
Variation margin on futures contracts		–		–
Unrealized appreciation on forward foreign currency contracts		–		–
Swap premiums paid		–		–
Unrealized appreciation on swap contracts		–		–
TOTAL ASSETS		487,721,046		734,232,083
LIABILITIES:
Payable for:
Fund shares reacquired		247,648		199,325
Investments purchased		–		–
Investments purchased on an extended settlement basis		–		–
Payments on swap contracts		–		–
Accrued foreign tax on capital gains		–		–
Investment advisory and management fees		272,312		151,553
Administrative service fee		26,866		40,452
Transfer agent fees and expenses		338		251
Directors’ fees and expenses		16,976		41,640
Other accrued expenses		102,818		115,391
Line of credit		–		–
Variation margin on futures contracts		–		178,850
Due to investment advisor for expense recoupment		–		–
Collateral upon return of securities loaned		232,675		–
Due to custodian		–		–
Due to custodian for foreign cash*		–		–
Due to broker		–		18
Unrealized depreciation on forward foreign currency contracts		–		–
Commitments		–		–
TOTAL LIABILITIES		899,633		727,480
NET ASSETS	$	486,821,413	$	733,504,603
NET ASSETS REPRESENTED BY:
Capital shares at par value of $0.01 per share	$	374,232	$	355,399
Additional paid-in capital		437,101,410		431,945,049
Total accumulated earnings (loss)		49,345,771		301,204,155
NET ASSETS	$	486,821,413	$	733,504,603
CAPITAL SHARES:
Authorized (Par value $0.01 per share)		1,000,000,000		1,000,000,000
Outstanding		37,423,172		35,539,856
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	13.01	$	20.64
*Cost
Investment securities (unaffiliated)	$	467,418,098	$	536,483,283
Investment securities (affiliated)	$	–	$	–
Foreign cash	$	–	$	–
† Including securities on loan	$	1,003,110	$	–

See Notes To Financial Statements

275

VALIC Company I

STATEMENTS OF OPERATIONS — For the Year Ended May 31, 2022

	AGGRESSIVE GROWTH LIFESTYLE FUND			ASSET ALLOCATION FUND			BLUE CHIP GROWTH FUND			CAPITAL APPRECIATION FUND			CONSERVATIVE GROWTH LIFESTYLE FUND			CORE BOND FUND			DIVIDEND VALUE FUND
INVESTMENT INCOME:
Dividends (unaffiliated)	$	14,386		$	1,217,254		$	3,367,616		$	1,018,268		$	–		$	1,226,242		$	30,813,045
Dividends (affiliated)		7,069,661			–			–			–			4,586,072			–			–
Securities lending income		–			1,730			20,050			955			–			189,100			28,032
Interest (unaffiliated)		–			1,224,718			15,803			1,705			7,488			67,036,687			6,114
Total investment income*		7,084,047			2,443,702			3,403,469			1,020,928			4,593,560			68,452,029			30,847,191
EXPENSES:
Investment advisory and management fees		722,082			773,743			6,939,191			821,511			362,643			11,614,851			9,488,965
Administrative service fee		–			103,296			643,774			99,703			–			1,879,835			932,715
Transfer agent fees and expenses		2,930			1,460			3,404			3,873			2,048			6,372			3,403
Custodian fees		13,014			60,918			58,089			11,738			13,011			74,880			76,258
Reports to shareholders		51,101			18,947			103,190			11,731			25,957			139,572			254,976
Audit and tax fees		41,148			48,475			35,339			61,467			41,148			47,568			50,587
Legal fees		32,248			–			40,323			19,346			23,969			98,747			112,503
Directors’ fees and expenses		23,818			7,207			45,851			4,397			12,117			108,027			68,374
Interest expense		–			–			–			–			–			–			530
License fee		7,292			–			–			4,552			4,379			1,404			11,840
Other expenses		23,220			40,200			51,835			27,836			22,781			130,256			55,063
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly		916,853			1,054,246			7,920,996			1,066,154			508,053			14,101,512			11,055,214
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3)		(266,978	)		(77,374	)		(259,002	)		(169,961	)		(36,618	)		–			(1,537,155	)
Fees paid indirectly (Note 7)		–			(421	)		–			(7	)		–			–			(2,737	)
Net expenses		649,875			976,451			7,661,994			896,186			471,435			14,101,512			9,515,322
Net investment income (loss)		6,434,172			1,467,251			(4,258,525	)		124,742			4,122,125			54,350,517			21,331,869
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated)**		–			6,748,642			110,220,002			11,890,691			–			(42,039,179	)		214,965,371
Investments (affiliated)		35,054,880			–			–			–			14,427,260			–			–
Futures contracts		–			(56,136	)		–			–			–			–			–
Forward contracts		–			–			–			–			–			–			–
Swap contracts		–			–			–			–			–			–			–
Written options contracts		–			–			–			–			–			–			–
Net realized gain (loss) on capital gain distributions from underlying funds (affiliated)		34,675,133			–			–			–			8,494,789			–			–
Net realized foreign exchange gain (loss) on other assets and liabilities		–			326			(789	)		–			–			–			(57,589	)
Net realized gain (loss) on investments and foreign currencies		69,730,013			6,692,832			110,219,213			11,890,691			22,922,049			(42,039,179	)		214,907,782
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated)		–			(12,581,559	)		(301,527,462	)		(21,255,029	)		–			(265,015,210	)		(194,813,385	)
Investments (affiliated)		(130,417,463	)		–			–			–			(55,435,584	)		–			–
Futures contracts		–			31,058			–			–			–			–			–
Forward contracts		–			–			–			–			–			–			–
Swap contracts		–			–			–			–			–			–			–
Written options contracts		–			–			–			–			–			–			–
Unfunded Commitments		–			–			–			–			–			–			–
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		–			(2,161	)		14			–			–			–			(52,609	)
Change in accrued capital gains tax on unrealized appreciation (depreciation)		–			–			–			–			–			–			–
Net unrealized gain (loss) on investments and foreign currencies		(130,417,463	)		(12,552,662	)		(301,527,448	)		(21,255,029	)		(55,435,584	)		(265,015,210	)		(194,865,994	)
Net realized and unrealized gain (loss) on investments and foreign currencies		(60,687,450	)		(5,859,830	)		(191,308,235	)		(9,364,338	)		(32,513,535	)		(307,054,389	)		20,041,788
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(54,253,278	)	$	(4,392,579	)	$	(195,566,760	)	$	(9,239,596	)	$	(28,391,410	)	$	(252,703,872	)	$	41,373,657
*  Net of foreign withholding taxes on interest and dividends of	$	–		$	4,829		$	20,773		$	–		$	–		$	(2,124	)	$	538,303
** Net of foreign withholding taxes on capital gains of	$	–		$	–		$	–		$	–		$	–		$	–		$	–

See Notes to Financial Statements

276

VALIC Company I

STATEMENTS OF OPERATIONS — For the Year Ended May 31, 2022 — (continued)

	DYNAMIC ALLOCATION FUND			EMERGING ECONOMIES FUND			GLOBAL REAL ESTATE FUND			GLOBAL STRATEGY FUND			GOVERNMENT MONEY MARKET I FUND			GOVERNMENT SECURITIES FUND			GROWTH FUND
INVESTMENT INCOME:
Dividends (unaffiliated)	$	–		$	33,460,031		$	13,587,853		$	4,452,296		$	–		$	–		$	6,920,067
Dividends (affiliated)		1,363,919			–			–			–			–			–			–
Securities lending income		–			72,778			38,346			29,075			–			2,240			26,772
Interest (unaffiliated)		371,186			1,862			2,096			2,611,014			431,870			4,179,261			10,401
Total investment income*		1,735,105			33,534,671			13,628,295			7,092,385			431,870			4,181,501			6,957,240
EXPENSES:
Investment advisory and management fees		472,913			6,100,689			3,960,717			1,347,741			2,360,292			819,987			9,223,629
Administrative service fee		21,972			538,441			368,290			179,919			393,910			109,470			899,483
Transfer agent fees and expenses		1,533			4,863			3,405			1,459			8,449			4,377			2,432
Custodian fees		22,650			608,841			75,368			350,085			29,387			18,735			71,756
Reports to shareholders		9,584			41,875			31,781			65,935			11,398			9,103			–
Audit and tax fees		36,069			39,299			35,205			47,961			41,444			42,991			33,918
Legal fees		19,182			41,195			32,139			111,010			35,847			19,355			74,868
Directors’ fees and expenses		8,793			42,063			25,258			12,572			25,259			7,294			61,276
Interest expense		2,074			18,254			1,056			37,328			–			–			10,249
License fee		–			7,732			154,404			1,695			5,861			–			9,592
Other expenses		27,889			70,387			62,790			102,937			23,117			31,815			520
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly		622,659			7,513,639			4,750,413			2,258,642			2,934,964			1,063,127			10,387,723
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3)		(19,560	)		–			–			(102,944	)		(2,574,516	)		–			(2,156,080	)
Fees paid indirectly (Note 7)		–			(163	)		(694	)		(23,840	)		–			–			–
Net expenses		603,099			7,513,476			4,749,719			2,131,858			360,448			1,063,127			8,231,643
Net investment income (loss)		1,132,006			26,021,195			8,878,576			4,960,527			71,422			3,118,374			(1,274,403	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated)**		(2,333,854	)		45,618,939			33,210,956			9,987,168			4,753			(56,441	)		187,583,146
Investments (affiliated)		8,858,704			–			–			–			–			–			–
Futures contracts		870,742			304,474			–			(2,273,984	)		–			–			71,168
Forward contracts		–			–			–			914,844			–			–			–
Swap contracts		–			–			–			(237,736	)		–			–			–
Written options contracts		–			–			–			–			–			–			–
Net realized gain (loss) on capital gain distributions from underlying funds (affiliated)		8,521,752			–			–			–			–			–			–
Net realized foreign exchange gain (loss) on other assets and liabilities		–			(725,893	)		(67,475	)		(1,451,070	)		–			–			6,554
Net realized gain (loss) on investments and foreign currencies		15,917,344			45,197,520			33,143,481			6,939,222			4,753			(56,441	)		187,660,868
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated)		(2,060,692	)		(259,230,783	)		(76,673,048	)		(37,341,123	)		–			(15,893,732	)		(372,963,834	)
Investments (affiliated)		(28,168,654	)		–			–			–			–			–			–
Futures contracts		129,134			(24,879	)		–			(249,279	)		–			–			(62,286	)
Forward contracts		–			–			–			374,876			–			–			–
Swap contracts		–			–			–			–			–			–			–
Written options contracts		–			–			–			–			–			–			–
Unfunded Commitments		–			–			–			–			–			–			–
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		–			6,495			(40,487	)		(5,189	)		–			–			(9,966	)
Change in accrued capital gains tax on unrealized appreciation (depreciation)		–			1,326,770			–			104,563			–			–			–
Net unrealized gain (loss) on investments and foreign currencies		(30,100,212	)		(257,922,397	)		(76,713,535	)		(37,116,152	)		–			(15,893,732	)		(373,036,086	)
Net realized and unrealized gain (loss) on investments and foreign currencies		(14,182,868	)		(212,724,877	)		(43,570,054	)		(30,176,930	)		4,753			(15,950,173	)		(185,375,218	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(13,050,862	)	$	(186,703,682	)	$	(34,691,478	)	$	(25,216,403	)	$	76,175		$	(12,831,799	)	$	(186,649,621	)
*  Net of foreign withholding taxes on interest and dividends of	$	–		$	3,890,155		$	594,495		$	378,549		$	–		$	–		$	128,474
** Net of foreign withholding taxes on capital gains of	$	–		$	2,097,355		$	–		$	152,015		$	–		$	–		$	–

See Notes to Financial Statements

277

VALIC Company I

STATEMENTS OF OPERATIONS — For the Year Ended May 31, 2022 — (continued)

	HIGH YIELD BOND FUND			INFLATION PROTECTED FUND			INTERNATIONAL EQUITIES INDEX FUND			INTERNATIONAL GOVERNMENT BOND FUND			INTERNATIONAL GROWTH FUND			INTERNATIONAL OPPORTUNITIES FUND			INTERNATIONAL SOCIALLY RESPONSIBLE FUND
INVESTMENT INCOME:
Dividends (unaffiliated)	$	–		$	–		$	52,807,914		$	–		$	4,704,272		$	10,302,460		$	9,718,351
Dividends (affiliated)		–			–			–			–			–			–			–
Securities lending income		42,796			17,845			205,572			9,964			67,286			218,773			176
Interest (unaffiliated)		28,748,606			47,829,244			22,354			3,971,371			139			5,852			4,940
Total investment income*		28,791,402			47,847,089			53,035,840			3,981,335			4,771,697			10,527,085			9,723,467
EXPENSES:
Investment advisory and management fees		3,625,840			3,808,635			4,854,150			854,648			5,250,533			4,993,521			1,816,155
Administrative service fee		400,595			573,030			1,183,147			114,092			383,347			408,280			242,450
Transfer agent fees and expenses		3,900			3,404			7,291			3,405			3,405			4,360			3,168
Custodian fees		40,762			60,904			324,875			26,277			160,971			304,189			75,785
Reports to shareholders		42,717			76,902			82,153			9,680			43,739			89,759			21,779
Audit and tax fees		52,930			43,347			46,950			48,651			42,923			40,886			31,922
Legal fees		33,099			29,271			63,781			21,835			40,261			40,429			27,516
Directors’ fees and expenses		22,049			37,254			86,445			7,985			28,365			17,341			17,389
Interest expense		2,287			16,439			79,297			2,924			27,931			5,561			15,684
License fee		1,404			–			487,788			51,111			4,494			7,159			2,484
Other expenses		31,588			42,150			110,623			32,777			49,651			106,578			79,215
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly		4,257,171			4,691,336			7,326,500			1,173,385			6,035,620			6,018,063			2,333,547
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3)		(173,845	)		(257,523	)		–			–			(1,148,710	)		(201,441	)		–
Fees paid indirectly (Note 7)		–			–			–			–			–			(8,034	)		–
Net expenses		4,083,326			4,433,813			7,326,500			1,173,385			4,886,910			5,808,588			2,333,547
Net investment income (loss)		24,708,076			43,413,276			45,709,340			2,807,950			(115,213	)		4,718,497			7,389,920
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated)**		4,413,892			4,759,308			11,271,185			(6,589,406	)		62,147,558			41,478,885			8,179,847
Investments (affiliated)		–			–			–			–			–			–			–
Futures contracts		–			11,798,335			7,940,389			–			–			–			(1,087,471	)
Forward contracts		2,027,744			10,636,336			–			–			5,477			–			–
Swap contracts		–			7,036,642			–			–			–			–			–
Written options contracts		–			–			–			–			–			–			–
Net realized gain (loss) on capital gain distributions from underlying funds (affiliated)		–			–			–			–			–			–			–
Net realized foreign exchange gain (loss) on other assets and liabilities		19,188			(30,540	)		(937,179	)		(19,528	)		(274,507	)		(458,770	)		(286,890	)
Net realized gain (loss) on investments and foreign currencies		6,460,824			34,200,081			18,274,395			(6,608,934	)		61,878,528			41,020,115			6,805,486
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated)		(61,648,510	)		(104,542,067	)		(231,262,387	)		(20,252,468	)		(226,510,784	)		(152,336,490	)		(51,888,007	)
Investments (affiliated)		–			–			–			–			–			–			–
Futures contracts		–			1,305,589			(14,014,333	)		–			–			–			(1,235,587	)
Forward contracts		24,161			11,665,750			–			–			–			–			–
Swap contracts		–			(2,704,303	)		–			–			–			–			–
Written options contracts		–			–			–			–			–			–			–
Unfunded Commitments		–			–			–			–			(292,561	)		–			–
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		(3,759	)		(61,999	)		(794,546	)		(32,516	)		46,787			(153,638	)		(143,996	)
Change in accrued capital gains tax on unrealized appreciation (depreciation)		–			–			–			–			542,170			32,701			–
Net unrealized gain (loss) on investments and foreign currencies		(61,628,108	)		(94,337,030	)		(246,071,266	)		(20,284,984	)		(226,214,388	)		(152,457,427	)		(53,267,590	)
Net realized and unrealized gain (loss) on investments and foreign currencies		(55,167,284	)		(60,136,949	)		(227,796,871	)		(26,893,918	)		(164,335,860	)		(111,437,312	)		(46,462,104	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(30,459,208	)	$	(16,723,673	)	$	(182,087,531	)	$	(24,085,968	)	$	(164,451,073	)	$	(106,718,815	)	$	(39,072,184	)
*  Net of foreign withholding taxes on interest and dividends of	$	–		$	–		$	4,780,338		$	(225	)	$	678,637		$	1,062,045		$	1,070,392
** Net of foreign withholding taxes on capital gains of	$	–		$	–		$	–		$	–		$	279,156		$	11,163		$	–

See Notes to Financial Statements

278

VALIC Company I

STATEMENTS OF OPERATIONS — For the Year Ended May 31, 2022 — (continued)

	INTERNATIONAL VALUE FUND			LARGE CAPITAL GROWTH FUND			MID CAP INDEX FUND			MID CAP STRATEGIC GROWTH FUND			MID CAP VALUE FUND			MODERATE GROWTH LIFESTYLE FUND			NASDAQ-100® INDEX FUND
INVESTMENT INCOME:
Dividends (unaffiliated)	$	22,748,594		$	6,629,330		$	48,231,622		$	5,218,646		$	12,810,074		$	–		$	6,261,913
Dividends (affiliated)		–			–			–			–			–			12,485,582			–
Securities lending income		76,100			464			196,951			54,889			13,138			–			107,111
Interest (unaffiliated)		19,811			1,873			21,182			11,989			263			31,611			10,983
Total investment income*		22,844,505			6,631,667			48,449,755			5,285,524			12,823,475			12,517,193			6,380,007
EXPENSES:
Investment advisory and management fees		4,605,327			4,571,464			9,266,483			5,627,514			6,342,152			1,150,200			3,356,597
Administrative service fee		448,211			476,898			2,425,206			584,360			610,202			–			594,543
Transfer agent fees and expenses		3,891			3,892			8,864			3,915			4,601			2,597			6,581
Custodian fees		175,690			29,698			122,240			6,652			39,686			13,164			34,970
Reports to shareholders		43,792			34,226			169,414			81,895			70,745			73,646			41,171
Audit and tax fees		43,031			35,309			36,841			35,051			61,465			41,148			36,942
Legal fees		36,675			34,813			112,227			44,632			37,312			42,050			37,787
Directors’ fees and expenses		32,250			32,742			174,996			41,915			30,574			38,716			41,734
Interest expense		1,834			42			32,383			195			999			–			10,188
License fee		5,297			5,842			36,332			12,541			20,436			10,791			228,789
Other expenses		64,347			44,080			91,549			84,482			28,575			26,186			49,117
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly		5,460,345			5,269,006			12,476,535			6,523,152			7,246,747			1,398,498			4,438,419
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3)		(470,036	)		–			–			–			–			–			–
Fees paid indirectly (Note 7)		(5,405	)		–			–			(15,408	)		(3,440	)		–			–
Net expenses		4,984,904			5,269,006			12,476,535			6,507,744			7,243,307			1,398,498			4,438,419
Net investment income (loss)		17,859,601			1,362,661			35,973,220			(1,222,220	)		5,580,168			11,118,695			1,941,588
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated)**		51,574,169			66,846,615			370,753,363			103,479,294			146,291,243			–			83,963,147
Investments (affiliated)		–			–			–			–			–			65,649,385			–
Futures contracts		–			–			(10,588,132	)		–			–			–			387,863
Forward contracts		–			–			–			–			–			–			–
Swap contracts		–			–			–			–			–			–			–
Written options contracts		–			–			–			–			–			–			–
Net realized gain (loss) on capital gain distributions from underlying funds (affiliated)		–			–			–			–			–			41,656,984			–
Net realized foreign exchange gain (loss) on other assets and liabilities		(422,055	)		8,841			–			(5,578	)		(1,460	)		–			–
Net realized gain (loss) on investments and foreign currencies		51,152,114			66,855,456			360,165,231			103,473,716			146,289,783			107,306,369			84,351,010
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated)		(154,217,524	)		(87,163,396	)		(650,588,452	)		(234,759,499	)		(147,497,443	)		–			(141,572,658	)
Investments (affiliated)		–			–			–			–			–			(191,960,634	)		–
Futures contracts		–			–			(3,465,234	)		–			–			–			(2,498,593	)
Forward contracts		–			–			–			–			–			–			–
Swap contracts		–			–			–			–			–			–			–
Written options contracts		–			–			–			–			–			–			–
Unfunded Commitments		–			–			–			–			–			–			–
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		(141,076	)		(8,856	)		-			(370	)		806			–			–
Change in accrued capital gains tax on unrealized appreciation (depreciation)		(242,043	)		–			–			–			–			–			–
Net unrealized gain (loss) on investments and foreign currencies		(154,600,643	)		(87,172,252	)		(654,053,686	)		(234,759,869	)		(147,496,637	)		(191,960,634	)		(144,071,251	)
Net realized and unrealized gain (loss) on investments and foreign currencies		(103,448,529	)		(20,316,796	)		(293,888,455	)		(131,286,153	)		(1,206,854	)		(84,654,265	)		(59,720,241	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(85,588,928	)	$	(18,954,135	)	$	(257,915,235	)	$	(132,508,373	)	$	4,373,314		$	(73,535,570	)	$	(57,778,653	)
*  Net of foreign withholding taxes on interest and dividends of	$	1,776,643		$	69,379		$	–		$	76,927		$	8,897		$	–		$	10,917
** Net of foreign withholding taxes on capital gains of	$	374,629		$	–		$	–		$	–		$	–		$	–		$	–

See Notes to Financial Statements

279

VALIC Company I

STATEMENTS OF OPERATIONS — For the Year Ended May 31, 2022 — (continued)

	SCIENCE & TECHNOLOGY FUND			SMALL CAP GROWTH FUND			SMALL CAP INDEX FUND			SMALL CAP SPECIAL VALUES FUND			SMALL CAP VALUE FUND			STOCK INDEX FUND			SYSTEMATIC CORE FUND
INVESTMENT INCOME:
Dividends (unaffiliated)	$	10,141,406		$	1,808,974		$	13,194,538		$	3,861,010		$	7,423,232		$	85,135,685		$	9,117,016
Dividends (affiliated)		–			–			–			–			–			179,503			–
Securities lending income		328,189			94,390			587,476			25,163			36,927			12,914			31,554
Interest (unaffiliated)		31,150			266			5,167			4,938			725			6,492			46
Total investment income*		10,500,745			1,903,630			13,787,181			3,891,111			7,460,884			85,334,594			9,148,616
EXPENSES:
Investment advisory and management fees		25,028,320			5,730,029			3,674,444			1,927,195			3,172,425			13,774,195			5,075,839
Administrative service fee		1,945,686			473,878			847,497			171,521			320,648			4,127,078			455,814
Transfer agent fees and expenses		7,293			4,037			8,514			3,397			3,893			10,185			4,935
Custodian fees		353,728			61,262			94,414			13,830			74,403			190,722			32,001
Reports to shareholders		28,786			57,296			64,301			16,935			52,754			274,993			39,549
Audit and tax fees		33,783			61,467			33,703			35,276			59,736			36,854			36,999
Legal fees		139,113			40,780			51,604			24,367			27,486			177,652			42,483
Directors’ fees and expenses		143,001			30,564			64,821			12,660			17,801			288,422			32,972
Interest expense		2,680			118			26,007			80			587			24,470			140
License fee		–			16,710			318,560			–			11,222			61,828			–
Other expenses		154,411			89,858			68,662			35,944			38,964			140,981			108,249
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly		27,836,801			6,565,999			5,252,527			2,241,205			3,779,919			19,107,380			5,828,981
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3)		(375,175	)		(317,856	)		–			–			(80,458	)		(1,151,563	)		(1,502,324	)
Fees paid indirectly (Note 7)		(47,803	)		(17,423	)		–			(7,702	)		(25,210	)		–			(16	)
Net expenses		27,413,823			6,230,720			5,252,527			2,233,503			3,674,251			17,955,817			4,326,641
Net investment income (loss)		(16,913,078	)		(4,327,090	)		8,534,654			1,657,608			3,786,633			67,378,777			4,821,975
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated)**		240,481,416			38,867,693			194,621,711			26,399,907			74,196,952			360,835,644			21,270,687
Investments (affiliated)		–			–			–			–			–			327,410			–
Futures contracts		–			–			(2,558,740	)		–			(2,679,595	)		7,620,813			–
Forward contracts		–			–			–			–			–			–			–
Swap contracts		–			–			–			–			–			–			–
Written options contracts		–			–			–			–			–			–			–
Net realized gain (loss) on capital gain distributions from underlying funds (affiliated)		–			–			–			–			–			–			–
Net realized foreign exchange gain (loss) on other assets and liabilities		75,537			1,011			–			–			–			–			–
Net realized gain (loss) on investments and foreign currencies		240,556,953			38,868,704			192,062,971			26,399,907			71,517,357			368,783,867			21,270,687
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated)		(878,252,443	)		(254,313,422	)		(413,322,915	)		(42,077,435	)		(101,419,505	)		(444,504,180	)		(43,416,498	)
Investments (affiliated)		–			–			–			–			–			465,648			–
Futures contracts		–			–			310,956			–			(572,840	)		(3,276,723	)		–
Forward contracts		–			–			–			–			–			–			–
Swap contracts		–			–			–			–			–			–			–
Written options contracts		–			–			–			–			–			–			–
Unfunded Commitments		–			–			–			–			–			–			–
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		(80,482	)		–			–			–			–			–			–
Change in accrued capital gains tax on unrealized appreciation (depreciation)		–			–			–			–			–			–			–
Net unrealized gain (loss) on investments and foreign currencies		(878,332,925	)		(254,313,422	)		(413,011,959	)		(42,077,435	)		(101,992,345	)		(447,315,255	)		(43,416,498	)
Net realized and unrealized gain (loss) on investments and foreign currencies		(637,775,972	)		(215,444,718	)		(220,948,988	)		(15,677,528	)		(30,474,988	)		(78,531,388	)		(22,145,811	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(654,689,050	)	$	(219,771,808	)	$	(212,414,334	)	$	(14,019,920	)	$	(26,688,355	)	$	(11,152,611	)	$	(17,323,836	)
*  Net of foreign withholding taxes on interest and dividends of	$	501,228		$	79		$	18,876		$	4,821		$	13,646		$	16,890		$	9,304
** Net of foreign withholding taxes on capital gains of	$	–		$	–		$	–		$	–		$	–		$	–		$	–

See Notes to Financial Statements

280

VALIC Company I

STATEMENTS OF OPERATIONS — For the Year Ended May 31, 2022 — (continued)

	SYSTEMATIC VALUE FUND			U.S. SOCIALLY RESPONSIBLE FUND
INVESTMENT INCOME:
Dividends (unaffiliated)	$	10,487,878		$	11,303,894
Dividends (affiliated)		–			–
Securities lending income		4,189			499
Interest (unaffiliated)		72			8,021
Total investment income*		10,492,139			11,312,414
EXPENSES:
Investment advisory and management fees		3,498,500			2,013,874
Administrative service fee		347,647			537,704
Transfer agent fees and expenses		3,479			2,498
Custodian fees		4,469			33,781
Reports to shareholders		42,427			55,973
Audit and tax fees		35,313			59,736
Legal fees		30,275			38,910
Directors’ fees and expenses		25,323			26,412
Interest expense		436			8,145
License fee		7,997			1,404
Other expenses		63,380			35,353
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly		4,059,246			2,813,790
Net (fees waived and expenses reimbursed)/recouped by investment adviser (Note 3)		(1,562,449	)		–
Fees paid indirectly (Note 7)		(12	)		–
Net expenses		2,496,785			2,813,790
Net investment income (loss)		7,995,354			8,498,624
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated)**		23,819,141			125,300,335
Investments (affiliated)		–			–
Futures contracts		–			(990,715	)
Forward contracts		–			–
Swap contracts		–			–
Written options contracts		–			–
Net realized gain (loss) on capital gain distributions from underlying funds (affiliated)		–			–
Net realized foreign exchange gain (loss) on other assets and liabilities		365			–
Net realized gain (loss) on investments and foreign currencies		23,819,506			124,309,620
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated)		(13,066,471	)		(152,139,861	)
Investments (affiliated)		–			–
Futures contracts		–			(940,968	)
Forward contracts		–			–
Swap contracts		–			–
Written options contracts		–			–
Unfunded Commitments		–			–
Change in unrealized foreign exchange gain (loss) on other assets and liabilities		(326	)		–
Change in accrued capital gains tax on unrealized appreciation (depreciation)		–			–
Net unrealized gain (loss) on investments and foreign currencies		(13,066,797	)		(153,080,829	)
Net realized and unrealized gain (loss) on investments and foreign currencies		10,752,709			(28,771,209	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	18,748,063		$	(20,272,585	)
*  Net of foreign withholding taxes on interest and dividends of	$	(1,426	)	$	720
** Net of foreign withholding taxes on capital gains of	$	–		$	–

See Notes to Financial Statements

281

VALIC Company I

STATEMENT OF CHANGES IN NET ASSETS

	AGGRESSIVE GROWTH LIFESTYLE FUND									ASSET ALLOCATION FUND						BLUE CHIP GROWTH FUND						CAPITAL APPRECIATION FUND
	For the Year Ended May 31, 2022			For the Nine Months Ended May 31, 2021@			For the Year Ended August 31, 2020			For the Year Ended May 31, 2022			For the Year Ended May 31, 2021			For the Year Ended May 31, 2022			For the Year Ended May 31, 2021			For the Year Ended May 31, 2022			For the Nine Months Ended May 31, 2021@			For the Year Ended August 31, 2020
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	6,434,172		$	9,912,694		$	10,809,057		$	1,467,251		$	1,054,270		$	(4,258,525	)	$	(4,321,845	)	$	124,742		$	(87,783	)	$	129,475
Net realized gain (loss) on investments and foreign currencies		69,730,013			49,230,974			21,064,111			6,692,832			34,407,747			110,219,213			141,656,970			11,890,691			10,299,708			825,860
Net unrealized gain (loss) on investments and foreign currencies		(130,417,463	)		87,160,395			24,144,105			(12,552,662	)		4,103,901			(301,527,448	)		131,777,653			(21,255,029	)		12,483,533			27,664,564
Net increase (decrease) in net assets resulting from operations		(54,253,278	)		146,304,063			56,017,273			(4,392,579	)		39,565,918			(195,566,760	)		269,112,778			(9,239,596	)		22,695,458			28,619,899
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings		(56,175,238	)		(34,692,046	)		(45,983,658	)		(21,012,385	)		(1,622,543	)		(131,758,532	)		(92,536,381	)		(7,462,951	)		(2,905,626	)		(3,756,144	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		36,658,425			8,604,138			23,530,314			12,588,654			(12,549,415	)		37,466,258			(6,064,614	)		8,863,265			(1,081,172	)		(5,489,650	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(73,770,091	)		120,216,155			33,563,929			(12,816,310	)		25,393,960			(289,859,034	)		170,511,783			(7,839,282	)		18,708,660			19,374,105
NET ASSETS:
Beginning of period		732,828,695			612,612,540			579,048,611			154,023,456			128,629,496			1,001,517,885			831,006,102			141,163,076			122,454,416			103,080,311
End of period	$	659,058,604		$	732,828,695		$	612,612,540		$	141,207,146		$	154,023,456		$	711,658,851		$	1,001,517,885		$	133,323,794		$	141,163,076		$	122,454,416

@ See Note 1

See Notes to Financial Statements

282

VALIC Company I

STATEMENT OF CHANGES IN NET ASSETS — (continued)

	CONSERVATIVE GROWTH LIFESTYLE FUND									CORE BOND FUND									DIVIDEND VALUE FUND						DYNAMIC ALLOCATION FUND
	For the Year Ended May 31, 2022			For the Nine Months Ended May 31, 2021@			For the Year Ended August 31, 2020			For the Year Ended May 31, 2022			For the Nine Months Ended May 31, 2021@			For the Year Ended August 31, 2020			For the Year Ended May 31, 2022			For the Year Ended May 31, 2021			For the Year Ended May 31, 2022			For the Year Ended May 31, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	4,122,125		$	8,311,363		$	8,772,571		$	54,350,517		$	21,433,602		$	37,584,465		$	21,331,869		$	22,270,304		$	1,132,006		$	3,073,281
Net realized gain (loss) on investments and foreign currencies		22,922,049			20,924,605			5,804,089			(42,039,179	)		33,815,317			50,886,281			214,907,782			20,080,879			15,917,344			15,945,649
Net unrealized gain (loss) on investments and foreign currencies		(55,435,584	)		14,197,540			10,453,344			(265,015,210	)		(45,810,148	)		17,926,616			(194,865,994	)		295,661,762			(30,100,212	)		14,067,618
Net increase (decrease) in net assets resulting from operations		(28,391,410	)		43,433,508			25,030,004			(252,703,872	)		9,438,771			106,397,362			41,373,657			338,012,945			(13,050,862	)		33,086,548
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings		(27,633,572	)		(13,817,242	)		(12,913,300	)		(59,698,714	)		(82,312,300	)		(52,196,618	)		(22,282,324	)		(57,224,160	)		(23,460,669	)		(21,230,366	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		15,104,857			2,130,500			3,317,197			324,403,889			1,098,371,793			140,760,517			(123,997,575	)		68,896,998			7,365,628			(4,080,499	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(40,920,125	)		31,746,766			15,433,901			12,001,303			1,025,498,264			194,961,261			(104,906,242	)		349,685,783			(29,145,903	)		7,775,683
NET ASSETS:
Beginning of period		371,617,024			339,870,258			324,436,357			2,809,677,077			1,784,178,813			1,589,217,552			1,361,702,649			1,012,016,866			198,516,480			190,740,797
End of period	$	330,696,899		$	371,617,024		$	339,870,258		$	2,821,678,380		$	2,809,677,077		$	1,784,178,813		$	1,256,796,407		$	1,361,702,649		$	169,370,577		$	198,516,480

@ See Note 1

See Notes to Financial Statements

283

VALIC Company I

STATEMENT OF CHANGES IN NET ASSETS — (continued)

	EMERGING ECONOMIES FUND						GLOBAL REAL ESTATE FUND						GLOBAL STRATEGY FUND						GOVERNMENT MONEY MARKET I FUND
	For the Year Ended May 31, 2022			For the Year Ended May 31, 2021			For the Year Ended May 31, 2022			For the Year Ended May 31, 2021			For the Year Ended May 31, 2022			For the Year Ended May 31, 2021			For the Year Ended May 31, 2022			For the Year Ended May 31, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	26,021,195		$	15,674,832		$	8,878,576		$	6,687,237		$	4,960,527		$	6,096,677		$	71,422		$	42,210
Net realized gain (loss) on investments and foreign currencies		45,197,520			137,918,384			33,143,481			11,331,949			6,939,222			(9,525,712	)		4,753			18
Net unrealized gain (loss) on investments and foreign currencies		(257,922,397	)		223,818,644			(76,713,535	)		74,368,418			(37,116,152	)		55,117,552			–			–
Net increase (decrease) in net assets resulting from operations		(186,703,682	)		377,411,860			(34,691,478	)		92,387,604			(25,216,403	)		51,688,517			76,175			42,228
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings		(104,573,209	)		(17,072,815	)		(8,585,753	)		(27,089,956	)		(8,463	)		(12,172,403	)		(72,473	)		(42,211	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(139,936,654	)		3,595,220			153,376,034			10,293,222			(27,010,389	)		(34,812,316	)		(553,505,046	)		158,683,720
TOTAL INCREASE (DECREASE) IN NET ASSETS		(431,213,545	)		363,934,265			110,098,803			75,590,870			(52,235,255	)		4,703,798			(553,501,344	)		158,683,737
NET ASSETS:
Beginning of period		1,065,405,451			701,471,186			435,033,235			359,442,365			287,411,735			282,707,937			573,884,717			415,200,980
End of period	$	634,191,906		$	1,065,405,451		$	545,132,038		$	435,033,235		$	235,176,480		$	287,411,735		$	20,383,373		$	573,884,717

See Notes to Financial Statements

284

VALIC Company I

STATEMENT OF CHANGES IN NET ASSETS — (continued)

	GOVERNMENT SECURITIES FUND						GROWTH FUND						HIGH YIELD BOND FUND									INFLATION PROTECTED FUND
	For the Year Ended May 31, 2022			For the Year Ended May 31, 2021			For the Year Ended May 31, 2022			For the Year Ended May 31, 2021			For the Year Ended May 31, 2022			For the Nine Months Ended May 31, 2021@			For the Year Ended August 31, 2020			For the Year Ended May 31, 2022			For the Year Ended May 31, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	3,118,374		$	2,569,479		$	(1,274,403	)	$	(1,541,558	)	$	24,708,076		$	17,499,280		$	26,110,996		$	43,413,276		$	13,426,150
Net realized gain (loss) on investments and foreign currencies		(56,441	)		299,545			187,660,868			299,292,831			6,460,824			7,146,298			(9,795,262	)		34,200,081			28,203,077
Net unrealized gain (loss) on investments and foreign currencies		(15,893,732	)		(5,314,058	)		(373,036,086	)		175,298,239			(61,628,108	)		11,122,667			8,797,920			(94,337,030	)		20,981,380
Net increase (decrease) in net assets resulting from operations		(12,831,799	)		(2,445,034	)		(186,649,621	)		473,049,512			(30,459,208	)		35,768,245			25,113,654			(16,723,673	)		62,610,607
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings		(3,050,131	)		(3,192,689	)		(297,026,710	)		(199,666,696	)		(18,654,826	)		(23,077,972	)		(35,881,009	)		(61,814,022	)		(15,788,898	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		32,816,136			253,465			59,178,943			(201,748,964	)		(34,258,450	)		47,190,646			(107,881,248	)		147,358,495			(11,242,432	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		16,934,206			(5,384,258	)		(424,497,388	)		71,633,852			(83,372,484	)		59,880,919			(118,648,603	)		68,820,800			35,579,277
NET ASSETS:
Beginning of period		142,953,957			148,338,215			1,430,327,339			1,358,693,487			598,596,728			538,715,809			657,364,412			800,186,116			764,606,839
End of period	$	159,888,163		$	142,953,957		$	1,005,829,951		$	1,430,327,339		$	515,224,244		$	598,596,728		$	538,715,809		$	869,006,916		$	800,186,116

@ See Note 1

See Notes to Financial Statements

285

VALIC Company I

STATEMENT OF CHANGES IN NET ASSETS — (continued)

	INTERNATIONAL EQUITIES INDEX FUND						INTERNATIONAL GOVERNMENT BOND FUND						INTERNATIONAL GROWTH FUND						INTERNATIONAL OPPORTUNITIES FUND
	For the Year Ended May 31, 2022			For the Year Ended May 31, 2021			For the Year Ended May 31, 2022			For the Year Ended May 31, 2021			For the Year Ended May 31, 2022			For the Year Ended May 31, 2021			For the Year Ended May 31, 2022			For the Nine Months Ended May 31, 2021@			For the Year Ended August 31, 2020
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	45,709,340		$	32,880,955		$	2,807,950		$	3,682,414		$	(115,213	)	$	(575,897	)	$	4,718,497		$	1,214,349		$	2,621,153
Net realized gain (loss) on investments and foreign currencies		18,274,395			39,155,988			(6,608,934	)		6,780,923			61,878,528			68,994,635			41,020,115			89,499,725			44,253,770
Net unrealized gain (loss) on investments and foreign currencies		(246,071,266	)		419,398,775			(20,284,984	)		929,314			(226,214,388	)		167,916,364			(152,457,427	)		35,988,853			38,489,025
Net increase (decrease) in net assets resulting from operations		(182,087,531	)		491,435,718			(24,085,968	)		11,392,651			(164,451,073	)		236,335,102			(106,718,815	)		126,702,927			85,363,948
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings		(46,567,231	)		(29,695,084	)		(4,934,169	)		(7,263,492	)		(64,513,855	)		(2,222,153	)		(82,635,155	)		(51,993,903	)		(13,556,100	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(107,329,774	)		190,741,171			(23,941,816	)		17,922,710			11,617,126			(52,971,566	)		(30,441,146	)		41,830,804			(37,580,434	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(335,984,536	)		652,481,805			(52,961,953	)		22,051,869			(217,347,802	)		181,141,383			(219,795,116	)		116,539,828			34,227,414
NET ASSETS:
Beginning of period		1,899,286,203			1,246,804,398			193,495,952			171,444,083			642,915,491			461,774,108			726,964,297			610,424,469			576,197,055
End of period	$	1,563,301,667		$	1,899,286,203		$	140,533,999		$	193,495,952		$	425,567,689		$	642,915,491		$	507,169,181		$	726,964,297		$	610,424,469

@ See Note 1

See Notes to Financial Statements

286

VALIC Company I

STATEMENT OF CHANGES IN NET ASSETS — (continued)

	INTERNATIONAL SOCIALLY RESPONSIBLE FUND						INTERNATIONAL VALUE FUND						LARGE CAPITAL GROWTH FUND						MID CAP INDEX FUND
	For the Year Ended May 31, 2022			For the Year Ended May 31, 2021			For the Year Ended May 31, 2022			For the Year Ended May 31, 2021			For the Year Ended May 31, 2022			For the Year Ended May 31, 2021			For the Year Ended May 31, 2022			For the Year Ended May 31, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	7,389,920		$	6,782,864		$	17,859,601		$	13,570,068		$	1,362,661		$	1,443,006		$	35,973,220		$	43,154,743
Net realized gain (loss) on investments and foreign currencies		6,805,486			23,281,732			51,152,114			24,024,655			66,855,456			79,205,666			360,165,231			295,292,564
Net unrealized gain (loss) on investments and foreign currencies		(53,267,590	)		84,297,216			(154,600,643	)		240,273,417			(87,172,252	)		111,224,449			(654,053,686	)		1,106,743,043
Net increase (decrease) in net assets resulting from operations		(39,072,184	)		114,361,812			(85,588,928	)		277,868,140			(18,954,135	)		191,873,121			(257,915,235	)		1,445,190,350
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings		(23,889,004	)		(73,142,754	)		(11,017,251	)		(11,649,172	)		(77,654,551	)		(59,984,517	)		(323,636,311	)		(142,083,444	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(5,330,451	)		18,001,223			(32,416,339	)		(132,079,947	)		144,312,346			6,324,933			(65,588,261	)		(172,581,561	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(68,291,639	)		59,220,281			(129,022,518	)		134,139,021			47,703,660			138,213,537			(647,139,807	)		1,130,525,345
NET ASSETS:
Beginning of period		385,890,866			326,670,585			738,261,671			604,122,650			662,843,648			524,630,111			3,864,639,378			2,734,114,033
End of period	$	317,599,227		$	385,890,866		$	609,239,153		$	738,261,671		$	710,547,308		$	662,843,648		$	3,217,499,571		$	3,864,639,378

See Notes to Financial Statements

287

VALIC Company I

STATEMENT OF CHANGES IN NET ASSETS — (continued)

	MID CAP STRATEGIC GROWTH FUND						MID CAP VALUE FUND									MODERATE GROWTH LIFESTYLE FUND									NASDAQ-100® INDEX FUND
	For the Year Ended May 31, 2022			For the Year Ended May 31, 2021			For the Year Ended May 31, 2022			For the Nine Months Ended May 31, 2021@			For the Year Ended August 31, 2020			For the Year Ended May 31, 2022			For the Nine Months Ended May 31, 2021@			For the Year Ended August 31, 2020			For the Year Ended May 31, 2022			For the Year Ended May 31, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	(1,222,220	)	$	(563,265	)	$	5,580,168		$	1,968,547		$	5,922,314		$	11,118,695		$	19,462,959		$	21,580,823		$	1,941,588		$	1,896,892
Net realized gain (loss) on investments and foreign currencies		103,473,716			84,696,248			146,289,783			63,116,482			(953,657	)		107,306,369			74,851,097			30,367,188			84,351,010			79,502,508
Net unrealized gain (loss) on investments and foreign currencies		(234,759,869	)		52,074,768			(147,496,637	)		252,882,164			(27,616,644	)		(191,960,634	)		102,183,759			32,611,982			(144,071,251	)		183,228,727
Net increase (decrease) in net assets resulting from operations		(132,508,373	)		136,207,751			4,373,314			317,967,193			(22,647,987	)		(73,535,570	)		196,497,815			84,559,993			(57,778,653	)		264,628,127
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings		(82,951,314	)		(20,252,897	)		(60,541,269	)		(9,455,991	)		(49,023,543	)		(91,287,471	)		(55,134,723	)		(64,466,953	)		(77,357,782	)		(66,572,910	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		62,109,850			459,909,810			(13,510,555	)		(91,801,695	)		52,310,920			37,828,846			16,517,877			50,946,826			45,357,549			13,005,454
TOTAL INCREASE (DECREASE) IN NET ASSETS		(153,349,837	)		575,864,664			(69,678,510	)		216,709,507			(19,360,610	)		(126,994,195	)		157,880,969			71,039,866			(89,778,886	)		211,060,671
NET ASSETS:
Beginning of period		890,709,349			314,844,685			940,809,091			724,099,584			743,460,194			1,172,232,141			1,014,351,172			943,311,306			833,579,511			622,518,840
End of period	$	737,359,512		$	890,709,349		$	871,130,581		$	940,809,091		$	724,099,584		$	1,045,237,946		$	1,172,232,141		$	1,014,351,172		$	743,800,625		$	833,579,511

@ See Note 1

See Notes to Financial Statements

288

VALIC Company I

STATEMENT OF CHANGES IN NET ASSETS — (continued)

	SCIENCE & TECHNOLOGY FUND						SMALL CAP GROWTH FUND									SMALL CAP INDEX FUND						SMALL CAP SPECIAL VALUES FUND
	For the Year Ended May 31, 2022			For the Year Ended May 31, 2021			For the Year Ended May 31, 2022			For the Nine Months Ended May 31, 2021@			For the Year Ended August 31, 2020			For the Year Ended May 31, 2022			For the Year Ended May 31, 2021			For the Year Ended May 31, 2022			For the Year Ended May 31, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	(16,913,078	)	$	(12,576,068	)	$	(4,327,090	)	$	(1,746,523	)	$	(1,121,524	)		$ 8,534,654		$	7,262,907		$	1,657,608		$	1,298,535
Net realized gain (loss) on investments and foreign currencies		240,556,953			623,453,780			38,868,704			45,726,869			27,635,795			192,062,971			113,701,289			26,399,907			20,783,485
Net unrealized gain (loss) on investments and foreign currencies		(878,332,925	)		115,089,288			(254,313,422	)		24,303,351			34,691,004			(413,011,959	)		449,882,245			(42,077,435	)		94,384,968
Net increase (decrease) in net assets resulting from operations		(654,689,050	)		725,967,000			(219,771,808	)		68,283,697			61,205,275			(212,414,334	)		570,846,441			(14,019,920	)		116,466,988
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings		(597,222,179	)		(237,312,045	)		(45,025,617	)		(28,624,065	)		(23,166,804	)		(112,456,938	)		(73,789,611	)		(15,000,749	)		(7,991,303	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		253,572,496			995,467,391			(62,539,577	)		577,058,389			(19,883,009	)		(197,439,623	)		52,929,392			(14,725,936	)		(5,825,878	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(998,338,733	)		1,484,122,346			(327,337,002	)		616,718,021			18,155,462			(522,310,895	)		549,986,222			(43,746,605	)		102,649,807
NET ASSETS:
Beginning of period		3,107,205,396			1,623,083,050			827,214,706			210,496,685			192,341,223			1,448,543,133			898,556,911			279,759,586			177,109,779
End of period	$	2,108,866,663		$	3,107,205,396		$	499,877,704		$	827,214,706		$	210,496,685		$	926,232,238		$	1,448,543,133		$	236,012,981		$	279,759,586

@ See Note 1

See Notes to Financial Statements

289

VALIC Company I

STATEMENT OF CHANGES IN NET ASSETS — (continued)

	SMALL CAP VALUE FUND									STOCK INDEX FUND						SYSTEMATIC CORE FUND						SYSTEMATIC VALUE FUND
	For the Year Ended May 31, 2022			For the Nine Months Ended May 31, 2021@			For the Year Ended August 31, 2020			For the Year Ended May 31, 2022			For the Year Ended May 31, 2021			For the Year Ended May 31, 2022			For the Year Ended May 31, 2021			For the Year Ended May 31, 2022			For the Year Ended May 31, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	3,786,633		$	1,609,829		$	2,942,834		$	67,378,777		$	68,761,984		$	4,821,975		$	1,392,493		$	7,995,354		$	1,453,868
Net realized gain (loss) on investments and foreign currencies		71,517,357			43,580,318			(13,937,045	)		368,783,867			492,454,646			21,270,687			4,782,277			23,819,506			23,082,467
Net unrealized gain (loss) on investments and foreign currencies		(101,992,345	)		143,422,266			(7,396,404	)		(447,315,255	)		1,256,148,764			(43,416,498	)		49,608,616			(13,066,797	)		13,255,813
Net increase (decrease) in net assets resulting from operations		(26,688,355	)		188,612,413			(18,390,615	)		(11,152,611	)		1,817,365,394			(17,323,836	)		55,783,386			18,748,063			37,792,148
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings		(35,621,990	)		(3,185,408	)		(13,323,759	)		(555,116,887	)		(377,883,882	)		(4,511,036	)		(16,195,680	)		(20,792,814	)		(9,345,498	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		84,535,092			14,210,858			17,792,516			74,802,891			(229,618,808	)		(75,220,310	)		530,958,219			(74,319,216	)		490,505,800
TOTAL INCREASE (DECREASE) IN NET ASSETS		22,224,747			199,637,863			(13,921,858	)		(491,466,607	)		1,209,862,704			(97,055,182	)		570,545,925			(76,363,967	)		518,952,450
NET ASSETS:
Beginning of period		501,757,875			302,120,012			316,041,870			6,035,052,567			4,825,189,863			693,185,156			122,639,231			563,185,380			44,232,930
End of period	$	523,982,622		$	501,757,875		$	302,120,012		$	5,543,585,960		$	6,035,052,567		$	596,129,974		$	693,185,156		$	486,821,413		$	563,185,380

@ See Note 1

See Notes to Financial Statements

290

VALIC Company I

STATEMENT OF CHANGES IN NET ASSETS — (continued)

	U.S. SOCIALLY RESPONSIBLE FUND
	For the Year Ended May 31, 2022			For the Nine Months Ended May 31, 2021@			For the Year Ended August 31, 2020
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	8,498,624		$	4,454,795		$	8,521,501
Net realized gain (loss) on investments and foreign currencies		124,309,620			105,982,964			20,690,964
Net unrealized gain (loss) on investments and foreign currencies		(153,080,829	)		54,716,433			82,594,880
Net increase (decrease) in net assets resulting from operations		(20,272,585	)		165,154,192			111,807,345
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings		(109,071,971	)		(30,375,406	)		(134,438,913	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		33,596,209			(50,965,538	)		48,286,997
TOTAL INCREASE (DECREASE) IN NET ASSETS		(95,748,347	)		83,813,248			25,655,429
NET ASSETS:
Beginning of period		829,252,950			745,439,702			719,784,273
End of period	$	733,504,603		$	829,252,950		$	745,439,702

@ See Note 1

See Notes to Financial Statements

291

VALIC Company I

NOTES TO FINANCIAL STATEMENTS

Note 1 — Organization

VALIC Company I (the “Series” or “VC I”) was incorporated under the laws of Maryland on December 7, 1984, by The Variable Annuity Life Insurance Company (“VALIC” or the “Adviser”). VALIC, the investment adviser to the Series, is an indirect majority-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 37 separate mutual funds (each, a “Fund” and collectively, the “Funds”), each of which issues its own separate class of capital shares:

Aggressive Growth Lifestyle Fund(1)(3)	International Opportunities Fund(3)
Asset Allocation Fund	International Socially Responsible Fund
Blue Chip Growth Fund	International Value Fund
Capital Appreciation Fund(3)	Large Capital Growth Fund
Conservative Growth Lifestyle Fund(1)(3)	Mid Cap Index Fund
Core Bond Fund(3)	Mid Cap Strategic Growth Fund
Dividend Value Fund	Mid Cap Value Fund(3)
Dynamic Allocation Fund(2)	Moderate Growth Lifestyle Fund(1)(3)
Emerging Economies Fund	Nasdaq-100® Index Fund
Global Real Estate Fund	Science & Technology Fund
Global Strategy Fund	Small Cap Growth Fund(3)
Government Money Market I Fund	Small Cap Index Fund
Government Securities Fund	Small Cap Special Values Fund
Growth Fund	Small Cap Value Fund(3)
High Yield Bond Fund(3)	Stock Index Fund
Inflation Protected Fund	Systematic Core Fund
International Equities Index Fund	Systematic Value Fund
International Government Bond Fund	U.S. Socially Responsible Fund(3)
International Growth Fund

(1) The Lifestyle Funds represent “Fund of Funds” which invest in VCI mutual funds.

(2) The Dynamic Allocation Fund invests, under normal conditions, approximately 70% to 90% of its assets in shares of VC I mutual 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”).

(3) Prior to May 24, 2021, the funds listed below operated as a series of VALIC Company II (the “Predecessor Funds”). The Predecessor Funds were reorganized on May 24, 2021 through the transfer of each of the Predecessor Fund’s assets and liabilities to a shell series of VCI (the Acquiring Fund). Shareholders of the Predecessor Funds received equivalent shares of the Acquiring Fund. Although the Acquiring Funds listed below commenced operations on May 24, 2021, they inherited the performance and financial history of the Predecessor Funds. The Predecessor Funds changed their fiscal year end from August 31st to May 31st.

Fund

Aggressive Growth Lifestyle Fund

Capital Appreciation Fund

Conservative Growth Lifestyle Fund

Core Bond Fund

High Yield Bond Fund

International Opportunities Fund

Mid Cap Value Fund

Moderate Growth Lifestyle Fund

Small Cap Growth Fund

Small Cap Value Fund

U.S. Socially Responsible Fund

Each Fund is diversified with the exception of Growth Fund, International Government Bond Fund, Nasdaq-100^® Index Fund and Science & Technology 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:

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Security Valuation: In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, the Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. In accordance with GAAP, fair value is defined as the price that the Funds would receive upon selling an asset or transferring a liability in a timely transaction to an independent third party in the principal or most advantageous market. GAAP establishes a three-tier hierarchy to provide more transparency around the inputs used to measure fair value and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The three-tiers are as follows:

Level 1 — Unadjusted quoted prices in active markets for identical securities

Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, referenced indices, quoted prices in inactive markets, adjusted quoted prices in active markets, adjusted quoted prices on foreign equity securities that were adjusted in accordance with pricing procedures approved by the Board of Directors (the “Board”), etc.)

Level 3 — Significant unobservable inputs (includes inputs that reflect the Funds’ own assumptions about the assumptions market participants would use in pricing the security, developed based on the best information available under the circumstances)

Changes in valuation techniques may result in transfers in or out of an investment’s assigned Level within the hierarchy. The methodology used for valuing investments is not necessarily an indication of the risk associated with investing in those investments and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to each security.

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, 2022, 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.

Senior floating rate loans (“Loans”) are valued at the average of available bids in the market for such Loans, as provided by a Board-approved loan pricing service, and are generally categorized as Level 2.

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

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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.

Derivative Instruments

Forward Foreign Currency Contracts: 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: 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: 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

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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.

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).

Credit Default Swap Agreements: Credit default swaps are generally contracts in which one party makes periodic fixed-rate payments or a one time premium payment (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified payment in the event of a default or other credit event for the referenced entity, obligation or index. As a seller of protection on credit default swaps, a Fund will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, a Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the swap. If a Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. As a buyer of protection on credit default swaps, a Fund will make periodic payments, similar to an insurance premium and the seller of protection agrees to compensate the Fund for future potential losses as a result of a credit event on the reference bond or other asset. A Fund effectively transfers the credit event risk of the reference bond or asset from it to the seller of protection. If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are assumed by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.

Credit default swaps on credit indices are generally contracts in which the buyer of protection makes periodic fixed-rate payments or a one time premium payment to the seller of protection in exchange for the right to receive a specified payment in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a list of a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name’s weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index. A Fund may use credit default swaps on credit indices to hedge a portfolio of credit default swaps or bonds which is less expensive than it would be to enter into many credit default swaps to achieve a similar effect. Credit-default swaps on indices are used for protecting investors owning bonds against default, and also to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swaps on corporate issues or sovereign issues of an emerging market country as of period end are reported on a schedule at the end of each Fund’s Portfolio of Investments and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. For credit default swaps on asset-based securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/ performance risk. Wider credit spreads and increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. The maximum potential amount of future payments (undiscounted) that a Fund as a seller of protection could be required to make under a credit default swap would be an amount equal to the notional amount of the agreement. Notional amounts of all credit default swaps outstanding at the

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end of the period, for which a Fund is the seller of protection, if any, are disclosed on a schedule following each Fund’s Portfolio of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swaps entered into by a Fund for the same referenced entity or entities.

Credit default 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.

Interest Rate Swap Agreements: 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.

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The following tables represent the value of derivatives held as of May 31, 2022, 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, 2022. 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, 2022, please refer to the Portfolio of Investments.

	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
Fund	Asset Derivatives								Liability Derivatives
Global Strategy	$	—	$	—	$	—	$	—	$	148,522	$	—	$	—	$	—
Inflation Protected		991,331		445,597		—		—		417,124		—		—		—
	Equity Contracts
	Asset Derivatives								Liability Derivatives
Asset Allocation	$	—	$	—	$	—	$	—	$	3,675	$	—	$	—	$	—
Dynamic Allocation		110,250		—		1,099,975		—		12,250		—		—		—
Emerging Economies		13,870		—		—		—		—		—		—		—
Global Strategy		15,265		—		—		—		15,727		—		—		—
Growth		—		—		—		—		2,450		—		—		—
International Equities Index		—		—		—		—		475,020		—		—		—
International Socially Responsible		—		—		—		—		102,660		—		—		—
Mid Cap Index		—		—		—		—		959,850		—		—		—
Nasdaq-100® Index		—		—		—		—		78,750		—		—		—
Small Cap Index		—		—		—		—		280,825		—		—		—
Small Cap Value		—		—		—		—		161,325		—		—		—
Stock Index		—		—		—		—		294,000		—		—		—
U.S. Socially Responsible		—		—		—		—		178,850		—		—		—
	Credit Contracts
	Asset Derivatives								Liability Derivatives
Global Strategy	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Inflation Protected		—		147,791		—		—		—		—		—		—
	Foreign Exchange Contracts
	Asset Derivatives								Liability Derivatives
Global Strategy	$	—	$	—	$	—	$	128,385	$	—	$	—	$	—	$	234,733
High Yield Bond		—		—		—		—		—		—		—		14,506
Inflation Protected		—		—		—		6,982,832		—		—		—		1,664,823
International Growth		—		—		26,450		—		—		—		—		—

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	$	33,331
Dynamic Allocation		132,108
Emerging Economies		(24,879	)
Global Strategy		(249,279	)
Growth		(12,243	)
Inflation Protected		1,321,650
International Equities Index		(1,732,420	)
International Socially Responsible		(206,949	)
Mid Cap Index		(3,299,258	)
Nasdaq-100® Index		(2,039,225	)
Small Cap Index		(1,112,445	)
Small Cap Value		(300,599	)
Stock Index		(1,909,970	)
U.S. Socially Responsible		(723,295	)

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	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
Global Strategy	$	(1,779,003	)	$	—		$	—	$	—		$	—
Inflation Protected		11,798,335			7,026,209			—		—			—
	Equity Contracts
Asset Allocation	$	(56,136	)	$	—		$	—	$	—		$	—
Dynamic Allocation		870,742			—			—		(2,142,323	)		—
Emerging Economies		304,474			—			—		—			—
Global Strategy		(494,981	)		—			—		—			—
Growth		71,168			—			—		—			—
International Equities Index		7,940,389			—			—		—			—
International Socially Responsible		(1,087,471	)		—			—		—			—
Mid Cap Index		(10,588,132	)		—			—		—			—
Nasdaq-100® Index		387,863			—			—		—			—
Small Cap Index		(2,558,740	)		—			—		—			—
Small Cap Value		(2,679,595	)		—			—		—			—
Stock Index		7,620,813			—			—		—			—
U.S. Socially Responsible		(990,715	)		—			—		—			—
	Credit Contracts
Global Strategy	$	—		$	(237,736	)	$	—	$	—		$	—
Inflation Protected		—			10,433			—		—			—
	Foreign Exchange Contracts
Global Strategy	$	—		$	—		$	—	$	—		$	914,844
High Yield Bond		—			—			—		—			2,027,744
Inflation Protected		—			—			—		—			10,636,336
International Growth		—			—			—		—			5,477
	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
Global Strategy	$	(216,710	)	$	—		$	—	$	—		$	—
Inflation Protected		1,305,589			(2,852,094	)		—		—			—
	Equity Contracts
Asset Allocation	$	31,058		$	—		$	—	$	—		$	—
Dynamic Allocation		129,134			—			—		265,391			—
Emerging Economies		(24,879	)		—			—		—			—
Global Strategy		(32,569	)		—			—		—			—
Growth		(62,286	)		—			—		—			—
International Equities Index		(14,014,333	)		—			—		—			—
International Socially Responsible		(1,235,587	)		—			—		—			—
Mid Cap Index		(3,465,234	)		—			—		—			—
Nasdaq-100® Index		(2,498,593	)		—			—		—			—
Small Cap Index		310,956			—			—		—			—
Small Cap Value		(572,840	)		—			—		—			—
Stock Index		(3,276,723	)		—			—		—			—
U.S. Socially Responsible		(940,968	)		—			—		—			—
	Credit Contracts
Global Strategy	$	—		$	—		$	—	$	—		$	—
Inflation Protected		—			147,791			—		—			—
	Foreign Exchange Contracts
Global Strategy	$	—		$	—		$	—	$	—		$	374,876
High Yield Bond		—			—			—		—			24,161
Inflation Protected		—			—			—		—			11,665,750
International Growth		—			—			—		(621,272	)		—

Statement of Operations Location:

(1) Net realized gain (loss) on futures contracts

(2) Net realized gain (loss) on swap contracts

298

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

(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, 2022.

	Average Amount Outstanding During the Period
Fund	Futures Contracts(2)		Foreign Forward Exchange Contracts(2)		Purchased Call Options Contracts(1)		Purchased Put Options Contracts(1)		Written Put Options Contracts(1)		Interest Rate Swap Contracts(2)		Credit Swap Contracts(2)
Asset Allocation	$	347,679	$	—	$	—	$	—	$	—	$	—	$	—
Dynamic Allocation		12,948,735		—		—		1,651,175		—		—		—
Emerging Economies		1,089,204		—		—		—		—		—		—
Global Strategy		7,901,129		55,185,434		—		—		—		—		1,061,325
Growth		850,237		—		—		—		—		—		—
High Yield Bond		—		14,281,014		—		—		—		—		—
Inflation Protected		209,288,411		271,411,531		—		—		—		97,833,333		1,666,666
International Equities Index		110,160,695		—		—		—		—		—		—
International Growth		—		67,831		112,816		—		—		—		—
International Socially Responsible		22,892,683		—		—		—		—		—		—
Mid Cap Index		76,066,512		—		—		—		—		—		—
Nasdaq-100® Index		26,021,847		—		—		—		—		—		—
Small Cap Index		52,708,528		—		—		—		—		—		—
Small Cap Value		11,810,581		—		—		—		—		—		—
Stock Index		60,679,853		—		—		—		—		—		—
U.S. Socially Responsible		23,896,739		—		—		—		—		—		—

(1) Amounts represent values in US dollars.

(2) Amounts represent notional amounts in US dollars.

The following table represents the Fund’s objectives for using derivative instruments the for the year ended May 31, 2022:

	Objectives for Using Derivatives
Fund	Futures Contracts		Foreign Exchange Contracts		Purchased Options Contracts		Interest Rate Swap Contracts		Credit Default Swap Contracts
Asset Allocation		1		—		—		—		—
Dynamic Allocation		1		—		1		—		—
Emerging Economies		1		—		—		—		—
Global Strategy		1, 2		3		—		—		4, 5
Growth		1		—		—		—		—
High Yield Bond		—		3		—		—		—
Inflation Protected		1, 2		3		—		2		4, 5
International Equities Index		1		—		—		—		—
International Growth		—		3		6		—		—
International Socially Responsible		1		—		—		—		—
Mid Cap Index		1		—		—		—		—
Nasdaq-100® Index		1		—		—		—		—
Small Cap Index		1		—		—		—		—
Small Cap Value		1		—		—		—		—
Stock Index		1		—		—		—		—
U.S. Socially Responsible		1		—		—		—		—

(1) To manage exposures in certain securities markets.

(2) To manage interest rate risk and the duration of the portfolio.

(3) To manage foreign currency exchange rate risk.

(4) To manage credit risk.

(5) To manage against or gain exposure to certain securities and/or sectors.

(6) To manage foreign currency risk resulting directly or indirectly from investments in equity holdings.

299

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

The following tables set forth the Funds’ derivative assets and liabilities by counterparty, net of amounts available for offset under Master Agreements and net of the related collateral pledged/(received) as of May 31, 2022. The repurchase agreements held by the Funds and the securities on loan as of May 31, 2022, are also subject to Master Agreements but are not included in the following tables. See the Portfolio of Investments and the Notes to the Financial Statements for more information about the Funds’ holdings in repurchase agreements and securities on loan.

	Dynamic Allocation Fund
	Derivative Assets(1)								Derivative Liabilities(1)
Counterparty	Forward Foreign Currency Contracts		OTC Swaps		Options Purchased		Total		Forward Foreign Currency Contracts		OTC Swaps		Options Written		Total		Net Derivative Assets (Liabilities)		Collateral Pledged/ (Received)(2)			Net Amount(3)
Citibank NA	$	—	$	—	$	246,073	$	246,073	$	—	$	—	$	—	$	—	$	246,073	$	(246,073	)	$	—
Goldman Sachs International		—		—		179,793		179,793		—		—		—		—		179,793		(179,793	)		—
UBS AG		—		—		674,109		674,109		—		—		—		—		674,109		(630,500	)		43,609
Total	$	—		—	$	1,099,975	$	1,099,975	$	—	$	—	$	—	$	—	$	1,099,975	$	(1,056,366	)	$	43,609

(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
	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)
HSBC Bank USA	$	7,577	$	—	$	—	$	7,577	$	100,343	$	—	$	—	$	100,343	$	(92,766	)	$	92,766	$	—
JPMorgan Chase Bank N.A.		120,808		—		—		120,808		134,390		—		—		134,390		(13,582	)		13,582		—
Total	$	128,385	$	—	$	—	$	128,385	$	234,733	$	—	$	—	$	234,733	$	(106,348	)	$	106,348	$	—

(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.

	High Yield Bond 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)
Deutsche Bank AG	$	—	$	—	$	—	$	—	$	14,506	$	—	$	—	$	14,506	$	(14,506	)	$	—	$	(14,506	)

(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.

	Inflation Protected Fund
	Derivative Assets(1)								Derivative Liabilities(1)
Counterparty	Forward Foreign Currency Contracts		OTC Swaps		Options Purchased		Total		Forward Foreign Currency Contracts		OTC Swaps		Options Written		Total		Net Derivative Assets (Liabilities)			Collateral Pledged/ (Received)(2)		Net Amount(3)
Bank of America N.A.	$	—	$	415,720	$	—	$	415,720	$	—	$	—	$	—	$	—	$	415,720		$	—	$	415,720
Barclays Bank PLC		—		—		—		—		52,336		—		—		52,336		(52,336	)		—		(52,336	)
BNP Paribas SA		95,270		—		—		95,270		—		—		—		—		95,270			—		95,270
Canadian Imperial Bank of Commerce		—		—		—		—		78,749		—		—		78,749		(78,749	)		—		(78,749	)
Credit Agricole SA		165,365		—		—		165,365		—		—		—		—		165,365			—		165,365
Deutsche Bank AG		4,094,475		—		—		4,094,475		6,886		—		—		6,886		4,087,589			—		4,087,589
Goldman Sachs International		64,899		29,877		—		94,776		—		—		—		—		94,776			—		94,776
HSBC Bank PLC		70,036		—		—		70,036		—		—		—		—		70,036			—		70,036
JPMorgan Chase Bank N.A.		—		—		—		—		209,767		—		—		209,767		(209,767	)		—		(209,767	)

300

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

	Inflation Protected 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 and Co. International PLC		194,401		—		—		194,401		46,937		—		—		46,937		147,464			—		147,464
Royal Bank of Canada		1,633,749		—		—		1,633,749		60,489		—		—		60,489		1,573,260			—		1,573,260
Standard Chartered Bank		—		—		—		—		470		—		—		470		(470	)		—		(470	)
Toronto Dominion Bank		664,637		—		—		664,637		1,192,209		—		—		1,192,209		(527,572	)		—		(527,572	)
UBS AG		—		—		—		—		16,980		—		—		16,980		(16,980	)		—		(16,980	)
Total	$	6,982,832	$	445,597	$	—	$	7,428,429	$	1,664,823	$	—	$	—	$	1,664,823	$	5,763,606		$	—	$	5,763,606

(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)
Counterparty	Forward Foreign Currency Contracts		OTC Swaps		Options Purchased		Total		Forward Foreign Currency Contracts		OTC Swaps		Options Call	Total		Net Derivative Assets (Liabilities)		Collateral Pledged/ (Received)(2)			Net Amount(3)
JPMorgan Chase Bank N.A.	$	—	$	—	$	26,450	$	26,450	$	—	$	—		$	—	$	26,450	$	(26,450	)	$	—

(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.

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.

301

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

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 Aggressive Growth Lifestyle Fund, Conservative Growth Lifestyle Fund, Dynamic Allocation Fund, Government Money Market I Fund and the Moderate Growth Lifestyle Fund, may lend portfolio securities with a value of up to 30% of its total assets. Securities lending arrangements are generally governed by master securities lending authorization agreements which typically provide the securities lending agent with the right to make loans of a Fund’s available securities to an approved list of borrowers. These master securities lending agreements are considered to be Master Agreements as discussed in the Notes to the Financial Statements. Loans made pursuant to these agreements will be continuously secured by collateral in an amount at least equal to the market value of the securities loaned. Such collateral will be cash, U.S. government securities, or other collateral as deemed appropriate. A Fund may use the cash collateral received to invest in short-term investments. The description of the short-term investments made with cash collateral from securities lending is included in the applicable Fund’s Portfolio of Investments. Loans by a Fund will only be made to broker-dealers deemed by the securities lending agent to be creditworthy and will not be made unless, in the judgment of VALIC, the consideration to be earned from such loans would justify the risk. It is the Series’ policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day. Therefore, the value of the collateral may be temporarily more or less than the value of the securities on loan. Each Fund receives income from the investment of cash collateral, in addition to lending fees and rebates paid by the borrower, less expenses associated with the loan. In 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

302

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

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 Aggressive Growth Lifestyle Fund, Conservative Growth Lifestyle Fund, Dynamic Allocation Fund and Moderate Growth Lifestyle 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. 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. The Funds federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

LIBOR Risk

A Fund’s investments, payment obligations and financing terms may be based on floating rates, such as LIBOR, Euro Interbank Offered Rate, SOFR 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. On March 5, 2021, the FCA and LIBOR’s administrator announced that most LIBOR settings will no longer be published after June 30, 2023. Such announcements indicate that the continuation of LIBOR and other Reference Rates on the current basis cannot and will not be guaranteed. These announcements and any additional regulatory or market changes may have an adverse impact on a Fund or its investments.

Regulators and market participants are working together to identify or develop successor Reference Rates (e.g., SOFR, which is intended to replace the U.S. dollar LIBOR). 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, 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, and these changes 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 net asset value.

Recent Accounting and Regulatory Developments

In March 2020, the FASB issued ASU No. 2020-04, “Facilitation of the Effects of Reference Rate Reform on Financial Reporting”, which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the LIBOR and other interbank offered based reference rates as of the end of 2021. The temporary relief provided by ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management is evaluating the potential impact of ASU 2020-04 to the financial statements.

On December 3, 2020, the SEC announced that it voted to adopt a new rule that establishes an updated regulatory framework for fund valuation practices (the “Rule”). The Rule, in part, provides (i) a framework for determining fair value in good faith and (ii) provides for a fund Board’s assignment of its responsibility for the execution of valuation-related activities to a fund’s investment adviser. Further, the SEC is rescinding previously issued guidance on related issues. The Rule became effective on March 8, 2021 and has a compliance date of September 8, 2022 (eighteen months following the effective date). Management is currently evaluating the Rule and its impact to the Funds.

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.

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NOTES TO FINANCIAL STATEMENTS — (continued)

VALIC receives from VC I a monthly fee based on each Fund’s average daily net asset value at the following annual rates:

International Equities 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(1)	0.75% on the first $250 million
	0.725% on the next $250 million
	0.70% on assets over $500 million
Systematic Core Fund(2)	0.75% on the first $500 million
	0.725% on assets over $500 million
Science & Technology Fund(3)	0.90% on first $500 million
	0.85% on assets over $500 million
Inflation Protected Fund(4)	0.50% on the first $250 million
	0.45% on the next $250 million
	0.40% on assets over $500 million
International Growth Fund(5)	0.95% on the first $250 million
	0.90% on the next $250 million
	0.85% on the next $500 million
	0.80% on assets over $1 billion
Large Capital Growth Fund	0.64% on the first $750 million
	0.59% on assets over $750 million
Mid Cap Strategic Growth Fund	0.70% on the first $250 million
	0.65% on the next $250 million
	0.60% on assets over $500 million
Asset Allocation Fund(6)	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(7)	0.50% on the first $500 million
	0.46% on assets over $500 million
Government Securities Fund	0.50% on the first $250 million
International Government Bond Fund	0.45% on the next $250 million
	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(8)	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
Systematic Value Fund(9)	0.70% on the first $250 million
	0.65% on the next $250 million
	0.60% on the next $500 million

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NOTES TO FINANCIAL STATEMENTS — (continued)

	0.55% on assets over $1 billion
International Value Fund(10)	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 Special Values Fund	0.75% on the first $500 million
	0.70% on assets over $500 million
Growth Fund(11)	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(12)	0.25% on the first $1 billion
	0.22% on the next $1 billion
	0.20% on assets over $2 billion
Aggressive Growth Lifestyle Fund	0.10%
Conservative Growth Lifestyle Fund
Moderate Growth Lifestyle Fund
Capital Appreciation Fund	0.55% on first $1 billion
	0.525% on assets over $1 billion
Core Bond Fund	0.50% on the first $200 million
	0.45% on the next $300 million
	0.40% on assets over $500 million
High Yield Bond Fund	0.65% on the first $150 million
	0.60% on the next $350 million
	0.55% on assets over $500 million
International Opportunities Fund	0.90% on the first $100 million
	0.80% on the next $650 million
	0.75% on assets over $750 million
Mid Cap Value Fund	0.75% on the first $100 million
	0.725% on the next $150 million
	0.70% on the next $250 million
	0.675% on the next $250 million
	0.65% on assets over $750 million
Small Cap Growth Fund(13)	0.85% on the first $100 million
	0.80% on assets over $100 million
Small Cap Value Fund	0.75% on the first $50 million
	0.65% on assets over $50 million
U.S. Socially Responsible Fund	0.25% on the first $1 billion
	0.24% on assets over $1 billion

(1) Pursuant to an Advisory Fee Waiver Agreement effective September 28, 2021, VALIC agreed to waive the Blue Chip Growth Fund’s advisory fees in order that such fees equal: 0.75% of the Fund’s average daily net assets on Fund’s first $250 million; 0.725% of the Fund’s average daily net assets on the Fund’s next $250 million; 0.70% of the Fund’s average daily net assets on the Fund’s next $300 million; 0.36% of the Fund’s average daily net assets on the Fund’s next $200 million; and 0.65% of the Fund’s net average daily net assets when the Fund’s assets exceed $1 billion.

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NOTES TO FINANCIAL STATEMENTS — (continued)

(2) Pursuant to an Advisory Fee Waiver Agreement, 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.

(3) Pursuant to an Advisory Fee Waiver Agreement effective December 7, 2021, VALIC agreed to waive the Science & Technology Fund’s advisory fees in order that such fees equal: 0.87% of the Fund’s average daily net assets on Fund’s first $500 million and 0.82% of the Fund’s net average daily net assets when the Fund’s assets exceed $500 million.

(4) Pursuant to an Advisory Fee Waiver Agreement, VALIC has agreed to waive the Inflation Protected Fund’s advisory fees in order that such fees equal: 0.47% on the first $250 million of the Fund’s average monthly net assets, 0.42% on the next $250 million of the Fund’s average monthly net assets and 0.37% on average monthly net assets over $500 million.

(5) 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.

(6) Pursuant to an Advisory Fee Waiver Agreement, VALIC has contractually agreed to waive the Asset Allocation Fund’s advisory fees in order that such fees equal: 0.45% on the first $300 million of the Fund’s average monthly net assets, 0.425% on the next $200 million of the Fund’s average monthly net assets and 0.40% on average monthly net assets over $500 million.

(7) Pursuant to an Advisory Fee Waiver Agreement effective December 7, 2021, VALIC has agreed to waive the Global Strategy Fund’s advisory fees in order that such fees equal: 0.44% on the first $500 million and 0.40% on assets over $500 million. Prior to December 7, 2021, VALIC 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.

(8) Pursuant to an Advisory Fee Waiver Agreement, 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.

(9) Pursuant to an Advisory Fee Waiver Agreement, 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.

(10) 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.

(11) Pursuant to an Advisory Fee Waiver Agreement, 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.

(12) 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.

(13) Pursuant to an Advisory Fee Waiver Agreement, VALIC agreed to waive the Small Cap Growth Fund’s advisory fees in order that such fees equal: 0.82% of the Fund’s average daily net assets on Fund’s first $100 million and 0.77% of the Fund’s net average daily net assets when the Fund’s assets exceed $100 million.

For the year ended May 31, 2022, the amount of investment advisory fees waived were as follows:

Fund	Amount
Asset Allocation	$	77,374
Blue Chip Growth		259,002
Dividend Value		1,537,155
Dynamic Allocation		4,305
Global Strategy		102,944
Growth		2,156,080
Inflation Protected		257,523
International Growth		1,148,710
International Value		470,036
Science & Technology		375,175
Small Cap Growth		213,002
Systematic Core		1,502,324
Systematic Value		1,562,449

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.

Allspring Global Investments, LLC (“Allspring”)*—subadviser for the International Value Fund and Small Cap Special Values Fund.

BlackRock Investment Management, LLC (“BlackRock”)—subadviser for a portion of the Growth Fund and a portion of the Dividend Value Fund.

Boston Partners Global Investors, Inc. d/b/a Boston Partners (“Boston Partners”)—subadviser for a portion of the Mid Cap Value Fund.

ClearBridge Investments, LLC (“ClearBridge”)**—subadviser for a portion of the Dividend Value Fund.

Columbia Management Investment Advisers, LLC (“Columbia”)***—subadviser for the Capital Appreciation Fund.

Delaware Investments Fund Advisers (“DIFA”)—subadviser for a portion of the International Opportunities Fund.

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VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

Franklin Advisers, Inc.—subadviser for the Global Strategy Fund.

Goldman Sachs Asset Management, L.P.—subadviser for the 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 Asset Allocation Fund, Emerging Economies Fund, Government Securities Fund, Small Cap Value Fund and a portion of the Small Cap Growth Fund.

Janus Henderson Investors U.S. LLC****—subadviser for a portion of the Mid Cap Strategic Growth Fund.

Massachusetts Financial Services Company (“MFS”)—subadviser for the Large Capital Growth Fund and a portion of the International Opportunities Fund.

Morgan Stanley Investment Management, Inc. (“MSIM”)—subadviser for the International Growth Fund.

PineBridge Investments, LLC (“PineBridge”)—subadviser for the Core Bond Fund, International Government Bond Fund, Aggressive, Moderate and Conservative Growth Lifestyle Funds.

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, U.S. Socially Responsible Fund, a portion of the Growth Fund and a portion of the Dynamic Allocation Fund.

T. Rowe Price Associates, Inc.—subadviser for the Blue Chip Growth Fund, a portion of the Science & Technology Fund and a portion of the Small Cap Growth Fund.

Wellington Management Company LLP (“Wellington Management”)—subadviser for the High Yield Bond Fund, Inflation Protected Fund, Systematic Value Fund, a portion of the Mid Cap Value Fund and a portion of the Science & Technology Fund.

* Effective November 1, 2021, Wells Capital Management Incorporated, subadvisor to International Value Fund and Small Cap Special Values Fund, was renamed to Allspring in connection with a reorganization of Wells Capital Management Incorporated.

** Effective July 7, 2021, ClearBridge replaced SunAmerica as a subadviser of a portion of the Dividend Value Fund.

*** Effective December 16, 2021, Columbia replaced BMO Asset Management Corp. as subadviser for the Capital Appreciation Fund.

**** Effective January 3, 2022, Janus Capital Management LLC changed its name to Janus Henderson Investors U.S. LLC.

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, 2022 for all funds. 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, 2022, 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
Aggressive Growth Lifestyle		0.09	%
Blue Chip Growth		0.85	%
Capital Appreciation		0.60	%
Conservative Growth Lifestyle		0.13	%
Core Bond		0.52	%
Dynamic Allocation		0.32	%
Government Money Market I		0.30	%
High Yield Bond		0.68	%
International Opportunities		0.95	%
Mid Cap Value		0.80	%
Moderate Growth Lifestyle		0.13	%
Nasdaq-100® Index		0.53	%
Small Cap Growth		0.88	%
Small Cap Value		0.77	%
Stock Index		0.29	%
Systematic Core		0.85	%

For the year ended May 31, 2022, pursuant to the contractual expense limitations in the previous table, VALIC has reimbursed expenses as follows:

Fund	Amount
Aggressive Growth Lifestyle	$	266,978
Capital Appreciation		169,961
Conservative Growth Lifestyle		36,618
Dynamic Allocation		26,251
Government Money Market I		1,164,745

307

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

Fund	Amount
High Yield Bond	$	173,845
International Opportunities		201,441
Small Cap Growth		104,854
Small Cap Value		80,458
Stock Index		1,151,563

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, 2022, VALIC voluntarily reimbursed $1,409,771 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, 2022, the amount recouped by VALIC for the Dynamic Allocation Fund was $10,996.

At May 31, 2022, 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, 2023		May 31, 2024
Dynamic Allocation	$	25,800	$	26,251

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, and the Lifestyle Funds 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, 2022, 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 an annual fee of $132,510, which is allocated to each Fund in the Series 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, 2022, 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, 2022, certain Directors of VC I have deferred $32,175 of director compensation.

At May 31, 2022, 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 I Aggressive Growth Lifestyle			VC I Conservative Growth Lifestyle			VC I Moderate Growth Lifestyle
Aggressive Growth Lifestyle		—	%		—	%		100.00	%		—	%		—	%		—	%		—	%
Asset Allocation		—			—			100.00			—			—			—			—
Blue Chip Growth		0.01			—			97.41			0.61			0.83			0.21			0.93
Capital Appreciation		—			—			39.46			4.34			21.68			5.83			28.69
Conservative Growth Lifestyle		—			—			100.00			—			—			—			—
Core Bond		0.02			—			79.46			0.78			4.37			5.41			9.96
Dividend Value		—			—			97.99			0.66			0.66			0.16			0.53
Dynamic Allocation		4.55			—			95.45			—			—			—			—
Emerging Economies		0.08			0.01			96.09			0.15			1.60			0.30			1.77

@ 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.

308

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

Fund	American General Life Insurance Co.			The United States Life Insurance Co.			VALIC			VC I Dynamic Allocation Fund			VC I Aggressive Growth Lifestyle			VC I Conservative Growth Lifestyle			VC I Moderate Growth Lifestyle
Global Real Estate		—	%		—	%		91.76	%		0.25	%		3.36	%		0.92	%		3.71	%
Global Strategy		—			—			100.00			—			—			—			—
Government Money Market I		70.64			0.04			29.32			—			—			—			—
Government Securities		0.26			—			82.30			4.77			1.28			4.64			6.75
Growth		—			—			99.41			0.59			—			—			—
High Yield Bond		0.01			—			88.42			0.27			2.10			4.72			4.48
Inflation Protected		—			—			89.29			0.30			2.71			1.89			5.81
International Equities Index		3.17			0.02			91.22			0.19			1.46			0.51			3.43
International Government Bond		—			—			68.89			0.45			6.18			8.82			15.66
International Growth		—			—			97.74			0.74			0.92			—			0.60
International Opportunities		—			—			85.31			0.10			6.35			1.67			6.57
International Socially Responsible		0.34			—			98.97			0.69			—			—			—
International Value		0.03			—			92.42			0.82			3.53			0.45			2.75
Large Capital Growth		—			—			88.63			0.92			4.68			0.67			5.10
Mid Cap Index		0.74			0.03			96.74			0.05			0.94			0.22			1.28
Mid Cap Strategic Growth		—			—			94.12			0.23			2.25			0.57			2.83
Mid Cap Value		0.26			—			94.02			0.28			2.43			0.23			2.78
Moderate Growth Lifestyle		—			—			100.00			—			—			—			—
Nasdaq-100® Index		2.04			0.06			94.28			—			1.48			0.20			1.94
Science & Technology		0.43			—			99.32			—			0.09			0.02			0.14
Small Cap Growth		—			—			96.73			0.13			1.27			0.32			1.55
Small Cap Index		2.54			0.13			96.05			0.10			0.46			0.10			0.62
Small Cap Special Values		—			—			95.40			0.52			1.76			0.46			1.86
Small Cap Value		—			—			98.17			0.08			0.78			0.02			0.95
Stock Index		2.63			0.04			91.74			0.23			1.48			0.22			1.87
Systematic Core		0.46			—			92.36			1.71			2.36			0.64			2.48
Systematic Value		—			—			65.70			3.68			12.05			2.94			15.63
U.S. Socially Responsible		0.02			—			98.83			1.15			—			—			—

The VC I Dynamic Allocation Fund and the VC I 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 I 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 Funds and securities issued by AIG or an affiliate thereof. During the year ended May 31, 2022, transactions in these securities were as follows:

Aggressive Growth Lifestyle Fund

Security	Income		Capital Gain Distribution Received		Value at May 31, 2021		Cost of Purchases†		Proceeds of Sales		Realized Gain (Loss)			Change in Unrealized Gain (Loss)			Value at May 31, 2022
VALIC Co. I Blue Chip Growth Fund	$	—	$	1,939	$	13,423	$	6,920,049	$	—	$	—		$	(1,014,194	)	$	5,919,278
VALIC Co. I Capital Appreciation Fund		—		1,598,694		30,870,138		1,598,694		—		—			(3,566,697	)		28,902,135
VALIC Co. I Dividend Value Fund		332,076		—		41,395,162		332,076		33,475,506		5,787,227			(5,765,065	)		8,273,894
VALIC Co. I Large Capital Growth Fund		41,370		2,373,899		14,749,225		26,066,800		3,716,181		1,188,496			(5,014,731	)		33,273,609
VALIC Co. I Mid Cap Index Fund		352,021		2,237,642		25,914,450		20,152,774		11,225,704		1,794,741			(6,293,035	)		30,343,226
VALIC Co. I Mid Cap Strategic Growth Fund		—		1,703,106		25,370,606		1,703,106		5,945,890		583,983			(5,127,022	)		16,584,783
VALIC Co. I Mid Cap Value Fund		69,954		1,633,257		43,131,604		1,703,211		21,694,541		452,528			(2,381,420	)		21,211,382
VALIC Co. I Nasdaq-100 Index Fund		8,981		369,722		6,348,394		22,967,282		16,546,439		669,567			(2,436,361	)		11,002,443
VALIC Co. I Science & Technology Fund		—		3,210,377		21,290,975		6,875,004		19,837,885		(390,955	)		(5,981,904	)		1,955,235
VALIC Co. I Small Cap Growth Fund		—		279,058		8,811,723		3,794,869		3,716,181		483,700			(3,040,262	)		6,333,849
VALIC Co. I Small Cap Index Fund		90,309		1,238,439		18,375,648		5,811,832		15,984,865		990,990			(4,919,395	)		4,274,210
VALIC Co. I Small Cap Special Values Fund		27,218		269,309		10,679,501		296,527		6,214,466		1,114,280			(1,731,568	)		4,144,274
VALIC Co. I Small Cap Value Fund		22,852		369,013		15,027,011		391,865		10,827,815		2,415,023			(2,925,939	)		4,080,145
VALIC Co. I Stock Index Fund		1,020,771		7,014,919		61,846,976		47,189,522		17,305,969		4,020,223			(13,596,419	)		82,154,333
VALIC Co. I Systematic Core Fund		31,892		71,655		14,546,252		103,547		—		—			(583,005	)		14,066,794
VALIC Co. I Systematic Value Fund		191,459		2,375,271		68,322,770		2,566,730		11,989,747		2,255,886			(2,462,843	)		58,692,796
VALIC Co. I Core Bond Fund		1,263,894		1,069,964		37,238,100		105,148,549		6,229,562		(40,618	)		(12,760,966	)		123,355,503
VALIC Co. I Government Securities Fund		19,109		—		2,095,217		1,104,534		1,067,563		26,019			(118,321	)		2,039,886

309

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

Aggressive Growth Lifestyle Fund (continued)

Security	Income		Capital Gain Distribution Received		Value at May 31, 2021		Cost of Purchases†		Proceeds of Sales		Realized Gain (Loss)			Change in Unrealized Gain (Loss)			Value at May 31, 2022
VALIC Co. I High Yield Bond Fund	$	602,424	$	—	$	14,999,681	$	4,384,914	$	6,821,285	$	(358,435	)	$	(1,384,801	)	$	10,820,074
VALIC Co. I Inflation Protected Fund		674,980		1,343,066		34,553,103		9,049,669		17,528,093		730,137			(3,256,232	)		23,548,584
VALIC Co. I Government Money Market I Fund		6,569		—		14,321,389		36,270,620		50,592,009		—			—			—
VALIC Co. I Emerging Economies Fund		462,912		1,668,053		44,862,338		7,041,216		34,824,948		4,490,273			(11,421,347	)		10,147,532
VALIC Co. I Global Real Estate Fund		351,781		—		23,024,874		351,781		3,515,811		35,694			(1,551,932	)		18,344,606
VALIC Co. I International Equities Index Fund		807,309		—		57,196,210		12,316,329		41,954,737		5,141,509			(9,892,769	)		22,806,542
VALIC Co. I International Growth Fund		—		593,601		14,811,864		593,601		9,645,894		3,060,464			(4,917,908	)		3,902,127
VALIC Co. I International Opportunities Fund		88,726		5,120,370		40,609,546		5,209,096		1,465,851		449,889			(12,591,781	)		32,210,899
VALIC Co. I International Value Fund		384,008		—		29,138,261		384,009		4,538,989		403,873			(3,888,721	)		21,498,433
VALIC Co. I International Government Bond Fund		219,046		133,779		13,401,015		352,827		3,022,193		(249,614	)		(1,792,825	)		8,689,210
	$	7,069,661	$	34,675,133	$	732,945,456	$	330,681,033	$	359,688,124	$	35,054,880		$	(130,417,463	)	$	608,575,782

† Includes reinvestments of distributions paid.

Conservative Growth Lifestyle Fund

Security	Income		Capital Gain Distribution Received		Value at May 31, 2021		Cost of Purchases†		Proceeds of Sales		Realized Gain (Loss)			Change in Unrealized Gain (Loss)			Value at May 31, 2022
VALIC Co. I Blue Chip Growth Fund	$	—	$	—	$	—	$	1,720,710	$	—	$	—		$	(251,048	)	$	1,469,662
VALIC Co. I Capital Appreciation Fund		—		429,611		8,295,606		429,611		—		—			(958,465	)		7,766,752
VALIC Co. I Dividend Value Fund		101,221		—		16,706,808		1,978,659		16,958,781		2,378,612			(2,117,064	)		1,988,234
VALIC Co. I Large Capital Growth Fund		4,676		268,341		2,435,502		6,394,576		3,718,531		741,340			(1,114,909	)		4,737,978
VALIC Co. I Mid Cap Index Fund		93,099		591,787		7,444,630		6,241,894		5,187,557		1,338,215			(2,628,999	)		7,208,183
VALIC Co. I Mid Cap Strategic Growth Fund		—		431,179		6,762,262		431,180		1,841,093		302,338			(1,455,879	)		4,198,808
VALIC Co. I Mid Cap Value Fund		5,982		139,661		13,388,976		145,643		11,050,341		1,692,587			(2,193,709	)		1,983,156
VALIC Co. I Nasdaq-100® Index Fund		1,501		61,773		2,254,175		7,195,631		7,315,056		268,784			(885,420	)		1,518,114
VALIC Co. I Science & Technology Fund		—		136,048		6,159,433		1,242,061		6,710,505		1,955,475			(2,151,181	)		495,283
VALIC Co. I Small Cap Growth Fund		—		143,808		2,306,073		143,808		—		—			(833,650	)		1,616,231
VALIC Co. I Small Cap Index Fund		7,095		97,299		3,953,660		104,394		2,815,130		740,058			(1,062,653	)		920,329
VALIC Co. I Small Cap Special Values Fund		7,972		78,883		3,844,654		86,855		2,654,594		727,695			(926,460	)		1,078,150
VALIC Co. I Small Cap Value Fund		2,184		35,268		1,990,449		37,452		1,843,975		715,897			(773,484	)		126,339
VALIC Co. I Stock Index Fund		170,935		1,174,699		6,741,187		34,380,756		26,906,103		(399,346	)		(1,811,608	)		12,004,886
VALIC Co. I Systematic Core Fund		8,625		19,379		3,933,945		28,004		—		—			(157,671	)		3,804,278
VALIC Co. I Systematic Value Fund		44,167		547,948		17,340,933		592,115		3,710,715		494,527			(403,521	)		14,313,339
VALIC Co. I Core Bond Fund		1,821,242		1,541,794		126,865,862		51,297,801		7,908,037		(366,003	)		(17,257,579	)		152,632,044
VALIC Co. I Government Securities Fund		134,132		—		7,995,771		634,711		525,491		35,807			(724,617	)		7,416,181
VALIC Co. I High Yield Bond Fund		944,568		—		25,617,582		4,729,965		3,389,307		(444,414	)		(2,178,583	)		24,335,243
VALIC Co. I Inflation Protected Fund		445,670		886,788		23,756,092		4,886,313		10,641,383		611,060			(2,217,867	)		16,394,215
VALIC Co. I Government Money Market I Fund		3,401		—		7,775,255		18,560,342		26,335,597		—			—			—
VALIC Co. I Emerging Economies Fund		109,633		395,050		10,981,768		2,951,967		10,296,907		808,744			(2,569,016	)		1,876,556
VALIC Co. I Global Real Estate Fund		147,479		—		9,652,824		147,479		4,264,626		118,017			(643,891	)		5,009,803
VALIC Co. I International Equities Index Fund		184,828		—		16,425,980		1,939,266		9,294,748		1,264,245			(2,364,979	)		7,969,764
VALIC Co. I International Growth Fund		—		—		2,360,879		—		2,458,488		767,891			(670,282	)		—
VALIC Co. I International Opportunities Fund		23,342		1,347,044		14,036,788		1,370,386		3,686,710		421,164			(3,667,728	)		8,473,900
VALIC Co. I International Value Fund		48,537		—		6,632,501		48,537		3,377,251		342,715			(929,212	)		2,717,290
VALIC Co. I International Government Bond Fund		275,783		168,429		16,035,385		444,212		1,512,034		(88,148	)		(2,486,109	)		12,393,306
	$	4,586,072	$	8,494,789	$	371,694,980	$	148,164,328	$	174,402,960	$	14,427,260		$	(55,435,584	)	$	304,448,024

† Includes reinvestments of distributions paid.

Dynamic Allocation Fund

Security	Income		Capital Gain Distribution Received		Value at May 31, 2021		Cost of Purchases†		Proceeds of Sales		Realized Gain/(Loss)		Change in Unrealized Gain (Loss)			Value at May 31, 2022
VALIC Co. I Blue Chip Growth Fund	$	—	$	1,051,825	$	7,390,179	$	2,051,438	$	2,629,870	$	310,150	$	(2,769,237	)	$	4,352,660
VALIC Co. I Capital Appreciation Fund		—		296,094		6,105,033		1,366,660		1,059,890		276,752		(904,055	)		5,784,500

310

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

Dynamic Allocation Fund (continued)

Security	Income		Capital Gain Distribution Received		Value at May 31, 2021		Cost of Purchases†		Proceeds of Sales		Realized Gain/(Loss)			Change in Unrealized Gain (Loss)			Value at May 31, 2022
VALIC Co. I Core Bond Fund	$	274,701	$	232,551	$	25,103,754	$	3,202,331	$	3,786,915	$	(58,254	)	$	(2,568,586	)	$	21,892,330
VALIC Co. I Dividend Value Fund		147,769		—		8,141,907		1,391,704		1,261,030		174,164			(151,960	)		8,294,785
VALIC Co. I Emerging Economies Fund		34,151		123,059		1,339,782		232,497		184,605		60,392			(470,633	)		977,433
VALIC Co. I Global Real Estate Fund		17,744		—		1,277,901		387,762		200,509		28,365			(108,466	)		1,385,053
VALIC Co. I Government Securities Fund		149,504		—		8,550,100		1,122,302		1,270,607		7,045			(776,928	)		7,631,912
VALIC Co. I Growth Fund		—		1,630,864		7,734,296		2,822,859		1,996,100		681,391			(3,310,574	)		5,931,872
VALIC Co. I High Yield Bond Fund		48,000		—		1,549,030		201,356		226,894		7,732			(134,738	)		1,396,486
VALIC Co. I Inflation Protected Fund		62,997		125,351		2,360,922		874,354		374,494		30,693			(268,350	)		2,623,125
VALIC Co. I International Equities Index Fund		87,704		—		5,551,984		428,570		2,559,141		580,259			(1,047,996	)		2,953,676
VALIC Co. I International Government Bond Fund		13,359		8,159		759,199		118,197		113,448		436			(124,929	)		639,455
VALIC Co. I International Growth Fund		—		501,100		5,541,066		768,058		1,363,413		358,488			(2,146,525	)		3,157,674
VALIC Co. I International Opportunities Fund		1,371		79,146		72,850		702,665		90,195		2,301			(195,263	)		492,358
VALIC Co. I International Socially Responsible Fund		78,381		86,849		829,307		2,078,456		255,748		(45,495	)		(420,858	)		2,185,662
VALIC Co. I International Value Fund		90,284		—		5,260,933		1,271,338		777,704		213,708			(965,341	)		5,002,934
VALIC Co. I Large Capital Growth Fund		10,261		588,818		6,203,784		2,179,669		1,191,929		513,320			(1,161,961	)		6,542,883
VALIC Co. I Mid Cap Index Fund		24,344		154,740		2,913,637		335,841		1,190,145		136,501			(429,614	)		1,766,220
VALIC Co. I Mid Cap Strategic Growth Fund		—		177,502		1,913,147		653,457		367,937		(76,225	)		(411,716	)		1,710,726
VALIC Co. I Mid Cap Value Fund		7,389		172,517		2,176,213		763,963		326,106		546			(185,981	)		2,428,635
VALIC Co. I Small Cap Growth Fund		—		57,437		995,702		118,764		144,879		24,875			(358,043	)		636,419
VALIC Co. I Small Cap Index Fund		7,192		98,622		1,165,514		225,831		170,171		2,890			(301,416	)		922,648
VALIC Co. I Small Cap Special Values Fund		7,048		69,737		1,286,344		283,467		188,449		13,135			(160,730	)		1,233,767
VALIC Co. I Small Cap Value Fund		2,123		34,287		432,525		131,775		63,738		16,639			(80,652	)		436,549
VALIC Co. I Stock Index Fund		158,339		1,088,132		23,301,236		2,287,277		12,337,323		5,229,327			(5,755,421	)		12,725,096
VALIC Co. I Systematic Core Fund		23,902		53,704		11,963,536		749,774		2,133,640		360,024			(744,753	)		10,194,941
VALIC Co. I Systematic Value Fund		56,130		696,352		20,838,379		1,836,572		4,688,865		(111,829	)		55,650			17,929,907
VALIC Co. I U.S. Socially Responsible Fund		61,226		1,194,906		1,674,023		9,714,409		815,691		121,374			(2,269,578	)		8,424,537
	$	1,363,919	$	8,521,752	$	162,432,283	$	38,301,346	$	41,769,436	$	8,858,704		$	(28,168,654	)	$	139,654,243

† Includes reinvestment of distributions paid.

Moderate Growth Lifestyle Fund

Security	Income		Capital Gain Distribution Received		Value at May 31, 2021		Cost of Purchases†		Proceeds of Sales		Realized Gain (Loss)			Change in Unrealized Gain (Loss)			Value at May 31, 2022
VALIC Co. I Blue Chip Growth Fund	$	—	$	6,840	$	47,356	$	7,699,406	$	—	$	—		$	(1,139,457	)	$	6,607,305
VALIC Co. I Capital Appreciation Fund		—		2,115,296		40,845,519		2,115,297		—		—			(4,719,241	)		38,241,575
VALIC Co. I Core Bond Fund		3,509,369		2,970,896		202,263,304		150,026,689		36,354,313		(1,106,351	)		(33,523,722	)		281,305,607
VALIC Co. I Dividend Value Fund		328,465		—		67,860,566		328,465		62,453,816		11,453,390			(10,564,209	)		6,624,396
VALIC Co. I Emerging Economies Fund		549,391		1,979,673		48,163,327		23,408,704		53,013,991		1,978,612			(9,305,958	)		11,230,694
VALIC Co. I Global Real Estate Fund		395,725		—		25,901,131		395,725		4,440,731		293,734			(1,888,025	)		20,261,834
VALIC Co. I Government Money Market I Fund		13,466		—		30,145,254		81,024,500		111,169,754		—			—			—
VALIC Co. I Government Securities Fund		135,728		—		9,208,170		4,479,675		2,212,504		95,208			(778,450	)		10,792,099
VALIC Co. I High Yield Bond Fund		1,157,067		—		32,391,662		4,760,801		10,816,695		(801,037	)		(2,447,559	)		23,087,172
VALIC Co. I Inflation Protected Fund		1,382,791		2,751,461		63,533,184		15,348,527		23,123,533		698,105			(5,919,763	)		50,536,520
VALIC Co. I International Equities Index Fund		1,792,514		—		64,002,576		46,490,722		48,401,577		5,284,618			(13,791,112	)		53,585,227
VALIC Co. I International Government Bond Fund		517,451		316,023		30,805,868		833,474		4,804,356		(418,075	)		(4,409,543	)		22,007,368
VALIC Co. I International Growth Fund		—		391,333		9,301,585		391,333		6,006,224		1,562,814			(2,677,023	)		2,572,485
VALIC Co. I International Opportunities Fund		91,758		5,295,357		40,457,394		5,387,116		—		—			(12,532,808	)		33,311,702
VALIC Co. I International Value Fund		299,622		—		26,512,985		299,622		7,207,469		429,578			(3,260,611	)		16,774,105
VALIC Co. I Large Capital Growth Fund		54,990		3,155,493		30,326,673		15,637,894		5,909,943		1,889,075			(5,721,048	)		36,222,651
VALIC Co. I Mid Cap Index Fund		505,382		3,212,488		33,828,479		34,025,223		20,566,460		3,318,071			(9,663,597	)		40,941,716
VALIC Co. I Mid Cap Strategic Growth Fund		—		2,145,040		33,940,816		2,145,040		9,455,909		1,886,243			(7,627,873	)		20,888,317
VALIC Co. I Mid Cap Value Fund		95,225		2,223,259		63,976,594		2,318,484		39,512,430		3,491,050			(6,044,469	)		24,229,229
VALIC Co. I Nasdaq-100® Index Fund		7,366		303,216		22,017,216		17,031,192		24,392,234		5,000,086			(5,215,745	)		14,440,515

311

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

Moderate Growth Lifestyle Fund (continued)

Security	Income		Capital Gain Distribution Received		Value at May 31, 2021		Cost of Purchases†		Proceeds of Sales		Realized Gain (Loss)		Change in Unrealized Gain (Loss)			Value at May 31, 2022
VALIC Co. I Science & Technology Fund	$	—	$	802,992	$	14,830,669	$	802,992	$	10,511,566	$	3,380,135	$	(5,578,937	)	$	2,923,293
VALIC Co. I Small Cap Growth Fund		—		688,064		11,033,639		688,065		—		—		(3,988,688	)		7,733,016
VALIC Co. I Small Cap Index Fund		50,945		698,619		19,105,879		1,479,991		12,781,430		4,118,267		(6,178,599	)		5,744,108
VALIC Co. I Small Cap Special Values Fund		30,840		305,147		13,197,701		335,987		8,396,165		2,140,274		(2,884,255	)		4,393,542
VALIC Co. I Small Cap Value Fund		29,084		469,656		14,075,565		498,740		8,744,059		3,001,408		(3,845,832	)		4,985,822
VALIC Co. I Stock Index Fund		1,250,336		8,592,532		108,868,819		57,301,008		52,544,826		15,958,385		(25,650,926	)		103,932,460
VALIC Co. I Systematic Core Fund		33,487		75,240		15,273,906		108,727		—		—		(612,170	)		14,770,463
VALIC Co. I Systematic Value Fund		254,580		3,158,359		100,496,068		3,412,938		27,804,196		1,995,795		(1,991,014	)		76,109,591
	$	12,485,582	$	41,656,984	$	1,172,411,905	$	478,776,337	$	590,624,181	$	65,649,385	$	(191,960,634	)	$	934,252,812

† Includes reinvestments of distributions paid.

Stock Index Fund

Security	Income		Capital Gain Distribution Received		Value at May 31, 2021		Cost of Purchases		Proceeds of Sales		Realized Gain/ (Loss)		Change in Unrealized Gain (Loss)		Value at May 31, 2022
American International Group, Inc. -
Common Stock	$	179,503	$	—	$	7,678,920	$	21,913	$	833,687	$	327,410	$	465,648	$	7,660,204

On December 22, 2021, the Global Strategy Fund sold foreign securities causing the Fund to fall below its threshold of investing at least 40% of its net assets in foreign securities. The violation was corrected on December 29, 2021, when the Fund purchased an additional foreign security resulting in a gain of $71 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, 2022, 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
Aggressive Growth Lifestyle	$	288,936,239	$	359,688,124	$	-	$	-
Asset Allocation		53,901,588		62,858,002		17,851,763		15,776,083
Blue Chip Growth		239,934,203		338,410,670		-		-
Capital Appreciation		70,487,668		67,746,122		-		-
Conservative Growth Lifestyle		135,083,467		174,402,960		-		-
Core Bond		806,481,000		958,606,961		1,127,574,138		671,789,389
Dividend Value		1,139,144,572		1,253,391,762		-		-
Dynamic Allocation		28,415,671		41,769,431		16,850,702		19,499,554
Emerging Economies		477,697,841		701,131,619		-		-
Global Real Estate		399,878,579		250,937,544		-		-
Global Strategy		316,874,454		343,169,757		11,893,338		6,192,032
Government Securities		11,783,422		2,771,586		40,954,006		14,960,221
Growth		798,101,193		1,050,802,126		-		-
High Yield Bond		228,733,731		230,381,289		-		-
Inflation Protected		137,089,201		83,587,967		306,938,736		208,467,292
International Equities Index		172,158,151		97,214,602		-		-
International Government Bond		69,570,983		89,780,135		17,936,512		20,673,176
International Growth		137,036,207		187,540,726		-		-
International Opportunities		244,001,903		368,396,481		-		-
International Socially Responsible		37,774,836		47,411,334		-		-
International Value		454,795,327		486,180,782		-		-
Large Capital Growth		191,615,894		126,369,699		-		-
Mid Cap Index		493,394,767		877,740,737		-		-
Mid Cap Strategic Growth		645,691,389		652,212,876		-		-
Mid Cap Value		459,736,408		534,924,841		-		-
Moderate Growth Lifestyle		424,633,771		590,624,181		-		-
Nasdaq-100® Index		74,100,959		110,662,732		-		-
Science & Technology		1,913,734,429		2,291,994,668		-		-
Small Cap Growth		235,424,280		338,519,131		-		-

312

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

Fund	Purchases of Investment Securities (Excluding U.S. Government Securities)		Sales of Investment Securities (Excluding U.S. Government Securities)		Purchase of U.S. Government Securities		Sales of U.S. Government Securities
Small Cap Index	$	236,197,121	$	424,086,581	$	-	$	-
Small Cap Special Values		51,296,909		76,567,644		-		-
Small Cap Value		373,861,189		316,608,913		-		-
Stock Index		133,477,745		535,573,733		-		-
Systematic Core		99,932,199		169,289,146		-		-
Systematic Value		167,859,555		251,356,228		-		-
U.S. Socially Responsible		179,687,605		268,527,765		-		-

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, 2022.

Fund	Identified Cost of Investments Owned		Gross Unrealized Appreciation@		Gross Unrealized Depreciation@			Net Unrealized Appreciation (Depreciation)@
Aggressive Growth Lifestyle	$	687,109,000	$	17,665,568	$	(45,606,777	)	$	(27,941,209	)
Asset Allocation		146,986,960		7,568,357		(11,354,345	)		(3,785,988	)
Blue Chip Growth		505,009,237		302,167,307		(94,129,060	)		208,038,247
Capital Appreciation		100,153,393		38,381,163		(5,195,982	)		33,185,181
Conservative Growth Lifestyle		360,517,192		3,454,808		(33,188,379	)		(29,733,571	)
Core Bond		3,327,409,553		6,752,160		(218,140,399	)		(211,388,239	)
Dividend Value		1,222,526,859		107,209,167		(69,062,187	)		38,146,980
Dynamic Allocation		181,823,045		4,694,335		(15,719,869	)		(11,025,534	)
Emerging Economies		661,391,698		47,982,295		(78,848,787	)		(30,866,492	)
Global Real Estate		563,441,297		20,902,157		(42,601,001	)		(21,698,844	)
Global Strategy		247,415,388		8,920,832		(19,389,810	)		(10,468,978	)
Government Money Market I		20,503,657		—		(977	)		(977	)
Government Securities		170,130,405		761,457		(10,161,391	)		(9,399,934	)
Growth		895,730,126		174,152,627		(62,951,826	)		111,200,801
High Yield Bond		565,244,241		3,083,925		(38,267,143	)		(35,183,218	)
Inflation Protected		953,813,447		12,054,421		(61,112,077	)		(49,057,656	)
International Equities Index		1,440,342,493		300,637,706		(170,550,651	)		130,087,055
International Government Bond		152,975,447		236,081		(15,896,440	)		(15,660,359	)
International Growth		387,315,728		95,757,546		(73,980,297	)		21,777,249
International Opportunities		509,653,359		57,143,681		(63,830,977	)		(6,687,296	)
International Socially Responsible		274,206,472		59,657,593		(24,820,379	)		34,837,214
International Value		612,478,974		62,196,693		(62,401,962	)		(205,269	)
Large Capital Growth		523,317,149		196,959,744		(16,754,520	)		180,205,224
Mid Cap Index		2,456,545,977		982,403,307		(196,117,733	)		786,285,574
Mid Cap Strategic Growth		800,968,640		28,417,268		(97,827,899	)		(69,410,631	)
Mid Cap Value		757,946,915		148,889,690		(33,615,615	)		115,274,075
Moderate Growth Lifestyle		1,099,808,273		23,413,655		(77,799,362	)		(54,385,707	)
Nasdaq-100® Index		334,701,577		435,966,151		(23,697,511	)		412,268,640
Science & Technology		2,480,178,822		107,714,703		(533,253,993	)		(425,539,290	)
Small Cap Growth		656,911,947		22,985,656		(183,025,313	)		(160,039,657	)
Small Cap Index		835,421,873		305,784,380		(193,458,423	)		112,325,957
Small Cap Special Values		215,588,561		48,726,420		(23,479,019	)		25,247,401
Small Cap Value		495,029,522		70,128,845		(40,271,652	)		29,857,193
Stock Index		2,164,380,041		3,504,522,992		(129,742,714	)		3,374,780,278
Systematic Core		509,019,246		127,411,162		(37,313,177	)		90,097,985
Systematic Value		469,483,310		50,027,541		(32,659,920	)		17,367,621
U.S. Socially Responsible		563,237,381		209,032,616		(38,992,008	)		170,040,608

@ Includes amounts for derivatives

* The tax adjustments for International Government Bond Fund are for the 12 months ended, September 30, 2021.

313

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

The tax basis distributable earnings at May 31, 2022 and the tax character of distributions paid during the year ended May 31, 2022 were as follows:

	Distributable Earnings								Tax Distributions
	For the year ended May 31, 2022
Fund	Ordinary Income		Long- term Gains/ Capital And Other Losses			Unrealized Appreciation (Depreciation)@			Ordinary Income		Long-Term Capital Gains
Aggressive Growth Lifestyle	$	14,633,259	$	61,108,741		$	(27,941,209	)	$	20,649,820	$	35,525,418
Asset Allocation		4,645,652		3,530,102			(3,786,378	)		17,921,953		3,090,432
Blue Chip Growth		—		123,418,462			208,038,250			1,557,281		130,201,251
Capital Appreciation		3,707,482		12,379,553			33,185,181			387,095		7,075,856
Conservative Growth Lifestyle		7,411,148		20,012,876			(29,733,571	)		16,427,673		11,205,899
Core Bond		62,828,287		6,623,104			(211,388,239	)		45,753,685		13,945,029
Dividend Value		71,993,020		135,316,517			38,130,688			22,282,324		—
Dynamic Allocation		6,196,305		5,958,100			(11,025,534	)		5,673,829		17,786,840
Emerging Economies		37,770,216		63,949,549			(31,388,948	)		22,716,543		81,856,666
Global Real Estate		12,302,966		4,597,633			(21,722,260	)		8,585,753		—
Global Strategy		—		19,442,418			(10,483,864	)		8,463		—
Government Money Market I		9,875		(14,443	)		(977	)		72,473		—
Government Securities		3,863,248		(3,906,416	)		(9,399,934	)		3,050,131		—
Growth		—		249,024,225			111,197,687			82,705,150		214,321,560
High Yield Bond		24,727,888		(12,560,978	)		(35,184,745	)		18,654,826		—
Inflation Protected		57,198,847		12,920,674			(49,083,192	)		32,988,355		28,825,667
International Equities Index		43,713,647		(2,571,875	)		129,674,343			46,567,231		—
International Government Bond		4,524,146		264,150			475,799			4,524,146		264,150
International Growth		—		62,410,179			20,998,675			3,080,495		61,433,360
International Opportunities		5,565,445		50,267,559			(6,873,529	)		14,327,957		68,307,198
International Socially Responsible		7,031,431		5,747,291			34,736,096			12,301,182		11,587,822
International Value		21,063,184		18,938,205			(472,970	)		11,017,251		—
Large Capital Growth		3,295,419		64,927,808			180,204,503			5,010,757		72,643,794
Mid Cap Index		38,791,151		358,772,785			786,285,574			87,318,492		236,317,819
Mid Cap Strategic Growth		—		134,118,979			(69,410,631	)		13,540,684		69,410,630
Mid Cap Value		22,712,327		125,347,156			115,275,278			25,507,923		35,033,346
Moderate Growth Lifestyle		23,390,306		91,789,073			(54,385,707	)		37,702,204		53,585,267
Nasdaq-100® Index		3,437,308		82,924,001			412,268,640			7,964,274		69,393,508
Science & Technology		46,221,291		300,907,791			(425,464,893	)		249,545,091		347,677,088
Small Cap Growth		46,811		42,374,944			(160,039,657	)		14,074,880		30,950,737
Small Cap Index		24,728,255		188,369,409			112,325,957			27,460,742		84,996,196
Small Cap Special Values		5,019,722		22,999,590			25,247,401			9,549,045		5,451,704
Small Cap Value		21,845,713		55,071,710			29,857,193			22,392,663		13,229,327
Stock Index		62,765,739		363,623,139			3,374,780,278			80,498,447		474,618,440
Systematic Core		6,535,138		22,104,429			90,097,985			3,664,723		846,313
Systematic Value		24,635,793		7,351,059			17,367,621			13,163,584		7,629,230
U.S. Socially Responsible		12,791,467		118,390,002			170,040,608			9,854,492		99,217,479

* The Distributable Earnings for International Government Bond Fund are for the tax period ended September 30, 2021.

@ 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, 2021 were as follows:

	Tax Distributions
Fund	Ordinary Income		Long-Term Capital Gains
Aggressive Growth Lifestyle	$	11,396,513	$	23,295,533
Asset Allocation		1,622,543		—
Blue Chip Growth		—		92,536,381
Capital Appreciation		127,473		2,778,153
Conservative Growth Lifestyle		8,959,670		4,857,572
Core Bond		75,089,181		7,223,119
Dividend Value		36,887,328		20,336,832
Dynamic Allocation		13,297,447		7,932,919
Emerging Economies		17,072,815		—

314

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

	Tax Distributions
Fund	Ordinary Income		Long-Term Capital Gains
Global Real Estate	$	17,524,255	$	9,565,701
Global Strategy		12,172,403		—
Government Money Market I		42,211		—
Government Securities		3,192,689		—
Growth		9,361,725		190,304,971
High Yield Bond		23,077,972		—
Inflation Protected		12,601,849		3,187,049
International Equities Index		25,242,317		4,452,767
International Government Bond*		7,263,492		—
International Growth		—		2,222,153
International Opportunities		3,294,104		48,699,799
International Socially Responsible		6,330,229		66,812,525
International Value		11,649,172		—
Large Capital Growth		2,324,064		57,660,453
Mid Cap Index		37,986,511		104,096,933
Mid Cap Strategic Growth		313,152		19,939,745
Mid Cap Value		5,429,653		4,026,338
Moderate Growth Lifestyle		22,479,421		32,655,302
Nasdaq-100® Index		4,096,619		62,476,291
Science & Technology		50,152,981		187,159,064
Small Cap Growth		2,519,536		26,104,529
Small Cap Index		16,017,072		57,772,539
Small Cap Special Values		2,808,393		5,182,910
Small Cap Value		3,185,408		—
Stock Index		95,516,359		282,367,523
Systematic Core		1,018,412		15,177,268
Systematic Value		1,328,372		8,017,126
U.S. Socially Responsible		8,362,698		22,012,708

As of May 31, 2022, 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
Aggressive Growth Lifestyle	$	—	$	—
Asset Allocation		—		—
Blue Chip Growth		—		—
Capital Appreciation		—		—
Conservative Growth Lifestyle		—		—
Core Bond		—		—
Dividend Value		—		—
Dynamic Allocation		—		—
Emerging Economies		—		—
Global Real Estate		—		—
Global Strategy		—		—
Government Money Market I		14,443		—
Government Securities		1,364,555		2,541,861
Growth		—		—
High Yield Bond		—		12,560,978
Inflation Protected		—		—
International Equities Index		—		2,571,875
International Government Bond*		—		—
International Growth		—		—
International Opportunities		—		—
International Socially Responsible		—		—
International Value		—		—
Large Capital Growth		—		—
Mid Cap Index		—		—

315

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

	Capital Loss Carryforward Unlimited
Fund	ST		LT
Mid Cap Strategic Growth	$	—	$	—
Mid Cap Value		—		—
Moderate Growth Lifestyle		—		—
Nasdaq-100® Index		—		—
Science & Technology		—		—
Small Cap Growth		—		—
Small Cap Index		—		—
Small Cap Special Values		—		—
Small Cap Value		—		—
Stock Index		—		—
Systematic Core		—		—
Systematic Value		—		—
U.S. Socially Responsible		—		—

The Funds indicated below utilized capital loss carryforwards, which offset net taxable gains realized in the current year.

Fund	Capital Loss Carryforward Utilized
Aggressive Growth Lifestyle	$	—
Asset Allocation		—
Blue Chip Growth		—
Capital Appreciation		—
Conservative Growth Lifestyle		—
Core Bond		—
Dividend Value		25,418,568
Dynamic Allocation		—
Emerging Economies		—
Global Real Estate		21,879,404
Global Strategy		11,494,136
Government Money Market I		5,730
Government Securities		—
Growth		—
High Yield Bond		4,642,219
Inflation Protected		—
International Equities Index		2,012,942
International Government Bond *		—
International Growth		—
International Opportunities		—
International Socially Responsible		—
International Value		47,778,283
Large Capital Growth		—
Mid Cap Index		—
Mid Cap Strategic Growth		—
Mid Cap Value		—
Moderate Growth Lifestyle		—
Nasdaq-100® Index		—
Science & Technology		—
Small Cap Growth		—
Small Cap Index		—
Small Cap Special Values		—
Small Cap Value		—
Stock Index		—
Systematic Core		—
Systematic Value		—
U.S. Socially Responsible		—

* The Capital Loss Carryforward is for the tax period ended September 30, 2021.

316

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

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, 2022, 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
Aggressive Growth Lifestyle	$	—	$	1,533,625	$	—
Asset Allocation		—		—		—
Blue Chip Growth		1,232,732		13,142,217		—
Capital Appreciation		—		4,088,411		—
Conservative Growth Lifestyle		—		—		—
Core Bond		—		49,254,261		9,631,747
Dividend Value		—		—		—
Dynamic Allocation		—		—		—
Emerging Economies		4,712,056		24,962,268		1,176,536
Global Real Estate		2,752,264		—		—
Global Strategy		12,087,304		9,958,330		—
Government Money Market I		—		—		—
Government Securities		—		109,628		474,573
Growth		—		59,560,929		—
High Yield Bond		—		896,214		—
Inflation Protected		—		—		—
International Equities Index		5,169,524		3,340,407		2,355,443
International Government Bond*		—		—		—
International Growth		143,169		747,006		—
International Opportunities		859,687		9,392,762		—
International Socially Responsible		1,540,337		1,087,346		—
International Value		900,368		14,597,917		—
Large Capital Growth		—		—		—
Mid Cap Index		—		7,721,071		—
Mid Cap Strategic Growth		236,111		31,174,746		—
Mid Cap Value		1,888		—		—
Moderate Growth Lifestyle		—		2,174,766		—
Nasdaq-100® Index		—		2,699,813		—
Science & Technology		5,691,599		78,038,966		—
Small Cap Growth		1,365,246		24,250,062		(15,869,743	)
Small Cap Index		159,366		10,242,922		—
Small Cap Special Values		—		—		—
Small Cap Value		—		5,776,162		—
Stock Index		—		—		—
Systematic Core		—		2,136,490		—
Systematic Value		—		—		—
U.S. Socially Responsible		—		—		—

* The deferred late ordinary losses and deferred post October capital losses are for the tax period ended September 30, 2021.

For the period ended May 31, 2022, 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, capital gain distributions from underlying funds, disposition of passive foreign investment companies securities, partnership investments, derivatives 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
Aggressive Growth Lifestyle	$	7,062,348		$	(7,062,348	)	$	—
Asset Allocation		117,219			(117,219	)		—
Blue Chip Growth		4,880,498			(16,387	)		(4,864,111	)
Capital Appreciation		—			—			—
Conservative Growth Lifestyle		2,196,138			(2,196,138	)		—
Core Bond		10,903,136			(10,903,136	)		—
Dividend Value		(782,117	)		782,117			—
Dynamic Allocation		1,466,727			(1,466,727	)		—
Emerging Economies		3,845,985			(3,845,985	)		—

317

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

Fund	Accumulated Undistributed Net Investment Income (Loss)			Accumulated Undistributed Net Realized Gain (Loss)			Capital Paid-in
Global Real Estate	$	5,957,916		$	(5,909,291	)	$	(48,625	)
Global Strategy		(9,935,548	)		14,379,587			(4,444,039	)
Government Money Market I		—			—			—
Government Securities		889,997			(889,997	)		—
Growth		1,681,878			(6,554	)		(1,675,324	)
High Yield Bond		2,199,385			(2,199,385	)		—
Inflation Protected		22,012,281			(22,012,281	)		—
International Equities Index		2,929,541			(2,929,541	)		—
International Government Bond*		1,017,580			(1,017,580	)		—
International Growth		205,713			725,420			(931,133	)
International Opportunities		(80,368	)		80,368			—
International Socially Responsible		1,042,843			(1,042,843	)		—
International Value		(151,774	)		151,774			—
Large Capital Growth		8,841			(8,841	)		—
Mid Cap Index		—			—			—
Mid Cap Strategic Growth		1,044,689			(973,581	)		(71,108	)
Mid Cap Value		16,011			(16,011	)		—
Moderate Growth Lifestyle		8,717,278			(8,717,278	)		—
Nasdaq-100® Index		—			—			—
Science & Technology		18,751,017			(18,751,017	)		—
Small Cap Growth		4,304,005			(4,304,005	)		—
Small Cap Index		1,995,245			(1,995,245	)		—
Small Cap Special Values		(126,912	)		126,912			—
Small Cap Value		814,125			(814,125	)		—
Stock Index		138,104			(138,104	)		—
Systematic Core		189,329			(189,329	)		—
Systematic Value		690,099			(690,099	)		—
U.S. Socially Responsible		—			—			—

* The reclassifications arising from book/tax differences for International Government Bond Fund are for the tax year ended September 30, 2021.

Note 6 — Capital Share Transactions

Transactions in capital shares of each class of each Fund were as follows:

	Aggressive Growth Lifestyle												Asset Allocation
	For the year ended May 31, 2022						For the nine months ended May 31, 2021						For the year ended May 31, 2022						For the year ended May 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		1,848,062		$	21,633,008			1,336,476		$	15,244,107			446,406		$	5,555,083			369,238		$	4,035,748
Reinvested dividends		5,289,570			56,175,238			2,942,497			34,692,046			1,961,941			21,012,385			137,504			1,622,543
Shares redeemed		(3,493,081	)		(41,149,821	)		(3,668,424	)		(41,332,015	)		(1,132,563	)		(13,978,814	)		(1,670,196	)		(18,207,706	)
Net increase (decrease)		3,644,551		$	36,658,425			610,549		$	8,604,138			1,275,784		$	12,588,654			(1,163,454	)	$	(12,549,415	)
	Blue Chip Growth												Capital Appreciation
	For the year ended May 31, 2022						For the year ended May 31, 2021						For the year ended May 31, 2022						For the nine months ended May 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		1,996,972		$	43,859,938			1,337,238		$	33,191,252			579,975		$	13,182,241			179,215		$	3,618,158
Reinvested dividends		7,153,015			131,758,532			3,921,033			92,536,381			365,473			7,462,951			138,561			2,905,626
Shares redeemed		(5,675,373	)		(138,152,212	)		(5,425,318	)		(131,792,247	)		(530,027	)		(11,781,927	)		(381,302	)		(7,604,956	)
Net increase (decrease)		3,474,614		$	37,466,258			(167,047	)	$	(6,064,614	)		415,421		$	8,863,265			(63,526	)	$	(1,081,172	)

318

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

	Conservative Growth Lifestyle												Core Bond
	For the year ended May 31, 2022						For the nine months ended May 31, 2021						For the year ended May 31, 2022						For the nine months ended May 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		1,560,370		$	20,370,909			1,138,631		$	14,871,790			63,204,849		$	686,336,348			19,807,296		$	236,794,958
Shares issued in merger@		—			—			—			—			—			—			102,001,987			1,156,702,529
Reinvested dividends		2,333,917			27,633,572			1,049,145			13,817,242			5,595,006			59,698,714			7,277,834			82,312,300
Shares redeemed		(2,550,225	)		(32,899,624	)		(2,041,839	)		(26,558,532	)		(37,740,000	)		(421,631,173	)		(31,418,749	)		(377,437,994	)
Net increase (decrease)		1,344,062		$	15,104,857			145,937		$	2,130,500			31,059,855		$	324,403,889			97,668,368		$	1,098,371,793
	Dividend Value												Dynamic Allocation
	For the year ended May 31, 2022						For the Year ended May 31, 2021						For the year ended May 31, 2022						For the Year ended May 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		32,751,066		$	429,264,272			34,310,344		$	412,047,255			1,188,437		$	13,747,815			1,553,312		$	19,334,195
Reinvested dividends		1,710,079			22,282,324			4,656,156			57,224,160			2,225,870			23,460,669			1,751,680			21,230,366
Shares redeemed		(42,776,401	)		(575,544,171	)		(36,957,612	)		(400,374,417	)		(2,467,204	)		(29,842,856	)		(3,548,957	)		(44,645,060	)
Net increase (decrease)		(8,315,256	)	$	(123,997,575	)		2,008,888		$	68,896,998			947,103		$	7,365,628			(243,965	)	$	(4,080,499	)
	Emerging Economies												Global Real Estate
	For the year ended May 31, 2022						For the Year ended May 31, 2021						For the year ended May 31, 2022						For the Year ended May 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		11,498,468		$	104,550,663			23,566,712		$	216,627,536			24,859,496		$	205,699,018			8,028,322		$	61,431,183
Reinvested dividends		14,247,031			104,573,209			1,644,780			17,072,815			1,082,693			8,585,753			3,660,805			27,089,956
Shares redeemed		(36,250,653	)		(349,060,526	)		(24,208,609	)		(230,105,131	)		(7,407,738	)		(60,908,737	)		(10,603,558	)		(78,227,917	)
Net increase (decrease)		(10,505,154	)	$	(139,936,654	)		1,002,883		$	3,595,220			18,534,451		$	153,376,034			1,085,569		$	10,293,222
	Global Strategy												Government Money Market I
	For the year ended May 31, 2022						For the Year ended May 31, 2021						For the year ended May 31, 2022						For the Year ended May 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		988,253		$	9,717,507			2,200,650		$	21,154,003			222,163,286		$	222,163,285			259,192,874		$	259,192,874
Shares issued in merger@		—			—			—			—			—			—			124,203,715			124,203,715
Reinvested dividends		899			8,463			1,269,281			12,172,403			72,473			72,473			42,211			42,211
Shares redeemed		(3,693,280	)		(36,736,359	)		(7,029,516	)		(68,138,722	)		(775,740,804	)		(775,740,804	)		(224,755,525	)		(224,755,080	)
Net increase (decrease)		(2,704,128	)	$	(27,010,389	)		(3,559,585	)	$	(34,812,316	)		(553,505,045	)	$	(553,505,046	)		158,683,275		$	158,683,720
	Government Securities												Growth
	For the year ended May 31, 2022						For the Year ended May 31, 2021						For the year ended May 31, 2022						For the Year ended May 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		5,866,143		$	62,380,706			4,296,928		$	47,974,138			9,277,337		$	220,586,857			3,475,761		$	79,038,800
Reinvested dividends		298,156			3,050,131			296,168			3,192,689			18,564,169			297,026,710			9,683,157			199,666,696
Shares redeemed		(3,088,787	)		(32,614,701	)		(4,558,369	)		(50,913,362	)		(23,263,519	)		(458,434,624	)		(20,875,377	)		(480,454,460	)
Net increase (decrease)		3,075,512		$	32,816,136			34,727		$	253,465			4,577,987		$	59,178,943			(7,716,459	)	$	(201,748,964	)
	High Yield Bond												Inflation Protected
	For the year ended May 31, 2022						For the nine months ended May 31, 2021						For the year ended May 31, 2022						For the Year ended May 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		8,215,345		$	63,060,447			12,501,984		$	98,257,085			18,825,609		$	226,109,018			16,238,627		$	190,990,962
Reinvested dividends		2,569,535			18,654,826			3,016,728			23,077,972			5,342,612			61,814,022			1,344,881			15,788,898
Shares redeemed		(15,469,890	)		(115,973,723	)		(9,624,584	)		(74,144,411	)		(12,114,326	)		(140,564,545	)		(18,173,441	)		(218,022,292	)
Net increase (decrease)		(4,685,010	)	$	(34,258,450	)		5,894,128		$	47,190,646			12,053,895		$	147,358,495			(589,933	)	$	(11,242,432	)

@ See Note 14

319

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

	International Equities Index												International Government Bond
	For the year ended May 31, 2022						For the Year ended May 31, 2021						For the year ended May 31, 2022						For the Year ended May 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		27,318,618		$	221,859,947			52,950,059		$	388,341,688			2,357,639		$	28,401,421			4,938,236		$	63,410,370
Reinvested dividends		6,370,346			46,567,231			3,773,200			29,695,084			444,120			4,934,169			589,569			7,263,492
Shares redeemed		(45,782,011	)		(375,756,952	)		(31,450,110	)		(227,295,601	)		(4,829,500	)		(57,277,406	)		(4,110,493	)		(52,751,152	)
Net increase (decrease)		(12,093,047	)	$	(107,329,774	)		25,273,149		$	190,741,171			(2,027,741	)	$	(23,941,816	)		1,417,312		$	17,922,710
	International Growth												International Opportunities
	For the year ended May 31, 2022						For the Year ended May 31, 2021						For the year ended May 31, 2022						For the nine months ended May 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		2,799,653		$	44,097,469			2,633,679		$	43,333,743			2,713,240		$	57,757,215		$	4,193,190		$	92,527,199
Reinvested dividends		5,036,210			64,513,855			127,053			2,222,153			4,996,080			82,635,155			2,380,673			51,993,903
Shares redeemed		(5,493,595	)		(96,994,198	)		(6,174,098	)		(98,527,462	)		(7,634,390	)		(170,833,516	)		(4,446,866	)		(102,690,298	)
Net increase (decrease)		2,342,268		$	11,617,126			(3,413,366	)	$	(52,971,566	)		74,930		$	(30,441,146	)		2,126,997		$	41,830,804
	International Socially Responsible												International Value
	For the year ended May 31, 2022						For the Year ended May 31, 2021						For the year ended May 31, 2022						For the Year ended May 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		1,870,196		$	46,946,696			1,475,624		$	39,470,408			4,434,748		$	47,836,783			4,437,925		$	42,417,561
Reinvested dividends		1,076,081			23,889,004			2,926,881			73,142,754			1,118,503			11,017,251			1,082,637			11,649,172
Shares redeemed		(2,993,044	)		(76,166,151	)		(3,506,472	)		(94,611,939	)		(8,427,475	)		(91,270,373	)		(18,775,585	)		(186,146,680	)
Net increase (decrease)		(46,767	)	$	(5,330,451	)		896,033		$	18,001,223			(2,874,224	)	$	(32,416,339	)		(13,255,023	)	$	(132,079,947	)
	Large Capital Growth												Mid Cap Index
	For the year ended May 31, 2022						For the Year ended May 31, 2021						For the year ended May 31, 2022						For the Year ended May 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		6,090,106		$	134,452,283			883,705		$	17,931,705			5,783,305		$	179,490,408			9,679,666		$	261,512,321
Reinvested dividends		4,100,029			77,654,551			3,087,211			59,984,517			11,920,306			323,636,311			4,818,021			142,083,444
Shares redeemed		(3,136,971	)		(67,794,488	)		(3,639,418	)		(71,591,289	)		(19,590,026	)		(568,714,980	)		(22,375,451	)		(576,177,326	)
Net increase (decrease)		7,053,164		$	144,312,346			331,498		$	6,324,933			(1,886,415	)	$	(65,588,261	)		(7,877,764	)	$	(172,581,561	)
	Mid Cap Strategic Growth												Mid Cap Value
	For the year ended May 31, 2022						For the Year ended May 31, 2021						For the year ended May 31, 2022						For the nine months ended May 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		7,585,164		$	178,051,589			527,863		$	10,892,665			7,329,777		$	156,737,641			843,387		$	15,897,228
Shares issued in merger@		—			—			20,612,099			485,225,303			—			—			—			—
Reinvested dividends		4,452,567			82,951,314			918,915			20,252,897			2,906,446			60,541,269			431,780			9,455,991
Shares redeemed		(9,271,883	)		(198,893,053	)		(2,665,476	)		(56,461,055	)		(10,368,077	)		(230,789,465	)		(5,995,845	)		(117,154,914	)
Net increase (decrease)		2,765,848		$	62,109,850			19,393,401		$	459,909,810			(131,854	)	$	(13,510,555	)		(4,720,678	)	$	(91,801,695	)
	Moderate Growth Lifestyle												Nasdaq-100® Index
	For the year ended May 31, 2022						For the nine months ended May 31, 2021						For the year ended May 31, 2022						For the Year ended May 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		1,782,429		$	28,668,370			1,901,350		$	29,425,336			3,598,704		$	89,778,991			3,168,424		$	71,941,296
Reinvested dividends		6,388,207			91,287,471			3,489,539			55,134,723			3,548,522			77,357,782			2,978,654			66,572,910
Shares redeemed		(5,250,816	)		(82,126,995	)		(4,390,728	)		(68,042,182	)		(4,807,314	)		(121,779,224	)		(5,460,589	)		(125,508,752	)
Net increase (decrease)		2,919,820		$	37,828,846			1,000,161		$	16,517,877			2,339,912		$	45,357,549			686,489		$	13,005,454

@ See Note 14

320

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

	Science & Technology												Small Cap Growth
	For the year ended May 31, 2022						For the Year ended May 31, 2021						For the year ended May 31, 2022						For the nine months ended May 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		789,715		$	29,227,845			943,073		$	35,631,432			1,375,471		$	26,455,528			1,556,604		$	38,177,713
Shares issued in merger@		—			—			23,763,778			964,141,638			—			—			24,537,120			547,994,858
Reinvested dividends		23,193,094			597,222,179			6,321,578			237,312,045			2,662,662			45,025,617			1,319,689			28,624,065
Shares redeemed		(10,409,567	)		(372,877,528	)		(6,432,070	)		(241,617,724	)		(6,402,869	)		(134,020,722	)		(1,480,597	)		(37,738,247	)
Net increase (decrease)		13,573,242		$	253,572,496			24,596,359		$	995,467,391			(2,364,736	)	$	(62,539,577	)		25,932,816		$	577,058,389
	Small Cap Index												Small Cap Special Values
	For the year ended May 31, 2022						For the Year ended May 31, 2021						For the year ended May 31, 2022						For the Year ended May 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		2,912,020		$	65,541,913			8,875,865		$	169,536,007			1,178,531		$	16,640,482			2,725,417		$	29,798,729
Reinvested dividends		5,988,122			112,456,938			3,124,031			73,789,611			1,147,724			15,000,749			579,920			7,991,303
Shares redeemed		(17,402,859	)		(375,438,474	)		(9,879,258	)		(190,396,226	)		(3,369,829	)		(46,367,167	)		(3,825,990	)		(43,615,910	)
Net increase (decrease)		(8,502,717	)	$	(197,439,623	)		2,120,638		$	52,929,392			(1,043,574	)	$	(14,725,936	)		(520,653	)	$	(5,825,878	)
	Small Cap Value												Stock Index
	For the year ended May 31, 2022						For the nine months ended May 31, 2021						For the year ended May 31, 2022						For the Year ended May 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		10,369,372		$	146,345,483			6,660,870		$	94,266,411			8,429,465		$	465,203,476			7,352,769		$	343,466,025
Reinvested dividends		2,538,987			35,621,990			210,536			3,185,408			11,326,605			555,116,887			7,757,830			377,883,882
Shares redeemed		(6,425,532	)		(97,432,381	)		(6,429,036	)		(83,240,961	)		(17,619,487	)		(945,517,472	)		(20,324,045	)		(950,968,715	)
Net increase (decrease)		6,482,827		$	84,535,092			442,370		$	14,210,858			2,136,583		$	74,802,891			(5,213,446	)	$	(229,618,808	)
	Systematic Core												Systematic Value
	For the year ended May 31, 2022						For the Year ended May 31, 2021						For the year ended May 31, 2022						For the Year ended May 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		294,100		$	8,085,882			1,142,444		$	28,376,565			1,220,315		$	16,313,998			745,425		$	9,553,055
Shares issued in merger@		—			—			19,752,605			522,825,787			—			—			39,712,602			498,079,427
Reinvested dividends		170,485			4,511,036			657,026			16,195,680			1,633,371			20,792,814			782,050			9,345,498
Shares redeemed		(3,177,791	)		(87,817,228	)		(1,466,232	)		(36,439,813	)		(8,339,921	)		(111,426,028	)		(2,081,386	)		(26,472,180	)
Net increase (decrease)		(2,713,206	)	$	(75,220,310	)		20,085,843		$	530,958,219			(5,486,235	)	$	(74,319,216	)		39,158,691		$	490,505,800
	U.S. Socially Responsible
	For the year ended May 31, 2022						For the nine months ended May 31, 2021
	Shares			Amount			Shares			Amount
Shares sold		2,376,083		$	60,313,265			1,472,166		$	33,960,819
Reinvested dividends		5,176,648			109,071,971			1,252,594			30,375,406
Shares redeemed		(5,383,253	)		(135,789,027	)		(4,997,221	)		(115,301,763	)
Net increase (decrease)		2,169,478		$	33,596,209			(2,272,461	)	$	(50,965,538	)
	Aggressive Growth Lifestyle						Capital Appreciation						Conservative Growth Lifestyle						Core Bond
	For the year ended August 31, 2020						For the year ended August 31, 2020						For the year ended August 31, 2020						For the year ended August 31, 2020
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		2,915,146		$	29,423,066			190,469		$	2,953,433			2,510,732		$	30,063,091			44,459,509		$	523,558,703
Reinvested dividends		4,750,378			45,983,658			230,438			3,756,144			1,096,205			12,913,300			4,453,636			52,196,618
Shares redeemed		(5,122,206	)		(51,876,410	)		(767,916	)		(12,199,227	)		(3,360,650	)		(39,659,194	)		(37,321,003	)		(434,994,804	)
Net increase (decrease)		2,543,318		$	23,530,314			(347,009	)	$	(5,489,650	)		246,287		$	3,317,197			11,592,142		$	140,760,517

@ See Note 14

321

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

	High Yield Bond						International Opportunities						Mid Cap Value						Moderate Growth Lifestyle
	For the year ended August 31, 2020						For the year ended August 31, 2020						For the year ended August 31, 2020						For the year ended August 31, 2020
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		7,221,194		$	53,813,459			3,212,375		$	59,553,208			6,124,128		$	94,129,950			4,748,351		$	66,688,707
Reinvested dividends		4,997,355			35,881,009			714,984			13,556,100			3,132,495			49,023,543			4,785,965			64,466,953
Shares redeemed		(25,971,664	)		(197,575,716	)		(5,732,849	)		(110,689,742	)		(5,446,144	)		(90,842,573	)		(5,843,056	)		(80,208,834	)
Net increase (decrease)		(13,753,115	)	$	(107,881,248	)		(1,805,490	)	$	(37,580,434	)		3,810,479		$	52,310,920			3,691,260		$	50,946,826
	Small Cap Growth						Small Cap Value						U.S. Socially Responsible
	For the year ended August 31, 2020						For the year ended August 31, 2020						For the year ended August 31, 2020
	Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		660,174		$	11,896,856			5,058,552		$	45,307,520			1,763,899		$	39,577,158
Reinvested dividends		1,309,599			23,166,804			1,365,139			13,323,759			6,919,141			134,438,913
Shares redeemed		(3,084,269	)		(54,946,669	)		(4,026,321	)		(40,838,763	)		(5,715,684	)		(125,729,074	)
Net increase (decrease)		(1,114,496	)	$	(19,883,009	)		2,397,370		$	17,792,516			2,967,356		$	48,286,997

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, 2022, 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

The High Yield Bond Fund’s investment in high yield securities, whether rated or unrated, may be considered speculative and subject to greater market fluctuations and risk of loss of income and principal than lower-yielding, higher-rated, fixed-income securities. The risk of loss due to default by the issuer may be significantly greater for the holders of high yield securities, because such securities are generally unsecured and are often subordinated to other creditors of the issuer.

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, the International Opportunities Fund, the 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 Core Bond 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 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.

The International Socially Responsible Fund and the U.S. Socially Responsible Fund invest in securities of companies meeting the Funds’ social criteria. The Funds’ adherence to their social criteria and application of related analyses when selecting investments may negatively impact the Funds’ performance, including relative to similar funds that use different criteria, or to funds that do not adhere to such criteria or apply such analyses.

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 on each of the committed and uncommitted lines of credit is payable at a variable rate per annum equal to the Applicable Rate plus one and one quarter of one percent (1.25%). The Applicable Rate per annum shall be equal to the higher of (a) the Federal Funds Effective Rate on such date and (b) the Overnight Bank Funding Rate on such date, plus, in each case, 10 basis points. Notwithstanding anything to the contrary, if the Federal Funds Effective Rate or the Overnight Bank Funding Rate shall be less than zero, then

322

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

the Federal Funds Effective Rate or the Overnight Bank Funding Rate, shall be deemed to be zero for the purposes of determining the rate. 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 $40,000 in the aggregate for the uncommitted line of credit made available by State Street to certain other funds managed by the Adviser, which are also party to the uncommitted line of credit. There is also a commitment fee of 30 basis points per annum on the daily unused portion of the committed line of credit. For the year ended May 31, 2022, the following Funds had borrowings:

Fund	Days Outstanding		Interest Charges		Average Debt Utilized		Weighted Average Interest
Dividend Value		9	$	302	$	841,667		1.43	%
Emerging Economies		36		17,423		12,116,667		1.44
Global Strategy		6		701		2,941,667		1.43
Growth		81		9,746		2,865,123		1.65
Inflation Protected		4		407		1,912,500		1.62
International Equities Index		1		110		2,775,000		1.43
International Government Bond		2		47		587,500		1.57
International Opportunities		17		1,392		2,041,176		1.44
Large Capital Growth		1		13		325,000		1.46
Mid Cap Index		23		12,239		12,410,870		1.50
Mid Cap Strategic Growth		7		195		696,429		1.45
Mid Cap Value		21		999		1,195,238		1.43
Nasdaq-100® Index		1		937		23,600,000		1.43
Science & Technology		98		2,680		657,398		1.50
Small Cap Growth		1		118		2,950,000		1.44
Small Cap Index		15		5,248		8,630,000		1.45
Small Cap Special Values		4		80		500,000		1.44
Stock Index		21		7,175		6,920,238		1.58
Systematic Core		1		140		3,525,000		1.43
Systematic Value		14		436		680,357		1.66
U.S. Socially Responsible		5		972		4,930,000		1.42

As of May 31, 2022, the Growth Fund had an outstanding borrowing in the amount of $100,000.

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, 2022, 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, 2022, the following Funds engaged in security transactions with affiliated Funds:

Fund	Cost of Purchases		Proceeds from Sales		Realized Gain(Loss)
Blue Chip Growth	$	800,026	$	1,248,177	$	248,839
High Yield Bond		13,376		—		—
International Opportunities		—		223,758		30,705
Large Capital Growth		355,294		3,835,879		1,284,224

Note 12 — Other Matters

The coronavirus pandemic and the related governmental and public responses have had and may continue to have an impact on the Funds’ investments and net asset value and have led and may continue to lead to increased market volatility and the potential for illiquidity in certain classes of securities and sectors of the market. Preventative or protective actions that governments have taken and may continue to take in respect of pandemic or epidemic diseases have resulted and may continue to result in periods of business disruption, business closures, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the issuers in which the Funds invests. Government intervention in markets have impacted and may continue to impact interest rates, market volatility and security pricing. The occurrence, reoccurrence and pendency of such diseases could adversely affect or have affected the economies (including through changes in business activity and increased unemployment) and financial markets either in specific countries or worldwide.

323

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

In late February 2022, Russia launched a large-scale invasion of Ukraine (the “Invasion”). The extent and duration of Russia’s military actions and the consequences of such actions are impossible to predict, but has resulted in, and may continue to result in, significant market disruptions, including in the commodities markets, and may negatively affect global supply chains, global growth and inflation. In response to the Invasion, the United States, the European Union and other countries have imposed broad-ranging economic sanctions on certain Russian individuals and Russian entities. To the extent covered by the sanctions, the Funds are currently restricted from trading in Russian securities, including those in their funds. In addition, certain index providers have removed Russian securities from their indices. Accordingly, any fund repositioning in light of these changes may result in increased transaction costs and higher tracking error, including as a measure of risk against a Fund’s benchmark index. It is unknown when, or if, sanctions may be lifted or a Fund’s ability to trade in Russian securities will resume. Even if a Fund does not have direct exposure to securities of Russian issuers, the potential for wider conflict in the region or globally may increase volatility and uncertainty in the financial markets. These and any related events could adversely affect a Fund’s performance and the value and liquidity of an investment in the Fund. Information related to each Fund’s investments in Russian securities as of May 31, 2022, is presented within the Portfolio of Investments.

Note 13 — Subsequent Event

On February 22, 2022, the Board approved a proposal to liquidate the Government Money Market I Fund pursuant to a Plan of Liquidation. The liquidation occurred on July 22, 2022.

Note 14 — Fund Mergers

Pursuant to an Agreement and Plan of Reorganization, all of the assets and liabilities of the VALIC Company I and VALIC Company II Target Funds (each, a “Target Fund”) listed below were transferred in a tax-free exchange to a VALIC Company I Acquiring Fund (each, an “Acquiring Fund”), in exchange for shares of the Acquiring Fund. Each transaction is referred to as a “Reorganization”. The Target Funds and the Acquiring Fund for each Reorganization are shown in the tables below. The Reorganizations were consummated on April 19, 2021 for the Phase I Mergers and May 24, 2021 for the Phase II Mergers (the “Reorganization Dates”).

Phase I Mergers

Target Funds	Acquiring Funds
Large Cap Value Fund, a series of VC II	Systematic Value Fund
Value Fund, a series of VC I	Systematic Value Fund
Core Equity Fund, a series of VC I	Systematic Core Fund
Large Cap Core Fund, a series of VC I	Systematic Core Fund
Mid Cap Growth Fund, a series of VC II	Mid Cap Strategic Growth Fund
Small-Mid Growth Fund, a series of VC I	Mid Cap Strategic Growth Fund
Health Sciences Fund, a series of VC I	Science & Technology Fund

Phase II Mergers

Target Funds	Acquiring Funds
Capital Conservation Fund, a series of VC I	Core Bond Fund
Strategic Bond Fund, a series of VC II	Core Bond Fund
Small Cap Fund, a series of VC I	Small Cap Growth Fund
Small Cap Aggressive Growth Fund, a series of VC I	Small Cap Growth Fund
Government Money Market II Fund, a series of VC II	Government Money Market I Fund

The table below shows the following information for each of the Reorganizations:

• The exchange ratio of shares of each Target Fund that were exchanged tax-free for shares of the Acquiring Fund.

• The number and value of shares of the Acquiring Fund issued in connection with the acquisition of each Target Fund.

• The value and identified cost as of the respective Reorganization Date of the assets in the investment portfolio of each Target Fund. These were the principal assets acquired by the Acquiring Fund.

Acquiring Fund	Target Fund	Exchange Ratio		Number of Shares Issued by Acquiring Fund		Value of Shares Issued by Acquiring Fund		Value of Assets in the Investment Portfolio of the Target Fund		Cost of Assets in the Investment Portfolio of the Target Fund
VCI Core Bond	VCI Capital Conservation		0.8766		26,126,529	$	296,274,836	$	285,100,537	$	278,982,433
VCI Core Bond	VCII Strategic Bond		0.9795		75,875,458		860,427,693		787,580,468		777,299,736
VCI Government Money Market I	VCII Government Money Market II		1.0001		124,203,715		124,203,715		124,267,629		124,267,629
VCI Mid Cap Strategic Growth	VCI Small-Mid Growth		0.4764		8,077,144		190,142,439		180,586,332		170,950,482
VCI Mid Cap Strategic Growth	VCII Mid Cap Growth		0.3779		12,534,955		295,082,864		279,472,034		267,488,561
VCI Science & Technology	VCI Health Sciences		0.3651		23,763,778		964,141,638		883,417,733		849,154,302
VCI Small Cap Growth	VCI Small Cap Aggressive Growth		0.5103		8,176,209		182,601,733		174,627,984		164,981,253
VCI Small Cap Growth	VCI Small Cap		0.3810		16,360,911		365,393,125		339,316,736		321,831,038
VCI Systematic Core	VCI Core Equity		0.6926		11,310,048		299,362,271		295,957,138		259,360,806
VCI Systematic Core	VCI Large Cap Core		0.3884		8,442,557		223,463,516		220,424,151		191,595,662
VCI Systematic Value	VCI Value		1.1449		12,131,298		152,151,957		145,756,716		139,417,483
VCI Systematic Value	VCII Large Cap Value		1.5345		27,581,304		345,927,470		336,695,358		325,486,247

324

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

For financial statement purposes, assets received and shares issued by the Acquiring Fund were recorded at value; however, the cost basis of the investments received from the Target Funds were carried forward to align ongoing reporting of the Acquiring Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

The following is a summary of the shares outstanding, net assets, net asset value per share and net unrealized appreciation depreciation) immediately before and after the Reorganization:

Core Bond Fund
Target Fund	Shares Outstanding		Net Assets		Net Asset Value Per Share		Net Unrealized Appreciation (Depreciation)
VALIC Company I Capital Conservation Fund		29,804,522	$	296,274,836	$	9.94	$	6,118,104
VALIC Company II Strategic Bond Fund		77,465,760	$	860,427,693	$	11.11	$	10,280,732
Acquiring Fund	Shares Outstanding		Net Assets		Net Asset Value Per Share		Net Unrealized Appreciation (Depreciation)
VALIC Company I Core Bond Fund		145,029,817	$	1,644,642,150	$	11.34	$	33,725,288
Post Reorganization	Shares Outstanding		Net Assets		Net Asset Value Per Share		Net Unrealized Appreciation (Depreciation)
VALIC Company I Core Bond Fund		247,031,804	$	2,801,344,679	$	11.34	$	50,124,124

Government Money Market I Fund
Target Fund	Shares Outstanding		Net Assets		Net Asset Value Per Share		Net Unrealized Appreciation (Depreciation)
VALIC Company II Government Money Market II Fund		124,191,296	$	124,203,715	$	1.00	$	0
Acquiring Fund	Shares Outstanding		Net Assets		Net Asset Value Per Share		Net Unrealized Appreciation (Depreciation)
VALIC Company I Government Money Market I Fund		451,026,122	$	451,015,853	$	1.00	$	0
Post Reorganization	Shares Outstanding		Net Assets		Net Asset Value Per Share		Net Unrealized Appreciation (Depreciation)
VALIC Company I Government Money Market I Fund		575,229,837	$	575,219,568	$	1.00	$	0

Mid Cap Strategic Growth Fund
Target Fund	Shares Outstanding		Net Assets		Net Asset Value Per Share		Net Unrealized Appreciation (Depreciation)
VALIC Company I Small-Mid Growth Fund		16,952,785	$	190,142,439	$	11.22	$	9,635,850
VALIC Company II Mid Cap Growth Fund		33,170,659	$	295,082,864	$	8.90	$	11,983,473
Acquiring Fund	Shares Outstanding		Net Assets		Net Asset Value Per Share		Net Unrealized Appreciation (Depreciation)
VALIC Company I Mid Cap Strategic Growth Fund		18,390,951	$	432,938,551	$	23.54	$	178,112,391
Post Reorganization	Shares Outstanding		Net Assets		Net Asset Value Per Share		Net Unrealized Appreciation (Depreciation)
VALIC Company I Mid Cap Strategic Growth Fund		39,003,050	$	918,163,854	$	23.54	$	199,731,714

Science & Technology Fund
Target Fund	Shares Outstanding		Net Assets		Net Asset Value Per Share		Net Unrealized Appreciation (Depreciation)
VALIC Company I Health Sciences Fund		65,083,140	$	964,141,638	$	14.81	$	34,263,431
Acquiring Fund	Shares Outstanding		Net Assets		Net Asset Value Per Share		Net Unrealized Appreciation (Depreciation)
VALIC Company I Science & Technology Fund		56,680,648	$	2,299,643,130	$	40.57	$	645,877,650
Post Reorganization	Shares Outstanding		Net Assets		Net Asset Value Per Share		Net Unrealized Appreciation (Depreciation)
VALIC Company I Science & Technology Fund		80,444,426	$	3,263,784,768	$	40.57	$	680,141,081

325

VALIC Company I

NOTES TO FINANCIAL STATEMENTS — (continued)

Small Cap Growth Fund
Target Funds	Shares Outstanding		Net Assets		Net Asset Value Per Share		Net Unrealized Appreciation (Depreciation)
VALIC Company I Small Cap Aggressive Growth Fund		16,022,474	$	182,601,733	$	11.40	$	9,646,731
VALIC Company I Small Cap Fund		42,936,913		365,393,125		8.51		17,485,698
Acquiring Fund	Shares Outstanding		Net Assets		Net Asset Value Per Share		Net Unrealized Appreciation (Depreciation)
VALIC Company I Small Cap Growth Fund		11,693,526	$	261,156,958	$	22.33	$	59,118,159
Post Reorganization	Shares Outstanding		Net Assets		Net Asset Value Per Share		Net Unrealized Appreciation (Depreciation)
VALIC Company I Small Cap Growth Fund		36,230,646	$	809,151,816	$	22.33	$	86,250,588

Systematic Core Fund
Target Funds	Shares Outstanding		Net Assets		Net Asset Value Per Share		Net Unrealized Appreciation (Depreciation)
VALIC Company I Core Equity Fund		16,329,682	$	299,362,271	$	18.33	$	36,596,332
VALIC Company I Large Cap Core Fund		21,736,216		223,463,516		10.28		28,828,489
Acquiring Fund	Shares Outstanding		Net Assets		Net Asset Value Per Share		Net Unrealized Appreciation (Depreciation)
VALIC Company I Systematic Core Fund		6,633,054	$	175,567,285	$	26.47	$	66,711,056
Post Reorganization	Shares Outstanding		Net Assets		Net Asset Value Per Share		Net Unrealized Appreciation (Depreciation)
VALIC Company I Systematic Core Fund		26,385,659	$	698,393,072	$	26.47	$	132,135,877

Systematic Value Fund
Target Fund	Shares Outstanding		Net Assets		Net Asset Value Per Share		Net Unrealized Appreciation (Depreciation)
VALIC Company I Value Fund		10,595,835	$	152,151,957	$	14.36	$	6,339,233
VALIC Company II Large Cap Value Fund		17,973,806	$	345,927,470	$	19.25	$	11,209,111
Acquiring Fund	Shares Outstanding		Net Assets		Net Asset Value Per Share		Net Unrealized Appreciation (Depreciation)
VALIC Company I Systematic Value Fund		4,143,135	$	51,963,937	$	12.54	$	6,926,832
Post Reorganization	Shares Outstanding		Net Assets		Net Asset Value Per Share		Net Unrealized Appreciation (Depreciation)
VALIC Company I Systematic Value Fund		43,855,737	$	550,043,364	$	12.54	$	24,475,176

Assuming the Reorganizations had been completed at beginning of the reporting period for the Acquiring Fund (June 1, 2020 for the Phase I Mergers and September 1, 2020 for the Phase II Mergers except the Government Money Market Fund I whose reporting period began on June 1, 2020), the unaudited pro forma results of operations for the period ended May 31, 2021, are as follows:

Acquiring Fund	Net Investment Income (loss)			Net Realized/unrealized gains (losses)			Change in Net Assets Resulting from Operations
VCI Core Bond	$	19,939,883		$	(1,968,773	)	$	17,971,110
VCI Government Money Market I		55,442			(345	)		55,097
VCI Mid Cap Strategic Growth		(2,180,301	)		324,696,300			322,515,999
VCI Science & Technology		(15,682,412	)		922,784,165			907,101,753
VCI Small Cap Growth		(2,402,820	)		202,478,507			200,075,687
VCI Systematic Core		3,676,290			221,440,696			225,116,986
VCI Systematic Value		5,919,141			188,695,906			194,615,047

Because the combined investment portfolios have been managed as a single integrated portfolio since the Reorganizations were completed, it is not practicable to separate the amounts of revenue and earnings of the Target Funds that have been included in the Statement of Operations since the Reorganization Dates.

326

VALIC Company I

FINANCIAL HIGHLIGHTS

	Aggressive Growth Lifestyle Fund																		Asset Allocation Fund
	Year Ended May 31,						Year Ended August 31,												Year Ended May 31,
	2022			2021(f)			2020			2019			2018			2017			2022			2021			2020			2019			2018
PER SHARE DATA
Net asset value at beginning of period	$	12.11		$	10.22		$	10.09		$	11.34		$	10.68		$	10.41		$	12.37		$	9.45		$	9.91		$	11.33		$	11.00
Income (loss) from investment operations:
Net investment income (loss)(d)		0.11			0.17			0.19			0.17			0.17			0.16			0.12			0.08			0.14			0.18			0.16
Net realized and unrealized gain (loss) on investments and foreign currencies		(1.01	)		2.32			0.77			(0.24	)		1.04			0.93			(0.44	)		2.97			(0.30	)		(0.55	)		0.83
Total income (loss) from investment operations		(0.90	)		2.49			0.96			(0.07	)		1.21			1.09			(0.32	)		3.05			(0.16	)		(0.37	)		0.99
Distributions from:
Net investment income		(0.34	)		(0.20	)		(0.26	)		(0.21	)		(0.16	)		(0.21	)		(0.25	)		(0.13	)		(0.12	)		(0.17	)		(0.18	)
Net realized gain on securities		(0.60	)		(0.40	)		(0.57	)		(0.97	)		(0.39	)		(0.61	)		(1.51	)		–			(0.18	)		(0.88	)		(0.48	)
Total distributions		(0.94	)		(0.60	)		(0.83	)		(1.18	)		(0.55	)		(0.82	)		(1.76	)		(0.13	)		(0.30	)		(1.05	)		(0.66	)
Net asset value at end of period	$	10.27		$	12.11		$	10.22		$	10.09		$	11.34		$	10.68		$	10.29		$	12.37		$	9.45		$	9.91		$	11.33
TOTAL RETURN(a)		(7.62	)%		24.54	%		9.91	%		(0.52	)%		11.39	%		10.61	%		(3.16	)%		32.34	%		(1.46	)%		(3.42	)%		8.91	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.09	%(e)		0.10	%@(e)		0.10	%(e)		0.10	%(e)		0.10	%(e)		0.10	%(e)		0.63	%		0.85	%		0.77	%		0.76	%		0.72	%
Ratio of expenses to average net assets(c)		0.13	%(e)		0.14	%@(e)		0.14	%(e)		0.14	%(e)		0.14	%(e)		0.14	%(e)		0.68	%		0.87	%		0.77	%		0.76	%		0.72	%
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)		0.89	%(e)		1.98	%@(e)		1.88	%(e)		1.56	%(e)		1.49	%(e)		1.47	%(e)		0.95	%		0.74	%		1.39	%		1.69	%		1.40	%
Ratio of net investment income (loss) to average net assets(c)		0.85	%(e)		1.94	%@(e)		1.83	%(e)		1.52	%(e)		1.45	%(e)		1.44	%(e)		0.90	%		0.72	%		1.39	%		1.69	%		1.40	%
Portfolio turnover rate		40	%		16	%		48	%		37	%		49	%		36	%		47	%		199	%		177	%		113	%		84	%
Number of shares outstanding at end of period (000’s)		64,176			60,531			59,921			57,377			53,660			53,168			13,727			12,451			13,614			14,892			14,624
Net assets at end of period (000’s)	$	659,059		$	732,829		$	612,613		$	579,049		$	608,709		$	567,843		$	141,207		$	154,023		$	128,629		$	147,543		$	165,665

@ Annualized

^(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)  Does not include underlying fund expenses that the Fund bears indirectly.

^(f)  Effective May 24, 2021, the Fund (the Predecessor Fund) was reorganized into the Acquiring Fund (see Note 1). The performance and financial history prior to May 24, 2021 are that of the Predecessor Fund. Information presented is for the nine months ended May 31, 2021.

See Notes to Financial Statements

327

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Blue Chip Growth Fund															Capital Appreciation Fund
	Year Ended May 31,															Year Ended May 31,						Year Ended August 31,
	2022			2021			2020			2019			2018			2022			2021(e)			2020			2019			2018			2017
PER SHARE DATA
Net asset value at beginning of period	$	25.17		$	20.80		$	19.18		$	20.84		$	17.27		$	21.68		$	18.62		$	14.89		$	20.13		$	16.55		$	15.99
Income (loss) from investment operations:
Net investment income (loss)(d)		(0.11	)		(0.11	)		(0.05	)		(0.01	)		(0.01	)		0.02			(0.01	)		0.02			0.07			0.04			0.08
Net realized and unrealized gain (loss) on investments and foreign currencies		(4.98	)		6.96			3.93			0.86			4.82			(1.34	)		3.53			4.28			(0.26	)		4.51			2.12
Total income (loss) from investment operations		(5.09	)		6.85			3.88			0.85			4.81			(1.32	)		3.52			4.30			(0.19	)		4.55			2.20
Distributions from:
Net investment income		–			–			–			–			(0.01	)		–			(0.02	)		(0.06	)		(0.05	)		(0.08	)		(0.08	)
Net realized gain on securities		(3.63	)		(2.48	)		(2.26	)		(2.51	)		(1.23	)		(1.12	)		(0.44	)		(0.51	)		(5.00	)		(0.89	)		(1.56	)
Total distributions		(3.63	)		(2.48	)		(2.26	)		(2.51	)		(1.24	)		(1.12	)		(0.46	)		(0.57	)		(5.05	)		(0.97	)		(1.64	)
Net asset value at end of period	$	16.45		$	25.17		$	20.80		$	19.18		$	20.84		$	19.24		$	21.68		$	18.62		$	14.89		$	20.13		$	16.55
TOTAL RETURN(a)		(21.75	)%		33.74	%		21.77	%		4.22	%		27.87	%		(6.38	)%		18.97	%		29.44	%		(0.35	)%		27.94	%		14.13	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.79	%		0.82	%		0.83	%		0.82	%		0.83	%		0.60	%		0.84	%@		0.85	%		0.85	%		0.85	%		0.85	%
Ratio of expenses to average net assets(c)		0.82	%		0.82	%		0.83	%		0.82	%		0.83	%		0.71	%		0.99	%@		1.00	%		1.00	%		0.99	%		0.99	%
Ratio of expense reductions to average net assets		–			–			–			–			0.00	%		0.00	%		–			0.00	%		0.00	%		0.01	%		0.01	%
Ratio of net investment income (loss) to average net assets(b)		(0.44	)%		(0.45	)%		(0.24	)%		(0.03	)%		(0.07	)%		0.08	%		(0.09	)%@		0.12	%		0.38	%		0.22	%		0.50	%
Ratio of net investment income (loss) to average net assets(c)		(0.47	)%		(0.45	)%		(0.24	)%		(0.03	)%		(0.07	)%		(0.03	)%		(0.24	)%@		(0.03	)%		0.23	%		0.08	%		0.36	%
Portfolio turnover rate		25	%		28	%		27	%		30	%		24	%		46	%		27	%		62	%		60	%		124	%		66	%
Number of shares outstanding at end of period (000’s)		43,257			39,782			39,950			40,727			37,397			6,928			6,513			6,576			6,923			5,449			5,535
Net assets at end of period (000’s)	$	711,659		$	1,001,518		$	831,006		$	781,236		$	779,336		$	133,324		$	141,163		$	122,454		$	103,080		$	109,697		$	91,579

@ Annualized

^(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)  Effective May 24, 2021, the Fund (the Predecessor Fund) was reorganized into the Acquiring Fund (see Note 1). The performance and financial history prior to May 24, 2021 are that of the Predecessor Fund. Information presented is for the nine months ended May 31, 2021.

See Notes to Financial Statements

328

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Conservative Growth Lifestyle Fund																		Core Bond Fund
	Year Ended May 31,						Year Ended August 31,												Year Ended May 31,						Year Ended August 31,
	2022			2021(f)			2020			2019			2018			2017			2022			2021(f)			2020			2019			2018			2017
PER SHARE DATA
Net asset value at beginning of period	$	13.39		$	12.31		$	11.85		$	12.31		$	12.07		$	11.82		$	11.37		$	11.94		$	11.53		$	10.74		$	11.15		$	11.30
Income (loss) from investment operations:
Net investment income (loss)(d)		0.15			0.31			0.32			0.25			0.31			0.28			0.21			0.15			0.28			0.33			0.30			0.27
Net realized and unrealized gain (loss) on investments and foreign currencies		(1.17	)		1.29			0.63			0.17			0.28			0.39			(1.19	)		(0.12	)		0.52			0.70			(0.45	)		(0.12	)
Total income (loss) from investment operations		(1.02	)		1.60			0.95			0.42			0.59			0.67			(0.98	)		0.03			0.80			1.03			(0.15	)		0.15
Distributions from:
Net investment income		(0.48	)		(0.34	)		(0.31	)		(0.36	)		(0.28	)		(0.32	)		(0.13	)		(0.29	)		(0.39	)		(0.24	)		(0.26	)		(0.30	)
Net realized gain on securities		(0.53	)		(0.18	)		(0.18	)		(0.52	)		(0.07	)		(0.10	)		(0.11	)		(0.31	)		–			–			(0.00	)		–
Total distributions		(1.01	)		(0.52	)		(0.49	)		(0.88	)		(0.35	)		(0.42	)		(0.24	)		(0.60	)		(0.39	)		(0.24	)		(0.26	)		(0.30	)
Net asset value at end of period	$	11.36		$	13.39		$	12.31		$	11.85		$	12.31		$	12.07		$	10.15		$	11.37		$	11.94		$	11.53		$	10.74		$	11.15
TOTAL RETURN(a)		(7.88	)%		13.05	%		8.14	%		3.52	%		4.94	%		5.76	%		(8.75	)%		0.27	%		7.05	%		9.64	%		(1.32	)%		1.37	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.13	%(e)		0.10	%@(e)		0.10	%(e)		0.10	%(e)		0.10	%(e)		0.10	%(e)		0.50	%		0.76	%@		0.77	%		0.77	%		0.77	%		0.77	%
Ratio of expenses to average net assets(c)		0.14	%(e)		0.15	%@(e)		0.15	%(e)		0.15	%(e)		0.15	%(e)		0.15	%(e)		0.50	%		0.77	%@		0.78	%		0.78	%		0.78	%		0.80	%
Ratio of expense reductions to average net assets		–			–			–			–			–			–			–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		1.14	%(e)		3.13	%@(e)		2.68	%(e)		2.06	%(e)		2.47	%(e)		2.31	%(e)		1.93	%		1.73	%@		2.39	%		2.99	%		2.80	%		2.40	%
Ratio of net investment income (loss) to average net assets(c)		1.13	%(e)		3.08	%@(e)		2.62	%(e)		2.01	%(e)		2.43	%(e)		2.27	%(e)		1.93	%		1.72	%@		2.37	%		2.99	%		2.78	%		2.37	%
Portfolio turnover rate		38	%		13	%		38	%		45	%		44	%		38	%		60	%		39	%		93	%		97	%		73	%		76	%
Number of shares outstanding at end of period (000’s)		29,105			27,761			27,615			27,369			27,516			27,674			278,129			247,069			149,401			137,809			119,431			100,052
Net assets at end of period (000’s)	$	330,697		$	371,617		$	339,870		$	324,436		$	338,793		$	333,907		$	2,821,678		$	2,809,677		$	1,784,179		$	1,589,218		$	1,282,586		$	1,115,936

@ Annualized

^(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)  Does not include underlying fund expenses that the Fund bears indirectly.

^(f)  Effective May 24, 2021, the Fund (the Predecessor Fund) was reorganized into the Acquiring Fund (see Note 1). The performance and financial history prior to May 24, 2021 are that of the Predecessor Fund. Information presented is for the nine months ended May 31, 2021.

See Notes to Financial Statements

329

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Dividend Value Fund															Dynamic Allocation Fund
	Year Ended May 31,															Year Ended May 31,
	2022			2021			2020			2019			2018			2022			2021			2020			2019			2018
PER SHARE DATA
Net asset value at beginning of period	$	13.17		$	9.98		$	10.80		$	12.39		$	12.09		$	12.60		$	11.93		$	11.49		$	12.20		$	11.74
Income (loss) from investment operations:
Net investment income (loss)(d)		0.20			0.25			0.29			0.29			0.26			0.07			0.20			0.18			0.17			0.12
Net realized and unrealized gain (loss) on investments and foreign currencies		0.10			3.54			(0.34	)		(0.27	)		0.74			(0.92	)		1.94			1.00			0.00			1.00
Total income (loss) from investment operations		0.30			3.79			(0.05	)		0.02			1.00			(0.85	)		2.14			1.18			0.17			1.12
Distributions from:
Net investment income		(0.26	)		(0.26	)		(0.24	)		(0.24	)		(0.24	)		(0.39	)		(0.24	)		(0.26	)		(0.15	)		(0.16	)
Net realized gain on securities		–			(0.34	)		(0.53	)		(1.37	)		(0.46	)		(1.22	)		(1.23	)		(0.48	)		(0.73	)		(0.50	)
Total distributions		(0.26	)		(0.60	)		(0.77	)		(1.61	)		(0.70	)		(1.61	)		(1.47	)		(0.74	)		(0.88	)		(0.66	)
Net asset value at end of period	$	13.21		$	13.17		$	9.98		$	10.80		$	12.39		$	10.14		$	12.60		$	11.93		$	11.49		$	12.20
TOTAL RETURN(a)		2.28	%		38.46	%		(0.33	)%		(0.17	)%		8.14	%		(7.28	)%		18.42	%		10.43	%		1.47	%		9.45	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.68	%		0.69	%		0.74	%		0.81	%		0.81	%		0.32	%(e)		0.32	%(e)		0.32	%(e)		0.32	%(e)		0.31	%(e)
Ratio of expenses to average net assets(c)		0.79	%		0.80	%		0.81	%		0.81	%		0.81	%		0.33	%(e)		0.32	%(e)		0.33	%(e)		0.32	%(e)		0.31	%(e)
Ratio of expense reductions to average net assets		0.00	%		–			–			–			–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		1.53	%		2.18	%		2.61	%		2.40	%		2.06	%		0.60	%(e)		1.57	%(e)		1.47	%(e)		1.36	%(e)		0.97	%(e)
Ratio of net investment income (loss) to average net assets(c)		1.42	%		2.07	%		2.54	%		2.40	%		2.06	%		0.59	%(e)		1.57	%(e)		1.45	%(e)		1.35	%(e)		0.96	%(e)
Portfolio turnover rate		86	%		64	%		63	%		46	%		54	%		25	%		24	%		20	%		11	%		15	%
Number of shares outstanding at end of period (000’s)		95,105			103,420			101,412			88,850			71,348			16,698			15,751			15,995			17,745			19,983
Net assets at end of period (000’s)	$	1,256,796		$	1,361,703		$	1,012,017		$	959,714		$	884,180		$	169,371		$	198,516		$	190,741		$	203,843		$	243,832

^(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) Does not include underlying fund expenses that the Fund bears indirectly.

See Notes to Financial Statements

330

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Emerging Economies Fund															Global Real Estate Fund
	Year Ended May 31,															Year Ended May 31,
	2022			2021			2020			2019			2018			2022			2021			2020			2019			2018
PER SHARE DATA
Net asset value at beginning of period	$	10.87		$	7.23		$	7.71		$	8.89		$	7.94		$	8.13		$	6.85		$	8.00		$	7.68		$	7.63
Income (loss) from investment operations:
Net investment income (loss)(d)		0.31			0.16			0.19			0.18			0.16			0.13			0.14			0.15			0.17			0.18
Net realized and unrealized gain (loss) on investments and foreign currencies		(2.56	)		3.66			(0.47	)		(1.22	)		0.92			(0.57	)		1.73			(0.94	)		0.44			0.28
Total income (loss) from investment operations		(2.25	)		3.82			(0.28	)		(1.04	)		1.08			(0.44	)		1.87			(0.79	)		0.61			0.46
Distributions from:
Net investment income		(0.30	)		(0.18	)		(0.20	)		(0.14	)		(0.13	)		(0.12	)		(0.34	)		(0.24	)		(0.29	)		(0.31	)
Net realized gain on securities		(1.07	)		–			–			–			–			–			(0.25	)		(0.12	)		–			(0.10	)
Total distributions		(1.37	)		(0.18	)		(0.20	)		(0.14	)		(0.13	)		(0.12	)		(0.59	)		(0.36	)		(0.29	)		(0.41	)
Net asset value at end of period	$	7.25		$	10.87		$	7.23		$	7.71		$	8.89		$	7.57		$	8.13		$	6.85		$	8.00		$	7.68
TOTAL RETURN(a)		(20.87	)%		52.91	%(e)		(3.74	)%		(11.75	)%		13.50	%		(5.43	)%		28.14	%		(10.37	)%		8.10	%		6.19	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.93	%		0.88	%		0.91	%		0.93	%		0.93	%		0.86	%		0.86	%		0.85	%		0.85	%		0.86	%
Ratio of expenses to average net assets(c)		0.93	%		0.88	%		0.91	%		0.93	%		0.93	%		0.86	%		0.86	%		0.85	%		0.85	%		0.86	%
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)		3.23	%		1.68	%		2.35	%		2.29	%		1.80	%		1.61	%		1.83	%		1.84	%		2.18	%		2.34	%
Ratio of net investment income (loss) to average net assets(c)		3.23	%		1.68	%		2.35	%		2.29	%		1.80	%		1.61	%		1.83	%		1.84	%		2.18	%		2.34	%
Portfolio turnover rate		60	%		82	%		62	%		72	%		53	%		47	%		76	%		78	%		44	%		50	%
Number of shares outstanding at end of period (000’s)		87,523			98,028			97,025			106,698			91,875			72,057			53,522			52,437			57,358			47,313
Net assets at end of period (000’s)	$	634,192		$	1,065,405		$	701,471		$	823,071		$	817,232		$	545,132		$	435,033		$	359,442		$	458,620		$	363,223

^(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 gain on the disposal of investments in violation of investment restrictions. (see Note 3).

See Notes to Financial Statements

331

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Global Strategy Fund															Government Money Market I Fund
	Year Ended May 31,															Year Ended May 31,
	2022			2021			2020			2019			2018			2022			2021			2020			2019			2018
PER SHARE DATA
Net asset value at beginning of period	$	10.13		$	8.85		$	10.24		$	12.02		$	11.63		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income (loss) from investment operations:
Net investment income (loss)(d)		0.18			0.20			0.30			0.44			0.35			0.00			0.00			0.01			0.02			0.01
Net realized and unrealized gain (loss) on investments and foreign currencies		(1.15	)		1.50			(0.41	)		(1.02	)		0.20			0.00			0.00			0.00			0.00			0.00
Total income (loss) from investment operations		(0.97	)		1.70			(0.11	)		(0.58	)		0.55			0.00			0.00			0.01			0.02			0.01
Distributions from:
Net investment income		(0.00	)		(0.42	)		(0.64	)		(0.26	)		–			(0.00	)		(0.00	)		(0.01	)		(0.02	)		(0.01	)
Net realized gain on securities		–			–			(0.64	)		(0.94	)		(0.16	)		–			–			–			–			–
Total distributions		–			(0.42	)		(1.28	)		(1.20	)		(0.16	)		(0.00	)		(0.00	)		(0.01	)		(0.02	)		(0.01	)
Net asset value at end of period	$	9.16		$	10.13		$	8.85		$	10.24		$	12.02		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
TOTAL RETURN(a)		(9.57	)%		19.49	%		(1.01	)%		(5.19	)%		4.72	%		0.02	%		0.01	%		1.09	%		1.69	%		0.72	%(e)
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.80	%		0.70	%		0.72	%		0.66	%		0.65	%		0.06	%		0.07	%		0.45	%		0.51	%		0.51	%
Ratio of expenses to average net assets(c)		0.84	%		0.72	%		0.73	%		0.66	%		0.65	%		0.50	%		0.54	%		0.51	%		0.51	%		0.51	%
Ratio of expense reductions to average net assets		0.01	%		0.00	%		0.00	%		0.00	%		0.00	%		–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		1.83	%		2.09	%		2.95	%		3.78	%		2.86	%		0.01	%		0.01	%		1.05	%		1.70	%		0.71	%
Ratio of net investment income (loss) to average net assets(c)		1.79	%		2.07	%		2.94	%		3.78	%		2.86	%		(0.42	)%		(0.46	)%		0.99	%		1.70	%		0.71	%
Portfolio turnover rate		140	%		39	%		108	%		30	%		30	%		N/A			N/A			N/A			N/A			N/A
Number of shares outstanding at end of period (000’s)		25,671			28,375			31,935			31,615			32,421			20,390			573,895			415,212			395,196			311,723
Net assets at end of period (000’s)	$	235,176		$	287,412		$	282,708		$	323,702		$	389,638		$	20,383		$	573,885		$	415,201		$	395,183		$	311,708

^(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

332

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Government Securities Fund															Growth Fund
	Year Ended May 31,															Year Ended May 31,
	2022			2021			2020			2019			2018			2022			2021			2020			2019			2018
PER SHARE DATA
Net asset value at beginning of period	$	10.78		$	11.22		$	10.57		$	10.21		$	10.63		$	22.19		$	18.82		$	16.35		$	17.36		$	15.00
Income (loss) from investment operations:
Net investment income (loss)(d)		0.20			0.20			0.23			0.23			0.23			(0.02	)		(0.02	)		0.03			0.06			0.07
Net realized and unrealized gain (loss) on investments and foreign currencies		(1.00	)		(0.39	)		0.67			0.37			(0.37	)		(2.84	)		6.65			4.22			0.38			3.02
Total income (loss) from investment operations		(0.80	)		(0.19	)		0.90			0.60			(0.14	)		(2.86	)		6.63			4.25			0.44			3.09
Distributions from:
Net investment income		(0.19	)		(0.25	)		(0.25	)		(0.24	)		(0.28	)		–			(0.03	)		(0.07	)		(0.07	)		(0.10	)
Net realized gain on securities		–			–			–			–			–			(4.76	)		(3.23	)		(1.71	)		(1.38	)		(0.63	)
Total distributions		(0.19	)		(0.25	)		(0.25	)		(0.24	)		(0.28	)		(4.76	)		(3.26	)		(1.78	)		(1.45	)		(0.73	)
Net asset value at end of period	$	9.79		$	10.78		$	11.22		$	10.57		$	10.21		$	14.57		$	22.19		$	18.82		$	16.35		$	17.36
TOTAL RETURN(a)		(7.47	)%		(1.70	)%		8.57	%		5.98	%		(1.32	)%		(14.82	)%		36.58	%		27.42	%		2.65	%		20.60	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.65	%		0.66	%		0.66	%		0.67	%		0.66	%		0.61	%		0.64	%		0.68	%		0.74	%		0.74	%
Ratio of expenses to average net assets(c)		0.65	%		0.66	%		0.66	%		0.67	%		0.66	%		0.77	%		0.80	%		0.81	%		0.79	%		0.79	%
Ratio of expense reductions to average net assets		–			–			–			–			–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		1.90	%		1.77	%		2.08	%		2.24	%		2.12	%		(0.09	)%		(0.10	)%		0.16	%		0.34	%		0.42	%
Ratio of net investment income (loss) to average net assets(c)		1.90	%		1.77	%		2.08	%		2.24	%		2.12	%		(0.25	)%		(0.26	)%		0.03	%		0.29	%		0.37	%
Portfolio turnover rate		11	%		13	%		17	%		17	%		3	%		60	%		40	%		219	%		60	%		58	%
Number of shares outstanding at end of period (000’s)		16,335			13,260			13,225			13,559			11,890			69,038			64,460			72,176			64,185			69,279
Net assets at end of period (000’s)	$	159,888		$	142,954		$	148,338		$	143,372		$	121,425		$	1,005,830		$	1,430,327		$	1,358,693		$	1,049,181		$	1,202,649

^(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

333

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	High Yield Bond Fund																		Inflation Protected Fund
	Year Ended May 31,						Year Ended August 31,												Year Ended May 31,
	2022			2021(e)			2020			2019			2018			2017			2022			2021			2020			2019			2018
PER SHARE DATA
Net asset value at beginning of period	$	7.68		$	7.47		$	7.66		$	7.53		$	7.75		$	7.56		$	11.97		$	11.34		$	11.07		$	10.88		$	11.07
Income (loss) from investment operations:
Net investment income (loss)(d)		0.32			0.24			0.36			0.39			0.40			0.41			0.60			0.18			0.22			0.24			0.26
Net realized and unrealized gain (loss) on investments and foreign currencies		(0.72	)		0.28			(0.00	)		0.09			(0.18	)		0.15			(0.71	)		0.68			0.32			0.14			(0.14	)
Total income (loss) from investment operations		(0.40	)		0.52			0.36			0.48			0.22			0.56			(0.11	)		0.86			0.54			0.38			0.12
Distributions from:
Net investment income		(0.25	)		(0.31	)		(0.55	)		(0.35	)		(0.44	)		(0.37	)		(0.28	)		(0.17	)		(0.27	)		(0.18	)		(0.21	)
Net realized gain on securities		–			–			–			–			–			–			(0.56	)		(0.06	)		–			(0.01	)		(0.10	)
Total distributions		(0.25	)		(0.31	)		(0.55	)		(0.35	)		(0.44	)		(0.37	)		(0.84	)		(0.23	)		(0.27	)		(0.19	)		(0.31	)
Net asset value at end of period	$	7.03		$	7.68		$	7.47		$	7.66		$	7.53		$	7.75		$	11.02		$	11.97		$	11.34		$	11.07		$	10.88
TOTAL RETURN(a)		(5.34	)%		6.95	%		5.01	%		6.47	%		2.89	%		7.54	%		(1.25	)%		7.66	%		4.88	%		3.51	%		1.11	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.68	%		0.92	%@		0.94	%		0.96	%		0.96	%		0.96	%		0.52	%		0.54	%		0.57	%		0.56	%		0.57	%
Ratio of expenses to average net assets(c)		0.71	%		0.97	%@		0.98	%		0.97	%		0.97	%		0.97	%		0.55	%		0.56	%		0.57	%		0.56	%		0.57	%
Ratio of expense reductions to average net assets		–			–			–			–			–			–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		4.12	%		4.26	%@		4.79	%		5.25	%		5.16	%		5.27	%		5.06	%		1.55	%		1.94	%		2.27	%		2.29	%
Ratio of net investment income (loss) to average net assets(c)		4.09	%		4.21	%@		4.75	%		5.24	%		5.15	%		5.26	%		5.03	%		1.53	%		1.94	%		2.27	%		2.29	%
Portfolio turnover rate		40	%		33	%		49	%		34	%		26	%		52	%		35	%		71	%		38	%		42	%		34	%
Number of shares outstanding at end of period (000’s)		73,297			77,982			72,088			85,841			76,525			72,461			78,880			66,826			67,416			63,309			54,697
Net assets at end of period (000’s)	$	515,224		$	598,597		$	538,716		$	657,364		$	576,553		$	561,480		$	869,007		$	800,186		$	764,607		$	700,574		$	595,043

@ Annualized

^(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)  Effective May 24, 2021, the Fund (the Predecessor Fund) was reorganized into the Acquiring Fund (see Note 1). The performance and financial history prior to May 24, 2021 are that of the Predecessor Fund. Information presented is for the nine months ended May 31, 2021.

See Notes to Financial Statements

334

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	International Equities Index Fund															International Government Bond Fund
	Year Ended May 31,															Year Ended May 31,
	2022			2021			2020			2019			2018			2022			2021			2020			2019			2018
PER SHARE DATA
Net asset value at beginning of period	$	8.38		$	6.19		$	6.74		$	7.41		$	7.02		$	12.45		$	12.14		$	11.82		$	11.64		$	11.71
Income (loss) from investment operations:
Net investment income (loss)(d)		0.21			0.15			0.13			0.19			0.19			0.20			0.24			0.29			0.28			0.24
Net realized and unrealized gain (loss) on investments and foreign currencies		(1.09	)		2.17			(0.36	)		(0.62	)		0.35			(1.89	)		0.55			0.24			0.09			(0.20	)
Total income (loss) from investment operations		(0.88	)		2.32			(0.23	)		(0.43	)		0.54			(1.69	)		0.79			0.53			0.37			0.04
Distributions from:
Net investment income		(0.22	)		(0.10	)		(0.19	)		(0.24	)		(0.15	)		(0.22	)		(0.29	)		(0.21	)		(0.18	)		(0.11	)
Net realized gain on securities		–			(0.03	)		(0.13	)		–			–			(0.14	)		(0.19	)		–			(0.01	)		–
Total distributions		(0.22	)		(0.13	)		(0.32	)		(0.24	)		(0.15	)		(0.36	)		(0.48	)		(0.21	)		(0.19	)		(0.11	)
Net asset value at end of period	$	7.28		$	8.38		$	6.19		$	6.74		$	7.41		$	10.40		$	12.45		$	12.14		$	11.82		$	11.64
TOTAL RETURN(a)		(10.51	)%		37.70	%		(3.42	)%		(5.81	)%		7.63	%		(13.78	)%		6.58	%		4.44	%		3.26	%		0.32	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.41	%		0.42	%		0.43	%		0.43	%		0.42	%		0.69	%		0.65	%		0.65	%		0.65	%		0.65	%
Ratio of expenses to average net assets(c)		0.41	%		0.42	%		0.43	%		0.43	%		0.42	%		0.69	%		0.65	%		0.65	%		0.65	%		0.65	%
Ratio of expense reductions to average net assets		–			–			–			–			–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		2.58	%		2.11	%		1.89	%		2.72	%		2.57	%		1.64	%		1.89	%		2.34	%		2.44	%		2.04	%
Ratio of net investment income (loss) to average net assets(c)		2.58	%		2.11	%		1.89	%		2.72	%		2.57	%		1.64	%		1.89	%		2.34	%		2.44	%		2.04	%
Portfolio turnover rate		6	%		2	%		10	%		15	%		17	%		53	%		71	%		105	%		94	%		95	%
Number of shares outstanding at end of period (000’s)		214,610			226,703			201,429			154,662			173,854			13,515			15,543			14,125			17,187			18,875
Net assets at end of period (000’s)	$	1,563,302		$	1,899,286		$	1,246,804		$	1,041,727		$	1,287,987		$	140,534		$	193,496		$	171,444		$	203,184		$	219,748

^(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

335

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	International Growth Fund															International Opportunities Fund
	Year Ended May 31,															Year Ended May 31,						Year Ended August 31,
	2022			2021			2020			2019			2018			2022			2021(f)			2020			2019			2018			2017
PER SHARE DATA
Net asset value at beginning of period	$	19.13		$	12.47		$	11.35		$	15.01		$	13.04		$	23.02		$	20.73		$	18.44		$	21.31		$	19.38		$	16.00
Income (loss) from investment operations:
Net investment income (loss)(d)		–			(0.02	)		–			0.04			0.08			0.16			0.04			0.09			0.16			0.13			0.14
Net realized and unrealized gain (loss) on investments and foreign currencies		(5.20	)		6.75			1.13			(0.19	)		2.29			(4.09	)		4.00			2.64			(2.10	)		1.97			3.49
Total income (loss) from investment operations		(5.20	)		6.73			1.13			(0.15	)		2.37			(3.93	)		4.04			2.73			(1.94	)		2.10			3.63
Distributions from:
Net investment income		–			–			(0.01	)		(0.10	)		(0.19	)		(0.05	)		(0.11	)		(0.13	)		(0.19	)		(0.17	)		(0.25	)
Net realized gain on securities		(2.09	)		(0.07	)		–			(3.41	)		(0.21	)		(3.02	)		(1.64	)		(0.31	)		(0.74	)		–			–
Total distributions		(2.09	)		(0.07	)		(0.01	)		(3.51	)		(0.40	)		(3.07	)		(1.75	)		(0.44	)		(0.93	)		(0.17	)		(0.25	)
Net asset value at end of period	$	11.84		$	19.13		$	12.47		$	11.35		$	15.01		$	16.02		$	23.02		$	20.73		$	18.44		$	21.31		$	19.38
TOTAL RETURN(a)		(27.99	)%		53.98	%		10.00	%		(0.17	)%(e)		18.38	%		(17.48	)%		19.97	%		15.03	%		(9.20	)%		10.81	%		22.81	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.85	%		0.83	%		0.86	%		0.89	%		0.98	%		0.95	%		1.19	%@		1.13	%		1.00	%		1.00	%		1.00	%
Ratio of expenses to average net assets(c)		1.05	%		1.03	%		1.06	%		1.09	%		1.08	%		0.98	%		1.23	%@		1.22	%		1.22	%		1.20	%		1.22	%
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)		(0.02	)%		(0.10	)%		(0.03	)%		0.30	%		0.58	%		0.77	%		0.23	%@		0.45	%		0.83	%		0.61	%		0.82	%
Ratio of net investment income (loss) to average net assets(c)		(0.22	)%		(0.30	)%		(0.23	)%		0.10	%		0.47	%		0.74	%		0.19	%@		0.36	%		0.60	%		0.41	%		0.60	%
Portfolio turnover rate		25	%		18	%		22	%		35	%		130	%		41	%		48	%		45	%		41	%		46	%		62	%
Number of shares outstanding at end of period (000’s)		35,958			33,616			37,029			41,093			32,707			31,649			31,574			29,447			31,253			33,984			34,637
Net assets at end of period (000’s)	$	425,568		$	642,915		$	461,774		$	466,362		$	490,921		$	507,169		$	726,964		$	610,424		$	576,197		$	724,027		$	671,097

@ Annualized

^(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.

^(f)  Effective May 24, 2021, the Fund (the Predecessor Fund) was reorganized into the Acquiring Fund (see Note 1). The performance and financial history prior to May 24, 2021 are that of the Predecessor Fund. Information presented is for the nine months ended May 31, 2021.

See Notes to Financial Statements

336

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	International Socially Responsible Fund															International Value Fund
	Year Ended May 31,															Year Ended May 31,
	2022			2021			2020			2019			2018			2022			2021			2020			2019			2018
PER SHARE DATA
Net asset value at beginning of period	$	26.57		$	23.97		$	25.91		$	26.24		$	23.78		$	11.46		$	7.78		$	8.93		$	10.67		$	10.54
Income (loss) from investment operations:
Net investment income (loss)(d)		0.52			0.51			0.42			0.44			0.37			0.29			0.19			0.18			0.20			0.21
Net realized and unrealized gain (loss) on investments and foreign currencies		(3.38	)		8.18			(0.96	)		(0.29	)		2.52			(1.67	)		3.66			(1.09	)		(1.66	)		0.13
Total income (loss) from investment operations		(2.86	)		8.69			(0.54	)		0.15			2.89			(1.38	)		3.85			(0.91	)		(1.46	)		0.34
Distributions from:
Net investment income		(0.84	)		(0.53	)		(0.51	)		(0.48	)		(0.43	)		(0.18	)		(0.17	)		(0.23	)		(0.28	)		(0.21	)
Net realized gain on securities		(0.93	)		(5.56	)		(0.89	)		–			–			–			–			(0.01	)		–			–
Total distributions		(1.77	)		(6.09	)		(1.40	)		(0.48	)		(0.43	)		(0.18	)		(0.17	)		(0.24	)		(0.28	)		(0.21	)
Net asset value at end of period	$	21.94		$	26.57		$	23.97		$	25.91		$	26.24		$	9.90		$	11.46		$	7.78		$	8.93		$	10.67
TOTAL RETURN(a)		(10.84	)%		37.84	%		(2.05	)%		0.57	%		12.16	%		(12.03	)%		49.67	%		(10.17	)%		(13.83	)%		3.19	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.64	%		0.65	%		0.63	%		0.63	%		0.62	%		0.74	%		0.74	%		0.73	%		0.77	%		0.79	%
Ratio of expenses to average net assets(c)		0.64	%		0.65	%		0.63	%		0.63	%		0.62	%		0.81	%		0.81	%		0.80	%		0.82	%		0.79	%
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)		2.03	%		1.89	%		1.57	%		1.67	%		1.44	%		2.66	%		1.95	%		2.01	%		1.97	%		1.93	%
Ratio of net investment income (loss) to average net assets(c)		2.03	%		1.89	%		1.57	%		1.67	%		1.44	%		2.59	%		1.88	%		1.94	%		1.92	%		1.93	%
Portfolio turnover rate		11	%		9	%		68	%		2	%		5	%		70	%		62	%		64	%		136	%		30	%
Number of shares outstanding at end of period (000’s)		14,478			14,525			13,629			14,044			16,331			61,537			64,412			77,667			77,083			81,504
Net assets at end of period (000’s)	$	317,599		$	385,891		$	326,671		$	363,818		$	428,452		$	609,239		$	738,262		$	604,123		$	688,485		$	869,416

^(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

337

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Large Capital Growth Fund															Mid Cap Index Fund
	Year Ended May 31,															Year Ended May 31,
	2022			2021			2020			2019			2018			2022			2021			2020			2019			2018
PER SHARE DATA
Net asset value at beginning of period	$	21.03		$	16.82		$	15.68		$	15.01		$	13.66		$	31.20		$	20.75		$	23.52		$	28.04		$	26.43
Income (loss) from investment operations:
Net investment income (loss)(d)		0.04			0.05			0.08			0.13			0.10			0.30			0.35			0.30			0.32			0.35
Net realized and unrealized gain (loss) on investments and foreign currencies		(0.36	)		6.24			2.50			1.71			2.09			(2.35	)		11.29			(0.70	)		(1.86	)		3.45
Total income (loss) from investment operations		(0.32	)		6.29			2.58			1.84			2.19			(2.05	)		11.64			(0.40	)		(1.54	)		3.80
Distributions from:
Net investment income		(0.04	)		(0.08	)		(0.13	)		(0.10	)		(0.09	)		(0.38	)		(0.32	)		(0.36	)		(0.37	)		(0.32	)
Net realized gain on securities		(2.25	)		(2.00	)		(1.31	)		(1.07	)		(0.75	)		(2.39	)		(0.87	)		(2.01	)		(2.61	)		(1.87	)
Total distributions		(2.29	)		(2.08	)		(1.44	)		(1.17	)		(0.84	)		(2.77	)		(1.19	)		(2.37	)		(2.98	)		(2.19	)
Net asset value at end of period	$	18.42		$	21.03		$	16.82		$	15.68		$	15.01		$	26.38		$	31.20		$	20.75		$	23.52		$	28.04
TOTAL RETURN(a)		(1.82	)%		38.39	%		17.08	%		12.50	%		16.00	%		(6.84	)%		56.39	%		(1.25	)%		(5.76	)%		14.51	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.74	%		0.75	%		0.75	%		0.75	%		0.75	%		0.34	%		0.35	%		0.36	%		0.36	%		0.35	%
Ratio of expenses to average net assets(c)		0.74	%		0.75	%		0.75	%		0.75	%		0.75	%		0.34	%		0.35	%		0.36	%		0.36	%		0.35	%
Ratio of expense reductions to average net assets		–			–			0.00	%		–			0.00	%		–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		0.19	%		0.24	%		0.45	%		0.81	%		0.70	%		0.99	%		1.33	%		1.28	%		1.20	%		1.25	%
Ratio of net investment income (loss) to average net assets(c)		0.19	%		0.24	%		0.45	%		0.81	%		0.70	%		0.99	%		1.33	%		1.28	%		1.20	%		1.25	%
Portfolio turnover rate		18	%		22	%		37	%		26	%		21	%		14	%		18	%		14	%		14	%		15	%
Number of shares outstanding at end of period (000’s)		38,570			31,517			31,185			30,448			29,613			121,975			123,862			131,740			123,200			122,466
Net assets at end of period (000’s)	$	710,547		$	662,844		$	524,630		$	477,301		$	444,633		$	3,217,500		$	3,864,639		$	2,734,114		$	2,897,313		$	3,434,089

^(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

338

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Mid Cap Strategic Growth Fund															Mid Cap Value Fund
	Year Ended May 31,															Year Ended May 31,						Year Ended August 31,
	2022			2021			2020			2019			2018			2022			2021(e)			2020			2019			2018			2017
PER SHARE DATA
Net asset value at beginning of period	$	23.15		$	16.50		$	15.49		$	15.85		$	13.92		$	22.22		$	15.38		$	17.19		$	22.13		$	21.23		$	20.45
Income (loss) from investment operations:
Net investment income (loss)(d)		(0.03	)		(0.03	)		(0.00	)		0.00			0.01			0.13			0.04			0.13			0.14			0.09			0.07
Net realized and unrealized gain (loss) on investments and foreign currencies		(3.20	)		7.83			1.89			1.13			2.66			(0.07	)		7.02			(0.81	)		(1.11	)		2.62			2.17
Total income (loss) from investment operations		(3.23	)		7.80			1.89			1.13			2.67			0.06			7.06			(0.68	)		(0.97	)		2.71			2.24
Distributions from:
Net investment income		–			(0.02	)		–			(0.00	)		(0.01	)		(0.07	)		(0.13	)		(0.15	)		(0.11	)		(0.09	)		(0.13	)
Net realized gain on securities		(2.04	)		(1.13	)		(0.88	)		(1.49	)		(0.73	)		(1.57	)		(0.09	)		(0.98	)		(3.86	)		(1.72	)		(1.33	)
Total distributions		(2.04	)		(1.15	)		(0.88	)		(1.49	)		(0.74	)		(1.64	)		(0.22	)		(1.13	)		(3.97	)		(1.81	)		(1.46	)
Net asset value at end of period	$	17.88		$	23.15		$	16.50		$	15.49		$	15.85		$	20.64		$	22.22		$	15.38		$	17.19		$	22.13		$	21.23
TOTAL RETURN(a)		(14.32	)%		47.61	%		12.76	%		7.45	%		19.17	%		0.18	%		45.95	%		(4.12	)%		(4.14	)%		12.90	%		11.02	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.75	%		0.78	%		0.81	%		0.81	%		0.82	%		0.79	%		1.04	%@		1.05	%		1.05	%		1.05	%		1.05	%
Ratio of expenses to average net assets(c)		0.75	%		0.78	%		0.81	%		0.81	%		0.82	%		0.79	%		1.06	%@		1.07	%		1.06	%		1.05	%		1.05	%
Ratio of expense reductions to average net assets		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%@		0.00	%		0.00	%		0.00	%		0.00	%
Ratio of net investment income (loss) to average net assets(b)		(0.14	)%		(0.13	)%		(0.03	)%		(0.02	)%		0.03	%		0.61	%		0.31	%@		0.82	%		0.73	%		0.40	%		0.32	%
Ratio of net investment income (loss) to average net assets(c)		(0.14	)%		(0.13	)%		(0.03	)%		(0.02	)%		0.03	%		0.61	%		0.29	%@		0.80	%		0.72	%		0.40	%		0.32	%
Portfolio turnover rate		76	%		49	%		25	%		31	%		40	%		51	%		31	%		63	%		44	%		44	%		44	%
Number of shares outstanding at end of period (000’s)		41,238			38,473			19,079			19,581			18,404			42,214			42,346			47,067			43,256			41,411			49,262
Net assets at end of period (000’s)	$	737,360		$	890,709		$	314,845		$	303,288		$	291,655		$	871,131		$	940,809		$	724,100		$	743,460		$	916,284		$	1,046,046

@ Annualized

^(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)  Effective May 24, 2021, the Fund (the Predecessor Fund) was reorganized into the Acquiring Fund (see Note 1). The performance and financial history prior to May 24, 2021 are that of the Predecessor Fund. Information presented is for the nine months ended May 31, 2021.

See Notes to Financial Statements

339

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Moderate Growth Lifestyle Fund																		Nasdaq-100® Index Fund
	Year Ended May 31,						Year Ended August 31,												Year Ended May 31,
	2022			2021(g)			2020			2019			2018			2017			2022			2021			2020			2019			2018
PER SHARE DATA
Net asset value at beginning of period	$	16.13		$	14.16		$	13.88		$	15.00		$	14.23		$	13.98		$	24.00		$	18.29		$	14.08		$	13.97		$	12.11
Income (loss) from investment operations:
Net investment income (loss)(d)		0.15			0.28			0.31			0.24			0.26			0.24			0.06			0.06			0.08			0.12			0.06
Net realized and unrealized gain (loss) on investments and foreign currencies		(1.15	)		2.49			0.93			(0.00	)		1.08			0.92			(1.65	)		7.74			4.72			0.26			2.48
Total income (loss) from investment operations		(1.00	)		2.77			1.24			0.24			1.34			1.16			(1.59	)		7.80			4.80			0.38			2.54
Distributions from:
Net investment income		(0.52	)		(0.33	)		(0.34	)		(0.32	)		(0.24	)		(0.32	)		(0.06	)		(0.08	)		(0.14	)		(0.06	)		(0.07	)
Net realized gain on securities		(0.78	)		(0.47	)		(0.62	)		(1.04	)		(0.33	)		(0.59	)		(2.29	)		(2.01	)		(0.45	)		(0.21	)		(0.61	)
Total distributions		(1.30	)		(0.80	)		(0.96	)		(1.36	)		(0.57	)		(0.91	)		(2.35	)		(2.09	)		(0.59	)		(0.27	)		(0.68	)
Net asset value at end of period	$	13.83		$	16.13		$	14.16		$	13.88		$	15.00		$	14.23		$	20.06		$	24.00		$	18.29		$	14.08		$	13.97
TOTAL RETURN(a)		(6.49	)%		19.65	%		9.26	%		1.71	%		9.44	%		8.42	%		(7.42	)%		43.47	%(f)		34.71	%		2.76	%		20.94	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.12	%(e)		0.10	%@(e)		0.10	%(e)		0.10	%(e)		0.10	%(e)		0.10	%(e)		0.50	%		0.51	%		0.53	%		0.53	%		0.53	%
Ratio of expenses to average net assets(c)		0.12	%(e)		0.13	%@(e)		0.14	%(e)		0.13	%(e)		0.13	%(e)		0.14	%(e)		0.50	%		0.51	%		0.53	%		0.54	%		0.54	%
Ratio of expense reductions to average net assets		–			–			–			–			–			–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		0.97	%(e)		2.39	%@(e)		2.24	%(e)		1.69	%(e)		1.75	%(e)		1.68	%(e)		0.22	%		0.25	%		0.49	%		0.85	%		0.49	%
Ratio of net investment income (loss) to average net assets(c)		0.97	%(e)		2.36	%@(e)		2.20	%(e)		1.66	%(e)		1.72	%(e)		1.65	%(e)		0.22	%		0.25	%		0.49	%		0.84	%		0.48	%
Portfolio turnover rate		37	%		15	%		49	%		39	%		47	%		36	%		9	%		8	%		8	%		6	%		3	%
Number of shares outstanding at end of period (000’s)		75,576			72,656			71,656			67,965			64,297			63,003			37,071			34,731			34,045			35,447			33,891
Net assets at end of period (000’s)	$	1,045,238		$	1,172,232		$	1,014,351		$	943,311		$	964,607		$	896,346		$	743,801		$	833,580		$	622,519		$	499,269		$	473,513

@ Annualized

^(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.

^(e)  Does not include underlying fund expenses that the Fund bears indirectly.

^(f)  The Fund’s performance figure was increased by less than 0.01% from the effect of payments by affiliates

^(g)  Effective May 24, 2021, the Fund (the Predecessor Fund) was reorganized into the Acquiring Fund (see Note 1). The performance and financial history prior to May 24, 2021 are that of the Predecessor Fund. Information presented is for the nine months ended May 31, 2021.

See Notes to Financial Statements

340

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Science & Technology Fund															Small Cap Growth Fund
	Year Ended May 31,															Year Ended May 31,						Year Ended August 31,
	2022			2021			2020			2019			2018			2022			2021(f)			2020			2019			2018			2017
PER SHARE DATA
Net asset value at beginning of period	$	39.38		$	29.88		$	25.95		$	31.14		$	26.00		$	22.85		$	20.49		$	16.89		$	23.31		$	16.98		$	14.20
Income (loss) from investment operations:
Net investment income (loss)(d)		(0.21	)		(0.22	)		0.05			(0.10	)		(0.09	)		(0.13	)		(0.13	)		(0.11	)		(0.11	)		(0.12	)		(0.08	)
Net realized and unrealized gain (loss) on investments and foreign currencies		(8.09	)		14.40			7.31			0.94			7.89			(6.53	)		5.23			6.21			(1.22	)		7.14			3.72
Total income (loss) from investment operations		(8.30	)		14.18			7.36			0.84			7.80			(6.66	)		5.10			6.10			(1.33	)		7.02			3.64
Distributions from:
Net investment income		–			(0.02	)		–			–			–			–			–			–			–			–			–
Net realized gain on securities		(8.28	)		(4.66	)		(3.43	)		(6.03	)		(2.66	)		(1.42	)		(2.74	)		(2.50	)		(5.09	)		(0.69	)		(0.86	)
Total distributions		(8.28	)		(4.68	)		(3.43	)		(6.03	)		(2.66	)		(1.42	)		(2.74	)		(2.50	)		(5.09	)		(0.69	)		(0.86	)
Net asset value at end of period	$	22.80		$	39.38		$	29.88		$	25.95		$	31.14		$	14.77		$	22.85		$	20.49		$	16.89		$	23.31		$	16.98
TOTAL RETURN(a)		(23.50	)%		48.22	%		30.60	%(e)		3.04	%		30.08	%		(29.91	)%		25.62	%		38.49	%		(5.47	)%		41.51	%		26.05	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.94	%		0.97	%		0.97	%		0.98	%		0.97	%		0.88	%		1.11	%@		1.14	%		1.16	%		1.16	%		1.16	%
Ratio of expenses to average net assets(c)		0.95	%		0.97	%		0.97	%		0.98	%		0.97	%		0.92	%		1.19	%@		1.24	%		1.23	%		1.22	%		1.25	%
Ratio of expense reductions to average net assets		0.00	%		0.00	%		0.01	%		0.00	%		0.00	%		0.00	%		0.00	%@		0.01	%		0.01	%		0.00	%		0.00	%
Ratio of net investment income (loss) to average net assets(b)		(0.58	)%		(0.60	)%		0.19	%		(0.35	)%		(0.33	)%		(0.61	)%		(0.84	)%@		(0.61	)%		(0.54	)%		(0.61	)%		(0.53	)%
Ratio of net investment income (loss) to average net assets(c)		(0.59	)%		(0.60	)%		0.19	%		(0.35	)%		(0.33	)%		(0.66	)%		(0.92	)%@		(0.70	)%		(0.61	)%		(0.67	)%		(0.62	)%
Portfolio turnover rate		68	%		88	%		98	%		89	%		84	%		34	%		40	%		48	%		60	%		63	%		40	%
Number of shares outstanding at end of period (000’s)		92,483			78,910			54,314			53,666			45,064			33,840			36,204			10,271			11,386			9,239			8,088
Net assets at end of period (000’s)	$	2,108,867		$	3,107,205		$	1,623,083		$	1,392,834		$	1,403,433		$	499,878		$	827,215		$	210,497		$	192,341		$	215,384		$	137,330

@ Annualized

^(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.

^(f)  Effective May 24, 2021, the Fund (the Predecessor Fund) was reorganized into the Acquiring Fund (see Note 1). The performance and financial history prior to May 24, 2021 are that of the Predecessor Fund. Information presented is for the nine months ended May 31, 2021.

See Notes to Financial Statements

341

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Small Cap Index Fund															Small Cap Special Values Fund
	Year Ended May 31,															Year Ended May 31,
	2022			2021			2020			2019			2018			2022			2021			2020			2019			2018
PER SHARE DATA
Net asset value at beginning of period	$	23.48		$	15.08		$	18.76		$	22.81		$	20.23		$	14.26		$	8.80		$	11.14		$	13.84		$	13.17
Income (loss) from investment operations:
Net investment income (loss)(d)		0.15			0.12			0.17			0.22			0.22			0.09			0.07			0.12			0.12			0.15
Net realized and unrealized gain (loss) on investments and foreign currencies		(4.01	)		9.54			(0.99	)		(2.25	)		3.85			(0.80	)		5.81			(1.31	)		(1.02	)		1.84
Total income (loss) from investment operations		(3.86	)		9.66			(0.82	)		(2.03	)		4.07			(0.71	)		5.88			(1.19	)		(0.90	)		1.99
Distributions from:
Net investment income		(0.15	)		(0.19	)		(0.32	)		(0.24	)		(0.22	)		(0.08	)		(0.15	)		(0.15	)		(0.17	)		(0.18	)
Net realized gain on securities		(2.06	)		(1.07	)		(2.54	)		(1.78	)		(1.27	)		(0.76	)		(0.27	)		(1.00	)		(1.63	)		(1.14	)
Total distributions		(2.21	)		(1.26	)		(2.86	)		(2.02	)		(1.49	)		(0.84	)		(0.42	)		(1.15	)		(1.80	)		(1.32	)
Net asset value at end of period	$	17.41		$	23.48		$	15.08		$	18.76		$	22.81		$	12.71		$	14.26		$	8.80		$	11.14		$	13.84
TOTAL RETURN(a)		(17.14	)%		63.99	%		(3.87	)%		(9.23	)%		20.42	%		(5.18	)%		66.92	%		(10.88	)%		(6.88	)%		15.39	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.41	%		0.42	%		0.44	%		0.40	%		0.40	%		0.87	%		0.89	%		0.88	%		0.87	%		0.87	%
Ratio of expenses to average net assets(c)		0.41	%		0.42	%		0.44	%		0.40	%		0.40	%		0.87	%		0.89	%		0.88	%		0.87	%		0.87	%
Ratio of expense reductions to average net assets		–			–			–			–			–			0.00	%		0.00	%		0.00	%		0.01	%		0.00	%
Ratio of net investment income (loss) to average net assets(b)		0.67	%		0.61	%		0.94	%		1.01	%		0.99	%		0.64	%		0.58	%		1.10	%		0.91	%		1.04	%
Ratio of net investment income (loss) to average net assets(c)		0.67	%		0.61	%		0.94	%		1.01	%		0.99	%		0.64	%		0.58	%		1.10	%		0.91	%		1.04	%
Portfolio turnover rate		20	%		14	%		13	%		16	%		17	%		20	%		37	%		37	%		33	%		37	%
Number of shares outstanding at end of period (000’s)		53,194			61,697			59,576			53,944			56,750			18,570			19,614			20,134			20,076			21,730
Net assets at end of period (000’s)	$	926,232		$	1,448,543		$	898,557		$	1,012,040		$	1,294,430		$	236,013		$	279,760		$	177,110		$	223,576		$	300,745

^(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

342

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Small Cap Value Fund																		Stock Index Fund
	Year Ended May 31,						Year Ended August 31,												Year Ended May 31,
	2022			2021(e)			2020			2019			2018			2017			2022			2021			2020			2019			2018
PER SHARE DATA
Net asset value at beginning of period	$	15.57		$	9.51		$	10.76		$	15.74		$	14.47		$	13.57		$	52.66		$	40.27		$	39.24		$	39.46		$	36.47
Income (loss) from investment operations:
Net investment income (loss)(d)		0.12			0.05			0.10			0.15			0.15			0.11			0.59			0.60			0.81			0.72			0.63
Net realized and unrealized gain (loss) on investments and foreign currencies		(0.93	)		6.11			(0.92	)		(2.80	)		2.36			1.48			(0.72	)		15.20			3.86			0.62			4.49
Total income (loss) from investment operations		(0.81	)		6.16			(0.82	)		(2.65	)		2.51			1.59			(0.13	)		15.80			4.67			1.34			5.12
Distributions from:
Net investment income		(0.07	)		(0.10	)		(0.14	)		(0.21	)		(0.13	)		(0.14	)		(0.64	)		(0.83	)		(0.87	)		(0.64	)		(0.67	)
Net realized gain on securities		(1.15	)		–			(0.29	)		(2.12	)		(1.11	)		(0.55	)		(4.40	)		(2.58	)		(2.77	)		(0.92	)		(1.46	)
Total distributions		(1.22	)		(0.10	)		(0.43	)		(2.33	)		(1.24	)		(0.69	)		(5.04	)		(3.41	)		(3.64	)		(1.56	)		(2.13	)
Net asset value at end of period	$	13.54		$	15.57		$	9.51		$	10.76		$	15.74		$	14.47		$	47.49		$	52.66		$	40.27		$	39.24		$	39.46
TOTAL RETURN(a)		(5.49	)%		64.80	%		(7.72	)%		(17.24	)%		17.40	%		11.61	%		(0.54	)%		39.93	%		12.45	%		3.43	%		13.99	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.77	%		1.01	%@		0.99	%		0.95	%		0.95	%		0.95	%		0.29	%		0.29	%		0.30	%		0.33	%		0.34	%
Ratio of expenses to average net assets(c)		0.79	%		1.06	%@		1.09	%		1.06	%		1.03	%		1.03	%		0.31	%		0.32	%		0.33	%		0.33	%		0.34	%
Ratio of expense reductions to average net assets		0.01	%		0.01	%@		0.01	%		0.01	%		0.00	%		0.00	%		–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		0.78	%		0.53	%@		0.97	%		1.07	%		0.96	%		0.71	%		1.09	%		1.26	%		1.91	%		1.78	%		1.62	%
Ratio of net investment income (loss) to average net assets(c)		0.77	%		0.48	%@		0.87	%		0.96	%		0.88	%		0.62	%		1.07	%		1.24	%		1.88	%		1.78	%		1.62	%
Portfolio turnover rate		67	%		55	%		69	%		55	%		46	%		79	%		2	%		4	%		3	%		4	%		3	%
Number of shares outstanding at end of period (000’s)		38,703			32,220			31,778			29,381			33,971			36,582			116,730			114,594			119,807			118,173			125,644
Net assets at end of period (000’s)	$	523,983		$	501,758		$	302,120		$	316,042		$	534,548		$	529,505		$	5,543,586		$	6,035,053		$	4,825,190		$	4,637,546		$	4,958,503

@ Annualized

^(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)  Effective May 24, 2021, the Fund (the Predecessor Fund) was reorganized into the Acquiring Fund (see Note 1). The performance and financial history prior to May 24, 2021 are that of the Predecessor Fund. Information presented is for the nine months ended May 31, 2021.

See Notes to Financial Statements

343

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	Systematic Core Fund															Systematic Value Fund
	Year Ended May 31,															Year Ended May 31,
	2022			2021			2020			2019			2018			2022			2021			2020			2019			2018
PER SHARE DATA
Net asset value at beginning of period	$	26.61		$	20.57		$	20.35		$	22.23		$	20.70		$	13.12		$	11.79		$	13.93		$	15.91		$	15.64
Income (loss) from investment operations:
Net investment income (loss)(d)		0.20			0.15			0.18			0.21			0.19			0.21			0.14			0.23			0.34			0.20
Net realized and unrealized gain (loss) on investments and foreign currencies		(1.07	)		8.62			2.68			0.43			2.34			0.24			3.94			(0.52	)		(0.61	)		1.45
Total income (loss) from investment operations		(0.87	)		8.77			2.86			0.64			2.53			0.45			4.08			(0.29	)		(0.27	)		1.65
Distributions from:
Net investment income		(0.06	)		(0.17	)		(0.24	)		(0.21	)		(0.21	)		(0.04	)		(0.24	)		(0.39	)		(0.22	)		(0.28	)
Net realized gain on securities		(0.13	)		(2.56	)		(2.40	)		(2.31	)		(0.79	)		(0.52	)		(2.51	)		(1.46	)		(1.49	)		(1.10	)
Total distributions		(0.19	)		(2.73	)		(2.64	)		(2.52	)		(1.00	)		(0.56	)		(2.75	)		(1.85	)		(1.71	)		(1.38	)
Net asset value at end of period	$	25.55		$	26.61		$	20.57		$	20.35		$	22.23		$	13.01		$	13.12		$	11.79		$	13.93		$	15.91
TOTAL RETURN(a)		(3.30	)%		43.72	%		15.08	%		2.87	%		12.17	%		3.54	%		36.90	%		(2.34	)%		(1.84	)%		10.34	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.63	%		0.68	%		0.85	%		0.85	%		0.85	%		0.48	%		0.57	%		0.80	%		0.85	%		0.85	%
Ratio of expenses to average net assets(c)		0.85	%		0.90	%		0.99	%		0.92	%		0.90	%		0.78	%		0.87	%		1.16	%		0.93	%		0.92	%
Ratio of expense reductions to average net assets		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Ratio of net investment income (loss) to average net assets(b)		0.71	%		0.67	%		0.85	%		0.95	%		0.88	%		1.54	%		1.39	%		1.64	%		2.14	%		1.20	%
Ratio of net investment income (loss) to average net assets(c)		0.49	%		0.45	%		0.71	%		0.88	%		0.83	%		1.24	%		1.09	%		1.27	%		2.06	%		1.13	%
Portfolio turnover rate		15	%		20	%		98	%		44	%		43	%		32	%		197	%		265	%		28	%		24	%
Number of shares outstanding at end of period (000’s)		23,336			26,049			5,963			5,774			5,767			37,423			42,909			3,751			3,676			3,742
Net assets at end of period (000’s)	$	596,130		$	693,185		$	122,639		$	117,501		$	128,172		$	486,821		$	563,185		$	44,233		$	51,212		$	59,532

^(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

344

VALIC Company I

FINANCIAL HIGHLIGHTS — (continued)

	U.S. Socially Responsible Fund
	Year Ended May 31,						Year Ended August 31,
	2022			2021(e)			2020			2019			2018			2017
PER SHARE DATA
Net asset value at beginning of period	$	24.85		$	20.91		$	22.03		$	23.09		$	20.15		$	19.23
Income (loss) from investment operations:
Net investment income (loss)(d)		0.26			0.13			0.26			0.27			0.30			0.29
Net realized and unrealized gain (loss) on investments and foreign currencies		(0.91	)		4.74			3.15			0.72			3.39			2.33
Total income (loss) from investment operations		(0.65	)		4.87			3.41			0.99			3.69			2.62
Distributions from:
Net investment income		(0.17	)		(0.25	)		(0.33	)		(0.34	)		(0.35	)		(0.29	)
Net realized gain on securities		(3.39	)		(0.68	)		(4.20	)		(1.71	)		(0.40	)		(1.41	)
Total distributions		(3.56	)		(0.93	)		(4.53	)		(2.05	)		(0.75	)		(1.70	)
Net asset value at end of period	$	20.64		$	24.85		$	20.91		$	22.03		$	23.09		$	20.15
TOTAL RETURN(a)		(2.90	)%		23.38	%		17.06	%		4.46	%		18.49	%		13.90	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.35	%		0.60	%@		0.60	%		0.56	%		0.56	%		0.56	%
Ratio of expenses to average net assets(c)		0.35	%		0.60	%@		0.61	%		0.61	%		0.61	%		0.61	%
Ratio of expense reductions to average net assets		–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		1.06	%		0.77	%@		1.20	%		1.22	%		1.37	%		1.46	%
Ratio of net investment income (loss) to average net assets(c)		1.06	%		0.77	%@		1.18	%		1.17	%		1.33	%		1.41	%
Portfolio turnover rate		23	%		18	%		14	%		36	%		5	%		0	%
Number of shares outstanding at end of period (000’s)		35,540			33,370			35,643			32,675			34,175			39,701
Net assets at end of period (000’s)	$	733,505		$	829,253		$	745,440		$	719,784		$	789,118		$	799,898

@ Annualized

^(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)  Effective May 24, 2021, the Fund (the Predecessor Fund) was reorganized into the Acquiring Fund (see Note 1). The performance and financial history prior to May 24, 2021 are that of the Predecessor Fund. Information presented is for the nine months ended May 31, 2021.

See Notes to Financial Statements

345

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-seven 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 indicated in the table below (constituting VALIC Company I, hereafter collectively referred to as the “Funds”) as of May 31, 2022, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (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, 2022, the results of each of their operations, the changes in each of their net assets and the financial highlights for each of the periods indicated in the table below in conformity with accounting principles generally accepted in the United States of America.

VALIC Company I

Aggressive Growth Lifestyle Fund(1)	International Opportunities Fund(1)
Asset Allocation Fund(2)	International Socially Responsible Fund(2)
Blue Chip Growth Fund(2)	International Value Fund(2)
Capital Appreciation Fund(1)	Large Capital Growth Fund(2)
Conservative Growth Lifestyle Fund(1)	Mid Cap Index Fund(2)
Core Bond Fund(1)	Mid Cap Strategic Growth Fund(2)
Dividend Value Fund(2)	Mid Cap Value Fund(1)
Dynamic Allocation Fund(2)	Moderate Growth Lifestyle Fund(1)
Emerging Economies Fund(2)	Nasdaq-100® Index Fund(2)
Global Real Estate Fund(2)	Science & Technology Fund(2)
Global Strategy Fund(2)	Small Cap Growth Fund(1)
Government Money Market I Fund(2)	Small Cap Index Fund(2)
Government Securities Fund(2)	Small Cap Special Values Fund(2)
Growth Fund(2)	Small Cap Value Fund(1)
High Yield Bond Fund(1)	Stock Index Fund(2)
Inflation Protected Fund(2)	Systematic Core Fund(2)
International Equities Index Fund(2)	Systematic Value Fund(2)
International Government Bond Fund(2)	U.S. Socially Responsible Fund(1)
International Growth Fund(2)

(1) The statements of operations for the year ended May 31, 2022, the statements of changes in net assets for the year ended May 31, 2022, the period September 1, 2020 through May 31, 2021 and the year ended August 31, 2020, the financial highlights for the year ended May 31, 2022, the period September 1, 2020 through May 31, 2021 and each of the four years in the period ended August 31, 2020

(2) The statements of operations for the year ended May 31, 2022, the statements of changes in net assets for each of the two years in the period ended May 31, 2022 and the financial highlights for each of the five years in the period ended May 31, 2022

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, 2022 by correspondence with the custodian, transfer agents, brokers and agent banks; when replies were not received from brokers, transfer agents or agent banks we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Houston, Texas

July 28, 2022

We have served as the auditor of one or more investment companies in the VALIC family of funds since 2008.

346

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 covering the time period from January 1, 2021, to December 31, 2021 (the “Review Period”) addressing the operations of the program and assessing its adequacy and effectiveness of implementation. The Board reviewed the report at a meeting held on April 26-27, 2022.

During the Review 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, except as permitted through extended market holiday closures, 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.

347

VALIC Company I

DIRECTOR AND OFFICER INFORMATION — May 31, 2022 (unaudited)

Name, Age and Address at May 31, 2022*	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: 76	Director		2005- Present	Retired		37	Trustee, Virtus Funds (2011-Present).
Yvonne Montgomery Curl Age: 67	Director		2020- Present	Retired		37	Director, Encompass Health, provider of post-acute healthcare services (2004-Present); Director, Community Foundation of the Lowcountry (2018-Present); Director, Nationwide Insurance, insurance company (1998-2019); Director, Hilton Head Humane Association, animal shelter (2006-2019).
Dr. Judith L. Craven Age: 76	Director		1998- Present	Retired		37	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: 72	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).		37	Trustee, Minnesota Medical Foundation (2003-2013).
Kenneth J. Lavery Age: 72	Director		2001- Present	Retired, Vice President, Massachusetts Capital Resources Co. (1982-2013).		37	None.
Dr. John E. Maupin, Jr. Age: 75	Chairman and Director		1998- Present	Retired. President/CEO, Morehouse School of Medicine, Atlanta, Georgia (2006-2014).		37	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: 68	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)		37	None.
Eric S. Levy(1) Age: 57	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).		37	None
Officers
John T. Genoy Age: 53	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

348

VALIC Company I

DIRECTOR AND OFFICER INFORMATION — May 31, 2022 (unaudited) — (continued)

Name, Age and Address at May 31, 2022*	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
Mark R. Szycher Age: 57	Vice President and Senior Investment Officer		2021- Present	Vice President, Fund Due Diligence, VALIC (2019-2021); Managing Director, GM Asset Management (2015-2019).		N/A	N/A
Gregory R. Kingston Age: 56	Treasurer and Principal Financial and Accounting Officer		2000- Present	Vice President (2001-Present) and Head of Mutual Fund Administration (2014-Present), SunAmerica.		N/A	N/A
Gregory N. Bressler Age: 55	Vice President and Assistant Secretary		2005- Present	Senior Vice President, General Counsel (2005-Present) and Assistant Secretary (2013-Present), SunAmerica.		N/A	N/A
Christopher C. Joe Age: 53	Chief Compliance Officer and Vice President		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: 50	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: 55	Vice President		2008- Present	Vice President (2009-Present), VALIC and VALIC Financial Advisors, Inc.		N/A	N/A
Kathleen D. Fuentes Age: 53	Chief Legal Officer, Vice President and Secretary		2015- Present	Vice President and Deputy General Counsel, SunAmerica (2006-Present).		N/A	N/A
Kevin J. Adamson Age: 56	Vice President		2018- Present	Vice President, VALIC (2018-Present); Chief Operating Officer, Lincoln Investment Advisors (2004-2017).		N/A	N/A
Shawn Parry Age: 49	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: 61	Vice President and Assistant Treasurer		2014- Present	Vice President, SunAmerica (2014-Present); Managing Director, BNY Mellon (2009-2014).		N/A	N/A
Christopher J. Tafone Age: 47	Vice President and Assistant Secretary		2021- Present (Vice President); 2016- Present (Assistant Secretary)	Vice President, SAAMCo (2016-Present); Associate General Counsel, AIG Life & Retirement (2016-Present).		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 (37 funds), Seasons Series Trust (19 portfolios), and SunAmerica Series Trust (61 portfolios).

(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.

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.

349

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, 2022.

During the year ended May 31, 2022, 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
Aggressive Growth Lifestyle	$	35,525,418	$	170,510	$	2,286,153		14.14	%
Asset Allocation		3,090,432		—		—		4.60
Blue Chip Growth		130,201,251		—		—		100.00
Capital Appreciation		7,075,856		—		—		100.00
Conservative Growth Lifestyle		11,205,899		36,678		548,071		5.99
Core Bond		13,945,029		—		—		0.08
Dividend Value		—		—		—		93.57
Dynamic Allocation		17,786,840		26,267		278,724		15.00
Emerging Economies		81,856,666		4,806,133		37,350,168		—
Global Real Estate		—		—		—		—
Global Strategy		—		—		—		100.00
Government Money Market I		—		—		—		—
Government Securities		—		—		—		—
Growth		214,321,560		—		—		8.13
High Yield Bond		—		—		—		—
Inflation Protected		28,825,667		—		—		—
International Equities Index		—		2,943,270		56,320,175		—
International Government Bond		264,150		—		—		—
International Growth		61,433,360		695,668		5,383,315		—
International Opportunities		68,307,198		805,134		11,277,128		0.01
International Socially Responsible		11,587,822		824,011		10,788,743		—
International Value		—		1,510,425		23,729,091		2.35
Large Capital Growth		72,643,794		—		—		91.75
Mid Cap Index		236,317,819		—		—		41.88
Mid Cap Strategic Growth		69,410,630		—		—		11.64
Mid Cap Value		35,033,346		—		—		27.09
Moderate Growth Lifestyle		53,585,267		217,033		3,173,872		12.08
Nasdaq-100® Index		69,393,508		—		—		71.89
Science & Technology		347,677,088		—		—		1.75
Small Cap Growth		30,950,737		—		—		2.42
Small Cap Index		84,996,196		—		—		30.69
Small Cap Special Values		5,451,704		—		—		30.82
Small Cap Value		13,229,327		—		—		16.04
Stock Index		474,618,440		—		—		99.12
Systematic Core		846,313		—		—		74.24
Systematic Value		7,629,230		—		—		14.35
U.S. Socially Responsible		99,217,479		—		—		79.81

* The Funds make an election under the Internal Revenue Code Section 853 to pass through foreign taxes paid to shareholders.

350

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.

351

VALIC Company I Aggressive Growth Lifestyle Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

The Aggressive Growth Fund posted a return of -7.62% for the twelve-month period ended May 31, 2022, compared to -0.30% for the S&P 500^® Index and -5.55% for the blended index. The blended index is comprised of 54% Russell 3000^® Index, 13% MSCI EAFE Index (net), 25% Bloomberg U.S. Aggregate Bond Index, and 8% FTSE EPRA/NAREIT Developed Index.

The Aggressive Growth Lifestyle Fund invests in a combination of affiliated funds, also known as “fund of funds.” The Fund does not select specific sectors, securities, or countries and thus these factors do not influence performance. Rather, the key indicators of performance are asset allocation and manager selection.

A discussion with PineBridge Investments, LLC

During the Period:

The following contributed to Fund return:

• Allocations to the following funds: Systematic Value Fund; Dividend Value Fund

The following detracted from Fund return:

• Allocations to the following funds: Core Bond Fund; International Opportunities Fund; Emerging Economies Fund

352

VALIC Company I Aggressive Growth Lifestyle Fund

COMPARISON: FUND VS. INDEX (unaudited) — (continued)

For the year ended May 31, 2022, the Aggressive Growth Lifestyle Fund returned -7.62% compared to -0.30% for the S&P 500^® Index and -5.55% for the Blended Index. Effective May 24, 2021, the Fund (the Predecessor Fund) was reorganized into the Acquiring Fund (see Note 1 Organization). The performance and financial history prior to May 24, 2021 are that of the Predecessor Fund.

* 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 Fund’s Blended Index consists of the Russell 3000^® Index (54%), MSCI EAFE Index (net) (13%), the Bloomberg U.S. Aggregate Bond Index (25%) and the FTSE/EPRA NAREIT Developed Index (8%).

*** 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 U.S. & Canada. The MSCI EAFE Index 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.

**** The Bloomberg 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 Russell 3000^® Index follows the 3,000 largest U.S. companies, based on total market capitalization.

†† 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.

Average Annual Total Return as of May 31, 2022
1 Year	5 Years	10 Years
-7.62%	7.45%	8.70%

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 Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.

Indices are not managed and an investor can not invest directly into an index.

353

VALIC Company I Asset Allocation Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

The Asset Allocation Fund posted a return of -3.16% compared to -0.30% for the S&P 500^® Index, -8.22% for the Bloomberg U.S. Aggregate Bond Index, and -3.34% for the Blended Index (S&P 500^® Index (60%) and Bloomberg U.S. Aggregate Bond Index (40%)).

A discussion with J.P. Morgan Investment Management Inc.

For the equity segment of the portfolio:

In aggregate, sector allocations relative to those of the Benchmark detracted from Fund return relative to Benchmark return.

In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed to Fund return relative to Benchmark return.

The following contributed to Fund return relative to Benchmark return:

• Allocations in the following sectors: autos & transportation; utilities; telecommunications

• Security selection in the following sectors: pharmaceuticals/medical technologies; media; consumer cyclicals

The following detracted from Fund return relative to Benchmark return:

• Allocations in the following sectors: energy; media; business services

• Security selection in the following sectors: basic materials; utilities; health care

For the fixed income segment of the portfolio:

In aggregate, sector allocations relative to those of the Benchmark contributed to Fund return relative to Benchmark return.

In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed to Fund return relative to Benchmark return.

Yield curve positioning contributed to Fund return relative to Benchmark return.

The following contributed to Fund return relative to Benchmark return:

• Allocations in the following sectors: asset-backed securities; agency and non-agency mortgage-backed securities

• Security selection in the following sectors: agency mortgage-backed securities; asset-backed securities

The following detracted from Fund return relative to Benchmark return:

• Allocations in the following sectors: US Treasuries; commercial mortgage-backed securities; US agency debt securities

• Security selection in the following sectors: investment grade corporate bonds; US Treasuries

354

VALIC Company I Asset Allocation Fund

COMPARISON: FUND VS. INDEX (unaudited) — (continued)

For the year ended May 31, 2022, the Asset Allocation Fund returned -3.16% compared to -0.30% for the S&P 500^® Index, -8.22% for the Bloomberg U.S. Aggregate Bond Index, and -3.34% 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 U.S. Aggregate Bond Index (40%).

*** The Bloomberg 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.

Average Annual Total Returns as of May 31, 2022
1 Year	5 Years	10 Years
-3.16%	5.84%	6.78%

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 Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.

Indices are not managed and an investor can not invest directly into an index.

355

VALIC Company I Blue Chip Growth Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

The Blue Chip Growth Fund posted a return of -21.75% for the twelve-month period ended May 31, 2022, compared to a return of -0.30% for the S&P 500^® Index.

A discussion with T. Rowe Price Associates, Inc.

During the Period:

In aggregate, sector allocations relative to those of the Benchmark detracted from Fund return relative to Benchmark return.

In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark detracted from Fund return relative to Benchmark return.

The following contributed to Fund return relative to Benchmark return:

• Allocations in the following sectors: industrials & business; information technology; financials

• Security selection in the following sectors: financials; materials

• Position weightings: Alphabet, Inc. (Google); Synopsys, Inc.; Eli Lilly & Co.

The following detracted from Fund return relative to Benchmark return:

• Allocations in the following sectors: communication services; consumer discretionary; and the lack of allocation in energy

• Security selection in the following sectors: information technology; consumer discretionary; communication services

• Position weightings: Carvana Co., Meta Platforms, Inc.; Snap, Inc.

For the year ended May 31, 2022, the Blue Chip Growth Fund returned -21.75% compared to -0.30% 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, 2022
1 Year	5 Years	10 Years
-21.75%	11.17%	14.06%

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 Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.

Indices are not managed and an investor can not invest directly into an index.

356

VALIC Company I Capital Appreciation Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

The Capital Appreciation Fund posted a return of -6.38% for the twelve-month period ending May 31, 2022, compared to a return of -6.25% for the Russell 1000^® Growth Index.

A discussion with Columbia Management Investment Advisers, LLC (f/k/a BMO Asset Management Corp.)

During the Period:

In aggregate, sector allocations relative to those of the Benchmark detracted from Fund return relative to Benchmark return.

In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed to Fund return relative to Benchmark return.

The following contributed to Fund return relative to Benchmark return:

• Allocations in the following sectors: consumer discretionary; real estate

• Security selection in the following sectors: information technology; communication services

• Position weightings: AutoZone, Inc.; PayPal Holdings, Inc.; Vertex Pharmaceuticals, Inc.

The following detracted from Fund return relative to Benchmark return:

• Allocations in the following sectors: communication services; consumer staples; and the lack of allocation in energy

• Security selection in the following sectors: health care; financials; materials

• Position weightings: Chegg, Inc.; Tesla, Inc.; Align Technology, Inc.

,

For the year ended May 31, 2022, the Capital Appreciation Fund returned -6.38% compared to -6.25% for the Russell 1000^® Growth Index. Effective May 24, 2021, the Fund (the Predecessor Fund) was reorganized into the Acquiring Fund (see Note 1 Organization). The performance and financial history prior to May 24, 2021 are that of the Predecessor Fund.

* The Russell 1000^® Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values.

Average Annual Total Return as of May 31, 2022
1 Year	5 Years	10 Years
-6.38%	13.54%	13.94%

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 Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.

Indices are not managed and an investor can not invest directly into an index.

357

VALIC Company I Conservative Growth Lifestyle Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

The Conservative Growth Lifestyle Fund posted a return of -7.88% for the twelve-month period ended May 31, 2022, compared to -0.30% for the S&P 500^® Index and -7.02% for the blended index. The blended index is comprised of 24% Russell 3000^® Index, 8% MSCI EAFE Index (net), 65% Bloomberg U.S. Aggregate Bond Index, and 3% FTSE EPRA/NAREIT Developed Index.

The Conservative Growth Lifestyle Fund invests in a combination of affiliated funds, also known as ‘fund of funds’. The Fund does not select specific sectors, securities, or countries and thus these factors do not influence performance. Rather, the key indicators of performance are asset allocation and manager selection.

A discussion with PineBridge Investments, LLC

During the Period:

The following contributed to Fund return:

• Allocations to the following funds: Systematic Value Fund; Dividend Value Fund

The following detracted from Fund return:

• Allocations to the following funds: Core Bond Fund; International Government Bond Fund; International Opportunities Fund

358

VALIC Company I Conservative Growth Lifestyle Fund

COMPARISON: FUND VS. INDEX (unaudited) — (continued)

For the year ended May 31, 2022, the Conservative Growth Lifestyle Fund returned -7.88% compared to -0.30% for the S&P 500^® Index and -7.02% for the Blended Index. Effective May 24, 2021, the Fund (the Predecessor Fund) was reorganized into the Acquiring Fund (see Note 1 Organization). The performance and financial history prior to May 24, 2021 are that of the Predecessor Fund.

* 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 Fund’s Blended Index consists of the Russell 3000^® Index (24%), MSCI EAFE Index (net) (8%), the Bloomberg U.S. Aggregate Bond Index (65%) and the FTSE EPRA/NAREIT Developed Index (3%).

*** 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 U.S. & Canada. The MSCI EAFE Index 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.

**** The Bloomberg 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 Russell 3000^® Index follows the 3,000 largest U.S. companies, based on total market capitalization.

†† 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.

Average Annual Total Return as of May 31, 2022
1 Year	5 Years	10 Years
-7.88%	4.44%	5.15%

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 Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.

Indices are not managed and an investor can not invest directly into an index.

359

VALIC Company I Core Bond Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

The Core Bond Fund posted a return of -8.75% for the twelve-month period ending May 31, 2022, compared to a return of -8.22% for the Bloomberg U.S. Aggregate Bond Index.

A discussion with PineBridge Investments, LLC

During the Period:

In aggregate, sector allocations relative to those of the Benchmark detracted from Fund return relative to Benchmark return.

In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed to Fund return relative to Benchmark return.

In aggregate, yield curve positioning relative to the Benchmark contributed to Fund return relative to Benchmark return.

The following contributed to Fund return relative to Benchmark return:

• Allocations in the following sectors: asset-backed securities; commercial mortgage-backed securities; and the lack of allocation in local authority bonds

• Security selection in the following sectors: industrials; financials

The following detracted from Fund return relative to Benchmark return:

• Allocations in the following sectors: US Treasuries; industrials; sovereign bonds

• Security selection in the following sectors: sovereign bonds; mortgage-backed securities

For the year ended May 31, 2022, the Core Bond Fund returned -8.75% compared to -8.22% for the Bloomberg U.S. Aggregate Bond Index. Effective May 24, 2021, the Fund (the Predecessor Fund) was reorganized into the Acquiring Fund (see Note 1 Organization). The performance and financial history prior to May 24, 2021 are that of the Predecessor Fund.

* The Bloomberg 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.

Average Annual Total Return as of May 31, 2022
1 Year	5 Years	10 Years
-8.75%	1.44%	2.03%

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 Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.

Indices are not managed and an investor can not invest directly into an index.

360

VALIC Company I Dividend Value Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

The Dividend Value Fund posted a return of 2.28% for the twelve-month period ended May 31, 2022, compared to a return of 0.93% for the Russell 1000^® Value Index.

A discussion with Blackrock Investment Management, LLC — regarding their portion of the Fund (the “portfolio”)

During the Period:

In aggregate, sector allocations relative to those of the Benchmark Contributed from Fund return relative to Benchmark return.

In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark Contributed to Fund return relative to Benchmark return.

The following contributed to Fund return relative to Benchmark return:

• Allocations in the following sectors: energy; industrials; communication services

• Security selection in the following sectors: industrials; information technology; communication services

• Position weightings: EQT Corp.; ConocoPhillips; and the lack of a position in Walt Disney Co.

The following detracted from Fund return relative to Benchmark return:

• Allocations in the following sectors: utilities; consumer discretionary; information technology

• Security selection in the following sectors: health care; energy; consumer staples

• Position weightings: Citi Group, Inc.; Koninklijke Philips NV; and the lack of a position in Exxon Mobil Corp.

A discussion with SunAmerica Asset Management, LLC — regarding their portion of the Fund (the “portfolio”) for the period from 6/1/21 to 7/721

During the Period:

In aggregate, sector allocations relative to those of the Benchmark contributed from Fund return relative to Benchmark return.

In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark detracted from Fund return relative to Benchmark return.

The following contributed to Fund return relative to Benchmark return:

• Allocations in the following sectors: information technology; financials; industrials

• Security selection in the following sectors: industrials; information technology; health care

• Position weightings: Paychex, Inc.; NetApp, Inc.; Merck & Co., Inc.

The following detracted from Fund return relative to Benchmark return:

• Allocations in the following sectors: communication services; energy; and the lack of allocation in real estate

• Security selection in the following sectors: consumer staples; energy; materials

• Position weightings: Walgreens Boots Alliance, Inc.; Dow, Inc.; JP Morgan Chase & Co.

A discussion with Clearbridge Investments, LLC — regarding their portion of the Fund previously managed by SunAmerica Asset Management, LLC (the “portfolio”) for the period from 7/8/21 to 5/31/22

In aggregate, sector allocations relative to those of the Benchmark Contributed from Fund return relative to Benchmark return.

In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark Contributed from Fund return relative to Benchmark return.

The following contributed to Fund return relative to Benchmark return:

• Allocations in the following sectors: energy; consumer discretionary; communication services

• Security selection in the following sectors: information technology; industrials; financials

• Position weightings: Williams Cos., Inc.; Pioneer Natural Resources Co.; Blackstone Inc., Class A

The following detracted from Fund return relative to Benchmark return:

• Allocations in the following sectors: information technology; health care; industrials

• Security selection in the following sectors: materials; energy; communication services

• Position weightings: PPG Industries, Inc.; Comcast Corp., Class A; Walt Disney Co.

361

VALIC Company I Dividend Value Fund

COMPARISON: FUND VS. INDEX (unaudited) — (continued)

For the year ended May 31, 2022, the Dividend Value Fund returned 2.28% compared to 0.93% 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, 2022
1 Year	5 Years	10 Years
2.28%	8.79%	11.21%

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 Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.

Indices are not managed and an investor can not invest directly into an index.

362

VALIC Company I Dynamic Allocation Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

The Dynamic Allocation Fund posted a return of -7.28% for the twelve-month period ended May 31, 2022, compared to a return of -0.30% for the S&P 500^® Index, -8.22% for the Bloomberg U.S. Aggregate Bond Index, and -3.34% for the Blended Index (S&P 500^® Index (60%) and the Bloomberg U.S. Aggregate Bond Index (40%)).

The Fund consists of two components: A fund-of-funds component representing investments in VC I 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:

Equity futures contracts were used to adjust exposures and manage risk of the Fund and contributed to the return of the fund.

The following detracted from Fund return relative to Benchmark return:

• Allocations in the following sectors: volatility overlay; fixed income overlay; options overlay; tactical equity

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 detracted from Fund return relative to Benchmark return.

The following contributed to Fund return relative to Benchmark return:

• Allocation in the following sector: Fixed Income

The following detracted from Fund return relative to Benchmark return:

• Allocation in the following sector: Equities (US & International)

363

VALIC Company I Dynamic Allocation Fund

COMPARISON: FUND VS. INDEX (unaudited) — (continued)

For the year ended May 31, 2022, the Dynamic Allocation Fund returned -7.28% compared to -0.30% for the S&P 500^® Index, -8.22% for the Bloomberg U.S. Aggregate Bond Index and -3.34% 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 U.S. Aggregate Bond Index (40%).

*** The Bloomberg 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, 2022
1 Year	5 Years	Since Inception*
-7.28%	6.13%	6.35%

* 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 Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.

Indices are not managed and an investor can not invest directly into an index.

364

VALIC Company I Emerging Economies Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

The Emerging Economies Fund posted a return of -20.87% for the twelve-month period ended May 31, 2022, compared to a return of -19.83% for the MSCI Emerging Markets Index (net).

A discussion with J.P. Morgan Investment Management, Inc.

During the Period:

In aggregate, sector allocations relative to those of the Benchmark contributed to Fund return relative to Benchmark return.

In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark detracted from Fund return relative to Benchmark return.

In aggregate, regional or country allocations relative to those of the Benchmark detracted from Fund return relative to Benchmark return.

The following contributed to Fund return relative to Benchmark return:

• Allocations in the following sectors: health care; consumer discretionary; financials

• Security selection in the following sectors: information technology; consumer staples; communication services

• Position weightings: Banco do Brasil SA; PTT Exploration & Production PCL; Mindtree, Ltd.

• Exposure to the following countries: Mexico; Brazil; Taiwan

The following detracted from Fund return relative to Benchmark return:

• Allocations in the following sectors: real estate; health care; energy

• Security selection in the following sectors: materials; financials; consumer discretionary

• Position weightings: Sberbank of Russia PJSC ADR; Vale SA ADR; Country Garden Services Holdings Co., Ltd.

• Exposure to the following countries: India; Indonesia; United Arab Emirates

365

VALIC Company I Emerging Economies Fund

COMPARISON: FUND VS. INDEX (unaudited) — (continued)

For the year ended May 31, 2022, the Emerging Economies Fund returned -20.87% compared to -19.83% 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 24 emerging market country indexes: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, 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, 2022
1 Year	5 Years	10 Years
-20.87%	3.13%	3.63%

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 Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.

Indices are not managed and an investor can not invest directly into an index.

366

VALIC Company I Global Real Estate Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

The Global Real Estate Fund posted a return of -5.43% for the twelve-month period ended May 31, 2022, compared to a return of -3.71% 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, position weightings (i.e., security selection) relative to those of the Benchmark contributed to Fund return relative to Benchmark return.

The following contributed to Fund return relative to Benchmark return:

• Position weightings: American Tower; SBA Communications; and the lack of a position in Vovonia SE

The following detracted from Fund return relative to Benchmark return:

• Position weightings: Host Hotels & Resorts; Americold Realty Trust; and the lack of a position in Public Storage

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 detracted from Fund return relative to Benchmark return.

In aggregate, regional or country allocations relative to those of the Benchmark detracted from Fund return relative to Benchmark return.

The following contributed to Fund return relative to Benchmark return:

• Position weightings: Summit Industrial Income REIT; Goodman Group; and the lack of a position in Alstria Office

• REIT Exposure to the following countries: Hong Kong; Sweden; United Kingdom

The following detracted from Fund return relative to Benchmark return:

• Position weightings: Vonovia SE; Instone Real Estate Group SE; Ingenia Communities Group

• Exposure to the following countries: Germany; Singapore; and the lack of exposure to China

367

VALIC Company I Global Real Estate Fund

COMPARISON: FUND VS. INDEX (unaudited) — (continued)

For the year ended May 31, 2022, the Global Real Estate Fund returned -5.43% compared to -3.71% 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, 2022
1 Year	5 Years	10 Years
-5.43%	4.51%	6.70%

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 Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.

Indices are not managed and an investor can not invest directly into an index.

368

VALIC Company I Global Strategy Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

The Global Strategy Fund posted a return of -9.57% for the twelve-month period ended May 31, 2022 compared to a return of -6.78% for the MSCI ACWI (net), -7.09% for the Bloomberg Global Aggregate Index (USD hedged) and -6.75% for the Blended Index (MSCI ACWI Index (net) (60%) and the Bloomberg Global Aggregate Index (USD hedged) (40%)) and -9.53% for the Old Blended Index (JPMorgan GBI Global Index (unhedged) (40%) and the MSCI ACWI Index (net) (60%)).

A discussion with Franklin Advisers, Inc. — regarding the Global Debt portion of the Fund (the “portfolio”) for the period from 6/1/21 to 12/7/21

During the Period:

In aggregate, yield curve positioning relative to the Benchmark detracted from Fund return relative to Benchmark return.

In aggregate, foreign currency exposures relative to the Benchmark contributed to Fund return relative to Benchmark return.

Interest rate futures were used to gain and adjust market exposure of the Fund and detracted from the return of the portfolio.

The following contributed to Fund return relative to Benchmark return:

• Exposure to the following countries: Argentina; Indonesia; India

The following detracted from Fund return relative to Benchmark return:

• Exposure to the following countries: United States; European union (aggregated); United Kingdom

A discussion with Brandywine Global Investments, LLC — regarding the Global Debt portion of the Fund (the “portfolio”) previously managed by Franklin Advisers, Inc. for the period from 12/8/21 to 5/31/22

During the Period:

The following contributed to Fund return relative to Benchmark return:

• Sector: Securitized products

• Exposure to the following countries: France; Japan

The following detracted from Fund return relative to Benchmark return:

• Sector: investment grade corporate bonds

Forward foreign currency contracts were used to gain and adjust market exposure of the Fund and contributed to the return of the portfolio.

A discussion with Franklin Advisers, Inc. — regarding the Global Equity Strategy of the Fund (the “portfolio”)

During the Period:

In aggregate, sector allocations relative to those of the Benchmark detracted from Fund return relative to Benchmark return.

In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed to Fund return relative to Benchmark return.

In aggregate, regional or country allocations relative to those of the Benchmark detracted from Fund return relative to Benchmark return.

The following contributed to Fund return relative to Benchmark return:

• Allocations in the following sectors: consumer discretionary; financials; health care

• Security selection in the following sectors: consumer discretionary; energy; information technology

• Position weightings: Amazon.com, Inc.; Pfizer, Inc.; Alibaba Group Holding, Ltd.

• Exposure to the following countries: China; Russia; Germany

The following detracted from Fund return relative to Benchmark return:

• Allocations in the following sectors: energy; consumer staples; materials

• Security selection in the following sectors: financials; industrials; consumer staples

• Position weightings: Apple, Inc.; Microsoft Corp.; Alphabet, Inc. (Google)

• Exposure to the following countries: Australia; Canada; Spain

369

VALIC Company I Global Strategy Fund

COMPARISON: FUND VS. INDEX (unaudited) — (continued)

For the year ended May 31, 2022, the Global Strategy Fund returned -9.57% compared to -6.78% for the MSCI ACWI (net), -7.09% for the Bloomberg Global Aggregate Index (USD hedged) and -13.83% for the JPMorgan GBI Global Index (unhedged), -9.53% for the Old Blended Index and -6.75 for the New 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 47 country indices comprising 23 developed and 24 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: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, 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 Bloomberg Global Aggregate Index (USD hedged) represents a close estimation of the performance that can be achieved by hedging the currency exposure of its parent index, the Bloomberg Global Aggregate Bond Index, to USD. The index is 100% hedged to USD by selling the forwards of all the currencies in the parent index at the one-month Forward rate. The parent index is composed of government, government-related and corporate bonds, as well as asset-backed, mortgage-backed and commercial mortgage-backed securities from both developed and emerging markets issuers.

*** The Old Blended Index is comprised of the JPMorgan GBI Global Index (unhedged) (40%) and the MSCI ACWI Index (net) (60%).

**** Effective December 7, 2021, the Fund changed its blended index from the J.P. Morgan GBI Global Index (unhedged) (40%) and the MSCI ACWI Index (net) (60%) (the “Old Blended Index”) to the Bloomberg Global Aggregate Index (USD hedged) (40%) and the MSCI ACWI Index (net) (60%) (the “New Blended Index”) as the performance benchmark against which the Fund measures its performance. Fund management believes that the New Blended Index is more representative of the securities in which the Fund invests.

***** 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, 2022
1 Year	5 Years	10 Years
-9.57%	1.21%	5.19%

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 Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.

Indices are not managed and an investor can not invest directly into an index.

370

VALIC Company I Government Money Market I Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

The Government Money Market I Fund posted a return of 0.02% for the twelve-month period ended May 31, 2022, compared to a return of 0.13% for the FTSE Treasury Bill 3 Month Index.*

A discussion with SunAmerica Asset Management, LLC

During the Period:

The following contributed to Fund return relative to Benchmark return:

• Allocation in the following sector: US Treasury securities

The following detracted from Fund return relative to Benchmark return:

• Allocation in the following sector: Federal Home Loan Bank securities

* The FTSE Treasury Bill 3 Month Index measures monthly performance of 90-day U.S. Treasury Bills.

Average Annual Total Returns as of May 31, 2022
1 Year	5 Years	10 Years
0.02%	0.71%	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 Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.

Indices are not managed and an investor can not invest directly into an index.

371

VALIC Company I Government Securities Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

The Government Securities Fund posted a return of -7.47% for the twelve-month period ended May 31, 2022, compared to a return of -7.45% for the Bloomberg U.S. Government Bond Index.

A discussion with J.P. Morgan Investment Management, Inc.

During the Period:

In aggregate, sector allocations relative to those of the Benchmark detracted from Fund return relative to Benchmark return.

In aggregate, yield curve positioning relative to the Benchmark detracted from Fund return relative to Benchmark return.

The following contributed to Fund return relative to Benchmark return:

• Allocations in the following sectors: asset-backed securities; US Agency debt securities

• Security selection in the following sector: US Agency debt securities

The following detracted from Fund return relative to Benchmark return:

• Allocations in the following sectors: US Agency mortgage-backed securities; commercial mortgage-backed securities

• Security selection in the following sector: US Treasuries

For the year ended May 31, 2022, the Government Securities Fund returned -7.47% compared to -7.45% for the Bloomberg U.S. Government Bond Index.

* The Bloomberg U.S. Government Bond Index is a market-value weighted index of U.S. government and government agency securities (other than mortgage securities) with maturities of one year or more.

Indices are not managed and an investor cannot invest directly into an index.

Average Annual Total Returns as of May 31, 2022
1 Year	5 Years	10 Years
-7.47%	0.65%	0.95%

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 Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.

Indices are not managed and an investor can not invest directly into an index.

372

VALIC Company I Growth Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

The Growth Fund posted a return of -14.82% for the twelve-month period ended May 31, 2022, compared to return of -6.25% for the Russell 1000^® Growth Index and -3.69% for the S&P 500^® Growth Index.

A discussion with BlackRock Investment Management, LLC — regarding their portion of the Fund (the “portfolio”)

During the Period:

In aggregate, sector allocations relative to those of the Benchmark detracted from Fund return relative to Benchmark return.

In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark detracted from Fund return relative to Benchmark return.

The following contributed to Fund return relative to Benchmark return:

• Allocations in the following sectors: energy; financials; industrials

• Security selection in the following sectors: industrials; materials; energy

• Position weightings: Pioneer Natural Resources Co.; Paypal Holdings, Inc.; Chart Industries, Inc.

The following detracted from Fund return relative to Benchmark return:

• Allocations in the following sectors: communication services; consumer staples; materials

• Security selection in the following sectors: information technology; communication services; consumer discretionary

• Position weightings: Snap Inc.; Apple Inc.; Sea, Ltd. ADR

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 Fund return relative to Benchmark return.

In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed from Fund return relative to Benchmark return.

The following contributed to Fund return relative to Benchmark return:

• Allocations in the following sectors: finance; energy; consumer services

• Security selection in the following sectors: technology; healthcare; consumer cyclicals

• Position weightings: AbbVie, Inc.; Eli Lilly & Co.; Tesla, Inc.

The following detracted from Fund return relative to Benchmark return:

• Allocations in the following sectors: industrials; telecommunications; consumer cyclicals

• Security selection in the following sectors: consumer non-cyclicals; finance; telecommunications

• Position weightings: Meta Platforms, Inc., Class A; Microsoft Corp.; Netflix, Inc.

373

VALIC Company I Growth Fund

COMPARISON: FUND VS. INDEX (unaudited) — (continued)

For the year ended May 31, 2022, the Growth Fund returned -14.82% compared to -6.25% for the Russell 1000^® Growth Index and -3.69% 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, 2022
1 Year	5 Years	10 Years
-14.82%	12.91%	13.52%

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 Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.

Indices are not managed and an investor can not invest directly into an index.

374

VALIC Company I High Yield Bond Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

The High Yield Bond Fund posted a return of -5.34% for the twelve-month period ending May 31, 2022, compared to its benchmark, the FTSE US High-Yield Market Index, which returned -4.81%.

A discussion with Wellington Management Company LLP

During the Period:

In aggregate, sector allocations relative to those of the Benchmark contributed to Fund return relative to Benchmark return.

In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark detracted from Fund return relative to Benchmark return.

The following contributed to Fund return relative to Benchmark return:

• Allocations in the following sectors: home construction; media & entertainment; retailers

• Security selection in the following sectors: automotive; technology; cable & satellite

• Position weightings: Ford Motor Co.; Occidental Petroleum Corp.; Pioneer National Resources Co.

The following detracted from Fund return relative to Benchmark return:

• Allocations in the following sectors: building materials; metals/mining; transportation

• Security selection in the following sectors: pharmaceuticals; energy; building materials

• Position weightings: Endurance Acquisition Merger Sub; ARD Finance SA; Cellnex Telecom SA

Forward foreign currency contracts were used to adjust exposures and manage risk of the Fund and contributed to the performance of the Fund.

For the year ended May 31, 2022, the High Yield Bond Fund returned -5.34% compared to -4.81% for the FTSE US High-Yield Market Index. Effective May 24, 2021, the Fund (the Predecessor Fund) was reorganized into the Acquiring Fund (see Note 1 Organization). The performance and financial history prior to May 24, 2021 are that of the Predecessor Fund.

* The FTSE US High-Yield Market Index measures the performance of below investment grade debt issued by corporations domiciled in the U.S or Canada. All of the bonds in such index are publicly placed, have a fixed coupon, and are nonconvertible.

Average Annual Total Return as of May 31, 2022
1 Year	5 Years	10 Years
-5.34%	3.34%	4.71%

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 Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.

Indices are not managed and an investor can not invest directly into an index.

375

VALIC Company I Inflation Protected Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

The Inflation Protected Fund posted a return of -1.25% for the twelve-month period ended May 31, 2022, compared to a return of -1.45% for the Bloomberg U.S. Treasury Inflation-Protected Securities (“TIPS”) Index.

A discussion with Wellington Management Company LLP

During the Period:

In aggregate, sector allocations relative to those of the Benchmark detracted from Fund return relative to Benchmark return.

In aggregate, position weightings (i.e., securities selection) relative to those of the Benchmark detracted from Fund return relative to Benchmark return.

In aggregate, regional or country allocations relative to those of the Benchmark contributed to Fund return relative to Benchmark return.

In aggregate, yield curve positioning relative to the Benchmark contributed to Fund return relative to Benchmark return.

The following contributed to Fund return relative to Benchmark return:

• Allocations in the following sectors: high yield; emerging markets debt

• Exposure to the following countries: Canada; United Kingdom; Italy

The following detracted from Fund return relative to Benchmark return:

• Allocations in the following sectors: developed market sovereign bonds; US TIPS

• Exposure to the following countries: United States; Romania

Forward foreign currency contracts, equity futures, and interest rate swaps were used to gain and adjust market exposures of the Fund and contributed to the return of the Fund.

376

VALIC Company I Inflation Protected Fund

COMPARISON: FUND VS. INDEX (unaudited) — (continued)

For the year ended May 31, 2022, the Inflation Protected Fund returned -1.25% compared to -1.45% for the Bloomberg U.S. TIPS Index.

* The Bloomberg 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, 2022
1 Year	5 Years	10 Years
-1.25%	3.14%	1.82%

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 Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.

Indices are not managed and an investor can not invest directly into an index.

377

VALIC Company I International Equities Index Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

The International Equities Index Fund posted a return of -10.51% for the twelve-month period ended May 31, 2022, compared to a return of -10.38% for the MSCI EAFE Index (net).

This Fund is a complete replication of the MSCI EAFE Index (net) and is rebalanced quarterly when the MSCI rebalances its indices.

A discussion with SunAmerica Asset Management, LLC

During the Period:

The following contributed to Fund return:

• Exposures to the following sector: energy

• Position weightings: Shell PLC; Total Energies SE; AstraZeneca PLC

• Exposure to the following countries: United Kingdom; Norway; Portugal

The following detracted from Fund return:

• Exposure to the following sectors: industrials; finance; consumer cyclicals

• Position weightings: ASML Holding NV; LVMH Moet Hennessy Louis; Roche Holding Ltd

• Exposure to the following countries: Japan; Germany; France

For the year ended May 31, 2022, the International Equities Index Fund returned -10.51% compared to -10.38% 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, 2022
1 Year	5 Years	10 Years
-10.51%	3.83%	6.52%

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 Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.

Indices are not managed and an investor can not invest directly into an index.

378

VALIC Company I International Government Bond Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

For the year ended May 31, 2022, the International Government Bond Fund posted a return of -13.78% compared to -15.38% for the JPMorgan Emerging Markets Bond Index (EMBI) Global Diversified Index, -14.97% for the FTSE World Government Bond Index (WGBI) Index (unhedged) and -15.05% for the Blended Index (FTSE WGBI Index (unhedged) (70%) and the JPMorgan EMBI Global Diversified Index (30%)).

A discussion with PineBridge Investments, LLC

During the Period:

In aggregate, sector allocations relative to those of the Benchmark contributed to Fund return relative to Benchmark return.

In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed to Fund return relative to Benchmark return.

In aggregate, regional or country allocations relative to those of the Benchmark contributed to Fund return relative to Benchmark return.

In aggregate, yield curve positioning relative to the Benchmark contributed to Fund return relative to Benchmark return.

In aggregate, foreign currency exposures relative to the Benchmark contributed to Fund return relative to Benchmark return.

The following contributed to Fund return relative to Benchmark return:

• Exposure to the following countries: Russia; Ukraine; and the lack of exposure to Belarus

The following detracted from Fund return relative to Benchmark return:

• Exposure to the following countries: Pakistan; El Salvador; Ghana

379

VALIC Company I International Government Bond Fund

COMPARISON: FUND VS. INDEX (unaudited) — (continued)

For the year ended May 31, 2022, the International Government Bond Fund returned -13.78% compared to -15.38% for the JP Morgan EMBI Global Diversified Index, -14.97% for the FTSE WGBI Index (unhedged) and -15.05% 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, 2022
1 Year	5 Years	10 Years
-13.78%	-0.12%	0.68%

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 Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.

Indices are not managed and an investor can not invest directly into an index.

380

VALIC Company I International Growth Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

The International Growth Fund posted a return of -27.99% for the twelve-month period ended May 31, 2022, compared to a return of -12.41% for the MSCI ACWI ex USA Index (net).

A discussion with Morgan Stanley Investment Management, Inc. “MSIM”

During the Period:

In aggregate, sector allocations relative to those of the Benchmark detracted from Fund return relative to Benchmark return.

In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark detracted from Fund return relative to Benchmark return.

In aggregate, regional or country allocations relative to those of the Benchmark contributed to Fund return relative to Benchmark return.

In aggregate, holding of cash and/or cash equivalents contributed from Fund return relative to Benchmark return.

The following contributed to Fund return relative to Benchmark return:

• Allocations in the following sectors: communication services; consumer staples; and the lack of allocation in real estate

• Security selection in the following sectors: communication services; utilities

• Position weightings: Brookfield Infrastructure Partners L.P.; Dassault Systems SA; Chocoladefabriken Lindt & Spruengli AG

• Exposure to the following countries: Denmark; and the lack of exposure to Russia and Korea

The following detracted from Fund return relative to Benchmark return:

• Allocations in the following sectors: consumer discretionary; financials; and the lack of allocation in energy

• Security selection in the following sectors: consumer discretionary; consumer staples; industrials

• Position weightings: DSV A/S; Shopify, Inc. Class A; EPAM Systems, Inc.

• Exposure to the following countries: United States; Germany; Australia

381

VALIC Company I International Growth Fund

COMPARISON: FUND VS. INDEX (unaudited) — (continued)

For the year ended May 31, 2022, the International Growth Fund returned -27.99% compared to -12.41% 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, 2022
1 Year	5 Years	10 Years
-27.99%	7.57%	8.55%

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 Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.

Indices are not managed and an investor can not invest directly into an index.

382

VALIC Company I International Opportunities Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

The International Opportunities Fund posted a return of -17.48% for the twelve-month period ending May 31, 2022, compared to a return of -14.04% for the MSCI ACW Ex USA SMID Cap Index (net).

A discussion with Massachusetts Financial Services Company — regarding their portion of the Fund (the “portfolio”)

During the Period:

In aggregate, sector allocations relative to those of the Benchmark detracted from Fund return relative to Benchmark return.

In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed from Fund return relative to Benchmark return.

In aggregate, country exposure relative to those of the Benchmark detracted from Fund return relative to Benchmark return.

In aggregate, holding of cash and/or cash equivalents contributed from Fund return relative to Benchmark return.

The following contributed to Fund return relative to Benchmark return:

• Allocations in the following sectors: consumer discretionary; materials

• Security selection in the following sectors: healthcare; information technology; communication services

• Position weightings: United Tractors Tbk PT; Dollarama, Inc.; Silicon Motion Technology Corp.

• Exposure to the following countries: Russia; China; Sweden

The following detracted from Fund return relative to Benchmark return:

• Allocations in the following sectors: energy; utilities; information technology

• Security selection in the following sectors: materials; energy; consumer staples

• Position weightings: Just Eat Takeaway.com NV; Cellnex Telecom SA; Leg Immobilien SE

• Exposure to the following countries: Canada; Japan; and the lack of exposure to Israel

A discussion with Delaware Investments Fund Advisers — regarding their portion of the Fund (the “portfolio”)

During the Period:

In aggregate, sector allocations relative to those of the Benchmark contributed from Fund return relative to Benchmark return.

In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark detracted from Fund return relative to Benchmark return.

In aggregate, regional or country allocations relative to those of the Benchmark detracted from Fund return relative to Benchmark return.

The following contributed to Fund return relative to Benchmark return:

• Allocations in the following sectors: energy; consumer staples; industrials

• Security selection in the following sectors: materials; energy; consumer staples

• Position weightings: Enerplus Corp.; K+S AG; Vermilion Energy, Inc.

• Exposure to the following countries: Canada; China; and the lack of exposure to Switzerland

The following detracted from Fund return relative to Benchmark return:

• Allocations in the following sectors: utilities; financials; consumer discretionary

• Security selection in the following sectors: industrials; communication services; consumer discretionary

• Position weightings: Future PLC; Locaweb Servicos DE Internet SA; S4 Capital PLC

• Exposure to the following countries: Germany; United Kingdom; and the lack of exposure to India

383

VALIC Company I International Opportunities Fund

COMPARISON: FUND VS. INDEX (unaudited) — (continued)

For the year ended May 31, 2022, the International Opportunities Fund returned -17.48% compared to -14.04% for MSCI ACWI ex USA SMID Cap Index (net). Effective May 24, 2021, the Fund (the Predecessor Fund) was reorganized into the Acquiring Fund (see Note 1 Organization). The performance and financial history prior to May 24, 2021 are that of the Predecessor Fund.

* The MSCI ACWI ex USA SMID Cap Index (net) captures mid and small cap representation across 22 of 23 Developed Market (DM) countries (excluding the US) and 24 Emerging Markets countries. The index covers approximately 28% of the free float-adjusted market capitalization in each country. 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 non-resident individuals who do not benefit from double taxation treaties.

Average Annual Total Return as of May 31, 2022
1 Year	5 Years	10 Years
-17.48%	4.23%	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 Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.

Indices are not managed and an investor can not invest directly into an index.

384

VALIC Company I International Socially Responsible Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

The International Socially Responsible Fund posted a return of -10.84% for the twelve-month period ended May 31, 2022, compared to a return of -10.38% 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.

A discussion with SunAmerica Asset Management, LLC

During the Period:

Equity futures contracts were used to maintain market exposure and detracted from the return of the Fund.

In aggregate, sector allocations relative to those of the Benchmark contributed to Fund return relative to Benchmark return.

In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark detracted from Fund return relative to Benchmark return.

In aggregate, regional or country allocations relative to those of the Benchmark detracted from Fund return relative to Benchmark return.

The following contributed to Fund return relative to Benchmark return:

• Allocations in the following sectors: consumer cyclicals; consumer non-cyclicals; consumer services

• Security selection in the following sectors: consumer cyclicals; industrials; utilities

• Position weightings: Equinor ASA; Novo Nordisk A/S Class B; Tenaris S.A.

• Exposure to the following countries: Germany; Norway; Portugal

The following detracted from Fund return relative to Benchmark return:

• Allocations in the following sectors: healthcare; energy; industrials

• Security selection in the following sectors: consumer non-cyclicals; energy; healthcare

• Lack of a position in Shell PLC; TotalEnergies; AstraZeneca PLC

• Exposure to the following countries: United Kingdom; Switzerland; Australia

385

VALIC Company I International Socially Responsible Fund

COMPARISON: FUND VS. INDEX (unaudited) — (continued)

For the year ended May 31, 2022, the International Socially Responsible Fund returned -10.84% compared to -10.38% 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, 2022
1 Year	5 Years	10 Years
-10.84	6.31%	9.95%

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 Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.

Indices are not managed and an investor can not invest directly into an index.

386

VALIC Company I International Value Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

The International Value Fund posted a return of -12.03% for the twelve-month period ended May 31, 2022, compared to a return of -12.41% for the MSCI ACWI ex USA (net).

A discussion with Allspring Global Investments, LLC “Allspring” (f/k/a Wells Capital Management Inc.)

During the Period:

In aggregate, sector allocations relative to those of the Benchmark detracted from Fund return relative to Benchmark return.

In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed from Fund return relative to Benchmark return.

In aggregate, regional or country allocations relative to those of the Benchmark detracted from Fund return relative to Benchmark return.

In aggregate, holding of cash and/or cash equivalents contributed from Fund return relative to Benchmark return.

The following contributed to Fund return relative to Benchmark return:

• Allocations in the following sectors: communication services; information technology; financials

• Security selection in the following sectors: industrials; information technology; financials

• Position weightings: Rheinmetall AG; Baker Hughes Co,; Samsonite International SA

• Exposure to the following countries: United States; Russia; United Kingdom

The following detracted from Fund return relative to Benchmark return:

• Allocations in the following sectors: consumer discretionary; energy; industrials

• Security selection in the following sectors: consumer staples; health care; materials

• Position weightings: Topsports International Holdings, Ltd.; Sands China, Ltd.; Nomad Foods, Ltd.

• Exposure to the following countries: China/Hong Kong; Canada; Korea

387

VALIC Company I International Value Fund

COMPARISON: FUND VS. INDEX (unaudited) — (continued)

For the year ended May 31, 2022, the International Value Fund returned -12.03% compared to -12.41% 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, 2022
1 Year	5 Years	10 Years
-12.03	1.01%	5.56%

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 Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.

Indices are not managed and an investor can not invest directly into an index.

388

VALIC Company I Large Capital Growth Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

The Large Capital Growth Fund posted a return of -1.82% for the twelve-month period ended May 31, 2022, compared to a return of -6.25% for the Russell 1000^® Growth Index.

A discussion with Massachusetts Financial Services Company

During the Period:

In aggregate, sector allocations relative to those of the Benchmark contributed from Fund return relative to Benchmark return.

In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed to Fund return relative to Benchmark return.

The following contributed to Fund return relative to Benchmark return:

• Allocations in the following sectors: consumer staples; consumer discretionary; utilities

• Security selection in the following sectors: communication services; information technology; health care

• Lack of a position in: Meta Platforms, Inc.; Amazon; Paypal Holdings, Inc.

The following detracted from Fund return relative to Benchmark return:

• Allocations in the following sectors: information technology; communication services; and the lack of allocation in energy

• Security selection in the following sectors: consumer discretionary; utilities; consumer staples

• Position weightings: Apple, Inc.; Alibaba Group Holding, Ltd.; and the lack of a position in Tesla

For the year ended May 31, 2022, the Large Capital Growth Fund returned -1.82% compared to -6.25% 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, 2022
1 Year	5 Years	10 Years
-1.82%	15.73%	14.71%

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 Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.

Indices are not managed and an investor can not invest directly into an index.

389

VALIC Company I Mid Cap Index Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

The Mid Cap Index Fund posted a return of -6.84% for the twelve-month period ended May 31, 2022, compared to a return of -6.52% 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.

A discussion with SunAmerica Asset Management, LLC

During the Period:

The following contributed to Fund return:

• Allocations in the following sectors: energy; utilities; non-energy materials

• Position weightings: EQT Corp.; Targa Resources Corp., FactSet Research Systems, Inc.

The following detracted from Fund return:

• Allocations in the following sectors: consumer cyclicals; industrials; healthcare

• Position weightings: Boston Beer Co., Inc., Class A; RH; Cognex Corp.

For the year ended May 31, 2022, the Mid Cap Index Fund returned -6.84% compared to -6.52% for the S&P MidCap 400^® Index.

* The S&P MidCap 400^® Index is an index of the stocks of 400 domestic stocks chosen for market size, liquidity, and industry group representation. It is a market-value weighted index, with each stock’s percentage in the Index in proportion to its market value.

“Standard & Poor’s^®, “S&P^®,” and “S&P MidCap 400^®,” are trademarks of S&P. The Fund is not sponsored, endorsed, sold or promoted by S&P, and S&P makes no representation regarding the advisability of investment in the Fund.

Indices are not managed and an investor cannot invest directly into an index.

Average Annual Total Returns as of May 31, 2022
1 Year	5 Years	10 Years
-6.84%	9.20%	11.90%

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.

Indices are not managed and an investor can not invest directly into an index.

390

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 -14.32% for the twelve-month period ended May 31, 2022, compared to a return of -18.71% 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 Fund return relative to Benchmark return.

In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark detracted from Fund return relative to Benchmark return.

The following contributed to Fund return relative to Benchmark return:

• Allocations in the following sectors: communication services; energy; industrials

• Security selection in the following sectors: health care; communication services; materials

• Position weightings: Valero Energy Corp.; Diamondback Energy, Inc.; Waste Management, Inc.

The following detracted from Fund return relative to Benchmark return:

• Allocations in the following sectors: financials; consumer staples; materials

• Security selection in the following sectors: information technology; consumer discretionary; financials

• Position weightings: RH; Fiverr International Ltd.; Kornit Digital, Ltd.

A discussion with Janus Henderson 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 Fund return relative to Benchmark return.

In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed to Fund return relative to Benchmark return.

The following contributed to Fund return relative to Benchmark return:

• Allocations in the following sectors: communication services; financials; utilities

• Security selection in the following sectors: information technology; financials; health care

• Position weightings: LPL Financial Holdings, Inc.; ON Semiconductor Corp.; WR Berkley Corp.

The following detracted from Fund return relative to Benchmark return:

• Allocations in the following sectors: industrials; materials; and the lack of allocation in energy

• Security selection in the following sectors: consumer discretionary; real estate; utilities

• Position weightings: Wayfair, Inc.; Vroom, Inc.; and the lack of a position in Palo Alto Networks, Inc.

391

VALIC Company I Mid Cap Strategic Growth Fund

COMPARISON: FUND VS. INDEX (unaudited) — (continued)

For the year ended May 31, 2022, the Mid Cap Strategic Growth Fund returned -14.32% compared to -18.71% 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, 2022
1 Year	5 Years	10 Years
-14.32%	12.80%	12.69%

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 Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.

Indices are not managed and an investor can not invest directly into an index.

392

VALIC Company I Mid Cap Value Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

The Mid Cap Value Fund posted a return of 0.18% for the twelve-month period ending May 31, 2022, compared to a return of -0.06% for the Russell Midcap^® Value Index.

A discussion with Boston Partners Global Investors, Inc. d/b/a Boston Partners — regarding their portion of the Fund (the “portfolio”)

During the Period:

In aggregate, sector allocations relative to those of the Benchmark detracted from Fund return relative to Benchmark return.

In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed to Fund return relative to Benchmark return.

The following contributed to Fund return relative to Benchmark return:

• Allocations in the following sectors: energy; communication services

• Security selection in the following sectors: consumer discretionary; health care; industrials

• Position weightings: ConocoPhillips; Pioneer Natural Resources Co.; AutoZone, Inc.

The following detracted from Fund return relative to Benchmark return:

• Allocations in the following sectors: consumer discretionary; industrials; utilities

• Security selection in the following sectors: information technology; consumer staples; energy

• Position weightings: Qorvo, Inc.; Foot Locker, Inc.; Harley-Davidson, Inc.

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 detracted from Fund return relative to Benchmark return.

In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed to Fund return relative to Benchmark return.

The following contributed to Fund return relative to Benchmark return:

• Allocations in the following sectors: communication services; consumer discretionary; real estate

• Security selection in the following sectors: industrials; information technology; real estate

• Position weightings: Diamondback Energy, Inc.; Coterra Energy, Inc.; Tower Semiconductor LTD.

The following detracted from Fund return relative to Benchmark return:

• Allocations in the following sectors: energy; industrials; utilities

• Security selection in the following sectors: consumer staples; communication services; financials

• Position weightings: JetBlue Airways Corp.; MKS Instruments, Inc.; and the lack of a position in Devon Energy Corp.

393

VALIC Company I Mid Cap Value Fund

COMPARISON: FUND VS. INDEX (unaudited) — (continued)

For the year ended May 31, 2022, the Mid Cap Value Fund returned 0.18% compared to -0.06% for the Russell Midcap^® Value Index. Effective May 24, 2021, the Fund (the Predecessor Fund) was reorganized into the Acquiring Fund (see Note 1 Organization). The performance and financial history prior to May 24, 2021 are that of the Predecessor Fund.

* The Russell Midcap^® Value Index measures the performance of the mid-cap value segment of the U.S. equity universe. It includes those Russell Midcap Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell Midcap^® Value Index is constructed to provide a comprehensive and unbiased barometer of the mid-cap value market. The index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap value market.

Average Annual Total Return as of May 31, 2022
1 Year	5 Years	10 Years
0.18%	9.11%	11.34%

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 Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.

Indices are not managed and an investor can not invest directly into an index.

394

VALIC Company I Moderate Growth Lifestyle Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

The Moderate Growth Lifestyle Fund posted a return of -6.49% for the twelve-month period ended May 31, 2022, compared to -0.30% for the S&P 500^® Index and -6.22% for the Fund’s Blended Index. The blended index is comprised of 40% Russell 3000^® Index, 10% MSCI EAFE Index (net), 45% Bloomberg U.S. Aggregate Bond Index, and 5% FTSE EPRA/NAREIT Developed Index.

The Moderate Growth Lifestyle Fund invests in a combination of affiliated funds, also known as ‘fund of funds’. The Fund does not select specific sectors, securities, or countries and thus these factors do not influence performance. Rather, the key indicators of performance are asset allocation and manager selection.

A discussion with PineBridge Investments, LLC

During the Period:

The following contributed to Fund return:

• Allocations to the following funds: Systematic Value Fund; NASDAQ-100 Index Fund; Dividend Value Fund

The following detracted from Fund return:

• Allocations to the following funds: Core Bond Fund; International Opportunities Fund; International Equities Index Fund

395

VALIC Company I Moderate Growth Lifestyle Fund

COMPARISON: FUND VS. INDEX (unaudited) — (continued)

For the year ended May 31, 2022, the Moderate Growth Lifestyle Fund returned -6.49% compared to -0.30% for the S&P 500^® Index and -6.22% for the Blended Index. Effective May 24, 2021, the Fund (the Predecessor Fund) was reorganized into the Acquiring Fund (see Note 1 Organization). The performance and financial history prior to May 24, 2021 are that of the Predecessor Fund.

* 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 Russell 3000^® Index (40%), MSCI EAFE Index (net) (10%), the Bloomberg U.S. Aggregate Bond Index (45%) and the FTSE EPRA/NAREIT Developed Index (5%).

*** 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 U.S. & Canada. The MSCI EAFE Index 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.

**** The Bloomberg 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 Russell 3000^® Index follows the 3,000 largest U.S. companies, based on total market capitalization.

†† 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.

Average Annual Total Return as of May 31, 2022
1 Year	5 Years	10 Years
-6.49%	6.78%	7.56%

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 Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.

Indices are not managed and an investor can not invest directly into an index.

396

VALIC Company I Nasdaq-100^® Index Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

The Nasdaq-100^® Index Fund posted a return of -7.42% for the twelve-month period ended May 31, 2022, compared to a return of -6.96% 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.

A discussion with SunAmerica Asset Management, LLC

During the Period:

The following contributed to Fund return:

• Allocations in the following sectors: utilities; business services

• Position weightings: Apple, Inc.; Microsoft Corp.; NVIDIA Corp.

The following detracted from Fund return:

• Allocations in the following sectors: technology; consumer non-cyclicals; finance

• Position weightings: Meta Platforms, Inc. Class A; Amazon.com, Inc.; PayPal Holdings, Inc.

For the year ended May 31, 2022, the Nasdaq-100^® Index Fund returned -7.42% compared to -6.96% 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, 2022
1 Year	5 Years	10 Years
-7.42%	17.33%	18.16%

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 Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.

Indices are not managed and an investor can not invest directly into an index.

397

VALIC Company I Science & Technology Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

The Science & Technology Fund posted a return of -23.50% for the twelve-month period ended May 31, 2022, compared to a return of -12.38% 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 Fund return relative to Benchmark return.

In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark detracted from Fund return relative to Benchmark return.

In aggregate, holding of cash and/or cash equivalents contributed to Fund return relative to Benchmark return.

The following contributed to Fund return relative to Benchmark return:

• Allocations in the following sectors: communication services; real estate

• Security selection in the following sectors: communications services; industrials

• Position weightings: ON Semiconductor Corp.; Meta Platforms, Inc., Class A; Palo Alto Networks, Inc.

The following detracted from Fund return relative to Benchmark return:

• Allocations in the following sectors: industrials; consumer discretionary; information technology

• Security selection in the following sectors: information technology; consumer discretionary; health care

• Position weightings: Apple, Inc.; Microsoft Corp.; Twilio, 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 detracted from Fund return relative to Benchmark return.

In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark detracted from Fund return relative to Benchmark return.

The following contributed to Fund return relative to Benchmark return:

• Allocations in the following sectors: financial services; media & entertainment; and the lack of allocation in telecom services

• Security selection in the following sectors: healthcare; hardware

• Position weightings: Xilinx, Inc.; Pure Storage, Inc., Class A ; and the lack of a position in PayPal Holdings, Inc.

The following detracted from Fund return relative to Benchmark return:

• Allocations in the following sectors: internet; hardware; semiconductors

• Security selection in the following sectors: software; media & entertainment; industrials

• Position weightings: Alibaba Group Holding, Ltd. ADR; Zoom Video Communications, Inc., Class A; Zalando SE

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 detracted from Fund return relative to Benchmark return.

In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark detracted from Fund return relative to Benchmark return.

The following contributed to Fund return relative to Benchmark return:

• Allocations in the following sectors: semiconductors; professional services; communication equipment

• Security selection in the following sectors: semiconductors; hotels, restaurants, and leisure; communications equipment

• Position weightings: Marvell Technology, Inc.; Advanced Micro Devices, Inc.; Texas Instruments, Inc.

The following detracted from Fund return relative to Benchmark return:

• Allocations in the following sectors: hardware; software; electronics

• Security selection in the following sectors: Information technology services; software; entertainment

• Position weightings: StoneCo, Ltd.; and the lack of a position in Apple, Inc. & NVIDIA Corp.

398

VALIC Company I Science & Technology Fund

COMPARISON: FUND VS. INDEX (unaudited) — (continued)

For the year ended May 31, 2022, the Science & Technology Fund returned -23.50% compared to -12.38% 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, 2022
1 Year	5 Years	10 Years
-23.50%	14.70%	17.29%

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 Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.

Indices are not managed and an investor can not invest directly into an index.

399

VALIC Company I Small Cap Growth Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

The Small Cap Growth Fund posted a return of -29.91% for the twelve-month period ending May 31, 2022, compared to a return of -25.71% for the Russell 2000^® Growth Index.

A discussion with J.P. Morgan Investment Management Inc.

During the Period:

In aggregate, sector allocations relative to those of the Benchmark detracted from Fund return relative to Benchmark return.

In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark detracted from Fund return relative to Benchmark return.

The following contributed to Fund return relative to Benchmark return:

• Allocations in the following sectors: industrials; information technology; communication services

• Security selection in the following sectors: health care; consumer discretionary; real estate

• Position weightings: iRhythm Technologies, Inc.; Biohaven Pharmaceutical Holding Co., Ltd.; Carlisle Cos., Inc.

The following detracted from Fund return relative to Benchmark return:

• Allocations in the following sectors: energy; health care; materials

• Security selection in the following sectors: information technology; industrials; communication services

• Position weightings: Freshpet, Inc.; Everbridge, Inc.; Accolade, Inc.

A discussion with T. Rowe Price Associates, Inc.

During the Period:

In aggregate, sector allocations relative to those of the Benchmark contributed to Fund return relative to Benchmark return.

In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark detracted from Fund return relative to Benchmark return.

The following contributed to Fund return relative to Benchmark return:

• Allocations in the following sectors: health care; energy; consumer discretionary

• Security selection in the following sectors: health care; industrials & business services

• Issuer weightings: Farmers Business Network; Jand, Inc. (DBA Warby Parker); National Resilience

The following detracted from Fund return relative to Benchmark return:

• Allocations in the following sectors: industrials & business services; information technology; financials

• Security selection in the following sectors: consumer discretionary; information technology

• Issuer weightings: Rivian Automotive; Deliveroo PLC; Toast, Inc., Class B

400

VALIC Company I Small Cap Growth Fund

COMPARISON: FUND VS. INDEX (unaudited) — (continued)

For the year ended May 31, 2022, the Small Cap Growth Fund returned -29.91% compared to -25.71% for the Russell 2000^® Growth Index. Effective May 24, 2021, the Fund (the Predecessor Fund) was reorganized into the Acquiring Fund (see Note 1 Organization). The performance and financial history prior to May 24, 2021 are that of the Predecessor Fund.

* The Russell 2000^® Growth Index measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values.

Average Annual Total Return as of May 31, 2022
1 Year	5 Years	10 Years
-29.91%	11.87%	13.42%

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 Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.

Indices are not managed and an investor can not invest directly into an index.

401

VALIC Company I Small Cap Index Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

The Small Cap Index Fund posted a return of -17.14% for the twelve-month period ended May 31, 2022, compared to a return of -16.92% 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.

A discussion with SunAmerica Asset Management, LLC

During the Period:

The following contributed to Fund return:

• Allocations in the following sectors: energy; utilities

• Position weightings: Antero Resources Corp.; Ovintiv, Inc.; Chesapeake Energy Corp.

The following detracted from Fund return:

• Allocations in the following sectors: healthcare; technology; finance

• Position weightings: AMC Entertainment Holdings, Inc. Class A; BridgeBio Pharma, Inc.; Invitae Corp.

For the year ended May 31, 2022, the Small Cap Index Fund returned -17.14% compared to -16.92% 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, 2022
1 Year	5 Years	10 Years
-17.14%	7.38%	10.60%

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 Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.

Indices are not managed and an investor can not invest directly into an index.

402

VALIC Company I Small Cap Special Values Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

The Small Cap Special Values Fund posted a return of -5.18% for the twelve-month period ended May 31, 2022, compared to a return of -7.67% for the Russell 2000^® Value Index.

A discussion with Allspring Global Investments, LLC (f/k/a Wells Capital Management Incorporated)

During the Period:

In aggregate, sector allocations relative to those of the Benchmark contributed to Fund return relative to Benchmark return.

In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed to Fund return relative to Benchmark return.

The following contributed to Fund return relative to Benchmark return:

• Allocations in the following sectors: health care; communication services; consumer staples

• Security selection in the following sectors: health care; materials; energy

• Position weightings: Magnolia Oil & Gas Corp. Class A; Southwestern Energy Company; Atkore Inc.

The following detracted from Fund return relative to Benchmark return:

• Allocations in the following sectors: energy; utilities; real estate

• Security selection in the following sectors: consumer staples; industrials; utilities

• Position weightings: Tupperware Brands Corp.; J & J Snack Foods Corp.; Denny’s Corp.

For the year ended May 31, 2022, the Small Cap Special Values Fund returned -5.18% compared to -7.67% 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, 2022
1 Year	5 Years	10 Years
-5.18%	8.67%	11.83%

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 Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.

Indices are not managed and an investor can not invest directly into an index.

403

VALIC Company I Small Cap Value Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

The Small Cap Value Fund posted a return of -5.49% for the twelve-month period ending May 31, 2022, compared to a return of -7.67% for the Russell 2000^® Value Index.

A discussion with J.P. Morgan Investment Management Inc.

During the Period:

In aggregate, sector allocations relative to those of the Benchmark detracted from Fund return relative to Benchmark return.

In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed to Fund return relative to Benchmark return.

The following contributed to Fund return relative to Benchmark return:

• Allocations in the following sectors: consumer discretionary; information technology; consumer staples

• Security selection in the following sectors: consumer discretionary; health care; energy

• Position weightings: Arena Pharmaceuticals, Inc.; Travere Therapeutics, Inc.; Echo Global Logistics, Inc.

The following detracted from Fund return relative to Benchmark return:

• Allocations in the following sectors: energy; utilities; real estate

• Security selection in the following sectors: communication services; industrials; consumer staples

• Position weightings: Avis Budget Group, Inc.; Endo International PLC; Liberty TripAdvisor Holdings, Inc.

Equity futures contracts were used to adjust exposures and manage risk of the Fund and detracted from the performance of the Fund.

For the year ended May 31, 2022, the Small Cap Value Fund returned -5.49% compared to -7.67% for the Russell 2000^® Value Index. Effective May 24, 2021, the Fund (the Predecessor Fund) was reorganized into the Acquiring Fund (see Note 1 Organization). The performance and financial history prior to May 24, 2021 are that of the Predecessor Fund.

* The Russell 2000^® Value Index measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values.

Average Annual Total Return as of May 31, 2022
1 Year	5 Years	10 Years
-5.49%	7.23%	10.33%

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 Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.

Indices are not managed and an investor can not invest directly into an index.

404

VALIC Company I Stock Index Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

The Stock Index Fund posted a return of -0.54% for the twelve-month period ended May 31, 2022, compared to a return of -0.30% 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.

A discussion with SunAmerica Asset Management, LLC

During the Period:

Equity futures contracts were used to maintain market exposure and contributed to the return of the Fund.

The following contributed to Fund return:

• Allocations in the following sectors: energy; healthcare; utilities

• Position weightings: Apple; Microsoft; Exxon Mobil

The following detracted from Fund return:

• Allocations in the following sectors: finance; consumer non-cyclicals; industrials

• Position weightings: Amazon.com, Inc.; Meta Platforms; PayPal Holdings, Inc.

For the year ended May 31, 2022, the Stock Index Fund returned -0.54% compared to -0.30% 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, 2022
1 Year	5 Years	10 Years
-0.54%	13.03%	14.02%

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 Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.

Indices are not managed and an investor can not invest directly into an index.

405

VALIC Company I Systematic Core Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

The Systematic Core Fund posted a return of -3.30% for the twelve-month period ended May 31, 2022, compared to a return of -2.71% for the Russell 1000^® Index.

A discussion with Goldman Sachs Asset Management, L.P.

During the Period:

In aggregate, sector allocations relative to those of the Benchmark detracted from Fund return relative to Benchmark return.

In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed to Fund return relative to Benchmark return.

The following contributed to Fund return relative to Benchmark return:

• Allocations in the following sectors: communication services; consumer staples; financials

• Security selection in the following sectors: information technology; industrials; communication services

• Position weightings: PayPal Holdings, Inc.; Netflix, Inc.; Walt Disney

The following detracted from Fund return relative to Benchmark return:

• Allocations in the following sectors: energy; consumer discretionary; utilities

• Security selection in the following sectors: health care; consumer staples; real estate

• Position weightings: Chevron Corp.; Exxon Mobil Corp.; Apple, Inc.

For the year ended May 31, 2022, the Systematic Core Fund returned -3.30% compared to -2.71% 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, 2022
1 Year	5 Years	10 Years
-3.30%	13.04%	13.78%

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 Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.

Indices are not managed and an investor can not invest directly into an index.

406

VALIC Company I Systematic Value Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

The Systematic Value Fund posted a return of 3.54% for the twelve-month period ended May 31, 2022, compared to a return of 0.93% for the Russell 1000^® Value Index.

A discussion with Wellington Management Company LLP

During the Period:

In aggregate, sector allocations relative to those of the Benchmark detracted from Fund return relative to Benchmark return.

In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark contributed to Fund return relative to Benchmark return.

The following contributed to Fund return relative to Benchmark return:

• Allocations in the following sectors: communication services; consumer staples; consumer discretionary

• Security selection in the following sectors: health care; energy; industrials

• Position weightings: Devon Energy Corp.; Marathon Oil Corp.; and the lack of a position in Walt Disney Co.

The following detracted from Fund return relative to Benchmark return:

• Allocations in the following sectors: energy; utilities; information technology

• Security selection in the following sectors: financials; consumer discretionary; real estate

• Position weightings: Stanley Black & Decker; and the lack of a position in Exxon Mobil Corp. and Chevron Corp.

For the year ended May 31, 2022, the Systematic Value Fund returned 3.54% compared to 0.93% 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, 2022
1 Year	5 Years	10 Years
3.54%	8.44%	11.14%

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 Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.

Indices are not managed and an investor can not invest directly into an index.

407

VALIC Company I U.S. Socially Responsible Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

The U.S. Socially Responsible Fund posted a return of -2.90% for the twelve-month period ending May 31, 2022, compared to its benchmark, the S&P 500^® Index, which returned -0.30%.

The Fund is an optimized portfolio which seeks to track the S&P 500^® Index 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.

A discussion with SunAmerica Asset Management, LLC

During the Period:

In aggregate, sector allocations relative to those of the Benchmark detracted from Fund return relative to Benchmark return.

In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark detracted from Fund return relative to Benchmark return.

The following contributed to Fund return relative to Benchmark return:

• Allocations in the following sectors: business services; consumer non-cyclicals; non-energy materials

• Security selection in the following sectors: consumer non-cyclicals; utilities

• Position weightings: Alphabet, Inc. (Google); and the lack of a position in Amazon.com, Inc. and Meta Platforms

The following detracted from Fund return relative to Benchmark return:

• Allocations in the following sectors: finance; energy; healthcare

• Security selection in the following sectors: technology; financials; healthcare

• Position weightings: Microsoft Corp.; and the lack of a position in Apple, Inc. and Exxon Mobil Corp.

Equity futures contracts were used to adjust exposures and manage risk of the Fund and detracted from the performance of the Fund.

For the year ended May 31, 2022, the U.S. Socially Responsible Fund returned -2.90% compared to -0.30% for the S&P 500^® Index. Effective May 24, 2021, the Fund (the Predecessor Fund) was reorganized into the Acquiring Fund (see Note 1 Organization). The performance and financial history prior to May 24, 2021 are that of the Predecessor Fund.

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

Average Annual Total Return as of May 31, 2022
1 Year	5 Years	10 Years
-2.90%	12.21%	13.93%

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 Variable Contracts, Plans or IRAs that invest in the Fund are not included in the Fund’s returns.

Indices are not managed and an investor can not invest directly into an index.

408

VALIC Company I

SUPPLEMENTS TO THE PROSPECTUS

Filed under Rules 497(e) and 497(k)

Registration No. 002-83631

VALIC COMPANY I

Mid Cap Strategic Growth Fund

(the “Fund”)

Supplement dated February 15, 2022, to the Fund’s Summary Prospectus and Prospectus, each dated October 1, 2021, as supplemented and amended to date

At a meeting held on January 25, 2022 ( the “Meeting”), the Board of Directors of VALIC Company I (the “Board”) approved amendments to the investment subadvisory agreements (the “Amendments”) between The Variable Annuity Life Insurance Company (“VALIC”) and each of Allianz Global Investors U.S. LLC (“Allianz”) and Janus Henderson Investors U.S. LLC (f/k/a Janus Capital Management, LLC) (“Janus”) with respect to the Fund. Under the Amendments, effective February 1, 2022, the subadvisory fee schedules with respect to the Fund are as follows:

Allianz

0.45% on the first $40 million

0.36% on the next $460 million

0.30% assets over $500 million

Janus

0.42% on the first $50 million

0.38% on assets over $50 million

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.

Filed under Rules 497(e) and 497(k)

Registration No. 002-83631

VALIC COMPANY I

Science and Technology Fund

(the “Fund”)

Supplement dated February 15, 2022, to the Fund’s Summary Prospectus and Prospectus, each dated October 1, 2021, as supplemented and amended to date

At a meeting held on October 25-26, 2021 ( the “Meeting”), the Board of Directors of VALIC Company I (the “Board”) approved amendments to the investment subadvisory agreements (the “Amendments”) between The Variable Annuity Life Insurance Company (“VALIC”) and each of Allianz Global Investors U.S. LLC (“Allianz”) and Wellington Management Company LLP (“Wellington”) with respect to the Fund. Under the Amendments, effective December 7, 2021, the subadvisory fee schedules with respect to the Fund are as follows:

Allianz

0.57% on the first $100 million

0.52% on the next $200 million

0.50% on the next $700 million

0.25% on the next $500 million

0.22% on the next $500 million

0.20% on assets over $2 billion

Wellington

0.50% on the first $400 million

0.40% on the next $600 million

0.25% on the next $500 million

0.225% on assets over $1.5 billion

At the Meeting, the Board also approved an Advisory Fee Waiver Agreement with respect to the Fund. Pursuant to the Advisory Fee Waiver Agreement, VALIC has agreed, until September 30, 2023, to waive the Fund’s advisory fees so that the advisory fee payable by the Fund is equal to 0.87% on the first $500 million of the Fund’s average daily net assets and 0.82% on average daily net assets over $500 million.

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.

409

VALIC Company I

SUPPLEMENTS TO THE PROSPECTUS — (continued)

Pursuant to Rules 497(k) and 497(e)

Registration No. 002-83631

VALIC Company I

Government Money Market I Fund

(the “Fund”)

Supplement dated February 23, 2022, to the Summary Prospectus, Prospectus and Statement of Additional Information (“SAI”), each dated October 1, 2021, as amended and supplemented to date

On February 22, 2022, the Board of Directors (the “Board”) of VALIC Company I (the “Company”) approved a proposal to liquidate and dissolve the Fund pursuant to a Plan of Liquidation (the “Plan”). Under the Plan, the liquidation of the Fund is expected to occur on or about July 22, 2022, or such other date as set forth in the Plan (the “Liquidation Date”).

The Fund may hold shorter duration securities or higher cash positions in preparation for the liquidation. Accordingly, the Fund may deviate from its investment objective and investment strategies until it is liquidated on the Liquidation Date.

At any time prior to the Liquidation Date, contract holders, plan participants and individual retirement account owners invested in the Fund may transfer out of the Fund into any other investment option available under their respective product or plan. Please see the relevant product prospectus and any applicable plan materials, including any plan sponsor instructions, for more information.

On the Liquidation Date, the Fund will distribute pro rata to the Fund’s shareholders of record, as of the close of business on the Liquidation Date, all of the remaining assets of the Fund in complete redemption of all of the outstanding shares of the Fund, less an estimated amount necessary to discharge any liabilities and obligations of the Fund. As the Fund is offered through separate accounts of participating insurance companies and to plans and individual retirement accounts, contract holders, plan participants and individual retirement account owners invested in the Fund are expected to receive separate communications from their respective participating insurance company or, where applicable, from a plan trustee or custodian or other plan fiduciary, regarding the substitution of the Fund with a replacement fund or other investment options. Please consult with your plan sponsor, plan service provider, or participating insurance company customer service center, for additional information about the options available under your respective product or plan.

Assuming the liquidation of the Fund occurs, all references to and related to the Fund in the Company’s registration statement (including the Prospectus and the SAI) will be deleted effective upon the Liquidation Date.

Capitalized terms used in this Supplement shall, unless otherwise defined herein, have the same meaning as given in the Summary Prospectus, Prospectus and/or SAI.

This Supplement should be retained for future reference.

410

VALIC Company I

SUPPLEMENTS TO THE PROSPECTUS — (continued)

Filed under Rules 497(e) and Rule 497(k)

Registration No. 002-83631

VALIC Company I

Emerging Economies Fund

(the “Fund”)

Supplement dated March 28, 2022

to the Fund’s Summary Prospectus and Prospectus, each dated

October 1, 2021, as supplemented and amended to date

Effective immediately, in the section of the Summary Prospectus entitled “Investment Adviser” and in the section of the Prospectus entitled “Fund Summary: Emerging Economies Fund – Investment Adviser,” the information in the table under the heading “Portfolio Managers” is deleted and replaced with the following:

Name and Title	Portfolio Manager of the Fund Since
Anuj Arora
Managing Director and Back-up Manager		2011
Joyce Weng, CFA
Executive Director and Lead Manager		2017
Harold Yu, CFA
Vice President and Back-up Manager		2022

In the section of the Prospectus entitled “Management,” under the heading “Investment Subadvisers,” the seventh paragraph under J.P. Morgan Investment Management Inc. (“JPMIM”) is deleted in its entirety and replaced with the following:

The Emerging Economies Fund is managed by Joyce Weng, with Anuj Arora and Harold Yu providing back up. Ms. Weng is a portfolio manager covering the GEM Core strategies within the Emerging Markets and Asia Pacific (EMAP) Equities team based in New York and is the lead portfolio manager for the Fund. She was previously in the U.S. Equity Behavioral Finance team at JPMorgan. Prior to joining the Firm in 2010, Ms. Weng worked as a senior analyst at Goldman Sachs Asset Management. Ms. Weng holds a B.A. in Economics (cum laude) and an M.A. in Statistics from Harvard University and is a CFA charterholder. Mr. Arora, a Managing Director and JPMIM employee since 2006, is a portfolio manager for the Fund and is primarily responsible for portfolio construction. Harold Yu is a portfolio manager within the Emerging Markets and Asia Pacific (EMAP) Equities team based in London and is a portfolio manager for the Fund. Prior to this, he was a product analyst covering the GEM Core strategies. He joined the team in February 2014 from Aviva Investors, where he worked in equity derivatives. Mr. Yu obtained a B.A. in Mathematics and Economics from Grinnell College in 2011 and an M.Eng. in Financial Engineering from Cornell in 2013. Mr. Yu holds the FRM designation and is a CFA charterholder.

Capitalized terms used but not defined herein shall have the meanings assigned to them in the Summary Prospectus or

Prospectus, as applicable.

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.

Filed under Rules 497(e) and 497(k)

Registration Nos. 002-83631

VALIC Company I

Inflation Protected Fund

(the “Fund”)

Supplement dated March 29, 2022

to the Funds’ Summary Prospectus, Prospectus and Statement of Additional Information (“SAI”)

dated October 1, 2021, as supplemented and amended to date

Effective immediately, Allan M. Levin, portfolio manager associated with Wellington Management Company LLP, will no longer act as a portfolio manager of the Fund. Accordingly, references to Mr. Levin in the Fund’s Summary Prospectus, Prospectus and SAI are hereby removed.

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.

411

VALIC Company I

SUPPLEMENTS TO THE PROSPECTUS — (continued)

Filed under Rule 497(e) and Rule 497(k)

Registration No. 002-83631

VALIC Company I

Aggressive Growth Lifestyle Fund

Conservative Growth Lifestyle Fund

Moderate Growth Lifestyle Fund

(each, a “Fund,” and collectively, the “Funds”)

Supplement dated April 29, 2022, to each Fund’s Summary Prospectus and Prospectus,

each dated October 1, 2022, as supplemented and amended to date

At a meeting held on April 27, 2022, the Board of Directors (“Board”) of VALIC Company I approved certain changes to each Fund’s investment objective and principal investment strategies. These changes will become effective on or about April 29, 2022 (the “Effective Date”).

On the Effective Date, the following changes to the Summary Prospectus and Prospectus are made:

The disclosure in the section of the Summary Prospectus of the Aggressive Growth Lifestyle Fund entitled “Principal Investment Strategies of the Fund” and the section of the Prospectus entitled “Fund Summary: Aggressive Growth Lifestyle Fund — Principal Investment Strategies of the Fund” is deleted in its entirety and replaced with the following:

As a fund-of-funds, the Fund’s principal investment strategy is to allocate assets among a combination of mutual funds (“Underlying Funds”) that, in turn, invest directly in a wide range of portfolio securities (like stocks and bonds). The Fund uses asset allocation strategies to determine how much to invest in the Underlying Funds.

Generally, the Fund invests a larger portion of its assets in Underlying Funds that invest in securities with a greater opportunity for capital growth, such as stocks, and generally has a higher level of risk than the Moderate Growth Lifestyle Fund and the Conservative Growth Lifestyle Fund. The Fund’s indirect holdings are primarily in equity securities of domestic and foreign companies of any market capitalization, and fixed-income securities of domestic issuers. A portion of the Fund’s indirect holdings may also include fixed-income securities of foreign issuers, real estate and real estate related securities, and money market securities. The Fund’s indirect holdings in fixed-income securities may include high yielding, high risk fixed-income securities (often referred to as “junk bonds”).

Asset allocation is the most critical investment decision that you make as an investor. Selecting the appropriate combination should be based on your personal investment goals, time horizons and risk tolerance. The projected asset allocation ranges for the Fund are as follows:

•   Domestic Equity Funds	40% - 70%
•   Fixed-Income Funds	10% - 50%
•   International Equity Funds	0% - 30%
•   Real Estate Funds	0% - 15%

This Fund is managed so that it can serve as a complete investment program for you or as a core part of your larger portfolio. The Underlying Funds have been selected to represent a reasonable spectrum of investment options for the Fund. The subadviser has based the target investment percentages for the Fund on the degree to which it believes the Underlying Funds, in combination, to be appropriate for the Fund’s investment objective. The subadviser may change the asset allocation ranges from time to time. In selecting Underlying Funds, the subadviser may choose from other series of VALIC Company I and from unaffiliated money market funds.

The Underlying Funds in which the Fund invests may engage in active and frequent trading of portfolio securities in an effort to achieve their investment objectives.

The disclosure in the section of the Summary Prospectus of the Conservative Growth Lifestyle Fund entitled “Principal Investment Strategies of the Fund” and the section of the Prospectus entitled “Fund Summary: Conservative Growth Lifestyle Fund — Principal Investment Strategies of the Fund” is deleted in its entirety and replaced with the following:

As a fund-of-funds, the Fund’s principal investment strategy is to allocate assets among a combination of mutual funds (“Underlying Funds”) that, in turn, invest directly in a wide range of portfolio securities (like stocks and bonds). The Fund invests a larger portion of its assets in Underlying Funds that invest in securities that generate current income, and generally has a lower risk level than the Aggressive Growth Lifestyle Fund and Moderate Growth Lifestyle Fund.

The Fund’s indirect holdings are primarily in fixed-income securities of domestic and foreign issuers and in equity securities of domestic companies. The Underlying Funds also invest, to a limited extent, in equity securities of foreign issuers, lower rated fixed-income securities (often referred to as “junk bonds”), real estate and real estate related securities, and money market securities.

Asset allocation is the most critical investment decision that you make as an investor. Selecting the appropriate combination should be based on your personal investment goals, time horizons and risk tolerance. The projected asset allocation ranges for the Fund are as follows:

•   Domestic Equity Funds	10% - 40%
•   Fixed-Income Funds	55% - 90%
•   International Equity Funds	0% - 20%
•   Real Estate Funds	0% - 6%

412

VALIC Company I

SUPPLEMENTS TO THE PROSPECTUS — (continued)

This Fund is managed so that it can serve as a complete investment program for you or as a core part of your larger portfolio. The Underlying Funds have been selected to represent a reasonable spectrum of investment options for the Fund. The subadviser has based the target investment percentages for the Fund on the degree to which it believes the Underlying Funds, in combination, to be appropriate for the Fund’s investment objective. The subadviser may change the asset allocation ranges from time to time. In selecting Underlying Funds, the subadviser may choose from other series of VALIC Company I and from unaffiliated money market funds.

The Underlying Funds in which the Fund invests may engage in active and frequent trading of portfolio securities in an effort to achieve their investment objectives.

The disclosure in the section of the Summary Prospectus of the Moderate Growth Lifestyle Fund entitled “Principal Investment Strategies of the Fund” and the section of the Prospectus entitled “Fund Summary: Moderate Growth Lifestyle Fund — Principal Investment Strategies of the Fund” is deleted in its entirety and replaced with the following:

As a fund-of-funds, the Fund’s principal investment strategy is to allocate assets among a combination of mutual funds (“Underlying Funds”) that, in turn, invest directly in a wide range of portfolio securities (like stocks and bonds). The Fund invests its assets in Underlying Funds that invest in securities that seek growth of capital, such as stocks, and securities that generate current income, such as bonds and U.S. government-issued securities. The Fund generally has a lower level of risk than the Aggressive Growth Lifestyle Fund but a greater level of risk than the Conservative Growth Lifestyle Fund.

The Fund’s indirect holdings are primarily in domestic and foreign fixed-income securities and equity securities of domestic large-cap companies. The Fund’s indirect holdings may also include foreign and domestic equity securities of medium- and small-cap companies, and lower rated fixed-income securities (often referred to as “junk bonds”), real estate and real estate related securities, and money market securities.

Asset allocation is the most critical investment decision that you make as an investor. Selecting the appropriate combination should be based on your personal investment goals, time horizons and risk tolerance. The projected asset allocation ranges for the Fund are as follows:

•   Domestic Equity Funds	25% - 55%
•   Fixed-Income Funds	30% - 70%
•   International Equity Funds	0% - 25%
•   Real Estate Funds	0% - 10%

This Fund is managed so that it can serve as a complete investment program for you or as a core part of your larger portfolio. The Underlying Funds have been selected to

represent a reasonable spectrum of investment options for the Fund. The subadviser has based the target investment percentages for the Fund on the degree to which it believes the Underlying Funds, in combination, to be appropriate for the Fund’s investment objective. The subadviser may change the asset allocation ranges from time to time. In selecting Underlying Funds, the subadviser may choose from other series of VALIC Company I and from unaffiliated money market funds.

The Underlying Funds in which the Fund invests may engage in active and frequent trading of portfolio securities in an effort to achieve their investment objectives.

In the section of the Funds’ Prospectus entitled “Additional Information About the Funds’ Investment Objectives, Strategies and Risks” the second paragraph is deleted in its entirety and replaced with the following:

From time to time, certain Funds may take temporary defensive positions that are inconsistent with their principal investment strategies, in attempting to respond to adverse market, economic, political, or other conditions. There is no limit on a Fund’s investments in money market securities for temporary defensive purposes. If a Fund takes such a temporary defensive position, it may not achieve its investment objective. The following Funds may not take temporary defensive positions that are inconsistent with their principal investment strategies: International Equities Index Fund, MidCap Index Fund, Nasdaq- 100 Index^® Fund, Small Cap Index Fund, Stock Index Fund and Systematic Core Fund. In addition, each of the Lifestyle Funds may invest in unaffiliated money market funds as a temporary defensive position.

Capitalized terms used herein but not defined shall have the meanings assigned to them in the Prospectus.

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.

413

VALIC Company I

SUPPLEMENTS TO THE PROSPECTUS — (continued)

Filed under Rule 497(e) and Rule 497(k)

Registration No. 002-83631

VALIC COMPANY I

Mid Cap Strategic Growth Fund

Science & Technology Fund

(each, a “Fund,” and together, the “Funds”)

Supplement dated May 31, 2022, to each Fund’s Summary Prospectus,

Prospectus and Statement of Additional Information, each dated October 1, 2021,

as supplemented and amended to date

On May 17, 2022, the U.S. Department of Justice and the Securities and Exchange Commission (the “SEC”) announced that Allianz Global Investors U.S. LLC (“AllianzGI”), one of the subadvisers to each Fund, pled guilty to securities fraud related to a complex options trading strategy it marketed and sold to institutional investors in private investment funds. AllianzGI’s conduct is unrelated to the Funds; however, as a consequence, AllianzGI is disqualified from acting as a subadviser to the Funds. To avoid any potential hardships to AllianzGI’s U.S. registered investment fund clients, the SEC has issued a temporary exemption under the Investment Company Act of 1940 that permits AllianzGI to continue to act as a subadviser to each Fund for a period of ten weeks to transition its subadvisory responsibilities. The Variable Annuity Life Insurance Company, the Funds’ adviser, anticipates hiring another subadviser to replace AllianzGI prior to the end of the transition period, subject to the approval of the Board of Directors (the “Board”) of VALIC Company I. Fund shareholders will receive information regarding any subadviser replacement after the Board has approved the subadviser change.

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.

Filed under Rules 497(e) and Rule 497(k)

Registration No. 002-83631

VALIC Company I

Systematic Value Fund

(the “Fund”)

Supplement dated June 3, 2022

to the Fund’s Summary Prospectus and Prospectus, each dated

October 1, 2021, as supplemented and amended to date

Effective immediately, in the section of the Summary Prospectus entitled “Principal Investment Strategies of the Fund” and in the section of the Prospectus entitled “Fund Summary: Systematic Value Fund — Principal Investment Strategies of the Fund,” the last sentence in the second paragraph is deleted and replaced with the following:

In exceptional circumstances, the subadviser may exclude, remove or include an issuer or security in the Fund where it believes the data available does not accurately reflect current events, or to adjust the risk profile of the Fund appropriately.

Capitalized terms used but not defined herein shall have the meanings assigned to them in the

Summary Prospectus or Prospectus, as applicable.

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.

414

VALIC Company I

SUPPLEMENTS TO THE PROSPECTUS — (continued)

Filed under Rules 497(e) and 497(k)

Registration No. 002-83631

VALIC Company I

Mid Cap Strategic Growth Fund

Science & Technology Fund

(each, a “Fund,” and together, the “Funds”)

Supplement dated July 21, 2022, to each Fund’s Summary Prospectus and Prospectus,

each dated October 1, 2021, as supplemented and amended to date

Allianz Global Investors U.S. LLC (“AllianzGI”) currently serves as a subadviser to each Fund and is a wholly-owned subsidiary of Allianz Global Investors (“Allianz”). As noted in the supplement dated May 31, 2022, AllianzGI is disqualified from providing advisory services to U.S. registered investment funds, such as the Funds, due to pleading guilty to securities fraud. As a result, Allianz, the parent company of AllianzGI, entered into a definitive agreement with Voya Financial, Inc. (“Voya FI”), whereby Voya FI will integrate certain assets and teams comprising the substantial majority of Allianz’s U.S. business with Voya Investment Management, the asset management business of Voya FI (the “Transaction”). As part of the Transaction, the portfolio management team that currently manages each Fund will join Voya Investment Management Co. LLC (“Voya IM”). The Transaction is expected to close no later than July 25, 2022 (the “Effective Date”).

At a meeting held on July 11, 2022, the Board of Directors (the “Board”) of VALIC Company I approved a new investment sub-advisory agreement between The Variable Annuity Life Insurance Company (“VALIC”) and Voya IM (the “New Subadvisory Agreement”) with respect to the Funds, which will become effective on the Effective Date. No changes to the portfolio management teams of the Funds are anticipated as a result of the Transaction. In addition, the level and scope of services to be rendered by Voya IM and the fees payable by VALIC to Voya IM under the New Subadvisory Agreement will remain the same as those under the current investment sub-advisory agreement between VALIC and AllianzGI.

The Board has the authority, pursuant to an exemptive order granted by the U.S. Securities and Exchange Commission, to enter into subadvisory agreements without a shareholder vote under certain conditions. Shareholders of record as of the close of business on the Effective Date will receive a notice that explains how to access an Information Statement, which will include more information about the New Subadvisory Agreement.

On the Effective Date, all references to Allianz Global Investors U.S. LLC and AllianzGI serving as a subadviser to the Funds are hereby deleted and replaced with references to Voya Investment Management Co. LLC and Voya IM, respectively.

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.

Pursuant to Rules 497(k) and 497(e)

Registration No. 002-83631

VALIC Company I

(the “Company”)

Government Money Market I Fund

(the “Fund”)

Supplement dated July 22, 2022, to the Summary Prospectus,

Prospectus and Statement of Additional Information (“SAI”),

each dated October 1, 2021, as amended and supplemented to date

Effective today, July 22, 2022, the Fund has been liquidated. Therefore, all references to and related to the Fund in the Company’s registration statement (including the Prospectus and the SAI) are hereby deleted.

Capitalized terms used but not defined herein shall have the meanings assigned to them in the

Summary Prospectus, Prospectus or SAI, as applicable.

This Supplement should be retained for future reference.

415

VALIC Company I

BOARD OF DIRECTORS

Thomas J. Brown

Judith L. Craven

Yvonne M. Curl

Timothy J. Ebner

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.

501 Commerce Street

Nashville, TN 37203

Allianz Global Investors U.S. LLC

1633 Broadway

New York, NY 10019

Allspring Global Investments, LLC

525 Market St.

10th Floor

San Francisco, CA 94105

BlackRock Investment Management, LLC

1 University Square Dr.

Princeton, NJ 08540

Columbia Management Investment Advisers, LLC

225 Franklen Street

Boston, MA 02110

Boston Partners Global Investors, Inc. d/b/a Boston Partners

One Beacon Street

Boston, MA 02108

ClearBridge Investments, LLC

620 Eighth Avenue

New York, NY 10018

Delaware Investments Fund Advisers

610 Market Street

Philadelphia, PA 19106

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 Henderson Investors U.S. LLC

151 Detroit Street

Denver, CO 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

Wellington Management Company LLP

280 Congress Street

Boston, MA 02210

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

Mark R. Szycher,

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

416

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.

417

Manage your account online

You will need to create an online security profile with a unique user ID and password.

• Check total current balance across available plans and calculate projected retirement income amounts

• View important plan information including rate of return, balance, contribution amounts, fund and asset-allocation mix, and transaction history

• Access and download important documents including account statements, transaction confirmations and tax documents

• Send and receive important documents or messages securely using the secure mail feature in the client mailbox

• Manage and update your personal account profile including your contact information (phone, address and email), account beneficiaries, trusted contacts and more

PersonalDeliver-e

• It’s easy to sign up for secure account document access

• Simply visit aig.com/RetirementServices today to get started

Initiate account transactions including:

• Change current contribution/salary deferral amounts

• Change future contribution fund and asset allocations

• Rebalance current account to desired fund and asset-allocation mix

• Transfer money among investment options

• Request a one-time withdrawal

Sign up today at aig.com/RetirementServices

• Register for online access

• Follow steps to create a security profile

Please note:

Email delivery is not accessible to certain annuity contract owners.

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.

We see the future in you.^SM Sign up for PersonalDeliver-e^® today.

CLICK aig.com/RetirementServices or VISIT your financial professional

This material is general in nature, was developed for educational use only, and is not intended to provide financial, legal, fiduciary, accounting or tax advice, nor is it intended to make any recommendations. Applicable laws and regulations are complex and subject to change. Please consult with your financial professional regarding your situation. For legal, accounting or tax advice consult the appropriate professional.

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 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 (06/2022) J758407 EE

VALIC Company I

P.O. Box 3206

Houston, TX 77253-3206

VC 9530    (05/2022)    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, 2022, 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:

	2022		2021
(a) Audit Fees	$	1,147,540	$	1,084,990
(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:

	2022		2021
(b) Audit-Related Fees	$	0	$	0
(c) Tax Fees	$	0	$	0
(d) All Other Fees	$	403,601	$	610,825

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 2022 and 2021 were $403,601 and $849,920 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 Item 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 period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. 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) Certifications pursuant to Rule 30a-2 (b) under the Investment Company Act of 1940 (17 CFR 270.30a-2 (b)) 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 9, 2022

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 9, 2022

By:	/s/ Gregory R. Kingston
	Gregory R. Kingston
	Treasurer

Date: August 9, 2022