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 811-08789

VALIC Company II

(Exact name of registrant as specified in charter)

2929 Allen Parkway, Houston, TX 77019

(Address of principal executive offices) (Zip code)

John T. Genoy

Senior Vice President

SunAmerica Asset Management, LLC

Harborside 5

185 Hudson Street, Suite 3300

Jersey City, NJ 07311

(Name and address of agent for service)

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

Date of fiscal year end: August 31

Date of reporting period: August 31, 2020

Item 1. Reports to Stockholders

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

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

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

VALIC Company II

ANNUAL REPORT AUGUST 31, 2020

TABLE OF CONTENTS

President’s Letter	1
Expense Example	2
Portfolios of Investments:
Aggressive Growth Lifestyle Fund	4
Capital Appreciation Fund	6
Conservative Growth Lifestyle Fund	9
Core Bond Fund	11
Government Money Market II Fund	38
High Yield Bond Fund	40
International Opportunities Fund	51
Large Cap Value Fund	58
Mid Cap Growth Fund	62
Mid Cap Value Fund	66
Moderate Growth Lifestyle Fund	71
Small Cap Growth Fund	73
Small Cap Value Fund	77
Strategic Bond Fund	88
U.S. Socially Responsible Fund	125
Statements of Assets and Liabilities	132
Statements of Operations	134
Statements of Changes in Net Assets	136
Notes to Financial Statements	140
Financial Highlights	160
Report of Independent Registered Public Accounting Firm	168
Statement Regarding Liquidity Risk Management Program	169
Approval of Advisory Agreements	170
Trustee and Officer Information	175
Shareholders Tax Information	177
Comparisons: Funds vs. Indexes	178
Supplements to the Prospectus	201

VALIC Company II

PRESIDENT’S LETTER

Dear Valued Investor:

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

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

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

Thank you for your investment.

Sincerely,

John T. Genoy, President

VALIC Company II

Note: All performance figures quoted are for the VALIC Company II 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 59 1/2, a 10% federal tax penalty may apply. An investment in a variable annuity involves investment risk, including possible loss of principal. The contract, when redeemed, may be worth more or less than the total amount invested.

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

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

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

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

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

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

* Not FDIC or NCUA/NCUSIF Insured

* May Lose Value * No Bank of Credit Union Guarantee

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

1

VALIC Company II

EXPENSE EXAMPLE — August 31, 2020 (unaudited)

Disclosure of Fund Expenses in Shareholder Reports

As a shareholder of a Fund in VALIC Company II (“VC II”), 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 March 1, 2020 and held until August 31, 2020. Shares of VC II are currently issued and redeemed only in connection with investments in and payments under variable annuity contracts and variable life insurance policies (“Variable Contracts”), qualified retirement plans (the “Plans”) and Individual Retirement Accounts (“IRA”) offered by The Variable Annuity Life Insurance Company (“VALIC”), the investment adviser to VC II 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 documents for more details on the fees associated with your Variable Contract, Plan 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 August 31, 2020” to estimate the expenses you paid on your account during this period. The “Expenses Paid During the Six Months Ended August 31, 2020” column and the “Annualized Expense Ratio” column do not include fees and expenses that may be charged by the Variable Contracts, Plans and IRAs, in which the Funds are offered. Had these fees and expenses been included, the “Expenses Paid During the Six Months Ended August 31, 2020” column would have been higher and the “Ending Account Value” column would have been lower.

Hypothetical Example for Comparison Purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the Variable Contracts, Plans or IRAs. Please refer to your Variable Contract prospectus or Plan/IRA document for more information. Therefore, the “hypothetical” example is useful in comparing ongoing costs 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 II

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

	Actual						Hypothetical
Fund	Beginning Account Value at March  1, 2020		Ending Account Value Using Actual Return at August  31, 2020		Expenses Paid During the Six Months Ended August  31, 2020*		Beginning Account Value at March 1, 2020		Ending Account Value Using a Hypothetical 5% Annual Return at August 31, 2020		Expenses Paid During the Six Months Ended August 31, 2020*		Annualized Expense Ratio
Aggressive Growth Lifestyle#	$	1,000.00	$	1,095.83	$	0.53	$	1,000.00	$	1,024.63	$	0.51		0.10	%
Capital Appreciation#	$	1,000.00	$	1,285.79	$	4.88	$	1,000.00	$	1,020.86	$	4.32		0.85	%
Conservative Growth Lifestyle#	$	1,000.00	$	1,067.87	$	0.52	$	1,000.00	$	1,024.63	$	0.51		0.10	%
Core Bond#	$	1,000.00	$	1,035.43	$	3.94	$	1,000.00	$	1,021.27	$	3.91		0.77	%
Government Money Market II#	$	1,000.00	$	1,000.40	$	0.80	$	1,000.00	$	1,024.33	$	0.81		0.16	%
High Yield Bond#	$	1,000.00	$	1,031.28	$	4.75	$	1,000.00	$	1,020.46	$	4.72		0.93	%
International Opportunities#	$	1,000.00	$	1,139.79	$	6.45	$	1,000.00	$	1,019.10	$	6.09		1.20	%
Large Cap Value	$	1,000.00	$	1,014.28	$	4.46	$	1,000.00	$	1,020.71	$	4.47		0.88	%
Mid Cap Growth#	$	1,000.00	$	1,125.71	$	5.82	$	1,000.00	$	1,019.66	$	5.53		1.09	%
Mid Cap Value#	$	1,000.00	$	986.97	$	5.24	$	1,000.00	$	1,019.86	$	5.33		1.05	%
Moderate Growth Lifestyle#	$	1,000.00	$	1,084.75	$	0.52	$	1,000.00	$	1,024.63	$	0.51		0.10	%
Small Cap Growth#	$	1,000.00	$	1,276.11	$	6.47	$	1,000.00	$	1,019.46	$	5.74		1.13	%
Small Cap Value#	$	1,000.00	$	963.05	$	5.03	$	1,000.00	$	1,020.01	$	5.18		1.02	%
Strategic Bond	$	1,000.00	$	1,035.50	$	4.45	$	1,000.00	$	1,020.76	$	4.42		0.87	%
U.S. Socially Responsible	$	1,000.00	$	1,156.39	$	3.31	$	1,000.00	$	1,022.07	$	3.10		0.61	%

* Expenses are equal to each Fund‘s annualized expense ratio multiplied by the average account value over the period, multiplied by 184 days then divided by 366 days (to reflect the one-half year period) . These ratios do not reflect fees and expenses associated with the Variable Contracts, Plans or IRA‘s. If such fees and expenses had been included, the expenses would have been higher. Please refer to your Variable Contract prospectus for details on the expenses that apply to the Variable Contracts or your Plan/IRA document for details on the administration fees charged by your Plan sponsor.

# During the stated period, the investment adviser waived a portion of or all fees and/or assumed a portion of or all expenses for the Fund. As a result, if these fees and/or 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 August 31, 2020” and the “Annualized Expense Ratio” would have been higher.

3

VALIC Company II Aggressive Growth Lifestyle Fund

PORTFOLIO PROFILE — August 31, 2020 (unaudited)

Industry Allocation*

Domestic Equity Investment Companies	57.3	%
International Equity Investment Companies	19.8
Domestic Fixed Income Investment Companies	17.0
Real Estate Investment Companies	3.2
International Fixed Income Investment Companies	2.7
	100.0	%

* Calculated as a percentage of net assets

4

VALIC Company II Aggressive Growth Lifestyle Fund

PORTFOLIO OF INVESTMENTS — August 31, 2020

Security Description	Shares		Value (Note 2)
AFFILIATED REGISTERED INVESTMENT COMPANIES#(1) — 100.0%
Domestic Equity Investment Companies — 57.3%
VALIC Co. I Blue Chip Growth Fund		483	$	12,299
VALIC Co. I Dividend Value Fund		3,758,242		39,574,288
VALIC Co. I Large Cap Core Fund		872,821		11,678,348
VALIC Co. I Large Capital Growth Fund		633,936		12,266,661
VALIC Co. I Mid Cap Index Fund		1,098,930		24,989,678
VALIC Co. I Mid Cap Strategic Growth Fund		561,173		10,572,500
VALIC Co. I Nasdaq-100 Index Fund		368,874		8,554,193
VALIC Co. I Science & Technology Fund		639,327		23,610,360
VALIC Co. I Small Cap Index Fund		953,091		16,145,359
VALIC Co. I Small Cap Special Values Fund		734,919		6,996,429
VALIC Co. I Stock Index Fund		1,409,831		65,528,961
VALIC Co. I Value Fund		860,385		14,127,519
VALIC Co. II Capital Appreciation Fund		1,393,589		25,948,620
VALIC Co. II Large Cap Value Fund		1,863,803		34,424,450
VALIC Co. II Mid Cap Growth Fund		816,078		8,985,023
VALIC Co. II Mid Cap Value Fund		2,019,272		31,056,403
VALIC Co. II Small Cap Growth Fund		342,339		7,017,945
VALIC Co. II Small Cap Value Fund		989,688		9,411,936
Total Domestic Equity Investment Companies
(cost $339,611,231)				350,900,972
Domestic Fixed Income Investment Companies — 17.0%
VALIC Co. I Capital Conservation Fund		467,799		5,000,770
VALIC Co. I Government Securities Fund		242,154		2,736,338
VALIC Co. I Inflation Protected Fund		2,827,898		34,132,728
VALIC Co. II Core Bond Fund		1,096,014		13,086,407
VALIC Co. II High Yield Bond Fund		2,293,249		17,153,504
VALIC Co. II Strategic Bond Fund		2,777,170		31,743,048
Total Domestic Fixed Income Investment Companies
(cost $98,419,080)				103,852,795

Security Description	Shares			Value (Note 2)
Domestic Money Market Investment Companies — 0.0%
VALIC Co. I Government Money Market I Fund(2) (cost $253,686)		253,686		$	253,686
International Equity Investment Companies — 19.8%
VALIC Co. I Emerging Economies Fund		2,560,502			21,713,054
VALIC Co. I International Equities Index Fund		5,524,553			37,898,432
VALIC Co. I International Growth Fund		770,594			11,589,734
VALIC Co. I International Value Fund		2,500,117			22,626,059
VALIC Co. II International Opportunities Fund		1,338,711			27,751,474
Total International Equity Investment Companies
(cost $119,320,772)					121,578,753
International Fixed Income Investment Companies — 2.7%
VALIC Co. I International Government Bond Fund (cost $14,945,926)		1,276,423			16,491,391
Real Estate Investment Companies — 3.2%
VALIC Co. I Global Real Estate Fund (cost $20,386,691)		2,616,719			19,468,392
TOTAL INVESTMENTS
(cost $592,937,386)(3)		100.0	%		612,545,989
Other assets less liabilities		0.0			66,551
NET ASSETS		100.0	%	$	612,612,540

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

(1) See Note 3.

(2) The 7-day yield as of August 31, 2020 is 0.01%.

(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 August 31, 2020 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Affiliated Registered Investment Companies	$	612,545,989	$	—	$	—	$	612,545,989

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

See Notes to Financial Statements

5

VALIC Company II Capital Appreciation Fund

PORTFOLIO PROFILE — August 31, 2020 — (unaudited)

Industry Allocation*

Applications Software	10.4	%
Computers	9.1
Finance — Credit Card	7.0
E-Commerce/Products	6.7
Web Portals/ISP	5.3
Internet Content — Entertainment	5.1
Enterprise Software/Service	4.9
Medical — Drugs	4.6
Electronic Components — Semiconductors	4.1
Medical — Biomedical/Gene	3.6
Commercial Services — Finance	3.5
Electronic Forms	2.9
Retail — Discount	2.3
Entertainment Software	2.0
Semiconductor Equipment	1.9
Food — Confectionery	1.7
Cosmetics & Toiletries	1.6
Computer Data Security	1.5
Medical — HMO	1.4
Retail — Building Products	1.4
Transport — Rail	1.4
Distribution/Wholesale	1.3
Dental Supplies & Equipment	1.3
Medical Products	1.3
Real Estate Investment Trusts	1.2
Internet Infrastructure Software	1.2
Wireless Equipment	1.1
Insurance — Multi-line	1.0
Auto/Truck Parts & Equipment — Original	0.9
Schools	0.8
Internet Security	0.8
Electronic Components — Misc.	0.8
Therapeutics	0.8
Cable/Satellite TV	0.7
Apparel Manufacturers	0.7
Diversified Manufacturing Operations	0.7
Banks — Super Regional	0.6
Retail — Apparel/Shoe	0.6
Chemicals — Diversified	0.5
Internet Application Software	0.5
	99.2	%

* Calculated as a percentage of net assets

6

VALIC Company II Capital Appreciation Fund

PORTFOLIO OF INVESTMENTS — August 31, 2020

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 99.2%
Apparel Manufacturers — 0.7%
Deckers Outdoor Corp.†		4,419	$	900,902
Applications Software — 10.4%
Five9, Inc.†		5,009		638,347
Microsoft Corp.		43,905		9,901,895
ServiceNow, Inc.†		4,552		2,194,155
				12,734,397
Auto/Truck Parts & Equipment - Original — 0.9%
Allison Transmission Holdings, Inc.		29,264		1,049,700
Banks - Super Regional — 0.6%
US Bancorp		21,510		782,964
Cable/Satellite TV — 0.7%
Charter Communications, Inc., Class A†		1,483		912,950
Chemicals - Diversified — 0.5%
PPG Industries, Inc.		5,060		609,224
Commercial Services - Finance — 3.5%
Euronet Worldwide, Inc.†		4,483		463,453
PayPal Holdings, Inc.†		14,003		2,858,572
TransUnion		11,105		963,026
				4,285,051
Computer Data Security — 1.5%
Fortinet, Inc.†		14,176		1,871,303
Computers — 9.1%
Apple, Inc.		86,388		11,147,508
Cosmetics & Toiletries — 1.6%
Estee Lauder Cos., Inc., Class A		4,659		1,032,994
Procter & Gamble Co.		6,713		928,609
				1,961,603
Dental Supplies & Equipment — 1.3%
Align Technology, Inc.†		5,431		1,612,898
Distribution/Wholesale — 1.3%
WW Grainger, Inc.		4,451		1,626,529
Diversified Manufacturing Operations — 0.7%
Carlisle Cos., Inc.		6,739		882,472
E-Commerce/Products — 6.7%
Amazon.com, Inc.†		2,165		7,471,328
eBay, Inc.		12,745		698,171
				8,169,499
Electronic Components - Misc. — 0.8%
Sensata Technologies Holding PLC†		22,648		943,063
Electronic Components - Semiconductors — 4.1%
Broadcom, Inc.		4,001		1,388,947
NVIDIA Corp.		5,575		2,982,513
Texas Instruments, Inc.		4,437		630,720
				5,002,180
Electronic Forms — 2.9%
Adobe, Inc.†		6,875		3,529,556
Enterprise Software/Service — 4.9%
Oracle Corp.		29,583		1,692,739
salesforce.com, Inc.†		12,072		3,291,431
Veeva Systems, Inc., Class A†		3,717		1,049,198
				6,033,368
Entertainment Software — 2.0%
Electronic Arts, Inc.†		8,543		1,191,492

Security Description	Shares		Value (Note 2)
Entertainment Software (continued)
Take - Two Interactive Software, Inc.†		7,562	$	1,294,539
				2,486,031
Finance - Credit Card — 7.0%
American Express Co.		9,516		966,730
Mastercard, Inc., Class A		11,617		4,161,093
Visa, Inc., Class A		16,138		3,421,095
				8,548,918
Food - Confectionery — 1.7%
Hershey Co.		14,068		2,091,068
Insurance - Multi-line — 1.0%
Allstate Corp.		12,987		1,207,791
Internet Application Software — 0.5%
Okta, Inc.†		2,648		570,300
Internet Content - Entertainment — 5.1%
Facebook, Inc., Class A†		21,364		6,263,925
Internet Infrastructure Software — 1.2%
F5 Networks, Inc.†		11,034		1,460,129
Internet Security — 0.8%
Palo Alto Networks, Inc.†		3,704		953,447
Medical Products — 1.3%
Baxter International, Inc.		9,884		860,600
Masimo Corp.†		3,211		719,264
				1,579,864
Medical - Biomedical/Gene — 3.6%
Alexion Pharmaceuticals, Inc.†		9,090		1,038,260
Amgen, Inc.		5,628		1,425,685
Exelixis, Inc.†		19,280		428,401
Vertex Pharmaceuticals, Inc.†		5,301		1,479,615
				4,371,961
Medical - Drugs — 4.6%
Bristol - Myers Squibb Co.		15,826		984,377
Eli Lilly & Co.		5,649		838,255
Horizon Therapeutics PLC†		19,744		1,483,169
Jazz Pharmaceuticals PLC†		5,777		776,371
Merck & Co., Inc.		17,939		1,529,659
				5,611,831
Medical - HMO — 1.4%
Humana, Inc.		2,996		1,243,849
UnitedHealth Group, Inc.		1,638		511,957
				1,755,806
Real Estate Investment Trusts — 1.2%
CyrusOne, Inc.		6,686		558,481
Lamar Advertising Co., Class A		13,168		911,621
				1,470,102
Retail - Apparel/Shoe — 0.6%
Burlington Stores, Inc.†		3,877		763,498
Retail - Building Products — 1.4%
Lowe’s Cos., Inc.		10,557		1,738,632
Retail - Discount — 2.3%
Target Corp.		9,816		1,484,278
Walmart, Inc.		9,278		1,288,250
				2,772,528
Schools — 0.8%
Chegg, Inc.†		13,483		994,236

7

VALIC Company II Capital Appreciation Fund

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

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Semiconductor Equipment — 1.9%
Entegris, Inc.		10,336	$	691,375
Lam Research Corp.		4,942		1,662,192
				2,353,567
Therapeutics — 0.8%
Neurocrine Biosciences, Inc.†		4,109		478,370
Sarepta Therapeutics, Inc.†		3,116		456,244
				934,614
Transport - Rail — 1.4%
Kansas City Southern		9,258		1,685,326

Security Description	Shares			Value (Note 2)
Web Portals/ISP — 5.3%
Alphabet, Inc., Class A†		887		$	1,445,393
Alphabet, Inc., Class C†		3,051			4,985,883
					6,431,276
Wireless Equipment — 1.1%
Motorola Solutions, Inc.		8,991			1,391,357
TOTAL INVESTMENTS
(cost $79,467,087)(1)		99.2	%		121,491,374
Other assets less liabilities		0.8			963,042
NET ASSETS		100.0	%	$	122,454,416

† Non-income producing security

(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 August 31, 2020 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	121,491,374	$	—	$	—	$	121,491,374

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

See Notes to Financial Statements

8

VALIC Company II Conservative Growth Lifestyle Fund

PORTFOLIO PROFILE — August 31, 2020 (unaudited)

Industry Allocation*

Domestic Fixed Income Investment Companies	50.3	%
Domestic Equity Investment Companies	31.1
International Equity Investment Companies	11.1
International Fixed Income Investment Companies	4.9
Real Estate Investment Companies	2.4
Domestic Money Market Investment Companies	0.2
	100.0	%

* Calculated as a percentage of net assets

9

VALIC Company II Conservative Growth Lifestyle Fund

PORTFOLIO OF INVESTMENTS — August 31, 2020

Security Description	Shares		Value (Note 2)
AFFILIATED REGISTERED INVESTMENT COMPANIES#(1) — 100.0%
Domestic Equity Investment Companies — 31.1%
VALIC Co. I Dividend Value Fund		1,233,452	$	12,988,253
VALIC Co. I Large Cap Core Fund		236,049		3,158,338
VALIC Co. I Large Capital Growth Fund		104,680		2,025,563
VALIC Co. I Mid Cap Index Fund		310,746		7,066,354
VALIC Co. I Mid Cap Strategic Growth Fund		122,263		2,303,439
VALIC Co. I Nasdaq-100 Index Fund		271,285		6,291,109
VALIC Co. I Science & Technology Fund		205,197		7,577,936
VALIC Co. I Small Cap Index Fund		278,321		4,714,759
VALIC Co. I Small Cap Special Values Fund		260,950		2,484,245
VALIC Co. I Stock Index Fund		451,381		20,980,178
VALIC Co. I Value Fund		202,307		3,321,880
VALIC Co. II Capital Appreciation Fund		374,493		6,973,066
VALIC Co. II Large Cap Value Fund		486,580		8,987,126
VALIC Co. II Mid Cap Growth Fund		263,945		2,906,031
VALIC Co. II Mid Cap Value Fund		701,756		10,793,002
VALIC Co. II Small Cap Growth Fund		89,592		1,836,633
VALIC Co. II Small Cap Value Fund		135,333		1,287,013
Total Domestic Equity Investment Companies
(cost $101,209,785)				105,694,925
Domestic Fixed Income Investment Companies — 50.3%
VALIC Co. I Capital Conservation Fund		1,513,143		16,175,501
VALIC Co. I Government Securities Fund		681,659		7,702,750
VALIC Co. I Inflation Protected Fund		1,944,248		23,467,073
VALIC Co. II Core Bond Fund		4,547,749		54,300,125
VALIC Co. II High Yield Bond Fund		3,431,981		25,671,217
VALIC Co. II Strategic Bond Fund		3,824,449		43,713,449
Total Domestic Fixed Income Investment Companies
(cost $163,092,356)				171,030,115
Domestic Money Market Investment Companies — 0.2%
VALIC Co. I Government Money Market I Fund(2)
(cost $702,202)		702,202		702,202

Security Description	Shares			Value (Note 2)
International Equity Investment Companies — 11.1%
VALIC Co. I Emerging Economies Fund		725,164		$	6,149,394
VALIC Co. I International Equities Index Fund		1,871,983			12,841,805
VALIC Co. I International Growth Fund		122,826			1,847,300
VALIC Co. I International Value Fund		569,081			5,150,182
VALIC Co. II International Opportunities Fund		563,192			11,674,963
Total International Equity Investment Companies
(cost $37,087,770)					37,663,644
International Fixed Income Investment Companies — 4.9%
VALIC Co. I International Government Bond Fund
(cost $15,085,782)		1,287,658			16,636,537
Real Estate Investment Companies — 2.4%
VALIC Co. I Global Real Estate Fund
(cost $8,430,579)		1,097,019			8,161,824
TOTAL INVESTMENTS
(cost $325,608,474)(3)		100.0	%		339,889,247
Liabilities in excess of other assets		(0.0	)		(18,989	)
NET ASSETS		100.0	%	$	339,870,258

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

(1) See Note 3

(2) The 7-day yield as of August 31, 2020 is 0.01%.

(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 August 31, 2020 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Affiliated Registered Investment Companies	$	339,889,247	$	—	$	—	$	339,889,247

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

See Notes to Financial Statements

10

VALIC Company II Core Bond Fund

PORTFOLIO PROFILE —  August 31, 2020 (unaudited)

Industry Allocation*

Federal National Mtg. Assoc.	21.7	%
Federal Home Loan Mtg. Corp.	8.7
Registered Investment Companies	8.3
Government National Mtg. Assoc.	5.6
Diversified Banking Institutions	5.0
United States Treasury Bonds	4.3
Sovereign	4.2
Diversified Financial Services	3.6
Uniform Mtg. Backed Securities	2.6
Banks — Commercial	2.6
Electric — Integrated	2.2
Pipelines	1.7
Real Estate Investment Trusts	1.4
United States Treasury Notes	1.3
Telephone — Integrated	1.2
Oil Companies — Integrated	1.1
Oil Companies — Exploration & Production	1.1
Cable/Satellite TV	1.0
Medical — Drugs	0.8
Insurance — Life/Health	0.8
Banks — Super Regional	0.7
Cellular Telecom	0.7
Computers	0.6
Computer Services	0.6
Medical — Biomedical/Gene	0.6
Finance — Consumer Loans	0.5
Auto — Cars/Light Trucks	0.5
Electric — Distribution	0.5
SupraNational Banks	0.5
Containers — Paper/Plastic	0.4
Television	0.4
Paper & Related Products	0.4
Brewery	0.4
Retail — Restaurants	0.4
Food — Misc./Diversified	0.4
Electric — Generation	0.4
Medical — HMO	0.4
Chemicals — Diversified	0.4
Medical — Hospitals	0.3
Oil — Field Services	0.3
Food — Wholesale/Distribution	0.3
Finance — Credit Card	0.3
Diversified Minerals	0.3
Machinery — Farming	0.3
Federal Home Loan Bank	0.3
Beverages — Non — alcoholic	0.3
Savings & Loans/Thrifts	0.3
Transport — Rail	0.3
Trucking/Leasing	0.3
Diversified Manufacturing Operations	0.3
Pharmacy Services	0.3
Satellite Telecom	0.3
Food — Meat Products	0.3
Aerospace/Defense	0.3
Chemicals — Specialty	0.2
Steel — Producers	0.2
Banks — Special Purpose	0.2
Building & Construction Products — Misc.	0.2
Building Products — Air & Heating	0.2
Multimedia	0.2
Transport — Services	0.2
Machinery — Construction & Mining	0.2
Agricultural Chemicals	0.2
Medical Products	0.2
Tools — Hand Held	0.2
Auto/Truck Parts & Equipment — Original	0.2
Telecom Equipment — Fiber Optics	0.2
Transport — Equipment & Leasing	0.2
Oil Refining & Marketing	0.2

Web Portals/ISP	0.2
Distribution/Wholesale	0.2
Enterprise Software/Service	0.2
Broadcast Services/Program	0.2
Insurance — Property/Casualty	0.2
Machinery — Pumps	0.2
Metal — Copper	0.2
Energy — Alternate Sources	0.2
Electronic Measurement Instruments	0.2
Metal — Iron	0.2
Security Services	0.2
Electronic Components — Semiconductors	0.1
Protection/Safety	0.1
Containers — Metal/Glass	0.1
Auto — Heavy Duty Trucks	0.1
Electronic Parts Distribution	0.1
Investment Management/Advisor Services	0.1
Airlines	0.1
Medical — Generic Drugs	0.1
Independent Power Producers	0.1
Batteries/Battery Systems	0.1
Diagnostic Equipment	0.1
Retail — Regional Department Stores	0.1
Building Products — Cement	0.1
Finance — Commercial	0.1
Sovereign Agency	0.1
Hotels/Motels	0.1
Medical — Wholesale Drug Distribution	0.1
Retail — Petroleum Products	0.1
Food — Retail	0.1
Internet Content — Entertainment	0.1
Advertising Agencies	0.1
Machinery — Electrical	0.1
Retail — Apparel/Shoe	0.1
Resorts/Theme Parks	0.1
Finance — Mortgage Loan/Banker	0.1
Aerospace/Defense — Equipment	0.1
Real Estate Management/Services	0.1
Software Tools	0.1
Water	0.1
Commercial Services — Finance	0.1
Finance — Other Services	0.1
Insurance Brokers	0.1
Finance — Auto Loans	0.1
Retail — Major Department Stores	0.1
Cruise Lines	0.1
Retail — Auto Parts	0.1
Auction Houses/Art Dealers	0.1
Shipbuilding	0.1
Chemicals — Other	0.1
Rental Auto/Equipment	0.1
Gas — Distribution	0.1
Banks — Money Center	0.1
Non — Profit Charity	0.1
Building Products — Doors & Windows	0.1
Beverages — Wine/Spirits	0.1
Commercial Services	0.1
Telecom Services	0.1
E-Commerce/Services	0.1
Finance — Leasing Companies	0.1
Recycling	0.1
Computers — Integrated Systems	0.1
Cosmetics & Toiletries	0.1
Financial Guarantee Insurance	0.1
Casino Services	0.1
E-Commerce/Products	0.1
Finance — Investment Banker/Broker	0.1
Electric — Transmission	0.1
Instruments — Controls	0.1

11

VALIC Company II Core Bond Fund

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

Industry Allocation* (continued)

Casino Hotels	0.1	%
Entertainment Software	0.1
Petrochemicals	0.1
Transport — Marine	0.1
Investment Companies	0.1
Human Resources	0.1
Transport — Air Freight	0.1
	104.5	%

Credit Quality†#

Aaa	48.0	%
Aa	2.5
A	10.1
Baa	21.6
Ba	5.7
B	5.7
Caa	1.3
Not Rated@	5.1
	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.

12

VALIC Company II Core Bond Fund

PORTFOLIO OF INVESTMENTS — August 31, 2020

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES — 3.4%
Diversified Financial Services — 3.4%
American Express Credit Account Master Trust Series 2019-2, Class A 2.67% due 11/15/2024	$	2,000,000	$	2,077,168
AmeriCredit Automobile Receivables Trust Series 2019-1, Class A3 2.97% due 11/20/2023		1,000,000		1,021,273
BA Credit Card Trust Series 2019-A1, Class A1 1.74% due 01/15/2025		900,000		924,804
BA Credit Card Trust Series 2018-A2, Class A2 3.00% due 09/15/2023		1,332,000		1,354,828
BANK Series 2019-BN16, Class A2 3.93% due 02/15/2052(1)		2,377,000		2,552,949
Benchmark Mtg. Trust Series 2018-B1, Class A2 3.57% due 01/15/2051(1)		1,233,000		1,282,276
Benchmark Mtg. Trust Series 2019-B9, Class AAB 3.93% due 03/15/2052(1)		2,985,000		3,436,125
BMW Vehicle Lease Trust Series 2019-1, Class A4 2.92% due 08/22/2022		1,050,000		1,068,453
BX Commercial Mtg. Trust FRS Series 2019-IMC, Class A 1.16% (1 ML+1.00%) due 04/15/2034*(1)		2,500,000		2,399,902
CAMB Commercial Mtg. Trust FRS Series 2019-LIFE, Class A 1.23% (1 ML+1.07%) due 12/15/2037*(1)		750,000		749,545
Capital One Prime Auto Receivables Trust Series 2019-2, Class A3 1.92% due 05/15/2024		600,000		613,818
CarMax Auto Owner Trust Series 2019-3, Class A3 2.18% due 08/15/2024		1,030,000		1,060,339
CarMax Auto Owner Trust Series 2019-2, Class A3 2.68% due 03/15/2024		1,125,000		1,158,543
CarMax Auto Owner Trust Series 2018-4, Class A3 3.36% due 09/15/2023		1,000,000		1,027,194
Chase Mtg. Finance Corp. VRS Series 2016-SH2, Class M2 3.75% due 12/25/2045*(2)(3)		1,063,401		1,088,722
Citibank Credit Card Issuance Trust Series 2018-A1, Class A1 2.49% due 01/20/2023		150,000		151,300
Citibank Credit Card Issuance Trust Series 2018-A7, Class A7 3.96% due 10/13/2030		250,000		305,037
COMM Mtg. Trust VRS Series 2016-787S, Class B 3.96% due 02/10/2036*(1)(3)		1,254,000		1,321,848
CSAIL Commercial Mtg. Trust Series 2017-C8, Class A2 2.99% due 06/15/2050(1)		1,770,000		1,805,519
CSAIL Commercial Mtg. Trust Series 2019-C17, Class A2 3.00% due 09/15/2052(1)		225,000		236,900
Discover Card Execution Note Trust Series 2019-A1, Class A1 3.04% due 07/15/2024		400,000		414,933

Security Description	Principal Amount		Value (Note 2)
Diversified Financial Services (continued)
GM Financial Consumer Automobile Receivables Trust Series 2017-3A, Class 4A 2.13% due 03/16/2023*	$	1,000,000	$	1,013,461
GM Financial Consumer Automobile Receivables Trust Series 2019-3, Class A3 2.18% due 04/16/2024		1,075,000		1,099,578
Honda Auto Receivables Owner Trust Series 2019-1, Class A3 2.83% due 03/20/2023		700,000		716,233
ILPT Trust Series 2019-SURF, Class A 4.15% due 02/11/2041*(1)		5,570,000		6,334,255
Jackson Park Trust Series 2019-LIC, Class A 2.77% due 10/14/2039*(1)		1,400,000		1,489,373
JP Morgan Mtg. Trust VRS Series 2017-6, Class A6 3.00% due 12/25/2048*(2)(3)		916,649		920,187
JP Morgan Mtg. Trust VRS Series 2018-1, Class A5 3.50% due 06/25/2048*(2)(3)		1,302,978		1,311,420
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C23, Class A2 2.98% due 07/15/2050(1)		52,529		52,489
Morgan Stanley Capital Barclays Bank Trust Series 2016-MART, Class A 2.20% due 09/13/2031*(1)		2,397,000		2,385,592
MSDB Trust VRS Series 2017-712F, Class A 3.43% due 07/11/2039*(1)(3)		4,520,000		4,874,890
MTRO Commercial Mtg. Trust FRS Series 2019-TECH, Class A 1.06% (1 ML+0.90%) due 12/15/2033*(1)		2,950,000		2,937,066
Navient Private Education Refi Loan Trust Series 2020-FA, Class A 1.22% due 07/15/2069*		600,000		600,872
One Bryant Park Trust Series 2019-OBP, Class A 2.52% due 09/15/2054*(1)		3,720,000		3,969,028
Shellpoint Co-Originator Trust VRS Series 2017-2, Class A1 3.50% due 10/25/2047*(2)(3)		992,668		1,016,155
Toyota Auto Loan Extended Note Trust Series 2019-1A, Class A 2.56% due 11/25/2031*		900,000		965,784
Toyota Auto Receivables Owner Trust Series 2019-B, Class A3 2.57% due 08/15/2023		3,000,000		3,082,583
Toyota Auto Receivables Owner Trust Series 2018-C, Class A4 3.13% due 02/15/2024		125,000		130,879
Verizon Owner Trust Series 2018-1A, Class C 3.20% due 09/20/2022*		300,000		303,912
Volkswagen Auto Loan Enhanced Trust Series 2018-2, Class A4 3.33% due 02/20/2025		500,000		525,150
World Financial Network Credit Card Master Trust Series 2019-C, Class M 2.71% due 07/15/2026		850,000		849,422
Total Asset Backed Securities
(cost $58,340,228)				60,629,805

13

VALIC Company II Core Bond Fund

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

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES — 33.4%
Advertising Agencies — 0.1%
Omnicom Group, Inc. Senior Notes 2.45% due 04/30/2030	$	1,420,000	$	1,468,695
Omnicom Group, Inc. Senior Notes 4.20% due 06/01/2030		344,000		400,547
				1,869,242
Advertising Sales — 0.0%
National CineMedia LLC Senior Sec. Notes 5.88% due 04/15/2028*		1,065,000		862,650
Aerospace/Defense — 0.2%
BAE Systems Holdings, Inc. Company Guar. Notes 3.85% due 12/15/2025*		2,525,000		2,853,500
Lockheed Martin Corp. Senior Notes 2.80% due 06/15/2050		11,000		11,634
				2,865,134
Aerospace/Defense - Equipment — 0.1%
Moog, Inc. Company Guar. Notes 4.25% due 12/15/2027*		669,000		690,743
Spirit AeroSystems, Inc. Sec. Notes 7.50% due 04/15/2025*		898,000		906,414
				1,597,157
Agricultural Operations — 0.0%
Archer-Daniels-Midland Co. Senior Notes 2.75% due 03/27/2025		669,000		728,768
Airlines — 0.1%
American Airlines, Inc. Senior Sec. Notes 11.75% due 07/15/2025*		950,000		912,247
Delta Air Lines, Inc. Senior Sec. Notes 7.00% due 05/01/2025*		1,060,000		1,160,773
United Airlines Pass-Through Trust Pass-Through Certs. Series 2014-2, Class B 4.63% due 03/03/2024		389,187		351,000
				2,424,020
Applications Software — 0.0%
SS&C Technologies, Inc. Company Guar. Notes 5.50% due 09/30/2027*		759,000		812,965
Auction Houses/Art Dealers — 0.1%
Sotheby’s Senior Sec. Notes 7.38% due 10/15/2027*#		1,400,000		1,428,000
Auto - Cars/Light Trucks — 0.5%
BMW US Capital LLC Company Guar. Notes 3.10% due 04/12/2021*		1,090,000		1,107,963
Daimler Finance North America LLC Company Guar. Notes 2.00% due 07/06/2021*		588,000		594,594

Security Description	Principal Amount		Value (Note 2)
Auto - Cars/Light Trucks (continued)
Ford Motor Co. Senior Notes 4.75% due 01/15/2043	$	961,000	$	890,126
Ford Motor Co. Senior Notes 6.63% due 10/01/2028		1,443,000		1,591,817
Ford Motor Co. Senior Notes 7.45% due 07/16/2031		178,000		207,424
Ford Motor Credit Co. LLC Senior Notes 5.13% due 06/16/2025		200,000		210,146
General Motors Co. Senior Notes 6.80% due 10/01/2027		1,139,000		1,392,624
General Motors Financial Co., Inc. Senior Notes 2.75% due 06/20/2025		1,398,000		1,444,264
Hyundai Capital America Senior Notes 3.40% due 06/20/2024*		1,217,000		1,297,561
Nissan Motor Acceptance Corp. Senior Notes 2.65% due 07/13/2022*		304,000		305,948
Tesla, Inc. Company Guar. Notes 5.30% due 08/15/2025*		603,000		626,445
				9,668,912
Auto - Heavy Duty Trucks — 0.1%
Allison Transmission, Inc. Senior Notes 5.00% due 10/01/2024*		559,000		563,210
Cummins, Inc. Senior Notes 0.75% due 09/01/2025		1,061,000		1,063,421
PACCAR Financial Corp. Senior Notes 0.80% due 06/08/2023		946,000		958,195
				2,584,826
Auto/Truck Parts & Equipment - Original — 0.2%
BorgWarner, Inc. Senior Notes 2.65% due 07/01/2027		1,136,000		1,203,568
Dana, Inc. Senior Notes 5.38% due 11/15/2027		621,000		652,050
Lear Corp. Senior Notes 5.25% due 05/15/2049		919,000		990,150
				2,845,768
Banks - Commercial — 1.3%
BankUnited, Inc. Senior Notes 4.88% due 11/17/2025		5,194,000		5,856,868
BankUnited, Inc. Sub. Notes 5.13% due 06/11/2030		2,738,000		2,952,564
Citizens Financial Group, Inc. Senior Notes 2.50% due 02/06/2030		367,000		388,751

14

VALIC Company II Core Bond Fund

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

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Banks - Commercial (continued)
Citizens Financial Group, Inc. Senior Notes 3.25% due 04/30/2030	$	591,000	$	656,956
Citizens Financial Group, Inc. Sub. Notes 4.15% due 09/28/2022*		1,272,000		1,346,809
Citizens Financial Group, Inc. Sub. Notes 4.30% due 12/03/2025		872,000		1,002,974
Discover Bank Senior Notes 2.70% due 02/06/2030		852,000		888,914
First Horizon Bank Sub. Notes 5.75% due 05/01/2030		1,305,000		1,477,209
Regions Financial Corp. Sub. Notes 7.38% due 12/10/2037		1,899,000		2,844,095
Santander Holdings USA, Inc. Senior Notes 3.24% due 10/05/2026		751,000		799,014
SunTrust Bank Senior Notes 3.50% due 08/02/2022		24,000		24,659
Synovus Bank Senior Notes 2.29% due 02/10/2023		1,222,000		1,241,470
Truist Bank Sub. Notes 2.64% due 09/17/2029		661,000		684,117
Zions Bancorp NA Sub. Notes 3.25% due 10/29/2029		2,597,000		2,588,274
				22,752,674
Banks - Super Regional — 0.7%
Bank of America NA Senior Notes 3.34% due 01/25/2023		1,230,000		1,280,098
Wells Fargo & Co. Senior Notes 2.39% due 06/02/2028		1,311,000		1,369,681
Wells Fargo & Co. Senior Notes 3.07% due 04/30/2041		2,252,000		2,384,818
Wells Fargo & Co. Sub. Notes 4.30% due 07/22/2027		4,312,000		4,970,591
Wells Fargo & Co. Sub. Notes 4.65% due 11/04/2044		594,000		723,571
Wells Fargo & Co. Senior Notes 5.01% due 04/04/2051		924,000		1,261,319
				11,990,078
Batteries/Battery Systems — 0.1%
Energizer Holdings, Inc. Company Guar. Notes 6.38% due 07/15/2026*		1,090,000		1,155,400
EnerSys Company Guar. Notes 5.00% due 04/30/2023*		1,150,000		1,193,367
				2,348,767

Security Description	Principal Amount		Value (Note 2)
Beverages - Non-alcoholic — 0.2%
Keurig Dr Pepper, Inc. Company Guar. Notes 4.06% due 05/25/2023	$	34,000	$	37,145
PepsiCo, Inc. Senior Notes 2.25% due 03/19/2025		1,587,000		1,704,813
PepsiCo, Inc. Senior Notes 2.88% due 10/15/2049		1,261,000		1,350,752
				3,092,710
Brewery — 0.4%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.90% due 02/01/2046		3,368,000		4,158,995
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.60% due 04/15/2048		2,420,000		2,884,945
				7,043,940
Broadcast Services/Program — 0.2%
Discovery Communications LLC Company Guar. Notes 5.30% due 05/15/2049		1,289,000		1,584,555
Univision Communications, Inc. Senior Sec. Notes 5.13% due 02/15/2025*		412,000		414,575
Univision Communications, Inc. Senior Sec. Notes 6.63% due 06/01/2027*		950,000		952,375
Univision Communications, Inc. Senior Sec. Notes 9.50% due 05/01/2025*		73,000		79,935
				3,031,440
Building & Construction Products - Misc. — 0.2%
Owens Corning Senior Notes 4.30% due 07/15/2047		2,066,000		2,216,208
Standard Industries, Inc. Senior Notes 3.38% due 01/15/2031*		685,000		680,500
Standard Industries, Inc. Senior Notes 5.00% due 02/15/2027*		305,000		318,478
Standard Industries, Inc. Senior Notes 6.00% due 10/15/2025*		700,000		725,550
				3,940,736
Building Products - Air & Heating — 0.2%
Carrier Global Corp. Company Guar. Notes 2.72% due 02/15/2030*		772,000		810,353
Carrier Global Corp. Senior Notes 3.38% due 04/05/2040*		2,000,000		2,079,097
Carrier Global Corp. Senior Notes 3.58% due 04/05/2050*		881,000		933,457
				3,822,907

15

VALIC Company II Core Bond Fund

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

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Building Products - Cement — 0.1%
Martin Marietta Materials, Inc. Senior Notes 3.50% due 12/15/2027	$	1,229,000	$	1,376,385
Vulcan Materials Co. Senior Notes 3.50% due 06/01/2030		820,000		928,954
				2,305,339
Building Products - Doors & Windows — 0.1%
Griffon Corp. Company Guar. Notes 5.75% due 03/01/2028		1,144,000		1,214,070
Building Products - Wood — 0.0%
Boise Cascade Co. Company Guar. Notes 4.88% due 07/01/2030*		502,000		543,415
Building - Mobile Home/Manufactured Housing — 0.0%
Winnebago Industries, Inc. Senior Sec. Notes 6.25% due 07/15/2028*		108,000		115,529
Building - Residential/Commercial — 0.0%
Toll Brothers Finance Corp. Company Guar. Notes 4.35% due 02/15/2028		812,000		878,990
Cable/Satellite TV — 0.9%
Block Communications, Inc. Company Guar. Notes 4.88% due 03/01/2028*		889,000		911,225
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.00% due 02/01/2028*		361,000		381,758
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.38% due 05/01/2025*		295,000		303,481
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.38% due 06/01/2029*		295,000		323,763
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.50% due 05/01/2026*		802,000		838,090
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 3.70% due 04/01/2051		405,000		403,560
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 4.80% due 03/01/2050		1,268,000		1,448,946
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 5.38% due 04/01/2038		160,000		195,236
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 6.38% due 10/23/2035		613,000		848,816
Comcast Corp. Company Guar. Notes 2.65% due 08/15/2062		1,139,000		1,100,367
Comcast Corp. Company Guar. Notes 3.30% due 02/01/2027		1,442,000		1,627,617

Security Description	Principal Amount		Value (Note 2)
Cable/Satellite TV (continued)
Comcast Corp. Company Guar. Notes 3.75% due 04/01/2040	$	648,000	$	767,534
Comcast Corp. Company Guar. Notes 3.90% due 03/01/2038		408,000		488,893
Comcast Corp. Company Guar. Notes 4.60% due 10/15/2038		1,070,000		1,376,680
CSC Holdings LLC Senior Notes 5.25% due 06/01/2024		755,000		817,287
CSC Holdings LLC Company Guar. Notes 5.50% due 04/15/2027*		600,000		639,876
Sirius XM Radio, Inc. Company Guar. Notes 4.63% due 07/15/2024*		700,000		726,250
Time Warner Cable LLC Senior Sec. Notes 6.55% due 05/01/2037		1,648,000		2,219,710
				15,419,089
Casino Hotels — 0.1%
Boyd Gaming Corp. Company Guar. Notes 4.75% due 12/01/2027		542,000		539,360
Boyd Gaming Corp. Company Guar. Notes 8.63% due 06/01/2025*		455,000		501,638
				1,040,998
Casino Services — 0.1%
Caesars Entertainment, Inc. Senior Sec. Notes 6.25% due 07/01/2025*		1,025,000		1,086,490
Cellular Telecom — 0.4%
Sprint Corp. Company Guar. Notes 7.88% due 09/15/2023		3,308,000		3,845,550
T-Mobile USA, Inc. Senior Sec. Notes 3.88% due 04/15/2030*		2,264,000		2,595,065
				6,440,615
Chemicals - Diversified — 0.2%
Olin Corp. Senior Notes 9.50% due 06/01/2025*		510,000		590,325
Westlake Chemical Corp. Senior Notes 3.38% due 06/15/2030		2,324,000		2,466,754
				3,057,079
Chemicals - Specialty — 0.2%
Ecolab, Inc. Senior Notes 2.38% due 08/10/2022		1,287,000		1,333,784
Huntsman International LLC Senior Notes 4.50% due 05/01/2029		1,745,000		1,932,204
Minerals Technologies, Inc. Company Guar. Notes 5.00% due 07/01/2028*		803,000		837,127
				4,103,115

16

VALIC Company II Core Bond Fund

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

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Coal — 0.0%
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp. Company Guar. Notes 7.50% due 06/15/2025*	$	992,000	$	889,080
Commercial Services — 0.1%
Nielsen Finance LLC/Nielsen Finance Co. Company Guar. Notes 5.00% due 04/15/2022*		1,205,000		1,206,145
Commercial Services - Finance — 0.1%
MPH Acquisition Holdings LLC Company Guar. Notes 7.13% due 06/01/2024*		1,125,000		1,142,212
S&P Global, Inc. Company Guar. Bonds 2.30% due 08/15/2060		419,000		387,846
				1,530,058
Computer Services — 0.6%
Banff Merger Sub, Inc. Senior Notes 9.75% due 09/01/2026*		924,000		984,337
IBM Credit LLC Senior Notes 3.00% due 02/06/2023		4,773,000		5,085,224
Leidos, Inc. Company Guar. Notes 3.63% due 05/15/2025*		876,000		977,914
Leidos, Inc. Company Guar. Notes 4.38% due 05/15/2030*		1,343,000		1,571,686
Presidio Holdings, Inc. Company Guar. Notes 8.25% due 02/01/2028*		515,000		538,175
Tempo Acquisition LLC/Tempo Acquisition Finance Corp. Senior Sec. Notes 5.75% due 06/01/2025*		196,000		205,310
Tempo Acquisition LLC/Tempo Acquisition Finance Corp. Senior Notes 6.75% due 06/01/2025*		675,000		686,813
				10,049,459
Computers — 0.6%
Apple, Inc. Senior Notes 2.05% due 09/11/2026		1,139,000		1,225,035
Dell International LLC/EMC Corp. Senior Sec. Notes 6.02% due 06/15/2026*		675,000		796,722
Dell International LLC/EMC Corp. Senior Sec. Notes 8.10% due 07/15/2036*		1,653,000		2,200,388
Hewlett Packard Enterprise Co. Senior Notes 1.75% due 04/01/2026		3,197,000		3,210,367
Hewlett Packard Enterprise Co. Senior Notes 4.65% due 10/01/2024		1,359,000		1,536,444
Hewlett Packard Enterprise Co. Senior Notes 6.20% due 10/15/2035		1,317,000		1,646,515
				10,615,471

Security Description	Principal Amount		Value (Note 2)
Computers - Integrated Systems — 0.1%
Diebold Nixdorf, Inc. Company Guar. Notes 8.50% due 04/15/2024#	$	856,000	$	819,183
Diebold Nixdorf, Inc. Senior Sec. Notes 9.38% due 07/15/2025*		299,000		322,173
				1,141,356
Consumer Products - Misc. — 0.0%
Central Garden & Pet Co. Company Guar. Notes 5.13% due 02/01/2028		577,000		611,620
Kimberly-Clark Corp. Senior Notes 3.10% due 03/26/2030		20,000		22,836
				634,456
Containers - Metal/Glass — 0.0%
Silgan Holdings, Inc. Senior Notes 4.75% due 03/15/2025		855,000		872,100
Containers - Paper/Plastic — 0.2%
Bemis Co., Inc. Company Guar. Notes 2.63% due 06/19/2030		599,000		644,028
Sealed Air Corp. Company Guar. Notes 5.13% due 12/01/2024*		723,000		795,300
Sonoco Products Co Senior Notes 3.13% due 05/01/2030		1,999,000		2,190,464
				3,629,792
Cosmetics & Toiletries — 0.1%
Coty, Inc. Company Guar. Notes 6.50% due 04/15/2026*		1,365,000		1,129,538
Data Processing/Management — 0.0%
Fair Isaac Corp. Senior Notes 4.00% due 06/15/2028*		274,000		284,289
Dental Supplies & Equipment — 0.0%
DENTSPLY SIRONA, Inc. Senior Notes 3.25% due 06/01/2030		823,000		891,992
Diagnostic Equipment — 0.0%
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA Senior Notes 7.25% due 02/01/2028*		554,000		573,390
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA Senior Notes 7.38% due 06/01/2025*		77,000		79,695
				653,085
Direct Marketing — 0.0%
Terrier Media Buyer, Inc. Company Guar. Notes 8.88% due 12/15/2027*		437,000		452,426
Distribution/Wholesale — 0.2%
H&E Equipment Services, Inc. Company Guar. Notes 5.63% due 09/01/2025		1,190,000		1,234,625

17

VALIC Company II Core Bond Fund

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

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Distribution/Wholesale (continued)
KAR Auction Services, Inc. Company Guar. Notes 5.13% due 06/01/2025*	$	846,000	$	852,345
Performance Food Group, Inc. Company Guar. Notes 5.50% due 10/15/2027*		983,000		1,024,777
				3,111,747
Diversified Banking Institutions — 2.7%
Bank of America Corp. Senior Notes 1.49% due 05/19/2024		2,833,000		2,903,879
Bank of America Corp. Senior Notes 1.90% due 07/23/2031		1,334,000		1,341,382
Bank of America Corp. Senior Notes 2.46% due 10/22/2025		2,675,000		2,831,410
Bank of America Corp. Senior Notes 3.71% due 04/24/2028		703,000		797,443
Bank of America Corp. Senior Notes 4.08% due 03/20/2051		743,000		930,400
Bank of America Corp. Sub. Notes 4.18% due 11/25/2027		1,815,000		2,093,365
Bank of America Corp. Sub. Notes 6.11% due 01/29/2037		1,602,000		2,293,266
Citigroup, Inc. Senior Notes 2.67% due 01/29/2031		1,470,000		1,565,830
Citigroup, Inc. Senior Notes 3.67% due 07/24/2028		1,200,000		1,356,177
Citigroup, Inc. Sub. Notes 4.45% due 09/29/2027		1,552,000		1,804,254
Citigroup, Inc. Sub. Notes 4.75% due 05/18/2046		860,000		1,101,250
Citigroup, Inc. Sub. Notes 5.88% due 02/22/2033		1,032,000		1,355,311
Citigroup, Inc. Sub. Notes 6.00% due 10/31/2033		1,673,000		2,255,145
Goldman Sachs Group, Inc. Senior Notes 2.35% due 11/15/2021		2,881,000		2,892,259
Goldman Sachs Group, Inc. Senior Notes 3.50% due 11/16/2026		2,438,000		2,719,968
Goldman Sachs Group, Inc. Senior Notes 3.80% due 03/15/2030		1,398,000		1,628,934
Goldman Sachs Group, Inc. Sub. Notes 6.75% due 10/01/2037		2,108,000		3,075,951
JPMorgan Chase & Co. Senior Notes 2.01% due 03/13/2026		4,582,000		4,783,103

Security Description	Principal Amount		Value (Note 2)
Diversified Banking Institutions (continued)
JPMorgan Chase & Co. Sub. Notes 2.96% due 05/13/2031	$	534,000	$	574,356
JPMorgan Chase & Co. Senior Notes 3.11% due 04/22/2051		596,000		648,849
JPMorgan Chase & Co. Senior Notes 3.51% due 01/23/2029		2,183,000		2,465,463
JPMorgan Chase & Co. Senior Notes 3.88% due 07/24/2038		569,000		684,048
Morgan Stanley Senior Notes 3.62% due 04/01/2031		732,000		850,416
Morgan Stanley Senior Notes 3.63% due 01/20/2027		3,687,000		4,212,036
Morgan Stanley Sub. Notes 5.00% due 11/24/2025		320,000		376,587
				47,541,082
Diversified Manufacturing Operations — 0.2%
Carlisle Cos., Inc. Senior Notes 2.75% due 03/01/2030		941,000		997,610
General Electric Co. Senior Notes 4.25% due 05/01/2040		125,000		126,183
General Electric Co. Senior Notes 4.35% due 05/01/2050		550,000		558,330
Illinois Tool Works, Inc. Senior Notes 3.50% due 03/01/2024		1,247,000		1,368,940
				3,051,063
E-Commerce/Products — 0.1%
Amazon.com, Inc. Senior Notes 4.80% due 12/05/2034		786,000		1,086,296
E-Commerce/Services — 0.1%
GrubHub Holdings, Inc. Company Guar. Notes 5.50% due 07/01/2027*		1,115,000		1,166,569
Electric Products - Misc. — 0.0%
WESCO Distribution, Inc. Company Guar. Notes 7.13% due 06/15/2025*		367,000		403,700
WESCO Distribution, Inc. Company Guar. Notes 7.25% due 06/15/2028*		169,000		188,517
				592,217
Electric - Distribution — 0.4%
National Rural Utilities Cooperative Finance Corp. Collateral Trust Bonds 2.85% due 01/27/2025		4,439,000		4,852,694
NextEra Energy Operating Partners LP Company Guar. Notes 4.25% due 07/15/2024*		875,000		933,922

18

VALIC Company II Core Bond Fund

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

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Electric - Distribution (continued)
NSTAR Electric Co. Senior Notes 3.95% due 04/01/2030	$	1,362,000	$	1,651,039
				7,437,655
Electric - Generation — 0.2%
Emera US Finance LP Company Guar. Notes 4.75% due 06/15/2046		1,327,000		1,653,403
Pattern Energy Operations LP/Pattern Energy Operations, Inc. Company Guar. Notes 4.50% due 08/15/2028*		800,000		842,000
Vistra Operations Co. LLC Company Guar. Notes 5.00% due 07/31/2027*		880,000		933,222
				3,428,625
Electric - Integrated — 1.9%
AEP Texas, Inc. Senior Notes 4.15% due 05/01/2049		637,000		782,710
Appalachian Power Co. Senior Notes 3.70% due 05/01/2050		1,382,000		1,567,002
Avangrid, Inc. Senior Notes 3.20% due 04/15/2025		3,452,000		3,811,362
Consolidated Edison Co. of New York, Inc. Senior Notes 3.95% due 04/01/2050		334,000		400,515
Dominion Energy South Carolina, Inc. 1st Mtg. Bonds 5.10% due 06/01/2065		1,444,000		2,212,855
Dominion Resources, Inc. Senior Notes 5.25% due 08/01/2033		1,434,000		1,818,386
DTE Electric Co. General Refunding Mtg. 3.95% due 03/01/2049		2,495,000		3,144,133
Entergy Texas, Inc. 1st Mtg. Bonds 4.50% due 03/30/2039		2,662,000		3,298,703
Exelon Corp. Senior Notes 4.70% due 04/15/2050		1,013,000		1,307,381
FirstEnergy Corp. Senior Notes 7.38% due 11/15/2031		3,235,000		4,580,047
Interstate Power & Light Co. Senior Notes 3.50% due 09/30/2049		943,000		1,066,864
Kentucky Utilities Co. 1st Mtg. Bonds 3.30% due 06/01/2050		583,000		643,798
Pacific Gas & Electric Co. Senior Notes 3.95% due 12/01/2047		1,215,000		1,145,909
Pacific Gas & Electric Co. Senior Notes 4.30% due 03/15/2045		730,000		723,199
Public Service Co. of Colorado 1st Mtg. Bonds 2.70% due 01/15/2051		2,286,000		2,351,220

Security Description	Principal Amount		Value (Note 2)
Electric - Integrated (continued)
Public Service Co. of Colorado 1st Mtg. Notes 3.70% due 06/15/2028	$	1,302,000	$	1,522,162
Public Service Co. of Colorado 1st Mtg. Bonds 4.10% due 06/15/2048		981,000		1,267,929
Southern California Edison Co. 1st Mtg. Bonds 3.65% due 02/01/2050		148,000		156,968
Talen Energy Supply LLC Senior Sec. Notes 6.63% due 01/15/2028*		460,000		461,111
Talen Energy Supply LLC Senior Sec. Notes 7.25% due 05/15/2027*		457,000		468,425
Union Electric Co Senior Sec. Notes 2.95% due 06/15/2027		1,401,000		1,552,560
				34,283,239
Electric - Transmission — 0.1%
ITC Holdings Corp. Senior Notes 2.95% due 05/14/2030*		988,000		1,073,474
Electronic Components - Semiconductors — 0.1%
Broadcom, Inc. Company Guar. Notes 4.15% due 11/15/2030		1,064,000		1,199,471
Broadcom, Inc. Company Guar. Notes 5.00% due 04/15/2030		664,000		790,593
ON Semiconductor Corp. Company Guar. Notes 3.88% due 09/01/2028*		630,000		657,392
				2,647,456
Electronic Measurement Instruments — 0.2%
Trimble, Inc. Senior Notes 4.75% due 12/01/2024		136,000		150,261
Trimble, Inc. Senior Notes 4.90% due 06/15/2028		2,119,000		2,532,145
				2,682,406
Electronic Parts Distribution — 0.1%
Arrow Electronics, Inc. Senior Notes 4.00% due 04/01/2025		854,000		928,132
Ingram Micro, Inc. Senior Notes 5.45% due 12/15/2024		1,490,000		1,598,013
				2,526,145
Energy - Alternate Sources — 0.1%
Hanwha Energy USA Holdings Corp. Company Guar. Notes 2.38% due 07/30/2022*		1,892,000		1,946,364
Enterprise Software/Service — 0.2%
Donnelley Financial Solutions, Inc. Company Guar. Notes 8.25% due 10/15/2024		747,000		776,880

19

VALIC Company II Core Bond Fund

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

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Enterprise Software/Service (continued)
Oracle Corp. Senior Notes 2.95% due 11/15/2024	$	2,108,000	$	2,294,536
				3,071,416
Entertainment Software — 0.1%
Activision Blizzard, Inc. Senior Notes 2.50% due 09/15/2050		1,108,000		1,035,800
Finance - Auto Loans — 0.1%
Credit Acceptance Corp. Company Guar. Notes 5.13% due 12/31/2024*		134,000		138,020
Credit Acceptance Corp. Company Guar. Notes 6.63% due 03/15/2026		1,266,000		1,354,620
				1,492,640
Finance - Commercial — 0.1%
GE Capital Funding LLC Company Guar. Notes 4.40% due 05/15/2030*		2,120,000		2,238,656
Finance - Consumer Loans — 0.5%
Enova International, Inc. Company Guar. Notes 8.50% due 09/01/2024*		1,080,000		1,015,200
Navient Corp. Senior Notes 5.00% due 03/15/2027		450,000		433,125
Springleaf Finance Corp. Company Guar. Notes 5.38% due 11/15/2029		795,000		845,681
Springleaf Finance Corp. Company Guar. Notes 6.88% due 03/15/2025		777,000		870,240
Synchrony Financial Senior Notes 4.50% due 07/23/2025		5,511,000		5,997,172
				9,161,418
Finance - Credit Card — 0.3%
Alliance Data Systems Corp. Company Guar. Notes 4.75% due 12/15/2024*		905,000		864,275
American Express Co. Senior Notes 3.40% due 02/22/2024		1,221,000		1,338,227
American Express Co. Senior Notes 4.20% due 11/06/2025		829,000		968,982
Mastercard, Inc. Senior Notes 2.00% due 03/03/2025		1,766,000		1,886,329
Visa, Inc. Senior Notes 0.75% due 08/15/2027		563,000		560,673
				5,618,486
Finance - Investment Banker/Broker — 0.1%
LPL Holdings, Inc. Company Guar. Notes 4.63% due 11/15/2027*		195,000		202,800
LPL Holdings, Inc. Company Guar. Notes 5.75% due 09/15/2025*		841,000		874,640
				1,077,440

Security Description	Principal Amount		Value (Note 2)
Finance - Mortgage Loan/Banker — 0.1%
Genworth Mtg. Holdings, Inc. Senior Notes 6.50% due 08/15/2025*	$	614,000	$	647,082
Quicken Loans, Inc. Company Guar. Notes 5.25% due 01/15/2028*		219,000		233,510
Quicken Loans, Inc. Company Guar. Notes 5.75% due 05/01/2025*		726,000		746,873
				1,627,465
Finance - Other Services — 0.1%
Intercontinental Exchange, Inc. Senior Notes 1.85% due 09/15/2032		1,499,000		1,522,121
Financial Guarantee Insurance — 0.1%
NMI Holdings, Inc. Senior Sec. Notes 7.38% due 06/01/2025*		370,000		399,456
Radian Group, Inc. Senior Notes 6.63% due 03/15/2025		658,000		707,350
				1,106,806
Food - Dairy Products — 0.0%
Land O’ Lakes, Inc. Junior Sub. Notes 7.00% due 09/18/2028*(4)		250,000		224,063
Food - Meat Products — 0.2%
Smithfield Foods, Inc. Senior Notes 2.65% due 10/03/2021*		478,000		477,305
Smithfield Foods, Inc. Company Guar. Notes 4.25% due 02/01/2027*		1,139,000		1,192,754
Smithfield Foods, Inc. Senior Notes 5.20% due 04/01/2029*		1,057,000		1,170,180
				2,840,239
Food - Misc./Diversified — 0.4%
Conagra Brands, Inc. Senior Notes 7.00% due 10/01/2028		1,202,000		1,641,755
Dole Food Co., Inc. Senior Sec. Notes 7.25% due 06/15/2025*		1,125,000		1,125,000
Kraft Heinz Foods Co. Company Guar. Notes 4.88% due 10/01/2049*		346,000		381,570
Lamb Weston Holdings, Inc. Company Guar. Notes 4.63% due 11/01/2024*		585,000		610,471
Mars, Inc. Senior Notes 2.38% due 07/16/2040*		858,000		844,209
Nestle Holdings, Inc. Company Guar. Notes 3.50% due 09/24/2025*		1,857,000		2,109,849
TreeHouse Foods, Inc. Company Guar. Notes 4.00% due 09/01/2028		220,000		223,892
				6,936,746

20

VALIC Company II Core Bond Fund

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

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Food - Retail — 0.1%
Albertsons Cos, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC Company Guar. Notes 4.63% due 01/15/2027*	$	520,000	$	547,300
Albertsons Cos, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC Company Guar. Notes 5.75% due 03/15/2025		802,000		824,055
Albertsons Cos, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC Company Guar. Notes 5.88% due 02/15/2028*		522,000		563,760
				1,935,115
Food - Wholesale/Distribution — 0.3%
Sysco Corp. Company Guar. Notes 2.40% due 02/15/2030		1,315,000		1,312,177
Sysco Corp. Company Guar. Notes 5.95% due 04/01/2030		1,045,000		1,318,920
Sysco Corp. Company Guar. Bonds 6.60% due 04/01/2040		1,322,000		1,767,063
Sysco Corp. Company Guar. Notes 6.60% due 04/01/2050		588,000		814,765
US Foods, Inc. Senior Sec. Notes 6.25% due 04/15/2025*		496,000		524,520
				5,737,445
Gas - Distribution — 0.1%
NiSource, Inc. Senior Notes 5.65% due 02/01/2045		909,000		1,256,531
Hotels/Motels — 0.1%
Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. Company Guar. Notes 6.13% due 12/01/2024		805,000		832,169
Wyndham Destinations, Inc. Senior Sec. Notes 6.63% due 07/31/2026*		210,000		222,075
Wyndham Worldwide Corp. Senior Sec. Notes 5.75% due 04/01/2027		1,039,000		1,064,975
				2,119,219
Human Resources — 0.1%
Korn Ferry International Company Guar. Notes 4.63% due 12/15/2027*		933,000		966,122
Independent Power Producers — 0.1%
Clearway Energy Operating LLC Company Guar. Notes 4.75% due 03/15/2028*		170,000		178,075
Clearway Energy Operating LLC Company Guar. Notes 5.75% due 10/15/2025		757,000		802,420
NRG Yield Operating LLC Company Guar. Notes 5.00% due 09/15/2026		748,000		784,996
				1,765,491

Security Description	Principal Amount		Value (Note 2)
Instruments - Controls — 0.1%
Honeywell International, Inc. Senior Notes 0.48% due 08/19/2022	$	1,061,000	$	1,063,017
Insurance Brokers — 0.1%
Willis North America, Inc. Company Guar. Notes 3.88% due 09/15/2049		965,000		1,114,928
Willis North America, Inc. Company Guar. Notes 5.05% due 09/15/2048		295,000		393,659
				1,508,587
Insurance - Life/Health — 0.4%
Brighthouse Financial, Inc. Senior Notes 4.70% due 06/22/2047		1,187,000		1,144,909
Brighthouse Financial, Inc. Senior Notes 5.63% due 05/15/2030		1,653,000		1,919,856
Prudential Financial, Inc. Senior Notes 1.50% due 03/10/2026		3,279,000		3,423,117
Prudential Financial, Inc. Senior Notes 3.91% due 12/07/2047		283,000		321,933
Unum Group Senior Notes 4.50% due 03/15/2025		564,000		626,394
				7,436,209
Insurance - Mutual — 0.0%
MassMutual Global Funding II Senior Sec. Notes 2.75% due 06/22/2024*		708,000		762,224
New York Life Global Funding Sec. Notes 1.95% due 09/28/2020*		45,000		45,057
				807,281
Internet Connectivity Services — 0.0%
Cogent Communications Group, Inc. Senior Sec. Notes 5.38% due 03/01/2022*		800,000		824,000
Internet Content - Entertainment — 0.1%
Netflix, Inc. Senior Notes 4.88% due 06/15/2030*		1,660,000		1,917,300
Investment Management/Advisor Services — 0.1%
AG Issuer LLC Senior Sec. Notes 6.25% due 03/01/2028*		1,025,000		1,040,375
Ameriprise Financial, Inc. Senior Notes 3.00% due 03/22/2022		1,391,000		1,445,329
				2,485,704
Machinery - Construction & Mining — 0.2%
Caterpillar Financial Services Corp. Senior Notes 0.65% due 07/07/2023		2,121,000		2,135,821
Caterpillar Financial Services Corp. Senior Notes 1.45% due 05/15/2025		1,498,000		1,551,277
				3,687,098

21

VALIC Company II Core Bond Fund

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

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Machinery - Electrical — 0.1%
ABB Finance USA, Inc. Company Guar. Notes 3.38% due 04/03/2023	$	1,715,000	$	1,837,453
Machinery - Farming — 0.3%
CNH Industrial Capital LLC Company Guar. Notes 4.20% due 01/15/2024		1,637,000		1,761,814
John Deere Capital Corp. Senior Notes 2.95% due 04/01/2022		2,578,000		2,685,207
John Deere Capital Corp. Senior Notes 3.65% due 10/12/2023		748,000		822,117
				5,269,138
Machinery - Pumps — 0.2%
Xylem, Inc. Senior Notes 1.95% due 01/30/2028		2,671,000		2,788,843
Medical Labs & Testing Services — 0.0%
Catalent Pharma Solutions, Inc. Company Guar. Notes 5.00% due 07/15/2027*		446,000		470,530
Medical Products — 0.2%
Baxter International, Inc. Senior Notes 3.75% due 10/01/2025*		3,117,000		3,554,537
Medical - Biomedical/Gene — 0.6%
Amgen, Inc. Senior Notes 3.15% due 02/21/2040		5,271,000		5,608,112
Amgen, Inc. Senior Notes 3.38% due 02/21/2050		1,093,000		1,193,200
Biogen, Inc. Senior Bonds 3.15% due 05/01/2050		811,000		825,363
Regeneron Pharmaceuticals, Inc. Senior Notes 1.75% due 09/15/2030		1,582,000		1,549,569
Regeneron Pharmaceuticals, Inc. Senior Bonds 2.80% due 09/15/2050		886,000		847,410
				10,023,654
Medical - Drugs — 0.5%
AbbVie, Inc. Senior Notes 4.05% due 11/21/2039*		1,181,000		1,382,461
AbbVie, Inc. Senior Notes 4.25% due 11/21/2049*		2,076,000		2,505,880
AbbVie, Inc. Senior Notes 4.88% due 02/15/2021*		520,000		524,786
Bristol - Myers Squibb Co. Senior Notes 3.63% due 05/15/2024		1,543,000		1,709,754
Bristol - Myers Squibb Co. Senior Notes 4.63% due 05/15/2044		900,000		1,217,352

Security Description	Principal Amount		Value (Note 2)
Medical - Drugs (continued)
GlaxoSmithKline Capital, Inc. Company Guar. Notes 3.38% due 05/15/2023	$	1,142,000	$	1,234,275
Upjohn, Inc. Company Guar. Notes 4.00% due 06/22/2050*		872,000		949,172
				9,523,680
Medical - Generic Drugs — 0.1%
Mylan, Inc. Company Guar. Notes 4.55% due 04/15/2028		1,313,000		1,537,536
Par Pharmaceutical, Inc. Senior Sec. Notes 7.50% due 04/01/2027*		828,000		883,890
				2,421,426
Medical - HMO — 0.4%
Humana, Inc. Senior Notes 4.88% due 04/01/2030		2,171,000		2,728,758
UnitedHealth Group, Inc. Senior Notes 1.25% due 01/15/2026		1,737,000		1,783,022
UnitedHealth Group, Inc. Senior Notes 3.13% due 05/15/2060		872,000		955,690
UnitedHealth Group, Inc. Senior Notes 3.75% due 07/15/2025		822,000		942,289
				6,409,759
Medical - Hospitals — 0.3%
Acadia Healthcare Co., Inc. Company Guar. Notes 5.50% due 07/01/2028*		837,000		868,387
HCA, Inc. Senior Sec. Notes 5.25% due 06/15/2026		1,116,000		1,317,148
HCA, Inc. Company Guar. Notes 5.38% due 02/01/2025		2,075,000		2,335,952
LifePoint Health, Inc. Senior Sec. Notes 4.38% due 02/15/2027*		760,000		758,100
Tenet Healthcare Corp. Senior Sec. Notes 4.63% due 07/15/2024		900,000		920,700
				6,200,287
Medical - Wholesale Drug Distribution — 0.1%
Cardinal Health, Inc. Senior Notes 4.60% due 03/15/2043		1,885,000		2,094,174
Metal - Copper — 0.1%
Freeport - McMoRan, Inc. Company Guar. Notes 4.13% due 03/01/2028		367,000		383,552
Freeport - McMoRan, Inc. Company Guar. Notes 4.25% due 03/01/2030		573,000		602,005
Freeport - McMoRan, Inc. Company Guar. Notes 5.25% due 09/01/2029#		527,000		577,065
				1,562,622

22

VALIC Company II Core Bond Fund

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

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Metal - Iron — 0.1%
Cleveland - Cliffs, Inc. Company Guar. Notes 5.75% due 03/01/2025#	$	999,000	$	929,070
Cleveland - Cliffs, Inc. Senior Sec. Notes 6.75% due 03/15/2026*		509,000		519,816
Cleveland - Cliffs, Inc. Senior Sec. Notes 9.88% due 10/17/2025*		22,000		24,268
				1,473,154
Multimedia — 0.2%
E.W. Scripps Co. Company Guar. Notes 5.13% due 05/15/2025*		1,305,000		1,295,212
Walt Disney Co. Company Guar. Notes 3.50% due 05/13/2040		1,809,000		2,028,200
				3,323,412
Non-Hazardous Waste Disposal — 0.0%
Covanta Holding Corp. Company Guar. Notes 5.00% due 09/01/2030		744,000		762,823
Non-Profit Charity — 0.1%
Ford Foundation Notes 2.82% due 06/01/2070		1,150,000		1,217,091
Office Supplies & Forms — 0.0%
Avery Dennison Corp. Senior Notes 2.65% due 04/30/2030		673,000		715,493
Oil Companies - Exploration & Production — 0.9%
Apache Corp. Senior Notes 4.38% due 10/15/2028		722,000		716,556
Apache Corp. Senior Notes 4.63% due 11/15/2025		104,000		106,470
Apache Corp. Senior Notes 4.88% due 11/15/2027		569,000		581,734
Callon Petroleum Co. Company Guar. Notes 6.13% due 10/01/2024		344,000		112,338
Callon Petroleum Co. Company Guar. Notes 6.38% due 07/01/2026		1,183,000		351,943
Diamondback Energy, Inc. Company Guar. Notes 4.75% due 05/31/2025		1,434,000		1,573,980
EOG Resources, Inc. Senior Notes 4.38% due 04/15/2030		846,000		1,013,923
EOG Resources, Inc. Senior Bonds 4.95% due 04/15/2050		907,000		1,160,400
Hilcorp Energy I LP/Hilcorp Finance Co. Senior Notes 5.00% due 12/01/2024*		1,691,000		1,602,223
Marathon Oil Corp. Senior Notes 6.60% due 10/01/2037		1,403,000		1,514,507

Security Description	Principal Amount		Value (Note 2)
Oil Companies - Exploration & Production (continued)
Marathon Oil Corp. Senior Notes 6.80% due 03/15/2032	$	901,000	$	995,903
Noble Energy, Inc. Senior Notes 4.95% due 08/15/2047		943,000		1,240,913
Noble Energy, Inc. Senior Notes 5.25% due 11/15/2043		1,236,000		1,647,901
Occidental Petroleum Corp. Senior Notes 5.88% due 09/01/2025		585,000		587,925
Occidental Petroleum Corp. Senior Notes 6.38% due 09/01/2028		902,000		912,260
Occidental Petroleum Corp. Senior Notes 7.50% due 05/01/2031		538,000		570,280
Pioneer Natural Resources Co. Senior Notes 1.90% due 08/15/2030		1,255,000		1,220,644
Southwestern Energy Co. Company Guar. Notes 8.38% due 09/15/2028		314,000		324,990
				16,234,890
Oil Companies - Integrated — 0.6%
BP Capital Markets America, Inc. Company Guar. Notes 2.77% due 11/10/2050		2,149,000		2,033,686
BP Capital Markets America, Inc. Company Guar. Notes 3.54% due 04/06/2027		3,831,000		4,319,311
Chevron Corp. Senior Notes 1.55% due 05/11/2025		2,653,000		2,762,463
Chevron Corp. Senior Notes 2.36% due 12/05/2022		1,021,000		1,062,349
Chevron USA, Inc. Company Guar. Notes 1.02% due 08/12/2027		938,000		936,321
				11,114,130
Oil Field Machinery & Equipment — 0.0%
Hi-Crush Partners LP Company Guar. Notes 9.50% due 08/01/2026*†(11)(12)		1,387,000		41,610
Oil Refining & Marketing — 0.1%
PBF Holding Co. LLC/PBF Finance Corp. Company Guar. Notes 6.00% due 02/15/2028*		1,133,000		955,402
Phillips 66 Company Guar. Notes 2.15% due 12/15/2030		1,331,000		1,310,919
				2,266,321
Oil - Field Services — 0.3%
Apergy Corp. Company Guar. Notes 6.38% due 05/01/2026		342,000		323,190
Archrock Partners LP/Archrock Partners Finance Corp. Company Guar. Notes 6.88% due 04/01/2027*		769,000		792,070

23

VALIC Company II Core Bond Fund

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

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Oil - Field Services (continued)
Baker Hughes a GE Co. LLC/Baker Hughes Co - Obligor, Inc. Senior Notes 4.49% due 05/01/2030	$	532,000	$	623,571
Halliburton Co. Senior Notes 2.92% due 03/01/2030		1,316,000		1,335,704
Nine Energy Service, Inc. Company Guar. Notes 8.75% due 11/01/2023*		1,163,000		421,587
Schlumberger Holdings Corp. Senior Notes 4.00% due 12/21/2025*		1,282,000		1,419,845
USA Compression Partners LP/USA Compression Finance Corp. Company Guar. Notes 6.88% due 04/01/2026		990,000		1,019,700
				5,935,667
Paper & Related Products — 0.4%
Clearwater Paper Corp. Company Guar. Notes 4.75% due 08/15/2028*		625,000		630,469
Domtar Corp. Company Guar. Notes 6.75% due 02/15/2044		2,290,000		2,625,216
Georgia - Pacific LLC Senior Notes 2.30% due 04/30/2030*		1,494,000		1,587,412
Georgia - Pacific LLC Senior Notes 3.73% due 07/15/2023*		2,073,000		2,249,563
				7,092,660
Petrochemicals — 0.1%
Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP Senior Notes 3.30% due 05/01/2023*		961,000		1,019,808
Pharmacy Services — 0.3%
CVS Health Corp Senior Notes 4.25% due 04/01/2050		717,000		856,042
CVS Health Corp. Senior Notes 2.70% due 08/21/2040		602,000		588,867
CVS Health Corp. Senior Notes 4.78% due 03/25/2038		2,336,000		2,870,484
CVS Health Corp. Senior Notes 5.05% due 03/25/2048		140,000		182,561
				4,497,954
Pipelines — 1.6%
Buckeye Partners LP Senior Notes 4.13% due 03/01/2025*		445,000		447,216
Buckeye Partners LP Senior Notes 4.50% due 03/01/2028*		607,000		619,650
Cheniere Corpus Christi Holdings LLC Senior Sec. Notes 3.70% due 11/15/2029*		1,442,000		1,521,909

Security Description	Principal Amount		Value (Note 2)
Pipelines (continued)
Cheniere Energy Partners LP Company Guar. Notes 4.50% due 10/01/2029	$	361,000	$	376,343
Cheniere Energy Partners LP Senior Sec. Notes 5.25% due 10/01/2025		617,000		624,713
Colonial Enterprises, Inc. Company Guar. Notes 3.25% due 05/15/2030*		532,000		591,421
DCP Midstream Operating LP Company Guar. Notes 5.63% due 07/15/2027		482,000		520,560
DCP Midstream Operating LP Company Guar. Notes 6.75% due 09/15/2037*		218,000		218,000
Enable Midstream Partners LP Senior Notes 4.95% due 05/15/2028		944,000		929,400
Energy Transfer Operating LP Company Guar. Notes 4.90% due 03/15/2035		1,405,000		1,397,406
Energy Transfer Operating LP Company Guar. Notes 5.50% due 06/01/2027		730,000		815,289
Energy Transfer Operating LP Company Guar. Notes 6.13% due 12/15/2045		919,000		939,176
EnLink Midstream Partners LP Senior Notes 5.05% due 04/01/2045		176,000		114,400
Enterprise Products Operating LLC Company Guar. Notes 3.20% due 02/15/2052		1,495,000		1,406,184
Enterprise Products Operating LLC Company Guar. Notes 4.25% due 02/15/2048		1,077,000		1,172,337
Genesis Energy LP/Genesis Energy Finance Corp. Company Guar. Notes 5.63% due 06/15/2024		1,742,000		1,537,315
Genesis Energy LP/Genesis Energy Finance Corp. Company Guar. Notes 6.50% due 10/01/2025		475,000		410,733
Harvest Midstream I LP Senior Notes 7.50% due 09/01/2028*		1,043,000		1,080,235
Holly Energy Partners LP/Holly Energy Finance Corp. Company Guar. Notes 5.00% due 02/01/2028*		1,218,000		1,218,731
Kinder Morgan, Inc. Company Guar. Notes 3.25% due 08/01/2050		1,456,000		1,363,332
MPLX LP Senior Notes 2.65% due 08/15/2030		1,073,000		1,065,817
NGPL PipeCo LLC Senior Notes 4.38% due 08/15/2022*		1,046,000		1,084,466
ONEOK Partners LP Company Guar. Notes 6.65% due 10/01/2036		782,000		901,481
ONEOK, Inc. Company Guar. Notes 3.10% due 03/15/2030		1,307,000		1,249,414

24

VALIC Company II Core Bond Fund

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

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Pipelines (continued)
ONEOK, Inc. Company Guar. Notes 7.15% due 01/15/2051	$	557,000	$	673,149
Plains All American Pipeline LP/PAA Finance Corp. Senior Notes 4.30% due 01/31/2043		617,000		541,237
Sabine Pass Liquefaction LLC Senior Sec. Notes 4.50% due 05/15/2030*		974,000		1,114,441
Targa Resources Partners LP/Targa Resources Partners Finance Corp. Company Guar. Notes 4.88% due 02/01/2031*		931,000		941,595
Targa Resources Partners LP/Targa Resources Partners Finance Corp. Company Guar. Notes 5.00% due 01/15/2028		66,000		67,267
Transcontinental Gas Pipe Line Co. LLC Senior Notes 3.25% due 05/15/2030*		952,000		1,035,632
Williams Cos., Inc. Senior Notes 5.75% due 06/24/2044		1,837,000		2,209,057
				28,187,906
Poultry — 0.0%
Pilgrim’s Pride Corp. Company Guar. Notes 5.88% due 09/30/2027*		820,000		871,250
Protection/Safety — 0.1%
Prime Security Services Borrower LLC/Prime Finance, Inc. Senior Sec. Notes 5.25% due 04/15/2024*		552,000		585,120
Prime Security Services Borrower LLC/Prime Finance, Inc. Senior Sec. Notes 5.75% due 04/15/2026*		1,353,000		1,494,769
Prime Security Services Borrower LLC/Prime Finance, Inc. Sec. Notes 6.25% due 01/15/2028*		545,000		572,250
				2,652,139
Real Estate Investment Trusts — 1.4%
Alexandria Real Estate Equities, Inc. Company Guar. Notes 1.88% due 02/01/2033		1,112,000		1,105,685
American Tower Corp. Senior Notes 3.10% due 06/15/2050		1,259,000		1,296,677
Brixmor Operating Partnership LP Senior Notes 4.05% due 07/01/2030		1,689,000		1,815,975
Columbia Property Trust Operating Partnership LP Company Guar. Notes 4.15% due 04/01/2025		1,871,000		1,973,584
CTR Partnership LP/CareTrust Capital Corp. Company Guar. Notes 5.25% due 06/01/2025		1,200,000		1,224,000
ESH Hospitality, Inc. Company Guar. Notes 4.63% due 10/01/2027*		710,000		709,986
ESH Hospitality, Inc. Company Guar. Notes 5.25% due 05/01/2025*		453,000		459,795

Security Description	Principal Amount		Value (Note 2)
Real Estate Investment Trusts (continued)
Essex Portfolio LP Company Guar. Notes 2.65% due 09/01/2050	$	1,202,000	$	1,116,285
GLP Capital LP/GLP Financing II, Inc. Company Guar. Notes 5.38% due 04/15/2026		480,000		532,678
HAT Holdings I LLC/HAT Holdings II LLC Company Guar. Notes 3.75% due 09/15/2030*		258,000		259,290
HAT Holdings I LLC/HAT Holdings II LLC Company Guar. Notes 5.25% due 07/15/2024*		896,000		938,291
HAT Holdings I LLC/HAT Holdings II LLC Company Guar. Notes 6.00% due 04/15/2025*		328,000		351,780
Host Hotels & Resorts LP Senior Notes 3.50% due 09/15/2030		1,147,000		1,133,592
Ladder Capital Finance Holdings LLLP/ Ladder Capital Finance Corp. Company Guar. Notes 4.25% due 02/01/2027*		893,000		819,327
MGM Growth Properties Operating Partnership LP/MGP Finance Co - Issuer, Inc. Company Guar. Notes 5.75% due 02/01/2027		764,000		845,175
MPT Operating Partnership LP/MPT Finance Corp. Company Guar. Notes 5.00% due 10/15/2027		587,000		620,752
Piedmont Operating Partnership LP Company Guar. Notes 3.15% due 08/15/2030		1,549,000		1,521,875
Prologis LP Senior Notes 1.25% due 10/15/2030		767,000		752,365
Prologis LP Senior Bonds 2.13% due 10/15/2050		569,000		524,290
Prologis LP Senior Notes 3.00% due 04/15/2050		1,251,000		1,361,681
Sabra Health Care LP Company Guar. Notes 5.13% due 08/15/2026		1,315,000		1,432,542
Sabra Health Care LP/Sabra Capital Corp. Company Guar. Notes 4.80% due 06/01/2024		841,000		877,628
Simon Property Group LP Senior Notes 3.80% due 07/15/2050		1,161,000		1,205,864
Starwood Property Trust, Inc. Senior Notes 4.75% due 03/15/2025		945,000		909,562
Welltower, Inc. Senior Notes 2.75% due 01/15/2031		1,002,000		1,020,183
				24,808,862
Real Estate Management/Services — 0.1%
Cushman & Wakefield US Borrower LLC Senior Sec. Notes 6.75% due 05/15/2028*		792,000		836,665
Newmark Group, Inc. Senior Notes 6.13% due 11/15/2023		739,000		757,531
				1,594,196

25

VALIC Company II Core Bond Fund

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

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Recycling — 0.1%
Harsco Corp. Company Guar. Notes 5.75% due 07/31/2027*	$	1,093,000	$	1,142,119
Rental Auto/Equipment — 0.1%
Ahern Rentals, Inc. Sec. Notes 7.38% due 05/15/2023*		1,321,000		548,215
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. Company Guar. Notes 5.75% due 07/15/2027*		778,000		744,935
				1,293,150
Research & Development — 0.0%
Jaguar Holding Co. II/PPD Development LP Company Guar. Notes 4.63% due 06/15/2025*		170,000		176,800
Jaguar Holding Co. II/PPD Development LP Company Guar. Notes 5.00% due 06/15/2028*		627,000		664,620
				841,420
Resorts/Theme Parks — 0.1%
SeaWorld Parks & Entertainment, Inc. Senior Sec. Notes 8.75% due 05/01/2025*#		735,000		784,613
Six Flags Entertainment Corp. Company Guar. Notes 5.50% due 04/15/2027*#		825,000		804,375
Six Flags Theme Parks, Inc. Senior Sec. Notes 7.00% due 07/01/2025*		81,000		87,658
				1,676,646
Retail - Apparel/Shoe — 0.1%
Ross Stores, Inc. Senior Notes 5.45% due 04/15/2050		1,417,000		1,821,992
Retail - Appliances — 0.0%
Conn’s, Inc. Company Guar. Notes 7.25% due 07/15/2022		724,000		615,400
Retail - Auto Parts — 0.1%
Advance Auto Parts, Inc. Company Guar. Notes 3.90% due 04/15/2030		1,325,000		1,460,255
Retail - Automobile — 0.0%
AutoNation, Inc. Senior Notes 4.75% due 06/01/2030		558,000		654,534
Retail - Building Products — 0.0%
Home Depot, Inc. Senior Notes 3.35% due 04/15/2050		689,000		787,807
Retail - Drug Store — 0.0%
Walgreens Boots Alliance, Inc. Senior Notes 4.10% due 04/15/2050		790,000		794,756
Retail - Major Department Stores — 0.1%
TJX Cos, Inc. Senior Notes 3.75% due 04/15/2027		1,295,000		1,490,272

Security Description	Principal Amount		Value (Note 2)
Retail - Pawn Shops — 0.0%
FirstCash, Inc. Company Guar. Notes 4.63% due 09/01/2028*	$	519,000	$	533,371
Retail - Petroleum Products — 0.0%
Murphy Oil USA, Inc. Company Guar. Notes 4.75% due 09/15/2029		675,000		729,729
Retail - Regional Department Stores — 0.1%
Kohl’s Corp. Senior Notes 5.55% due 07/17/2045		1,670,000		1,524,896
Kohl’s Corp. Senior Notes 9.50% due 05/15/2025		651,000		783,946
				2,308,842
Retail - Restaurants — 0.4%
Brinker International, Inc. Company Guar. Notes 5.00% due 10/01/2024*		1,187,000		1,181,065
Darden Restaurants, Inc. Senior Notes 4.55% due 02/15/2048		1,323,000		1,268,093
Golden Nugget, Inc. Senior Notes 6.75% due 10/15/2024*		205,000		174,506
Golden Nugget, Inc. Company Guar. Notes 8.75% due 10/01/2025*		1,110,000		824,175
McDonald’s Corp. Senior Notes 3.63% due 09/01/2049		792,000		894,317
McDonald’s Corp. Senior Notes 4.20% due 04/01/2050		839,000		1,023,891
McDonald’s Corp. Senior Notes 4.45% due 03/01/2047		1,322,000		1,648,415
				7,014,462
Satellite Telecom — 0.1%
Hughes Satellite Systems Corp. Company Guar. Notes 6.63% due 08/01/2026		1,430,000		1,619,475
Savings & Loans/Thrifts — 0.3%
First Niagara Financial Group, Inc. Sub. Notes 7.25% due 12/15/2021		1,827,000		1,970,716
New York Community Bancorp, Inc. Sub. Notes 5.90% due 11/06/2028		2,652,000		2,710,898
				4,681,614
Security Services — 0.1%
Brink’s Co. Company Guar. Notes 4.63% due 10/15/2027*		575,000		597,109
Brink’s Co. Company Guar. Notes 5.50% due 07/15/2025*		448,000		472,640
				1,069,749

26

VALIC Company II Core Bond Fund

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

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Shipbuilding — 0.1%
Huntington Ingalls Industries, Inc. Company Guar. Notes 4.20% due 05/01/2030*	$	1,185,000	$	1,360,885
Software Tools — 0.1%
VMware, Inc. Senior Notes 4.70% due 05/15/2030		1,342,000		1,578,859
Steel - Producers — 0.2%
Commercial Metals Co. Senior Notes 5.75% due 04/15/2026		775,000		806,000
Nucor Corp. Senior Notes 2.70% due 06/01/2030		414,000		445,903
Reliance Steel & Aluminum Co. Senior Notes 2.15% due 08/15/2030		593,000		587,903
Steel Dynamics, Inc. Senior Notes 3.25% due 01/15/2031		452,000		485,986
Steel Dynamics, Inc. Senior Notes 3.45% due 04/15/2030		1,370,000		1,505,503
				3,831,295
Telecom Equipment - Fiber Optics — 0.2%
Corning, Inc. Senior Notes 5.45% due 11/15/2079		2,684,000		3,362,155
Telephone - Integrated — 1.0%
AT&T, Inc. Senior Notes 1.65% due 02/01/2028		444,000		450,161
AT&T, Inc. Senior Notes 4.50% due 05/15/2035		5,275,000		6,320,434
AT&T, Inc. Senior Notes 4.75% due 05/15/2046		745,000		895,760
AT&T, Inc. Senior Notes 4.85% due 07/15/2045		914,000		1,090,852
AT&T, Inc. Senior Notes 4.90% due 08/15/2037		2,175,000		2,690,058
CenturyLink, Inc. Senior Notes 5.13% due 12/15/2026*		688,000		713,473
CenturyLink, Inc. Senior Notes 7.50% due 04/01/2024		924,000		1,047,585
Verizon Communications, Inc. Senior Notes 4.27% due 01/15/2036		714,000		876,039
Verizon Communications, Inc. Senior Notes 4.40% due 11/01/2034		425,000		529,543
Verizon Communications, Inc. Senior Notes 5.25% due 03/16/2037		2,287,000		3,106,699
Zayo Group Holdings, Inc. Senior Notes 6.13% due 03/01/2028*		547,000		564,887
				18,285,491

Security Description	Principal Amount		Value (Note 2)
Television — 0.4%
Belo Corp. Company Guar. Notes 7.25% due 09/15/2027	$	460,000	$	506,000
Belo Corp. Company Guar. Notes 7.75% due 06/01/2027		1,110,000		1,248,750
Viacom, Inc. Senior Notes 4.38% due 03/15/2043		5,051,000		5,385,233
				7,139,983
Tools - Hand Held — 0.1%
Stanley Black & Decker, Inc. Senior Notes 3.40% due 03/01/2026		1,149,000		1,301,053
Transport - Air Freight — 0.1%
Cargo Aircraft Management, Inc. Company Guar. Notes 4.75% due 02/01/2028*		925,000		950,438
Transport - Equipment & Leasing — 0.2%
GATX Corp. Senior Notes 4.00% due 06/30/2030		991,000		1,126,692
GATX Corp. Senior Notes 4.35% due 02/15/2024		1,902,000		2,092,263
				3,218,955
Transport - Marine — 0.1%
Kirby Corp. Senior Notes 4.20% due 03/01/2028		966,000		1,018,044
Transport - Rail — 0.2%
Kansas City Southern Company Guar. Notes 2.88% due 11/15/2029		1,038,000		1,078,654
Kansas City Southern Company Guar. Notes 4.70% due 05/01/2048		621,000		688,616
Norfolk Southern Corp. Senior Notes 4.10% due 05/15/2049		1,267,000		1,590,782
				3,358,052
Transport - Services — 0.2%
FedEx Corp. Pass Through Trust Pass - Through Certs. Series 2020 - 1, Class AA 1.88% due 08/20/2035		1,925,000		1,959,216
United Parcel Service, Inc. Senior Notes 3.90% due 04/01/2025		1,004,000		1,144,705
				3,103,921
Trucking/Leasing — 0.3%
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 3.35% due 11/01/2029*		273,000		290,473
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 3.40% due 11/15/2026*		2,953,000		3,242,931
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 4.20% due 04/01/2027*		909,000		1,024,259
				4,557,663

27

VALIC Company II Core Bond Fund

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

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Vitamins & Nutrition Products — 0.0%
HLF Financing SARL LLC/Herbalife International, Inc. Company Guar. Notes 7.25% due 08/15/2026*	$	827,000	$	864,215
Water — 0.1%
American Water Capital Corp. Senior Bonds 3.45% due 05/01/2050		616,000		705,280
Essential Utilities, Inc. Senior Bonds 3.35% due 04/15/2050		792,000		860,854
				1,566,134
Web Portals/ISP — 0.2%
Alphabet, Inc. Senior Notes 1.10% due 08/15/2030		1,643,000		1,638,080
Alphabet, Inc. Senior Notes 2.05% due 08/15/2050		1,564,000		1,490,959
				3,129,039
Total U.S. Corporate Bonds & Notes
(cost $558,569,581)				595,058,667
FOREIGN CORPORATE BONDS & NOTES — 9.5%
Aerospace/Defense — 0.1%
BAE Systems PLC Senior Notes 3.40% due 04/15/2030*		1,045,000		1,173,521
Agricultural Chemicals — 0.2%
Consolidated Energy Finance SA Senior Notes 6.88% due 06/15/2025*		540,000		499,500
Nutrien, Ltd. Senior Notes 3.95% due 05/13/2050		1,345,000		1,560,610
OCI NV Senior Sec. Notes 5.25% due 11/01/2024*		878,000		902,145
Yara International ASA Senior Notes 3.15% due 06/04/2030*		612,000		658,110
				3,620,365
Auto/Truck Parts & Equipment - Original — 0.0%
Delphi Jersey Holdings PLC Company Guar. Notes 5.00% due 10/01/2025*		591,000		677,434
Banks - Commercial — 1.3%
Australia & New Zealand Banking Group, Ltd. Sub. Notes 2.95% due 07/22/2030*		1,028,000		1,070,786
Banco de Credito del Peru Sub. Notes 3.13% due 07/01/2030*		620,000		623,875
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand Senior Notes 5.38% due 04/17/2025*		1,381,000		1,557,078
Bank of Montreal Senior Notes 2.05% due 11/01/2022		3,566,000		3,690,524
Barclays Bank PLC Senior Notes 1.70% due 05/12/2022		1,114,000		1,133,857

Security Description	Principal Amount		Value (Note 2)
Banks - Commercial (continued)
Danske Bank A/S Senior Notes 3.24% due 12/20/2025*	$	968,000	$	1,038,951
Danske Bank A/S Senior Notes 3.88% due 09/12/2023*		1,502,000		1,621,444
DBS Group Holdings, Ltd. Senior Notes 2.85% due 04/16/2022*		1,274,000		1,315,233
Grupo Aval, Ltd. Company Guar. Notes 4.38% due 02/04/2030*		1,500,000		1,467,750
ING Groep NV Senior Notes 1.40% due 07/01/2026*		3,004,000		3,053,176
ING Groep NV Senior Notes 4.63% due 01/06/2026*		563,000		666,361
National Australia Bank, Ltd. Sub. Notes 3.93% due 08/02/2034*		844,000		939,441
National Bank of Canada Senior Notes 2.15% due 10/07/2022*		1,959,000		2,025,437
Philippine National Bank Senior Notes 3.28% due 09/27/2024		500,000		520,250
Shinhan Bank Co., Ltd. Sub. Notes 4.00% due 04/23/2029*		1,042,000		1,162,854
Standard Chartered PLC Senior Notes 4.64% due 04/01/2031*		653,000		765,394
				22,652,411
Banks - Special Purpose — 0.2%
Industrial Bank of Korea Senior Notes 1.04% due 06/22/2025*		3,945,000		3,976,053
Beverages - Non-alcoholic — 0.1%
Coca - Cola Femsa SAB de CV Company Guar. Notes 1.85% due 09/01/2032		1,881,000		1,879,984
Beverages - Wine/Spirits — 0.1%
Diageo Capital PLC Company Guar. Notes 2.13% due 04/29/2032		1,166,000		1,212,916
Building - Residential/Commercial — 0.0%
Mattamy Group Corp. Senior Notes 4.63% due 03/01/2030*		65,000		66,463
Mattamy Group Corp. Senior Notes 5.25% due 12/15/2027*		696,000		727,320
				793,783
Cable/Satellite TV — 0.1%
Altice Financing SA Senior Sec. Notes 5.00% due 01/15/2028*		1,097,000		1,126,849
Cellular Telecom — 0.3%
Altice France SA Senior Sec. Notes 8.13% due 02/01/2027*		215,000		239,725

28

VALIC Company II Core Bond Fund

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

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Cellular Telecom (continued)
C&W Senior Financing Designated Activity Co. Senior Notes 6.88% due 09/15/2027*	$	122,000	$	127,746
Colombia Telecomunicaciones SA ESP Senior Notes 4.95% due 07/17/2030*		1,024,000		1,084,928
Numericable - SFR SA Senior Sec. Notes 7.38% due 05/01/2026*		1,434,000		1,522,406
SK Telecom Co., Ltd. Senior Notes 3.75% due 04/16/2023*		590,000		632,105
Vodafone Group PLC Senior Notes 4.88% due 06/19/2049		732,000		916,950
Vodafone Group PLC Senior Notes 5.25% due 05/30/2048		839,000		1,100,874
				5,624,734
Chemicals - Diversified — 0.2%
Braskem Netherlands Finance BV Company Guar. Notes 4.50% due 01/10/2028*		971,000		947,939
Braskem Netherlands Finance BV Company Guar. Notes 4.50% due 01/31/2030*		1,819,000		1,730,778
Braskem Netherlands Finance BV Company Guar. Notes 4.50% due 01/31/2030		400,000		380,600
				3,059,317
Chemicals - Other — 0.1%
MEGlobal Canada ULC Company Guar. Notes 5.00% due 05/18/2025*		1,200,000		1,311,000
Chemicals - Specialty — 0.0%
Albemarle Wodgina Pty, Ltd. Company Guar. Notes 3.45% due 11/15/2029		760,000		764,852
Computer Software — 0.0%
Camelot Finance SA Senior Sec. Notes 4.50% due 11/01/2026*		454,000		469,763
Containers - Metal/Glass — 0.1%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. Company Guar. Notes 5.25% due 08/15/2027*		825,000		858,313
Trivium Packaging Finance BV Company Guar. Notes 8.50% due 08/15/2027*		825,000		907,500
				1,765,813
Containers - Paper/Plastic — 0.2%
Cascades, Inc./Cascades USA, Inc. Company Guar. Notes 5.38% due 01/15/2028*		856,000		911,683
Intertape Polymer Group, Inc. Company Guar. Notes 7.00% due 10/15/2026*		1,053,000		1,105,650
Klabin Austria GmbH Company Guar. Notes 7.00% due 04/03/2049*		1,620,000		1,840,158
				3,857,491

Security Description	Principal Amount		Value (Note 2)
Cruise Lines — 0.1%
Silversea Cruise Finance, Ltd. Senior Sec. Notes 7.25% due 02/01/2025*	$	700,000	$	702,348
Viking Cruises, Ltd. Company Guar. Notes 5.88% due 09/15/2027*		726,000		515,460
Viking Cruises, Ltd. Senior Notes 6.25% due 05/15/2025*		189,000		136,080
Viking Cruises, Ltd. Senior Sec. Notes 13.00% due 05/15/2025*		115,000		127,650
				1,481,538
Diagnostic Equipment — 0.1%
DH Europe Finance II SARL Company Guar. Notes 3.25% due 11/15/2039		1,482,000		1,669,883
Diversified Banking Institutions — 2.1%
Banco Santander SA Senior Notes 2.71% due 06/27/2024		1,400,000		1,493,697
BNP Paribas SA Senior Notes 2.22% due 06/09/2026*		882,000		920,215
BNP Paribas SA Senior Notes 3.05% due 01/13/2031*		2,741,000		2,962,939
BNP Paribas SA Senior Notes 4.71% due 01/10/2025*		2,497,000		2,790,198
Credit Agricole SA Senior Notes 1.91% due 06/16/2026*		1,134,000		1,170,384
Credit Suisse Group AG Senior Notes 2.19% due 06/05/2026*		1,566,000		1,616,975
Credit Suisse Group AG Senior Notes 4.19% due 04/01/2031*		1,488,000		1,735,245
Deutsche Bank AG Senior Notes 4.25% due 02/04/2021		782,000		792,994
HSBC Holdings PLC Senior Notes 2.85% due 06/04/2031		964,000		1,011,177
HSBC Holdings PLC Senior Notes 4.29% due 09/12/2026		1,510,000		1,700,745
Mitsubishi UFJ Financial Group, Inc. Senior Notes 2.19% due 02/25/2025		2,083,000		2,191,250
Mizuho Financial Group, Inc. Senior Notes 2.56% due 09/13/2025		3,033,000		3,198,813
Natwest Group PLC Sub. Notes 3.03% due 11/28/2035		653,000		650,168
NatWest Markets PLC Senior Notes 3.63% due 09/29/2022*		1,716,000		1,812,251
Royal Bank of Scotland Group PLC Senior Notes 2.36% due 05/22/2024		2,718,000		2,811,182

29

VALIC Company II Core Bond Fund

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

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Diversified Banking Institutions (continued)
Royal Bank of Scotland Group PLC Sub. Notes 3.75% due 11/01/2029	$	1,882,000	$	1,986,527
Royal Bank of Scotland Group PLC Senior Notes 4.27% due 03/22/2025		531,000		583,979
Royal Bank of Scotland Group PLC Senior Notes 4.52% due 06/25/2024		622,000		678,474
UBS AG Senior Notes 1.75% due 04/21/2022*		1,770,000		1,806,180
UBS Group Funding Switzerland AG Senior Notes 3.49% due 05/23/2023*		816,000		855,872
UBS Group Funding Switzerland AG Senior Notes 4.13% due 09/24/2025*		269,000		308,668
UniCredit SpA Sub. Bonds 5.46% due 06/30/2035*		3,288,000		3,404,860
UniCredit SpA Senior Notes 6.57% due 01/14/2022*		1,048,000		1,114,204
				37,596,997
Diversified Financial Services — 0.2%
Fairstone Financial, Inc. Senior Notes 7.88% due 07/15/2024*		924,000		967,890
GE Capital International Funding Co. ULC Company Guar. Notes 4.42% due 11/15/2035		3,215,000		3,321,376
				4,289,266
Diversified Manufacturing Operations — 0.1%
Siemens Financieringsmaatschappij NV Company Guar. Notes 3.25% due 05/27/2025*		1,336,000		1,493,061
Diversified Minerals — 0.3%
Anglo American Capital PLC Company Guar. Notes 5.38% due 04/01/2025*		1,067,000		1,229,547
FMG Resources August 2006 Pty, Ltd. Company Guar. Notes 4.50% due 09/15/2027*		946,000		1,021,680
Teck Resources, Ltd. Senior Notes 3.90% due 07/15/2030*		921,000		944,979
Teck Resources, Ltd. Senior Notes 6.13% due 10/01/2035		1,257,000		1,485,170
Teck Resources, Ltd. Senior Notes 6.25% due 07/15/2041		652,000		731,782
				5,413,158
Electric - Distribution — 0.0%
Energuate Trust Company Guar. Notes 5.88% due 05/03/2027		700,000		728,140
Electric - Generation — 0.2%
Electricite de France SA Senior Notes 5.00% due 09/21/2048*		999,000		1,303,851

Security Description	Principal Amount		Value (Note 2)
Electric - Generation (continued)
LLPL Capital Pte, Ltd. Senior Sec. Notes 6.88% due 02/04/2039	$	469,500	$	539,925
Minejesa Capital BV Senior Sec. Notes 4.63% due 08/10/2030		400,000		415,044
Minejesa Capital BV Senior Sec. Notes 5.63% due 08/10/2037		700,000		738,500
Mong Duong Finance Holdings BV Senior Sec. Notes 5.13% due 05/07/2029		300,000		302,067
				3,299,387
Electric - Integrated — 0.2%
Empresas Publicas de Medellin ESP Senior Notes 4.38% due 02/15/2031*		645,000		655,256
Enel Finance International NV Company Guar. Notes 4.75% due 05/25/2047*		1,216,000		1,535,952
Engie Energia Chile SA Senior Notes 3.40% due 01/28/2030*		936,000		1,015,560
				3,206,768
Electronic Components - Semiconductors — 0.0%
NXP BV/NXP Funding LLC/NXP USA, Inc. Company Guar. Notes 3.40% due 05/01/2030*		542,000		600,853
Energy - Alternate Sources — 0.1%
ReNew Power Synthetic Senior Sec. Notes 6.67% due 03/12/2024		400,000		418,000
ReNew Power, Ltd. Senior Sec. Notes 6.45% due 09/27/2022		400,000		409,920
				827,920
Finance - Consumer Loans — 0.0%
goeasy, Ltd. Company Guar. Notes 5.38% due 12/01/2024*		788,000		811,640
Finance - Leasing Companies — 0.1%
Avolon Holdings Funding, Ltd. Company Guar. Notes 5.13% due 10/01/2023*		1,175,000		1,142,326
Food - Meat Products — 0.1%
BRF SA Senior Notes 4.88% due 01/24/2030*		400,000		415,000
JBS USA LUX SA/JBS USA Finance, Inc. Company Guar. Notes 5.75% due 06/15/2025*		347,000		358,278
JBS USA LUX SA/JBS USA Finance, Inc. Company Guar. Notes 5.88% due 07/15/2024*		447,000		455,940
				1,229,218
Independent Power Producers — 0.0%
Termocandelaria Power, Ltd. Company Guar. Notes 7.88% due 01/30/2029		600,000		640,506

30

VALIC Company II Core Bond Fund

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

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Industrial Gases — 0.0%
Yingde Gases Investment, Ltd. Company Guar. Notes 6.25% due 01/19/2023	$	400,000	$	414,558
Insurance - Life/Health — 0.2%
Athene Holding, Ltd. Senior Notes 6.15% due 04/03/2030		1,029,000		1,241,158
Manulife Financial Corp. Sub. Notes 4.06% due 02/24/2032		1,519,000		1,622,927
				2,864,085
Insurance - Property/Casualty — 0.2%
Enstar Group, Ltd. Senior Notes 4.95% due 06/01/2029		2,553,000		2,841,005
Investment Companies — 0.1%
Huarong Finance II Co., Ltd. Company Guar. Notes 4.63% due 06/03/2026		900,000		997,587
Medical - Drugs — 0.3%
AstraZeneca PLC Senior Notes 2.13% due 08/06/2050		554,000		516,211
Endo Dac/Endo Finance LLC/Endo Finco, Inc. Senior Sec. Notes 5.88% due 10/15/2024*		227,000		227,568
Endo Dac/Endo Finance LLC/Endo Finco, Inc. Company Guar. Notes 6.00% due 06/30/2028*		932,000		722,300
GlaxoSmithKline Capital PLC Company Guar. Notes 3.13% due 05/14/2021		37,000		37,762
Shire Acquisitions Investments Ireland DAC Company Guar. Notes 3.20% due 09/23/2026		2,878,000		3,224,524
Takeda Pharmaceutical Co., Ltd. Senior Bonds 3.18% due 07/09/2050		1,295,000		1,328,097
				6,056,462
Metal - Aluminum — 0.0%
Indonesia Asahan Aluminium Persero PT Senior Notes 6.53% due 11/15/2028		400,000		494,000
Metal - Copper — 0.1%
First Quantum Minerals, Ltd. Company Guar. Notes 7.25% due 04/01/2023*		1,193,000		1,212,386
Metal - Diversified — 0.0%
Chinalco Capital Holdings, Ltd. Company Guar. Notes 4.25% due 04/21/2022		400,000		404,711
Metal - Iron — 0.1%
Mineral Resources, Ltd. Senior Notes 8.13% due 05/01/2027*		824,000		910,561
Motion Pictures & Services — 0.0%
Banijay Entertainment SASU Senior Sec. Notes 5.38% due 03/01/2025*		815,000		824,169

Security Description	Principal Amount		Value (Note 2)
Multimedia — 0.0%
Globo Comunicacao e Participacoes SA Senior Notes 4.88% due 01/22/2030*	$	400,000	$	394,004
Oil Companies - Exploration & Production — 0.2%
Canadian Natural Resources, Ltd. Senior Notes 2.95% due 07/15/2030		982,000		1,003,605
MEG Energy Corp. Sec. Notes 6.50% due 01/15/2025*		1,158,000		1,181,160
MEG Energy Corp. Company Guar. Notes 7.13% due 02/01/2027*		775,000		741,497
				2,926,262
Oil Companies - Integrated — 0.4%
Cenovus Energy, Inc. Senior Notes 4.25% due 04/15/2027		1,103,000		1,048,848
Ecopetrol SA Senior Notes 6.88% due 04/29/2030		400,000		482,576
Equinor ASA Company Guar. Notes 1.75% due 01/22/2026		786,000		823,658
Equinor ASA Company Guar. Bonds 3.25% due 11/18/2049		837,000		902,294
Petro - Canada Senior Notes 5.95% due 05/15/2035		636,000		797,341
Petrobras Global Finance BV Company Guar. Notes 7.38% due 01/17/2027		700,000		829,850
Petroleos Mexicanos Company Guar. Notes 6.38% due 01/23/2045		400,000		328,500
Petroleos Mexicanos Company Guar. Notes 6.49% due 01/23/2027		400,000		394,040
Petroleos Mexicanos Company Guar. Notes 6.63% due 06/15/2035		400,000		353,250
Petroleos Mexicanos Company Guar. Notes 6.75% due 09/21/2047		400,000		333,960
Total Capital International SA Company Guar. Notes 3.46% due 07/12/2049		625,000		696,782
				6,991,099
Oil Refining & Marketing — 0.1%
Empresa Nacional del Petroleo Senior Notes 5.25% due 11/06/2029		800,000		934,216
Real Estate Investment Trusts — 0.0%
Trust Fibro Uno Senior Notes 6.39% due 01/15/2050		700,000		722,400
Retail - Petroleum Products — 0.1%
eG Global Finance PLC Senior Sec. Notes 6.75% due 02/07/2025*		1,180,000		1,219,825

31

VALIC Company II Core Bond Fund

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

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Satellite Telecom — 0.2%
Connect Finco SARL/Connect US Finco LLC Senior Sec. Notes 6.75% due 10/01/2026*	$	1,235,000	$	1,274,396
Telesat Canada/Telesat LLC Senior Sec. Notes 4.88% due 06/01/2027*		428,000		434,420
Telesat Canada/Telesat LLC Company Guar. Notes 6.50% due 10/15/2027*		1,045,000		1,073,424
				2,782,240
Security Services — 0.1%
GW B - CR Security Corp. Senior Notes 9.50% due 11/01/2027*		959,000		1,040,515
Steel - Producers — 0.0%
Shandong Iron & Steel Xinheng International Co., Ltd. Company Guar. Notes 6.85% due 09/25/2022		400,000		404,500
SupraNational Banks — 0.5%
African Development Bank Senior Notes 0.75% due 04/03/2023		2,007,000		2,032,569
European Bank for Reconstruction & Development Senior Notes 1.50% due 02/13/2025		2,526,000		2,632,319
International Bank for Reconstruction & Development Senior Notes 3.13% due 11/20/2025		1,409,000		1,599,984
International Finance Corp. Senior Notes 0.50% due 03/20/2023#		3,001,000		3,022,480
				9,287,352
Telecom Services — 0.1%
Altice France Holding SA Company Guar. Notes 6.00% due 02/15/2028*		1,175,000		1,175,000
Telephone - Integrated — 0.2%
Deutsche Telekom AG Senior Notes 3.63% due 01/21/2050*		660,000		733,620
Telecom Italia Capital SA Company Guar. Notes 7.72% due 06/04/2038		1,056,000		1,471,251
Telefonica Emisiones SAU Company Guar. Notes 4.67% due 03/06/2038		1,665,000		1,961,311
				4,166,182
Transport - Rail — 0.0%
Canadian Pacific Railway Co. Senior Notes 6.13% due 09/15/2115		351,000		538,098
Transport - Services — 0.0%
Rumo Luxembourg SARL Company Guarantee Notes 5.25% due 01/10/2028*		580,000		611,900
Vitamins & Nutrition Products — 0.0%
Herbalife Nutrition, Ltd./HLF Financing, Inc. Company Guar. Notes 7.88% due 09/01/2025*		352,000		388,080

Security Description	Principal Amount		Value (Note 2)
Warehousing & Harbor Transportation Services — 0.0%
DP World PLC Senior Notes 4.70% due 09/30/2049	$	500,000	$	523,140
Total Foreign Corporate Bonds & Notes
(cost $160,930,086)				169,521,284
FOREIGN GOVERNMENT OBLIGATIONS — 4.3%
Sovereign — 4.2%
Abu Dhabi Government Senior Notes 3.13% due 04/16/2030*		3,650,000		4,084,219
Arab Republic of Egypt Senior Notes 5.75% due 05/29/2024*		2,200,000		2,260,060
Arab Republic of Egypt Senior Notes 8.88% due 05/29/2050*		1,900,000		1,976,038
Dominican Republic Senior Bonds 6.85% due 01/27/2045		1,400,000		1,486,800
Federative Republic of Brazil Senior Notes 4.75% due 01/14/2050		1,300,000		1,310,413
Federative Republic of Brazil Senior Notes 5.00% due 01/27/2045		1,200,000		1,254,600
Government of Romania Senior Notes 3.00% due 02/14/2031*#		1,200,000		1,203,934
Government of Ukraine Senior Notes 7.25% due 03/15/2033*		1,620,000		1,617,019
Government of Ukraine Senior Notes 7.75% due 09/01/2023		1,000,000		1,062,500
Government of Ukraine Senior Notes 7.75% due 09/01/2024#		1,250,000		1,322,025
Islamic Republic of Pakistan Senior Notes 8.25% due 04/15/2024		2,000,000		2,176,600
Kingdom of Jordan Senior Notes 5.75% due 01/31/2027		1,600,000		1,645,299
Kingdom of Jordan Senior Notes 5.85% due 07/07/2030*		1,830,000		1,851,287
Kingdom of Saudi Arabia Senior Notes 3.25% due 10/22/2030#		2,200,000		2,382,160
Kingdom of Saudi Arabia Senior Notes 4.50% due 04/22/2060*		2,000,000		2,488,720
Oriental Republic of Uruguay Senior Notes 4.38% due 01/23/2031		413,603		495,294
Oriental Republic of Uruguay Senior Notes 4.98% due 04/20/2055		1,210,000		1,657,712
Oriental Republic of Uruguay Notes 7.63% due 03/21/2036		2,000,000		3,157,000
Republic of Belarus Senior Notes 5.88% due 02/24/2026*#		1,000,000		934,380

32

VALIC Company II Core Bond Fund

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

Security Description	Principal Amount		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Sovereign (continued)
Republic of Belarus Senior Notes 6.88% due 02/28/2023	$	2,000,000	$	1,956,560
Republic of Colombia Senior Notes 3.13% due 04/15/2031		2,700,000		2,801,250
Republic of Costa Rica Senior Notes 6.13% due 02/19/2031		2,000,000		1,852,000
Republic of El Salvador Senior Notes 9.50% due 07/15/2052*		2,965,000		3,071,740
Republic of Ghana Bank Guar. Notes 10.75% due 10/14/2030		2,000,000		2,459,720
Republic of Indonesia Senior Notes 3.85% due 10/15/2030		1,000,000		1,145,890
Republic of Indonesia Senior Notes 7.75% due 01/17/2038		1,000,000		1,576,820
Republic of Indonesia Senior Notes 8.50% due 10/12/2035		800,000		1,299,712
Republic of Italy Senior Notes 4.00% due 10/17/2049		729,000		755,177
Republic of Ivory Coast Senior Notes 5.75% due 12/31/2032		664,000		649,020
Republic of Ivory Coast Senior Notes 6.13% due 06/15/2033		500,000		503,750
Republic of Ivory Coast Senior Notes 6.38% due 03/03/2028		1,000,000		1,040,072
Republic of Kenya Senior Notes 6.88% due 06/24/2024		2,350,000		2,415,917
Republic of Kenya Senior Notes 7.00% due 05/22/2027		800,000		801,037
Republic of Turkey Senior Notes 6.25% due 09/26/2022		2,300,000		2,331,740
Republic of Turkey Senior Notes 6.63% due 02/17/2045		2,000,000		1,795,000
Republic of Turkey Senior Notes 7.38% due 02/05/2025		1,000,000		1,039,360
Russian Federation Senior Notes 4.38% due 03/21/2029		400,000		459,320
State of Qatar Senior Notes 3.75% due 04/16/2030*		1,800,000		2,096,064
State of Qatar Senior Notes 4.40% due 04/16/2050*		2,000,000		2,595,844
State of Qatar Senior Notes 4.82% due 03/14/2049		2,500,000		3,418,560
United Mexican States Senior Notes 4.50% due 04/22/2029		1,303,000		1,469,132

Security Description	Principal Amount		Value (Note 2)
Sovereign (continued)
United Mexican States Senior Bonds 4.75% due 03/08/2044	$	901,000	$	1,010,471
United Mexican States Senior Notes 5.00% due 04/27/2051		800,000		923,000
				73,833,216
Sovereign Agency — 0.1%
Kommunalbanken AS Senior Notes 1.75% due 09/15/2020*		2,096,000		2,097,048
Total Foreign Government Obligations
(cost $74,495,749)				75,930,264
U.S. GOVERNMENT AGENCIES — 38.9%
Federal Home Loan Bank — 0.3%
2.13% due 09/14/2029		4,765,000		5,262,855
Federal Home Loan Mtg. Corp. — 8.7%
2.50% due 01/01/2028		432,445		457,757
2.50% due 04/01/2028		847,196		896,033
2.50% due 03/01/2031		563,804		592,875
2.50% due 10/01/2032		2,998,948		3,149,016
3.00% due 08/01/2027		187,813		197,803
3.00% due 10/01/2042		1,116,308		1,227,771
3.00% due 11/01/2042		878,383		941,532
3.00% due 02/01/2043		1,099,089		1,163,229
3.00% due 04/01/2043		1,300,928		1,421,776
3.00% due 05/01/2043		489,903		538,858
3.00% due 08/01/2043		4,504,343		4,834,832
3.00% due 10/01/2045		4,316,967		4,577,518
3.00% due 01/01/2050		18,402,694		19,407,228
3.50% due 01/01/2032		3,184,160		3,381,291
3.50% due 03/01/2042		2,922,462		3,173,217
3.50% due 04/01/2042		1,278,809		1,388,557
3.50% due 08/01/2042		1,044,581		1,148,243
3.50% due 09/01/2043		840,522		921,928
3.50% due 03/01/2045		800,917		855,430
3.50% due 07/01/2045		5,534,537		5,970,794
3.50% due 08/01/2045		1,611,955		1,752,324
3.50% due 11/01/2045		2,805,593		2,994,802
3.50% due 01/01/2046		1,760,178		1,886,272
3.50% due 03/01/2046		1,630,029		1,738,929
3.50% due 11/01/2047		8,726,318		9,241,809
3.50% due 01/01/2048		13,954,349		14,841,383
3.50% due 03/01/2048		7,549,958		8,242,491
3.50% due 08/01/2049		8,572,270		9,142,363
3.50% due 04/01/2050		9,126,533		9,630,252
4.00% due 03/01/2023		1,169		1,239
4.00% due 09/01/2040		897,761		988,524
4.00% due 07/01/2044		67,013		73,711
4.00% due 10/01/2045		2,088,396		2,260,000
4.00% due 01/01/2046		492,927		542,797
4.00% due 07/01/2049		5,096,274		5,524,717
4.00% due 01/01/2050		1,496,601		1,593,937
4.50% due 12/01/2039		402,173		448,820
4.50% due 07/01/2044		1,121,714		1,254,967
4.50% due 07/01/2045		10,000,000		11,172,832
4.50% due 05/01/2048		3,342,583		3,614,477
5.00% due 10/01/2033		786		886
5.00% due 07/01/2040		419,605		482,383
5.00% due 11/01/2043		2,192,868		2,523,504
5.50% due 11/01/2032		5,224		5,986
5.50% due 07/01/2034		19,490		22,733
5.50% due 02/01/2035		20,977		23,241
5.50% due 07/01/2035		728		855

33

VALIC Company II Core Bond Fund

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

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal Home Loan Mtg. Corp (continued)
5.50% due 01/01/2036	$	133,717	$	155,297
5.50% due 05/01/2037		21,159		24,544
6.00% due 07/01/2035		71,140		79,645
6.00% due 03/01/2040		111,718		131,913
6.50% due 02/01/2036		9,585		11,192
6.50% due 09/01/2036		161		179
6.50% due 05/01/2037		29,868		35,009
Federal Home Loan Mtg. Corp. FRS 2.36% (6 ML+1.49%) due 02/01/2037		73,332		75,881
3.58% (12 ML+1.88%) due 11/01/2037		799,726		846,705
Federal Home Loan Mtg. Corp. REMIC
Series 4740, Class BA 3.00% due 09/15/2045(2)		2,542,081		2,621,794
Series 4800, Class KG 3.50% due 11/15/2045(2)		3,526,713		3,622,578
Federal Home Loan Mtg. Corp. REMIC FRS Series 3572, Class JS 6.64% (6.80% - 1 ML) due 09/15/2039(2)(5)(6)		534,173		88,434
Federal Home Loan Mtg. Corp. Structured Agency Credit Risk FRS
Series 2015 - DNA1, Class M2 2.03% (1 ML+1.85%) due 10/25/2027(2)		56,679		56,679
Series 2014 - HQ2, Class M2 2.38% (1 ML+2.20%) due 09/25/2024(2)		787,241		787,241
				154,789,013
Federal National Mtg. Assoc. — 21.7%
2.50% due 02/01/2028		833,201		881,343
2.50% due 04/01/2028		232,136		245,848
2.50% due 07/01/2031		2,117,152		2,222,523
2.50% due 08/01/2031		11,644,724		12,239,798
2.50% due 01/01/2032		1,841,514		1,935,762
2.50% due 04/01/2035		7,714,564		8,096,704
2.50% due 05/01/2050		7,864,462		8,359,410
2.50% due 06/01/2050		14,811,717		15,584,855
3.00% due 10/01/2027		109,645		115,271
3.00% due 01/01/2028		1,007,314		1,058,328
3.00% due 10/01/2030		1,695,156		1,778,875
3.00% due 10/01/2032		5,313,633		5,576,203
3.00% due 02/01/2033		16,193,932		16,999,832
3.00% due 07/01/2034		1,275,023		1,337,518
3.00% due 11/01/2039		7,619,199		8,035,102
3.00% due 03/01/2042		2,042,122		2,183,868
3.00% due 12/01/2042		1,809,059		1,952,335
3.00% due 02/01/2043		4,377,027		4,693,594
3.00% due 05/01/2043		2,297,749		2,462,497
3.00% due 05/01/2046		2,610,866		2,764,406
3.00% due 08/01/2046		5,881,170		6,316,524
3.00% due 09/01/2046		1,246,677		1,319,763
3.00% due 04/01/2047		2,960,650		3,134,363
3.00% due 09/01/2048		5,596,506		5,910,792
3.00% due 11/01/2048		14,825,051		15,648,798
3.00% due 06/01/2049		4,378,190		4,695,735
3.00% due 03/01/2050		5,789,912		6,111,379
3.50% due 08/01/2026		599,757		634,239
3.50% due 09/01/2026		609,762		644,968
3.50% due 08/01/2027		56,716		59,959
3.50% due 10/01/2028		1,432,387		1,527,430
3.50% due 03/01/2033		1,092,687		1,155,621
3.50% due 12/01/2041		360,822		396,377
3.50% due 03/01/2042		477,992		518,732
3.50% due 08/01/2042		3,159,546		3,449,257
3.50% due 09/01/2042		344,594		373,346

Security Description	Principal Amount		Value (Note 2)
Federal National Mtg. Assoc. (continued)
3.50% due 02/01/2043	$	2,138,930	$	2,394,912
3.50% due 07/01/2045		1,134,282		1,215,714
3.50% due 08/01/2045		1,555,184		1,669,660
3.50% due 09/01/2045		318,134		339,219
3.50% due 10/01/2045		2,303,502		2,524,316
3.50% due 11/01/2045		3,914,503		4,175,383
3.50% due 12/01/2045		8,230,475		8,776,527
3.50% due 02/01/2046		1,361,168		1,451,433
3.50% due 03/01/2046		6,333,638		6,734,154
3.50% due 07/01/2046		4,401,985		4,770,466
3.50% due 01/01/2047		3,926,077		4,172,379
3.50% due 12/01/2047		20,768,617		22,116,588
3.50% due 04/01/2048		8,226,726		8,862,766
3.50% due 08/01/2049		9,709,550		10,235,341
4.00% due 11/01/2025		40,886		43,357
4.00% due 03/01/2039		3,111,441		3,333,921
4.00% due 09/01/2040		78,085		86,109
4.00% due 10/01/2040		144,298		158,901
4.00% due 12/01/2040		1,270,886		1,403,124
4.00% due 10/01/2041		863,259		952,909
4.00% due 11/01/2041		799,388		874,799
4.00% due 01/01/2043		1,615,101		1,790,081
4.00% due 02/01/2045		2,653,712		2,933,991
4.00% due 02/01/2046		1,698,370		1,836,246
4.00% due 06/01/2046		477,121		517,202
4.00% due 01/01/2047		2,972,073		3,207,256
4.00% due 05/01/2047		2,606,335		2,793,363
4.00% due 06/01/2047		3,630,031		3,949,393
4.00% due 07/01/2047		12,252,260		13,135,187
4.00% due 08/01/2047		4,110,785		4,407,162
4.00% due 06/01/2048		8,343,817		9,007,687
4.00% due 09/01/2048		6,838,731		7,302,727
4.00% due 12/01/2048		2,555,514		2,719,221
4.00% due 01/01/2049		7,499,685		7,991,750
4.00% due 03/01/2049		3,827,336		4,075,259
4.00% due 03/01/2050		10,105,014		10,761,332
4.50% due 10/01/2024		190,630		202,845
4.50% due 03/01/2025		283,261		301,390
4.50% due 02/01/2040		814,133		929,588
4.50% due 05/01/2040		243,575		274,743
4.50% due 08/01/2045		5,965,607		6,800,198
4.50% due 06/01/2048		7,401,727		7,998,186
4.50% due 10/01/2048		6,148,264		6,631,500
4.50% due 11/01/2048		5,783,596		6,249,157
4.50% due 12/01/2048		10,992,810		11,858,417
4.50% due 10/01/2049		6,287,392		6,793,638
5.00% due 06/01/2022		10,760		11,342
5.00% due 10/01/2024		96,408		101,779
5.00% due 09/01/2033		386,236		443,890
5.00% due 04/01/2040		274,297		301,387
5.00% due 05/01/2040		429,910		490,154
5.00% due 06/01/2040		1,834,335		2,113,700
5.00% due 07/01/2040		214,413		240,542
5.00% due 02/01/2045		1,170,251		1,336,572
5.50% due 12/01/2029		95,060		105,389
5.50% due 12/01/2033		20,707		24,324
5.50% due 07/01/2037		21,404		24,732
5.50% due 08/01/2037		1,143,475		1,326,668
5.50% due 06/01/2038		112,968		131,165
5.50% due 09/01/2039		383,175		443,443
6.00% due 08/01/2034		17,396		20,561
6.00% due 11/01/2035		15,212		16,977
6.00% due 06/01/2036		37,931		44,851
6.00% due 12/01/2036		69,662		82,342
6.00% due 07/01/2038		337,800		397,350
6.00% due 09/01/2038		181,739		214,771

34

VALIC Company II Core Bond Fund

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

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal National Mtg. Assoc. (continued)
6.00% due 11/01/2038	$	106,626	$	125,338
Federal National Mtg. Assoc. FRS 3.07% (6 ML+1.54%) due 09/01/2035		757,609		783,934
3.18% (12 ML+1.57%) due 05/01/2037		137,598		143,552
3.26% (1 Yr USTYCR+2.26%) due 11/01/2036		250,146		263,810
3.30% (1 Yr USTYCR+2.22%) due 10/01/2035		528,930		557,581
3.33% (12 ML+1.67%) due 07/01/2039		557,147		583,170
3.39% (12 ML+1.91%) due 08/01/2035		471,300		496,953
3.72% (12 ML+1.77%) due 05/01/2040		723,539		755,187
3.75% (12 ML+1.83%) due 10/01/2040		308,065		321,258
4.07% (12 ML+1.82%) due 10/01/2040		169,644		177,175
Federal National Mtg. Assoc. REMIC
Series 2017 - 100, Class NP 3.00% due 12/25/2047(2)		3,798,202		4,098,289
Series 2018 - 27, Class EA 3.00% due 05/25/2048(2)		3,836,133		4,093,818
Series 2018 - 35, Class CD 3.00% due 05/25/2048(2)		5,238,382		5,504,298
				386,957,154
Government National Mtg. Assoc. — 5.6%
2.50% due 05/20/2050		8,913,648		9,400,647
2.50% due 06/20/2050		15,905,115		16,774,093
3.00% due 02/20/2045		3,872,560		4,111,573
3.00% due 05/20/2045		949,187		1,006,395
3.00% due 07/20/2045		246,366		261,282
3.00% due 11/20/2045		2,128,226		2,250,453
3.00% due 12/20/2045		1,669,264		1,762,167
3.00% due 01/20/2046		9,196,721		9,749,235
3.00% due 05/20/2046		10,301,066		10,888,215
3.00% due 09/20/2047		7,560,691		7,970,654
3.00% due 05/20/2050		13,880,033		14,632,626
3.50% due 03/20/2045		802,216		856,127
3.50% due 07/20/2045		403,481		430,656
3.50% due 03/20/2047		2,510,188		2,676,813
4.00% due 03/20/2044		527,391		576,686
4.00% due 07/20/2045		1,437,686		1,562,639
4.00% due 05/20/2048		4,089,638		4,390,845
4.00% due 03/20/2049		4,648,562		4,952,124
4.50% due 05/15/2039		457,689		522,731
4.50% due 04/20/2047		3,003,571		3,296,709
5.00% due 05/15/2034		116,867		130,997
5.00% due 01/15/2040		498,733		573,784
5.50% due 12/15/2039		498,171		558,241
6.00% due 10/15/2039		127,783		142,462
Government National Mtg. Assoc. REMIC VRS Series 2013 - 118, Class B 2.50% due 10/16/2043(1)(3)		1,700,000		1,773,688
				101,251,842
Uniform Mtg. Backed Securities — 2.6%
2.50% due September 15 TBA		8,000,000		8,392,344
2.50% due September 30 TBA		22,000,000		23,153,281
3.00% due September 30 TBA		14,000,000		14,757,969
				46,303,594
Total U.S. Government Agencies
(cost $674,636,075)				694,564,458

Security Description	Principal Amount/ Shares		Value (Note 2)
U.S. GOVERNMENT TREASURIES — 5.6%
United States Treasury Bonds — 4.3%
1.25% due 05/15/2050	$	1,097,000	$	1,042,150
2.38% due 11/15/2049		22,000,000		26,876,094
2.50% due 02/15/2045		1,189,000		1,459,590
2.50% due 05/15/2046		1,426,000		1,758,102
2.75% due 08/15/2047#		1,300,000		1,686,039
3.00% due 05/15/2045		595,000		794,720
3.00% due 05/15/2047		7,150,000		9,668,699
3.13% due 11/15/2041		815,000		1,098,117
3.13% due 02/15/2042		1,908,000		2,576,769
3.38% due 11/15/2048		14,400,000		20,945,812
3.63% due 08/15/2043		476,000		692,785
3.75% due 08/15/2041#		37,000		54,185
3.88% due 08/15/2040		140,000		206,850
4.25% due 11/15/2040		713,000		1,104,816
4.38% due 05/15/2040		2,990,000		4,682,737
4.38% due 05/15/2041		452,000		713,577
4.63% due 02/15/2040		68,000		109,294
5.25% due 11/15/2028		375,000		516,636
				75,986,972
United States Treasury Notes — 1.3%
1.38% due 10/15/2022		7,000,000		7,182,656
1.38% due 01/31/2025		1,000,000		1,050,195
1.63% due 08/15/2029#		9,200,000		10,001,047
1.75% due 11/15/2029#		5,150,000		5,662,989
				23,896,887
Total U.S. Government Treasuries
(cost $83,357,357)				99,883,859
COMMON STOCKS — 0.0%
Television — 0.0%
ION Media Networks, Inc.†(7)(8) (cost $1)		79		50,213
PREFERRED SECURITIES — 0.0%
Electric - Distribution — 0.0%
Entergy Louisiana LLC 4.70%		22,600		582,854
Sovereign Agency — 0.0%
Federal Home Loan Mtg. Corp. Series Z 8.38%†#		5,600		52,024
Total Preferred Securities
(cost $651,353)				634,878
PREFERRED SECURITIES/CAPITAL SECURITIES — 1.1%
Banks - Money Center — 0.1%
BBVA Bancomer SA 5.13% due 01/18/2033*	$	1,302,000		1,253,175
Banks - Super Regional — 0.0%
Wells Fargo & Co. 5.95% due 12/01/2086		387,000		505,081
Building & Construction - Misc. — 0.0%
China Minmetals Corp. 3.75% due 11/13/2022(4)		400,000		408,000
Diversified Banking Institutions — 0.2%
JPMorgan Chase & Co. Series U 6.13% due 04/30/2024(4)		1,648,000		1,759,240
Royal Bank of Scotland Group PLC 8.00% due 09/30/2020(4)		425,000		484,572
Societe Generale SA 7.88% due 12/18/2023*(4)		793,000		857,432
				3,101,244

35

VALIC Company II Core Bond Fund

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

Security Description	Principal Amount		Value (Note 2)
PREFERRED SECURITIES/CAPITAL SECURITIES (continued)
Electric - Distribution — 0.1%
National Rural Utilities Cooperative Finance Corp. 4.75% due 04/30/2043	$	711,000	$	732,816
Electric - Integrated — 0.1%
CMS Energy Corp. 4.75% due 06/01/2050		944,000		1,029,518
Dominion Resources, Inc. 5.75% due 10/01/2054		615,000		657,227
				1,686,745
Food - Dairy Products — 0.0%
Land O’Lakes Capital Trust I 7.45% due 03/15/2028*		603,000		669,330
Insurance - Life/Health — 0.2%
Prudential Financial, Inc. 5.63% due 06/15/2043		808,000		864,950
Prudential Financial, Inc. 5.70% due 09/15/2048		1,590,000		1,833,810
Voya Financial, Inc. 4.70% due 01/23/2048		1,010,000		1,015,050
				3,713,810
Metal - Aluminum — 0.0%
Chalco Hong Kong Investment Co., Ltd. 4.25% due 11/07/2021(4)		500,000		507,500
Metal - Diversified — 0.0%
Chinalco Capital Holdings, Ltd. 4.10% due 09/11/2024(4)		400,000		412,200
Oil Companies - Integrated — 0.1%
BP Capital Markets PLC 4.88% due 03/22/2030(4)		1,707,000		1,864,385
Pipelines — 0.1%
EnLink Midstream Partners LP 6.00% due 12/15/2022(4)		787,000		314,800
Enterprise Products Operating LLC 5.25% due 08/16/2077		648,000		622,080
				936,880
Tools - Hand Held — 0.1%
Stanley Black & Decker, Inc. 4.00% due 03/15/2060		2,129,000		2,236,320
Transport - Rail — 0.1%
CRCC Chengan, Ltd. 3.97% due 06/27/2024(4)		700,000		722,755
Total Preferred Securities/Capital Securities
(cost $18,001,239)				18,750,241
ESCROWS AND LITIGATION TRUSTS — 0.0%
Lehman Brothers Holdings, Inc. Escrow Notes 6.75% due 12/28/2017†(7)		179,000		18
Lehman Brothers Holdings, Inc. Escrow Notes 7.50% due 05/11/2038†(7)		230,000		23
Lehman Brothers Holdings Capital Trust VII Escrow Security 0.00%†(7)		148,000		15
Waterford Gaming LLC/Waterford Gaming Financial Corp. Escrow Notes 8.63% due 09/15/2014*†(7)		5,022		34
Total Escrows And Litigation Trusts
(cost $5,022)				90
Total Long-Term Investment Securities
(cost $1,628,986,691)				1,715,023,759

Security Description	Shares			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 8.3%
Registered Investment Companies — 8.3%
State Street Institutional U.S. Government Money Market Fund, Premier Class  0.04%(10)		123,204,888		$	123,204,888
State Street Navigator Securities Lending Government Money Market Portfolio 0.10%(10)(13)		25,523,985			25,523,985
Total Short-Term Investment Securities
(cost $148,728,873)					148,728,873
TOTAL INVESTMENTS
(cost $1,777,715,564)(9)		104.5	%		1,863,752,632
Liabilities in excess of other assets		(4.5	)		(79,573,819	)
NET ASSETS		100.0	%	$	1,784,178,813

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At August 31, 2020, the aggregate value of these securities was $297,697,054 representing 16.7% of net assets.

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

† Non - income producing security

(1) Commercial Mortgage Backed Security

(2) Collateralized Mortgage Obligation

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

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

(5) Interest Only

(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 August 31, 2020.

(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 August 31, 2020, the Fund held the following restricted securities:

Description	Acquisition Date		Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
Common Stocks
ION Media Networks, Inc.		03/05/2014		79	$	1	$	50,213	$	635.61		0.00	%

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

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

(11) Security in default of interest.

(12) Company has filed for bankruptcy protection.

36

VALIC Company II Core Bond Fund

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

(13) At August 31, 2020, the Fund had loaned securities with a total value of $26,761,977. This was secured by collateral of $25,523,985, which was received in cash and subsequently invested in short-term investments currently valued at $25,523,985 as reported in the Portfolio of Investments. Additional collateral of $1,757,645 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of August 31, 2020
Federal Home Loan Mtg. Corp.	zero coupon to 23.79%	01/25/2021 to 09/25/2050	$	708,801
Federal National Mtg. Assoc.	0.21% to 41.95%	05/01/2023 to 08/25/2058		741,712
Government National Mtg. Assoc.	0.46% to 38.60%	10/16/2032 to 10/16/2062		307,132

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 andmaturity date will be determined upon settlement date.

ULC—Unlimited Liability Corp.

FRS—Floating Rate Security

VRS—Variable Rate Security

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

Index Legend

1 ML—1 Month USD LIBOR

6 ML—6 Month USD LIBOR

12 ML—12 Month USD LIBOR

1 Yr USTYCR—1 Year US Treasury Yield Curve Rate

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

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Asset Backed Securities	$	—	$	60,629,805	$	—	$	60,629,805
U.S. Corporate Bonds & Notes		—		595,058,667		—		595,058,667
Foreign Corporate Bonds & Notes		—		169,521,284		—		169,521,284
Foreign Government Obligations		—		75,930,264		—		75,930,264
U.S. Government Agencies		—		694,564,458		—		694,564,458
U.S. Government Treasuries		—		99,883,859		—		99,883,859
Common Stocks		—		—		50,213		50,213
Preferred Securities		634,878		—		—		634,878
Preferred Securities/Capital Securities		—		18,750,241		—		18,750,241
Escrows and Litigation Trusts		—		—		90		90
Short-Term Investment Securities		148,728,873		—		—		148,728,873
Total Investments at Value	$	149,363,751	$	1,714,338,578	$	50,303	$	1,863,752,632

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

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

See Notes to Financial Statements

37

VALIC Company II Government Money Market II Fund

PORTFOLIO PROFILE — August 31, 2020 (unaudited)

Industry Allocation*

U.S. Government Agencies	74.7	%
U.S. Government Treasuries	25.1
Repurchase Agreements	0.2
	100.0	%

Credit Quality@#

A-1+	99.8	%
A-1	0.2
	100.0	%

* Calculated as a percentage of net assets

# Calculated as percentage of total debt issues

@ Source: Standard & Poor’s

Weighted Average days to Maturity — 18.9 days

38

VALIC Company II Government Money Market II Fund

PORTFOLIO OF INVESTMENTS — August 31, 2020

Security Description	Principal Amount		Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 99.8%
U.S. Government Agencies — 74.7%
Federal Farm Credit Bank FRS 0.16% (1 ML+0.00%) due 12/16/2020	$	2,000,000	$	2,000,000
Federal Home Loan Bank
0.01% due 09/01/2020		42,500,000		42,500,000
0.07% due 09/04/2020		3,000,000		2,999,982
0.07% due 09/09/2020		2,000,000		1,999,969
0.07% due 09/25/2020		3,000,000		2,999,860
0.08% due 09/11/2020		3,000,000		2,999,933
0.08% due 09/23/2020		2,000,000		1,999,902
0.08% due 10/09/2020		3,000,000		2,999,762
0.08% due 10/13/2020		4,000,000		3,999,650
0.08% due 10/14/2020		3,000,000		2,999,713
0.08% due 10/16/2020		3,000,000		2,999,700
0.09% due 09/17/2020		3,000,000		2,999,880
0.09% due 09/21/2020		3,000,000		2,999,850
0.09% due 10/21/2020		2,000,000		1,999,753
0.30% due 10/22/2020		2,500,000		2,498,938
0.30% due 10/26/2020		2,500,000		2,498,854
0.32% due 11/25/2020		2,700,000		2,697,960
0.32% due 12/15/2020		400,000		399,627
0.35% due 12/28/2020		900,000		898,968
Federal Home Loan Bank FRS
0.12% (SOFR+0.03%) due 01/14/2021		2,000,000		2,000,000
0.14% (SOFR+0.05%) due 11/13/2020		2,000,000		2,000,000
0.22% (SOFR+0.13%) due 10/16/2020		3,000,000		3,000,000
Federal Home Loan Mtg. Corp. FRS
0.12% (SOFR+0.03%) due 02/24/2021		2,000,000		2,000,000
0.13% (SOFR+0.04%) due 12/04/2020		2,000,000		2,000,000
Federal National Mtg. Assoc. FRS
0.12% (SOFR+0.03%) due 09/04/2020		2,000,000		2,000,000
0.13% (SOFR+0.04%) due 09/11/2020		1,000,000		1,000,000
Total U.S. Government Agencies
(amortized cost $101,492,301)				101,492,301

Security Description	Principal Amount			Value (Note 2)
U.S. Government Treasuries — 25.1%
United States Cash Management Bills
0.08% due 09/22/2020	$	2,000,000		$	1,999,904
0.08% due 10/06/2020		4,000,000			3,999,689
0.09% due 10/20/2020		3,000,000			2,999,649
United States Treasury Bills
0.07% due 09/29/2020		3,000,000			2,999,837
0.08% due 09/01/2020		2,000,000			2,000,000
0.08% due 09/24/2020		3,000,000			2,999,849
0.08% due 10/22/2020		3,000,000			2,999,660
0.09% due 09/08/2020		3,000,000			2,999,948
0.09% due 09/17/2020		3,000,000			2,999,887
0.09% due 10/01/2020		3,000,000			2,999,776
0.10% due 09/03/2020		2,000,000			1,999,989
0.10% due 09/15/2020		3,000,000			2,999,886
0.16% due 09/10/2020		200,000			199,992
Total U.S. Government Treasuries
(amortized cost $34,198,066)					34,198,066
Total Short-Term Investment Securities — 99.8%
(amortized cost $135,690,367)					135,690,367
REPURCHASE AGREEMENTS — 0.2%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00%, dated 08/31/2020 to be repurchased 09/01/2020 in the amount of $295,000 and collateralized by $260,300 of United States Treasury Notes, bearing interest at 0.13% due 07/15/2024 and having an approximate value of $300,921. (cost $295,000)		295,000			295,000
TOTAL INVESTMENTS
(amortized cost $135,985,367)(1)		100.0	%		135,985,367
Liabilities in excess of other assets		(0.0	)		(40,400	)
NET ASSETS		100.0	%	$	135,944,967

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

FRS—Floating Rate Security

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

Index Legend

1 ML—1 Month USD LIBOR

SOFR—Secured Overnight Financing Rate

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

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Short-Term Investment Securities	$	—	$	135,690,367	$	—	$	135,690,367
Repurchase Agreements		—		295,000		—		295,000
	$	—	$	135,985,367	$	—	$	135,985,367

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

See Notes to Financial Statements

39

VALIC Company II High Yield Bond Fund

PORTFOLIO PROFILE — August 31, 2020 (unaudited)

Industry Allocation*

Cable/Satellite TV	8.2	%
Oil Companies — Exploration & Production	6.8
Pipelines	5.4
Repurchase Agreements	4.1
Medical — Drugs	3.7
Medical — Hospitals	3.5
Containers — Metal/Glass	3.1
Auto — Cars/Light Trucks	2.8
Food — Misc./Diversified	2.5
Retail — Restaurants	2.4
Building — Residential/Commercial	2.3
Insurance — Multi-line	2.2
Rental Auto/Equipment	2.1
Finance — Consumer Loans	2.0
Cellular Telecom	1.9
Real Estate Investment Trusts	1.8
Television	1.8
Casino Hotels	1.6
Aerospace/Defense — Equipment	1.4
Gambling (Non — Hotel)	1.4
Computer Services	1.4
Auto/Truck Parts & Equipment — Original	1.3
Applications Software	1.3
Metal — Aluminum	1.3
Office Automation & Equipment	1.3
Enterprise Software/Service	1.2
Electronic Components — Semiconductors	1.2
Data Processing/Management	1.0
Containers — Paper/Plastic	1.0
Aerospace/Defense	1.0
Distribution/Wholesale	0.9
Broadcast Services/Program	0.9
Hazardous Waste Disposal	0.9
Chemicals — Specialty	0.9
Toys	0.8
Cruise Lines	0.8
Gas — Distribution	0.8
Registered Investment Companies	0.8
Casino Services	0.8
Decision Support Software	0.7
Diversified Banking Institutions	0.7
Racetracks	0.7
Medical Labs & Testing Services	0.7
Food — Catering	0.7
Semiconductor Equipment	0.7
Building & Construction Products — Misc.	0.7
Telecom Services	0.7
E-Commerce/Services	0.7
Protection/Safety	0.6
Transport — Equipment & Leasing	0.6
Finance — Auto Loans	0.6
Financial Guarantee Insurance	0.6
Oil Refining & Marketing	0.6
Retail — Automobile	0.5
Finance — Mortgage Loan/Banker	0.5
Medical Instruments	0.5
Diagnostic Equipment	0.5
Computer Software	0.5
Music	0.4
Agricultural Chemicals	0.4
Medical Products	0.4
Hotels/Motels	0.4
Building — Heavy Construction	0.4
Computers — Memory Devices	0.4
Medical Information Systems	0.4
Commercial Services — Finance	0.3
Telephone — Integrated	0.3
Funeral Services & Related Items	0.3
Apparel Manufacturers	0.3

Building Products — Wood	0.3
Insurance Brokers	0.3
Retail — Office Supplies	0.3
Electronic Components — Misc.	0.3
Transactional Software	0.3
Independent Power Producers	0.3
Machinery — General Industrial	0.2
Retail — Pet Food & Supplies	0.2
Medical — Generic Drugs	0.2
Oil & Gas Drilling	0.2
Banks — Commercial	0.2
Retail — Pawn Shops	0.2
Advertising Sales	0.1
Theaters	0.1
Steel Pipe & Tube	0.1
Finance — Leasing Companies	0.1
	99.8	%

Credit Quality†#

A	0.7	%
Baa	2.6
Ba	39.7
B	36.5
Caa	13.3
Ca	0.8
C	0.3
Not Rated@	6.1
	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.

40

VALIC Company II High Yield Bond Fund

PORTFOLIO OF INVESTMENTS — August 31, 2020

Security Description	Principal Amount(12)		Value (Note 2)
CONVERTIBLE BONDS & NOTES — 2.8%
Commercial Services - Finance — 0.3%
Square, Inc. Senior Notes 0.13% due 03/01/2025*	$	1,250,000	$	1,898,033
Computer Software — 0.3%
Splunk, Inc. Senior Notes 1.13% due 09/15/2025		520,000		835,350
Splunk, Inc. Senior Notes 1.13% due 06/15/2027*		725,000		847,157
				1,682,507
Computers - Memory Devices — 0.4%
Western Digital Corp. Company Guar. Notes 1.50% due 02/01/2024		2,015,000		1,940,737
Electronic Components - Semiconductors — 0.3%
Microchip Technology, Inc. Junior Sub. Notes 2.25% due 02/15/2037		1,000,000		1,554,718
Enterprise Software/Service — 0.6%
Workday, Inc. Senior Notes 0.25% due 10/01/2022		1,850,000		3,105,780
Medical Instruments — 0.5%
Integra LifeSciences Holdings Corp. Senior Notes 0.50% due 08/15/2025*		1,012,000		956,376
NuVasive, Inc. Senior Notes 0.38% due 03/15/2025*		1,910,000		1,721,483
				2,677,859
Oil Companies - Exploration & Production — 0.3%
Pioneer Natural Resources Co. Senior Notes 0.25% due 05/15/2025*		1,500,000		1,821,429
Theaters — 0.1%
Cinemark Holdings, Inc. Senior Notes 4.50% due 08/15/2025*		497,000		637,725
Total Convertible Bonds & Notes
(cost $13,537,370)				15,318,788
U.S. CORPORATE BONDS & NOTES — 71.2%
Advertising Sales — 0.1%
Lamar Media Corp. Company Guar. Notes 3.75% due 02/15/2028*		760,000		759,050
Aerospace/Defense - Equipment — 1.4%
TransDigm, Inc. Company Guar. Notes 5.50% due 11/15/2027		2,330,000		2,274,546
TransDigm, Inc. Senior Sec. Notes 6.25% due 03/15/2026*		4,210,000		4,444,497
TransDigm, Inc. Senior Sec. Notes 8.00% due 12/15/2025*		845,000		918,937
				7,637,980

Security Description	Principal Amount(12)		Value (Note 2)
Agricultural Chemicals — 0.4%
CF Industries, Inc. Company Guar. Notes 5.15% due 03/15/2034	$	1,793,000	$	2,142,635
Apparel Manufacturers — 0.3%
PVH Corp. Senior Notes 4.63% due 07/10/2025*		1,720,000		1,763,688
Applications Software — 1.3%
CDK Global, Inc. Senior Notes 5.25% due 05/15/2029*		1,620,000		1,767,290
PTC, Inc. Company Guar. Notes 3.63% due 02/15/2025*		355,000		364,763
PTC, Inc. Company Guar. Notes 4.00% due 02/15/2028*		390,000		403,767
SS&C Technologies, Inc. Company Guar. Notes 5.50% due 09/30/2027*		4,215,000		4,514,686
				7,050,506
Auto - Cars/Light Trucks — 2.8%
Ford Motor Co. Senior Notes 4.75% due 01/15/2043		5,350,000		4,955,438
Ford Motor Co. Senior Notes 8.50% due 04/21/2023		2,395,000		2,647,445
Ford Motor Credit Co. LLC Senior Notes 4.54% due 08/01/2026		5,240,000		5,348,075
Ford Motor Credit Co. LLC Senior Notes 5.13% due 06/16/2025		1,225,000		1,287,144
General Motors Co. Senior Notes 6.13% due 10/01/2025		440,000		516,434
General Motors Co. Senior Notes 6.80% due 10/01/2027		315,000		385,142
				15,139,678
Broadcast Services/Program — 0.9%
Nexstar Escrow, Inc. Company Guar. Notes 5.63% due 07/15/2027*		4,625,000		4,879,375
Building & Construction Products - Misc. — 0.7%
Builders FirstSource, Inc. Company Guar. Notes 5.00% due 03/01/2030*		2,345,000		2,503,287
Standard Industries, Inc. Senior Notes 3.38% due 01/15/2031*		1,160,000		1,152,379
				3,655,666
Building - Residential/Commercial — 2.3%
Adams Homes, Inc. Company Guar. Notes 7.50% due 02/15/2025*		455,000		453,863
Ashton Woods USA LLC/Ashton Woods Finance Co. Senior Notes 6.63% due 01/15/2028*		2,000,000		2,005,000

41

VALIC Company II High Yield Bond Fund

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

Security Description	Principal Amount(12)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Building - Residential/Commercial (continued)
KB Home Company Guar. Notes 4.80% due 11/15/2029	$	755,000	$	817,287
M/I Homes, Inc. Company Guar. Notes 4.95% due 02/01/2028		1,145,000		1,187,937
M/I Homes, Inc. Company Guar. Notes 5.63% due 08/01/2025		1,750,000		1,815,625
STL Holding Co. LLC Senior Notes 7.50% due 02/15/2026*		1,840,000		1,856,100
Taylor Morrison Communities, Inc. Senior Notes 5.13% due 08/01/2030*		430,000		466,959
Taylor Morrison Communities, Inc. Company Guar. Notes 5.75% due 01/15/2028*		3,460,000		3,881,324
				12,484,095
Cable/Satellite TV — 6.1%
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 4.25% due 02/01/2031*		3,695,000		3,864,828
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 4.50% due 08/15/2030*		1,605,000		1,703,306
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 4.50% due 05/01/2032*		1,865,000		1,976,695
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.75% due 02/15/2026*		4,350,000		4,559,061
CSC Holdings LLC Company Guar. Notes 4.13% due 12/01/2030*		370,000		384,060
CSC Holdings LLC Senior Notes 4.63% due 12/01/2030*		1,325,000		1,357,860
CSC Holdings LLC Senior Notes 5.25% due 06/01/2024		1,900,000		2,056,750
CSC Holdings LLC Company Guar. Notes 5.50% due 04/15/2027*		825,000		879,830
CSC Holdings LLC Company Guar. Notes 6.50% due 02/01/2029*		7,250,000		8,156,250
DISH DBS Corp. Company Guar. Notes 5.00% due 03/15/2023		2,345,000		2,427,075
DISH DBS Corp. Company Guar. Notes 5.88% due 11/15/2024		1,120,000		1,183,809
DISH DBS Corp. Company Guar. Notes 7.38% due 07/01/2028*		3,025,000		3,207,407
DISH DBS Corp. Company Guar. Notes 7.75% due 07/01/2026		990,000		1,133,550
				32,890,481
Casino Hotels — 1.6%
Boyd Gaming Corp. Company Guar. Notes 6.38% due 04/01/2026		3,735,000		3,893,775

Security Description	Principal Amount(12)		Value (Note 2)
Casino Hotels (continued)
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp. Senior Sec. Notes 5.88% due 05/15/2025*	$	2,280,000	$	2,211,600
Wynn Las Vegas LLC Company Guar. Notes 5.50% due 03/01/2025*		2,560,000		2,534,400
				8,639,775
Casino Services — 0.7%
Caesars Entertainment, Inc. Senior Sec. Notes 6.25% due 07/01/2025*		1,940,000		2,056,381
Caesars Entertainment, Inc. Senior Notes 8.13% due 07/01/2027*		1,390,000		1,473,400
				3,529,781
Cellular Telecom — 1.0%
Sprint Corp. Company Guar. Notes 7.13% due 06/15/2024		2,964,000		3,444,790
Sprint Corp. Company Guar. Notes 7.63% due 02/15/2025		1,425,000		1,706,438
				5,151,228
Commercial Services - Finance — 0.0%
Cardtronics, Inc./Cardtronics USA, Inc. Company Guar. Notes 5.50% due 05/01/2025*		260,000		262,600
Computer Services — 1.4%
Presidio Holdings, Inc. Senior Sec. Notes 4.88% due 02/01/2027*		1,650,000		1,691,250
Presidio Holdings, Inc. Company Guar. Notes 8.25% due 02/01/2028*		1,340,000		1,400,300
Tempo Acquisition LLC/Tempo Acquisition Finance Corp. Senior Notes 6.75% due 06/01/2025*		4,205,000		4,278,587
				7,370,137
Computer Software — 0.2%
BY Crown Parent LLC/BY Bond Finance, Inc. Senior Sec. Notes 4.25% due 01/31/2026*		825,000		842,449
Containers - Metal/Glass — 0.9%
Owens-Brockway Glass Container, Inc. Company Guar. Notes 5.38% due 01/15/2025*		3,090,000		3,259,950
Silgan Holdings, Inc. Senior Notes 2.25% due 06/01/2028	EUR	1,175,000		1,398,681
				4,658,631
Containers - Paper/Plastic — 1.0%
Berry Global Escrow Corp. Sec. Notes 5.63% due 07/15/2027*		1,010,000		1,065,156
Flex Acquisition Co., Inc. Senior Notes 6.88% due 01/15/2025*		3,020,000		3,078,286

42

VALIC Company II High Yield Bond Fund

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

Security Description	Principal Amount(12)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Containers - Paper/Plastic (continued)
Flex Acquisition Co., Inc. Senior Notes 7.88% due 07/15/2026*	$	1,340,000	$	1,405,915
				5,549,357
Decision Support Software — 0.7%
MSCI, Inc. Company Guar. Notes 4.00% due 11/15/2029*		3,735,000		3,996,450
Diagnostic Equipment — 0.5%
Avantor Funding, Inc. Company Guar. Notes 4.63% due 07/15/2028*		2,505,000		2,649,539
Distribution/Wholesale — 0.9%
ABC Supply Co., Inc. Senior Sec. Notes 4.00% due 01/15/2028*		575,000		591,744
Core & Main Holdings LP Senior Notes 8.63% due 09/15/2024*(1)		1,910,000		1,943,425
G-III Apparel Group, Ltd. Senior Sec. Notes 7.88% due 08/15/2025*		1,430,000		1,421,062
Performance Food Group, Inc. Company Guar. Notes 5.50% due 10/15/2027*		1,040,000		1,084,200
				5,040,431
E-Commerce/Services — 0.7%
Booking Holdings, Inc. Senior Notes 4.50% due 04/13/2027		1,295,000		1,525,570
Booking Holdings, Inc. Senior Notes 4.63% due 04/13/2030		1,650,000		1,993,768
				3,519,338
Electronic Components - Semiconductors — 0.9%
Qorvo, Inc. Company Guar. Notes 4.38% due 10/15/2029		660,000		707,850
Qorvo, Inc. Company Guar. Notes 5.50% due 07/15/2026		3,755,000		3,983,492
				4,691,342
Enterprise Software/Service — 0.3%
Open Text Holdings, Inc. Company Guar. Notes 4.13% due 02/15/2030*		1,525,000		1,581,074
Finance - Auto Loans — 0.6%
Credit Acceptance Corp. Company Guar. Notes 5.13% due 12/31/2024*		1,470,000		1,514,100
Credit Acceptance Corp. Company Guar. Notes 6.63% due 03/15/2026		1,565,000		1,674,550
				3,188,650
Finance - Consumer Loans — 1.6%
Navient Corp. Senior Notes 6.50% due 06/15/2022		2,029,000		2,115,233

Security Description	Principal Amount(12)		Value (Note 2)
Finance - Consumer Loans (continued)
Springleaf Finance Corp. Company Guar. Notes 5.38% due 11/15/2029	$	4,135,000	$	4,398,606
Springleaf Finance Corp. Company Guar. Notes 6.13% due 03/15/2024		485,000		525,871
Springleaf Finance Corp. Company Guar. Notes 6.88% due 03/15/2025		1,120,000		1,254,400
Springleaf Finance Corp. Company Guar. Notes 7.13% due 03/15/2026		475,000		545,060
				8,839,170
Finance - Mortgage Loan/Banker — 0.5%
Genworth Mtg. Holdings, Inc. Senior Notes 6.50% due 08/15/2025*		2,720,000		2,866,554
Financial Guarantee Insurance — 0.6%
MGIC Investment Corp. Senior Notes 5.25% due 08/15/2028		2,310,000		2,425,500
NMI Holdings, Inc. Senior Sec. Notes 7.38% due 06/01/2025*		630,000		680,154
				3,105,654
Food - Catering — 0.7%
Aramark Services, Inc. Company Guar. Notes 5.00% due 04/01/2025*		765,000		772,650
Aramark Services, Inc. Company Guar. Bonds 5.00% due 02/01/2028*#		2,985,000		2,970,075
				3,742,725
Food - Misc./Diversified — 2.5%
B&G Foods, Inc. Company Guar. Notes 5.25% due 09/15/2027		1,440,000		1,539,893
Post Holdings, Inc. Company Guar. Notes 4.63% due 04/15/2030*		845,000		881,969
Post Holdings, Inc. Company Guar. Notes 5.00% due 08/15/2026*		3,545,000		3,679,001
Post Holdings, Inc. Company Guar. Notes 5.63% due 01/15/2028*		2,974,000		3,179,355
Post Holdings, Inc. Company Guar. Notes 5.75% due 03/01/2027*		1,440,000		1,521,000
TreeHouse Foods, Inc. Company Guar. Notes 4.00% due 09/01/2028		1,184,000		1,204,945
TreeHouse Foods, Inc. Company Guar. Notes 6.00% due 02/15/2024*		1,230,000		1,267,084
				13,273,247
Funeral Services & Related Items — 0.3%
Service Corp. International Senior Notes 3.38% due 08/15/2030		200,000		203,796

43

VALIC Company II High Yield Bond Fund

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

Security Description	Principal Amount(12)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Funeral Services & Related Items (continued)
Service Corp. International Senior Notes 4.63% due 12/15/2027	$	735,000	$	795,637
Service Corp. International Senior Notes 5.13% due 06/01/2029		725,000		803,873
				1,803,306
Gambling (Non-Hotel) — 1.4%
Caesars Resort Collection LLC/CRC Finco, Inc. Company Guar. Notes 5.25% due 10/15/2025*		2,880,000		2,757,226
Caesars Resort Collection LLC/CRC Finco, Inc. Senior Sec. Notes 5.75% due 07/01/2025*		640,000		670,400
Jacobs Entertainment, Inc. Sec. Notes 7.88% due 02/01/2024*		4,420,000		4,196,215
				7,623,841
Gas - Distribution — 0.8%
AmeriGas Partners LP/AmeriGas Finance Corp. Senior Notes 5.50% due 05/20/2025		731,000		802,273
AmeriGas Partners LP/AmeriGas Finance Corp. Senior Notes 5.88% due 08/20/2026		2,904,000		3,290,798
				4,093,071
Hazardous Waste Disposal — 0.4%
Stericycle, Inc. Company Guar. Notes 5.38% due 07/15/2024*		1,925,000		2,011,625
Hotels/Motels — 0.4%
Hilton Domestic Operating Co., Inc. Company Guar. Notes 4.25% due 09/01/2024		2,006,000		2,016,030
Independent Power Producers — 0.3%
Clearway Energy Operating LLC Company Guar. Notes 4.75% due 03/15/2028*		1,310,000		1,372,225
Insurance - Multi-line — 2.2%
Acrisure LLC/Acrisure Finance, Inc. Senior Notes 7.00% due 11/15/2025*		4,130,000		4,191,950
Acrisure LLC/Acrisure Finance, Inc. Senior Sec. Notes 8.13% due 02/15/2024*		1,684,000		1,776,620
Acrisure LLC/Acrisure Finance, Inc. Senior Notes 10.13% due 08/01/2026*		465,000		523,125
Genworth Holdings, Inc. Company Guar. Notes 4.80% due 02/15/2024#		260,000		237,900
Genworth Holdings, Inc. Company Guar. Notes 4.90% due 08/15/2023		1,215,000		1,129,950
Genworth Holdings, Inc. Company Guar. Notes 6.50% due 06/15/2034#		1,120,000		1,024,800
Genworth Holdings, Inc. Company Guar. Notes 7.20% due 02/15/2021		2,345,000		2,374,312

Security Description	Principal Amount(12)		Value (Note 2)
Insurance - Multi-line (continued)
Genworth Holdings, Inc. Company Guar. Notes 7.63% due 09/24/2021#	$	539,000	$	551,128
				11,809,785
Machinery - General Industrial — 0.2%
Vertical US Newco, Inc. Senior Sec. Notes 5.25% due 07/15/2027*		1,195,000		1,244,294
Medical Information Systems — 0.4%
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc. Company Guar. Notes 5.75% due 03/01/2025*		1,890,000		1,918,350
Medical Labs & Testing Services — 0.7%
Catalent Pharma Solutions, Inc. Company Guar. Notes 5.00% due 07/15/2027*		545,000		574,975
IQVIA, Inc. Company Guar. Notes 2.25% due 01/15/2028*	EUR	1,120,000		1,331,177
IQVIA, Inc. Company Guar. Notes 5.00% due 05/15/2027*		1,840,000		1,936,793
				3,842,945
Medical Products — 0.4%
Hill-Rom Holdings, Inc. Company Guar. Notes 4.38% due 09/15/2027*		1,965,000		2,054,535
Medical - Biomedical/Gene — 0.0%
Emergent BioSolutions, Inc. Company Guar. Notes 3.88% due 08/15/2028*		230,000		234,531
Medical - Drugs — 0.0%
Bausch Health Americas, Inc. Company Guar. Notes 8.50% due 01/31/2027*		20,000		22,000
Medical - Generic Drugs — 0.2%
Par Pharmaceutical, Inc. Senior Sec. Notes 7.50% due 04/01/2027*		1,035,000		1,104,863
Medical - Hospitals — 3.5%
CHS/Community Health Systems, Inc. Senior Sec. Notes 6.63% due 02/15/2025*		3,695,000		3,778,138
CHS/Community Health Systems, Inc. Company Guar. Notes 6.88% due 02/01/2022		590,000		513,300
CHS/Community Health Systems, Inc. Sec. Notes 8.13% due 06/30/2024*		2,760,000		1,918,200
HCA, Inc. Company Guar. Notes 3.50% due 09/01/2030		3,565,000		3,752,692
HCA, Inc. Company Guar. Notes 5.38% due 02/01/2025		3,520,000		3,962,675
HCA, Inc. Company Guar. Notes 5.38% due 09/01/2026		2,270,000		2,570,775

44

VALIC Company II High Yield Bond Fund

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

Security Description	Principal Amount(12)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Medical - Hospitals (continued)
HCA, Inc. Company Guar. Notes 5.63% due 09/01/2028	$	105,000	$	124,878
HCA, Inc. Company Guar. Notes 5.88% due 02/01/2029		265,000		321,889
HCA, Inc. Company Guar. Notes 7.50% due 11/15/2095		1,470,000		1,888,950
				18,831,497
Metal - Aluminum — 0.7%
Novelis Corp. Company Guar. Notes 4.75% due 01/30/2030*		950,000		962,796
Novelis Corp. Company Guar. Notes 5.88% due 09/30/2026*		2,540,000		2,653,792
				3,616,588
Music — 0.4%
WMG Acquisition Corp. Company Guar. Notes 5.50% due 04/15/2026*		2,328,000		2,421,120
Office Automation & Equipment — 1.3%
CDW LLC/CDW Finance Corp. Company Guar. Notes 4.13% due 05/01/2025		855,000		891,530
Xerox Corp. Senior Notes 4.13% due 03/15/2023		4,060,000		4,167,509
Xerox Corp. Senior Notes 4.80% due 03/01/2035		155,000		148,769
Xerox Corp. Senior Notes 6.75% due 12/15/2039		1,245,000		1,338,375
Xerox Holdings Corp. Company Guar. Notes 5.00% due 08/15/2025*		290,000		292,900
				6,839,083
Oil Companies - Exploration & Production — 6.5%
Apache Corp. Senior Notes 4.38% due 10/15/2028		2,850,000		2,828,511
Apache Corp. Senior Notes 4.63% due 11/15/2025		2,030,000		2,078,212
Apache Corp. Senior Notes 4.75% due 04/15/2043		918,000		862,920
Apache Corp. Senior Notes 5.10% due 09/01/2040		1,087,000		1,054,423
Centennial Resource Production LLC Company Guar. Notes 5.38% due 01/15/2026*		1,635,000		686,700
Continental Resources, Inc. Company Guar. Notes 4.38% due 01/15/2028		2,300,000		2,190,750
Continental Resources, Inc. Company Guar. Notes 4.90% due 06/01/2044		2,525,000		2,236,317

Security Description	Principal Amount(12)		Value (Note 2)
Oil Companies - Exploration & Production (continued)
EQT Corp. Senior Notes 3.90% due 10/01/2027	$	3,040,000	$	2,941,200
Jagged Peak Energy LLC Company Guar. Notes 5.88% due 05/01/2026		3,615,000		3,687,300
Matador Resources Co. Company Guar. Notes 5.88% due 09/15/2026		2,400,000		2,088,000
Occidental Petroleum Corp. Senior Notes 3.00% due 02/15/2027		1,745,000		1,491,975
Occidental Petroleum Corp. Senior Notes 3.40% due 04/15/2026		85,000		75,300
Occidental Petroleum Corp. Senior Notes 4.20% due 03/15/2048		8,195,000		6,207,712
QEP Resources, Inc. Senior Notes 5.63% due 03/01/2026		1,670,000		1,072,975
SM Energy Co. Senior Notes 5.00% due 01/15/2024		1,110,000		654,900
SM Energy Co. Senior Notes 6.63% due 01/15/2027		1,275,000		624,750
Vine Oil & Gas LP/Vine Oil & Gas Finance Corp. Company Guar. Notes 8.75% due 04/15/2023*		3,340,000		2,137,600
WPX Energy, Inc. Senior Notes 5.88% due 06/15/2028		1,875,000		1,903,125
				34,822,670
Oil Refining & Marketing — 0.6%
Sunoco LP/Sunoco Finance Corp. Company Guar. Notes 5.50% due 02/15/2026		600,000		618,228
Sunoco LP/Sunoco Finance Corp. Company Guar. Notes 5.88% due 03/15/2028		375,000		392,813
Sunoco LP/Sunoco Finance Corp. Company Guar. Notes 6.00% due 04/15/2027		1,900,000		2,022,531
				3,033,572
Pipelines — 5.4%
Antero Midstream Partners LP/Antero Midstream Finance Corp. Company Guar. Notes 5.75% due 01/15/2028*		3,005,000		2,681,962
Buckeye Partners LP Senior Notes 4.13% due 03/01/2025*		945,000		949,706
Buckeye Partners LP Senior Notes 4.50% due 03/01/2028*		960,000		980,006
Cheniere Corpus Christi Holdings LLC Senior Sec. Notes 5.13% due 06/30/2027		1,377,000		1,550,044
Cheniere Energy Partners LP Company Guar. Notes 4.50% due 10/01/2029		1,379,000		1,437,608

45

VALIC Company II High Yield Bond Fund

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

Security Description	Principal Amount(12)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Pipelines (continued)
DCP Midstream Operating LP Company Guar. Notes 5.38% due 07/15/2025	$	2,555,000	$	2,744,836
EQM Midstream Partners LP Senior Notes 6.00% due 07/01/2025*		675,000		716,344
EQM Midstream Partners LP Senior Notes 6.50% due 07/01/2027*		685,000		750,075
EQM Midstream Partners LP Senior Notes 6.50% due 07/15/2048		1,410,000		1,424,100
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. Company Guar. Notes 4.75% due 10/01/2023*		1,980,000		1,940,400
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. Company Guar. Notes 6.00% due 03/01/2027*		1,800,000		1,683,000
Targa Resources Partners LP/Targa Resources Partners Finance Corp. Company Guar. Notes 4.88% due 02/01/2031*		1,570,000		1,587,867
Targa Resources Partners LP/Targa Resources Partners Finance Corp. Company Guar. Notes 6.50% due 07/15/2027		4,360,000		4,708,800
Western Midstream Operating LP Senior Notes 5.05% due 02/01/2030		4,725,000		4,837,219
Western Midstream Operating LP Senior Notes 6.25% due 02/01/2050		1,375,000		1,376,953
				29,368,920
Protection/Safety — 0.6%
APX Group, Inc. Company Guar. Notes 7.63% due 09/01/2023		3,215,000		3,287,337
Racetracks — 0.7%
Penn National Gaming, Inc. Senior Notes 5.63% due 01/15/2027*		3,730,000		3,860,550
Real Estate Investment Trusts — 1.8%
FelCor Lodging LP Company Guar. Notes 6.00% due 06/01/2025		4,095,000		4,084,762
Iron Mountain, Inc. Company Guar. Notes 4.88% due 09/15/2029*		2,570,000		2,666,375
VICI Properties LP/VICI Note Co., Inc. Company Guar. Notes 3.50% due 02/15/2025*		250,000		250,440
VICI Properties LP/VICI Note Co., Inc. Company Guar. Notes 3.75% due 02/15/2027*		165,000		164,588
VICI Properties LP/VICI Note Co., Inc. Company Guar. Notes 4.25% due 12/01/2026*		1,295,000		1,324,137
VICI Properties LP/VICI Note Co., Inc. Company Guar. Notes 4.63% due 12/01/2029*		1,085,000		1,128,400
				9,618,702

Security Description	Principal Amount(12)		Value (Note 2)
Rental Auto/Equipment — 2.1%
Ashtead Capital, Inc. Company Guar. Notes 4.00% due 05/01/2028*	$	2,890,000	$	2,998,375
Herc Holdings, Inc. Company Guar. Notes 5.50% due 07/15/2027*		3,230,000		3,383,425
United Rentals North America, Inc. Company Guar. Notes 3.88% due 02/15/2031		1,340,000		1,385,560
United Rentals North America, Inc. Company Guar. Notes 4.63% due 10/15/2025		970,000		991,825
United Rentals North America, Inc. Company Guar. Notes 4.88% due 01/15/2028		1,340,000		1,413,700
United Rentals North America, Inc. Company Guar. Notes 5.88% due 09/15/2026		1,025,000		1,090,620
				11,263,505
Retail - Automobile — 0.5%
Asbury Automotive Group, Inc. Company Guar. Notes 4.50% due 03/01/2028*		155,000		158,487
Asbury Automotive Group, Inc. Company Guar. Notes 4.75% due 03/01/2030*		157,000		162,709
Group 1 Automotive, Inc. Company Guar. Notes 4.00% due 08/15/2028*		980,000		977,766
Lithia Motors, Inc. Company Guar. Notes 4.63% due 12/15/2027*		1,510,000		1,593,050
				2,892,012
Retail - Leisure Products — 0.0%
Party City Holdings, Inc. FRS Senior Sec. Notes 5.75% (6 ML+5.00%) due 07/15/2025*		302,533		189,083
Retail - Office Supplies — 0.3%
Staples, Inc. Senior Sec. Notes 7.50% due 04/15/2026*		1,775,000		1,570,875
Retail - Pawn Shops — 0.2%
FirstCash, Inc. Company Guar. Notes 4.63% due 09/01/2028*		1,005,000		1,032,828
Retail - Pet Food & Supplies — 0.2%
PetSmart, Inc. Senior Sec. Notes 5.88% due 06/01/2025*		1,130,000		1,162,488
Retail - Restaurants — 0.9%
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC Company Guar. Notes 4.75% due 06/01/2027*		1,830,000		1,921,500
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC Company Guar. Notes 5.25% due 06/01/2026*		2,225,000		2,308,437

46

VALIC Company II High Yield Bond Fund

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

Security Description	Principal Amount(12)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Retail - Restaurants (continued)
Yum! Brands, Inc. Senior Notes 4.75% due 01/15/2030*	$	770,000	$	848,925
				5,078,862
Rubber/Plastic Products — 0.0%
Anagram International, Inc./Anagram Holdings LLC Sec. Notes 10.00% due 08/15/2026*		163,533		137,368
Semiconductor Equipment — 0.7%
Entegris, Inc. Company Guar. Notes 4.63% due 02/10/2026*		3,550,000		3,666,475
Steel Pipe & Tube — 0.1%
Advanced Drainage Systems, Inc. Company Guar. Notes 5.00% due 09/30/2027*		545,000		568,370
Telecom Services — 0.4%
Embarq Corp. Senior Notes 8.00% due 06/01/2036		1,640,000		1,972,559
Telephone - Integrated — 0.3%
Frontier Communications Corp. Senior Notes 6.88% due 01/15/2025†(2)(3)		2,690,000		1,072,920
Frontier Communications Corp. Senior Notes 10.50% due 09/15/2022†(2)(3)		1,800,000		796,500
				1,869,420
Television — 1.2%
Gray Television, Inc. Company Guar. Notes 5.13% due 10/15/2024*		2,490,000		2,545,502
Gray Television, Inc. Company Guar. Notes 5.88% due 07/15/2026*		1,060,000		1,099,750
Scripps Escrow, Inc. Company Guar. Notes 5.88% due 07/15/2027*		2,585,000		2,585,000
				6,230,252
Toys — 0.8%
Mattel, Inc. Company Guar. Notes 5.88% due 12/15/2027*		1,035,000		1,125,666
Mattel, Inc. Company Guar. Notes 6.75% due 12/31/2025*		3,220,000		3,417,225
				4,542,891
Transactional Software — 0.3%
Black Knight InfoServ LLC Company Guar. Notes 3.63% due 09/01/2028*		1,430,000		1,448,333
Transport - Equipment & Leasing — 0.4%
DAE Funding LLC Company Guar. Notes 4.50% due 08/01/2022*		675,000		666,563
DAE Funding LLC Company Guar. Notes 5.00% due 08/01/2024*		1,345,000		1,318,100
				1,984,663
Total U.S. Corporate Bonds & Notes
(cost $366,438,969)				383,362,710

Security Description	Principal Amount(12)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES — 17.6%
Aerospace/Defense — 1.0%
Bombardier, Inc. Senior Notes 6.13% due 01/15/2023*	$	4,395,000	$	3,559,950
Bombardier, Inc. Senior Notes 7.88% due 04/15/2027*		2,230,000		1,616,081
				5,176,031
Auto/Truck Parts & Equipment - Original — 1.0%
Adient Global Holdings, Ltd. Company Guar. Notes 3.50% due 08/15/2024	EUR	2,360,000		2,604,689
Adient Global Holdings, Ltd. Company Guar. Notes 4.88% due 08/15/2026*		1,130,000		1,059,375
Panther BF Aggregator 2 LP/Panther Finance Co., Inc. Company Guar. Notes 8.50% due 05/15/2027*		1,630,000		1,730,714
				5,394,778
Building Products - Wood — 0.3%
Norbord, Inc. Senior Sec. Notes 5.75% due 07/15/2027*		1,620,000		1,729,350
Cable/Satellite TV — 2.1%
Altice Financing SA Senior Sec. Notes 5.00% due 01/15/2028*		1,420,000		1,458,638
Altice Financing SA Senior Sec. Notes 7.50% due 05/15/2026*		2,210,000		2,358,484
Quebecor Media, Inc. Senior Notes 5.75% due 01/15/2023		1,415,000		1,517,588
Virgin Media Secured Finance PLC Senior Sec. Notes 4.50% due 08/15/2030*		3,285,000		3,449,250
Ziggo BV Senior Sec. Notes 5.50% due 01/15/2027*		2,375,000		2,496,149
				11,280,109
Cellular Telecom — 0.9%
Altice France SA Senior Sec. Notes 5.50% due 01/15/2028*		525,000		551,250
Altice France SA Senior Sec. Notes 8.13% due 02/01/2027*		3,940,000		4,393,100
				4,944,350
Chemicals - Specialty — 0.7%
Diamond BC BV Senior Notes 5.63% due 08/15/2025	EUR	3,045,000		3,610,568
Containers - Metal/Glass — 2.2%
ARD Finance SA Senior Sec. Notes 6.50% due 06/30/2027*(1)		3,265,000		3,354,787
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. Senior Sec. Notes 4.13% due 08/15/2026*		650,000		678,080

47

VALIC Company II High Yield Bond Fund

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

Security Description	Principal Amount(12)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Containers - Metal/Glass (continued)
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. Senior Sec. Notes 5.25% due 04/30/2025*	$	1,115,000	$	1,182,909
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. Senior Notes 5.25% due 08/15/2027*		1,860,000		1,935,107
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. Company Guar. Notes 6.00% due 02/15/2025*		363,000		378,609
OI European Group BV Company Guar. Notes 4.00% due 03/15/2023*		3,579,000		3,615,542
Trivium Packaging Finance BV Senior Sec. Notes 5.50% due 08/15/2026*		520,000		548,402
				11,693,436
Cruise Lines — 0.8%
Carnival Corp. Sec. Notes 9.88% due 08/01/2027*		75,000		75,605
Carnival Corp. Sec. Notes 10.50% due 02/01/2026*		1,265,000		1,328,250
Carnival Corp. Senior Sec. Notes 11.50% due 04/01/2023*		2,415,000		2,695,744
				4,099,599
Electronic Components - Misc. — 0.3%
Sensata Technologies BV Company Guar. Notes 5.00% due 10/01/2025*		1,435,000		1,560,261
Enterprise Software/Service — 0.3%
Open Text Corp. Company Guar. Notes 3.88% due 02/15/2028*		1,790,000		1,841,122
Finance - Consumer Loans — 0.4%
goeasy, Ltd. Company Guar. Notes 5.38% due 12/01/2024*		2,300,000		2,369,000
Finance - Leasing Companies — 0.1%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust Company Guar. Notes 4.50% due 09/15/2023		520,000		533,555
Hazardous Waste Disposal — 0.5%
Tervita Escrow Corp. Sec. Notes 7.63% due 12/01/2021*		3,405,000		2,853,969
Machinery - General Industrial — 0.0%
Vertical Holdco GmbH Company Guar. Notes 7.63% due 07/15/2028*		200,000		211,000
Medical - Drugs — 3.7%
Bausch Health Cos., Inc. Company Guar. Notes 5.00% due 01/30/2028*		4,180,000		4,127,750
Bausch Health Cos., Inc. Company Guar. Notes 7.00% due 01/15/2028*		2,480,000		2,641,200
Endo Dac/Endo Finance LLC/Endo Finco, Inc. Company Guar. Notes 6.00% due 06/30/2028*		2,007,000		1,555,425

Security Description	Principal Amount(12)		Value (Note 2)
Medical - Drugs (continued)
Endo Dac/Endo Finance LLC/Endo Finco, Inc. Sec. Notes 9.50% due 07/31/2027*	$	2,316,000	$	2,507,070
Teva Pharmaceutical Finance Netherlands III BV Company Guar. Notes 3.15% due 10/01/2026		2,270,000		2,079,887
Teva Pharmaceutical Finance Netherlands III BV Company Guar. Notes 6.75% due 03/01/2028#		2,050,000		2,234,500
Valeant Pharmaceuticals International, Inc. Company Guar. Notes 5.50% due 03/01/2023*		929,000		926,678
Valeant Pharmaceuticals International, Inc. Company Guar. Notes 5.88% due 05/15/2023*		655,000		653,363
Valeant Pharmaceuticals International, Inc. Company Guar. Notes 6.13% due 04/15/2025*		2,035,000		2,093,506
Valeant Pharmaceuticals International, Inc. Senior Sec. Notes 7.00% due 03/15/2024*		455,000		472,290
Valeant Pharmaceuticals International, Inc. Company Guar. Notes 9.00% due 12/15/2025*		445,000		487,275
				19,778,944
Metal - Aluminum — 0.6%
Constellium NV Company Guar. Notes 5.88% due 02/15/2026*		3,240,000		3,316,756
Oil & Gas Drilling — 0.2%
Transocean, Inc. Company Guar. Notes 6.80% due 03/15/2038		5,715,000		1,085,850
Retail - Restaurants — 1.5%
1011778 BC ULC/New Red Finance, Inc. Senior Sec. Notes 3.88% due 01/15/2028*		440,000		451,000
1011778 BC ULC/New Red Finance, Inc. Sec. Notes 5.00% due 10/15/2025*		7,185,000		7,378,348
				7,829,348
Telecom Services — 0.3%
Altice France Holding SA Senior Sec. Notes 8.00% due 05/15/2027*	EUR	1,230,000		1,593,378
Television — 0.5%
Videotron, Ltd. Company Guar. Notes 5.00% due 07/15/2022		2,720,000		2,856,571
Transport - Equipment & Leasing — 0.2%
Fly Leasing, Ltd. Senior Notes 5.25% due 10/15/2024		1,360,000		1,077,800
Fly Leasing, Ltd. Senior Notes 6.38% due 10/15/2021#		200,000		187,562
				1,265,362
Total Foreign Corporate Bonds & Notes
(cost $94,715,190)				95,023,337

48

VALIC Company II High Yield Bond Fund

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

Security Description	Shares/ Principal Amount(12)		Value (Note 2)
FOREIGN CONVERTIBLE BONDS & NOTES — 0.4%
Building - Heavy Construction — 0.4%
Cellnex Telecom SA Senior Notes 1.50% due 01/16/2026 (cost $1,417,022)	EUR	900,000		1,944,722
LOANS(4)(5)(6) — 1.8%
Auto/Truck Parts & Equipment - Original — 0.3%
Panther BF Aggregator 2 LP FRS BTL-B 3.66% (1 ML+3.50%) due 04/30/2026	$	1,846,050	$	1,807,398
Chemicals - Specialty — 0.2%
Diamond BC BV FRS BTL 3.16% (1 ML+3.00%) due 09/06/2024		2,162		2,038
Diamond BC BV FRS BTL 3.26% (3 ML+3.00%) due 09/06/2024		841,213		792,843
				794,881
Data Processing/Management — 1.0%
Dun & Bradstreet Corp. FRS BTL 3.92% (1 ML+3.75%) due 02/06/2026		5,595,975		5,577,788
Food - Misc./Diversified — 0.0%
Froneri International PLC FRS 2nd Lien 5.91% (1 ML+5.75%) due 01/31/2028		125,000		123,125
Insurance Brokers — 0.3%
HUB International, Ltd. FRS BTL-B 3.22%-3.26% (3 ML+3.00%) due 04/25/2025		1,675,800		1,630,553
Total Loans
(cost $10,037,909)				9,933,745
COMMON STOCKS — 0.2%
Casino Services — 0.1%
Caesars Entertainment, Inc.†		9,263		424,245
Retail - Misc./Diversified — 0.0%
Party City Holdco, Inc.†		30,786		84,353
Television — 0.1%
ION Media Networks, Inc.(8)(14).		616		391,534
Total Common Stocks
(cost $701,170)				900,132
PREFERRED SECURITIES/CAPITAL SECURITIES — 0.9%
Banks - Commercial — 0.2%
Banco de Sabadell SA 6.50% due 05/18/2022(7)	EUR	1,000,000		1,038,215
Diversified Banking Institutions — 0.7%
Credit Suisse Group AG 6.25% due 12/18/2024(7)	$	3,610,000		3,928,994
Total Preferred Securities/Capital Securities
(cost $4,792,900)				4,967,209

Security Description	Principal Amount(12)			Value (Note 2)
ESCROWS AND LITIGATION TRUSTS — 0.0%
Foothills Resources, Inc. Escrow Notes 11.50% due 04/01/2023†(8)	$	3,395,000		$	5,602
Venture Holdings Co. LLC Company Guar. Notes 11.00% due 06/01/2007†(3)(8)(9)		50,000			0
Hellas Telecommunications Luxembourg II SCA Sub. Notes 8.46% due 01/15/2015*†(3)(8)(9)		925,000			0
Texas Competitive Electric Holdings Co. LLC/TCEH Finance, Inc. Escrow Notes 11.50% due 10/01/2020*†		3,873,748			5,810
Total Escrows And Litigation Trusts
(cost $4,277,512)					11,412
Total Long-Term Investment Securities
(cost $495,918,042)					511,462,055
SHORT-TERM INVESTMENT SECURITIES — 0.8%
Registered Investment Companies — 0.8%
State Street Navigator Securities Lending Government Money Market Portfolio 0.10%(10)(11) (cost $4,035,970)		4,035,970			4,035,970
REPURCHASE AGREEMENTS — 4.1%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00%, dated 08/31/2020, to be repurchased 09/01/2020 in the amount of $22,258,000 and collateralized by $22,721,500 of United States Treasury Notes, bearing interest at 0.13% due 05/15/2026 and having an approximate value of $22,703,217 (cost $22,258,000)		22,258,000			22,258,000
TOTAL INVESTMENTS
(cost $522,212,012)(13)		99.8	%		537,756,025
Other assets less liabilities		0.2			959,784
NET ASSETS		100.0	%	$	538,715,809

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At August 31, 2020, the aggregate value of these securities was $301,849,053 representing 56.0% 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.

(2) Security in default of interest.

(3) Company has filed for bankruptcy protection.

(4) 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”) 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.

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

(6) 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.

49

VALIC Company II High Yield Bond Fund

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

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

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

(9) Security in default of interest and principal at maturity.

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

(11) At August 31, 2020, the Fund had loaned securities with a total value of $4,424,328. This was secured by collateral of $4,035,970, which was received in cash and subsequently invested in short-term investments currently valued at $4,035,970 as reported in the Portfolio of Investments. Additional collateral of $462,148 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

Securities	Coupon Range	Maturity Date Range	Value as of August 31, 2020
United States Treasury Notes/Bonds	0.13% to 3.88%	12/31/2020 to 02/15/2049	$	462,148

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

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

(14) 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 August 31, 2020, the Fund held the following restricted securities:

Description	Acquisition Date		Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
Common Stocks
ION Media Networks, Inc.		12/21/2016		616	$	6	$	391,534	$	635.61		0.07	%

BTL—Bank Term Loan

FRS—Floating Rate Security

The rates shown on FRS are the current interest rates at August 31, 2020 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

3 ML—3 Month USD Libor

Forward Foreign Currency Contracts

Counterparty

Contract to Deliver

In Exchange For

Delivery Date

Unrealized Appreciation

Unrealized Depreciation

JPMorgan Chase Bank N.A.

EUR

8,779,000

USD

10,381,369

09/30/2020

$

–

$

(101,674

)

EUR—Euro Currency

USD—United States Dollar

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

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Convertible Bonds & Notes	$	—	$	15,318,788	$	—	$	15,318,788
U.S. Corporate Bonds & Notes		—		383,362,710		—		383,362,710
Foreign Corporate Bonds & Notes		—		95,023,337		—		95,023,337
Foreign Convertible Bonds & Notes		—		1,944,722		—		1,944,722
Loans		—		9,933,745		—		9,933,745
Common Stocks:
Television		—		—		391,534		391,534
Other Industries		508,598		—		—		508,598
Preferred Securities/Capital Securities		—		4,967,209		—		4,967,209
Escrows and Litigation Trusts		—		5,810		5,602		11,412
Short-Term Investment Securities		4,035,970		—		—		4,035,970
Repurchase Agreements		—		22,258,000		—		22,258,000
Total Investments at Value	$	4,544,568	$	532,814,321	$	397,136	$	537,756,025
LIABILITIES:
Other Financial Instruments:+
Forward Foreign Currency Contracts	$	—	$	101,674	$	—	$	101,674

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

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

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

See Notes to Financial Statements

50

VALIC Company II International Opportunities Fund

PORTFOLIO PROFILE — August 31, 2020 (unaudited)

Industry Allocation*

Applications Software	3.6	%
Real Estate Operations & Development	3.3
Computer Services	3.0
Machinery-General Industrial	3.0
Entertainment Software	2.6
Food-Retail	2.5
Electronic Components-Misc.	2.5
Real Estate Investment Trusts	2.3
Commercial Services	2.0
E-Commerce/Services	2.0
Chemicals-Diversified	1.9
Cosmetics & Toiletries	1.8
Medical-Drugs	1.8
Energy-Alternate Sources	1.7
Precious Metals	1.6
Brewery	1.5
Gold Mining	1.5
Recycling	1.5
Repurchase Agreements	1.5
Food-Meat Products	1.4
Registered Investment Companies	1.4
Computers-Integrated Systems	1.4
Building & Construction Products-Misc.	1.4
Chemicals-Specialty	1.3
Containers-Paper/Plastic	1.3
Retail-Drug Store	1.3
Banks-Commercial	1.3
Building Products-Cement	1.2
Industrial Automated/Robotic	1.2
E-Services/Consulting	1.1
Athletic Equipment	1.1
Electronic Components-Semiconductors	1.1
Fisheries	1.1
Transport-Services	1.0
E-Commerce/Products	1.0
Computer Software	1.0
Building-Residential/Commercial	0.9
Electric Products-Misc.	0.9
Publishing-Periodicals	0.9
Medical Labs & Testing Services	0.8
Real Estate Management/Services	0.8
Food-Misc./Diversified	0.8
Building Products-Air & Heating	0.8
Veterinary Products	0.8
Machinery-Construction & Mining	0.8
Investment Management/Advisor Services	0.7
Medical-Biomedical/Gene	0.7
Optical Supplies	0.7
Multimedia	0.7
Auto/Truck Parts & Equipment-Original	0.7
Consulting Services	0.7
Medical Products	0.7
Internet Content-Information/News	0.7
Finance-Other Services	0.6
Semiconductor Equipment	0.6
Distribution/Wholesale	0.6
Building-Heavy Construction	0.6
Internet Brokers	0.6
Retail-Misc./Diversified	0.6
Internet Gambling	0.5
Transport-Truck	0.5
Pipelines	0.5
Medical Instruments	0.5
Electric-Generation	0.5
Enterprise Software/Service	0.5
Gambling (Non-Hotel)	0.5
Retail-Apparel/Shoe	0.5
Theaters	0.5
Hazardous Waste Disposal	0.5

Insurance-Property/Casualty	0.5
Airport Development/Maintenance	0.4
Containers-Metal/Glass	0.4
Food-Confectionery	0.4
Electronic Parts Distribution	0.4
Diagnostic Equipment	0.4
Beverages-Non-alcoholic	0.4
Coatings/Paint	0.4
U.S. Government Agencies	0.4
Hotels/Motels	0.4
Electronic Measurement Instruments	0.4
Power Converter/Supply Equipment	0.4
Retail-Discount	0.3
Oil Companies-Exploration & Production	0.3
Oil Refining & Marketing	0.3
Gas-Distribution	0.3
Engineering/R&D Services	0.3
Insurance Brokers	0.3
Aerospace/Defense	0.3
Food-Flour & Grain	0.3
Tobacco	0.3
Machine Tools & Related Products	0.3
Internet Financial Services	0.3
Advertising Services	0.3
Retail-Automobile	0.3
Auto-Heavy Duty Trucks	0.3
Dental Supplies & Equipment	0.3
Radio	0.2
Retail-Restaurants	0.2
Instruments-Controls	0.2
Motorcycle/Motor Scooter	0.2
Rubber/Plastic Products	0.2
Insurance-Multi-line	0.2
Appliances	0.2
Diversified Financial Services	0.2
Leisure Products	0.2
Medical-Wholesale Drug Distribution	0.2
Machinery-Electrical	0.2
Diversified Manufacturing Operations	0.2
Telephone-Integrated	0.2
E-Marketing/Info	0.2
Textile-Products	0.2
Electric-Integrated	0.2
Home Furnishings	0.2
Audio/Video Products	0.2
Circuit Boards	0.1
Beverages-Wine/Spirits	0.1
Motion Pictures & Services	0.1
Metal Processors & Fabrication	0.1
Human Resources	0.1
Finance-Commercial	0.1
Diversified Minerals	0.1
Computers	0.1
Medical Information Systems	0.1
Aerospace/Defense-Equipment	0.1
Food-Wholesale/Distribution	0.1
Food-Catering	0.1
Miscellaneous Manufacturing	0.1
Medical-Hospitals	0.1
Building-Maintenance & Services	0.1
Diversified Operations	0.1
Electronic Connectors	0.1
Explosives	0.1
Electronic Security Devices	0.1
Schools	0.1
Apparel Manufacturers	0.1
Metal-Iron	0.1
Transport-Rail	0.1
Cable/Satellite TV	0.1

51

VALIC Company II International Opportunities Fund

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

Industry Allocation* (continued)

Security Services	0.1
MRI/Medical Diagnostic Imaging	0.1
Finance-Investment Banker/Broker	0.1
Paper & Related Products	0.1
Agricultural Operations	0.1
Water	0.1
Web Portals/ISP	0.1
Consumer Products-Misc.	0.1
Television	0.1
Finance-Consumer Loans	0.1
Instruments-Scientific	0.1
Medical-HMO	0.1
Electric-Transmission	0.1
Chemicals-Plastics	0.1
Office Automation & Equipment	0.1
Casino Hotels	0.1
Transactional Software	0.1
Non-Hazardous Waste Disposal	0.1
Transport-Marine	0.1
	101.2	%

Country Allocation*

Japan	23.7	%
United Kingdom	13.4
Germany	8.0
Canada	7.9
United States	4.0
Sweden	3.8
Cayman Islands	3.7
Norway	3.3
Australia	2.9
France	2.6
South Korea	2.5
Italy	2.4
Netherlands	2.3
Switzerland	2.0
Denmark	1.8
Brazil	1.6
India	1.5
Finland	1.4
Ireland	1.4
Luxembourg	1.1
Taiwan	1.1
Bermuda	1.1
Belgium	0.9
Spain	0.8
Singapore	0.8
Indonesia	0.7
Austria	0.6
South Africa	0.5
New Zealand	0.5
Mexico	0.4
Israel	0.4
Hong Kong	0.4
Philippines	0.3
Faroe Islands	0.3
Greece	0.2
Jersey	0.1
Thailand	0.1
Mauritius	0.1
Portugal	0.1
Papua New Guinea	0.1
Russia	0.1
Chile	0.1
China	0.1
Malaysia	0.1
	101.2	%

* Calculated as a percentage of net assets

52

VALIC Company II International Opportunities Fund

PORTFOLIO OF INVESTMENTS — August 31, 2020

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 97.9%
Australia — 2.9%
Ansell, Ltd.		43,305	$	1,235,424
ASX, Ltd.		13,493		869,187
AUB Group, Ltd.		99,810		1,163,115
Bingo Industries, Ltd.#		191,554		315,056
Iluka Resources, Ltd.		108,182		809,067
IPH, Ltd.		280,306		1,418,235
Omni Bridgeway, Ltd.		189,535		623,470
Orica, Ltd.		51,046		654,339
Ramsay Health Care, Ltd.		14,565		698,902
Ridley Corp., Ltd.		868,945		509,508
SEEK, Ltd.		26,449		403,219
Sonic Healthcare, Ltd.		19,608		463,503
Steadfast Group, Ltd.		286,169		757,720
Tabcorp Holdings, Ltd.		226,821		605,597
Technology One, Ltd.		448,657		2,673,729
Webjet, Ltd.#		104,346		286,293
Westgold Resources, Ltd.†		2,306,373		3,623,270
WiseTech Global, Ltd.#		38,120		792,292
				17,901,926
Austria — 0.6%
Mayr Melnhof Karton AG		12,357		2,117,558
Vienna Insurance Group AG Wiener Versicherung Gruppe†		57,017		1,394,846
				3,512,404
Belgium — 0.9%
Fagron		210,688		4,777,067
Melexis NV		9,065		726,410
				5,503,477
Bermuda — 1.1%
Cafe de Coral Holdings, Ltd.		652,000		1,505,871
Dairy Farm International Holdings, Ltd.		216,100		903,298
Esprit Holdings, Ltd.†		248,850		28,577
Geopark, Ltd.		148,338		1,323,175
Hiscox, Ltd.†		89,185		949,608
Midland Holdings, Ltd.†		1,734,000		167,802
Peace Mark Holdings, Ltd.†(1)		686,000		0
Shangri-La Asia, Ltd.		1,208,000		983,520
VTech Holdings, Ltd.		156,049		910,095
				6,771,946
Brazil — 1.6%
Anima Holding SA†		110,421		603,451
Cia Brasileira de Distribuicao†		30,100		348,937
Cia de Saneamento Basico do Estado de Sao Paulo		19,600		170,831
Energisa SA		31,100		246,654
Equatorial Energia SA		67,000		283,727
Gerdau SA (Preference Shares)		72,100		251,235
Hapvida Participacoes e Investimentos SA*		32,100		379,270
Hypera SA		77,439		447,375
JBS SA		68,197		279,336
Linx SA		72,500		470,850
Lojas Renner SA		60,210		477,746
Magazine Luiza SA		38,200		649,996
Minerva SA†		1,084,065		2,590,200
Multiplan Empreendimentos Imobiliarios SA		130,036		494,177
Odontoprev SA		92,400		216,053
Rumo SA†		119,706		493,813
Suzano SA†		49,400		452,657
TOTVS SA		65,400		344,518
Transmissora Alianca de Energia Eletrica SA		72,374		372,670
				9,573,496

Security Description	Shares		Value (Note 2)
Canada — 7.9%
Agnico Eagle Mines, Ltd.#		11,138	$	918,297
Aritzia, Inc.†		123,227		1,764,772
ATS Automation Tooling Systems, Inc.†		218,752		3,082,502
Capital Power Corp.#		139,238		3,055,155
Descartes Systems Group, Inc.†		151,056		9,217,271
Dollarama, Inc.		37,653		1,469,920
Granite Real Estate Investment Trust		89,056		5,297,547
Kinaxis, Inc.†		51,874		7,911,446
Quebecor, Inc., Class B		167,676		4,157,352
SSR Mining, Inc.†		447,454		9,598,469
TMX Group, Ltd.		16,996		1,786,707
				48,259,438
Cayman Islands — 3.7%
51job, Inc. ADR†		20,228		1,325,743
ASM Pacific Technology, Ltd.		98,300		1,057,173
China Literature, Ltd.†#*		63,000		391,403
China Resources Cement Holdings, Ltd.		3,366,000		4,907,719
Endeavour Mining Corp.†		170,332		4,722,049
Greentown Service Group Co., Ltd.		3,022,000		4,063,023
Haitian International Holdings, Ltd.		551,000		1,333,741
Lonking Holdings, Ltd.		1,702,000		487,528
Midland IC&I, Ltd.†		856,000		9,830
Pacific Textiles Holdings, Ltd.		1,582,000		700,145
Shenguan Holdings Group, Ltd.		520,000		16,774
Silicon Motion Technology Corp. ADR		19,833		751,869
Times China Holdings, Ltd.		890,000		1,368,842
Tingyi Cayman Islands Holding Corp.		790,000		1,484,142
				22,619,981
Chile — 0.1%
Aguas Andinas SA, Class A		833,699		249,845
Compania Cervecerias Unidas SA ADR		17,851		235,633
				485,478
China — 0.1%
Yunnan Baiyao Group Co., Ltd.		25,900		437,196
Colombia — 0.0%
Bancolombia SA ADR		7,607		213,452
Denmark — 1.8%
Carlsberg A/S, Class B		5,014		704,636
Demant A/S†#		12,493		372,928
Dfds A/S†		8,336		314,589
Jyske Bank A/S†		13,740		410,262
Royal Unibrew A/S		83,386		8,742,787
SimCorp A/S		2,530		321,642
				10,866,844
Faroe Islands — 0.3%
Bakkafrost P/F†		24,988		1,564,664
Finland — 1.4%
Kojamo Oyj		156,903		3,800,977
Tikkurila Oyj		6,040		111,721
Valmet Oyj		174,039		4,760,243
				8,672,941
France — 2.6%
Alten SA†		12,403		1,075,301
Cie Plastic Omnium SA		18,929		427,157
Gaztransport Et Technigaz SA		33,475		3,151,850
Legrand SA		18,356		1,531,169
LISI†		25,565		579,652
SEB SA		6,155		1,080,460
Sodexo SA		6,855		490,498

53

VALIC Company II International Opportunities Fund

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

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
France (continued)
SOITEC†		39,970	$	5,332,659
Somfy SA		4,812		599,507
Verallia SA*		7,666		249,289
Virbac SA†		4,743		1,064,091
				15,581,633
Germany — 8.0%
Amadeus Fire AG†		6,760		853,494
CANCOM SE		22,819		1,259,164
CTS Eventim AG & Co. KGaA†		57,443		2,853,035
Deutsche Wohnen SE		15,180		808,656
Evotec SE†		158,644		4,240,720
Flatex AG†		70,151		3,403,003
Fuchs Petrolub SE (Preference Shares)		8,856		418,716
GEA Group AG		69,660		2,540,415
Gerresheimer AG		23,245		2,742,042
Hella GmbH & Co. KGaA		11,209		548,427
HelloFresh SE†		139,090		7,153,870
LEG Immobilien AG		36,504		5,369,459
MTU Aero Engines AG		3,687		683,082
Rational AG		129		82,513
Scout24 AG*		23,962		2,228,985
STRATEC SE		21,297		2,612,639
Symrise AG		26,792		3,694,392
TAG Immobilien AG		254,864		7,615,716
				49,108,328
Greece — 0.2%
Hellenic Telecommunications Organization SA		74,496		1,217,927
Hong Kong — 0.4%
China Resources Beer Holdings Co., Ltd.		72,000		468,220
Techtronic Industries Co., Ltd.		132,500		1,682,279
				2,150,499
India — 1.5%
Bharat Heavy Electricals, Ltd.		589,119		309,336
CESC, Ltd.		124,933		1,012,516
Dabur India, Ltd.		76,422		490,099
Embassy Office Parks REIT		136,800		678,262
Federal Bank, Ltd.†		281,166		211,808
Hero MotoCorp, Ltd.		34,687		1,413,163
Mahindra & Mahindra, Ltd.		193,018		1,587,909
MOIL, Ltd.		248,253		494,769
Shriram Transport Finance Co., Ltd.		87,823		836,262
Spencer’s Retail, Ltd.†		29,489		33,733
Tata Consumer Products, Ltd.		259,765		1,884,163
				8,952,020
Indonesia — 0.7%
Astra Agro Lestari Tbk PT		625,800		437,254
Indocement Tunggal Prakarsa Tbk PT		821,500		669,893
Kalbe Farma Tbk PT		13,611,199		1,476,786
United Tractors Tbk PT		969,000		1,530,438
				4,114,371
Ireland — 1.4%
DCC PLC		23,566		2,087,943
Flutter Entertainment PLC†		13,966		2,311,229
Greencore Group PLC		54,436		91,468
Hibernia REIT PLC		1,791,986		2,549,052
ICON PLC†		1,341		249,976
Kerry Group PLC, Class A		7,824		1,027,045
Kingspan Group PLC†		3,764		323,183
				8,639,896

Security Description	Shares		Value (Note 2)
Israel — 0.4%
Israel Discount Bank, Ltd., Class A		679,292	$	2,178,951
Italy — 2.4%
Carel Industries SpA†*		8,314		203,391
Cembre SpA#		21,357		423,074
Cerved Group SpA†		191,441		1,632,319
Enav SpA*		221,846		931,885
FinecoBank Banca Fineco SpA†		66,289		1,004,646
Infrastrutture Wireless Italiane SpA*		162,708		1,585,378
Italgas SpA		323,386		2,081,999
Reply SpA		63,322		7,027,575
				14,890,267
Japan — 23.7%
ABC-Mart, Inc.#		7,700		405,665
Aeon Delight Co., Ltd.		12,500		369,990
AEON Financial Service Co., Ltd.#		113,200		1,007,861
Air Water, Inc.		33,300		468,461
Amano Corp.		9,941		207,427
Anritsu Corp.#		392,200		8,568,671
Ariake Japan Co., Ltd.		6,000		412,973
As One Corp.#		7,300		933,220
Asante, Inc.		7,100		94,988
Azbil Corp.		34,900		1,097,267
Bank of Kyoto, Ltd.#		9,900		422,490
BML, Inc.†		19,300		493,092
Capcom Co., Ltd.		112,600		5,464,420
Chiba Bank, Ltd.		106,500		553,038
CKD Corp.		174,700		2,413,125
Comture Corp.#		26,900		567,893
Cosmos Pharmaceutical Corp.		2,600		457,820
Daikyonishikawa Corp.		13,987		75,934
Daiseki Co., Ltd.#		45,600		1,101,306
Daito Pharmaceutical Co., Ltd.		14,300		465,798
Daiwa Securities Group, Inc.		100,300		452,659
Demae-Can Co., Ltd†#		43,200		941,782
Doshisha Co., Ltd.		6,000		115,111
Eiken Chemical Co., Ltd.		30,000		540,150
EPS Co., Ltd.		21,200		201,361
Ezaki Glico Co., Ltd.#		19,000		807,251
Fancl Corp.#		218,500		7,148,208
Fuji Seal International, Inc.		69,700		1,266,136
Fuji Soft, Inc.		13,600		616,343
Fujitec Co., Ltd.		62,500		1,249,233
Fujitsu General, Ltd.		11,900		311,671
Fukuda Denshi Co., Ltd.		9,700		685,956
Fukui Computer Holdings, Inc.		8,600		222,561
Fukushima Galilei Co., Ltd.#		15,600		492,678
GungHo Online Entertainment, Inc.		14,000		289,477
Hamakyorex Co., Ltd.		5,900		184,384
Heian Ceremony Service Co., Ltd.#		15,300		118,165
Hirose Electric Co., Ltd.		3,700		419,553
Hogy Medical Co., Ltd.		3,400		107,860
Iriso Electronics Co., Ltd.		6,600		243,960
Iwatani Corp.†		5,200		187,056
Japan Elevator Service Holdings Co., Ltd.		183,100		6,344,493
Japan Exchange Group, Inc.		6,100		158,266
Japan Pure Chemical Co., Ltd.		1,700		42,374
Jeol, Ltd.		13,100		384,657
JGC Holdings Corp.		10,760		118,963
JM Holdings Co., Ltd.		10,600		346,278
Kakaku.com, Inc.		12,200		325,633
Kansai Paint Co., Ltd.		43,600		1,041,065
Katitas Co., Ltd.#		169,200		4,230,200
Kato Sangyo Co., Ltd.		20,600		709,909
Kawai Musical Instruments Manufacturing Co., Ltd.†		5,100		124,809

54

VALIC Company II International Opportunities Fund

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

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Japan (continued)
Kenedix, Inc.†		46,200	$	225,515
KH Neochem Co., Ltd.#		12,800		278,200
Kikkoman Corp.		4,500		244,724
Kintetsu World Express, Inc.		11,600		238,976
Kitanotatsujin Corp.		45,700		237,744
Kobayashi Pharmaceutical Co., Ltd.		11,500		1,024,973
Koito Manufacturing Co., Ltd.		23,600		1,145,296
Konami Holdings Corp.		6,900		266,124
Lion Corp.		45,400		962,738
Matsumotokiyoshi Holdings Co., Ltd.		155,600		5,450,371
Media Do Co., Ltd.		55,800		3,561,422
Medipal Holdings Corp.		9,200		176,069
Meitec Corp.		15,600		752,641
Menicon Co., Ltd.		70,100		4,288,798
Milbon Co., Ltd.		3,600		198,159
MISUMI Group, Inc.		9,600		252,157
Mitsubishi Pencil Co., Ltd.		9,800		123,431
MonotaRO Co., Ltd.#		16,400		648,784
Morinaga & Co., Ltd.		23,000		843,648
Nabtesco Corp.		20,300		643,030
Nakanishi, Inc.		94,600		1,516,601
NGK Spark Plug Co., Ltd.		35,200		606,524
Nihon Kohden Corp.		21,900		749,540
Nihon Parkerizing Co., Ltd.		44,000		423,736
Nippon Television Holdings, Inc.		32,800		387,722
Nissei ASB Machine Co., Ltd.		6,400		248,048
Nitto Denko Corp.		6,000		364,821
NOF Corp.		13,500		548,081
Nohmi Bosai, Ltd.		28,700		604,539
Nomura Research Institute, Ltd.		96,000		2,555,105
NS Solutions Corp.		55,800		1,625,294
Obara Group, Inc.		5,400		184,053
OBIC Business Consultants Co., Ltd.		2,400		142,756
OBIC Co., Ltd.		34,000		6,031,818
Omron Corp.		8,700		638,238
Oracle Corp. Japan		10,200		1,198,017
Park24 Co., Ltd.#		15,100		273,159
PCA Corp.		5,700		256,706
Proto Corp.		47,700		548,990
Rakuten, Inc.		5,000		44,045
Rinnai Corp.		3,800		351,961
Ryohin Keikaku Co., Ltd.		57,100		894,925
S Foods, Inc.#		35,000		951,707
Sagami Rubber Industries Co., Ltd.		11,800		169,455
San-A Co, Ltd.		3,700		150,215
San-Ai Oil Co., Ltd.		76,600		676,212
Sankyu, Inc.		20,000		836,520
Santen Pharmaceutical Co., Ltd.		85,800		1,637,179
SCSK Corp.		13,700		742,463
Seino Holdings Co., Ltd.		151,800		2,323,257
Senko Group Holdings Co., Ltd.		28,100		249,123
Seria Co., Ltd.		5,800		256,281
SG Holdings Co., Ltd.		69,000		3,175,896
Shima Seiki Manufacturing, Ltd.		8,000		114,809
Shimadzu Corp.		25,100		750,050
Shimamura Co., Ltd.#		2,200		181,749
Shizuoka Bank, Ltd.		43,000		299,212
SK Kaken Co., Ltd.#		3,400		1,277,628
SMS Co., Ltd.		175,100		4,850,525
Softbrain Co., Ltd.†		55,700		454,898
Sohgo Security Services Co., Ltd.		10,300		481,863
Stanley Electric Co., Ltd.		32,900		944,304
Sundrug Co., Ltd.		48,800		1,817,646
Suzuken Co., Ltd.		14,400		535,675
T Hasegawa Co., Ltd.		73,900		1,477,093

Security Description	Shares		Value (Note 2)
Japan (continued)
Taisei Lamick Co, Ltd.		9,300	$	240,150
Taiyo Yuden Co., Ltd.		104,300		2,812,451
Takasago International Corp.		6,900		128,404
TechnoPro Holdings, Inc.		132,800		7,096,710
Terumo Corp.		26,500		1,078,365
THK Co., Ltd.		118,400		2,779,044
Toei Co., Ltd.		1,700		250,550
Toho Co., Ltd.		18,000		684,889
Toshiba TEC Corp.#		8,300		347,548
TOTO, Ltd.		6,100		268,097
Trancom Co., Ltd.		3,900		275,060
Unicharm Corp.		31,900		1,389,667
USS Co., Ltd.		95,700		1,618,266
Yamato Holdings Co., Ltd.		76,300		1,996,918
Zojirushi Corp.		11,300		171,130
ZOZO, Inc.		36,700		1,033,969
Zuken, Inc.		21,000		508,370
				144,800,468
Jersey — 0.1%
Breedon Group PLC†		805,262		867,606
Luxembourg — 1.1%
B&M European Value Retail SA		40,826		259,773
Befesa SA*		39,064		1,624,604
Eurofins Scientific SE†		152		121,821
Globant SA†		2,623		465,792
Solutions 30 SE†		259,066		4,451,853
				6,923,843
Malaysia — 0.1%
Genting Bhd		387,700		326,515
Mauritius — 0.1%
MakeMyTrip, Ltd.†		43,594		735,867
Mexico — 0.4%
Arca Continental SAB de CV		53,442		242,934
Concentradora Fibra Danhos SA de CV		110,945		104,952
Genomma Lab Internacional SAB de CV, Class B†		343,656		361,999
Gruma SAB de CV, Class B		25,932		306,344
Grupo Aeroportuario del Pacifico SAB de CV, Class B		22,108		171,938
Grupo Aeroportuario del Sureste SAB de CV ADR†		1,806		204,909
Grupo Cementos de Chihuahua SAB de CV		64,886		292,464
Grupo Financiero Inbursa SAB de CV, Class O†		106,571		77,924
Orbia Advance Corp SAB de CV		227,773		365,986
Prologis Property Mexico SA de CV		96,559		191,953
				2,321,403
Netherlands — 2.3%
Aalberts NV		32,522		1,227,953
ASM International NV		7,967		1,198,886
Davide Campari-Milano NV		70,438		722,219
Euronext NV*		5,581		677,997
IMCD NV		59,153		6,316,415
Just Eat Takeaway.com NV (Euronext Amsterdam)†*		31,536		3,508,947
Just Eat Takeaway.com NV (LSE)†*		3,458		388,720
				14,041,137
New Zealand — 0.5%
Auckland International Airport, Ltd.		113,854		508,468
Freightways, Ltd.		77,649		392,283
Mainfreight, Ltd.		11,043		356,976
Pushpay Holdings, Ltd.†		271,081		1,589,490
				2,847,217

55

VALIC Company II International Opportunities Fund

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

Security Description	Shares		Value (Note 2)
COMMON STOCK (continued)
Norway — 3.3%
Leroy Seafood Group ASA		380,210	$	2,403,379
Norway Royal Salmon ASA		103,542		2,621,826
Scatec Solar ASA*		272,414		5,915,603
TOMRA Systems ASA†		194,921		9,449,620
				20,390,428
Papua New Guinea — 0.1%
Oil Search, Ltd.		262,712		633,606
Peru — 0.0%
Cia de Minas Buenaventura SAA ADR		16,396		230,856
Philippines — 0.3%
Metropolitan Bank & Trust Co.		1,109,772		763,597
Universal Robina Corp.		340,350		966,832
				1,730,429
Portugal — 0.1%
Galp Energia SGPS SA		16,785		179,713
NOS SGPS SA		121,558		491,467
				671,180
Russia — 0.1%
Moscow Exchange MICEX-RTS PJSC		264,794		489,211
Singapore — 0.8%
Ascendas India Trust		653,500		643,629
City Developments, Ltd.		198,800		1,173,323
Singapore Technologies Engineering, Ltd.		504,600		1,260,990
Venture Corp., Ltd.		111,263		1,623,292
				4,701,234
South Africa — 0.5%
AVI, Ltd.		171,175		697,474
Clicks Group, Ltd.		183,847		2,494,495
				3,191,969
South Korea — 2.5%
Doosan Bobcat, Inc.		24,466		541,675
Douzone Bizon Co., Ltd.		63,455		5,395,197
LG Innotek Co., Ltd.		28,413		3,468,209
Lock&Lock Co., Ltd.†#		43,520		397,502
LS Electric Co., Ltd.		27,028		1,230,924
Orion Corp.		10,734		1,269,574
Samsung Fire & Marine Insurance Co., Ltd.		8,095		1,274,320
TK Corp.		33,763		189,293
WONIK IPS Co., Ltd.†		55,117		1,484,758
				15,251,452
Spain — 0.8%
Amadeus IT Group SA		28,937		1,619,895
Cellnex Telecom SA*		29,269		1,874,944
Viscofan SA		17,714		1,310,618
				4,805,457
Sweden — 3.8%
Embracer Group AB†		401,999		7,900,741
Essity AB, Class B†		18,184		625,628
Karnov Group AB		49,272		340,070
LeoVegas AB*		674,071		3,288,608
MIPS AB		172,739		6,917,708
Saab AB, Series B†		40,902		1,229,453
Swedish Match AB		22,217		1,686,476
Thule Group AB*		36,971		1,167,712
				23,156,396

Security Description	Shares		Value (Note 2)
Switzerland — 2.0%
Belimo Holding AG		481	$	4,198,341
DKSH Holding AG		2,110		141,219
Julius Baer Group, Ltd.		17,933		859,006
Kardex AG		5,020		1,039,597
Partners Group Holding AG		149		151,283
SIG Combibloc Group AG		128,687		2,525,480
Sika AG		3,803		911,256
Sonova Holding AG†		5,367		1,253,359
Straumann Holding AG		49		48,179
Temenos AG		4,161		671,136
VAT Group AG*		3,455		672,692
				12,471,548
Taiwan — 1.1%
Advantech Co., Ltd.		75,571		781,685
E.Sun Financial Holding Co., Ltd.		1,421,186		1,317,460
Kindom Development Co., Ltd.		1,181,000		1,589,881
PChome Online, Inc.		106,932		408,172
Tripod Technology Corp.		246,000		972,548
Voltronic Power Technology Corp.		48,547		1,712,460
				6,782,206
Thailand — 0.1%
AEON Thana Sinsap Thailand PCL		112,500		386,778
PTT Global Chemical PCL		249,700		371,070
				757,848
Turkey — 0.0%
Selcuk Ecza Deposu Ticaret ve Sanayi AS		90,111		98,077
United Kingdom — 13.4%
4imprint Group PLC†		7,585		221,485
Abcam PLC		233,484		3,913,312
Admiral Group PLC		9,982		351,697
Auto Trader Group PLC*		212,980		1,603,436
Babcock International Group PLC		64,098		233,143
Bellway PLC		27,062		863,770
Big Yellow Group PLC		46,076		660,267
Britvic PLC		30,143		341,489
Bunzl PLC		36,610		1,185,289
Burberry Group PLC		25,833		502,064
Cairn Energy PLC†		98,594		185,589
Coats Group PLC		554,266		411,270
Compass Group PLC		13,369		218,116
Countryside Properties PLC*		690,135		2,986,801
Cranswick PLC		96,566		4,814,856
Croda International PLC		69,868		5,500,195
Dechra Pharmaceuticals PLC		85,869		3,615,740
Electrocomponents PLC		301,980		2,740,931
EMIS Group PLC		54,350		750,035
Essentra PLC		429,995		1,749,018
Forterra PLC*		542,811		1,152,799
Frontier Developments PLC†		61,637		1,870,327
Future PLC		266,639		5,339,987
GB Group PLC†		401,916		3,922,007
Greggs PLC		91,989		1,742,433
Halma PLC		32,847		973,885
Hargreaves Lansdown PLC		35,421		765,397
Howden Joinery Group PLC		124,771		937,347
Ibstock PLC†*		212,346		438,695
Intertek Group PLC		21,530		1,691,126
Johnson Service Group PLC†		68,621		97,783
Keywords Studios PLC		198,063		5,814,209
Marshalls PLC		31,553		268,255
Meggitt PLC		37,191		144,621
Moneysupermarket.com Group PLC		273,984		1,115,592

56

VALIC Company II International Opportunities Fund

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

Security Description	Shares/ Principal Amount		Value (Note 2)
COMMON STOCK (continued)
United Kingdom (continued)
PZ Cussons PLC		16,757	$	46,444
QinetiQ Group PLC		909,464		3,547,489
Rathbone Brothers PLC		50,271		1,134,332
Rightmove PLC		198,192		1,679,146
Rotork PLC		360,603		1,445,144
S4 Capital PLC†		340,122		1,627,646
Sage Group PLC		34,159		338,699
Schroders PLC		36,100		1,398,479
Shaftesbury PLC		54,408		384,633
Smith & Nephew PLC		46,741		950,649
Spirax-Sarco Engineering PLC		5,985		819,646
Tate & Lyle PLC		20,224		185,244
UNITE Group PLC†		273,244		3,533,880
Vistry Group PLC		229,289		1,949,353
Weir Group PLC		202,920		3,440,848
				81,604,598
United States — 0.7%
Autoliv, Inc. SDR		3,341		261,724
SolarEdge Technologies, Inc.†		19,101		4,224,186
				4,485,910
Total Long-Term Investment Securities
(cost $483,619,131)				597,533,596
SHORT-TERM INVESTMENT SECURITIES — 1.8%
Registered Investment Companies — 1.4%
State Street Navigator Securities Lending Government Money Market Portfolio 0.10%(2)(3)		8,531,185		8,531,185
U.S. Government Agencies — 0.4%
Federal Home Loan Bank 0.01% due 09/01/2020	$	2,364,000		2,364,000
Total Short-Term Investment Securities
(cost $10,895,185)				10,895,185

Security Description	Principal Amount			Value (Note 2)
REPURCHASE AGREEMENTS — 1.5%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00%, dated 08/31/2020, to be repurchased 09/01/2020 in the amount of $9,185,000 and collateralized by $9,375,300 of United States Treasury Notes, bearing interest at 0.13% due 07/15/2023 and having an approximate value of $9,368,743 (cost $9,185,000)	$	9,185,000		$	9,185,000
TOTAL INVESTMENTS
(cost $503,699,316)(4)		101.2	%		617,613,781
Liabilities in excess of other assets		(1.2	)		(7,189,312	)
NET ASSETS		100.0	%	$	610,424,469

# 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 August 31, 2020, the aggregate value of these securities was $31,271,159 representing 5.1% of net assets.

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

(2) At August 31, 2020, the Fund had loaned securities with a total value of $19,742,194. This was secured by collateral of $8,531,185, which was received in cash and subsequently invested in short-term investments currently valued at $8,531,185 as reported in the Portfolio of Investments. Additional collateral of $12,334,177 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of August 31, 2020
United States Treasury Bills	0.00%	11/27/2020 to 07/15/2021	$3,184,439
United States Treasury Notes/Bonds	0.13% to 8.13%	09/30/2020 to 11/15/2049	9,149,738

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

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

ADR — American Depositary Receipt

Euronext Amsterdam — Euronext Stock Exchange, Amsterdam

LSE — London Stock Exchange

SDR — Swedish Depositary Receipt

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

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs			Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks:
Bermuda	$	5,822,338	$	949,608	**	$	0	$	6,771,946
Russia		—		489,211			—		489,211
Other Countries		500,604,159		89,668,280			—		590,272,439
Short-Term Investment Securities:
Registered Investment Companies		8,531,185		—			—		8,531,185
U.S. Government Agencies		—		2,364,000			—		2,364,000
Repurchase Agreements		—		9,185,000			—		9,185,000
Total Investments at Value	$	514,957,682	$	102,656,099		$	0	$	617,613,781

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

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

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

See Notes to Financial Statements

57

VALIC Company II Large Cap Value Fund

PORTFOLIO PROFILE — August 31, 2020 (unaudited)

Industry Allocation*

Diversified Banking Institutions	8.7	%
Electric — Integrated	5.3
Insurance — Property/Casualty	5.3
Medical — Drugs	4.7
Medical Instruments	3.5
Diversified Manufacturing Operations	2.9
Insurance — Multi-line	2.5
Real Estate Investment Trusts	2.3
Semiconductor Components — Integrated Circuits	2.3
Electronic Components — Semiconductors	2.2
Oil Companies — Exploration & Production	2.2
Banks — Super Regional	2.2
Medical — HMO	2.1
Oil Refining & Marketing	2.1
Metal — Copper	2.0
Building Products — Cement	1.9
Agricultural Chemicals	1.8
Transport — Rail	1.7
Web Portals/ISP	1.7
Drug Delivery Systems	1.6
Insurance — Life/Health	1.4
Finance — Credit Card	1.3
Auto — Cars/Light Trucks	1.2
Aerospace/Defense	1.2
Networking Products	1.2
Building Products — Air & Heating	1.1
Medical Labs & Testing Services	1.1
Building — Residential/Commercial	1.1
Finance — Investment Banker/Broker	1.1
Agricultural Operations	1.1
Telecom Equipment — Fiber Optics	1.1
Casino Hotels	1.0
Commercial Paper	1.0
Semiconductor Equipment	1.0
Investment Management/Advisor Services	1.0
Beverages — Non-alcoholic	1.0
Banks — Commercial	1.0
Commercial Services	1.0
Tobacco	0.9
Transport — Services	0.8
Machinery — Pumps	0.8
Energy — Alternate Sources	0.8
Medical — Biomedical/Gene	0.8
Retail — Building Products	0.7
Internet Security	0.7
Food — Confectionery	0.7
Aerospace/Defense — Equipment	0.7
Building & Construction Products — Misc.	0.7
Insurance Brokers	0.7
Enterprise Software/Service	0.7
E-Commerce/Services	0.6
Machinery — General Industrial	0.6
Chemicals — Diversified	0.6
Computer Services	0.6
Office Automation & Equipment	0.5
Cosmetics & Toiletries	0.5
Broadcast Services/Program	0.5
Audio/Video Products	0.5
Agricultural Biotech	0.5
Computer Data Security	0.5
Instruments — Controls	0.5
Banks — Fiduciary	0.4
Cable/Satellite TV	0.4
Internet Infrastructure Software	0.4
Diagnostic Equipment	0.4
Entertainment Software	0.4
Exchange-Traded Funds	0.4
Computers	0.4
Apparel Manufacturers	0.4

Oil Companies — Integrated	0.4
Insurance — Reinsurance	0.3
Registered Investment Companies	0.3
Commercial Services — Finance	0.3
Computer Software	0.2
Food — Meat Products	0.2
Electronic Measurement Instruments	0.2
Auto/Truck Parts & Equipment — Original	0.2
Medical Information Systems	0.2
Wireless Equipment	0.2
Retail — Apparel/Shoe	0.2
Non — Hazardous Waste Disposal	0.2
Food — Misc./Diversified	0.2
Retail — Drug Store	0.1
	100.2	%

* Calculated as a percentage of net assets

58

VALIC Company II Large Cap Value Fund

PORTFOLIO OF INVESTMENTS — August 31, 2020

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.5%
Aerospace/Defense — 1.2%
Northrop Grumman Corp.		4,810	$	1,647,954
Raytheon Technologies Corp.		24,924		1,520,364
				3,168,318
Aerospace/Defense - Equipment — 0.7%
L3Harris Technologies, Inc.		10,523		1,901,927
Agricultural Biotech — 0.5%
Corteva, Inc.		43,266		1,235,244
Agricultural Chemicals — 1.8%
CF Industries Holdings, Inc.		118,237		3,858,073
Nutrien, Ltd.		25,315		933,364
				4,791,437
Agricultural Operations — 1.1%
Archer-Daniels-Midland Co.		63,531		2,843,648
Apparel Manufacturers — 0.4%
PVH Corp.		16,793		936,378
Audio/Video Products — 0.5%
Dolby Laboratories, Inc., Class A		19,624		1,370,736
Auto - Cars/Light Trucks — 1.2%
General Motors Co.		110,298		3,268,130
Auto/Truck Parts & Equipment-Original — 0.2%
Aptiv PLC		6,051		521,112
Banks - Commercial — 1.0%
M&T Bank Corp.		12,076		1,246,968
Truist Financial Corp.		33,665		1,306,538
				2,553,506
Banks - Fiduciary — 0.4%
State Street Corp.		17,207		1,171,625
Banks - Super Regional — 2.2%
Fifth Third Bancorp		59,954		1,238,649
PNC Financial Services Group, Inc.		25,324		2,816,029
US Bancorp		45,187		1,644,807
				5,699,485
Beverages - Non-alcoholic — 1.0%
PepsiCo, Inc.		18,389		2,575,563
Broadcast Services/Program — 0.5%
Fox Corp., Class B		51,174		1,422,637
Building & Construction Products - Misc. — 0.7%
Louisiana-Pacific Corp.		57,563		1,896,125
Building Products - Air & Heating — 1.1%
Carrier Global Corp.		100,586		3,002,492
Building Products - Cement — 1.9%
Martin Marietta Materials, Inc.		3,624		735,201
Vulcan Materials Co.		34,522		4,142,640
				4,877,841
Building - Residential/Commercial — 1.1%
Lennar Corp., Class A		38,204		2,858,423
Cable/Satellite TV — 0.4%
Comcast Corp., Class A		25,031		1,121,639
Casino Hotels — 1.0%
Las Vegas Sands Corp.		52,844		2,679,719
Chemicals - Diversified — 0.6%
DuPont de Nemours, Inc.		26,198		1,460,801
Commercial Services — 1.0%
Quanta Services, Inc.		49,610		2,542,513

Security Description	Shares		Value (Note 2)
Commercial Services - Finance — 0.3%
Global Payments, Inc.		3,797	$	670,626
Computer Data Security — 0.5%
Check Point Software Technologies, Ltd.†		9,750		1,231,035
Computer Services — 0.6%
International Business Machines Corp.		11,796		1,454,565
Computer Software — 0.2%
Citrix Systems, Inc.		4,226		613,615
Computers — 0.4%
Apple, Inc.		7,480		965,219
Cosmetics & Toiletries — 0.5%
Procter & Gamble Co.		5,481		758,187
Unilever PLC ADR#		11,395		678,914
				1,437,101
Diagnostic Equipment — 0.4%
Thermo Fisher Scientific, Inc.		2,313		992,231
Diversified Banking Institutions — 8.7%
Citigroup, Inc.		68,936		3,524,008
Goldman Sachs Group, Inc.		29,673		6,079,108
JPMorgan Chase & Co.		76,791		7,693,690
Morgan Stanley		105,429		5,509,720
				22,806,526
Diversified Manufacturing Operations — 2.9%
3M Co.		7,351		1,198,360
Eaton Corp. PLC		43,179		4,408,576
Trane Technologies PLC		17,491		2,070,759
				7,677,695
Drug Delivery Systems — 1.6%
Becton Dickinson and Co.		16,998		4,126,604
E-Commerce/Services — 0.6%
Booking Holdings, Inc.†		773		1,476,778
Electric - Integrated — 5.3%
Alliant Energy Corp.		31,153		1,686,935
Entergy Corp.		15,720		1,558,481
Evergy, Inc.		34,822		1,853,227
Exelon Corp.		59,518		2,196,809
FirstEnergy Corp.		37,456		1,070,867
PPL Corp.		202,326		5,590,267
				13,956,586
Electronic Components - Semiconductors — 2.2%
Intel Corp.		59,912		3,052,516
Microchip Technology, Inc.		13,176		1,445,407
Micron Technology, Inc.†		22,292		1,014,509
Texas Instruments, Inc.		2,224		316,142
				5,828,574
Electronic Measurement Instruments — 0.2%
Agilent Technologies, Inc.		5,318		534,034
Energy - Alternate Sources — 0.8%
NextEra Energy Partners LP		33,403		2,014,869
Enterprise Software/Service — 0.7%
Oracle Corp.		30,721		1,757,856
Entertainment Software — 0.4%
Electronic Arts, Inc.†		6,980		973,501
Finance - Credit Card — 1.3%
Capital One Financial Corp.		34,705		2,395,686
Discover Financial Services		18,428		978,158
				3,373,844

59

VALIC Company II Large Cap Value Fund

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

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Finance - Investment Banker/Broker — 1.1%
Charles Schwab Corp.		80,100	$	2,845,953
Food - Confectionery — 0.7%
Mondelez International, Inc., Class A		33,322		1,946,671
Food - Meat Products — 0.2%
Tyson Foods, Inc., Class A		9,275		582,470
Food - Misc./Diversified — 0.2%
Lamb Weston Holdings, Inc.		6,431		404,188
Instruments - Controls — 0.5%
Honeywell International, Inc.		7,213		1,194,112
Insurance Brokers — 0.7%
Willis Towers Watson PLC		8,584		1,764,270
Insurance - Life/Health — 1.4%
Voya Financial, Inc.		70,880		3,679,381
Insurance - Multi-line — 2.5%
Chubb, Ltd.		37,119		4,639,875
Hartford Financial Services Group, Inc.		44,202		1,787,971
				6,427,846
Insurance - Property/Casualty — 5.3%
Assurant, Inc.		29,035		3,529,495
Berkshire Hathaway, Inc., Class B†		47,324		10,318,525
				13,848,020
Insurance - Reinsurance — 0.3%
RenaissanceRe Holdings, Ltd.		4,406		809,558
Internet Infrastructure Software — 0.4%
F5 Networks, Inc.†		8,016		1,060,757
Internet Security — 0.7%
Proofpoint, Inc.†		17,942		1,967,699
Investment Management/Advisor Services — 1.0%
LPL Financial Holdings, Inc.		31,439		2,583,028
Machinery - General Industrial — 0.6%
Otis Worldwide Corp.		23,461		1,475,697
Machinery - Pumps — 0.8%
Ingersoll Rand, Inc.†		58,062		2,035,654
Medical Information Systems — 0.2%
Cerner Corp.		6,558		481,160
Medical Instruments — 3.5%
Alcon, Inc.†		28,244		1,619,511
Medtronic PLC		70,247		7,549,445
				9,168,956
Medical Labs & Testing Services — 1.1%
Laboratory Corp. of America Holdings†		16,504		2,900,578
Medical - Biomedical/Gene — 0.8%
Biogen, Inc.†		5,207		1,497,741
Gilead Sciences, Inc.		7,506		501,026
				1,998,767
Medical - Drugs — 4.7%
AbbVie, Inc.		20,494		1,962,710
Bristol-Myers Squibb Co.		41,097		2,556,233
Eli Lilly & Co.		10,456		1,551,566
Horizon Therapeutics PLC†		12,438		934,343
Johnson & Johnson		13,908		2,133,626
Merck & Co., Inc.		12,438		1,060,588
Pfizer, Inc.		55,068		2,081,020
				12,280,086

Security Description	Shares		Value (Note 2)
Medical - HMO — 2.1%
Anthem, Inc.		7,286	$	2,051,155
Centene Corp.†		22,606		1,386,200
Humana, Inc.		5,153		2,139,371
				5,576,726
Metal - Copper — 2.0%
Freeport-McMoRan, Inc.		336,219		5,248,379
Networking Products — 1.2%
Cisco Systems, Inc.		72,272		3,051,324
Non-Hazardous Waste Disposal — 0.2%
Republic Services, Inc.		4,607		427,161
Office Automation & Equipment — 0.5%
Zebra Technologies Corp., Class A†		5,034		1,442,392
Oil Companies - Exploration & Production — 2.2%
ConocoPhillips		48,685		1,844,674
Hess Corp.		54,271		2,498,637
Pioneer Natural Resources Co.		14,274		1,483,497
				5,826,808
Oil Companies - Integrated — 0.4%
Chevron Corp.		11,143		935,232
Oil Refining & Marketing — 2.1%
Marathon Petroleum Corp.		102,734		3,642,948
Phillips 66		32,041		1,873,437
				5,516,385
Real Estate Investment Trusts — 2.3%
Camden Property Trust		9,225		838,921
Equity Residential		19,435		1,097,106
Public Storage		9,237		1,961,939
Weyerhaeuser Co.		71,896		2,179,168
				6,077,134
Retail - Apparel/Shoe — 0.2%
Ross Stores, Inc.		4,708		428,805
Retail - Building Products — 0.7%
Lowe’s Cos., Inc.		11,954		1,968,704
Retail - Drug Store — 0.1%
Walgreens Boots Alliance, Inc.		10,621		403,810
Semiconductor Components - Integrated Circuits — 2.3%
Maxim Integrated Products, Inc.		9,162		627,047
NXP Semiconductors NV		19,133		2,406,166
QUALCOMM, Inc.		24,348		2,899,847
				5,933,060
Semiconductor Equipment — 1.0%
Applied Materials, Inc.		42,053		2,590,465
Telecom Equipment - Fiber Optics — 1.1%
Corning, Inc.		87,125		2,828,078
Tobacco — 0.9%
Philip Morris International, Inc.		30,024		2,395,615
Transport - Rail — 1.7%
Union Pacific Corp.		23,029		4,431,701
Transport - Services — 0.8%
FedEx Corp.		4,424		972,572
United Parcel Service, Inc., Class B		7,143		1,168,738
				2,141,310
Web Portals/ISP — 1.7%
Alphabet, Inc., Class A†		2,691		4,385,065

60

VALIC Company II Large Cap Value Fund

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

Security Description	Shares/ Principal Amount			Value (Note 2)
COMMON STOCKS (continued)
Wireless Equipment — 0.2%
Motorola Solutions, Inc.		2,994		$	463,323
Total Common Stocks
(cost $254,197,055)					257,316,886
EXCHANGE-TRADED FUNDS — 0.4%
iShares Russell 1000 Value ETF (cost $962,764)		7,919			965,405
Total Long-Term Investment Securities
(cost $255,159,819)					258,282,291
SHORT-TERM INVESTMENT SECURITIES — 1.3%
Commercial Paper — 1.0%
Credit Agricole Corporate and Investment Bank NY 0.07% due 09/01/2020 (cost $2,600,000)	$	2,600,000			2,599,993
Registered Investment Companies — 0.3%
State Street Navigator Securities Lending Government Money Market Portfolio 0.10%(2)(3) (cost $700,793)		700,793			700,793
Total Short-Term Investment Securities
(cost $3,300,793)					3,300,786
TOTAL INVESTMENTS
(cost $258,460,612)(1)		100.2	%		261,583,077
Liabilities in excess of other assets		(0.2	)		(500,594	)
NET ASSETS		100.0	%	$	261,082,483

† Non-income producing security

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

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

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

(3) At August 31, 2020, the Fund had loaned securities with a total value of $678,914. This was secured by collateral of $700,793, which was received in cash and subsequently invested in short-term investments currently valued at $700,793 as reported in the Portfolio of Investments.

ADR—American Depositary Receipt

ETF—Exchange-Traded Funds

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

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	257,316,886	$	—	$	—	$	257,316,886
Exchange-Traded Funds		965,405		—		—		965,405
Short-Term Investment Securities:
Commercial Paper		—		2,599,993		—		2,599,993
Registered Investment Companies		700,793		—		—		700,793
Total Investments at Value	$	258,983,084	$	2,599,993	$	—	$	261,583,077

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

See Notes to Financial Statements

61

VALIC Company II Mid Cap Growth Fund

PORTFOLIO PROFILE — August 31, 2020 (unaudited)

Industry Allocation*

Distribution/Wholesale	4.8	%
Banks — Commercial	4.4
Insurance — Property/Casualty	4.3
Lasers — System/Components	3.3
Medical — Biomedical/Gene	3.2
Computer Services	3.1
Enterprise Software/Service	2.9
Medical Instruments	2.7
Electronic Components — Semiconductors	2.6
Apparel Manufacturers	2.5
Real Estate Investment Trusts	2.4
Medical — Outpatient/Home Medical	2.4
Machinery — Pumps	2.3
Medical — Drugs	2.3
Medical Products	2.1
E-Commerce/Products	2.0
Commercial Services — Finance	2.0
Hotels/Motels	1.9
Building — Residential/Commercial	1.8
Computers — Other	1.8
Gas — Distribution	1.7
Machinery — General Industrial	1.7
Containers — Metal/Glass	1.7
Semiconductor Equipment	1.7
Building Products — Air & Heating	1.6
Physical Therapy/Rehabilitation Centers	1.6
Computer Software	1.5
Internet Infrastructure Software	1.5
Energy — Alternate Sources	1.5
Internet Content — Entertainment	1.4
Athletic Equipment	1.3
Cable/Satellite TV	1.3
Telecommunication Equipment	1.2
Electronic Components — Misc.	1.2
Real Estate Management/Services	1.2
Food — Wholesale/Distribution	1.1
Web Hosting/Design	1.1
Machine Tools & Related Products	1.1
Finance — Auto Loans	1.1
Entertainment Software	1.0
Food — Misc./Diversified	1.0
E-Services/Consulting	1.0
Transport — Truck	1.0
Retail — Automobile	1.0
Disposable Medical Products	1.0
Electronic Measurement Instruments	1.0
Non — Hazardous Waste Disposal	0.9
Medical — HMO	0.9
Computer Aided Design	0.9
Rental Auto/Equipment	0.9
Healthcare Safety Devices	0.8
Data Processing/Management	0.8
Containers — Paper/Plastic	0.7
Firearms & Ammunition	0.7
E-Commerce/Services	0.7
Chemicals — Specialty	0.6
Aerospace/Defense — Equipment	0.5
Instruments — Controls	0.5
Diagnostic Equipment	0.5
Oil Companies — Exploration & Production	0.5
Electric — Integrated	0.5
Investment Management/Advisor Services	0.4
Auto — Heavy Duty Trucks	0.4
Food — Catering	0.4
Repurchase Agreements	0.2
	100.1	%

* Calculated as a percentage of net assets

62

VALIC Company II Mid Cap Growth Fund

PORTFOLIO OF INVESTMENTS — August 31, 2020

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 99.9%
Aerospace/Defense - Equipment — 0.5%
HEICO Corp., Class A		14,363	$	1,283,765
Apparel Manufacturers — 2.5%
Carter’s, Inc.		26,141		2,081,347
PVH Corp.		57,746		3,219,917
Under Armour, Inc., Class C†		96,385		853,007
				6,154,271
Athletic Equipment — 1.3%
YETI Holdings, Inc.†		62,096		3,190,492
Auto-Heavy Duty Trucks — 0.4%
PACCAR, Inc.		11,425		980,722
Banks - Commercial — 4.4%
Cullen/Frost Bankers, Inc.		23,723		1,647,800
First Citizens BancShares, Inc., Class A		3,771		1,482,569
First Republic Bank		24,540		2,770,811
M&T Bank Corp.		16,170		1,669,714
Prosperity Bancshares, Inc.		33,484		1,825,548
South State Corp.		22,155		1,233,590
				10,630,032
Building Products - Air & Heating — 1.6%
Lennox International, Inc.		14,084		3,948,168
Building - Residential/Commercial — 1.8%
NVR, Inc.†		1,049		4,372,589
Cable/Satellite TV — 1.3%
Cable One, Inc.		1,711		3,148,805
Chemicals - Specialty — 0.6%
Element Solutions, Inc.†		139,958		1,504,549
Commercial Services - Finance — 2.0%
WEX, Inc.†		30,079		4,803,917
Computer Aided Design — 0.9%
Aspen Technology, Inc.†		16,747		2,127,371
Computer Services — 3.1%
Genpact, Ltd.		140,810		5,939,366
Science Applications International Corp.		19,358		1,615,619
				7,554,985
Computer Software — 1.5%
Teradata Corp.†		149,073		3,629,928
Computers - Other — 1.8%
Lumentum Holdings, Inc.†		49,728		4,276,608
Containers - Metal/Glass — 1.7%
Ball Corp.		28,900		2,322,693
Silgan Holdings, Inc.		45,356		1,726,249
				4,048,942
Containers - Paper/Plastic — 0.7%
Packaging Corp. of America		16,811		1,701,946
Data Processing/Management — 0.8%
Fair Isaac Corp.†		4,473		1,882,194
Diagnostic Equipment — 0.5%
Repligen Corp.†		7,450		1,154,080
Disposable Medical Products — 1.0%
Teleflex, Inc.		6,073		2,386,385
Distribution/Wholesale — 4.8%
Fastenal Co.		48,820		2,385,345
IAA, Inc.†		67,527		3,533,013

Security Description	Shares		Value (Note 2)
Distribution/Wholesale (continued)
KAR Auction Services, Inc.		194,283	$	3,368,867
Watsco, Inc.		9,649		2,363,909
				11,651,134
E-Commerce/Products — 2.0%
Etsy, Inc.†		33,988		4,068,363
Wayfair, Inc., Class A†#		2,739		812,278
				4,880,641
E-Commerce/Services — 0.7%
Cargurus, Inc.†#		65,614		1,599,669
E-Services/Consulting — 1.0%
CDW Corp.		21,812		2,478,934
Electric - Integrated — 0.5%
Black Hills Corp.		19,964		1,119,581
Electronic Components - Misc. — 1.2%
Flex, Ltd.†		260,217		2,825,957
Electronic Components - Semiconductors — 2.6%
Monolithic Power Systems, Inc.		13,595		3,631,632
Silicon Laboratories, Inc.†		26,995		2,764,558
				6,396,190
Electronic Measurement Instruments — 1.0%
National Instruments Corp.		66,236		2,377,210
Energy - Alternate Sources — 1.5%
First Solar, Inc.†		46,049		3,526,893
Enterprise Software/Service — 2.9%
Black Knight, Inc.†		23,349		1,963,651
Blackbaud, Inc.		32,542		2,077,807
Guidewire Software, Inc.†		25,321		2,843,801
				6,885,259
Entertainment Software — 1.0%
Zynga, Inc., Class A†		275,183		2,493,158
Finance - Auto Loans — 1.1%
Credit Acceptance Corp.†#		6,648		2,571,446
Firearms & Ammunition — 0.7%
Axon Enterprise, Inc.†		19,850		1,700,748
Food - Catering — 0.4%
Healthcare Services Group, Inc.		45,236		940,909
Food - Misc./Diversified — 1.0%
Lamb Weston Holdings, Inc.		39,572		2,487,100
Food - Wholesale/Distribution — 1.1%
Performance Food Group Co.†		74,547		2,721,711
Gas - Distribution — 1.7%
NiSource, Inc.		32,293		715,613
UGI Corp.		99,378		3,431,522
				4,147,135
Healthcare Safety Devices — 0.8%
Tandem Diabetes Care, Inc.†		17,085		1,925,821
Hotels/Motels — 1.9%
Choice Hotels International, Inc.		36,765		3,650,397
Hyatt Hotels Corp., Class A		18,374		1,037,947
				4,688,344
Instruments - Controls — 0.5%
Mettler-Toledo International, Inc.†		1,238		1,201,826

63

VALIC Company II Mid Cap Growth Fund

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

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Insurance - Property/Casualty — 4.3%
Alleghany Corp.		2,270	$	1,258,851
Erie Indemnity Co., Class A		5,780		1,233,683
Fidelity National Financial, Inc.		38,516		1,264,481
Markel Corp.†		3,270		3,553,934
White Mountains Insurance Group, Ltd.		1,803		1,607,194
WR Berkley Corp.		22,638		1,404,688
				10,322,831
Internet Content - Entertainment — 1.4%
Roku, Inc.†		19,017		3,299,069
Internet Infrastructure Software — 1.5%
F5 Networks, Inc.†		27,200		3,599,376
Investment Management/Advisor Services — 0.4%
Hamilton Lane, Inc., Class A		14,116		1,032,021
Lasers - System/Components — 3.3%
Coherent, Inc.†		27,606		3,110,092
II-VI, Inc.†#		111,525		4,962,862
				8,072,954
Machine Tools & Related Products — 1.1%
Lincoln Electric Holdings, Inc.		26,720		2,584,091
Machinery - General Industrial — 1.7%
IDEX Corp.		22,928		4,132,313
Machinery - Pumps — 2.3%
Graco, Inc.		12,000		696,240
Ingersoll Rand, Inc.†		141,139		4,948,333
				5,644,573
Medical Instruments — 2.7%
Bio-Techne Corp.		4,772		1,219,055
Integra LifeSciences Holdings Corp.†		57,691		2,757,053
NuVasive, Inc.†		46,942		2,447,086
				6,423,194
Medical Products — 2.1%
Hill-Rom Holdings, Inc.		41,675		3,908,698
Masimo Corp.†		5,377		1,204,448
				5,113,146
Medical - Biomedical/Gene — 3.2%
Apellis Pharmaceuticals, Inc.†#		43,855		1,352,050
ChemoCentryx, Inc.†		46,905		2,509,417
Ionis Pharmaceuticals, Inc.†		11,175		609,038
PTC Therapeutics, Inc.†		64,156		3,170,910
				7,641,415
Medical - Drugs — 2.3%
PRA Health Sciences, Inc.†		29,901		3,196,716
Reata Pharmaceuticals, Inc., Class A†		22,756		2,388,242
				5,584,958
Medical - HMO — 0.9%
Molina Healthcare, Inc.†		11,892		2,199,663
Medical - Outpatient/Home Medical — 2.4%
Amedisys, Inc.†		11,777		2,848,856
LHC Group, Inc.†		13,822		2,881,058
				5,729,914
Non-Hazardous Waste Disposal — 0.9%
GFL Environmental, Inc.		123,454		2,253,036

Security Description	Shares/ Principal Amount			Value (Note 2)
Oil Companies - Exploration & Production — 0.5%
Cabot Oil & Gas Corp.		59,574		$	1,130,119
Physical Therapy/Rehabilitation Centers — 1.6%
Encompass Health Corp.		58,054			3,787,443
Real Estate Investment Trusts — 2.4%
Douglas Emmett, Inc.		43,238			1,207,205
Equity Commonwealth		49,168			1,543,383
Life Storage, Inc.		1,850			195,045
PS Business Parks, Inc.		6,043			762,627
Rexford Industrial Realty, Inc.		21,413			1,027,396
STORE Capital Corp.		38,915			1,052,262
					5,787,918
Real Estate Management/Services — 1.2%
Redfin Corp.†		59,322			2,821,948
Rental Auto/Equipment — 0.9%
AMERCO		5,838			2,071,848
Retail - Automobile — 1.0%
CarMax, Inc.†		22,441			2,399,616
Semiconductor Equipment — 1.7%
MKS Instruments, Inc.		33,606			4,016,925
Telecommunication Equipment — 1.2%
CommScope Holding Co., Inc.†		278,660			2,870,198
Transport - Truck — 1.0%
Knight-Swift Transportation Holdings, Inc.#		53,011			2,409,880
Web Hosting/Design — 1.1%
Q2 Holdings, Inc.†#		27,080			2,634,612
Total Long-Term Investment Securities
(cost $217,142,135)					240,962,476
REPURCHASE AGREEMENTS — 0.2%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00%, dated 08/31/2020, to be repurchased 09/01/2020 in the amount of $494,000 collateralized by $504,300 of United States Treasury Notes, bearing interest at 0.13% due 07/15/2023 and having an approximate value of $503,947 (cost $494,000)	$	494,000			494,000
TOTAL INVESTMENTS
(cost $217,636,135)(1)		100.1	%		241,456,476
Liabilities in excess of other assets		(0.1	)		(192,828	)
NET ASSETS		100.0	%	$	241,263,648

† Non-income producing security

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

64

VALIC Company II Mid Cap Growth Fund

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

At August 31, 2020, the Fund had loaned securities with a total value of $13,024,550. This was secured by collateral of $13,770,965 received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of August 31, 2020
United States Treasury Bills	0.00%	09/15/2020 to 07/15/2021	$     351,469
United States Treasury Notes/Bonds	0.13% to 8.13%	09/15/2020 to 11/15/2049	13,419,496

(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 August 31, 2020 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	240,962,476	$	—	$	—	$	240,962,476
Repurchase Agreements		—		494,000		—		494,000
Total Investments at Value	$	240,962,476	$	494,000	$	—	$	241,456,476

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

See Notes to Financial Statements

65

VALIC Company II Mid Cap Value Fund

PORTFOLIO PROFILE — August 31, 2020 (unaudited)

Industry Allocation*

Real Estate Investment Trusts	9.1	%
Banks — Commercial	4.7
Electric — Integrated	3.5
Insurance — Property/Casualty	2.9
Machinery — Pumps	2.8
Chemicals — Diversified	2.7
Diversified Manufacturing Operations	2.6
Computer Services	2.4
Insurance — Life/Health	2.3
Banks — Super Regional	2.2
Medical — HMO	2.0
Insurance — Reinsurance	1.9
Medical Products	1.8
Hotels/Motels	1.7
Aerospace/Defense — Equipment	1.6
Semiconductor Equipment	1.6
Medical Labs & Testing Services	1.6
Apparel Manufacturers	1.5
Machine Tools & Related Products	1.5
Electronic Components — Semiconductors	1.4
Oil Companies — Exploration & Production	1.3
Electronic Components — Misc.	1.3
Food — Misc./Diversified	1.3
Building & Construction Products — Misc.	1.2
Medical — Hospitals	1.2
Insurance — Multi-line	1.2
Steel — Producers	1.1
Registered Investment Companies	1.1
Computers — Other	1.0
Oil Refining & Marketing	1.0
Investment Management/Advisor Services	0.9
Electric Products — Misc.	0.9
Building Products — Doors & Windows	0.9
Hazardous Waste Disposal	0.9
Human Resources	0.8
Auto — Heavy Duty Trucks	0.8
Electronic Connectors	0.8
Containers — Metal/Glass	0.8
Physical Therapy/Rehabilitation Centers	0.8
Insurance Brokers	0.7
Food — Wholesale/Distribution	0.7
Retail — Auto Parts	0.7
Medical — Wholesale Drug Distribution	0.7
Finance — Consumer Loans	0.7
Dental Supplies & Equipment	0.7
Footwear & Related Apparel	0.6
Building — Residential/Commercial	0.6
Distribution/Wholesale	0.6
Retail — Restaurants	0.6
Batteries/Battery Systems	0.6
Auto/Truck Parts & Equipment — Original	0.6
Semiconductor Components — Integrated Circuits	0.6
Miscellaneous Manufacturing	0.6
Retail — Apparel/Shoe	0.6
Appliances	0.6
Computer Software	0.6
Metal Processors & Fabrication	0.6
Transport — Rail	0.6
Casino Hotels	0.6
Airlines	0.6
Building Products — Cement	0.6
Savings & Loans/Thrifts	0.5
Electric — Distribution	0.5
Computers — Memory Devices	0.5
Chemicals — Specialty	0.5
Publishing — Newspapers	0.5
Telecom Equipment — Fiber Optics	0.5
Oil — Field Services	0.5
Diagnostic Equipment	0.5

Building Products — Wood	0.5
Finance — Credit Card	0.4
Cable/Satellite TV	0.4
Motorcycle/Motor Scooter	0.4
Textile — Home Furnishings	0.4
Retail — Consumer Electronics	0.4
Lasers — System/Components	0.4
Internet Infrastructure Software	0.4
Independent Power Producers	0.4
Internet Brokers	0.4
Agricultural Biotech	0.4
Machinery — Construction & Mining	0.4
E-Commerce/Services	0.4
Agricultural Chemicals	0.4
Transport — Truck	0.3
Food — Meat Products	0.3
Commercial Services — Finance	0.3
Medical Information Systems	0.3
Entertainment Software	0.3
Shipbuilding	0.3
Theaters	0.3
Office Automation & Equipment	0.3
Beverages — Non-alcoholic	0.3
Medical Instruments	0.3
Transport — Services	0.3
Building — Heavy Construction	0.3
Medical — Drugs	0.2
Banks — Fiduciary	0.2
Repurchase Agreements	0.2
Office Supplies & Forms	0.2
Retail — Discount	0.2
Gambling (Non-Hotel)	0.2
E-Commerce/Products	0.2
Internet Content — Information/News	0.2
Machinery — General Industrial	0.2
Electronic Parts Distribution	0.1
Containers — Paper/Plastic	0.1
Aerospace/Defense	0.1
	100.3%

* Calculated as a percentage of net assets

66

VALIC Company II Mid Cap Value Fund

PORTFOLIO OF INVESTMENTS — August 31, 2020

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 99.0%
Aerospace/Defense — 0.1%
Spirit AeroSystems Holdings, Inc., Class A		27,980	$	575,269
Aerospace/Defense - Equipment — 1.6%
Hexcel Corp.		39,954		1,573,788
Howmet Aerospace, Inc.		143,281		2,510,283
L3Harris Technologies, Inc.		26,026		4,703,939
Moog, Inc., Class A		52,346		3,155,941
				11,943,951
Agricultural Biotech — 0.4%
Corteva, Inc.		91,851		2,622,346
Agricultural Chemicals — 0.4%
Mosaic Co.		139,952		2,551,325
Airlines — 0.6%
Southwest Airlines Co.		106,918		4,017,978
Apparel Manufacturers — 1.5%
Carter’s, Inc.#		69,735		5,552,300
Columbia Sportswear Co.		63,503		5,433,952
				10,986,252
Appliances — 0.6%
Whirlpool Corp.		23,064		4,098,934
Auto - Heavy Duty Trucks — 0.8%
Cummins, Inc.		16,336		3,385,636
PACCAR, Inc.		29,231		2,509,189
				5,894,825
Auto/Truck Parts & Equipment - Original — 0.6%
Lear Corp.		17,973		2,047,664
Meritor, Inc.†		102,221		2,326,550
				4,374,214
Banks - Commercial — 4.7%
Atlantic Union Bankshares Corp.		184,549		4,292,610
BancorpSouth Bank		143,197		3,090,191
East West Bancorp, Inc.		62,981		2,316,441
South State Corp.		98,982		5,511,318
Synovus Financial Corp.		210,966		4,613,826
Truist Financial Corp.		126,159		4,896,231
Western Alliance Bancorp		137,279		4,845,949
Zions Bancorp NA		130,600		4,200,096
				33,766,662
Banks - Fiduciary — 0.2%
State Street Corp.		26,215		1,784,979
Banks - Super Regional — 2.2%
Fifth Third Bancorp		276,183		5,705,941
Huntington Bancshares, Inc.		639,125		6,014,166
KeyCorp		350,161		4,313,984
				16,034,091
Batteries/Battery Systems — 0.6%
EnerSys		62,007		4,463,264
Beverages - Non-alcoholic — 0.3%
Coca - Cola European Partners PLC		48,187		1,983,377
Building & Construction Products - Misc. — 1.2%
Fortune Brands Home & Security, Inc.		66,107		5,558,277
Owens Corning		50,572		3,420,690
				8,978,967
Building Products - Cement — 0.6%
Buzzi Unicem SpA		89,802		2,199,031

Security Description	Shares		Value (Note 2)
Building Products - Cement (continued)
Eagle Materials, Inc.		22,211	$	1,816,193
				4,015,224
Building Products - Doors & Windows — 0.9%
JELD - WEN Holding, Inc.†		202,688		4,266,582
PGT Innovations, Inc.†		118,050		2,140,247
				6,406,829
Building Products - Wood — 0.5%
Masco Corp.		57,371		3,344,729
Building - Heavy Construction — 0.3%
MasTec, Inc.†		39,674		1,833,336
Building - Residential/Commercial — 0.6%
Lennar Corp., Class A		62,392		4,668,169
Cable/Satellite TV — 0.4%
Altice USA, Inc., Class A†		112,451		3,101,399
Casino Hotels — 0.6%
Las Vegas Sands Corp.		43,774		2,219,779
Wynn Resorts, Ltd.		20,922		1,829,629
				4,049,408
Chemicals - Diversified — 2.7%
Celanese Corp.		57,211		5,786,893
DuPont de Nemours, Inc.		48,121		2,683,227
FMC Corp.		85,934		9,182,907
PPG Industries, Inc.		17,143		2,064,017
				19,717,044
Chemicals - Specialty — 0.5%
Ingevity Corp.†		28,597		1,606,293
Rogers Corp.†		19,463		2,205,353
				3,811,646
Commercial Services - Finance — 0.3%
EVERTEC, Inc.		65,663		2,299,518
Computer Services — 2.4%
Amdocs, Ltd.		92,582		5,668,796
Leidos Holdings, Inc.		71,485		6,468,678
Rackspace Technology, Inc.†		87,170		1,861,079
Science Applications International Corp.		39,119		3,264,872
				17,263,425
Computer Software — 0.6%
SS&C Technologies Holdings, Inc.		63,888		4,070,943
Computers - Memory Devices — 0.5%
Western Digital Corp.		100,579		3,864,245
Computers - Other — 1.0%
Lumentum Holdings, Inc.†		84,005		7,224,430
Containers - Metal/Glass — 0.8%
Crown Holdings, Inc.†		74,971		5,761,521
Containers - Paper/Plastic — 0.1%
Graphic Packaging Holding Co.		69,541		972,183
Dental Supplies & Equipment — 0.7%
DENTSPLY SIRONA, Inc.		105,620		4,739,169
Diagnostic Equipment — 0.5%
Avantor, Inc.†		155,848		3,517,489
Distribution/Wholesale — 0.6%
HD Supply Holdings, Inc.†		81,127		3,217,497
LKQ Corp.†		45,526		1,444,995
				4,662,492

67

VALIC Company II Mid Cap Value Fund

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

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Diversified Manufacturing Operations — 2.6%
Eaton Corp. PLC		51,306	$	5,238,343
ITT, Inc.		55,314		3,474,272
Parker - Hannifin Corp.		18,073		3,723,219
Textron, Inc.		97,099		3,828,614
Trane Technologies PLC		21,783		2,578,889
				18,843,337
E-Commerce/Products — 0.2%
eBay, Inc.		23,239		1,273,032
E-Commerce/Services — 0.4%
Expedia Group, Inc.		26,347		2,585,958
Electric Products - Misc. — 0.9%
AMETEK, Inc.		65,284		6,574,099
Electric - Distribution — 0.5%
CenterPoint Energy, Inc.		193,611		3,885,773
Electric - Integrated — 3.5%
Alliant Energy Corp.		46,427		2,514,022
Ameren Corp.		32,310		2,556,044
DTE Energy Co.		14,435		1,713,002
Edison International		74,765		3,923,667
Entergy Corp.		49,842		4,941,336
Evergy, Inc.		95,399		5,077,135
FirstEnergy Corp.		70,099		2,004,130
Portland General Electric Co.		78,076		2,978,599
				25,707,935
Electronic Components - Misc. — 1.3%
Flex, Ltd.†		161,535		1,754,270
Gentex Corp.		220,979		5,977,482
Hubbell, Inc.		12,820		1,857,874
				9,589,626
Electronic Components - Semiconductors — 1.4%
ON Semiconductor Corp.†		123,278		2,634,451
Qorvo, Inc.†		44,501		5,708,143
Tower Semiconductor, Ltd.†		104,380		2,031,235
				10,373,829
Electronic Connectors — 0.8%
TE Connectivity, Ltd.		60,367		5,831,452
Electronic Parts Distribution — 0.1%
Arrow Electronics, Inc.†		13,371		1,050,426
Entertainment Software — 0.3%
Activision Blizzard, Inc.		12,152		1,014,935
Electronic Arts, Inc.†		8,626		1,203,068
				2,218,003
Finance - Consumer Loans — 0.7%
SLM Corp.		643,852		4,919,029
Finance - Credit Card — 0.4%
Discover Financial Services		60,156		3,193,081
Food - Meat Products — 0.3%
Tyson Foods, Inc., Class A		36,807		2,311,480
Food - Misc./Diversified — 1.3%
Nomad Foods, Ltd.†		123,599		3,047,951
Post Holdings, Inc.†		37,278		3,281,210
Simply Good Foods Co.†		124,650		3,097,552
				9,426,713
Food - Wholesale/Distribution — 0.7%
US Foods Holding Corp.†		215,361		5,244,040

Security Description	Shares		Value (Note 2)
Footwear & Related Apparel — 0.6%
Steven Madden, Ltd.		221,826	$	4,693,838
Gambling (Non - Hotel) — 0.2%
International Game Technology PLC#		116,657		1,298,392
Hazardous Waste Disposal — 0.9%
Clean Harbors, Inc.†		103,255		6,308,881
Hotels/Motels — 1.7%
Marriott International, Inc., Class A		20,946		2,155,553
Wyndham Destinations, Inc.		45,473		1,318,262
Wyndham Hotels & Resorts, Inc.		167,773		8,784,594
				12,258,409
Human Resources — 0.8%
ASGN, Inc.†		25,701		1,844,561
ManpowerGroup, Inc.		24,060		1,763,839
Robert Half International, Inc.		47,608		2,532,745
				6,141,145
Independent Power Producers — 0.4%
Vistra Corp.		141,421		2,719,526
Insurance Brokers — 0.7%
Aon PLC, Class A		20,024		4,004,600
Willis Towers Watson PLC		6,707		1,378,490
				5,383,090
Insurance - Life/Health — 2.3%
Aflac, Inc.		55,079		2,000,469
CNO Financial Group, Inc.		329,896		5,377,305
Globe Life, Inc.		31,479		2,596,388
Voya Financial, Inc.		122,475		6,357,677
				16,331,839
Insurance - Multi-line — 1.2%
Allstate Corp.		29,600		2,752,800
Kemper Corp.		61,076		4,743,162
Loews Corp.		34,926		1,252,447
				8,748,409
Insurance - Property/Casualty — 2.9%
Alleghany Corp.		8,022		4,448,680
Assurant, Inc.		50,926		6,190,565
Hanover Insurance Group, Inc.		55,378		5,675,691
Lancashire Holdings, Ltd.		264,452		2,714,928
Travelers Cos., Inc.		14,275		1,656,471
				20,686,335
Insurance - Reinsurance — 1.9%
Essent Group, Ltd.		39,612		1,414,148
Everest Re Group, Ltd.		15,471		3,404,858
Reinsurance Group of America, Inc.		47,713		4,374,328
RenaissanceRe Holdings, Ltd.		25,579		4,699,885
				13,893,219
Internet Brokers — 0.4%
TD Ameritrade Holding Corp.		68,675		2,635,747
Internet Content - Information/News — 0.2%
Yelp, Inc.†		49,491		1,144,232
Internet Infrastructure Software — 0.4%
F5 Networks, Inc.†		20,799		2,752,332
Investment Management/Advisor Services — 0.9%
Ameriprise Financial, Inc.		43,724		6,855,923
Lasers - System/Components — 0.4%
Coherent, Inc.†		25,002		2,816,725

68

VALIC Company II Mid Cap Value Fund

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

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Machine Tools & Related Products — 1.5%
Colfax Corp.†		176,830	$	5,884,902
Kennametal, Inc.		164,351		4,769,466
				10,654,368
Machinery - Construction & Mining — 0.4%
Oshkosh Corp.		33,856		2,607,251
Machinery - General Industrial — 0.2%
Altra Industrial Motion Corp.		28,735		1,122,102
Machinery - Pumps — 2.8%
Curtiss - Wright Corp.		20,462		2,093,672
Dover Corp.		54,959		6,036,697
Ingersoll Rand, Inc.†		199,518		6,995,101
SPX FLOW, Inc.†		115,176		5,007,852
				20,133,322
Medical Information Systems — 0.3%
Change Healthcare, Inc.†		160,094		2,265,330
Medical Instruments — 0.3%
Boston Scientific Corp.†		46,744		1,917,439
Medical Labs & Testing Services — 1.6%
ICON PLC†		17,927		3,341,772
IQVIA Holdings, Inc.†		16,738		2,740,847
Laboratory Corp. of America Holdings†		19,280		3,388,460
PPD, Inc.†		57,252		1,966,034
				11,437,113
Medical Products — 1.8%
Avanos Medical, Inc.†		93,403		3,026,257
Hill - Rom Holdings, Inc.		39,325		3,688,292
Hologic, Inc.†		34,392		2,053,890
Zimmer Biomet Holdings, Inc.		31,898		4,493,790
				13,262,229
Medical - Drugs — 0.2%
Jazz Pharmaceuticals PLC†		13,500		1,814,265
Medical - HMO — 2.0%
Centene Corp.†		55,829		3,423,434
Humana, Inc.		11,765		4,884,475
Molina Healthcare, Inc.†		31,569		5,839,318
				14,147,227
Medical - Hospitals — 1.2%
Acadia Healthcare Co., Inc.†		105,122		3,249,321
HCA Healthcare, Inc.		16,319		2,214,815
Universal Health Services, Inc., Class B		31,167		3,439,278
				8,903,414
Medical - Wholesale Drug Distribution — 0.7%
AmerisourceBergen Corp.		32,160		3,120,485
McKesson Corp.		11,900		1,825,936
				4,946,421
Metal Processors & Fabrication — 0.6%
Rexnord Corp.		140,401		4,066,013
Miscellaneous Manufacturing — 0.6%
John Bean Technologies Corp.		42,318		4,338,018
Motorcycle/Motor Scooter — 0.4%
Harley - Davidson, Inc.		110,082		3,050,372
Office Automation & Equipment — 0.3%
Xerox Holdings Corp.		106,628		2,011,004
Office Supplies & Forms — 0.2%
Avery Dennison Corp.		12,973		1,496,955

Security Description	Shares		Value (Note 2)
Oil Companies - Exploration & Production — 1.3%
ConocoPhillips		54,073	$	2,048,826
Diamondback Energy, Inc.		114,311		4,453,557
Parsley Energy, Inc., Class A		209,242		2,249,351
Viper Energy Partners LP		96,065		977,942
				9,729,676
Oil Refining & Marketing — 1.0%
Delek US Holdings, Inc.		146,316		2,301,551
Marathon Petroleum Corp.		70,978		2,516,880
Valero Energy Corp.		44,235		2,326,318
				7,144,749
Oil - Field Services — 0.5%
ChampionX Corp.†		181,927		1,862,933
Schlumberger, Ltd.		87,106		1,655,885
				3,518,818
Physical Therapy/Rehabilitation Centers — 0.8%
Encompass Health Corp.		84,299		5,499,667
Publishing - Newspapers — 0.5%
TEGNA, Inc.		295,552		3,700,311
Real Estate Investment Trusts — 9.1%
American Assets Trust, Inc.		86,897		2,220,218
American Campus Communities, Inc.		90,982		3,084,290
American Homes 4 Rent, Class A		103,531		2,965,128
Americold Realty Trust		63,943		2,452,214
Boston Properties, Inc.		30,834		2,678,549
Corporate Office Properties Trust		111,176		2,739,377
Cousins Properties, Inc.		55,509		1,656,944
Douglas Emmett, Inc.		72,304		2,018,728
Duke Realty Corp.		91,463		3,525,899
Equity Residential		52,213		2,947,424
Essential Properties Realty Trust, Inc.		125,147		2,123,744
Essex Property Trust, Inc.		7,695		1,666,044
First Industrial Realty Trust, Inc.		74,991		3,198,366
Gaming and Leisure Properties, Inc.		176,857		6,428,752
Healthpeak Properties, Inc.		83,634		2,311,644
Highwoods Properties, Inc.		98,343		3,664,260
Host Hotels & Resorts, Inc.		229,129		2,573,119
Invitation Homes, Inc.		45,755		1,309,966
Kilroy Realty Corp.		40,933		2,395,399
Lamar Advertising Co., Class A		23,364		1,617,490
Life Storage, Inc.		32,734		3,451,146
Physicians Realty Trust		137,790		2,500,888
Regency Centers Corp.		70,251		2,789,667
Welltower, Inc.		63,921		3,676,736
				65,995,992
Retail - Apparel/Shoe — 0.6%
Foot Locker, Inc.		73,753		2,236,929
Ross Stores, Inc.		21,638		1,970,789
				4,207,718
Retail - Auto Parts — 0.7%
AutoZone, Inc.†		4,192		5,014,932
Retail - Consumer Electronics — 0.4%
Best Buy Co., Inc.		26,332		2,920,482
Retail - Discount — 0.2%
Dollar Tree, Inc.†		14,942		1,438,466
Retail - Restaurants — 0.6%
Darden Restaurants, Inc.		17,712		1,535,099
Denny’s Corp.†		264,524		3,031,445
				4,566,544

69

VALIC Company II Mid Cap Value Fund

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

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Savings & Loans/Thrifts — 0.5%
Sterling Bancorp		339,741	$	3,964,778
Semiconductor Components - Integrated Circuits — 0.6%
NXP Semiconductors NV		34,609		4,352,428
Semiconductor Equipment — 1.6%
KLA Corp.		12,527		2,569,789
Lam Research Corp.		3,573		1,201,743
MKS Instruments, Inc.		48,118		5,751,544
Onto Innovation, Inc.†		70,505		2,202,576
				11,725,652
Shipbuilding — 0.3%
Huntington Ingalls Industries, Inc.		14,461		2,191,131
Steel - Producers — 1.1%
Reliance Steel & Aluminum Co.		53,236		5,582,859
Steel Dynamics, Inc.		91,463		2,699,988
				8,282,847
Telecom Equipment - Fiber Optics — 0.5%
Ciena Corp.†		64,541		3,663,993
Textile - Home Furnishings — 0.4%
Mohawk Industries, Inc.†		32,714		3,020,484
Theaters — 0.3%
Live Nation Entertainment, Inc.†		35,784		2,032,531
Transport - Rail — 0.6%
Kansas City Southern		22,333		4,065,499
Transport - Services — 0.3%
Expeditors International of Washington, Inc.		21,050		1,860,610
Transport - Truck — 0.3%
Knight - Swift Transportation Holdings, Inc.#		54,748		2,488,844
Total Long - Term Investment Securities
(cost $696,736,190)				716,654,483

Security Description	Shares/ Principal Amount			Value (Note 2)
SHORT - TERM INVESTMENT SECURITIES — 1.1%
Registered Investment Companies — 1.1%
State Street Institutional Liquid Reserves Fund, Administration Class 0.00%(1) (cost $7,705,839)		7,704,299		$	7,705,839
REPURCHASE AGREEMENTS — 0.2%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00%, dated 08/31/2020, to be repurchased 09/01/2020 in the amount of $1,780,000 collateralized by $1,817,100 of United States Treasury Notes, bearing interest at 0.13% due 08/15/2023 and having an approximate value of $1,815,638 (cost $1,780,000)	$	1,780,000			1,780,000
TOTAL INVESTMENTS
(cost $706,222,029) (2)		100.3	%		726,140,322
Liabilities in excess of other assets		(0.3	)		(2,040,738	)
NET ASSETS		100.0	%	$	724,099,584

† Non - income producing security

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

At August 31, 2020, the Fund had loaned securities with a total value of $5,865,398. This was secured by collateral of $6,244,081 received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of August 31, 2020
Federal Home Loan Mtg. Corp.	2.50% to 3.50%	12/01/2047 to 03/01/2050	$	715,842
Federal National Mtg. Assoc.	1.49% to 4.00%	01/25/2030 to 05/25/2050		1,328,201
Government National Mtg. Assoc.	2.50% to 2.70%	09/20/2046 to 05/16/2053		60,951
United States Treasury Bills	0.00%	01/21/2021 to 01/21/2021		12,854
United States Treasury Notes/Bonds	0.13% to 7.88%	09/30/2020 to 02/15/2049		4,126,233

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

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

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

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs			Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$	713,939,555	$	2,714,928	**	$	—	$	716,654,483
Short-Term Investment Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		7,705,839		—			—		7,705,839
Repurchase Agreements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		—		1,780,000			—		1,780,000
Total Investments at Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$	721,645,394	$	4,494,928		$	—	$	726,140,322

* 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

70

VALIC Company II Moderate Growth Lifestyle Fund

PORTFOLIO PROFILE — August 31, 2020  (unaudited)

Industry Allocation*

Domestic Equity Investment Companies	50.1	%
Domestic Fixed Income Investment Companies	32.1
International Equity Investment Companies	12.1
International Fixed Income Investment Companies	3.4
Real Estate Investment Companies	2.2
Domestic Money Market Investment Companies	0.1
	100.0%

* Calculated as a percentage of net assets

71

VALIC Company II Moderate Growth Lifestyle Fund

PORTFOLIO OF INVESTMENTS — August 31, 2020

Security Description	Shares		Value (Note2)
AFFILIATED REGISTERED INVESTMENT COMPANIES#(1) — 100.0%
Domestic Equity Investment Companies — 50.1%
VALIC Co. I Blue Chip Growth Fund		1,703	$	43,393
VALIC Co. I Dividend Value Fund		5,751,672		60,565,105
VALIC Co. I Large Cap Core Fund		916,483		12,262,538
VALIC Co. I Large Capital Growth Fund		994,527		19,244,090
VALIC Co. I Mid Cap Index Fund		1,384,331		31,479,683
VALIC Co. I Mid Cap Strategic Growth Fund		751,123		14,151,149
VALIC Co. I Nasdaq-100 Index Fund		1,180,867		27,384,305
VALIC Co. I Science & Technology Fund		532,277		19,657,005
VALIC Co. I Small Cap Index Fund		1,312,248		22,229,486
VALIC Co. I Small Cap Special Values Fund		992,786		9,451,322
VALIC Co. I Stock Index Fund		2,351,451		109,295,461
VALIC Co. I Value Fund		1,181,031		19,392,535
VALIC Co. II Capital Appreciation Fund		1,843,913		34,333,662
VALIC Co. II Large Cap Value Fund		2,812,637		51,949,412
VALIC Co. II Mid Cap Growth Fund		1,091,096		12,012,967
VALIC Co. II Mid Cap Value Fund		3,036,767		46,705,472
VALIC Co. II Small Cap Growth Fund		428,661		8,787,552
VALIC Co. II Small Cap Value Fund		1,021,473		9,714,207
Total Domestic Equity Investment Companies
(cost $486,425,916)				508,659,344
Domestic Fixed Income Investment Companies — 32.1%
VALIC Co. I Capital Conservation Fund		2,424,592		25,918,890
VALIC Co. I Government Securities Fund		835,567		9,441,911
VALIC Co. I Inflation Protected Fund		5,199,688		62,760,235
VALIC Co. II Core Bond Fund		8,855,443		105,733,986
VALIC Co. II High Yield Bond Fund		4,738,933		35,447,217
VALIC Co. II Strategic Bond Fund		7,571,021		86,536,769
Total Domestic Fixed Income Investment Companies
(cost $310,308,064)				325,839,008
Domestic Money Market Investment Companies — 0.1%
VALIC Co. I Government Money Market I Fund(2)
(cost $915,885)		915,885		915,885

Security Description	Shares			Value (Note2)
International Equity Investment Companies — 12.1%
VALIC Co. I Emerging Economies Fund		2,248,692		$	19,068,908
VALIC Co. I International Equities Index Fund		6,115,025			41,949,073
VALIC Co. I International Growth Fund		483,919			7,278,145
VALIC Co. I International Value Fund		2,274,863			20,587,514
VALIC Co. II International Opportunities Fund		1,623,254			33,650,046
Total International Equity Investment Companies
(cost $120,585,882)					122,533,686
International Fixed Income Investment Companies — 3.4%
VALIC Co. I International Government Bond Fund (cost $31,571,001)		2,685,253			34,693,474
Real Estate Investment Companies — 2.2%
VALIC Co. I Global Real Estate Fund (cost $22,737,846)		2,943,599			21,900,375
TOTAL INVESTMENTS
(cost $972,544,594)(3)		100.0	%		1,014,541,772
Liabilities in excess of other assets		(0.0	)		(190,600	)
NET ASSETS		100.0	%	$	1,014,351,172

# The Moderate Growth Lifestyle Fund invests in various VALIC Company I or VALIC Company II Funds, some of which are not presented in this report. Additional information of the underlying funds including such fund’s prospectuses and shareholder reports is available at our website, www.valic.com.

(1) See Note 3

(2) The 7-day yield as of August 31, 2020 is 0.01%.

(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 August 31, 2020 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Affiliated Registered Investment Companies	$	1,014,541,772	$	—	$	—	$	1,014,541,772

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

See Notes to Financial Statements

72

VALIC Company II Small Cap Growth Fund

PORTFOLIO PROFILE — August 31, 2020 (unaudited)

Industry Allocation*

Medical — Biomedical/Gene	14.6	%
Enterprise Software/Service	4.6
Medical Products	4.1
Applications Software	3.5
Computer Software	3.4
Building & Construction Products — Misc.	3.3
Electronic Components-Semiconductors	3.0
Retail — Automobile	2.9
Semiconductor Equipment	2.6
Medical — Drugs	2.4
Energy — Alternate Sources	2.2
Retail — Discount	1.9
Diversified Manufacturing Operations	1.8
Diagnostic Kits	1.7
Internet Application Software	1.7
Real Estate Investment Trusts	1.7
Retail — Vision Service Center	1.6
Steel Pipe & Tube	1.6
Consumer Products — Misc.	1.5
Retail — Pet Food & Supplies	1.5
Miscellaneous Manufacturing	1.5
Computer Data Security	1.5
Drug Delivery Systems	1.5
Retail — Restaurants	1.4
Transport — Truck	1.3
Distribution/Wholesale	1.3
Medical — Outpatient/Home Medical	1.3
E-Commerce/Products	1.2
Publishing — Newspapers	1.2
Food — Wholesale/Distribution	1.1
Electric Products — Misc.	1.1
Tools — Hand Held	1.0
Athletic Equipment	1.0
Food — Retail	1.0
Casino Hotels	0.9
Computer Services	0.9
Insurance Brokers	0.9
Insurance — Property/Casualty	0.9
Building — Mobile Home/Manufactured Housing	0.8
Telecom Equipment — Fiber Optics	0.8
Building — Residential/Commercial	0.8
Machinery — Pumps	0.8
Finance — Investment Banker/Broker	0.8
Banks — Commercial	0.7
Medical Labs & Testing Services	0.7
Retail — Floor Coverings	0.7
Machinery — General Industrial	0.7
Consulting Services	0.7
Commercial Services — Finance	0.6
Diagnostic Equipment	0.6
Investment Management/Advisor Services	0.6
Schools	0.6
Physicians Practice Management	0.6
Rental Auto/Equipment	0.6
Medical — Hospitals	0.6
Recreational Centers	0.5
Power Converter/Supply Equipment	0.5
Internet Security	0.5
Electronic Measurement Instruments	0.4
Registered Investment Companies	0.4
Finance — Credit Card	0.4
Medical Information Systems	0.3
Therapeutics	0.3
Medical — Generic Drugs	0.2
	97.8	%

* Calculated as a percentage of net assets

73

VALIC Company II Small Cap Growth Fund

PORTFOLIO OF INVESTMENTS — August 31, 2020

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 97.4%
Applications Software — 3.5%
Duck Creek Technologies, Inc.†		15,614	$	608,790
Elastic NV†		23,522		2,554,019
Jamf Holding Corp.†		10,385		400,861
Medallia, Inc.†		46,048		1,666,477
Smartsheet, Inc., Class A†		41,177		2,245,382
				7,475,529
Athletic Equipment — 1.0%
Fox Factory Holding Corp.†		21,266		2,143,825
Banks - Commercial — 0.7%
First Financial Bankshares, Inc.		51,977		1,573,604
Building & Construction Products-Misc. — 3.3%
AZEK Co., Inc.†		23,104		912,146
Fortune Brands Home & Security, Inc.		7,330		616,306
Simpson Manufacturing Co., Inc.		28,872		2,839,272
Trex Co., Inc.†#		16,591		2,480,189
				6,847,913
Building - Mobile Home/Manufactured Housing — 0.8%
Winnebago Industries, Inc.		33,071		1,785,173
Building - Residential/Commercial — 0.8%
TRI Pointe Group, Inc.†#		96,919		1,635,993
Casino Hotels — 0.9%
Boyd Gaming Corp.		73,610		1,971,276
Commercial Services - Finance — 0.6%
Avalara, Inc.†		10,054		1,331,250
Computer Data Security — 1.5%
CyberArk Software, Ltd.†		15,121		1,670,870
Ping Identity Holding Corp.†		42,921		1,479,487
				3,150,357
Computer Services — 0.9%
Globant SA†		10,596		1,881,638
Computer Software — 3.4%
Bandwidth, Inc., Class A†		16,126		2,539,523
Bill.com Holdings, Inc.†		13,329		1,319,304
Envestnet, Inc.†		34,501		2,863,238
nCino, Inc.†		5,303		492,914
				7,214,979
Consulting Services — 0.7%
FTI Consulting, Inc.†		11,948		1,371,152
Consumer Products-Misc. — 1.5%
Helen of Troy, Ltd.†		15,682		3,243,351
Diagnostic Equipment — 0.6%
10X Genomics, Inc., Class A†		7,291		835,695
Adaptive Biotechnologies Corp.†		10,612		441,565
				1,277,260
Diagnostic Kits — 1.7%
Natera, Inc.†		56,912		3,625,863
Distribution/Wholesale — 1.3%
SiteOne Landscape Supply, Inc.†		21,781		2,723,714
Diversified Manufacturing Operations — 1.8%
Carlisle Cos., Inc.		11,519		1,508,413
ITT, Inc.		38,027		2,388,476
				3,896,889

Security Description	Shares		Value (Note 2)
Drug Delivery Systems — 1.5%
Heron Therapeutics, Inc.†		75,261	$	1,076,232
Revance Therapeutics, Inc.†		68,583		2,004,681
				3,080,913
E-Commerce/Products — 1.2%
Farfetch, Ltd., Class A†#		53,124		1,471,004
RealReal, Inc.†		66,225		1,063,573
				2,534,577
Electric Products - Misc. — 1.1%
Littelfuse, Inc.		12,321		2,228,130
Electronic Components - Semiconductors — 3.0%
Cree, Inc.†		22,598		1,425,934
Inphi Corp.†		26,917		3,068,000
Semtech Corp.†		32,762		1,921,491
				6,415,425
Electronic Measurement Instruments — 0.4%
Itron, Inc.†		14,322		853,162
Energy - Alternate Sources — 2.2%
Enphase Energy, Inc.†		35,438		2,736,877
SolarEdge Technologies, Inc.†		8,166		1,805,911
				4,542,788
Enterprise Software/Service — 4.6%
Blackline, Inc.†		26,946		2,354,272
Everbridge, Inc.†#		17,588		2,613,753
Evolent Health, Inc., Class A†		84,996		1,217,993
HubSpot, Inc.†		2,200		659,296
ManTech International Corp., Class A		32,125		2,404,556
Vertex, Inc., Class A†		16,656		426,560
				9,676,430
Finance - Credit Card — 0.4%
I3 Verticals, Inc., Class A†		27,607		769,959
Finance - Investment Banker/Broker — 0.8%
Evercore, Inc., Class A		25,607		1,584,561
Food - Retail — 1.0%
Grocery Outlet Holding Corp.†		49,195		2,023,390
Food - Wholesale/Distribution — 1.1%
Performance Food Group Co.†		64,212		2,344,380
Insurance Brokers — 0.9%
eHealth, Inc.†		13,605		858,747
Selectquote, Inc.†		55,931		1,020,741
				1,879,488
Insurance - Property/Casualty — 0.9%
Lemonade, Inc.†		18,587		1,091,057
Palomar Holdings, Inc.†		6,700		752,745
				1,843,802
Internet Application Software — 1.7%
Anaplan, Inc.†		34,323		2,102,284
Zendesk, Inc.†		15,375		1,481,842
				3,584,126
Internet Security — 0.5%
Proofpoint, Inc.†		8,781		963,012
Investment Management/Advisor Services — 0.6%
Focus Financial Partners, Inc., Class A†		36,063		1,276,270

74

VALIC Company II Small Cap Growth Fund

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

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Machinery - General Industrial — 0.7%
Applied Industrial Technologies, Inc.		22,988	$	1,384,107
Machinery - Pumps — 0.8%
Graco, Inc.		27,681		1,606,052
Medical Information Systems — 0.3%
Oak Street Health, Inc.†		15,341		684,669
Medical Labs & Testing Services — 0.7%
Personalis, Inc.†#		67,266		1,535,010
Medical Products — 4.1%
iRhythm Technologies, Inc.†		16,814		3,702,106
Nevro Corp.†		19,377		2,665,113
Shockwave Medical, Inc.†#		34,656		2,202,042
				8,569,261
Medical - Biomedical/Gene — 14.6%
ACADIA Pharmaceuticals, Inc.†		20,807		823,749
ADC Therapeutics SA†		33,695		1,488,308
Allogene Therapeutics, Inc.†#		22,502		802,196
Amicus Therapeutics, Inc.†		148,881		2,173,663
Arrowhead Pharmaceuticals, Inc.†		13,198		557,484
Atara Biotherapeutics, Inc.†		84,291		1,136,243
Avrobio, Inc.†		67,974		1,177,310
Berkeley Lights, Inc.†		15,221		995,453
Biohaven Pharmaceutical Holding Co., Ltd.†		30,645		1,942,587
Blueprint Medicines Corp.†		26,659		2,064,206
Bridgebio Pharma, Inc.†		32,772		978,572
FibroGen, Inc.†		37,238		1,669,380
Generation Bio Co.†		14,624		456,708
Halozyme Therapeutics, Inc.†		99,041		2,871,694
Homology Medicines, Inc.†		49,791		529,278
Immunomedics, Inc.†		21,224		945,741
Intercept Pharmaceuticals, Inc.†		17,221		858,983
Mirati Therapeutics, Inc.†		3,780		564,619
Orchard Therapeutics PLC ADR†		39,544		234,496
REGENXBIO, Inc.†		25,891		790,193
Relay Therapeutics, Inc.†		34,456		1,384,787
REVOLUTION Medicines, Inc.†		29,051		823,305
Rubius Therapeutics, Inc.†#		60,672		292,136
Sage Therapeutics, Inc.†		27,221		1,427,469
Twist Bioscience Corp.†		40,594		2,838,738
Viela Bio, Inc.†		29,167		982,636
				30,809,934
Medical - Drugs — 2.4%
Alector, Inc.†		27,808		359,279
Clementia Pharmaceuticals, Inc. CVR†(1)		70,624		0
Coherus Biosciences, Inc.†		92,675		1,758,045
Global Blood Therapeutics, Inc.†		17,051		1,070,462
MyoKardia, Inc.†		9,330		1,021,075
TherapeuticsMD, Inc.†#		268,140		391,485
Tricida, Inc.†		36,558		386,418
				4,986,764
Medical - Generic Drugs — 0.2%
Arvinas, Inc.†		19,760		512,772
Medical - Hospitals — 0.6%
Acadia Healthcare Co., Inc.†		39,366		1,216,803
Medical - Outpatient/Home Medical — 1.3%
Amedisys, Inc.†		11,197		2,708,554
Miscellaneous Manufacturing — 1.5%
John Bean Technologies Corp.		31,041		3,182,013

Security Description	Shares		Value (Note 2)
Physicians Practice Management — 0.6%
Accolade, Inc.†		36,967	$	1,242,461
Power Converter/Supply Equipment — 0.5%
Generac Holdings, Inc.†		5,576		1,059,328
Publishing - Newspapers — 1.2%
New York Times Co., Class A		58,023		2,514,137
Real Estate Investment Trusts — 1.7%
CubeSmart		33,090		1,046,306
EastGroup Properties, Inc.		7,630		1,016,011
National Health Investors, Inc.		692		43,077
Terreno Realty Corp.		24,718		1,474,181
				3,579,575
Recreational Centers — 0.5%
Planet Fitness, Inc., Class A†		17,623		1,071,302
Rental Auto/Equipment — 0.6%
Aaron’s, Inc.		22,030		1,231,257
Retail - Automobile — 2.9%
Lithia Motors, Inc., Class A		14,518		3,614,402
Rush Enterprises, Inc., Class A		29,822		1,440,999
Vroom, Inc.†		16,729		1,148,111
				6,203,512
Retail - Discount — 1.9%
BJ’s Wholesale Club Holdings, Inc.†		45,888		2,037,886
Ollie’s Bargain Outlet Holdings, Inc.†		19,869		1,898,284
				3,936,170
Retail - Floor Coverings — 0.7%
Floor & Decor Holdings, Inc., Class A†		19,964		1,462,163
Retail - Pet Food & Supplies — 1.5%
Freshpet, Inc.†		28,334		3,218,742
Retail - Restaurants — 1.4%
Texas Roadhouse, Inc.		48,004		3,023,772
Retail - Vision Service Center — 1.6%
National Vision Holdings, Inc.†		88,710		3,332,835
Schools — 0.6%
Bright Horizons Family Solutions, Inc.†		9,356		1,244,442
Semiconductor Equipment — 2.6%
Entegris, Inc.		40,614		2,716,670
MKS Instruments, Inc.		22,273		2,662,292
				5,378,962
Steel Pipe & Tube — 1.6%
Advanced Drainage Systems, Inc.		59,625		3,307,995
Telecom Equipment - Fiber Optics — 0.8%
Ciena Corp.†		29,518		1,675,737
Therapeutics — 0.3%
G1 Therapeutics, Inc.†#		44,451		682,323
Tools - Hand Held — 1.0%
MSA Safety, Inc.		17,419		2,193,923
Transport - Truck — 1.3%
Saia, Inc.†		20,904		2,805,317
Total Long-Term Investment Securities (cost $158,411,628)				205,110,071

75

VALIC Company II Small Cap Growth Fund

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

Security Description	Shares			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 0.4%
Registered Investment Companies — 0.4%
State Street Navigator Securities Lending Government Money Market Portfolio 0.10%(3)(4) (cost $780,633)		780,633		$	780,633
TOTAL INVESTMENTS
(cost $159,192,261)(2)		97.8	%		205,890,704
Other assets less liabilities		2.2			4,605,981
NET ASSETS		100.0	%	$	210,496,685

† Non-income producing security

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

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

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

(3) At August 31, 2020, the Fund had loaned securities with a total value of $5,133,390. This was secured by collateral of $780,633, which was received in cash and subsequently invested in short-term investments currently valued at $780,633 as reported in the Portfolio of Investments. Additional collateral of $4,568,994 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of August 31, 2020
Federal Home Loan Mtg. Corp.	2.50% to 3.50%	12/01/2047 to 03/01/2050	$	9,486
Federal National Mtg. Assoc.	1.49% to 4.00%	01/25/2030 to 05/25/2050		17,601
Government National Mtg. Assoc.	2.50% to 2.70%	09/20/2046 to 05/16/2053		808
United States Treasury Bills	0.00%	09/15/2020 to 07/15/2021		176,531
United States Treasury Notes/Bonds	0.13% to 8.13%	09/15/2020 to 11/15/2049		4,364,568

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

ADR—American Depositary Receipt

CVR—Contingent Value Rights

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

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks:
Medical-Drugs	$	4,986,764	$	—	$	0	$	4,986,764
Other Industries		200,123,307		—		—		200,123,307
Short-Term Investment Securities		780,633		—		—		780,633
Total Investments at Value	$	205,890,704	$	—	$	0	$	205,890,704

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

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

See Notes to Financial Statements

76

VALIC Company II Small Cap Value Fund

PORTFOLIO PROFILE — August 31, 2020 (unaudited)

Industry Allocation*

Banks—Commercial	13.3	%
Real Estate Investment Trusts	11.1
Savings & Loans/Thrifts	2.8
Distribution/Wholesale	2.1
Building—Heavy Construction	2.1
Medical—Biomedical/Gene	1.8
Repurchase Agreements	1.8
Electronic Components—Misc.	1.7
Registered Investment Companies	1.7
Human Resources	1.6
Electric—Integrated	1.5
Oil—Field Services	1.4
Medical—Drugs	1.4
Building—Residential/Commercial	1.4
Auto/Truck Parts & Equipment—Original	1.3
Gas—Distribution	1.3
Transport—Services	1.3
Retail—Building Products	1.2
Oil Companies—Exploration & Production	1.2
Independent Power Producers	1.2
Building & Construction Products—Misc.	1.2
Energy—Alternate Sources	1.1
Transport—Truck	1.1
Consulting Services	1.0
Insurance—Life/Health	1.0
Investment Management/Advisor Services	1.0
Financial Guarantee Insurance	0.9
Building—Maintenance & Services	0.9
Consumer Products—Misc.	0.9
Retail—Automobile	0.8
Paper & Related Products	0.8
Building & Construction—Misc.	0.8
Insurance—Property/Casualty	0.8
Insurance—Reinsurance	0.8
Medical—Hospitals	0.8
Food—Wholesale/Distribution	0.8
Medical—Wholesale Drug Distribution	0.7
Steel—Producers	0.7
Engineering/R&D Services	0.7
Computer Services	0.7
Finance—Investment Banker/Broker	0.7
Television	0.7
Machinery—Electrical	0.6
Chemicals—Specialty	0.6
Electronic Components—Semiconductors	0.6
Retail—Restaurants	0.6
Machinery—Construction & Mining	0.6
Building Products—Wood	0.6
Oil Refining & Marketing	0.6
Medical Information Systems	0.5
Medical—HMO	0.5
Finance—Consumer Loans	0.5
Real Estate Management/Services	0.5
Retail—Sporting Goods	0.5
Retail—Discount	0.5
Retail—Apparel/Shoe	0.5
Auto—Truck Trailers	0.5
Coal	0.5
Metal Products—Distribution	0.5
Semiconductor Equipment	0.5
E—Commerce/Services	0.5
Schools	0.5
Transport—Marine	0.5
Telecom Services	0.5
Cable/Satellite TV	0.4
Office Supplies & Forms	0.4
Metal—Aluminum	0.4
Rubber—Tires	0.4
Retail—Office Supplies	0.4

Rental Auto/Equipment	0.4
Pastoral & Agricultural	0.4
Chemicals—Plastics	0.4
Enterprise Software/Service	0.4
Water	0.4
Medical Products	0.4
Communications Software	0.4
Circuit Boards	0.4
Finance—Mortgage Loan/Banker	0.4
Printing—Commercial	0.3
Retail—Regional Department Stores	0.3
Office Furnishings—Original	0.3
Aerospace/Defense—Equipment	0.3
Home Furnishings	0.3
Theaters	0.3
Airlines	0.3
Chemicals—Diversified	0.3
Computer Software	0.3
Medical—Generic Drugs	0.3
Rubber/Plastic Products	0.3
Retail—Bedding	0.3
Publishing—Books	0.3
Apparel Manufacturers	0.3
Machinery—Farming	0.3
Satellite Telecom	0.2
Computers—Integrated Systems	0.2
Networking Products	0.2
Power Converter/Supply Equipment	0.2
Electric—Distribution	0.2
Gambling (Non—Hotel)	0.2
Cosmetics & Toiletries	0.2
Transactional Software	0.2
Medical Labs & Testing Services	0.2
Multimedia	0.2
Audio/Video Products	0.2
Electric—Generation	0.2
Machinery—General Industrial	0.2
Publishing—Newspapers	0.2
Motion Pictures & Services	0.2
Wireless Equipment	0.2
Industrial Automated/Robotic	0.2
Housewares	0.2
Footwear & Related Apparel	0.2
Banks—Mortgage	0.2
Building Products—Doors & Windows	0.2
Travel Services	0.1
Diversified Manufacturing Operations	0.1
Office Automation & Equipment	0.1
Telecommunication Equipment	0.1
Electronic Security Devices	0.1
Resorts/Theme Parks	0.1
Retail—Drug Store	0.1
Food—Misc./Diversified	0.1
Agricultural Operations	0.1
E—Marketing/Info	0.1
Drug Delivery Systems	0.1
Retail—Home Furnishings	0.1
Machinery—Print Trade	0.1
Finance—Other Services	0.1
Broadcast Services/Program	0.1
Retail—Arts & Crafts	0.1
Retail—Misc./Diversified	0.1
Racetracks	0.1
Casino Hotels	0.1
Machinery—Material Handling	0.1
Dental Supplies & Equipment	0.1
Internet Content—Information/News	0.1
Commercial Services	0.1
Auto—Heavy Duty Trucks	0.1
E—Commerce/Products	0.1
Finance—Commercial	0.1

77

VALIC Company II Small Cap Value Fund

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

Industry Allocation* (continued)

Containers—Metal/Glass	0.1	%
Medical Instruments	0.1
Auto/Truck Parts & Equipment—Replacement	0.1
Retail—Jewelry	0.1
Computer Data Security	0.1
Food—Canned	0.1
SupraNational Banks	0.1
Metal Processors & Fabrication	0.1
Medical—Nursing Homes	0.1
Electronic Measurement Instruments	0.1
	101.7	%

* Calculated as a percentage of net assets

78

VALIC Company II Small Cap Value Fund

PORTFOLIO OF INVESTMENTS — August 31, 2020

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.2%
Aerospace/Defense-Equipment — 0.3%
AAR Corp.		19,900	$	401,582
Moog, Inc., Class A		7,600		458,204
Triumph Group, Inc.		18,000		130,140
				989,926
Agricultural Operations — 0.1%
Fresh Del Monte Produce, Inc.		15,263		353,949
Airlines — 0.3%
Hawaiian Holdings, Inc.		39,000		524,160
SkyWest, Inc.		12,200		410,530
				934,690
Apparel Manufacturers — 0.3%
Deckers Outdoor Corp.†		3,900		795,093
Audio/Video Products — 0.2%
Sonos, Inc.†		5,500		77,385
Universal Electronics, Inc.†		11,800		484,744
				562,129
Auto-Heavy Duty Trucks — 0.1%
Navistar International Corp.†		6,600		211,068
Auto-Truck Trailers — 0.5%
Wabash National Corp.		126,900		1,549,449
Auto/Truck Parts & Equipment-Original — 1.3%
Adient PLC†		62,200		1,078,548
American Axle & Manufacturing Holdings, Inc.†		54,500		424,010
Cooper-Standard Holdings, Inc.†		900		16,308
Dana, Inc.		61,500		857,925
Gentherm, Inc.†		14,500		655,835
Meritor, Inc.†		39,300		894,468
Methode Electronics, Inc.		3,800		107,578
Modine Manufacturing Co.†		5,700		38,589
				4,073,261
Auto/Truck Parts & Equipment-Replacement — 0.1%
Douglas Dynamics, Inc.		4,600		176,594
Banks-Commercial — 13.3%
1st Source Corp.		14,020		482,989
Amalgamated Bank, Class A		19,300		227,161
American National Bankshares, Inc.		700		15,778
Ameris Bancorp		21,700		532,084
Atlantic Capital Bancshares, Inc.†		8,800		101,508
Atlantic Union Bankshares Corp.		1,000		23,260
BancFirst Corp.		14,380		632,720
Bancorp, Inc.†		67,600		642,200
BancorpSouth Bank		8,900		192,062
Bank of Commerce Holdings		4,200		30,870
Bank of N.T. Butterfield & Son, Ltd.		16,600		418,320
Bankwell Financial Group, Inc.		2,700		42,120
Banner Corp.		9,400		339,528
Bar Harbor Bankshares		17,900		362,654
Bridgewater Bancshares, Inc.†		21,700		210,924
Bryn Mawr Bank Corp.		3,500		94,990
Business First Bancshares, Inc.		11,700		169,299
Cadence BanCorp		110,900		1,053,550
California Bancorp, Inc.†		7,100		92,371
Capital Bancorp, Inc.†		4,500		46,845
Capstar Financial Holdings, Inc.		11,100		113,109
Cathay General Bancorp		29,790		735,515
Central Pacific Financial Corp.		51,300		794,637
Central Valley Community Bancorp		6,300		75,789
Century Bancorp, Inc., Class A		418		29,448
Chemung Financial Corp.		1,100		31,581

Security Description	Shares		Value (Note 2)
Banks-Commercial (continued)
CIT Group, Inc.		47,400	$	932,358
Citizens & Northern Corp.		1,600		27,424
Citizens Holding Co.		900		19,287
City Holding Co.		7,300		467,054
Codorus Valley Bancorp, Inc.		1,900		24,510
Columbia Banking System, Inc.		22,700		633,557
Community Bank System, Inc.		14,480		871,262
Community Trust Bancorp, Inc.		18,818		607,257
ConnectOne Bancorp, Inc.		46,400		701,568
Customers Bancorp, Inc.†		61,600		786,632
East West Bancorp, Inc.		1,373		50,499
Enterprise Financial Services Corp.		24,300		726,813
Equity Bancshares, Inc., Class A†		11,200		178,080
Evans Bancorp, Inc.		3,000		68,400
Farmers National Banc Corp.		12,700		148,082
FB Financial Corp.		2,026		54,702
Financial Institutions, Inc.		23,800		410,074
First Bancorp/North Carolina		8,200		167,690
First BanCorp/Puerto Rico		247,700		1,419,321
First Business Financial Services, Inc.		6,600		102,300
First Choice Bancorp		7,600		107,540
First Citizens BancShares, Inc., Class A		940		369,561
First Commonwealth Financial Corp.		110,300		904,460
First Community Bankshares, Inc.		6,900		132,756
First Community Corp.		3,600		45,648
First Financial Corp.		5,200		178,828
First Hawaiian, Inc.		10,800		178,524
First Horizon National Corp.		70,408		672,396
First Internet Bancorp		6,800		99,348
First Interstate BancSystem, Inc., Class A		4,070		133,496
First Midwest Bancorp, Inc.		20,900		260,414
First Northwest Bancorp		2,600		28,860
Flagstar Bancorp, Inc.		38,900		1,222,238
Glacier Bancorp, Inc.		6,800		238,578
Great Southern Bancorp, Inc.		19,500		751,530
Great Western Bancorp, Inc.		44,500		619,885
Hancock Whitney Corp.		43,221		864,852
Hanmi Financial Corp.		46,600		444,098
Heritage Commerce Corp.		7,400		51,282
Hilltop Holdings, Inc.		71,500		1,472,900
Home BancShares, Inc.		44,000		713,240
HomeStreet, Inc.		7,700		210,749
Hope Bancorp, Inc.		98,227		831,000
Independent Bank Corp.		22,200		331,002
Investar Holding Corp.		13,200		179,520
LCNB Corp.		6,300		92,358
Luther Burbank Corp.		24,500		227,605
Mackinac Financial Corp.		2,800		28,056
Mercantile Bank Corp.		2,200		48,048
Meridian Corp.		3,300		48,411
Meta Financial Group, Inc.		15,500		298,840
Metropolitan Bank Holding Corp.†		1,500		46,455
Midland States Bancorp, Inc.		3,800		55,518
Northrim BanCorp, Inc.		3,000		80,730
OFG Bancorp		17,000		218,280
Old Second Bancorp, Inc.		12,300		100,491
OP Bancorp		14,500		88,450
Orrstown Financial Services, Inc.		6,300		86,751
PacWest Bancorp		5,435		103,700
Preferred Bank		2,000		74,800
Premier Financial Bancorp, Inc.		2,725		34,935
Provident Bancorp, Inc.		26,700		207,726
RBB Bancorp		3,900		50,583
Renasant Corp.		1,700		43,129
Republic Bancorp, Inc., Class A		4,800		147,648

79

VALIC Company II Small Cap Value Fund

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

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Banks-Commercial (continued)		2,580	$	52,103
Select Bancorp, Inc.†		74,273		568,188
Shore Bancshares, Inc.		3,600		35,100
Sierra Bancorp		4,400		78,628
South State Corp.		18,870		1,050,682
Tompkins Financial Corp.		2,548		168,627
TriCo Bancshares		5,300		146,757
TriState Capital Holdings, Inc.†		6,300		87,570
Trustmark Corp.		59,200		1,390,016
UMB Financial Corp.		25,460		1,367,711
Umpqua Holdings Corp.		102,114		1,151,846
United Bankshares, Inc.		60,000		1,568,400
United Community Banks, Inc.		49,200		891,504
Valley National Bancorp		5,220		39,202
Veritex Holdings, Inc.		31,322		563,170
Washington Trust Bancorp, Inc.		4,280		142,866
Webster Financial Corp.		12,800		352,000
West BanCorp, Inc.		1,530		26,928
Westamerica BanCorp		18,824		1,145,629
Western New England Bancorp, Inc.		7,400		37,888
Wintrust Financial Corp.		8,400		365,568
				40,243,784
Banks-Mortgage — 0.2%
Walker & Dunlop, Inc.		8,600		471,108
Broadcast Services/Program — 0.1%
Hemisphere Media Group, Inc.†		32,800		291,920
Building & Construction Products-Misc. — 1.2%
Builders FirstSource, Inc.†		70,300		2,152,586
Caesarstone, Ltd.		33,300		367,465
Louisiana-Pacific Corp.		29,100		958,554
				3,478,605
Building & Construction-Misc. — 0.8%
EMCOR Group, Inc.		22,998		1,725,080
MYR Group, Inc.†		19,800		768,438
				2,493,518
Building Products-Doors & Windows — 0.2%
Cornerstone Building Brands, Inc.†		22,200		176,712
JELD-WEN Holding, Inc.†		5,400		113,670
Masonite International Corp.†		1,000		91,290
PGT Innovations, Inc.†		3,700		67,081
				448,753
Building Products-Light Fixtures — 0.0%
LSI Industries, Inc.		6,700		45,962
Building Products-Wood — 0.6%
Boise Cascade Co.		38,600		1,767,880
UFP Industries, Inc.		700		41,545
				1,809,425
Building-Heavy Construction — 2.1%
Aegion Corp.†		5,100		82,543
Arcosa, Inc.		20,000		925,800
Dycom Industries, Inc.†		10,800		664,308
Great Lakes Dredge & Dock Corp.†		32,000		299,840
MasTec, Inc.†		24,900		1,150,629
Primoris Services Corp.		50,000		953,000
Sterling Construction Co., Inc.†		33,900		479,346
Tutor Perini Corp.†		132,400		1,661,620
				6,217,086
Building-Maintenance & Services — 0.9%
ABM Industries, Inc.		69,400		2,646,916

Security Description	Shares		Value (Note 2)
Building-Residential/Commercial — 1.4%
KB Home		12,800	$	457,728
Meritage Homes Corp.†		17,700		1,699,731
Taylor Morrison Home Corp.†		14,900		350,597
TRI Pointe Group, Inc.†#		94,500		1,595,160
				4,103,216
Cable/Satellite TV — 0.4%
Liberty Latin America, Ltd., Class A†		64,200		629,160
Liberty Latin America, Ltd., Class C†		46,100		439,794
WideOpenWest, Inc.†		45,900		263,925
				1,332,879
Casino Hotels — 0.1%
Boyd Gaming Corp.		9,900		265,122
Cellular Telecom — 0.0%
Cambium Networks Corp.†		5,587		72,910
Chemicals-Diversified — 0.3%
Koppers Holdings, Inc.†		28,200		678,492
Orion Engineered Carbons SA		20,500		249,075
				927,567
Chemicals-Plastics — 0.4%
Avient Corp.		44,600		1,138,192
Chemicals-Specialty — 0.6%
H.B. Fuller Co.		1,100		52,987
Kraton Corp.†		30,862		433,302
Minerals Technologies, Inc.		16,860		855,645
Tronox Holdings PLC, Class A		65,500		586,880
				1,928,814
Circuit Boards — 0.4%
TTM Technologies, Inc.†		93,600		1,072,656
Coal — 0.5%
Peabody Energy Corp.		11,900		31,059
SunCoke Energy, Inc.		125,579		449,573
Warrior Met Coal, Inc.		65,600		1,014,832
				1,495,464
Coffee — 0.0%
Farmer Brothers Co.†		16,900		106,301
Commercial Services — 0.1%
WW International, Inc.†		9,800		230,104
Communications Software — 0.4%
Avaya Holdings Corp.†		69,600		1,080,192
Computer Data Security — 0.1%
SecureWorks Corp., Class A†		12,900		166,797
Computer Services — 0.7%
Conduent, Inc.†		314,600		1,063,348
Perspecta, Inc.		26,800		556,636
StarTek, Inc.†		70,600		353,000
Unisys Corp.†		16,500		192,390
				2,165,374
Computer Software — 0.3%
Xperi Holding Corp.		71,766		899,228
Computers-Integrated Systems — 0.2%
Diebold Nixdorf, Inc.†#		87,200		727,248
Consulting Services — 1.0%
GP Strategies Corp.†		29,600		285,936
Huron Consulting Group, Inc.†		14,300		620,334
ICF International, Inc.		5,500		375,705

80

VALIC Company II Small Cap Value Fund

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

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Consulting Services (continued)
Kelly Services, Inc., Class A		97,900	$	1,859,121
				3,141,096
Consumer Products-Misc. — 0.9%
Central Garden & Pet Co.†		18,200		740,558
Central Garden & Pet Co., Class A†		34,600		1,285,736
Quanex Building Products Corp.		34,100		573,221
				2,599,515
Containers-Metal/Glass — 0.1%
Greif, Inc., Class A		2,200		81,070
O-I Glass, Inc.		10,600		115,328
				196,398
Cosmetics & Toiletries — 0.2%
Edgewell Personal Care Co.†		21,500		617,265
Dental Supplies & Equipment — 0.1%
Patterson Cos., Inc.		8,200		237,882
Dialysis Centers — 0.0%
American Renal Associates Holdings, Inc.†		13,800		93,012
Distribution/Wholesale — 2.1%
Core-Mark Holding Co., Inc.		24,800		828,816
Fossil Group, Inc.†		11,000		70,785
G-III Apparel Group, Ltd.†		51,200		566,272
KAR Auction Services, Inc.		3,800		65,892
Resideo Technologies, Inc.†		3,700		49,432
ScanSource, Inc.†		74,400		1,836,936
Titan Machinery, Inc.†		22,000		297,000
Veritiv Corp.†		22,000		382,360
WESCO International, Inc.†		50,957		2,387,335
				6,484,828
Diversified Manufacturing Operations — 0.1%
EnPro Industries, Inc.		900		52,668
Fabrinet†		5,600		390,768
				443,436
Drug Delivery Systems — 0.1%
Revance Therapeutics, Inc.†		11,400		333,222
E-Commerce/Products — 0.1%
Overstock.com, Inc.†		2,300		201,250
E-Commerce/Services — 0.5%
Cars.com, Inc.†		128,100		1,111,908
Groupon, Inc.†		11,300		359,679
				1,471,587
E-Marketing/Info — 0.1%
comScore, Inc.†		134,000		352,420
E-Services/Consulting — 0.0%
Perficient, Inc.†		1,400		60,074
Electric Products-Misc. — 0.0%
Graham Corp.		2,900		38,077
Electric-Distribution — 0.2%
Genie Energy, Ltd., Class B		7,000		61,880
Spark Energy, Inc., Class A		33,900		311,541
Unitil Corp.		7,200		303,840
				677,261
Electric-Generation — 0.2%
Atlantic Power Corp.†		268,100		554,967

Security Description	Shares		Value (Note 2)
Electric-Integrated — 1.5%
Avista Corp.		15,380	$	566,907
Black Hills Corp.		16,200		908,496
IDACORP, Inc.		8,600		773,140
NorthWestern Corp.		4,600		237,544
Portland General Electric Co.		52,400		1,999,060
				4,485,147
Electronic Components-Misc. — 1.7%
Bel Fuse, Inc., Class B		46,275		556,226
Benchmark Electronics, Inc.		79,521		1,559,407
Comtech Telecommunications Corp.		4,100		68,060
OSI Systems, Inc.†		1,300		102,375
Sanmina Corp.†		60,200		1,703,660
SMART Global Holdings, Inc.†		25,677		647,060
Vishay Intertechnology, Inc.		35,600		569,244
				5,206,032
Electronic Components-Semiconductors — 0.6%
Alpha & Omega Semiconductor, Ltd.†		18,900		256,095
Amkor Technology, Inc.†		103,600		1,263,402
GSI Technology, Inc.†		8,300		52,788
Photronics, Inc.†		31,900		319,957
				1,892,242
Electronic Measurement Instruments — 0.1%
Stoneridge, Inc.†		7,226		145,965
Electronic Security Devices — 0.1%
API Group Corp.†*		29,600		418,544
Energy-Alternate Sources — 1.1%
FutureFuel Corp.		38,100		461,010
Green Plains, Inc.†		33,700		450,906
Maxeon Solar Technologies, Ltd.†		8,525		177,150
Renewable Energy Group, Inc.†		36,800		1,230,224
REX American Resources Corp.†		5,900		364,502
SunPower Corp.†#		68,200		763,158
				3,446,950
Engineering/R&D Services — 0.7%
Fluor Corp.		39,300		374,136
KBR, Inc.		72,700		1,816,773
				2,190,909
Enterprise Software/Service — 0.4%
ACI Worldwide, Inc.†		12,800		376,064
Asure Software, Inc.†		9,606		64,648
Donnelley Financial Solutions, Inc.†		20,700		225,630
MicroStrategy, Inc., Class A†		1,100		158,884
Verint Systems, Inc.†		6,100		290,116
				1,115,342
Finance-Commercial — 0.1%
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		1,500		63,690
Marlin Business Services Corp.		12,900		86,430
MMA Capital Holdings, Inc.†		2,000		46,960
				197,080
Finance-Consumer Loans — 0.5%
EZCORP, Inc., Class A†		23,800		128,044
Navient Corp.		64,400		585,396
Nelnet, Inc., Class A		13,500		884,115
				1,597,555
Finance-Investment Banker/Broker — 0.7%
Cowen, Inc., Class A		73,055		1,321,565
Oppenheimer Holdings, Inc., Class A		3,300		80,619

81

VALIC Company II Small Cap Value Fund

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

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Finance-Investment Banker/Broker (continued)
Piper Sandler Cos.		7,600	$	573,420
				1,975,604
Finance-Mortgage Loan/Banker — 0.4%
Mr. Cooper Group, Inc.†		47,100		863,108
Oportun Financial Corp.†		15,400		193,270
				1,056,378
Finance-Other Services — 0.1%
BGC Partners, Inc., Class A		13,800		34,776
Premier Financial Corp.		14,320		261,698
				296,474
Financial Guarantee Insurance — 0.9%
MBIA, Inc.†		28,200		228,702
MGIC Investment Corp.		84,100		771,197
Radian Group, Inc.		116,200		1,794,128
				2,794,027
Food-Canned — 0.1%
Seneca Foods Corp., Class A†		3,400		161,024
Food-Misc./Diversified — 0.1%
B&G Foods, Inc.#		11,500		358,110
Food-Wholesale/Distribution — 0.8%
Performance Food Group Co.†		11,400		416,214
SpartanNash Co.		65,100		1,300,698
United Natural Foods, Inc.†		30,700		554,135
				2,271,047
Footwear & Related Apparel — 0.2%
Wolverine World Wide, Inc.		19,500		487,110
Gambling (Non-Hotel) — 0.2%
International Game Technology PLC#		58,100		646,653
Gas-Distribution — 1.3%
New Jersey Resources Corp.		3,300		99,462
Northwest Natural Holding Co.		3,500		178,885
ONE Gas, Inc.		11,400		844,968
Southwest Gas Holdings, Inc.		28,540		1,794,310
Spire, Inc.		16,900		983,749
				3,901,374
Home Furnishings — 0.3%
Purple Innovation, Inc.†		37,700		712,907
Sleep Number Corp.†		5,700		273,600
				986,507
Housewares — 0.2%
Lifetime Brands, Inc.		28,000		274,960
Tupperware Brands Corp.		14,000		228,060
				503,020
Human Resources — 1.6%
Barrett Business Services, Inc.		15,900		915,363
Cross Country Healthcare, Inc.†		97,300		621,747
Heidrick & Struggles International, Inc.		53,400		1,155,042
Korn Ferry		15,700		478,850
TrueBlue, Inc.†		97,300		1,646,316
				4,817,318
Independent Power Producers — 1.2%
Clearway Energy, Inc., Class A		59,000		1,424,850
Clearway Energy, Inc., Class C		47,400		1,209,174
Vistra Corp.		46,729		898,599
				3,532,623

Security Description	Shares		Value (Note 2)
Industrial Automated/Robotic — 0.2%
Ichor Holdings, Ltd.†		21,000	$	528,360
Insurance-Life/Health — 1.0%
American Equity Investment Life Holding Co.		60,700		1,451,337
CNO Financial Group, Inc.		100,920		1,644,996
Security National Financial Corp.†		6,662		42,104
				3,138,437
Insurance-Property/Casualty — 0.8%
Ambac Financial Group, Inc.†		29,400		371,322
AMERISAFE, Inc.		600		40,038
FedNat Holding Co.		27,500		233,475
First American Financial Corp.		8,975		471,816
Global Indemnity Group LLC, Class A†		3,500		81,305
Heritage Insurance Holdings, Inc.		18,000		234,900
Horace Mann Educators Corp.		1,380		53,903
National General Holdings Corp.		12,200		415,410
ProSight Global, Inc.†		17,900		169,692
Stewart Information Services Corp.		3,100		132,277
United Insurance Holdings Corp.		16,600		125,662
Watford Holdings, Ltd.†		5,600		89,600
				2,419,400
Insurance-Reinsurance — 0.8%
Argo Group International Holdings, Ltd.		7,075		262,766
Essent Group, Ltd.		52,000		1,856,400
Third Point Reinsurance, Ltd.†		27,200		232,832
				2,351,998
Internet Content-Information/News — 0.1%
Yelp, Inc.†		10,200		235,824
Investment Management/Advisor Services — 1.0%
Blucora, Inc.†		15,400		183,722
Boston Private Financial Holdings, Inc.		54,000		320,760
Federated Hermes, Inc.		3,900		93,249
Stifel Financial Corp.		36,400		1,845,844
Virtus Investment Partners, Inc.		4,400		624,360
				3,067,935
Machine Tools & Related Products — 0.0%
Hurco Cos., Inc.		1,900		53,732
Machinery-Construction & Mining — 0.6%
Astec Industries, Inc.		15,300		806,616
Manitowoc Co, Inc.†		9,700		91,374
Terex Corp.		47,800		935,446
				1,833,436
Machinery-Electrical — 0.6%
Argan, Inc.		45,500		1,926,015
Bloom Energy Corp. Class A†#		1,600		25,056
				1,951,071
Machinery-Farming — 0.3%
AGCO Corp.		10,860		772,146
Machinery-General Industrial — 0.2%
Altra Industrial Motion Corp.		5,400		210,870
DXP Enterprises, Inc.†		13,100		252,044
Gencor Industries, Inc.†		7,300		92,053
				554,967
Machinery-Material Handling — 0.1%
Columbus McKinnon Corp.		6,700		243,713
Machinery-Print Trade — 0.1%
Eastman Kodak Co.†#		50,600		302,588

82

VALIC Company II Small Cap Value Fund

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

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Machinery-Pumps — 0.0%
CIRCOR International, Inc.†		3,400	$	100,810
Medical Information Systems — 0.5%
Allscripts Healthcare Solutions, Inc.†		171,500		1,531,495
Computer Programs & Systems, Inc.		3,500		95,760
				1,627,255
Medical Instruments — 0.1%
Apyx Medical Corp.†		39,700		182,223
Medical Labs & Testing Services — 0.2%
MEDNAX, Inc.†		31,900		592,702
Medical Products — 0.4%
Hanger, Inc.†		10,300		203,528
Invacare Corp.		29,600		200,688
LivaNova PLC†		3,200		150,080
Orthofix Medical, Inc.†		18,200		552,188
				1,106,484
Medical-Biomedical/Gene — 1.8%
Acceleron Pharma, Inc.†		5,100		497,097
Akero Therapeutics, Inc.†		11,100		361,860
AMAG Pharmaceuticals, Inc.†#		4,500		46,620
Arcus Biosciences, Inc.†		31,030		738,514
BioCryst Pharmaceuticals, Inc.†		26,900		111,635
Epizyme, Inc.†		22,100		287,300
Fate Therapeutics, Inc.†		16,300		593,320
Five Prime Therapeutics, Inc.†		15,100		64,477
Iovance Biotherapeutics, Inc.†		22,400		746,592
Karyopharm Therapeutics, Inc.†#		14,200		215,982
Myriad Genetics, Inc.†		9,100		121,667
Novavax, Inc.†#		9,900		1,092,366
Scholar Rock Holding Corp.†#		13,800		208,380
WaVe Life Sciences, Ltd.†		36,300		454,839
				5,540,649
Medical-Drugs — 1.4%
89bio, Inc.†		15,400		592,900
Enanta Pharmaceuticals, Inc.†		3,300		172,227
Intra-Cellular Therapies, Inc.†		12,400		225,928
Kala Pharmaceuticals, Inc.†		17,400		154,860
Lannett Co., Inc.†#		136,100		715,886
Minerva Neurosciences, Inc.†#		23,300		74,094
Prestige Consumer Healthcare, Inc.†		8,600		313,298
Protagonist Therapeutics, Inc.†		53,400		1,196,160
Spectrum Pharmaceuticals, Inc.†		133,600		562,456
Spero Therapeutics, Inc.†		18,562		201,769
Zogenix, Inc.†		3,400		80,478
				4,290,056
Medical-Generic Drugs — 0.3%
Endo International PLC†		275,420		829,014
Medical-HMO — 0.5%
Magellan Health, Inc.†		10,000		754,600
Tivity Health, Inc.†		52,500		858,900
				1,613,500
Medical-Hospitals — 0.8%
Community Health Systems, Inc.†#		68,300		353,111
Surgery Partners, Inc.†		27,400		523,066
Tenet Healthcare Corp.†		50,400		1,420,272
				2,296,449
Medical-Nursing Homes — 0.1%
National HealthCare Corp.		2,300		146,510

Security Description	Shares		Value (Note 2)
Medical-Wholesale Drug Distribution — 0.7%
Owens & Minor, Inc.		134,650	$	2,232,497
Metal Processors & Fabrication — 0.1%
LB Foster Co., Class A†		7,400		110,630
Mueller Industries, Inc.		1,400		41,580
				152,210
Metal Products-Distribution — 0.5%
Ryerson Holding Corp.†		8,000		44,080
Worthington Industries, Inc.		34,940		1,451,058
				1,495,138
Metal-Aluminum — 0.4%
Arconic Corp.†		28,700		638,575
Century Aluminum Co.†		26,400		260,568
Kaiser Aluminum Corp.		5,900		379,252
				1,278,395
Motion Pictures & Services — 0.2%
Eros International PLC†#		172,800		537,408
Multimedia — 0.2%
E.W. Scripps Co., Class A		52,100		579,352
Networking Products — 0.2%
Infinera Corp.†		83,700		610,173
NeoPhotonics Corp.†		12,400		82,584
				692,757
Office Automation & Equipment — 0.1%
Pitney Bowes, Inc.		80,700		443,043
Office Furnishings-Original — 0.3%
HNI Corp.		7,500		238,875
Kimball International, Inc., Class B		8,000		89,680
Knoll, Inc.		16,100		207,207
Steelcase, Inc., Class A		44,300		462,935
				998,697
Office Supplies & Forms — 0.4%
ACCO Brands Corp.		204,700		1,326,456
Oil & Gas Drilling — 0.0%
Patterson-UTI Energy, Inc.		10,800		41,580
ProPetro Holding Corp.†		4,100		25,748
				67,328
Oil Companies-Exploration & Production — 1.2%
Berry Corp.		150,616		593,427
Bonanza Creek Energy, Inc.†		10,000		200,400
CNX Resources Corp.†		29,500		323,320
Evolution Petroleum Corp.		21,600		58,968
Kosmos Energy, Ltd.		38,800		57,036
Magnolia Oil & Gas Corp., Class A†		72,500		466,900
Ovintiv, Inc.#		49,100		544,028
PDC Energy, Inc.†		55,100		834,214
Range Resources Corp.		18,200		135,772
Southwestern Energy Co.†		74,000		205,720
Talos Energy, Inc.†		10,600		79,606
W&T Offshore, Inc.†#		62,900		140,267
				3,639,658
Oil Refining & Marketing — 0.6%
CVR Energy, Inc.		34,500		575,805
Delek US Holdings, Inc.		42,800		673,244
Murphy USA, Inc.†		2,000		269,720
Par Pacific Holdings, Inc.†		16,800		145,824
PBF Energy, Inc., Class A		7,400		63,344
				1,727,937

83

VALIC Company II Small Cap Value Fund

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

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Oil-Field Services — 1.4%
ChampionX Corp.†		38,900	$	398,336
Matrix Service Co.†		85,400		789,096
MRC Global, Inc.†		72,900		414,801
NexTier Oilfield Solutions, Inc.†		207,321		522,449
NOW, Inc.†		196,700		1,430,009
Oceaneering International, Inc.†		45,800		246,862
Select Energy Services, Inc., Class A†		111,100		529,947
				4,331,500
Paper & Related Products — 0.8%
Domtar Corp.		20,240		577,245
P.H. Glatfelter Co.		11,500		172,385
Schweitzer-Mauduit International, Inc.		41,100		1,246,563
Verso Corp., Class A		38,400		503,424
				2,499,617
Pastoral & Agricultural — 0.4%
Darling Ingredients, Inc.†		35,400		1,131,738
Sanderson Farms, Inc.		725		84,796
				1,216,534
Power Converter/Supply Equipment — 0.2%
Powell Industries, Inc.		25,300		682,847
Printing-Commercial — 0.3%
Cimpress PLC†		1,200		111,240
Deluxe Corp.		13,200		374,880
Ennis, Inc.		9,500		174,135
Quad/Graphics, Inc.		109,300		381,457
				1,041,712
Publishing-Books — 0.3%
Gannett Co, Inc.#		105,300		182,169
Houghton Mifflin Harcourt Co.†		274,600		620,596
				802,765
Publishing-Newspapers — 0.2%
TEGNA, Inc.		43,800		548,376
Publishing-Periodicals — 0.0%
Meredith Corp.#		5,300		74,200
Racetracks — 0.1%
Penn National Gaming, Inc.†#		5,300		270,830
Real Estate Investment Trusts — 11.1%
Acadia Realty Trust		29,300		332,262
Agree Realty Corp.		5,000		334,600
Alexander & Baldwin, Inc.		50,875		616,096
American Assets Trust, Inc.		26,300		671,965
American Finance Trust, Inc.		63,900		436,756
Apollo Commercial Real Estate Finance, Inc.		56,500		505,110
Ares Commercial Real Estate Corp.		43,100		429,276
Armada Hoffler Properties, Inc.		51,100		516,110
ARMOUR Residential REIT, Inc.		41,900		406,011
Blackstone Mtg. Trust, Inc., Class A		45,600		1,083,912
Bluerock Residential Growth REIT, Inc.		1,600		11,856
BRT Apartments Corp.		5,500		73,425
Capstead Mtg. Corp.		6,500		40,105
CatchMark Timber Trust, Inc., Class A		24,000		238,320
Chatham Lodging Trust		13,200		91,344
Cherry Hill Mtg. Investment Corp.		3,287		31,424
City Office REIT, Inc.		83,800		673,752
Colony Credit Real Estate, Inc.		5,400		32,508
CoreCivic, Inc.		9,000		83,790
CorEnergy Infrastructure Trust, Inc.#		8,408		75,168
CorePoint Lodging, Inc.		27,700		157,336
CoreSite Realty Corp.		2,000		244,900

Security Description	Shares		Value (Note 2)
Real Estate Investment Trusts (continued)
Cousins Properties, Inc.		17,349	$	517,868
DiamondRock Hospitality Co.		228,334		1,210,170
Diversified Healthcare Trust		20,700		78,660
Dynex Capital, Inc.#		7,700		121,968
Easterly Government Properties, Inc.		26,700		645,873
Ellington Financial, Inc.		9,300		115,878
Essential Properties Realty Trust, Inc.		20,400		346,188
First Industrial Realty Trust, Inc.		27,900		1,189,935
Franklin Street Properties Corp.		6,800		30,124
GEO Group, Inc.		13,600		151,776
Getty Realty Corp.		24,946		730,668
Gladstone Commercial Corp.		45,300		888,333
Global Medical REIT, Inc.		5,200		66,508
Global Net Lease, Inc.		38,400		672,000
Healthcare Realty Trust, Inc.		9,500		274,075
Hersha Hospitality Trust		2,900		18,647
Highwoods Properties, Inc.		11,300		421,038
Hudson Pacific Properties, Inc.		5,400		126,792
Invesco Mtg. Capital, Inc.		23,268		69,804
Jernigan Capital, Inc.		6,600		113,784
Kite Realty Group Trust		33,700		378,788
KKR Real Estate Finance Trust, Inc.		27,800		505,960
Ladder Capital Corp.		123,800		922,310
Lexington Realty Trust		38,600		438,882
Mack-Cali Realty Corp.		30,400		383,952
Monmouth Real Estate Investment Corp.		8,500		123,335
New Senior Investment Group, Inc.		122,500		536,550
New York Mtg. Trust, Inc.		28,300		74,712
NexPoint Residential Trust, Inc.		1,200		49,680
Office Properties Income Trust		2,200		52,448
One Liberty Properties, Inc.		2,023		38,761
Pebblebrook Hotel Trust		12,193		153,876
PennyMac Mtg. Investment Trust		54,100		927,274
Physicians Realty Trust		39,700		720,555
Piedmont Office Realty Trust, Inc., Class A		30,400		465,424
Plymouth Industrial REIT, Inc.		2,200		29,370
PotlatchDeltic Corp.		32,300		1,487,092
PS Business Parks, Inc.		1,900		239,780
Ready Capital Corp.#		17,400		178,002
Redwood Trust, Inc.		111,400		772,002
Retail Opportunity Investments Corp.		42,200		469,686
Retail Properties of America, Inc., Class A		100,900		636,679
Retail Value, Inc.		6,500		82,615
RLJ Lodging Trust		37,826		357,077
Sabra Health Care REIT, Inc.		55,400		821,582
Saul Centers, Inc.		1,400		39,228
Service Properties Trust		29,340		240,881
SITE Centers Corp.		41,400		310,914
STAG Industrial, Inc.		59,100		1,908,930
Summit Hotel Properties, Inc.		8,200		48,298
Sunstone Hotel Investors, Inc.		234,372		1,952,319
TPG RE Finance Trust, Inc.		50,600		446,292
Two Harbors Investment Corp.		195,605		1,066,047
UMH Properties, Inc.		4,000		58,160
Urban Edge Properties		65,400		690,624
Urstadt Biddle Properties, Inc., Class A		13,100		121,830
Xenia Hotels & Resorts, Inc.		103,000		924,940
				33,530,970
Real Estate Management/Services — 0.5%
Newmark Group, Inc., Class A		72,229		319,974
Realogy Holdings Corp.#		114,300		1,266,444
				1,586,418

84

VALIC Company II Small Cap Value Fund

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

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Rental Auto/Equipment — 0.4%
Aaron’s, Inc.		15,300	$	855,117
Rent-A-Center, Inc.		12,000		368,400
				1,223,517
Resort/Theme Parks — 0.1%
Marriott Vacations Worldwide Corp.		3,800		359,746
Retail-Apparel/Shoe — 0.5%
Abercrombie & Fitch Co., Class A		50,600		658,306
Express, Inc.†#		63,000		69,930
Genesco, Inc.†		15,300		298,350
Guess?, Inc.		39,800		457,700
Winmark Corp.		469		72,437
				1,556,723
Retail-Appliances — 0.0%
Conn’s, Inc.†		5,900		75,402
Retail-Arts & Crafts — 0.1%
Michaels Cos., Inc.†#		24,900		280,125
Retail-Automobile — 0.8%
Group 1 Automotive, Inc.		6,300		544,572
Lithia Motors, Inc., Class A		2,700		672,192
Rush Enterprises, Inc., Class A		8,600		415,552
Sonic Automotive, Inc., Class A		20,700		874,782
				2,507,098
Retail-Bedding — 0.3%
Bed Bath & Beyond, Inc.#		67,100		817,278
Retail-Building Products — 1.2%
Beacon Roofing Supply, Inc.†		10,300		349,067
BMC Stock Holdings, Inc.†		53,800		2,147,696
Foundation Building Materials, Inc.†		13,600		220,728
GMS, Inc.†		38,700		1,025,163
				3,742,654
Retail-Discount — 0.5%
Big Lots, Inc.		28,900		1,362,635
Citi Trends, Inc.		10,100		195,233
				1,557,868
Retail-Drug Store — 0.1%
Rite Aid Corp.†#		27,604		359,404
Retail-Home Furnishings — 0.1%
Haverty Furniture Cos., Inc.		15,300		323,136
Retail-Jewelry — 0.1%
Movado Group, Inc.		3,100		33,821
Signet Jewelers, Ltd.#		7,800		134,706
				168,527
Retail-Leisure Products — 0.0%
MarineMax, Inc.†		2,700		79,407
Retail-Misc./Diversified — 0.1%
GameStop Corp., Class A†#		23,000		153,640
PriceSmart, Inc.		1,800		118,350
				271,990
Retail-Office Supplies — 0.4%
ODP Corp.		52,400		1,225,112
Retail-Regional Department Stores — 0.3%
Dillard’s, Inc., Class A#		24,700		746,187
Macy’s, Inc.		39,300		273,921
				1,020,108

Security Description	Shares		Value (Note 2)
Retail-Restaurants — 0.6%
Brinker International, Inc.		34,300	$	1,544,872
Dine Brands Global, Inc.		5,100		303,756
				1,848,628
Retail-Sporting Goods — 0.5%
Hibbett Sports, Inc.†		23,200		774,184
Zumiez, Inc.†		30,600		785,808
				1,559,992
Rubber-Tires — 0.4%
Cooper Tire & Rubber Co.		16,400		566,948
Goodyear Tire & Rubber Co.		71,000		681,245
				1,248,193
Rubber/Plastic Products — 0.3%
Myers Industries, Inc.		4,158		63,617
Trinseo SA		30,645		763,367
				826,984
Satellite Telecom — 0.2%
Gogo, Inc.†		133,900		688,246
KVH Industries, Inc.†		6,200		55,738
				743,984
Savings & Loans/Thrifts — 2.8%
BankFinancial Corp.		24,600		178,596
Berkshire Hills Bancorp, Inc.		48,900		448,902
Brookline Bancorp, Inc.		26,500		254,400
Dime Community Bancshares, Inc.		16,600		214,140
ESSA Bancorp, Inc.		4,700		60,160
Flushing Financial Corp.		21,900		265,647
FS Bancorp, Inc.		1,800		71,316
HomeTrust Bancshares, Inc.		17,000		238,510
Investors Bancorp, Inc.		192,900		1,494,975
Meridian Bancorp, Inc.		35,500		413,220
Northfield Bancorp, Inc.		71,200		687,792
OceanFirst Financial Corp.		55,400		864,794
Pacific Premier Bancorp, Inc.		11,600		262,044
People’s United Financial, Inc.		9,725		102,890
Provident Financial Holdings, Inc.		1,900		22,629
Provident Financial Services, Inc.		67,577		890,665
Territorial Bancorp, Inc.		3,600		76,176
Washington Federal, Inc.		56,500		1,324,925
Waterstone Financial, Inc.		10,100		156,449
WSFS Financial Corp.		11,256		329,801
				8,358,031
Schools — 0.5%
American Public Education, Inc.†		22,100		694,824
K12, Inc.†		19,900		740,479
				1,435,303
Semiconductor Equipment — 0.5%
Cohu, Inc.		44,600		767,120
Ultra Clean Holdings, Inc.†		9,200		225,584
Veeco Instruments, Inc.†		40,800		485,112
				1,477,816
Steel-Producers — 0.7%
Commercial Metals Co.		105,900		2,210,133
Steel-Specialty — 0.0%
Allegheny Technologies, Inc.†		10,100		84,133
SupraNational Banks — 0.1%
Banco Latinoamericano de Comercio Exterior SA, Class E		12,700		154,686

85

VALIC Company II Small Cap Value Fund

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

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Telecom Services — 0.5%
ATN International, Inc.		6,200	$	359,600
Consolidated Communications Holdings, Inc.†		89,000		692,420
Spok Holdings, Inc.		31,400		340,376
				1,392,396
Telecommunication Equipment — 0.1%
ADTRAN, Inc.		37,800		419,202
Television — 0.7%
AMC Networks, Inc., Class A†		33,000		801,570
Gray Television, Inc.†		24,600		381,792
Sinclair Broadcast Group, Inc., Class A#		37,500		780,375
				1,963,737
Theaters — 0.3%
Cinemark Holdings, Inc.		66,600		975,690
Transactional Software — 0.2%
Synchronoss Technologies, Inc.†#		139,600		612,844
Transport-Air Freight — 0.0%
Atlas Air Worldwide Holdings, Inc.†		1,100		62,029
Transport-Marine — 0.5%
Costamare, Inc.		78,200		394,910
DHT Holdings, Inc.		13,600		71,944
Diamond S Shipping, Inc.†		13,093		107,232
Dorian LPG, Ltd.†		28,900		243,916
International Seaways, Inc.		9,300		157,728
SEACOR Holdings, Inc.†		13,300		420,413
				1,396,143
Transport-Services — 1.3%
Bristow Group, Inc.†		3,233		61,136
Echo Global Logistics, Inc.†		62,800		1,715,696
Hub Group, Inc., Class A†		38,600		2,078,224
				3,855,056
Transport-Truck — 1.1%
ArcBest Corp.		91,220		3,085,060
Covenant Logistics Group, Inc.†		4,900		89,817
				3,174,877
Travel Services — 0.1%
Liberty TripAdvisor Holdings, Inc., Class A†		159,200		445,760
Water — 0.4%
Arch Resources, Inc., Class A		25,600		964,352
Consolidated Water Co., Ltd.		12,500		150,375
				1,114,727
Wireless Equipment — 0.2%
Maxar Technologies, Inc.		22,900		530,135
X-Ray Equipment — 0.0%
Varex Imaging Corp.†		12,900		143,061
Total Long-Term Investment Securities
(cost $302,366,716)				296,628,164

Security Description	Shares/ Principal Amount			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 1.7%
Registered Investment Companies — 1.7%
State Street Navigator Securities Lending Government Money Market Portfolio 0.10%(1)(2) (cost $5,001,815)		5,001,815		$	5,001,815
REPURCHASE AGREEMENTS — 1.8%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00%, dated 08/31/2020, to be repurchased 09/01/2020 in the amount of $5,497,000 and collateralized by $5,213,000 of United States Treasury Notes, bearing interest at 1.62% due 05/15/2026 and having an approximate value of $5,607,093 (cost $5,497,000)	$	5,497,000			5,497,000
TOTAL INVESTMENTS
(cost $312,865,531)(3)		101.7	%		307,126,979
Liabilities in excess of other assets		(1.7	)		(5,006,967	)
NET ASSETS		100.0	%	$	302,120,012

† 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 August 31, 2020, the aggregate value of these securities was $418,544 representing 0.1% of net assets.

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

(2) At August 31, 2020, the Fund had loaned securities with a total value of $8,552,439. This was secured by collateral of $5,001,815, which was received in cash and subsequently invested in short-term investments currently valued at $5,001,815 as reported in the Portfolio of Investments. Additional collateral of $4,044,886 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of August 31, 2020
Federal Home Loan Mtg. Corp.	2.50% to 3.50%	12/01/2047 to 03/01/2050	$     55,125
Federal National Mtg. Assoc.	1.49% to 4.00%	01/25/2030 to 05/25/2050	102,281
Government National Mtg. Assoc.	2.50% to 2.70%	09/20/2046 to 05/16/2053	4,694
United States Treasury Bills	0.00%	09/15/2020 to 07/15/2021	148,070
United States Treasury Notes/Bonds	0.13% to 8.13%	09/15/2020 to 11/15/2049	3,734,716

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

86

VALIC Company II Small Cap Value Fund

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

Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	64	Long	Russell 2000 E-Mini Index		September 2020	$	4,949,235	$	4,996,160	$	46,925

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

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

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	296,628,164	$	—	$	—	$	296,628,164
Short-Term Investment Securities		5,001,815		—		—		5,001,815
Repurchase Agreements		—		5,497,000		—		5,497,000
Total Investments at Value		$301,629,979	$	5,497,000	$	—	$	307,126,979
Other Financial Instruments:+
Futures Contracts	$	46,925	$	—	$	—	$	46,925

* 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

87

VALIC Company II Strategic Bond Fund

PORTFOLIO PROFILE — August 31, 2020 (unaudited)

Industry Allocation*

Sovereign	15.8	%
Federal National Mtg. Assoc.	9.2
Registered Investment Companies	5.7
Federal Home Loan Mtg. Corp.	4.0
Diversified Banking Institutions	3.1
Real Estate Investment Trusts	2.6
Diversified Financial Services	2.4
Pipelines	2.3
Government National Mtg. Assoc.	2.3
Banks — Commercial	2.2
Oil Companies — Exploration & Production	1.9
Oil Companies — Integrated	1.4
Cable/Satellite TV	1.4
Cellular Telecom	1.4
Electric — Integrated	1.2
Auto — Cars/Light Trucks	1.2
Telephone — Integrated	1.1
Finance — Consumer Loans	1.0
Electric — Generation	1.0
Satellite Telecom	0.9
Medical — Hospitals	0.9
Food — Misc./Diversified	0.8
Containers — Paper/Plastic	0.7
Medical — Drugs	0.7
Chemicals — Diversified	0.7
Distribution/Wholesale	0.7
Oil — Field Services	0.6
Computer Services	0.6
Metal — Copper	0.6
Retail — Restaurants	0.6
Electric — Distribution	0.6
Insurance — Life/Health	0.6
Airlines	0.6
Protection/Safety	0.5
Enterprise Software/Service	0.5
Metal — Iron	0.5
Retail — Petroleum Products	0.5
Food — Retail	0.5
Resorts/Theme Parks	0.5
Containers — Metal/Glass	0.4
Security Services	0.4
Television	0.4
Independent Power Producers	0.4
Multimedia	0.4
Hotels/Motels	0.4
Batteries/Battery Systems	0.4
Electronic Parts Distribution	0.4
Casino Hotels	0.4
Agricultural Chemicals	0.4
Federal Home Loan Bank	0.4
Computers	0.4
Aerospace/Defense — Equipment	0.4
Auto/Truck Parts & Equipment — Original	0.4
Telecom Services	0.4
Broadcast Services/Program	0.3
Finance — Credit Card	0.3
Internet Content — Entertainment	0.3
Banks — Super Regional	0.3
Oil Refining & Marketing	0.3
Chemicals — Specialty	0.3
Commercial Services — Finance	0.3
Cosmetics & Toiletries	0.3
Real Estate Management/Services	0.3
Cruise Lines	0.3
Finance — Mortgage Loan/Banker	0.3
Human Resources	0.3
E-Commerce/Services	0.3
Commercial Services	0.3
Paper & Related Products	0.3

Auction Houses/Art Dealers	0.3
Food — Wholesale/Distribution	0.3
Steel — Producers	0.3
Investment Management/Advisor Services	0.3
Real Estate Operations & Development	0.3
Building Products — Doors & Windows	0.3
Rental Auto/Equipment	0.3
Finance — Auto Loans	0.3
Diversified Minerals	0.3
Motion Pictures & Services	0.3
Transport — Air Freight	0.3
Financial Guarantee Insurance	0.3
Vitamins & Nutrition Products	0.3
Computer Software	0.3
Medical — Generic Drugs	0.3
Brewery	0.3
Research & Development	0.3
Computers — Integrated Systems	0.2
Casino Services	0.2
Medical Products	0.2
Building & Construction Products — Misc.	0.2
Uniform Mtg. Backed Securities	0.2
Transport — Rail	0.2
Medical — Biomedical/Gene	0.2
Theaters	0.2
Diagnostic Equipment	0.2
Electronic Components — Semiconductors	0.2
SupraNational Banks	0.2
Gas — Distribution	0.2
Coal	0.2
Metal — Diversified	0.2
Recycling	0.2
Food — Meat Products	0.2
Advertising Sales	0.2
Machinery — Farming	0.2
Insurance — Property/Casualty	0.2
Data Processing/Management	0.2
Investment Companies	0.2
Finance — Investment Banker/Broker	0.2
Non — Hazardous Waste Disposal	0.2
Finance — Leasing Companies	0.2
Applications Software	0.2
Direct Marketing	0.2
Electric Products — Misc.	0.2
Pharmacy Services	0.2
Chemicals — Other	0.2
Auto — Heavy Duty Trucks	0.2
Metal — Aluminum	0.2
Transport — Services	0.2
Internet Connectivity Services	0.2
Medical — HMO	0.2
Medical Labs & Testing Services	0.2
Industrial Gases	0.2
Building & Construction — Misc.	0.2
Diversified Manufacturing Operations	0.1
Energy — Alternate Sources	0.1
Building — Residential/Commercial	0.1
Food — Dairy Products	0.1
Airport Development/Maintenance	0.1
Insurance — Multi-line	0.1
Poultry	0.1
Consumer Products — Misc.	0.1
Retail — Appliances	0.1
Building Products — Air & Heating	0.1
Insurance Brokers	0.1
Warehousing & Harbor Transportation Services	0.1
Savings & Loans/Thrifts	0.1
Beverages — Non-alcoholic	0.1
Banks — Money Center	0.1

88

VALIC Company II Strategic Bond Fund

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

Industry Allocation* (continued) Retail — Pawn Shops	0.1	%
United States Treasury Notes	0.1
Building Products — Wood	0.1
United States Treasury Bonds	0.1
Trucking/Leasing	0.1
Machinery — Pumps	0.1
Aerospace/Defense	0.1
Banks — Special Purpose	0.1
Machinery — Construction & Mining	0.1
Publishing — Periodicals	0.1
Tools — Hand Held	0.1
Petrochemicals	0.1
Telecom Equipment — Fiber Optics	0.1
Oil Field Machinery & Equipment	0.1
Transport — Equipment & Leasing	0.1
Web Portals/ISP	0.1
Auto Repair Centers	0.1
Electronic Measurement Instruments	0.1
Retail — Sporting Goods	0.1
Building Products — Cement	0.1
Sovereign Agency	0.1
Finance — Commercial	0.1
Retail — Regional Department Stores	0.1
Retail — Discount	0.1
Internet Financial Services	0.1
Metal Processors & Fabrication	0.1
Transport — Truck	0.1
Computer Graphics	0.1
Quarrying	0.1
	101.2	%

* Calculated as a percentage of net assets.

Credit Quality†#

Aaa	18.4	%
Aa	2.4
A	6.5
Baa	16.7
Ba	19.5
B	23.6
Caa	5.0
Not Rated@	7.9
	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.

89

VALIC Company II Strategic Bond Fund

PORTFOLIO OF INVESTMENTS — August 31, 2020

Security Description	Principal Amount(19)		Value (Note 2)
ASSET BACKED SECURITIES — 2.2%
Diversified Financial Services — 2.2%
AmeriCredit Automobile Receivables Trust Series 2019-1, Class A3 2.97% due 11/20/2023	$	500,000	$	510,636
BA Credit Card Trust Series 2019-A1, Class A1 1.74% due 01/15/2025		500,000		513,780
BA Credit Card Trust Series 2018-A2, Class A2 3.00% due 09/15/2023		318,000		323,450
BANK Series 2019-BN16, Class A2 3.93% due 02/15/2052(1)		680,000		730,335
Benchmark Mtg. Trust Series 2019-B9, Class AAB 3.93% due 03/15/2052(1)		850,000		978,461
BMW Vehicle Lease Trust Series 2019-1, Class A4 2.92% due 08/22/2022		350,000		356,151
BX Commercial Mtg. Trust FRS Series 2019-IMC, Class A 1.16% (1 ML+1.00%) due 04/15/2034*(1)		700,000		671,973
Capital One Prime Auto Receivables Trust Series 2019-2, Class A3 1.92% due 05/15/2024		100,000		102,303
CarMax Auto Owner Trust Series 2019-3, Class A3 2.18% due 08/15/2024		200,000		205,891
CarMax Auto Owner Trust Series 2020-3, Class D 2.53% due 01/15/2027		300,000		303,463
CarMax Auto Owner Trust Series 2019-2, Class A3 2.68% due 03/15/2024		250,000		257,454
CarMax Auto Owner Trust Series 2018-4, Class A3 3.36% due 09/15/2023		400,000		410,878
Chase Mtg. Finance Corp. VRS Series 2016-SH2, Class M2 3.75% due 12/25/2045*(2)(3)		520,811		533,212
Citibank Credit Card Issuance Trust Series 2018-A1, Class A1 2.49% due 01/20/2023		100,000		100,867
Citibank Credit Card Issuance Trust Series 2018-A7, Class A7 3.96% due 10/13/2030		100,000		122,015
Citigroup Commercial Mtg. Trust VRS Series 2018-C5, Class A4 4.23% due 06/10/2051(1)(2)		1,000,000		1,182,469
COMM Mtg. Trust VRS Series 2015-CR22, Class XA 1.03% due 03/10/2048(1)(2)(4)		4,172,620		124,728
COMM Mtg. Trust VRS Series 2016-787S, Class B 3.96% due 02/10/2036*(1)(2)		250,000		263,526
CSAIL Commercial Mtg. Trust Series 2017-C8, Class A2 2.99% due 06/15/2050(1)		150,000		153,010
CSAIL Commercial Mtg. Trust Series 2019-C17, Class A2 3.00% due 09/15/2052(1)		1,675,000		1,763,588
CSAIL Commercial Mtg. Trust Series 2015-C1, Class A4 3.51% due 04/15/2050(1)		490,000		532,153

Security Description	Principal Amount(19)		Value (Note 2)
Diversified Financial Services (continued)
GM Financial Consumer Automobile Receivables Trust Series 2017-3A, Class 4A 2.13% due 03/16/2023*	$	200,000	$	202,692
GM Financial Consumer Automobile Receivables Trust Series 2019-3, Class A3 2.18% due 04/16/2024		132,000		135,018
Honda Auto Receivables Owner Trust Series 2020-2, Class A4 1.09% due 10/15/2026		100,000		101,798
Honda Auto Receivables Owner Trust Series 2019-1, Class A3 2.83% due 03/20/2023		233,000		238,403
ILPT Trust Series 2019-SURF, Class A 4.15% due 02/11/2041*(1)		960,000		1,091,721
Jackson Park Trust Series 2019-LIC, Class A 2.77% due 10/14/2039*(1)		2,500,000		2,659,595
JP Morgan Mtg. Trust VRS Series 2017-6, Class A6 3.00% due 12/25/2048*(2)(3)		971,713		975,463
JP Morgan Mtg. Trust VRS Series 2018-1, Class A5 3.50% due 06/25/2048*(2)(3)		739,278		744,068
MTRO Commercial Mtg. Trust FRS Series 2019-TECH, Class A 1.06% (1 ML+0.90%) due 12/15/2033*(1)		550,000		547,589
Navient Private Education Refi Loan Trust Series 2020-FA, Class A 1.22% due 07/15/2069*		400,000		400,581
One Bryant Park Trust Series 2019-OBP, Class A 2.52% due 09/15/2054*(1)		640,000		682,843
Shellpoint Co-Originator Trust VRS Series 2017-2, Class A1 3.50% due 10/25/2047*(2)(3)		476,100		487,364
Toyota Auto Loan Extended Note Trust Series 2019-1A, Class A 2.56% due 11/25/2031*		425,000		456,065
Toyota Auto Receivables Owner Trust Series 2018-C, Class A4 3.13% due 02/15/2024		200,000		209,407
Verizon Owner Trust Series 2018-1A, Class C 3.20% due 09/20/2022*		100,000		101,304
Volkswagen Auto Loan Enhanced Trust Series 2020-1, Class A4 1.26% due 08/20/2026		340,000		348,314
Volkswagen Auto Loan Enhanced Trust Series 2018-2, Class A4 3.33% due 02/20/2025		150,000		157,545
World Financial Network Credit Card Master Trust Series 2019-C, Class M 2.71% due 07/15/2026		250,000		249,830
Total Asset Backed Securities
(cost $19,051,893)				19,929,943
U.S. CORPORATE BONDS & NOTES — 39.3%
Advertising Agencies — 0.0%
Omnicom Group, Inc. Senior Notes 2.45% due 04/30/2030		273,000		282,362

90

VALIC Company II Strategic Bond Fund

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

Security Description	Principal Amount(19)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Advertising Agencies (continued)
Omnicom Group, Inc. Senior Notes 4.20% due 06/01/2030	$	68,000	$	79,178
				361,540
Advertising Sales — 0.2%
National CineMedia LLC Senior Sec. Notes 5.88% due 04/15/2028*		2,266,000		1,835,460
Aerospace/Defense — 0.1%
BAE Systems Holdings, Inc. Company Guar. Notes 3.85% due 12/15/2025*		506,000		571,830
Aerospace/Defense - Equipment — 0.4%
Moog, Inc. Company Guar. Notes 4.25% due 12/15/2027*		1,150,000		1,187,375
Spirit AeroSystems, Inc. Sec. Notes 7.50% due 04/15/2025*		2,098,000		2,117,658
				3,305,033
Agricultural Operations — 0.0%
Archer-Daniels-Midland Co. Senior Notes 2.75% due 03/27/2025		135,000		147,061
Airlines — 0.5%
American Airlines, Inc. Senior Sec. Notes 11.75% due 07/15/2025*		2,300,000		2,208,598
Delta Air Lines, Inc. Senior Sec. Notes 7.00% due 05/01/2025*		2,007,000		2,197,803
				4,406,401
Applications Software — 0.1%
SS&C Technologies, Inc. Company Guar. Notes 5.50% due 09/30/2027*		1,056,000		1,131,082
Auction Houses/Art Dealers — 0.3%
Sotheby’s Senior Sec. Notes 7.38% due 10/15/2027*#		2,315,000		2,361,300
Auto - Cars/Light Trucks — 1.0%
BMW US Capital LLC Company Guar. Notes 3.10% due 04/12/2021*		154,000		156,538
Ford Motor Co. Senior Notes 4.75% due 01/15/2043		1,744,000		1,615,380
Ford Motor Co. Senior Notes 6.63% due 10/01/2028		2,726,000		3,007,132
Ford Motor Co. Senior Notes 7.45% due 07/16/2031		285,000		332,112
Ford Motor Credit Co. LLC Senior Notes 5.13% due 06/16/2025		322,000		338,335
General Motors Co. Senior Notes 6.80% due 10/01/2027		239,000		292,219

Security Description	Principal Amount(19)		Value (Note 2)
Auto - Cars/Light Trucks (continued)
General Motors Financial Co., Inc. Senior Notes 0.20% due 09/02/2022	EUR	1,675,000	$	1,973,700
General Motors Financial Co., Inc. Senior Notes 2.75% due 06/20/2025		286,000		295,464
Hyundai Capital America Senior Notes 3.40% due 06/20/2024*		258,000		275,079
Nissan Motor Acceptance Corp. Senior Notes 2.65% due 07/13/2022*		194,000		195,243
Tesla, Inc. Company Guar. Notes 5.30% due 08/15/2025*		984,000		1,022,258
				9,503,460
Auto - Heavy Duty Trucks — 0.2%
Allison Transmission, Inc. Senior Notes 5.00% due 10/01/2024*		1,004,000		1,011,560
Cummins, Inc. Senior Notes 0.75% due 09/01/2025		223,000		223,509
PACCAR Financial Corp. Senior Notes 0.80% due 06/08/2023		194,000		196,501
				1,431,570
Auto/Truck Parts & Equipment - Original — 0.2%
BorgWarner, Inc. Senior Notes 2.65% due 07/01/2027		232,000		245,799
Dana, Inc. Senior Notes 5.38% due 11/15/2027		1,021,000		1,072,050
Lear Corp. Senior Notes 5.25% due 05/15/2049		188,000		202,555
				1,520,404
Banks - Commercial — 0.5%
BankUnited, Inc. Senior Notes 4.88% due 11/17/2025		1,017,000		1,146,791
BankUnited, Inc. Sub. Notes 5.13% due 06/11/2030		561,000		604,963
Citizens Financial Group, Inc. Senior Notes 2.50% due 02/06/2030		77,000		81,564
Citizens Financial Group, Inc. Senior Notes 3.25% due 04/30/2030		120,000		133,392
Citizens Financial Group, Inc. Sub. Notes 4.30% due 12/03/2025		182,000		209,336
Discover Bank Senior Notes 2.70% due 02/06/2030		250,000		260,832
First Horizon Bank Sub. Notes 5.75% due 05/01/2030		250,000		282,990
Regions Financial Corp. Sub. Notes 7.38% due 12/10/2037		405,000		606,561

91

VALIC Company II Strategic Bond Fund

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

Security Description	Principal Amount(19)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Banks - Commercial (continued)
Santander Holdings USA, Inc. Senior Notes 3.24% due 10/05/2026	$	158,000	$	168,101
SunTrust Bank Senior Notes 3.50% due 08/02/2022		7,000		7,192
Synovus Bank Senior Notes 2.29% due 02/10/2023		250,000		253,983
Truist Bank Sub. Notes 2.25% due 03/11/2030		336,000		349,269
Truist Bank Sub. Notes 2.64% due 09/17/2029		250,000		258,743
Zions Bancorp NA Sub. Notes 3.25% due 10/29/2029		479,000		477,391
				4,841,108
Banks - Super Regional — 0.3%
Wells Fargo & Co. Senior Notes 1.34% due 05/04/2025	EUR	600,000		734,552
Wells Fargo & Co. Senior Notes 2.39% due 06/02/2028		270,000		282,085
Wells Fargo & Co. Senior Notes 3.07% due 04/30/2041		449,000		475,481
Wells Fargo & Co. Sub. Notes 4.30% due 07/22/2027		961,000		1,107,778
Wells Fargo & Co. Senior Notes 5.01% due 04/04/2051		190,000		259,362
				2,859,258
Batteries/Battery Systems — 0.4%
Energizer Holdings, Inc. Company Guar. Notes 6.38% due 07/15/2026*		1,430,000		1,515,800
EnerSys Company Guar. Notes 5.00% due 04/30/2023*		2,163,000		2,244,567
				3,760,367
Beverages - Non-alcoholic — 0.1%
PepsiCo, Inc. Senior Notes 2.25% due 03/19/2025		310,000		333,013
PepsiCo, Inc. Senior Notes 2.88% due 10/15/2049		256,000		274,221
				607,234
Brewery — 0.2%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.90% due 02/01/2046		673,000		831,058
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.60% due 04/15/2048		516,000		615,137
				1,446,195

Security Description	Principal Amount(19)		Value (Note 2)
Broadcast Services/Program — 0.3%
Discovery Communications LLC Company Guar. Notes 5.30% due 05/15/2049	$	262,000	$	322,074
Univision Communications, Inc. Senior Sec. Notes 5.13% due 02/15/2025*		682,000		686,263
Univision Communications, Inc. Senior Sec. Notes 6.63% due 06/01/2027*		1,960,000		1,964,900
Univision Communications, Inc. Senior Sec. Notes 9.50% due 05/01/2025*		117,000		128,115
				3,101,352
Building & Construction Products - Misc. — 0.2%
Owens Corning Senior Notes 4.30% due 07/15/2047		463,000		496,662
Standard Industries, Inc. Senior Notes 3.38% due 01/15/2031*		1,245,000		1,236,820
Standard Industries, Inc. Senior Notes 5.00% due 02/15/2027*		360,000		375,909
				2,109,391
Building Products - Air & Heating — 0.1%
Carrier Global Corp. Company Guar. Notes 2.72% due 02/15/2030*		162,000		170,048
Carrier Global Corp. Senior Notes 3.38% due 04/05/2040*		396,000		411,661
Carrier Global Corp. Senior Notes 3.58% due 04/05/2050*		173,000		183,301
				765,010
Building Products - Cement — 0.1%
Martin Marietta Materials, Inc. Senior Notes 3.50% due 12/15/2027		277,000		310,219
Vulcan Materials Co. Senior Notes 3.50% due 06/01/2030		173,000		195,986
				506,205
Building Products - Doors & Windows — 0.2%
Griffon Corp. Company Guar. Notes 5.75% due 03/01/2028		2,053,000		2,178,746
Building Products - Wood — 0.1%
Boise Cascade Co. Company Guar. Notes 4.88% due 07/01/2030*		889,000		962,343
Building - Mobile Home/Manufactured Housing — 0.0%
Winnebago Industries, Inc. Senior Sec. Notes 6.25% due 07/15/2028*		181,000		193,618
Building - Residential/Commercial — 0.0%
Toll Brothers Finance Corp. Company Guar. Notes 4.35% due 02/15/2028#		211,000		228,408

92

VALIC Company II Strategic Bond Fund

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

Security Description	Principal Amount(19)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Cable/Satellite TV — 1.1%
Block Communications, Inc. Company Guar. Notes 4.88% due 03/01/2028*	$	1,928,000	$	1,976,200
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.00% due 02/01/2028*		556,000		587,970
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.38% due 06/01/2029*		1,565,000		1,717,587
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 3.70% due 04/01/2051		77,000		76,726
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 4.80% due 03/01/2050		304,000		347,381
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 5.38% due 04/01/2038		29,000		35,386
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 6.38% due 10/23/2035		96,000		132,930
Comcast Corp. Company Guar. Notes 2.65% due 08/15/2062		240,000		231,860
Comcast Corp. Company Guar. Notes 3.30% due 02/01/2027		300,000		338,617
Comcast Corp. Company Guar. Notes 3.75% due 04/01/2040		131,000		155,165
Comcast Corp. Company Guar. Notes 3.90% due 03/01/2038		58,000		69,500
Comcast Corp. Company Guar. Notes 4.60% due 10/15/2038		209,000		268,903
CSC Holdings LLC Senior Notes 5.25% due 06/01/2024		785,000		849,763
CSC Holdings LLC Company Guar. Notes 5.50% due 04/15/2027*		1,922,000		2,049,736
Sirius XM Radio, Inc. Company Guar. Notes 4.63% due 07/15/2024*		1,155,000		1,198,313
Time Warner Cable LLC Senior Sec. Notes 6.55% due 05/01/2037		373,000		502,398
				10,538,435
Casino Hotels — 0.2%
Boyd Gaming Corp. Company Guar. Notes 4.75% due 12/01/2027		1,055,000		1,049,862
Boyd Gaming Corp. Company Guar. Notes 6.38% due 04/01/2026		1,041,000		1,085,253
				2,135,115

Security Description	Principal Amount(19)		Value (Note 2)
Casino Services — 0.2%
Caesars Entertainment, Inc. Senior Sec. Notes 6.25% due 07/01/2025*	$	2,000,000	$	2,119,980
Cellular Telecom — 0.9%
Sprint Corp. Company Guar. Notes 7.63% due 03/01/2026		1,954,000		2,403,059
Sprint Corp. Company Guar. Notes 7.88% due 09/15/2023		4,397,000		5,111,512
T-Mobile USA, Inc. Senior Sec. Notes 3.88% due 04/15/2030*		447,000		512,365
T-Mobile USA, Inc. Company Guar. Notes 6.38% due 03/01/2025		555,000		566,794
				8,593,730
Chemicals - Diversified — 0.3%
Olin Corp. Senior Notes 9.50% due 06/01/2025*		1,233,000		1,427,197
Westlake Chemical Corp. Senior Notes 1.63% due 07/17/2029	EUR	465,000		538,205
Westlake Chemical Corp. Senior Notes 3.38% due 06/15/2030		476,000		505,239
				2,470,641
Chemicals - Specialty — 0.2%
Ecolab, Inc. Senior Notes 2.38% due 08/10/2022		218,000		225,925
Huntsman International LLC Senior Notes 4.50% due 05/01/2029		353,000		390,870
Minerals Technologies, Inc. Company Guar. Notes 5.00% due 07/01/2028*		1,365,000		1,423,012
				2,039,807
Coal — 0.2%
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp. Company Guar. Notes 7.50% due 06/15/2025*		2,101,000		1,883,021
Commercial Services — 0.2%
Nielsen Finance LLC/Nielsen Finance Co. Company Guar. Notes 5.00% due 04/15/2022*		1,525,000		1,526,449
Commercial Services - Finance — 0.2%
MPH Acquisition Holdings LLC Company Guar. Notes 7.13% due 06/01/2024*		1,850,000		1,878,305
S&P Global, Inc. Company Guar. Bonds 2.30% due 08/15/2060		88,000		81,457
				1,959,762

93

VALIC Company II Strategic Bond Fund

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

Security Description	Principal Amount(19)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Computer Services — 0.6%
Banff Merger Sub, Inc. Senior Notes 9.75% due 09/01/2026*	$	1,541,000	$	1,641,627
IBM Credit LLC Senior Notes 3.00% due 02/06/2023		696,000		741,529
Leidos, Inc. Company Guar. Notes 3.63% due 05/15/2025*		184,000		205,407
Leidos, Inc. Company Guar. Notes 4.38% due 05/15/2030*		283,000		331,189
Presidio Holdings, Inc. Company Guar. Notes 8.25% due 02/01/2028*		825,000		862,125
Tempo Acquisition LLC/Tempo Acquisition Finance Corp. Senior Sec. Notes 5.75% due 06/01/2025*		321,000		336,248
Tempo Acquisition LLC/Tempo Acquisition Finance Corp. Senior Notes 6.75% due 06/01/2025*		1,265,000		1,287,137
				5,405,262
Computers — 0.4%
Apple, Inc. Senior Notes 2.05% due 09/11/2026		238,000		255,978
Dell International LLC/EMC Corp. Senior Sec. Notes 6.02% due 06/15/2026*		1,115,000		1,316,067
Dell International LLC/EMC Corp. Senior Sec. Notes 8.10% due 07/15/2036*		341,000		453,922
Hewlett Packard Enterprise Co. Senior Notes 1.75% due 04/01/2026		659,000		661,755
Hewlett Packard Enterprise Co. Senior Notes 4.65% due 10/01/2024		277,000		313,168
Hewlett Packard Enterprise Co. Senior Notes 6.20% due 10/15/2035		249,000		311,300
				3,312,190
Computers - Integrated Systems — 0.2%
Diebold Nixdorf, Inc. Company Guar. Notes 8.50% due 04/15/2024#		1,406,000		1,345,528
Diebold Nixdorf, Inc. Senior Sec. Notes 9.38% due 07/15/2025*		793,000		854,457
				2,199,985
Consumer Products - Misc. — 0.1%
Central Garden & Pet Co. Company Guar. Notes 5.13% due 02/01/2028		1,075,000		1,139,500
Kimberly-Clark Corp. Senior Notes 3.10% due 03/26/2030		5,000		5,709
				1,145,209
Containers - Metal/Glass — 0.1%
Silgan Holdings, Inc. Senior Notes 4.75% due 03/15/2025		1,300,000		1,326,000

Security Description	Principal Amount(19)		Value (Note 2)
Containers - Paper/Plastic — 0.2%
Bemis Co., Inc. Company Guar. Notes 2.63% due 06/19/2030	$	123,000	$	132,246
Sealed Air Corp. Company Guar. Notes 5.13% due 12/01/2024*		971,000		1,068,100
Sonoco Products Co Senior Notes 3.13% due 05/01/2030		403,000		441,599
				1,641,945
Cosmetics & Toiletries — 0.3%
Coty, Inc. Company Guar. Notes 6.50% due 04/15/2026*		3,176,000		2,628,140
Data Processing/Management — 0.1%
Fair Isaac Corp. Senior Notes 4.00% due 06/15/2028*		369,000		382,856
Fiserv, Inc. Senior Notes 1.63% due 07/01/2030	EUR	775,000		978,007
				1,360,863
Dental Supplies & Equipment — 0.0%
DENTSPLY SIRONA, Inc. Senior Notes 3.25% due 06/01/2030		174,000		188,586
Diagnostic Equipment — 0.2%
Danaher Corp. Senior Notes 2.10% due 09/30/2026	EUR	385,000		506,532
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA Senior Notes 7.25% due 02/01/2028*		1,004,000		1,039,140
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA Senior Notes 7.38% due 06/01/2025*		125,000		129,375
				1,675,047
Direct Marketing — 0.1%
Terrier Media Buyer, Inc. Company Guar. Notes 8.88% due 12/15/2027*		1,120,000		1,159,536
Distribution/Wholesale — 0.6%
H&E Equipment Services, Inc. Company Guar. Notes 5.63% due 09/01/2025		2,150,000		2,230,625
KAR Auction Services, Inc. Company Guar. Notes 5.13% due 06/01/2025*		1,549,000		1,560,618
Performance Food Group, Inc. Company Guar. Notes 5.50% due 10/15/2027*		1,639,000		1,708,657
				5,499,900
Diversified Banking Institutions — 1.3%
Bank of America Corp. Senior Notes 0.75% due 07/26/2023	EUR	600,000		729,909
Bank of America Corp. Senior Notes 1.49% due 05/19/2024		597,000		611,936

94

VALIC Company II Strategic Bond Fund

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

Security Description	Principal Amount(19)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Diversified Banking Institutions (continued)
Bank of America Corp. Senior Notes 1.90% due 07/23/2031	$	281,000	$	282,555
Bank of America Corp. Senior Notes 2.46% due 10/22/2025		386,000		408,570
Bank of America Corp. Senior Notes 3.71% due 04/24/2028		338,000		383,408
Bank of America Corp. Senior Notes 4.08% due 03/20/2051		145,000		181,572
Bank of America Corp. Sub. Notes 4.18% due 11/25/2027		625,000		720,856
Bank of America Corp. Sub. Notes 6.11% due 01/29/2037		296,000		423,725
Citigroup, Inc. Senior Notes 2.67% due 01/29/2031		287,000		305,710
Citigroup, Inc. Senior Notes 2.75% due 01/24/2024	GBP	300,000		424,595
Citigroup, Inc. Senior Notes 3.67% due 07/24/2028		362,000		409,113
Citigroup, Inc. Sub. Notes 4.45% due 09/29/2027		342,000		397,587
Citigroup, Inc. Sub. Notes 4.75% due 05/18/2046		189,000		242,019
Citigroup, Inc. Sub. Notes 5.88% due 02/22/2033		257,000		337,514
Citigroup, Inc. Sub. Notes 6.00% due 10/31/2033		329,000		443,480
Goldman Sachs Group, Inc. Senior Notes 0.88% due 01/21/2030	EUR	500,000		599,656
Goldman Sachs Group, Inc. Senior Notes 2.35% due 11/15/2021		565,000		567,208
Goldman Sachs Group, Inc. Senior Notes 3.50% due 11/16/2026		428,000		477,500
Goldman Sachs Group, Inc. Senior Notes 3.80% due 03/15/2030		276,000		321,592
Goldman Sachs Group, Inc. Sub. Notes 6.75% due 10/01/2037		530,000		773,365
JPMorgan Chase & Co. Senior Notes 2.01% due 03/13/2026		935,000		976,037
JPMorgan Chase & Co. Sub. Notes 2.96% due 05/13/2031		109,000		117,238
JPMorgan Chase & Co. Senior Notes 3.11% due 04/22/2051		119,000		129,552

Security Description	Principal Amount(19)		Value (Note 2)
Diversified Banking Institutions (continued)
JPMorgan Chase & Co. Senior Notes 3.51% due 01/23/2029	$	431,000	$	486,768
JPMorgan Chase & Co. Senior Notes 3.88% due 07/24/2038		212,000		254,865
Morgan Stanley Senior Notes 3.62% due 04/01/2031		149,000		173,104
Morgan Stanley Senior Notes 3.63% due 01/20/2027		806,000		920,776
Morgan Stanley Sub. Notes 5.00% due 11/24/2025		67,000		78,848
				12,179,058
Diversified Manufacturing Operations — 0.1%
Carlisle Cos., Inc. Senior Notes 2.75% due 03/01/2030		193,000		204,611
General Electric Co. Senior Notes 1.88% due 05/28/2027	EUR	500,000		602,246
General Electric Co. Senior Notes 4.25% due 05/01/2040		105,000		105,994
General Electric Co. Senior Notes 4.35% due 05/01/2050		112,000		113,696
Illinois Tool Works, Inc. Senior Notes 3.50% due 03/01/2024		234,000		256,882
				1,283,429
E-Commerce/Products — 0.0%
Amazon.com, Inc. Senior Notes 4.80% due 12/05/2034		152,000		210,073
E-Commerce/Services — 0.3%
GrubHub Holdings, Inc. Company Guar. Notes 5.50% due 07/01/2027*		2,396,000		2,506,815
Electric Products - Misc. — 0.2%
WESCO Distribution, Inc. Company Guar. Notes 7.13% due 06/15/2025*		587,000		645,700
WESCO Distribution, Inc. Company Guar. Notes 7.25% due 06/15/2028*		801,000		893,503
				1,539,203
Electric - Distribution — 0.3%
National Rural Utilities Cooperative Finance Corp. Collateral Trust Bonds 2.85% due 01/27/2025		739,000		807,871
NextEra Energy Operating Partners LP Company Guar. Notes 4.25% due 07/15/2024*		1,275,000		1,360,859
NSTAR Electric Co. Senior Notes 3.95% due 04/01/2030		274,000		332,147
				2,500,877

95

VALIC Company II Strategic Bond Fund

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

Security Description	Principal Amount(19)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Electric - Generation — 0.4%
Emera US Finance LP Company Guar. Notes 4.75% due 06/15/2046	$	274,000	$	341,396
Pattern Energy Operations LP/Pattern Energy Operations, Inc.  Company Guar. Notes 4.50% due 08/15/2028*		1,385,000		1,457,712
Vistra Operations Co. LLC Company Guar. Notes 5.00% due 07/31/2027*		1,554,000		1,647,986
				3,447,094
Electric - Integrated — 1.0%
AEP Texas, Inc. Senior Notes 4.15% due 05/01/2049		124,000		152,364
Appalachian Power Co. Senior Notes 3.70% due 05/01/2050		291,000		329,955
Avangrid, Inc. Senior Notes 3.20% due 04/15/2025		683,000		754,102
Consolidated Edison Co. of New York, Inc. Senior Notes 3.95% due 04/01/2050		66,000		79,144
Dominion Energy South Carolina, Inc. 1st Mtg. Bonds 5.10% due 06/01/2065		372,000		570,071
Dominion Resources, Inc. Senior Notes 5.25% due 08/01/2033		268,000		339,838
DTE Electric Co. General Refunding Mtg. 3.95% due 03/01/2049		502,000		632,607
Entergy Texas, Inc. 1st Mtg. Bonds 4.50% due 03/30/2039		568,000		703,855
Exelon Corp. Senior Notes 4.70% due 04/15/2050		205,000		264,574
FirstEnergy Corp. Senior Notes 7.38% due 11/15/2031		601,000		850,884
Interstate Power & Light Co. Senior Notes 3.50% due 09/30/2049		197,000		222,876
Kentucky Utilities Co. 1st Mtg. Bonds 3.30% due 06/01/2050		119,000		131,410
Pacific Gas & Electric Co. Senior Notes 3.95% due 12/01/2047		259,000		244,272
Pacific Gas & Electric Co. Senior Notes 4.30% due 03/15/2045		160,000		158,509
Public Service Co. of Colorado 1st Mtg. Bonds 2.70% due 01/15/2051		481,000		494,723
Public Service Co. of Colorado 1st Mtg. Notes 3.70% due 06/15/2028		350,000		409,183
Public Service Co. of Colorado 1st Mtg. Bonds 4.10% due 06/15/2048		253,000		326,999

Security Description	Principal Amount(19)		Value (Note 2)
Electric - Integrated (continued)
Southern California Edison Co. 1st Mtg. Bonds 3.65% due 02/01/2050	$	24,000	$	25,454
Talen Energy Supply LLC Senior Sec. Notes 6.63% due 01/15/2028*		788,000		789,903
Talen Energy Supply LLC Senior Sec. Notes 7.25% due 05/15/2027*		1,243,000		1,274,075
Union Electric Co Senior Sec. Notes 2.95% due 06/15/2027		277,000		306,966
				9,061,764
Electric - Transmission — 0.0%
ITC Holdings Corp. Senior Notes 2.95% due 05/14/2030*		208,000		225,994
Electronic Components - Semiconductors — 0.2%
Broadcom, Inc. Company Guar. Notes 4.15% due 11/15/2030		223,000		251,393
Broadcom, Inc. Company Guar. Notes 5.00% due 04/15/2030		135,000		160,738
ON Semiconductor Corp. Company Guar. Notes 3.88% due 09/01/2028*		1,140,000		1,189,567
				1,601,698
Electronic Measurement Instruments — 0.1%
Trimble, Inc. Senior Notes 4.75% due 12/01/2024		32,000		35,356
Trimble, Inc. Senior Notes 4.90% due 06/15/2028		488,000		583,146
				618,502
Electronic Parts Distribution — 0.3%
Arrow Electronics, Inc. Senior Notes 4.00% due 04/01/2025		176,000		191,278
Ingram Micro, Inc. Senior Notes 5.45% due 12/15/2024		2,769,000		2,969,730
				3,161,008
Energy - Alternate Sources — 0.0%
Hanwha Energy USA Holdings Corp. Company Guar. Notes 2.38% due 07/30/2022*		420,000		432,068
Enterprise Software/Service — 0.2%
Donnelley Financial Solutions, Inc. Company Guar. Notes 8.25% due 10/15/2024		1,225,000		1,274,000
Oracle Corp. Senior Notes 2.95% due 11/15/2024		512,000		557,307
				1,831,307
Entertainment Software — 0.0%
Activision Blizzard, Inc. Senior Notes 2.50% due 09/15/2050		233,000		217,817

96

VALIC Company II Strategic Bond Fund

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

Security Description	Principal Amount(19)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Finance - Auto Loans — 0.3%
Credit Acceptance Corp. Company Guar. Notes 5.13% due 12/31/2024*	$	225,000	$	231,750
Credit Acceptance Corp. Company Guar. Notes 6.63% due 03/15/2026		2,111,000		2,258,770
				2,490,520
Finance - Commercial — 0.1%
GE Capital Funding LLC Company Guar. Notes 4.40% due 05/15/2030*		453,000		478,354
Finance - Consumer Loans — 0.8%
Enova International, Inc. Company Guar. Notes 8.50% due 09/01/2024*		1,753,000		1,647,820
Enova International, Inc. Company Guar. Notes 8.50% due 09/15/2025*		735,000		700,308
Navient Corp. Senior Notes 5.00% due 03/15/2027		600,000		577,500
Springleaf Finance Corp. Company Guar. Notes 5.38% due 11/15/2029		2,084,000		2,216,855
Springleaf Finance Corp. Company Guar. Notes 6.88% due 03/15/2025		1,150,000		1,288,000
Synchrony Financial Senior Notes 4.50% due 07/23/2025		1,099,000		1,195,952
				7,626,435
Finance - Credit Card — 0.3%
Alliance Data Systems Corp. Company Guar. Notes 4.75% due 12/15/2024*		2,195,000		2,096,225
American Express Co. Senior Notes 3.40% due 02/22/2024		228,000		249,890
American Express Co. Senior Notes 4.20% due 11/06/2025		169,000		197,537
Mastercard, Inc. Senior Notes 2.00% due 03/03/2025		372,000		397,347
Visa, Inc. Senior Notes 0.75% due 08/15/2027		118,000		117,512
				3,058,511
Finance - Investment Banker/Broker — 0.2%
LPL Holdings, Inc. Company Guar. Notes 4.63% due 11/15/2027*		375,000		390,000
LPL Holdings, Inc. Company Guar. Notes 5.75% due 09/15/2025*		1,087,000		1,130,480
				1,520,480
Finance - Mortgage Loan/Banker — 0.3%
Genworth Mtg. Holdings, Inc. Senior Notes 6.50% due 08/15/2025*		1,110,000		1,169,807

Security Description	Principal Amount(19)		Value (Note 2)
Finance - Mortgage Loan/Banker (continued)
Quicken Loans, Inc. Company Guar. Notes 5.25% due 01/15/2028*	$	423,000	$	451,026
Quicken Loans, Inc. Company Guar. Notes 5.75% due 05/01/2025*		1,195,000		1,229,356
				2,850,189
Finance - Other Services — 0.0%
Intercontinental Exchange, Inc. Senior Notes 1.85% due 09/15/2032		315,000		319,859
Financial Guarantee Insurance — 0.3%
NMI Holdings, Inc. Senior Sec. Notes 7.38% due 06/01/2025*		1,110,000		1,198,367
Radian Group, Inc. Senior Notes 6.63% due 03/15/2025		1,086,000		1,167,450
				2,365,817
Food - Dairy Products — 0.0%
Land O’ Lakes, Inc. Junior Sub. Notes 7.00% due 09/18/2028*(5)		110,000		98,588
Food - Meat Products — 0.1%
Smithfield Foods, Inc. Senior Notes 2.65% due 10/03/2021*		134,000		133,805
Smithfield Foods, Inc. Company Guar. Notes 4.25% due 02/01/2027*		199,000		208,392
Smithfield Foods, Inc. Senior Notes 5.20% due 04/01/2029*		217,000		240,236
				582,433
Food - Misc./Diversified — 0.7%
Conagra Brands, Inc. Senior Notes 7.00% due 10/01/2028		268,000		366,049
Dole Food Co., Inc. Senior Sec. Notes 7.25% due 06/15/2025*		2,095,000		2,095,000
Kraft Heinz Foods Co. Company Guar. Notes 4.88% due 10/01/2049*		1,055,000		1,163,457
Lamb Weston Holdings, Inc. Company Guar. Notes 4.63% due 11/01/2024*		1,565,000		1,633,140
Mars, Inc. Senior Notes 2.38% due 07/16/2040*		177,000		174,155
Nestle Holdings, Inc. Company Guar. Notes 3.50% due 09/24/2025*		335,000		380,614
TreeHouse Foods, Inc. Company Guar. Notes 4.00% due 09/01/2028		392,000		398,934
				6,211,349

97

VALIC Company II Strategic Bond Fund

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

Security Description	Principal Amount(19)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Food - Retail — 0.4%
Albertsons Cos, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC Company Guar. Notes 4.63% due 01/15/2027*	$	1,677,000	$	1,765,042
Albertsons Cos, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC Company Guar. Notes 5.75% due 03/15/2025		1,000,000		1,027,500
Albertsons Cos, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC Company Guar. Notes 5.88% due 02/15/2028*		709,000		765,720
				3,558,262
Food - Wholesale/Distribution — 0.3%
Sysco Corp. Company Guar. Notes 2.40% due 02/15/2030		268,000		267,425
Sysco Corp. Company Guar. Notes 5.95% due 04/01/2030		214,000		270,095
Sysco Corp. Company Guar. Bonds 6.60% due 04/01/2040		285,000		380,948
Sysco Corp. Company Guar. Notes 6.60% due 04/01/2050		115,000		159,350
US Foods, Inc. Senior Sec. Notes 6.25% due 04/15/2025*		1,475,000		1,559,812
				2,637,630
Gas - Distribution — 0.0%
NiSource, Inc. Senior Notes 5.65% due 02/01/2045		178,000		246,053
Hotels/Motels — 0.4%
Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. Company Guar. Notes 6.13% due 12/01/2024		1,395,000		1,442,081
Wyndham Destinations, Inc. Senior Sec. Notes 6.63% due 07/31/2026*		860,000		909,450
Wyndham Worldwide Corp. Senior Sec. Notes 5.75% due 04/01/2027		1,400,000		1,435,000
				3,786,531
Human Resources — 0.2%
Korn Ferry International Company Guar. Notes 4.63% due 12/15/2027*		2,051,000		2,123,811
Independent Power Producers — 0.3%
Clearway Energy Operating LLC Company Guar. Notes 4.75% due 03/15/2028*		1,945,000		2,037,387
NRG Yield Operating LLC Company Guar. Notes 5.00% due 09/15/2026		721,000		756,661
				2,794,048

Security Description	Principal Amount(19)		Value (Note 2)
Industrial Gases — 0.1%
Air Products and Chemicals, Inc. Senior Notes 0.80% due 05/05/2032	EUR	575,000	$	692,084
Instruments - Controls — 0.0%
Honeywell International, Inc. Senior Notes 0.48% due 08/19/2022		223,000		223,424
Insurance Brokers — 0.0%
Willis North America, Inc. Company Guar. Notes 3.88% due 09/15/2049		196,000		226,452
Willis North America, Inc. Company Guar. Notes 5.05% due 09/15/2048		63,000		84,069
				310,521
Insurance - Life/Health — 0.4%
Athene Global Funding Senior Sec. Notes 1.88% due 06/23/2023	EUR	1,600,000		1,971,033
Brighthouse Financial, Inc. Senior Notes 4.70% due 06/22/2047		256,000		246,922
Brighthouse Financial, Inc. Senior Notes 5.63% due 05/15/2030		338,000		392,566
Prudential Financial, Inc. Senior Notes 1.50% due 03/10/2026		654,000		682,744
Prudential Financial, Inc. Senior Notes 3.91% due 12/07/2047		79,000		89,868
Unum Group Senior Notes 4.50% due 03/15/2025		119,000		132,165
				3,515,298
Insurance - Mutual — 0.0%
MassMutual Global Funding II Senior Sec. Notes 2.75% due 06/22/2024*		287,000		308,981
New York Life Global Funding Sec. Notes 1.95% due 09/28/2020*		15,000		15,019
				324,000
Internet Connectivity Services — 0.2%
Cogent Communications Group, Inc. Senior Sec. Notes 5.38% due 03/01/2022*		1,359,000		1,399,770
Internet Content - Entertainment — 0.3%
Netflix, Inc. Senior Notes 4.88% due 06/15/2030*		2,640,000		3,049,200
Investment Management/Advisor Services — 0.2%
AG Issuer LLC Senior Sec. Notes 6.25% due 03/01/2028*		1,885,000		1,913,275
Ameriprise Financial, Inc. Senior Notes 3.00% due 03/22/2022		286,000		297,170
				2,210,445

98

VALIC Company II Strategic Bond Fund

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

Security Description	Principal Amount(19)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Machinery - Construction & Mining — 0.1%
Caterpillar Financial Services Corp. Senior Notes 0.65% due 07/07/2023	$	437,000	$	440,053
Caterpillar Financial Services Corp. Senior Notes 1.45% due 05/15/2025		316,000		327,239
				767,292
Machinery - Electrical — 0.0%
ABB Finance USA, Inc. Company Guar. Notes 3.38% due 04/03/2023		272,000		291,421
Machinery - Farming — 0.1%
CNH Industrial Capital LLC Company Guar. Notes 4.20% due 01/15/2024		364,000		391,754
John Deere Capital Corp. Senior Notes 2.95% due 04/01/2022		530,000		552,040
John Deere Capital Corp. Senior Notes 3.65% due 10/12/2023		152,000		167,061
				1,110,855
Machinery - Pumps — 0.1%
Xylem, Inc. Senior Notes 1.95% due 01/30/2028		545,000		569,045
Medical Labs & Testing Services — 0.1%
Catalent Pharma Solutions, Inc. Company Guar. Notes 5.00% due 07/15/2027*		650,000		685,750
Medical Products — 0.2%
Baxter International, Inc. Senior Notes 3.75% due 10/01/2025*		613,000		699,048
Stryker Corp. Senior Notes 1.00% due 12/03/2031	EUR	1,025,000		1,239,491
				1,938,539
Medical - Biomedical/Gene — 0.2%
Amgen, Inc. Senior Notes 3.15% due 02/21/2040		1,082,000		1,151,200
Amgen, Inc. Senior Notes 3.38% due 02/21/2050		205,000		223,793
Biogen, Inc. Senior Bonds 3.15% due 05/01/2050		165,000		167,922
Regeneron Pharmaceuticals, Inc. Senior Notes 1.75% due 09/15/2030		333,000		326,174
Regeneron Pharmaceuticals, Inc. Senior Bonds 2.80% due 09/15/2050		186,000		177,899
				2,046,988
Medical - Drugs — 0.3%
AbbVie, Inc. Senior Notes 4.05% due 11/21/2039*		252,000		294,987

Security Description	Principal Amount(19)		Value (Note 2)
Medical - Drugs (continued)
AbbVie, Inc. Senior Notes 4.25% due 11/21/2049*	$	436,000	$	526,283
AbbVie, Inc. Senior Notes 4.88% due 02/15/2021*		97,000		97,893
Bristol-Myers Squibb Co. FRS Senior Notes 0.66% (3 ML+0.38%) due 05/16/2022		855,000		858,404
Bristol-Myers Squibb Co. Senior Notes 3.63% due 05/15/2024		281,000		311,368
Bristol-Myers Squibb Co. Senior Notes 4.63% due 05/15/2044		132,000		178,545
GlaxoSmithKline Capital, Inc. Company Guar. Notes 3.38% due 05/15/2023		168,000		181,575
Upjohn, Inc. Company Guar. Notes 4.00% due 06/22/2050*		178,000		193,753
				2,642,808
Medical - Generic Drugs — 0.2%
Mylan, Inc. Company Guar. Notes 4.55% due 04/15/2028		259,000		303,292
Par Pharmaceutical, Inc. Senior Sec. Notes 7.50% due 04/01/2027*		1,095,000		1,168,912
				1,472,204
Medical - HMO — 0.2%
Humana, Inc. Senior Notes 4.88% due 04/01/2030		453,000		569,382
UnitedHealth Group, Inc. Senior Notes 1.25% due 01/15/2026		366,000		375,697
UnitedHealth Group, Inc. Senior Notes 3.13% due 05/15/2060		178,000		195,084
UnitedHealth Group, Inc. Senior Notes 3.75% due 07/15/2025		221,000		253,340
				1,393,503
Medical - Hospitals — 0.9%
Acadia Healthcare Co., Inc. Company Guar. Notes 5.50% due 07/01/2028*		1,518,000		1,574,925
HCA, Inc. Senior Sec. Notes 5.25% due 06/15/2026		217,000		256,112
HCA, Inc. Company Guar. Notes 5.38% due 02/01/2025		2,750,000		3,095,840
LifePoint Health, Inc. Senior Sec. Notes 4.38% due 02/15/2027*		1,704,000		1,699,740
Tenet Healthcare Corp. Senior Sec. Notes 4.63% due 07/15/2024		1,950,000		1,994,850
				8,621,467

99

VALIC Company II Strategic Bond Fund

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

Security Description	Principal Amount(19)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Medical - Wholesale Drug Distribution — 0.0%
Cardinal Health, Inc. Senior Notes 4.60% due 03/15/2043	$	356,000	$	395,504
Metal - Copper — 0.4%
Freeport-McMoRan, Inc. Company Guar. Notes 4.13% due 03/01/2028		1,061,000		1,108,851
Freeport-McMoRan, Inc. Company Guar. Notes 4.25% due 03/01/2030		956,000		1,004,393
Freeport-McMoRan, Inc. Company Guar. Notes 4.38% due 08/01/2028		695,000		731,488
Freeport-McMoRan, Inc. Company Guar. Notes 4.63% due 08/01/2030		695,000		742,774
				3,587,506
Metal - Iron — 0.3%
Cleveland-Cliffs, Inc. Company Guar. Notes 5.75% due 03/01/2025#		1,856,000		1,726,080
Cleveland-Cliffs, Inc. Senior Sec. Notes 6.75% due 03/15/2026*		1,016,000		1,037,590
Cleveland-Cliffs, Inc. Senior Sec. Notes 9.88% due 10/17/2025*		37,000		40,814
				2,804,484
Multimedia — 0.3%
E.W. Scripps Co. Company Guar. Notes 5.13% due 05/15/2025*		2,530,000		2,511,025
Walt Disney Co. Company Guar. Notes 3.50% due 05/13/2040		370,000		414,834
				2,925,859
Non-Hazardous Waste Disposal — 0.2%
Covanta Holding Corp. Company Guar. Notes 5.00% due 09/01/2030		1,351,000		1,385,180
Non-Profit Charity — 0.0%
Ford Foundation Notes 2.82% due 06/01/2070		235,000		248,710
Office Supplies & Forms — 0.0%
Avery Dennison Corp. Senior Notes 2.65% due 04/30/2030		135,000		143,524
Oil Companies - Exploration & Production — 1.2%
Apache Corp. Senior Notes 4.38% due 10/15/2028		1,310,000		1,300,123
Apache Corp. Senior Notes 4.63% due 11/15/2025		188,000		192,465
Apache Corp. Senior Notes 4.88% due 11/15/2027		314,000		321,027
Callon Petroleum Co. Company Guar. Notes 6.13% due 10/01/2024		443,000		144,667

Security Description	Principal Amount(19)		Value (Note 2)
Oil Companies - Exploration & Production (continued)
Callon Petroleum Co. Company Guar. Notes 6.38% due 07/01/2026	$	1,480,000	$	440,300
Diamondback Energy, Inc. Company Guar. Notes 4.75% due 05/31/2025		299,000		328,187
EOG Resources, Inc. Senior Notes 4.38% due 04/15/2030		168,000		201,346
EOG Resources, Inc. Senior Bonds 4.95% due 04/15/2050		185,000		236,686
Hilcorp Energy I LP/Hilcorp Finance Co. Senior Notes 5.00% due 12/01/2024*		3,353,000		3,176,968
Marathon Oil Corp. Senior Notes 6.60% due 10/01/2037		266,000		287,141
Marathon Oil Corp. Senior Notes 6.80% due 03/15/2032		202,000		223,277
Noble Energy, Inc. Senior Notes 4.95% due 08/15/2047		182,000		239,497
Noble Energy, Inc. Senior Notes 5.25% due 11/15/2043		270,000		359,979
Occidental Petroleum Corp. Senior Notes 5.88% due 09/01/2025		1,058,000		1,063,290
Occidental Petroleum Corp. Senior Notes 6.38% due 09/01/2028		1,632,000		1,650,564
Occidental Petroleum Corp. Senior Notes 7.50% due 05/01/2031		179,000		189,740
Pioneer Natural Resources Co. Senior Notes 1.90% due 08/15/2030		264,000		256,773
Southwestern Energy Co. Company Guar. Notes 8.38% due 09/15/2028		568,000		587,880
				11,199,910
Oil Companies - Integrated — 0.3%
BP Capital Markets America, Inc. Company Guar. Notes 2.77% due 11/10/2050		452,000		427,746
BP Capital Markets America, Inc. Company Guar. Notes 3.54% due 04/06/2027		782,000		881,676
Chevron Corp. Senior Notes 1.55% due 05/11/2025		558,000		581,023
Chevron USA, Inc. Company Guar. Notes 1.02% due 08/12/2027		198,000		197,646
Exxon Mobil Corp. Senior Notes 1.41% due 06/26/2039	EUR	840,000		992,131
				3,080,222

100

VALIC Company II Strategic Bond Fund

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

Security Description	Principal Amount(19)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Oil Field Machinery & Equipment — 0.0%
Hi-Crush Partners LP Company Guar. Notes 9.50% due 08/01/2026†*(15)(18)	$	1,816,000	$	54,480
Oil Refining & Marketing — 0.2%
PBF Holding Co. LLC/PBF Finance Corp. Company Guar. Notes 6.00% due 02/15/2028*		1,889,000		1,592,899
Phillips 66 Company Guar. Notes 2.15% due 12/15/2030		273,000		268,881
				1,861,780
Oil - Field Services — 0.6%
Apergy Corp. Company Guar. Notes 6.38% due 05/01/2026		620,000		585,900
Archrock Partners LP/Archrock Partners Finance Corp. Company Guar. Notes 6.88% due 04/01/2027*		1,729,000		1,780,870
Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor, Inc. Senior Notes 4.49% due 05/01/2030		111,000		130,106
Halliburton Co. Senior Notes 2.92% due 03/01/2030		268,000		272,013
Nine Energy Service, Inc. Company Guar. Notes 8.75% due 11/01/2023*		1,993,000		722,462
Schlumberger Holdings Corp. Senior Notes 4.00% due 12/21/2025*		266,000		294,601
USA Compression Partners LP/USA Compression Finance Corp. Company Guar. Notes 6.88% due 04/01/2026		1,651,000		1,700,530
				5,486,482
Paper & Related Products — 0.3%
Clearwater Paper Corp. Company Guar. Notes 4.75% due 08/15/2028*		1,130,000		1,139,887
Domtar Corp. Company Guar. Notes 6.75% due 02/15/2044		494,000		566,313
Georgia-Pacific LLC Senior Notes 2.30% due 04/30/2030*		304,000		323,008
Georgia-Pacific LLC Senior Notes 3.73% due 07/15/2023*		453,000		491,583
Georgia-Pacific LLC Company Guar. Notes 5.40% due 11/01/2020*		135,000		136,133
				2,656,924
Petrochemicals — 0.0%
Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP Senior Notes 3.30% due 05/01/2023*		150,000		159,179
Pharmacy Services — 0.1%
CVS Health Corp Senior Notes 4.25% due 04/01/2050		141,000		168,343

Security Description	Principal Amount(19)		Value (Note 2)
Pharmacy Services (continued)
CVS Health Corp. Senior Notes 2.70% due 08/21/2040	$	127,000	$	124,230
CVS Health Corp. Senior Notes 4.78% due 03/25/2038		328,000		403,047
CVS Health Corp. Senior Notes 5.05% due 03/25/2048		160,000		208,641
				904,261
Pipelines — 2.2%
Buckeye Partners LP Senior Notes 4.13% due 03/01/2025*		591,000		593,943
Buckeye Partners LP Senior Notes 4.50% due 03/01/2028*		1,531,000		1,562,906
Cheniere Corpus Christi Holdings LLC Senior Sec. Notes 3.70% due 11/15/2029*		295,000		311,348
Cheniere Energy Partners LP Company Guar. Notes 4.50% due 10/01/2029		1,085,000		1,131,112
Cheniere Energy Partners LP Senior Sec. Notes 5.25% due 10/01/2025		1,007,000		1,019,587
Colonial Enterprises, Inc. Company Guar. Notes 3.25% due 05/15/2030*		112,000		124,510
DCP Midstream Operating LP Company Guar. Notes 5.60% due 04/01/2044		465,000		441,750
DCP Midstream Operating LP Company Guar. Notes 5.63% due 07/15/2027		792,000		855,360
DCP Midstream Operating LP Company Guar. Notes 6.75% due 09/15/2037*		363,000		363,000
Enable Midstream Partners LP Senior Notes 4.95% due 05/15/2028		215,000		211,675
Energy Transfer Operating LP Company Guar. Notes 4.90% due 03/15/2035		350,000		348,108
Energy Transfer Operating LP Company Guar. Notes 5.50% due 06/01/2027		90,000		100,515
Energy Transfer Operating LP Company Guar. Notes 6.13% due 12/15/2045		187,000		191,105
EnLink Midstream Partners LP Senior Notes 5.05% due 04/01/2045		18,000		11,700
Enterprise Products Operating LLC Company Guar. Notes 3.20% due 02/15/2052		315,000		296,286
Enterprise Products Operating LLC Company Guar. Notes 4.25% due 02/15/2048		213,000		231,855
Genesis Energy LP/Genesis Energy Finance Corp. Company Guar. Notes 5.63% due 06/15/2024		2,585,000		2,281,262
Genesis Energy LP/Genesis Energy Finance Corp. Company Guar. Notes 6.00% due 05/15/2023		775,000		724,881

101

VALIC Company II Strategic Bond Fund

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

Security Description	Principal Amount(19)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Pipelines (continued)
Genesis Energy LP/Genesis Energy Finance Corp. Company Guar. Notes 6.50% due 10/01/2025	$	625,000	$	540,438
Harvest Midstream I LP Senior Notes 7.50% due 09/01/2028*		1,891,000		1,958,509
Holly Energy Partners LP/Holly Energy Finance Corp. Company Guar. Notes 5.00% due 02/01/2028*		2,048,000		2,049,229
Kinder Morgan, Inc. Company Guar. Notes 1.50% due 03/16/2022	EUR	500,000		605,932
Kinder Morgan, Inc. Company Guar. Notes 3.25% due 08/01/2050		307,000		287,461
MPLX LP Senior Notes 2.65% due 08/15/2030		226,000		224,487
NGPL PipeCo LLC Senior Notes 4.38% due 08/15/2022*		285,000		295,481
ONEOK Partners LP Company Guar. Notes 6.65% due 10/01/2036		168,000		193,669
ONEOK, Inc. Company Guar. Notes 3.10% due 03/15/2030		270,000		258,104
ONEOK, Inc. Company Guar. Notes 7.15% due 01/15/2051		117,000		141,398
Plains All American Pipeline LP/PAA Finance Corp. Senior Notes 4.30% due 01/31/2043		130,000		114,037
Sabine Pass Liquefaction LLC Senior Sec. Notes 4.50% due 05/15/2030*		202,000		231,126
Targa Resources Partners LP/Targa Resources Partners Finance Corp. Company Guar. Notes 4.88% due 02/01/2031*		1,688,000		1,707,209
Targa Resources Partners LP/Targa Resources Partners Finance Corp. Company Guar. Notes 5.00% due 01/15/2028		122,000		124,341
Transcontinental Gas Pipe Line Co. LLC Senior Notes 3.25% due 05/15/2030*		200,000		217,570
Williams Cos., Inc. Senior Notes 5.75% due 06/24/2044		434,000		521,900
				20,271,794
Poultry — 0.1%
Pilgrim’s Pride Corp. Company Guar. Notes 5.88% due 09/30/2027*		1,099,000		1,167,688
Protection/Safety — 0.5%
Prime Security Services Borrower LLC/Prime Finance, Inc. Senior Sec. Notes 3.38% due 08/31/2027*		1,275,000		1,270,423
Prime Security Services Borrower LLC/Prime Finance, Inc. Senior Sec. Notes 5.25% due 04/15/2024*		1,512,000		1,602,720

Security Description	Principal Amount(19)		Value (Note 2)
Protection/Safety (continued)
Prime Security Services Borrower LLC/Prime Finance, Inc. Senior Sec. Notes 5.75% due 04/15/2026*	$	640,000	$	707,060
Prime Security Services Borrower LLC/Prime Finance, Inc. Sec. Notes 6.25% due 01/15/2028*		1,276,000		1,339,800
				4,920,003
Real Estate Investment Trusts — 2.3%
Alexandria Real Estate Equities, Inc. Company Guar. Notes 1.88% due 02/01/2033		234,000		232,671
American Tower Corp. Senior Notes 3.10% due 06/15/2050		258,000		265,721
Brixmor Operating Partnership LP Senior Notes 4.05% due 07/01/2030		352,000		378,462
Columbia Property Trust Operating Partnership LP Company Guar. Notes 4.15% due 04/01/2025		378,000		398,725
CTR Partnership LP/CareTrust Capital Corp. Company Guar. Notes 5.25% due 06/01/2025		2,074,000		2,115,480
Digital Euro Finco LLC Company Guar. Notes 1.13% due 04/09/2028	EUR	900,000		1,093,316
ESH Hospitality, Inc. Company Guar. Notes 4.63% due 10/01/2027*		1,485,000		1,484,970
ESH Hospitality, Inc. Company Guar. Notes 5.25% due 05/01/2025*		800,000		812,000
Essex Portfolio LP Company Guar. Notes 2.65% due 09/01/2050		253,000		234,959
GLP Capital LP/GLP Financing II, Inc. Company Guar. Notes 5.38% due 04/15/2026		638,000		708,017
HAT Holdings I LLC/HAT Holdings II LLC Company Guar. Notes 3.75% due 09/15/2030*		468,000		470,340
HAT Holdings I LLC/HAT Holdings II LLC Company Guar. Notes 5.25% due 07/15/2024*		984,000		1,030,445
HAT Holdings I LLC/HAT Holdings II LLC Company Guar. Notes 6.00% due 04/15/2025*		1,180,000		1,265,550
Host Hotels & Resorts LP Senior Notes 3.50% due 09/15/2030		241,000		238,183
Ladder Capital Finance Holdings LLLP/ Ladder Capital Finance Corp. Company Guar. Notes 4.25% due 02/01/2027*		1,849,000		1,696,457
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc. Company Guar. Notes 5.75% due 02/01/2027		1,387,000		1,534,369
MPT Operating Partnership LP/MPT Finance Corp. Company Guar. Notes 5.00% due 10/15/2027		1,599,000		1,690,943
Piedmont Operating Partnership LP Company Guar. Notes 3.15% due 08/15/2030		326,000		320,291

102

VALIC Company II Strategic Bond Fund

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

Security Description	Principal Amount(19)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Real Estate Investment Trusts (continued)
Prologis LP Senior Notes 1.25% due 10/15/2030	$	161,000	$	157,928
Prologis LP Senior Bonds 2.13% due 10/15/2050		120,000		110,571
Prologis LP Senior Notes 3.00% due 04/15/2050		247,000		268,853
Sabra Health Care LP Company Guar. Notes 5.13% due 08/15/2026		2,380,000		2,592,738
Sabra Health Care LP/Sabra Capital Corp. Company Guar. Notes 4.80% due 06/01/2024		180,000		187,840
Simon Property Group LP Senior Notes 3.80% due 07/15/2050		240,000		249,274
Starwood Property Trust, Inc. Senior Notes 4.75% due 03/15/2025		1,792,000		1,724,800
Welltower, Inc. Senior Notes 2.75% due 01/15/2031		205,000		208,720
				21,471,623
Real Estate Management/Services — 0.3%
Cushman & Wakefield US Borrower LLC Senior Sec. Notes 6.75% due 05/15/2028*		1,346,000		1,421,907
Newmark Group, Inc. Senior Notes 6.13% due 11/15/2023		1,080,000		1,107,083
				2,528,990
Recycling — 0.2%
Harsco Corp. Company Guar. Notes 5.75% due 07/31/2027*		1,784,000		1,864,173
Rental Auto/Equipment — 0.3%
Ahern Rentals, Inc. Sec. Notes 7.38% due 05/15/2023*		2,767,000		1,148,305
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. Company Guar. Notes 5.75% due 07/15/2027*#		1,412,000		1,351,990
				2,500,295
Research & Development — 0.2%
Jaguar Holding Co. II/PPD Development LP Company Guar. Notes 4.63% due 06/15/2025*		273,000		283,920
Jaguar Holding Co. II/PPD Development LP Company Guar. Notes 5.00% due 06/15/2028*		1,045,000		1,107,700
				1,391,620
Resorts/Theme Parks — 0.4%
SeaWorld Parks & Entertainment, Inc. Senior Sec. Notes 8.75% due 05/01/2025*#		1,515,000		1,617,262
Six Flags Entertainment Corp. Company Guar. Notes 5.50% due 04/15/2027*#		1,495,000		1,457,625

Security Description	Principal Amount(19)		Value (Note 2)
Resorts/Theme Parks (continued)
Six Flags Theme Parks, Inc. Senior Sec. Notes 7.00% due 07/01/2025*	$	130,000	$	140,686
				3,215,573
Retail - Apparel/Shoe — 0.0%
Ross Stores, Inc. Senior Notes 5.45% due 04/15/2050		280,000		360,027
Retail - Appliances — 0.1%
Conn’s, Inc. Company Guar. Notes 7.25% due 07/15/2022		1,314,000		1,116,900
Retail - Auto Parts — 0.0%
Advance Auto Parts, Inc. Company Guar. Notes 3.90% due 04/15/2030		285,000		314,093
Retail - Automobile — 0.0%
AutoNation, Inc. Senior Notes 4.75% due 06/01/2030		114,000		133,722
Retail - Building Products — 0.0%
Home Depot, Inc. Senior Notes 3.35% due 04/15/2050		133,000		152,073
Retail - Discount — 0.1%
Walmart, Inc. Senior Notes 2.55% due 04/11/2023		422,000		445,557
Retail - Drug Store — 0.0%
Walgreens Boots Alliance, Inc. Senior Notes 4.10% due 04/15/2050		143,000		143,861
Retail - Major Department Stores — 0.0%
TJX Cos, Inc. Senior Notes 3.75% due 04/15/2027		265,000		304,959
Retail - Pawn Shops — 0.1%
FirstCash, Inc. Company Guar. Notes 4.63% due 09/01/2028*		943,000		969,112
Retail - Petroleum Products — 0.2%
Murphy Oil USA, Inc. Company Guar. Notes 4.75% due 09/15/2029		1,544,000		1,669,188
Retail - Regional Department Stores — 0.1%
Kohl’s Corp. Senior Notes 5.55% due 07/17/2045		321,000		293,108
Kohl’s Corp. Senior Notes 9.50% due 05/15/2025		136,000		163,774
				456,882
Retail - Restaurants — 0.5%
Brinker International, Inc. Company Guar. Notes 5.00% due 10/01/2024*		2,125,000		2,114,375
Darden Restaurants, Inc. Senior Notes 4.55% due 02/15/2048		271,000		259,753

103

VALIC Company II Strategic Bond Fund

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

Security Description	Principal Amount(19)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Retail - Restaurants (continued)
Golden Nugget, Inc. Senior Notes 6.75% due 10/15/2024*	$	560,000	$	476,700
Golden Nugget, Inc. Company Guar. Notes 8.75% due 10/01/2025*		1,780,000		1,321,650
McDonald’s Corp. Senior Notes 3.63% due 09/01/2049		160,000		180,670
McDonald’s Corp. Senior Notes 4.20% due 04/01/2050		165,000		201,361
				4,554,509
Satellite Telecom — 0.3%
Hughes Satellite Systems Corp. Company Guar. Notes 6.63% due 08/01/2026		2,513,000		2,845,973
Savings & Loans/Thrifts — 0.1%
First Niagara Financial Group, Inc. Sub. Notes 7.25% due 12/15/2021		455,000		490,791
New York Community Bancorp, Inc. Sub. Notes 5.90% due 11/06/2028		506,000		517,238
				1,008,029
Security Services — 0.2%
Brink’s Co. Company Guar. Notes 4.63% due 10/15/2027*		2,005,000		2,082,092
Shipbuilding — 0.0%
Huntington Ingalls Industries, Inc. Company Guar. Notes 4.20% due 05/01/2030*		245,000		281,364
Software Tools — 0.0%
VMware, Inc. Senior Notes 4.70% due 05/15/2030		265,000		311,772
Steel - Producers — 0.2%
Commercial Metals Co. Senior Notes 5.75% due 04/15/2026		1,315,000		1,367,600
Nucor Corp. Senior Notes 2.70% due 06/01/2030		91,000		98,012
Reliance Steel & Aluminum Co. Senior Notes 2.15% due 08/15/2030		125,000		123,926
Steel Dynamics, Inc. Senior Notes 3.25% due 01/15/2031		93,000		99,993
Steel Dynamics, Inc. Senior Notes 3.45% due 04/15/2030		285,000		313,188
				2,002,719
Telecom Equipment - Fiber Optics — 0.1%
Corning, Inc. Senior Notes 5.45% due 11/15/2079		542,000		678,945

Security Description	Principal Amount(19)		Value (Note 2)
Telephone - Integrated — 0.9%
AT&T, Inc. Senior Notes 1.65% due 02/01/2028	$	93,000	$	94,291
AT&T, Inc. Senior Notes 2.60% due 05/19/2038	EUR	300,000		396,097
AT&T, Inc. Senior Notes 4.50% due 05/15/2035		1,198,000		1,435,427
AT&T, Inc. Senior Notes 4.75% due 05/15/2046		31,000		37,273
AT&T, Inc. Senior Notes 4.85% due 07/15/2045		226,000		269,729
AT&T, Inc. Senior Notes 4.90% due 08/15/2037		363,000		448,961
CenturyLink, Inc. Senior Notes 5.13% due 12/15/2026*		1,345,000		1,394,799
CenturyLink, Inc. Senior Notes 7.50% due 04/01/2024		1,279,000		1,450,066
Verizon Communications, Inc. Senior Notes 2.50% due 04/08/2031	GBP	300,000		442,671
Verizon Communications, Inc. Senior Notes 4.27% due 01/15/2036		144,000		176,680
Verizon Communications, Inc. Senior Notes 4.40% due 11/01/2034		150,000		186,897
Verizon Communications, Inc. Senior Notes 5.25% due 03/16/2037		400,000		543,367
Zayo Group Holdings, Inc. Senior Notes 6.13% due 03/01/2028*		1,754,000		1,811,356
				8,687,614
Television — 0.4%
Belo Corp. Company Guar. Notes 7.25% due 09/15/2027		1,030,000		1,133,000
Belo Corp. Company Guar. Notes 7.75% due 06/01/2027		1,105,000		1,243,125
Viacom, Inc. Senior Notes 4.38% due 03/15/2043		1,015,000		1,082,164
				3,458,289
Tools - Hand Held — 0.0%
Stanley Black & Decker, Inc. Senior Notes 3.40% due 03/01/2026		226,000		255,908
Transport - Air Freight — 0.3%
Cargo Aircraft Management, Inc. Company Guar. Notes 4.75% due 02/01/2028*		2,351,000		2,415,653

104

VALIC Company II Strategic Bond Fund

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

Security Description	Principal Amount(19)		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Transport - Equipment & Leasing — 0.1%
GATX Corp. Senior Notes 4.00% due 06/30/2030	$	209,000	$	237,617
GATX Corp. Senior Notes 4.35% due 02/15/2024		390,000		429,013
				666,630
Transport - Marine — 0.0%
Kirby Corp. Senior Notes 4.20% due 03/01/2028		250,000		263,469
Transport - Rail — 0.1%
Kansas City Southern Company Guar. Notes 2.88% due 11/15/2029		213,000		221,342
Kansas City Southern Company Guar. Notes 4.70% due 05/01/2048		210,000		232,865
Norfolk Southern Corp. Senior Notes 4.10% due 05/15/2049		334,000		419,354
				873,561
Transport - Services — 0.1%
FedEx Corp. Pass Through Trust Pass-Through Certs. Series 2020-1, Class AA 1.88% due 08/20/2035		405,000		412,199
United Parcel Service, Inc. Senior Notes 3.90% due 04/01/2025		197,000		224,608
				636,807
Trucking/Leasing — 0.1%
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 3.35% due 11/01/2029*		57,000		60,648
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 3.40% due 11/15/2026*		600,000		658,909
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 4.20% due 04/01/2027*		188,000		211,838
				931,395
Vitamins & Nutrition Products — 0.2%
HLF Financing SARL LLC/Herbalife International, Inc. Company Guar. Notes 7.25% due 08/15/2026*		1,622,000		1,694,990
Water — 0.0%
American Water Capital Corp. Senior Bonds 3.45% due 05/01/2050		128,000		146,552
Essential Utilities, Inc. Senior Bonds 3.35% due 04/15/2050		170,000		184,779
				331,331
Web Portals/ISP — 0.1%
Alphabet, Inc. Senior Notes 1.10% due 08/15/2030		346,000		344,964

Security Description	Principal Amount(19)		Value (Note 2)
Web Portals/ISP (continued)
Alphabet, Inc. Senior Notes 2.05% due 08/15/2050	$	329,000	$	313,636
				658,600
Total U.S. Corporate Bonds & Notes
(cost $348,145,502)				364,705,958
FOREIGN CORPORATE BONDS & NOTES — 15.1%
Aerospace/Defense — 0.0%
BAE Systems PLC Senior Notes 3.40% due 04/15/2030*		229,000		257,164
Agricultural Chemicals — 0.4%
Consolidated Energy Finance SA Senior Notes 6.88% due 06/15/2025*		1,460,000		1,350,500
Nutrien, Ltd. Senior Notes 3.95% due 05/13/2050		275,000		319,084
OCI NV Senior Sec. Notes 5.25% due 11/01/2024*		1,640,000		1,685,100
Yara International ASA Senior Notes 3.15% due 06/04/2030*		125,000		134,418
				3,489,102
Airport Development/Maintenance — 0.1%
Mexico City Airport Trust Senior Sec. Notes 4.25% due 10/31/2026		1,300,000		1,217,450
Auto - Cars/Light Trucks — 0.0%
RCI Banque SA Senior Notes 1.88% due 11/08/2022	GBP	305,000		404,359
Auto/Truck Parts & Equipment - Original — 0.1%
Delphi Jersey Holdings PLC Company Guar. Notes 5.00% due 10/01/2025*		1,016,000		1,164,590
Banks - Commercial — 1.7%
Australia & New Zealand Banking Group, Ltd. Sub. Notes 2.95% due 07/22/2030*		212,000		220,823
Banco de Credito del Peru Sub. Notes 3.13% due 07/01/2030*		780,000		784,875
Banco de Credito e Inversiones SA Senior Notes 3.50% due 10/12/2027		970,000		1,053,004
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand Senior Notes 5.38% due 04/17/2025*		298,000		335,995
Bank of Montreal Senior Notes 2.05% due 11/01/2022		387,000		400,514
Barclays Bank PLC Senior Notes 1.70% due 05/12/2022		206,000		209,672
Canadian Imperial Bank of Commerce Senior Notes 2.25% due 01/28/2025		459,000		487,230

105

VALIC Company II Strategic Bond Fund

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

Security Description	Principal Amount(19)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Banks - Commercial (continued)
Credit Suisse AG Senior Notes 2.10% due 11/12/2021	$	420,000	$	428,845
Credit Suisse AG Sub. Notes 5.75% due 09/18/2025	EUR	1,100,000		1,315,836
Danske Bank A/S Senior Notes 0.50% due 08/27/2025	EUR	650,000		770,642
Danske Bank A/S Sub. Notes 1.38% due 02/12/2030	EUR	735,000		872,276
Danske Bank A/S Senior Notes 2.25% due 01/14/2028	GBP	400,000		544,280
Danske Bank A/S Senior Notes 3.24% due 12/20/2025*		522,000		560,261
DBS Group Holdings, Ltd. Senior Notes 2.85% due 04/16/2022*		277,000		285,965
Grupo Aval, Ltd. Company Guar. Notes 4.38% due 02/04/2030*		2,060,000		2,015,710
ING Groep NV Senior Notes 1.40% due 07/01/2026*		604,000		613,888
ING Groep NV Senior Notes 4.63% due 01/06/2026*		220,000		260,390
Malayan Banking Bhd Sub. Notes 3.91% due 10/29/2026		550,000		561,412
National Australia Bank, Ltd. Sub. Notes 3.93% due 08/02/2034*		200,000		222,616
National Bank of Canada Senior Notes 2.15% due 10/07/2022*		464,000		479,736
Philippine National Bank Senior Notes 3.28% due 09/27/2024		1,300,000		1,352,650
Shinhan Bank Co., Ltd. Sub. Notes 4.00% due 04/23/2029*		210,000		234,356
Skandinaviska Enskilda Banken AB Sub. Notes 2.50% due 05/28/2026	EUR	500,000		604,904
Standard Chartered PLC Senior Notes 0.90% due 07/02/2027	EUR	600,000		718,376
Standard Chartered PLC Senior Notes 4.64% due 04/01/2031*		200,000		234,424
				15,568,680
Banks - Special Purpose — 0.1%
Industrial Bank of Korea Senior Notes 1.04% due 06/22/2025*		801,000		807,305
Beverages - Non-alcoholic — 0.0%
Coca-Cola Femsa SAB de CV Company Guar. Notes 1.85% due 09/01/2032		397,000		396,786

Security Description	Principal Amount(19)		Value (Note 2)
Beverages - Wine/Spirits — 0.0%
Diageo Capital PLC Company Guar. Notes 2.13% due 04/29/2032	$	256,000	$	266,301
Brewery — 0.1%
Heineken NV Senior Notes 2.25% due 03/30/2030	EUR	475,000		652,874
Building - Residential/Commercial — 0.1%
Mattamy Group Corp. Senior Notes 4.63% due 03/01/2030*		209,000		213,703
Mattamy Group Corp. Senior Notes 5.25% due 12/15/2027*		940,000		982,300
				1,196,003
Cable/Satellite TV — 0.2%
Altice Financing SA Senior Sec. Notes 5.00% due 01/15/2028*		1,831,000		1,880,822
Cellular Telecom — 0.4%
C&W Senior Financing Designated Activity Co. Senior Notes 6.88% due 09/15/2027*		54,000		56,543
Colombia Telecomunicaciones SA ESP Senior Notes 4.95% due 07/17/2030*		739,000		782,971
Numericable-SFR SA Senior Sec. Notes 7.38% due 05/01/2026*		2,176,000		2,310,150
SK Telecom Co., Ltd. Senior Notes 3.75% due 04/16/2023*		200,000		214,273
Vodafone Group PLC Senior Notes 4.88% due 06/19/2049		146,000		182,889
Vodafone Group PLC Senior Notes 5.25% due 05/30/2048		180,000		236,183
				3,783,009
Chemicals - Diversified — 0.3%
Braskem Netherlands Finance BV Company Guar. Notes 4.50% due 01/10/2028*		290,000		283,113
Braskem Netherlands Finance BV Company Guar. Notes 4.50% due 01/31/2030*		360,000		342,540
Braskem Netherlands Finance BV Company Guar. Notes 4.50% due 01/31/2030		500,000		475,750
CNAC HK Finbridge Co., Ltd. Company Guar. Notes 3.38% due 06/19/2024		580,000		613,344
CNAC HK Finbridge Co., Ltd. Company Guar. Notes 4.13% due 07/19/2027		500,000		554,079
Petkim Petrokimya Holding AS Senior Notes 5.88% due 01/26/2023*		930,000		924,187
				3,193,013

106

VALIC Company II Strategic Bond Fund

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

Security Description	Principal Amount(19)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Chemicals - Other — 0.2%
MEGlobal Canada ULC Company Guar. Notes 5.00% due 05/18/2025*	$	800,000	$	874,000
MEGlobal Canada ULC Company Guar. Notes 5.88% due 05/18/2030*		471,000		567,023
				1,441,023
Chemicals - Specialty — 0.0%
Albemarle Wodgina Pty, Ltd. Company Guar. Notes 3.45% due 11/15/2029		161,000		162,028
Commercial Services — 0.1%
Nielsen Co. Luxembourg SARL Company Guar. Notes 5.00% due 02/01/2025*#		820,000		836,400
Computer Software — 0.1%
Camelot Finance SA Senior Sec. Notes 4.50% due 11/01/2026*		796,000		823,637
Containers - Metal/Glass — 0.3%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. Company Guar. Notes 5.25% due 08/15/2027*		1,275,000		1,326,485
Trivium Packaging Finance BV Company Guar. Notes 8.50% due 08/15/2027*		1,775,000		1,952,500
				3,278,985
Containers - Paper/Plastic — 0.4%
Cascades, Inc./Cascades USA, Inc. Company Guar. Notes 5.38% due 01/15/2028*		1,553,000		1,654,023
Intertape Polymer Group, Inc. Company Guar. Notes 7.00% due 10/15/2026*		1,938,000		2,034,900
Klabin Austria GmbH Company Guar. Notes 7.00% due 04/03/2049*		379,000		430,506
				4,119,429
Cruise Lines — 0.3%
Silversea Cruise Finance, Ltd. Senior Sec. Notes 7.25% due 02/01/2025*		1,300,000		1,304,362
Viking Cruises, Ltd. Company Guar. Notes 5.88% due 09/15/2027*		1,182,000		839,220
Viking Cruises, Ltd. Senior Notes 6.25% due 05/15/2025*		314,000		226,080
Viking Cruises, Ltd. Senior Sec. Notes 13.00% due 05/15/2025*		188,000		208,680
				2,578,342
Diagnostic Equipment — 0.0%
DH Europe Finance II SARL Company Guar. Notes 3.25% due 11/15/2039		307,000		345,920

Security Description	Principal Amount(19)		Value (Note 2)
Diversified Banking Institutions — 1.6%
Banco Santander SA Senior Notes 1.38% due 01/05/2026	EUR	800,000	$	983,655
Banco Santander SA Senior Notes 2.71% due 06/27/2024		200,000		213,385
Barclays PLC Senior Notes 3.00% due 05/08/2026	GBP	400,000		572,121
BNP Paribas SA Senior Notes 2.22% due 06/09/2026*		205,000		213,882
BNP Paribas SA Sub. Notes 2.88% due 03/20/2026	EUR	1,200,000		1,450,891
BNP Paribas SA Senior Notes 3.05% due 01/13/2031*		557,000		602,100
BNP Paribas SA Senior Notes 3.38% due 01/23/2026	GBP	300,000		443,838
BNP Paribas SA Senior Notes 4.71% due 01/10/2025*		476,000		531,892
Credit Agricole SA Senior Notes 1.91% due 06/16/2026*		250,000		258,021
Credit Suisse Group AG Senior Notes 2.19% due 06/05/2026*		321,000		331,449
Credit Suisse Group AG Senior Notes 4.19% due 04/01/2031*		250,000		291,540
Deutsche Bank AG Senior Notes 4.25% due 02/04/2021		201,000		203,826
HSBC Holdings PLC Senior Notes 0.88% due 09/06/2024	EUR	450,000		549,104
HSBC Holdings PLC Senior Notes 2.85% due 06/04/2031		200,000		209,788
HSBC Holdings PLC Senior Notes 3.00% due 07/22/2028	GBP	450,000		648,062
HSBC Holdings PLC Senior Notes 4.29% due 09/12/2026		308,000		346,907
Lloyds Banking Group PLC Senior Notes 0.63% due 01/15/2024	EUR	750,000		899,502
Mitsubishi UFJ Financial Group, Inc. Senior Notes 2.19% due 02/25/2025		405,000		426,047
Mizuho Financial Group, Inc. Senior Notes 2.56% due 09/13/2025		643,000		678,153
Natwest Group PLC Sub. Notes 3.03% due 11/28/2035		211,000		210,085
NatWest Markets PLC Senior Notes 2.75% due 04/02/2025	EUR	450,000		586,888

107

VALIC Company II Strategic Bond Fund

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

Security Description	Principal Amount(19)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Diversified Banking Institutions (continued)
NatWest Markets PLC Senior Notes 3.63% due 09/29/2022*	$	383,000	$	404,483
Royal Bank of Scotland Group PLC Senior Notes 2.36% due 05/22/2024		519,000		536,793
Royal Bank of Scotland Group PLC Sub. Notes 3.75% due 11/01/2029		438,000		462,327
UBS AG Senior Notes 1.75% due 04/21/2022*		287,000		292,866
UBS AG Sub. Notes 4.75% due 02/12/2026	EUR	750,000		912,698
UBS Group Funding Switzerland AG Senior Notes 3.49% due 05/23/2023*		293,000		307,317
UniCredit SpA Sub. Bonds 5.46% due 06/30/2035*		608,000		629,609
UniCredit SpA Senior Notes 6.57% due 01/14/2022*		377,000		400,816
				14,598,045
Diversified Financial Services — 0.2%
Fairstone Financial, Inc. Senior Notes 7.88% due 07/15/2024*		1,629,000		1,706,377
GE Capital International Funding Co. ULC Company Guar. Notes 4.42% due 11/15/2035		600,000		619,853
				2,326,230
Diversified Manufacturing Operations — 0.0%
Siemens Financieringsmaatschappij NV Company Guar. Notes 3.25% due 05/27/2025*		250,000		279,390
Diversified Minerals — 0.3%
Anglo American Capital PLC Company Guar. Notes 5.38% due 04/01/2025*		203,000		233,925
FMG Resources August 2006 Pty, Ltd. Company Guar. Notes 4.50% due 09/15/2027*		1,763,000		1,904,040
Teck Resources, Ltd. Senior Notes 3.90% due 07/15/2030*		188,000		192,895
Teck Resources, Ltd. Senior Notes 6.25% due 07/15/2041		134,000		150,397
				2,481,257
Electric - Distribution — 0.3%
Energuate Trust Company Guar. Notes 5.88% due 05/03/2027		1,821,000		1,894,204
OmGrid Funding, Ltd. Company Guar. Notes 5.20% due 05/16/2027		500,000		479,940
				2,374,144

Security Description	Principal Amount(19)		Value (Note 2)
Electric - Generation — 0.6%
Electricite de France SA Senior Notes 5.00% due 09/21/2048*	$	200,000	$	261,031
Electricite de France SA Senior Notes 6.25% due 05/30/2028	GBP	400,000		713,822
LLPL Capital Pte, Ltd. Senior Sec. Notes 6.88% due 02/04/2039		939,000		1,079,850
Minejesa Capital BV Senior Sec. Notes 5.63% due 08/10/2037		1,500,000		1,582,500
Mong Duong Finance Holdings BV Senior Sec. Notes 5.13% due 05/07/2029		800,000		805,511
SPIC Luxembourg Latin America Renewable Energy Investment Co. SARL Company Guar. Notes 4.65% due 10/30/2023		650,000		704,892
				5,147,606
Electric - Integrated — 0.1%
Empresas Publicas de Medellin ESP Senior Notes 4.38% due 02/15/2031*		805,000		817,799
Enel Finance International NV Company Guar. Notes 4.75% due 05/25/2047*		278,000		351,147
Engie Energia Chile SA Senior Notes 3.40% due 01/28/2030*		209,000		226,765
				1,395,711
Electric - Transmission — 0.0%
RTE Reseau de Transport d’Electricite SADIR Senior Notes 1.13% due 07/08/2040	EUR	300,000		369,633
Electronic Components - Semiconductors — 0.0%
NXP BV/NXP Funding LLC/NXP USA, Inc. Company Guar. Notes 3.40% due 05/01/2030*		114,000		126,379
Energy - Alternate Sources — 0.1%
ReNew Power Synthetic Senior Sec. Notes 6.67% due 03/12/2024		500,000		522,500
ReNew Power, Ltd. Senior Sec. Notes 6.45% due 09/27/2022		510,000		522,648
				1,045,148
Finance - Consumer Loans — 0.2%
goeasy, Ltd. Company Guar. Notes 5.38% due 12/01/2024*		1,395,000		1,436,850
Finance - Leasing Companies — 0.2%
Avolon Holdings Funding, Ltd. Company Guar. Notes 5.13% due 10/01/2023*		1,664,000		1,617,728
Food - Meat Products — 0.1%
BRF SA Senior Notes 4.88% due 01/24/2030*		500,000		518,750

108

VALIC Company II Strategic Bond Fund

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

Security Description	Principal Amount(19)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Food - Meat Products (continued)
JBS USA LUX SA/JBS USA Finance, Inc. Company Guar. Notes 5.88% due 07/15/2024*	$	742,000	$	756,840
				1,275,590
Food - Retail — 0.1%
Tesco Corp.orate Treasury Services PLC Company Guar. Notes 0.88% due 05/29/2026	EUR	415,000		501,705
Gas - Distribution — 0.1%
Centrica PLC Senior Notes 4.38% due 03/13/2029	GBP	400,000		639,442
Independent Power Producers — 0.1%
Termocandelaria Power, Ltd. Company Guar. Notes 7.88% due 01/30/2029		1,000,000		1,067,510
Industrial Gases — 0.1%
Yingde Gases Investment, Ltd. Company Guar. Notes 6.25% due 01/19/2023		500,000		518,197
Insurance - Life/Health — 0.1%
Athene Holding, Ltd. Senior Notes 6.15% due 04/03/2030		203,000		244,854
Manulife Financial Corp. Sub. Notes 4.06% due 02/24/2032		308,000		329,073
				573,927
Insurance - Property/Casualty — 0.1%
Enstar Group, Ltd. Senior Notes 4.95% due 06/01/2029		520,000		578,661
Investment Companies — 0.2%
Huarong Finance 2019 Co., Ltd. Company Guar. Notes 3.75% due 05/29/2024		590,000		622,196
Huarong Finance II Co., Ltd. Company Guar. Notes 4.63% due 06/03/2026		1,000,000		1,108,430
				1,730,626
Machinery - Farming — 0.1%
CNH Industrial Finance Europe SA Company Guar. Notes 1.75% due 03/25/2027	EUR	600,000		721,034
Medical - Drugs — 0.3%
AstraZeneca PLC Senior Notes 2.13% due 08/06/2050		117,000		109,019
Endo Dac/Endo Finance LLC/Endo Finco, Inc. Senior Sec. Notes 5.88% due 10/15/2024*		760,000		761,900
Endo Dac/Endo Finance LLC/Endo Finco, Inc. Company Guar. Notes 6.00% due 06/30/2028*		1,688,000		1,308,200
GlaxoSmithKline Capital PLC Company Guar. Notes 3.13% due 05/14/2021		8,000		8,165

Security Description	Principal Amount(19)		Value (Note 2)
Medical - Drugs (continued)
Takeda Pharmaceutical Co., Ltd. Senior Bonds 3.18% due 07/09/2050	$	283,000	$	290,233
				2,477,517
Metal - Aluminum — 0.1%
Indonesia Asahan Aluminium Persero PT Senior Notes 6.53% due 11/15/2028		500,000		617,500
Metal - Copper — 0.2%
First Quantum Minerals, Ltd. Company Guar. Notes 7.25% due 04/01/2023*		1,967,000		1,998,964
Metal - Diversified — 0.1%
Chinalco Capital Holdings, Ltd. Company Guar. Notes 4.25% due 04/21/2022		800,000		809,423
Glencore Finance Europe, Ltd. Company Guar. Notes 1.50% due 10/15/2026	EUR	450,000		552,432
				1,361,855
Metal - Iron — 0.2%
Mineral Resources, Ltd. Senior Notes 8.13% due 05/01/2027*		1,649,000		1,822,227
Motion Pictures & Services — 0.3%
Banijay Entertainment SASU Senior Sec. Notes 5.38% due 03/01/2025*		2,390,000		2,416,888
Multimedia — 0.1%
Globo Comunicacao e Participacoes SA Senior Notes 4.88% due 01/22/2030*		700,000		689,507
Oil Companies - Exploration & Production — 0.7%
Canadian Natural Resources, Ltd. Senior Notes 2.95% due 07/15/2030		200,000		204,400
MEG Energy Corp. Sec. Notes 6.50% due 01/15/2025*		2,850,000		2,907,000
MEG Energy Corp. Company Guar. Notes 7.13% due 02/01/2027*		1,050,000		1,004,608
Saka Energi Indonesia PT Senior Notes 4.45% due 05/05/2024		1,000,000		935,000
Tullow Oil PLC Company Guar. Notes 6.25% due 04/15/2022		500,000		312,500
Wintershall Dea Finance B.V. Company Guar. Notes 1.33% due 09/25/2028	EUR	900,000		1,023,859
				6,387,367
Oil Companies - Integrated — 1.1%
BP Capital Markets PLC Company Guar. Notes 2.27% due 07/03/2026	GBP	400,000		576,524
Cenovus Energy, Inc. Senior Notes 4.25% due 04/15/2027		2,004,000		1,905,614

109

VALIC Company II Strategic Bond Fund

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

Security Description	Principal Amount(19)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Oil Companies - Integrated (continued)
Ecopetrol SA Senior Notes 5.88% due 05/28/2045	$	500,000	$	567,400
Ecopetrol SA Senior Notes 6.88% due 04/29/2030		700,000		844,508
Equinor ASA Company Guar. Notes 1.75% due 01/22/2026		165,000		172,905
Equinor ASA Company Guar. Bonds 3.25% due 11/18/2049		181,000		195,120
Pertamina Persero PT Senior Notes 6.50% due 05/27/2041		500,000		650,000
Petro-Canada Senior Notes 5.95% due 05/15/2035		146,000		183,037
Petrobras Global Finance BV Company Guar. Notes 7.38% due 01/17/2027		500,000		592,750
Petroleos Mexicanos Company Guar. Notes 6.38% due 01/23/2045		920,000		755,550
Petroleos Mexicanos Company Guar. Notes 6.49% due 01/23/2027		900,000		886,590
Petroleos Mexicanos Company Guar. Notes 6.63% due 06/15/2035		1,600,000		1,413,000
Petroleos Mexicanos Company Guar. Notes 6.75% due 09/21/2047		1,000,000		834,900
Shell International Finance BV Company Guar. Notes 1.50% due 04/07/2028	EUR	400,000		520,218
Total Capital International SA Company Guar. Notes 3.46% due 07/12/2049		136,000		151,620
				10,249,736
Oil Refining & Marketing — 0.1%
Empresa Nacional del Petroleo Senior Notes 5.25% due 11/06/2029		1,000,000		1,167,769
Petrochemicals — 0.1%
Equate Petrochemical BV Company Guar. Notes 4.25% due 11/03/2026		500,000		534,808
Real Estate Investment Trusts — 0.1%
Trust Fibro Uno Senior Notes 6.39% due 01/15/2050		1,000,000		1,032,000
Real Estate Operations & Development — 0.3%
Aroundtown SA Senior Notes 1.45% due 07/09/2028	EUR	600,000		721,756
Aroundtown SA Senior Notes 3.25% due 07/18/2027	GBP	400,000		563,542
Logicor Financing Sarl Company Guar. Notes 0.75% due 07/15/2024	EUR	1,080,000		1,283,944
				2,569,242

Security Description	Principal Amount(19)		Value (Note 2)
Retail - Petroleum Products — 0.2%
eG Global Finance PLC Senior Sec. Notes 6.75% due 02/07/2025*	$	2,088,000	$	2,158,470
Satellite Telecom — 0.5%
Connect Finco SARL/Connect US Finco LLC Senior Sec. Notes 6.75% due 10/01/2026*		2,059,000		2,124,682
Telesat Canada/Telesat LLC Senior Sec. Notes 4.88% due 06/01/2027*		571,000		579,565
Telesat Canada/Telesat LLC Company Guar. Notes 6.50% due 10/15/2027*		2,232,000		2,292,710
				4,996,957
Security Services — 0.2%
GW B-CR Security Corp. Senior Notes 9.50% due 11/01/2027*		1,922,000		2,085,370
Steel - Producers — 0.1%
Shandong Iron & Steel Xinheng International Co., Ltd. Company Guar. Notes 6.85% due 09/25/2022		620,000		626,975
SupraNational Banks — 0.2%
African Development Bank Senior Notes 0.75% due 04/03/2023		408,000		413,198
European Bank for Reconstruction & Development Senior Notes 1.50% due 02/13/2025		515,000		536,676
International Bank for Reconstruction & Development Senior Notes 3.13% due 11/20/2025		317,000		359,968
International Finance Corp. Senior Notes 0.50% due 03/20/2023#		602,000		606,309
				1,916,151
Telecom Services — 0.3%
Altice France Holding SA Company Guar. Notes 6.00% due 02/15/2028*		1,555,000		1,555,000
Optus Finance Pty, Ltd. Company Guar. Notes 1.00% due 06/20/2029	EUR	750,000		917,365
				2,472,365
Telephone - Integrated — 0.1%
Telecom Italia Capital SA Company Guar. Notes 7.72% due 06/04/2038		221,000		307,904
Telefonica Emisiones SA Company Guar. Notes 5.45% due 10/08/2029	GBP	400,000		703,184
Telefonica Emisiones SAU Company Guar. Notes 4.67% due 03/06/2038		307,000		361,635
				1,372,723
Transport - Rail — 0.0%
Canadian Pacific Railway Co. Senior Notes 6.13% due 09/15/2115		113,000		173,234

110

VALIC Company II Strategic Bond Fund

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

Security Description	Principal Amount(19)		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Transport - Services — 0.1%
Rumo Luxembourg SARL Company Guarantee Notes 5.25% due 01/10/2028*	$	730,000	$	770,150
Vitamins & Nutrition Products — 0.1%
Herbalife Nutrition, Ltd./HLF Financing, Inc. Company Guar. Notes 7.88% due 09/01/2025*		565,000		622,913
Warehousing & Harbor Transportation Services — 0.1%
DP World PLC Senior Notes 4.70% due 09/30/2049		1,000,000		1,046,280
Total Foreign Corporate Bonds & Notes
(cost $134,095,770)				140,235,003
FOREIGN GOVERNMENT OBLIGATIONS — 15.9%
Sovereign — 15.8%
Arab Republic of Egypt Senior Notes 5.75% due 05/29/2024*		1,500,000		1,540,950
Arab Republic of Egypt Senior Notes 7.05% due 01/15/2032*		930,000		923,192
Arab Republic of Egypt Senior Notes 7.60% due 03/01/2029		2,600,000		2,726,204
Arab Republic of Egypt Senior Notes 8.50% due 01/31/2047		1,024,000		1,049,416
Arab Republic of Egypt Senior Notes 8.88% due 05/29/2050*		1,050,000		1,092,021
Dominican Republic Senior Notes 5.88% due 01/30/2060*		900,000		861,300
Dominican Republic Senior Bonds 6.85% due 01/27/2045		1,800,000		1,911,600
Emirate of Abu Dhabi Senior Notes 2.50% due 04/16/2025*		1,250,000		1,324,937
Emirate of Abu Dhabi Senior Notes 3.13% due 10/11/2027		2,890,000		3,210,888
Emirate of Abu Dhabi Senior Notes 3.13% due 09/30/2049		1,600,000		1,720,000
Emirate of Abu Dhabi Senior Bonds 3.88% due 04/16/2050*		385,000		468,586
Federative Republic of Brazil Senior Notes 4.75% due 01/14/2050		1,300,000		1,310,413
Federative Republic of Brazil Senior Notes 5.00% due 01/27/2045		1,550,000		1,620,525
Government of Jamaica Senior Notes 7.88% due 07/28/2045		1,000,000		1,312,000
Government of Romania Senior Notes 3.00% due 02/14/2031*#		2,000,000		2,006,556
Government of Romania Senior Notes 4.00% due 02/14/2051*		1,300,000		1,307,907

Security Description	Principal Amount(19)		Value (Note 2)
Sovereign (continued)
Government of Ukraine Senior Notes 7.25% due 03/15/2033*	$	550,000	$	548,988
Government of Ukraine Senior Notes 7.75% due 09/01/2022		750,000		786,978
Government of Ukraine Senior Notes 7.75% due 09/01/2023		1,550,000		1,646,875
Government of Ukraine Senior Notes 7.75% due 09/01/2024		550,000		581,691
Government of Ukraine Senior Notes 9.75% due 11/01/2028		2,200,000		2,514,468
Islamic Republic of Pakistan Senior Notes 6.88% due 12/05/2027		2,000,000		2,080,000
Islamic Republic of Pakistan Senior Notes 8.25% due 04/15/2024		1,550,000		1,686,865
Kingdom of Bahrain Senior Notes 6.00% due 09/19/2044		400,000		396,629
Kingdom of Bahrain Senior Notes 7.38% due 05/14/2030*		945,000		1,100,604
Kingdom of Jordan Senior Notes 5.75% due 01/31/2027		1,500,000		1,542,468
Kingdom of Jordan Senior Notes 5.85% due 07/07/2030*		1,950,000		1,972,683
Kingdom of Jordan Senior Bonds 7.38% due 10/10/2047		1,250,000		1,306,852
Kingdom of Saudi Arabia Senior Notes 3.25% due 10/22/2030*		2,900,000		3,140,120
Kingdom of Saudi Arabia Senior Notes 3.25% due 10/22/2030#		600,000		649,680
Kingdom of Saudi Arabia Senior Notes 3.63% due 03/04/2028		710,000		786,879
Kingdom of Saudi Arabia Senior Notes 4.50% due 04/22/2060*		850,000		1,057,706
Kingdom of Saudi Arabia Senior Notes 4.63% due 10/04/2047		800,000		981,136
Kingdom of Saudi Arabia Senior Notes 5.00% due 04/17/2049		750,000		977,070
Kingdom of Spain Bonds 5.75% due 07/30/2032	EUR	1,450,000		2,782,523
Oriental Republic of Uruguay Senior Notes 4.38% due 01/23/2031		496,323		594,352
Oriental Republic of Uruguay Senior Notes 4.98% due 04/20/2055		1,860,000		2,548,219
Republic of the Philippines Senior Notes 7.75% due 01/14/2031		1,080,000		1,642,237

111

VALIC Company II Strategic Bond Fund

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

Security Description	Principal Amount(19)		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Sovereign (continued)
Republic of Angola Senior Notes 8.00% due 11/26/2029	$	2,440,000	$	2,008,081
Republic of Angola Senior Notes 9.13% due 11/26/2049		940,000		761,799
Republic of Angola Senior Notes 9.50% due 11/12/2025		820,000		754,400
Republic of Armenia Senior Notes 3.95% due 09/26/2029		530,000		536,625
Republic of Azerbaijan Senior Notes 3.50% due 09/01/2032		1,500,000		1,530,060
Republic of Belarus Senior Notes 5.88% due 02/24/2026*#		2,000,000		1,868,760
Republic of Belarus Senior Notes 6.38% due 02/24/2031*		1,400,000		1,301,132
Republic of Belarus Senior Notes 6.88% due 02/28/2023		1,500,000		1,467,420
Republic of Chile Senior Notes 2.45% due 01/31/2031		1,550,000		1,636,800
Republic of Chile Senior Notes 3.50% due 01/25/2050		710,000		831,410
Republic of Colombia Senior Notes 3.13% due 04/15/2031		775,000		804,062
Republic of Colombia Senior Notes 5.00% due 06/15/2045		600,000		718,500
Republic of Colombia Senior Notes 10.38% due 01/28/2033		1,200,000		1,882,800
Republic of Costa Rica Senior Notes 6.13% due 02/19/2031		3,750,000		3,472,500
Republic of Croatia Senior Notes 6.38% due 03/24/2021		760,000		782,982
Republic of El Salvador Senior Notes 6.38% due 01/18/2027		850,000		790,500
Republic of El Salvador Senior Notes 7.65% due 06/15/2035		1,600,000		1,506,400
Republic of El Salvador Senior Notes 8.63% due 02/28/2029		225,000		231,750
Republic of El Salvador Senior Notes 9.50% due 07/15/2052*		1,930,000		1,999,480
Republic of Georgia Notes 6.88% due 04/12/2021		477,000		488,305
Republic of Ghana Senior Notes 6.38% due 02/11/2027*		1,000,000		940,430
Republic of Ghana Senior Notes 6.38% due 02/11/2027		1,400,000		1,316,602

Security Description	Principal Amount(19)		Value (Note 2)
Sovereign (continued)
Republic of Ghana Senior Notes 8.63% due 06/16/2049	$	1,500,000	$	1,363,125
Republic of Ghana Senior Notes 8.75% due 03/11/2061*		533,000		485,030
Republic of Indonesia Senior Bonds 4.13% due 01/15/2025		800,000		891,040
Republic of Indonesia Senior Notes 7.75% due 01/17/2038		1,350,000		2,128,707
Republic of Ireland Bonds 1.50% due 05/15/2050	EUR	675,000		1,003,329
Republic of Italy Bonds 2.20% due 06/01/2027	EUR	2,300,000		3,002,598
Republic of Italy Bonds 2.50% due 11/15/2025	EUR	1,125,000		1,476,210
Republic of Italy Senior Notes 4.00% due 10/17/2049		279,000		289,018
Republic of Italy Bonds 5.50% due 11/01/2022	EUR	1,870,000		2,495,380
Republic of Ivory Coast Senior Notes 5.75% due 12/31/2032		2,573,000		2,514,953
Republic of Ivory Coast Senior Notes 6.13% due 06/15/2033		1,900,000		1,914,250
Republic of Ivory Coast Senior Notes 6.38% due 03/03/2028		1,000,000		1,040,072
Republic of Kenya Senior Notes 6.88% due 06/24/2024		3,000,000		3,084,150
Republic of Kenya Senior Notes 7.00% due 05/22/2027		1,750,000		1,752,268
Republic of Kenya Senior Notes 8.25% due 02/28/2048		750,000		753,750
Republic of Panama Senior Notes 3.87% due 07/23/2060		750,000		898,882
Republic of Panama Senior Notes 3.88% due 03/17/2028		650,000		739,382
Republic of Panama Senior Notes 4.50% due 04/01/2056		400,000		519,404
Republic of Paraguay Senior Notes 4.95% due 04/28/2031*		1,200,000		1,386,000
Republic of South Africa Senior Notes 4.30% due 10/12/2028		940,000		902,381
Republic of South Africa Senior Bonds 4.88% due 04/14/2026		660,000		674,942
Republic of Sri Lanka Senior Notes 5.75% due 04/18/2023		1,060,000		946,050

112

VALIC Company II Strategic Bond Fund

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

Security Description	Principal Amount(19)		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Sovereign (continued)
Republic of Sri Lanka Senior Notes 6.25% due 07/27/2021	$	630,000	$	596,925
Republic of Sri Lanka Senior Notes 6.75% due 04/18/2028		1,000,000		812,500
Republic of Sri Lanka Senior Notes 7.55% due 03/28/2030		2,300,000		1,886,000
Republic of Sri Lanka Senior Notes 7.55% due 03/28/2030*		2,310,000		1,894,200
Republic of the Philippines Senior Notes 2.95% due 05/05/2045		1,155,000		1,222,013
Republic of the Philippines Senior Notes 3.75% due 01/14/2029		500,000		575,870
Republic of Turkey Senior Notes 5.13% due 02/17/2028		1,200,000		1,101,000
Republic of Turkey Senior Notes 5.75% due 05/11/2047		2,000,000		1,631,600
Republic of Turkey Senior Notes 6.63% due 02/17/2045		1,580,000		1,418,050
Republic of Turkey Senior Notes 7.63% due 04/26/2029		1,270,000		1,322,070
Russian Federation Senior Notes 4.38% due 03/21/2029		3,000,000		3,444,900
State of Qatar Senior Notes 3.40% due 04/16/2025*		865,000		948,498
State of Qatar Senior Notes 3.75% due 04/16/2030*		900,000		1,048,032
State of Qatar Senior Notes 4.40% due 04/16/2050*		860,000		1,116,213
State of Qatar Senior Notes 4.82% due 03/14/2049		3,100,000		4,239,014
State of Qatar Senior Notes 5.10% due 04/23/2048		780,000		1,104,141
Sultanate of Oman Senior Notes 4.75% due 06/15/2026		1,130,000		1,067,692
Sultanate of Oman Senior Notes 5.38% due 03/08/2027		1,600,000		1,558,336
Sultanate of Oman Senior Notes 6.00% due 08/01/2029		680,000		665,108
Sultanate of Oman Senior Notes 6.75% due 01/17/2048		1,800,000		1,617,948
United Kingdom Gilt Treasury Bonds 1.50% due 07/22/2026	GBP	300,000		435,830
United Kingdom Gilt Treasury Bonds 4.50% due 09/07/2034	GBP	300,000		613,234

Security Description	Principal Amount(19)		Value (Note 2)
Sovereign (continued)
United Mexican States Senior Notes 4.50% due 04/22/2029	$	255,000	$	287,513
United Mexican States Senior Notes 4.50% due 01/31/2050		830,000		909,265
United Mexican States Senior Bonds 4.75% due 03/08/2044		206,000		231,029
United Mexican States Senior Notes 5.00% due 04/27/2051		1,260,000		1,453,725
				146,803,943
Sovereign Agency — 0.1%
Kommunalbanken AS Senior Notes 1.75% due 09/15/2020*		468,000		468,234
Total Foreign Government Obligations
(cost $141,241,960)				147,272,177
U.S. GOVERNMENT AGENCIES — 16.1%
Federal Home Loan Bank — 0.4%
2.13% due 09/14/2029		2,000,000		2,208,963
3.25% due 11/16/2028		1,000,000		1,194,086
				3,403,049
Federal Home Loan Mtg. Corp. — 4.0%
2.50% due 01/01/2028		134,282		142,142
2.50% due 04/01/2028		272,855		288,584
2.50% due 03/01/2031		194,021		204,026
2.50% due 10/01/2032		2,594,000		2,723,805
2.50% due 11/01/2032		1,240,543		1,327,572
3.00% due 04/01/2043		348,732		381,128
3.00% due 11/01/2046		4,325,774		4,660,978
3.50% due 03/01/2042		208,975		226,905
3.50% due 04/01/2042		407,381		442,342
3.50% due 08/01/2042		373,198		410,233
3.50% due 09/01/2043		29,421		32,270
3.50% due 07/01/2045		3,609,853		3,900,335
3.50% due 01/01/2046		333,085		356,946
3.50% due 03/01/2046		652,012		695,572
3.50% due 11/01/2047		1,515,263		1,604,774
3.50% due 03/01/2048		9,544,286		10,419,753
4.00% due 01/01/2046		216,196		238,069
4.00% due 01/01/2047		56,199		62,404
4.00% due 07/01/2049		2,313,504		2,508,000
4.00% due 01/01/2050		2,244,902		2,390,906
4.50% due 03/01/2023		10,126		10,622
4.50% due 07/01/2045		3,000,000		3,351,850
5.00% due 05/01/2034		44,758		51,380
5.00% due 11/01/2043		35,717		41,102
5.50% due 06/01/2022		4,136		4,250
5.50% due 07/01/2035		12,320		14,467
6.00% due 03/01/2040		35,799		42,271
6.50% due 02/01/2036		7,097		8,286
Federal Home Loan Mtg. Corp. FRS 2.36% (6 ML+1.49%) due 02/01/2037		8,041		8,320
3.58% (12 ML+1.88%) due 11/01/2037		85,731		90,767
Federal Home Loan Mtg. Corp. REMIC
Series 4740, Class BA 3.00% due 09/15/2045(3)		330,545		340,911
Series 4800, Class KG 3.50% due 11/15/2045(3)		176,336		181,129

113

VALIC Company II Strategic Bond Fund

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

Security Description	Principal Amount(19)		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal Home Loan Mtg. Corp. (continued)
Federal Home Loan Mtg. Corp. REMIC FRS Series 3572, Class JS 6.64% (6.80%-1 ML) due 09/15/2039(3)(4)(8)	$	88,782	$	14,698
				37,176,797
Federal National Mtg. Assoc. — 9.2%
2.50% due 12/01/2026		404,741		425,301
2.50% due 08/01/2031		2,429,723		2,553,888
2.50% due 02/01/2032		938,006		995,581
2.50% due 04/01/2035		1,028,609		1,079,561
2.50% due 05/01/2050		1,966,115		2,089,852
2.50% due 06/01/2050		3,456,067		3,636,466
3.00% due 10/01/2027		131,106		137,840
3.00% due 12/01/2027		183,653		193,116
3.00% due 10/01/2030		226,878		238,083
3.00% due 02/01/2033		3,474,107		3,647,899
3.00% due 11/01/2039		1,804,547		1,903,050
3.00% due 12/01/2042		101,100		109,438
3.00% due 12/01/2046		495,829		524,832
3.00% due 01/01/2047		2,465,681		2,606,774
3.00% due 04/01/2047		2,749,175		2,910,480
3.00% due 09/01/2048		3,874,504		4,092,087
3.00% due 11/01/2048		1,569,711		1,656,931
3.00% due 06/01/2049		3,158,649		3,387,742
3.00% due 03/01/2050		1,447,478		1,527,845
3.50% due 09/01/2026		121,952		128,994
3.50% due 08/01/2027		24,373		25,767
3.50% due 10/01/2028		131,479		141,787
3.50% due 08/01/2042		246,460		257,379
3.50% due 10/01/2045		375,240		411,210
3.50% due 11/01/2045		223,411		238,300
3.50% due 02/01/2046		323,034		344,456
3.50% due 07/01/2046		3,569,315		3,868,095
3.50% due 01/01/2047		585,982		622,743
3.50% due 12/01/2047		6,016,702		6,420,766
3.50% due 04/01/2048		3,039,032		3,273,991
4.00% due 11/01/2025		53,099		56,308
4.00% due 03/01/2039		2,142,304		2,295,487
4.00% due 12/01/2040		22,594		24,944
4.00% due 01/01/2043		1,535,187		1,701,509
4.00% due 02/01/2045		2,064,907		2,293,402
4.00% due 06/01/2046		395,623		428,858
4.00% due 01/01/2047		16,669		17,989
4.00% due 05/01/2047		370,569		397,161
4.00% due 07/01/2047		2,381,454		2,551,196
4.00% due 08/01/2047		4,862,175		5,212,725
4.00% due 06/01/2048		2,641,031		2,851,163
4.00% due 09/01/2048		604,979		646,791
4.00% due 01/01/2049		4,628,003		4,931,715
4.50% due 08/01/2045		3,016,318		3,438,302
4.50% due 11/01/2048		2,473,976		2,673,123
5.00% due 01/01/2023		10,962		11,555
5.00% due 04/01/2023		10,858		11,445
5.00% due 03/01/2037		6,657		7,297
5.00% due 05/01/2040		129,747		147,769
5.00% due 06/01/2040		40,200		46,322
5.00% due 02/01/2045		401,229		458,253
5.50% due 08/01/2037		195,789		227,156
5.50% due 06/01/2038		21,072		24,466
6.00% due 02/01/2032		2,752		3,068
6.00% due 10/01/2034		104		116
6.00% due 09/01/2038		38,628		45,662
6.00% due 11/01/2038		11,590		13,624
6.00% due 06/01/2040		10,220		11,997
6.50% due 11/01/2037		27,972		31,768

Security Description	Principal Amount(19)		Value (Note 2)
Federal National Mtg. Assoc. (continued)
Federal National Mtg. Assoc. FRS 3.07% (6 ML+1.54%) due 09/01/2035	$	79,492	$	82,254
3.18% (12 ML+1.57%) due 05/01/2037		15,116		15,770
3.26% (1 Yr USTYCR+2.26%) due 11/01/2036		29,384		30,989
3.30% (1 Yr USTYCR+2.22%) due 10/01/2035		55,338		58,336
3.33% (12 ML+1.67%) due 07/01/2039		64,711		67,734
3.39% (12 ML+1.91%) due 08/01/2035		53,529		56,442
3.72% (12 ML+1.77%) due 05/01/2040		77,566		80,959
3.75% (12 ML+1.83%) due 10/01/2040		33,905		35,357
4.07% (12 ML+1.82%) due 10/01/2040		18,574		19,399
Federal National Mtg. Assoc. REMIC Series 2017-100, Class NP 3.00% due 12/25/2047(3)		931,634		1,005,241
Series 2018-27, Class EA 3.00% due 05/25/2048(3)		2,256,991		2,408,601
Series 2018-35, Class CD 3.00% due 05/25/2048(3)		1,841,907		1,935,407
				85,807,914
Government National Mtg. Assoc. — 2.3%
2.50% due 05/20/2050		1,980,811		2,089,033
2.50% due 06/20/2050		994,070		1,048,381
3.00% due 03/20/2046		256,829		271,876
3.00% due 04/20/2046		2,586,258		2,738,659
3.00% due 05/20/2046		3,662,601		3,871,365
3.00% due 09/20/2047		1,232,518		1,299,349
3.00% due 05/20/2050		2,974,293		3,135,563
3.50% due 07/20/2046		460,415		491,395
3.50% due 03/20/2047		273,856		292,035
4.00% due 03/20/2049		448,395		477,676
4.50% due 10/20/2045		2,988,297		3,325,410
4.50% due 04/20/2047		1,964,253		2,155,957
				21,196,699
Uniform Mtg. Backed Securities — 0.2%
2.50% September 30 TBA		2,000,000		2,104,844
Total U.S. Government Agencies
(cost $143,213,745)				149,689,303
U.S. GOVERNMENT TREASURIES — 0.2%
United States Treasury Bonds — 0.1%
1.25% due 05/15/2050		998,000		948,100
United States Treasury Notes — 0.1%
1.38% due 01/31/2025		500,000		525,098
1.63% due 12/15/2022		425,000		439,476
				964,574
Total U.S. Government Treasuries
(cost $1,885,379)				1,912,674
LOANS(9)(10)(11) — 5.0%
Airlines — 0.1%
Delta Air Lines, Inc. FRS BTL-B 5.75% (3 ML+4.75%) due 04/29/2023		303,735		302,691

114

VALIC Company II Strategic Bond Fund

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

Security Description	Principal Amount(19)		Value (Note 2)
LOANS (continued)
Airlines (continued)
WestJet Airlines, Ltd. FRS BTL-B coupon TBD due 12/11/2026	$	480,963	$	398,598
				701,289
Apparel Manufacturers — 0.0%
Samsonite IP Holdings Sarl FRS BTL-B2 coupon TBD due 04/25/2025		332,000		324,115
Applications Software — 0.1%
Project Boost Purchaser LLC FRS BTL-B 3.66% (1 ML+3.50%) due 06/01/2026		434,391		419,187
VS Buyer LLC FRS BTL 3.41% (1 ML+3.25%) due 02/28/2027		43,609		42,900
				462,087
Athletic Equipment — 0.0%
Varsity Brands Holding Co., Inc. FRS 1st Lien 4.50% (1 ML+3.50%) due 12/15/2024		397,759		325,168
Auction Houses/Art Dealers — 0.0%
Sotheby’s FRS BTL-B 6.50% (1 ML+5.50%) due 01/15/2027		288,991		282,849
Auto Repair Centers — 0.1%
Mavis Tire Express Services Corp. FRS 1st Lien 3.56% (3 ML+3.25%) due 03/20/2025		432,830		414,705
Wand NewCo. 3, Inc. FRS BTL 4.07% (3 ML+3.00%) due 02/05/2026		249,070		239,263
				653,968
Auto/Truck Parts & Equipment - Original — 0.1%
TI Group Automotive Systems LLC FRS BTL-B 3.25% (1 ML+2.50%) due 06/30/2022		445,000		433,875
Broadcast Services/Program — 0.0%
NEP Group, Inc. FRS BTL 3.41% (1 ML+3.25%) due 10/20/2025		438,350		368,652
Building & Construction - Misc. — 0.1%
Verra Mobility Corp. FRS BTL 3.56% (3 ML+3.25%) due 02/28/2025		402,465		392,403
Building Products - Air & Heating — 0.0%
API Heat Transfer ThermaSys Corp. FRS 1st Lien 12.00% due 12/31/2023(12)(13)(21)		403,083		305,577

Security Description	Principal Amount(19)		Value (Note 2)
Building Products - Doors & Windows — 0.1%
CHI Doors Holdings Corp. FRS 1st Lien 4.25% (1 ML+3.25%) due 07/29/2022	$	385,944	$	381,602
Building - Heavy Construction — 0.0%
USIC Holdings, Inc. FRS BTL 4.25% (1 ML+3.25%) due 12/08/2023		296,924		287,830
Cable/Satellite TV — 0.1%
CSC Holdings LLC FRS BTL-B5 2.66% (1 ML+2.50%) due 04/15/2027		830,265		801,552
UPC Broadband Holding BV FRS BTL-B1 coupon TBD due 01/31/2029		135,692		134,097
				935,649
Casino Hotels — 0.2%
Caesars Resort Collection LLC FRS BTL-B 2.91% (1 ML+2.75%) due 12/23/2024		440,227		413,195
CityCenter Holdings LLC FRS BTL-B 3.00% (1 ML+2.25%) due 04/18/2024		383,608		362,269
Golden Nugget, Inc. FRS BTL-B 3.25% (1 ML+2.50%) due 10/04/2023		226,682		202,030
Golden Nugget, Inc. FRS BTL-B 3.25% (2 ML+2.50%) due 10/04/2023		192,318		171,404
Golden Nugget, Inc. FRS BTL 13.00% (3 ML+12.00%) due 10/04/2023		38,363		43,350
Station Casinos LLC FRS BTL-B coupon TBD due 02/08/2027		305,000		288,682
				1,480,930
Casino Services — 0.0%
Stars Group Holdings FRS BTL 3.81% (3 ML+3.50%) due 07/10/2025		175,672		175,782
Cellular Telecom — 0.1%
Altice France SA FRS BTL-B13 4.75% (1 ML+4.00%) due 08/14/2026		437,213		428,833
Numericable Group SA FRS BTL-B 4.44% (1 ML+3.69%) due 01/31/2026		135,348		132,370

115

VALIC Company II Strategic Bond Fund

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

Security Description	Principal Amount(19)		Value (Note 2)
LOANS (continued)
Cellular Telecom (continued)
T-Mobile USA, Inc. FRS BTL 3.16% (1 ML+3.00%) due 04/01/2027	$	188,930	$	189,166
				750,369
Chemicals - Diversified — 0.1%
Hexion, Inc. FRS BTL 3.80% (3 ML+3.50%) due 07/01/2026		445,350		436,443
Chemicals - Specialty — 0.1%
Diamond BC BV FRS BTL 3.16% (1 ML+3.00%) due 09/06/2024		920		867
Diamond BC BV FRS BTL 3.26% (3 ML+3.00%) due 09/06/2024		357,705		337,137
PQ Corp. FRS BTL-B 4.00% (3 ML+3.00%) due 02/07/2027		174,330		173,314
Starfruit US HoldCo. LLC FRS BTL-B 3.16% (1 ML+3.00%) due 10/01/2025		317,862		308,326
				819,644
Commercial Services — 0.0%
Travelport Finance Luxembourg SARL FRS BTL 6.07% (3 ML+5.00%) due 05/29/2026(13)		474,947		316,632
Commercial Services - Finance — 0.1%
Financial & Risk US Holdings, Inc. FRS BTL 3.41% (1 ML+3.25%) due 10/01/2025		371,018		367,506
MoneyGram International, Inc. FRS BTL 7.00% (3 ML+6.00%) due 06/30/2023		345,491		331,779
MPH Acquisition Holdings LLC FRS BTL-B 3.75% (3 ML+2.75%) due 06/07/2023		354,574		350,659
				1,049,944
Computer Data Security — 0.0%
McAfee LLC FRS BTL-B1 3.91% (1 ML+3.75%) due 09/30/2024		377,755		373,919
Computer Graphics — 0.1%
Corel, Inc. FRS BTL 5.26% (3 ML+5.00%) due 07/02/2026		412,901		392,256

Security Description	Principal Amount(19)		Value (Note 2)
Computer Services — 0.0%
Tempo Acquisition LLC FRS BTL-B 3.75% (1 ML+3.25%) due 11/02/2026	$	329,878	$	323,693
Computer Software — 0.2%
Camelot Finance SA FRS BTL-B 3.16% (1 ML+3.00%) due 10/30/2026		290,178		284,555
Cornerstone OnDemand, Inc. FRS 4.43% (1 ML+4.25%) due 04/22/2027		309,124		307,836
Rackspace Hosting, Inc. FRS 1st Lien 4.00% (2 ML+3.00%) due 11/03/2023		1,066		1,051
Rackspace Hosting, Inc. FRS 1st Lien 4.00% (3 ML+3.00%) due 11/03/2023		412,704		406,883
Vertafore, Inc. FRS 1st Lein 3.41% (1 ML+3.25%) due 07/02/2025		147,192		147,039
Vertafore, Inc. FRS 2nd Lien 7.41% (1 ML+7.25%) due 07/02/2026		216,071		214,991
				1,362,355
Computers - Integrated Systems — 0.0%
Everi Payments, Inc. FRS BTL 11.50% (3 ML+10.50%) due 05/09/2024		160,556		163,767
Consulting Services — 0.0%
AlixPartners LLP FRS BTL 2.66% (1 ML+2.50%) due 04/04/2024		216,091		210,843
Containers - Metal/Glass — 0.0%
Mauser Packaging Solutions Holding Co FRS BTL 3.52% (3 ML+3.25%) due 04/03/2024		384,570		363,579
Containers - Paper/Plastic — 0.1%
Charter NEX US, Inc. FRS 1st Lien 3.75% (1 ML+2.75%) due 05/16/2024		433,077		425,588
Graham Packaging Company, Inc. FRS BTL 4.50% (1 ML+3.75%) due 08/04/2027		325,532		324,515
Patriot Container Corp. FRS 1st Lein 4.50% (1 ML+3.50%) due 03/20/2025		308,291		297,758
Trident TPI Holdings, Inc. FRS BTL-B1 coupon TBD due 10/17/2024		229,983		227,108
				1,274,969

116

VALIC Company II Strategic Bond Fund

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

Security Description	Principal Amount(19)		Value (Note 2)
LOANS (continued)
Cosmetics & Toiletries — 0.0%
Sunshine Luxembourg VII SARL FRS BTL 5.32% (6 ML+4.25%) due 10/01/2026	$	333,918	$	332,750
Cruise Lines — 0.0%
Carnival Corp. FRS Term B 8.50% (1 ML+7.50%) due 06/30/2025		329,440		322,233
Data Processing/Management — 0.1%
CCC Information Services, Inc. FRS 1st Lien 4.00% (1 ML+3.00%) due 04/29/2024		378,676		376,120
Direct Marketing — 0.1%
Terrier Media Buyer, Inc. FRS BTL-B 4.41% (1 ML+4.25%) due 12/17/2026		411,382		402,949
Distribution/Wholesale — 0.1%
Fastlane Parent Co., Inc. FRS 1st Lien 4.66% (1 ML+4.50%) due 02/04/2026		339,561		325,979
Univar USA, Inc. FRS BTL-B3 2.41% (1 ML+2.25%) due 07/01/2024		270,463		264,152
				590,131
E-Commerce/Services — 0.0%
RentPath LLC FRS 2nd Lien 1.61% (3 ML+0.00%) due 12/17/2022†(12)(13)(15)(18)		2,178,597		217,860
Electric - Integrated — 0.0%
Talen Energy Supply LLC FRS BTL-B coupon TBD due 07/08/2026		221,000		218,652
Electronic Components - Misc. — 0.0%
AI Ladder Luxembourg Subco SARL FRS BTL 4.66% (1 ML+4.50%) due 07/09/2025		365,353		343,432
Electronic Components - Semiconductors — 0.0%
Bright Bidco BV FRS BTL-B 4.57% (3 ML+3.50%) due 06/30/2024		570,593		250,347
Electronic Parts Distribution — 0.1%
Tech Data Corp. FRS BTL 3.50% (1 ML+3.50%) due 06/30/2025		277,922		278,269
Tech Data Corp. FRS BTL 5.66% (3 ML+5.50%) due 06/30/2025		317,669		306,948
				585,217

Security Description	Principal Amount(19)		Value (Note 2)
Enterprise Software/Service — 0.3%
Applied Systems, Inc. FRS 1st Lein 4.25% (3 ML+3.25%) due 09/19/2024	$	363,038	$	361,071
Banff Merger Sub, Inc. FRS BTL 4.41% (1 ML+4.25%) due 10/02/2025		338,142		331,741
Dcert Buyer, Inc. FRS BTL-B 4.16% (1 ML+4.00%) due 10/16/2026		276,916		273,108
Epicor Software Corp. FRS 5.25% (1 ML+4.25%) due 07/30/2027		282,000		281,912
Epicor Software Corp. FRS 8.75% (1 ML+7.75%) due 07/31/2028		35,981		36,881
Finastra USA, Inc. FRS BTL-B 4.50% (3 ML+3.50%) due 06/13/2024		107,606		101,262
Finastra USA, Inc. FRS BTL-B 4.50% (6 ML+3.50%) due 06/13/2024		274,648		258,455
Greeneden US Holdings II LLC FRS BTL 3.41% (1 ML+3.25%) due 12/01/2023		376,710		369,782
MYOB US Borrower LLC FRS BTL 4.16% (1 ML+4.00%) due 05/06/2026		328,759		311,088
Sophia LP FRS BTL-B 4.25% (3 ML+3.25%) due 09/30/2022		338,359		337,006
Ultimate Software Group, Inc. FRS 1st Lien 3.91% (1 ML+3.75%) due 05/04/2026		265,087		262,867
Ultimate Software Group, Inc. FRS BTL-B 4.75% (3 ML+4.00%) due 05/04/2026		55,748		55,678
Ultimate Software Group, Inc. FRS 2nd Lien 7.50% (3 ML+6.75%) due 05/03/2027		92,341		94,188
				3,075,039
Finance - Credit Card — 0.0%
Pi US Mergerco, Inc. FRS BTL 4.50% (3 ML+3.50%) due 01/03/2025		369,424		348,028
Finance - Investment Banker/Broker — 0.0%
Deerfield Dakota Holding LLC FRS BTL 4.75% (1 ML+3.75%) due 04/09/2027		180,812		180,134

117

VALIC Company II Strategic Bond Fund

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

Security Description	Principal Amount(19)		Value (Note 2)
LOANS (continued)
Finance - Investment Banker/Broker (continued)
Motion Finco SARL FRS BTL-B2 4.32% (6 ML+3.25%) due 11/12/2026	$	25,749	$	23,817
				203,951
Food - Misc./Diversified — 0.1%
Dole Food Co., Inc. FRS BTL-B coupon TBD due 04/06/2024		221,000		218,283
Froneri US, Inc. FRS BTL 2.41% (1 ML+2.25%) due 01/31/2027		161,988		155,798
				374,081
Gambling (Non-Hotel) — 0.0%
Scientific Games International, Inc. FRS BTL-B5 2.91% (1 ML+2.75%) due 08/14/2024		76,816		71,645
Scientific Games International, Inc. FRS BTL-B5 3.06% (3 ML+2.75%) due 08/14/2024		1,002		935
Scientific Games International, Inc. FRS BTL-B5 3.61% (6 ML+2.75%) due 08/14/2024		314,004		292,865
				365,444
Human Resources — 0.1%
Creative Artists Agency LLC FRS BTL-B 3.91% (1 ML+3.75%) due 11/27/2026		305,598		290,127
Team Health Holdings, Inc. FRS 1st Lien 3.75% (1 ML+2.75%) due 02/06/2024		187,848		156,970
Team Health Holdings, Inc. FRS 1st Lien coupon TBD due 02/06/2024		220,000		183,838
				630,935
Insurance Brokers — 0.1%
Alliant Holdings Intermediate LLC FRS BTL-B1 2.91% (1 ML+2.75%) due 05/09/2025		402,527		388,124
HUB International, Ltd. FRS BTL-B 3.22% (3 ML+3.00%) due 04/25/2025		1,017		990
HUB International, Ltd. FRS BTL-B 3.26% (3 ML+3.00%) due 04/25/2025		397,696		386,958
				776,072

Security Description	Principal Amount(19)		Value (Note 2)
Insurance - Property/Casualty — 0.1%
AmWINS Group, Inc. FRS BTL coupon TBD due 01/25/2024	$	330,000	$	327,112
Asurion LLC FRS BTL-B6 3.16% (1 ML+3.00%) due 11/03/2023		371,768		364,930
Asurion LLC FRS 2nd Lien 6.66% (1 ML+6.50%) due 08/04/2025		15,723		15,746
Asurion LLC FRS 2nd Lien Coupon TBD due 08/04/2025		150,000		150,224
Sedgwick Claims Management Services, Inc. FRS BTL 3.41% (1 ML+3.25%) due 12/31/2025		319,668		308,213
				1,166,226
Internet Financial Services — 0.1%
ION Trading Finance, Ltd. FRS BTL 5.07% (3 ML+4.00%) due 11/21/2024		447,846		437,582
Investment Management/Advisor Services — 0.1%
Advisor Group Holdings, Inc. FRS BTL-B 5.16% (1 ML+5.00%) due 07/31/2026		414,915		396,503
Machinery - Electrical — 0.0%
Brookfield WEC Holdings, Inc. FRS BTL 3.75% (1 ML+3.00%) due 08/01/2025		262,526		257,744
Machinery - General Industrial — 0.0%
Vertical US Newco, Inc. FRS BTL-B 4.57% (3 ML+4.25%) due 07/30/2027		364,525		360,778
Machinery - Pumps — 0.0%
STS Operating, Inc. FRS BTL 5.25% (1 ML+4.25%) due 12/11/2024		354,739		321,039
Medical Labs & Testing Services — 0.1%
Envision Healthcare Corp. FRS 1st Lien 3.91% (1 ML+3.75%) due 10/10/2025		740,242		535,134
Medical Products — 0.0%
VVC Holding Corp. FRS BTL-B 4.82% (3 ML+4.50%) due 02/11/2026		162,212		160,793
VVC Holding Corp. FRS BTL-B coupon TBD due 02/11/2026		167,788		166,320
				327,113

118

VALIC Company II Strategic Bond Fund

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

Security Description	Principal Amount(19)		Value (Note 2)
LOANS (continued)
Medical - Drugs — 0.1%
Akorn, Inc. FRS BTL-B 15.50% (1 ML+14.50%) due 04/16/2021(14)	$	366,839	$	323,047
Alphabet Holding Co., Inc. FRS 1st Lien 3.66% (1 ML+3.50%) due 09/26/2024		440,932		429,358
Bausch Health Americas, Inc. FRS BTL 2.93% (1 ML+2.75%) due 11/27/2025		233,645		228,534
Bausch Health Americas, Inc. FRS BTL 3.18% (1 ML+3.00%) due 06/02/2025		44,090		43,284
				1,024,223
Medical - Generic Drugs — 0.1%
Amneal Pharmaceuticals LLC FRS BTL-B 3.69% (1 ML+3.50%) due 05/04/2025		315,135		295,045
Endo Luxembourg Finance Co. I SARL FRS BTL-B coupon TBD due 04/29/2024		357,000		343,791
				638,836
Medical - Hospitals — 0.0%
RegionalCare Hospital Partners Holdings, Inc. FRS BTL-B 3.91% (1 ML+3.75%) due 11/17/2025		335,619		328,383
Metal Processors & Fabrication — 0.1%
Crosby US Acquisition Corp. FRS BTL-B 4.93% (1 ML+4.75%) due 06/26/2026		288,644		268,680
SEI Holdings I Corp. FRS 1st Lien 5.07% (3 ML+4.00%) due 03/27/2021		145,454		137,090
				405,770
Miscellaneous Manufacturing — 0.0%
Excelitas Technologies Corp. FRS 2nd Lien 8.50% (3 ML+7.50%) due 12/01/2025		338,000		327,578
Multimedia — 0.0%
EW Scripps Co. FRS BTL-B2 2.66% (1 ML+2.50%) due 05/01/2026		249,291		242,124
Non-Hazardous Waste Disposal — 0.0%
GFL Environmental, Inc. FRS BTL 4.00% (1 ML+3.00%) due 05/30/2025		270,902		268,320
GFL Environmental, Inc. FRS BTL 4.00% (3 ML+3.00%) due 05/30/2025		48,474		48,012
				316,332

Security Description	Principal Amount(19)		Value (Note 2)
Oil Companies - Exploration & Production — 0.0%
Osum Production Corp. FRS BTL 8.50% (3 ML+7.50%) due 07/31/2022	$	370,749	$	318,845
Oil Field Machinery & Equipment — 0.1%
Hi-Crush, Inc. FRS DIP Delayed Draw 0.50% (3 ML+0.50%) due 01/14/2021(12)(20)		300,269		300,269
Hi-Crush, Inc. FRS DIP 12.00% (1 ML+11.00%) due 01/14/2021(12)(21)		315,195		315,195
				615,464
Oil - Field Services — 0.0%
Apergy Corp. FRS BTL 6.00% (3 ML+5.00%) due 05/28/2027		322,818		321,607
Pharmacy Services — 0.1%
Change Healthcare Holdings LLC FRS BTL 3.50% (1 ML+2.50%) due 03/01/2024		10,444		10,250
Change Healthcare Holdings LLC FRS BTL 3.50% (3 ML+2.50%) due 03/01/2024		254,712		249,990
HC Group Holdings II, Inc. FRS BTL-B 4.66% (1 ML+4.50%) due 08/06/2026		367,088		365,558
				625,798
Pipelines — 0.1%
Blackstone CQP Holdco LP FRS BTL-B 3.81% (3 ML+3.50%) due 09/30/2024		411,290		403,270
Hercules Merger Sub LLC FRS BTL-B 2.91% (1 ML+2.75%) due 11/01/2026		446,453		438,081
Medallion Midland Acquisition LLC FRS BTL 4.25% (1 ML+3.25%) due 10/30/2024		383,753		355,931
				1,197,282
Protection/Safety — 0.0%
Prime Security Services Borrower, LLC FRS BTL-B1 4.25% (1 ML+3.25%) due 09/23/2026		127,956		127,422
Prime Security Services Borrower, LLC FRS BTL-B1 4.25% (3 ML+3.25%) due 09/23/2026		58,875		58,629
Prime Security Services Borrower, LLC FRS BTL-B1 4.25% (6 ML+3.25%) due 09/23/2026		58,875		58,629

119

VALIC Company II Strategic Bond Fund

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

Security Description	Principal Amount(19)		Value (Note 2)
LOANS (continued)
Protection/Safety (continued)
Prime Security Services Borrower, LLC FRS BTL-B1 4.25% (1 YR+3.25%) due 09/23/2026	$	117,750	$	117,259
				361,940
Publishing - Periodicals — 0.1%
Meredith Corp. FRS BTL-B2 2.67% (1 ML+2.50%) due 01/31/2025		373,385		358,508
Nielsen Finance LLC FRS BTL-B4 2.16% (1 ML+2.00%) due 10/04/2023		383,704		374,484
				732,992
Quarrying — 0.1%
US Silica Co. FRS BTL-B 5.00% (1 ML+4.00%) due 05/01/2025		470,165		374,621
Real Estate Investment Trusts — 0.0%
Claros Mtg. Trust, Inc. FRS BTL-B 3.41% (1 ML+3.25%) due 08/09/2026		138,235		130,632
Claros Mtg. Trust, Inc. FRS BTL-B coupon TBD due 08/09/2026		96,765		91,443
				222,075
Real Estate Management/Services — 0.0%
Cushman & Wakefield FRS BTL 2.91% (1 ML+2.75%) due 08/21/2025		389,495		371,968
Research & Development — 0.1%
PAREXEL International Corp. FRS BTL 2.91% (1 ML+2.75%) due 09/27/2024		411,267		397,798
Resorts/Theme Parks — 0.1%
Motion Finco SARL FRS BTL-B 4.32% (6 ML+3.25%) due 11/12/2026		195,917		181,223
SeaWorld Parks & Entertainment, Inc. FRS BTL-B5 3.75% (1 ML+3.00%) due 03/31/2024		363,383		339,763
				520,986
Retail - Petroleum Products — 0.1%
EG America LLC FRS BTL 5.07% (6 ML+4.00%) due 02/07/2025		388,339		375,857
Retail - Restaurants — 0.1%
IRB Holding Corp. FRS BTL-B 3.75% (3 ML+2.75%) due 02/05/2025		357,891		344,135

Security Description	Principal Amount(19)		Value (Note 2)
Retail - Restaurants (continued)
Whatabrands LLC FRS BTL-B 2.91% (1 ML+2.75%) due 07/31/2026	$	329,173	$	320,285
Wok Holdings, Inc. FRS BTL 6.41% (1 ML+6.25%) due 03/01/2026		352,431		236,129
				900,549
Retail - Sporting Goods — 0.1%
Bass Pro Group LLC FRS BTL 6.07% (3 ML+5.00%) due 09/25/2024		553,832		550,994
Rubber/Plastic Products — 0.0%
Gates Global LLC FRS BTL-B2 3.75% (1 ML+2.75%) due 04/01/2024		296,851		292,695
Satellite Telecom — 0.1%
Connect Finco SARL FRS BTL-B 5.50% (1 ML+4.50%) due 12/11/2026		307,230		298,397
Intelsat Jackson Holdings SA FRS DIP 3.60% (3 ML+3.60%) due 07/13/2022(20)		36,675		37,195
Intelsat Jackson Holdings SA FRS DIP 6.50% (3 ML+5.50%) due 07/13/2022		36,675		37,195
Intelsat Jackson Holdings SA FRS BTL-B3 8.00% (USFRBPLR+4.75%) due 11/27/2023(15)		355,000		357,367
Iridium Satellite LLC FRS BTL-B 4.75% (1 ML+3.75%) due 11/04/2026		383,440		384,239
				1,114,392
Telecom Services — 0.1%
UPC Broadband Holdings FRS coupon TBD due 01/31/2029		135,692		134,097
West Corp. FRS BTL-B1 4.50% (3 ML+3.50%) due 10/10/2024		390,613		344,995
				479,092
Telecommunication Equipment — 0.0%
CommScope, Inc. FRS BTL-B 3.41% (1 ML+3.25%) due 04/06/2026		275,691		269,488
Telephone - Integrated — 0.1%
CenturyLink, Inc. FRS BTL-B 2.41% (1 ML+2.25%) due 03/15/2027		302,609		291,876

120

VALIC Company II Strategic Bond Fund

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

Security Description	Shares/ Principal Amount(19)		Value (Note 2)
LOANS (continued)
Telephone - Integrated (continued)
Level 3 Financing, Inc. FRS BTL-B 1.91% (1 ML+1.75%) due 03/01/2027	$	293,475	$	283,990
Zayo Group Holdings, Inc. FRS BTL 3.16% (1 ML+3.00%) due 03/09/2027		309,235		299,817
				875,683
Television — 0.0%
Ion Media Networks, Inc. FRS BTL-B1 3.19% (1 ML+3.00%) due 12/18/2024		367,605		356,270
Theaters — 0.2%
AMC Entertainment Holdings, Inc. FRS BTL-B 4.08% (3 ML+3.00%) due 04/22/2026		434,911		335,697
Cineworld, Ltd. FRS BTL 3.32% (3 ML+2.25%) due 02/28/2025		386,732		302,135
William Morris Endeavor Entertainment LLC FRS BTL-B1 2.91% (1 ML+2.75%) due 05/18/2025		1,727,487		1,387,172
				2,025,004
Transactional Software — 0.0%
Solera LLC FRS BTL-B 2.91% (1 ML+2.75%) due 03/03/2023		844		828
Solera LLC FRS BTL-B 2.94% (2 ML+2.75%) due 03/03/2023		322,468		316,220
				317,048
Transport-Truck — 0.1%
Pods LLC FRS 1st Lien 3.75% (1 ML+2.75%) due 12/06/2024		410,609		402,910
Total Loans
(cost $49,844,088)				45,870,153
COMMON STOCKS — 0.0%
Building Products - Air & Heating — 0.0%
API Heat Transfer, Inc.†(12)(13)		407,576		31,791
Television — 0.0%
ION Media Networks, Inc.†(12)(13)		316		200,852
Total Common Stocks
(cost $134,503)				232,643
PREFERRED SECURITIES — 0.0%
Building Products - Air & Heating — 0.0%
API Heat Transfer, Inc. Class A 8.63%†(12)(13)		86,869		6,114
Electric - Distribution — 0.0%
Entergy Louisiana LLC 4.70%		7,075		182,464

Security Description	Shares/ Principal Amount(19)		Value (Note 2)
Sovereign Agency — 0.0%
Federal Home Loan Mtg. Corp. Series 8.38%†	$	2,592	$	24,080
Total Preferred Securities
(cost $303,765)				212,658
PREFERRED SECURITIES/CAPITAL SECURITIES — 1.7%
Auto - Cars/Light Trucks — 0.2%
Volkswagen International Finance NV 3.38% due 06/27/2024(5)	EUR	300,000		361,048
Volkswagen International Finance NV 3.75% due 03/24/2021(5)	EUR	850,000		1,021,095
				1,382,143
Banks - Commercial — 0.0%
Barclays Bank PLC FRS 0.35% (3 ME+0.71%) due 12/15/2020(5)	EUR	300,000		296,087
Banks - Money Center — 0.1%
National Westminster Bank PLC FRS 1.72% (3 ME + 2.15%) due 10/05/2020(5)	EUR	900,000		971,984
Banks - Super Regional — 0.0%
Wells Fargo & Co. 5.95% due 12/01/2086	$	136,000		177,496
Building & Construction - Misc. — 0.1%
China Minmetals Corp. 3.75% due 11/13/2022(5)		485,000		494,700
Diversified Banking Institutions — 0.2%
JPMorgan Chase & Co. Series U 6.13% due 04/30/2024(5)		480,000		512,400
Royal Bank of Scotland Group PLC 8.00% due 08/10/2025(5)		245,000		279,342
Societe Generale SA 7.88% due 12/18/2023*(5)		551,000		595,769
				1,387,511
Electric - Distribution — 0.0%
National Rural Utilities Cooperative Finance Corp. 4.75% due 04/30/2043		327,000		337,034
Electric - Integrated — 0.1%
CMS Energy Corp. 4.75% due 06/01/2050		199,000		217,028
Dominion Resources, Inc. 5.75% due 10/01/2054		130,000		138,926
Enel SpA 3.50% due 05/24/2080	EUR	575,000		729,055
				1,085,009
Food - Dairy Products — 0.1%
Land O’Lakes Capital Trust I 7.45% due 03/15/2028*		1,115,000		1,237,650
Gas - Distribution — 0.1%
Centrica PLC 3.00% due 04/10/2076	EUR	850,000		1,020,691
Insurance - Life/Health — 0.1%
Credit Agricole Assurances SA 4.75% due 09/27/2048	EUR	300,000		433,396
Prudential Financial, Inc. 5.63% due 06/15/2043		342,000		366,105

121

VALIC Company II Strategic Bond Fund

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

Security Description	Shares/ Principal Amount(19)		Value (Note 2)
PREFERRED SECURITIES/CAPITAL SECURITIES (continued)
Insurance - Life/Health (continued)
Prudential Financial, Inc. 5.70% due 09/15/2048	$	142,000	$	163,774
Voya Financial, Inc. 4.70% due 01/23/2048		218,000		219,090
				1,182,365
Insurance - Multi-line — 0.1%
Ageas Sub. Notes 3.25% due 07/02/2049	EUR	300,000		387,988
Allianz SE 4.75% due 10/23/2024(5)	EUR	600,000		800,448
				1,188,436
Insurance - Mutual — 0.0%
Liberty Mutual Group, Inc. 3.63% due 05/23/2059	EUR	350,000		415,337
Metal - Aluminum — 0.1%
Chalco Hong Kong Investment Co., Ltd. 4.25% due 11/07/2021(5)		800,000		812,000
Metal - Diversified — 0.1%
Chinalco Capital Holdings, Ltd. 4.10% due 09/11/2024(5)		500,000		515,250
Oil Companies - Integrated — 0.0%
BP Capital Markets PLC 4.88% due 03/22/2030(5)		349,000		381,178
Pipelines — 0.0%
EnLink Midstream Partners LP 6.00% due 12/15/2022(5)		146,000		58,400
Enterprise Products Operating LLC 5.25% due 08/16/2077		105,000		100,800
				159,200
Real Estate Investment Trusts — 0.2%
Unibail-Rodamco-Westfield SE 2.13% due 07/25/2023(5)	EUR	1,500,000		1,600,003
Tools - Hand Held — 0.1%
Stanley Black & Decker, Inc. 4.00% due 03/15/2060		438,000		460,079
Transport - Rail — 0.1%
CRCC Chengan, Ltd. 3.97% due 06/27/2024(5)		1,000,000		1,032,507
Total Preferred Securities/Capital Securities (cost $15,412,593)				16,136,660
ESCROWS AND LITIGATION TRUSTS — 0.0%
Venture Holdings Co. LLC Company Guar. Notes 11.00% due 06/01/2007†(12)(15)(16)		25,000		0
Hellas Telecommunications Luxembourg II SCA Sub. Notes 6.05% due 01/15/2015†*(12)(15)(16)		560,000		0
Waterford Gaming LLC/Waterford Gaming Financial Corp. Escrow Notes 8.63% due 09/15/2014†*(12)		262,396		1,811
Lehman Brothers Holdings, Inc. Escrow Notes 5.50% due 04/04/2016†		97,000		1,164
Lehman Brothers Holdings, Inc. Escrow Notes 6.75% due 12/28/2017†(12)		111,000		11

Security Description	Shares/ Principal Amount(19)			Value (Note 2)
ESCROWS AND LITIGATION TRUSTS (continued)
Lehman Brothers Holdings, Inc. Escrow Notes 7.50% due 05/11/2038†(12)	$	143,000		$	14
Lehman Brothers Holdings Capital Trust VII Escrow Security 0.00% †(12)		101,000			10
Total Escows and Litigation Trusts
(cost $844,261)					3,010
Total Long-Term Investment Securities
(cost $854,173,459)					886,200,182
SHORT-TERM INVESTMENT SECURITIES — 5.7%
Registered Investment Companies — 5.7%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.04%(17)		39,771,127			39,771,127
State Street Navigator Securities Lending Government Money Market Portfolio 0.10%(6)(17)		12,876,862			12,876,862
Total Short-Term Investment Securities
(cost $52,647,989)					52,647,989
TOTAL INVESTMENTS
(cost $906,821,448)(7)		101.2	%		938,848,171
Liabilities in excess of other assets		(1.2	)		(11,442,662	)
NET ASSETS		100.0	%	$	927,405,509

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. At August 31, 2020, the aggregate value of these securities was $290,247,886 representing 31.3% of net assets.

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

† Non-income producing security

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

(6) At August 31, 2020, the Fund had loaned securities with a total value of $12,591,076. This was secured by collateral of $12,876,862, which was received in cash and subsequently invested in short-term investments currently valued at $12,876,862 as reported in the Portfolio of Investments.

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

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

(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) 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”) 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.

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

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

122

VALIC Company II Strategic Bond Fund

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

(13) 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 August 31, 2020, the Fund held the following restricted securities:

Name	Acquisition Date		Shares		Acquisition Cost		Value		Value per Share		% of Net Assets
Loans
API Heat Transfer ThermaSys Corp.
12.00% due 12/31/2023		2/28/2019		378,402	$	378,402
		3/31/2020		12,382		12,382
		6/30/2020		6,373		6,373
		6/30/2020		5,926		5,926
				403,083		403,083	$	305,577	$	75.81		0.03	%
RentPath LLC
1.61% due 12/17/2022		6/4/2015		802,597		792,226
		7/20/2015		400,000		395,053
		2/14/2017		41,000		39,390
		7/13/2017		935,000		921,187
				2,178,597		2,147,856		217,860		10.00		0.02
Travelport Finance Luxembourg SARL
6.07% due 05/29/2026		6/1/2019		474,947		467,102		316,632		66.67		0.03
Common Stocks
API Heat Transfer, Inc.		12/31/2018		407,576		134,500		31,791		0.08		0.00
ION Media Networks, Inc.		03/05/2014		316		3		200,852		635.61		0.02
Preferred Securities
API Heat Transfer, Inc.
Class A		12/31/2018		86,869		86,869		6,114		0.07		0.00
							$	1,078,826				0.10	%

(14) 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 14.75%. The security is also currently paying interest in the form of additional loans at 0.75%.

(15) Company has filed for bankruptcy protection.

(16) Security in default of interest and principal at maturity.

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

(18) Security in default of interest

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

(20) All or a portion of this holding is subject to unfunded loan commitments (See Note 12)

(21) 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 the form of additional securities at the coupon rate listed.

BTL—Bank Term Loan

DIP—Debtor in Possession

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.

ULC—Unlimited Liability Corp.

FRS—Floating Rate Security

VRS—Variable Rate Security

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

Currency Legend

EUR—Euro Currency

GBP—British Pound

Index Legend

3 ME—3 Month Euribor

1 ML—1 Month USD LIBOR

2 ML—2 Month USD LIBOR

3 ML—3 Month USD LIBOR

6 ML—6 Month USD LIBOR

12 ML—12 Month USD LIBOR

1YR—1 Year USD LIBOR

USFRBPLR—US Federal Reserve Bank Prime Loan Rate

1 Yr USTYCR—1 Year US Treasury Yield Curve Rate

Forward Foreign Currency Contracts
Counterparty	Contract to Deliver			In Exchange For			Delivery Date		Unrealized Appreciation		Unrealized Depreciation
JPMorgan Chase Bank N.A		EUR	30,505,000		USD	34,752,817		09/24/2020	$	–	$	(1,668,246	)
		EUR	13,343,100		USD	15,324,971		11/19/2020		–		(624,696	)
		GBP	5,878,000		USD	7,486,845		09/24/2020		–		(371,824	)
		USD	2,314,030		EUR	1,955,000		09/24/2020		20,118		–
		USD	23,574		GBP	18,000		09/24/2020		491		–
Unrealized Appreciation/(Depreciation)									$	20,609	$	(2,664,766	)

EUR—Euro Currency

GBP—British Pound

USD—United States Dollar

123

VALIC Company II Strategic Bond Fund

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

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

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Asset Backed Securities	$	—	$	19,929,943	$	—	$	19,929,943
U.S. Corporate Bonds & Notes		—		364,705,958		—		364,705,958
Foreign Corporate Bonds & Notes		—		140,235,003		—		140,235,003
Foreign Government Obligations		—		147,272,177		—		147,272,177
U.S. Government Agencies		—		149,689,303		—		149,689,303
U.S. Government Treasuries		—		1,912,674		—		1,912,674
Loans:
Building Products - Air & Heating		—		—		305,577		305,577
E-Commerce/Services		—		—		217,860		217,860
Oil Field Machinery & Equipment		—		—		615,464		615,464
Other Industries		—		44,731,252		—		44,731,252
Common Stocks :
Building Produsts - Air & Heating		—		—		31,791		31,791
Television		—		—		200,852		200,852
Preferred Securities:
Building Products - Air & Heating		—		—		6,114		6,114
Other Industries		206,544		—		—		206,544
Preferred Securities/Capital Securities		—		16,136,660		—		16,136,660
Escows and Litigation Trusts		—		1,164		1,846		3,010
Short-Term Investment Securities		52,647,989		—		—		52,647,989
Total Investments at Value	$	52,854,533	$	884,614,134	$	1,379,504	$	938,848,171
Other Financial Instruments:+
Forward Foreign Currency Contracts	$	—	$	20,609	$	—	$	20,609
LIABILITIES:
Other Financial Instruments:+
Forward Foreign Currency Contracts	$	—	$	2,664,766	$	—	$	2,664,766

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

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

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

See Notes to Financial Statements

124

VALIC Company II U.S. Socially Responsible Fund

PORTFOLIO PROFILE — August 31, 2020 (unaudited)

Industry Allocation*

Applications Software	8.6	%
Web Portals/ISP	5.1
Finance — Credit Card	4.9
Electronic Components — Semiconductors	4.6
Commercial Services — Finance	3.9
Cosmetics & Toiletries	3.3
Medical — Biomedical/Gene	3.0
Diagnostic Equipment	2.6
Real Estate Investment Trusts	2.3
Retail — Building Products	2.2
Telephone — Integrated	2.1
Beverages — Non-alcoholic	2.1
Electric — Integrated	1.9
Medical — Drugs	1.8
Diversified Manufacturing Operations	1.6
Medical Products	1.6
Electronic Forms	1.5
Internet Content — Entertainment	1.4
Multimedia	1.4
Banks — Super Regional	1.3
Data Processing/Management	1.3
Industrial Gases	1.3
Finance — Other Services	1.2
Networking Products	1.2
Food — Misc./Diversified	1.2
Enterprise Software/Service	1.1
Investment Management/Advisor Services	1.1
Electronic Measurement Instruments	1.1
Semiconductor Components — Integrated Circuits	1.1
Computers	1.1
Retail — Restaurants	1.0
Medical — HMO	1.0
Insurance — Multi-line	1.0
Computers — Memory Devices	0.9
Medical Labs & Testing Services	0.9
E-Commerce/Services	0.9
Oil Companies — Exploration & Production	0.9
Retail — Discount	0.8
Transport — Services	0.8
Banks — Fiduciary	0.8
Insurance Brokers	0.8
Pipelines	0.8
Banks — Commercial	0.7
Transport — Rail	0.7
Insurance — Life/Health	0.7
E-Commerce/Products	0.7
Insurance — Property/Casualty	0.6
Electric Products — Misc.	0.6
Electric — Distribution	0.6
Machinery — Construction & Mining	0.6
Auto — Heavy Duty Trucks	0.6
Airlines	0.6
Semiconductor Equipment	0.6
Non — Hazardous Waste Disposal	0.5
Machinery — Farming	0.5
Medical — Hospitals	0.5
Entertainment Software	0.5
Chemicals — Specialty	0.5
Water	0.5
Retail — Major Department Stores	0.5
Consulting Services	0.4
Consumer Products — Misc.	0.4
Repurchase Agreements	0.4
Decision Support Software	0.4
Computer Aided Design	0.3
Retail — Auto Parts	0.3
U.S. Government Treasuries	0.3
Finance — Investment Banker/Broker	0.3
Oil — Field Services	0.3
Distribution/Wholesale	0.3

Food — Retail	0.3
Drug Delivery Systems	0.3
Containers — Paper/Plastic	0.3
Retail — Drug Store	0.2
Building Products — Air & Heating	0.2
Dialysis Centers	0.2
Steel — Producers	0.2
Oil Refining & Marketing	0.2
Building Products — Cement	0.2
Chemicals — Diversified	0.2
Advertising Agencies	0.2
Machinery — General Industrial	0.2
Containers — Metal/Glass	0.2
Food — Meat Products	0.2
Respiratory Products	0.2
Diagnostic Kits	0.2
Office Automation & Equipment	0.2
Wireless Equipment	0.2
Industrial Automated/Robotic	0.2
Retail — Apparel/Shoe	0.2
Electronic Connectors	0.2
Dental Supplies & Equipment	0.2
Disposable Medical Products	0.2
Instruments — Scientific	0.2
Computer Software	0.1
Paper & Related Products	0.1
Web Hosting/Design	0.1
Food — Confectionery	0.1
Medical Information Systems	0.1
Tools — Hand Held	0.1
Medical — Generic Drugs	0.1
Broadcast Services/Program	0.1
Instruments — Controls	0.1
Cable/Satellite TV	0.1
Apparel Manufacturers	0.1
Retail — Consumer Electronics	0.1
Commercial Services	0.1
Retail — Jewelry	0.1
Internet Brokers	0.1
	100.0	%

* Calculated as a percentage of net assets

125

VALIC Company II U.S. Socially Responsible Fund

PORTFOLIO OF INVESTMENTS — August 31, 2020

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 99.3%
Advertising Agencies — 0.2%
Interpublic Group of Cos., Inc.		9,505	$	168,809
Omnicom Group, Inc.#		23,366		1,263,867
				1,432,676
Agricultural Chemicals — 0.0%
CF Industries Holdings, Inc.		2,612		85,230
Airlines — 0.6%
American Airlines Group, Inc.		7,218		94,195
Delta Air Lines, Inc.		47,462		1,464,203
Southwest Airlines Co.		60,778		2,284,037
United Airlines Holdings, Inc.†		11,292		406,512
				4,248,947
Apparel Manufacturers — 0.1%
Hanesbrands, Inc.#		11,471		175,391
PVH Corp.		1,825		101,762
Ralph Lauren Corp.		3,547		244,140
Under Armour, Inc., Class C†		13,248		117,245
				638,538
Applications Software — 8.6%
Intuit, Inc.		10,565		3,649,045
Microsoft Corp.		257,400		58,051,422
ServiceNow, Inc.†		5,236		2,523,857
				64,224,324
Auto - Heavy Duty Trucks — 0.6%
Cummins, Inc.		9,851		2,041,620
PACCAR, Inc.		27,040		2,321,113
				4,362,733
Banks - Commercial — 0.7%
Citizens Financial Group, Inc.		13,523		349,840
First Republic Bank		4,983		562,631
M&T Bank Corp.		3,281		338,796
Regions Financial Corp.		5,340		61,730
Truist Financial Corp.		104,017		4,036,900
				5,349,897
Banks - Fiduciary — 0.8%
Bank of New York Mellon Corp.		75,271		2,783,522
Northern Trust Corp.		15,024		1,230,315
State Street Corp.		25,591		1,742,491
				5,756,328
Banks - Super Regional — 1.3%
PNC Financial Services Group, Inc.		43,959		4,888,241
US Bancorp		132,510		4,823,364
				9,711,605
Beverages - Non-alcoholic — 2.1%
Monster Beverage Corp.†		18,097		1,517,615
PepsiCo, Inc.		99,156		13,887,789
				15,405,404
Broadcast Services/Program — 0.1%
Discovery, Inc., Class A†#		38,510		849,723
Building Products - Air & Heating — 0.2%
Johnson Controls International PLC		44,070		1,794,971
Building Products - Cement — 0.2%
Martin Marietta Materials, Inc.		3,682		746,967
Vulcan Materials Co.		7,252		870,240
				1,617,207

Security Description	Shares		Value (Note 2)
Cable/Satellite TV — 0.1%
DISH Network Corp., Class A†		19,189	$	681,593
Chemicals - Diversified — 0.2%
LyondellBasell Industries NV, Class A		2,477		162,194
PPG Industries, Inc.		10,807		1,301,163
				1,463,357
Chemicals - Specialty — 0.5%
Ecolab, Inc.		15,832		3,120,171
International Flavors & Fragrances, Inc.		3,284		406,526
				3,526,697
Commercial Services — 0.1%
Cintas Corp.		1,279		426,214
Nielsen Holdings PLC		7,227		110,429
				536,643
Commercial Services - Finance — 3.9%
Automatic Data Processing, Inc.		25,099		3,491,020
IHS Markit, Ltd.		20,739		1,657,461
MarketAxess Holdings, Inc.		1,398		679,344
Moody’s Corp.		17,172		5,059,558
PayPal Holdings, Inc.†		49,780		10,162,089
S&P Global, Inc.		21,229		7,778,730
				28,828,202
Computer Aided Design — 0.3%
Autodesk, Inc.†		8,290		2,036,853
Synopsys, Inc.†		2,232		493,942
				2,530,795
Computer Data Security — 0.0%
Fortinet, Inc.†		2,423		319,848
Computer Software — 0.1%
Akamai Technologies, Inc.†		4,082		475,267
Citrix Systems, Inc.		4,229		614,051
				1,089,318
Computers — 1.1%
Hewlett Packard Enterprise Co.		413,788		4,001,330
HP, Inc.		205,421		4,015,981
				8,017,311
Computers - Memory Devices — 0.9%
NetApp, Inc.		44,309		2,099,803
Seagate Technology PLC		69,036		3,313,038
Western Digital Corp.		39,462		1,516,130
				6,928,971
Consulting Services — 0.4%
Verisk Analytics, Inc.		17,605		3,286,325
Consumer Products - Misc. — 0.4%
Clorox Co.		3,094		691,509
Kimberly - Clark Corp.		14,938		2,356,619
				3,048,128
Containers - Metal/Glass — 0.2%
Ball Corp.		16,532		1,328,677
Containers - Paper/Plastic — 0.3%
Amcor PLC		58,256		644,311
Packaging Corp. of America		4,252		430,473
WestRock Co.		25,922		786,214
				1,860,998

126

VALIC Company II U.S. Socially Responsible Fund

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

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Cosmetics & Toiletries — 3.3%
Colgate - Palmolive Co.		49,814	$	3,948,258
Coty, Inc., Class A		19,155		68,575
Estee Lauder Cos., Inc., Class A		13,834		3,067,274
Procter & Gamble Co.		127,416		17,625,455
				24,709,562
Data Processing/Management — 1.3%
Fidelity National Information Services, Inc.		32,891		4,961,607
Fiserv, Inc.†		34,630		3,448,456
Paychex, Inc.		17,005		1,300,372
				9,710,435
Decision Support Software — 0.4%
MSCI, Inc.		7,561		2,822,294
Dental Supplies & Equipment — 0.2%
Align Technology, Inc.†		2,026		601,682
DENTSPLY SIRONA, Inc.		11,914		534,581
				1,136,263
Diagnostic Equipment — 2.6%
Danaher Corp.		45,728		9,441,460
Thermo Fisher Scientific, Inc.		22,633		9,709,105
				19,150,565
Diagnostic Kits — 0.2%
IDEXX Laboratories, Inc.†		3,224		1,260,777
Dialysis Centers — 0.2%
DaVita, Inc.†		20,423		1,771,899
Disposable Medical Products — 0.2%
Teleflex, Inc.		2,881		1,132,089
Distribution/Wholesale — 0.3%
Fastenal Co.		20,467		1,000,018
LKQ Corp.†		14,348		455,405
WW Grainger, Inc.		1,676		612,461
				2,067,884
Diversified Manufacturing Operations — 1.6%
Eaton Corp. PLC		38,561		3,937,078
Illinois Tool Works, Inc.		27,229		5,379,089
Parker - Hannifin Corp.		7,679		1,581,951
Trane Technologies PLC		10,837		1,282,992
				12,181,110
Drug Delivery Systems — 0.3%
DexCom, Inc.†		4,435		1,886,693
E-Commerce/Products — 0.7%
eBay, Inc.		89,095		4,880,624
E-Commerce/Services — 0.9%
Booking Holdings, Inc.†		2,980		5,693,141
Expedia Group, Inc.		10,762		1,056,290
				6,749,431
Electric Products - Misc. — 0.6%
AMETEK, Inc.		13,308		1,340,116
Emerson Electric Co.		49,303		3,425,079
				4,765,195
Electric - Distribution — 0.6%
Consolidated Edison, Inc.		64,730		4,617,838
Electric - Integrated — 1.9%
AES Corp.		10,162		180,376
Alliant Energy Corp.		18,341		993,165

Security Description	Shares		Value (Note 2)
Electric - Integrated (continued)
CMS Energy Corp.		29,168	$	1,764,372
Eversource Energy		41,614		3,566,736
FirstEnergy Corp.		43,473		1,242,893
PPL Corp.		49,665		1,372,244
WEC Energy Group, Inc.		55,252		5,198,108
				14,317,894
Electronic Components - Semiconductors — 4.6%
Advanced Micro Devices, Inc.†		46,154		4,191,706
Broadcom, Inc.		15,189		5,272,861
Microchip Technology, Inc.		5,598		614,101
Micron Technology, Inc.†		44,130		2,008,356
NVIDIA Corp.		24,865		13,302,278
Texas Instruments, Inc.		55,376		7,871,699
Xilinx, Inc.		7,133		742,973
				34,003,974
Electronic Connectors — 0.2%
Amphenol Corp., Class A		4,680		513,864
TE Connectivity, Ltd.		6,689		646,157
				1,160,021
Electronic Forms — 1.5%
Adobe, Inc.†		22,289		11,442,950
Electronic Measurement Instruments — 1.1%
Agilent Technologies, Inc.		22,599		2,269,391
Fortive Corp.		16,888		1,217,794
Keysight Technologies, Inc.†		4,540		447,281
Roper Technologies, Inc.		10,402		4,443,630
				8,378,096
Enterprise Software/Service — 1.1%
Salesforce.com, Inc.†		31,118		8,484,323
Entertainment Software — 0.5%
Activision Blizzard, Inc.		24,315		2,030,789
Electronic Arts, Inc.†		9,159		1,277,405
Take - Two Interactive Software, Inc.†		1,931		330,568
				3,638,762
Finance - Credit Card — 4.9%
American Express Co.		45,240		4,595,932
Mastercard, Inc., Class A		39,671		14,209,755
Visa, Inc., Class A		82,237		17,433,422
				36,239,109
Finance - Investment Banker/Broker — 0.3%
Charles Schwab Corp.		63,292		2,248,765
Finance - Other Services — 1.2%
Cboe Global Markets, Inc.		5,197		477,033
CME Group, Inc.		18,399		3,235,832
Intercontinental Exchange, Inc.		42,157		4,478,338
Nasdaq, Inc.		8,020		1,078,048
				9,269,251
Food - Confectionery — 0.1%
J.M. Smucker Co.		8,538		1,026,097
Food - Meat Products — 0.2%
Hormel Foods Corp.#		25,611		1,305,649

127

VALIC Company II U.S. Socially Responsible Fund

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

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Food - Misc./Diversified — 1.2%
Campbell Soup Co.		9,220	$	485,064
General Mills, Inc.		41,433		2,649,640
Kellogg Co.		20,331		1,441,671
Kraft Heinz Co.		75,062		2,630,173
Lamb Weston Holdings, Inc.		281		17,661
McCormick & Co., Inc.		7,837		1,615,990
				8,840,199
Food - Retail — 0.3%
Kroger Co.		55,308		1,973,389
Gas - Distribution — 0.0%
NiSource, Inc.		11,022		244,248
Industrial Automated/Robotic — 0.2%
Rockwell Automation, Inc.		5,132		1,183,080
Industrial Gases — 1.3%
Air Products & Chemicals, Inc.		12,199		3,565,280
Linde PLC		24,098		6,018,234
				9,583,514
Instruments - Controls — 0.1%
Mettler - Toledo International, Inc.†		824		799,923
Instruments - Scientific — 0.2%
PerkinElmer, Inc.		2,646		311,487
Waters Corp.†		3,664		792,377
				1,103,864
Insurance Brokers — 0.8%
Aon PLC, Class A		9,365		1,872,906
Marsh & McLennan Cos., Inc.		26,059		2,994,440
Willis Towers Watson PLC		3,901		801,773
				5,669,119
Insurance - Life/Health — 0.7%
Aflac, Inc.		70,731		2,568,950
Prudential Financial, Inc.		35,440		2,401,769
				4,970,719
Insurance - Multi-line — 1.0%
Allstate Corp.		25,756		2,395,308
Chubb, Ltd.		33,290		4,161,250
Hartford Financial Services Group, Inc.		4,755		192,340
Loews Corp.		12,586		451,334
				7,200,232
Insurance - Property/Casualty — 0.6%
Progressive Corp.		24,803		2,357,277
Travelers Cos., Inc.		20,956		2,431,734
				4,789,011
Internet Brokers — 0.1%
E*TRADE Financial Corp.		8,629		466,829
Internet Content - Entertainment — 1.4%
Netflix, Inc.†		18,291		9,686,182
Twitter, Inc.†		24,412		990,639
				10,676,821
Internet Security — 0.0%
NortonLifeLock, Inc.		11,335		266,599

Security Description	Shares		Value (Note 2)
Investment Management/Advisor Services — 1.1%
BlackRock, Inc.		9,745	$	5,790,382
Franklin Resources, Inc.		22,899		482,253
Invesco, Ltd.		16,597		169,289
T. Rowe Price Group, Inc.		14,259		1,984,995
				8,426,919
Machinery - Construction & Mining — 0.6%
Caterpillar, Inc.		30,805		4,383,860
Machinery - Farming — 0.5%
Deere & Co.		18,595		3,906,066
Machinery - General Industrial — 0.2%
Otis Worldwide Corp.		15,362		966,270
Westinghouse Air Brake Technologies Corp.		6,437		428,382
				1,394,652
Machinery - Pumps — 0.0%
Ingersoll Rand, Inc.†		9,563		335,279
Medical Information Systems — 0.1%
Cerner Corp.		13,674		1,003,261
Medical Labs & Testing Services — 0.9%
IQVIA Holdings, Inc.†		9,874		1,616,868
Laboratory Corp. of America Holdings†		14,699		2,583,349
Quest Diagnostics, Inc.		24,463		2,721,264
				6,921,481
Medical Products — 1.6%
ABIOMED, Inc.†		830		255,325
Baxter International, Inc.		37,020		3,223,331
Cooper Cos., Inc.		3,210		1,009,160
Henry Schein, Inc.†		23,360		1,552,038
Hologic, Inc.†		19,707		1,176,902
STERIS PLC		4,321		689,805
Stryker Corp.		17,956		3,558,161
Varian Medical Systems, Inc.†		2,984		518,231
				11,982,953
Medical - Biomedical/Gene — 3.0%
Alexion Pharmaceuticals, Inc.†		8,959		1,023,297
Amgen, Inc.		27,198		6,889,797
Biogen, Inc.†		7,494		2,155,574
Gilead Sciences, Inc.		58,067		3,875,972
Illumina, Inc.†		5,569		1,989,358
Incyte Corp.†		7,564		728,792
Regeneron Pharmaceuticals, Inc.†		3,870		2,399,129
Vertex Pharmaceuticals, Inc.†		12,505		3,490,396
				22,552,315
Medical - Drugs — 1.8%
AbbVie, Inc.		64,098		6,138,666
Bristol - Myers Squibb Co. CVR†		29,832		79,950
Zoetis, Inc.		44,784		7,169,918
				13,388,534
Medical - Generic Drugs — 0.1%
Perrigo Co. PLC		17,287		904,110
Medical - HMO — 1.0%
Centene Corp.†		43,413		2,662,085
Humana, Inc.		10,979		4,558,152
				7,220,237

128

VALIC Company II U.S. Socially Responsible Fund

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

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical - Hospitals — 0.5%
HCA Healthcare, Inc.		27,156	$	3,685,612
Multimedia — 1.4%
Walt Disney Co.		77,849		10,265,948
Networking Products — 1.2%
Cisco Systems, Inc.		219,123		9,251,373
Non - Hazardous Waste Disposal — 0.5%
Republic Services, Inc.		13,264		1,229,838
Waste Management, Inc.		24,896		2,838,144
				4,067,982
Office Automation & Equipment — 0.2%
Xerox Holdings Corp.		66,470		1,253,624
Oil Companies - Exploration & Production — 0.9%
Apache Corp.		3,100		45,880
Cabot Oil & Gas Corp.		22,110		419,427
Concho Resources, Inc.		14,466		751,943
Devon Energy Corp.		27,830		302,512
Diamondback Energy, Inc.		10,790		420,378
EOG Resources, Inc.		36,250		1,643,575
Hess Corp.		21,507		990,182
Marathon Oil Corp.		83,632		441,577
Noble Energy, Inc.		14,615		145,419
Occidental Petroleum Corp.		52,735		671,844
Pioneer Natural Resources Co.		10,673		1,109,245
				6,941,982
Oil Field Machinery & Equipment — 0.0%
National Oilwell Varco, Inc.		22,161		265,932
Oil Refining & Marketing — 0.2%
HollyFrontier Corp.		14,963		357,167
Valero Energy Corp.		24,268		1,276,254
				1,633,421
Oil - Field Services — 0.3%
Baker Hughes Co.		22,611		322,885
Schlumberger, Ltd.		90,585		1,722,021
TechnipFMC PLC		12,983		99,969
				2,144,875
Paper & Related Products — 0.1%
International Paper Co.		29,619		1,074,281
Pipelines — 0.8%
Kinder Morgan, Inc.		191,175		2,642,038
ONEOK, Inc.		33,093		909,396
Williams Cos., Inc.		100,743		2,091,425
				5,642,859
Real Estate Investment Trusts — 2.3%
American Tower Corp.		19,717		4,912,491
AvalonBay Communities, Inc.		306		48,366
Crown Castle International Corp.		21,003		3,428,740
Digital Realty Trust, Inc.		5,767		897,634
Equinix, Inc.		2,635		2,081,070
Equity Residential		7,441		420,044
Prologis, Inc.		37,287		3,798,054
Public Storage		5,001		1,062,212
SBA Communications Corp.		2,418		740,077
				17,388,688
Rental Auto/Equipment — 0.0%
United Rentals, Inc.†		793		140,401

Security Description	Shares		Value (Note 2)
Respiratory Products — 0.2%
ResMed, Inc.		7,063	$	1,276,849
Retail - Apparel/Shoe — 0.2%
Ross Stores, Inc.		12,750		1,161,270
Retail - Auto Parts — 0.3%
AutoZone, Inc.†		117		139,968
Genuine Parts Co.		9,392		886,981
O’Reilly Automotive, Inc.†		2,886		1,343,808
				2,370,757
Retail - Building Products — 2.2%
Home Depot, Inc.		40,605		11,574,049
Lowe’s Cos., Inc.		29,559		4,868,072
				16,442,121
Retail - Consumer Electronics — 0.1%
Best Buy Co., Inc.		5,614		622,649
Retail - Discount — 0.8%
Dollar General Corp.		13,474		2,720,131
Target Corp.		21,910		3,313,011
				6,033,142
Retail - Drug Store — 0.2%
Walgreens Boots Alliance, Inc.		47,591		1,809,410
Retail - Jewelry — 0.1%
Tiffany & Co.		4,240		519,400
Retail - Major Department Stores — 0.5%
TJX Cos., Inc.		62,132		3,404,212
Retail - Restaurants — 1.0%
Domino’s Pizza, Inc.		1,044		426,954
Starbucks Corp.		62,424		5,272,955
Yum! Brands, Inc.		18,084		1,733,352
				7,433,261
Semiconductor Components - Integrated Circuits — 1.1%
Analog Devices, Inc.		15,429		1,803,342
QUALCOMM, Inc.		53,692		6,394,717
				8,198,059
Semiconductor Equipment — 0.6%
Applied Materials, Inc.		34,539		2,127,603
KLA Corp.		3,100		635,934
Lam Research Corp.		4,407		1,482,250
				4,245,787
Steel - Producers — 0.2%
Nucor Corp.		37,890		1,722,479
Telecom Equipment - Fiber Optics — 0.0%
Corning, Inc.		10,256		332,910
Telephone - Integrated — 2.1%
Verizon Communications, Inc.		263,564		15,621,438
Theaters — 0.0%
Live Nation Entertainment, Inc.†		3,501		198,857
Tools - Hand Held — 0.1%
Stanley Black & Decker, Inc.		6,144		991,027
Transport - Rail — 0.7%
CSX Corp.		35,721		2,731,227
Norfolk Southern Corp.		11,575		2,460,035
				5,191,262

129

VALIC Company II U.S. Socially Responsible Fund

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

Security Description	Shares/ Principal Amount		Value (Note 2)
COMMON STOCKS (continued)
Transport-Services — 0.8%
United Parcel Service, Inc., Class B		35,699	$	5,841,070
Water — 0.5%
American Water Works Co., Inc.		24,155		3,414,068
Web Hosting/Design — 0.1%
VeriSign, Inc.†		4,881		1,048,439
Web Portals/ISP — 5.1%
Alphabet, Inc., Class A†		23,089		37,624,218
Wireless Equipment — 0.2%
Motorola Solutions, Inc.		7,720		1,194,670
Total Common Stocks
(cost $472,642,778)				739,923,543
Warrants — 0.0%
Oil Companies - Exploration & Production — 0.0%
Occidental Petroleum Corp. Expire 08/03/2027†
(cost $32,620)		6,590		19,440
Total Long-Term Investment Securities
(cost $472,675,398)				739,942,983
SHORT-TERM INVESTMENT SECURITIES — 0.3%
Registered Investment Companies — 0.0%
State Street Navigator Securities Lending Government Money Market Portfolio 0.10%(1)(2)		235,423		235,423
U.S. Government Treasuries — 0.3%
United States Treasury Bills
0.12% due 10/08/2020(4)	$	1,700,000		1,699,832
0.15% due 10/01/2020(4)		550,000		549,953
				2,249,785
Total Short-Term Investment Securities
(cost $2,485,141)				2,485,208

Security Description	Principal Amount			Value (Note 2)
REPURCHASE AGREEMENTS — 0.4%
Agreement with State Street Bank and Trust Co., bearing interest at 0.00%, dated 08/31/2020, to be repurchased 09/01/2020 in the amount of $2,960,000 collateralized by $3,021,700 of United States Treasury Notes, bearing interest at 0.13% due 08/15/2023 and having an approximate value of $3,019,269 (cost $2,960,000)	$	2,960,000		$	2,960,000
TOTAL INVESTMENTS
(cost $478,120,539)(3)		100.0	%		745,388,191
Other assets less liabilities		0.0			51,511
NET ASSETS		100.0	%	$	745,439,702

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

† Non-income producing security

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

(2) At August 31, 2020, the Fund had loaned securities with a total value of $2,408,537. This was secured by collateral of $235,423, which was received in cash and subsequently invested in short-term investments currently valued at $235,423 as reported in the Portfolio of Investments. Additional collateral of $2,264,225 was received in the form of fixed income pooled securities, which the Fund cannot sell or repledge and accordingly, are not reflected in the Fund’s assets and liabilities.

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

Securities	Coupon Range	Maturity Date Range	Value as of August 31, 2020
Federal Home Loan Mtg. Corp.	2.50% to 3.50%	12/01/2047 to 03/01/2050	$	428,239
Federal National Mtg. Assoc.	1.49% to 4.00%	01/25/2030 to 05/25/2050		794,571
Government National Mtg. Assoc.	2.50% to 2.70%	09/20/2046 to 05/16/2053		36,463
United States Treasury Bills	0.00%	09/24/2020 to 07/15/2021		41,717
United States Treasury Notes/Bonds	0.13% to 8.13%	09/15/2020 to 05/15/2049		963,235

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

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

CVR—Contingent Value Rights

Futures Contracts
Number of Contracts		Type	Description	Expiration Month		Notional Basis#		Notional Value#		Unrealized Appreciation (Depreciation)
	37	Long	S&P 500 E-Mini Index		September 2020	$	5,768,834	$	6,472,965	$	704,131

# 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.

130

VALIC Company II U.S. Socially Responsible Fund

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

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

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable  Inputs		Level 3 - Significant Unobservable  Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	739,923,543	$	—	$	—	$	739,923,543
Warrants		19,440		—		—		19,440
Short-Term Investment Securities:
Registered Investment Companies		235,423		—		—		235,423
U.S. Government Treasuries		—		2,249,785		—		2,249,785
Repurchase Agreements		—		2,960,000		—		2,960,000
Total Investments at Value		$740,178,406	$	5,209,785	$	—	$	745,388,191
Other Financial Instruments:+
Futures Contracts	$	704,131	$	—	$	—	$	704,131

* 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

131

VALIC Company II

STATEMENTS OF ASSETS AND LIABILITIES — August 31, 2020

	AGGRESSIVE GROWTH LIFESTYLE FUND		CAPITAL APPRECIATION FUND		CONSERVATIVE GROWTH LIFESTYLE FUND		CORE BOND FUND		GOVERNMENT MONEY MARKET II FUND			HIGH YIELD BOND FUND		INTERNATIONAL OPPORTUNITIES FUND
ASSETS:
Investment at value (unaffiliated)*†	$	–	$	121,491,374	$	–	$	1,863,752,632	$	135,690,367		$	515,498,025	$	608,428,781
Investment at value (affiliated)*†		612,545,989		–		339,889,247		–		–			–		–
Repurchase agreements (cost equals market value)		–		–		–		–		295,000			22,258,000		9,185,000
Cash		205,629		993,127		72,768		469,398		778			27,023		923
Foreign cash*		–		–		–		–		–			305,254		146,849
Cash collateral for futures contracts		–		–		–		–		–			–		–
Due from broker		–		–		–		–		–			–		–
Receivable for:
Fund shares sold		51,244		45,982		140,876		1,064,732		85,209			155,418		10,768
Dividends and interest		–		91,534		–		12,177,350		2,828			6,720,254		1,562,071
Investments sold		–		–		–		5,049,919		–			–		967,924
Investments sold on an extended settlement basis		–		–		–		44,770		–			–		33,657
Securities lending income		–		33		–		3,707		–			4,073		8,965
Prepaid expenses and other assets		31,667		16,841		22,398		67,086		32,723			40,260		65,139
Due from investment adviser for expense reimbursements/fee waivers		21,139		15,110		17,093		29,739		69,223			34,893		12,386
Variation margin on futures contracts		–		–		–		–		–			–		–
Unrealized appreciation on forward foreign currency contracts		–		–		–		–		–			–		–
TOTAL ASSETS		612,855,668		122,654,001		340,142,382		1,882,659,333		136,176,128			545,043,200		620,422,463
LIABILITIES:
Payable for:
Fund shares reacquired		50		27,449		16,568		30,111		66,283			8,317		224,527
Investments purchased		51,194		–		124,308		3,900,583		–			396,356		229,759
Investments purchased on an extended settlement basis		–		–		–		67,611,961		–			1,196,054		–
Investment advisory and management fees		51,178		54,922		28,587		629,982		28,969			271,893		428,018
Administrative service fees		–		6,663		–		100,151		7,732			29,648		34,996
Shareholder services		–		24,964		–		375,211		28,969			111,075		131,109
Transfer agent fees and expenses		581		1,162		581		1,191		436			1,162		1,016
Trustees’ fees and expenses		25,437		9,357		16,648		57,211		24,354			32,358		54,596
Other accrued expenses		114,688		75,068		85,432		250,134		74,418			142,884		247,128
Accrued foreign tax on capital gains		–		–		–		–		–			–		115,661
Due to investment adviser		–		–		–		–		–			–		–
Collateral upon return of securities loaned		–		–		–		25,523,985		–			4,035,970		8,531,184
Variation margin on futures contracts		–		–		–		–		–			–		–
Due to broker		–		–		–		–		–			–		–
Commitments (Note 12)		–		–		–		–		–			–		–
Unrealized depreciation on forward foreign currency contracts		–		–		–		–		–			101,674		–
TOTAL LIABILITIES		243,128		199,585		272,124		98,480,520		231,161			6,327,391		9,997,994
NET ASSETS	$	612,612,540	$	122,454,416	$	339,870,258	$	1,784,178,813	$	135,944,967		$	538,715,809	$	610,424,469
NET ASSETS REPRESENTED BY:
Trust shares at par value of $0.01 per share	$	599,207	$	65,761	$	276,149	$	1,494,010	$	1,359,236		$	720,882	$	294,474
Additional paid in capital		566,939,781		80,294,914		315,501,089		1,614,771,381		134,593,588			525,496,109		456,939,365
Total accumulated earnings(loss)		45,073,552		42,093,741		24,093,020		167,913,422		(7,857	)		12,498,818		153,190,630
NET ASSETS	$	612,612,540	$	122,454,416	$	339,870,258	$	1,784,178,813	$	135,944,967		$	538,715,809	$	610,424,469
SHARES OF BENEFICIAL INTEREST:
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		59,920,682		6,576,075		27,614,929		149,400,986		135,923,603			72,088,161		29,447,442
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	10.22	$	18.62	$	12.31	$	11.94	$	1.00		$	7.47	$	20.73
*  Cost
Investments (unaffiliated)	$	–	$	79,467,087	$	–	$	1,777,715,564	$	135,690,367		$	499,954,012	$	494,514,316
Investments (affiliated)	$	592,937,386	$	–	$	325,608,474	$	–	$	–		$	–	$	–
Foreign cash	$	–	$	–	$	–	$	–	$	–		$	305,714	$	146,107
† Including securities on loan	$	–	$	–	$	–	$	26,761,977	$	–		$	4,424,328	$	19,742,194

See Notes to Financial Statements

132

VALIC Company II

STATEMENTS OF ASSETS AND LIABILITIES — August 31, 2020 — (continued)

	LARGE CAP VALUE FUND			MID CAP GROWTH FUND		MID CAP VALUE FUND		MODERATE GROWTH LIFESTYLE FUND		SMALL CAP GROWTH FUND		SMALL CAP VALUE FUND			STRATEGIC BOND FUND		U.S. SOCIALLY RESPONSIBLE FUND
ASSETS:
Investment at value (unaffiliated)*†	$	261,583,077		$	240,962,476	$	724,360,322	$	–	$	205,890,704	$	301,629,979		$	938,848,171	$	742,428,191
Investment at value (affiliated)*†		–			–		–		1,014,541,772		–		–			–		–
Repurchase agreements (cost equals market value)		–			494,000		1,780,000		–		–		5,497,000			–		2,960,000
Cash		607,723			473		32		6,721		6,128,408		32,956			1,490,605		562
Foreign cash*		–			154		53		–		–		–			20,882		–
Cash collateral for futures contracts		–			–		–		–		–		617,800			–		–
Due from broker		–			–		–		–		–		–			–		–
Receivable for:
Fund shares sold		9,601			89,350		15,676		62,974		105,504		8,110			445,319		83,680
Dividends and interest		602,701			117,193		1,072,750		–		52,950		371,906			10,052,693		861,131
Investments sold		1,098,453			362,465		278,217		–		153,469		1,760,715			1,088,351		–
Investments sold on an extended settlement basis		–			–		–		–		–		–			797,786		–
Securities lending income		656			2,441		692		–		11,608		10,004			5,176		339
Prepaid expenses and other assets		41,955			24,642		82,831		46,195		20,127		57,342			59,313		71,758
Due from investment adviser for expense reimbursements/fee waivers		–			10,154		–		33,137		16,755		51,862			–		–
Variation margin on futures contracts		–			–		–		–		–		–			–		–
Unrealized appreciation on forward foreign currency contracts		–			–		–		–		–		–			20,609		–
TOTAL ASSETS		263,944,166			242,063,348		727,590,573		1,014,690,799		212,379,525		310,037,674			952,828,905		746,405,661
LIABILITIES:
Payable for:
Fund shares reacquired		80,072			93,322		281,307		3,764		119,760		166,047			1,697		156,046
Investments purchased		1,779,718			383,531		2,330,018		59,210		648,495		2,239,013			2,289,364		–
Investments purchased on an extended settlement basis		–			–		–		–		–		–			6,369,184		–
Investment advisory and management fees		109,715			150,455		433,351		85,001		143,342		171,512			388,680		153,949
Administrative service fees		14,642			13,737		41,062		–		11,604		17,173			51,985		41,092
Shareholder services		54,857			51,465		153,834		–		43,470		64,337			194,759		153,949
Transfer agent fees and expenses		1,162			1,016		1,307		581		1,162		1,016			1,597		785
Trustees’ fees and expenses		22,336			16,290		69,388		40,464		10,685		37,134			51,366		61,850
Other accrued expenses		98,388			89,884		176,562		150,607		87,044		169,988			196,192		152,658
Accrued foreign tax on capital gains		–			–		–		–		–		–			–		–
Due to investment adviser		–			–		4,160		–		36,645		–			–		–
Collateral upon return of securities loaned		700,793			–		–		–		780,633		5,001,815			12,876,862		235,423
Variation margin on futures contracts		–			–		–		–		–		46,080			–		10,175
Due to broker		–			–		–		–		–		3,547			–		32
Commitments (Note 12)		–			–		–		–		–		–			336,944		–
Unrealized depreciation on forward foreign currency contracts		–			–		–		–		–		–			2,664,766		–
TOTAL LIABILITIES		2,861,683			799,700		3,490,989		339,627		1,882,840		7,917,662			25,423,396		965,959
NET ASSETS	$	261,082,483		$	241,263,648	$	724,099,584	$	1,014,351,172	$	210,496,685	$	302,120,012		$	927,405,509	$	745,439,702
NET ASSETS REPRESENTED BY:
Trust shares at par value of $0.01 per share	$	141,356		$	219,124	$	470,668	$	716,558	$	102,715	$	317,779		$	811,437	$	356,428
Additional paid in capital		261,606,928			189,943,342		712,660,362		931,571,853		139,499,878		323,931,811			894,954,717		449,313,349
Total accumulated earnings(loss)		(665,801	)		51,101,182		10,968,554		82,062,761		70,894,092		(22,129,578	)		31,639,355		295,769,925
NET ASSETS	$	261,082,483		$	241,263,648	$	724,099,584	$	1,014,351,172	$	210,496,685	$	302,120,012		$	927,405,509	$	745,439,702
SHARES OF BENEFICIAL INTEREST:
Authorized (Par value $0.01 per share)		1,000,000,000			1,000,000,000		1,000,000,000		1,000,000,000		1,000,000,000		1,000,000,000			1,000,000,000		1,000,000,000
Outstanding		14,135,646			21,912,377		47,066,795		71,655,846		10,271,453		31,777,903			81,143,680		35,642,839
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	18.47		$	11.01	$	15.38	$	14.16	$	20.49	$	9.51		$	11.43	$	20.91
*  Cost
Investments (unaffiliated)	$	258,460,612		$	217,142,135	$	704,442,029	$	–	$	159,192,261	$	307,368,531		$	906,821,448	$	475,160,539
Investments (affiliated)	$	–		$	–	$	–	$	972,544,594	$	–	$	–		$	–	$	–
Foreign cash	$	–		$	151	$	52	$	–	$	–	$	–		$	21,072	$	–
† Including securities on loan	$	678,914		$	13,024,550	$	5,865,398	$	–	$	5,133,390	$	8,552,439		$	12,591,076	$	2,408,537

See Notes to Financial Statements

133

VALIC Company II

STATEMENTS OF OPERATIONS — For the Year Ended August 31, 2020

	AGGRESSIVE GROWTH LIFESTYLE FUND			CAPITAL APPRECIATION FUND			CONSERVATIVE GROWTH LIFESTYLE FUND			CORE BOND FUND			GOVERNMENT MONEY MARKET II FUND			HIGH YIELD BOND FUND			INTERNATIONAL OPPORTUNITIES FUND
INVESTMENT INCOME:
Dividends (unaffiliated)	$	–		$	1,027,752		$	–		$	26,636		$	–		$	–		$	8,661,132
Dividends (affiliated)		11,385,363			–			9,100,412			–			–			–			–
Securities lending income		–			214			–			50,383			–			89,623			531,369
Interest (unaffiliated)		–			–			–			49,639,677			1,193,992			31,153,331			40,137
Total investment income*		11,385,363			1,027,966			9,100,412			49,716,696			1,193,992			31,242,954			9,232,638
EXPENSES:
Investment advisory and management fees		576,306			581,475			327,839			6,652,458			319,392			3,319,681			4,777,918
Administrative service fee		–			70,559			–			1,051,555			85,263			363,864			390,250
Shareholder services fee		–			264,307			–			3,939,036			319,392			1,362,984			1,461,849
Transfer agent fees and expenses		1,397			2,794			1,397			2,794			1,048			2,794			2,445
Custodian and accounting fees		7,875			18,062			7,875			97,512			18,121			53,329			187,747
Reports to shareholders		89,732			18,886			51,723			235,906			23,782			91,593			89,586
Audit and tax fees		35,640			39,590			35,640			53,748			46,449			48,230			55,367
Legal fees		26,905			12,379			19,263			58,894			13,030			25,963			37,928
Trustees’ fees and expenses		49,025			8,134			28,147			140,472			10,539			48,967			48,299
Interest expense		–			–			–			–			–			–			31
Other expenses		41,306			42,140			30,148			68,337			8,749			38,365			66,738
Total expenses before fee waivers, expense reimbursements, fees paid indirectly		828,186			1,058,326			502,032			12,300,712			845,765			5,355,770			7,118,158
Fees waived and expenses reimbursed by investment adviser (Note 3)		(251,880	)		(159,685	)		(174,191	)		(168,481	)		(404,290	)		(223,812	)		(501,211	)
Fees paid indirectly (Note 7)		–			(150	)		–			–			–			–			(5,462	)
Net expenses		576,306			898,491			327,841			12,132,231			441,475			5,131,958			6,611,485
Net investment income (loss)		10,809,057			129,475			8,772,571			37,584,465			752,517			26,110,996			2,621,153
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated)**		–			825,860			–			50,886,281			(362	)		(8,984,477	)		44,569,278
Investments (affiliated)		104,252			–			(218,408	)		–			–			–			–
Futures contracts		–			–			–			–			–			–			–
Forward contracts		–			–			–			–			–			(359,360	)		–
Swap contracts		–			–			–			–			–			(425,072	)		–
Net realized foreign exchange gain (loss) on other assets and liabilities		–			–			–			–			–			(26,353	)		(315,508	)
Net realized gain on capital gain distributions received from underlying funds (affliliated)		20,959,859			–			6,022,497			–			–			–			–
Net realized gain (loss) on investments and foreign currencies		21,064,111			825,860			5,804,089			50,886,281			(362	)		(9,795,262	)		44,253,770
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated)		–			27,664,564			–			17,926,616			–			8,947,192			38,470,559
Investments (affiliated)		24,144,105			–			10,453,344			–			–			–			–
Futures contracts		–			–			–			–			–			–			–
Forward contracts		–			–			–			–			–			(211,933	)		–
Swap contracts		–			–			–			–			–			59,214			–
Change in net unrealized foreign exchange gain (loss) on other assets and liabilities		–			–			–			–			–			3,447			63,009
Change in accrued capital gains tax on unrealized appreciation (depreciation)		–			–			–			–			–			–			(44,543	)
Net unrealized gain (loss) on investments and foreign currencies		24,144,105			27,664,564			10,453,344			17,926,616			–			8,797,920			38,489,025
Net realized and unrealized gain (loss) on investments and foreign currencies		45,208,216			28,490,424			16,257,433			68,812,897			(362	)		(997,342	)		82,742,795
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	56,017,273		$	28,619,899		$	25,030,004		$	106,397,362		$	752,155		$	25,113,654		$	85,363,948
*  Net of foreign withholding taxes on interest and dividends of	$	–		$	–		$	–		$	(2,798	)	$	–		$	–		$	801,705
** Net of foreign withholding taxes on capital gains of	$	–		$	–		$	–		$	–		$	–		$	–		$	353

See Notes to Financial Statements

134

VALIC Company II

STATEMENTS OF OPERATIONS — For the Year Ended August 31, 2020 — (continued)

	LARGE CAP VALUE FUND			MID CAP GROWTH FUND			MID CAP VALUE FUND			MODERATE GROWTH LIFESTYLE FUND			SMALL CAP GROWTH FUND			SMALL CAP VALUE FUND			STRATEGIC BOND FUND			U.S. SOCIALLY RESPONSIBLE FUND
INVESTMENT INCOME:
Dividends (unaffiliated)	$	6,194,209		$	1,985,702		$	13,408,359		$	–		$	819,928		$	5,818,808		$	8,313		$	12,703,879
Dividends (affiliated)		–			–			–			22,543,163			–			–			–			–
Securities lending income		7,715			47,312			49,467			–			172,526			68,787			46,140			9,332
Interest (unaffiliated)		21,388			4,680			12,645			–			1,917			17,246			35,008,979			54,860
Total investment income*		6,223,312			2,037,694			13,470,471			22,543,163			994,371			5,904,841			35,063,432			12,768,071
EXPENSES:
Investment advisory and management fees		1,312,314			1,712,192			5,066,864			962,340			1,544,723			2,008,154			4,224,937			1,774,630
Administrative service fee		175,166			156,159			480,496			–			124,697			201,061			559,858			473,747
Shareholder services fee		656,157			584,965			1,799,899			–			467,101			753,136			2,097,187			1,774,630
Transfer agent fees and expenses		2,794			2,444			3,143			1,397			2,794			2,444			3,841			1,688
Custodian and accounting fees		5,302			20,523			30,368			7,875			6,839			128,557			111,392			28,431
Reports to shareholders		44,344			39,595			113,472			145,787			40,848			50,665			125,634			110,020
Audit and tax fees		39,549			39,511			39,923			35,640			39,452			42,035			53,757			41,485
Legal fees		17,164			16,285			31,142			38,859			21,682			18,303			36,743			32,427
Trustees’ fees and expenses		22,087			19,522			60,323			83,386			14,968			23,748			72,790			60,475
Interest expense		361			400			–			–			368			–			–			1,106
Other expenses		55,541			38,211			92,309			50,085			46,670			61,219			37,625			61,099
Total expenses before fee waivers, expense reimbursements, fees paid indirectly		2,330,779			2,629,807			7,717,939			1,325,369			2,310,142			3,289,322			7,323,764			4,359,738
Fees waived and expenses reimbursed by investment adviser (Note 3)		(66,972	)		(276,283	)		(158,365	)		(363,029	)		(179,439	)		(294,795	)		–			(113,168	)
Fees paid indirectly (Note 7)		(24,425	)		(2,053	)		(11,417	)		–			(14,808	)		(32,520	)		–			–
Net expenses		2,239,382			2,351,471			7,548,157			962,340			2,115,895			2,962,007			7,323,764			4,246,570
Net investment income (loss)		3,983,930			(313,777	)		5,922,314			21,580,823			(1,121,524	)		2,942,834			27,739,668			8,521,501
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated)**		821,948			29,497,943			(950,163	)		–			27,635,795			(14,070,686	)		8,372,679			16,369,947
Investments (affiliated)		–			–			–			979,971			–			–			–			–
Futures contracts		–			–			–			–			–			133,641			–			4,321,017
Forward contracts		–			–			–			–			–			–			414,359			–
Swap contracts		–			–			–			–			–			–			–			–
Net realized foreign exchange gain (loss) on other assets and liabilities		–			–			(3,494	)		–			–			–			20,661			–
Net realized gain on capital gain distributions received from underlying funds (affliliated)		–			–			–			29,387,217			–			–			–			–
Net realized gain (loss) on investments and foreign currencies		821,948			29,497,943			(953,657	)		30,367,188			27,635,795			(13,937,045	)		8,807,699			20,690,964
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated)		(7,981,145	)		(8,130,592	)		(27,616,947	)		–			34,691,004			(7,582,544	)		16,604,420			82,227,973
Investments (affiliated)		–			–			–			32,611,982			–			–			–			–
Futures contracts		–			–			–			–			–			186,140			–			366,907
Forward contracts		–			–			–			–			–			–			(4,324,443	)		–
Swap contracts		–			–			–			–			–			–			–			–
Change in net unrealized foreign exchange gain (loss) on other assets and liabilities		–			4			303			–			–			–			43,663			–
Change in accrued capital gains tax on unrealized appreciation (depreciation)		–			–			–			–			–			–			–			–
Net unrealized gain (loss) on investments and foreign currencies		(7,981,145	)		(8,130,588	)		(27,616,644	)		32,611,982			34,691,004			(7,396,404	)		12,323,640			82,594,880
Net realized and unrealized gain (loss) on investments and foreign currencies		(7,159,197	)		21,367,355			(28,570,301	)		62,979,170			62,326,799			(21,333,449	)		21,131,339			103,285,844
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(3,175,267	)	$	21,053,578		$	(22,647,987	)	$	84,559,993		$	61,205,275		$	(18,390,615	)	$	48,871,007		$	111,807,345
*  Net of foreign withholding taxes on interest and dividends of	$	10,462		$	721		$	45,644		$	–		$	–		$	10,239		$	(5,745	)	$	–
** Net of foreign withholding taxes on capital gains of	$	–		$	–		$	–		$	–		$	–		$	–		$	–		$	–

See Notes to Financial Statements

135

VALIC Company II

STATEMENTS OF CHANGES IN NET ASSETS

	AGGRESSIVE GROWTH LIFESTYLE FUND						CAPITAL APPRECIATION FUND						CONSERVATIVE GROWTH LIFESTYLE FUND						CORE BOND FUND
	For the Year Ended August 31, 2020			For the Year Ended August 31, 2019			For the Year Ended August 31, 2020			For the Year Ended August 31, 2019			For the Year Ended August 31, 2020			For the Year Ended August 31, 2019			For the Year Ended August 31, 2020			For the Year Ended August 31, 2019
INCREASE (DECREASE) IN NET ASSETS OPERATIONS:
Net investment income (loss)	$	10,809,057		$	9,005,521		$	129,475		$	391,658		$	8,772,571		$	6,664,782		$	37,584,465		$	45,640,119
Net realized gain (loss) on investments and foreign currencies		21,064,111			32,839,874			825,860			2,487,981			5,804,089			2,901,278			50,886,281			12,493,622
Net unrealized gain (loss) on investments and foreign currencies		24,144,105			(45,659,943	)		27,664,564			(3,423,426	)		10,453,344			1,160,266			17,926,616			92,159,031
Net increase (decrease) in net assets resulting from operations		56,017,273			(3,814,548	)		28,619,899			(543,787	)		25,030,004			10,726,326			106,397,362			150,292,772
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings		(45,983,658	)		(61,562,142	)		(3,756,144	)		(26,547,942	)		(12,913,300	)		(22,740,565	)		(52,196,618	)		(36,081,103	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		23,530,314			35,716,300			(5,489,650	)		20,475,333			3,317,197			(2,342,303	)		140,760,517			192,420,128
TOTAL INCREASE (DECREASE) IN NET ASSETS		33,563,929			(29,660,390	)		19,374,105			(6,616,396	)		15,433,901			(14,356,542	)		194,961,261			306,631,797
NET ASSETS:
Beginning of period		579,048,611			608,709,001			103,080,311			109,696,707			324,436,357			338,792,899			1,589,217,552			1,282,585,755
End of period	$	612,612,540		$	579,048,611		$	122,454,416		$	103,080,311		$	339,870,258		$	324,436,357		$	1,784,178,813		$	1,589,217,552

See Notes to Financial Statements

136

VALIC Company II

STATEMENTS OF CHANGES IN NET ASSETS — (continued)

	GOVERNMENT MONEY MARKET II FUND						HIGH YIELD BOND FUND						INTERNATIONAL OPPORTUNITIES FUND						LARGE CAP VALUE FUND
	For the Year Ended August 31, 2020			For the Year Ended August 31, 2019			For the Year Ended August 31, 2020			For the Year Ended August 31, 2019			For the Year Ended August 31, 2020			For the Year Ended August 31, 2019			For the Year Ended August 31, 2020			For the Year Ended August 31, 2019
INCREASE (DECREASE) IN NET ASSETS OPERATIONS:
Net investment income (loss)	$	752,517		$	2,078,495		$	26,110,996		$	31,897,325		$	2,621,153		$	4,960,161		$	3,983,930		$	4,564,916
Net realized gain (loss) on investments and foreign currencies		(362	)		837			(9,795,262	)		(3,687,817	)		44,253,770			5,101,277			821,948			6,299,785
Net unrealized gain (loss) on investments and foreign currencies		–			–			8,797,920			11,460,683			38,489,025			(75,002,115	)		(7,981,145	)		(17,482,270	)
Net increase (decrease) in net assets resulting from operations		752,155			2,079,332			25,113,654			39,670,191			85,363,948			(64,940,677	)		(3,175,267	)		(6,617,569	)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings		(752,517	)		(2,078,495	)		(35,881,009	)		(29,483,669	)		(13,556,100	)		(28,408,612	)		(17,648,656	)		(26,283,225	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		16,578,907			(17,621,285	)		(107,881,248	)		70,624,814			(37,580,434	)		(54,481,040	)		10,419,819			20,300,914
TOTAL INCREASE (DECREASE) IN NET ASSETS		16,578,545			(17,620,448	)		(118,648,603	)		80,811,336			34,227,414			(147,830,329	)		(10,404,104	)		(12,599,880	)
NET ASSETS:
Beginning of period		119,366,422			136,986,870			657,364,412			576,553,076			576,197,055			724,027,384			271,486,587			284,086,467
End of period	$	135,944,967		$	119,366,422		$	538,715,809		$	657,364,412		$	610,424,469		$	576,197,055		$	261,082,483		$	271,486,587

See Notes to Financial Statements

137

VALIC Company II

STATEMENTS OF CHANGES IN NET ASSETS — (continued)

	MID CAP GROWTH FUND						MID CAP VALUE FUND						MODERATE GROWTH LIFESTYLE FUND						SMALL CAP GROWTH FUND
	For the Year Ended August 31, 2020			For the Year Ended August 31, 2019			For the Year Ended August 31, 2020			For the Year Ended August 31, 2019			For the Year Ended August 31, 2020			For the Year Ended August 31, 2019			For the Year Ended August 31, 2020			For the Year Ended August 31, 2019
INCREASE (DECREASE) IN NET ASSETS OPERATIONS:
Net investment income (loss)	$	(313,777	)	$	(177,166	)	$	5,922,314		$	5,556,166		$	21,580,823		$	15,665,123		$	(1,121,524)		$	(1,032,672	)
Net realized gain (loss) on investments and foreign currencies		29,497,943			8,236,771			(953,657	)		35,118,528			30,367,188			41,222,152			27,635,795			23,908,552
Net unrealized gain (loss) on investments and foreign currencies		(8,130,588	)		(1,837,506	)		(27,616,644	)		(81,851,249	)		32,611,982			(42,101,179	)		34,691,004			(35,001,546	)
Net increase (decrease) in net assets resulting from operations		21,053,578			6,222,099			(22,647,987	)		(41,176,555	)		84,559,993			14,786,096			61,205,275			(12,125,666	)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings		(9,576,138	)		(8,190,342	)		(49,023,543	)		(142,088,963	)		(64,466,953	)		(84,768,759	)		(23,166,804	)		(45,173,634	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		(12,725,938	)		24,036,574			52,310,920			10,441,435			50,946,826			48,686,494			(19,883,009	)		34,256,786
TOTAL INCREASE (DECREASE) IN NET ASSETS		(1,248,498	)		22,068,331			(19,360,610	)		(172,824,083	)		71,039,866			(21,296,169	)		18,155,462			(23,042,514	)
NET ASSETS:
Beginning of period		242,512,146			220,443,815			743,460,194			916,284,277			943,311,306			964,607,475			192,341,223			215,383,737
End of period	$	241,263,648		$	242,512,146		$	724,099,584		$	743,460,194		$	1,014,351,172		$	943,311,306		$	210,496,685		$	192,341,223

See Notes to Financial Statements

138

VALIC Company II

STATEMENTS OF CHANGES IN NET ASSETS — (continued)

	SMALL CAP VALUE FUND						STRATEGIC BOND FUND						U.S. SOCIALLY RESPONSIBLE FUND
	For the Year Ended August 31, 2020			For the Year Ended August 31, 2019			For the Year Ended August 31, 2020			For the Year Ended August 31, 2019			For the Year Ended August 31, 2020			For the Year Ended August 31, 2019
INCREASE (DECREASE) IN NET ASSETS OPERATIONS:
Net investment income (loss)	$	2,942,834		$	4,248,674		$	27,739,668		$	33,534,474		$	8,521,501		$	8,690,921
Net realized gain (loss) on investments and foreign currencies		(13,937,045	)		7,467,945			8,807,699			(3,565,009	)		20,690,964			125,854,486
Net unrealized gain (loss) on investments and foreign currencies		(7,396,404	)		(94,914,658	)		12,323,640			37,544,146			82,594,880			(105,358,614	)
Net increase (decrease) in net assets resulting from operations		(18,390,615	)		(83,198,039	)		48,871,007			67,513,611			111,807,345			29,186,793
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings		(13,323,759	)		(58,976,644	)		(39,987,192	)		(29,934,832	)		(134,438,913	)		(62,490,729	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 6)		17,792,516			(76,331,392	)		79,962,869			(52,421,528	)		48,286,997			(36,029,931	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(13,921,858	)		(218,506,075	)		88,846,684			(14,842,749	)		25,655,429			(69,333,867	)
NET ASSETS:
Beginning of period		316,041,870			534,547,945			838,558,825			853,401,574			719,784,273			789,118,140
End of period	$	302,120,012		$	316,041,870		$	927,405,509		$	838,558,825		$	745,439,702		$	719,784,273

See Notes to Financial Statements

139

VALIC Company II

NOTES TO FINANCIAL STATEMENTS

Note 1 — Organization

VALIC Company II (the “Series” or “VC II”) was organized as a Delaware statutory trust on May 6, 1998, by The Variable Annuity Life Insurance Company (“VALIC” or the “Adviser”). VALIC, the investment adviser to VC II, is an indirect wholly-owned subsidiary of American International Group, Inc. (“AIG”). VC II 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 15 separate mutual funds (collectively, the “Funds,” or each, a “Fund”), each of which issues its own class of shares of beneficial interest:

Aggressive Growth Lifestyle Fund*	Mid Cap Growth Fund
Capital Appreciation Fund	Mid Cap Value Fund
Conservative Growth Lifestyle Fund*	Moderate Growth Lifestyle Fund*
Core Bond Fund	Small Cap Growth Fund
Government Money Market II Fund	Small Cap Value Fund
High Yield Bond Fund	Strategic Bond Fund
International Opportunities Fund	U.S. Socially Responsible Fund
Large Cap Value Fund

* The Lifestyle Funds represent “Fund of Funds” which invest in either VALIC Company I (“VC I”) or VC II mutual funds.

Each Fund is diversified as defined by the 1940 Act.

Indemnifications. Under VC II’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, VC II enters into contracts that contain the obligation to indemnify others. The Funds’ maximum exposure under these arrangements is unknown. Currently, however, VC II expects 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:

A. 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 Trustees (the “Board”) , etc.)

Level 3 — Significant unobservable inputs (includes inputs that reflect the Funds’ own assumptions about the assumptions market participants would use in pricing the security, developed based on the best information available under the circumstances)

Changes in valuation techniques may result in transfers in or out of an investment’s assigned Level within the hierarchy. The methodology used for valuing investments is not necessarily an indication of the risk associated with investing in those investments and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to each security.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is recently issued and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The summary of the Funds’ assets and liabilities classified in the fair value hierarchy as of August 31, 2020, is reported on a schedule at the end of each Fund’s Portfolio of Investments.

Stocks are generally valued based upon closing sales prices reported on recognized securities exchanges on which the securities are principally traded and are generally categorized as Level 1. Stocks listed on the NASDAQ are valued using the NASDAQ Official Closing Price (“NOCP”). Generally, the NOCP will be the last sale price unless the

140

VALIC Company II

NOTES TO FINANCIAL STATEMENTS — (continued)

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, and 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.

Futures contracts traded on national securities exchanges are valued at the quoted daily settlement price established by the exchange on which they trade reported by a Board-approved pricing service, and are generally categorized as Level 1. Swap contracts traded on national securities exchanges are valued at the closing price of the exchange on which they are traded or if a closing price of the exchange is not available, the swap will be valued using a mid valuation provided by a Board-approved pricing service, and are generally categorized as Level 2. Swap contracts traded in the over-the-counter (“OTC”) market are valued at a 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.

For the Government Money Market II 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 II Fund’s net asset value per share at $1.00. These procedures include the determination, at such intervals as the Board deems appropriate and reasonable in light of current market conditions, of the extent, if any, to which the Government Money Market II Fund 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.

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.

B. Derivative Instruments

Forward Foreign Currency Contracts: During the period, the High Yield Bond Fund and Strategic Bond Fund used forward contracts to attempt to protect the value of securities and related receivables and payables against changes in future foreign exchange rates.

A forward contract is an agreement between two parties to buy or sell currency at a set price on a future date. The market value of the contract will fluctuate with changes in currency exchange rates. The contract is marked-to-market daily using the forward rate and the cumulative change in market value is recorded by a Fund as unrealized appreciation or depreciation. On the settlement date, a Fund records either realized gains or losses equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Risks to the Funds of entering into forward contracts include counterparty risk, market risk and illiquidity risk. Counterparty risk arises upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts. If the counterparty defaults, a Fund’s loss will generally consist of the net amount of contractual

141

VALIC Company II

NOTES TO FINANCIAL STATEMENTS — (continued)

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 Statements of Assets and Liabilities. Illiquidity risk arises because the secondary market for forwards may have less liquidity relative to markets for other securities. Currency transactions are also subject to risks different from those of other portfolio transactions. Because currency control is of great importance to the issuing governments and influences economic planning and policy, purchases and sales of currency and related instruments can be adversely affected by government exchange controls, limitations or restrictions on repatriation of currency, and manipulations or exchange restrictions imposed by governments.

Forward foreign currency contracts outstanding at the end of the period, if any, are reported on a schedule at the end of each Fund’s Portfolio of Investments.

Futures: During the period, the Small Cap Value Fund and U.S. Socially Responsible Fund used equity futures contracts to equitize cash, providing exposure to equity markets.

A futures contract is an agreement between two parties to buy and sell a financial instrument at a set price on a future date. Upon entering into a futures transaction, a Fund will be required to segregate an initial margin payment of cash or other liquid securities with the futures commission merchant (the “broker”). Subsequent payments are made or received by the 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 Statements 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, the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

The primary risk to the Funds of entering into futures contracts is market risk. Market risk is the risk that there will be an unfavorable change in the interest rate, value or currency rate of the underlying security or securities. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed on the Statements of Assets and Liabilities. There may also be trading restrictions or limitations imposed by an exchange, and government regulations may restrict trading in futures contracts. While the Funds will generally only purchase exchange-traded futures, due to market conditions, there may not always be a liquid secondary market for a futures contract and, as a result, a Fund may be unable to close out its futures contracts at a time which is advantageous. In addition, if a Fund has insufficient cash to meet margin requirements, the Fund may need to sell other investments, including at disadvantageous times. There is generally minimal counterparty risk to the Funds 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.

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: During the period, the High Yield Bond Fund used credit default swaps to manage credit risk and to express active credit views to enhance return.

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 corporate issues or sovereign issues of an emerging market country are contracts in which the buyer of protection makes periodic fixed 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 default or other credit event. If a credit event occurs and cash settlement is not elected, a variety of other deliverable obligations may be delivered in lieu of the specific referenced obligation. The ability to deliver other obligations

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may result in a cheapest-to deliver option (the buyer of protection’s right to choose the deliverable obligation with the lowest value following a credit event). A Fund may use credit default swaps on corporate issues or sovereign issues of an emerging market country to provide a measure of protection against defaults of the issuers (i.e., to reduce credit risk where the Fund owns or has exposure to the referenced obligation) or to take a speculative credit position with an active long or short position with respect to the likelihood of a particular issuer’s default.

Credit default swaps on asset-backed securities are 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 default or other credit event. Unlike credit default swaps on corporate issues or sovereign issues of an emerging market country, deliverable obligations in most instances would be limited to the specific referenced obligation as performance for asset-backed securities can vary across deals. Prepayments, principal paydowns, and other writedown or loss events on the underlying mortgage loans will reduce the outstanding principal balance of the referenced obligation. These reductions may be temporary or permanent as defined under the terms of the swap agreement and the notional amount for the swap agreement will be adjusted by corresponding amounts. A Fund may use credit default swaps on asset-backed securities to provide a measure of protection against defaults of the referenced obligation or to take a speculative credit position with an active long or short position with respect to the likelihood of a particular referenced obligation’s default.

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 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.

Risks of Entering into Swap Agreements: Risks to a Fund of entering into credit default swaps, equity 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 a 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 a 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 a 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. See additional information on specific types of derivative instruments and other financial instruments as disclosed in the Notes to Financial Statements. The Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities.

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NOTES TO FINANCIAL STATEMENTS — (continued)

The following tables represent the value of derivatives held as of August 31, 2020, by their primary underlying risk exposure and the respective location on the Statement of Assets and Liabilities and the effect of derivatives on the Statement of Operations for the year ended August 31, 2020. The derivative contracts held during the period are not accounted for as hedging instruments under GAAP. For a detailed presentation of derivatives held as of August 31, 2020, please refer to the schedule at the end of each Fund’s Portfolio of Investments.

	Asset Derivatives						Liability Derivatives
Fund	Futures Contracts(1)(6)		Swap Contracts(2)		Foreign Forward Exchange Contracts(3)		Futures Contracts(1)(6)		Swap Contracts(4)		Foreign Forward Exchange Contracts(5)
	Equity Contracts						Equity Contracts
Small Cap Value	$	—	$	—	$	—	$	46,080	$	—	$	—
U.S. Socially Responsible		—		—		—		10,175		—		—
	Credit Contracts						Credit Contracts
High Yield Bond		—		—		—		—		—		—
	Foreign Exchange Contracts						Foreign Exchange Contracts
High Yield Bond		—		—		—		—		—		101,674
Strategic Bond		—		—		20,609		—		—		2,664,766

Statement of Assets and Liabilities Location:

(1) Variation margin on futures contracts

(2) Unrealized appreciation on swap contracts

(3) Unrealized appreciation on forward foreign currency contracts

(4) Unrealized depreciation on swap contracts

(5) Unrealized depreciation on forward foreign currency contracts

(6) The variation margin on futures contracts is included in the cumulative unrealized appreciation (depreciation) as reported on each Fund’s Portfolio of Investments in the following amounts:

Fund	Cumulative Appreciation (Depreciation)
Small Cap Value	$	46,925
U.S. Socially Responsible		704,131

	Realized Gain (Loss) on Derivatives Recognized in Statement of Operations
Fund	Futures Contracts(1)		Swap Contracts(2)			Foreign Forward Exchange Contracts(3)
	Equity Contracts
Small Cap Value	$	133,641	$	—		$	—
U.S. Socially Responsible		4,321,017		—			—
	Credit Contracts
High Yield Bond		—		(425,072	)		—
	Foreign Exchange Contracts
High Yield Bond		—		—			(359,360	)
Strategic Bond		—		—			414,359

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NOTES TO FINANCIAL STATEMENTS — (continued)

	Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations
Fund	Futures Contracts(4)		Swap Contracts(5)		Foreign Forward Exchange Contracts(6)
	Equity Contracts
Small Cap Value	$	186,140	$	—	$	—
U.S. Socially Responsible		366,907		—		—
	Credit Contracts
High Yield Bond		—		59,214		—
	Foreign Exchange Contracts
High Yield Bond		—		—		(211,933	)
Strategic Bond		—		—		(4,324,443	)

Statement of Operations Location:

(1) Net realized gain (loss) on futures contracts

(2) Net realized gain (loss) on swap contracts

(3) Net realized gain (loss) on forward contracts

(4) Change in unrealized appreciation (depreciation) on futures contracts

(5) Change in unrealized appreciation (depreciation) on swap contracts

(6) Change in unrealized appreciation (depreciation) on forward contracts

The following table represents the average monthly balances of derivatives held during the year ended August 31, 2020.

	Average Amount Outstanding During the Year
Fund	Futures Contracts(1)		Swap Contracts(1)		Foreign Exchange Contracts(1)
High Yield Bond	$	—	$	3,228,292	$	13,151,709
Small Cap Value		7,921,449		—		—
Strategic Bond		—		—		58,852,739
U.S. Socially Responsible		18,252,707		—		—

(1) Amounts represent notional amounts in U.S. dollars.

The following tables set forth the Funds’ derivative assets and liabilities by counterparty, net of amounts available for offset under Master Agreements and net of the related collateral pledged/(received) as of August 31, 2020. The repurchase agreements held by the Funds and securities on loan as of August 31, 2020, are also subject to Master Agreements but are not included in the following tables. See the Portfolio of Investments of each Fund and the Notes to the Financial Statements for more information about the Funds’ holdings in repurchase agreements and securities on loan.

	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)
JPMorgan Chase Bank N.A.	$	—	$	—	$	—	$	—	$	101,674	$	—	$	—	$	101,674	$	(101,674	)	$	—	$	(101,674	)
	Strategic 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)
JPMorgan Chase Bank N.A.	$	20,609	$	—	$	—	$	20,609	$	2,664,766	$	—	$	—	$	2,664,766	$	(2,644,157	)	$	—	$	(2,644,157	)

(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.

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NOTES TO FINANCIAL STATEMENTS — (continued)

C. 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.

D. Mortgage-Backed Dollar Rolls

Certain Funds may enter into dollar rolls using “to be announced” (“TBA”) mortgage-backed securities (“TBA 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-Backed 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.

E. 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.

F. Loans

Certain Funds invests in senior loans which generally consist of direct debt obligations of companies (collectively, “Borrowers”), primarily U.S. companies and their affiliates, undertaken to finance the growth of the Borrower’s business internally and externally, or to finance a capital restructuring. Transactions in senior loans may settle on a delayed basis. Unsettled loans 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.

G. 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 Statements 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 Statements of Operations as an increase or decrease to interest income, even though principal is not paid until maturity.

H. 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 Series’ 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.

I. Investment Securities Loaned

To realize additional income, the Funds, except for Aggressive Growth Lifestyle Fund, Conservative Growth Lifestyle Fund, Moderate Growth Lifestyle Fund, and the Government Money Market II 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

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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 Statements 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.

J. 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 Lifestyle Funds, 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 Trusts (“REIT”) investments are recharacterized based on information provided by the REIT into the following categories: ordinary income, long-term and short-term capital gains, and return of capital. If information is not available on a timely basis from the REIT, the recharacterization will be based on available information which may include the previous year’s allocation. If new or additional information becomes available from the REIT at a later date, a recharacterization will be made in the following year. The amount recharacterized as ordinary income is recorded as dividend income and the amount recharacterized as capital gain is recorded as realized gain in the Statement of Operations. The amount recharacterized as return of capital is recorded as a reduction to the cost of investments in the Statement of Assets and Liabilities. These recharacterizations are reflected in the accompanying financial statements.

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 Lifestyle Funds, the expenses included in the accompanying financial statements reflect the expenses of the Lifestyle Funds 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 II Fund, which declares daily and pays monthly. Distributions from net realized capital gains, if any, are normally declared and paid annually. The Funds record dividends and distributions to their shareholders on the ex-dividend date.

The amount of dividends and distributions from net investment income and net realized 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.

The Funds recognize the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained, assuming examination by tax authorities. Management has analyzed each Fund’s tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years 2017 — 2019 or expected to be taken in each Fund’s 2020 tax return. The Funds are not aware of any tax provisions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. The Funds file U.S. federal and certain state income tax returns. With few exceptions, the Funds are no longer subject to U.S. federal and state tax examinations by tax authorities for tax returns ending before 2017.

K. 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.

L. LIBOR Risk

A fund’s investments, payment obligations and financing terms may be based on floating rates, such as London Interbank Offer Rate (“LIBOR”), Euro Interbank Offered Rate and other similar types of reference rates (each, a “Reference Rate”). On July 27, 2017, the Chief Executive of the UK Financial Conduct Authority (“FCA”), which regulates LIBOR,

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announced that the FCA will no longer persuade nor require banks to submit rates for the calculation of LIBOR and certain other Reference Rates after 2021. Such announcement indicates that the continuation of LIBOR and other Reference Rates on the current basis cannot and will not be guaranteed after 2021. This announcement and any additional regulatory or market changes may have an adverse impact on a fund or its investments.

In advance of 2021, regulators and market participants will work together to identify or develop successor Reference Rates. Additionally, prior to 2021, it is expected that market participants will focus on the transition mechanisms by which the Reference Rates in existing contracts or instruments may be amended, whether through market wide protocols, fallback contractual provisions, bespoke negotiations or amendments or otherwise. Nonetheless, the termination of certain Reference Rates presents risks to a fund. At this time, it is not possible to completely identify or predict the effect of any such changes, any establishment of alternative Reference Rates or any other reforms to Reference Rates that may be enacted in the UK or elsewhere. The elimination of a Reference Rate or any other changes or reforms to the determination or supervision of Reference Rates could have an adverse impact on the market for or value of any securities or payments linked to those Reference Rates and other financial obligations held by a fund or on its overall financial condition or results of operations. In addition, any substitute Reference Rate and any pricing adjustments imposed by a regulator or by counterparties or otherwise may adversely affect a fund’s performance and/or NAV.

M. New Accounting Pronouncements

In August 2018, the FASB issued Accounting Standards Update (“ASU”) No. 2018-13 “Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement”. The ASU eliminates, modifies, and adds disclosure requirements for fair value measurements and is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The ASU allows for early adoption of either the entire standard or only the provisions that eliminate or modify the requirements. Management has elected to early adopt the provisions that eliminate disclosure requirements and is still evaluating the impact of applying the rest of the ASU.

Effective September 1, 2019, the Funds are subject to ASU 2017-08, “Premium Amortization on Purchased Callable Debt Securities”, which requires the premiums on certain purchased debt securities with non-contingent call features to be amortized to the earliest call date. The amortization period for callable debt securities purchased at a discount is not impacted. Adoption of the ASU had no material impact on the Funds.

Note 3 — Advisory Fees and Other Transactions with Affiliates

VALIC serves as investment adviser to VC II. Certain officers and trustees of VC II are officers and directors of VALIC or affiliates of VALIC. VALIC receives from VC II a monthly fee based on each Fund’s average daily net asset value at the following annual rates:

Aggressive Growth Lifestyle Fund	0.10%
Capital Appreciation Fund	0.55% on first $1 billion
	0.525% on assets over $1 billion
Conservative Growth Lifestyle Fund	0.10%
Core Bond Fund	0.50% on the first $200 million
	0.45% on the next $300 million
	0.40% on assets over $500 million
Government Money Market II Fund	0.25%
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
Large Cap Value Fund	0.50% on the first $500 million
	0.475% on assets over $500 million
Mid Cap Growth Fund	0.80% on the first $50 million
	0.75% on the next $50 million
	0.70% on the next $150 million
	0.65% on the next $250 million
	0.60% on assets over $500 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
Moderate Growth Lifestyle Fund	0.10%
Small Cap Growth Fund(1)	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
Strategic Bond Fund	0.60% on the first $200 million
	0.50% on the next $300 million
	0.45% on assets over $500 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 January 1, 2020, 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.

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For the year ended August 31, 2020, the amount of investment advisory fees waived was $36,645 for the Small Cap Growth Fund.

VALIC has entered into subadvisory agreements with the following:

BMO Asset Management Corp. (“BMO AM”)—subadviser for the Capital Appreciation Fund.

Boston Partners Global Investors, Inc. d/b/a Boston Partners (“Boston Partners”)—subadviser for a portion of the Mid Cap Value Fund.

Delaware Investments Fund Advisers (“DIFA”)—subadviser for a portion of the International Opportunities Fund.

J.P. Morgan Investment Management Inc. (“JPMIM”)—subadviser for the Small Cap Growth Fund and the Small Cap Value Fund.

Janus Capital Management LLC (“Janus”)—subadviser for a portion of the Large Cap Value Fund.

Massachusetts Financial Services Company (“MFS”)—subadviser for a portion of the International Opportunities Fund.

Mellon Investments Corporation (“Mellon”)—subadviser for a portion of the Large Cap Value Fund.

PineBridge Investments, LLC (“PineBridge”)—subadviser for the Strategic Bond Fund, Core Bond Fund, Aggressive, Moderate and Conservative Growth Lifestyle Funds.

SunAmerica Asset Management, LLC (“SunAmerica”)—subadviser for the Government Money Market II Fund and the U.S. Socially Responsible Fund.

Wellington Management Company LLP (“Wellington Management”)—subadviser for the High Yield Bond Fund, Mid Cap Growth Fund and a portion of the Mid Cap Value Fund.

The subadvisers are compensated for their services by VALIC.

VALIC has contractually agreed to waive fees and/or reimburse expenses, if necessary, to keep annual operating expenses at or below the following percentages of each Fund’s average daily net assets through December 31, 2020. For the purposes of waived fee and/or 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 Fund’s business. The contractual expense waivers and fee reimbursements will continue until December 31, 2020, subject to termination by the Board, including a majority of the Trustees who are not interested persons of the Fund or VALIC as defined by Section 2(a)(19) of the 1940 Act (the “Disinterested Trustees”).

Fund	Expense Limitation
Aggressive Growth Lifestyle		0.10	%
Capital Appreciation		0.85	%
Conservative Growth Lifestyle		0.10	%
Core Bond		0.77	%
Government Money Market II		0.55	%
High Yield Bond		0.93	%
International Opportunities		1.20	%
Mid Cap Growth		1.09	%
Mid Cap Value		1.05	%
Moderate Growth Lifestyle		0.10	%
Small Cap Growth		1.13	%
Small Cap Value		1.02	%
Strategic Bond		0.89	%

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NOTES TO FINANCIAL STATEMENTS — (continued)

For the year ended August 31, 2020, pursuant to the contractual expense limitations in the above table, VALIC waived fees and/or reimbursed expenses as follows:

Fund	Amount
Aggressive Growth Lifestyle	$	251,880
Capital Appreciation		159,685
Conservative Growth Lifestyle		174,191
Core Bond		168,481
Government Money Market II		143,100
High Yield Bond(1)		223,812
International Opportunities(2)		501,211
Large Cap Value(3)		66,972
Mid Cap Growth(4)		276,283
Mid Cap Value		158,365
Moderate Growth Lifestyle		363,029
Small Cap Growth(5)		142,794
Small Cap Value(6)		294,795
U.S. Socially Responsible(7)		113,168

(1) The Expense Limitation Agreement with respect to this Fund was amended effective January 1, 2020. Prior to January 1, 2020, the Fund’s Maximum Expense Limitation was 0.96% of the Fund’s average daily net assets.

(2) The Expense Limitation Agreement with respect to this Fund was amended effective January 1, 2020. Prior to January 1, 2020, the Fund’s Maximum Expense Limitation was 1.00% of the Fund’s average daily net assets.

(3) The Expense Limitation Agreement with respect to this Fund was terminated effective January 1, 2020. Prior to January 1, 2020, the Fund’s Maximum Expense Limitation was 0.81% of the Fund’s average daily net assets.

(4) The Expense Limitation Agreement with respect to this Fund was amended effective January 1, 2020. Prior to January 1, 2020, the Fund’s Maximum Expense Limitation was 0.85% of the Fund’s average daily net assets.

(5) The Expense Limitation Agreement with respect to this Fund was amended effective January 1, 2020. Prior to January 1, 2020, the Fund’s Maximum Expense Limitation was 1.16% of the Fund’s average daily net assets.

(6) The Expense Limitation Agreement with respect to this Fund was amended effective January 1, 2020. Prior to January 1, 2020, the Fund’s Maximum Expense Limitation was 0.95% of the Fund’s average daily net assets.

(7) The Expense Limitation Agreement with respect to this Fund was terminated effective January 1, 2020. Prior to January 1, 2020, the Fund’s Maximum Expense Limitation was 0.56% of the Fund’s average daily net assets.

VALIC may also voluntarily waive fees and/or reimburse expenses to avoid a negative yield on the Government Money Market II 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 II Fund will be able to avoid a negative yield. For the year ended August 31, 2020, VALIC voluntarily waived $261,190 of expenses for the Government Money Market II Fund.

VC II, on behalf of each Fund, other than the Lifestyle Funds, has entered into an Administrative Services Agreement with SunAmerica (“Administrator”), an affiliate of VALIC. SunAmerica receives from each Fund in the Series, other than 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, SunAmerica 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. For the year ended August 31, 2020, the Administrator earned fees as reflected in the Statements of Operations based upon the aforementioned rate.

VC II, on behalf of each Fund, entered into a Master Transfer Agency and Services Agreement with VALIC Retirement Services Company (“VRSCO”), an affiliate of VALIC. VRSCO receives from the Series and VC I an annual fee of $132,510, which is allocated to each Fund in the Series and VC I 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 August 31, 2020, VRSCO earned fees as reflected in the Statement of Operations based upon the aforementioned rate.

† 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.”

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NOTES TO FINANCIAL STATEMENTS — (continued)

VC II, on behalf of each Fund, other than the Lifestyle Funds, has entered into a Shareholder Services Agreement with VALIC. Under the agreement, VALIC provides record keeping, account maintenance, and other administrative and shareholder services for contract owners and participants. VALIC receives from each Fund, other than the Lifestyle Funds, an annual fee of 0.25% based on average daily net assets of the Fund. For the year ended August 31, 2020, VALIC earned fees as reflected in the Statements of Operations based upon the aforementioned rate.

On January 23, 2001, the Board ratified a Deferred Compensation Plan for its independent trustees 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 deferred payment was made in March of 2001. Under the deferred compensation plan, Trustees may elect to defer all or a portion of their compensation. Amounts deferred may be invested in affiliated mutual funds that are specified in the plan as selected by the trustees. Obligations under the deferred compensation plan represents unsecured claims against the general assets of the Funds. For the year ended August 31, 2020, VC II has deferred $30,374 of trustee compensation.

During the year ended August 31, 2020, the following Fund incurred brokerage commissions with brokers which are affiliates of a sub-advisor:

Affiliated Broker	Large Cap Value
Pershing LLC	$	1,344

At August 31, 2020, the following affiliates owned outstanding shares of the following Funds:

	Holder
Fund	American General Life Insurance Co.			The United States Life Insurance Co.			VALIC			VALIC Co. I Dynamic Allocation Fund			VCII Aggressive Growth Lifestyle			VCII Conservative Growth Lifestyle			VCII Moderate Growth Lifestyle
Aggressive Growth Lifestyle		—	%		—	%		100.00	%		—	%		—	%		—	%		—	%
Capital Appreciation		—			—			39.71			5.37			21.19			5.69			28.04
Conservative Growth Lifestyle		—			—			100.00			—			—			—			—
Core Bond		—			—			89.76			0.54			0.73			3.04			5.93
Government Money Market II		—			—			100.00			—			—			—			—
High Yield Bond		0.01			—			85.19			0.29			3.18			4.76			6.57
International Opportunities		—			—			88.01			0.02			4.55			1.91			5.51
Large Cap Value		—			—			62.10			1.38			13.18			3.44			19.90
Mid Cap Growth		—			—			89.22			0.88			3.72			1.20			4.98
Mid Cap Value		0.26			—			87.23			0.28			4.29			1.49			6.45
Moderate Growth Lifestyle		—			—			100.00			—			—			—			—
Small Cap Growth		—			—			91.37			0.26			3.33			0.87			4.17
Small Cap Value		—			—			93.13			0.11			3.11			0.43			3.22
Strategic Bond		0.06			0.01			82.18			0.29			3.42			4.71			9.33
U.S. Socially Responsible		0.01			—			99.77			0.22			—			—			—

The VC I Dynamic Allocation Fund and the VC II Lifestyle Funds do not invest in the underlying funds for the purpose of exercising management or control; however, investments by the VC I Dynamic Allocation Fund and the VC II Lifestyle Funds within the set limits across their asset allocations may represent a significant portion of net assets of the underlying funds.

As disclosed in the Portfolio of Investments, certain Funds own shares of various VC I or VC II Funds and securities issued by AIG or an affiliate thereof. During the year ended August 31, 2020, transactions in these securities were as follows:

Aggressive Growth Lifestyle Fund

Security	Income		Capital Gain Distribution Received		Value at 08/31/2019		Cost of Purchases†		Proceeds from Sales		Realized Gain/(Loss)			Change in Unrealized Gain/(Loss)			Value at 08/31/2020
VALIC Co. I Blue Chip Growth Fund	$	—	$	973	$	8,736	$	973	$	—	$	—		$	2,590		$	12,299
VALIC Co. I Capital Conservation Fund		300,814		—		9,667,217		1,612,844		6,682,464		542,520			(139,347	)		5,000,770
VALIC Co. I Dividend Value Fund		664,049		1,465,303		28,578,366		17,087,363		3,929,674		(744,081	)		(1,417,686	)		39,574,288
VALIC Co. I Emerging Economies Fund		415,263		—		30,886,401		10,984,196		22,980,877		215,756			2,607,578			21,713,054
VALIC Co. I Global Real Estate Fund		592,812		307,247		20,898,566		900,059		—		—			(2,330,233	)		19,468,392
VALIC Co. I Government Money Market I Fund		87,160		—		24,726,765		25,961,645		50,434,724		—			—			253,686
VALIC Co. I Government Securities Fund		138,408		—		5,948,285		138,408		3,529,675		352,213			(172,893	)		2,736,338
VALIC Co. I Inflation Protected Fund		643,877		—		24,440,615		7,654,735		—		—			2,037,378			34,132,728
VALIC Co. I International Equities Index Fund		671,369		459,220		11,232,950		50,612,927		22,905,704		(1,155,379	)		113,638			37,898,432
VALIC Co. I International Government Bond Fund		261,182		—		16,463,683		261,182		896,331		29,754			633,103			16,491,391
VALIC Co. I International Growth Fund		10,654		—		9,012,975		10,653		—		—			2,566,106			11,589,734
VALIC Co. I International Value Fund		558,632		32,928		25,859,475		5,371,989		8,455,075		(2,185,273	)		2,034,943			22,626,059
VALIC Co. I Large Cap Core Fund		113,325		666,077		9,433,280		779,402		—		—			1,465,666			11,678,348
VALIC Co. I Large Capital Growth Fund		75,799		759,899		7,008,381		3,757,323		—		—			1,500,957			12,266,661
VALIC Co. I Mid Cap Index Fund		366,655		2,045,359		22,693,321		8,971,482		4,787,046		(1,198,765	)		(689,314	)		24,989,678

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NOTES TO FINANCIAL STATEMENTS — (continued)

Aggressive Growth Lifestyle Fund (continued)

Security	Income		Capital Gain Distribution Received		Value at 08/31/2019		Cost of Purchases†		Proceeds from Sales		Realized Gain/(Loss)			Change in Unrealized Gain/(Loss)			Value at 08/31/2020
VALIC Co. I Mid Cap Strategic Growth Fund	$	—	$	464,833	$	10,777,983	$	464,834	$	2,152,337	$	138,013		$	1,344,007		$	10,572,500
VALIC Co. I Nasdaq-100® Index Fund		21,925		68,949		14,148,711		5,330,439		15,315,919		3,255,825			1,135,137			8,554,193
VALIC Co. I Science & Technology Fund		—		2,090,507		21,296,134		2,090,507		6,256,910		115,946			6,364,683			23,610,360
VALIC Co. I Small Cap Index Fund		211,449		1,699,574		14,025,396		12,039,879		7,855,975		(3,238,811	)		1,174,870			16,145,359
VALIC Co. I Small Cap Special Values Fund		82,678		547,925		4,577,480		4,456,802		765,351		(534,656	)		(737,846	)		6,996,429
VALIC Co. I Stock Index Fund		1,184,004		3,786,386		60,403,472		65,892,496		69,012,048		2,546,733			5,698,308			65,528,961
VALIC Co. I Value Fund		248,857		1,202,105		13,230,486		2,120,186		—		—			(1,223,153	)		14,127,519
VALIC Co. II Capital Appreciation Fund		88,692		756,708		21,989,673		845,400		2,362,628		1,518,717			3,957,458			25,948,620
VALIC Co. II Core Bond Fund		1,171,251		247		12,480,152		38,373,939		38,082,661		44,517			270,460			13,086,407
VALIC Co. II High Yield Bond Fund		765,991		—		24,732,412		6,588,159		14,320,727		81,869			71,791			17,153,504
VALIC Co. II International Opportunities Fund		144,657		349,693		19,344,439		8,600,968		2,405,389		70,426			2,141,030			27,751,474
VALIC Co. II Large Cap Value Fund		602,684		1,634,489		34,942,017		3,631,390		1,309,891		395,011			(3,234,077	)		34,424,450
VALIC Co. II Mid Cap Growth Fund		—		345,008		10,231,569		345,008		2,152,337		502,206			58,577			8,985,023
VALIC Co. II Mid Cap Value Fund		195,090		1,310,859		23,077,118		9,951,702		—		—			(1,972,417	)		31,056,403
VALIC Co. II Small Cap Growth Fund		—		751,086		9,124,232		751,086		4,241,337		735,342			648,622			7,017,945
VALIC Co. II Small Cap Value Fund		103,119		214,484		8,366,619		4,143,803		1,530,702		(1,301,285	)		(266,499	)		9,411,936
VALIC Co. II Strategic Bond Fund		1,664,967		—		29,365,950		9,824,225		7,865,449		(82,346	)		500,668			31,743,048
	$	11,385,363	$	20,959,859	$	578,972,859	$	309,556,004	$	300,231,231	$	104,252		$	24,144,105		$	612,545,989

† Includes reinvestment of distributions paid.

Conservative Growth Lifestyle Fund

Security	Income		Capital Gain Distribution Received		Value at 08/31/2019		Cost of Purchases†		Proceeds from Sales		Realized Gain/(Loss)			Change in Unrealized Gain/(Loss)			Value at 08/31/2020
VALIC Co. I Capital Conservation Fund	$	556,359	$	—	$	17,879,637	$	1,385,190	$	3,815,345	$	168,963		$	557,056		$	16,175,501
VALIC Co. I Dividend Value Fund		316,122		697,562		13,372,604		3,927,555		3,068,508		(823,415	)		(419,983	)		12,988,253
VALIC Co. I Emerging Economies Fund		119,277		—		7,797,679		3,145,963		5,561,347		147,959			619,140			6,149,394
VALIC Co. I Global Real Estate Fund		259,608		134,552		8,813,645		1,710,769		1,319,610		14,164			(1,057,144	)		8,161,824
VALIC Co. I Government Money Market I Fund		54,605		—		13,486,882		14,764,096		27,548,776		—			—			702,202
VALIC Co. I Government Securities Fund		214,299		—		9,209,796		214,299		2,016,736		201,142			94,249			7,702,750
VALIC Co. I Inflation Protected Fund		481,346		—		20,547,869		1,586,454		—		—			1,332,750			23,467,073
VALIC Co. I International Equities Index Fund		239,082		163,534		7,839		21,888,823		8,239,377		(502,934	)		(312,546	)		12,841,805
VALIC Co. I International Government Bond Fund		263,481		—		16,203,162		263,481		505,342		18,655			656,581			16,636,537
VALIC Co. I International Growth Fund		1,698		—		1,436,588		1,699		—		—			409,013			1,847,300
VALIC Co. I International Value Fund		127,157		7,495		6,463,767		1,482,230		2,742,301		(634,234	)		580,720			5,150,182
VALIC Co. I Large Cap Core Fund		30,648		180,136		2,551,173		210,785		—		—			396,380			3,158,338
VALIC Co. I Large Capital Growth Fund		12,517		125,480		11,827		1,767,227		—		—			246,509			2,025,563
VALIC Co. I Mid Cap Index Fund		90,151		502,904		6,099,542		3,121,490		1,727,805		(382,453	)		(44,420	)		7,066,354
VALIC Co. I Mid Cap Strategic Growth Fund		—		101,273		1,921,814		101,274		—		—			280,351			2,303,439
VALIC Co. I Nasdaq-100® Index Fund		8,686		27,317		4,369,772		4,025,063		4,229,651		625,809			1,500,116			6,291,109
VALIC Co. I Science & Technology Fund		—		649,890		6,603,825		649,891		1,658,744		(126,416	)		2,109,380			7,577,936
VALIC Co. I Small Cap Index Fund		48,963		393,551		2,945,793		5,403,638		3,025,811		(1,098,621	)		489,760			4,714,759
VALIC Co. I Small Cap Special Values Fund		29,009		192,248		2,189,629		1,181,530		483,485		(344,421	)		(59,008	)		2,484,245
VALIC Co. I Stock Index Fund		344,740		1,102,461		17,413,662		26,356,900		25,198,538		617,015			1,791,139			20,980,178
VALIC Co. I Value Fund		54,146		261,554		2,878,686		697,244		—		—			(254,050	)		3,321,880
VALIC Co. II Capital Appreciation Fund		21,728		185,378		5,387,016		207,106		—		—			1,378,944			6,973,066
VALIC Co. II Core Bond Fund		1,943,052		410		54,339,812		26,922,949		28,810,738		2,133,367			(285,265	)		54,300,125
VALIC Co. II High Yield Bond Fund		1,527,360		—		28,160,084		4,815,241		7,070,389		35,026			(268,745	)		25,671,217
VALIC Co. II International Opportunities Fund		57,282		138,472		6,932,257		3,610,025		—		—			1,132,681			11,674,963
VALIC Co. II Large Cap Value Fund		148,929		403,897		9,149,653		1,347,707		767,127		192,149			(935,256	)		8,987,126
VALIC Co. II Mid Cap Growth Fund		—		111,586		2,665,112		111,585		—		—			129,334			2,906,031
VALIC Co. II Mid Cap Value Fund		65,280		438,634		7,721,956		3,715,515		—		—			(644,469	)		10,793,002
VALIC Co. II Small Cap Growth Fund		—		196,563		1,783,314		196,563		414,416		(124,948	)		396,120			1,836,633

152

VALIC Company II

NOTES TO FINANCIAL STATEMENTS — (continued)

Conservative Growth Lifestyle Fund (continued)

Security	Income		Capital Gain Distribution Received		Value at 08/31/2019		Cost of Purchases†		Proceeds from Sales		Realized Gain/(Loss)			Change in Unrealized Gain/(Loss)		Value at 08/31/2020
VALIC Co. II Small Cap Value Fund	$	3,654	$	7,600	$	1,032,222	$	971,527	$	552,554	$	(390,566	)	$	226,384	$	1,287,013
VALIC Co. II Strategic Bond Fund		2,081,233		—		45,091,584		3,531,687		5,372,796		55,351			407,623		43,713,449
	$	9,100,412	$	6,022,497	$	324,468,201	$	139,315,506	$	134,129,396	$	(218,408	)	$	10,453,344	$	339,889,247

† Includes reinvestment of distributions paid.

Moderate Growth Lifestyle Fund

Security	Income		Capital Gain Distribution Received		Value at 08/31/2019		Cost of Purchases†		Proceeds from Sales		Realized Gain/(Loss)			Change in Unrealized Gain/(Loss)			Value at 08/31/2020
VALIC Co. I Blue Chip Growth Fund	$	—	$	3,433	$	30,820	$	3,434	$	—	$	—		$	9,139		$	43,393
VALIC Co. I Capital Conservation Fund		1,010,509		—		32,474,594		3,323,866		11,208,444		668,648			660,226			25,918,890
VALIC Co. I Dividend Value Fund		1,315,950		2,903,799		45,329,140		39,575,449		17,804,767		(4,952,959	)		(1,581,758	)		60,565,105
VALIC Co. I Emerging Economies Fund		394,145		—		26,580,537		9,293,084		19,298,076		560,408			1,932,955			19,068,908
VALIC Co. I Global Real Estate Fund		666,866		345,629		23,509,206		1,012,495		—		—			(2,621,326	)		21,900,375
VALIC Co. I Government Money Market I Fund		101,562		—		33,377,212		43,027,850		75,489,177		—			—			915,885
VALIC Co. I Government Securities Fund		339,073		—		14,572,123		339,072		5,922,522		590,833			(137,595	)		9,441,911
VALIC Co. I Inflation Protected Fund		1,191,082		—		45,753,708		13,271,854		—		—			3,734,673			62,760,235
VALIC Co. I International Equities Index Fund		854,907		584,761		4,869,295		63,332,876		23,683,069		(1,105,461	)		(1,464,568	)		41,949,073
VALIC Co. I International Government Bond Fund		549,457		—		34,228,713		549,458		1,485,731		36,564			1,364,470			34,693,474
VALIC Co. I International Growth Fund		6,690		—		5,659,987		6,690		—		—			1,611,468			7,278,145
VALIC Co. I International Value Fund		508,300		29,961		24,954,645		5,985,942		10,133,500		(1,980,904	)		1,761,331			20,587,514
VALIC Co. I Large Cap Core Fund		118,994		699,396		9,905,165		818,390		—		—			1,538,983			12,262,538
VALIC Co. I Large Capital Growth Fund		118,915		1,192,139		15,547,719		6,075,483		4,952,437		672,989			1,900,336			19,244,090
VALIC Co. I Mid Cap Index Fund		478,244		2,667,850		28,277,158		16,853,975		11,459,509		(1,832,988	)		(358,953	)		31,479,683
VALIC Co. I Mid Cap Strategic Growth Fund		—		622,173		11,806,637		622,173		—		—			1,722,339			14,151,149
VALIC Co. I Nasdaq-100® Index Fund		20,547		64,617		19,720,362		20,115,528		22,196,595		4,631,493			5,113,517			27,384,305
VALIC Co. I Science & Technology Fund		—		3,109,731		29,982,119		3,109,731		21,078,726		440,000			7,203,881			19,657,005
VALIC Co. I Small Cap Index Fund		290,804		2,337,412		12,716,553		26,523,741		14,089,604		(3,870,152	)		948,948			22,229,486
VALIC Co. I Small Cap Special Values Fund		107,160		710,170		5,791,218		6,598,180		1,349,458		(974,814	)		(613,804	)		9,451,322
VALIC Co. I Stock Index Fund		1,606,647		5,137,974		99,349,844		118,861,059		120,387,570		1,820,072			9,652,056			109,295,461
VALIC Co. I Value Fund		337,637		1,630,958		17,950,475		3,090,613		—		—			(1,648,553	)		19,392,535
VALIC Co. II Capital Appreciation Fund		106,982		912,754		26,524,340		1,019,736		—		—			6,789,586			34,333,662
VALIC Co. II Core Bond Fund		5,013,054		1,057		115,798,540		71,473,574		85,688,550		6,461,005			(2,310,583	)		105,733,986
VALIC Co. II High Yield Bond Fund		1,745,907		—		43,716,930		11,456,217		19,802,911		907,657			(830,676	)		35,447,217
VALIC Co. II International Opportunities Fund		164,301		397,182		18,863,130		11,591,518		—		—			3,195,398			33,650,046
VALIC Co. II Large Cap Value Fund		904,942		2,454,216		52,766,723		5,696,696		2,225,596		671,150			(4,959,561	)		51,949,412
VALIC Co. II Mid Cap Growth Fund		—		461,275		11,017,055		461,275		—		—			534,637			12,012,967
VALIC Co. II Mid Cap Value Fund		297,556		1,999,360		29,657,521		20,727,881		—		—			(3,679,930	)		46,705,472
VALIC Co. II Small Cap Growth Fund		—		940,476		7,619,859		940,476		1,156,679		(177,965	)		1,561,861			8,787,552
VALIC Co. II Small Cap Value Fund		86,970		180,894		6,505,520		6,048,713		1,542,238		(1,438,402	)		140,614			9,714,207
VALIC Co. II Strategic Bond Fund		4,205,962		—		88,637,096		12,495,492		15,891,487		(147,203	)		1,442,871			86,536,769
	$	22,543,163	$	29,387,217	$	943,493,944	$	524,302,521	$	486,846,646	$	979,971		$	32,611,982		$	1,014,541,772

† Includes reinvestment of distributions paid.

153

VALIC Company II

NOTES TO FINANCIAL STATEMENTS — (continued)

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 August 31, 2020 were as follows:

Fund	Purchases of Investment Securities (Excluding U.S. Government Securities)		Sales of Investment Securities (Excluding U.S. Government Securities)		Purchase of U.S. Government Securities		Sales of U.S. Government Securities
Aggressive Growth Lifestyle	$	277,210,782	$	300,231,231	$	—	$	—
Capital Appreciation		64,693,478		73,498,185		—		—
Conservative Growth Lifestyle		124,192,597		134,129,396		—		—
Core Bond		918,699,060		854,744,645		572,069,223		574,771,035
Government Money Market II		—		—		—		—
High Yield Bond		259,046,615		368,957,000		—		—
International Opportunities		255,796,876		296,671,066		—		—
Large Cap Value		213,007,835		215,246,707		—		—
Mid Cap Growth		110,973,476		131,858,927		—		—
Mid Cap Value		459,095,282		444,402,012		—		—
Moderate Growth Lifestyle		472,372,141		486,846,646		—		—
Small Cap Growth		88,372,015		136,648,157		—		—
Small Cap Value		216,379,132		203,356,102		—		—
Strategic Bond		772,455,670		603,658,985		124,071,345		227,956,234
U.S. Socially Responsible		98,626,719		142,014,040		—		—

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 Statements of Assets and Liabilities by temporary book/tax differences primarily arising from wash sales, post October losses, investments in passive foreign investment companies, treatment of deferred compensation, late year ordinary losses, straddles, treatment of defaulted securities and derivative transactions.

The information in the following table is presented on the basis of cost for federal income tax purposes at August 31, 2020.

Fund	Identified Cost of Investments Owned		Gross Unrealized Appreciation@		Gross Unrealized Depreciation@			Net Unrealized Appreciation (Depreciation)@
Aggressive Growth Lifestyle	$	600,950,036	$	45,312,361	$	(33,716,408	)	$	11,595,953
Capital Appreciation		79,507,161		43,346,084		(1,361,871	)		41,984,213
Conservative Growth Lifestyle		329,124,433		20,801,331		(10,036,517	)		10,764,814
Core Bond		1,778,101,164		93,600,846		(7,949,378	)		85,651,468
Government Money Market II		135,985,367		—		—			—
High Yield Bond		522,216,874		31,846,360		(16,307,209	)		15,539,151
International Opportunities		508,748,783		140,674,034		(31,806,203	)		108,867,831
Large Cap Value		261,666,771		21,159,398		(21,243,092	)		(83,694	)
Mid Cap Growth		218,866,139		40,482,250		(17,891,913	)		22,590,337
Mid Cap Value		720,947,131		73,931,542		(68,738,351	)		5,193,191
Moderate Growth Lifestyle		986,620,504		72,488,486		(44,567,218	)		27,921,268
Small Cap Growth		162,799,359		54,384,020		(11,292,675	)		43,091,345
Small Cap Value		321,801,781		37,583,074		(52,257,876	)		(14,674,802	)
Strategic Bond		907,082,677		48,001,076		(16,235,582	)		31,765,494
U.S. Socially Responsible		478,597,843		301,840,416		(35,050,069	)		266,790,347

@ Unrealized appreciation (depreciation) includes amounts for derivatives.

154

VALIC Company II

NOTES TO FINANCIAL STATEMENTS — (continued)

The tax character of distributions paid may differ from the Statement of Changes in Net Assets due to short-term gains treated as ordinary income distributions for tax purposes. The tax basis distributable earnings at August 31, 2020 and the tax character of distributions paid during the year ended August 31, 2020 were as follows:

	Distributable Earnings								Tax Distributions
	For the year ended August 31, 2020
Fund	Ordinary Income		Long- term Capital Gains and Other Losses			Unrealized Appreciation (Depreciation)@			Ordinary Income		Long-Term Capital Gains
Aggressive Growth Lifestyle	$	11,396,513	$	23,295,533		$	11,595,953		$	14,400,846	$	31,582,812
Capital Appreciation		127,706		2,781,564			41,984,213			394,062		3,362,082
Conservative Growth Lifestyle		8,959,670		4,857,572			10,764,814			8,185,705		4,727,595
Core Bond		75,089,181		7,223,119			85,651,468			52,196,618		—
Government Money Market II		8,771		(7,017	)		—			752,517		—
High Yield Bond		23,220,376		(13,404,018	)		15,541,159			35,881,009		—
International Opportunities		3,312,585		48,699,799			108,798,549			3,966,791		9,589,309
Large Cap Value		3,793,534		(3,495,205	)		(83,694	)		5,898,259		11,750,397
Mid Cap Growth		2,568,700		26,546,940			22,590,340			77,627		9,498,511
Mid Cap Value		5,738,934		4,316,684			5,193,513			6,350,802		42,672,741
Moderate Growth Lifestyle		22,479,421		32,655,302			27,921,268			22,793,531		41,673,422
Small Cap Growth		2,516,878		26,094,410			43,091,345			1,684,305		21,482,499
Small Cap Value		3,471,474		(839,744	)		(14,674,802	)		4,325,951		8,997,808
Strategic Bond		25,472,034		(21,870,367	)		31,792,690			39,987,192		—
U.S. Socially Responsible		8,765,901		21,987,667			266,790,347			12,375,586		122,063,327

@ 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 August 31, 2019 were as follows:

	Tax Distributions
Fund	Ordinary Income		Long-Term Capital Gains
Aggressive Growth Lifestyle	$	11,408,394	$	50,153,748
Capital Appreciation		4,246,215		22,301,727
Conservative Growth Lifestyle		10,490,382		12,250,183
Core Bond		36,081,103		—
Government Money Market II		2,078,495		—
High Yield Bond		29,483,669		—
International Opportunities		5,797,758		22,610,854
Large Cap Value		7,371,579		18,911,646
Mid Cap Growth		2,608,627		5,581,715
Mid Cap Value		9,993,849		132,095,114
Moderate Growth Lifestyle		20,315,546		64,453,213
Small Cap Growth		6,684,170		38,489,464
Small Cap Value		11,730,674		47,245,970
Strategic Bond		29,934,832		—
U.S. Socially Responsible		12,183,211		50,307,518

As of August 31, 2020, for Federal income tax purposes, the Funds indicated below have capital loss carryforwards, which expire in the year indicated, which are available to offset future capital gains, if any:

	Unlimited
Fund	ST		LT
Aggressive Growth Lifestyle	$	—	$	—
Capital Appreciation		—		—
Conservative Growth Lifestyle		—		—
Core Bond		—		—
Government Money Market II		7,017		—
High Yield Bond		803,393		12,600,625
International Opportunities		—		—
Large Cap Value		3,495,205		—
Mid Cap Growth		—		—
Mid Cap Value		—		—

155

VALIC Company II

NOTES TO FINANCIAL STATEMENTS — (continued)

	Unlimited
Fund	ST		LT
Moderate Growth Lifestyle	$	—	$	—
Small Cap Growth		—		—
Small Cap Value		839,744		—
Strategic Bond		1,297,164		20,573,203
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	$	—
Capital Appreciation		—
Conservative Growth Lifestyle		—
Core Bond		—
Government Money Market II		—
High Yield Bond		—
International Opportunities		—
Large Cap Value		—
Mid Cap Growth		—
Mid Cap Value		—
Moderate Growth Lifestyle		—
Small Cap Growth		—
Small Cap Value		—
Strategic Bond		5,178,746
U.S. Socially Responsible		—

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 August 31, 2020, the Funds elected to defer late year ordinary losses and post October capital losses as follows:

Fund	Deferred Late Year Ordinary Loss		Deferred Post-October Short-Term Capital Loss			Deferred Post-October Long-Term Capital Loss
Aggressive Growth Lifestyle	$	—	$	1,199,801		$	—
Capital Appreciation		—		2,795,437			—
Conservative Growth Lifestyle		—		479,902			—
Core Bond		—		—			—
Government Money Market II		—		—			—
High Yield Bond		701,873		(2,957,151	)		14,955,037
International Opportunities		—		7,537,496			—
Large Cap Value		—		(969,306	)		1,839,754
Mid Cap Growth		597,164		—			—
Mid Cap Value		3,867		4,494,860			(251,548	)
Moderate Growth Lifestyle		—		978,087			—
Small Cap Growth		803,020		—			—
Small Cap Value		—		6,326,408			3,741,715
Strategic Bond		1,588,087		—			1,627,426
U.S. Socially Responsible		—		1,745,963			—

For the period ended August 31, 2020, the reclassifications arising from book/tax differences resulted in increases (decreases) that were primarily due to tax treatment of net investment losses, principal paydown adjustments, partnership investments, disposition of passive foreign investment companies securities, and foreign currency transactions to the components of net assets as follows:

Fund	Accumulated Undistributed Net Investment Income (Loss)		Accumulated Undistributed Net Realized Gain (Loss)			Capital Paid-in
Aggressive Growth Lifestyle	$	585,298	$	(585,298)		$	—
Capital Appreciation		—		—			—
Conservative Growth Lifestyle		185,866		(185,866	)		—
Core Bond		5,793,868		(5,793,868	)		—

156

VALIC Company II

NOTES TO FINANCIAL STATEMENTS — (continued)

Fund	Accumulated Undistributed Net Investment Income (Loss)			Accumulated Undistributed Net Realized Gain (Loss)			Capital Paid-in
Government Money Market II	$	—		$	—		$	—
High Yield Bond		(594,510	)		594,510			—
International Opportunities		319,296			(319,296	)		—
Large Cap Value		—			—			—
Mid Cap Growth		2,946			(2,946	)		—
Mid Cap Value		(3,494	)		3,494			—
Moderate Growth Lifestyle		894,999			(894,999	)		—
Small Cap Growth		153,127			(153,127	)		—
Small Cap Value		353,626			(353,626	)		—
Strategic Bond		2,733,127			(2,733,127	)		—
U.S. Socially Responsible		160,091			(160,091	)		—

Note 6 — Capital Share Transactions

Transactions in capital shares of each class of each Fund were as follows:

	Aggressive Growth Lifestyle												Capital Appreciation
	For the year ended August 31, 2020						For the year ended August 31, 2019						For the year ended August 31, 2020						For the year ended August 31, 2019
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		2,915,146		$	29,423,066			2,109,924		$	22,475,544			190,469		$	2,953,433			394,188		$	7,322,698
Reinvested dividends		4,750,378			45,983,658			6,137,801			61,562,142			230,438			3,756,144			1,825,856			26,547,942
Shares redeemed		(5,122,206	)		(51,876,410	)		(4,530,285	)		(48,321,386	)		(767,916	)		(12,199,227	)		(746,236	)		(13,395,307	)
Net increase (decrease)		2,543,318		$	23,530,314			3,717,440		$	35,716,300			(347,009	)	$	(5,489,650	)		1,473,808		$	20,475,333
	Conservative Growth Lifestyle												Core Bond
	For the year ended August 31, 2020						For the year ended August 31, 2019						For the year ended August 31, 2020						For the year ended August 31, 2019
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		2,510,732		$	30,063,091			1,120,264		$	13,470,335			44,459,509		$	523,558,703			57,112,744		$	625,559,507
Reinvested dividends		1,096,205			12,913,300			1,953,657			22,740,565			4,453,636			52,196,618			3,247,624			36,081,103
Shares redeemed		(3,360,650	)		(39,659,194	)		(3,221,687	)		(38,553,203	)		(37,321,003	)		(434,994,804	)		(41,982,996	)		(469,220,482	)
Net increase (decrease)		246,287		$	3,317,197			(147,766	)	$	(2,342,303	)		11,592,142		$	140,760,517			18,377,372		$	192,420,128
	Government Money Market II												High Yield Bond
	For the year ended August 31, 2020						For the year ended August 31, 2019						For the year ended August 31, 2020						For the year ended August 31, 2019
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		65,703,620		$	65,703,620			46,210,098		$	46,210,098			7,221,194		$	53,813,459			21,616,604		$	164,112,365
Reinvested dividends		752,517			752,517			2,078,495			2,078,495			4,997,355			35,881,009			3,936,404			29,483,669
Shares redeemed		(49,877,230	)		(49,877,230	)		(65,909,878	)		(65,909,878	)		(25,971,664	)		(197,575,716	)		(16,236,613	)		(122,971,220	)
Net increase (decrease)		16,578,907		$	16,578,907			(17,621,285	)	$	(17,621,285	)		(13,753,115	)	$	(107,881,248	)		9,316,395		$	70,624,814
	International Opportunities												Large Cap Value
	For the year ended August 31, 2020						For the year ended August 31, 2019						For the year ended August 31, 2020						For the year ended August 31, 2019
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		3,212,375		$	59,553,208			2,535,467		$	47,560,772			876,181		$	15,466,238			1,143,376		$	24,532,407
Reinvested dividends		714,984			13,556,100			1,510,293			28,408,612			957,605			17,648,656			1,318,116			26,283,225
Shares redeemed		(5,732,849	)		(110,689,742	)		(6,776,358	)		(130,450,424	)		(1,197,968	)		(22,695,075	)		(1,441,520	)		(30,514,718	)
Net increase (decrease)		(1,805,490	)	$	(37,580,434	)		(2,730,598	)	$	(54,481,040	)		635,818		$	10,419,819			1,019,972		$	20,300,914

157

VALIC Company II

NOTES TO FINANCIAL STATEMENTS — (continued)

	Mid Cap Growth												Mid Cap Value
	For the year ended August 31, 2020						For the year ended August 31, 2019						For the year ended August 31, 2020						For the year ended August 31, 2019
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		2,338,955		$	23,751,039			4,935,911		$	49,258,920			6,124,128		$	94,129,950			1,579,237		$	31,875,533
Reinvested dividends		910,279			9,576,138			792,103			8,190,342			3,132,495			49,023,543			8,372,950			142,088,963
Shares redeemed		(4,385,019	)		(46,053,115	)		(3,264,086	)		(33,412,688	)		(5,446,144	)		(90,842,573	)		(8,107,140	)		(163,523,061	)
Net increase (decrease)		(1,135,785	)	$	(12,725,938	)		2,463,928		$	24,036,574			3,810,479		$	52,310,920			1,845,047		$	10,441,435
	Moderate Growth Lifestyle												Small Cap Growth
	For the year ended August 31, 2020						For the year ended August 31, 2019						For the year ended August 31, 2020						For the year ended August 31, 2019
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		4,748,351		$	66,688,707			2,811,567		$	40,461,449			660,174		$	11,896,856			1,942,186		$	39,526,464
Reinvested dividends		4,785,965			64,466,953			6,196,547			84,768,759			1,309,599			23,166,804			2,705,008			45,173,634
Shares redeemed		(5,843,056	)		(80,208,834	)		(5,340,558	)		(76,543,714	)		(3,084,269	)		(54,946,669	)		(2,500,467	)		(50,443,312	)
Net increase (decrease)		3,691,260		$	50,946,826			3,667,556		$	48,686,494			(1,114,496	)	$	(19,883,009	)		2,146,727		$	34,256,786
	Small Cap Value												Strategic Bond
	For the year ended August 31, 2020						For the year ended August 31, 2019						For the year ended August 31, 2020						For the year ended August 31, 2019
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		5,058,552		$	45,307,520			2,328,171		$	31,448,250			14,540,970		$	162,906,621			13,254,514		$	145,988,927
Reinvested dividends		1,365,139			13,323,759			5,337,253			58,976,644			3,592,740			39,987,192			2,711,488			29,934,832
Shares redeemed		(4,026,321	)		(40,838,763	)		(12,255,616	)		(166,756,286	)		(10,882,885	)		(122,930,944	)		(20,647,095	)		(228,345,287	)
Net increase (decrease)		2,397,370		$	17,792,516			(4,590,192	)	$	(76,331,392	)		7,250,825		$	79,962,869			(4,681,093	)	$	(52,421,528	)
	U.S. Socially Responsible
	For the year ended August 31, 2020						For the year ended August 31, 2019
	Shares			Amount			Shares			Amount
Shares sold		1,763,899		$	39,577,158			664,063		$	14,332,859
Reinvested dividends		6,919,141			134,438,913			2,899,802			62,490,729
Shares redeemed		(5,715,684	)		(125,729,074	)		(5,062,961	)		(112,853,519	)
Net increase (decrease)		2,967,356		$	48,286,997			(1,499,096	)	$	(36,029,931	)

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 August 31, 2020, the amount of expense reductions received by each Fund used to offset non-affiliated expenses are 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.

The Funds may invest in obligations issued by agencies and instrumentalities of the U.S. Government that may vary in the level of support they receive from the government. The government may choose not to provide financial support to government sponsored agencies or instrumentalities if it is not legally obligated to do so, and if the issuer defaults, a fund holding securities of such issuer might not be able to recover its investments from the U.S. Government. As a result of the Core Bond Fund, Government Money Market II Fund and Strategic Bond Fund’s concentration in such investments, these funds may be subject to risks associated with the U.S. Government agencies or instrumentalities.

The International Opportunities Fund invests 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.

Each Fund, except the Government Money Market II Fund, the Lifestyle Funds and the Small Cap Value Fund, may invest in international bonds, which include U.S. dollar-denominated bonds issued by foreign corporations for which the primary trading market is in the United States (“Yankee Bonds”), or for which the primary trading market is

158

VALIC Company II

NOTES TO FINANCIAL STATEMENTS — (continued)

abroad (“Euro Bonds”). International bonds may involve special risks and considerations not typically associated with investing in U.S. companies, including differences in accounting, auditing and financial reporting standards; generally higher commission rates on foreign portfolio transactions; the possibility of nationalization, expropriation or confiscatory taxation; adverse changes in investment or exchange control regulations (which may include suspension of the ability to transfer currency from a country); and political instability which could affect U.S. investments in foreign countries. As a result of the Strategic Bond Fund’s concentration in such investments, it may be subject to risks associated with the international bonds.

Note 9 — Line of Credit

The Series, along with certain other funds managed by the Adviser, has access to a $85 million committed unsecured line of credit and a $40 million uncommitted unsecured line of credit. The committed and uncommitted lines of credit are renewable on an annual basis with State Street Bank and Trust Company (“State Street”), the Series’ custodian. Interest is currently payable under the committed line of credit at the higher of the Federal Funds Rate (but not less than zero) plus 125 basis points or the One-Month London Interbank Offered Rate (but not less than zero) plus 125 basis points and State Street’s discretionary bid rate on the uncommitted line of credit. The Series, on behalf of each of the Funds, has paid State Street for its own account, such Fund’s ratable portion of an upfront fee in an amount equal to $25,000 in the aggregate for the uncommitted lines of credit made available by State Street to the Series and certain other funds managed by the Adviser, which are also party to the uncommitted lines of credit. There is also a commitment fee of 25 basis points per annum on the daily unused portion of the committed line of credit. For the year ended August 31, 2020, the following Funds had borrowings:

Fund	Days Outstanding		Interest Charges		Average Debt Utilized		Weighted Average Interest
International Opportunities		2	$	31	$	387,500		1.42	%
Large Cap Value		12		361		368,750		2.96
Mid Cap Growth		23		400		361,957		1.52
Small Cap Growth		3		368		1,541,667		2.42
U.S. Socially Responsible		16		1,106		1,125,000		2.22

At August 31, 2020, there were no borrowings outstanding.

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 August 31, 2020, none of the Funds participated in this program.

Note 11 — Security Transactions with Affiliated Portfolios

The Funds are permitted to transfer securities by purchasing from and/or selling to other affiliated funds under certain conditions approved by the Board. The affiliated funds involved in such transactions must have a common investment adviser or investment advisers which are affiliated persons of each other, common Trustees, 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 August 31, 2020, the following Funds engaged in security transactions with affiliated Funds:

Fund	Cost of Purchases		Proceeds from Sales		Realized Gain/(Loss)
International Opportunities ..	$	8,980	$	56,406	$	8,996
Mid Cap Growth		105,985		—		—
Mid Cap Value		23,801		5,960,890		1,190,061

Note 12 — Unfunded Loan Commitments

At August 31, 2020, Strategic Bond Fund had the following unfunded loan commitments which could be extended at the option of the Borrower:

Borrower	Type	Maturity Date		Principal Amount		Value
Hi-Crush, Inc	DIP Delayed Draw		1/14/2021	$	300,269	$	300,269
Intelsat Jackson Holdings SA	DIP		7/13/2022		36,675		37,195

Note 13 — Other Matters

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this coronavirus may last for an extended period of time including through the issue date of these financial statements and has resulted in substantial market volatility and may result in a significant economic downturn.

159

VALIC Company II

FINANCIAL HIGHLIGHTS

	Aggressive Growth Lifestyle Fund															Capital Appreciation Fund
	Year Ended August 31,															Year Ended August 31,
	2020			2019			2018			2017			2016			2020			2019			2018			2017			2016
PER SHARE DATA
Net asset value at beginning of period	$	10.09		$	11.34		$	10.68		$	10.41		$	10.67		$	14.89		$	20.13		$	16.55		$	15.99		$	16.35
Income (loss) from investment operations:
Net investment income (loss)(d)		0.19			0.17			0.17			0.16			0.19			0.02			0.07			0.04			0.08			0.09
Net realized and unrealized gain (loss) on investments and foreign currencies		0.77			(0.24	)		1.04			0.93			0.56			4.28			(0.26	)		4.51			2.12			1.20
Total income (loss) from investment operations		0.96			(0.07	)		1.21			1.09			0.75			4.30			(0.19	)		4.55			2.20			1.29
Distributions from:
Net investment income		(0.26	)		(0.21	)		(0.16	)		(0.21	)		(0.23	)		(0.06	)		(0.05	)		(0.08	)		(0.08	)		(0.06	)
Net realized gain on securities		(0.57	)		(0.97	)		(0.39	)		(0.61	)		(0.78	)		(0.51	)		(5.00	)		(0.89	)		(1.56	)		(1.59	)
Total distributions		(0.83	)		(1.18	)		(0.55	)		(0.82	)		(1.01	)		(0.57	)		(5.05	)		(0.97	)		(1.64	)		(1.65	)
Net asset value at end of period	$	10.22		$	10.09		$	11.34		$	10.68		$	10.41		$	18.62		$	14.89		$	20.13		$	16.55		$	15.99
TOTAL RETURN(a)		9.91	%		(0.52	)%		11.39	%		10.61	%		7.53	%		29.44	%		(0.35	)%		27.94	%		14.13	%		8.33	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.10	%(e)		0.10	%(e)		0.10	%(e)		0.10	%(e)		0.10	%(e)		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%
Ratio of expenses to average net assets(c)		0.14	%(e)		0.14	%(e)		0.14	%(e)		0.14	%(e)		0.15	%(e)		1.00	%		1.00	%		0.99	%		0.99	%		1.00	%
Ratio of expense reductions to average net assets		–			–			–			–			–			0.00	%		0.00	%		0.01	%		0.01	%		0.01	%
Ratio of net investment income (loss) to average net assets(b)		1.88	%(e)		1.56	%(e)		1.49	%(e)		1.47	%(e)		1.78	%(e)		0.12	%		0.38	%		0.22	%		0.50	%		0.52	%
Ratio of net investment income (loss) to average net assets(c)		1.83	%(e)		1.52	%(e)		1.45	%(e)		1.44	%(e)		1.73	%(e)		(0.03	)%		0.23	%		0.08	%		0.36	%		0.37	%
Portfolio turnover rate		48	%		37	%		49	%		36	%		24	%		62	%		60	%		124	%		66	%		54	%
Number of shares outstanding at end of period (000’s)		59,921			57,377			53,660			53,168			51,410			6,576			6,923			5,449			5,535			5,313
Net assets at the end of period (000’s)	$	612,613		$	579,049		$	608,709		$	567,843		$	535,245		$	122,454		$	103,080		$	109,697		$	91,579		$	84,946

^(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 expense reimbursements, but excludes expense reductions.

^(c)  Excludes 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

160

VALIC Company II

FINANCIAL HIGHLIGHTS — (continued)

	Conservative Growth Lifestyle Fund															Core Bond Fund
	Year Ended August 31,															Year Ended August 31,
	2020			2019			2018			2017			2016			2020			2019			2018			2017			2016
PER SHARE DATA
Net asset value at beginning of period	$	11.85		$	12.31		$	12.07		$	11.82		$	11.95		$	11.53		$	10.74		$	11.15		$	11.30		$	10.93
Income (loss) from investment operations:
Net investment income (loss)(d)		0.32			0.25			0.31			0.28			0.30			0.28			0.33			0.30			0.27			0.24
Net realized and unrealized gain (loss) on investments and foreign currencies		0.63			0.17			0.28			0.39			0.41			0.52			0.70			(0.45	)		(0.12	)		0.38
Total income (loss) from investment operations		0.95			0.42			0.59			0.67			0.71			0.80			1.03			(0.15	)		0.15			0.62
Distributions from:
Net investment income		(0.31	)		(0.36	)		(0.28	)		(0.32	)		(0.34	)		(0.39	)		(0.24	)		(0.26	)		(0.30	)		(0.22	)
Net realized gain on securities		(0.18	)		(0.52	)		(0.07	)		(0.10	)		(0.50	)		–			–			(0.00	)		–			(0.03	)
Total distributions		(0.49	)		(0.88	)		(0.35	)		(0.42	)		(0.84	)		(0.39	)		(0.24	)		(0.26	)		(0.30	)		(0.25	)
Net asset value at end of period	$	12.31		$	11.85		$	12.31		$	12.07		$	11.82		$	11.94		$	11.53		$	10.74		$	11.15		$	11.30
TOTAL RETURN(a)		8.14	%		3.52	%		4.94	%		5.76	%		6.19	%		7.05	%		9.64	%		(1.32	)%		1.37	%		5.78	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.10	%(e)		0.10	%(e)		0.10	%(e)		0.10	%(e)		0.10	%(e)		0.77	%		0.77	%		0.77	%		0.77	%		0.77	%
Ratio of expenses to average net assets(c)		0.15	%(e)		0.15	%(e)		0.15	%(e)		0.15	%(e)		0.15	%(e)		0.78	%		0.78	%		0.78	%		0.80	%		0.79	%
Ratio of expense reductions to average net assets		–			–			–			–			-–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		2.68	%(e)		2.06	%(e)		2.47	%(e)		2.31	%(e)		2.51	%(e)		2.39	%		2.99	%		2.80	%		2.40	%		2.16	%
Ratio of net investment income (loss) to average net assets(c)		2.62	%(e)		2.01	%(e)		2.43	%(e)		2.27	%(e)		2.46	%(e)		2.37	%		2.99	%		2.78	%		2.37	%		2.15	%
Portfolio turnover rate		38	%		45	%		44	%		38	%		27	%		93	%		97	%		73	%		76	%		139	%
Number of shares outstanding at end of period (000’s)		27,615			27,369			27,516			27,674			27,779			149,401			137,809			119,431			100,052			106,434
Net assets at the end of period (000’s)	$	339,870		$	324,436		$	338,793		$	333,907		$	328,390		$	1,784,179		$	1,589,218		$	1,282,586		$	1,115,936		$	1,202,915

^(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 expense reimbursements, but excludes expense reductions.

^(c)  Excludes 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

161

VALIC Company II

FINANCIAL HIGHLIGHTS — (continued)

	Government Money Market II Fund															High Yield Bond Fund
	Year Ended August 31,															Year Ended August 31,
	2020			2019			2018			2017			2016			2020			2019			2018			2017			2016
PER SHARE DATA
Net asset value at beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	7.66		$	7.53		$	7.75		$	7.56		$	7.40
Income (loss) from investment operations:
Net investment income (loss)(d)		0.01			0.02			0.01			0.00			0.00			0.36			0.39			0.40			0.41			0.37
Net realized and unrealized gain (loss) on investments and foreign currencies		(0.00	)		0.00			(0.00	)		0.00			0.00			(0.00	)		0.09			(0.18	)		0.15			0.13
Total income (loss) from investment operations		0.01			0.02			0.01			0.00			0.00			0.36			0.48			0.22			0.56			0.50
Distributions from:
Net investment income		(0.01	)		(0.02	)		(0.01	)		(0.00	)		(0.00	)		(0.55	)		(0.35	)		(0.44	)		(0.37	)		(0.34	)
Net realized gain on securities		–			–			–			–			–			–			–			–			–			–
Total distributions		(0.01	)		(0.02	)		(0.01	)		(0.00	)		(0.00	)		(0.55	)		(0.35	)		(0.44	)		(0.37	)		(0.34	)
Net asset value at end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	7.47		$	7.66		$	7.53		$	7.75		$	7.56
TOTAL RETURN(a)		0.63	%		1.75	%		0.91	%		0.16	%		0.01	%		5.01	%		6.47	%		2.89	%		7.54	%		7.07	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.35	%		0.55	%		0.55	%		0.50	%		0.32	%		0.94	%		0.96	%		0.96	%		0.96	%		0.96	%
Ratio of expenses to average net assets(c)		0.66	%		0.67	%		0.65	%		0.70	%		0.66	%		0.98	%		0.97	%		0.97	%		0.97	%		0.99	%
Ratio of expense reductions to average net assets		–			–			–			–			–			–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		0.59	%		1.73	%		0.91	%		0.16	%		0.01	%		4.79	%		5.25	%		5.16	%		5.27	%		5.16	%
Ratio of net investment income (loss) to average net assets(c)		0.27	%		1.61	%		0.81	%		(0.04	)%		(0.33	)%		4.75	%		5.24	%		5.15	%		5.26	%		5.13	%
Portfolio turnover rate		N/A			N/A			N/A			N/A			N/A			49	%		34	%		26	%		52	%		36	%
Number of shares outstanding at end of period (000’s)		135,924			119,345			136,966			132,916			141,263			72,088			85,841			76,525			72,461			78,148
Net assets at the end of period (000’s)	$	135,945		$	119,366		$	136,987		$	132,944		$	141,291		$	538,716		$	657,364		$	576,553		$	561,480		$	590,679

^(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 expense reimbursements, but excludes expense reductions.

^(c)  Excludes expense reimbursements and expense reductions.

^(d)  The per share amounts are calculated using the average share method.

See Notes to Financial Statements

162

VALIC Company II

FINANCIAL HIGHLIGHTS — (continued)

	International Opportunities Fund															Large Cap Value Fund
	Year Ended August 31,															Year Ended August 31,
	2020			2019			2018			2017			2016			2020			2019			2018			2017			2016
PER SHARE DATA
Net asset value at beginning of period	$	18.44		$	21.31		$	19.38		$	16.00		$	15.08		$	20.11		$	22.76		$	20.66		$	18.41		$	17.08
Income (loss) from investment operations:
Net investment income (loss)(d)		0.09			0.16			0.13			0.14			0.14			0.30			0.36			0.30			0.24			0.27
Net realized and unrealized gain (loss) on investments and foreign currencies		2.64			(2.10	)		1.97			3.49			0.94			(0.60	)		(0.92	)		2.80			2.27			1.27
Total income (loss) from investment operations		2.73			(1.94	)		2.10			3.63			1.08			(0.30	)		(0.56	)		3.10			2.51			1.54
Distributions from:
Net investment income		(0.13	)		(0.19	)		(0.17	)		(0.25	)		(0.16	)		(0.36	)		(0.27	)		(0.26	)		(0.26	)		(0.21	)
Net realized gain on securities		(0.31	)		(0.74	)		–			–			–			(0.98	)		(1.82	)		(0.74	)		–			–
Total distributions		(0.44	)		(0.93	)		(0.17	)		(0.25	)		(0.16	)		(1.34	)		(2.09	)		(1.00	)		(0.26	)		(0.21	)
Net asset value at end of period	$	20.73		$	18.44		$	21.31		$	19.38		$	16.00		$	18.47		$	20.11		$	22.76		$	20.66		$	18.41
TOTAL RETURN(a)		15.03	%		(9.20	)%		10.81	%		22.81	%		7.23	%		(1.45	)%		(2.39	)%		15.12	%		13.66	%		9.09	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		1.13	%		1.00	%		1.00	%		1.00	%		1.00	%		0.86	%		0.81	%		0.81	%		0.81	%		0.81	%
Ratio of expenses to average net assets(c)		1.22	%		1.22	%		1.20	%		1.22	%		1.21	%		0.89	%		0.89	%		0.88	%		0.88	%		0.89	%
Ratio of expense reductions to average net assets		0.00	%		0.00	%		–			–			0.00	%		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%
Ratio of net investment income (loss) to average net assets(b)		0.45	%		0.83	%		0.61	%		0.82	%		0.91	%		1.51	%		1.68	%		1.35	%		1.21	%		1.59	%
Ratio of net investment income (loss) to average net assets(c)		0.36	%		0.60	%		0.41	%		0.60	%		0.70	%		1.48	%		1.60	%		1.27	%		1.14	%		1.51	%
Portfolio turnover rate		45	%		41	%		46	%		62	%		58	%		82	%		81	%		90	%		77	%		71	%
Number of shares outstanding at end of period (000’s)		29,447			31,253			33,984			34,637			37,260			14,136			13,500			12,480			10,969			12,540
Net assets at the end of period (000’s)	$	610,424		$	576,197		$	724,027		$	671,097		$	596,055		$	261,082		$	271,487		$	284,086		$	226,626		$	230,844

^(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 expense reimbursements, but excludes expense reductions.

^(c)  Excludes expense reimbursements and expense reductions.

^(d)  The per share amounts are calculated using the average share method.

See Notes to Financial Statements

163

VALIC Company II

FINANCIAL HIGHLIGHTS — (continued)

	Mid Cap Growth Fund															Mid Cap Value Fund
	Year Ended August 31,															Year Ended August 31,
	2020			2019			2018			2017			2016			2020			2019			2018			2017			2016
PER SHARE DATA
Net asset value at beginning of period	$	10.52		$	10.71		$	10.06		$	8.42		$	8.81		$	17.19		$	22.13		$	21.23		$	20.45		$	21.82
Income (loss) from investment operations:
Net investment income (loss)(d)		(0.01	)		(0.01	)		(0.02	)		0.00			(0.02	)		0.13			0.14			0.09			0.07			0.14
Net realized and unrealized gain (loss) on investments and foreign currencies		0.94			0.19			2.56			1.64			0.24			(0.81	)		(1.11	)		2.62			2.17			1.73
Total income (loss) from investment operations		0.93			0.18			2.54			1.64			0.22			(0.68	)		(0.97	)		2.71			2.24			1.87
Distributions from:
Net investment income		–			–			(0.02	)		–			–			(0.15	)		(0.11	)		(0.09	)		(0.13	)		(0.06	)
Net realized gain on securities		(0.44	)		(0.37	)		(1.87	)		–			(0.61	)		(0.98	)		(3.86	)		(1.72	)		(1.33	)		(3.18	)
Total distributions		(0.44	)		(0.37	)		(1.89	)		–			(0.61	)		(1.13	)		(3.97	)		(1.81	)		(1.46	)		(3.24	)
Net asset value at end of period	$	11.01		$	10.52		$	10.71		$	10.06		$	8.42		$	15.38		$	17.19		$	22.13		$	21.23		$	20.45
TOTAL RETURN(a)		9.04	%		1.72	%		25.54	%		19.48	%		3.01	%		(4.12	)%		(4.14	)%		12.90	%		11.02	%		9.62	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		1.01	%		0.85	%		0.85	%		0.85	%		0.85	%		1.05	%		1.05	%		1.05	%		1.05	%		1.05	%
Ratio of expenses to average net assets(c)		1.12	%		1.12	%		1.15	%		1.17	%		1.17	%		1.07	%		1.06	%		1.05	%		1.05	%		1.06	%
Ratio of expense reductions to average net assets		0.00	%		0.00	%		0.00	%		0.00	%		0.01	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Ratio of net investment income (loss) to average net assets(b)		(0.13	)%		(0.08	)%		(0.18	)%		0.04	%		(0.27	)%		0.82	%		0.73	%		0.40	%		0.32	%		0.65	%
Ratio of net investment income (loss) to average net assets(c)		(0.25	)%		(0.35	)%		(0.49	)%		(0.28	)%		(0.59	)%		0.80	%		0.72	%		0.40	%		0.32	%		0.64	%
Portfolio turnover rate		47	%		32	%		35	%		162	%		92	%		63	%		44	%		44	%		44	%		44	%
Number of shares outstanding at end of period (000’s)		21,912			23,048			20,584			13,313			14,338			47,067			43,256			41,411			49,262			48,776
Net assets at the end of period (000’s)	$	241,264		$	242,512		$	220,444		$	133,988		$	120,774		$	724,100		$	743,460		$	916,284		$	1,046,046		$	997,576

^(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 expense reimbursements, but excludes expense reductions.

^(c)  Excludes expense reimbursements and expense reductions.

^(d)  The per share amounts are calculated using the average share method.

See Notes to Financial Statements

164

VALIC Company II

FINANCIAL HIGHLIGHTS — (continued)

	Moderate Growth Lifestyle Fund															Small Cap Growth Fund
	Year Ended August 31,															Year Ended August 31,
	2020			2019			2018			2017			2016			2020			2019			2018			2017			2016
PER SHARE DATA
Net asset value at beginning of period	$	13.88		$	15.00		$	14.23		$	13.98		$	14.09		$	16.89		$	23.31		$	16.98		$	14.20		$	15.31
Income (loss) from investment operations:
Net investment income (loss)(d)		0.31			0.24			0.26			0.24			0.30			(0.11	)		(0.11	)		(0.12	)		(0.08	)		(0.03	)
Net realized and unrealized gain (loss) on investments and foreign currencies		0.93			(0.00	)		1.08			0.92			0.70			6.21			(1.22	)		7.14			3.72			0.42
Total income (loss) from investment operations		1.24			0.24			1.34			1.16			1.00			6.10			(1.33	)		7.02			3.64			0.39
Distributions from:
Net investment income		(0.34	)		(0.32	)		(0.24	)		(0.32	)		(0.32	)		–			–			–			–			–
Net realized gain on securities		(0.62	)		(1.04	)		(0.33	)		(0.59	)		(0.79	)		(2.50	)		(5.09	)		(0.69	)		(0.86	)		(1.50	)
Total distributions		(0.96	)		(1.36	)		(0.57	)		(0.91	)		(1.11	)		(2.50	)		(5.09	)		(0.69	)		(0.86	)		(1.50	)
Net asset value at end of period	$	14.16		$	13.88		$	15.00		$	14.23		$	13.98		$	20.49		$	16.89		$	23.31		$	16.98		$	14.20
TOTAL RETURN(a)		9.26	%		1.71	%		9.44	%		8.42	%		7.48	%		38.49	%		(5.47	)%		41.51	%		26.05	%		4.40	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.10	%(e)		0.10	%(e)		0.10	%(e)		0.10	%(e)		0.10	%(e)		1.14	%		1.16	%		1.16	%		1.16	%		1.16	%
Ratio of expenses to average net assets(c)		0.14	%(e)		0.13	%(e)		0.13	%(e)		0.14	%(e)		0.14	%(e)		1.24	%		1.23	%		1.22	%		1.25	%		1.29	%
Ratio of expense reduction to average net assets		–			–			–			–			–			0.01	%		0.01	%		0.00	%		0.00	%		0.01	%
Ratio of net investment income (loss) to average net assets(b)		2.24	%(e)		1.69	%(e)		1.75	%(e)		1.68	%(e)		2.15	%(e)		(0.61	)%		(0.54	)%		(0.61	)%		(0.53	)%		(0.22	)%
Ratio of net investment income (loss) to average net assets(c)		2.20	%(e)		1.66	%(e)		1.72	%(e)		1.65	%(e)		2.11	%(e)		(0.70	)%		(0.61	)%		(0.67	)%		(0.62	)%		(0.35	)%
Portfolio turnover rate		49	%		39	%		47	%		36	%		33	%		48	%		60	%		63	%		40	%		39	%
Number of shares outstanding at end of period (000’s)		71,656			67,965			64,297			63,003			60,581			10,271			11,386			9,239			8,088			7,035
Net assets at the end of period (000’s)	$	1,014,351		$	943,311		$	964,607		$	896,346		$	846,974		$	210,497		$	192,341		$	215,384		$	137,330		$	99,884

^(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 expense reimbursements, but excludes expense reductions.

^(c)  Excludes 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

165

VALIC Company II

FINANCIAL HIGHLIGHTS — (continued)

	Small Cap Value Fund															Strategic Bond Fund
	Year Ended August 31,															Year Ended August 31,
	2020			2019			2018			2017			2016			2020			2019			2018			2017			2016
PER SHARE DATA
Net asset value at beginning of period	$	10.76		$	15.74		$	14.47		$	13.57		$	14.01		$	11.35		$	10.86		$	11.38		$	11.28		$	11.00
Income (loss) from investment operations:
Net investment income (loss)(d)		0.10			0.15			0.15			0.11			0.13			0.37			0.43			0.42			0.39			0.38
Net realized and unrealized gain (loss) on investments and foreign currencies		(0.92	)		(2.80	)		2.36			1.48			1.27			0.26			0.46			(0.53	)		0.13			0.39
Total income (loss) from investment operations		(0.82	)		(2.65	)		2.51			1.59			1.40			0.63			0.89			(0.11	)		0.52			0.77
Distributions from:
Net investment income		(0.14	)		(0.21	)		(0.13	)		(0.14	)		(0.17	)		(0.55	)		(0.40	)		(0.41	)		(0.42	)		(0.45	)
Net realized gain on securities		(0.29	)		(2.12	)		(1.11	)		(0.55	)		(1.67	)		–			–			–			–			(0.04	)
Total distributions		(0.43	)		(2.33	)		(1.24	)		(0.69	)		(1.84	)		(0.55	)		(0.40	)		(0.41	)		(0.42	)		(0.49	)
Net asset value at end of period	$	9.51		$	10.76		$	15.74		$	14.47		$	13.57		$	11.43		$	11.35		$	10.86		$	11.38		$	11.28
TOTAL RETURN(a)		(7.72	)%		(17.24	)%		17.40	%		11.61	%		11.27	%		5.65	%		8.27	%		(0.96	)%		4.75	%		7.15	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.99	%		0.95	%		0.95	%		0.95	%		0.95	%		0.87	%		0.87	%		0.87	%		0.88	%		0.88	%
Ratio of expenses to average net assets(c)		1.09	%		1.06	%		1.03	%		1.03	%		1.04	%		0.87	%		0.87	%		0.87	%		0.88	%		0.88	%
Ratio of expense reductions to average net assets		0.01	%		0.01	%		0.00	%		0.00	%		0.00	%		–			–			–			–			–
Ratio of net investment income (loss) to average net assets(b)		0.97	%		1.07	%		0.96	%		0.71	%		0.98	%		3.31	%		3.92	%		3.73	%		3.48	%		3.51	%
Ratio of net investment income (loss) to average net assets(c)		0.87	%		0.96	%		0.88	%		0.62	%		0.89	%		3.31	%		3.92	%		3.73	%		3.48	%		3.51	%
Portfolio turnover rate		69	%		55	%		46	%		79	%		59	%		103	%		95	%		133	%		118	%		162	%
Number of shares outstanding at end of period (000’s)		31,778			29,381			33,971			36,582			37,866			81,144			73,893			78,574			65,845			72,983
Net assets at the end of period (000’s)	$	302,120		$	316,042		$	534,548		$	529,505		$	513,783		$	927,406		$	838,559		$	853,401		$	749,055		$	823,464

^(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 expense reimbursements, but excludes expense reductions.

^(c)  Excludes expense reimbursements and expense reductions.

^(d)  The per share amounts are calculated using the average share method.

See Notes to Financial Statements

166

VALIC Company II

FINANCIAL HIGHLIGHTS — (continued)

	U.S. Socially Responsible Fund
	Year Ended August 31,
	2020			2019			2018			2017			2016
PER SHARE DATA
Net asset value at beginning of period	$	22.03		$	23.09		$	20.15		$	19.23		$	18.55
Income (loss) from investment operations:
Net investment income (loss)(d)		0.26			0.27			0.30			0.29			0.28
Net realized and unrealized gain (loss) on investments and foreign currencies		3.15			0.72			3.39			2.33			1.89
Total income (loss) from investment operations		3.41			0.99			3.69			2.62			2.17
Distributions from:
Net investment income		(0.33	)		(0.34	)		(0.35	)		(0.29	)		(0.28	)
Net realized gain on securities		(4.20	)		(1.71	)		(0.40	)		(1.41	)		(1.21	)
Total distributions		(4.53	)		(2.05	)		(0.75	)		(1.70	)		(1.49	)
Net asset value at end of period	$	20.91		$	22.03		$	23.09		$	20.15		$	19.23
TOTAL RETURN(a)		17.06	%		4.46	%		18.49	%		13.90	%		12.16	%
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets(b)		0.60	%		0.56	%		0.56	%		0.56	%		0.56	%
Ratio of expenses to average net assets(c)		0.61	%		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)		1.20	%		1.22	%		1.37	%		1.46	%		1.47	%
Ratio of net investment income (loss) to average net assets(c)		1.18	%		1.17	%		1.33	%		1.41	%		1.42	%
Portfolio turnover rate		14	%		36	%		5	%		0	%		25	%
Number of shares outstanding at end of period (000’s)		35,643			32,675			34,175			39,701			39,360
Net assets at the end of period (000’s)	$	745,440		$	719,784		$	789,118		$	799,898		$	756,821

^(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 expense reimbursements, but excludes expense reductions.

^(c)  Excludes expense reimbursements and expense reductions.

^(d)  The per share amounts are calculated using the average share method.

See Notes to Financial Statements

167

VALIC Company II

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of VALIC Company II and

Shareholders of each of the fifteen funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of each of the funds listed in the table below (constituting VALIC Company II, hereafter collectively referred to as the “Funds”) as of August 31, 2020, the related statements of operations for the year ended August 31, 2020, the statements of changes in net assets for each of the two years in the period ended August 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2020 and each of the financial highlights for each of the five years in the period ended August 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

VALIC Company II

Aggressive Growth Lifestyle Fund	Mid Cap Growth Fund
Capital Appreciation Fund	Mid Cap Value Fund
Conservative Growth Lifestyle Fund	Moderate Growth Lifestyle Fund
Core Bond Fund	Small Cap Growth Fund
Government Money Market II Fund	Small Cap Value Fund
High Yield Bond Fund	Strategic Bond Fund
International Opportunities Fund	U.S. Socially Responsible Fund
Large Cap Value Fund

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2020 by correspondence with the custodian, transfer agents, brokers and selling or agent banks; when replies were not received, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Houston, Texas

October 27, 2020

We have served as the auditor of one or more investment companies in the VALIC family of funds since 2008.

168

VALIC Company II

STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM (unaudited)

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

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

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

169

VALIC Company II

APPROVAL OF ADVISORY AGREEMENTS (unaudited)

At an in-person meeting held on August 3-4, 2020, the Board of Trustees (the “Board”) of VALIC Company II (“VC II”), including the Trustees that are not interested persons of VC II, as such term is defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Trustees”), approved the Investment Advisory Agreement with respect to each series of VC II (each a “Fund,” and collectively, the “Funds”) between The Variable Annuity Life Insurance Company (“VALIC”) and VC II (the “Advisory Agreement”) and the Investment Sub-Advisory Agreements between VALIC and each of the following sub-advisers of VC II (collectively, the “Sub-advisory Agreements”): BMO Asset Management Corp. (“BMO AM”), Boston Partners Global Investors, Inc. (“Boston Partners”), Delaware Investments Fund Advisers (“Delaware”), Janus Capital Management, LLC (“Janus”), J.P. Morgan Investment Management, Inc. (“JPMIM”), Massachusetts Financial Services Company (“MFS”), Mellon Investments Corporation (“Mellon”), Perkins Investment Management, LLC (“Perkins”),¹ PineBridge Investments, LLC (“PineBridge”), SunAmerica Asset Management, LLC (“SunAmerica”) and Wellington Management Company LLP (“Wellington Management”) (collectively referred to as the “Sub-advisers”). The Advisory Agreement and Sub-advisory Agreements are collectively referred to as the “Advisory Contracts.” Prior to the August 3-4, 2020 meeting at which the Advisory Contracts were approved, the Board also discussed and considered information regarding the proposed continuation of the Advisory Contracts at an in-person meeting held on July 13, 2020.

In connection with the approval of the Advisory Contracts, the Board received materials relating to certain factors the Board considered in determining to renew such Advisory Contracts. Those factors included: (1) the nature, extent and quality of services provided by VALIC and the Sub-advisers; (2) the advisory fee and sub-advisory fees charged in connection with VALIC’s and the Sub-advisers’ management of each Fund, compared to advisory fee rates and sub-advisory fee rates of a group of funds with similar investment objectives (respectively, the “Expense Group/Universe” and the “Subadvisory Expense Group/Universe”), as selected by an independent third-party provider of mutual fund data; (3) the investment performance of the Funds compared to performance of comparable funds as selected by an independent third-party provider of investment company data (“Performance Group/Universe”) and against each Fund’s benchmarks; (4) the costs of services and the benefits potentially derived by VALIC, the Sub-advisers and their respective affiliates; (5) a comparison of advisory fee schedules and performance with respect to other mutual funds and accounts with similar investment strategies and/or objectives to the Funds, as applicable, and which are advised or managed by VALIC or SunAmerica, an affiliated Sub-adviser; (6) whether the Funds will benefit from possible economies of scale from engaging VALIC and the Sub-advisers; (7) the profitability of VALIC, the Sub-advisers and their respective affiliates, including amounts retained by VALIC after payment of sub-advisory fees; (8) the terms of the Advisory Contracts; (9) information regarding VALIC’s and the Sub-advisers’ compliance and regulatory history; and (10) information about the services VALIC provides in connection with the oversight of the Sub-advisers.

The Independent Trustees were separately represented by counsel that is independent of VALIC in connection with their consideration of approval of the Advisory Contracts. The matters discussed below were also considered separately by the Independent Trustees in an executive session at an in-person special meeting held on July 13, 2020 and executive sessions held during the August 2020 meeting during which such independent counsel provided guidance to the Independent Trustees. Following the July 13, 2020 meeting, the Independent Trustees submitted questions and requests for additional information to management and considered management’s responses thereto at the August 2020 meeting. The continuation of all Advisory Contracts was approved at the August 2020 meeting for a one-year term beginning September 1, 2020 and ending August 31, 2021.

Nature, Extent and Quality of Services. The Board considered the nature, extent and quality of services to be provided to the Funds by VALIC and the Sub-advisers. The Board reviewed information provided by VALIC relating to its operations and personnel. The Board also took into account their knowledge of VALIC’s management and the quality of the performance of VALIC’s duties, through Board meetings, discussions and reports during the preceding year and through VALIC’s long history of service to VC II. The Board considered that VALIC is responsible for the management of the day-to-day operations of VC II, including but not limited to, general supervision of and coordination of the services provided by the Sub-advisers, and is also responsible for monitoring and reviewing the activities of the Sub-advisers and other third-party service providers. The Board also noted that VALIC’s and the Sub-advisers’ management of VC II is subject to the oversight of the Board, and must be made in accordance with the investment objectives, policies and restrictions set forth in VC II’s prospectus and statement of additional information. The Board noted that VALIC monitors the performance of the Funds and from time-to-time recommends Sub-adviser changes and/or other changes intended to improve the performance of the Funds.

The Board noted that VALIC personnel meet on a regular basis to discuss the performance of VC II, as well as the positioning of the insurance products, employer-sponsored retirement plans and the Funds generally vis-à-vis competitors. The Board also considered VALIC’s financial condition and whether it had the financial wherewithal to provide the services under the Advisory Agreement with respect to each Fund. The Board also considered VALIC’s risk management processes. The Board further considered the significant risks assumed by VALIC in connection with the services provided to the Funds, including entrepreneurial risk in sponsoring new Funds and ongoing risks such as operational, reputational, liquidity, litigation, regulatory and compliance risks with respect to all Funds.

With respect to the services provided by the Sub-advisers, the Board considered information provided to them regarding the services provided by each Sub-adviser, including information presented throughout the previous year. The Board noted that each Sub-adviser (i) determines the securities to be purchased or sold on behalf of the Funds it manages as may be necessary in connection therewith; (ii) provides VALIC with records concerning its activities, which VALIC or the Funds are required to maintain; and (iii) renders regular reports to VALIC and to officers and Trustees of VC II concerning its discharge of the foregoing responsibilities. The Board reviewed each Sub-adviser’s history and investment experience as well as information regarding the qualifications, background and responsibilities of the Sub-adviser’s investment, compliance and other personnel who provide services to the Funds. The Board also took into account the financial condition of each Sub-adviser. The Board also considered each Sub-adviser’s brokerage practices and risk management processes.

The Board reviewed VALIC’s and SunAmerica’s compliance program and personnel. The Board also considered the performance of certain portions of the business continuity plan which have been invoked in response to the COVID-19 pandemic. The Board noted that SunAmerica is an affiliated company of VALIC and serves as the administrator to the Funds, as well as sub-advises certain VALIC Company I and VC II Funds. The Board also considered VALIC’s and each Sub-adviser’s regulatory history, including information regarding whether it was currently involved in any regulatory actions or investigations as well as material litigation.

The Board concluded that the scope and quality of the advisory services provided by VALIC and the Sub-advisers were satisfactory and that there was a reasonable basis on which to conclude that each would provide a high quality of investment services to the Funds.

¹  Effective June 7, 2010, Perkins became a sub-sub-adviser pursuant to a Sub-Sub-Advisory Agreement between Janus and Perkins. The Board’s consideration and approval of VALIC’s Investment Sub-Advisory Agreement with Janus included a consideration and approval of this Sub-Sub-Advisory Agreement.

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VALIC Company II

APPROVAL OF ADVISORY AGREEMENTS (unaudited) — (continued)

Fees and Expenses; Investment Performance. The Board received and reviewed information regarding each Fund’s total expenses, advisory and sub-advisory fees, and other expenses compared against the expenses and fees of the funds in its Expense Group/Universe and Sub-advisory Expense Universe and, in some cases as noted below, the Sub-advisory Expense Group. The Board noted that VALIC negotiates the sub-advisory fees with each of the unaffiliated Sub-advisers at arms-length. The Board also considered that the sub-advisory fees are paid by VALIC out of its advisory fees it receives from the Funds and is not paid by the Funds, and that sub-advisory fees may vary widely within the Sub-advisory Expense Group/Universe for various reasons, including market pricing demands, existing relationships, experience and success, and individual client needs. The Board noted the affiliation of SunAmerica with VALIC, noting any potential conflicts of interest. The Board also noted that VALIC annually waives a portion of its advisory fee and/or reimburses the expenses of certain of the Funds.

The Sub-advisers provided and the Board also considered expense information of comparable accounts managed by the Sub-advisers, as applicable, which accounts may include one or more of the following types of accounts: retail mutual funds, mutual funds sold through variable annuity and variable insurance products, and other institutional-type accounts.

The total expense information, advisory fee information, and sub-advisory fee information considered by the Board, among other fee and expense data, is summarized below. Expense ratio data included in the independent third-party report was based on unaudited data from the semi-annual report dated February 29, 2020.

The Board also received and reviewed information prepared by management and by an independent third-party regarding the Funds’ investment performance compared against their benchmarks and their respective Performance Groups/Universes. The Board noted that performance information provided by the independent third-party was for the period ended April 30, 2020, and that the benchmark information provided by management was through the period ended May 31, 2020. The Board also noted that it regularly reviews the performance of the Funds throughout the year. The Board further noted that, although it monitors the Funds’ performance closely, it generally attaches more importance to performance over relatively long periods of time, typically three to five years. The Board considered the following expense and performance information in its evaluation of each Fund:

• Aggressive Growth Lifestyle Fund (PineBridge). The Fund’s actual management fees were equal to the median of its Expense Group and below the median of its Expense Universe. The Fund’s total net expenses were below the medians of its Expense Group/Universe. The Board noted that the expense limitation on total expenses was extended contractually through December 31, 2021.

The Fund underperformed its Lipper peer index and the median of its Performance Universe for the one-, three- and five-year periods. The Fund underperformed the median of its Performance Group for the one- and three-year periods and outperformed the median of its Performance Group for the five-year period. The Fund underperformed its blended benchmark for the one-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.

• Capital Appreciation Fund (BMO AM). The Fund’s actual management fees, total net expenses and actual sub-advisory fees were below the medians of its Expense Group/Universe and Sub-advisory Expense Universe, as applicable. The Board noted that the expense limitation on total expenses was extended contractually through December 31, 2021.

The Fund underperformed its Lipper peer index and the median of its Performance Universe for the one-, three- and five-year periods. The Fund underperformed the median of its Performance Group for the one- and three-year periods and outperformed the median of its Performance Group for the five-year period. The Fund underperformed its benchmark for the one-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.

• Conservative Growth Lifestyle Fund (PineBridge). The Fund’s actual management fees were above the medians of its Expense Group/Universe. The Fund’s total net expenses were equal to the median of its Expense Group and below the median of its Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board noted the expense limitation on total expenses was extended contractually through December 31, 2021.

The Fund underperformed its Lipper peer index and the medians of its Performance Group/Universe for the one-, three- and five-year periods. The Fund underperformed its blended benchmark for the one-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.

• Core Bond Fund (PineBridge). The Fund’s actual management fees and total net expenses were equal to the medians of its Expense Group and above the medians of its Expense Universe. The Fund’s actual sub-advisory fees were equal to the median of its Sub-advisory Expense Group and below the median of its Sub-advisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board noted that the expense limitation on total expenses was extended contractually through December 31, 2021.

The Fund outperformed its Lipper peer index and the median of its Performance Group for the one-, three- and five-year periods. The Fund underperformed the median of its Performance Universe for the one-year period, equaled the median of its Performance Universe for the three-year period and outperformed the median of its Performance Universe for the five-year period. The Fund underperformed its benchmark for the one-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.

• Government Money Market II Fund (SunAmerica). The Fund’s actual management fees were above the medians of its Expense Group/Universe. The Fund’s total net expenses were below the median of its Expense Group and equal to the median of its Expense Universe. The Fund’s actual sub-advisory fees were below the median of its Sub-advisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board noted that the expense limitation on total expenses was extended contractually through December 31, 2021.

The Fund underperformed its Lipper peer index and the median of its Performance Universe for the one-, three- and five-year periods. The Fund outperformed the median of its Performance Group for the one-, three- and five-year periods. The Fund underperformed its benchmark for the one-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.

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VALIC Company II

APPROVAL OF ADVISORY AGREEMENTS (unaudited) — (continued)

• High Yield Bond Fund (Wellington Management). The Fund’s actual management fees and total net expenses were above the medians of its Expense Group/Universe. The Fund’s actual sub-advisory fees were below the median of its Sub-advisory Expense Group and above the median of its Sub-advisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board noted that the expense limitation on total expenses was extended contractually through December 31, 2021.

The Fund underperformed its Lipper peer index for the one-year period and outperformed its Lipper peer index for the three- and five-year periods. The Fund outperformed the median of its Performance Group for the one- and three-year periods and underperformed the median of its Performance Group for the five-year period. The Fund outperformed the median of its Performance Universe for the one-, three- and five-year periods. The Fund outperformed its benchmark for the one- and three- year periods and underperformed its benchmark for the five-year period. The Board took into account management’s discussion of the Fund’s performance.

• International Opportunities Fund (MFS/Delaware). The Fund’s actual management fees were below the medians of its Expense Group/Universe. The Fund’s total net expenses were below the median of its Expense Group and equal to the median of its Expense Universe. The Fund’s actual sub-advisory fees were below the median of its Sub-advisory Expense Universe. The Board noted that the expense limitation on total expenses was extended contractually through December 31, 2021.

The Fund outperformed the median of its Performance Group for the one-, three- and five-year periods. The Fund underperformed the median of its Performance Universe for the one-year period and outperformed the median of its Performance Universe for the three- and five-year periods. The Fund outperformed its benchmark for the one-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.

• Large Cap Value Fund (Janus/Perkins/Mellon). The Fund’s actual management fees, total net expenses and actual sub-advisory fees were below the medians of its Expense Group/Universe and Sub-advisory Expense Group/Universe, as applicable.

The Fund underperformed its Lipper peer index and the median of its Performance Universe for the one-, three- and five-year periods. The Fund underperformed the median of its Performance Group for the one-year period and outperformed the median of its Performance Group for the three- and five-year periods. The Fund underperformed its benchmark for the one-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.

• Mid Cap Growth Fund (Wellington Management). The Fund’s actual management fees were above the medians of its Expense Group/Universe. The Fund’s total net expenses were below the median of its Expense Group and above the median of its Expense Universe. The Fund’s actual sub-advisory fees were above the median of its Sub-advisory Expense Group and below the median of its Sub-advisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board noted that the expense limitation on total expenses was extended contractually through December 31, 2021.

The Fund underperformed its Lipper peer index and the medians of its Performance Group/Universe for the one-, three- and five-year periods. The Fund outperformed its benchmark for the one-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.

• Mid Cap Value Fund (Wellington Management/Boston Partners). The Fund’s actual management fees were equal to the median of its Expense Group and below the median of its Expense Universe. The Fund’s total net expenses were below the medians of its Expense Group/Universe. The Fund’s actual sub-advisory fees were above the median of its Sub-advisory Expense Group and equal to the median of its Sub-advisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses, including actions to reduce the Fund’s expenses through fee waivers. The Board noted that the expense limitation on total expenses was extended contractually through December 31, 2021.

The Fund outperformed its Lipper peer index for the one-, three- and five-year periods. The Fund equaled the median of its Performance Group for the one-year period and outperformed the median of its Performance Group for the three- and five-year periods. The Fund underperformed the median of its Performance Universe for the one-year period and outperformed the median of its Performance Universe for the three- and five-year periods. The Fund outperformed its benchmark for the one-year period and underperformed its benchmark for the three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.

• Moderate Growth Lifestyle Fund (PineBridge). The Fund’s actual management fees were above the medians of its Expense Group/Universe. The Fund’s total net expenses were equal to the median of its Expense Group and below the median of its Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board noted that the expense limitation on total expenses was extended contractually through December 31, 2021.

The Fund underperformed its Lipper peer index for the one-, three- and five-year periods. The Fund underperformed the median of its Performance Group for the one-year period and equaled the median of its Performance Group for the three- and five-year periods. The Fund underperformed the median of its Performance Universe for the one- and three-year periods and equaled the median of its Performance Universe for the five-year period. The Fund underperformed its blended benchmark for the one-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.

• Small Cap Growth Fund (JPMIM). The Fund’s actual management fees were above the medians of its Expense Group/Universe. The Fund’s total net expenses were below the median of its Expense Group and above the median of its Expense Universe. The Fund’s actual sub-advisory fees were below the median of its Sub-advisory Expense Group and above the median of its Sub-advisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses, including recent actions to reduce the Fund’s expenses through fee waivers. The Board noted that the expense limitation on total expenses was extended contractually through December 31, 2021.

The Fund outperformed its Lipper peer index and the medians of its Performance Group/Universe for the one-, three- and five-year periods. The Fund outperformed its benchmark for the one-, three- and five-year periods.

• Small Cap Value Fund (JPMIM). The Fund’s actual management fees were above the medians of its Expense Group/Universe. The Fund’s total net expenses were above the median of its Expense Group and equal to the median of its Expense Universe. The Fund’s actual sub-advisory fees were equal to the medians of its Sub-advisory Expense Group/Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board noted that the expense limitation on total expenses was extended contractually through December 31, 2021.

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VALIC Company II

APPROVAL OF ADVISORY AGREEMENTS (unaudited) — (continued)

The Fund underperformed its Lipper peer index and the medians of its Performance Group/Universe for the one-, three- and five-year periods. The Fund underperformed its benchmark for the one-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.

• Strategic Bond Fund (PineBridge). The Fund’s actual management fees and total net expenses were below the medians of its Expense Group/Universe. The Fund’s actual sub-advisory fees were above the median of its Sub-advisory Expense Universe. The Board took into account management’s discussion of the Fund’s expenses. The Board noted that the expense limitation on total expenses was extended contractually through December 31, 2021.

The Fund outperformed its Lipper peer index and the medians of its Performance Group/Universe for the one-, three- and five-year periods. The Fund underperformed its benchmark for the one-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.

• U.S. Socially Responsible Fund (SunAmerica). The Fund’s actual management fees, total net expenses and actual sub-advisory fees were below the medians of its Expense Group/Universe and Sub-advisory Expense Group/Universe, as applicable.

The Fund outperformed its Lipper peer index and the median of its Performance Universe for the one-, three- and five-year periods. The Fund underperformed the median of its Performance Group for the one-year period, equaled the median of its Performance Group for the three-year period and outperformed the median of its Performance Group for the five-year period. The Fund underperformed its benchmark for the one-, three- and five-year periods. The Board took into account management’s discussion of the Fund’s performance.

The Board considered management’s discussion of each Fund’s expenses and performance and concluded that each Fund’s overall performance was satisfactory in light of the circumstances or was being appropriately addressed by management. The Board concluded that the advisory fee and sub-advisory fee for each Fund are fair and reasonable in light of the usual and customary charges made for services of the same nature and quality and the other factors considered.

Cost of Services and Indirect Benefits/Profitability. The Board was provided information related to the cost of services and profits realized in connection with the Advisory Agreement. The Board considered the costs that are borne by the Funds. For its services, VALIC receives a fee, payable monthly from each Fund in an amount that is calculated as a percentage of the average monthly net assets of the respective Fund.

The Board was previously apprised that VALIC generally reviews a number of factors in determining appropriate sub-advisory fee levels. Such factors may include a review of (1) style class peers primarily within the variable annuity and qualified plan universe; (2) key competitor analysis; (3) analysis of the strategies managed by the sub-advisers; (4) product suitability; and (5) special considerations such as competitor sub-account characteristics, uniqueness of the product and prestige of the manager.

The Board considered that VALIC, or its affiliates, receives benefits in addition to the advisory fee to be paid by the Funds, which include transfer agency fees, administrative services fees, and sub-advisory fees. The Board also considered that the transfer agency fees are paid by the Funds for the provision of recordkeeping and shareholder services to contract owners and participants. The transfer agency services are provided for a flat fee based on the estimated cost of providing such services, and the payment for such services is allocated to each Fund based on the number of accounts serviced. The Board also considered that VC II pays SunAmerica, an affiliate of VALIC, an annual fee based on each Fund’s average daily net assets, for the provision of certain accounting and administrative services. Out of the fee SunAmerica receives from the Funds, SunAmerica compensates VALIC for certain administrative services, and the Funds’ custodian, State Street Bank and Trust Company, for calculation of the daily net asset value. The Board also noted that SunAmerica receives sub-advisory fees for those Funds for which it serves as sub-adviser. The Board also considered that VC II pays VALIC an annual fee of 0.25% on average daily net assets of each Fund (other than the Lifestyle Funds) pursuant to a Shareholder Services Agreement.

The Board also considered that VALIC may exclude from its taxable income a portion of the ordinary dividends paid by underlying U.S. equities in the Funds to the same extent the Funds receive certain dividends with respect to shares of stock issued by domestic corporations, subject to applicable tax laws and regulations. In addition, the Board noted that VALIC may receive foreign tax credits with respect to certain foreign securities held or to be held in certain Funds that benefit VALIC. The Board noted that these benefits can be material. The Board also noted that VALIC and its affiliates may receive revenue sharing payments from certain sub-advisers to the Funds in connection with certain administrative, marketing and other servicing activities, which payments help offset costs for education, marketing activities and training to support sales of the Funds, including sales through variable annuity contracts and variable life insurance policies (“Variable Contracts”) issued by VALIC, as well as occasional gifts, entertainment or other compensation as incentives. The Board further noted that VALIC, as adviser to the Funds, also makes certain payments to its affiliated life insurers (collectively, the “Life Companies”) for certain administrative services rendered to the Variable Contract owners/policyholders who allocate all or a portion of their purchase payments to one or more of the Funds. In addition, the Board considered that, because shares of the Funds are offered as investment options through Variable Contracts issued by VALIC and Life Companies, the investment objectives, strategies and performance of the Funds may positively or negatively impact a Life Company’s ability to hedge and the related hedging costs associated with guarantees that the Life Company may provide as the issuer of the Variable Contracts.

In considering the profitability to VALIC and its affiliates in connection with their relationship with the Funds, the Board reviewed information provided by VALIC setting forth the revenues and other benefits, both direct and indirect, received by VALIC and its affiliates attributable to managing each Fund, the cost of providing such services and the resulting profitability to VALIC and its affiliates from these relationships. The Board also reviewed VALIC’s profitability on a Fund-by-Fund basis, as well as an Investment Management Profitability Analysis prepared by an independent information service, Broadridge, noting that VALIC’s profitability was generally in the range of the profitability of companies contained in the report. The Board received and reviewed information prepared by VALIC that reflects an allocation of costs that result in a reasonable determination of profitability of VALIC and its affiliates, as adviser, as transfer agent and/or as shareholder servicing agent, as applicable. The Board further considered the amount of sub-advisory fees paid out by VALIC and the amount of the advisory fees that it retained and determined that these amounts were reasonable in light of the services performed by VALIC and the sub-advisers, respectively. In addition, the Board considered the profitability of SunAmerica in its role as the administrator of the Funds and as sub-adviser to certain Funds. The Board concluded that the profitability to VALIC and its affiliates from their relationship with the Funds was reasonable.

In considering the profitability to the Sub-advisers in connection with their relationship to the Funds, the Trustees noted that the fees under the Sub-Advisory Agreements are paid by VALIC out of the advisory fees that VALIC receives under the Advisory Agreement. With respect to the unaffiliated Sub-advisers, the Board also relied on the ability of VALIC to negotiate the Sub-Advisory Agreements and the fees thereunder at arm’s length.

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VALIC Company II

APPROVAL OF ADVISORY AGREEMENTS (unaudited) — (continued)

For each of the above reasons, the Trustees determined that the profitability to the Sub-advisers from their relationship with the Funds was not a material factor in their deliberations with respect to consideration of approval of the Investment Sub-Advisory Agreements.

Economies of Scale. The Board noted that the advisory fee rate and sub-advisory fee rates payable to VALIC and each of the Sub-advisers with respect to most of the Funds contain breakpoints, which allow the Funds to participate in any economies of scale. The Board also took into account management’s discussion of the Funds’ advisory fee and sub-advisory fee structure, including with respect to the Funds that do not currently have breakpoints. The Board also considered the effect of each Fund’s growth and size on its performance and fees, noting that if the Funds’ assets increase over time, the Funds may realize other economies of scale if assets increase proportionally more than expenses. The Board further noted that VALIC has agreed to cap the total annual operating expenses of certain Funds. The Board also observed that expense caps and fee waivers benefitted shareholders by limiting total fees even in the absence of breakpoints. The Board concluded that no changes to the advisory fee structure of the Funds were necessary.

For similar reasons as stated above with respect to the Sub-advisers’ profitability and the costs of their providing services, the Board concluded that the potential for economies of scale in the Sub-advisers’ management of the Funds are not a material factor to the approval of the Sub-advisory Agreements, although it was noted that most of the Funds have breakpoints at the sub-advisory fee level.

Terms of the Advisory Contracts. The Board reviewed the terms of the Advisory Contracts including the duties and responsibilities undertaken. The Board also reviewed the terms of payment for services rendered by VALIC and the Sub-advisers and noted that VALIC would compensate the Sub-advisers out of the advisory fees it receives from the Funds. The Board noted that the Sub-Advisory Agreements provide that each Sub-adviser will pay all of its own expenses in connection with the performance of their respective duties as well as the cost of maintaining the staff and personnel as necessary for it to perform its obligations. The Board also considered the termination and liability provisions of the Advisory Contracts and other terms contained therein. The Board concluded that the terms of each of the Advisory Contracts were reasonable.

Compliance. The Board reviewed VALIC’s and the Sub-advisers’ compliance personnel and regulatory history, including information whether they were currently involved in any regulatory actions or investigations. In addition, the Board reviewed information concerning each entity’s compliance staff that would be responsible for providing compliance functions on behalf of the Funds and concluded that there was no information provided that would have a material adverse effect on their abilities to provide services to the Funds.

Conclusions. In reaching its decision to approve the Advisory Contracts, the Board did not identify any single factor as being controlling, but based its recommendation on each of the factors it considered. Each Trustee may have contributed different weight to the various factors. Based upon the materials reviewed, the representations made and the considerations described above, and as part of their deliberations, the Board, including the Independent Trustees, concluded that VALIC and each Sub-adviser possess the capability and resources to perform the duties required of them under their respective Advisory Contracts.

Further, based upon its review of the Advisory Contracts, the materials provided, and the considerations described above, the Board, including the Independent Trustees, concluded that (1) the terms of the Advisory Contracts are reasonable, fair and in the best interests of each of the Funds and its respective shareholders, and (2) the fee rates payable under the Advisory Contracts are fair and reasonable in light of the usual and customary charges made for services of the same nature and quality.

174

VALIC Company II

TRUSTEE AND OFFICER INFORMATION — August 31, 2020 (unaudited)

Name, Age and Address at August 31, 2020*	Position Held With VALIC Complex	Term of Office and Length of Time Served(4)		Principal Occupations During Past Five Years	Number of Funds in Fund Complex Overseen by Trustee(2)		Other Directorships Held by Trustee(3)
Independent Trustees
Thomas J. Brown Age: 74	Trustee		2005- Present	Retired		49	Trustee, Virtus Funds (2011-Present).
Dr. Judith L. Craven Age: 74	Trustee		1998- Present	Retired		73	Director, A.G. Belo Corporation, a media company (1992-2014); Director, SYSCO Corporation, a food marketing and distribution company (1996-2017); Director, Luby’s Inc. (1998-2019).
Dr. Timothy J. Ebner Age: 71	Trustee		1998- Present	Professor and Head, Department of Neuroscience Medical School (1980-Present), and University of Minnesota 1999-2013, Pickworth Chair (2000-Present); Scientific Director, Society for Research on the Cerebellum (2008-Present); President, Association of Medical School Neuroscience Department Chairpersons (2011-2014).		49	Trustee, Minnesota Medical Foundation (2003-2013).
Judge Gustavo E. Gonzales, Jr. Age: 80	Trustee		1998- Present	Semi-Retired. Attorney At Law, Criminal Defense and General Practice (2004-2014). Retired Municipal Court Judge, Dallas, TX (since 2004).		49	None.
Kenneth J. Lavery Age: 70	Chairman and Trustee(5)		2001- Present	Retired, Vice President, Massachusetts Capital Resources Co. (1982-2013).		49	None.
Dr. John E. Maupin, Jr. Age: 73	Trustee		1998- Present	Retired, President, Morehouse School of Medicine, Atlanta, Georgia (2006-2014).		49	Director, HealthSouth, Corporation, rehabilitation health care services (2004-Present); Director, Regions Financials Inc., bank holding company (2007-2019); Director, LifePoint Hospitals, Inc., hospital management (1999-2018).
Interested Trustees
Peter A. Harbeck(1) Age: 66	Trustee		2001- Present	Retired June 2019; formerly President, CEO (1997-2019) and Director (1992-2019), SunAmerica (1995-2019); Director, AIG Capital Services, Inc. (“ACS”) (1993-2019); Chairman, President and CEO, Advisor Group, Inc. (2004-2016)		73	None.
Eric S. Levy Age: 55(1)	Trustee		2017- Present	Executive Vice President, VALIC (2015-Present); Executive Vice President, Group Retirement, AIG (2015-Present); and Senior Vice President, Lincoln Financial Group (2010-2015).		49	None
Officers
John T. Genoy Age: 51	President and Principal Executive Officer		2014- Present	Chief Financial Officer (2002-Present), Senior Vice President, (2004-Present), Chief Operating Officer (2006-Present) and Director (2014-Present), SunAmerica.		N/A	N/A
Sharon French Age: 55	Executive Vice President		2019- Present	President and CEO of SunAmerica (since 2019); Vice President of AIG (since 2019); Executive Vice President and Head of Beta Solutions, Oppenheimer Funds (2016-2019); President, FSquared Capital, LLC (financial services) (2013-2015).		N/A	N/A

175

VALIC Company II

TRUSTEE AND OFFICER INFORMATION — August 31, 2020 (unaudited) — (continued)

Name, Age and Address at August 31, 2020*	Position Held With VALIC Complex	Term of Office and Length of Time Served(4)		Principal Occupations During Past Five Years	Number of Funds in Fund Complex Overseen by Trustee(2)		Other Directorships Held by Trustee(3)
Officers
John Packs Age: 64	Vice President and Senior Investment Officer		2001- Present	Senior Investment Officer, VALIC (2001-2013); Senior Vice President, SunAmerica (2008-Present).		N/A	N/A
Gregory R. Kingston Age: 54	Treasurer and Principal Financial Officer		2000- Present	Vice President (2001-Present) and Head of Mutual Fund Administration (2014-Present), SunAmerica.		N/A	N/A
Gregory N. Bressler Age: 53	Vice President		2005- Present	Senior Vice President, General Counsel (2005-Present) and Assistant Secretary (2013-Present), SunAmerica.		N/A	N/A
Christopher C. Joe Age: 51	Chief Compliance Officer		2017 to Present	Chief Compliance Officer, SunAmerica Fund Complex (2017-Present); Chief Compliance Officer, VALIC Retirement Services Company (2017-Present); Chief Compliance Officer, Invesco PowerShares (2012-2017); Chief Compliance Officer, Invesco Investment Advisers, LLC (2010-2013); U.S. Compliance Director, Invesco Ltd. (2006-2014); Deputy Chief Compliance Officer, Invesco Advisers, LLC (2014-2015).		N/A	N/A
Matthew J. Hackethal Age: 48	Anti-Money Laundering (“AML”) Compliance Officer		2007- Present	Chief Compliance Officer (2006-Present), Vice President (2011-Present) and Acting Chief Compliance Officer (2016-2017) SunAmerica; AML Compliance Officer, SunAmerica Fund Complex (2006-Present).		N/A	N/A
Thomas M. Ward Age: 53	Vice President		2008- Present	Vice President (2009-Present), VALIC and VALIC Financial Advisors, Inc.		N/A	N/A
Kathleen D. Fuentes Age: 51	Chief Legal Officer, Vice President and Secretary		2015- Present	Vice President and Deputy General Counsel, SunAmerica (2006-Present).		N/A	N/A
Shawn Parry Age: 48	Vice President and Assistant Treasurer		2014- Present	Vice President (2014-Present) and Assistant Vice President (2005-2014), SunAmerica.		N/A	N/A
Donna McManus Age: 59	Vice President and Assistant Treasurer		2014- Present	Vice President, SunAmerica (2014-Present); Managing Director, BNY Mellon (2009-2014).		N/A	N/A

* The business address for each Trustee and Officer is, 2929 Allen Parkway, Houston, TX, 77019.

(1) Mr. Harbeck is considered to be an “interested trustee,” because Mr. Harbeck owns shares of American International Group, Inc., the ultimate parent of the Adviser. Until his retirement on June 28, 2019, he served as President, CEO and Director of SunAmerica and Director of ACS. Mr. Levy is considered to be an interested trustee because he serves as an officer of the Advisor and AIG, the Advisor’s ultimate parent company.

(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 (15 funds), SunAmerica Specialty Series (6 funds), SunAmerica Equity Funds (2 funds), SunAmerica Income Funds (3 funds), SunAmerica Money Market Funds, Inc. (1 fund), SunAmerica Senior Floating Rate Fund, Inc. (1 fund), SunAmerica Series, Inc. (6 funds), Anchor Series Trust (4 portfolios), Seasons Series Trust (19 portfolios), SunAmerica Series Trust (60 portfolios), and VALIC Company I (34 funds).

(3) Directorships of companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e. “public companies”) or other investment companies registered under the 1940 Act.

(4) Trustees serve until their successors are duly elected and qualified.

(5) Effective January 1, 2019, Mr. Lavery became Chairman of the Board.

Additional Information concerning the Trustees and Officers is contained in the Statement of Additional Information and is available without charge by calling 1-800-448-2542.

176

VALIC Company II

SHAREHOLDERS TAX INFORMATION — August 31, 2020 (unaudited)

Certain tax information regarding the VALIC Company II is required to be provided to the shareholders based upon each Fund’s income and capital gain distributions for the taxable year ended August 31, 2020.

During the year ended August 31, 2020, the Funds paid the following long-term capital gains 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	$	31,582,812	$	186,095	$	1,638,567		25.92	%
Capital Appreciation		3,362,082		—		—		100.00
Conservative Growth Lifestyle		4,727,595		70,175		509,867		13.46
Core Bond		—		—		—		0.06
Government Money Market II		—		—		—		—
High Yield Bond		—		—		—		0.75
International Opportunities		9,589,309		530,012		3,452,793		1.93
Large Cap Value		11,750,397		—		—		100.00
Mid Cap Growth		9,498,511		—		—		100.00
Mid Cap Value		42,672,741		—		—		100.00
Moderate Growth Lifestyle		41,673,422		226,417		1,774,607		23.24
Small Cap Growth		21,482,499		—		—		46.66
Small Cap Value		8,997,808		—		—		100.00
Strategic Bond		—		—		—		0.35
U.S. Socially Responsible		122,063,327		—		—		95.55

* The Funds make an election under the Internal Revenue Code Section 853 to pass through foreign taxes paid to the shareholders.

177

VALIC Company II

COMPARISONS: FUNDS VS. INDEXES (unaudited)

In the following pages, we have included graphs that compare each 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 II 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 contracts or variable life insurance policies (collectively, the “Contracts”), qualifying employer-sponsored retirement plans (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.

178

VALIC Company II Aggressive Growth Lifestyle Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with PineBridge Investments, LLC

For the twelve-months ended August 31, 2020, the Aggressive Growth Lifestyle Fund returned 9.91%, compared to 21.94% for the S&P 500^® Index and 13.14% for the blended index. The blended index is comprised of 54% Russell 3000^® Index, 13% MSCI EAFE Index (net), 25% Bloomberg Barclays 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.

During the Period:

• In aggregate, asset allocations relative to that of the Benchmark detracted from Fund return relative to Benchmark return.

• The following contributed to Fund return relative to Benchmark return:

^O  VC I Stock Index Fund; VC I Science & Technology Fund; VC II Capital Appreciation Fund

• The following detracted from Fund return relative to Benchmark return:

^O  VC I Dividend Value Fund; VC I International Equities Index Fund; VC I Global Real Estate Fund

179

VALIC Company II Aggressive Growth Lifestyle Fund

COMPARISON: FUND VS. INDEX (unaudited) — (continued)

For the year ended August 31, 2020, the Aggressive Growth Lifestyle Fund returned 9.91% compared to 21.94% for the S&P 500^® Index and 13.14% for the Blended Index.

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

** The Fund’s Blended Index consists of the Russell 3000^® Index (54%), MSCI EAFE Index (net) (13%), the Bloomberg Barclays 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 Barclays U.S. Aggregate Bond Index is an unmanaged index that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage- and asset-backed securities and commercial mortgage-backed securities.

† The 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 August 31, 2020
1 Year	5 Years	10 Years
9.91%	7.69%	9.35%

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.

180

VALIC Company II Capital Appreciation Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with BMO Asset Management Corp.

The Capital Appreciation Fund posted a return of 29.44% for the twelve-month period ending August 31, 2020, compared to a return of 44.34% for the Russell 1000^® Growth Index.

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 the Benchmark return.

• The following contributed to Fund return relative to Benchmark return:

^O  Allocations in the following sector(s): energy; materials

^O  Security selection in the following sector(s): health care; energy

^O  Position weighting(s): Horizon Therapeutics PLC; Fortinet, Inc.; Comcast Corp.

• The following detracted from Fund return relative to Benchmark return:

^O  Allocations in the following sector(s): consumer discretionary; industrials

^O  Security selection in the following sector(s): information technology; consumer discretionary

^O  Position weighting(s): Apple Inc.; MGM Resorts International; Expedia Group, Inc.

For the year ended August 31, 2020, the Capital Appreciation Fund returned 29.44% compared to 44.34% 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.

Average Annual Total Return as of August 31, 2020
1 Year	5 Years	10 Years
29.44%	15.33%	15.58%

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the 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.

181

VALIC Company II Conservative Growth Lifestyle Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with PineBridge Investments, LLC

For the twelve-months ended August 31, 2020, the Conservative Growth Lifestyle Fund returned 8.14%, compared to 21.94% for the S&P 500^® Index and 9.90% for the blended index. The blended index is comprised of 24% Russell 3000^® Index, 8% MSCI EAFE Index (net), 65% Bloomberg Barclays 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.

During the Period:

• In aggregate, asset allocations relative to that of the Benchmark detracted from Fund return relative to Benchmark return.

• The following contributed to Fund return relative to Benchmark return:

^O  Allocations to the following fund(s): VC I Stock Index Fund; VC II Core Bond Fund; VC I Science & Technology Fund

• The following detracted from Fund return relative to Benchmark return:

^O  Allocations to the following fund(s): VC I Dividend Value Fund; VC I International Equities Index Fund; VC I Global Real Estate Fund

182

VALIC Company II Conservative Growth Lifestyle Fund

COMPARISON: FUND VS. INDEX (unaudited) — (continued)

For the year ended August 31, 2020, the Conservative Growth Lifestyle Fund returned 8.14% compared to 21.94% for the S&P 500^® Index and 9.90% 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 Fund’s Blended Index consists of the Russell 3000^® Index (24%), MSCI EAFE Index (net) (8%), the Bloomberg Barclays 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 Barclays U.S. Aggregate Bond Index is an unmanaged index that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage- and asset-backed securities and commercial mortgage-backed securities.

† The 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 August 31, 2020
1 Year	5 Years	10 Years
8.14%	5.70%	6.56%

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.

183

VALIC Company II Core Bond Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with PineBridge Investments, LLC.

The Core Bond Fund posted a return of 7.05% for the twelve-month period ending August 31, 2020, compared to a return of 6.47% for the Bloomberg Barclays U.S. Aggregate Bond Index.

During the Period:

• In aggregate, sector allocations relative to those of the Benchmark contributed to 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:

^O  Allocations in the following sector(s): industrials; US and non-US government bonds; financials

^O  Security selection in the following sector(s): industrials; financials

• The following detracted from Fund return relative to Benchmark return:

^O  Allocations in the following sector(s): commercial mortgage-backed securities; collateralized mortgage obligations

^O  Security selection in the following sector(s): commercial mortgage-backed securities

For the year ended August 31, 2020, the Core Bond Fund returned 7.05% compared to 6.47% for the Bloomberg Barclays U.S. Aggregate Bond Index.

* The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage- and asset-backed securities and commercial mortgage-backed securities.

Average Annual Total Return as of August 31, 2020
1 Year	5 Years	10 Years
7.05%	4.43%	3.99%

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.

184

VALIC Company II Government Money Market II Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with SunAmerica Asset Management, LLC

The Government Money Market II Fund posted a return of 0.63% for the twelve-month period ending August 31, 2020, compared to a return of 1.18% for the FTSE Treasury Bill 3 Month Index.*

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:

^O  Allocations in the following sector(s): US Agency securities

• The following detracted from Fund return relative to Benchmark return:

^O  Allocations in the following sector(s): US Treasury securities

* The FTSE Treasury Bill 3 Month Index measures monthly performance of 90-day U.S. Treasury Bills.

Indices are not managed and an investor cannot invest directly into an index.

Average Annual Total Return as of August 31, 2020
1 Year	5 Years	10 Years
0.63%	0.69%	0.35%

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.

185

VALIC Company II High Yield Bond Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with Wellington Management Company LLP

The High Yield Bond Fund posted a return of 5.01% for the twelve-month period ending August 31, 2020, compared to its benchmark, the FTSE US High-Yield Market Index, which returned 4.04%.

During the Period:

• In aggregate, sector allocations relative to those of the Benchmark detracted 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 the Benchmark return.

• The following contributed to Fund return relative to Benchmark return:

^O  Allocations in the following sector(s): transportation; information technology; leisure

^O  Security selection in the following sector(s): pharmaceuticals; energy; financials

^O  Position weighting(s): Endo Dac/Endo Financial LLC/Endo Finco, Inc.; Hertz Vehicle Financing II LP; HCA Healthcare, Inc.

• The following detracted from Fund return relative to Benchmark return:

^O  Allocations in the following sector(s): energy; gaming; automotive

^O  Security selection in the following sector(s): metals/mining; environmental technologies; information technology

^O  Position weighting(s): Centennial Resource Production, Inc.; Revlon Consumer Products Corp.; Transocean, Inc.

For the year ended August 31, 2020, the High Yield Bond Fund returned 5.01% compared to 4.04% for the FTSE US High-Yield Market Index.

* 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 August 31, 2020
1 Year	5 Years	10 Years
5.01%	5.81%	6.12%

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the 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.

186

VALIC Company II International Opportunities Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

The International Opportunities Fund posted a return of 15.03% for the twelve-month period ending August 31, 2020, compared to a return of 10.66% for the MSCI EAFE Small 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 contributed from Fund return relative to Benchmark return.

• In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark detracted Fund return relative to the Benchmark return.

• In aggregate, exposure to the following country(ies) relative to those of the Benchmark detracted from Fund return relative to Benchmark return.

• In aggregate, holding of cash and/or cash equivalents detracted from Fund return relative to Benchmark return.

• The following contributed to Fund return relative to Benchmark return:

^O  Allocations in the following sector(s): REITs; energy; information technology

^O  Security selection in the following sector(s): industrials; REITs; materials

^O  Position weighting(s): OBIC, Inc.; SG Holdings Co., Inc.; Cellnex Telecom SA

^O  Exposure(s) to the following country(ies): Taiwan; Germany; United Kingdom

• The following detracted from Fund return relative to Benchmark return:

^O  Allocations in the following sector(s): health care; consumer discretionary; utilities

^O  Security selection in the following sector(s): consumer discretionary; financials; health care

^O  Position weighting(s): Amadeus IT Group SA; Compass Group PLC; Hiscox, Ltd.

^O  Exposure(s) to the following country(ies): Sweden; Japan; Switzerland

^O  Exposure(s) to the following currency(ies): Brazilian Real; Sweden Krona; Indian Rupee

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 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 the Benchmark return.

• In aggregate, exposure to the following country(ies) relative to those of the Benchmark contributed to Fund return relative to Benchmark return.

• The following contributed to Fund return relative to Benchmark return:

^O  Allocations in the following sector(s): information technology; REITs; financials

^O  Security selection in the following sector(s): industrials; consumer discretionary; information technology

^O  Position weighting(s): Evolution Gaming Group; Daifuku Co., Ltd.; SolarEdge Technologies, Inc.

^O  Exposure(s) to the following country(ies): Canada; United States; China

• The following detracted from Fund return relative to Benchmark return:

^O  Allocations in the following sector(s): energy; health care; consumer discretionary

^O  Security selection in the following sector(s): consumer staples; financials; health care

^O  Position weighting(s): BW Offshore, Inc.; Israel Discount Bank, Ltd.; Alten SA

^O  Exposure(s) to the following country(ies): Brazil; Chile; Switzerland

187

VALIC Company II International Opportunities Fund

COMPARISON: FUND VS. INDEX (unaudited) — (continued)

For the year ended August 31, 2020, the International Opportunities Fund returned 15.03% compared to 10.66% for the MSCI EAFE Small Cap Index (net).

* The MSCI EAFE Small Cap Index (net) is an unmanaged index considered representative of small-cap stocks of Europe, Australasia and the Far East. 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 August 31, 2020
1 Year	5 Years	10 Years
15.03%	8.79%	8.24%

Past performance is not predictive of future performance. The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted.

The Fund’s returns reflect investment management fees and other Fund expenses. Charges imposed by the 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.

188

VALIC Company II Large Cap Value Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

The Large Cap Value Fund posted a return of -1.45% for the twelve-month period ending August 31, 2020, compared to a return of 0.84% for the Russell 1000^® Value Index.

A discussion with Janus Capital Management LLC – regarding their portion of the Fund (the “portfolio”)

During the Period:

• In aggregate, sector allocations relative to those of the Benchmark detracted from portfolio return relative to Benchmark return.

• In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark detracted from portfolio return relative to the Benchmark return.

• The following contributed to portfolio return relative to Benchmark return:

^O  Allocations in the following sector(s): information technology; materials; energy

^O  Security selection in the following sector(s): information technology; communication services; energy

^O  Position weighting(s): Citrix Systems, Inc.; Exxon Mobil Corp.; United Parcel Service, Inc.

• The following detracted from portfolio return relative to Benchmark return:

^O  Allocations in the following sector(s): consumer staples; financials; REITs

^O  Security selection in the following sector(s): financials; materials; utilities

^O  Position weighting(s): Hartford Financial Services Group, Inc.; US Bancorp; Equity Residential

A discussion with Mellon Investments Corporation – regarding their portion of the Fund (the “portfolio”)

During the Period:

• In aggregate, sector allocations relative to those of the Benchmark contributed from portfolio return relative to Benchmark return.

• In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark detracted to portfolio return relative to the Benchmark return.

• The following contributed to portfolio return relative to Benchmark return:

^O  Allocations in the following sector(s): information technology; REITs; materials

^O  Security selection in the following sector(s): financials; energy; communication services

^O  Position weighting(s): Freeport-McMoRan, Inc.; Morgan Stanley; Lowe’s Cos., Inc.

• The following detracted from portfolio return relative to Benchmark return:

^O  Allocations in the following sector(s): financials; energy; communication services

^O  Security selection in the following sector(s): health care; materials; utilities

^O  Position weighting(s): Delta Air Lines, Inc.; Raytheon Technologies Corp.; CF Industries Holdings, Inc.

189

VALIC Company II Large Cap Value Fund

COMPARISON: FUND VS. INDEX (unaudited) — (continued)

For the year ended August 31, 2020, the Large Cap Value Fund returned -1.45% as compared to 0.84% for the Russell 1000^® Value Index.

* The Russell 1000^® Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.

Average Annual Total Return as of August 31, 2020
1 Year	5 Years	10 Years
-1.45%	6.55%	10.42%

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.

190

VALIC Company II Mid Cap Growth Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with Wellington Management Company LLP

The Mid Cap Growth Fund posted a return of 9.04% for the twelve-month period ending August 31, 2020, compared to a return of 4.22% for the S&P MidCap 400^® Index.

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 to Fund return relative to the Benchmark return.

• The following contributed to Fund return relative to Benchmark return:

^O  Allocations in the following sector(s): REITs; health care; information technology

^O  Security selection in the following sector(s): REITs; industrials; financials

^O  Position weighting(s): Wayfair, Inc.; Redfin Corp.; Etsy, Inc.

• The following detracted from Fund return relative to Benchmark return:

^O  Allocations in the following sector(s): consumer discretionary; consumer staples; communication services

^O  Security selection in the following sector(s): information technology; health care; consumer staples

^O  Position weighting(s): Reata Pharmaceuticals, Inc.; WEX, Inc.; Domino’s Pizza

For the year ended August 31, 2020, the Mid Cap Growth Fund returned 9.04% compared to 4.22% 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.

Average Annual Total Return as of August 31, 2020
1 Year	5 Years	10 Years
9.04%	11.38%	12.07%

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.

191

VALIC Company II Mid Cap Value Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

The Mid Cap Value Fund posted a return of -4.12% for the twelve-month period ending August 31, 2020, compared to a return of -1.30% for the Russell Midcap^® Value Index.

A discussion with Wellington Management Company LLP – regarding their portion of the Fund (the “portfolio”)

During the Period:

• In aggregate, sector allocations relative to those of the Benchmark contributed from portfolio return relative to Benchmark return.

• In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark detracted from portfolio return relative to the Benchmark return.

• In aggregate, holding of cash and/or cash equivalents contributed to Fund return relative to Benchmark return.

• The following contributed to portfolio return relative to Benchmark return:

^O  Allocations in the following sector(s): information technology; energy; materials

^O  Security selection in the following sector(s): information technology; health care; REITs

^O  Position weighting(s): Lumentum Holdings, Inc.; Molina Healthcare, Inc.; Fortune Brands Home & Security, Inc.

• The following detracted from portfolio return relative to Benchmark return:

^O  Allocations in the following sector(s): financials; consumer staples; communication services

^O  Security selection in the following sector(s): energy; communication services; financials

^O  Position weighting(s): Diamondback Energy, Inc.; Carpenter Technology; Noble Energy, Inc.

A discussion with Boston Partners – regarding their portion of the Fund (the “portfolio”)

During the Period:

• In aggregate, sector allocations relative to those of the Benchmark contributed from portfolio return relative to Benchmark return.

• In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark detracted to portfolio return relative to the Benchmark return.

• The following contributed to portfolio return relative to Benchmark return:

^O  Allocations in the following sector(s): information technology; REITs; industrials

^O  Security selection in the following sector(s): communication services

^O  Position weighting(s): Kansas City Southern; AMETEK, Inc.; Eaton Corp. PLC

• The following detracted from portfolio return relative to Benchmark return:

^O  Allocations in the following sector(s): financials; consumer staples; materials

^O  Security selection in the following sector(s): financials

^O  Position weighting(s): Reinsurance Group of America, Inc.; Alleghany Corp.; Discover Financial Services

192

VALIC Company II Mid Cap Value Fund

COMPARISON: FUND VS. INDEX (unaudited) — (continued)

For the year ended August 31, 2020, the Mid Cap Value Fund returned -4.12% compared to -1.30% for the Russell Midcap^® Value Index.

* 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 August 31, 2020
1 Year	5 Years	10 Years
-4.12%	4.78%	9.32%

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.

193

VALIC Company II Moderate Growth Lifestyle Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with PineBridge Investments, LLC

For the twelve-month period ended August 31, 2020, the Moderate Growth Lifestyle Fund returned 9.26%, compared to 21.94% for the S&P 500^® Index and 11.89% for the Fund’s Blended Index. The blended index is comprised of 40% Russell 3000^® Index, 10% MSCI EAFE Index (net), 45% Bloomberg Barclays 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.

During the Period:

• In aggregate, asset allocations relative to that of the Benchmark detracted from Fund return relative to Benchmark return.

• The following contributed from Fund return relative to Benchmark return:

^O  Allocations to the following fund(s): VC I Stock Index Fund; VC I Science & Technology Fund; VC I Mid-Cap Strategic Growth Fund

• The following detracted from Fund return relative to Benchmark return:

^O  Allocations to the following fund(s): VC I Dividend Value Fund; VC I International Equities Index Fund; VC I International Value Fund

194

VALIC Company II Moderate Growth Lifestyle Fund

COMPARISON: FUND VS. INDEX (unaudited) — (continued)

For the year ended August 31, 2020, the Moderate Growth Lifestyle Fund returned 9.26% compared to 21.94% for the S&P 500^® Index and 11.89% 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 Russell 3000^® Index (40%), MSCI EAFE Index (net) (10%), the Bloomberg Barclays 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 Barclays U.S. Aggregate Bond Index is an unmanaged index that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage- and asset-backed securities and commercial mortgage-backed securities.

† The 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 August 31, 2020
1 Year	5 Years	10 Years
9.26%	7.22%	8.38%

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.

195

VALIC Company II Small Cap Growth Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with J.P. Morgan Investment Management Inc.

The Small Cap Growth Fund posted a return of 38.49% for the twelve-month period ending August 31, 2020, compared to a return of 17.28% for the Russell 2000^® Growth Index.

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 the Benchmark return.

• The following contributed to Fund return relative to Benchmark return:

^O  Allocations in the following sector(s): utilities; materials; energy

^O  Security selection in the following sector(s): information technology; health care

^O  Position weighting(s): Teladoc; Horizon Therapeutics PLC; iRhythm Technologies, Inc.

• The following detracted from Fund return relative to Benchmark return:

^O  Allocations in the following sector(s): health care; consumer discretionary; industrials

^O  Security selection in the following sector(s): financials energy

^O  Position weighting(s): Quidel Corp.; Hexcel Corp.; Tricida, Inc.

For the year ended August 31, 2020, the Small Cap Growth Fund returned 38.49% compared to 17.28% for the Russell 2000^® Growth Index.

* The Russell 2000^® Growth Index measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values.

Average Annual Total Return as of August 31, 2020
1 Year	5 Years	10 Years
38.49%	19.52%	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.

196

VALIC Company II Small Cap Value Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

The Small Cap Value Fund posted a return of -7.72% for the twelve-month period ending August 31, 2020, compared to a return of -6.14% for the Russell 2000^® Value Index.

A discussion with J.P. Morgan Investment Management Inc. – regarding the Quality/Development of capital prudently/Valuation strategy portion of the Fund (the “portfolio”)

During the Period:

• In aggregate, sector allocations relative to those of the Benchmark contributed from portfolio return relative to Benchmark return.

• In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark detracted to portfolio return relative to the Benchmark return.

• The following contributed to portfolio return relative to Benchmark return:

^O  Allocations in the following sector(s): software & services; semiconductors; financials

^O  Security selection in the following sector(s): consumer discretionary; energy; telecommunications

^O  Position weighting(s): Stamps.com, Inc.; Owens & Minor, Inc.; Builders Firstsource, Inc.

• The following detracted from portfolio return relative to Benchmark return:

^O  Allocations in the following sector(s): energy; retail; health care

^O  Security selection in the following sector(s): capital goods; retail; REITs

^O  Position weighting(s): Novavax, Inc.; Lannet, Inc.; Benchmark Electronics, Inc.

A discussion with J.P. Morgan Investment Management Inc. – regarding the Trends/Momentum/Valuation strategy portion of the Fund (the “portfolio”)

During the Period:

• In aggregate, sector allocations relative to those of the Benchmark contributed from portfolio return relative to Benchmark return.

• In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark detracted from portfolio return relative to the Benchmark return.

• The following contributed to portfolio return relative to Benchmark return:

^O  Allocations in the following sector(s): financials; health care; pharmaceuticals

^O  Security selection in the following sector(s): health care; software & services; utilities

^O  Position weighting(s): Owens & Minor, Inc.; SpartanNash Co.; Aircastle, Ltd.

• The following detracted from portfolio return relative to Benchmark return:

^O  Allocations in the following sector(s): energy; consumer discretionary; telecommunications

^O  Security selection in the following sector(s): consumer discretionary; financials; pharmaceuticals

^O  Position weighting(s): Berkshire Hills Bancorp, Inc.; Lannet, Inc.; Novavax, Inc.

197

VALIC Company II Small Cap Value Fund

COMPARISON: FUND VS. INDEX (unaudited) — (continued)

For the year ended August 31, 2020, the Small Cap Value Fund returned -7.72% compared to -6.14% for the Russell 2000^® Value Index.

* The Russell 2000^® Value Index measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values.

Average Annual Total Return as of August 31, 2020
1 Year	5 Years	10 Years
-7.72%	2.17%	7.79%

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.

198

VALIC Company II Strategic Bond Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with PineBridge Investments, LLC

The Strategic Bond Fund posted a return of 5.65% for the twelve-month period ending August 31, 2020, compared to its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index, which returned 6.47%.

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 the 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:

^O  Allocations in the following sector(s): mortgage-backed securities; communications services; non-US government debt

^O  Security selection in the following sector(s): consumer discretionary; consumer staples; information technology

• The following detracted from Fund return relative to Benchmark return:

^O  Allocations in the following sector(s): energy; US Agency debt; US Treasury debt

^O  Security selection in the following sector(s): energy; REITs; commercial mortgage-backed securities

• In aggregate, foreign currency exposures relative to the Benchmark detracted from the Fund’s return relative to the Benchmark return.

For the year ended August 31, 2020, the Strategic Bond Fund returned 5.65% compared to 6.47% for the Bloomberg Barclays U.S. Aggregate Bond Index.

* The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage- and asset-backed securities and commercial mortgage-backed securities.

Average Annual Total Return as of August 31, 2020
1 Year	5 Years	10 Years
5.65%	4.92%	4.79%

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.

199

VALIC Company II U.S. Socially Responsible Fund

COMPARISON: FUND VS. INDEX (unaudited)

MANAGEMENT OVERVIEW

A discussion with SunAmerica Asset Management, LLC

The U.S. Socially Responsible Fund posted a return of 17.06% for the twelve-month period ending August 31, 2020, compared to its benchmark, the S&P 500^® Index, which returned 21.94%.

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.

During the Period:

• In aggregate, sector allocations relative to those of the Benchmark detracted to Fund return relative to Benchmark return.

• In aggregate, position weightings (i.e., security selection) relative to those of the Benchmark detracted to Fund return relative to the Benchmark return.

• The following contributed to Fund return relative to Benchmark return:

^O  Allocations in the following sector(s): information technology; industrials; energy

^O  Security selection in the following sector(s): industrials; health care; consumer staples

^O  Position weighting(s): Microsoft Corp.; Alphabet, Inc.; NVIDIA Corp.

• The following detracted from Fund return relative to Benchmark return:

^O  Allocations in the following sector(s): consumer discretionary; utilities; consumer staples

^O  Security selection in the following sector(s): information technology; consumer discretionary; communication services

^O  Position weighting(s): Apple, Inc.; US Bancorp; Consolidated Edison, Inc.

For the year ended August 31, 2020, the U.S. Socially Responsible Fund returned 17.06% compared to 21.94% for the S&P 500^® Index.

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

Average Annual Total Return as of August 31, 2020
1 Year	5 Years	10 Years
17.06%	13.10%	14.66%

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.

200

VALIC Company II

SUPPLEMENTS TO THE PROSPECTUS

THE SUPPLEMENTS ARE NOT PART OF ANNUAL REPORT.

Filed under Rule 497(e) and Rule 497(k)

Registration No.: 333-53589

VALIC Company II

International Opportunities Fund

(the “Fund”)

Supplement dated August 14, 2020 to the Fund’s Summary Prospectus and Prospectus,

each dated January 1, 2020, as supplemented and amended to date

Effective September 1, 2020, the following changes to the Summary Prospectus and Prospectus are made:

The first paragraph in the section of the Summary Prospectus and Prospectus entitled “Principal Investment Strategies of the Fund” is deleted in its entirety and replaced with the following paragraph:

Under normal market conditions, at least 80% of the Fund’s net assets will be invested in equity and equity-related securities of small- to mid-cap companies throughout the world, excluding the United States. The Fund will invest primarily in small- to mid-cap companies whose capitalization, at the time of purchase, range from the market capitalization of the smallest company included in the MSCI ACWI ex USA Small and Mid-Cap Index (net) (the “Index”) to the market capitalization of the largest company in the Index during the most recent 12-month period. As of June 30, 2020, the market capitalizations of companies included in the Index ranged from $0 to $21.77 billion. The Fund may hold foreign currencies and non-dollar denominated foreign securities. The Fund also invests in depositary receipts, which are instruments issued by a bank that represent an interest in a foreign issuer’s securities.

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.

Filed under Rule 497(e) and Rule 497(k)

Registration No. 333-53589

VALIC Company II

Mid Cap Value Fund

(the “Fund”)

Supplement dated August 14, 2020 to the Fund’s Summary Prospectus and Prospectus

dated January 1, 2020, as supplemented and amended to date

At a meeting held on August 3-4, 2020, the Board of Trustees of VALIC Company II approved an amendment to the Investment Sub-Advisory Agreement (the “Subadvisory Agreement”) between The Variable Annuity Life Insurance Company (“VALIC”) and Wellington Management Company LLP with respect to the Fund. The amendment reduces the fees payable by VALIC under the Subadvisory Agreement.

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.

201

VALIC Company II

SUPPLEMENTS TO THE PROSPECTUS — (continued)

THE SUPPLEMENTS ARE NOT PART OF ANNUAL REPORT.

Filed under Rule 497(e) and Rule 497(k)

Registration Nos. 002-83631

333-53589

VALIC Company I

Core Equity Fund

Health Sciences Fund

Large Cap Core Fund

Mid Cap Strategic Growth Fund

Science & Technology Fund

Small-Mid Growth Fund

Systematic Core Fund

Systematic Value Fund

Value Fund

VALIC Company II

Large Cap Value Fund

Mid Cap Growth Fund

(each, a “Fund”)

Supplement to the Summary Prospectuses and Prospectuses of each Fund,

as supplemented and amended to date

The Board of Directors of VALIC Company I (“VC I”), on behalf of each of the Value Fund, the Core Equity Fund, the Large Cap Core Fund, the Small-Mid Growth Fund and the Health Sciences Fund, and the Board of Trustees of VALIC Company II, on behalf of each of the Large Cap Value Fund and the Mid Cap Growth Fund, (each, a “Target Fund”), have each determined that it is in the best interests of each of its respective Target Funds to reorganize into an existing series of VC I (each, an “Acquiring Fund”). Each proposed transaction is referred to as a

“Reorganization.” The Target Fund and the Acquiring Fund for each Reorganization are shown in the table below.

Target Funds	Acquiring Funds
Large Cap Value Fund	Systematic Value Fund
Value Fund	Systematic Value Fund
Core Equity Fund	Systematic Core Fund
Large Cap Core Fund	Systematic Core Fund
Mid Cap Growth Fund	Mid Cap Strategic Growth Fund
Small-Mid Growth Fund	Mid Cap Strategic Growth Fund
Health Sciences Fund	Science & Technology Fund

In each Reorganization, all of the Target Fund’s assets and liabilities would be transferred to the respective Acquiring Fund in exchange for shares of the Acquiring Fund. If the Reorganization is completed, shareholders of the Target Fund will receive shares of the respective Acquiring Fund, the total value of which will be equal to the total value of their shares of the Target Fund on the date of the Reorganization, after which the Target Fund will cease operations.

Each Target Fund expects to convene a special meeting of its shareholders on or about April 5, 2021 to vote on the approval of its Reorganization. Shareholders of record of each Target Fund as of January 11, 2021 (the “Record Date”), are entitled to notice of and to vote at the special meeting, and they will receive proxy materials describing the relevant Reorganization. The Reorganization of one Target Fund is not contingent upon the Reorganization of any other Target Fund.

Until a Reorganization is completed, each Target Fund will continue sales and redemptions of its shares as described in its Prospectus. However, holders of shares purchased after the Record Date set for each special meeting of shareholders will not be entitled to vote those shares at the special meeting.

Date: October 28, 2020

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.

202

VALIC Company II

BOARD OF TRUSTEES

Thomas J. Brown

Judith L. Craven

Timothy J. Ebner

Gustavo E. Gonzales, Jr.

Peter A. Harbeck

Kenneth J. Lavery

Eric S. Levy

John E. Maupin, Jr.

CUSTODIAN

State Street Bank and Trust Company

One Lincoln Street

Boston, Massachusetts 02111

INVESTMENT ADVISER

The Variable Annuity

Life Insurance Company (VALIC)

2929 Allen Parkway

Houston, Texas 77019

INVESTMENT SUBADVISERS

BMO Asset Management Corp.

115 S. LaSalle Street

Chicago, Illinois 60603

Boston Partners Global Investors, Inc. d/b/a Boston Partners

60 East 42nd Street, Suite 1550

New York, New York 10165

Delaware Investments Fund Advisers

2005 Market Street

Philadelphia, PA 19103

J.P. Morgan Investment Management Inc.

270 Park Avenue

New York, NY 10017

Janus Capital Management LLC

151 Detroit Street

Denver, Colorado 80206

Massachusetts Financial Services Company

111 Huntington Avenue

Boston, MA 02199

Mellon Investments Corporation

One Boston Place

Boston, Massachusetts 02108

PineBridge Investments, LLC

399 Park Avenue

New York, NY 10022

SunAmerica Asset Management, LLC

Haborside 5

185 Hudson Street, Suite 3300

Jersey City, New Jersey 07311

Wellington Management Company LLP

280 Congress Street

Boston, Massachusetts 02210

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

PricewaterhouseCoopers LLP

1000 Louisiana Street, Suite 5800

Houston, Texas 77002

TRANSFER AND SHAREHOLDER SERVICE AGENT

VALIC Retirement

Services Company (VRSCO)

2929 Allen Parkway

Houston, Texas 77019

OFFICERS

John T. Genoy,

President and Principal Executive Officer

Sharon French,

Executive Vice President

John Packs,

Vice President and Senior Investment Officer

Gregory R. Kingston,

Treasurer and Principal Financial Officer

Kathleen 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,

Vice President and Chief Compliance Officer

Matthew J. Hackethal,

Anti-Money Laundering Compliance Officer

DISCLOSURE OF QUARTERLY FUND PORTFOLIO 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 II PORTFOLIO SECURITIES

A description of the policies and procedures that VC II uses to determine how to vote proxies related to securities held in the Fund’s portfolios, which is available in VC II’s Statement of Additional Information, may be obtained without charge upon request, by calling 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 II PORTFOLIO SECURITIES

Information regarding how VC II voted proxies relating to securities held in the VC II Funds portfolios 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 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 II. 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.

203

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Securities and investment advisory services offered through VALIC Financial Advisors, Inc. (VFA), member FINRA, SIPC and an SEC-registered investment adviser.

Annuities are issued by The Variable Annuity Life Insurance Company (VALIC), Houston, TX. Variable annuities are distributed by its affiliate, AIG Capital Services, Inc. (ACS), member FINRA.

AIG Retirement Services represents AIG member companies — The Variable Annuity Life Insurance Company (VALIC) and its subsidiaries, VALIC Financial Advisors, Inc. (VFA) and VALIC Retirement Services Company (VRSCO). All are members of American International Group, Inc. (AIG).

© American International Group, Inc. All rights reserved.

VC 23800 (09/2019) J359703 EE

VALIC Company II P.O. Box 3206 Houston, TX 77253-3206 PRSRT STD U.S. POSTAGE PAID LANCASTER, PA PERMIT NO. 1793

VC 11288 (09/2020) J102713

Item 2. Code of Ethics.

VALIC Company II (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 August 31, 2020, there were no reportable waivers or implicit waivers to a provision of the Code that applies to the registrant’s Principal Executive and Principal Accounting Officers (the “Covered Officers”).

Item 3. Audit Committee Financial Expert.

The registrant’s Board of Trustees has determined that Thomas J. Brown, the Chairman of the registrant’s Audit Committee, qualifies as an audit committee financial expert, as defined in 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:

	2019		2020
(a) Audit Fees	$	447,305	$	451,780
(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:

	2019		2020
(b) Audit-Related Fees	$	0	$	0
(c) Tax Fees	$	0	$	0
(d) All Other Fees	$	267,667	$	309,361

All other fees are for professional services rendered by the registrant’s principal accountant for services associated with issuing a SSAE 18 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 2019 and 2020 were $402,408 and $309,361, 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 Trustees that were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by 22(b)(15)) of Schedule 14A (17 CFR 240.14a-101), or this Item 10.

Item 11. Controls and Procedures.

(a) An evaluation was performed within 90 days of the filing of this report, under the supervision and with the participation of the registrant’s management, including the President and Treasurer, of the effectiveness of the design and operation of the registrant’s disclosure controls and procedures (as defined under Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))). Based on that evaluation, the registrant’s management, including the President and Treasurer, concluded that the registrant’s disclosure controls and procedures are effective.

(b) There was no change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.3a-3(d))) that occurred during the most recent fiscal half-year that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a) (1) Code of Ethics applicable to its Principal Executive and Principal Accounting Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 attached hereto as Exhibit 99.406.Code of Ethics.

(2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.

(3) Not applicable.

(4) Not applicable.

(b) Certification pursuant to Rule 30a-2 (b)  under the Investment Company Act of 1940 (17 CFR 270.30a-2 (a)) and Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto as Exhibit 99.906.CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

VALIC Company II
By:	/s/ John T. Genoy
	John T. Genoy
	President

Date: November 6, 2020

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ John T. Genoy
	John T. Genoy
	President

Date: November 6, 2020

By:	/s/ Gregory R. Kingston
	Gregory R. Kingston
	Treasurer

Date: November 6, 2020